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financial
ninwk
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)
State and City Section(Semi-Annually)
Electric Railway Section(ThmT.r)
SATURDAY, SEPTEMBER 19 1908.
VOL. 87.
Witt Thronicit.
1908.
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Subscription includes following SupplementsB!NE AND QUOTATION (monthly)
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CLEARING-HOUSE RETURNS.
The following table, made up by telegraph &c., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end.Sept. 19 have been $2,700,685,013, against $2,196,471,033 last week and $2,714,098,223 the week last year.
Clearings-Returns bp Teiegrpb Sept. 19.
1908.
1907.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,358,474,947
113,985,498
93,492,182
25,528.641
200,988,404
50,622,889
11,104,891
$1,325,575,423
122,816,740
109,638,590
23,117,826
208,003,912
54,672,764
17,313,779
+2.5
-7.2
-14.7
+10.4
-3.4
-7.4
-35.9
Seven cities, 5 days
Other cities, 5 days
$1,854,197,452
395,468,294
$1,861,139,034
419,927,643
-0.4
-5.8
Total all cities, 5 days
All cities, 1 day
$2,249,665,746
451,019,267
$2,281,066,677
433,031,546
-1.4
+4.2
$2,700,685,013
$2,714,098,223
-0.5
Total all cities tor week
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Sept. 12, for four years.
Week ending September 12.
Clearings at-1908.
1907.
Inc. or
Dec.
1906.
1905.
$
$
$
1,300180,283 1,640,945,996 -/0.8 2,018,671,584 1,555,951,268
New York
Philadelphia _ _ -- 102,170,337 138,744,501 -26.4 138,014,925 126,507,633
44,863,051
35,567,884
46,525,609 -23.0
47,236,036
Pittsburgh
24,114,880
16,780,900
26,097,232 -35.7
24,175,210
Baltimore
7,944,341 -21.3
0,629,747
6,252,356
7,677,729
Buffalo
4,594,684
5,373,572 -19.1
Albany
4,344,738
6,325,036
5,700,168 -22.1
4,372,408
4,863,715
4,442,632
1Vashington
3,138,615 -10.8
3,265,354
Rochester
3,600,000
2,799,279
2,027,401 -0.3
1,713,754
Scranton
1,800,000
2,020,893
2,307,837 -38.0
1,317,043
Syracuse
1%596,951
1,431,679
16.4
1,165,832
Reading
1,289,026
1,353,637
1,077,337
Wilmington
1,154,749
15.7
1,141,862
1,154,519
973,471
1,180,956 -12.4
1,017,277
Wilkes-Barre _ _
1,080,669
1,034,396
1,326,488 -15.3
887,332
Wheeling, W.Va
1,012,827
1,122,937
+2.2
Harrisburg
978,097
998,823
1,000,000
816,912 -16.3
York
683,710
669,044 -23.6
527,448
661,750
510,926
Erie
520,546 +1.8
422,224
Greensburg
558,399
5.30,000
450,400
518,500 -22.6
Binghamton
551,700
401,300
398,931
403,899
455,005 -11.2
441,108
Chester
255,648
290,923 -10.0
274,182
261,786
Franklin
1,103,533 Not included In total
Trenton
400,000 Not included in total
Altoona
1,484,090,743 1,888,005,518 -21.3 2,262,038,850 1,779,596,776
Total Middle_
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
liolyoke
_
Total New Eng.
-17.0 149,753,133
-15.8
6,950,700
-27.9
3,585,881
-30.7 . 2,215,324
-31.6
2,043,542
-26.7
1,956,589
-19.9
1,519,498
-31.2
864,942
-34.5
546,777
-19.3
530,612
-18.9
455,274
139,943,741
6,508,000
3,030,709
2,224,208
1,741,044
1,770,630
1,444,450
739,947
711,893
474,645
426,93C
170,422,272
159,016,191
118,249,386
5,456,400
2,389,400
1,882,092
1,434,108
1,525,355
1,183,886
638,517
574,621
439,069
397,093
142,500,754
6,447,200
3,317,175
2,717,381
2,097,124
2,082,757
1,477,625
927,798
876,802
544,146
489,922
134,169,927
163,478,684 -17.9
Week ending September 12.
Clearings at-
PUBLISHED WEEKLY.
NO. 2256,
1907.
Inc. Or
Dec.
1906.
1905.
$$
$
198,175,620 242,375,518 -18.2 204,403,623
22,749,050
20,433,200
25,398,450 -19.5
16,778,479
12,493,984
17,525,641 -28.7
11,851,909
10,988,594
14,617,375 -24.8
9,669,687
10,293,056
11,953,262 -13.9
7,225,910
6,899,224
7,189,200 -4.0
4,233,300
5,748,600
5,874,800 -27.9
3,051,019
4,575,531
4,204,412 -27.4
2,197,691
2,637,756
3,520,810 -37.6
1,733,685
2,081,809
2,412,471 -28.1
1,221,856
1,771,759
2,088,785 -41.5
1,670,219
1,743,736
1,999,206 -16.5
918,634
1,013,914
1,217,684 -24.6
899,919
787,860
1,093,184 -27.9
576,326
1,012,605 -43.1
643,526
694,563
804,485 -13.7
721,853
640,000
655,000 -2.3
708,090
514,334
638,189 -19.4
553,410
543,487
592,360 -8.3
517,719
588,986
563,270 +4.6
462,860
379,972
564,845 -32.7
431,051
606,396
555,902 +9.1
469,936
415,192
484,352 -14.3
391,527
430,000
430,468 -0.1
370,940
350,000
493,425 -29.0
345,000
321,464
380,237 -15.5
391,493
363,513 -10.6
213,000
325,000
313,419 -12.8
260,214
273,175
92,563 +17.6
93,017
108,886
20,800 -4.9
19,777
257,446 Not included in total
$
199,026,160
22,531,450
15,686,492
11,196,223
8,114,548
6,709,673
4,890,800
3,853,283
3,228,905
2,217,678
1,934,178
1,629,888
810.242
762,296
617,759
743,146
466,200
547,728
523,748
375,812
473,825
496,734
402,987
314,835
305,816
345,992
221,434
300,415
93,460
349,436,231 -19.3
299,455,008
288,816,897
San Francisco _._
Los Angeles
Seattle
Portland
Salt Lake City_ _ _
Spokane
TACOMa
Oakland
Helena
Sioux Falls
Fargo
San Jose
Stockton
Sacramento
San Diego
Fresno
North Yakima_
Billings
38,331,290 -30.4
26,668,618
11,149,774 -25.8
8,271,734
10,804,073 --15.0
9,179,252
8,230,972 -15.2
6,978,527
4,477,692
6,223,574 -28.1
5,983,153
7,266,102 -17.7
3,827,273
4,958,172 -22.8
1,220,824
2,438,778 -49.9
720,606
1,124,511 -35.9
620,000
660,000 -6.1
676,100
629,947
+7.3
448,271
568,461 -21.2
651,000
620,000 +5.0
702,107 Net included In total
547,000 Not included In total
428,000 Not Included In total
267,065 Not included in total
162,339 Not included In total
42,790,781
10,622,315
11,342,785
6,546,638
5,154,720
4,702,172
3,988,974
3,041,732
661,359
443,763
493,663
443,455
46,935,146
11,436,010
5,901,902
5,231,674
3,830,348
3.437,869
3,527,439
_Total Paciflc
69,723,050
93,005,654 -25.0
281,885,500
90,232,354
112,187.508
-6.7
-12.7
-11.4
-14.8
-27.3
-23.3
-23.4
-16.9
-4.5
-8.8
-8.9
-20.9
-11.6
-9.6
-33.6
-21.0
28,407,625
20,503,868
9,985,007
7,577,339
7,181,868
4,398,692
2,614,573
1,781,435
1,292,896
1,115,353
951,556
887,434
673.645
573,301
531,363
344,320
25,371,216
19,886,081
8,541,694
6,493,543
6,931,899
3,726,733
2,593,312
1,536,325
1,011,029
98,386,455 112,883,221 -12.8
65,356,360 -20.0
52,127,233
16,655,883 -25.5
12,405,578
11,914,264 -17.3
8,850,259
14,072,696 -25.9
10,423,720
7.384,500 -18.1
6,046,000
6,570,650 -15.3
5,562,923
6,022,737 -16 9
5,004,288
4,448,748 -20.1
3,555,596
3,654,936 -8.9
3,329,068
2,669,081
4,862,024 -45.1
3,664,861 +29.0
4,727,718
1,624,289
2,428,348 -33.1
1,677,341
2,182,224 -23.1
1,916,802 -31.5
1,312,313
1,314,050
1,563,714 -15.9
1,204,872
1,496,305 -18.9
941,300
1,358,777 -30.7
1,479,014 -12.1
1,300,000
1,227,819 -25.2
918,341
1,181,226 -22.2
918,635
933,105 -3.5
900,000
707,779 -23.5
541,691
420,000 +21.7
511,062
628,925 Not included in total
421,784 -17.0
350,000
220,000 Not included in total
888,820,275
57,910,068
16,808,956
11,008,039
12,019,065
6,847,500
5,942,621
5,286,884
4,028,836
3,276,261
3,467,115
2,693,153
2,044,272
1,792,429
1,623,032
1,329,015
1,406,303
1,549,850
1,321,157
1,123,515
995,109
668,944
627,560
300,000
79,238,014
53,752,207
12,743,296
11.190,391
12,238,565
6,208,000
4,567,380
7,239,312
3,778,925
3,728,261
2,815,019
2,401,997
1,725,128
1,556,814
2,099,499
1,021,464
1,239,476
1,123,216
1,017,992
1,297,579
768,237
161,924,556 -20.8
144,504,634
Kansas City_ __ _
35,727,517
Minneapolis
22,337,156
10,877,236
Omaha
7,563,115
St. Paul
6,631,101
Denver
4,324,559
St. Joseph
2,495,736
Des Moines
2,000,000
Sioux City
1,331,538
Wichita
1,055,712
Lincoln
998,846
Topeka
889,160
v port
718,074
I
CIMerlaido Springs •
681,869
Cedar Rapids_
423,080
Pueblo
331,756
Fremont
Tot.oth.West.
St. Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Savannah
Atlanta
Memphis
Nashville
Fort Worth__
Norfolk
Birmingham __ _
Augusta
Jacksonville
Knoxville
Mobile
Chattanooga
Charleston
Little Rock
Oklahoma
Macon
Beaumont
AUStill
Wilmington, N C
Vicksburg
Total Southern
Total all
Outside N.Y
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
863,953
407,022
626,145
128,215,358
38,311,484
25,572,442
12,279,476
8,882,842
9,140,175
5,638,328
3,258,613
2,405,123
1,394,048
1,157,228
1,096,502
1,123,553
812,251
754,333
636,610
420,213
575.108
798,010
566,179
513,411
481,011
212,463
621,621
366,740
440,000
133,501,119
2,196,471,033 2,768,733,864 -20.7 3,055,513,228 2,522,366,611
896,190,750 1,127.787,868 -20.5 1,036,841,644
25,970,662
19,561,935
7,477,452
3,192,534
2,668,343
2,356,792
1,431,894
1,280,387
1,326,494
873,465
1,131,291
1,015,817
726,079
69,013,145
Total Canada_
31,148,660
22,292,195
11,210,165
4,227,043
3,274,077
2,227,825
1,824,086
1,686,435
1,552,117
1,232,704
1,157,250
1,118,432
844,909
-16.6
-22.3
-33.3
-24.5
-18.5
+5.8
-21.5
-24.1
-146
-29.1
2.2
-9.2
-14.1
32,861,219
21,635,811
10,480,814
2,950,975
2,513,733
1,702,850
1,976,515
1,574,720
1,465,911
1,087,699
1,111,817
961,223
761,573
83,796,258 -17.7
81,084,860
966,415,243
IMO
25,283,3
!
8
11
20,405,838
6,590,144
1,995,376
2,533,849
1,665,830
1,748,536
1,385,982
1,114,202
985,392
994,640
64,703.171
7O2
THE CHRONICLE
THE FINANCIAL SITUATION.
Were it not that Mr. Taft and,his party are all the
time repelling the allegiance of conservative Republicans, we should think he could not be defeated. As
it is, political conditions are every week getting to be
more and more mixed and cloudy. There is a great
quarrel on hand over what are called the "Roosevelt
Policies"—a kind of socialistic platform made up of
laws which our courts are almost daily declaring unconstitutional.
• A late§t phase of the altercation is as to the paternity
of this source of discord. The contestants are,
strangely enough, not political parties but over-ardent
individuals. Roosevelt and Bryan are the two champions; we might almost call them duelists,so pugnacious
are they both. One would think our President would
be glad to be free from such embarrassing conditions.
Instead of that, he makes every one who would be his
friend swear allegiance to the code he claims to have
built up, as if he were sovereign and they his subjects.
Bryan disputes all such pretensions to ownership, and
sets up his prior rights as indisputable. What is
worse for Taft's prospects is that this code, which he
and all members of the Administration are made to
adopt, and are publicly adopting, is driving away from
the Taft followers the most conservative portion of the
Republican Party, very many of whom are renouncing
fealty to the old organization. This trend in the tide
fay. mean much more than some at the moment think,
as conservatism has always been the fundamental of
faith in Republicanism. Besides, the Bryan group is
substantially harmonious as a party in New York,
while tile Republican organization is disrupted; it has
this week- nominated for Governor a man who has
proved himself, by the restrictive legislation against
corporations he has devised anahas had enacted,as more
radical than Roosevelt himself, and nominated him
because the head of the nation so ordered. There is
strange smell of smoke all over the extreme East.
Some say it is the result of forest fires in Maine since
the election there; others suggest it is the "Policies"
aflame.
[VoL. Lxxxvii.
trust. We have written on some of the evidences
of this distrust in a subsequent article.
The Moroccan incident, to which we referred last
week, seems to have developed a much more pacific
phase as the result of the exchange of joint notes
between the signatory powers to the Algeciras Act; also
of explanations by France of , the reasons for its
postponement of recognition of Mulai Hafid as Sultan
until conditions precedent thereto have been complied
with. Among such conditions are the safeguarding
of the general interests of the Powers; the confirmation
of the Algeciras Act and measures involved in its
application; the affirmation of the right of France
and Spain to secure the reimbursement for expenses
incurred in the establishment of order at Casablanca,
the new Sultan admitting himself as responsible for
the payment of these indemnities; the formal official
disavowal of a holy war by Sherifian letters sent to
towns and tribes, and the immediate adoption of
necessary measures to assure the security of the ports
and the principal interior roads. "When these
guaranties have been obtained," the note says, "Mulai
Hafid can be recognized."
In a letter to the diplomatic corps at Tangier,
Mulai Hafid announces his proclamation as Sultan,
which, he says, obliges him to execute the engagements
of the Algeciras Act. He, however, points out that these
obligations cannot be executed until his agents can
participate in the deliberations of the diplomatic
corps at Tangier, and he asks the members of that
corps to advise their respective governments to recognize him as Sultan. He agrees to recognize the treaties
concluded by his predecessors, notably that of Algeciras, and he concludes with an expression of hope that
the Powers will aid him in the elaboration and execution of the proposed reforms.
It would appear, therefore, that though the Sultan
withholds response to the specific requirements contained in the Franco-Spanish note, he is desirous of
complying with its provisions. The German Foreign
Office, as appears by a Berlin cable under date of
Sept. 15, regards the separation of the question in the
Franco-Spanish note concerning the cost of the occupation by French troops,from the conditions by which
Mulai Hafid is to be recognized, as somewhat simplifying the controversy, though the cost of occupation is
likely to be a hard problem to solve. "If France does
not expect to charge Morocco with the maintenance
of troops engaged, but only for extra expenditures,
then the Powers might willingly agree that a moderate
reimbursement should be exacted."
It seems probable that while the Eastern European
Powers are debating the Moroccan incident, Russia
may intervene as intermediary with a new proposition.
The Russian Foreign Minister is expected shortly to
visit the capitals of Europe and it is declared at
St. Petersburg that one of the subjects to be discussed
by the Minister is the advisability of summoning
another conference on the Moroccan aituation.
It appears unlikely that the signatory powers
will assent to such a proposition. Progress is making,
though it is slow, toward a settlement of the controversy.
The Stock Exchange this week has simply reflected
these conditions. Prices have gone up during past
months far beyond, and indeed against, all industrial
surroundings. The basis for the material advance has
been a positive belief that Mr. Taft would be elected
and would be himself again—not a reflection of Mr.
Roosevelt, but carrying out the same principles
which he espoused and so clearly enunciated all
through his earlier life while a Judge of the United
States, and while holding other official positions.
In this way the public assumption became positive
that the Government and its policies would go back
to a Constitutional basis, real confidence be established and renewal of the term of progress would
not only be possible, but assured. In the meantime the public has become nauseated,over-dosed,with
poisonous doctrines espoused, not only by the Republican candidate, but all his abettors. Hence
the outlook has grown to be one of no little uncertainty,
the feeling being that if the election were an event
of to-day, Mr.Taft would not unlikely be side-tracked.
As to the Russian loan, a Paris cable of the 16th
It is not Bryanism that the people are going for,
that it was asserted in prominent quarters that
states
but sham republicanism is exciting disgust and dis-
SEPT: 19
1908.1
THE CHRONICLE
703
arrangements are being eompleted for the flotation of sound one. Says the Democratic platform: "We
a new Russian loan on the French market. The denounce the system which has come into vogue
primary object, as ,we have indicated on previous under Republican rule of governing the State by
occasions, is to take up the 160 million dollars 5% commissions, a systenv never contemplated, by the
Treasury notes that will mature in the spring; these Constitution, and'whisk has' gradually, taken from
'will be retired with 43% Treasury notes. The ar- the Constitutional officials of the State the power
rangement involves a new loan for 80 million dollars. which should be directly 'wielded by them and not
The above statement regarding the loan practically delegated to irresponsible' appointees. . .
We
agrees with that given by us Aug. 29; the amount is, believe that government of the State by commissions
however, stated in the cable from which we quote at is only another evidence of the Republican policy
400 million francs (80 Million dollars), whereas in of centralization, and is in direct opposition to the
August it was given at 400 million dollars.' In dis- principle of government by the people. It wants
cussing the loan, London journals have characterized less noise, less legislation on new and untried lines
it as a large one. A Berlin letter of Aug. 26 to the and of doubtful constitutionality, and less inter"Economist" stated that the amount mentioned ference with personal and economic liberty. We
varied from 50 millions to 100 millions sterling,and our are opposed to all sumptuary legislation and we
London letter of Sept. 5 employed the expression "a believe that the people are best governed who are
great Russian loan." It seems, therefore, that the least governed." ,
sum was incorrectly stated in the Paris cable of Sept.
"Less legislation on, new and untried lines and of
16 as 400 million francs, instead of dollars.
doubtful constitutionality"—how accurately this deOne incident of the week was the announcement fines the ills from which the country has suffered,
of the engagement of $750,000 gold in Australia for and is still suffering. If there had not been legisshipment to New York. The importation was clearly lation of the character here described and if there
made for profit and not for the settlement of any inter- had been "less interference with economic liberty,"
national obligation, so far as is known. Possibly the how much better off we would be to-day. We would
success which has attended Germany's importations not then be in the midst of the worst industrial colof gold may have induced the importers of the above lapse which the country has experienced in over
sum to undertake a similar venture, though under less half a century. The thought underlying the platform
favorable conditions; the German importations be- declarations here quoted also found expression in
ing profitable because of the interest-free advances the remarks of the temporary chairman, Morgan J.
offered by the Reichsbank. The gold now in tran- O'Brien, formerly one of the Justices of the Supreme
sit hither is, it is understood, being imported through Court of this State. "If we do not mistake the temper
a process which is customarily employed in bringing of the New York electorate", said ex-Justice O'Brien,
gold from long distances. The importer draws a "they are weary of harangue, rhetoric and invecninety-clay bill of exchange upon his credit in London, tive. They want an equal enforcement of the laws
which bill is discounted at that centre; the resulting and the punishment of lawbreakers, but they do
proceeds are deposited with a London-Australian not approve of vicarious' sacrifice. They want the
bank, through which the import operation is effected. public, protected against monopolies, but they want
The gold is shipped from Melbourne to San Francisco such protection through the operation of general
on cable order by the London bank, and thence to laws, independent entirely of the caprice of any
New York. On its arrival it becomes available to the potentate or bureaucrat. They want a square deal,
importer for the purchase by him of a sight draft on but in determining What deals are square and what
London, with which he reimburses the credit that was criminal, they want the laws to furnish the touchoriginally drawn against; the import transaction is thus stone, not the caprice of any individual or board
completed. A resulting profit is obtained because of condemning or acquitting for personal or political
the low rate at which the ninety-day bill was procured; reasons." Continuing along these lines, ex-Justice
there may be a further advantage through trading on O'Brien further said:
the gold to arrive.
"A capricious despotism is hateful to Americans,
even if the despot be intelligent and benevolent.
Political developments have not been entirely The delegation of' legislative authority, whether
favorable of late, but it is an important point gained to individuals or commissions, is probably unconto have one of the great political parties in this State stitutional, but whether this be so or not, it is hatetake a decided stand against bureaucratic govern- ful to a free people. It is bad enough for the Legisvolumes of statutes
ment—against government by commissions in short lature itself to pass two or three
each year, most of which are unnecessary, and many
—as does the Democratic platform adopted at the of which are positively vicious, without getting up
State Convention at RoChester this week. Of eourse, bureaucracies to 'exercise legislative authority when
the Democrats in their criticism are concerned chiefly the Legislature itself is not in session.
But government by ithe delegation of legislative
in making a point against their opponents, and the
is not only hateful to the people but it
authority
undoubtedly
be
effective
if
more
declaration would
leads to gross extravagances and sooner or later to
it condemned Democratic commissions as well as corruption. Given important discretionary powers
Republican commissions. For obviously, it would affecting property rights, which may or may not be
not be difficult to name States where the Democrats exercised at the pleasure of an individual or a comare in control and where the commission idea has mission, and sooner or later bribery and corruption
control official action. But more serious still
also been very much in evidence. But that does will
is the destruction of the principle of home rule,
not alter the fact that the position taken by the which irresponsible commissions to which have been
Democrats with reference to that recent develop- delegated the powers of the State will in the, end
ment in the sountry's political life is a thoroughly accomplish."
704
THE CHRONICLE
Every word of what ex-Justice O'Brien here says
is true, and he touches upon a danger which must
inevitably attend government by commissions if
we continue to adhere to the idea and to develop
and extend it. At present these commissions are
apparently in charge of honest but misguided men.
They are, however, endowed with extraordinary
powers and functions and in most cases have unlimited control over the affairs of the corporations
whose activities they are supposed to curb and regulate. This being so, we may be certain that sooner
or later corruptionists will seek to obtain a hold
on these commissions with a view to controlling
them in their own interests and to their own advantage. Experience in other countries, and particularly in Russia and China, shows that when
corruptionists once get a hold on government bodies
and government affairs, it is almost impossible to
dislodge them. It behooves us not to invite the
kind of dangers from which these older countries
are now seeking to escape.
Cotton and cotton-manufacturing affairs continue
to be absorbing subjects of quite general concern.
Among the matters under daily discussion have been
the development and condition of the crop, the recent
move to control prices of the raw material in the
South, the wage dispute in Great Britain, and the
efforts making by the New York Exchange ,to reach
some basis for improvement in its option contract,
&c, &c. Regarding the developing crop in the United
States, the usual widely divergent reports. that are
common at this season of the year are current now,
and are made the basis of crop estimates that vary
materially, and are as little worthy of credence as
any guesses promulgated prior to the occurrence of
killing frost. We pointed out in our annual cotton
review that while there had been deterioration during
August, the crop at the close of that month was more
advanced in maturity than in the previous year, with
the condition better than the average of recent seasons. Adverse developments since have apparently
been no more than normal and as the crucial drought
period has been passed, early frost would seem to be
the only yield-reducing factor now to be especially
feared. As to foreign cotton crops, they are causing
no present concern, the aggregate product of other
countries than the United States promising to be in
advance of 1907, particularly in India where there
was a marked shortage last year.
Hence, with the promise of ample supplies before
spinners, the action taken in this country by planters'
organizations to control the price of cotton must be
classed in the category of follies not unlike our attempted wheat corners in years gone by and the
present Brazilian coffee valorization scheme. This
movement had its inception at the annual session of
the National Farmers' Union which opened at Fort
Worth, Texas, on Sept. 1, with a reported attendance
of 2,000 delegates, every cotton-growing State being
represented. A secret minimum price, then settled
upon by the selling committee of the union, has been,
or will be, communicated to all farmers in confidence
with the request that no sales be made at a lower
figure. The Union, moreover, went further. It
adopted a plan for marketing the crop of its members
which, according to the belief of the organization,
[VOL. Lxxxvii.
would entirely eliminate middlemen. The plan
comprehends a commission of twelve members, one
from each cotton-growing State, to deal directly with
home and foreign spinners, the Commission to have
exclusive handling of supplies in Union warehouses.
A further move of the Union, evidently with the
intent of restricting the extension of cotton-planting
South, was the adoption of a resolution calling for
the abolition of immigration bureaus, the vigorous
enforcement of all immigration laws, and the practical
exclusion of immigrants coming from Southeast
Europe and Western Asia.
The Farmers' Union has no doubt, in its own
minds, gotten very near creating a millenium for its
members. But it will hardly get far enough to
substitute dictum for the laws of supply and demand.
Extended criticism of the action of the Farmers' Union
is neither warranted nor called for. Its effect in the
United States will be practically nil and abroad will
merely cause an increase of the efforts to foster the
growth of the staple in new fields with the view of in
time becoming more or less independent of this country
as a source of supply. It requires a fatuous mind to
believe that the effort to control and maintain prices
above a normal basis can result in anything but
failure. Very likely not at once but ultimately. It
is currently reported that within the last week or two
members of the Farmers' Union in Texas parted with
cotton at 8 cents per lb. for which 13 and 14 cents
was refused last year.
With regard to the efforts made and making by British,
French and German organizations to foster and extend
the raising of cotton in colonial possessions, there is
not much to be said. Taking percentage as the basis
of comparison year by year, considerable progress has
been made,but when quantity is considered the amount
of cotton thus far secured is decidedly insignificant.
This situation has not, however, deterred those interested in extending the source of supplies of cotton
from continuing their efforts. Indeed, such action
as that taken by the Farmers' Union will be a spur
tending to increase the activity of Europe's work in
that direction. Will not the effort in the Southern
States to fix a price for selling cotton,if at all successful,
end in retarding marketing and finally interfere with
borrowing money on the crop?
Evidence continues to accumulate of the unprofitable nature of cotton-manufacturing operations on
the Continent during the season lately closed. We
referred to the matter in a general way in our annual
review on September 5, but since then specific cases
have come to our attention,and to a few of them we
briefly. refer. Of German companies,the Ellenberger
Cotton Mfg. Co. reports a loss in 1907-08 of 34,500
marks, against a profit in 1906-07 of 162,249 marks.
The Neue Augsburger Cotton Fabric Co.'s loss in
1907-08 was 272,109 marks compared with a profit
of 331,233 marks in the previous year. The adverse showing in these cases was in a measure due to
the high price of raw cotton,the marked falling-off in
trade in the fall of 1907,and the heavy decline in cloth
prices in the closing months of the season.
The proposal of the Lancashire Federation of Cotton
Spinners to reduce wages by 5 per cent and to shut
down the mills for a month, if that step should be
necessary to force an acceptance of the cut, was acted
upon by the operatives on Saturday, Sept. 5, and
SEPT. 19 1908.j
THE CHRONICLE
tenthnent was largely against acceptance of the reduction. The result of the ballot showed over 91%
against acceptance. At a meeting of the operatives
however, it was decided to request a conference
to consider the matter. This conference was held on
the 10th and there have since been earnest efforts put
forth to reach an amicable settlement, but cable
advices from time to time did not encourage expectations of a favorable outcome. A cable from London
this evening, however, states that the operatives have
decided to accept the cut, effective in January. The
card-room workers voted against acceptance, but
were overruled by the majority of the mill workers.
The difficulty thus seems to have been satisfactorily
adjusted.
The New York Cotton Exchange committee selected to consider and report what changes in the contract and business methods of the Exchange are necessary to meet the criticisms directed against the Exchange in the report of the Bureau of Corporations are
not yet ready to report. The Committee, individually
and as a whole, have devoted much time to the
matter, but deem it inadvisable to report until all
responsible parties have had opportunity to offer suggestions.
The outward movement of merchandise from the
United States for the month of August 1908, as indicated by the official foreign trade statement issued
this week, while in excess of July, continued upon the
restricted scale which has been a feature of recent
months. The falling off from last year's total was
approximately 17 millions of dollars, the 1908 aggregate having been $110,411,714, against $127,270,447
in 1907 and $129,801,468 in 1906. Leading items of
breadstuffs, except corn, exhibited a greater outflow
than in the previous month, or August of 1907, the
gain being most marked in wheat, the shipments of
which in the period this year being 11,815, 605 bushels,
as contrasted with 5,861,066 bushels a year ago. In
corn, however, the exports were only 357,939 bushels,
against 4,898,928 bushels. The gain in wheat explains wholly the increase in total value of breadstuffs
shipments from $13,110,362 in August 1907 to $17,510,941 the current year—an aggregate larger than
for any month since February 1907, and heavier than
in any August since 1902. Cotton exports for the
month, moreover, were also noticeably greater, in
both quantity and value, than in the corresponding
period of 1907, the comparison being between 174,913
bales, valued at $8,932,687, and 66,779 bales and $4,384,947. Provisions shipments, on the other hand,
were very much less for the month than for August
1907, the contrast being between $10,229,014 and
$16,209,670, the falling off being largely in hog products, although the decline in fresh beef was conspicuously heavy. Shipments of cattle, sheep and hogs
.and of mineral oils, as well, were also less this year
than last.
The items to which we have referred give an aggregate value of $46,314,796, a total 2 millions of dollars
more than for August 1907. The loss, therefore, in
.other articles of export was some 19 millions of dollars,
to which most of the commodities contributed. For
the eight months of the cale,ndar year 1,908 the total
m,erchandise exports reached $1,091,408,803, or a loss
f 105 millions from 1907 and a decline of 8 millions
705
from 1906. Of the falling off from 1908, about 33
millions is accounted for by the leading articles referred to above, approximately 20 millions in iron
and steel and manufactures, 8 millions in wood and
manufactures, and amounts ranging from 1 to
millions in cotton .manufactures, fruits, leather, naval
stores, coal, cars, oil cake and paper and manufactures.
In imports, also, there was an increase over the
previous month but the loss from August a year ago
was noticeably greater than in exports. The inward
movement of all kinds of commodities aggregated a
value of $91,252,146—or nearly 5 millions more than
in July—against $125,806,043 in August 1907 and
105% millions and 95Y
1 millions respectively in 1906
and 1905. For the eight months of the calendar year
1908 the inward flow of merchandise reached a value
of only $700,138,794, or a decline from the record
movement of 1907 of 301
millions, a loss from 1906
of 1453' millions and a falling off from 1905 of 70 millions. Furthermore, shrinkage in the volume of imports is found to be quite general in the list of articles,
and very heavy in many. Such prominent articles of
import as chemicals, copper, diamonds, &c., hides and
skins, india rubber and raw wool, record losses in excess of 15 millions of dollars, and in coffee, cotton, cotton manufactures, fibres and manufactures, fruits and
nuts, iron and manufactures, leather and manufactures, raw silk, silk manufactures and wool manufactures, the declines range from 5 to 15 millions.
While, as noted above, the export movement of
commodities was, in the eight months of 1908, smaller
than in the similar period of either 1907 or 1906, the
falling off in imports was much greater, and, consequently, the favorable, or export balance, for the period this year is the heaviest on record. It reached
$391,270,009, against $194,563,235 in 1907 and a
previous record of $359,678,585.
The notable feature of the statement of the New York
Associated Banks last week was an important decrease in reserve, due to losses in cash, but chiefly to
increases in deposits and reserve requirements resulting from expansion in loans. The average reserve
was reduced $7,652,125 to $51,992,825; the actual reserve decreased $6,321,150 to $50,420,225, and, computed upon the basis of deposits, less those of public
funds, the surplus was $52,743,150. Average loans
expanded $21,999,100; actual loans were increased
$18,251,300. Deposits were augmented $17,420,500
according to averages and $13,683,800 as shown by
actual conditions; there was an increase of $3,542,100
in loans of State banks and trust companies not reporting to the Clearing House.
The above-noted loan expansion shown by last
week's bank statement, which was largely due to the
concentration of Stock Exchange borrowing upon the
call-loan branch of the market, seemed likely again
to be the feature this week. Commission houses and
traders are unwilling to accept contracts for comparatively short fixed periods, or those that will mature in
the closing months of the year; lending institutions
are not freely offering loans for any maturities except
those for over-the-year and therefore while firm rates
are maintained, little business is reported. The movement of money for crop-moving purposes is increasing,
as is shown by transfers this week of $250,000 through
706
THE CHRONICLE
the Sub-Treasury to New Orleans, making about
$650,000 thus far transferred. The requirements for
wheat and other grain are as yet met through the employment of excess internal revenue collections in
localities where the money is needed, the equivalent
of such excess being remitted to Washington through
the New York correspondents of these internal revenue
depositories, as has hereinbefore been stated. This
movement has, however, been so large that it would
seem likely soon to cease because of the abatement of
activity in many of the sections where manufacturing
of taxable goods is conducted. Consequently, it is
expected that further demands for crop moving will
have to be met by direct withdrawals of balances in
New York of interior correspondents; inasmuch, however, as domestic exchange on this centre at large
Western cities rules at rates which make shipments
hence unprofitable, the direct withdrawal of money
will have to be deferred until such rates shall be advantageous to the movement. Some foreign capital
has been placed in ninety-day time loans through the
negotiation of finance bills, but the difficulty which
has latterly been experienced in procuring cover for
such, bills at maturity, through contracts for future
delivery, tends to restrict this form of foreign borrowing. Commercial paper is in somewhat urgent request, but the inquiry is chiefly for high-grade notes,
of which there is an insufficient supply; the buyers
are principally banks and trust companies.
Money on call, representing bank and trust company balances, loaned at the Stock Exchange during
the week at 2% and at 1%, averaging about 1%%;
all lending institutions quoted 1% as the minimum.
Time loans on good mixed Stock Exchange collateral
are quoted at 23/2% for sixty and 29% for ninety
days, 3(4)332% for four and 39 for five to six
months. Commercial paper of the ordinary classification is 4% for sixty to ninety day endorsed bills
receivable and for four months' single names; six
months unendorsed paper is 43/b @5% and very choice
grades of endorsements and single names have sold at
33
/
2%.
The Bank of England rate of discount remains unchanged at 23/2%. The cable reports discounts of
sixty to ninety day bank bills in London 13@19/8%.
The open market rate at Paris is 2% and at Berlin
and Frankfort it is 3@3%%. According to our
special cable from London, the Bank of England
gained £230,724 bullion during the week and held £38,384,092 at the close of the week. Our correspondent
further advises us that the gain was due wholly to
receipts from the interior of Great Britain, exports
having exceeded imports by £454,000. The details
of the movement into and out of the Bank were as
follows: Imports, £16,000 (of which £10,000 from
Malta and £6,000 from United States); exports,
£470,000 (of which £220,000 to South America,
£200,000 to Constantinople and £50,000 to Scandinavia), and receipts of £685,000 net from the interior
of(rat Britain.
The foreign exchange market gradually developed
activity and strength early in the week and an urgent
demand to cover bills that had been speculatively sold
caused a sharp advance on and after Wednesday.
One incident of the week, indicating the condition of
[VoL. 1.;xxXv T1.
the market, was buying by an institution ,at conducts large operations in exchange, which buying was
said to be due to inability to secure deliveries of spot
cotton bills that had been contracted for and Upon.
which it depended to adjust its short contracts.
Usually speculative transactions of this character are
effected by exchange houses which limit their operations to comparatively small lines and have facilities
for extricating themselves from embarrassments that
may result from miscalculations of prospective conditions or other causes. In the case of this concern,
however, it seems that its operations were 'greatly extended, for when it sought to rectify its position r
which had developed through default of contractors
to effect deliveries of bills, it was discovered that
there was a remarkable dearth of available exchange
not only in the local market but in the important
cities throughout the country. "Near futures," or
bills that were deliverable in ten or fifteen days', were
procurable, though to a limited extent, but spot bills
were requisite and these could not be obtained. The
difficulty was adjusted, but in effecting such adjustment sight exchange was advanced to figures quite
close to the gold-exporting point to London. The
good supply of cotton bills that will be deliverable
by the end of next week indicates increasing receipts
of the staple at the outports; if these bills can be made
available and if there shall be no interruption to the
export movement of cotton, the exchange market
may develop more normal conditions. It may be
observed, though, that the Moroccan situation is.
more or less disturbing, as is shown by firm open
market discounts abroad; this situation contributes
to deter speculation and investment operations and
the inclination is to sell rather than to buy American
securities. Much of the strength in the exchange
market this week was due to the demand to remit for
stocks and bonds that had been sold on European
account.
The outlook for gold exports hence to Europe is
uncertain. Sight exchange must rise at least one cent
per pound sterling above parity in order to afford a
profit on exports to London or through arbitration to
Paris. Bankers would have to be assured of a substantial profit on an export operation before undertaking the movement, for there might easily be unexpected offerings of cotton bills, resulting from a desire
to take advantage of high exchange, which offerings
would enable short contracts to be covered and thus
remove support to the market. Though there is much
doubt regarding gold exports to Europe, it seems
probable that London will arrange to divert the
Argentine demand for the metal to New York; indeed,.
this week $500,000 gold was shipped hence to Argentina for account of London bankers.
Compared with Friday of last week, the market on
Saturday was quiet at an advance of 5 points for
short to 4 8645@4 8650 and 5 points lower for cables
at 4 8670@4 8680; long was unchanged. On Monday
short rose 5 points to 4 8650@4 8655 and cables 6
points to 4 8675@,4 8680; long was unaltered. On
Tuesday long was 15 points higher at 4 85@4 8515,.
short 10 points at 4 8660@4 8665 and cables 10
points at 4 8685@4 8690. On Wednesday long rose
5 points to 4 8510(4)4 8520, short 10 points to 4 8670
@4 8675 and cables 20 points to 4 8705@4 8710. On
Thursday long rose 15 points to 4 8525@4 8535,shor
SRpr. 13 1908.1
THE CHRONICLE
707
extent the markets of 1896 were upset by the constant
intimations from the doubtful States that Bryan was
making unexpected headway, no one can have forgotten.
The brphk in stocks, which was distinctly ascribed
to
political misgivings, occurred this week on receipt
Fri., Mon.. Tues.. Wed., Thurs., Frt..
Sept. 11 Sept. 14 Sept. 15 Sept. 16 Sept. 17 Sept. 18 of
the news regarding Maine's vote at its State election.
86
86
85%
85%
85%
60 days 4 85%
lir win
The two New England States, Vermont and Maine,
87%
8714
8714
8734
Sight_ 4 8714
8714
irothers
86
86
8534
8534
60 days 4 8534
KR(der, Pee,
8534
which elect their Governors and Congressmen in Sep87%
8734
Sight__ 4 8734
8734
,ody dc Co
8734
8734
85%
60 days 4 8534
8534
8534
Salik British
8534
8534
874
87
87
87
87
Sioht__ 4 87
forth America
tember,
have always been centres of much interest
85%
8534
60 days 4 8534
8534
lla rik of
8534
853.4
87 ,
87
87
87
87
Sight— 4 87
iontreal
during
years. In any case, they would
Presidential
85%
8534
8534
60 days 4 8534
853.4
8554
Ca ladian Bank
87 '
87
87
87
Sight__ 4 87
87
I Commerce
part commonly filled on the eve
the
necessarily
play
86 1
86
60 days 4 8534
He Idelbach. Ickel8534
8534
8534
87%
Sight_ 4 8734
8734
telmer ',Ii Co
8734
8734
8734
"straw votes" or "postalof
by
election
so-called
the
86
86
8534
4
days
8534
60
La sard
8534
853.4
87%
Sight— 4 8734
8734
8734
', reres
8734
8734
card
of any community, where
vote
The
canvasses."
85%
60 days 4 8534
8534
NI° rchants• Bank
8.534
853.4
8534
87
87
I Canada
87
Sight— 4 87
87
87
the same two parties are before the voters as will
The market closed on Friday at 4 8510@4 8520 for contest the later election in November, must be in
4 8650@4 8660 for short and 4 8675@4 8685 for some degree significant. Coming, moreover, as these
cables. Commercial on banks 4 8475@4 8485 and two September elections do, at a time when the real
documents for payment 4 84@4 84 8. Cotton for zest of the Presidential campaign has just begun, it
payment 4 84@)4 843, cotton for acceptance 4 8475 is not strange that they should attract wide political
attention.
2@4 84%.
@4 8485 and grain for payment 4 843/
The results in the two States this year have been
The following gives the week's movement of money singularly conflicting. Vermont cast its vote for
Governor on Sept. 1. It is an old tradition of that
to and from the interior by the New York banks.
State—which always polls Republican pluralities—
Net Interior
Shipped by
Received by
Y.
N.
Banks.
Movement.
Y.
N.
Banks.
1908.
Week ending Sept 18
that when the plurality exceeds 25,000, the Repub65,914,000 LOSS $1,520,000 lican party is destined to victory in the national elec$4,394,000
Currency
1,249,000
697,000
1,946,000 Loss
(old
September plurality of less
$7,860,000 Loss 62,769,000 tion, whereas a Vermont
15,091,000
Total gold and legal tenders
than that figure points unerringly to Democratic sucWith the Sub-Treasury operations and gold exports cess. Lest this tradition be considered a mere figthe result is as follows.
ment of political imagination, it may be pointed out
that it has never failed of fulfilment since the Civil
Net Change in
Out of
Into
Bank Holdings.
Banks.
Banks.
Week ending Sept. 18 1908.
War. Only in three Presidential years within that
$7,860,000 Loss 62,769,000
65,091,000
Banks' interior movement as above_
27,700,000 Gain 1,000,000 period has Vermont polled less than 25,000 plurality
28,700,000
Sub-Trona. oper. and gold export& _
$33,791,000 635,560,000 Loss $1,769,000 for its Republican candidate for Governor. Those
Total gold and legal tenders
1892, when the Republican
The following table indicates the amount of bullion three occasions were
when it was only 22,183;
1884,
21,669;
to
fell
plurality
in the principal European banks.
and 1876, when it touched 23,785. The two first
Sept. 19 1907.
Sept. 17 1908.
mentioned years were those in which Mr. Cleveland
Banks of
Total.
Silver.
Total.
Gold.
Sliver.
was elected President; while, as for 1876, the fact is
.£
x
.£
.£
I
39,134,579
39,134,579
38,384,092
now-a-days pretty well established that Mr. Tilden
England_ 38,384,092
29,183,665 36,010,409 165,194,074 111,657,606 38,652,516150,310,422
France _
Germany 40,388 000 16,709,000 57,097,000 30,600.000 12,498,000 43.098,000 actually gained the November election on the basis
ltuFsla _ _ 16,379,000, 7,907,000 124,286,000 118,424,000 6,602,000 125,026,000
Ails. Hun 47,841,000 13,149,000 60,990,000 45,331,000 12.151.000 57,482,000 of the national vote. In no other Presidential year
spain _
15,712,0001 34,022,000 49,734,000 15,534,000 25,752,000 41,286.000
ttily__ _ - :37,118,0001 4,500,000 41,018,000 34,352,000 4,977,300 39,329,300 since the Civil War has Vermont's Republican plu7,768.6001 3,953,500 11.722,000 6.037,300 5,435,800 11,473,100
Neth'iand
4,020,0001 2,010,000 6,030,000 3.152.000 1,576.000 4,728,000
4,249,000 rality in September fallen below 25,000, and in no other
4,081.000 4,249,000
Sweden _. 4,081,000
2,026,000
4,556,000 2,026,000
4.556,000
Switz'lan
1,800,000 Presidential year has a Democratic candidate been
1,731,000 1,800,000
1.731,00
Norway _
total wee 47,162,257118,260,909 565,423,166412,297,485 107,644,616 519,942,101 elected. When, therefore, on the first day of the
Prey. wee 45.054,322117,889.348 562,943,670409,341,688 10.,328.879516,670,567
present month the Vermont election resulted in a
Republican plurality of 29,000, there was at least
traditional reason for assuming that a Republican
THE SEPTEMBER ELECTIONS.
The break in prices on the Stock Exchange this victory in the national election was foreshadowed.
week has been commonly described as a "political
The vote of Maine was cast last Monday. It resulted
scare." The diagnosis is undoubtedly correct. In in a plurality for the Republican Party of only 7,700;
the majority of our previous Presidential campaigns, that plurality being, with a single exception, very
"political scares" at this time of year have been an much the smallest since the Civil War. Even in 1892
almost unvarying tradition, and they have been re- Maine's Republican plurality in September was 12,572;
flected with equal regularity on the Stock Exchange. in 1884 it was 19,851; in 1876 it was 14,087. ApparTheir origin is usually the sudden arrival of reports ently such comparisons led to diametrically opposite
from various sections of the country, to the effect conclusions from the Vermont results. It remains to
that the party not favored by financial interests is say, however, that the Maine State election during
showing unexpected strength. Such reports are recent years has by no means provided the faithful and
coupled ordinarily with warnings, from various men in unerring forecast which has come from Vermont's
a position to observe the facts, against overconfidence. September vote. Not only was the Maine Republican
Even the contest of 1900, the result of which was plurality in 1888, when the Republicans won the
reasonably foreshadowed beforehand, was accom- national election, smaller than that of 1884, when Mr.
panied, as most people will remerhber, by frequent out- Cleveland was elected, but in 1880, a year of a sweeping
breaks of alarm with this kind of origin. To what Republican victory in November, the Maine Republi-
5 points to 4 8670(0,4 8680 and cables fell 5 points to
4 87(44 8710. On Friday long fell 15 points, short 20
and cables 25; the market was easier.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
THE CHRONICLE
708
cans actually lost ,the State in September on the
greenback issue. In other words, the vote of Maine
has been erratic during all this period, and has by
no means faithfully reflected in September those conditions which were actually at work in the *country
as a whole.
The reason for this difference between Vermont and
Maine is not difficult to find. Both States comprise
a more or less unchanging population, and should
therefore, all other things being equal, provide a
pretty safe indication, through comparisons with other
years, of a coming change in political sentiment generally. But Vermont has always been peculiarly marked
out by the absence in Presidential years of burning
"local issues," whereas the politics of Maine have for
more than a quarter of a century been governed by
the fluctuations of public opinion regarding local
questions. In particular, the liquor prohibition issue
has repeatedly dominated the September vote in such
a degree as largely to obliterate party lines. This
week's Maine election was distinctively of that character. To a people chafing under an ill-enforced prohibitory law, the Democrats this fall proposed the resubmission of the liquor-license question to the voters.
The result, as judged by Maine's own newspapers,
merely went to show that opinion favored local option
sufficiently to draw in unusual numbers from the
normal vote of the Republican party. Under such
circumstances, it must be fairly admitted that in so far
as either September vote has actual bearing on the
national election, it is Vermont whose significance is
the greater.
EXPERIMENTS IN MUNICIPAL OPERATION.
It is a somewhat puzzling problem why certain perManufactures at Washington
sons in the Bureau
seem delighted to pick out from the consular reports
so many of the uncritical and optimistic statements
furbished up by special pleading in regard to the
operation of street railWays in Europe by public
officials. Report No. 3276, of September 11 last,
contained no less than three reports from England
on street railway operation, besides a general article
on the management of public utilities in Germany.
To the uninformed reader it might' appear from the
reading of these reports that they showed a certain
degree of success on the part of the municipal Officials
who do their own bookkeeping and draw their own
modest deductions as to what they have accomplished.
The slightest analysis, however, puts all these cases
of municipal operation in the lit of financial or
economic failures and there ought to be some one in
the Department of State or the Bureau of Manufactures
who would either take out the partisan color in these
documents or insist that the consul's should include
sufficient data to reveal the truth.
Even with the best light put on these reports, it
is naively admitted that the Belfast system had broken
down because of the unfortunate liMitations impoSed
by the Act ofParliment in which the city was enapowered
to purchase and operate the system—that it should
be self-supporting and that no money should be taken
for tramway purposes from any other fund'. The
receipts did not meet expenses and it became necessary to raise fares all along the line. The companies
in Huddersfield and Manchester made a somewhat
better showing upon the face of the figures, but exami-
or
[VOL. LXXXVII:
nation showed that their financial success was due
to rates of wages which would not be tolerated in this
country. In Huddersfield it is stated that "The 430
regular employees receive a weekly wage' of :42,239."
This would work out at $5.20 per week per employee.
This would amount to $270.40 per capita per year,
and would require an expenditure of $116,328. In
the United States, as far' back as the Census report of
1902, 16,338 motormen in cities of 500,000 and over
received total wages of $10,509,465. This works out
at $642 per man, or about 240 pel' cent'of the average
wages paid all employees in Hfiddersfield. If the
scientific soundness of dividing the average number
of employees by the amount paid is called in.question,
we have the assurance of the Census report that the
median rate for all motormen in the United States
was $2.00 to $2.04 per day.
The significant fact from a financial point of view
is that if wages in Huddersfigld had been raised to the
average wages of large cities in this countiy, the'surplus of $209,269' above operating cost would have
been more than half wiped out and the demands for
interest, redemption of debt and depreciation account
could not have been met. Even as it was, with wages.
ground down to the starvation minimum, there was a
surplus after charges and allowances of $31,700,
which, with fine irony, is applied under the English
system "to the relief of the general rates:" Evidently
the motormen who are receiving the princely wages
of about 75 cents per day are doing their share towards
the "relief of the general rates" but may get a part
of the money back if they become charges on the'
'city.
If the advocate of municipal operation takes refuge
behind the claim that conditions are different in
England from those in this country, the claim may be
freely admitted. But in making such a. claim he
abandons his case. The sole object of presenting
alluring pictures of low fares and apparent surplus
earnings'on the English lines is to convince the American public that similar' results could be obtained here.
If the comparison contains no.such suggestion, then
it has no practical bearing on the effort to secure
municipal operation in this country, and is of the same
academic interest' as an eSsay on caravan routes in
Mesopotamia in the time of Belshazzar. It is quite
true that conditions in England differ radically from
those in this country and that many of the features
of English municipal operation would not be tolerated
for one moment by the American public, The fares
graded according to distance makes short rides cheap
but long ones dear. They tend to congest the population in the tenement districts, where our system of a
uniform fare tends to development of suburban property and the distribution of the working masses where
they can find air and sunlight'.
Even in such a matter as claims for injuries, the
Huddersfield traction system protects itself behind
an insurance company and leaves the company to
fight the claims as resolutely as its interest naturally
demands. Municipal operation is far from having
proved a success abroad, and if it had attained success
abroad this would' be far from proving the possibility
of its success in the United States. To obtain a
nominal surplus by keeping wages of operatives down
to 75 cents per day will hardly appeal to any part
of the American public.
SEPT. 191908.]
THE CHRONICLE
THE REPORT OF THE READING COMPANY.
The annual report of the Reading Company will
receive additional scrutiny, by reason of the sharp
advance which , has occurred in the market price
of the company's stook in recent months. The
report certainly proves that the company is able to
make a satisfactory showing for a twelve-months
period during the latter half of which intense industrial depression was experienced. If one were
to confine oneself to the grand totals in the report
and to the final results recorded, one might readily
gain the idea that the period of industrial depression,
which has been so marked in its effect on other railroad properties, had left the Reading unscathed.
But such a conclusion would be wholly erroneous.
The Reading Company obviously does possess an
advantage not enjoyed by rail carriers generally, in
the• circumstance that it is so largely interested in
the mining' and shipment of anthracite coal. Hard
coal is an article) which in a measure seems
to rise superior to ordinary trade adversities, inasmuch as business depression always affects the consumption, and demand for it more slowly and less
keenly than it does most other articles and commodities. The reason, of course, is that anthracite
is used to only a small extent for manufacturing
purposes, but finds its chief service as an agency
for supplying heat. In a word, it goes mainly into
family use and provides heat for the home, whether
that be a private building, an apartment house, a
hotel or some other place of residence and sojourn.
As a consequence, the demand for it remains more
or less constant and does not, as a rule, show very
marked contraction, except on occasions where
the period of bad times is prolonged. No matter
what the state of business, we are apt to curtail severely
in other directions before letting the home get uncomfortable or going without sufficient warmth.
But while the Reading's interest in the hard-coal
trade supplies it with an element of strength, that
alone would not account for its favorable income
showing. The Reading throughout its whole history
has been the very largest of the anthracite coalcarrying properties and yet the possession of •that
favoring element has not sufficed to keep it out of
bankruptcy. The reason why its position is so much
stronger and so much securer than before is that in
addition to the retention of the advantage which
large interest in anthracite coal gives, other advantages have been gained for the property within
recent years. In the first place the traffic of the
road has been very greatly extended and developed
and it has now it more diversified business than at
any previous time. In the second place, its facilities
for rendering transportation work have been enormously increased and its ability to render efficient
service at a minimum of cost thereby promoted.
In the third place, the profits accruing from year
to year have not been used up in the payment of
large dividends, but, on the contrary, dividends have
been kept small-4 per cent being the yearly maximum
on the whole of the three classes of shares—and considerable sums have been set aside, out of income,
for improvements, betterments and additions, and
to strengthen the physical and financial condition
of the property.
709
As far as the railway operations are coneerned (as
distinct from the coal-mining and, coal-selling business), gross receipts in 1907-08 were apparently
$42,664.,595, against $43,528,936 in the year preceding, while net earnings were $17,206,299, against
$17,639,605—showing on the face of the figures
surprisingly little change between the two years.
But this comparison of the bare totals is utterly
misleading. Under the direction of the Inter-State
Commerce Commission, an entirely new method of
classification of both receipts and of expenditures
has had to be adopted, and this, has operated to raise
the totals of both gross earnings and expenses. Indeed the new form involves so complete a change
as almost to vitiate all comparison. It is only by
taking up a few leading items where the alteration
in accounting methods counts for least that one
receives convincing proof that the Reading has not
been altogether free from the influence of trade
depression, but has really been affected by it in certain directions in a marked degree.
As showing that the Reading, like other transportation systems, has felt the presence of business depression, we might refer to a little table inserted in
the present report comparing the results between
the six months from,Jan. 1 to. June 30 1908; a period
of industrial depression, with the six months from
July 1 to Dec. 31, when extraordinary trade activity
was still, the dominant feature in the business world.
It would be more satisfying if we could in each instance compare with the corresponding period of
the preceding fiscal year, but, owing to the change
in accounting methods, that is out of the. question.
Taking, therefore, for purposes of comparisons the
two halves of the fiscal year during both of which
the new accounting system was in force, the fact
of importance which stands out with'greatprominence
is that in the June period gross receipts, were only
$19,186,033, whereas in the December period they
were $23,478,562, and net earnings only $7,411,592, against $9,794,707.
Returning to the figures for the full twelve months,
the effects of the prevailing business depression are
seen in the fact that earnings from the merchandise
traffic in the latest year were only $13,502,925,
against $16,360,170 in the previous year. In the
volume of this merchandise traffic the shrinkage was
even more pronounced, the loss as compared with
the year previous having been no !ess than 5,164,632
tons, or over 21 per cent. Owing to the way this
merchandise traffic has been developed in previous
years, the falling off in 1907-08, though. large, was
borne with ease. Even after the late year's falling
off, the earnings from it were the'largest in the company's history, with the exception of 1906-07 and
1905-06.
The revenue from the coal traffic decreased only
from $18,730,189 to $18,577,272. But this coal
traffic does not mean anthracite coal alone. The
coal tonnage is now made up of two component
parts, namely anthracite and bituminous, and the
bituminous business is almost as important in volume
as the anthracite part. The fact that this should
be so furnishes a conspicuous illustration of the
policy of development pursued.
At the time of the reorganization of the Reading
property, the amount of bituminous coal moved
710
THE CHRONICLE
by the Railway was comparatively small, the bituminous coal traffic in 1896-97 having amounted to no
more than 1,690,228 tons. , For 1906-07 a decade
later, this bituminous coal tonnage was reported
no less than 11,190,250 tons. For 1907-08 there
was some falling off and yet the loss is
surprisingly small, the aggregate of the bituminous
coal shipments having been 10,816,439 tons, against
11,190,250 tons the year before, a loss of only 373,810
tons, or 3.34 per cent. This loss in soft coal was
offset by an increase of 313,683 tons in the shipments
of anthracite, leaving the total coal tonnage, anthracite and bituminous combined, substantially the
same as in 1906-07. The increase in the anthracite
movement at a time of business adversity may seem
strange, but when traced to its source is found to
furnish only another indication of the way business
has been developed in new 'directions.
Thus it appears that there has been considerable
growth in the export business in coal, so much so
that the shipments of anthracite from Port Richmond
in the latest year were 2,190,413 tons, against only
1,917,196 tons in 1906-07. In bituminous coal the
export business has also grown very largely. Indeed,
except for this expansion in the foreign movement,
the company's tonnage in bituminous must have
shown a very, much heavier loss than that recorded.
To be brief, the exports of bituminous coal from
Port Richmond in 1907-08 reached 2,021,639 tons,
against only 1,769,787 tons in 1906-07. Combining
bituminous and anthracite, the exports of coal from
Port Richmond in the latest year were 4,212,052
tons, against 3,686,983 tons in the previous year
and only 3,174,145 tons two years ago.
Of course, higher wages and enhanced prices for
the materials and supplies needed in the operation
of the road have played their part with the Reading
the same as with other roads, and consequently net
earnings have fallen off, being only $17,206,299,
against $18,426,553 two years ago—disregarding
the effects of the change in accounting methods.
But here again past policy has come in to ease the
situation. Appropriations of earnings for additions
and improvements in previous years had been on so
large a scale that corresponding appropriations are
not needed now, and consequently these appropriations have been reduced. The net earnings of the
latest year were diminished by only $937,659, whereas
the application of net earnings in this way in 1906-07
was $1,847,933 and in 1905-06 as much as $3,539,352.
The result of these diminished appropriations is
seen in the fact that, after allowing for the requirements for interest and rentals, the surplus remaining
for the latest year was larger than in either of the
preceding two years, being $6,345,639, as against
$6,044,425 in 1906-07 and $5,384,471 in 1905-06.
In the case of the mining operations, there has been
like improvement from various sources, and in 190708 the falling off in gross receipts was more than offset by the reduction in expenditures. The result is
that net earnings from the coal.mining business in
1907-08 were $3,709,618, against only $3,471,795 in
1906-07 and $3,160,604 in 1905-06. It should be
noted, furthermore, that the Philadelphia & Reading
Coal & Iron Co. (the agency through which the coalmining business is carried on),shows for the latest year
a surplus of $207,523 above interest charges, whereas
[VOL. Lxxxvn.
in previous years there was a larger or smaller
deficit. This surplus remains, too, after allowing
$1,286,010 for new work at collieries and charging 2%
interest on the debt owing to the Reading Company.
We are now prepared for the results shown in the
income statement for all the companies combined.
Allowing for all rental and other charges, and for additions and betterments to the railroad lines, and for
new work at collieries, the combined companies record
a surplus of $9,448,752 for 1907-08, against $8,741,453
for 1906-07 and $7,843,819 for 1905-06. As already
shown, the increase in surplus follows almost entirely
from the diminution in the appropriations out of income for improvements and additions, but this diminution itself is due to the fact that there is no longer
the same occasion for such large appropriations as in
the past. The call for the dividends at 4% on the
three classes of stock was only $5,600,000. The contribution of $544,695 to the general mortgage sinking
fund increased this amount to $6,144,695. Thus,
the surplus above interest charges exceeded by $3,304,057 (or over 50%) the call for the dividends. In
order to understand in full the favorable nature of this
showing, it should be remembered that the balance of
3 1-3 million dollars remains (1) after outlays, as
already stated, for additions and betterments to the
railway lines of $937,660;(2) after allowing $1,286,011
for new work at the collieries; (3) after a contribution
of $514,350 to the fund for the depletion of coal lands;
and (4) after a contribution of $544,695 to the general
mortgage sinking fund. Altogether, therefore, $3,282,715 has been deducted from earnings before arriving at the surplus of $3,304,057, after allowing for
4% dividends on the three classes of stock. We may
assume that the appropriations for additions and betterments could be further reduced and no doubt eliminated altogether, in case of continued depression in
trade, and in the same event ordinary operating expenses, we may suppose, could also be , materially
contracted should the occasion for such a course arrive. These matters are of interest as showing the
company's ability to withstand a long period of bad
times should the machinations of politicians prevent
the recovery in trade after the Presidential election
so confidently counted on.
We referred a year ago to the fact that the various
Reading properties had not, during 1906-07, added
to their funded debt, but rather slightly decreased it.
The absence of any considerable addition to new capital
obligations was also a feature in 1907-08, though the
Railway Company did create a new series of equipment trust certificates for $5,300,000. This equipment series covered purchases of new equipment aggregating $5,808,797. Of the $5,300,000 44% trust
certificates to pay for these purchases, only $2,000,000
had actually been issued up to the close of the fiscal
year on June 30, and even this $2,000,000 was still
in the company's treasury at that date. As far as the
outstanding amounts of equipment certificates are
concerned, there was no addition at all during the
twelve months covered by the present report. On the
contrary, there was an actual decrease, for during the
year $1,221,000 of old equipment trust certificates
were paid off and canceled. An aggregate of $1,625,000 of the new general mortgage bonds was issued
during the year, but $572,000 of the same bonds were
purchased for the sinking fund and canceled, I3aving
SEPT. 19 1908.1
THE CHRONICLE
the net addition no more than $1,073,000. Only
$553,000 of this was sold, the other $500,000 being
added to the treasury holdings of these bonds, increasing the same from $2,369,000 to $2,869,000.
The Reading Company, therefore, has these $2,869,000 of Reading general mortgage bonds that can be
sold at any time; also $2,000,000 of new equipment
trust certificates, and $3,300,000 of thesame certificates
yet to be issued. The funded indebtedness of the
Reading Coal & Iron .Co. was reduced during the year
by the payment of $30,000 of Philadelphia & Reading
collateral sinking fund loan. The funded debt of
the Philadelphia & Reading Railway Co. was increased
$117,975 during the year.
THE CHESAPEAKE & OHIO UNDER
UNFAVORABLE CONDITIONS.
In the fiscal year under review, the Chesapeake &
Ohio Railway Company had very trying conditions to
meet, and the annual report reflects that fact. Even
under the best of circumstances it is no easy task for
the managers of this property to produce satisfactory
results, while at a time of business reverse their skill
and ingenuity is taxed to the utmost. The traffic of
the road consists chiefly of bulky, low-class freights—
mainly minerals—which have to be hauled long distances and which will not bear even moderately high
transportation charges. Consequently, the problem
is and always has been how to net a profit on exceedingly low average rates. In the fiscal year covered by
the present report, the average rate realized on all
freight carried, both coal and merchandise, was only
4.32 mills per ton per mile. The Norfolk & Western,
which lies in much the same part of the country and
has similar traffic problems to handle, is able to obtain
a considerably higher compensation, its average for
the same period of twelve months, even after some
decrease from the year preceding, having. been 4.81
mills per ton per mile. On its coal traffic, which forms
over 60% of its tonnage, the Chesapeake & Ohio was
able to realize an average of only 3.26 mills per ton per
mile, which, translated into ordinary language, means
that the road is obliged to haul a ton of freight over
three miles in order to earn a single cent.
This drawback of low rates, as already said,
has always existed, being what might be called the
result of environment. The problem of environment
is one of adaptability,, and the efforts of the management have been directed to accommodating the property to the surroundings. The problem was handled
with ability, and in the only way in which it could be
handled. Furthermore, up to within two or three
years ago it seemed as if the task was to be crowned with
unqualified success. More recently there has been not
a little dubiety as to the probable outcome.
With the rate so low, the task has been to build up
an enormous volume of tonnage and to bring efficiency
of operations up to the highest point. The object
was to diminish transportation cost per unit of service
and at the same time create a respectable amount of
profits made up of alarge aggregate ofexceedingly small
units of profit. Both essentials required much new
capital. This was freely furnished. To develop
traffic, new lines and extensions had to be and have
been built, and everything done to open up contiguous
territory. Large sums have also been spent with a
view to promoting still further the efficiency in opera-
711
tions, which from the very start was an indispensable
requirement. Money has been' put unstintedly into
the property for both purposes, $7,500,000 having
been added to the funded debt even in the year under
review, as we shall presently. see.
But while the problem of obtaining profitable results from very meagre rates was being slowly but
surely worked out, new and unexpected difficulties,
arose. Ill-considered legislation and hostile governmental action came into play. This, like
twoedged sword, has actedlat once to cut down revenues
and to augment expenses. Then there came an increase in operatingicost as a result of the :Advance in
the prices of materi als and supplies, and repeated
raises in wages. Considerably over a year ago a point
had been reached wherelthe increases in the volume
of the transportation services rendered no 'longer
yielded sufficient/additional profits to par for the efforts put forth and to net a reasonable return on the
new capital outlay. "This was the situation when we
reviewed the annual report for 1905-06. In the inteival since then there has 'come ,an overwhelming business catastrophe, paralyzing - all* of the coUntry's
industries from end:to end, and naturally cutting deep
into the trafficIof the Chesapeake & Ohio. What
loss of traffic means to a little system obliged to move
traffic at such extraordinarily low rates (foes not have
to be left to thelimagination, in view of what has been
said above. Gross revenues fell off, while expenses
could not be curtailed to overcome the loss:
There is only brief allusion to the subject in the report, but what there is tells the story adequately and
effectively. In the first half of the fiscal year business
activity continued and results were, on the whole,
quite satisfactory, the'gross revenues recording a gain
of $2,392,698 and net earnings a gain of $518,921.
In the second half, however, the business depression
caused the wiping out of substantially the whole gain
in gross and turned the increase in the net into a loss.
In brief, the gross earnings for the twelve months increased very slightly; namely,'$46,411 (in the freight
traffic there was a decrease o'$403,251, but this was
offset by increases in the passenger traffic and other
items), while expenses were added to in the 'sum of
no less than $536,440. It thus happened that net
earnings from operations fell off $490,029. President
George W. Stevens points out that,, with the loss in
gross earnings which came in the latter half of the year,
it was found impracticable to ,proportionately reduce
the expenses without causing a deterioration . in the
physical condition of the property.
The further augmentation in expenses during 190708, treatingithe year as a whole, derives additional
significance:from the fact that in the preceding year,
with an increase of $1,193,872 in the gross earnings,
expenses had risen $1;780,657. Altogether, the result is that net for 1907-08 stands at only $8,656,525,
against $9,146,554 in 1906-07 and $9,733,339 in 190506. That there" has been no lack of economy and efficiency in operation,is evident from the circumstance
that in the late year, as in the preceding year., there
was a further large addition to the average train, load,
bringing it up to the remarkable figure (including
company freight) of 652 tons, which compares with
only 628 tons in 1906-07 and 616 tons in 1905-06.
There are exceedingly few roads in the country that
can claim the distinction of so hip a train 'load.
THE iCHRONIOLE[VOL.LXXXVIL
The figure given includes freight carried for the
company's own use. Counting revenue freight only,
the train load was •621 tons. •The Norfolk &
Western, ,which, as already stated, is somewhat similarly situated, reports for 1907-08 an average train load of 50 tons less, or only 571 tons, though
,even this latter, it must be admitted, is a notable
achievement. it is important to note, though, that
the higher .train load attained by the Chesapeake &
Ohio does ,not offset the disadvantage arising out of
the lower rate realized by it, and consequently its
trains earned only $2 68 per mile run in 1907-08,
whereas the Norfolk & Western, with a smaller train
'load, earned $2.77 per mile‘run.
The falling off in net revenues the past two years
has been particularly unfortunate in view of the increase in fixed charges. This increase in fixed charges
is due to the new capital expenditures made in extending 'thefl system. As • a result of such increase in
charges coincidently with the decrease in net earnings,
the surplus above charges on • the operations of the
twelve months was only $2,784,386 in the late year,
as against $4;607,223 two years ago on the operations
of 1905-06.
As the company is ,paying only 1% dividends on
its stock, calling for no more than $627,907, the surplus of $2,784,386 • remaining was of course ample
for the purpose, but there .was comparatively little
left over after allowing for the other deductions of
income. These deductions consisted of $1,005,000
paid on account of principal of equipment trusts,
$634,327 of extraordinary expenditures for improvements and new ‘equipment and $19,600 contributed
to the Greenbrier Railway Sinking Fund. Adding
the $627,907 required to meet the 1% dividends paid
last December, the aggregate deductions were $2,286,834, leaving a balance of less than half a million .dollars ($497,553), and part of this was wiped out by
charging off $123,750 for discount on bonds sold.
Obviously, if business depression should continue, the
outcome for the immediate future will hinge mainly
upon the extent to which expenses can be curtailed.
Possibly maintenance expenses can be cut down for
a time without actual detriment to the property.
We have referred above to the increase in funded
debt during the year; $9,750,000 of general equipment
and improvement 5% bonds were issued, but it was
found impossible to secure a market for them and they
were made the basis for the issue of $7,500,000 threeyear 6% collateral notes. Part of the proceeds went
to reduce the company's floating debt, as is evident
from the fact that the balance sheet shows only $1,549,423 of loans and bills payable outstanding June
30 1908, against $4,102,516 on June 30 1907. At the
same time current liabilities were reduced by $4,019,784,
to $3,836,579. Against this latter there were current
assets, not counting bonds and other securities on
hand, of $6,332,491, which, however, includes $1,841,065 of materials.and supplies on hand.
LOSSES IN RAILROAD GROSS EARNINGS STILL
HEAVY.
earnings reveal little of an
railroad
gross
of
Returns
encouraging nature except that the ratio of falling off
is not so extraordinarily heavy as in the worst of previous months, though even here the change for the
better is much less marked than current comment
had led the public to,expect it would be. Looking at
the figures in a broad, general way, the variations in
the percentages of loss from month to month are of
much less consequence than the fact that the loss itself
continues to be of large magnitude, with the result
that to the very heavy shrinkage in revenues already
sustained since the first of January, there are being
added these further heavy losses accruing from week
to week and from month to month.
Our compilations to-day cove‘ the roads which have
furnished early preliminary figures for the month of
August, comprising altogether 52 roads, with an aggregate of 82,513 miles of line. Roughly, this constitutes 35% of the railroad mileage of the country.
These roads earned only $59;649,837 gross in August
1908, against $70,341,817 in August 1907, the decrease, therefore, being $10,691,980, or 15.20%. In
July substantially the same roads showed a decrease
of $11,242,352, or 16.57%. The reduction in amount
and percentage of decrease, it will be observed, is not
very striking, though assuring as far as it goes. It is
quite possible, however,to attach too much significance
to this slight falling off, for obviously, in making comparisons between one year and another, the result for
the previous year counts in determining the change
as well as the result for the current year. If totals in
1907 were unusually large, the 1908 loss would be
correspondingly large, while, on the other hand, if
the totals in 1907 were relatively not so large, the
amount and percentage of decrease in 1908 would be
correspondingly diminished. In this view, it is of
importance to note that the July decrease of 16.57%
followed a gain in July 1907 of 11.52%, whereas the
decrease of 15.20% in August follows an increase of
only 9.30% last year.
In the case of the separate roads or systems, the
comparisons are in some instances much better than
heretofore, but where that is the case it is usually
because of some local incidents or conditions peculiar
to that particular road or system. The Colorado &
Southern, for instance, this time actually reports an
increase of nearly $100,000, but last year in this
month that road had to contend with a strike of its
trainmen, and its earnings at that time showed a falling off from the previous year, though not as large
as the present increase. If we take the leading systems in different parts of the country as indicative of
the results in the groups to which such systems belong,
losses remain heavy nearly everywhere. The northern
transcontinental lines appear to be sustaining particularly heavy shrinkage. For example, the Great
Northern has fallen no less than 24.19% behind and
the Northern Pacific has a decrease of 17.90%. On
the other side of the border, however, the Canadian
Pacific reports a decrease of only 9.36%. In the
South, the Louisville & Nashville has 18.41% decrease
and the Southern Railway 19.29%. In the Southwest
the St. Louis Southwestern has a loss of only 11.94%,
but the Missouri Pacific has 14.33% decrease, the
Denver & Rio Grande 16.02% and the Texas & -Pacific
19.09% decrease. In trunk-line territory, the Wabash
has a loss of only 10.78%, but the Grand Trunk Railway of Canada has 14.99% decrease, the Illinois Central (which is a north-and-south line rather than an
east-and-west line) has 13.73% decrease, while the
Baltimore & Ohio, which, besides being an east-andwest trunk line, is a large carrier of bituminous coal,
SEPT. 10 1908. 1
has suffered a shrinkage of 17.50%. On the Buffalo
Rochester & Pittsburgh, which is one of the smaller
bituminous coal roads, the shrinkage reaches 19.28%.
Dealing now with the amounts of decrease, rather
than with the ratios, we bring together in the following all changes for the separate roads, whether increases or decreases, for amounts in excess of $30,000.
It will be observed that there are only two roads with
increases for that amount, one being the Colorado &
Southern, already referred to, and which suffered from
a strike in August last year. Orli-the other hand, the
list of losses is a large one, led by the Great Northern,
with a decrease of $1,,383,980; the Baltimore & Ohio,
with a decrease of $1,352,056; the Northern Pacific,
with a loss of $1,254,251; the Southern Railway, with
$955,106 decrease, &c., &c.
OROSS
PRINCIPAL CHANGES IN
EARNINGS IN AUGUST.
Decreases
Increases
$99,788 Yazoo & Mississippi Valley $178,093
165,454
31,132 Mobile & Ohio
164,700
Central of Georgia
157,578
Representing 2 roads In
Buffalo Rochester & Pitts
113,738
our compilation
$130,920 Duluth So Sh & Atlantic
111,858
Decreases. St Louis Southwestern....
104,707
Ala N 0 & Tex Pac (3)
99,000
$1,3890amo 1,352,056 Cinc N 0 & Tex Pac
?rt'ttierif)
(hg
89,909
1,254,251 Toledo St Louis & Western
Northern Pacific
955,106
Southern Railway
815,129 .aaaatreatSoIger
rcalf IdLI
,
Louisville & Nashville... _
55,085
725,046 Det. Tol. & Irotiton (2)___
Illinois Central
31,000
648,000 Canadian Northern
Missouri Pacific (2)
30,794
646,000 Southern Indiana
Canadian Pacific
• 614,110
Grand Trunk (4)
Representing 34 roads in
328,700
Denver & Rio Grande__ _ _
280,607
our compilation_ __.$10,677,265
Wabash
239,894
Texas & Pacific
Note -Figures in parenthesis after name of road indicate the number of
lines or companies for which separate returns are given in our compilation.
Colorado & Southern
Trinity & Brazos Valley_ _
NC?
The shrinkage in gross earnings in August occurred
(speaking of the roads collectively) in face of a larger
live-stock movement in the West and a larger cotton
movement in the South. The receipts of wheat,
corn ,and oats ,at Western points were all ,smaller
than in the corresponding period of• last year, but,
on the other hand, the movement of barley was
much in excess. Hence, if we take the four cereals
together and add rye, we.get aggregate grain ,deliveries
for the four weeks ending August 29 of .54,010,246
bushels in 1908, against 54,364735 bushels in 1907,
showing only a very small falling off, which is more
than offset by an increase in the deliveries of flour
for the same four weeks, as will be seen from the
following statement giving the details of the Western
grain movement in our usual form.
WESTERN FLOUR AND GRAIN RECEIPTS.
, pour ,weeks
Oats.
Corn.
Barley.
Flour.
Wheat.
ending
(bush.)
(bush.)
(bush.)
• Aug. 29.
(bush.)
(this.)
Chicago6,027,640
5,190,339
7,695,103
810,500
672,606
1908_ _ _
5,122,452
8,407,051
365,350
6,583,350
1907.... 563,410
Mi/wafacec171,000
1,134.000 1,137.200
108,825
1,146.000
1908_ __ _
271,000
648,000
621.000
382,800
1907.... 199,405
St. Louts2.638,877
1,238,545
2,522,075
48,100
243,785
1908._
2.602,585
3,175,590
5,290
193.615
3,614,325
1907____
Toledo1,465.500
704,090
278,500
1008_
2,075,000
901,900
1907.....
251.500
Detroit23,400
236,273
1908__ _
458,120
208,689
12,000
1907_ _
146.838
203,012
214,223
Cleveland1008_ _
6,373
584,822
134,223
806,151
1907_ _
5,204
177,620
1,099,112
9,600
Peoria-.
70.050
343.900
1908W945,300
1,283,700
, 26,000
41,608
1907.. _ _ _
205,000
1,046,100
1,972,000
31,000
Duluth978,005
341,000
1908_ _
99,416
422,705
264,009
• 1907..
1.109.899
23,504
122,455 ' 79,354
.1fInt/capons4.431,730
1908_
152,950
758.110 1,644.680
2,883,330
530,620
222,620
809,850
1907.
Kansas City6,637,050
627,900
454,700
190S.
5,763,000
1,155,000
879,500
Rye.
(bush.)
22,,90,186
23,306,859
10,122,247
11,075,393
16.338,475
18,229,681
4,089,185
1,403,024
63,000
45,000
32,774
39,702
79,000
21,000
25,000
20,000
95,692
4,545
131,542
77,960
570,153
:348,878
13,211,282 62,051.267 60,597,059 10,854,022 951,587
19,094,479 84,350.467 56,845,195 10,290.787 1,340,321
5,571,000
4,860,458
000
2046,
4,394,435
6,690,400 7,709,433
7,550,100 8,038,000
11.831,885 16,785,279 16,536,805
10.767,964 26.315,525 19.809,125
1,071,089
1,366,700
2,830,200
2,967,poo
1,000
:1,111,000
3,432,500
3,795,400
51500,900
Wheat.
Jan. 1 to Aug. Flour.
(bush.)
29Obis.)
Detroit1908____
1,078.955
130,700
1907..,.
1.033,104
95,100
Cleveland38,682
1,378.461
1908---693,274
36,343
1907____
Peoria1,160.300
1908___ _ 687,180
691,600
1907____ 569,858
Duluth1998...,. 1,605.456 10,598,707
1907____ 1,448,540 22,806,580
Minneapolis43.472,364
1908_
57,582.816
1907_
Kansas City21,653.757
1908_
21.539,000
1907_
691,800
792,900
222,258
278,290,
118,500
52,500
Corn.
(bush.)
11..)
(fua
st
2,166,640
2,975,507
1,485,454
1,591,738
4.384,237
3,768.013
3,363,123
4,233,166
sel;.)
(t1)'?Ul
120,978
69.182
2,200
11,814,200
10,650,360
862,100
7,129,300
7,853.550 1.508,000
209,000
201,900
1,043
91,453
915.725
1,963,719
1,788,962 2,721,061
205.640
232,764
2,891,000
4,194,040
5,723.100
9,138,600
9,106,120 6,020.820 849,847
9,816,670 5.645.511 1.293,575
3.111,200
'4.331.900
Total of all-
102:1% 115113g03 11011:38S Kan 1:Mg3
As regards the Western live-stock movement, this
increased quite substantially, taking the receipts
at the five leading live-stock markets in the West
as a guide. It is true that the deliveries of hogs
at the five markets were only 1,142,262 head in
August 1908, against 1,151,254 head in August
1907, but, on the other hand, the deliveries of cattle
were' 812,573 head, against 793,540 and the deliveries of sheep 830,597, against 726,776 head.
With reference to the cotton movement in the
South, the shipments overland amounted to 28,260
bales, against 20,375 bales and the receipts at the
Southern ports 184,504 bales, against 71,325 bales,
as per the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JANUARY 1 TO AUGUST 31 1908, 1907 AND 1906.
Since January 1.
August.
Ports.
,1908.
Galveston
Port Arthur, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News. &c
bales
1907.
1996.
1908.
1907.
129.810 33,030 119,915 1,284,074 1,653,117
934
82,453 104,263
13,098 25,651 20,295 937,522 981,790
7,020 1,948 3,206 120,330
84,609
120
831 11.328
81,366
76,284
22,601 6,103 30,464 406.760 410,663
, 4,728
70,796
64.588
1,932 1.194 2,736 ,38,703
33,628
37
662
477
69
454
337 132.704
72,390
4,074 2,114 34.823 196,816 232,528
1.052
4,438
32,727
1906.
950,234
50,853
787,980
81,645
101,r27
442,558
65,010
34.488
716
60,087
200,510
11.872
184,504 71,325 229,075 3.356.624 3,747,064 2,787,580
Total
We have stated above,that the falling off, in earnings this year (taking the roads as a whole) followed
9.30% increase in August 1907 over August 1906.
It also follows larger or smaller increases in every
previous year for a whole decade. To bring out
this fact, we introduce the following table furnishing a summary of the monthly totals in each year
back to 1896
141,145
140,671
1?5,11.7
Total of all1,556,039
1908_
1907.... 1,282,251
Jan. 1 to Aug.29Chicago1908.. _ 6,013,971
1907 _ _, 6,247,796
M ilwaukce1908_ _ 1,701,655
1907____ 1,672,755
St. Lout-TINS.... 1,636,025
1907_ _ _ 1.859,355
Toledo1908
1907
713
THE CHRONICLE
August.
Gross Earnings.
Mileage.
Year
Year
InGiven. "Preced. crease.
Year.
Roads Miles. Miles.
120 89,991 89,255 0.82
1896
118 93,108 91,625 1.62
,1897
1898 _ 121 94.185 93,792 0.42
1899 _ _
112 95,708 94,771 1.08
1900 _ 105 96,376 93.157 3.45
96 , 99,951 97,750 2,25
1901
76 90,102 88,620 1.67
1902 _
1903 _ 76 08,126 96,047 2.16
1004 _
67 83.160 81,248 2.35
1905 _ 56 81.055 79,192 2.26
1906 ___ 68 92,788 90,455 2.58
67 93,683 92,898 0.84
1907
52
1908
81,261 L.54
Jan. 1 to
1896 _
1397 ..._
1898 _ _
1899
1900 _ _ _
1901 _ _
1902 _ _
1903 _
1904 ...._
1905
1906 _
1907 _
1908
. Aug.
116
114
121
110
.105
62
76
76
67
55
66
67
51
31.
88,742 88,000
92,379 . 90,896
94,185 93,792
95,484 94,457
96,376 93,157
96,056 93,855
90,102 88,620
08,126 96,047
83,160 81.248
80,798 78,935
92,507 90,174
93,683 92,898
82,991 80,891
0.83
1.62
0.42
1.08
3.45
2.34
1.67
2.16
2.35
2.26
2.5%
0.84
1.48
Year
Given.
38.801,525
43,190,342
46,632,848
„
0
57,143.176
65,155,714
58,887,908
72,505,067
59.445,529
58,869.481
79,344,748
86,377,190,
59,649,83/
Year
Preceding.
Increase(+)
or
Decrease (-).
40,010,144 -1,208.619 3.02
38,526,399 +4,663,943 12.62
44,446,940 +2,185,908 4.92
48,325,106 +6,425,994 13.29
53.731,004 +3,412,172 6.35
67,439,471 +7.716,243 13.43
56,213,712 +2,674.196 4.75
66,411,069 +6,993,998 9.17
57,494,231 +1,951,298 3.39
55,955,430 +2,904,051 5.19
70,099,249 +9,245,499 13.19
79,029.051 +7.348,139 9,30
70,341,8,1 -10,691.980 15.20
1287,248,0021272,696.995 +14,551,007 5.33
1298,238,920 291,932,827 +6,306,102 2.16
337,683.518304,008.624 +33,674.894 11.07
378.241,7651348.511,473 +29,710,292 8.53
417,335,0141371.773.610 +45,561.404 12.25
'417.198,174!376.726.858 +40.471,316 10.74
429,366,1971397,306,062 +32,060,135 8.07
536,623.682'475,299,340 +61,324,342 12.90
419,174,339,1423,955,840 -4,781,501 1.12
421,764.1291393,742,645 +28,021,484 7.12
575,472,692498,726,455 +76,746,237 15.39
636,734,6641575,891,850 +60,842.814 10.57
422,42 ,it• 507 16w 353 -85.t.45,41 16.78
-Note.-Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are included in this table.
,To ..complete .our .analysis, we add . the following
six-year comparison of the earnings of leading roads,
arranged in groups.
[VOL. Lxxxvii.
THE CHRONICLE
714
EARNINGS OF NORTHWESTERN AND NO101'H PACIFIC
GROUP.
Mileage.
Gross Earnings.
Name of Road.
August-
1906.
1907.
1908.
1905.
1904.
1903.
8.
$
$
_$$
8
Canadian Pacific_ 6,254,000 6,900.000 6,170,452 4,796,734 4,474,237 4,076,154
828,389
714,364
625,195
730,741
779,514 7792,647
Chic Gt Western*
303,711
285,221
234,773 7348,511
237,229
268,980
Dul So Sh & Atl_
Gt Nortien Syst_ 4.336,70255,720.682 4,999,099 3,972,540 3,637,891 3,791.477
259.893
256,207
231,638
255,722
208,337
__
202,615
Iowa
347,939
326,084
253,845
265,058
Minneap
Central_& St L_ •332,643 7346,009
994,362 1,055,813
916,308
994,989
609,578
603,560
Minn St P & S SM
Northern Pac_a_ 5,739,534 6,993,785 5.911,919 4,996,123 4,371,171 4,182,740
,
18.927,877 22,355,88919,873,529 16,239,012 14,417.48314,121,325
Total
*Results are based on 111 miles less road beginning with 1905.
a Proprietary lines not included after June 1906.
b Actua figures of earnings are now used for comparison.
?Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
1908.
August.
1907.
8
659,830
475,953
$
7817,408
547,012
,1
1906.
1905.
$
743,622
557,419
$
806,567
560,011
Buff Roeh & Pit
Chic Ind & Lou__
Gr Tr of Can__
Gr Tr West..} 3,483,778 4,097,888 3,885,271 3,497,905
L'et G H &M
Illinois Central_ a4,555,531a5.280.577 4,486,251 4,015,835
115,917
105,176
Tot Peo & West99,557
105,251
406,985
387,801
Tot St L & West_
310,657
400,566
Wabash
2,321,696 2,602,303 2,505,541 2,251,702
488.382
561,037
Wheel & L Erie_ c581,003
581,003
I
1904.
1903.
-- $
735,216 752,274
510,525
492,508
2,659,542
3,108,137{ 419,492
121,176
4,214,20 3,971,102
121,177
112,378
364,332
303,652
2,480,785 2,121,424
397,136
402,832
8
12,488,005 14,432,008 13,251,302 12,124,120 11.931,516 11,356,380
'
a Includes some large items of Income not previously included in monthly returns.
Includes CAnAda & Atlantic beginning with October 1904.
c Month in 1908 not reported; taken same as last year.
Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-Stato Commerce Commission.
Total
EARNINGS OF SOUTHERN GROUP.
August:
1908.
1906.
1907.
1905.
_
1904.
1903.
$
258,522
8
$
$
8
$
343,250
294,001
363,605
274,820
Ala Gt Southern_
303,994
Ala N 0 & T P191,346
199,281
204,020
212,044 7269,676 7235,671
N 0 & Nor E'n
84,529
103,061
86,812
Ala & Vicksb_
113,380 7128,414 7116,907
71,150
108,925
107,908
106,268 7138,309 7120,007
Vicks Sh Jr Pac
949,512 4827,820
965,900
725,992
801,200
685.687
Cent of Georgia__
709,796
665,407
765.527
626,126
542,628
665,627
Cinc N 0 & Tex P
Loulsv & Nash_b 3,611,325 74,426,454 4,009,935 3,402,605 3,157,920 3,017,939
852,142
699,302
920,761
671,827
593 143
755,307
Mobile & Ohio __
Southern Ry____ 3,968,465 4,923,571 4,643,765 4,258,535 4,041,552 3,754,006
674,775
456,437
796,801
581,546
550,814
618,708
Yazoo & Miss Val
' 11,156,318 13,699,018 12,655,760 10,951,132 10,491,050 9,801,479
Total
S Includes earnings of Atlanta Knoxville & Northern in 1004, 1905, 1906. 1907
and 1908.
7 These figures have been revised to accord with the new basis of accounting
• prescribed by the Inter-State Commerce Commission.
EARNINGS OF SOUTHWESTERN GROUP.
August.
1908.
1906.
1907.
1905.
1904.
,
1903.
8
956,281
8
1.214,523 71.114.735
8
1,107,345
682,122 812,837
Colo & South'n*_
Deny & Rio Gr_ _ 1,722,70012,051,400 1.805,605 1,690,261 1,424,977 1.609,202
614,210
519,889
451,2641 418,348
570,000 589,300
Internat& Gt, Nor
Mo Pac &Cent,Br 4,019,000 74.667.000 4,275,722 3,809,031 4,091,946 4,020,330
833,804
718,876
824,415 7936,273
714.139
St Louts Southw_
588,489
811,721
898.887
Texas &Pacific__ 1,016.836 1,256,730 1,119,350
881,171
Total
9,367,474110,615,438 9,756,036 8,506,059 8,263,3351 8.330,377
*For 1908, 1907. 1906 and 1905 includes all affiliated lines except Trinity &
Brazos Valley RR. For previous years we have combined Colorado & Southern
and Fort Worth & Denver City.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
GROSS EARNINGS AND MILEAGE IN AUGUST.
Gross Earnings.
Name or Road.
1908.
Alabama Great South
Ala N 0 & Tex PacNew On & Nor E'n_
Ala & Vicksburg_ _ _
Vicks Shrev
Pact_
Baltimore & Ohio_
_
Bellefonte Central_ _ _
Buff Roch & Pittsb__
Canadian Northern_ _ _
Canadian Pacific
Central of Georgia__ _
Chattanooga South'n_
Chicago Gt Western.. _
Chicago Ind &Louisv
Chic N 0 & Tex Pac_ _
Colorado & Southern..
Denver & Rio Grande
Detroit & Mackinac_ _
Det To! & Ironton_ _ _
Ann Arbor
Duluth So Sh & Atl_ _
Georgia South & Fla_ _
Grand Trunk of Can 1
Grand Trunk West}
Del Gr Hay & Mil 1
Canada Atlantic- -1
Great Northern, incl 1
Eastern of Minn__ }
Montana Central__ )
Illinois Central
Internat'l & Gt Nor_
Iowa Central
Louisville & Nashv_
Manistique
Mineral Range
Minneap & St Louis_ _
Minn St P & S S M_
Mo Pao & Iron Mtn
Central Branch_ __ _
Mobile & Ohio
Nevada-Cal-Oregon _ _
Northern Pacific
Rio Grande Southern_
303,994
1907.
363,605
Mileage.
(+)
(-).or
Inc.
Dec.
--59,611
1908, 1907.
309
St Louis Southwestern
_
Southern Indiana_
Southern Railway_ _ _ _
Texas Central
Texas & Pacific
Toledo Peoria & West
Tol St Louis & West'n
Trinity & Brazos Val_
Wabash
Virginia & Southwest_
Yazoo & Miss Valley_
Total (52 roads) _ _ _
Net decrease (15.20%)
1907.
1908. 1907.
1,470 1,454
346 • 246
7,294 7,257
311
311
1,885 1,848
248
248
451
451
370
422
2,517 2,517
184
161
1,371 1,264
-59,649,837 70,341,817 -10,691,080.2.513 81,261
824,415
129,211
3,968,465
83,213
1,016,836
99,557
310,657
100,186
2,321,696
100,785
618,708
936,273
160,005
4,923,571
104,310
1,256,730
105,251
400,566
69,054
2,602,303
113,980
796,801
Mexican Roads (not in eluded in to tal)Interoceanic of Mex_ _
525,473
617,408
590,85.8
Mexican Internat'l_ _ _
789,073
_
569,800
Mexican Railway_
685,600
99,719
Mexican Southern_ _ _ _
118,961
1,173,577
National RR of Mex_ _
1,406,976
75,560
Hidalgo & Nor E'n_
87,425
--111,858
--30,794
--955,106
--21,097
--239,894
-5,694
-89,909
+31,132
.--280,607.
-13,204
--178,093
736
• --91,93
736
--198,21
918
918
--115,800
321 , 321
263
--19,24
263
--233,390 1,732 1,732
152
152
--11,86
GROSS EARNINGS FROM JANUARY 1 10 AU UST 31.
Name or Road.
Alabama Gt Southern_ _ _ _
Ala New On & Tex PacNew On & Northeastern
Alabama & Vicksburg_ _
Vicks Shrevep rt & Pac_
Baltimore & Ohio
Bellefonte Central
Buff Rochester & Pittsb_
Canadian N,'them
C adian Pacific
Central of Georgia
C attano( ga Southern.. _ _ _
Chicago Great Western_ _ _ _
Chic Ind & Louisville
Cinc New On & Tex Pac_ _
Colorado & Southern
Denver & Rio Grande_ _ _ _
Detroit & Mackinac
Detroit Toledo & Ironton.. _
Ann Arbor
Duluth South Shore & At!.,
Georgia Southern & Fla_ _ _
Grand Trunk cf Canada_ _1
Grand Trunk Western_ _
Detroit Gr Hay & Mllw
Canada Atlantic
Great Northern, including}
Eastern of Minn
M ntana Central
Illin is Central
Internati nal & Gt North _ _
Iowa Central
Louisville & Nashville_ _ _ _
Manistique
Mineral Range
Minneap & St Louis
Minn St Paul &SSM
Mo Pac & Irr n Mountain
Central Branch
Mobile & Ohio
Nevada-Calif-Oregon
Northern Pacific
Rio Grande S,uthern
St Louis Southwestern_ _ _ _
Siuthern Indiana
Southern Railway
Texas Central
Texas & Pacific
Tcledo Peoria & Western_ _
Tol St Louis & Western_ _
Virginia & Southwestern_ _
Wabash
Yaz)o & Miss Valley
Total (51 roads) _
Net decrease (16.78%)
1908.
2.131,356
1007.
Increase.
Decrease.
2,747,668616,312
2,126,801
1,728,581
1,050,797
944,600
1,068,748
868,896
42,817,994 55,448,934
41,788
39,426
4,706,878 6,016,260
5,380,500
5,180,400
43,045,557 48,661,325
6,604,123 7,875,795
113,101
57,238
5,783,903
5,052,829
3,927,047
3,206,189
5,745,230
4,759,918
8,936,558
8,892,832
11,869,934 14,290,858
913,077
754,478
1,374,782
1,019,4 0
1,451,130
1,140,851
2,246,241
1,651,755
1,540,265
1,250,762
398,220
106,197
107,852
12,630,940
2,362
1,309,382
200,100
5,615,768
1.271,672
55,953
731,074
720,858
985,312
43,726
2.420,024
158,599
355,342
310,279
594,486
289,503
24,649,463 '29,088,201
4,438,738
28,689,122 36,752,469
8,063,347
33,435,344
4,223,565
1,870,823
27,350,733
40,621
529,599
2,303,362
6,681,076
25,807,381
948,000
5,739,743
214,910
39,067,567
371,349
5,759,446
1,068,068
31,707,615
517,786
7,980,419
776,587
2,226,516
645,357
15,996,555
5,797,468
5,607,804
1,120,329
150,064
5,248,584
5,179
10,197
300,057
1,499,717
5,876,334
142,000
1,767,557
39,043,148
5,343,894
2,020,887
32,509,317
45,800
539,7116
2,603,410
8,180,793
31,683,715
1,090,000
7,507,300
180,182
46,676,913
401,089
6,839,345
1,068,941
38,055,167
829,892
10,865,817
850,422
2,786,305
786,400
18,203,896
6,385,447
422.122,512 507,168,353
Mexican Roads (not include d • In total'.
Intercceanic of Mexico.._ _ _
4,971,860
4,925,941
Mexican International__ _ _
6,213,826
5,000,275
Mexican Railway
5,124,700
5,311,300
Mexican S'uthern
846,004
921,015
nal RR of Mexico.._ _ _
Nati,
9,870,788 11290,709
Hidalgo & Northeastern_
627,236
651,396
34,728
7.600,346
30,640
1,070,899
873
6,347,552
312,106
2,885,398
73,835
559,789
141.043
2,207,341
587,979
34.728 85,080,569
85,045,841
45,919
1,204,551
186,600
74,921
1,419,921
24,160
309
212,044
113,380
106,268
6,372,251
5,933
659,830
747,400
6,254,000
801,200
6,179
779,514
475,953
665,627
1,214,523
1,722,700
98,901
160,977
171,885
234,773
148,498
269,676
-57,632
196
196
128,414
-15,034
143
143
138,309
-32,041
189
180
7,724,307 -1,352,056 4,006 4,006
4,868
+1,065
27
27
-157,578
817,408
568
568
-31,900 2,874 2,554
779,300
6,900,000
-646,000 9,230 9,154
965,900
-164,700 1,913 1,1)13
14,628
-8,449
105
105
792,647
-13,133
818
818
547,012
-71,059
599
599
765,527
-99,900
336
336
1,114,735
+99,788 1,857 1,857
-328,700 2,552 2,552
2,051,400
113,614
-14,713
344
344
178,049
-17,072
392
392
209,898
-38,013
292
292
348,511
-113,738
591
591
174,480
-25,982
395
395
3,483,778
4,097,888
4,336,702
5,720,682 -1,383,980 6,498 6,289
4,555,531
570,000
255,722
3,611,325
5,368
70,437
332,643
994,989
3,860.000
159,000
755.307
37,371
5,739,534
52,571
5,280,577
-725,046
589,300
-19,300
259,893
-4,171
4,426,454
-815,129
7,606
-2,238
--4,836
75,273
--13,366
346,009
+627
994,362
-635,000
4,495,000
-13,000
172,000
920,761
--165,454
38,401
-1,030
6,903,785 -1,254,251
52,685
--114
--614,110 4,528 4,528
4,509
1,159
558
4,365
74
128
799
2,262
6,091
388
926
164
5,649
180
1908.
Inc.(+) or
Dec. (-).
4,377
1,159
558
4,342
74
128
799
2,200
6085
388
926
144
5,617
180
ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
-The public sales of bank stocks this week aggregate 77
shares and were all made at auction. The transactions in
trust company stocks reach a total of 178 shares. A sale of
2M shares of stock of the Hudson Trust Co.was made at139,
which is more than double the price paid at the last previous
public sale in March. National City Bank stock, which
sold last week at 300
advanced on the sale of 7 shares to
3093
/
4•
Shores. BANES-New York. • Low. High. Close.
20 Aetna National Bank
170
170
170
50 Battery Park Nat. Bank_ __ _ 120
120
120
7 City Bank National
309% 309% 309%
TRUST COMPANIES-New York.
160 Carnegie Trust Co
165
165% 165%
5 Columbia Trust Co
218
2183j 218)
11 Guardian Trust Co
161
200
200
139
2% Hudson Trust Co
139
139
Last precious sale.
Sept.1008- 3004
Aug. 1908- 165%
Sept 1908-- 198
Mch.1008-- 614
-The case of the American Bankers' Association against
the American Express Co., brought under the Inter-State
Commerce Law, has been assigned for hearing upon complainant's motion for subpoena duces tecum and defendant's
motion to dismiss, on Oct. 15, 10 a. m., at the office of the
Commission in Washington. A hearing of the case was had
in this city last April, when it was announced that further
SEPT. 19 1908.1
THE CHRONICLE
arguments would be heard in Washington at a date to be
fixed by the Commission.
, —The executive council of the Alabama Bankers' Association in a resolution adopted at a conference held at Birmingham on the 15th inst between the bankers and farmers,
recommends that accommodation be given the farmers of
Alabama so as to enable them to hold a reasonable amount
of their cotton, and thus aid in preventing a depression in
price. We give the resolution herewith as printed in the
"New York Commercial":
Whereas, The Increase or decrease In the price of cotton of only one cent
per pound means an Increase or decrease of $5,000,000 in the pockets of
the people of this State, and in this way affects the welfare of every individual In the State; and
Whereas, The Farmers' Union of Alabama and the Southern Cotton
Association have steadfastly held the opinion that It was unwise for the
farmers to rush a large proportion of their cotton upon the market soon
after It was gathered; and
Whereas, We agree with said organizations in the view that It is bel
for the farmers and for the people of the State at large, that the cotton
crop should be put on the market slowly and steadily; and
Whereas, Many farmers need assistance in order to hold a reasonable
amount of their cotton and thus aid In preventing a depression In price: and
Whereas. The banks of Alabama have always felt a kindly interest in
the men who till the soil; and
Whereas, At this particular time there should be some concert of action
between the farmers and bankers in this State, and indeed between the
farmers and bankers in all the cotton States; and
Whereas, The multiplication of banks and warehouses in Alabama
affords facilities wh ch have never heretofore existed for maintaining a
reasonable and stable price for cotton much needed by trade, manufactur.ng
and agricultural conditions; Now, therefore, be It
Resolved,That the executive council of the Alabama Bankers' Association
does hereby recommend to the banks of Alabama that they extend during
the next few months all reasonable accommodation to the farmers of this
State.
—The uniform bill of lading recommended for adoption
by the Inter-State Commerce Commission is in the opinion
of the National Industrial Traffic League in restriction
of the statute and common-law rights of both shippers and
carriers. A resolution to this effect was adopted by the
League at a meeting lield at St. Louis on the 14th inst, which
also recommends a simple form for the use of its members,
pending the enactment of a law on the subject by Congress.
The resolution reads as follows:
Whereas, the National Industrial Traffic League Is of the belief that the
proposed uniform bill of lading is in restriction of the statute and commonlaw rights of both shippers and carriers;
Whereas, carriers In Western classification territory have recognized this
by abolishing Rule 4 and have substituted a rule that they will transport
property subject only to statute and common-law liability, and therefore
cannot adopt the proposed uniform bill of lading, which would be in conflict
with the classification conditions;
Whereas, the National Industrial Traffic League hereby re-affirms its
previous position that a plain bill of lading, subject only to statute and
common-law liability, should be used until the National Congress legislates
on this subject;
Resolved, that we advise all members to print and use the following form
of bill of lading, when offering property to carriers for transportation, as
the carr ers cannot refuse to accept and forward property subject to their
legal obligations;
Received from ---,property described
Non-negotiable bill
in apparent good order, except as noted (contents and condition of contents
unknown), to be transported and delivered in accordance with provisions
of law in like good order to consignee.
The League also instructed its Washington committee to
formulate a bill to be introduced at the next session of
Congress covering the following subjects: "Right of shipper
to route freight; responsibility of carriers for rate quotations;
approval by Inter-State Commerce Commission of tariff
before the same becomes effective.'
• It is stated that the uniform bill of lading recommended
for adoption by the Commission on Nov. 1 will be put into
effect on that date by the Southern Pacific Co.
—The following resolutions are reported to have been
adopted by the Washington State Bankers'Association—one
favoring an amendment to the law governing surety companies under which a three-months' notice would be required
for the cancellation of depository bonds and the other
expressing its disapproval of the guaranty of bank deposits
by the State:
Resolved, That It Is the sense of the Washington Bankers' Association
that the laws authorizing surety companies to transact business In this
State be so amended as to provide that no surety company having a bond
on a bank holding public deposits shall be allowed to cancel said bond,
without cause, until after three months' notice of such intention shall have
been given to the In ured depository.
Whereas. The subject of insurance of bank deposits by legislative enactMent is as yet but an experiment, not justified by experience, and of
doubtful economic advisability; Therefore, be It
Resolved, That the Washington Bankers' Association expresses Its
disapproval of any attempt to enact a law at the next session of the Legislature providing for the guaranty of bank deposits.
715
—Comptroller of the Currency Lawrence 0. Murray, in
his efforts to perfect the present system of bank examinations, has asked the various clearing houses throughout the
country to have committees in attendance at the conference
of national bank examiners, which he has called for M.onday
next, the 21st inst. Comptroller Muiray has also addressed
the national banks in the matter, asking for an expression
of opinion as to the present method employed, and for
suggestions as to how it may be improved. This communication is as follows:
"I am making an effort to improve the work of the national bank examiners, and in order to do so I want an expression of opinion from the banks
'
as to how the work is now done, and as to how it may be improved. WIl
you please tell me how the examiners who have examined your bank
actually do the work; whether or not, in your opinion, it Is well done; and
whether the examiners take time enough to go into the details of the bank
as the law contemplates that they should, and In a general way point out
every defect In the exam nations that may occur to you. I will be under
obligations to you if you will advise me how, In your opinion, the work for
which you pay can be done so that both your bank and this office will get
the best results possible from the examinations. Th b ,,k pays for th(s.:
tmi at ons and it Is therefore vitally Interested In getting actual benefits
from them. My sole purpose is to improve the entire service from the
top to the bottom. Your eply, therefore, will be considered confidential.
Please write me fully by return mail."
—In Rhode Island, as in New York, a law prohibiting the
operation of bucket shops became operative on the 1st inst.
We give herewith the text of the law passed by the Rhode
Island Legislature:
CHAPTER 1585.
An Act to Prohibit Bucketing and Bucket-Shopping, and to Abolish Bucket
Shops.
It is Enacted by the General Assembly as follows:
Section 1. The following words and phrases used In this Act shall, unless
a different meaning Is plainly required by the context, have the following
meanings:
"Person" shall mean an individual, partnership, corporation or association, whether acting In his or their own right, or as the officer, agent, servant, correspondent or representative of another.
"Contract" shall mean any agreement, trade or transaction.
"Securities" shall mean all evidences of debt or property and options for
the purchase and sale thereof, shares In any corporation or association,
bonds, coupons, scrips, rights, choses in action and other evidences o t
debt or property and options for the purchase or sale thereof.
"Commodities" shall mean anything movable that is bought or sold.
"Bucket Shop" shall mean any room, office, store, building or other
place where any contract prohibited by this Act Is made, or offered to be
made.
"Keeper" shall mean any person owning, keeping, managing, operating
or promoting a bucket shop, or assisting to keep, manage, operate or promote a bucket shop.
"Bucketing" or Bucket-shopping" shall mean:
(a) The making of or offering to make any contract respecting the
purchase or sale, either upon credit or upon margin, of any securities or
commodit as wherein both parties thereto intend, or such keeper intends,
that such contract shall be, or may be, terminated, closed or settled ac-.
cording to, or upon the basis of, the public market quotations of prices
made on any board of trade or exchange upon which said securities or
commodit es are dealt in, and without a bona fide purchase or sale of the
same; or
(b) The making of or offering to make any contract respecting the pur"
chase or sale, either upon credit or margin, of any securities or commodities, wherein both parties Intend, or such keeper intends, that said contract
hall be, or may be, deemed terminated, closed or settled when such public market quotations of prices for the securities or commodities named In
such contract shall reach a certain figure without a bona fide purchase or
:ale of the same; or
(e) The making of, or offering to make any contract res-ecting the pu chase or sale, either upon credit or upon margin, of any securities or commodities, wherein both parties do not Intend, or such keeper does not int, nd, the actual or bona fide receipt or delivery of such securities or corn
modities but do intend, or such keeper does intend, a settlement of such
ontract based upon the differences in such public market quotations of
prices at which said securities or commodities are, or are asserted to be,
bought and sold.
Section 2. Any person who makes or offers to make any contract defined
In the preceding section, or who Is the keeper or any bucket shop, shall,
upon conviction thereof, be punished by a fine not exceeding one thousand
dollars, or by imprisonment for not more than one year. Any person who
shall be convicted of a second offence shall be punished by Imprisonment
for not more than five years. ,The continuing of the keeping of a bucket
shop, by any person, after the first conviction therefor, shall be deemed a
second offence under this Act.
If a domestic corporation shall be convicted of a second offence, the
Superior Court shall have jurisdiction, upon a bill in equity or information
flied by the Attorney-General on the part of the State, and if a foreign
corporation shall be convicted of a second offence, the Superior Court shall
have jurisdiction, in the same manner, to restra n the corporation from doing business in this State.
Section 3. Any person who shall communicate, receive, exhibit or display in any manner any statement of quotations of prices of any securities
or commodities with an Intent to make,or offer to make,or to aid in making
or offering to make, any contract prohibited by this Act, upon conviction
thereof shall be subject to the penalties provided In the preceding section.
Section 4. Every person shall furnish, upon demand, to any customer
or principal for whom such person has execut d a y order for the aotua
purchase or sale of any securities or commodities, either for Immediate or
future delivery, a written statement conta n ng the names of th pers
from whom such property was bought, or to whom it has been sold, as the
fact may be, the time when, place where and the price at which the same
was either bought or sold; and if such person shall refuse or neglect to fur-
_
716
THE CHRONICLE
nish such a statement within tw nty-four hours after such demand, such
refusal or neglect shall be evidence hat Bich purchase or sale was bucket
big or bucket-shopping within the terms f his Act
Section 5. This Act shall take effect from and after September 1 1908.
(Vol, Lxxxvm
currency question, with the report of the Currency Commission, and the presence of a committee of the Monetary
Commission of Congress. The local committee on arrangements at Denver has requested that as many as possible
arrange to take the trip over the Moffat Road on Saturday
Oct. 3. This feature of the entertainment will utilize two
days, as it has been found impossible, owing to the large
number which will attend the convention, to handle the
entire party on Friday.
—The New York Stock Exchange house of E. R.Chapman & [Co. announced on Wednesday the discovery
of forged checks by one of its employees, the total defalcation amounting to about $30,000. The firm claims, however, that it will not suffer, through the forgeries, holding
that the institutions accepting the forged indorsements are
responsible. The statement regarding the loss, issued by
the Exchange member of the firm, William C. Van Antwerp,
is as follows:
—With a view to determining what amount of the aggregate assets held by the national banks throughout the
country on July 15 would be available as security for additional circulation under the Aldrich-Vreeland Bill, in the
event of an emergency, a classification of the items was
recently made by the Comptroller of the Currency. The
combined institutions on the date referred to in their resources showed total bondsand securities held to the amount of
$765,875,218, which are classified by the Comptroller as
follows: State, city, town, county, municipal or district
bonds, $105,144,006; railroad and other corporation bonds,
$507,425,613; miscellaneous bonds, not classified, $17,289,891, and judgments, claims, &c„ $136,015,708—a total of
$765,875,218. It is noted that the assets are ample to provide security for additional circulation to the limit authorized
by the bill, withoueresorting to commercial paper—that is,
"A few days ago we discovered that a check drawn to our order by one
to the extent, approximately, of 90%, or $95,000,000, on of our customers had been diverted by an employee of one of our branch
State, city, &c., bonds, and 75%, or $495,500,000, on the offices to his own uses, our endorsement having been forged. Subsequent
inquiry developed the fact thatfour,
cheeks had been similarly diverted
other securities. The country banks, or those not located fraudulently, the total amount ofthc
all these various Items being In the
in reserve cities, according to the statement of the Comp- neighborhood of $30,000. In each case the endorsement was forged on
troller,own nearly 70% of the State, municipal, &c., bonds, the check and It was deposited with a trust company to the account of
our employe.
over 48% of railroad and other corporation bonds and over
Of course the trust company which accepted the forged endorsement
53% of the combined investments of this nature.
Is responsible and we have no liability in the matter. This firm has Inliability and will suffer no loss in this connection."
—At.the examination this week of the individual members curred no
alleged
that the checks were indorsed, without auis
It
of the failed firm of A. 0. Brown & Co. of this city before
U. S. Commissioner Alexander, it developed that the firm thority, by Lehman A. Cooper, Manager of the firm's
lost about $1,800,000 through the troubles of the Pitts- branch at 34th Street and 5th Avenue, who has been missing
burgh firm of Whitney, Stephenson & Co., which failed since last Saturday. Some of the checks were deposited
on Dec. 7 last. George I. Whitney of the latter firm, with the Knickerbocker Trust Co., and others with the
is said to have had a secret account with A. 0. Brown Astor Trust Co. President Keep of the Knickerbocker
& Co., known as "Account No. 500," which was stated that the question of their liability remains
opened last December, at which time, it is said, to be settled. Many managers of branch offices of
the Brown firm held Mr. Whitney's note for $945,000 stock brokerage houses, he said, have power of attorney
and the.firm's note for $100,000. The account is reported to indorse the firm's name upon checks .and to deposit such
to have been opened with a view to making money for Mr. checks in their own accounts. Whether Mr. Cooper had
Whitney, so as to enable him to meet his debts. The Whit- such a privilege or not, he added, will be determined when
ney account, according to the testimony given this week, the institution is held responsible for the total amount he
was short 385,000 shares on Friday, Aug. 21, and it was deposited with it.
—Reports:published a week ago to the effect that the
with the idea of covering the firm's short sales that the atbanking house of Knauth, Nachod & Kuhne of this city
tempt to break the market on the 22d of August was made.
had suffered a loss of $300,000 through one of its employees
—Frank Presbrey has been elected a director of the Union
has been deniedrayithe firm, which states that the shortage
Exchange Bank of this city.
is lessIthan $200.
—The Greenwich Bank of this city, with five branches in
—The Fidelity Trust Co., corner Chambers and Hudson
Greater New York, has trebled its deposits within the last
streets, the newest organized trust company in this city, has
four years. A comparative statement issued by the bank
evidently made a place for itself in the neighborhood it
for Auggst 31, the date of the State Banking Department's
serves. The company was established by Samuel S. Conolast call, gives a comparison of its deposits with the same
its President, and commenced business May 22 1907.
date for the previous four years, viz.: $8,101,536 Aug. 31 ver,
the first days of its organization and during the
From
1908; $7,606,808 Aug. 31 1905; $6,153,063 Aug. 31 1906;
October disturbances, business steadily increased, with a
$5,061,755 Aug. 31 1907, and $2,682,319 Aug. 31 1904.
substantial rather than a rapid growth. A comparison of
William C. Duncan has been President of the institution durthe institution's standing on Aug. 31 (under the recent
ing the past four years and Clarence Foote is Cashier.
bank call) with that of Dec. 31 1907 shows that deposits
—Full return has been made to the depositors of the NaAug. 31 were $4,371,269; undivided profits, $128,512; cash
tional Bank of North America of this city, checks having
on hand and in bank, $1,357,948; and total resources,
been distributed yesterday for the final dividend of 25%.
$6,015,989; while the Dec. 31 1907 statement recorded
and interest at 6%. The bank's suspension occurred on
deposits of $3,016,523; undivided profits, $70,201; cash on
Jan. 27 last, its deposits at that time amounting to a little
hand and in bank, $682,271; and total resources, $4,594,225.
over $3,000,000. The payments to the depositors were
Capital and surplus combined are $1,500,000. Besides
made in installments of 25% each, the first in May, the secMr. Conover, the executive officers are: William H. Barnard
ond in June, the third a week ago and now, the fourth disand John W. Nix, Vice-Presidents; Andrew H. Mars,Secrebursement, together with interest, has been effected. The
tary; and Stephen L. Viele, Assistant Secretary.
arrangements for the final liquidation of the institution are
—The stately new edifice of the New York County Nanow being perfected.
tional Bank, recently completed, on the southwest corner
—The name of Joseph E. Ransdell, member of Congress
of 8th Ave. and 14th St., this city, besides being an ornafrom Louisiana, has been added to the list of speakers who
ment to the neighborhood, forms a harmonious complement
will address the American Bankers' Association at its annual
to the marble bank building of the New York Savings Bank
meeting at Denver the latter part of the present month.
which stands on:the opposite corner. The New York County
Mr. •Ransdell's discourse will be on "The Conservation
National's home was built under, unique circumstances, the
of Natural Resources." The committee also expects to
bank continuing to do business uninterruptedly on the
announce another speaker, who will take up the
topic premises during the construction of its new edifice. Only
of "Guaranty of Bank Deposits." Alexander Gilbert,
the first floor banking room was allowed to stand when the
President of the Market & Fulton National Bank of New
erection of the building was begun and in this remnantof the
York, and President of the New York Clearing House
old building the bank transacted business as usual while the
Association, previously announced as a speaker, has selected
work on the walls, roof, ceiling and interior of the larger
for his subject, "Vital Issues." A lively discussion on the
and newer building went on unhindered all around and overfloor of the convention is expected on the banking and
head. When one half of the enlarged structure was in shape
SEPT. 19 1908 I
THE CHRONICLE
717
for occupancy and temporarily walled off, the bank settled with the State Banking
Commissioner. The institution
itself in the finished portion of the new building. The old will hereafter conduct
a trust company business only.
remnant was then removed and work progressed on the
—A new bank is to be organized in Indianapolis, Ind.,.
other half until the entire building was completed.
under the name of the Continental National. The CompThe exterior, of Ionic style, is simple in design; pilasters
troller of the Currency has approved the application made
separate four large, high windows on the 14th St. side and
by the projectors of the institution, which is to have a capital
two graceful columns appear on eitherside of the large bronze
of $500,000.
Ave.
doorway. In front of this entrance are two tall
8th
—Foreman Brothers' Banking Co., Chicago, opened for
globe lamps on Ionic columns set upon marble pedestals.
The bank's monogram is noticeable in an escutcheon above business on last Monday in its elegant and spacious new
the bronze doorway. To complete the decorative treat- quarters on the southwest corner of La Salle and Washington
ment of the exterior there is a balustrade above the cornice streets, the large room formerly occupied by the Chicago
showing on the 14th St. side and a large pediment with an Stock Exchange. Three months have been spent in transAmerican eagle in bas relief on the 8th Ave. facade. The forming and decorating and adapting these quarters to the
lofty banking room is brightly lighted in the daytime by most convenient use of the bank, and the result is one of the
four great arch side windows with frames of ornamental handsomest banking rooms in Chicago. Its proportions are
ron, and another window over the entrance doorway. At 60 feet by 100 feet, with very high studding (allowing a
the rear of the banking room is a wide balcony for meeting gallery at one end), and four imposing marble columns
purposes. The interior decorations are especially worth supporting the ceiling. A warm shade of Italian marble is
mention for the rich coloring effects produced by the free used in the wainscotings and counters; while rich mahogany
use of dark red, green and white imported marbles. The in the panelings and furniture, lace-like grill-work in the
various bank departments, surrounded by a big public space, bronze mountings, and a trio of superb chandeliers, shedding
occupy the centre of the floor; the base of the fixtures is of their light upon the capacious lobby, combine to form a most
Pavanozza marble, and above this is a bronzed rail of deli- attractive place of business. On the opening day the roorn
was a bower of American beauty roses, the remembrances
cate design.
The New York County National was organized as a State of the many friends of this financial institution. In 1862
bank in 1855 and entered the national bank system in 1865. Gerhardt Foreman, father of the Foreman Brothers (now
As a dividend payer the institution, with a distribution of President and Vice-President of the banking company),
100% yearly, took third rank among the banks of this city opened a private bank; in 1897 it was incorporated as a
in 1905. Beginning with 4% in its first year, the bank has State bank, and has had an invariable career of prosperity.
steadily increased the rate to the above-named per cent in According to a published statement in June there were but
• 1905, and three times has paid an extra dividend of 100%. three stockholders of its 5,000 shares. Sept. 1 the bank's,
It never passed a dividend. In 1907, when its capital was capital was increased from $500,000 to $1,000,000; besides
increased from $200,000 to $500,000 to enlarge the bank's which it has $500,000 surplus and $6,200,000 deposits. The
loaning power,in compliance with the new law, a stock divi- officers are Edward G. Foreman, President; Oscar G.
dend of 150% was declared out of surplus and undivided Foreman, Vice-President; George N. Neise, Cashier: John
profits. Francis L. Leland, and his father preceding him, Terborgh, Assistant Cashier. With its improved location,
have been executives during the entire existence of the insti- modern equipment, enlarged facilities, and, above all, contution. Christian F. Tietjen is Vice-President and James servative management, Foreman Brothers' Banking Co. has
good reason to expect continued growth and prosperity.
C. Brower Cashier.
—The board of directors of the Harris Trust Ar Savings
—The Battery Park National Bank of this city lately
Bank,
Chicago, has declared a dividend of 2%, payable.
moved from its quarters at 24 State St. to the offices formerly occupied by the New York Produce Exchange Bank Oct. 1 to stockholders of record Sept. 16.
—The Nebraska Bankers' Association, which will hold its
in the Produce Exchange Building.
annual meeting at Lincoln on the 24th and 25th inst., has
—Leslie M. Shaw,formerly Secretary of the United States
secured for the principal speakers of the occasion Hon.
Treasury, was elected President of the First Mortgage
Charles N. Fowler, Chairman of the Congressional Committee
Guarantee & Trust Co. of Philadelphia on Monday last. An
on Banking and Currency; Prof. J. Lawrence Laughlin ot
announcement made by the company with reference to his
Chicago University, a writer and speaker on financial matacceptance of the presidency states that before agreeing to
ters, and Alexander Gilbert, President of the Market &
go to Philadelphia Mr. Shaw required that the entire authorFulton National Bank of New York. Secretary William
ized capital stock, $1,000,000, and the surplus of $500,000,
B. Hughes also states that besides these the Association
should be underwritten. This, it states, has been done, and
expects to have as guests fifteen or twenty bankers from.
a portion of the stock is now being offered (until Sept. 21)
all over the country who will take part in a general discussion
for public subscription at $150 per share, payment to be
of the points brought up by the speakers. Two or three
as follows: $25 at the date of subscription,850on or before
Oklahoma bankers are likewise to be present, and will furOct. 311008 and $75 on or before Jan. 311909. The comnish information regarding their new law on the insurance
pany on May 19 last reported a paid-in capital of $134,700.
of bank deposits. It is announced that if enough of
the
It began business in March 1907. Mr. Shaw, who is to
delegates decide to attend the Convention of the American
enter upon the office of President about Nov. 1, retired from
Bankers' Association, which opens at Denver on the 28th
the Cabinet in March 1907, at which time he was elected to
inst., a special Pullman will be provided and attached to
the presidency of the Carnegie'Trust Co. of New York. He
continued in the latter post for one year, resigning in March the special bankers' train, which is expected to pass through
Lincoln early Saturday morning Sept. 26.
last.
—The Kentucky Bankers' Association will hold its six—The capital of the Western National Bank of Philadelteenth annual convention at Lexington on the 23d and 24th
phia is now listed on the Philadelphia Stock Exchange at
inst. The program contains the following addresses: "The
8600,000 instead of $400,000, and the par value of the shares
Clearing System," by Joseph T. Talbert, President of the
at $100 each instead of $50 as formerly. The change in
Chicago Clearing-House Association and Vice-President of
capital and the value of the shares which now becomes
the Commercial National Bank of Chicago; "Financial Legiseffective was authorized by the stockholders in April 1907.
lation, Recent and Prospective," by Milton E. Ailes, Vice—The Luzerne County National Bank of Wilkes-Barre, President of the Riggs National
Bank of Washington, D. C.;
Pa., which has lately been formed with $400,000 capital, and "Fidelity Bonds and Burglary
Insurance Contract with.
will be under the management of George K.Powell, President the Kentucky Bankers' Associatio
n," by Henry G. PenniJoseph K. Weitzenkorn, Vice-President, and A. H. Bloom, man, President of the United
Surety Co. of Baltimore.
Cashier.
William Sherer, Manager of the New York Clearing House
—The Mt. Washington Savings & Trust Co. of Pittsburgh, Association, will also address the convention. B. G. Witt
which was closed over a week ago by the State Banking of Henderson is the present head of the Kentucky Bankers'
Department, re-opened on Tuesday, and immediately began Association and Isham Bridges of Louisville is Secretary.
paying off its depositors with the view to closing out its
—T. S. Anderson, President of the Daviess County Bank
banking business, in accordance with an arrangement made & Trust Co. of Owensboro, Ky., which
assigned April 23,
[VoL. Lxxxvu.
THE CHRONICLE
718
has been indict ed on charges alleging embezzlement and
swearing to'a fal se statement of the baiik's condition.
. -Indictments have been returned by the Grand Jury
against three officials of the Owensboro savings Bank &
Trust Co., of Owensboro, Ky., which assigned last April.
James H. Parrish, President, is charged with embezzlement;
Isaac N. Parrish, Trust Officer, has been indicted on the
charge of making false entries in the books of the institution:
and J. Otis Parrish, Cashier, is indicted on the charge of
swearing to false statements of the bank's condition.
-The stockholders of the Chatham Bank of Savannah,
Ga., at a meeting on the 3d inst. ratified the proposition to
merge their institution with the Merchants' National Bank.
The consolidation is to be effected under the name of the
latter, and, as heretofore noted, will become operative on
Nov. 1.
IMPORTS AND EXPORTS FOR AUGUST.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for August, and
from it and previous statements we have prepared the fol'lowing interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
1907
1908
Exports. Imports.
Excess.
Exports. Imports.
Excess.
$
$
$
a
$
$
Merchandise.
510,499 382,703 +127.796
January-March_ ... _515,461 238,865 +256,596
+98,710
429.951 368.5713
362.337 263.587
April-June
+61.375
+16,764
128,550 124.622
86.435
103.199
+3,928
July
127,270 125,806
+19.160
91,252
110,412
+1,464
August
Total
1.091,409 700,139
Gold and Gold in Ore.
17,296
January-March ____ 3,859
9.112
49,659
April-June
2.949
4.845
July
4.257
6,597
August
+391,270
-13,437
+40,547
+1.896
+2,340
5.703
30,598
7.478
4,597
11.647
9.822
3.410
3,224
-5,944
+20,776
+4.068
+1,373
33,614
+31,346
48,376
28.103
+20,273
10,830
10,311
3.040
3,194
+1,756
- +2.617
+1.891
+937
14,669
14,550
5.955
6.748
11.385
11.010
3.387
4,883
+3,284
+3,540
+2,568
+1.865
64.960
Total
Silver end Silver in Ore.
12,586
January-March
12,928
April-June
4,931
July
4,131
August
1,196,270 1,001,707
+194,563
DEBT STATEMENT AUGUST 31 1908.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued August 31 1908. For statement of July 311908,
see issue of AugUst 151908, page 391; that of August 31 1907,
see Sept. 21 1907, page 698.
INTEREST-BEARING DEBT AUGUST 31 1908.
Amount
Amount Outstanding-Interest Issued.
Total.
Registered. Coupon.
Title of Loan$
Payable.
$
$
$
Q -J 646,250,150 641,123,250 5,126,900 646,250,150
25. Consols of 1930
-F. 198,792,660 40,608.140 23,337,320 63,945,460
35, Loan of 1908-1918 _Q.
Q.-F. 162,315,400 97,216,200 21,273.700 118.489,900
4s, Loan of 1925
32,000 54,631,980
2s, Panama Canal Loan_ _Q.-N. 54.631,980 54,599,980
14,186,500
35, Certs. of indebtedness_Mat. 15,436,500 14,186,500
Aggregate Int.-bearing debt_ _1,077,426,690 847,734,070 49.769,920 897,503,900
Note.-Denominations of bonds are:
Of $10, only refunding certificates; of $20, loan of 1908, coupon and registered.
Of $50, all Issues except 3s of 1908: of $100, all issues.
Of $500, all except 55 of 1904. coupon; of $1,000, all Issues.
Of $5,000, all registered 25. 3s and 4s; of $10,000, all registered bonds.
Of $20,000, registered 4s, loan of 1907; of $50,000. registered Is of 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
August 31.
July 31.
Funded loan of 1891, continued at 2%, called May 1$
$32,000 110
1900, interest ceased Aug. 18 1900
$32,000 00
24,500 NI
24.50111
Funded loan of 1891, matured Sept.2 1891
72,450 OS
Loan of 1904, matured Feb. 2 1904
72,600 OS
2,804,40000
Funded loan of 1907, matured July 2 1907
8,879.850 OS
1907
1
matured
July
Refunding certificates,
18,100 00
18,105 OS
Old debt matured at varous dates prior to Jan. 1 1861.
and other items of debt matured at various dates
916,175 26
1118.695 26
subsequent to Jan. 1 1861
Aggregate debt on which interest has ceased since
13,943,745 26 43,867,625 26
maturity
DEBT BEARING NO INTEREST.
$346,681,016 00
United States notes
53,282 50
Old demand notes
48,808,438 00
National bank notes-Redemption account
6,862,374 28
Fractional currency, less $8,375,934 estimated as lust or destroyed_
Aggregate of debt bearing no Interest
RECAPITULATION.
ClassificationInterest-bearing debt
Debt Intei est ceased
Debt bearing no Interest _
Total gross debt _
Cash balance in Treasury*
Total net debt
August 311908.
$897,503,990 00
3,867,625 26
402,405,110 78
$402,405,110 78
Increase(+)or
July 30 1908. Decrease(-)
$897,503,990 OS
-$76,120 00
3,942,745 26
410,990,260 78 -8,585.150 00
$1,303.776,726 04 $1,312,437,996 04 -$8,661,270 00
339.890,138 67
353.628,173 34 -13,738,034 67
$903.886.587 37
$958,809,822 70 +15,076,764 67
* Including $150,000,000 reserve fund.
34,576
27,275
41,922 30,665
+7,201
+11.257
The foregoing figures show a gross debt on August 31 of
We subjoin the totals for merchandise, gold and silver for $1,303,776,726 04 and a net debt (gross debt less net cash
eight months since January 1 for six years:
ill the Treasury) of $963,886,587 37.
TREASURY CASH AND DEMAND LIABILITIES.Gold.
Silver.
Merchandise.
Eight
The cash holdings of the Government as the items stood
Excess
Excess
Excess
Months.
August 31 are set out in the following:
Imof
ExImof I Exof
Ex- I Im. Total
ports. Lp07t5. Exports ports. ports. Export
$
$
$ I $
$
$
700,139391,270 64,960 33,614 31,34
1908... 1,091 40
20,273
28,103
,
48,376
194,563
1,001,707
1,196,270
1907...
1906... 1,099,337 845.649253.688 33,511 80,34546.834
1905._ 966,567 770,285 196,282 41.265 24.79 16,469
1904.- 851,203 667,269 183,934 80,295 64,453 15,842
1903... 878.911 676.981201,930 40,539 26,45 14,08
ports.
ports. Exports
3
.34,57 27,375
41,922 30,665
41,847 29,731
33.91 20,667
35,751 17,674
22,54 14,914
$
7,201
11,257
12,116
13,249
18,077
7.626
*Excess of Imports.
Similar totals for two months since July for six years
make the following exhibit:
Merchandise.
Two
Months.
Exports.
1908_ _ _
1907._
i90&. _
1905._
1904._
1903._
Excess
Exof
1wports. Exports ports,
Gold.
Silver.
Excess
of
ExInsports.
ports. EExpor
I Excess
Imof
ports. Exports
$
$
$
$
$
$
4,23
213,611 177,687 35,924 11,442 7,20
255,820 250,428 5,392 12,075 6,639 5,441i
241,495 208,290 33,205 1,900 17.807*15.9071
225,598 180,344 45,254 1,433 8,186 *6,7531
177,477 158,932 18,545 11,486 16,689 *4,8431
3.277t
181,259 164,237 17,022 9,203 12,480 *'
$
9,062 •
12,703
8,410
8.834
9,384
5,035
b
6,234
8.2701
6,0541
5.4931
3.8991
4,93
$
2,828
4,433
2,356
3,341
5,485
102
*Excess of imports.
In these tables of totals, gold and silver in ore for all years
are given under the heads respectively of gold and 'silver.
The following shows the merchandise balance for each year
back to 1875:
EXCESS OF MERCHANDISE IMPORTS OR EXPORTS.
' months ending Aug. 31Eight Months ending Aug. 31Two
$36:8 74:0 64
Imports $15,078,852 1875
1875
1876
14,474,134
Exports
Exports
1876
1,055,582 1877
Exports 38,901,995
Exports
1877
Exports 188,805,224
Exports 32,950,689 1878
1878
Exports 140,279,159
Exports 25,242,548 1879
1879
Exports .55.801,674
Exports 24,638.180 1880
1880
Exports 114,394,327
Exports 16,394.361 1881
1881
Imports 53,628,507
Imports 14,191,477 1882
1882
Exports 44,779.191
1,303,828 1883
Imports
1883
Exports 13.783,567
Exports 3,027.730 1884
1884
Exports 45.350,218
Imports 9,963,475 1885
1885
Imports 11,325,907
Imports 10,347,169 1886
1886
Imports 44,599,241
Imports 17,509.114 1887
1887
Imports ,87,425,073
Imports- 25,849,773 1888
1888
1889
Imports 55,527.112
Imports 24,871,856 1889
Imports 46,846.930
1890
Imports 28,125,567 1890
2,359,039 1891
1891
Imports 10,902,532
Exports
Exports 33.761,669
1892
Imports 13,663,743 1892
Imports 47.829,685
1893
Exports 20,970.336 1893
3,608.815 1894
Exports 64,887,257
1894
Imports
Imports 36.350,416
Imports 31,615,381 1895
1895
Exports 109,698.493
_Exports 34,742,053 1896
1806
Exports 95.371,553
Exports 58,409,654 1897
1897
Exports 351.709,639
Exports 56,428,880 1898
1898
Exports 277.400,390
Exports 72,826,636 1899
1899
Exports 78,548,592 1900
Exports 351,163,383
1900
Exports 359.678,585
Exports 71,267,067 1901
1901
Exports 25,661,782 1902
Exports 207,515,803
1902
Exports 17,022,637 1903
Exports 201,930,037
1903
Exports 18,545.549 1904
Exports 183,934,093
1904
Exports 45,254,772 1905
Exports 196.282,361
1905
Exports 33,205,278 1906
Exports 253 688.676
1906
' Exports 5,392,046 1907
Exports 194,563,235
1907
Exports 35,923,651 1908
Expmts 391,270,009
1908
ASSETS.
LIABILITIES.
$
$
Trust Fund LiabilitiesTrust fund Holdings6837,564,869 00
$837,564 869 00 Gold certificates
Gold coin
487.768,000 00
487,768,000 00 Silver certificates
Silver dollars
4,847,000 00
4,847,000 00 Treasury notes of 1890_
Sliver do lars of 1890 ___
Total trust fund
1,330,179.869 00
General Fund Holdings34,003,815 88
Gold coin and bullion
30,911,760 00
Gold certificates
12.684,277 00
Silver certificates
754,887 00
Silver dollarS
5,585,468 02
Sliver bullion
5,369,090 00
United States notes_ _ _
9,582 00
Treasury notes of 1890_ _
National bank notes_ _ _ _ 54,692,308 00
Fractional silver coin_ _ _
23,774,262 77
Fractional currency_ _ _ _
124 71
3,096,834 37
Minor coin
17.174 15
Bonds and interest paid.
Total trust liabIlltles_1.330,179,869 00
Gen.Fund LiabilitiesNational Bank 5% fund. 23,818,919 74
Outstanding checks and
11,463.293 55
drafts _
Disbursing officers bal74,849,983 71
ances
Post Office Department
2,857,519 39
account
3,382,297 80
Miscellaneous items_ - _ _
Total gen'l liabilities__
116,372,014 19
Tot. in Sub-Treas'les_ 170.899,583 90
In Nat. Bank DepositariesCredit Treasurer of U.S. 116,360,739 56
Credit U.S.dis. officers. 12,546,603 40
Total In banks
128,907,342 96
In Treas. of Philippine IslandsCash balance and Reserve3,456,408 57
Credit Treasurer of U.S.
2,998,817 43 Total cash and reserve __ 339,890,138 67
Credit U.S. dis. officers.
Made up ofTotal in Philippines__
6,455,226 00 Available-189.890,138 67
and
Reserve Fund HoldingsReserve FundGold coin and bullion.- 150.000,000 00 Gold&bull.150.000,000 00
Grand total
1,786,442,021 86
Grand total
1,780,442,021 86
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, indicates the currency holdings of the Treasury on the first of
June, July, August and September 1908. Statements of
corresponding dates in previous years will be found in our
issue of Sept. 211907, page 698.
TREASURY NET HOLDINGS.
June 1 '08. July 108. Aug. 1 '08. Sept. 1 '08.
$
Holdings in Sub-Treasuries$
$
213,684.683 213,202,241 230,238,004 214,015,576
Net coin and gold bullion
34,167,637 27,038,478 19,221,768 19,024,632
Net sliver coin and bullion
9,582
13,211
13,916
16,101
Net United States Treasury notes '
5,369,090
5,645,634
6.491,178
1,488,742
Net legal-tender notes
60,997,318 65,902,387 64,772,332 54,692,308
Net national bank notes
22,155,411 23,727,308 24,222,649 23,774,203
Net fractional sliver
3.114,133
3,099,067
3,237,412
2,906,910
Minor coin, ,tc
Total cash in Sub-Treasuries.345,416.802 339,612,920 347,212,6654320,899,584
150.000,000 150.000,000 150,000,000 150,000,000
Less gold reserve fund
Cash bal. In Sub-Treasuries __ _195,416.802 189.612,920 197,212.665 170,899,584
164,912,412 165,219,315 130,660.745 128,907,343
Cash in national banks
5,448.750
3.404.751
6,455,226
2,451.942
Cash in Philippine Islands
Net Cash in banks, Sub-Treas_362,781,156 358,236,986 333,322.160 306,262,153
121,847,900 118,678,993 129,693,987 116,372,014
Deduct current Ilabillties_a
Available cash balance
240,933.256 239,557,993 203.628,173 189,890,139
a "Chiefly disbursing officers balances.
d Includes $5.739.882 silver bullion and $3,099,067 minor coin, drc., not included
n statement "Stock of Money.
THE CHRONICLE
SEPT. 19 1908.]
faouelavbci0;ontuxerciat'gnglislx4rws
719
The destination of these exports for the week and since
July 1 1908 is as below:
Week
, English Financial Markets-Per Oable.
Exports for week and Sept.12.
Since July 1 tobbls.
The daily closing quotations for securities, &c.,at London',
United Kingdom__ _101,570
contirient
40,900
as reported by cable, have been as follows the past week:
London.
Sat.
Fri.
Week ending Sept. 18.
Mon.
TideS.
Wed. Thurs.
d 23 13-16 23 13-16 24 1-16 24 1-16 245-f
24
Silver, per oz
Consols, new 23 per cents__ 85%
85 1-16 85 9-16 85 9-16 855-i
85 9-16
85 13-16 855-4
For account
85 11-16 8554
855-4
855-4
French Rentes (in Paris)_fr_ 96.80
96.95 96.7754 95.90
96.00
96.03
Ruasian Imperial 48
88
88
8754
8754
8741
873.4
do
do new 5s
97%
97%
9744
AiAmalgamated Copper Co_ _ _ 70%
8041
7844
7741
iik
bAnaconqa Mining Co
944
9
9%
934
954
95-4
Atchison Topeka & Santa Fe 9241
9254
9234
8954
9054
9054
Preferred
9734
9754
9744
9736
9734
9734
102
Baltimore & Ohio
103
101
9834
9834
1023-i
Preferred
9044
91
9044
9044
--8834
Canadian Pa.CII1C_ -- -.
17534
178%
178
17754
17654
17654
Chesapeake & Ohio
4444
41
4354
4354
4434
4234
Chicago Great Western
641
6
6
6
6
65-I
Chicago Mllw. & St. Paul_ A4545
13944
14554 143
142
14634
Denver & Rio Grande, corn.. 28
2834
2844
2844
2834
2834
Preferred __
tig
69
6845
6844
69
6734
Erie, common
29%
3044
3041
3041
3034
2954
, First Preferred
4534
4344
46
43%
45
44
Second Preferred
.36
35
35
3634
36
36
Illinois Central
14744
14344
14534
14844
147
148
Louisville & Nashville
112
112
109
112
110
10734
Mexican Central
,
16
1645
16
1634
16 '
16
Mo. Kansas & Texas, corn__ 33
33
31%
32
3131
3334
Preferred __
6434
67
6534
65
67
6534
5145
National RR. of Mexico-----103-4
5144
52
52
5034
106%
N. Y. Central & Bud. River-,109
107%
108
110
109
4151
N.Y.Ont. & Western__.
4244
43%
4154
4335
44
Norfolk & Western, coin._ _ 7631
7544
7734
7751
7634
76
8244
Preferred
83
83
83
83
83
14244
Northern Pacific
14244
14645
146
14434
14734
°Pennsylvania.
6454
62'4
(34
6334 • 8346
6431
aReading Company
6844
69
67%,
6834
67%
7034
4414
45
45
45
aFirst Preferred _ _ _
45
44%
%
8
4441
44
45
45
aSecond Preferred
4434
4434
1844
Rock Island Company
1944
1844
19
1834
1834
10734
Southern Pacific
10834 rill:J*4
10534
10954
11054
2234
21%
234/
2344
Southern Railway, common. 2254
2154
52
52
5454
5334
Preferred
5354
5534
164%
169
17054
Union Pacific, corn
el6834
17041
16754
89
89
92
91%
Preferred
893-4
8954
4631
4741
48
47
48%
U. S. Steel Corp., common
4734
11141
11234
112%
11244
11344
Preferred __ ---.
11334
1234
1244
13
13
13
1234
Wabash
26
26
27
27
2734
2741
Preferred
61
6044
6034 6034 60
Extended 4s
6034
a Price per share. 5£ sterling. c Ex-dividend.
Tominevcial•and IniscetiancoltS4tWS
Breadstuffs Figures Brought from Page 762.-The statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago _
Milwaukee.._
Duluth
Minneapolis..
'Med°
Detroit
Cleveland_ _ _
St. Louis_ _
Peoria
Kansas City_
Tot.wk.'08
Same wk.'07
Same wk.'06
Flour.
Barley.
Oats.
Corn.
Wheat.
Rye.
bbls.1981bs. bush.(301bs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
49,500
762,300
547,149 1,899,713 2,170,221
209,718
53,100
44,000
867,000
489,600
401,000
48,875
785,964
74,656
186,369
130,000 3,248,411
77,870
696,620 1,813,100
97,780
3,201,420
151,300
89,700
____
24,500
109,000
52,300
225,300
60,000
7,000
55,000
264,600
49,000
1,600
252,600
641,600
27,300
8,000
531,210
66,185
159,000
199,100
27,000
6,000
15,834
19,800
124,500
146,300
1,537,200
483,178
304,727
450,887
9,700,224
4,8 0,496
6,339,385
2,816,583
4,864,117
5,084,838
5,109,310 4,282,664
6,258,379 1,397,450
4,468,250 1,713,513
313,536
136,855
106,910
Since Aug. 1
1908
2,439,798 37,649,337 15,711,974 26,319,354 11,321,530 1,132,241
2,293,697 38,390,454 21,807,433 35,584,148 4,266,089 899,894
1907
3,005,544 37,544,778 22,415,005 34,074,029 4,890,880 668,852
1906
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 12 1908 follow:
Flour,
Receipts albbls.
154,456
New York
36,883
Boston
67,830
Philadelphia
48,036
Baltimore
3,386
Richmond
32,133
New Orleanti*
2,020
Norfolk
Galveston
2,950
Mobile
Montreal _____ -I - - L 37,084
Wheat,
bush.
299,300
43,375
255,920
180,767
36,928.
352,000
Corn,
bush.
62,350
14,320
15;760
33,187
7,580
71,000
572,000
4,000
3,996
322,039
Oats,
bush.
774,000
91,000
90,961
66,391
44,284
91,500
Barley,
bush.
22,800
6,300
5,000
78,049
7,217
Rye,
bush.
1,950
3,716
12,490
35,851
1,496
26,000
384,778 2,062,329
212,193 1,236,188 41,317 81,503
Total week
19,008
451,811 3,589,595
469,297 1,210,103 65,067
Week 1907
Since Jan. 1 1908_11,847,497 67,696,005 29,403,766 31,479 623 3238,045 1598,041
1362,164
3477,105
Since Jan. 1 1907_13,367,220 72,173,540 72,393,024 38,958:870
,
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Sept. 12 1908 are shown in the annexed statement:
Wheat,
Exports frambush.
193,053
New York
41,422
Boston
Philadelphia ____ 296,000
Baltimore
160,000
New Orleans
Newport News_
Galveston
208,000
Mobile
Montreal
839,781
Corn, Flour,
bbls.
bush.
2,500 62,154
17,345
1,080 38,886
1,562 12,028
11,424 27,101
2,020
7,352
3,996 2,950
18,013
Total week__ _ _1,838,256
Week 1907
2,629,817
20,562 187,849
638,104 214,834
Oats,
bush,
6,450
5,515
Rye, Barley,
bush.
bush,
5,180
Peas,
bush.
807
102
96
18,240
77,058
30,403 77,058 5,180
98,088
64,638
807
7,856
So. & Cent. Amer__ 20,914
West Indies
15,577
Brit. No. Am. Cols_ 6,370
Other countries_ _ _ _ 2,518
Total
Total 1907
Since
Since
Week.
Week
July 1
July 1
1908. Sept. 12.
1908. Sept. 12.
bbls. • bush.
bush.
bush.
860,359 989,341 12,662,063 ,
437,840 833,915 13,345,912
15,000
141,823
25,386
147
285,749
19,615
17,668
5,539
72,185
800
187,849 1,815,624 1,838,256 26,038,900
214,834 2,131,944 2,629,817 22,773,810
Sines
July 1,
1908.,
,bush.
171,007
58,454
8,212
286,252
1,920
4,924
20,562
530,769
638,104 13,327,120
The world's shipments of wheat and corn for the week
ending Sept. 1.2 1908 and since July 1 in 1908 and 1907 are
shown in the following:
Corn.'
Wheat.
Exports.
1908.
Week
Sept. 12.
1008.
1907.
Since
,July 1.
Since
July 1.
Week
Sept. 12.
1907.
Since
July 1.
Since
July 1.
Bushels.
Bushels. Bushels.
Bushels. Bushels. Bushels.
North Amer. 3,571,000 35,809,700 29,248,000
45,000
665,400 11,934,000
Russian _ _ 2,048,000 9,184,000 16,464,000 187,000 3,975,500 8,232,000
Danubian __ 1,864,000 7,600,000 7,728,000 119,000 5,072,500 17,952,000
Argentine _ 1,112,000 17,918,000 5,960,000 1,165,000 20,04.500 17,240,000
Australian_ 688,000 2,224,000 2,016,000
Oth.countr's. 2(10,000 3,952,000 14,952,000
Total _
9,483,000 76,687,700 76,368,000 2,016,000 30,217,900 55,358,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
Corn.
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
Sept. 12 1908_ 15,120,000 13,920,000 29,040,000
Sept. 5 1903_ 15,040,000 14,160,000 29,200,000
Sept. 14 1907_ 16,120,000 10,760,000 26,880,000
mu
United
Kingdom.
Bushels.
6,035,000
6,460,000
6,760,000
COnlinent.
Total.
Bushels. Bushels..
4,335,000 10,370,000
4,250,000 10,710,000
4,720,000 11,480,000
---- The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Sept. 4 1908, was as follows:
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Fort William
Port Arthur
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
On Lakes
On Canal and River_
Whe,a1,
bush.
1,094,000
100,000
376,000
. 999,000
776,000
1,575,000
516,000
540,000
562,000
96,000
3,579,000
306,000
432,000
347,000
2,377,000
642,000
2,213,000
2,151,000
616,000
1,293,000
233,000
Total Sept. 12 1908_ _20,823,000
Total Sept. 5 1908_ A8,808,000
Total Sept. 14 1907_ _45,550,000
Total Sept.15 1906_ _31,180,000
Total Sept. 16 1905.._13,356,000
Corn,
bush.
79,000
5,000
4,000
64,000
113,000
4,000
293,000
99,000
100,000
474,000
15,000
11,000
28,000
28,000
153,000
142,000
378,000.
16,000
Oats,
bush
759,000
25,000
101,000
272,000
117,000
151,000
218,000
560,000
216,000
107,000
442,000
327,000
551,000
359,000
129,000
575,000
72,000
152,000
Rye,
bush.
9,000
5,000
12,000
43,000
Batley,
bush.
30,000
7,000
10,000
166,000
101,000
110,000
46,000
4,000
4E1,000
91,000
24,000
9,000
990,00t1617,000
18,000
13,000
2,000
93,000
616,000
2,006,000 5,133,000
560,000
2,066,000 4,131,000
331,000
531,000
3,231,000 3,189,000
2,932,700 7,163,000 1,456,000
954,000
5,799,000 15,066,000
2,878,000
1,564,000
1,163,000.
1,318,000
1,878,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the,
Currency, Treasury Department.
NATIONAL BANKS ORGANIZED.
Certificates Issued from September 5 to September 12 inclusive.
9,233-The Hardin County National Bank of Eldora, Iowa. Capital,
$50,000. C. McKeen Duren, President; J. D. Newcomer, VicePresident; Ellis D. Rabb, Cashier; James Nuckolls, Assistant
Cashier. Conversion of the Hardin County State Bank.
9,234-The First National Bank of Kerman, California. Capital, $25,000.
• Wm. G. Kerckhoff, President; A. J. Hechtman, Vice-President;
J. P. Myers, Cashier.
9,235-The Luzerne County National Bank of Wilkes-Barre, Pennsylvania.
Capital, $400,000. George K. Powell, President; Joseph K.
Weltzenkorn, Vice-President; A. H. Bloom, Cashier.
LIQUIDATIONS.
6,267-The City National Bank of Hobart, Oklahoma, was placed in voluntary liquidation September 1 1908.
6,365-The 4diil National Bank, Madill, Oklahoma, was placed in volunt it' guidation September 4 1908. 5,887-The • h•st National Bank of Okeene, Oklahoma, was placed in voluntary liquidation September 7 1908.
INSOLVENT.
6,2115---The Cosmopolitan National Bank of Pittsburgh, Pennsylvania, was
' placed in charge of a receiver September 5.1008.
APPLICATION TO CONVERT INTO NATIONAL BANKS
APPROVED.
The Seven Valleys Bank, Callaway, Nebraska, into "The First National
Capital, $25,000.
Bank of Callaway.
The Everts State Bank, McIntosh, South Dakota, Into "The First
National Bank of McIntosh." Capital, $25,000. Correspondent, J. W.
Harris, Mobridge, South Dakota.
The Winters State Bank, Winters, Texas, into "The First National
Bank of Winters." Capital, $25,000.
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country;
as well as the holdings by the Treasury, and the amount in
circulation, on the dates given. The statement for September
1 1907 will be found in our issue of September 28 1907, page 767.
720
THE CHRONICLE
-Stode. of Money Sept.1 1908In United
Held In
Treasury.d
Stales.
$
Gold coin and bullion_*1.641.558,948 184,003.816
Gold certificates_s
30,911,760
Standard silver dollars_ 563.413,982
754.887
Silver certficates_a _
12.684.277
Subsidiary sliver
147,779,837
23,774,263
4,847,000
Treasury notes of 1890_
9,582
Milted States notes_ _ _ 346,681,016
5,369.090
685.326,108
National bank notes_
54.692.308
-Money in Circulation-Sept. 1.
Sept. 1.
1908.
1907.
619,990.263
806.653.109
74,891,095
475,083.723
124,005.574
4,837,418
341.311,926
630,633,800
560.356.994
627,905,609
82.114.368
460,505,171
123,118.909
5,777.961
342,501.772
586,920,836
3,389.606.891 312,199,983 3,077,406,908 2,789,201,620
Total __
Population of the United States Sept. 1 1908, estimated at 87.733,000; circulation
per capita. $35 07.
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted in the statement for August 11907. There was a reduction of $135,000,000.
a For redemption of outstanding certificates an exact equivalent In amount of
the appropriate kinds of money is held in the Treasury, and is not Included in the
account of money held as assets of the Government.
d This statement of money held in the Treasury as assets of the Government
does not include deposits of public money in National Bank Depositaries to the
credit of the Treasurer of the United States, amounting to $116.360,739 56. ______
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller dr Son:
Stocks.
10 N. J. Title Guar. & Tr. Co _ 355
12 U. S. Title Gu. & Indem.Co 51
5 Columbia Trust Co_ _..__ _ _218g,
25 Standard Coupler Co., pref.101
100 Tonopah Min. Co. of Nev_ _
$7 X per sh.
25 Crown Castings Co. of N. J.
$20 per sh.
50 Internat. Banking Corp_ _ _ 90
184 Coal Creek Min. & Mfg. Co_ 50
36 4-5 Poplar Creek Coal & I.Co 30
20 Southern Mineral Land Co.. 10
160 Carnegie Trust Co._. _165-165%
20 Aetna Nat. Bank of N. Y_ _170
40 Standard Roller Bearing
Co. pref
80
11 Guardian Trust Co
161-200
Stocks.
7 National City Bank
309
3 Warren RR. Co. of N. J.,
guaranteed
170%
2%Hudson Trust Co
._ .139
50 Battery Park Nat. Bank. _120
10 Union Typewriter Co., corn 55
10 Realty Associates
1399i
Bonds.
$200 Southern Mineral Land Co.
1st 6s, 1919, J. & J
100
$200 Harvest Share, Co-Oper.
Tropical Fruit Man
$7 lot.
;125,000 Bond of 93d St. Co.
secured by mtge. dated May 2
1904 to General Building &
Construction Co_
53,000
X
DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Name of Company.
[VOL. Lxxxvit
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded.
American Chicle, common (monthly)...
Sept. 21 Sept.16 to Sept.21
Common (extra)
Sept. 21 Sept. 16 to Sept.21
American Express (guar)
Oct.
Otters of rec. Aug 31a
Amer. Iron & Steel Mfg.,com.& pf.(qu.).
Oct.
1 Holders of rec. Sept.19a
American Locomotive, pref. (guar.)
Oct. 21 Sept. 22 to Oct. 21
American Malting, preferred
Nov. 2 Oct. 23 to
American Malt Corporation, preferred
Nov. 3 Oct. 23 to
American Pipe Manufacturing (quar.)
Oct.
1 Holders of rec. Sept.15
Amertcan Radiator. common
or. 3f.
ti, to-nt. to
American Screw (guar.)
Sept. 30 Sept.20 to Shpt.30
American Shipbuilding, preferred (quay.).
Oct. 16 Holders of rec. Oct. 5
Amer.Smelt. & Ref.. corn.(gu.)(No. 20)
Oct. 15 Sept.26 to Oct. 1
Preferred (guar.)(No. 37)
Oct.
1 Sept. 12 to Sept. 17
American Snuff common (guar.)
Oct.
1 Holders of rec. Sept. 12
Preferred (guar.)
Oct.
1 Holders of rec. Sept. 12
Amer. Sugar Rfg., corn. & nref. (guar.)
I >et
t
3 11, Oct
2
American Surety (guar.)(No. 77)
Sebt 30 Sept. 17 to Sept. 30
American Telephone & Telegraph (quay.).
Oct. 15 Holders of rec. Sept. 30
American Tobacco, preferred (quar.)_
Holders
Oct.
1
of rec. Sept.15
American Type Founders, common (guar.)
Oct. 15 Holders of rec. Oct. 10
Preferred (guar.)
Oct. 15 Holders of rec. Oct. 10
Bell Telephone of Canada (guar.)
Oct. 15 Holders of rec. Sept. 25
Brooklyn Union Gas
Oct.
1 Sept.22 to Sept. 30
Butte Elec. &Pow., corn.(guar.)(No.16).
Oct.
1 Holders of rec. Sept.15a
Calumet & It. cla Mining (guar.)
Sept. 29 Holders of rec. Sept. 3
Cambria Iron
Oct.
1 Holders of rec.Sept.15a
Canadian General Elec., Ltd., corn.(qu.)
Oct.
1 Sept. 15 to Sept.30
Preferred
Oct.
1 Sept. 15 to Sept.30
Celluloid Company (guar.)
Oct.
1 Holders of rec. Sept. 14a
Central Coal & Coke, common (quar.).._
Oct.
1 Holders of rec. Sept. 30
Prefererd (quar.)
Oct: 15 Holders of rec. Sept. 30
Central Leather, preferred (guar.)
Oct.
1 Holders of rec. Sept. 1
Chic.Junc.Rys & Un.Stk.Yds., corn.(qu.)
Oct.
1 Holders of rec. Sept. 12
Preferred (guar.)
Oct.
1 Holders of rec. Sept 12
Chicago Telephone (guar.)
Sept. 30 Sept.27 to Sept. 30
Columbus Gas & Fuel, pref. (guar.)
Oct.
1 Holders of rec. Sept. 14
Consolidated 'or ton Duck, preferred
Oct.
1 Seot.22 to Oct. 1
Consolidated Gas, Elec. Lt. & P.(Balt.)Preferred and prior lien stocks
3
Oct.
1 Holders of rec. Sept. 25
Corn Products Refining, preferred (quar.). 1
Oct. 10 Holders of rec. Sept.30
Cumb. Telep. & Teleg. (guar.)(No. 100) 2
Oct.
1 Sept. 20 to Oct. 1
Denver Gas & Elec. (monthly) (No. VD_
50c. Oct.
1 Holders of rec. Sept.20
Dominion Coal, Ltd:, common (guar.)._ _
1
Oct.
1 Sept. 19 to Sept. 30
Duluth Edison Elec., pre/.(guar.)(No. 10) 134 Oct.
1 Holders of ree.Sept. 264
Pont(E.I.)
deNemours
Powd.,pf.(qu.)
du
1X Oct. 26 Holders of rec. Oct. 15
du Pont International Powder, preferred_
1X Oct.
1 Holders of rec. Sept. 19
Eastman Kodak, common (guar.)
2
,
, Oct. . 1 Holders of rye. Aug. 31
Common (extra)
I Holders of ITC. Aug. 31
234 net.
Common (extra)
2% Nov. 1 Holders of rec. Sept. 30
Preferred (quarterly)
(guar.)
Electric Boat, preferred
2
144 0
Ocet.
.
'
Of c'e
"c
e.SC
;
put
e.19
3a
1
General Chemical. pie!. (guar.)
1% Oct.
1 Holders of rec. Sept. 25
General Electric (guar.)
2
Oct. 15 Holders of rec. Sept 9a
Great Lakes Towing, preferred (guar.)_._
1X Oct.
1 Sept.20 to Oct. 1
Guggenheim Exploration (guar.)(No.23) 234 Oct.
1 Sept. 19 to Oct. 1
International Nickel, preferred (guar.). _ _
1% Nov. 2 Oct. 11 to Nov 3
International Silver, preferred (quar.)_ _ _
1
Oct.
1 Sept. 19 to Oct. 1
Internat. Smokeless Powd. & Chem., corn 1
Oct.
1 Holders of rec. Sept. 19
Preferred
4
Nov. 14 Holders of rec. Nov. 4
Mackay Companies, corn, and pref. (qu.) 1
Oct.
1 Holders of rec. Septl2a
Massachusetts Lighting Companies(guar.). 1% Oct. 15 Holders of rec. Oct.
1
Mergenthaler Linotype (quar.)
234 Sept. 30 Sept. 13 to Sept. 30
mien. St ate Tci. pref fem.) (No. 19) lys Nov. 2 (Jet. 21 to Nov. 3
National Biscuit. corn. (guar.) (No. 40) 13.4 Oct. 15 Holders of rec. Sept.28a
Nat. Enam. & Stpg.. pref. WO (No. 39) II% Sept.. 30 Sept. 11 to Sept. 30
National Lead. common (quar.)(No. 19) 14 Oct.
1 Sent 12 to Sept. 15
National Licorice, preferred (guar.)
1% Sept. 30 Sept. 29 to Oct. 4
National Sugar Refining, pref. (quar.)__ _
2 Sept. 20 to Oct. 2
134 Oct.
National Surety (guar.)
2
Oct.
1 Sept.20 to Oct. 1
ferland Cotton Yarn, eoin. foliar )
ma in ,
19 to Sent. 30
•
New Orleans Brewing, common (annual).. 5
Sept. 28 Holders of rec. Sept. 21
Preferred (annual)
5
Sept. 21 Holders of rec. Sept. 14
New York DJ k, preferred
2
Oct. 15 Holders of rec. Oct. 1
Niles-Itemen -Pond. common (quar.)1.4 -'it.
• t 13 to Sept.20
Otis Elevator, ommon
Oct. 15 Holders of rec. Sept. 3
134
Preferred (guar.)
1;i Oct. 15 Holders of rye. Sept.30
Pittsburgh Plate Glass, common (guar.)... IX Sept. 30 Sept.20 to Sept.29
Procter & Gamble, preferred (guar.)
Oct. 15 Sept.27 to Oct. 14
2
Quaker Oats, common (guar.)
134 Oct. 15 Holders of rec. Oct. 5
Common (extra)
% Oct. 15 Holders of rec. Oct. 5
Railway Steel-Spring, preferred (guar.)._
1X Sent. 21 ;eta. 9 to Sept.21
Royal Baking Powder, common (quar.).. 234 Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
Sept. 30 Holders of rec. Sept. 15
134
Safety Car Heating & Lighting (guar.)._ _
1 Holders of rec. Sept 16
Oct.
2
Scranton Electric Co., pref.(qu.)(No.9)
1% Oct.
1 Holders of rec. Sept.23
Sears, Roebuck & Co., pref. (quar.)_,, 134 Oct.
1 Holders of rec.Sept.113a
Sloss-Sheffield Steel & Iron, pref. (guar.) 13-4 Oct.
1 Holders of rec. Septl7a
Swift & Co.(guar.)
1)6 Oct. 5 II olders of rec.Sept. 12a
Tent-Weller, preferred (guar.)
Oct.
1 Sept. 24 to Oct. I
134
union Bag & Paper, pref.(guar.)(No.38) 1
Oct. 15 Holders of rec. Sept. 30
Union Switch & Signal, corn. de pl. (qu.). 3
Oct. 10 Oct. 1 to Oct. 10
Union Typewriter, first preferred (No.31)- 334 Oct.
1 Sept. 19 to Sept.30
Second preferred(No.31)
4
Oct.
1 Sept. 19 to Sept. 30
United Bank Note Corp.. pref. (guar.). 134 Oct.
1 Sept. 17 to Oct. 1
United Fruit (guar.)(No. 37)
2
Oct. 15 Holders of rec. Sept. 26
United Gas Improvement (guar.)
2
Oct. 15 Holders of rec. Sept. 30
United Shoe Machinery, common (guar.) 2
Oct. 5 Holders of rec. Sept. 12
Preferred (guar.)
1% Oct. 5 Holders of rec. Sept. 12
United States Leather, preferred (guar.). 134 Oct.
1 Holders of me. Sept. 10
United States Printing of Ohio (guur.). 1 5-1t) O. I Sept. 20 to Oct. 1
iT S. steel Porn., com.(cni.) (No. 19)._
% -lent. 3n Sept. 10 to Beet.30
Utah Copper (guar.)(No.1)
50e. Sept. 20 Sept. 20 to Sept. 24
Virginia-Carolina Chem., pf.(qu.)(No.52) 2
Oct. 15 Oct. 1 to Oct. 14
Western Union Teleg. (guar.)(No. 158).
% Oct. 15 Sept. 20 to Oct. 15
Westinghouse Air Brake (guar.)
234 Oct. 10 Sept. 27
to Oct. 9
a Transfer books not closed. it Declared 6%, payable in quarterly installments.
t Declared 7%, payable in quarterly installments. m Also 234% payable April 15
1909.
Railroads (Steam)
Atlantic Coast Line RR., pref.(quar.)_ _ _
2% Nov. 10 Nov. 2 to Nov. 10
Beech Creek. guaranteed (guar.)
Oct.
1
1
Boston & Albany (guar.)
2
Sept. 30 Holders of ree. Alm. 211
Boston dr Maine, corn.(guar.)(No 172)- 1% Oct.
1 Holders of rec. Sept. 4
Odnadtan Pacific. common
lept. Si, win,. 2 to 4./ t.
Common (extra)
l. Sept. 31 Sept. 2 to Oct. 7
Preferred
'^nt 2 in Oct. 7
9
1,1.
Central RR.of New Jersey (quar.)
Nov. 2 Holders of ree. Oct. 20
Chicago & Eastern Illinois, pref. (quar.)_
Oct.
1
1 Holders of rec. Sept. 15
Chic. Mil w. & St. Paul, cora, and pref._
3% Oct. 2 1101 era of rec. An. IP
Chicago & North Western, pref.(quar.)... 2
Oct.
1 Holders of rec. Sept. 15
Chicago Rock Island & Pacific (guar.)
1 Holders of rec. Sept.25
1( Oct.
C7,eveland Akron & Columbus
2
Sept. 25 Holders of rec. Sept. 15
Celorado de Southern, first preferred
1 Sept. 27 to Oct. 1
Oct.
2
Second preferred
1 Sept. 27 to Oct. 1
2
Oct.
Evansville & Terre Haute, common
4
Nov. 2 Holders of rec. Sept. 18
Preferred
23. m Oct. 15 Holders of rec. Sept. 15
Tnterborough Rapid Transit (guar.)
2g Oct. 1 Sept.15 to Sept.30
Kansas City Southern, pie!. (guar.)
Oct. 15 Holders of rec. Sept.30
1
Louisiana de Arkansas
1% Sept. 15 Sept. 8 to Sept.15
Manhattan, guaranteed (guar.)(No.98)- 1X Oct.
1 Sept. 12 to Sept. 23
illinneap. St. P. & S. S. M., com.(No.11) 3
Oct. 15 Holders of rec Sept.25
Preferred (No. 11)
Oct. 15 Holders of rec. Sept 25
N. Y.Central & Hudson River (quar.)
1X Oct. 15 Holders of rec. Sept. 22
New York & Harlem, corn. and pref
2
Oct.
1 Holders of rec. Sept. 15
N.Y. Lackawanna & West., guar.(guar.) 1X Oct.
1 Holders of rec. Sep.15a
N. Y. N. H. & Hartford (guar.)
2
Sept. 30 HoIde s f rec. S p.15a
Pittsburgh Bessemer & Lake Erie, cons.
I% Oct.
1 Holders of rec. Sept. 15
Pitts. Ft. Wayne & Chic., reg.guar.(qu.) I% Oct. 6 Sept. 12 to Oct.
Special guaranteed (guar.)
1,i Oct.
1 Sept. 16 to Oct. 1
Pitts. Youngs. & Ashtab., corn, and pref
3% Sept. 25 Holders of rec. Sept. 15
Southern P itic (tom%) (No 5)
1
1% Oct.
Toledo St. Louis & Western, preferred_ -- 2
Oct. 15 Oct. 7 to Oct. 15
Union Pacific, corn (guar.)
2X Oct.
1 Sept. 15 to Oct. 13
Preferred _
2
Oct.
1 Sept. 15 to Oct. 13
Utica dr Black River, guaranteed
Sept. 3 Holders of rec. Sent. 15
Street & Electric Railways.
Holders of rec. Septl5a
Amer. Cities Ry.& Light,
(qu.)(No.9)
1 Sept.22 to Oct. 1
Oct.!1)6
Bangor Railway & Electric (guar.)
1X Oct.
1 Sept.21 to Oct. 1
Chicago City Ry.(guar.)
1% Sept. 30 Sept. 15 to Sept. 20
Columbus Railway de Light
1 Holders of rec. Sept.18
Oct.
Halifax Elec. Tram.. Ltd.(qu.)(No. 47) I% Oct.
1 Sept. 21 to Oct. 1
iffoughton County St. Ry., pref.(No. 13) 3
1 Holders of rec. Sept. 15
Oct.
Louisville Traction, common (quar.)_. 1
Oct.
1 Sept. 11 to Oct. 1
Preferred
1 Sept. 11 to Oct. 1
2X Oct.
Manchester Traction,Lightdc Power (quay) 2
Oct. 15 Holders of rec. Oct. 1
Philadelphia Traction
$2 Oct.
1 Sept. 6 to Sept.30
Portland (Ore.) Ry., Lt. dr P.. pref.(qu.) 1
Oct.
1 Holders of rec. Sept. 15
Ridge Ave. Passenger, Phila. (guar.)_ _ _ _ $3 Oct.
1 Sept. 12 to Oct. 1
St.Joseph Ry.,L.H.& P pref.(guar.)-- 1g Oct.
1 Holders of rec. Sept.15
Sao Paulo Tramway,Lt. de P.(guar.). _ 2q Oct.
1
Seattle Electric Co.. pref.(No. 16)
1 Holders of rec. Sept. 10
*3 Oct.
Toronto Railway (guar.)
1 Holders of rec. Sept. 15
1% Oct.
Twin City R.T., Minneap.. pt. (guar.). It( Oct. 1 Holders of rec. Sept.16
[talon Traction of Indiana, preferred
2X Oct.
1 Holders of rec. Sept. 25
imports and Exports for the Week.-The following are
United Tree. & Elec.. Providence (guar.) 1 4 Oct.
1 Sept. 16 to Oct. 1
Washington Water Power, Spokane (guar.)
Oct.
1 Holders of rec. Sept.21 the imports at New York for the week ending
Sept. 12; also
West End Street, Boston, common
3% Oct.
1 Sept. 22 to Oct. 1
totals since the beginning of the first week in January:
Banks.
Aetna National(guar.)
FOREIGN IMPORTS AT NEW YORK.
1 Holders of rec. Sept. 15
2
Oct.
Century (quar.)
1 Sept. 22 to Sept.30
1% Oct.
Chatham National (guar.)(No. 151)
1 Sept.26 to Sept 30
Oct.
4
For week.
1908.
1907.
1906.
1905.
Citizens' Central National (quar.)
Oct.
1 Holders of rec. Sept.28
13
Goal & Iron National (guar.)
2)6 Oct.
1 Holders of rec. Sept. 9
;2,854,120 ;3,773,926 $3,595.135 $3
3ry Gorxis
Hanover National (guar.)
.081.339
1 Sept.20 to Sept.30
Oct.
merchandise
leneral
11,105,708
9.848,901
13,588.235 11,849.435
Manufacturers' Nat., Brooklyn (quar.).
3% Oct.
1 Sept. 23 to Sept.30
Mechanics' Na tonal (guar.)
3
Oct.
1 Holders of rec. Sept.19
Total
314,162.828 313,622,827 317,153,370 $14,930,774
Metropolitan (guar.)
1X Oct.
1 Sept.20 to Sept.30
January
Since
1.
Nineteenth Ward (guar.)(No.29)
3
Sept. 30 Holders of rec. Sept.25
3ry Goods
$87,034,421 3136.663,019 $115,486,651 $99,830,792
Trust companies.
3eneral Merchandise
336,674.058 478,257.280 423,108,946 389,894,751
Bowling Green (guar.)
5
Oct.
1 Sept.27 to Oct. 1
Fifth Avenue (guar.)
3
Sept. 30 Holders of rec. Sept. 29
Total 37 weeks
;423,708,479 3614.920,299 $538,595,597 $489,725,543
Guaranty (guar.)
Sept. 30 Holders of rec. Sept. 30
Lawyers' Title Insurance & Trust (guar.) 3
Oct.
1 Sept.16 to Oct. 1
Long Island Loan & Trust,Bklyn.(quar.).1 3
The following is a statement of the exports (exclusive of
Oct.
1 Holders of rec. Sept. 19
Mercantile (guar.)
6
Oct.
1 Sept.24 to Sept.30 specie) from the port of New
York to foreign ports for the
Metropolitan (guar.)(No.47)
6
Sept. 30 Sept.22 to Sept.30
New York (guar.)
8
Sept. 30 Sept.24 to Sept.30 week ending Sept. 12 and from Jan. 1 to date:
Title Guarantee & Trust (guar.)
4
Sept. 30 Holders of rec. Sept. 22
EXPORTS FROM NEW YORK FOR THE WEEK.
Von Norden (guar.)(No. 14)
2
Sept. 30 Holders of rec. Sept.21
Miscellaneous.
1908.
1906.
1907.
Aeolian, Weber Piano&Pianola, pf.(qu.). 1)6 Sept. 30 13ept. 22 to Oct. 1
1905.
Amer. Beet Sugar. Pref.(guar.)(No.37)Oct.
1 Holders of rec. Sept. 19 For the week
*11,892,831
39.869.586 312.188,653 39,258,086
Afnerican Can, preferred (guar.)
1g Oct. l'Holders of rec. Set4.16a Previously reported
433,924,436
429.156,015 427,771.811 365,618,734
Arherican Caramel. Preferred (guar.)--- 2
Oct.
1 Sept.13 to Sept.30
Amer.Car & Fdry.. corn.(guar.)(No.24)
Oct.
1 Sept.12 to Sept.20
Total 37 weeks
$445,817,267 $439,025,601 $439,960,464 $374,876,820
Preferred (guar.)(No. 38)
1)6 Oct. l'Sept. 12 to Sept. 20
112
44
45
10
1
SEPT. 19 1908.)
THE CHRONICLE
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Gold.
Imports.
Week. 'Since Jan.1
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$2,524,737
23,640,879
19,017,343
1,328,500
4,000
616,606
9,735
Total 1908
Total 1907
Total 1906
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
$11,980
1,850
500
101,061
Since Jan.1
$3,466,947
1,018,630
24,823
4,108,294
424,718
1,883,508
2,323,296
$47,141,800 $115,391 $13,250,216
$50.000 34,432,015
155,761 7,714,606
12,000 5,886,574 3,046.002 53,694,275
$730,440 $26,507,878
3,226,000
41,900
684
253,859
Total 1908
Total 1907
Total 1906
3,000
350
$5,751
2,080
2,043
9.892
37,743
500
$731,124 $30,032,987
1,501.798 35.130,219
713,503 37,530,617
$58,009
262,481
18,827
721
Note.-In the case of the Clearing-House banks. the deposits are "net" both for
the average and actual figures; in all other cases "gross" deposits are shown. The
Olearitrt-House actual figures included United States deposits amounting'to $9.291,700, an increase of $36 500 over last week; averages Include United States deposits of $9,462.900, an increase of $16,000 over last week.
• "Reserve oil deposits" includes, for both trust companies and state banks,not
only cash Items but amounts due from reserve agents, and in the case of trust companies includes likewise municipal bonds. State banks InNew York City City are required by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% Is required, which reserve In both cases need not be more
titan one-half In cash. Trust companies in Greater New York are required to keep
a reserve of 15%, of which only 5% need be in cash and 5% more may be in munlelpal bonds, while in the ease of the trust companies in the rest of the State the required reserve is 10%, of which only 3% need be in cash and 3% more may be in
municipal bonds.
The State Banking Department also furnishes the following report for State banks and trust companies outside of
$58,821 Greater New
York.
58,633
STATE BANKS & TRUST CO S OUTSIDE OF GREATER NEW YORK.
105,948
142,830
Week ending September 12 1908.
% of
1,143,591
Loans.
Deposits.
Reserve.
Res.
642,959 State Banks
$77,524,300 $83,671,700 $19,409,000 24.0
402,989
+222,800
+538,800
+499.900
Trust Companies
119.794,100 129.766,200
22,451,700 17.9
$2,555,771
-878,300
+504.700
+124,900
2,104.968
1,672.397
+ Increase over last week. -Decrease from last week.
Reports of Non-Member Banks -The following is the
-Of the above imports for the week in 1908, $100,983 wer3
American gold coin and $6,251 American silver coin. Of statement of condition of the non -member banks for the
the exports during the same time, $__ __ were American week ending Sept. 12, based on aver:we daily results:
We omit two ciphers 100) in ad cases.
gold coin and $
were American silver coin.
Statement of New York City Clearing-House Banks.-The
Loans.
Legit
Deposit with
Tender
Disc'ts
detailed statement below shows the condition of the New
rani.
and
Banks.
Specie. and
ClearSurOther
Net
York City Clearing-House banks for the week ending Sept.
Bank
Investplus
tat.
leg
Banks. Deposits.
ments.
Notes. Agent.
(Er.
12. The figures for the separate banks are the averages of
the daily results. In the case of the totals, however, a de- ------N. Y. City.
parture was made with the statement for Feb. 8, so that in Boroughs of
lin,.it-"r,
S
A
addition to tile averages for the week the actual figures at Wash. Hgts 100,0
184,0
84,0
207,5
988,0
12,0
990,0
Century __
145,3 1.686,0
200,0
the end of the week are now given.
18,0 190,7
81,9 3T0-68 1,886,0
Colonial _
We omit two riplwrs (00) in all cases.
clanks
00, omitted.
Bank of N. Y_
Manhattan Co_
Merchants' _Mechanics' _ _
'America
Phenix
City Chemical
Mercha's' r,xch
Gallatin
Butch. dc Drov.
Greenwich _ _
Amer. Exch__.
Commerce
Mercantile _
Pacific
Chatham
People's
Hanover
Citizens' Cent
Nassau
Market & Ful'n
Metropolitan _
Corn Exchange.
Imp. & Traders'
Par,(
East River....
Fourth
Second
First
Irving Nat. Ex.
Bowery
N. Y. County_ German-Amer Chase
Fifth Avenue__
German F,xch
Germania
Lincoln
'Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N.Y.Prod,Ex.
State
14th Street...Copper
Capital.
Surplus.
Suet ie !Aunts. Deposits.
.4 verag!. Averag.
!. Aver.g.,.
Loan,.
A wag!.
2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1,000,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
6,000,0
25,000,0
3,000,0
500,0
450,0
200,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
3,000,0
250,0
3,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000.0
2,000,0
3,226,3
3,305.2
1,645,2
3,705,7
4,804,2
564,4
25,065,4
5,714,6
502,4
2,429,0
143,1
729,5
5,017,2
15,239,1
2,437,9
846,8
1,013,1
457,9
9,684,2
1.298,6
372,9
1,577,4
1,142,0
5,156,3
7.256.0
9,437,5
104,6
3,339,9
1,698,9
16,589.9
1,325,2
783,8
1,079,0
621,2
5,105,0
2,053,2
897,2
967,8
1,176,2
1,122,2
445,0
2,061,9
777,1
1,610,8
2,466,3
684,5
757,8
294,2
2,382,3
23,607,0
26,920,0
23,460,0
27,308,0
28,331,1
7,037,0
193,863,9
32,602,8
6,808,7
9,694,9
2,210,9
6,087,9
32,582,3
180,250,2
10.921,4
3,492.7
6,838,6
1,797,0
69,070,6
21,794,0
4,571,3
7,596,5
10.993.9
44,100,0
27,293,6
92,593,0
1,179,2
28,206,0
10,419,0
124,280,1
18,509,0
1,980,3
7,892,9
3,749,8
85,598,0
11,595,4
4,074,0
4,560,7
15,174,3
7,140,6
3,122,8
10,740,5
4,348,0
21,270,0
15,782,0
6,771,9
10,185,0
4,498,9
19,824,81
5.473,0 1,146.0
14,965,0 1,412,0
8,710,0 2,639,0
6,093,0 1,042,0
5,134,3 2,569,9
1,243,0
371,0
82,505,9 7,053,0
6,533,9 1,929,3
1,397,1
571,2
1,344,3
660,1
426,4
139.3
200,0
1.506,7
5,303,7 1,510.9
29,488,1 13,463,0
1,360,0
636,7
615,6
185,6
882,4 1,092,8
537,8
51,4
11,528,2 9,741,5
5,526.3
225,8
545,8
683,8
1,683,7 1,518,4
134,3
2,801,1
5.914,0 7,263,0
4,908,0 1,433.0
26,281,0 1,335,0
191,4
132,5
6,529,0 2,720.0
2,467,0
313,0
28,469,3 1,439,9
3,755,0 1.235,0
750,0
89,0
1,155,0
577,0
638,4
204,5
19,524,8 5,047,5
2,979,8 1,069,4
175,0
795,0
1,073,6
629,3
3,380,6
876,5
1,629,4
445,4
482,4
347,5
1,373,9 1.486,4
867,0
277,0
4,829,0 1,616,0
3,528,4
520,1
1,912.9
284,0
3,317,0
236,0
641,1
455.9
4,563,3
262,0
Re-
$
23,834,0 27.9
39,043,0 41.9
30,347,0 37.6
28,233,0 25.5
30,702,7 25.0
6,242,0 26.4
228,869,8 39.5
32,877,2 25.7
7,403,3!27,1
7,801,5126.0
1,989,028.4
6,674,6125.5
26,652,4:25.8
168,409,3125.6
7,114.8,28.5
3,185.225.1
7,336,6 27.1
2,257,2 26.0
81,590,2 26.3
21,735,0 27.0
„- 25.1
8,737,4 36.8
11,134,5 26.3
51,850,0 25.4
25,340,0 25.1
107,195,0 25.8
1,277,6 25.3
31,946,0 29.1
11.288,0 24.6
122,405.0 24.6
19,524,4 25.7
3,267,0 25.0
7,697,6 23.2
3,411,4 24.7
96,719,3 25.5
13,493,4 30.0
3,905,0 24.8
5,593,6 30.4
16,627.3 25.7
7,474,3 28.1
3,253,5 25.9
10,766,5 26.5
4,793,0 23.8
25,226,0 25.6
15,307,5 26.6
8,088,7 27.1
12.746,0 27 8
4,548,7 24.1
19,170,8 25.3
'rota's, Average 126,350,0 161,115,9 1322,730.51326,511,6 80,496,7 1420,061,9 28.8
Actual figures Sept. 12
1326,280,13 325,064,6 81,072,8 1422,888.7 28.7
1
On the basis of averages, circulation amounted to $54,493,100 and United States
deposits (included in deposits) to $9,462,900; actual figures Sept. 12, circulation,
$54,474,300; United States deposits, $9,291,700.
The statements compiled by the State Banking Department, together with the totals for the Clearing-House banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these institutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending September 12 1908.
Loans and
Reserve on P.C.
00s omitted. Investments. Specie.
Deposits. of ReLegals,
Deposits.
$
serve.
$
$
clearing-House
Banks-Actual 1,326,280,6 325,064,6 81,072,8 1,422,868,7 406,137,4 28.72
+18,251,3 -3,875,6 +975,4 +13,683,8 -2,900,2
Clearing-House
Banks-Avge .1,322,730,5 326,511,6 80,496.7 1.420,061,9 407,008,3 28.84
+21,999,1 -2,574,9 -722.1 +17.420,5 -3,297.0
State BanksAverage
276,534,7 50,979,0 26,436.3
328,712,9 100.628,3 31.1
+1,666,3 -1,453,2 +470,6
-942,7
+574.6
Trust CompaniesAverage
80,109,7
7,455.3
856,258,3
936,362,6 298,627,1 35.0
+3,012,4 -1,671,5
+18,4
-4,920,7 -3,770,5
State Banks and
Trust Co's-not
in Clear.-House 913,959,1
85.813,1 15,376,0 1,043,008,7 331,329,7 34.6
+3,542.1 -1,505,1 -252,6
-3,923,9 -3,508,9
+ Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust companies in New York City," deposits amount to
3851.741,900, a decrease of $1,089,200 from last week's figures.
100,0
500,6 3.652,1
Columbia _ 300,0
425,9 5,275,0
Fidelity _
200,0
175,2
804,3
Jefferson__ 500,0
673,3 3.296,0
Mt. Morris_
250,0
264,6 2,123,4
Mutual _ _ 200,0
317,8 3,394,2
19th Ward_
300,0
470,4 3.604,7
Plaza
100,0
398,3 3,341,0
23d Ward_ _
100,0
182.2 1,522.6
Union Exch 750,0
818,9 6.075,4
Yorkville _
100,0
393.3 3,349,0
Coal& I.Nat 500,0
701.7 4,419,0
NewNethlid 200.0
231.9 1,528,0
Batt.Pk.Nat 200,0
138,9
868.1
Borough of
Brooklyn.
Broadway _
150,0
420,1 2,447,1
Mfrs'. Nat_ 252,0
752,4 5,737,8
Mechanics'. 1,000.0
836,1 9,786.6
Nassau Nat. 750,0
921,7 6,300,0
Nat. City
300,0
564,7 3,831,0
North Side_
100,0
216,7 1,464.3
Jersey City.
First Nat
400,0 1,212,3 4,080,5
II ud Co.Nat 250,0
719,3 2,361,7
Third Nat... 200,0
364,6 1,626,0
Hoboken.
First Nat
220,0
608,3 2,293,5
Second Nat, 125,0
207,5 1.854,7
444,3
417,0
73,9
37,7
358,7
26,0
54,1
221,0
167,4
881,7
53.6
869,0
112,0
135,5
207,8
417.7
372,0
493.0
209,4
18,7
293,5
217,5
40,7
644.3
465,2
436,5
534,4
491,6
274,0
496,0
291,2
55,1
300,0 '318,5
828,4
468.6
216,0
760,0
37,0
145,0
135,0
22,1
871,3 5.078,5
100,0 6,128,0
745,9
12-0,2 2,986,2
70,9 3,073,3
5,0 3,866,1
895,9 5,101.5
3,837,0
1,863,2
6,024,2
4,455,0
220.0 5,241,0
15,0 ,448,0
802,2
18.8 589,1
687,0
676,1 133,6 1,014,3
227,2 1,387,0 1,612,2
320,0 650,0 1,610,0
124,0 597,0
846,0
132,8 126,0
502,1
281.8 3,714,6
72.0 6:512.3
124,7 1Z919.7
7,000,0
3-61,6 5,447,0
142,0 2,145,1
209,8
157,5
57,5
122,6
65,2
394,8 3,090,5 1,004,0 7,293,8
29,7
389,7 537,4 2,639,7
112,5
754,9
70,2 2,476,4
22,6
59,5
146,8
119,4
84,0 10)74,9
182,3 2,229,2
Tot. Sep. 12 7,847,0 12,869,5 87,710,0 5,993,4 8,041,4 16,563,1 5,467,2 10/878,8
Tot. Sep. 5 7,847,0 12,827,5 87,489,7 5,890,6 7,680,0 11,604,7 5,122,1 104827,9
Tot. Aug.29 7,847,0 12,827,5 87,680.9 5,600,6 8,265.1 16,192,9 4,842,2 101691.7
New York City, Boston and Philadelphia Banks.-Below
is a summary of tile weekly totals of the Clearing-House
banks of New York City, Boston and Philadelphia. -The
New York figures do not include results for non-member
banks.
We omit two ciphers in all these figures.
Banks.
Capital
and
Surplus.
Loans.
Specie.
Legals. Deposits. a Ctrculatton.
Clearings.
New York
Aug. 15_ 287,477.1 1290.013,6 324.635,9 79.464,8 1385.928.3 55,696,6 1,518452,5
Aug. 22__ 287,477.1 1286.591,3 331.266.7 78,915.0 1388.134,9 55.175.6 1,410,795.4
Aug.29-- 287,477,1 1289,795,6 334,142,0 79,871.3 1394.617,3 54.685,2 1,370.200,0
Sept. 5 287.477,1 1300,731,4 329.086,5 81.218.8 1402.641,4 54.723,4 1.617.865,9
Sept.12_ 287.465,9 1322.730,5 326,511.6 80,496,7 1420.061,9 54.493,1 1,300,280,3
Boston.
Aug.22
41,790,0 202,542.0 25,418.0 3.565,0 247,067,0,10,462,0 120.456,9
Aug.29-- 41.790,0 202,413,0 25,340,0 3.429.0 243.202.0110,456.0 110,405.1
Sept. 5- - 41,790,0 204,414,0 24.393,0 3.263.0 250.996,0 10,467,0 135,483,7
Sept.12. _ 41,790,0 206,883,0 23,681,0 3,295,0 258,412.0 10,306,0 118.249,4
Phila.
Aug.22.. 54.390,0 235,060.0
79,128,0
283,871.0 16.071,0
99,121.7
Aug.29. 54,390,0 236,431.0
79.599,0
285.729,0 15,684.0
89.006,9
Sept. 5- 54,390,0 239,021.0
81,852,0
291.612,0 15.118.0 138.188.6
Sept.12- 54,390,0 240,603,0
83,597,0
298,250,0 15,076,0 102.170.3
1
a Including Government deposits, and for Boston and Philadelphia the item
"due to other banks." At New York Government deposits amounted to $9,462,900
on September 12, against $9,246,900 on September 5; at Boston to $1,602,000 on
September 12 and $1,598,000 on September 5.
Oaniting and financial.
We shall be pleased to furnish to institutions and investors copies
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange
Spencer Trask & Co•
WILLIAM AND PINE STS..
NEW YORK
Branch offices: Chicago. Ill., and Albany. N. Y
MOFFAT & WHITE
Members New York Stock Exchange.
HANOVER BANK BUII DING.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash Only
5 NASSAU STREET.
722
THE CHRONICLE
Vanhers' 05azette.
Wall Street, Friday Night, Sept. 18 1908.
The Money Market and Financial Situation.-Unusual
weakness has been the chief characteristic of the security
markets since our last issue. This fact is a surprise to those
who anticipated a further advance in prices to accompany
the revival of business looked for as incident to the season's
harvests. The revival referred to is still in the future, and
has doubtless been discounted in the advance in Stock Exchange values which has recently taken place. To this,
as a reason for the decline this week, there may doubtless be
added an awakening in political circles to the possibility of
a different result of the November elections from that which
has generally been expected.
On the other hand, some of the developments, apparently
unheeded in Wall Street, have been of a favorable character.
We refer to the diminished number of idle freight cars, as
shown by the latest reports, to an international trade balance
in our favor during the month of August of over $19,000,000,
as against less than $1,500,000 for the same month last year,
and to reports of increasing traffic on some of the Western
railway systems. The latter may be wholly due, however,
to the usual grain movement, as it is estimated that the
Great Northern will handle between 25 and 30 million bushels
of wheat during the current month.
Although the surplus reserve of the Associated Banks of
New York is decreasing week by week, it is still very large,
and the Bank of England reports a reserve of over 54%.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1% to 2%. To-day's rates on call were 1@l3
4%.
Commercial paper quoted at 4@43'% for choice endorsements and 4 months single names, 432@5% for others.
The Bank of England weekly statement on Thursday
showed an increase in bullion of <£230,724, and the percentage
of reserve to liabilities was 54.23, against 53.68 last week.
The rate of discount remains unchanged at 23/2%, as fixed
May 28. The Bank of France shows an increase of 9,400,000
francs gold and a decrease of 300,000 francs in silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
Averages for
week ending
Sept. 14.
Differences
from
previous week.
1907.
Averages for
week ending
Sept. 14.
1906.
Averages for
week ending
Sept. 15.
$
$
$
$
126,350,000
129,400,000 118,150,000
Capital
161,115,900
Surplus
164,098,300 154,235,000
Loans and discounts__ 1,322,730,500 Inc. 21,999,100 1,088,972,200 1,036,460,400
230,300
Circulation
54.493,100 Dec.
50,649,200
44,888,800
Net deposits
1,420,061,900 Inc. 17,420,500 1,044,852,400 1,005,487,600
216,000
30,072,600
9,462,900 Inc.
U.S. dep.(incl. above)
29,127,000
Specie
326.511,600 Dec. 2,574,900 108,909,900 177,366,500
69,221,900
Legal tenders
80,496,700 Dec.
722,100
77,541,800
Reserve held
407,008,300 Dec. 3,297,000 268,131,800 254,908,300
25% of deposits
355,015,475 Inc. 4,355,125 261,213,100 251,371,900
Surplus reserve
Surplus excl. U.S. dep.
51,992,825 Dec.. 7,652,125
54,358,550 Dec. 7,598,125
6,918,700
14,436,850
3,536,400
10,818,150
Note.-The Clearing House now issues a statement weekly showing the total or
the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.-The market was steady to strong
early in the week, but on Wednesday there was a sharp advance, due to efforts to cover short contracts, and the tone
was quite strong thereafter, closing a shade easier.
To-day's (Friday's) nominal rates for sterling exchange
were 4 85M@4 86 for sixty day and 4 87@4 873 for'sight.
To-day's (Friday's) actual rates for sterling exchange were
4 8510@4 8520 for long, 4 8650@4 8660 for short and
4 8675§4 8685 for cables. Commercial on banks 4 8475@
4 8485 and documents for payment 4 84@4 84%. Cotton
for payment 4 84@4 843/8, cotton for acceptance 4 8475@
4 8485 and grain for payment 4 84M§4 84%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 183/s@,5 173,a for long and 5 163d@5 1634a for
short. Germany bankers' marks were 94%©94 15-16 for
long and 95%@95 7-16 for short. Amsterdam bankers'
guilders were 40 30@40 32 for short.
Exchange at Paris on London to-day, 25f. 12c.; week's
range, 25f. 123'c. high and 25f. 12c. low.
The week's range for exchange rates follows:
Lang
Sterling ActualHigh
4 8525
0 4 8535
Low
4 8490
0 4 85
Paris Bankers' FrancsHigh
5 18%
0 5 1734a
Low
5 1834a 0 5 1834
Germany Bankers' MarksHigh
it P415-16
94 1/s
Low
9434
0 94%
Amsterdam Bankers' GuildersHigh
Low
Shor
14 8670
14 8645
4 8680
0 4 8650
15 1634
15 1634
0 5 15%a
0 5 16%
1 95 %
195 5-16
0 95 7-16
0 95 7-16
4031
4031
48705
14 8670
® 4 8710
® 4 8680
(4) 40 33
® 40 32
Less: a 1-1601 1%. d 1-32 of 1%.
3-32 011%.
Plus: k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%.
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah,
buying, 50c. per $1,000 discount; selling, 75c. per $1,000
premium. Charleston selling, $1 per $1,000 premium.
New Orleans, bank, 75c. per $1,000 discount; commercial, $1
per $1,000 discount. Chicago, 15c. per • $1,000 discount.
St. Louis, 10c. per $1,000 discount. San Francisco, 30e.
per $1,000 premium.
[VOL. Lxxxvii.
State and Railroad Bonds.-No sales of State bonds have
been reported at the Board this week.
The railway and industrial bond market has been less
active and has shown a tendency to weakness-a fact quite
unusual of late. Of a list of 20 active issues only 4 are
fractionally higher, while 5 have declined over a point and
11 are point or less lower than last week.
The strong features have been Colorado dz So. ref. and
ext. 43's, Rock Island ref. 4s, American Tobacco 6s, Atchison gen. 4s and Reading 4s.
Convertible issues have declined in sympathy with the
shares list, including Atchison, Union Pacific, Pennsylvana
and Brooklyn Rapid Transit.
United States Bonds.-Sales of Government bonds at
the Board are limited to $2,000 3s reg., 1908-18, at 10134
and $2,000 2s reg., 1930,at 104. The following are the daily
closing quotations; for yearly range see third page following.
'
Interest Sept.
12
Periods
registered Q-Jan
2s, 1930
coupon Q-Jan
2s, 1930
registered Q-Feb
3s, 1908-18
coupon Q-Feb
35, 1908-18
35, 1908-18---small coupon Q-Feb
registered Q-Feb
4s. 1925
coupon Q-Feb
45, 1925
25, 1936.Panama Canal coup Q-Nov
Sept.
14
Sept.
15
Sept.
16
Sept.
l'l
*10334 *10334 104 *1033.4
*104 *104 *104 *104
*101 *101
10134 *101
*101 *101 *101 *101
*10034 *10034 *10034 *100%
3 *1203
*12034 *120%
% *12034
*12134 *12134 *12134 *12134
*10234 *10234 *10234 *10234
Sept.
18
*10334 *10334
*104 y, *1043
*101 *101
*101 *101
*10034 *100%
*121 *121
*1214 *121%
*1023 *102%
*This is the price bid at the morning board: no sale was made.
Railroad and Miscellaneous Stocks.-The stoek market
was decidedly strong during the short-period of trading on
Saturday, a long list of shares recording an advance of from
1 to 2 points. A part of this advance was lost on Monday
and each succeeding day the tendency has been downward
until to-day, and practically the entire list has covered a
range of from 3 to 7 points. The extreme fluctuations of
railway issues have been made by Union Pacific, Southern
Pacific, St. Paul, Great Northern, Northern Pacific, Illinois
Central, Delaware & Hudson, Reading and Louisville &
Nashville. Several others were not far behind, including
North West. and Baltimore & Ohio. Notwithstanding a
recovery to-day, amounting to 23 points in several cases,
a considerable list of prominent stock show a net loss during
the week of from 3 to 6 points-Erie and Reading being the
only active shares that closed higher than last week.
Consolidated Gas, which has recorded an almost uninterrupted advance for a long time past, fell from 153% to
144%, and Smelting & Refining also covered a range of 83's
points. The United. States Steel isues have been relatively
strong features, closing with only fractional net losses.
For daily volume of business see page 732..
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales'
Week ending Sept. 18. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
300 $234 Sept 14 $234 Sept 15 $1%
Alice Mining
40 70 Sept 14 70 Sept 14 50
Amer Teieg & Cable_ .._
600 23c. Sept 17 24c. Sept 15 20c.
Comstcok Tunnel
200 85 Sept 12 88 Sept 17 67
H omestake Mining
100 3734 Sept 16 3734 Sept 16 29
Kan & Mich tr rcts
Nat Mex pref tr rcts_ _ _ _ 1,000 5034 Sept 14 51 Sept 15 46
411 11534 Sept 17 11634 Sept 15 90
NY &NJ Telephone..
_
Mining_
200 4 Sept 14 4 Sept 15 2
Ontario Sliver
Peoria & Eastern
37 16 Sept 17 16 Sept 17 13
RR Securities-Ills Cent
50 8934 Sept 17 8934 Sept 17 79
stock trust cents
24 11934 Sept 17 1934 Sept 17 14%
Rome Watertown & Ogd
Rutland,preferred_ _
100 25 Sept 12 25 Sept 12 24
St L & S F-C & E Ills
stock trust certfs
19 50 Sept 15 50 Sept 15 50
Highest.
Feb $334
Mch 70
Mch 44c
Jan 92
Jan 42
Aug 51%
Feb 117
Jan 6
Apr 21
Jan
Sept
Apr
Aug
May
June
Sept
May
May
Sept
Mch 94
Apr 119% Sept
Mch
Jan 30
Apr 60
Aug
Outside Market.-Prices generally in the market for outside securities lost considerable ground this week, though
transactions were especially light throughout the list. Copper stocks were conspicuous in the prevailing weakness.
Boston Consolidated Copper from 12% moved down to 12,
closing to-day at 1234. British Columbia Copper weakened
4, recovering finally to 7. Butte Coalition
from 734 to 63
lost over a point to 24M, and to-day suffered a further de/s. Cumberland Ely dropped from 83's to 74
cline to 235
and ends the week at 7%. Davis Daly Estates sold down
from 2% to 2 and up to 2 1-16. Dominion Copper fell from
2 to 134 and to-day, on heavy selling, dropped to %, the
close showing a recovery to 1 1-16. Rumor had it that an
application for a receiver for the company would shortly be
2, but fell
made. Greene Cananea from 113 reached 113/
back to 1034. One of the features of the decline was a drop
in Nevada Consolidated Copper from 163/i to 14%, the final
transaction to-day ,being reported at 15. Nevada Utah
went down from 3 3-16 to 2 15-16. United Copper common
was conspicuous for a rise of about 2 points to 12, with a
subsequent reaction to 113,. Goldfield Consolidated declined from 6 1-16 to 5 11-16 and recovered to 6. Nipissing
4 rose to 9, but sank to 8%,ending the week at 83..
from 83
Yukon Gold dropped from 5 to 4 9-16 and sold up to 4 13-16.
There was practically no trading in industrials. American
Tobacco sold down from 355, to 345 and up to 347. Bay
State Gas fluctuated between 2M and 23/2, closing to-day at
29'. Standard Oil from 63994 sank to 6353, rose to 6443
4
and sold down finally to 636. Chicago Subway moved up from
2. Allis-Chalmers 5s were traded in from 76 to
20% to 213/
763' and down to 75, and Tidewater 6% notes from 99 15-16
to 99%•
Outside quotations will be found on page 732.
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
11(1CUPVIN4,3 TWO PA('
oc16—HICiliEST AND. LOWEST SALE PRICES
sates ot
InC
Saturday
Scpt 12.
Mond, I
Sept. 14.
Tuesday , 11,ednesdap
Sept. 15.
Sept. 16.
Thursday
&Vt. 17.
1Vcek
Friday
Sept. 18. , Shares
roc.p:
NEW YORK STOCK
EXCHANGE
Railroads
91
8914 9012 90
88
39,400 A tch Topeka & Santa Fe
8933 90
8734 8834 8634 8812 87
9518 49514 9514 9514 9514 95
95
05
9514 1.220 la- Do pref
95
91
9012 9012 91
85
89
90
89
9014 813
8514 8734 2,100 Atlantic Coast Line RR
9812 10014 9934 10034 9853 10034 9538 985s 9518 9738 9534 9734 68.000 Paltimore & Ohio
90
90
*86
90 *86
90 *80
200 10 Do pref
*86
*86
90
86
86
52
5253 5314 5138 5258 5012 5134 50
53
5158 4934 5079 32.055 Brooklyn Rapid Transit_
Buffalo & Susque, pref-173 17334 17314 ff4117234
17138
9,100 ,anadlan Pacille
4
fi3
(
- 2 171 17214 170 17112 17033
*63
65
6434 65
300 kJanada Southern
*63
07
*63
65
*63
05
65
*63
209 20912 208 20912 200 206
*200 210
1,500 Central of New Jersey
20434 20434 200 204
4212 4333 4314 4378 4214 4318 4073 4238 3933 4114 ' 4018 4114 12.850 Chesapeake & Ohio_ _ _ _
*2278 2513 2478 2558 *20
*22
25
500 Chicago & Alton HR.._
*22
25
2512 *21
24
*50
58
_ 00
Do pref
*50
5812
60 *50
00 *-*50
60
57
6
573 613
6
573 578 3,950 Chicago Great Western
573 8
573 813
6
*50
60 *50
60
00
Do 4% debentures-*50
60 *50
*50
60
*50
60
25
140
25
*25
*2114 26
28
Do 5% pref "A"____
25
*21
*21
*21
24
25
1,760
Do 4% pref "B"_
873 878
734 8
8
818
812 834
814 814
712 712
14053 14214 14113 14234 13933 14153 13713 13913 13538 13853 13434 13653 126,215 Chicago Milw & St Paul_ _
*154 15612 157 157 *154 158 *15253 157 *15253 157 *15258 155
100
Do pref
1,200
136 13612 136 13614 *135 138
Do corn Installm't ctfs
134 134
133 133 *129 132
151 151 *149 15112 *148 152 *145 151
400
151 151
Do pref installm't ctfs
14612 148
102 163
162 103
161 18112 159 18034 15712 159
15712 15814 3,800 Chicago & North Western
300
*205 220 *205 220 *200 215 *200 215
Do pref
200 200
200 201
*135 138 413634 13634 *135 138
150 Chic St P Minn & Omaha
135 135 *130 133 *130 133
*155 105 *155 165 *155 185 *155 165 *155 165 *155 165
Do pref
Chic Un rae ctfs stmpd
3
3
*2
*2
*2
*2
3
3
3
*2
3
*2
*1012 1212 *11
100
Do pref ctfs stmod__ _
1212 12
*1012 1212
*11
12 *11
13
13
200 Cleve Cin Chic & St L._ _
*5414 5412 4,5458 55
5514
55
55
*55
5514 5514 5514 *55
Do pref
*94
98
*94
99
99
*93
*95
99
99
*96
99
*95
37
3734 3712 38'1 3713 3858 3758 3812 3634 3814 37
3833 23,920 Colorado & Southern....
3,090
Do 1st preferred
6533 8578 6512 6578 6513 6634 6512 06
65
6434 6434 65
58
Do 2d preferred
5834 5814 5873 58
5814 3.710
5918 *5734 5812 58
5938 58
172 172
17212 17473 17314 17414 170 17134 16734 17078 16814 16834 9,350 fAelaware & Hudson
*525 520
1,400 11-Ielaware Lack & West530 53112 533 535
525 534 *525 535 *525 535
2712 2134 2818 2878 2812 2812 2758 2758 *27
2712 2712 2.150 Denver & Rio Grande
28
520
Do pref
*66
67
60
07
00
67
67
67
*65
67
07
67
Detroit United
*38
40
40
*38
40 *38
*38
40
3912 *38
40
*38
300 Duluth So Shore & Atian
*1314 14
*1334 1412 *1334 15
1414 1414 1313 1358 *1313 1414
25
Do pref
*22
24
*21
42313 2318 *2113 23 *21
23 *2013 22
23
2913 3014 2953 3058 2918 3034 28
2973 2753 2912 27/3 30 201,910
1'rie
-1
1st pref
4318 4412 4412 45
4313 4412 42
4234 4214 4314 8,300 1.Do
4312 42
Do 26 prel
3.300
3412 3512 35
36
3334 3478 3378 3414 3434 35
3512 35
1363g 13734 13714 138
13433 13738 13214 13438 13073 13314 13013 13212 109,252 Great Northern pref
Iron Ore properties...
5914 22.317
00
66
64
6658 06
0234 57
6134 6312 59
60
Green Bay & W ,deb ctfA
deb ctf 13
Do
14
.15" -141-3 14
-1434 1478 -1434 1434
1
2 *._- 15
*32 --- ...roo Havana Electric
*32
34
3312 *___. 38 8.___ 34
Do pref
*____ 9» *---- 7973 7978 7973
*7912 90 *7912 -200 ttocking Valley tr teats82
82
85
85
81
*81 -0-6- 181
25
Do pref
90
90 ;in- 10- *81 -66- *81
*81
139 14212 13712 13934 17,500 Illinois Central
14434 14512 14318 145
14114 143
143 145
1113 2,821 5-nterboro-Metropolitan
11
11
1133 1112 *1133 1134 1114 1133 11
1114 11
3,700
34
*3214 3313 *33
Do pref _
3233 3258 32
3114 32
3213 3112 32
1814 41813 1813 *1712 18
*17
1713 1712 3,225 Iowa Central
1712 1714 1778 18
Do pref
3514 3512 3514 3614 3014 3612 43513 3513 *35
3513 *3413 3512 2,210
00
*54
60 *56
56
*58
60
*55
*55
00
60 *55
2813 28
2834 2734 2814 2753 28
28
2734 2734 *26
.
2814 2,600 K-21e
./tsSC6
giScIlitTgf
6212 02
02
6212 02
62
Do pref
61
*62
8014 0012 81
6212 2,500
*15
18
*15
*15
18
18
f ake Erie & Western.....
*15
18
*15
18
*15
18
*43
49
*43
/1-A Do pref
- *43
49
*43
*43
49
*43
47
49
48
*42
4f
100 Long Island
*42
*42 18 *42
42
42
*42
46
48
10418 10718 11,950 Louisville & Nashville
10712 10912 10812 10912 10612 10914 100 10712 10312 106
A,1 anhattan Ele% ated__ _
*135 140 *13314 139 *135 140 *135 140 *135 140 *133 136
*2913 35
100 11J-etropolitan Ftreet- —
*28
*28
35
35 *30
30
*30
35
35
30
400 Mexican Central
1512 1513 1514 1514
1512 1512
2.900
Do Trust Co certfs_
'TA -1-F4 1534 16 - 1558 10 1553 1578 1514 1573 1514 16
*28
450 Minneapolis & St Louis
*28
*28
29
29
29
2873 2878 2712 2712 2813 2812
Do pref
10
46634 6634 *63 87 *63 07 *63 67 *63 67 *63 05
*12112 123 *122 124
12212 12273 12078 122
118 1213$ 11814 12012 2,820 Minn St P & S S Merle...
50Do pref
*148 149 *148 150 1146 140 *146 149 *145 149 *145 149
3038 14,425 Mo Kansas & Texas
31
30
3234 3114 3218 3033 3112 30
3134 3214 32
1,180
Do pref
6518 6518 64
64
63
0514 64
6312 0213 6234 6213 03
9.060 Missouri Pacific
56
5718 5612 5738 5478 5634 54
5534 5334 5478 5334 55
50 ki ash Chatt 'Sc St Louis.
*107 115 *108 120 *108 115 *108 115 *107 115 §109 109
V Central & Hudson
10614 10714 10613 107
10514 10612 104 10638 103 10578 10312 10513 27.150 L
300 N Y Chic 54 St Louis
39
*35
*36
38
*3612 39
3834 3612 37
*35
39
*36
Do 1st pref
*90
99
*90 100
*89
*90 100
*87
98
98
*90 100
Do 3d prof
72
*00
*66
75
74
*06
75
*68
74
*68
75
*68
1,600 N Y N Haven & Hartford
14412 14512 x143 144
145 145
141 14212 *140 142
14113 142
3912 4012 20,900 N Y Ontario & Western..
4173 4238 4214 431$ 4113 43
3934 41
3958 42
3.200 Norfolk & Western
73
7378 72
73
*7412 7514 7514 7512 7413 75
7313 75
85 Do adjustment pref._
48012 8013
*81
181
81
*81
*81 _
8 137,113 Northern Pacific
14178 14338 14214 14413 14034 14338 13814 14113 13713 13912 155E3 1395Do subscrip recta
131 13212 13113 13214 10.050
134 13434 13238 13414 13112 133
13213 134
1.020 'Pacific Coast Co
69
69
*66
(38
72
78
73
70
70
73 *72
09
I.
Do 1st pre
*80 100 *80 100
*80 100 *80 100
*80 100
*80 100
00
Do 2d pref
90
90
*70
90 *70
*70
90 *70
90
*70
*70
124 12518 12434 12512 12353 12512 12313 12414 12112 12334 12173 12234 60,100 Pennsylvania
120 Pittsb Cin Chic & St L
79 *77
78
78
79
*77
*75
*70
77 *75
80
77
*90
Pref
*92
95
*90
95
95 *90
*90
95
95
95
*90
13312 13613 13434 13738 133 13658 13038 135
13038 133
diong
13073 13278 1209,000
eaD
100 U 1st pref
*87
90
*87
8812 87
*8813 88
88
*87
87
90 *87
8714 88
2.340
87
85
85
*85
2d pref
88
85
485
88
87
$8
1814 1834 1812 1914 18
19
18
1812 1734 1813 18
1813 15,450 Rock Island Company
3612 3312 3458 3313 3438 3334 3412 45,000
Do pref
34
3334 351 1 3434 36
49
605 St I. & San Fr 1st pref.._
6p12 5912 48 48 *45 50 *45 50
4834 4634 48
26
2512 2512 20
nis 2873 2678 2658 2853 2638 2633 1,170 Do 2d pref
200 St Louis Southwestern_ _ _
18
17
17
1734 *10
*10
1813 1612 *10
18 *17
1712
400
Do prat
44
*43
44
*4352 4453 *4358 4458 4313 4334 4313 4313 *43
10512 10838 103 10678 10273 10512 362.545 Southern Pacific Co
10612 10834 10812 10934 108 110
Do peel
118 11814 1,620
11934 11973 119158 11953 11913 11934 11914 11914 11858 119
21
2233 23
2178 2078 2112 2012 2138 22,100 Southern v tr cfs stamped
2214 21
2214 23
Do pref
52
do
5013 5134 5018 51/3 5014 5112 2.993
53
5334 5214 6212 52
800 Texas & Pacific
24
2412 2434 24
2513 254 *2413 28
2313 2312
5.855 1 hlrd Avenue (N Y)-...
451
41
4013 4212 4012 4112 41
44
4312 4434 4112 44
*8
10
100 Toledo Railways & Light
*8
10
9
*8
10
*8
10
812 812 *8
*24
2512 25
700 Toledo St L &'Western..
2038 2633 2633 2633 *2513 2612 2513 20
25
2,200
Do pref
5634 56
57
5514 57
*5012 5714 5612 5612 56
503 51
530 Twin City Rapid Transit.
87
87, *8612 8712 *88
88
88
89
80
8734 8734 *87
16478 16758 16253 165% 15914 16373 15934 102 888,280 f Ilion Pacific
18514 108 x16553 167
8914 8914 x87
8734 87
Do pref......
87
8013 87
8714 8734 8734 87
*2212 23
24
22
0 Unit Rys Inv't of San Fr_
2312 2213 2213 2214 2214 3.91044
23
22/3 23
*41
42
42
*41
Do pref
42
42
300
4113 4112 *41
42
42
*40
1234 1273 1212 1234 1212 1258 1213 1213 12
*1113 12
2,950 Wabash
12
25
2612 2612 2634 2753 2638 2634 2514 26
Do pre(
2.800 VT
2534 *2514 26
1234 1234 1234 123, *12
*12
800 Western Nfarcnned
1312 *12
12
13
131.2 12
Range Since Jan. 1 190S.
On basis ol 100-share tots
Lowest
68 Feb 14
8338 Feb 17
5912 NIch 2
7013 Feb 10
80 Jan 3
3714 Feb IU
6434 .4.4ch21
140 Feb ri
54 Mch 4
160 Feb 11
2513 Feb 19
10 Feb 13
47 Mch24
318 Feb b
3312 Mch 19
1512 Feb 15
b Feb 11
10313 Jan 2
138 Jan 3
18813 Jan 3
12553Jan 2
13513 Jan 2
4185 Jan 11
114 Feb 25
14012 Jan 3
58 Apr 3
4 Apr
4712 J'ne 1 I
8518 Feb 19
21 Feb lit
5038Jan 2
3954 Feb 111
14113 Feb 10
420 Jan 1:
1414 Feb 1,
3914 Mch 2
3213 Apr 15
6 Feb 11
1134 Feb 13
12 Mch
2433 Mch 4
16 Mch 6
11334 Feb 10
4812 Jan 2
71 Mehli)
8 Jan 14
20 Mch24
470 Jan
62 Feb 10
69 Mch
12212 Feb 1/
634 Jan 4
1718 Feb 19
10 Feb 1.
2712 Feb 19
57 Aug 19
18 Feb 25
46 Feb 19
12 Jan 4
34 May 2
30 Feb 6
8714 Feb 19
120 Jan 4
15 Feb 24
1412 Jan 2
1412 May 1
20 Mch 2
61 Feb 29
7914 Jan 2
12312Feb 11
1712 Mch 2
46 Feb 10
2813 Feb 19
974 Jan 2
90's Jan 2
2412 Jan 3
90 Jan 14
60 Feb b
12838Jan 6
2918 Feb 19
53 Feb 19
74 Mch24
11678 Jan 2
103 Feb 10
68 Sep 17
90 May26
79 Mch27
10834 Jan 2
59 Jan 7
8112 Mch 3
9218 Feb 17
78 Jan 2
76 Jan b
1013 Feb 3
2034 Feb 3
42 J'ne24
1914 Feb 19
10 Mch 7
2412 Feb 19
6814 Feb 17
10(338Jan 2
913 Jan 10
251, Mch 5
1234 Feb 29
1512 Mch 23
833 Aug 2o
12 Feb 6
33 Feb 3
7814 Feb 7
11012 Meh 2
3914 Apr 2
15 Jan 24
2712 Jan 22
634 Mch 3
13 Mch 3
Whit
Highest
Range lor Previous
Year (11907)..
Lowest
6633Nov
9134 Aug29
9512 Aug 31
18 Nov
90 J'ly 2,
58 Nov
7538Nov
10178 Sep 10
89 Sep 11
75 Nov
5712 Aug 10
2634N ov
6434 39c1121
/412Nov
17714 Aug 31 138 Nov
52 Nov
85 Sep 14
20912 Sep lu 144 Nov
2
46.8
314 Nov
27 J'neii,
818Nov
60 May
48 Sep
813 Jan 3
678N ov
6814 Aug 4
46 Dec
31 Jan b
21 Dec
814 Dec
1138 Aug 3
14738 Aug 11
9312N ov
16034 Aug 6 130 Nov
138 Aug kb -S5 Nov
153 Sep 9 111 Oct
16412 Sep
126 Oct
210 Aug210 185 Oct
140 Aug 7 106 Oct
May!...
165
137i2Dec
4 Maylb
14Oct
1434 May13
8 Dec
62 Jan it, 48 Nov
98 Aug 12
86 Dec
3838 Sep 15
17 Nov
41 Nov
130.34 Sep 1.
2912N ot,
6912 Sep 11
17,78 Sep 19 123580ct
640
369120ct
2878 Sep 14
16 Nov
70 .34,4y 18
53 Nov
42 J'ne3i.
3134Dec
1614 Apr 28
6140et
26 Apr 24
10 Nov
3114 Sep lb
.214 Nov.
4b13 Sep 10
28 Nov
36/8 Sep 13
20 Nov
140 Aug 13 10713Oct
(19 J'ly 29
37 Oct
77i2 Apr
75 Oct
18 Anglo
5340et
3413 Sep .4
2412Oct
7973 Sep 15
72 Apr
90 may,4
63 Nov
85 May14
64 Not(
146 Sep 10 116 Nov
1312 Aug 10
4730ct
3814 Aug 50
14 Nov
19 May19
912Nov
3612 J'ly 23
29 Dec
70 Jan 13
60 Oct
29 Sep lb
18 Alen
6312 Sep 11)
45 hich
1934 May it,
11 Nov
45 May12
3934N0v
47 Aug 7
'28 Dec
113 May19
8512N ov
13934 Sep 9 100780ct
4..3 Aug l..
23 Dec
901,Jan 28
1234N ov
1714 Aug 10
32 Ma3,14
2312Dee
6912 Maylts x62ILDee
12458 Aug 26
(8) Oct
14913 Aug24 110 Oct
3338 Sep 9
2034Nov
6678 Sep 9
53 Nov
6412 May20
441$ Dec
115 J'ly 23
97 Dec
11014 J'ly 22 x8i) Dec
4178 J'ly 23
1934Oct
102 May12
85 Nov
75 May14
41 Oct
14
14513 Sep
12733Nov
44 Aug II
28 Oct
7578 Sep 1
56 Oct
82 Aug 31
70 Oct
14634 Aug 13 V10120ct
13538 Sep 9
9112Nov
931.Jan 14
56 Nov
1.10 May2u
(35 Nov
97 Jan 13
85 Dec
12634 Aug 7 c10312Nov
78 Sep 9
51 Oct
98 Joe 4
69120ct
13738 Sep 15
70120ct
8712 May19
/3 Oct
8812 Aug 10
67 No%
1913 May14
1114Nov
4053 May13
2812Nov
6134 Jan 15
58 Oct
34 May14
24 Nov
1833 J'ly 31
1 Nov
4453 Sep 9
25 Nov
11033 Sep 9
63140et
12512 May13 100 Oct
2373 Sep 10
10 Nov
55 Sep 10
2912Nov
2614 Aug 28
1712Nov
47 Aug 10
16 Nov
1514 May 2
9 Dec
2712 Aug 11
1634 Dec
5914 Aug 11
2934 Nov
9214 May19
0834NoV
18873 Sep 9 100 Oct •
90 Sep 1
7: Aug
2412 Apr 28
10I Nov
43 Apr 2b
20 Nov
1414 May21
8 Oct
2938 Aug 5
1418Nov
s Oct
16 Mavi8
Highest
10814 Jan
10158 Jan
13318 Jan
122 Jan
9412 Jan
8358 Jan
8534 Feb
19512 Jan
6612 Jan
220 Jan
66 Jan
2712 Jan
69 Jan
18 Jan
79 Feb
713. Feb
2618 Jan
15712 Jan
16512 Jan
141 Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
334 May
17 J'ly
9278 Jan
10812 Jan
3878 Jan
6912 Jan
8812 Jan
22712 Jan
510 Jan
4278 Jan
9318 Jan
8018 Jan
191: Jan
39 Jan
4.414 Jan
7578 Jan
67 Jan
18934 Jan
85 Jan
15 Oct
1412 Jan
47 Jan
8612 Jan
114 Mch
94 Jan
172 Jan
39 Jan
1514 Jan
2878 Jan
51 Jan
80 Jan
3034 Jan
6134 Jan
2812 Jan
6712 Apr
6712 Jan
14518 Jan
146 Feb
107 Jan
2758 Jan
90 Jan
14014 Jan
168 Jan
4458 Mch
7234 Jan
0234 Jan
141 Jan
1304 Jan
6312 Jan
110 Jan
904 Jan
189 Jan
4838 Jan
9214 Jan
9012 Jan
1894 Jan
134 Feb
12418 Jan
76 Nov
125 Mch
1413s Jan
78 Jan
10512 Jan
13918 Jan
92 Jan
94 Jan
3018 Jan
6412 Jan
70 Jan
483s Jan
2512 Jan
621r Feb
0814 Jan
11818 Jan
34 •Jan
9412 Jan
3718 Jan
123 Jan
29 Jan
3334 Jan
5478 Apr
10812 Jan
183 • Jan
96 May
02 Jan
7118 Jan
1812 Jan
3812 Jan
301, Jan
BAN IS AN p 'TRUST COMPANIES—BROKERS' QUOTATIONS
Eta
Ask
Bid
Ask
Ask
Ask
Bid
Banks
Bid
Hanks
Banks
1114
Pacific 11___ 230
167
Metropenn 162
496
Hanover __ 475
420
--- Park
. Fidelity 11- 185
New York
OtiziseaEx 11 200
176 Imp 63 Trail 540 550 Mt Morrisn_ , 200
Mutual IL__ 285
31,1) People's 11- 295
_.
185
-..- Fifth Avail_ 3800
_ Irving N Ex 175
Aetna ..„-- 1170
- -- Chemical __ 410 420
510
150
do citizens' Ctl 140 154 Fifth
170
America 11_
5 '205 Phenix
180
Nassau 11._ _
300 350 Jefferson 11
235 City
____ New Amst_ 19_
__
-- Plaza 11_ _ 610
First
13 193
Amer Each_ 230
700
-- Liberty---- 500
210
-Prod Exe-11-1 155
200
4.
__ New Neth
225
14th St 11 -- Lincoln --, 495
Battery Pk _ 1120
- Coal & Iron 215
— - 17.5
Manhattann 290 3-,;(4
NewYorkCc 500
197 205
-- Sherman -.. 135
Bowery 1.. 320
335
--- Colonial 11.. 700
--- Fourth
340
-;eaboard
--- Columbia 1.. 400 500 Gallatin
_ . New York _ :300
310
-%lark% &Ful 240
Bronx Boro1 300
315
325
___ ..Commerce _ 166
Bryant Pk 1'
169 Garfield
285
-. Mechanics'_ 250 2-60- N'ht &Day11 --- 260 Second ___ _ 350
1-45
Mercantile _ 125
Butch & Dr, 1-50
130 19th Ward
155 Consol't'd
120
— 500 State 11
225
130 Germ Am 1] 135
185 Copper..... 220
170 Northern Century 11._ 170
..... 12th Ward% ____
500
11March Exch 165
155
- Gertn'n Eel 475
-- - Corn Ex n
240
165 Oriental 1- ---23c1 Ward ll 190
318 3-2-5- Germania 11 500
Chase
- Merchants'. 160
305
11
Ras,.
20
135 Greenwich
21)5
--- Metropolis 1' 375
900
River_ 125
Chatham
- --State banks 0 NOW
* Bid and asked prices, no sales were made on this day r Es-r ghts. 5 Less than 10U shares 11
a Ex-dlvldend and- rIghts.
3 Sale a Stock Exchange oral auct.on this week 6 1st Installmit paid. n Sold at private sale at this price.
Banks
Banks
Banks
Bid
ASIc
250
430
305
160
Ask
---350
—.
-300
---
•
724
al'OCICN-HIUHMST AND 1,0iY EST 8ALB PRICES
Saturday
Sept 12
*8
*1512
*10
2718
4713
[VoL. Lxxxviz.
iNew York StOCK &COM-Concluded-Page 2
Monday
Sept 14
912
878
1612 1512
12 *10
2812 2814
4734 48
Tuesday
Sept 15
Wednesday
Sept 16
878 *834 912 *8
1512 *1512 17
*15
*10
12
*10
11
2818 25
25
29
4712
4834 4(3
47
10
17
11
26
48
Thursday
Sept 17
812
1534
9
2553
4734
834
1534
1014
28
50
sates o,
he.
Friday
Week
Sept 18
Shares
*812
1634
10
27
48
SI OCKS
NEW YORK STOCK
EXCFIANGE
hang,- ...wire fan. i ly's
On ba,ta of 100-sna7e tot,
Lowesi
1Iwhesi
Ramp as Previous
Yea,(1007)
Louesi
iitohess
g
1634
10
2713
4912
500 Wheeling & Lake Erie1634 Jan
412 Mch 7 1052 J'ly 3,
0 Oct
3734 Jan
660
13 Oct
Do 1st pre(
1213 Apr 16 2134 Aug 1
1,373
1314 May22
2134 Jan
o Feb 27
8 Oct
Do 2d pret
9,675 VVIsconsin Central
2573 Jan
It Nov
1312 Feb 28 2912 Sep It
7,400
25 Oct
Do pref.
33 Feb 19 50 Sep 17
51'3 Jan
,ndustrial&Miscellaneous
__ *181
__ *181
*181_ *181
_ *181
.. *181
A dams Express
164 Jan 1. 1200 Aug20 5150 A05. .330 J'Ile
012 1014 -*1012 1114 1012 -1.
1031
- 1012 1034 1,200 ‘1.111s-Chairners
11 -1-1
11 1-1
Aug
1078 Jan
5 Mch 6 12 J'ly 22
34
34
33
3434 *33
3318 3158 3133 3034 32
*3413 35
433
;Jan
1,900
Do prer
14 Mch 0 263s Aug 1.
14 Nov
7558 7634 7458 7614 7414 76 152,725 Amalgamated Copper
7612 78
7613 7858 7753 79
12178 Jan
4518 Feb 19 8353 Aug t. 44134 Oct
27
2912 2714 28
2938 28
28
2734 26
2734 28
27
5.030 Amer Agricultural Chem_
2638 Jan
10 Oct
13 Jan 4 2912 Sep 15
*9312
9534
*0212
90
*92
95 *90
95
9413
9412 *90
*92
95 Feb
Do pref
75 Oct
7813 Jan 4 5/534 Sep a
1814 1918 1818 1814 1734 18
1918 1913 1914
19
1718 1712 2,300 American Beet Sugar
221.&111
912 Feb 10 2478 Apr :
734Nov
82
*72
82
*72
80
*74
82 *72
82
*72
Do ore!
80 Jan
76 Mch
65 Jan 23 78 Apr 23
*578 6
573 6
*512 6
*512 6
712 Apr
500 American Can
,
553 558 *512 578
678 Aug i
3 Oct
4 Feb 20
60
6118 6113 8112 6112 8112 6112 x60
6034 58
58
5814 1,900
Do pret
601. Apr
34 Nov
44 Jan S 6212 Sep 9
3834 3938 3834 3918 3814 39
40
39
3812 40
3734 3814 6,200 American Car & Foundryl 2512 Feb 13 4214 Aug 7
451:I Jan
24380ct
*102 10312 *102 10314 10234 10234 *102 10314 10213 1021$ 10234 10234
Do pret
200
103 Jab
is Oct
8414 Mch 4 105 Sep
35
3434 3512 3412 3434 3334 3412 3352 34
3434 3473 35
3612 J'ly
4,200 American Cotton Oil__
2434 Feb 19 363e Allg28
21 Nov
92
*91
*90
92
92
92 *90 92
*9012 92 *91
*90
Do pret
180 Jan It 92 Sep 1
90 Jan
70 Nov
-I
*195 205 *195 210 *195 210 *195 210 *190 210 *190 210
American Express
4170 Feb 26 1224 Alayl 1 175 Oct
247 Jan
712 712
7
8
8
8
712 *7
8
8
*718 8
1,110 American Grass Twine_
814 J811 "
912 Apr 14
3 Oct
378 Jan s
438
414 414
414 *4
43s *4
414 *4
*4
4
418
400 American Hide & Leather
234 Feb 2t
014 Jan
02 Apr 14
212Nov
*1912 21
*19
20
21
21
20
*19
*19
21
*18
21
200
Do pre
3010 Jan
1212 Mch 4 '23 Aug 4
Oct
10
2758 2758 2734 2834 2712 2778 2733 275$ 267$ 2738 2634 2718 3,970 American Ice Securities
$15 Oct
88 - Jan
1212 Feb 8 3173 Aug 15
*1012 12
11013 1012 451012 12
1034 1034 *1012 11
*1013 1134
6 Men 5 5313 Aug
140 American Linseed
0380Ct
1014 Jan
, 17 Mch 5 2613 May14
24
24
*2334 25
2313 2312 *2112 25 *2112 25
*2112 2412
Do pret
200
36 Jan
16120(3
44
4534 4712 4512 4714 4533 4614 44
4512 4418 4535 57,875 American Locomotive
45
3138 Feb 25 5953 Aug 13
7534 Feb
321.1Nov
10358 10358 *10313 105
10234 103
10253 103
10312 104 *103 104
851. Jan 3 109 Aug
Do pret
1,100
11112 Jan
83 Oct
*778 814
8
8
8
838 834
814
814 853
8
814 1,582 American Malt Corp.__ _
3 Mch 2
4712 Apr
212J'ile
Sep 16
47
48
4814 4813 48
5115 4234 50
48
4813 4978 49
21 Jan 13 5118 Sep
Do pret
4,562
17 No
45) Feb
*8112 8214 *82
80
8214 8114 8134 81
8053 8012 8012 1,000 Amer Smelters Sec pret B
81
70 Jan 17 8413 Aug ,
9318 Jan
60 Oct
9218 9312 9133 9312 9012 927$ 88
9012 85
8938 8334 8613 266,910 AmerSmeiting & Refining
5512 Feb 17 107 Aug
5814N0V x155 Jab
103 10314 10214 103
10238 101 102
102 10212
10214 103
Feb 25, 11033 Aug 3
Do pret
6,410
11738 Jan
81340et
*18233 200 *18233 200 *180 200 *18233 200
--„ „..„.. 18238 18236
100 American Snuff
180 Aug24 200 Apr 70 110 Oct
206 Jab
*91
96
*91
96
9534 101340534 9712 97
*9034 96 *91
Do 'pre!
97
80 mch23 9712 Sep 17 470 Nov
300
102 J'1le
*31
32 *31
30
30 *29
32 *31
30
30
32
31
925 Amer Steel Found (new). 30 Sep le 3714 Aug 11
*40
45
*40
45 *40
*40
45
-,-, ,
45
-- *38
Do old pret tr rects
'2738 Feb 15 41 J'ly lu
45
131 13112 13113 13134 131 13112 12834 13034 12734 12913
13134 Aug31
12814 12934 8,150 American Sugar Relining 9833Jan
9234Dce
1Y7-1-2 Feb
*125 129 *125 129 *125 129 *125 130 *125 129 *125 130
Do pre!
105 Feb 0 129 Aug 6 (10t1 Not 131 Jab
12834 129
12914 12912 12834 12918 12634 12918 12634 12814 12634 128
11,350 American Teleph & Teleg 101 Jan 0 13134 Sep 3
133 Jan
88 Oct
*9412 9512 95
9212 2,683 American Tobac(new), pt 7212 Jan
9253 93
9512 x9312 94
9234 93
92
9712 J'ly
60 Oct
983;Jan
*2312 241. 24
2353 23:, 2334 2334 1,150 American Woolen
24
2378 2373 2338 24
2634 Aug 12
1512 Feb 17
3(510 Jan
11 Oct
*92
9234 92371 *92
93
93
*92
93
Do pref
*92
93
9213 9218
200
68 Nov
7514 Feb 19 94 Aug .5
1024 Jan
4653 4738 4673 4734 46
4313 4573 4314 4434 21,505 5lAnacondaCopper Par$21 $2713 Feb IL 35013 Aug ; 326130ct
4778 4512 46
30234 Feb
1
aBatopilashtining
*314 334 *314 358 *314 358
...5,5918 may
800
Par $20 3212Jan 23 45 61c1121;
312 358
318 312
43 Oct
314 3 4
*2112 23
22
23
etehem Steel
*22
2212 2173 22
2112 2112 2018 2012 1,500 1.1hl
2012 Jan
8 Nov
12 Jan 1:; 2434 Aug 7
51
51
4913 4912 *50
4912 4913 4933 4938 *45
51
, do pref
4914
400 I23 Nov
65 Jan
35 Apr s 65 Aug 7
*138 142
138 138 *138 145 *137 145
14414 14513 14312 146
Brooklyn
Union Gas
1,900
80 Nov 125 May
285 Feb 21 146 Sep 15
*1214 13
1214 1214 *11
*1214 13
6 Jan
13
*12
*1213 13
141. Jan
1318 Sep 1.
6 Oct
13
100 Brunswick Dock&C Imp
*20
2113 20
2110 *20
20
20 *20
2112 20
10
495; Jan
620 Butter!ck Co
27 Oct
1912
410 Feb 7 426 Jan 15
26
2634 2534 2612 5,605 Central Leather
2734 277ii 2712 2778 287$ 2758 2633 27
117sNov
1513 Feb 10 3038 Aug ii
40 Feb
95
9512 9512 95
95
95
9612 9612 *95
97
*9512 97
700 \--/ Do pre'
7634 Jan 2 99 Sep 4
558 Nov 102 Feb
3514 3212 3414 32
34
3218 3413 24,210 Colorado Fuel & Iron
3433 3534 3434 3534 34
1553 Feb 11 37 Sep 8
14 Nov
5778 Jan
201. *20
2038 20
*2013 21
*2013 2112 2012 2012 20
2838 Apr
1434 Mch 6 24 May19
21
800 Col & Hock Coal & Iron
14 Dec
- 14414 14612 58,400 Consolidated Gas (N Y)
149 15134 15114 15338 14912 15214 117 15038 145 14834
96 Jan 3 15412 Sep 1)
14014 Mch
74 Oct
1812 1878 1858 1833 18
1834 1773 18
*1812 1834 1834 19
1034 Feb 10 2013 Aug 1
3,450 Corn Products Refining
8 Oct
2434 Jan
88 Jan
7578 76
Do pre(
56 Jan 2 80 Aug is
7512 76
600
76
46 Oct
7912 7614 7614 76
7714 *76
*76
2812 293s 2818 2914 2914 3034 2953 3014 23,725 Distillers' Securities Corp 3714 Feb 19 3812 Aug 5
78 Feb
2914 3034 2834 31
25 Dec
*7978 95 *7973 90
Federal Mining & Smelt'g 7612 J'ly 15 94 Aug 10
*7973 90
*7973 95
*7973 95
*7978 95
50 Oct
163 Jail
8412 *82
8412 78
8412 *80
97 Jan
59 Feb it) 8834 Aug 7
*81
83
8413 8410 *81
81
460
47 Oct
Do oral
_
Federal sugar Itet ox N Y 56 J'ly 28 0/312 .ne2u
212 J'no
---- ...---- -42 Feb
9612 *93
9612 *94
*93
96
Do pref.
*94
7312 Feb 3 100 J'ly
96
. *94
100 May
9612
76 Feb
141 143
140 140
143 14414 143 143
*141" 1154 145 145
111 Jan 2 14812 J'ly
1,146 General Electric
89120ct
163 "
11
Granby Cons M S & P
*95 106 4100 110 *100 110 *100 110 *100 105
*95 103
7834 Jan 2 10913 J'ly 3u
60 Oct
152 Feb
*5512 57
*5513 57 *5512 57
*5512 57
*5512 57
1 nt Harvester stk tr etts 52 J'ne 11 • 5912 J'ly 10
*5512 57
10413 10478 105 105
104 10414 1.365 I Do pref stk tr Ms_
10414 10414 10312 10412 104 104
00 J'ne 11 100 Aug 3
7 Mch 11
nt Mer Marine stk tr Ws
712 *7
712 *834 712 "2 712
*7
712 *714 712 *7
9 Dlay1 1
412Oct
*2034 22
*2034 22
Do pref
*2034 22
2034 21
2112 2112 *2034 22
300
16 Feb 23 2334 May 7
10 Nov
24 Apr
*10
11
934 1018
914 934 2,800 International Paper
934
912 934
8 Apr 1
914 034 *0
1214 Jan 18
18)2 Jan
712 Nov
*57
5533 5614 5518 5514 5514 5514 *55
5612 57
59
Do pret
57
52 Jan
81 Feb
1.480
65 Jan 10
51 Nov
2112
2234
2214
2212
2312
internal
Steam
22
2312 2413 24
Pump__ _
2438 23
2212 3,500
41 Jan
13 Jan
2712 Aug 11
8 Oct
*78
7912 *77
80
*78
Do pret
7912 7934 7934 *78
7912 *77
80
65 Jan 10 8313 Sep 1:
100
81 Jan
60 Oct
*67
6878 6813 6813 *67
69
6712 6712 *6718 70
69
69
62 Feb 25 7014 Aug 1
850 Mackay Companies
7514 Jan
40 Oct
ft I
69 *67
69
7018 *69
70
70
6934 70
70
*69
Do pret
71 Jan
6973 Feb 25 7018 Sep 14
1.000
50 Oct
s,11-2
*88
8911 *88
89
*88
8912 *88
8912 89
8913 *88
8913
68 Jan 3 97 Aug 0
100 tv ational Biscuit
8614 Jan
1
58120ct
_*116 118 1116 116 *116 118 *116 117
*116 118 *11613
90 Nov 11738 11
18 1" Do pre!
102 Jan 2 120 J'ly 22
"
934 934 *912 1014
*934 1012 *934 IN; *912 1012 *912 1014
100 Nat Enamel'g & Stamp'g
712 Feb 14 1218 Aug 13
618Nov
1538 Jan
80 *75
*75
80
478
78 *76
*76
80
*7512 813
Do pret
87 Feb
80
170 Feb 25 180 Jun 18 S71, Sep
50
8112 74
7858 74
7614
Jan
81
8178 82
8338 8112 8314 77
Nov
36 Feb 10 92 Aug 7
7613 29,315 National Lead
33
Do pret
10212 10212 10213 10212 15102 10278 10212 10212 102 10214 102 102
80 Oct
8712 Jan 5; 105 Aug 4
103 Jan
1,060
85 Dec $2034 Apr
512 534
534 534
534 578
*558 578
558 6
512 534 2,500 Newhouse M & S_Par $10 $5 J'ne27 $978 Jan 255
Alr
York
76
75 • 76
75
New
75
Brake
4713Dec
74
75
Aug31
900
82
*75
82 *75
50
14112 Jan
7513
Jan 2 8314
61
60
8924 Jan
6013 61
64
*60
65
37 Nov
6412 . 6412 *60
65
4213 Mch 2 6034 J'ly 23
*60
600 North American Co, new
2514 2434 25
2434 2434 2,150 Pacific Mall
4112 Jan
2634 2634 2514 2613 25
26
26
24 Apr 2u 3312 31c1124
19 Nov
9882 Jan
9453
96
9512
G
97
L
9512
97
eople's
*9634
&
7014
C
Aug
11
97
Oct
9518
9634
9612
9512 1,400 -I(Chic) 80 Jan 2 9734
Nig Jan
1114 1114 *11
12
12 *10
812 Mc1117
*1114 1112 1112 1112 *11
200 Pittsburgh Coal Co
12
7 Nov
143$ Maylu
(5038 Jan
45 *40
44
45 *40
*40
*40
*41
45
44
*40
Do pret
37 Nov
45
3612 Feb 14 48 Aug 10
57 Jan
3034 3134 31
3314 3312 32 - 33
3112 4,455 Pressed Steel Car
1658Nov
3212 333, 3312 34
1714 Feb 10 3612 Aug 10
9978 Jan
94
94
94
Do pref
*9312 9412
19414 941, 9413 9413 9313 9312 94
64 Nov
69 Jan 3 x9714 Aug e
723
164 164 *162 165
165 165
*162 166 *182 166
16212 16212
300 Pullman Company
147 Jan 3 16812 J'ly 29 i3514Nov 18118 Jan
5712 Jan
3514 3434 3513 3412 35
21120ct
3514 3573 3813 3658 3513 3614 35
2334 Feb 8 4633 Aug
4,500 1.) allway Steel Spring_
9912 Feb
*8812 98
*8812 98
*8812 98
*8812 98
*8812 98 *8812 98
72 Nov
IN Do pref
76 Jan 29 10013 Sep 2
2214 2114 22
2234 2314 2218 2234 22
2214 23
41 Jab
2114 22
4,800 Republic Iron & Steel
1434 Feb 11 2558 Aug 10
12 Oct
100 Jan
7834 7972 7833 791$ 4,000
80
81
79
8134 81
Do pret
7953 81
81
5012Oct
63 d'nel9 8213 Aug 10
2224 Jan
6214 63
63
6313 64
63
63
63
64
62
26 Oct
62
3,000 Qloss-Sheffield Steel &Ira 36 Jan '2 6514 Aug31
62
LI Do pret
*98 101
*98 102
-. *103 10312 *101 104
*101 104 --80 Oct 4107 Jan
$712 Jan 7 103 Sep
$5312 Mich
37
38
3714 38
-914 x3734 38
3734 3773 MOO dTennesseeCopper Par$26 $2512 Feb 17 $4174 Mch3O 517 Oct
3914 39 3
39
85 Jan
*72
73 *2
42 Dec
*7213 74
*72.14 74
7212 7212 *2 74
100 Texas Pacific Land 'mist 45 Feb II 7212 Aug 25
731
818 Jan
___ _
633 7
*612 712 --------------------713
- *7
4 Oct
9 Aug41
4 Feb21
200 1 Tilton Bag & Paper
61 Jan
4473 Jan 6 64 Aug18
60 ...- -- -,
100 4-) Do pret
3034 Nov
6112 80
*60
6113 *60
4912 Jan
- 2433 -2-51-58 *24 -26
2453 -2378
2513 2518 *2512 26
*25
26
37 Oct
1712 Feb 26 29 May is
510 11 S Cast 1 Pipe & Founcir
89 Jan
7133 7178 7113 7258 7112 7112 1,395
72
73
72
Do pret
72
49 Nov
*7113 73
5658 Jan 2 7872 Aug 10
*75 100 *75 100
*80 100
United States Express
*80 100 *80 100
**80 100
70 Nov 4117 Jan
70 Feb 18 90 Jan Li
50
9012 Jan
49
49
49 I.__ 49
55
51
*48
50
5073 *49
36 Nov
600 (I S Realty & Improvem't 3014 Feb 5 5238 May25
*9
12
10
512Nov
*7
3014 Jan
9
9
*8
13
*8
13
*9
180 U S Reduction & Refining
10
15/4 Aug 8
4 Feb 21
68 Jan
*2514 28
35
Do pre
27 *25
35
*26
27
35 *26
*2514 28
1814Dec
120
16 Feb 10 30 Aug
5212 Feb
2912 32
1312Nov
2934 3034 30
34
34
*33
34
1734 Feb 10 3712 Aug 7
3014 3,900 United States Rubber
3234 33
9912 100
10978 Jan
99
99
100 100
Do 1st pref
10073 10078 9978 100
98
62 Oct
2,222
98
76 Feb 19 10234 Aug 7
78)8 Jan
39 Nov
68
68
*65
71
*68
70
71
*68 71
*68
63
DO 2d pret
200
63
42 Feb 21 74 Aug 7
5038 Jan
4512 461$ 4432 4613 4458 4512 236.115 United States Steel
4633 4718 4653 4738 4813 47
2173Oct
2534 Jan 2 4813 Sep 8
7918Nov 10734 Jan
10814 10933 10813 10914 25,460
10933 110538 110 11013 10938 11034 100 110
Do pret
8713 Jan 2 11213 Aug31
$3913 Mob
43
4113 4213 x4073 41
44
44
4373 42
4338 4378 43
7,750 dUtah Copper___Par 310 620 Jan 2 34(03 Aug 10 $13 Oct
3938 Jan
2012 30
1238Nov
29
2978 2012 31
29
2913 2834 2914 9,676 Virginia-6arolina Chem
2812 29
16 Feb 27 31 Sep 15
75 Nov 108 Jan
109 109 *107 10812
10834 10834 *10812 10912 *108 10912 *108 110
Do pret
200
x85 Jan 2 10) Aug a
ta Jan
31 Oct
*68
80 *58
59
60
59 *60
*58
61
*59
61
61
100 Willa Iron Coal & Coke 43 Jan 7 (1513 Aug 8
ells Fargo & Co
*285 300 *285 300 *285 300 *285 300 *285 300 *285 300
1250 Feb 134295 Sep 8 250 May 300 J'ne
85 Jan
54 Dec
astern Union Teleg_
6014 6073 6014 6112 6034 62
6012 6012 60
4,535
61
*5912 60
41 Feb 19 62 Sep 10
82 Nov 159 Jan
5 300 WestingifseEl&Mfg assen 38 Mch 11 89)4 J'ly 22
7112 7014 71
7412 7434 *7412 77
74 • 743$ 7112 7313 71
*RR
RM. *RR
(10 Dec 4160 May
Mb *RR
961. *RR
0019 *88
89
87
on
Do 1s1 pret
68 .Mch24 OS J'Iv 22
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
Btd ASk
Ask
Trust Co's Bid
Trust Co's Bid Ask Trust Co's Bid Ask
trust Co's Bid
•Brook.yn
N Y City
Brooklyn
Fifth Av Tr_- 415
Mut All'nce ___ 170
Bowl'g Gr'n 330
Fulton --- 19-0
--310
_ -- N Y Lite&Tr 1000
_-__ Brooklyn 'jr 390
__ Montauk-. 140
135 Guar'ty Tr- 450
47-5 N Y Trust_ 505
,,,-- ErwaY Tr-- 125
____ Citizens' - 120
- -- Nassau...... 230 250
_ Flatbush - 240
-- 7165 116518 Guardian Tr 1161 1200 Standard Tr 325
42-5 Nat city __ 290 306 Carnegie
Central Tr_ 1700
__ Hudson _,- 1139
-- TItleGu& Tr 395 4-05 Franklin - 100
...- Columbia._ 121814
___ Knlekerb'kr ____ 3-1-0 Tr Co of Am 300
Hamilton - 270
North side1 330
310
Brooklyn
_ Commercial 145
Prosp'ctPla 155
100
Home
1-55 Law T Idar 19712 2021 Union Trust 1000 1075
130 Terminal 41_ __ 13-0 Com'wealth - - 85
Borough 1.. '100
435
Kings Co
Lincoln Tr- _-„,.. 195
350
326
US
Mtg
&Tr
__
Broadway T 375
Lafayette
120
Empire 0._ 35f0
-- _ Manhattan- 330
400 Unit States_ 1080 1110
250
First
---- Trust Co's
Equit'bit, Tr 360
375- Mercantile - 760 800 VanN'd'nTr 270
280 I. Isl L & Tr 250
E,
*•rn Lo&T 1100
Home Bk 1_ 100
---N I' Cill/
---- Metroportn 505
150
- __ Washington 400
_ Nassau
Manufac'rs' 420
290
-- Astor
310
Fidelity _ 200
Morton Tr_ 400 42-0 Westchester 135
270
1-4-5 People's
Mechanles'11 220 2-40 Bankers' Tr 440
460
Mutual ___ 95
Williamsbg
•-- 100
105 Windsor __ 130
140
* Bid and asked prices: no sales on this day. § Less than 700 snares. ;Ea-rights. b New stock. c Ex-div. and rights. ii Now quoted dollars per
I Sale at Stock Exchange or at auction this week. s Trust Co. certificates, ¶1 Banks marked with a paragraph (1) are State banks.
Banks
New York
Union r.xc 1
Wash H'ts 11
West Side 1
Yorkville 1
Bid
Ask
Banks
175
230
500
400
........
.8k
400
135
255
2111
280
110
455
130
.....
cm
280
..,..,
share.
Now York Stook Exchange-Bond Record, Friday, Weekly and Yearl
y
OCCUPY i4
1.411ic
11.m Ds
N.Y.STOOK EXCI1 it
E
WI= ENniNn SEPT 18
..
WM Ds
Price
We,ex's
"
Range
N. Y. STOCK EXCHANGE 3 Friday
Range or
Since
W KKK ENDisui SEPT 18
Last Sate 444, January .1
-;a. Sept 18
11.4
tuaverlllllent
itt,
Ask
Low
11
Se
It
ig
Cent
ot
(4a Itlt-(Con)
U 8 2s consul registered.t/1113,
Sus
Asi Low
nom Au tow .ittglb
10338 104 104
104
1031
/
4 104,
1
1.1 pre! moonie g om....p1941 et
U S 280011801 coupon
d193,
37
13:1 Sep'0. .... 27
10418
41
J'ly'US
04 10415
Sti pref income g 5s stamp° -.-..
U 538 registered
37
/6191,
14912 A a44.4.4:s .... 27
101 1004 1011
/
4
101i.
100
401
/
4
1014
Chatt Div pin' Moll g 4s.L931 Ji 822
U 3s coupon
411/1z84.168.Febiur ...„ 816, 855„,
101 101% 10034 Aug'08
10034 102
Mac is N or Div 18t g 58.1946 J -J
U 5 38 reg small boads gliiir
1
t/418J'nl/
eb .... tuu4 104/
103
_
107 J'1jte02
1
4
Mid
t4a
&
U 8 3s con small boutts 41111,All
Dtv
fts. 11)47 J -J 1004
1004
116 Noviub
1014 Feb'08
101 18 101'Mobile Div 1st g 5s
U S 45 registered
1925
194t, J-J 19634
121 121¼ 121 Sep 10b
105 Dee'07
.
1181212214 /en lilt & 13 01 us col g bs 11137
U S 45 coupon
1922
12112
1,612 Sep 'or, .... 542 1064
122',J'neii/8
l2034 128¼ ,Jent et .N J genii gold 56.11187 VI•N
USPan Can 10-80 yr 213.k11,3t,
J -J
12334 1234 1.3
104%103,
.
5 1034 Mar'/8
2 117 124%
[0318103¼
Registered
411187 Q-J nit% ... 121 Ang'ut .... 1201
/
4122
Foreign lAtivernment
Am Dock 85 Imp gu Os..1921 .14 1081
8 11
Le & Bud it gen gn g bs 192u J -.1 10-4 -0.1.: 1904 Sep'08 .... 107 11/1,34
Imperial Japanese Governm't
••-• ......
Leh is Wilks13 Coal 68..1912 M-N 9914 102
sterling loan 4 45
11)25 F-A ; 9034 Sale 904
118
Apr'Ob..
. Ins
911; Oit 85 914
98
Von ext guar 412s .g191t/ Q Al 1001
2d series 412s
11125 J • 2 1 8934 Sale 994
/
4
100
11/0
1 9812100¼
81118 35 831
/
4 901;
N Y & Long Br gen g 4s 1941 M-S 96
Sterling loan 48
11131 J .J
80
81
8018
4 76
St
81
',lent Pacific See So Paoillo Co
Repub ol Cuba Os exten debt.. 11- b 11034 Sale
1024 1034 0 10014 1054 LientVermont lat gu 948
U S of Mexico a 1 g fet oh llll
88 mar°, .... ......
41920 Q-F
MI%
994
96
991, units& say see Atl Coast Line
Gold 45 01 11104
1954 J -D
i1334
9334 Sep '08
9012 94'i Jlies 45 Ohio gold tis
104
a1911
A-0
105
Sep 'Ob. . 102 1051
1 twse are pr lad 051 MS 0 arts of $5 to E.
/
4
State and City Securities
Lit 0011801 g Os
1930 m.N 1164 1134 1151A 1113
Its 10712 116
Registered
Alabama OUrr Utua 48.....1021
1939 NI-N *
11514 101 12 Deo 017
974102 ill Mar'02
General gold 4411
1992 .s 1014 salt. 10118 1014
Dist of Columbia 3.615s
11/24 F- A 119
19 VO 102%
1174 J'ne'Ot.
Registered
Louisiana now consol 48 11)14 J -J
19132 M-8
104 blit,)'05 • .. ._...
913
1054 Deo0.14
Big Sandy 1st 4s
New York City1944 J-D.
5954 8238
81034 -20 694 8934
Craig
Valley
New 4 its
1st
g
651940
1957 M-N 1111
112
J
-J
Feb'ut., .... .
101
..
..
/
4Sale 110% 1114 141, 10538 11l34
ii & A Div lat eon g4s 1989 J -J
New 448
119 Aug'ub .... 914 UV
191't 21-N •10341044 1044 Aug'Uts
2tt consul g 48
0114 10434
44% Corporate Stock -.1957
934 Jily itib ...., 89
1989 J-J.„,
931
111 Sale 11034 1111
/
4
/
4 65 105 1111
/
4
Warm
Sir
V
al
410% asademit bows
let
113'
g58
11)41
4
Feu'uo
-8
11i..0
1217
.N.
*1034 104 104
10434 102 102 104,
,
Greenbrier Ry lstgug ts'40 M-N
New York State-Highway
95
95
na
2 95
95
C'hic & Alt RR ref g 38_1949 A-0 *
Impiovem't 4s .....
78
7114
7714 lo 0734 78
1958 M.3 10934
110 Ang'08
101 110
Railway let lien 348-1960 J-J
Nortu Carolina consol 48 191t,
70
701
/
4 71
703
. 41/ 60
99
7034
1004 Apt''07
Registered
68
bt/
1955
1
J-J
8MaVuo
1911' 4-0 116
126
Mar'07
01110 Burl& Q-DenvD4s 1922 F-A 891810018 1194 Ang'o:. _ 97
So Carolina 448 20-40
1932 J -J
100¼
120 Mar'Ut
General 4s
195t.
Tenn new settlement 8s 11113 •.1
.13
994 sale 9131
/
4 11.'. it/0 97 1001
94,2
/
4
95 Ply'05
86
94
Illinois Div 3,2,s
1941, J.J
Virginia fund debt 2-88 11111i J •.1
90% Sale 1004
1)118 et 86
92
1)118
90 rly'08
IPA
90
Registered
Os deferred Brown Bros °Us. •••• 37 384 39
8634 J'ne'ub ..
194t) -J
88
61.134 8634
Sep'OS
224 43
Gold 4a.
19411 -J 101% Sale 1004 104
i.
, 97'.102t
Iowa Inv smk fund 58 1919 -0 105'a
Railroad
1051
/
4PlY'Ini .... 10512 106
SinkLug fund 4s
A latama Cent See So Ry
10944J'ly'ez ... I/6 1001
19111 A-0 11104
/
4
Nebraska
(1•11.1aba Mull See At Coast Lint.
Extension 45 1927 -N 101) 1u2% 10114 1014 1 581
/
4 101%
Registered
Albany & 8usal Bee Del& Hut,
1014 Maroc .... 1,0112 1014
11127
Ry,
N
Southwestern Div 45
Allegheny Valley See Penn Rit
110 Oet ivi
1921
El 30",
.
Joint bonds See Great North
Alleg & West See Bun it &
Debenture Os
1024 1024 1 971410312
Ann Arbor let g 45
1913 N 1014
411195 4-4
841
/
4 85
84
6
85
Han
,s8
sum
79
55
;
000
"i
6,
1911
102'
s
Atoll T & S be-lieu g 4s.111114., 4-0 1014 Sale 101
1041
/
4Apr'Ob .... 10418105'.
1011
/
4 114 951
/
4 101¼ Ohio& X Ill ref & 1mpg 40 1955 J.J
Registered
94 Apt 't.r7 .... .
85
19115 A-0
..
100
..
01.1% Aug'/8
954100
lat oonsol g 13s
Adjustment g 45
122 Ang'ub .... L2
1934 A-0 121
//19115 No
934 Sale 93
.
2 122
113
37
83
934
General
oonsol 1st55.-1937 -N 114
113 Sep'06 .... 10614113'.
Registered
4111116 Not
8(31 Apr'07
Registered
1184 b'eu'ut.,
Stamped
41995 m-N
1937
N,..,„
1111
/
4Sale 111'. 911
/
4 62 824 91%
Cill0 do Intl 11 Hy lat 66 1936 J-J
197 Jily'06 .... 107 109%
Cony g 4s
1058 J.D 96,
iv
4 Salt 961
/
4
9718 94 85% 97% Chicago & Erie
See
Erie
1517 -1) lUdis Sale 10338 104
10-year con? g Os
9441044 Ohio In & Louisv ret tia
1294130
Deueutures 4s Series 61 1001 F-A
12912
1294
1947
1 11741294
J•2
Wits May'07
Refunding gold Os
108
tu8
Series 11
11115 F A
1947 J -J .
108
1. 106 108
.
964 idaiiUb
91312 1164
Louisv N A & Ch list 68 1915 J -J 1°3'4
10234 Augllb .... 100 104%
Series!
1911 F-A
9812 Nov'04
Clue Mil & St,P term g 5s 1914 J.J 103410O¼ 1034 J'1y lob ,.. 10314106
Series K
11113 F -A
94 Nov'Ot,
General g 4s series A 61969 J-J 102 1034 1034 103¼ 6 100
East Okla Div 1st g 4s 1928 M./3 954 98
97 Ang'08
1034
951
/
4 974
Registered
104¼ Oct '11t,
AU Knox & N See L & N
61989 4 J 1012
Generals
Atlantic Coast lat g 4s.41952 31348 series 13 419611 .1..11
1/138 Si 854 up,
90 4 Sale 5034
93 93% 944 941
/
4
8
80
96
Chic & L8u D1v g 50.-1921 J -.1 Mils..
Charles 40 Say 1st g 75-19313 J -J 125
1154 Oct '0.,
...
Ohio & Mo liav Div 68 11126 J -J ..110
W 1st gold Os 11134 A- u 126
8av
112
112
1 1.10 1.111
..‘
123% J'ne0/8
111 12 124
Ohio is Pao Div Se
1910 j.j iuo,104 104 12 May'ilb .„
lat gold 68
1934 A-0 1081
,0.4 I'm%
/
4
112%
Jan
'04
Chic & P W lat gild)
Ala 111t1 1st gu gold 55 1928 11-N 1074
1921 J -J 1101411018110¼ ILO-, ‘lu83e1111
114% Nos'05
/
4
Dak &(it So g bs
Bruns& W 1st gu g 45 1113a J -J
1916 J -J t„
101
14.46
3 1044 1061
0,t
4
0918 Mar'06
/
4
......
inns Sou seen g Os
L & N con g 4s
09152 M.N
1924 J -J ..1.."
131 12J'iy'09 .... _ ,
.
..",
8712
884
884
1
'
74
88/
Haat& D Div lat7s
1
4
811 Sp Oca & gn g
..11/1b J •.1
1910 J -J 1u.
104% Aug't/b ... 10218 104%
94
934 Sep 'Ub
934 93¼
Atlantic & Dan? See South ity
1st 58
1910 J-J 10134
Apt
•vb
.... .1/1.% LOPS
101%
1 is 1) Exton 1st 78
Austin & N W See Sou eaoilit
1824 Apt 'ut,
1906 J-2 ;,„,
LaCrosse & D 1st 58
Dalt& Ohio prior 1g3128.1926
11119 J-J tut
1118 %May've .... 101334 108's
.
93 934 93
9314 27 9() 94
Mineral Point Div 58
Li Registered
11110
J.
/011
J
WU%
J'ly
1/1925
'ub .... 100%100/
1
4
9218 90 Apr'0,.!
894 90
So hilnu Div let Lis
Gold 45
1910 J-J 1021
/
4
1021
/
4 1024 2 101)14104'.
//Mb
IOU' bale 1004 1011
/
4 60 9612 102
Southwest Div HMOs. 19011 2 -J ,
Registered
102/
1
4Sep'Ob .... 101 1031
10
_
41.114b
2
'
1,
904 J'1,y 108
/
4
1/5
964
Wis & Minn Div g 58. 1921
Pitts J tine let gold 68-11/22
Ob
.... itni 1091
J 1u3
109188e0
/
4
120 Uot '01
ails No lat Al L 68. 1910 4.1) 1033
P.Inn& 51 Div 1st g 3101925
1054 Apt'tib .... 1064106'5
0
87 874 87
87
1 83
88
let
consul
es
PLE&W Va Sys ref 481941
1913
Sep
J-D
'08
lull
107'41
....
L081
/
4
1/434 Sale 9434
101)
9418 6 87
95% 'Milo& Northw cons 78.-11/15 4-F 117 118 (1174 Sep 'uti .... 113%118
Sonthw Div lot g 34a...1112b
4
111 Sale 91
91
O 8334 924
Extension 4s
Registered
1886-1920 L? A 100
110 J'ne'Ob „.„ 119
411125
99
89 Oct'06
Registered
blonon Riv 1st gag 5s...11115
1856-19211 b'-A
984 Apr'58 „... 1184 9834
1004
Feb'07
1051
/
4
General
gold
3128
its t., bep 188 .... 89
Con Ohio It lat g44s..11130
1987 14-N 934
•
984
935
109 Apr'05
Registered
1/1 Lor & W con 1st g Os 1933
p1987 9-F .90
1118
89 Aug'ub .... 80 811
1094 J'ne'til
Sinking fund tis. .1879-11/25 A-0 114
Ohio River itit lat g 65 1913t,
1114 MarOts .... t0712 1111
11.1
/
4
1084
9,19'
110
111
08
Register
ed
1879-1929 -0 110
General gold bs
110 Angier,..., 084 110
193/
11/8
109 Sep'08
1.00% 109
Sinking lund for. 1879-19211 A-0 109%
Pitta Clev &Tol 1st g tie 1922
10912J'Iy'0• .. BM 1094
108
11912 Mar'04
Registered
Pitts & West lat g 43-11117
1879-1929 A-0
104 NovV7 7. ........
11312
8814
Oct
'07
1909 14.N 10238
Debenture Os
Stat lel ity 1st gu g 442311/43
10118Sep'Ob .... Hill ie 10214
100 Nov'/4
Registered
Bat()reek is S See Mush Cent/
, HAN J liteUb ... LOIN 1014
1909 11-N 1U'
Debenture Os
Beech Creek See N Y /t; R
1921 A-0 1064..
06 lieb'Us .... 10 1064
Registered
Bellev & Car See Illinois Coq
1921 A-0 ..
103 J'ne't17
Sinking Lund deb 58
Bkiyu & Montauk Bee Long
11133 -N 11-94
100 blay'06 .... 1084109
Registere
d
Bruns db West See Atl Coast L
11133 All-N
109 J'ly'00 .... 107 109
North Illinois lat 6s
Buffalo N Y & Erie See Erie
1910 .8 100%
10134 M0'
08.... 10134 101%
Ott0 11'5 St Paul 1st 6a 1909 -8 99.4
Banal() R & P geu g 5s 1937 .11-S 111%1164 1134 J'ly'08
1013814.ay'ub... 1012% Mil%
108
MU
1131
L 8& West 1st g 6s 1921
/
4
Consol 44s
N 119%
11934 Ang'us ..... /18 119%
195 M-N 102
1014 Mar'08
[0118111118
Ext & imp sfund g5s 19211 F-A 11114
All & West lat g 4s gu 1119s A-U
11314J0y Ob.... 110 1134
U6
93 Deo'07
Ashland Div let gl3s 11126 6 .
(31 & Malt let gu g 613
1943 J -J 10112
1201
14214 FeU0/2 .
/
4
103 J'ly'08
103 103
Alia. Div 1st g tts
Hoch is Pitts let g Os 1921 F -A 11918.
1924 J-4 120
12812.1feb'06..
.. ......
J'ne'08
118
114 118
Incomes
Consol let g 65
1911 -N 104
1922 J
109 Sep'03.
1214122 117 Mar't)
.
..
Chic Rock Isla% Pau Os 1917 J-J 114
117
Butialo is Southwest Bee Erie
116
115
,
.
2 112 1161
,
Registered
Bun & Swig let ref g 4s.dlU51 J -J
1917 J•J 113.1
11243ily'08 .... 1124116
/
4
874 Ang'08
89
91
91
General gold 48
BurCR&N NeeCRI&P
1988 J-J
974 late 97
07
16
111
10_0'1
Registere
d
(Ian So lat ex t 65
1988 J-J,
1913 J -J 107'107¼ 107% 1074 16 1071
964 Marub.., 961
/
4 in
/
4111
Refunding g 4s
VIM 68
19341A-0 88 bale 874 88817 83.2 88
1913 vi10214 1014 101%. I 98'i 105
Coll trust,8erieskt 40 191011111-N
Registered
1911; M.5
97 J'ly'04.... .....
May007
1003
4
45
J
Oarb & Shawn See III Cent
'4N-N
94
9212 Nov'/6. .....
AL sa
Carolina Cent See Seab Air L
1916 M-14
11014 Jan'07. ......
Carthage db .21(1 Bee N Y (JAI 11
N 4s
MOWN
93 May0.14. ......
0 4e
Cod
& N Bee 130 & N
1917 VI-N ....--- ..
9034 Foli'117.
..
P 4s
Oen Branch Ity See Mo Pao
1918 NI-N
Aug'07
Chic B. I & Pao RR 48 2002 111-N 67% Sale 84
Cent of Oa lilt lat g eis..p11145 F-A
67
67%
230
114
663
Sale
4 69
114
114
2
112
114
Registered
Consol gold Os
2002 Di N
1945 11-N
65 Ang'Ob .. . 624 65
10438 10814 1094 10 014 10934 '
Registered
Coll trust gold 63
1913 11-8 624 Sale 6134
1945 11-11
04
-1) 6912 76
107 113 Apr'05
......
Bur Cod R is Northernlet prof Income gbs....p11145 Oct •
64
65
65
6 55
73
Stamped
Con let & ool tr g bs 1934 A-0 112%116 11018 Mar`O......
106 111
65
73 J'ly 08
73
65
Registered
2u ret income g ba....p1945 Uet •
1934 A-0
1204 Mar'03 ... ..
41
Ang'118
46
45
64
CR1 &N W latgu6s-1921 A-0 1071
2d iiet income g Os stamped
/
4
•
All Nov'05 ..
40
524 Aug'08
SI -St mt. I. hat tn., ty Is 1091 . _
44
53
Price
Arittau
Sept 18
Week's
Range or
Last Sale
Range
Since
January 1
•.
•
1
•
•
VI ISCELLANE011s• BON.
, -Continued on Next Page.
nttreet Railway
Street Railway
Brooklyn Rap Tr g 543
1945 A-0 10114101¼ 101
1014 4 91 102
Met St Ry gen col tr g 56.1997 F-A
1st refund cony g 4m
2002 J.J
79 9214 80
754 Sale 75
80
16 68 85
764 451 654 77%
Ref g 4s
likCity 1st con U.11/16 1941 J -J
2002 A.0 50
48 rly'08
40 66
104 May'08
991
/
4102
Bway& 7thAv lstogba 1943 J-D
1310.4 Co & con gu g 65 1941 NI-N
54914 10 93 102
118
9018 90
91
90
90
/
4 9218
1 921
Col& lithAv 1st gu g 68.111113 -S 96 100
13klyn tin El 1st g 4-56 11150 F-A
95 Sep'US
10014 100
99
95
100
9312
10'2
2
Lex
Av
&
P
F
lstgu g5ts 1993 -13 96
Stamped guar 4-58.-1950 F-A
96 Sep'08
10034 102 J'ly'Os
96 98
28 102,
2
Third Ave RR con gu 4s 2000 J-J
Kings Co El 1st g 48
111411 F- A
63 Sep '08
814 Sep 018
494 64
814
814
Cent
Tr
oertfs
Co
Stamped guar 48
stmpti...
59 60
1945 F-A
59
82
91
82
41 50 . 63
83
77
83
Third Ave ity 1st g bs 11137
Nassau Elea gu g 4i,
100
11161 J
10614 Angie
75 '761
/
4 764
101 10614
7(314 '7 76
80
Met W El(Clue)1st g 48.193s F-A
Conn ity&Llst& re( g448'51 J -J
80 85
1134J'ty 016
981
/
4
95 Mar'Ob
95
95
Mil
El
&
L
By
30-yr
Stamped guns 4 iss
g
58.1926 F-A 994
1.151 J -J
98 4
109
Jily
1.16
'00
Aug'Os
9312
90
minn
St Ry 1st con g ba...11115 -J
Den Con Tr Co 1st g 58 1u3;; A-0
1074 Feb'06
PO J'ne'ot
N Orl lty & Lt gen 44s .1933 -J
Dot United 1st con g 443 103:: J -J
9018 silp '06
6914
69 Sep'08
EP)
69
St Jos RyLt H & Plat g bes'37 -N * 98
Havana Eleo consol g 55 1952 F-A
10314 Oct iut; ••••
94
88
Jan
'08
94
1/4,
Paul Oity Cab con g 54.1937 J -J
Inter-Met con 412s
1956 A-0 67% Sant 1;8
11018 Novillti
6918 3111 41.11
/
4
Underground of Lon Os. .1908 J -1/
Inter Rap T 3 yr cony 68 1911 WI/ 101 4 Sale 1014
40 Ang018
.
101% 52 100 1011; Union 111 (Chic) let g 68..1945
..4.1.1
;
Internal Trao coil tr 4E3 11/4.
11-0 *
101 May'u8
8614 654 Aug'os •... 60
100/
1
4101
65;
1
United Rita San Fr 8 f 43.11127 4-0 72% 100
Manila Elea lat & coil 58 1115:3 M-S
Sale 72%
723
US M ay'06
. 24 59
711%
United Rya St L let g 4s1934 J -J
81
80 Sep'08
76 85*No price Friday; latest pries this week. dime Jan
d this Apr aflue may g line J'no //Due J'iy c Due
Ang °Dile yet pDas.Nov sOplaton dal* ,'
•
.....
•
•WW1,
•
6•4110.
•
•4,0.0
New York Bond
726
LIA1.\
N. Y. SToUK EACH AN 14E
W Khls h;NDINQ SEPT 18
4g
trice
Friday
Sept 18
[VoL. Lxxxvn.
Record-continued-Page 2
Range
1+ eves
Since
Range or
Last Sale ,45.• Januar?, I
BOND:"
N.Y. STOCK EXCHANGE
WEEK ENDINI; SEPT 18
Price
Aridcaw
Sept 19
•
eeg's
Range or
Last sate
.q
Range
Slues
/antiary 1
sqls,
It wit No ',ow
hiLl
.e1.5/4 Logo
R
High No
Erie-(('on)
dist. Lou
& Pad-((ion)
105 . 105
105
105
Aug'uti
0 Y Sus & W 1st ref 5821937 J-J 101
10415104
& ut gen g bs .01919 J -J 1024 109 102
Dec'0,
4
1001
-A
F
23
4
4
1937
av'06
2d gold
111 M
1962 M-N
Consol gold 5s
1/4
89
89 4. 89 J'ne'w,
1940 F-A
984101% ' General gold Is
11,12h A-0 99103 101% Sep'08
M let
. 110 Jan '4,5
I.10 110
' Keok
Terminal 1st gold 5s 1943 .91-N 110
1Cent
.11
os...
.N 0 see
Chic at
1/1-N
each.
1941
Regis 35,000
, 102%
102 Ply'05
Chic St L & Pitts bee Penn
Mid RItot N J ling 68 1910 A-0 102%
128 Aug'OE
121 128%
128%
.00 101
Clue St.P hi & con 6s 1133u J-1) 89
95 IOU 100 hi.0'4)8
Wilk & Ea let gu g 5E1 1942 J
93 Dec'03
4s 1113)'
108
1134
4
Aug'Ut
1.1113
111
J-J
, Cons Os reduced to 3.
gu
con
g
Os 1920
4 8v& Ind let
/
1274 Aug'4/8
128
L24 1271
Os 1915
; Ch St P & Mum
1204 Marim
Erie & Pitts See Penn co
11130 J -J 126%
112 112
J -J 11115114 112 Jan 'W, Nor Wisconsin 1st Os 1911, A- u 1171
li
0E1
1921
1st
'1'
cons
&
4
/
Evans
115
Aug'08
4
1
/
116%
117%
06 103
' St P & SUlLy 1st g tis
1942 A-0 102%104 102 42J'Iy'0h1'
latgeneral gold be
112 113
L4-14 11104 1134, 112 J'ne'0.•
114 A pt'05
• Chic& W eat inn gong 65q.11)31.
9434
94% 10 91
954
Mt Vernon 1st gold (38 1923 A-0 105
94
195k J. J
95
115
J'ne'Ut
95
90
A-0
, Consol 50-year 45
1st
g
Branch
58.1934)
Co
Sull
2\1.1ell bee Pere Alaro
Chic &
1.4‘argo & So see Ull Al & st 1
Choco&tIUU ,See C If. & P J -J
'Of,
51
8ee
Pere
Mar
Pert)
Oct
&
lint
113
L
193.
43
1
(En ki & If 2u gold 4/
102 J'ne'07
Fla C& Penui see Sea Air Line
96
& 1 1st gu g 58 1941 M.N
105 Mar'08
.
80
Fort St U D Co 1st g 4420.1941 J-J
gu 43 g.'-23 11-N
104 11415
114
Emu & Ft W
113,, 114
Aug-08
70
70
W & Den CI lst g Os. 1921 J-D
Ft
70
'/O
•J
J
14
85
80 Sep 'u
(.3n i. & W 1st gu g 48.1953 J -J
81
J
81
-J
lot
g
4s
or
1928
Rio
91 Aug'08
91
90
Ft W &
Ind Dec 48 W let g 5s 1935 J-J
102
& 6 A ,see so Pao Co
Deo
liar
107%
al
/
a
......
1935
58
95
99
1st guar gold
96 Sep 'Ob
A-0
1st
53.1913
1882
of
li
&
Vjalki
I SI, & t. b86000&StL
Georgia & Ala See sea A Line
eeUUCStJ.
Clu &
A Line
sea
See
or
.N
&
Car
Ga
B
&
B
Clearfield & Mali See
96%
92
Georgia Pacific See So Hy
98
• 95% 964 96%
J
Clev cm C & at I.gen g 48 19913 J -J
90 May'0
96
1/6
Gila V (1& N.lor tied So Pao Co
96
Cairo Div lot gold 48-.1931,
'07
Sep
95
& Oswegat See .N Y ...eat
Goav
90
......
-J
J
Clii W & hi Div 1st g 4s 1.991
'08
Sep
964
Grand Rap & Ind See Penn RR
ea%
90
St 1. Div lot col tr g 4s 191h
Pt Term See St L 8 W
91 Oc:'07
Gray's
......
1904
,551 924 100
Registered
99 Sale 98%
993
92 Feb-08
92
92
Gt Nor-0li& Q coll tr 4s 1921 J.J
94
98
88
98 Sale
2 92% 98
Spr & Vol Div let g 4s 1944, .8-s 88
1921 Q-J
Registered./i,
98 Sep'06
W W Vat Div 181. g 48 194%.
105 Jan'04
Greenbrier By See Ches & 0
4
1033
NI-N
1924.
tis
consul
C
93 Nov'01
100
0.1 Si A..&
81 1st ref& t g 5s 61052 J-J
Aug'08
UI
&
99
Oat
4
/
954
97
971
424
lot gold 4s
984 Oct '0,
an & tit Jo Ses c .6 & Q
93
ic193u 41-h
Registered
(mato= See N Y N II& 11
101342Sep '03
... 106 4,
DM%
106
15 98%10614
Cm S & CI con 1st g 6s..192s J -J 1144
Val letconsolg 4%8.1999 J•J 106 Sale 106 Sep
4
4
2
1143
114.1
Hock
114
114%
1914 4
'Ub
10015
0 L' C es 1 consol7s
100%100%
1999
Registered
1919
.Nov4.11;
95%
Consolsink fund7s
95
A-0
1st
ext
g
V
1948
48
H
&
1244
Col
Aufit'Uti
120
124
1244
4.4
1934
68
96 J'1,y'05 -••• 116
General consul gold
1.113
97%
F-A
lot
Tot
ex
48
1955
&
Col
1939 J -J
Registered
94 J'ly'08
Roust E & W Tex See So Pac
95
94
Ind BE & W .1st pret 40 1946 A-0
So
Cen
Tex
Co
Pao
&
See
Roust
.
•.
102 103%
1021eAug'0
4
/
o lud & W let pl 5s...(1193:
924 Aug'08
93
I.P4
92
I llinois Central lot g 4s 1951 J -.I 1011
85
107% ap:'ui
• Peo & Ewa 1st con 4s 194i. A-(2
1951 J-J
I. Registered
39 Aug'08
35 (10
41.
tpi
92 Aug'u
Income 45
0134 92
112%
J•J
315s
1951
gold
1st
1/134 Aug'0
91'4 91%
11134
Clev & Marietta See Penn Eli
iat g 342.
1951. J-J
Registered
89 Nov'u.
Clev Jo Pate Bee Pena Co
1951 A•0
Extended
17
Salo
68
67
66
68
55%
194.
J
'04
J
70 Oct
Col Midland 1st g 4s
NI-S
sterling
1961
lis
gold
'
80
94
Male
lot
4
933
94
82
9315
A
97 102
102 Atig'e
Colorado & Sou 1st g 4s 192)
1052 A-0 101
86% 542 73
Coll Trust gold 40
4 hale 853
/
861
86%
1935
L'S May'u 6
I Rotund & ext 4 425
1952 A-0
Registered
4 101
1.18,
101 J'Iy'u5
Colum & ureeuv bee So ity
gold 43 _11153 11.N .10134
Tez
&
0
N
L
91 Mity'07
100
• Col & Hook Vat See Hock Vii.
1953 11-N
Registered
10234 Jan 'u7
995,
Col & Tol. See Hock Val
19au J -D
4s
gold
Bridge
Cairo
8914
85
83
88
4
/
871
Col Conn & Term See N & W A •0
LoutsvDiv&Term g3%s 1953 J -4
123 May'UL
Conn & Pas Rive 1st g 46.1943
Middle Div reg 6s. ..1 1921 F-A
91 Apr'08
01
91
-1952 J J
78% Apr'0
F-A
g 30
Cuba Mt 1st 60-yr 5
1951
1st
Div
Omaha
g.. 81. k
, 761
4 hiey'ut
/
764 7614
I lax & 01,so zed L;.al&
St Louis Div&term g3s 11161 J -J
.1Jallas & Waco SeeME&ii
1961 J -J
Registered
79% 87%
87 J'ne'Vb
J-J
Del Lack & Western88%
1951
28
34
Gold
2
/
Sep
'OS
1171
4
119
4
1141
117
1184
,
.vi-N
11/1160et '1G
, Morris& Essex1st7s 1914
1951 J -J
.kiegiaterea
4J'Iy'Ob
/
4121)%
/
1181
1911, -1) 119 11934 1181
100 Nov'0
lst cousol guar Is
8651
Spring Div Ist g 342s 1951 J-J
127 J'ne'05
...
191i,
J
97% Aug'O'i
Registered
Western Lines 1st g 4s 11151 F-A
90
2004. J -D
122 Dee'05
1023 J-D 112
•
1st ref gu g 3%s
Car 1st Us
ritil;124% Bellev &Shaw
4.4 123 124% 124% 124%
1 97 100
97
117
1st g 4s. 1932 M-S •97%
N Y Lack.% IN 1st 68 1921
&
Carb
112
112
Aug'08
4
108%112
1921, lf•A
115
Construction be
116
1 L12%116
Ohio St L & N 0 g 6s. 1951 J-D 11514
9934 J'ly'08
971510015
99%
N
192:.
Mat'U
119%
J-D
Term & improve 45
1951
Registered
102 l'elf'03
89
4 Feb'07
/
881
J -0
Warren 1st ret gu g 3158 2000 F-A
1951
3155
Gold
121%
Apr'08
121%123
1951 J-D
Del & .11 utt lot Pa Div 73 191. m•S
Registered
149 Aug'01
LOU 100
Registered
100 -Mani
Memph Div 1st g 4s. 1951 J-D
4 204 931510104
1
1993 M-N 100% Sale 100% 101/
118
98
98
1st ref 4s(WE iss)
gu
g
1st
943
Sou
1931 M-S
4s
L
102
St
101
81
1011
94%102%
4
/
sale
11flu J-1)
10-yr cony deb 4s
i
See
l
West
L
(1
St
041
Bl&
97 Mar'08
96
Ind
97
J -J 100
96 Apr'08
95
05
98
1st hen equip g 4 hs
95
1950 J•J
III & Ia lot g 4s
98
98
Ind
2
97%
98%
91%
A-0
11140
101 109
110 106 Aug 1./5
Alb (Va bus cony 3158
12815 Feb.08
12842 128% Int cfli Great Nor Ist g 6e 1919 M-N
128%
Sepo.
70
UU's
80
tteus & Saratoga lat 78 1921 sA-N
Si)
58
gold
DUI) M•S
2d
60 CAA 'tf,
Del itiv RR Bridge See Pa BE
1921 M-S
94
3d gold 48
94
4 89
93
94
95%
Aug'u
4
/
1004108%
1081
41
LI
109
1938
lot
Denv & it Or 1st con g 413 1930
gold
108
5s
Central
Ott
Iowa
08
Jan
98
98
.•..
.1004
1930
Wu Ut: 70
78
4Sale 73%
/
781
Consul gold 4%s
1951 M-S
Gold 43
1/43 Sep'08
94 100
97% 98
Improvement gold bs 1928 J-1,
98 Yeti'03 • •.• 97
J efierson RR See Erie
98
Rio Or Juno let gu g 542 1931/ J -D
R See L8 &ALS
izalA&G
Dee
'06
76
1940 J • J
R19 KT So lot gold 4s
1.1,--an & Mich bee Tol & 00
85
85
-.- 85 Iliu'08
1U4t/ J • J
Guaranteed
8934
90
87% 90
8315 90% K01118& 5/. See St L & . .t. Jf
J -J
• Rio or West lot g
KO&MR&B SeeatL&SF
74 Sep'08
70
76
74%
A-0
4sA.1041/
trust
col
Mge and
97 Jan'u2
Kan C & Paull° bee 11 K & T
GO
74
T3
4 Sale 73
/
Utah Cent lstgu g 4s attn.', A-u
,
Kan City Sou 1st gold 38-1050 A-0 731
63 Oct '01,
• Des Mtn & Ft Li .se,bluoSti.
itegiatereit
195i, A-0
110 Sep '0.1
1917
56
g
1st
Cent S'ee L & N
• Des Mot tin Ry
Kentucky
92
hiar'u7
90
. It l&P
Det& Mack 1st lien g 4s 1995 J
81)12 Aug'08
e2
80
89% Keolc & Ded blo See C
1995 4.1) 88
' Gold 45
Knoxville & Ohio See So By
101342 111%
Erie & W 1st g 55 1937 J-J 1114 112 111,v Ait15'0
; Detroit Southernake
i
773
4
773
4
Jan
'08
773
4
LOU 101
101 Mae()
Ohio Son Div 1st g 4s 1941 M-S 10914
1941 4-4
108% J'ne'08
L02 10" La 2d gold Os
A-0
1937
Lob 105%
May'Ob
5s
let
Range
lot
gag
10515
55 1945
4
/
1061
North Ohio
I Dal & Iron
10615 ALar'ob
106%106%
1937 A-0
Registered
Mich 6 See N Y Cent
&
Silo
L
1916 J •J
102%108
4
1st
gu
109
g
4
Y
26 Os
4109
108
N
1073
Val
J
0.1940
Leh
100 Aley'o,
Dal Short Line Sc. Nor Pao
1940 J -J
ltegistered
108 Mar'08
107%109
J-J 108
87% 95
93;J'net)
I Out do Shore & Atl g 68 11/37
Lehigh Val(Pa)cons g4s.2003 .14141
4
/
108 1171
11712 117.
1 Vast of M.Inn Nes StP Al & 11
4
/
Leh V Ter By 1st gu g 511 1941 A-0 1161
Ry
So
See
Ga
&
Va
109%Oct 'if
12aat Ten
Registered
1941 A-0
106%
May'08
4
1083
106%106%
J'ly'03
L06 10734
, Elgin Jol & East 1st g 56 11141
Coal Colet gag 5s 1933 J -J 1071
4
/
107%
V
Leh
Elm Cort & No b'ee Leh& N
9512 :17.
98% 97 Mayo
Leh & N Y let guar g 4s 1946 M-13
99% May/08
4
/
99 105
M-N 1001
19
, Erie lstext old 4s
1945 11-13
Registered
104's Apeu8
4
/
101'2 1041
1919 M-S 104
8
Jan
1137
26 ext gold 5s
Os
N
pf
1st
&
1914
102
C
A-0
El
98 hiar'uti
,
9334 100,
1923 NI-S 10034
Stl ext. gold 4iss
1914 A-0 1014
105% Jun'0
Gold guar be
104 May'ua
104 106%
11120 A-0 106
• 1th ext gold 5s
Leh & Had R See Cent of N J
93 lieu'07
1928 4.1) 964
5th ext gold 4s
N
J
of
See
Cent
Wilkesb
&
117 122% Leli
1020 11-5 119 126 12215 Aug'08
lot consol gold 7s
120 Jan'08
120r 120% Leroy & Caney Val See Me P
1920 11-5
lat consul g Land 7s
Long Dock See Erie
90
87% 87
4715 4 80
Erie 1st con g 1s prior-191111 J -4
105 112%
Long Isi'd-lst con g 58 41931 o.j
1124 1124 Sop
79 Jan'o
79
79
86
4.4
1996
Registered
944
41931 d.i
lot cense! gold 48
72
55
72
70
72%
24
-J
J
3314 94
'u
Sep
.1st consol gen lien g 43 1990 J -J
4s
gold
1.14,
General
5
193
95',
93
43
3515 Feb'07
1990
. Registered
......
102 Nov'uo
90%
1922 M-S
Ferry gold 415s
83
4
4 0734 84.
1951 F-A 82 Sale 82
. Penn cull tr g 48
'0
Out
45
4
/
991
1932
Gold
.1.1)
4
/
711
70
43
sale
72'
71
158
1953 A-0
, 50-year cony 43 A
112
1 81 93%
92
Unified gold 4.4
91%
1940 M•B
63
63 113 40
Series B 1953 A•0 60% Sale 60%
do
.
Debenture gold as
/10 J'ne'04
1934 J-D
115 Aug'08 • 115 118
Y& Erie 1st 7s 1910 4-1)
97
Butt
0
4s
Ang'08
ref
gold
95'2
97
Guar
M-S
1949
112
10815112
J'ly
'Ca
Chic & Erie 1st gold 58 1982 NI-N 112's
Liklyn & Aleut 1st g 66-1911 M-8 09'2
11615Jaii'05
Clev & Mahon Val g 514 1935 J•J 104
9914
119% Sep'0
1911 M•S
lst bs
98
%
98%
9815
Apr'08
101%
....
A-0
Jeff RR 1st gu g 58.....a10011
1104Nov'M
N Y.13 &NI /3 latcon g 5s 1936 A-0 101
121 12415
4
/
1202 1291
, Long Docx consol g 6s 1935 A-0 125
1927 1143
105 Apr't)
N Y & B B 1st g 5s
......
118 Sep'00
Coal& RR 1st cur gu 06 1922 M-N
07
S11.13 1st con g gu5s01932 Q-J
109 Nov'U
Nor
106
106
Mar'08
106
Dock & Imp 1st car tis 1913 4.4
98
Ark
94
84
g
93
1st
11.8
5a
95 Apr'0 .... 98
1927
Louisiana
1100 100
100 Feb'08
NI& Green L gu g 54 1946 M-N 103
11118()ELLANE4)LN BONIks--Continumi oil -Next l'age.
Clue itock
•
H
•-
-•
......
-•-
...•
•
•••••
-•
....
Gas and Electric Light
URN and Electric, Light
99 103
103 Aug'0
Lac Gas Lot St blot g 5s.e1919 Q-71. 1021e
Atlanta G L Co lst g 53...1947 J-D
101 101
1934 A•0
10134 101 Ang'0
Ref and ext 1st g as
J3klyn Ii Gas 1st con g 53 1945 M-N 106S Sale 10514 106% 19 02is 108% Milwaukee
8915 90
'08
Gas L lot 4s 1927 M-N '91
28ep
891
139
119
4
130
, Cony deben es
1909 M-S 130 Sale 130
101'2 "ii 88 102
601, NYGELii&Pg 6s 1948 J •D 10138 Sale 101
54
56% 56 Sep 'US
Buffalo Gas lstgSs
1947 A-0 56
76
88
11
8715
Purchase money g 4s 1949 F-A 87 saw 8615
1901) J -J 146 Sale 145
Consol Gascony deb 64
152% Id; 103 154%
08%130
Ed FA 1111st cony g 5s 1910 Ni- B 100%102 100 Sop'0
98 L4 100
100
99%100 IOU
1923 J•J
• Detroit City Gas g 5s
108
108
J'ne'u
58
gold
108
consol
1995
J-J
10442112
lot
100 Apr°07
95%
Dot Gas Co con 1st g bs 1918 F-A
89
89
89 Aug.()
NY&QE1L&P lateen g5s1931, 11%A 88
05
EdE L11 SeeN Y & E LH & P
4 ov'0
/
Rich Gas lot g 58.1921 M-N
9.1 1031
9g
96
N
913 llarIOS
9334
ULN Y 1st c,on g 5s 1932 MNov'05
104%
g
E
con
&
Li
53.1949 M-8 98%
Pat & Pas
61%Oct'01
Gas& Elea Berg Coo g58 1949 J -1)
107%115
115 rne'L/8
Peo Oas & C lot con g 08 1948 A-0 117%
83
79
83
83 Sale 83
Oen Electric deb g 3153 1942 FA
114 1031
4
/
Refunding gold 60
1947 11-S 100%101 12 1034 Aug'U
126
11 10042 129
127 125
1917 J-D
10-yr g deb 5s
98 104
ke
103 rne'08
chu...b&C latgng 58 1937 J
1
102,
00
,
4
1073
1)00
4
/
1141
-A
F
1916
5a
g
18t
co
L
GrEapO
4 14)215 2 95 102%
1
Ch lat gugoa.'36 J -D 102 104 102/
Coot
G
Con
Jily
'08
102
M-N
10412
101%102
Hudson Co Gas lot g 55-1949
• 92 100
100 Aug'08
Mu Fuel Gas lot gu g 55.1947 M-N 100%
99 Doc'06
Ran City (111o)Gas 1st g 58 1922 A-0 94
Syracuse Lighting let g 5s.'51 J-1) 00
Rings Co El 1,11, P g 5e 1937 A•0 102 105
Al
0'05
1st
El
110
g
M-5
(448
58
1949
Trenton
111%
103
111 Sep'08
2997 A-0 kill
Purchase money 68
1014 104
Westchester Light'g g 53 1950 J-D
102'-. 103 Ply'I)'
83
90
90 J'ly'08
Ed El 11 kikn lateen g 48 1031, J -J
Dile j
/4 Due Aug o Due Oct gnat)Do0 atjptonsj
e Duo Jiajr
Apr
a
c/Due
Due
Jan
Feb
week.
this
b
Duo
asked
and
Mil
latest
Friday;
price
.'No
SEPT. 19 1908.1
tiUi II,.
N.Y.STOCK EXCHANGE
WEEK bstatut SEPT
la
New York Bond Record-Continued-Page
.Price
Pridau
Sept 18
Week's
Range or
Last Sale
Range
Since
Jamrary
ii
N. Y. STOCK EXCHANGE ."''•
x'.,a
WEEK ENDING SEPT 18
727
3
Price
Prtaav .
Sept 18
Week's
Range or
Last Sale
s.
Range
Since
January 1'
Bid
Ask Lou' Riga IVO Low H ig
-High Ito Low High.,
Buz
SI I. Cent &it 14-(L'ontinuea,
Asl. Low
11814 Aug'08
Oart & Ad 1st gu g 43. .1981 J-D
112.81184
Loulav & Nashv gen g68 19311 J -D *110
1107,2ines08
110 12 11o78
1937 M-N 112
Gouv& Oswelittgu g5s 1942 J-1)
Gold Us
9934 is 95 IOU
Moll & Mal 1st gu g 48..1991 M-S
1940 J -J
99,4 Sale 9914
Unified gold 45
98 Mat'08
98
98
13813100
1
4Ply'06
101 /
NJ June B. gu. 1st 4s. 1980 F-A
11141; J-J
105 Oct '02
Registered
105 Jrne'08
105 105
1910 A-0 1051
,
N Y & Harlem g 312s. .2000 M-N
101 12J'l3 'tit
Sink Lund gold Os
91
103 Aug'08
1051
/
4
1112 105
1931
N Y & North 1st g 53. 1027 A-0 105;
10712 Aug'08
107;107;
Coll trust gold 58
904
N Y & Pu ltd.con gu g 48 1993 A-0 90 100 1014 Deti'06
88
5-20-yr col tr deed g 48 1923 A.0 95; 97; 95 Sep '0:1.11 Nov'07
Nor & 3Iout 1st gu g 53.1916 A-0
E.H.& Nash 1st g 68.-1919 J -D 111,4
10314 104
104 Mar'08
Pine Creek reg guar 68.1'332 2-0 118;
107 Nov'll;
L Cin & Lox gold 4123-1931 31-N 105
121
1194 Ang'to•
R NV/440con latext5s./r1922 A-0 111 114 111,
1931
11513 119 14
1087,1 t2
2 Aug'08
N 0& M 1st gold 6s
120 122 14 Alar'09
193( J -J
Oswe & 1120 gag 5s. 81915 F.-A 100;
105 105
105 Jan 'Lis.
N 0 oh M 2t1 gold Os
10714 Aug'06
li W&OTRI.stgug 58.1918 M-N
Pensacola Div gold Os. 1920
105
117
M.
S
1921
May'07
Rutland
1st
68
con
g
4123..1941
2-2
103
103 103
St L .1)iv 18t gold
103
1983 pi.
62;Aug'07
Og&I.Cham 1st gu 48 g1945 2.2
2d gold 38
82
88;
8814 884 Sep'08
92
93
92
92
Rut-Canad 1st gu g45.194)1 J -J
13 80
90
PO Aug'utu
85
Atl Knox & Cin div 48 1955 M-N
105
g581941
110
St
Law
&
Jily
Adir
1st
1st
g
53. 1996 J -J
122 Jan'06
All Knox & Nor
21 gold is
MO A-0
10813 Jan '06
Homier liege 1sts g 63.1931 31-S
123 Febi08
125 125
941
/
4
94; 96
Utica & J31k Rtvgag 48.1922 J-J 111038
92,
2J'ly'08
88
9934 Apres
9ti34 9934
Kentucky Cent gold 4s 1987 J -J
97
Lake Shore gold 31-8 .190 J-D 93
9712 97;
231945 31-S
97;J'ne'08
13 894 94
93
94
L&N & & 31 lst g 4,
84
82 Aug'08
7912 87
Registered
1997 J -D 90; 92
92;
92 Aug'08
90
L& N-South K pnnt 46.1952 J J
1928 31-S
94,4 9513 9434
Debenture g 4s
110 14 1104
11.014J'ly'08
10 84
06
9s,
N Fla& 6 1st gu g bs 1937 F-A 112
953 87 8838 9534
25-year g 48
1931M-1'( 0514 Saie 95
98
N&C Bilge gen gu g 4,2s 1945 .J
Ka A & G R 1st gii a 58.193/3 J -J 10734
113 113
113 Jan '08
Pens & At!1st gu g 03 1921 P- A 10512
Mahon Cil RR 1st 58..1934 J-J 106
109 Oct '07
111 May'07
& N Ala con gu g 513-1936 F- A 104.4
Pills /3. L is:rie 20 g 5s.a1928 A-0 104
* -1
.
/1.1
; 9113
100 May'08
91;Jan'08
IOU 100
L&Jeli'Age Co gug 48 1945 M-S
Pitts AlcK & Y lst gu 63.1932 J-J 117
130 Jan'03
.LNA&;01). ties 0 I & L
2(1 guar 05
1934 J-J 112
alion Coal See L S & M S
99
McKees& B V lstg 6s 1918 J -J 198
D-1-anhattan Ryconso148.199() A-0 9834 Sale 984
9834 15 92
104 Dec'06
Mich Cent 1st consul 63.1909 M-S
104 Apr'05
Reanstered
1990 A-0
98
53
105 Dec'07
/
4
1931 M.S 108
1001
/
4 60 9(134 1001
/
4 100
Stmpd tax exempt..1990 A-0 9934 1001
11t) J'ne'06
Registered
193) 9-M 106;
hicK'pt c B V See B Y Cent
10034.Jan '07
45
90
1940 J -J
Metropolitan EL bee Man By
10612 Nov'00
7414 5534
Registered
Si
81 Sale 81
1940 J -J
Mex.Cent consol gold 43 1911 J.J
90 ruel)8
J L & 8 1st g 312s
17
17 Sale
17
it 14; 2012
30
90
1951 31-S
1st consol income g 38.a 1939 J'ly
90 Sep 'OS
10
1st g 3123
May'08
18;
90;
15
88
1952 M-N *91
16
2d consol income g 3s..a1930 J'ly
Bat C & Star 1st gu g 38.1989 J-D
906
,J'iy
hlex Internat 1st con g 48.1977 m -S
4 9511
102
80
103 102
N Y Clue& St L 1st g 4s 1937 A-0
80
/
4 102
80 Feb'08
Stamped guaranteed....1977 3d-S
Registered
100 100
1937 A-0 9131310214100 Sep'081
105 blay'00
11110 J • ID
Alex North 1st gout tis
West Shore 1st 4s gu 2361 J -J
111314 103
103;1 22 98 104
Mich Cent bee N Y Cent
Registered
901
/
4102;
/
4102; 1017
, 1017e
2301 2.2 1011
Mid ot.N J Bee Erie
N Y & Greenw Lake See Erie
MliLS&W bee Chic & N W
N I & liar See N Y C 33 Had
& St
bill & North. Bee eh
12514128
126 Ply'08
N I Lack & W beeD L80 W
Minn & St L 1st gold 76 1927 J-D 126
N Y L E & W Bee Erie
1014 Aug'08
101 103
1909 2-1) 101.4
Iowa Ex 1st gold 7s
N Yd. Long Br See Centof NJ
118 Jan'LL
Pacific Ex 1st gold Os 1921 A-0 108
4 Mar'03
N IN IL & IL-Cony 6s 1948 J -J 130 Sale 130
113,
13013 130 11512 150;
South West Ex 1st g 78 1910 J.D
100 1051:2
50 83
105; 105;
03
Cony deben 313s
113 Sale 92; '33
1250 J - J
1934 31-N 10512
1st consol gold Us
797
,Aug'()
112 Mar'08
Housatonic R con g 58-1937 M-N 11376
80
80
82
112 112
1st and rotund gold 48 1949 M-S
100
97
Apr910
N
H
&
Derby
con
cy
4s...'35
58.11118
M-N
J
gu
-J
let
Ft
D
&
Des 3.1.
N I & North SeeNIC& H.
Minn & St L gu beeBC1t&I
97 102
98 Sale 98
08 Aug'08.•. 967
, 9734 N Y 0 & W ref 1st g 4s..g1992 11-6
98; 19 92; 9812
31.13tP33 SitlideArng4intgu'38 J -J
102 J'ne'07
Al 10113J'ne'tit..,
Regis 130,000 only
g1992 31-S
MSSM & A 1st g 4int gu 1920 J -J
N Y & Put See N Y °& R .
Minn U n bee St P M /13M
1
987
99; 1( 94
, 993e 99
09; N Y & It 13 See Long Island ,
lido Kan & Tex 1st g 43-1990 J-D
8514 Sale 8514
80
13 77; 80
N Y S & W .3e. Erie
0.1.190 F-A
20 gold 46
.100 104; 104; 6 95 106
N Y Tex & 31 See So Pac Co
1944 M-N
let ext. gold 50
78
9913J'ne'033
7914 )4 747
105
78,
2004 31-S
Nor & South 1st g 58
4 79
, 80
99; 9912
1941 Pil-N
1st & refund 433
82 Sale 82
82; 64 71
1204Jan '08
1936 J -J
8-2; Nort & West gen g 6s
120 1201
/
4
11331 M-N 127
Gen s 1 412s
53 Aug'08
117;Jan '08
801
/
4 831
/
4
2001 A-0 81;
Improvein't & eat g 68..1034 F-A 12012
117;117;
St L Div 1st ref g 4s
127 Oct '013
New River 1st g Os
1032 A-0
Dal & Wa 1st gu g 53-1940 31-N 10113100 102; Apr'08 •..• 10212 102;
90 J'ly
881.2
N & W By 1st con g 45.1996 A-0 99
90
9934 99
.••• 87
9214 994
9934
Kan C & Pao 1st g 43 1990 F-A
107;/Ply (38
Registered
91 Sep'0 i
10136108
1996 A-0
hio K & lst gu g bs 1042 A•() 108;
105
100 Sep 'us
Divil 1st 183 gen g 43. .1944 J -J
102 107
1942
93
93 Sep 'Ws
ImiK&OklstguSs
8414 93
1053
4
Aug'08
10-25
103
1042
113
year
97;100;
-D
90's
Sal,
901
/
4
III
gag
156
cony
45-.1932
J
31-S
91
78
T ot T 1st
M
10014 J'ne'08
Pocall C & ()joint 48..11141 2-0 *8714
874
871
/
4 6 77
874
1001410013
Sher Sh & So 1st gag 58 1943 J -D 10314
104 J'ly'Ob •..• 10213104
C C& T 1st gu g 5s
1922 J -J An)
109;Feb'Ob
......
Tex & okla 1st gu g 53-1943 M-S I()434
112
113
Sep
'01
4
Scio
V
114
104;113
-1920
&
N
E
1st
31-N
98;
Os
gu g 4s 1980
Sale 98; 08; ii 87; 98;
dio Pacific 1st con g
98;100
88 102; North Illinois bee Chi & N W
99;
Trust gold Os stamped a1917 M-13
North Ohio Bee L Erie 33 W
10413 Feb'07
0.1917 A-S
Registered
07
Nor
Pao
-Prior
Aug'08
877
lien
g
97;
8
1920
F-A
98
4s..1997 Q J 103 Sale 103
10312 34 99 1044
1st coil gold 6s
747,Sale 747
, 10
Registered
1945 M.S
47 08
7812
99;
1997 9- J
101 Aug'08
40-year gold loan 43
9734 101
88;
95 Mar'08
General lien gold 3s..a2047 9-F
93
95
1938 31-N
734 73
7.1; 31 68
3d Is extd at 4%
14
Il
85
Registered
8213
FeW08
85
87
a2047 9-1
, 71
73
71 Aug'08
Cent Br By 1st gtt g 45 1911) -A
0812 71
St Patil-Dul Div g 4s. .1096 2.0
81113
84 14 Jan '08..
83; 84,
4
9612Jan 08
COD ilranch U P 1st g 48 1948 J.D
89
9612
Dui
Short
110
Mar'05
1.
1st
gu
31-S
58..10
lt.:
5s
1926
J J
Leroy &CVAL 1st g
9914 Feb'08
C B& (.,/ coil tr 4s Bee Ut Nor
99,
4 9913
till
Pao H of Alo 1st ex g 43.1938 14-A
St P & N P gen g 6s. .1923 F -A 116;
112 Dee'07
110 Aug'08
116 117
20 extended gold bs 1938 J -J
Registered certif1c's..1923 (-4-F 116 120 116 May4.18
G 103 111
t6 116
St L Jr M& Sgen con g 531931 A-0 110.4 Sale 11034 111
106 May'08
St Paul & Dul 1st 5s. .1931 b -A 10813
WO 100
1171
/
4 Ply'07
Gen con stamp gtd g Os 1931 A-0
20 Us
802
80; 23 08
87
1917 A.0 104
2•I'ly'08
103'
86
86
101 103;
Unified ea ret gold 46 1929 J J
iv
, 801
1st consol gold 48
85; 8014 801
/
4
70
87
ltar j'ly'08
100 100
1968 J -D 93
Rw & G Div lat g 4s 11133 M-N
107;Apr'Oti
Wash Cent 1st g 4s
93 Alaylk
1948 14 -51
Verdi VI & W 1st g 5(5 1920 VI-3
99
98 Detu'06
Nor Pao Ter Co 1st g 68..1933 2-2 11513
117 Aug'u8
112 117
Mob J & K ()1st cons g53 1.115 J -J
119
Nor By Cal See So Pao
113 119
121; 119 May'08
Mob & Ohio new gold 08 1927 J -D
110 10512 Jan'08
10513105¼ Nor Wm See C St P M & 0
1st extension gold Us-h1:127 Q-J
82; 82,
83
, '2 82; 8414 Nur & Mont Bee N Y Cent
85
11/38 M-S
General gold 4s
105 Aug'08
Ind (Vo W See 0 U 0& St L
102;105
Moutgom Div 1st g 03 11147 F-A 104
75 MaY'ut
ltio Riv 1111 See Balt & 0
75
75
St L & Cairo colt g 411..611330
ire & Cal See SoPac Co
95 101 Nov'04
Guaranteed g 43
1931 1--J
F
•
ire Short Line See Un Pao
& U ceLl 45 bee Southern
iswego & Rome Bee N Y C
Mohawk & Mal See N C&11
)U If & St i-) See C & N W
blonougaliela 111v See ii &
Liao Coast Co 1st g 58.-1'346 J-D 109 10934 109 Sep '08
& .31
Mont Cent bee St P
101;10934
A. ac oh Missouri Bee Mo Pac
Morgan's La & T See S P Co
?elm RR let real est g 48.1923 M-N 103
103 J'ne'0t
Morris & Essex &eI)elL& W
/02 105
consol gold Is
11314 113; 6 110;114;
105 Novili,
ash Clint & St List 78 1913 J .J 11368
1919 31-S
Consoi gold 4s
112 Sep '0
1st eon3o1 gold Us
1928 A•
105 12 112
1043 AA-N 101;
1011310113
101 12 J'ly'0Z,
Consol gold 45 (iv 1)....1948 MN • 11137
11612 May'0,
,Sale 10314 1043e 1331, 100 1043
Jasper Branch 1st g 03-1923 J•J
,
Convertible g 312s.
11714 Mar'05
9734 sale 9734
1912 .u.Iv
Idea hl. W& Al 1st 63 11117 J.J
/
4 :1834
95' 144 911
)J47 378 88
113 Ply'04
Convertible g 3128
1917 J -J
Branch 1st 6s
1915 J -D
T&
9512
94-4 Sale 9414
Alleg Val geu gu g 4s 1042 .0-5
03
93 J'ne'ti:
Nash Flor & She! See L & N
......
93 1001,,
D it it R & Bge hit gu 4sg.'31, F- A
100 Apr'015
Nat of Alex prior lien 4135 1920 J -J 100
82;
Plata Bat& W 1st g 43..1943 ,1•N
82; 82 L} 9 77
11(51
82
107;Oct'00
1st consol 48
......
nod Bay & So 1st g 53...1924 J - J
102 Jan '03
& D S'ee N 1J411&kl
New
......
UN J RR & Can geu 43.1944 M'S DM
2Sep 'Ili
J June RR see N Y Cent
110,
,Seet.Lou&N
lean
Co
-Guar
Ildge
1st
g
4123.1921
2-2
Cin
Now &
1054 A ug'Os
i'uTi; jai;
105;
Registered
13k1n & Man Belt bee L I
1921 2-2
10313 J'ly'07
N
, 19 8712 9314
, 927
Guar 3128 coil trust reg.1037 .11-S
92
N Y Cent a. 11 Rivg313s 1997 J.J
Ini 12J'ne'0ti
023
, 923
110 1.,
Registered
Sep
'08
88,
2
cod
tr
1997 J -J
901
,
Guar 3123
ser B. .1041 F-A
1)012
92;Jily'08
864 944
874
1934 M-N
35
93
Tr Co certiV8 gut g 3135.1911) (1-N •' 9614
2:s 1,1
94
Deben g 48
• 95 Pue'lTh
02; 1.15
9434 04 12
28 1111)8 F-A 83 Bait 83
84
Lake Shore coil g 3,
84
8414 8734
Gu 3,
,/s tr (Itfs u)
65 75
1941 2-0 8514 011
/
4 8734
8734
Registered
1-I)
1998 F-A 80;•83
73
81
82 Sep -08
G. 313s tr etts I)
1944
87; 931
/
4 01.); Mar'Ou
......
.
7412 83
Guar.15.,25 year g 4s
Mich Cent eon g 3128
11)08 F -A • 83
193I A-0
83; 83 J'4"W
90
•9712J'Iyiut
97;
Registered
1098 F-A
70
76
Cl & Mar 1st gu g 4.2s..10:13 .0- N
97
76 Aprius
110 Jan '05
Beech Creek 1st gu g 43 1936 J -J
Ail & P gen gu g 4'.2S tier A.'4•2 2-2 1064
9934
102 Fett'07
1081
/
4 Aug'03
Registered
1930 J -J
Series B •1942A-0 10634
102 Mar'04
11330 J -J 102
Series u1 3135
20 gu gold Os
1946 .11-N
9034
98;Dee'03
Beech Cr Ext 1st g 3135 b11)51 A-0
Series 1)3128
1950 F-A
903
.
. bU May•08
90
90
1,
U
N
Mr-WELL (N KOUS BON I)'S-Continued on Next Page
Telegraph and Telephone
Coal and iron
An, Telep & Tel coil tr 4s 1929
79; 90
91
95
90 Aug'08
Col F& 1 Co gen sI g 5s..1943 F-A
90 Sep'08
7513 90
56
77
Convertible 4s
Convertible deb g 5s....1911 F• A
77 Aug'08
1936
931
,1567 844 0414
9212 Sale 92
Comm Caine Co 1st g 4s. 2301
Col Fuel Co gen gold 6(3.1919 M-N
10713Oct'04
8534 3Iar'08
tit/
5534 8534
Met T & T 1st s g 53
10213 Apr'06 - ••.
104 FelP0
Gr lIly Coal & C 1st g 0310111 A-0
1918
......
05 Apr'02
\Hell. State Telop. 13t 53 1024
Cleart Bit Coal 1st8143-1940 2-2
905eJ'ly'08 02.4 144313
FA
West Union col tr cur 53 1938
7313 Sale 7314
75 2'21 3834 75
Col Indu Lit& coil Os gu..1034
93
91; 9312 ill 334
94
10713 Dec'04
80 and real est g 4,23. 1050
Conh,n'talC lots t gu 5s g.11152 F-A
90
We
90; 31 81
9012
107 Alay'07
Cony 4s, Series A
Jell & Clear 0& I 1st g 58.1026 J-D
1930
, 85 1/. 73
84
84; 837
85
105;Dec'tni
Slut Uri Tel 3111110 6s. 1911
Kan & 11 C & C 1st 5 f g 58.1951 J -J
100 Aug'08 •... 100 IOU
105 Oct '00
Pleas Val Coal 1st g s f '58.1928 J •J
Hattulacturing &IntInstrint
78 Feb'07
80
Sunday Croe.t. Co g 53....1944 J -J
it
11,
'3934 • 100
• 100
Tenn Coal gen Is
Ant Cot Oil ext 412s
1951 J J
31 8212100
Q-F
937
, 94
9358 94
7 86
94
106 Aug'08 ...• lut) 106
renn Div let g Os
:Ain Hide &I,1st 31g 68
a1917 A-0 107
M.
8914 813 13 89
sii
75; 90
143 lt/834 Amer Ice Sc-cur deb g 6s 19'25 A-0 73
10675 Ply'08
Birm Div 1st con8o1 68..1917 J J 10036
2 58; 73
102 103
102 Apr'0
Cali C 51 Co 1st gu g 68.1922 J -D
Am Spirits 311g 131 g 68 19h, 31-S
100
97 Mak'OS
91 100
L00 101
De Bar C & 1 Co gu g 68.1910 F-A 101
101 May'08
Am Thread let col tr 44. 1919 J -J
88 J'ne'08
8814
83
88
b9 80
Valron Coai Colst g 58 1949 M-S
913 sale 96
08
07
A
Am Tobacco 49-yr g 68
1944 A-0 110 sale 103
110,
4 180 9074 11034
Victor Fuel lots t Os
0312 Feb'07
1933 J -J
4s
1951 F• A
.....
7334 salt, 735
, 747,117 6012 7034
*No price Friday; latest but and asked, aDue Jan b Due Feb c Duo Aar d Due .Apr h. Duo J'ly ,c Duo Aug o Due °et p Due Nov q DueDeo sOptton Sale
728
RON Di.
N.Y.STOCK EXCHANGE
Waug ENDING SEPT 18
New York Bond Record-concluded-Page 4
Price
Priam,
; Sept 18
-.I
Wee/es
Range
4-->
Range or .
a
Since
Last Sate 'LI -- January .
HON Ds
N. Y. STOCK EXCHANGE
WEEK ENDING SEPT 18
[VOL. Lxxxvzz.
Price
P'rulay
Sept 18
Weelc's
Range or
Last date
Range
Muss
January
RIO
Ash Low
Penn Co-(continuea)
.11/u/i No Low litgh soutiiern Pae Co-(0ontinueu
Ilia
Ask 1.0w
High No how High
90
Erie & Pitts gu g 3126 /3 1941) J J
92 Apr'07
1221
Morgan's La & T 1st 78 1918 A 0 12214
/
4 Aug'08
121i. 1221
/
4
90
1940 J -J
Series C
9834 Apt'04 ........
let gold tis
116 Nov'06
1920 J-J 110%
108 Sep 'Or .
/
4811141 J -J 104.1
Grit& I ex let gug 41
/
4
.No of Cal guar grim
112 FelVii,
I......
1273
.Oct'02
Pitts Ft W & C 1st 7a 1912 J -J 109
......
10.11
/
4
1023
Ore & Cal let guar g 68.1
.
Aug
0
1
°
9
3
2
8
7JA
-3
102
103
1912 J • J 101) 116 119 J'nelie . ......
2d7t4
So P of Ar gulat g 6s...611109 J-j 11)1.34
lul%Aug'03
9812 103
41912 A-0 10534
119 Apr'04
.3(1 78
1034
12 11)23410334
1st guar gUs
10314 l03
/
4
110 Marti
Pitts 111 Ash 1St con 68.1927 M-N 1081
•io Pac ot Cal 616E,53
1041
/
4J'ne'08
!Pin
)-A1(
3i 1(1534
0)412 1041
/
4
/
4
1084 J'ne'0"
/
48A...1940 A-0 1081
&CC& StLgu41
1061/41081/4
let gold Os
/
4
1141
/
4 Dec'04
1912 A-11 1041
......
108,
1942 A4
107¼ J'ly'08
Sem% B guar
1071
/
410:4
1st con guar g 5s
116 May'07
1937 31-N 11014
1942 II08 ... ......
1021
/
4
,
11212.1'n.
-Serum C guar
S Pacof N Mex lat g tia 1911 J -J 10234
104
Apr'08
104 104
1040 M.
97
00 Aug'0.
• Series I) 4a guar
99
99
So Pao Coaet 1st gu 4s g 193i J-J
1941) F -A 91
/
4 guar g
Series k; 31
91 May'08 ....1 90
91
Tax&NOSablliVlat g98 1912
101%
101 /
1
4 Feb *07
96
195$ J-D
Series 1/48 guar
. .
gold 68
Con
90
Apr
'08
1943
98¼
J -J
9514 981
/
4
116 Sep'08 ..... 109 116
C St L & P 1st eon g 56 1932 A-0 115
Pac ltitlstrcI4s
1)514 -tam,. 95
WO..05 871
1955 J -J
/
4 9512
Peualicula & All see L ai Nash
riouthern-lst con g 56
19114 J -J 102 44 Sale 10212 103
821
/
4 1031
/
4
Peo & East bee e t., e ,S St L
Registered
Nov'Oc
114
1994 J -J
1231
/
43an '0"
Peo Ai rek U u lat g 08-.1921 it- F 106
Develop & gun 48 SerA 1956 A-0 (16
73
/4 J'ne'08
731
/
4 7638
1,1921 M-N .. ... 043 10034 Dee'0:2u gold 412a
Mob & 01.0o coil tr g 48 1938 11-S
84
8
84¼ 84
85%
15
109 Apr'0'
Pere Marq-Ch& W 31 581921 J -0
Ist
1041
g
/
4
41-2-58.
Div
Mem
11)116 J -J
11.5 Sep '03
96 105
110 Sep 'OS
/
4
!lint& P M g tia„.. .....1020 A-• 1101
110 110
St Louis div 1st g 48. 11)61 J • J
Sep
'uS
81
8234
183
U9
84
8
m.
103
108
gold
bs
CO11801
105
let
105
1u 1o5 105
Ala Con lt 1st g 68
1918 J -J
t 13 Jai,'00
1.1)012 Marl):
97
Pt Raton Div Ist g 68 11)31i A.
100% 10034
Atidi Danv Ist g 48
83
1948 J • J
1)11 J'ue'Uu
Sag Tua & B. let au g 48 1931 F•
2d 4s
1948 J -J
92 J'ue'00
Penn
ItR
bee
Phil 13 & W
Atl & lad let g guar 43 11)41) A-0
1151
/
4 Mar'0
Phila & lteatang cons 75.1911 j.1) .
LireaDV 1st Us
Col
&
111 N'ab'ul
1916 J -J
Philippuie Ry 1st 30-yr a I 46'37 J96 • :A Aug'U.
96
ET Vii & Oa Div g 58 1930 J • J
100
97
100 100¼
Pitts Lan di sl, L see Peen Co
Con 1st gold 58
1091
1956 31-N
/
4 0.9%
0 102 110
Pitts Cleve & Tot see B di 0
1): Ten reor lieu g 58
1021
/
4 Sep '08
11)38 M-8
97 105
Pitts let W & Ch See Penn Co
Ga Midland lit 313
05 Sep '01
1946 A-0
Pitts Ale Itee8 & Y dee N iCeu
1,012 117
Lilt Pau By lat g Us
1922 J -J
106 117
110 J'13,1
Pitts Sli & 1. h 1st g 5s 1940 A-0 1141
.. 1094 110
/
4
107 J'ly'98
Knox & Ohio lot g Us 1925 J • J
107 108
11443 J -1 105
I1375 Ply'ir
1st cousoi gold 5s
0....
.
11538 Apr',6
lieu& itir prior nen g 531945 J -J
...
Pitts & West Nee B & V
Mortgage gold 41)
Ile ow '05
1945 J • J
1997. J-.1
eading Co gong 48
9916 0
9912 Sale 9914
93
9934
107'-.j 107 /
Rich & Dan con g tle. 1916 J -J 1011
/
4
1
4 1 103 1071
/
4
Registered
199i J •J
95 Aug'0.
92 j'ne'u8
Deb Us stumped
90
071
/
4
1927 A.0 944
92
92
jersey Cent coil g
11161 A 01 9734
971
/
4 98
Bach .36 Meek 1st g 48. 11)48 .51-N
118 Fe0'0.)
U6 86
118 •
Reuaaenter & bar Ace
4s.1.)& /1
97¼
Apr'ue.
So Car & Ga 1st g 5a
1911) M-N
931
/
4 973
.
Rich & Dan sec South By
Virginia Slid aer C
112 Cut '06
M.:- 103
Rich & Meek bee Southern
108.2 Dec '01
aeries I) 4-56
1921 M-S 103'4
Bao lir West See Don & Rio U i
Series E 6s
113 Dec'0,
1926 M-8 luu%
Hoch & Pate See B It & P
General 58
1936 M-N 1051
/
4 107 105 Aug'03
1011
/
4 105
Rome Witt & Og See N I Cent
Uttar stamped
105 Sep '03
1930 M-N 10214
105 105
Rutland See N I Cent
W 0.53 W let ey gu 48 1924 F-A
84.2
1161
/
4 Jan
,
iik; Tus & 11 See Pere Mart
West C 1st con g 6s 11)14 J • J 106
1091
/
4 111111u
lull's 100/
1
4
bU°46 G r 1st lat g 4a 11147 J -J.
.13ii
0134
& IS Ala See L N
I 82
914
tilt L & Cairo See Mob & Ulm,
Spok Falls & Nor lat g 63.1939 J J
117 J'ly'uu
6t L & Iron Mount See LI P
/
4a-1939 A-0 108
I .er A of St L 1st g 41
105 May'ut
102 105
St .1...1“: & N See Walsuili
1st con gold 5a....18114-11)44 F-A 114
11316 111¼ 21 .091
/
41131
/
4
St .L 31 Br Seel' it It A 01 tit L
Oen refund 6 t g as
'
91933 J -J
94/
1
4J'utt'08
44 941
/
4
St Louis & San 1/ranel2C0St L M lige Ter gu g 58 1930 A-0 103
Ill Dee'00
......
(eneral gold (Ss
1931 J - J 115
115 PlY 0 ... 113 115
1'ex & N (.) See So Pao Co
General gold bs
1931 J - .1/ 104 106 105
105
2000 J-1) 11014
0:103 1081
/
4 rex& Pao 1st gold 5s
1101
/
4 110'.
99 1121
/
4
St L & 6 if RR eons g 4s..'9 J -J
90 Jan '0:.
90
00
92000 Mai
20 gold tile 68
00
92 No"
tiouthw Div 1s1 g 56 194i A-0 93 100 100 Alay'U .... . 100 101)
11)31 J • J
La Div 13 L at g 58
110 Idar'1)
1951 J•J
Bella-Wing g 48
70
701
/
4 70
71 123
- 04.4 '15
jj
b •b
...
W Min WA)N W lat gu 61161
'
933u
13
:'
1))0' Nov'04
98 Nov'0
5-year gold notes 4¼ 100, J -D
109
rol &()C 1st g 58
1c9 Aug•o8
102 10912
8tLM & 80 Eastgu 41
/
48'1110 1.1)
Western Div 1st g 3s. 1035 A-0 105
iii 300't).1
X 0' 1/IS & i3/ WU g 6a 1112. 6/1-31 116 117 113 3.1ar'08 .... 111 1141
102 10212 9714 Al ay'u
General gold 38
/
4
1.15 44 98
73
721
/
4 Sale 72
KC .Ift,8& 31 Its ref g 40 1030 A1
111
1st
gu
g
48
59
A-0
11.010
&
131.134 7434
Rau
88 bop 't)
84
89
E.CJ6 DI it& .13 1st gu 58.11)2 A-0
85
1917 J •1
lot P di W 1st gold 4s
84.4 Sep'08
103
4 85
1 .
in) Dee'07
Oz'rk& Ob.C lat gu tia g.11)13 A-•
1)5
88
lieu g34.o 1925 J -J
lot St L& W
81 18
80
8712
gt .1.0/1113 SO See Illinois Cent
gold
48
1950 A-0 78 '78
50-year
78
7834
67
784
91
90
91
9134 4 8412 031
fit L ki W 1st g 4s Jut otis.11.189 ii.
95 Dec'01
/
4 ror Ham& Bull let g 48./11940 -1) 90
77
77
77
, 85
77
28 g 48 ma lanid otfa...2)11031) J'star a.Del lat con g 56 1928 J•D 1053
.
10134 Aug'u
103 107%
48
11132 J.
741
/
/
4
4Sale 741
74
g
Consul gold 4s
1st refund
1952 A-0 80
99
56
93 SO1,'Ul.•
76
10/ it Apr'01
(Iray'a PtTer letgug ba 11)47 J •D 100
/
48,9, LUVI, WV.
Uri Pau lilt & gr g 4s 11J47 J -J 11121
99 103
Registered
St Paul & but bee Nor l'aisille
1947 -J
10144 J'ly'0
98 10134
J'ly
'0:
Mau
104
2d 6s 191)1) A-0 1031
St Paul 51 &
.g2u08 hi-S
/
4
1st & ref 4s(w
1024 104%
.
1
95,4
05'4 gale 0h5.
9434 97
129 12 Sep '1)
1933 J -J 1281
/
4
lat consul gbid 66
a,s4as
cony
rv
20-yi
1927 J-J
12431/412912
07% Sale 91,4
83
99
134 Dec'i)
Registered
1933 J -J 1201
v con g 48.11)40 -I) 984
/
4
ore
99
99
91
99
a
108'. Reduced to gold 412a 193: J • J 107 .... 108,
ore Short lane Iota 66 11122 F-A IL:0 121 11.1.4 12 120
11102 1081
/
4
115 1'22
Registered
11131
1033 J -J 105
/
4Ape01
1.114b J -J 114
lat eousol g 5s
114
114
1011 11414
106¼ Sep 'U. .. 1037 10534
Dakota ext gold Us
1910 51-11i 1053
.
Guar reluml 45
114% 96
9444
1)434
0434
lout,
118 Attg'0
utaRhenogiaziteorreidet
Mont ext lat gold 4a.....11137 J -D
. 94
99
9734
81.14 Mia'u
Registered
10014 OW,'0
1037 1.
100 Oct '07
...
E Mina Nor Div let g 481048 A-0 96
Os
Gout
1 1/
1.0512J'ly '01
1
/
4
1 1J1..
8
1 1071
124 May'0
Muth Union 1st g (Ia
& C Co Nee Pa R lt
11)21_ J -J 107
130 Apr'u.
Mout C lat gu g 6a
1103, J -J 1281
/
4
128 130
Utah Central See Rio Or Wea
See
.13134
'North.
Registered
Un Pacific
193, J -J
May'0 .
U tali di
1111
/
4 Apr'ii. . L11-41111
11)3i J -J 1101
let guar gold Os
/
4
/
4 Utica & Black It see 5 Y Cent
limb F-A
1161
/
4DWI).
WIll bl, Si? /at goal 6a 11033 .1-1) 114
t, alumna consol g 4s
941
92
/
4 Oct'07
St k & .N or Pao Sec .N tir Pao
/
4811)34 J.J
era Cruz &Plan,gu 41
98 Sep'06
St1& S's City Neel: MP 3141bu
Ver Val Ind & W Nee 3lo
BA& A Eas8lat gug4s 1943 J • J
86
88 8139'0
. 78
861
/
4 Virginia Mat bee South By
S le Preis di Piiist 8 tia 1941. Ai-s 9734 .... 102 61341'9 1
Vale Southwq let gu 58.21090339 1.1 106 110 110 J'ly'08
09 110
110 Oct 'u
Id li' al, N I' let Ionic 1 g58 1019 J -J
‘
V abash 181 gold 50
1939 odl-N 1()9 12sm. 1011 12 1u1)34
0)2 1101
/
4
Say ill West See Ati Coast 1.
F-A
96
96
841
/
4 96
116
,
1938 .j
litirries A
Scioto Val & N E See Nor & W
g°e
Debenture
2ndtur
110 J'ne'u7
,
Seaboard Air Line g 48 11)6i) A-0
B1939
J
-J
62
J'ly
'Ob
581
/
4 56 800
'
0- . 431
37
/
4 60'-,
62
Coll tr refund g Os
1)0 Aug'0.
larrilieen8 equips fd g 5a 11121
1911 .V1.3
IA
102 Feb'Lib
864 90 ,
104) 102
Atl-itinn 30-yrlet g 46.61033 M.8
88 Jim '0*,
1st lieu 50 ye g terni 48 1954 J •J
0.3 Mai
..
Car Cent 1st, con g 46 11)49 J -J
85 J'ly'0.
92
18t ref and est g 4a - 1950 J.J
/
4 2
51'4 Sale 51 12 691
371
/
4 62
Fla Cen & Pen lat g 68 1018 J -J
Det & Cli Est 1stgOs1u41 J J 102
107 Jul ki Aug% •
100 Apricr
110 110
100 100
let land gr ext g 58 11130 1.1
Des Moin Div 1st g 4s 1939 J -J
u7 Nov'U
Conaol gold 6s
1st
10912 Mar'05
g
3¼s
Div
11)43 J.J
On,
1041 A-0
83 Aug'Uo
80
83 83
Ga & Ala Ry lateen 59o11)45 J -J
Tol & Ch Div 1st g 48 1941 M-8
081
/
4100
90le Illar118 ....I 92
963.J'ne'u
961
110
/
4
Ga Car & No lat gag Oa 11)21) J -J 1011
110 Jan'03 .....
/
4
St Chas Bridge 1st g 68 11)08 A-0
1Uu May'01
leab ,14 Roa 181 55
Pitta
IOU Alar'07 ---.1...
Term
1st
192u 1.1 1024
g
40 1054 I-li 48 Sale 48
Wab
41)
24 41
60
Sher Slir & bo See 31 K & T
Id
10
10
1034 10
2, 8% 19
rill Sp yea & Li bee AU Coayt
Ne6 Del Lao & West4
Wren
rgoid4si
So Car Al On Sea Southern
Cent
See
Nor Pao
Wash
Southern Pacific CoWash 0& W See Southern
Vold 48(Cent.Pao coll) k1941) J.D 914 Sale 90
92 1141 8334 02
Wash Terml 1st gu 423 1945 F-A
901
/
4 Aug'08
01
9012 901
/
4
Registered
k1.1149 I -I)
84 J'ne'07
West Maryland 1st g 48 1952 A-0
77 111 .74 49
7711, 76
79
Cent Pao 1st ref gu g 4s 11)49 F.A
1)7 :252 94
97 bale 07
1052 A-0 43
43
43
99
30
47
Registered
t
V
Jo
r
g
s
P
4
1
8
8
1
t
g
°
I
n
11149 b'-A
y
c
e
g
o
J'ne'Oi
.
8
at
J
6
11(1
!1
101
11111
99u1
V
ns
,
tNe8
iVet
41,
33
1
,06.2 Aug'Uu
0334
.
Mort guar gold 31
/
48..k11129 J -I) 8616 88
86 Aug'08 ...l 80
111.
1
1141
/
4 May'08
86
108¼ 1141
/
4
Through St L 1st gu 46'54 A-0 941
A-0 9134
Gen gold 3
/
4 96
911
/
4 Ply
94 89P 'OS .... 88
95'4
871
/
4 1111
/
4
Gal liar & 8 A lat g tis 19.10 F -A 100
Nov
s
r
6
a
Income
zio C
10134 101%
. 10134 Aug'98
34 Feu'U',
Alex & Pac 1st g68- 1931 M-N
-"
Nee South Ity
Vest
107 Jun '08 .. .1107 107
Gila V Ur &II 1stgug 58 11)24 M.N 101 Wheerg & L K 1st g 58 19213 A-0
10112 105
105 Aug'08
102 J'ne.08
100 107
Roue E & W '1' 1st g 5s 1933 .1/1-N
Wheel Div 1st gold 58 1928 J -J
101 Jan'OS„
95 J'iy tut,
95 103
1st guar Sc red
193$ M-N
Exton & Imp gold 58 1113t) F-A
104 Aug'0'
100 104
0814 Jae '08
9814 984
11 ds T ii let g 58 int gu 1937 1.1 1094
11)41) 11-8 76
1004 112
11,11 1st cease! 48
1.0912.P1y '()
74 Sep'08
LIU
76
Couaol g 6s int guar 1912 A-0 11014
1922 J -J
20-year equip s f 68
10734 Nov't)7
'07
104
UOI.
Gen gold 413 int guar 1921 A-0 92's 94
9312J'ly'0 ..
37
931
/
4 Wilkes di Eaat See Erie
Waco& N NV div ling t3s13u •41-14 1171
See
St
P
31
ir
lit
Sioux
..4)
116 Dee'0
/
4
WI!66
A & N \V 1st au a 5s
11.141 J -J
109 1.• 14•01,41‘.
Wia cent 50-yr 1st gen 4e 1949 J -J
87 Sale 8034
45 80 88
87
R
.0130,K1.1.AN KO Us itoN Om-Concluded.
alanuiacturing
Indinarin
Miscellaneous
Beth Steel 1st ext et 5s..11)26 J -J
Adams Ex col tr a 48
83
1948 M-8
83
83
85
5 83
Cent Leather 21)-year a 58.1025 A-0 97% Sale 0734
118
83Co ot W Va g 58- 1920 M-N
In)
Am
76
/
4
851
conaol Tobacco50-yr g 48.1951 F.
IferryCo lateons g 68'48 1f-A
744
74 4 76 62
4
76,
cony
see
1st,
Cor
g 68.'27 A.
Distil
69
6712
71
7
- 0" 141 04
/
4 Chic Jo& St Yard cola 55.1915 J-J
161
bit Paper Co 1st cou g
F-4( 102 1021
/
4 1021
/
4 102(
Det31.&Al Mgr incomes-1911 A-0
101 100
Consul conV a 1 g 58
1933 j.j
55, 83.44
8334
86
Int Moreau Marine 412s 11)22 A-0
78
Iut St Pump 10-yr cony. Us'13 J.J
9712 Sep'0
97
91)34
ut Navigation 1st a t 53 1929 F-A
90
Lackaw steel 1st g 53-.192* A-0
941
/
4 94t
94
Man 13ch & L gen g 46 11)40 31-N
95
84
NatStarch 311g CO1st g(is 1920 nfl..
85
5334 Aug'lli
Newp.Ne Ship & D D58(41990 J -J
Nat starch Co st del.) 53-1925 .1.
70 Apr'07
N Y Dock 50-yr lat g 48 1951 F-A
N lAir _brake 1st cony Os'I M-N
0334 Salt 1181
/
4
00,4
1957 1/1-N
WA Provideuce Sec deb 48
87
Repub I & S 1st& eoltr 5a.1934 A-0 97 44 100
95 12 Aug.)),
9212 08% Provident Loan 800 4345 1921
US Leatn co b Idol)g6s 11)13 mi-ls 10634 106 4 10534 J'ly'0
101 107
St Joseph Stk Ydslet4128 193u J -J
US Realty& I cony deb g 5a'24 .1-1
80
7918
71)
St L Ter Cuppleatitat'n& Prop
U4'.2 31
U S Steel Corp-1 coup 4196' 31.5 10134 Sale 101% 1021*
851
(to 1st g 4348 5-20 year 1917 J-11
/
41(12 1s
81 10-60 yr be.1 rug .41963 51-N 10134 Sale WI% 102(i
8534 10214 S Yuba Vat Co eon g Us 1923 -1
Va-Car Chum col ir 5s g 1912 A/
4 Aug'(/3
1013410234 1001
89 10214 8p Val Wat Works 1st 436 1906
Westin 11011S0 14 & Mal
'31 1-1
8312 85
. 551
843
07
88
U S lted di Re 1st s g 68 1931
•
„tic,' rulay; latest bid and asked this week. a Due Jan to Due ken d Due Apr @Due May g Due
J'ne
96
/
4 21 83
/
4 941
931
10034 rue'0'
41 Oct '01)
/110 100
100 Jan'08
421
/
4 47
45
47 Apr'11
72
03
7
09
68 Sale 07%
86
76
84 Aug'u
86
......
60 Feu'trz
96
96
96 Aug'0
97
92
2 80
02
92 Sale 92
85 Oct '07
85
85
85 May'0
87
/
4sap '0'
1001
941
/
4Sale
84
......
75 80
2,Due Roy iOrittiaai Sob,
112 J'ly'04
1131
/
4 J'Iy'0
881
/
4 89 hop'0
Is Due J'17
CHICAGO STOCK EXCHAT1E-3tock R,ecord—laily. Weekly and Yearly
STOCKS—HIGHEST AND LOWEST SALE PRICES
saturant,
Sept. 12.
AI uncial/
Sept. 14,
*175 180 *175
312 *3
*3
*9
11
*8
4313 4312 44
*20
2112 *20
*__
___
------ ---*32
*34
36
*73
*72
74
*1314 15
*1314
*4312 46
*4312
---- ---- ---14
14 *..__
*50 *
451.
2 „.. i<io
*2814 -2834 2812
98
9814 98
Tucsaay
Sept. 15.
180
4
10
45
21
*175
*3
*9
*44
2014
____
---- ---35
*33
7410 7412
16
*1314
*41,12
46
---- ---16 *_—
50 *
50
;.-IFIT2
2838 *2814
9814 08
weanesaag, x'nursaay
Sept. 17.
Sept. 16.
r may
Sept. 18.
Last Salt 178
180 *175 180
Sep'08
*3
4
4
Last Salt 3
Sep'08
10
Last Sale 834
*9
10
Sep'08
45
4412 45
45
45
444
45
21
*2014 21
2014 2014 20
2014
____
_
Last Sale 4
May'08
---- -----Last Sale 18
July'07
35
*33
35
Last Sale 38
Aug'08
7412 *_ --, 75
*74
74
*73
75
15
*1314 15
Liza 5a7f 15
Aug'08
46 *.._ 45
Last Sal. 44
Sep'08
Last. Sale 4612 May'08
---- -- ---16 *___- 16
*12
*11
16
15
50 *_
50
Aug'08
Lost Sale 46
___ *,____
Last Sat? 4634 Sep'08
-2`•31 *2814
Ilif2-2834 2814 2812 428
283,
9614 98
9833 9812 9812 9712 98
June'08
Lest Sale 28
573 178
573 578 *534 6
6133 6133 *60
6112 t00
6112
*150 160 *179 160 *152 160
*120 130 *120 130 *120 130
48
48
*4313 49
4812 4512
*____ 10012 10012 10012 *101 101.,3
---, --_-- --7, - - ---- -- 434 514 *112 11.,
112 1712
24
3114 13
37
31
16
*4714 48
4714 4714 47
4714
*512 578
534 534 *512
534
6012 5834 60
60
58 (8,:,
..__ ____
Last Sale 152 Aug'08
__
_
Last Sale 12612 Sep'08
4818 4,12
;4834 -49
*4512 49
102
101 101 *10034 10112 *101
July'08
Last Sol, 10
_--5
3
*2
834 -1-012 *1
912 15
*8
9
512 10
4712
4712 *47
*4612 4712 *47
Last Sale 147 May'08
*1
118 *1
118 *1
Aug'08
Last Sal,118
-1-18
118 *1
*313 4
*312 4
Sep'08
Last Salt, 4
*3
4
4
*3
*23
25
*23
*2:3
*23
25
25
25
25
*23
25
151 15214 148 1513.1
-- - - 14814 149
145 14712 145
14734 148
14:
04
.1.rt Sale 214
Meh'08
11(-)12 11-012 *110 112 :,110 112 *110 112 *11012 11112 *109
11012
107 107
101,12 10112 107
10714 10734 107 107
10712 108
10,12
133 133
13212 13212 13212 13231 132 132
13134 13134 13134 13214
Last Sal: 3312 Sep'08
*3334 34
*3334 34
*3334 34
*3334 34
Last Sale 3114 Nov'05
La s't Sal: 80
---- --- -- ------ ----- -Feb'06
Last Salt 41
Sep'08
Last Sale 212 June'07
Last Sale 20
July'08
80171617 *88121612 *831.
,.K9-12
11712 11512 *117 11731 11;12 11712 11713 11712 *117 11712 11634 11634
*-- 7212 *--_- 7212 *-___ 71 *___ 71
Last Sale 7212 Aug'08
*__ 109
109 10914 *10914 110
10012 10912 10912 10912 *109
10912
Last Sale:..34
May'05
96)3 97
-- —
_- 9,34 9534 9514 9534 9533
*3513 10
Last Sale 37
4,3512 40
10 *3512 40
Sep'08
9014 9012 90
9014 90
90
811,1 8:'1! 8914 89121
*9114 92
10234 103
10212 1023.1 10114 102:•,, 10138 10134'
10212 10212 10212 103
*124
124
125
124
125 125
125 125 *124
*123 124
12.5
*9912 9934 9912 9912 *9913 993.1 9934 9934 *9912 9934 5912 9912
33
58
*14
33
12
38
*14
33
*14
'
P
12
12
213
112
2
173
178
178 *134 2
2
173 178
218
*1:82 15
*1312 15
Last Sal: 14
*1312 15
*1312 15
Sep'08
,74.0-i2 -iii
8812
9534
;5.-512
----- ------- ....------ -—.. ..--- ---- ....-- -- --- ---- --- ......- ------ -...... ..— ......-
Last Sale 3212 Jan'07
Last Sale 10
Nov'06
May'07
Last Sale 16
T not Rnlo 4
Treve.1111
sates
or the
Week
:Mates
Inter.
est
Period
Price
Fridac
Sept. 18
Week's
Range or
Last Sale
Rance Since
Jan. 1 1903
Range ;or Previous Year
0907)
fittgleSt
Lowest
Railroads
Chicago City Ry
100
Chicago & Oak Park_100
Do pref
—511 Chi( flys parr ca "2"1_9-_9
27., Chicago Subway
100
---- Chic Unlon TractIon_100
Do pref
100
Kan.; City Ry & Lt__100
40
Do pref
100
Metropol W S Elev_100
Do pref
100
---- North Chiearo Street. 100
100 Northwestern Elev
100
Do pref
100
South Side Elevated 100
225 Streets W Stable C L_100
525
Do pref
100
—_ West Chicago Street_ _100
Miscellaneous
13( American Can
100
541
Do pref
100
American Radlator 100
Do pref
100
-115 Amer Shipbullding_100
35
Do pref
100
___ Amer Straw Board
- 13. Booth (Al & Co
100
958
Do pref
100
210 Cal & Chic Canal & D_100
Central Trust 13ank_100
---- Chic Brew'g &
Do pref
10 Chic Pneumatic Tool-100
726 Chicago Telephone_ —100
Da rights
• 0 Chic Title & Trust__ _100
447 Com mon w'th- 'son _ 100
10, Diamond Match
100
Illinois Brick
100
Knickerbocker Ice_100
Do pref
100
---Masonic Temple
Milw & Chic Brewing
Do pref
36 National Biscuit
100
122
Do pref
100
"Ii6 National Carbon
100
Do pref
100
Page Wov Wire Fence
270 People'sGasL &Coke_ _100
Sears-Roebuck corn_ _100
7147, Do pref
100
1,8.8 Swift & Co
100
55 The Quaker Oats Co_ _100
Do pref
120
100
250 Unit Box 13d & P Co_100
Do pre!
1,300
100
---- Western Stone
100
Mining
13ingham Con Mining_ 50
Black Mountain
Daly-West
20
Hubbard- Elnott
Chicago Bond Record
BON DS
CHICAGO STOCK
EXCHANGE
Week ending September 18.
STOCKS
CHICAGO STOCK
EXCHANGE
160 Jan 24 189 J'lytI
312 Aug3i
138 Feb 3
7 Mch 16 10 Aug28
39 Aug27 47 J'ne 3
15 Feb 10 24 Aug11
212Mch27
4 May2.
35 Aug 26 46 Jan 14
6814 Jan 4 79 Jan 20
13 J'ly 14 19 Jan 22
42 Jan 6 54 Afayls
44 May 5 47 Mays:
1334 Aug 6 20 Jan 31
46 Aug Is 5(/ May14
71 Jan 13
42 Aug 24
2612 Apr 16 2912 Feb 21
85 Apr 2U 103 .1'ne 1
25 Apr 13 31 May 4
4 Feb 13
4112 Jan 2
125 Jan 10
110 Apr 22
37 Itch 19
91 Jan 2
10 J'ly 7
112 Sep 15
812 Sep 17
40 Feb 20
147 May
11'3 Aug1.2
4 Apr 13
21 Feb 26
101$ Jan 3
34 Feb 25
100 Jan 4
80 Jan 3
113 Jan '2
30 Jan 22
Vs Aug 10
6212 Sep 4
152 Aug 25
127 Apr 13
5512Jan 16
101 J'ne
42 Jan 9
30 Jan 11
100 May13
51 Apr 28
147 May 6
11$ Aug22
4 Apr 13
3(11, Aug
153 Sep 11
•:34 Feb '21
112 Aug 26
108 Aug 22
137 Aug 31
39 Jan 14
Highest
Lowest
150 Itch 205 Apr
134 Nov
5 Jan
10 Oct • 16 Apr
11 Oct
214 Dec
rv
2184
Nov
6834 Nov
Dec
4
13 Nov7
230412
pr
Sep
58 Apr
2608 OctNo v
9
20
5
It
Alp
cr
h
461'
,Jan
614 Apr
1914 Jan
65 Jan
57 Jan
28 Jan
72 Jan
47 J'ly
.2612 Jan
J'ly
1.0 Jan
:14 Jan
99 May
35 Apr
3 Oct
3412 Nov
120 Dec
112 Nov
0 Nov
85 Nov
Jan32,(1
Dec
90 Dec
ut
45 ‘
Oc
116551 AFeb
Jan
6
g
21 Dec
714 Apr
60 Apr
14013 Sep
130 Apr
80t Jan
109 Jan
40 Mel)
40 J'n•
III Feb
54 Jan
165 Feb
1 Jan
612 J'ne
51 Feb
13412 Apr
1,5 Oct
77 Oct
1(i812 Nos
34 Nov
11212 May
5738 Oct
12912 May
57 May
19 J'ne 23 20 J'ly 24
70 Jan 3 9212 Aug 6
10134 Jan 2 120 Aug 5
51 alch 3 7212 Aug 22
91 Mch23 112 May19
41 Aug
213 Jan
25 Feb
5813 Oct
91 Nov
50 Nov
9734 Nov
46 Jan
212 Jan
27 Mch
86 Jan
11734 Jan
8414 Jan
120 Jan
8012.1an 3 9712 Aug II
24 Jan 24 40 May20
72 Jan 16 9212 Sep 10
8812 Jan 2 10534 Sep 9
1144 Jan 3 134 Jan 29
87 Jan 3 100 J'ly 30
134Jan 4
14 J'ly 17
112 J'ly 17
12 Jan 15
17 Apr 11
14 Apr 25
/2 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
55 Oct
34 Nov
6 Jan
16 Dec
9238 Apr
57 Jan
95 Jan
113l Jan
17312 Ma)
1023.4 Jan
214 Apr
1234 Apr
30 Feb
321, Jan
3212 Jan
1614 Apr
20 Jan
38
J'ne 15
46
J'ly
Chicago Banks and Trust Comoanies
8'ds
Sold
Range
Since
Jan, 1 1908
NAME.
OursiandIny
Stock
t
Surpass
and
Profits
I
Dividend Re.:.ord
In
1906
In
1907
Per- Last Paid
10d
%
MO Bankers National
High No, Low
Bid
Ask Low
5
ts-J Joe '013. 2.
8
$2.000,000 $1,340 563
Calumet National
American Biscuit 64_0010 F - A ---100,00o
33,326
8
An. Dec '07, 6
5
1011 mciai
Chicago City
155,576 10
Amer Strawb'd 1st 63_1011 J - J
500,000
J-J July '08. 5
10
3
Commercial National
Cass Av & ie U (St 1.1 54'12 J - J 116612 §;14, 10012 1001,
3,000,00o 4,308,976 12
12
Q-J July '08. $
100 May'07
Continental National
Chic Board of Trade 4s1927 J -D
4,000,000 3,499,029
8
8
Q-J July '08, 2
10178 63
1-0-14 101
- A 101
Cook Co State Savings
50,000
Chicago Clty Ity 5 s__ _1927
4,368
6
6 Q-J July '08, Ils
103 Ape04
_
- J
Corn Exchange National 3.000,000 4.988.219 12
Chic Consol Br&Mit
12 (1-5 July '08, 3
55 Aug'07
- D
Drexel State
Chic Consol Trac 4)0-1939
43,506
200,000
6
Q-J July '08, llt
6
9634 Jan'06
Chic Auditorium 1st 5s1939 • A ---Drover, Dela National
369.345
8
600,000
Q-J July '08, 213
8
---- -33,436
200,000
Englewood State
3
Chic Dock Co 1st 43_1929 A 6
Q-J July '08, 11a
-87- Fe-b766
Chic No Shore Eicc 6s_1912 A 12
First National
Q-J J'ne '08. 3
8,000,000 7,852,037 12
-166,143 10+10 10
Chic de Mli Bice fly 5s-1919 J - J
First Nat Lngiewood_ —
Q-.) J'ne 'OS, 212
150,000
608.180
Chic Pneum ToolPriv ate Eta nk
Foreman Bros B'k'g Co_ .500.000
7212 7378Aug'08
a1921 J - J 68
68
1st 58
416.102
8
Fort Dearborn National_ 1,000,000
Q-J July'08, 2
6
75
_1927
103
•'A 9913
9933 9Y78 35
Chic Ity 58
J-J July '08, 212
151,956 ____
5
Hamilton National
9514 102
500,000
9013 Sale 8812 9018 20
Chic Itys 4-55 series"A"
81378 0034 Hibernian B'k'g Assn
8
975.887
8
Q-J July '08, 2
1,500,000
80
49
'82
8112 81
81:4
Chic flys 4-58 series "13"
J-J July '08, 5
78
104,535
10
Kaspar State Bank
10
200,000
80
821.
; 82
82
Chic flys 4-55 series "C"
1
Live Stock Exchange Nat 1.250,000
75
82
355,595 —.. __ Q-J J'ne '08 212
10013 10033
10015 101
9734 1005, Monroe National
6
Chic Rys coil (Is_... 1913
57,549
Q-1. Aug '08. 1
3
4
300,000
79 Nov'04
Mutual 1',ank
412 Jan, Jan '08, 412
Chic It 1 & P RR 44_2002 • - N
85,198 --250,000
80 Apr'04
Nat Bank of Republic— 2,000.000 1,257,861
8
Collat Trust g 55 —1013 M- S
Q-J Oct. '08, 2
6
National City
458,562 ____ ____ Q-J rthy'08. 112
1,500,000
Com monw'alth-Edlson—
100 June'08
100 10014 National Produce
56,546 Begat, husine .8
250,000
Chic Edison deb 641913 J - J 100 101
Aug 26 1907
97 1003,.. North Avenue State
Q-J July '08. 114
61.685
1st g 58 _ _ __July 1026 A - 0 100 10034 1005 Sep'08
200,000
0938 9033
- S I 9912
8
Debenture Os __1926
9834 993:. North Side State Savings
9,258
50.000
6
6 0-3 July '08, 112
4
1011:
Oakland
Cominonw Elect 5sb11/43 M - S 101 la-- 10112 10112
National
93
38,753
100,000
6
Q-J Pile '08. 112
6
90 Dee'06
Prairie National
Illinois Tunnel 5s____1028 J -D
250,000
79,984
953, Prairie State
95 July'08
93
Kan City Ity deLtCo 5s 101. 11.1 - N
61.372 838
500,000
8 (.3-3 J'ne '08, 2
94
9012Aug'08
4,-()
92
9212
58_1028
851g
KnIckVirer Ice 1st
Hallway Exchange
/.551 -250,000
4 ....._ Jan '08, 2
Lake St 51-1st 5s _1928 I - J -------- 85 May'OS
300,001
80
121.014 orga n1zed Oct 12 1906
8812 Security
16 May'05
South Chicago Savings
Income 5s
1925 Feb
77,24;
534
6
200.000
Q-J July '08, 112
Metr W Side ElState Bank of Chicago._ _ 1.000,000 1,256,647
8
9+1 Q-J July'08, 3
8
70
1 88
.1.1e
81
81
1st 4s
881, Stock Yards SavIngs
7
XI) J'ne '08. 3
1938
81
156,513
250,000
6
6
80 Aug'08
Extension g 48
Union Bank of Chicago
193.•
80
85
45,631
0
200,000
M-N May '08, 3
6
1)0 Dee'06
North Chic St 1st 5s 1909 J-JJ - J
6
Q.J July '08, 112
Union Stock Yards State
59,6115
200,000
—
8
1st Os
1916 .1 - J
8
American Trust dc Savgs_ 3,000.000 2,561.428
Q-J .1uly '08, 2
8
'75" Au-al
Refunding g 4 4s._1931 A -O --7 (.1-J July '013, 134
Central Trust Co of III
2,000.000 1,001.6(10
7
No Chic City I1y4 hs1927 It- N /87- -8-71-4 75 Feiro7
111,429
Chicago Say ilk dc Tr
n500.000
North West El 1st 4s_ _1011 M- S 87 Sale 87
8712 27
813 -9-0-1-2 Chicago Title de Trust
5,000,000 41.3114,913
0
6
Q-.1 Oct.'08. 112
9118 9113
Ogden Gas 5s
1
1045 51 - N 90
91
Citizens Trust & Savings
8014 03
8,211
50.000
3
3 A-0 tor '08, 2
Pearsons-Taft 5s
99 AGRI),
1916 J -D 99 100
600.000
Colonial Trust de Savings
99
99
494.597 10
Q-J Oct '08, 213
10
94 Sep'08
• - S 94
4.40s
200,0051
Drovers Trust & Savings
94
96
95
6
90.218
0-5 July '08, 2
6
06 Aug'08
- N 96
4.60s Series E
98
Farwell Trust Co
56
96
135,474 Orga nixed Apri 13 1907
1.500.000
9712 9712 First Trust de Savings_
•-N
9712Sep'08
4.80s Series F
9712 100
2.000.000 1.846,924
112 Mara)b
Peo Gas L&C 1st 6s_1943 A 1.250,000
Harris Trust dc Savings
10912 112
585,320
Q-J July '08. 2
Refunding g 5s____1947 It- s
04 102
Illinois Trust & Savings_ 5,000,000 8,176,452 12+4 16+4
foil; 10112 Jiy:08
q Aug '08, 1
10234 10234
Chic Gas L&C 1st Os 1937 J - J
200,000
9712 1033, Kenwood Trust & Savgs..
40,379 -6
Q-J Oct.'08, 112
100- 10
Consum Gas 1st 54_1936 J 9434 101
()
-0
200.000
Lake View Trust & Savgs
111-2 101 July'08
31.504 —_
2
Q-J July '08. 114
M
1st5s1947
100
Sep'08
Merchants' Loan & Tr Co 3,000.000 4,694.307
-NI.
98 100
Mut'l Fuel Gas
12
12
Q-J July'08, 3
94
Sale
93
9312 9612 Metropolitan Trust & Say
South Side Kiev 4)is_1024 J - J 94
36
240,051
750.000
6
6
Q-J July '03. Da
Swift & Co 1st g 5s__1914 J - J 10018 Sale 10018 16015
93 10014 Northern Trust Co
1,500.000 1.861.871
8
44-.1 July 08, 2
8
90
5s___1945
89
A
0
90 Feb.08
90
Union Si (Loop)
Northwest Trust & Savgs
90
200,000
46,131 ---6
J-J July '03. 3
Union Pacific cony 48_1911 hi - N. 114 Nov'04
200.000
---- .- Peoples Trust & Savings_
78,148
6
6
J-J July 'OS, 2
-41-- 47 AugV
United Box Board col Os'2.
Pullman Trust & Savings 5500.000
68
47
163,881
8
k8
Q-J July '08, 2
=
West Chlo St 1st 5s___1928
—_
90 May'07
Royal Trust Co
500,000
602.886
8
Q-F Aug '08, 2
8
Tunnel 1st 5s
Stockmen's Trust & Say..
6813 Sep'05
190' F - A
200,000
,1-J July'08, 212
9.578 ---5
•
Debenture Os
Union Trust Co
1914 J - 1
73 June'07
1,000.000 1,067 214 _._. ..— Q-J J'ne '08 2
7212 804 Western Trust & Savings 1,000.000
Consol g 54 rcts
8014 J11e'98
1036
190.247 6+1
6 (1-.1 J1113,*06. DI
Wes DivCityity 4 3s193
87 Dee'06
West Side Tr & Say Bank
41,343 Began famine ss
200.000
Sept& 1905
8512 Jiy'08
Western Stone Cobs-190 A "ici" 8613 Wcrodlawn Tr& Sav Bk.. 200.000
28,317
6
Q-J July'08, Pa
8
Note.—Accrued Interest must b-e-a
-ade-d-ii) all Chicago bon d prices
* Bid and asked price,: no sales were made on this day.
I July 15 for national banks and Jo y 16 for State Institutions.
8 No price Friday
Latest price this week. a Due Dec. 31. b Due June.
d includes special dividend of 30% paid Dec. 18 1906k Capital increased from $300.0611
g Dividends are paid Q-.1. With extra
a stock dividend of ,3,1 1-3% being declared In part payment therefor. n Capital and surplus to he Increased
payments Q-F• sStockholder.. authorized Increase to 51.000.000. 4 As of iiats July 1 S„ 11)03
BOS'FON STOOK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTO M PRICES
Saturday
Sept. 12.
Tuesday
Sep. 15.
widay
Sept. 14.
Wednesday
Sept. 16.
Thursday
Sept. 17.
Friday
Sept. 18.
of the
Week
Shares
0(.' K S
BOSTON STOCK
EXCHANGE
Railroads
*904 904 9018 9012 8934 8978 8818 8818 87
873.1 *8778 8818
195 Atch Top & Santa Fe_ 100
*95 9514 *9478 9578 *9518 9618 *9412 9512
Last Sale 9534 Sep'08 ---Do pref
21814 21814 218 21814 21814 21814 218 219
*218 219
218
218
96 Boston & Albany10
98
134 134
134 134
134 134
134 134
134 134
134 134
397 Boston Elevated
_ 212 212 *212 ---- *212
212 212 P212
*212
84 Boston & Lowell
100
0(1
125 12512 125 11512 12434 12514 12412 125
12412 12478 12434 125
100
660 Boston & Maine
149 149
10
Do pref..100
166"
300 166- *---- 300
295 295
2971
7 Boston & Providence_100
1012 1014 1014
*TO
1012 *15
_ *8
1014
200 Boston Suburban El Cos_
1014
*52
56
*53
66
5434 5434 55
56
58
66
5514
160
Do pref_
12
12
12
*11
*11
12 *11
11
11
12
60 Boston & Wor Elec Cos
53
*51
*51
53
*51
60
53
50
51
51
50
A-70
Do pref
*_148 * - 148 *---- 148 *___ 148
Last Sale 149
Sep'08
Chic June Ry & USY.10c
*Ha
-116
*1NT2
Last Sale 117 Aug'08 -_
*116
10i
Do pref.
Last Sale 16314 Jun'08 --- Con & Mont. Class 4_100
---Last Scb 138 Apr'08 ---- Conn & Pass RIv pref_l00
---- Last Scl 2. 0 Sep'08
Connecticut River. _..100
iii" 114-- iii" fg" Hi" 123
123 123
12312 12312
123 123
234 Fitchburg pref
• 100
*73
74
74
74
75
74
74
74
7412 75
48 Ga By ec Electric
-10U
*77
84
Last Sate 7385
*80
Do pref
Last Sale 190 Sep'07
Malne Central
-,7
,5" 10 "10
10
*912 1017 ";912 1612 *912 1012 *912 1012 "iii Mass Electric Cos--1(
9(1:
48
48
*47
51
50
48
5034 51
*48
50 *48
48
408
Do pref.
100
Last Sale 1538 Apr'08
Mexlean Central._ _Ion
ia" fa; 14434 17E1-2 ilia- 11E34 iiira fa; 14214 14234 141
14112 "555 N Y N
& Hartford. 100
Last Sale 140 Aug'08 -- Northern N H
*142
Last Sate. 200 Apr'08
Norwich & Wor pre1
91:
f- 10
188 gi" Ni- 15W- No" 116.- 21111-3f4 18714 *18614 18714 *18814 18714
111 ()Id Colony
100
26
26
28
26
26
26 *_ __ 26 *____ 26 * 26
50 Rutland °ref
100
-- 81
8112 *8134 82
*81
__
_
igi
*81 ......30 Seattle Electric'.
100
*8012*9414 9512 9412 95
*9434 95
*9434 ---- 9434 9434 *9434_
33 Do pref
16273 16514 16578 1663/ 16534 16712 16231 165
15978 16312 160 1E114 6,982 Union Pacific
19
00
0
*87
Last Sale 8812 Sep'08
8714 *8612
:: *8712 8812 *8714 8814
Do pref
15614 15614 15614 15614
-18 Vermont & Mass
19°
10o
*8991
91
90
871*9 : 90
90
90
49 West End St
50
*105 108
106 1-0-E P105
10512 1051: *105 108
55
Do pref
50
Last Sale 138 July'08
Wore Nash & Roch_ _ 100
Miscellaneous
*2634 2758 2758 2912 28
2912 2712 2812 2712 2734 26
2714 2,425 Amer Agricul Chem-_100
*9212 94
93
93
93
94
9334 95
93
9412 95
93
Do pref
388
100
518
478
514 512
634 53,
5
51:
478
478 1.987 Amer Poet' Service... 50
518 514
13
14
14
14
14
14
14
13
14
14
Do pref
13
303
50
12814 130
13138 13138 13134 13134 13114 13114 129 131
128
130
1,848 Amer Sugar Refin
100
127 127
127 12714 ▪ _ 128
127
12712
127 12714 *127 128
Do pref
68
100
12812 12914 12911 1293, 129 12912 127 12918 127 12814 127
128
8,973 Amer Telep & Teleg 100
2314 231- *2312 24
*2312 24
2334 24
*2334 2412 2312 24
275 American Woolen---100
9212 9234 92
9212 93
9214 9212 9212 93
9212
9238 93
Do pref
304
100
Last Sale 312 June'08
*3
33i *3
334 *3
334
Boston Land
10
334 *3
*117
12412 12412 12412 12412 *122 125 *118
124 125
125
77 Cumber' Teiep & Tel_100
Last Sal,1514 Aug'08 -- Dominion Iron & Steel-.
*1634 -1712 *1512 181: *1512 1612 *1512 1612
*512 6
Last Sal. 514
*512 6
*512 6
Sep'08
East Boston Land
*512 6
230
235 235 *230 235
235 235
*230 235 *230 235
230
68 Edison Eiec Illum_-_100
14278 14312 140
14412 14412 143 144
144 145
14314 144
141
136 General Electric
5612 5612 5612 5634 5612 5612 5612 5612
5612 5612 5634 57
10
0()
0
590 Massachusetts Gas Cos1
8634 86
8634 8634 8612 8634 86
8612 87
87
87
8634
Do pref
.._.10()
179
205 205 *205
*204 210 • __ 20712 *203 . *___ 205
10(1
3 Mergenthaler LIno _1
238 258 *214 234 *214 -244 *212 234 *212 234 *212 -2:34
382 Mexican Telephone__ 10
56
56
*5312 57
55
56
56
55
*54
55
73 N E Cotton Yarn.......100
54
54
88
*85
86
86
86 *85
88
*85
*85
88
Do pref
*85
83
14
100
118 11812 *11712 11812
11712 119
119 119
*118 11912 11812 119
304 NI E Telephone
100
164
16312
164
16212
164
164
164
163
164 164
164 164
182 Pullman Co
100
*978 10 10 10 *978 10 *978 10 *978 10 *978 10
20 Reece Button-Hole.. 10
10234 10234 10212 10314 10314 10314 10212 103 102 10234 10134 102 • 360 Swift & Co
100
Last Sale 2212 Sep'08
*21
23
*21
23
23
*21
23 *21
Torrington Class A
25
*25
26
25
26
*25
26
*25
25
26
26
26 ,*25
48 Do pref
25
Last Sale 112
*114 134 ; *114 13.1 *114 134 *114 134
Sep'08
Union Cop L'd & leg_ 25
134
13412
1341134
134 13412 134 13412
134 1341: 13412
134
765 United Fruit
100
5412 55
5512 65
55
5412 5412 1,858 Un Shoe Mach Corp.... 25
55
55
55
5514 55
2818 2812 2812 2812 2812 2812 2812 2812 2812
2818 2818 28
Do pref
280
25
4434 46
4558 48
4434 4512 10,801 U S Steel Corp
4658 4733 4618 47
4638 47
100
10834 10834 1,309
11013 11014 110 1101: 10958 11014 10912 10912 10812 109
Do pref
100
*7
g
*7
8
*7
8
8
20 VC est Telep & Teleg-100
718 74 *7
*712 814
80
80 *75
80
*75
80
*75
*75
75
75
Do pref
1
100
Last Sale 252-- Apr'08
---Westing El & Mfg
50
------ 4418 4418
6uning
Do pref
-1(5
50
..--
-...
Range Since
Jan. 1 1908
Lowest
Highest
6758 Feb 11
8312 Mob 3
18112 Jan 2
125 Feb 17
20014 Feb 11
17412 Sep 16
136 Feb 13
284 Jan 10
9 Mch 4
45 Jan 31
10 Feb 28
50 Feb 27
126 Jan 2
102 Jan 10
16314 Mch 5
13, Apr 21
244. Jan 14
117 Jan '2
07 Apr 27
9112 Aug 31
9534 Sep 4
210 Aug26
190 Jan 21•
212 Sep 1
140 Jan 25
156 Jan 22
300 Joel"
13 Mch24
56 May it
17 Jan 25
6012 Jan 10
150 J'ne16
117 Aug22
165 Mob A
138 Apr 21
253 Apr 22
131 Apr 21
79 Jan 27
13 Jan 3
77 Mch 17
4 Feb 10
012 Feb 25
9914 Jan 2
106 Feb 18
99 Jan 2
16 Jan 2
7734 Feb 10
3 Jan 7
9817 Jan 11
1434 Jan
414 Mch 13
201 Mch17
111 Jan 2
49 lich23
77 Jan 2
192 Apr 16
1 Mch 2
40 Mch 6
75 Mch23
105 Jan 4
147 Jan 2
9 Apr 10
8812 Jan 2
20 Jan 3
23 May22
114 Mch23
11412 Jan 2
3812 Jan 4
247g Jan 3
26 Jan 2
8712 Jan 2
4 Feb 3
59 Jan 0
1978 Feb 18
3478 Feb 19
2912 Sep 14
9512 Sep 9
812 Maylt.
21 Mayli•
13712 Aug 31
130 Aug 10
13134 Seri 3
2612 Aug 11
94 Aug 4
312 J'110 4
125 Sep 14
1a14 Apr 15
8 May15
260 Sep 1
148 J'ly 22
6812 May15
88 J'1Y 31
210 Aug 10
234 Aug 13
6412 J'ly
86 Sep 10
120 Sep 4
170 J'ly 27
10 Feb 21
10812 J'ly 31
23 J '11011
26 Sep 12
212 Jan 25
148 J'ly 14
5814 Aug ti
2812 Feb 26
48 Aug I (1
11214 Aug31
534 Sep 2
80 Sep 2
2712 Apr 11
441a sap 1,
I Lange for Previous Year
(1907)
Lowest
((71-Nov
7934 No%
180 Dee
11734 Nov
200 J'm
129 No
150 Oct
285 Oct
8 J'ly
50 Aug
16 Nov
55 Nov
128 Dec
9934 Oct
170 Oct
152 J'ly
244 Dec
116 No%
8912 Dec
73 Oct
190 Aug
814 Jan 2 1212 Jan 5
7 Dccii
40 Jan 2 51 Sep 141 37 Oct
1538 Apr 25 19 at,(131
14 Nov
128 Jan 6 14512 Sep 12 12712 Nov
140 Joe 29 145 Apr 5 145 Dec
200 Apr 6 205 Feb () 205 No%
175 Jan 11 189 Sep 15 175 Oct
25 Jan 15 29 Apr 2
25 Nov
82 Aug"
70 Feb 17 8212.
8838Jan 2 98 Sep 8
)334 Nov
11012 Mch 2 16834 Sep 9 11.012 Oct
/834 Nov
7834 Alm 4 .812 Sep 0
150 Jan 13 15114 Sep 15 14518 No%
/4 Dec
78 Jan 2 91 Sep 17
No
96 Jan 2 106 Sep 14
94
140 Au).
138 J'ly 9 190 blunts
Highest
10712 Jan
10138 Jan
240 Feb
152 Jan
231 Jan
170 May
165 Jan
301 Feb
15 Feb
65 Jan
2834 Jan
80 Jan
160 Jan
120 Jan
188 Feb
156 Mch
280 Jan
135 Jan
114 Mch
88 Moh
198 Jan
2012 Jan
7112 Jan
2534 Jan
19012 Jan
160 Jan
226 Feb
20014 Jan
45 Jan
94 Jan
103 Jan
18212 Jan
93 Jan
170 Jan
19
10
5 Jan
m h
147 Jan
10 Oct
26 Jan
7212 Noy
05 Feb
312 Nov
1434 Jan
912 Oct
33 Jan •
93 Dec 13714 Fob
105 Dec 13134 Jan
8914 Nov 13412 Jan
3612 Jan
1214 Nov
69 Oct 1021. Jan
4 - Jan
3 Mob
9312 Nov 115 Jan
25 Feb
1212 Oct
014 Jan
312 Oct
185 Nov 230 Jan
91 Oct 162 Jan
43 Oct
664 Jan
8612 Apr
76 Nov
185 Nov 215 Mch
434 Jan
114 Dec
46 .4,fle
75 J'iy.
80 Oct
00 Jan
6 Nov 126 Jan
137 Nov 182 Jan
11 Jan
9 Nov
7612 No% 113 Jan
2212 Jan
20 J'ne
2712 J'ly
2412 Nov
67$ Jan
1 Oct
10112 Oct 120 Dec
36 Oct
69 Jan
2358 Nov
29 Jan
22 Oct
5038 Jan
7912 Nov 10734 Jan
4 Nov
9 Jan
82 Jan
60 Nov
7812 Jan
2614 Nov
80 Feb
,76 May
88 Nov
612
112 Feb 21 1214 Aug 19
25
714
712 4,270 Adventure Con
20 Oct
8412 35
7414 Jan
30 Allouez
25 24 Apr 23 4014 Aug 7
4218 Dec 121 Jan
7412 7578 39,141 Amalgamated Copper 100 45 Feb 19 8312 Aug 8
53 Jan
19 Nov
2412 25
1.798 Am Zinc Lead & Sm.,.. 25 2034 Jan 13 30 Joe 2
75 Feb
28 Oct
4312 4312
25 Anaconda
25 28 Feb 19 5014 Aug 7
*334 375 *334 4
"373 38
234 Oct
154 Jan
314 Apr 29
6 Jan 15
358
358
--38 -178
247 Arcadian
25
2812 May
2814 2912 2812 2914 2734 2778 2712 2834 15,279 Arizona Commercial.. 25 14 Jan 2 • 2912 Sep 11
2714 29
734 Oct
Jan
*.50
Last Sale 70 Aug'08
70 *.50 ___
*.50 .75
.35 Sep
25 .40 Feb 14 .90 Aug72
22 Feb
612 Oct
Ws 1512 1518 153$ 1514 1678 2,02.
1553 1558
8 Apr 22 1914 May19
16
16
tic
6A
At
rl
ilitonla
25
Jan
14
Apr
29
.60 .50
*.50
*.50
*.55 .65
BInghani
Con
.50
.50
370
Mtn& S 50
87
0 Jan
412
4j
loacnb 20
Seet? .3
Last Sat,.55
*.50
7 .35
418 l
*.50 ____
_Bonanza (Dev Co)._ 10 .35 Feb 19 .783
Sep'OS
1014 Apr 13 17 Jan 2
3314 Jan
1212 1212
858 Nov
12
*.50-1218 1212 12
1212 1217
12
1214 2,070 BostonConC&O (rcts) P.1
1634 1634 1658 1631 1614 161. 16 1614
1634 1634
1,225 Bos & Corb Cop &SIIM 5 1114 Apr 14 1914 Aug 1
3918 Jan
2512 25
10 Oct
2514 2414 2417 2312 2414 -2512 -213-4 5,271 Butte Coalition
25
2514 2514
15 1512 Jan 2 30 Aug 4
80 Oct 198 Feb
117 119
117
118 118
11814 1211f 11912 1211! 117 119
11734
748 Calumet & Arizona
10 93 Feb 20 130 Aug 1
1000
Feb
Oct
Mch
6
700
x565
Jan
15
535
640 640
650 650
640
645 650
640 640
635 640
640
35 Calumet & Hecla -25
47 Feb
16 Oct
30
*29
3112 3112 *3012 3112 30
32
*3112 3214 32
30
335 Centennial
25 21 Feb 10 3812 Aug 19
.40 .40
.40 .40 .40 .40
.40 .42
*.40 .42
*.39 .42
1 .25 Mch 6 .45 Joe 9 .25 Oct .62 Jan
775 Cons Mercur
7534 7634 7334 76
4414 Oct 105 Jan
7212 74
7612 77
7634 7778 7714 78
5,333 Copper Range Con Co.100 5618 Feb 18 8112 Aug 6
2012 Jan
712 Dec
9
0
7 Jan 3 1114 J'ly 31
9
o
9
9
9
9
9
9
219 Daly-West
914 914
20
7012 Mob
40 Oct
07
458
12 A
Mp
ar22
y4 0
588
1;2 May e
Last Sale 51
Dominion Coal
July'08
100 4
Jan
114
Nov
J'ly
17
85
Last Sale 9838 July'08
55iDo pref
100
418 Jan
34 Nov
24 J'ly 28
*214 212 *218
2
23
2
-*214 212 --if: -.21.-7
Elm River
212
12 .99 Mob 6
2914
Mch
Oct
612
Apr
22
6
15
Aug
29
*13 1312 13 1314 1212 1314 1212 1212 830103 n
14
1334 1334 14
Frra
analyin
25
65 Oct 151 Feb
101 101 *100 102 100 10034 100 100
*100 10212 100 100
Consolidated_100 80 Jan 2 110 J'ly 30
1752 Apr
514 Oct
678 Jan 2 1318 Aug 3
11
11 11 1058 1078 1053 1034 1014 1038 5,258 Greene-Cananea
1114 1113 1114
20
514 Jan
2 Dec
15$ J'ly 2
Last Sale 134
278 Jan 22
Guanajuato Consol
Sep'08
5
361. Jan
12 Oct
11
.
21
2 -2212 12-1-2 22 2218 22 2214 1,265 isle Royale (Copper). 25 1734 Feb 17 2614 Jan
.
22; 225 "23
2212 2i123
1134 12
12
1278 1278 1212 1212 1218 1218 12
11
, 11
1,030 Lake Copper
25 1134 Sep 17 14 Aug20
30 Fe-b8 Oct
1312 1334 1312 1312 1312 1312
1334 1334 1334 1334 *1334 14
612 La Salle Copper
25 1214 Jan 2 1714 Jan 14
9691124
238 Nov
612 612
6
6
214 Mch b
638 633
6
614
634 7
838 Aug 10
932 Mass Consol
25
634 7
134 Jan
Last Sale .55
*.50 -___
*.45
*.50 .75 *.45
Aug'08 'Ho Mayflower
25 .25 Jan 10 .75 J'ly 30 .40 Nov
:33
1
1
5
534
Nov
(u
t
u
n
414
A
J
414
*4
8
438
412
414
414
Sep
12
1,1
*4
414
414 .
414
414
Mexico Cons.
S_ .. 10
414
1014
5
11
Sep
1114 1012 11
1014 1034 1018 10.4 10
934 1034 20,968 Miami
n
2
14
5:: Jan
634 Oct
1418 1312 1331 1312 1334
71344 Fe 2
16
8 11521143
1312 1312 *1334 -- *1334 14
9
14
690 Michigan
25
Jan
37 Oct
6234 63
66
63
6378 62
66
65
6412 641: 65
63
748 Mohawk
25 46 Feb 19 71 J'ly 31
1 Nov
138 Jan 24
312 May
.65 *---- .65
.70 *. _
.70
.50
.60
600 Montana Consol C & C 10 .42 J'ne 11
Allugg:381
634 Nov
2012 Jan
Z0
712 A
1512 15
15
1558 16
1558 1534
5.i4 1534 15
Jan
1478 15
1.290 Nevada Consolidated- 5
30 Oct 120 Jan
8414 851" 83
833s 85'
8412 8114 8234 794 82
7918 8114 19,088 North Butte
15 4034 Feb 19
1 J'ly 31
212 Jan
12 Sep
*.65 .75 *.60 .75 *.60 .70 *,60 .70
Last Sole .65
Sep'08 - Old Colony
25 .50 Jan 15
18 Oct
421t 42
63 Feb
4112 4014 41
421- 4134 4214 41
42
2 4312 Sep 1
40
4012 4:800 Old Dominton
25 28838
3
81
7
A
Ju
inya
g 225
702
112 000 ttt ,
6114 JA
7
18
4
128
134'
j
lF
•ae
eab
b
10
110 110
10812 109
110 110
110 110
110 113
10612 108
562 Osceola
25 77 Fe b 19 10
2978 J'ly 31
3e35
Oc
ec
t
834 D
2612 2512 26
25
*2714 2734 *2714 2734 26
27
27
101122 a
26
882 Parrot (Silver & Copp) 10
Jan
Last Sale .90
*.50
_
Jmcliii
*.50
_ *.50
Aug'08
Phoenlx Consolidated 25
90
921. 94 -9494
92
*92
93
91
90
92
90
188 Quincy
25
*414 412
Oct
414 414 418 418 414 412 876
19
6
3
cbrh 2
414 414
A
Mep
7
138 F
414 414
Rhode Island
25 72
258 Jan 20
7111:
Jan
178 178
*1341 2
134 134 *134 2
134 134
*134
2
275 Santa Fe (Gold & Cop) 10
15
1512
Oct
1453
24731:
Ws 1514 1518 1514 15
15
1458 1434 3.883 Shannon
934 Feb 19 1612 Aug 4
1514
10
g 5
ug
2534 A ti
2334 2334 2334 24
24
370
erti20
mp
24
16
4 A
2334 2334 2312 2334 2312 2312
859 Superior
25 5
-5
-1 Oct 17014 Jan
7012 73
76
75
75 •75
73
73
71
73
73
71
181 Tamarack
25
938 Nov
42
1634 1758 17
1812 1878 1731 1814 1714 18
1812 19
18
4,617 Trinity
25 1218 Feb 19 25 Aug 10
1014 1014 1018 1018 1014 1014 1068 104 1118 1112
10
10
7 Dec
458 Mch24 1514 Aug 10
7714 Mch
410 United Copper
100
Last Sale 29
Sep'08
100
23
9
34
A
mp
erh3
116 28
814 S
Aeupg 10
3
27
212 Nov
Oct
25
9
13
1.14 J'In
25
"FA 16-7g -2512 1E-7 ;281-4 1E1-2 2514 2514 2412 26
ay
620 UnD
SetealtesCoal &Oil 25
ltoedp
5 OctOc
2243142
Oct
4034 3934 40
41/2 4178 4012 4114 40
70 Jan
4112 4112 4112 42
2,653 U S Smelt Ref & Mln_ 50 28 Mch 6 4458 Aug 7
4512 45
2778 Oct
4534 46
4534 98
49
70 J
45
4534 46
Jan
4534 4578 45
1.607
Do pref
50 87 Feb 10 4612 J'ly 25
4512 453t 46
4614 4514 46
4412 4514 44
4412 4334 44
3,661 Utah'Consolidated_ _ 5 2912 Jan 3 50 Aug 7
27
1
g3
4138 42
24034 4034 1,364 Utah Copper Co-8 4673142
43
441t 4438 444 43
ary16
43
44
8A
mp
43
2172
10 28
AJ'ly
*5
512 *5 514 5 5
5
5
5
5
312 Oct
1158 Feb
105 Victoria
25
512 512
e7l2Aug 7
(212 Nov
612 *6 61.2, *6 612 578 6
*6
612 *6
14 Jan
15 Winona
417.1an 2
25
149 149
93 Oct 198 Feb
147 147 *144 147
142
145/2 14512 146 148
110 Wolverine
25 11512 Jan 2 149 Sep 15
212 258
213 214 1,170 Wyandot
214 214
258 234
238 212
24 258
358 Jan
25 .50 May25 21518 Aug25 .10 Nov
C Before nav't of assess'ts called In 1907. * 13Id and asked prices. d New stock. e Ass't paid. b Ex-stock My. 8 Ex-rights. a Bx-div. and rights
814 814
*3512 -7658 -7814
2534 26
818
3512
771.2
25
4738
378
281*
*.50
*1512
.50
*.50
1212
53f
3511
7878
25
4733
37F
29l:
.75
1617
.50
814
8
8
8
734
778
*35-- 35
35
*35
36
78
7558 7658 7458 7614
7638.
2412
24
2478 2512 *24
25
Boston Bond Record,
SEPT. 16 1908.1
WI•In.
Prier)
E ',rid
ap
4'
5
BOSTON STOCK EXCIPGE '
2,,
WORK ENDING SEPT 18
.F.4
.
Sept 18
Week's
Range, or
Last dale
4:c
731
ISIJA Di%
BOSTON STOCK EXCH'GE
WEEK ENDING SEPT 18
Range
Since
January
High A., Low High
Ask Low
Bid
&in Bell Telephone 44.-1908 .1 ..,2
9838100
100 J'ne'05
.,)
Ain Tele')&'ril coil tr 48.1929 j
/
4
904 sale 90', 90'.; 12u 78% 901
Convertible 4s. .. ....1936 m.8 924 Sale 9l%
93 24, 80% 944
Mn Writ Paver lat a t tja g 1919 J.J
77834 77834
77834 Mar'08
&Um Top & S Fe gen g 48..1995 A-0 99
99's
96%%996*
99 4, 99
Adjustment g 4a....J'Iy 1995 Nov
894
1 85
89%
89.8
91%
Stamped
J'ly 1995 M-N
91
91
DI
91
91
Boston Elect Light 1st 65.11408 31..S
-•. ......
Consol Os
1924 M-S
110 Feb'04
Boston & Lowell 48
1916 J -J
101 Sep '06
Boston ea Maine 4 42m
1944 j.,1
104 J'ly'es
104 104
Boston Termuial 1st 3428.1947 F -A
112%Jan '03
......
Bur & Mo RI,
191n J ..)
/ ex Os
104 Oct'07
Non-exempt 65
1918 J -J
102 Sep '05
1910 J 4
Sinking 1Ullt148
98 4
08 h Apr 08
97
Butte & Boston 1st 08-.1917 A•0
100 J'ne'01
Sio
Rap
R lst 70.1916 M-N
Cedar
&
117 J'ue'08
117 117
2(1 78
1909 J-D
111 18 Ply'05
......
Cent Verret lat g 48..31sty13120 Q.F 8018 81
80% 5 76
80%
80',
0 13 & 44 Iowa Div 1st 58.1919 A-0
11103 Oct'07
......
Iowa Div is'. 48
1919 A-0
98.2 Aug'08
96341100 4
Debenture 58
1413 M-N
LOU Apr'05
100 100
Denver Exton 48
1922 F-A
• 98% 98's
9334J ty '08
Nebraska Eaten 48
1927 M-N
9838 95%
953s Apr'08
B & 18 W a t 48
1921 WS
......
31712May'07
Illinois Div 3 4281
1.449 J - j
118734 Aug'05
86 1189
Joint bonds dee lit Northern
Ohio J o Ey db stic Yds 58.1915 J -J 103
2 99 10311
103
103
Coll trust refunding g 481940 A•0 90
89
• 85
89 J'ly'08
012 Sill .11; St P Dub D 68-11420 J -J
118 118
118 J'ly 'ots
Ch M CI St P W18 V div 681920 J -J
126 Feo'05
Chic & No Minn lst gu 53.1931 M-N
99
98% 99 Aug'08' • 95
Ohio & W Mtelt gen 5s....1921 J -D 100
102 I :3 97 102
102
Concord & Mont cons 46..1920 J -D
91 Deo'07
Conn & Pass it 1st g 4s...1943 A-0
11214 Jan '03
Current /Over 1st 58
1927 A-0
104 Nov'06
Det Gr Rap & W 18t48...1946 A-0
8278
8178 May'08
80
Dominion Coal list a f 5e..1941/ M-N
90
90 Fet)'05
90
Fitchburg 13s
1905 M.N
98 Apr 07
48
10318 Api'Ob
1915 M-S
45
96 Ape°,
1927 M-S
96
96
Fremt Elk & Mo V lst 68 1933 A-0
, .12842Apt'08
128 128%
Unstampen 1st 68
. 140 Apr'05
1933 A-0
Gt Nor 0 13 &(.4 coil tr 48 1921 J -J
9712 98
98
119936 7 9241(99%
Registered 45
98
1921 Q-J
9334
13 92
98%
974
Price
rriaat
Sept 18
t
Illinois Steel deben 5s
1910 J -J
Non-convert deben 6s 1913 A-0
la Falls &sioux Clot 78 1917 A-0
Kan C Cm & Spr 1st 5s 1923 A-0
Kan C Ft S & Gulf 1st 78 1908 J -D
Kan C Ft Scott & SI 6s• 1928 M-N
Kan C & 13 gen 4s
1934 M-S
Assented income 5s
1934 M.S
Kan C & B By & Br 1st 581929 A-0
Maine Cent cons let 7a. 1912 A-0
Cons 1st 45
1912 A-0
Mara Hough da Out 1st 68 1925 A-0
Mexican Central cons 48 1911 J -J
lateens Inc 38
Jan 1939 J'ly
26 cons inc 35
Jan 1939 J'ly
Mich Teleplst 5s
1917 JMinn() Gen Bloc con g 58 1929 J -J
New Eng Cot Yarn 513
19211 F-A
New Bug Teleph Os
1908 A-0
58
1915 A-0
55
191(, A-0
New England cons g 5s 1945 J • J
Boston Term 1st 48
1939 A-0
NYNH& H con deb 34281956 J -J
Old Colony gold 48
1924 F-A
Ores By cib Nay con g 48 1946 J-D
Greg Sh Line let g 65
1922 F-A
Repub Valley 1st a f Os 1919 J-J
Rutland 1st con gen 4%6 1941 J -J
Rutland-Ca.nathan 1st 481949 J -J
Savannah Elea latcone os 1952 J -J
Seattle Elea 1st g 5s
1930 F-A
_Cerro Haute Elea g 58...J929 J
Torrington 1st g be
1918 31-S
Union Pac RR & 1 gr g 43 1947 J • J
1927 J -J
20-year cony 48
Uniten Fruit cony gen 58 1911
US Steel Corp 10-60 yr 58 1963 11-N
West End Street By 4s
1915 F-A
Gold 4118
1914 M-8
Gold denenture 4s
1916 M-N
Gold 45
1917 F
Western Teleph & Tel 58 1932 J -J
Wisconsin Cent 1st gen 481949 J -J
Wisconsin Valley lat, 7s 1909 J -J
saws
Since
January 1
Week's
Range or
Last Sale
Ask Low
.Higit
Bia
100
99 100 too
100
100
100
4
117 Apr'0,
Mar'os
98
101 -I' ne'08 •
115 11514 Sep 'Os
89 is sq.I)'05
8912
87 Sep '08
88
101
97
1
101
113% Nov'06
1014 Sep '05
115 rne'08 ....
118078 Saie 1180% 1i10a '1
111.6 Apr'Os ....
1115 4 Apr'08 ....
98
984
,
1021i A eg'04
984 Sep'Os ..
100 Fts14'08 ....
10018Jan '1)7
100% Sale 100., 100.,
Low High
9714 100
95 100
;17 117
96
90
100 101
109%1164
s742 91.
88%
87
101 101
115 115
74 1185
1116 716%
¶11614111514
......
98',
93
100 100
1-66-1:2100%
1 88
788 Ang'08
79.
98 1-2 J'ly 0,
9841 9812
1;9614 J'ly'0
1:9014 11964
111878 Iff1111's
1 103 111978
102 Aug'07
10712 Nov'Or
102 Mar'02
9812 May'OG
101 18 J'Iy44
10042101%
97 Apr'0
99% Nov'0
110118Xly 44
997511014
1199 Sep'0
1184%1199
116 Jan 4.
[16 117
10178 Sale 101% 1017
86 10178
9614 Feb'0
964 9614
95 Nov'0
. . _
10238 Jan 44(
99 .2 Alay'0
95
95't
96
lIt 79
97
97
794 42 Sep '0
10938 Aug'0
Nark-Buyer pays accrued interest In addition to the purchase price for all Boston Bonds. - No price Friday; latest bid and asked.
11 Flat rice.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
siture 'rices--Not Per ()ennum Prices
A:V(11'10H
daturaa o
Sept 12
monad,/
-,ept 14
6 uesdau
'kept 16
Wednesday
Sept 16
*4434 4514 *4434 4514
37
3714 3734
37%
104 10
10
10%
6% 6.
4
.90
1;0%
91
66% 67
67 18
1%
6214 11211 62%
39
331
39
918
913,,
211% 21
20%
654 6614 661328
64 64
904 90.8
6734 68%
1% 1%
62%
62
39
39%
9isie
2018 20%
75,5681ie
POI LA D
Sept 18
91
68
1
62.4
39
915,o
2118
68
44
44
47% 47%
87% 8734
IA
'6%
90
6714
1118
61%
39
9%
2018
664
7
9014
68%
1%
64
39
978
20%
684
'4311 44
44
44
47
47
47
47
87% 8778 87'4 87%
Bia
Inactive stocks
Allegheny Val prof... 51)
50 35%
American Cement
100
Amer Pipe Mfg
Boll Telephone (Pa)100
50
Cambria Iron
Central Coal & Coke.10o
()onset True of N J...100 138 14
Diamond State Steel l0
1(3
Preferred
Easton Con Electric 6 50
Klee Storage Butt....10(1 34
100
Preferred
100
Ft Wayne &W V
Germantown Pass.....50
Indianapolis St
100
Indiana Union Tr
100
Insurance Co of N A..10 21
Inter Sin Pow At Chein.59
Keystone Telephone _50
11
Preferred
ItO
KeystoneWatcliCtuse.10u
Lit Brothers
15
10
Little Schuylkill
50
Slinehlil & Schuyl 11 50 58
N Haven Iron & Stee1.5
Northern Central
Si)
North Pennsylvania-6U
Pennsylvania salt
50
Pennsylvania steel..100
Preterred
100 104
Phila Co(Pitts) prof...50 89
Phil German & Norris 50
50 88%
Phila Traction
10
Railways General
Susquen Iron & Steel..5
10
Tidewater Steel
10
Pr.oerred
Tonopah Mining of Novi
7
Union Tr of Ind
100
United N J RR de C 10)
Unit Tree'Pitt, pref..50
Warwick Iron & stee1.1
7 19
West Jersey & Sea 811.50
Westmoreland Coal ..&o
Wilkes Gas A BIOC 101
Ask
Haitimore
Con.Gas EL L. & Pow.100
Do pret
10
100
67 Northern Central
50
Seaboard(new)
100
Do 2(1 prof
600
100
United By & Electric.. 50
Lowest
Jitg hest
20 Jan 15 2711 May1'
65 Mar25 76 Apr-21
80 Jan 2 9514 Sep I
4 Feu 12
Aug2
10 Feb lb 13 43 Ply
10 Jan a 11% Mar25
Philadelphia
42 American Railways.... 50 42% Mar 1; 46 Augll
/
4
45
45
441
/
4 441
50 2678 Feb lit 3878 Sep
3614 374 364 36.; 5,826 Cambria Steel
281 Electric Cool America 10 8 42Jan 25 1078J'ne2;.
.978 10%
•978 10
.46
261 Gen Asphalt tr ctla
611
100 312Jan
*Ws 7
7 Aug
10o
Do prof tr ctfa
28
28
29
*28
100 1978Jan to 29 42 Aug2
128 Lake Superior Corp
611
100 3% Feb29 94 Apt!
6
*814 634
1,133 Leingh 0 & Nav tr ctfa 50 784 Jan 2 9242„Ply
90
8978 904 90
50 52% Feb21; 68% Sep 1 o
66% 67% 6838 67 18,897 Lehigh Valley
1% 11
.J an 20 278 Apr 2;
100 151
/
4 2,100 Marsden Co
1% 1%
61% 2,213 Pennsylvania RR
. 6158 61
50 541.18 Jan 2 63% Aug 7
607
523 Plilladelp'aCo(PAW.) 50 34% mar 3 41% Apr24
.38 12 39
•3819 39
934 9% 2,337 Philadelphia Eloatriet 25 512 Feb2i 1018 Aug 5
934 9%
18% 2014
50 812.8.1'ne 9 2178 Sep
194 20 13,317 Philo Rapid Transit
65% 67% 65% 66% 4.3,704 Reading
60 46318 Feb 17 681110 Sep 15
44
Do 1st prof
.43
50 39 Jan 3 43% Aug12
1,0-25
Do 21 pia
43
43
.43
44
50 37%Jan 2 44 Sep 14
4012 41
50 x4412J'nel0 504 Apr2'
46% 4634 1,037 Union Traction
86% 87', 86% 87
2,530 United Gas Imp'.
50 7318Jan 2 89 J'ly 2
Welsbach Co
.27
100 25 J'ne22 264 Sep 11
28
191111.A11EL1'tilA
Bonds
Al Val E ext Is 1910 A-0
36
Alt &LVEleo 4 428'33.F-A
Am Rya oonv 55 1911.J -D
All City lat 5a g'19.1S1-N
Balls Ter 1st 5,1926.J-1)
13erg&EBrw 1st 68'21 J-J
Betide Steel 68 1998.(4-F
Choc& Me lat58 1949 J-J
Ch Ok & G gen 58'19 J-J
Col St By 1st con Us 1932
35
Con Traa of NJ lat 5s.'33
& A 1st /31 5s 1920 SI-N
Bloc & Peo Tr atk tr °Us
125
Eq 11 Gas-L 1st g Os 1925
& B Top con 58'25 A-0
Indianapolis By 48.1933
2134 Interstate 45 1943 ..F.A
Lehigh Nay 419it '14.(44
lilts 4s g
1914.g-F
Gen Al 4118 g 1924.44'
Leh V C 1st 58 g
Leh V ext 481st 1948.J-D
16
2d 73 1910
NI
Consol 6s 1923
J-13
Annuity 08
J-14
Gen cons 4s 2003.M-N
Leh V Tran con 48'35J-1)
New Con Gas Os 1948 J-D
Newark Pass con 3a 1930
_NY Ph& No lat43'39 J-J
Income 48 1939...ALN
40
.NoOluoTrao con58'11).J.J
Penn gen 6s r 1010 Var
89
Consol Os r 1919. Var
Penn & MU Steel con 6s.
Pa & NY Can 5s '39.A-0
Con 48 1939
A-0
719 Penn Steel 1st 58'17 M-N
People's Tr tr carts 48'43
P Co 1st& col tr 5s'49 M-6
45
Con& col tr 58 1951,31-N
Phil Elec gold trust ctfa
Trust certifs 48
P & E gen SI 5 g'20.A.4)
Gen Al 45(1 1920. A&O
Bid
Ask
10678
93
94%
97
118
117
105
106%
901
/
4 911.4
106',
1341,4
3411 34%
109
lot',
146
984 98%
94%
1024
98
98%
01.114
7014 7011
1011
101%
PHILADELPHIA
Pb & Read 2d Os'33.A-0
Con hi Is 1911
J-D
Con Id 68 g 1911.. J-D
Ex Imp M 4a g'47 A.0
Terminal 58 g 1941 4-I'
P W& B col tr 48'21 J4
Portland By 1st Ots 1930.
110(311 IV& Leon 58'54J4
U True Ind gen 58'19.J.J
Un Rys Tr atfa 48'49J &J
United Rya Inv lat coil tr
aims 1926
11-N
U True Pit gen 55'97 J-J
Welaba,ch 81 58 1930.J.D
Wlks-1311&E cou5s'55J-J
DAMMEDILE
unciive Stocks
Ala Cons Coal& Iron 100
Pret
100
Atlanta& Charlotte 100
Atkin Coast Line R11 1011
Atlan Coast L (Conn)100
Canton Co
100
Cons Cot Duck Corp...50
Preferred
50
Georgia Sou & Fla...100
1st prof
100
26 prof
100
100
G-13-S Brewing
Bonds
Anacostia & Pot 58
Atl & Ch ext 4%s '10.J4
Atlan C L ItR481952M-S
Atl Coast L(Ct)ctts 55J-13
CBs of indebt 4s.
5-20 yr 4s 1925
J4
Balt C'Pass lat 56'11 31-N
Bait Fundg 58.1916 131-N
Exchange 311s 1930 J-J
Balt& P 1st 68 m I'll A-0
Bait Trao lat Os. '29 M-N
No Belt Div 081942 J-D
Cent'l RyconOslU32 11-N
Ext& Imp 58.1932 31-al
Chas CityRy lat5s'23J-J
.Bid and asked; no sales on this day 11 Ex-rights. 1147.50 paid. t *124 pant. t $13
Range Since
Jan 1 190d
Sales
ACTIVE STOCKS
Of the
Week (For Bonds and Inactive
!Stocks see below)
Shares
;
71% 711.
95
95
95
9514
96
95 14 9514 .95
-,73,
*7% 8%
.7% 814
'1311 14', l3- 13.; 13% 13% * 13%
•1312 14
•1038 1034 • 1038 10% .101
/
4 1058 •104 10% *1014 10 12
.4434 454 '44.4 4514
.3778 38'3 37% 3734
10
10
10
10
034 634
*4311 44
474 4714
8734 8778
Thursday
Sept A?
Bid
Ask
108..
100
64
954,
90
64%
78
105
70
7614
106
71
9914
31
32
68
210
24
25
10034
9411
76
80
'106
96
106
77
82',
103%
97
109
102% 103
Bangs For Previous
Year(1907)
Lowest I 11ighest
33',Jan
80 Ma)
78% Nov
10 No
24 Dec
87b Oct
35 Jan
85 Jan
97 Jan
234 Jan
48 Jan
15 J'ne
4314 Dec 51 Jan
22 Oct 47',Jan
778Oct 11',Jan
3 Oct
8 Jan
13% Nov 36 Jan
4 Dec 16 Jan
69 Oct 103 Jan
484
,Oct 757 Jan
% Nov
242 Jan,
x52 Nov 701128Jan
3334 Nov 48',Jan
6318 Nov
31 Ape
812 Nov 426% May
35% Oct 69% Jan
36 11 Nov 4538Jan
3211 Oct 47 Jan
4178 So, 60',Jan
0611 Oct 96% Jan
25 May 30 Feb
ISA I.1,1 al0HE
Bid
Chas Ry CI& 11158'09 131Charl C& A ext 58.'09 J-J
26 Is
1910 A-0
City& Sub 1st 5s..'22 J-D
City& Sub(Wa23)Ist 58'4:
Coal & 1 Ry 1st 58'20E-A
Col&Grnv lat66.1916J -J
Cousol Gas 6s. .1910 J-D
58
1939 J-14
Ga& Ala 1stcon 5s'45J -J
Ga Car&N lat5s g'29J-J
Georgia P lat 68...'22 J-J
CiaSo& Fla lat5s 1945J-J
(I-B-S Brew 3-4s 1951M-8
2d income 5s 1951 31./s1
Knoxv Trac 1st 58'28A-0
LakeR El 1st gubs'42M-S
MaconRy&Ltlat5s'53J-J
Memphis St 1st 50'45 J-J
Mast(Wasii)lst5s'25F A
Mt Ver Cot Duck tat 5s.
Npt N&O P 1st 55'38 SI-N
General 58.-1941 M-S
Norfolk St 1st 58'44..J-J
North Cent 4 428 1925 A-0
Series A 138 1926. .J
Series B 5ts 1926.,J.J
Pitt Un True 511 1997.J.J
Polo Val 1st 58 11.141..J4
Sav Fla& West58'34 A.()
Seaboard AL 4s 1950A-0
Saab & Roan 5s 1926.J-21
South Bound 1st 56 A-0
UE1 L&P
4128'29 E-I-N
Un Ry & El 1st 43'49 Mai
Income 4a 1949
JD
Funding Os 19:36. .J 1)
Va Mid 26 ser Os '11.M -8
3d series Os 1916 M-S
4th aer 3-4-5s 1921.M-5;
5th series Os 1926.M.8
Va (State) 38 new '32.J.J
Fund debt2-3a 1991.J4
West INT C con 66 1914 J
WeaVaC&P list 6g'11 J-J
Wil & Weld 5s..1935.J-J
paid. 4 $34 paid. a lieee/DUL b $25 paid. e $30 paid.
Ask
90
103
109
100',
10011 101.
102%
110 11012
99".
102 l02'
115 118
103
43% 4334
14% 16
1041
/
4
11414
91
94
914 93%
7611 76
104
105
10411
110
58
551
91
844 8434
52
521
/
4
7919
102%
107%
104
10719 108/
1
4
(Vitt/
1
4 nakl
THE CIIRONICLE
732
[VOL. Lxxxvu.
lndustra au.
Liectnc Companies
,see
111(1 .4 sv
0la
Ask
Consul Car Heating...1u I 25
30
..;hicago Edison Co See Ch cage list
e Kings Co El L&PCo 100 125 128 Lolls LW Lgt&Helrig_lu.
'212
,,
2
80:
:
01
1.:011501
C0_50
Helmer Tire..!.,., I -42 6
Narragan(Prue) El
TRANSACTIONS AT TEIE NEW YORK STOCK EXCHANGE
Preterreu
.\.Y &Q mi L &PowCo..10
40
15
25
_1.,
15
DAILY, WEEKLY AND YEARLY.
lichen Lure _/2
4s.-195-fA&L
Preferred
100 68
35
40
Cons Steamship Lines Lou
is
United Elec of N J..-luti 53
its
Railroad.
Coll tr 4s 1957_ _J Or.,
Stocks.
1st g 45 1949
J-D ..,07 ",,s-13
11
Corn Prod Het See-sloe..I Lie list
State
&c..
Week ending
U. S
Perry
Companies
Shares.
1908.
Par
value
eCrucible
Bonds.
steel
Bonds.
is
Sept. 18
Bonds
112 7
Brooklyn Ferry stock 100
ei'relerred
12 2
iu,
46s, 47
342,948 $30,074,800 11.691,500
B & NY 1st Os 1011J .1 192
95 ULniu,riand Ely Copper.., *04 8
Saturday
158,000
55
N
Y
687,270 56,082,000
2,386,500
Monday
08.500
& 5 it Ferry stk_10u
eDiamond Match co_10
132 134
1st 5s 1922
810,311 68,216,400
41
Dominion Copper
2,881,500
$4.000
113.000
Tuesday
I.
M- N IF ou
118
.N Y & Hob Is uay 46 J-D Ss7
892,402 77,634,200
Wednesday
3,201,500
*3
90
Douglas Copper
38,500
.
414
Hob
Fs, 1st Is 1946,11-N 110212 1.3,, Seeley Lt & P (Joliet, 111/
137,000
3,285,000
Thursday
991,619 85,100.025
N I & N .1 Is 1946 __J..) 1 --__ I. A
1st Al s 1 g :is 19.56_3-, ., U212 8
794..,3
69,518,200
165,000
1,809,500
Friday
10th & 23.1 Sts Ferry.10u 20
40
Electric Boat
1 ki, lb
'25
1st nage 58 11/19_ J-D 560
4,518.70.1 1386.625,625 115,255,5001 1610.000
$4,000
Preferred
Total
I u‘ ---.
00
eUnion Ferry stock__100 20
23
Eleetre Vehicle__
1u, --1920
elst
Is
80
SI-N
Preferted
90
10.
___
5
Week ending Sept. 13.
Jan. 1 to Sept. 18.
Sales at
Empire Steel
lu,
1
12
New Yore Stoc;;
Short-1 erm Notes
Preferred
10, 48
11
1908.
1908.
1907
Exchange.
1907.
Am Clg ser A 4s '11_ ..111-S 39534 9612 eFederal Sugar of N Y .Se Stk E x list
Ser 13 4s Men 15 '12,11 S 49414 95 eGeneral Chemical__ .1u
...0
65
127,714,636
3,058,487
4,518,705
153,871,201
Stocks-No. shares___
tiats• LULL, & fr 6s-See G.:8 Sec.
ePrelerred
lot, 9312 100
$386.62,,625 1277,007,625 111,023,157,775 $13,250,096,375
Par value
410018 to.12 Goid141
11, Cunsui mints- 1;
2i
i *4100
1
11,2,300
1227,900 Am Tel & Tel g 55 10 J-J 4100 10012 Gold
Bank shares, par
Hill Copper
Atlan Coast L 58'10_M-S
715
Bonds
111034
Greene
41003
8
Bait
&
Oolo
3s
100.)_,11-S
Can/Luca
11
Zu
,
1012
*165.620
Government bonds
14,000 • 111,000
$533,300
ec Ohio 6s J1y1 '10J-J 410134 1.021, Greene Consul Gold_lu
*14 8:8
2
89,137, 00
4.137,100
610,000
41,047,700 Ches
State bonds
Clue It 1 & Pao 6s '09A-0 4 91,34 .001, Greene Gold-slIver
Iu sIll
593,070,200
6,771,600
273,223,500 Chic
RR.and misc, bonds.. 15.25.1,300
603
54
Uo
uss 10
& W Ind Is 10_F&A 115
Co
lu., 163 161
etitu
lagegk
ee
nnilsean
e
k
'
1.
%
x
V
&D4
a
P
i
t
l
Ham
e
'08
r
Cla
'
111-8
115,869.500 $10.919,700
$661,073,320
Totalbonds
$314,804,500 C C C & St L Is, June '11 11‘10S, 10012
Ref g 48 ',52 up '12 J-3 84
Hall signal Co
Consol Gas 65 100O_F-A 41005, 101
10u 4. 45
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Erie 68, Apr 8 1911_ A-0 -_ 031,, Havana Tobacco Co.
0
11
EXCHANGES.
Preferred
Interb it T g Os 1911 111-N 410114 10134
luu
18
21
1st g Is June 1 22_J-L
Is Mch 1210
Al-S 1101 .,0112
50
60
9612
Heeker-Jones-Jewell
Mil.
Kan C So g Is Apr '12.,J-J 19u12
Boston.
Philadelphia.
1st (Is 11122
97
M-: 100
Lack Steel g 35 1909_M-S 1s5
Week ending
95
tierg-tiall-Mar, new _10u 35
Is g 1910
,11-S 193
45
Bond
Listed
Listed Unlisted
Unlisted
Sept. 18 1908.
Bond
Hoboken
11004
Land & Implue
101
Lake
Sh
&
Ai So 58'10 F A
sates.
shares.
shares. shares,
shares.
liau
eIs
sales.
11-N >NsLou & Nash g 5s '10_M-S ;10014 10034
Houston Olt
lo
hex Cent Is July 1 1910 39812 t00
5,777
156,000
13.811
7,760
Saturday
Preferred
2,667
17.500 Mich Cent 5s 11110
t, 25
:
35
F-A 1100.38 10178
13,221
61,000
Monday
16,803
15,514
Hudson Realty
4,914
88.600 Minn & St L g Is '11-F-A 495
10i, 100 110
I.8
14,3.54
18.140
35,000
27,971
Tuesday
4,152
eIngersoll-itaud coin _ luu 50
140.000 Missouri Pacific25,583
17.052
10,040
Wednesday
157,800
elleferred
17,231
24.500
iuu
00
us Feb10'10 convop F-A 197
98
48,600
18,738
29.709
19,070
Thursday
8,722
59,016 NatoiMex 55 ext to.09 A-0 4 9934 10012 lnternat'l Bank'g Co_lu,, 800 1E"
15.127
25,180
Friday
93,000
Lie list
11,858
5,722
59.200 N Y Cent Is 1910
F-A 41001210078 Weill Mer Mar See Stk
N Y C Lines 5(11)3s'08-22 8434% 4% in ternat'l N lckel....-1Uu 1W 100
12J.2081 84,269 1451,400
100 80
92,216
Total
43,40, 1378,816 N INH&H Ss '08-'1z 410012 102
Preferred
90
1st g Is 11/32..--A&O 53
85
Siorf & West Ds 1910M-N 510012 10078
17
Pa RR Is Mai 15 '10 Al-S 910034 IUDs International suit..- 10.. 15
A-,./
1st g 58, 1931
45
50
StLMS'east 4;Ss '09_J-D 189
93
/sit,
in tettiat'l Silver
6
10
st L & h F g 41.55 '08_J-D Ws' 95
491
95
100
55
Preferred
58
South'n coil tr Is'09-A-0
.4 weekly' review 01 Outside Market wilt be bound on a preceding page.
1st 63 1948
J-L 104 106
88
South By g Is 1910.-F-A 484
Lackawanna Steel. 100 35
37
S3uth,rn By Us 11,11.1)1-N
Lanston
Street Railways
Street Railways
'lid Ask Tidewater 65, 1913, guar S'onss 100
Bid Ask
Monotype---20 *1134 1218
101, 10/12 205
U S Rubber g 53 '09_51-8 49934 19014 Lawyers' Mtge Co
Pub Serv Corp N J (Con)
New York City
97 eLeh & Willtes-B Coal Ou
Wabash Is, May 10 1909 494
90 105
.1 C Hob & Paterson24
Bleeck St & Ful F stk.100 18
Lord
& Taylor
Westingh El&11 (38 1910 494
lUu 125 135
72
SI-N §71
4s g 1949
98
75
85
e 1st mtge 4s 1950-J-J
Preferred
100 u7 100
So J Gas El&'Frae_100 119 121
e B'y & 7th Ave stic__10 110 128
Railroad
eLurillard (P), pref.,..100 125 135
95
Go g 5s 1953
M-S 394
e 2d mtge 53 1914__J-J 93 100
Madison Sq Garden...10U
No Hud Co 1ty6e14 J-J 4107 -- Chic Peo & St L pref_100
20
10
Con Is 1943 SeeStock Esc list
2d es 1919
4, 2
Deposited stock
11,21-A a 10
J -J 4105
bs 1928
86
B'way Surf 1st Is gu 1924 98 102
as 2 ellanhat Beach Co_ -luu
Undeposited stock
Ext Is 1924____M-N 4100 102
2
6'
e Cenel Crossett stk_ _100 tio 130
Prior Ileu g4 As'3unt&s 85
Manhattan Tranalt__ZU *112 178
Pat City con 68'31_J-L) 3116 -.e 1st mtge 6s 1922_M-N 10u 114
48
Mitchell Mining
Con mtg g Is 1930_J&J
2d 6s....1914 opt A-0 4100
lu
61 100
12
35
e Cen Ph D1 & E B stk 10
income
Is,
list
Ch
icago
See
So
Side
El
(Chic)
July
Monougaheia
it
12)
Coal.,_50
1930_
85
6 478
10
e Chet'r & 10th St stk 10
Preferred
5u *27 -271lou -16- 21
2
Col & 9th Ave 5s See Stool: Exo list Syracuse R T 5s'46 _Al &S 101 103 Chic Subway
Mortgage Bond Co__ _10u 95 100
Trent P & H Is 1943.....1-D 1,95 100 • W lc Den Cy std-lei1 90 100
Dry D E B & BNat Rys of MexicoUnited Rys of St 1,
Nat Bank of Cuba___10u 98 105
92
97
e 1st gold Gs 1932-JPt% lien 4;is'57 (w1),J-J 590
Corn vot tr ctfs
100 1912 21
50
National Surety
lUu 135
50
94
e Scrip 55 1914____Fe Preferred
Gen Al 4s 1977(w I) A-0 48412 88 1 Nevada Cons'd Copper_. *15 "ig1;
100 6214 6212
Eighth Avenue stock40 240 2.0
North'n Securities Stubs_ 112.2 13712 Nev-Utaii Mtn & Sus.1U *278 3
Gen 9s 1934_ _See Stock Sic list
. e Scrip 65 1914_ __F-A 95 105
UnitRys San Fran See Stk Exc list
Pitts Bess & L 5
225 300
50 *32
50
35 eiNew Central Coal..___zu 35
e 42d & Or St'ry stk_10
N J Ter Dock & Itup_lUu
Wash Ity dc El Co
Preferred
100 3312 36
_50 *su
68
42d St M & Sege Ave_10
isf Y Air Brake es See Stck Sic 1-1;EPreferred
100 83
31)-16
492
85 eltallroad Securities Coe 1st mtge 5401910_M4s 1951
50
111 stk tr cfs ser A '52 8912 9114 N Y Biscuit (Is 11/11_M-s 100
46
83
J-D 82
2d income-43s 1915-JeNew York Dock____100
Sea board Companylnter-Met-8ee Stk Each ange list
ePrelerred
IOU -.;
5 VSGas Securities
1st preferred
100 33
Lex Av &PavF Is See Stk Exc list
N Y Mtge & Securl ty _luu 138 143
Corn & 2d prei-See Bait Esti 1-1s
-t
Metr0P01 St ItY-See SU Esc list
TransportatIon_2u
4,4
N
Y
New
York
Air
Seaboard
141)
Line
412
115
st.ock__10
Avenue
Ninth
Mies-Bern-Pond com_ WU 95 105
Coll 5s eat May '11 M-S 92
92 Cent Un Gas 55 g '27_J&J
90 100
04
Second Avenue stock _100 45
3 :•81,1 612
Union Pacific 4s See Stk Excla list Nipissing Mines
16 Con Gas (N Y)-See Stk Esc list
e 1st mtge 55 1900-11-N 93
euntario Silver
lift/
312 414
100 145 160
to
8, e Mutual Gas
Consol Ss 1948
Industrial and Miscel
Otis Elevator com-luu 39
New Amsterdam Gas42
110 130
e Sixth Avenue stock -10
Preferred
100 90
Adams Sip g 4s 1947 J-D 19312 94
1st consul Is 1948_J-J 10012102
03
52
Sou Boulev Is 1945-J-J §60
Pittsburgh Brewing...10 621
,5 s 100
Ahmeek Mining
NY &ERGas 1st 55'44 J-J 100 1,5
2138
So Fer 1st .is
-A-0 490 100
Preferred
30
*40
Alliance Realty
Consol Is 1945
J-J
100 195 116
90 100
1919_-Stock Esc list
Third Avenue-See
Pittsburgh Coal_See Stit Esc list
Allis-Chalmers Co 1st mtg
N Y & Itleinnund Gas 100 34
95
9i/
70
Tarry W P & 515s 102
14
Nor Un 1st Is 1927-M-N 95 IOU
S 1 Is 36 opt '16
78 Pope ManutacturIng_100
85
J-J §74
YkersStRR5s 1946 A-0 75
preferred
1st
100
American Book
23
IOU 190 150
29
10 e Standard Gas cora 100
15
75
28th & 29th Sts 1st 5s '96
2t1 preterred
IOU
e Preferred
American Brass
100 n 7u 100
3
100 .105 112
e Twenty-'FhIrd St stk leo 250 325
Pratt & Whan pref_1UU 95 10212
American Chicle com.100 195 205
1st 58 1930
Al-N §10u 104
92
186
Union By 1st Is 1942 F.
Realty Assoc (Liklyn) luu 135 140
Other Cities
Preferred
100 94
83
98
S7u
1.Vestchest 1st 53 '43 JRoyal Bak Powd cum 100 147 152
Amer Light & Tract-10U 11112 113
Am Graphophone com100 15
Brooklyn
Preterred
luu 103 105
Preferred
Preferred
100
5212
100
9212 94
Atlan Ave 55 1909___A-0 395 100
COL t g 6% notes_A-0 110 115
Amer Hardware
100 107 115 Safety Car Heat & Lt-100 llti 119
A-0 492 98
Con 5s g 1931
Seneca Mining
25
50
AmMalting
Os
Bay State Gas
1914-J-1)
100
55
B 13 & W E 58 1933-A-0 ne5 100
233 212
Singer Mfg Co
100 420 140
Amer Press Assoc'n_100
183 1,2 131ngh'en (N Y) Gas Wks
Brooklyn City stock_ _1
` Standard Cordage __100
78
Am Soda Fount com-100
1st g Is 1938....--A&O 95 100
Con Is-See Stk Each Esc list
1st 51g 58 '31 redIA-0 '2612 114
Brooklyn Union Gas deb
1st preferred
100 10 ---20
n95 100
30
Bkn Hgts 1st Is 1041 A
Adjust M Is Apr 1 1931
2d preferred
_
2
ats 1009 See Stk Exch list
100
2.2 27g
Blatt Q Co ec Sub See Stic Exc list
Standard
Coupler com100 30
Buffalo City Gas stock100
iuu -2-9 - ::1
412 6 e Ara St Found new
35
Bitlyn Rap'Fran-See Stir Esc list
Preferred
1UU 100 110
6s 1u35
1st 58 1947-See Stock Esc list
39
A dc0 § 90
e Coney 181 & Bklyn__10 n50 100
Deb 45 11+23 (wit_F&A 158
80 Con Gas of N J 55 '36_J-J 185
110 Standard Milling Co_101/ 10
00
12
1st cons g 95 1048-J-J tt70
Preferred
100 38
Amencan Surety
50 190 200
41
Brit C & N Is 1939_J-J n90 100 Consumers' L if & Pow1st 55 11130
M-N 83
5s 1938
J-D 495 -- -- American Thread pref__5 *1
434 Standard
88
Gent&LorSt 1st 6s_ M &N
Oil
of
N
J_
Elizabeth
Gas
Lt
Am
Tobacco
Co corn_100 335 35U
Co 100 275
640
Kings C El 4s-See Stock Sic list
Essex & Huuson Gas-100 123 1213
Amer Typefders com _100 38
40 Swilt & Co-See 13ost 5th Esc list
Nassau Elee pref____10
1st '58 11/10-1914__J-J
Gas & El Bergen Co_100 58
Preferred
10
94
97
60
Vic' -10018
A-(
Is 1944
eTexas&
Pacific
Coal-IOU
Rap
G
Gr
1st
e
5s '15-F-A 95 100
Amer Writing Paper_100
75
85
1st 4s 1951-See Stock. Esc list-.
112 212 Title Ins Goof N
I___100 103 115
Hudson Co Gas
Preferred
100 18
20
100 111 113
N W'bg&Flat 1st ex 41.5
1st s I g 5s 19 op'Oti_J-J 83
87 Tonopah Min (Nevada)-1
*7
14
itiS" CE Indiana Ltg Co (w. 1.)- 15
Steinway 1st 8s 1922-JTrenton
Potteries
coin
100
48 (w. I.)
Barney & Smith Car_100 40
60
LO
55
4
11
Other Cities
Preferred, new____100 50
Indianapolis Gas
Preferred
109 115 130
50 30
40
00
Buffalo Street ay100 30
Bethl in Steel Corp--See S tk Ex Ifst Trow Directory
1st g 56 11/52
A-0 385
40
90
1st consol 5s 1931 F- 51011 10712
Union
Ty
pe.,vriter cont100 51
Jackson Gas 5s g '37-A-0 S91
Bliss Company corn.. 50 118 121
56
96
Deb 6s 1917
A- 11031_ 106
1st preferred
100 105 110
Kansas City Gas
100
Preferred
50 110 125
97
Columbus (0) St Ry_100 92
2d preferred
100 102 105
Bond & Mtge Guar_ ..100 200 310
e Laclede Gas
100 15
Preferred
10
102 107
United
13k
Note Corp_5U *00
c Preferred
Borden's Cond Milk. 100 130 133
100 75 ISO
65
Colum By con 5s-SeePla la Us
Preferred
Madison Gas Cs 1926_A-ti 35912 106
5U *52
56
Preferred
100 103 108
Crosst'svn 1st Is'33 JIt0 103
Newark Gas Cs 1944.-Q-J 4127 130
British Col Copper
IS *834 7 eUulted Cigar Mfg,pf_100 90 100
eConn 1W & LUC emu- 10
65 67
25
United
100 1114 1112
Copper
Newark Consul Gas.._100 89
Butte Coalition Mining 15 *2312
ePreferred
103
90
77
72
Preferred
100
e Con g 5s 1948
J-D 4104 105 Casein Co of Am com_100
10
Grand Rap.ds Ry
10 60
112 3
100
U h Casualty
21;6"
No Hudson L H & PowPreferred
100 50
60
Preferred _10
76
82
U S Envelope com
100 ii
53 1938
Casualty Co of Amer-100 115 125
A-0 95
_ J & §106 109
e 1.oulsv St 5s
100 01 05
ePreferred
Celluloid Co
100
130
80
17J125
Lynn & Bos 1st 5s '24 J-L 3100 10112 Pat & Pas Gas& Blec_100
m s 4101 10212 Cent Fireworks corn. 100
U tiSteel Corporatione Con g Is 1940
5
13
1.112
10
c NJW On Rys & Lgt_10.
Col tr s I Is '51 opt '11 4111 113
Preferred
100 40
10
90
60
33 St Joseph gas 5s 1937-J-J 385
31
e Preferred
112 212
Col tr s f Is '51 not opt 4111 113
Central Foundry
100
Gen Si g 4 ;is '35 See tk Ex list
Telesr & Telephone
U S Tit Gu & Indem_100 50 60
Preferred
100 1312 15
North Chic Street See Cb !cage list
00 eU.tah Copper Co-See Stk Esc list
Deb 68 1919 op '01 MN 66
'Li
70
85 eAmer Teleg & Cable _100 68
Pub Serv Corp of N .1.10
eCentral de So Amer. 100 102 107 Century Realty
Waterbury Co, com 100
71
100 180 190
Tr ctfs 2% toG "Sperpet 70
11/0
Chesebrough Mfg Co-100 400 430
Preferred'
12 Comm'l Un Tel (NY).,25 100
Coll 5s g notes '09-1SI-N 4115
Emp & Bay State 'Fel 100 10
Westchester & Bronx 'lit
9780 _
60
City Investing Co---100 55
North Jersey St By 100
100
Franklin
100
130
40
Guar
50
(ye
Al-N
Mtge
corn-100
7
2
eClaflin
(11
37,/
1948
13),
4s
SJO
100
1st
100
100 90
(.71 69 eGold & Stock Teleg -100 95 100
Western Ice
elst preterrea
95
Cons Tract of N J-_10
40
Hudson River Teleph 100 35
.1- 4103 105
Westingh Air Brake-50 61153-e2d preferred- .- 100 90 95
1st. Is 1933
100 115 117 Col & Hock Coal& I pf 100 65
West Si ea Mfg_ bs-See St Ere ilit
New'kPasEty Is '30 Jr- Slete. 10712 eN Y & N J Teleph
75
10
*la al 14
Rapid 'Fran St Ry_10 235 245 eNurtbwestem Teleg__50 95 103
90
White Knob Min
lit g Is 1917
J-J 78
10
*Iss
25 55
65
Pacific & Atlantic
1st Is 1221
Preferred
Col tr Os Oct 1956.-J-J S 95 10112
A- tied
Si
Southern & Atlantic- - 25 85
Worthing Pump prof-100 102 102
* Per share. 5 Buyer pays accrued tot. a Si-rights. b Basis e Sells on Stk. Ex., but not very active. A New stook. a Nom. a Sal. pries.
Volume of Business at Stock Exch.armes
Outside Securities
I
SEPT. 19 1903.1
THE CHRONICLE
733
Punsfinetzt and li.aitroad Antelligence.
•
RAILROAD Gi-tOSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which
regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the
latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We
add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not
begin with
period. The returns of the street railways are brought together separately on a subsequent page. July, but covers some other
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
previous
' Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
gszns'sva'gEgggses's.sa's.gs.
Ala N 0 & Tex Pac.
Nevada-Cal-Oregon 1st wk Sep
8,486
7,951
77.990
N 0 & N East-r August _ -- 212,044 269,676
75,719
539,196 N Y C de Hud River June
424.150
7,269,868 8,684,260 92,100.769 96,141,438
Ala & Vicksb_ _r August ___ 113,380 128,414
251,391
230,991
Lake Shore & M S J ne
3,086,055 3,791,103 41,704,152 43,526,818
Vicks Sh & Pac_r August
106,268 138,309
214,568
270,007
Lake Erie & West June
356,538 422,8951 4,675,068 5,119,967
Ala Tenn & North__ Tune
3,551
3,512
45,875
45,664
Chic Ind to South June
230,744 254,849 2,899,298 2,685,965
It Atoh Top & S Fe_ July
6,985,400 7,939,554 6,085,400 7,939•554
Michigan Central June
1,977,246 2,376,125 26,448,406 27,400,423
Atlanta Birm & Ati June
136,310 155,606 1,720,494 1,605,086
Cleve C C & St L._ June
1,983,163 2,323,844 25,024,012 25,672,162
At antic Coast Line_ Jo y
1,742,338 2,054,189 1,742,338 2,054,189
Peoria & Eastern June
217,164 266,282 2,830,197 3,039,645
Baltimore & Ohio_ _ August _-_ 6,372,251 7,724,307 12,094,356 14,976,210
Cincinnati North_ June
80,803
82,554
922,472 1 031.769
Bangor & Aroostook July
192,523 240,838
240,838
102,523
Pitts & Lake Erie June
1,386,504 11,958,100 14,476,381
835,386
Bellefonte Central__ August __5,933
10,399
10,886
4,868
Rutland
June
236,384 260,30
2,899,635 2.917,835
Boston & Maine- _r Ju y
3,275,122 3,752,1,17 3,275,122 3,752,197
N Y Chic & St L.. June
641,192 821,568 9,851,375 10,237,229
Bridzetoii & Saco__ July
5,361)
5,344
5,369
5.344
Total
lines
June
16914633 20679284 221222484 23223
69
.6
67
32
Buff Reel) & Pitts__ 2d wk Sep 144.369 193,939 1,596,115 1,990,657 Nevada all
4
Central_
July
8,443
6,672
8,943
Buffalo & Susq____ March
- 189,262 154,746 1,647,802 1,346,265 N Y Ont & Western July
816,912 827,14.
816,912
827,146
Canadian Northern.. 2d wk Sep 202,800 187,900 1,854,000 2,236,500 NYNH&
4,132,563
48,692,880
Canadian Pacific_ _ 2d wk Sep 1,431.000 1,463,000 15,278,881 16,812,274 N Y Susq &Hart.-r May
West__ July
230,063 275,89
230,0(13 1--277-5,+-313i
Central of Georgia__ 1st wk Sep 209,700 240,200 1,942,162 1,260,464 Norfo'k do
Western_ Ju'y
2.369.825
2,868,59
2,369,825 2,868,590
Central of N Jersey_ July
2,156,72. 2,543.656 2,156,724 2,543,656 Northern Central_ July
869,115 1,177,615
869,115 1,177,615
Central Vermont
288,491 312,706
288,401
July
312,706 Northern Pacific___ August
5,739,534 6,993,785 11,419.059 4,125,250
Chattanooga South _ 1st wk Sep
1,458
3,094
19,138
34,640 Pacific Coast Co..__ June
592,286 730.269 7,272,958 7,406,494
Chesapeake do Ohio_ Ju y
2,095,132 2,390,152 2,095,132 2,390,152 Pennsylvania Co_ -r July
3,590,020 4,734,669 3,590,020 4,734,669
Chesterfield & Lane. July
4,804
3,661
3,661
4,804 d Penn-East P & E Ju'y
11282 065 7
1140
460
.1
00
065 11,282,065 14,600,065
Chic & Alton By. July
1,057,036 999,408 1,057,036
909,408
d West of P & E. July
Dec.1,
13.6
.
817
D
9e1e.
,7
6 14,100
Chic Burl to Quin_ -r July
6,271,163 6,893,942 6,271,163 6,893,942 Pere Marquette _r June
1,036,545
Chic Great West--r 1st wk Sep 176,761 184,442 1,580,391 1,691,301 PhIla Balt & Wash..
July
1428,,678 1,532,778 1,428,678 1,532,778
Chic Ind & Louisv_ 1st wk Sep 103,728 124,403 1,033,283 1,170,549 Pitts Cin Chic & StL July
2,227,904 2.712.727 2,227,904 2,712,727
Chic Ind & Southern -See New York Cen tral.
Raleigh &Southport July
9,703
10,885
9.703
10,885
4,652,409 5,121,014 4,652,409 5,121,014 Reading Company_ July
Chlo Milw & St Paul July
2.917.471 3,766,160 2,917,471 3,766,160
5,215,185 5,964,448 5,215,185 5,964,448
Chic & North West.. July
Coal & Iron Co
July
1,954,763
2,956,139
1,954,763 2,956,139
998,487 1,130,461
Chic St Paul M to 0_ July
998,487 1,130,461
Total both cos _
July
4.872,234
6,722,29
4,872,234 6,722,299
30,728
Chic Term Tran Rit 2d wk June
33,655 1,625,688 1,612,320 Rich Fred & Potom July
174,628 178,258
174,62
178,258
654,902 798,989
Cin Ham & Dayt_r July
654,902
798,989 Rio Grande June_
June
62,168
72,12
811.698
827,918
Cin N 0 to Texas Pa -See Soot hern Hal' way.
Rio Grande South.._ 1st wk Sep
12,265
11,928
116,145
123,772
Cincinnati Northern -See New York Cen tral.
Rock Island System June
4,197,278 5,348,520 58,484,196 60,138,673
Clev Cln Chic & St L -See New York Cen tral.
e St L & San Fran June
3,190.931 4,121,346 46,548,863 49,647,378
193,348 225,899
Co'orado Mid and_r Ju:Y
193,348
225,899
I Evansv & Ter H June
162.043 163,987 2,204.068 2,277,637
h Col & South Sys__ 1st wk Sep 305,688 295,609 2,760,579 2,600.588
Total of all lines_ June
7,550,254
9,633,854 107237129 112063689
Col Newb & Laur__ \fay
17,457
23,100
275,775
294,013 St Jos .So Grand Isl_ July
124,816 146,584
124,816
146,584
June
Copper Range
74.919
78,122
807.322
819,292 St Louis Southwest.. 2d wk Sep 199,952 214,902 2,002,115
2,216,358
July
Cornwall
4,820
21,392
4,820
21,392 San Ped LA &SLr June
605,756
7,518,512 --July
Cuba Hal road
153,786 153,032
153,786
153,032 Seaboard Alr Line_ July
1,186,353
1,290,861 1,186,353 1,290,861
1.476,489 1,866,356 1,478,489 1,866,356 Sierra Railway.
1 Delaware & flud- July
May
35,634
34,094
Del Lack & West_ _r July
2.859,239 3,027,018 2,859,230 3,027,018 Southern
Indlana__ August __
129.211 160,005
Denver & Rio Gr--r 2d wk Sep 467,100 477,300 4,316.524 5,006,637 c
245,570
Southern
Pac
Co__
July
11424022 9,720,406 11,424,022
Det Tol do Iront Sys 4th wk Aug
56,379
62,043
271,483
320,734 Southern Rallway.._ 1st wk Sep 9,720,406
898,414
1,077,447
9,014,116
10,790,927
Ann Arbor
4th wk Aug
56.512
70,608
313.292
385,411
Mobile & Ohio..... 1st wk Sep 151,726 178,350 1,634,109 2,007,596
Detroit & Mackinac 1st wk Sep
21,610
25,351
248,715
225,114
CmN 0 & Tex P. 1st wk Sep 139.464 163,182 1.438,272 1,699,644
Dul to Iron Range-r June
559,750
6,207,509
Ala Great South.. 1st wk Sep
58,200
73,123
655,796
798,715
Dul So Sh & Atl___ 1st wk Sep
55.336
73.439
751,862
516,224
Geo South
1st wk Sep
32.307
40,046
Erie
320,767
400,442
July
4,180,085 4,937,838 4,180,085 4,937,838 Texas Central& Fla.. 4th
wk Aug
24,903
32,436
159,907
El Paso & Southw_r June
195,017
529.429
7,564,105
Texas & Pacific__
2d wk Sep 241,787 268,430 2,450,462 3,004,374
Evansville & Ter H. -See Rock Island S ystem.
Tidewater & West_ July
5,956
8,488
5,956
Fairchild & Nor 21... Ju'y
8,488
1,514
1,572
1,572 Toledo & Ohio Cent July
1,514
438.552 460,007
438,552
460,007
Fonda Johns & Glov July
77,032
93,146
93,146 Toledo Peor & West 1st wk Sep
77,932
19,894
22,126
210,815
220,771
Georgia Railroad __ July
223,927 234,418
223,927
234,418 Toledo St L & West 1st wk Sep
72,558
93,630
677,028
836,089
Georgia South & Fla -See Sout hern Hall way.
Tombigbee Valley.._
4,591
4,591
5,837
GrandTrunk Syst_- 1st wk Sep 831,054 990,736 7,634,946 9,039.561 Tor Ham & Buffalo. July
July
66,488
73,
58
654
37
66,486
73,654
Gr Trunk West _ _ 4th wk Au
161,266 198,480
985,821 1,134,486 Trinity & Brazos V_ 9th wk Aug
28,535
20,048
170,670
126.040
Det Cr Hay & Mil 4th wk Au
48,397
64,666
358,144 Union Pacific Syst_ July
300 048
6,749,684 7,233,995 6,749,684 7,233,995
Canada Atlantic_ 4th wk Au
59,094
408,282 Vandalia
68,909
374,311
July
704,925 822,276
704,925
822,276
Great Northern Syst August
4,336,702 5,720,682 8,625,896 11,337,290 Virginia & Sou West August
100,785 113,989
193,358
219,515
Gulf & Ship Island_ 3d wk May
29,071
45,907 1,903,319 2,215,730 Wabash ___
2d wk Sep 554,745 613,174 5,490,940 6,098,570
Hocking Valley____ Ju'y
530,521 634,039
530,521
634,939 Western Maryland_
429,231 512,608 5,648,277 3,600,451
Illinois Central ___ August ___ 4,555,531 5,280,577 8,808,788 10,392,514 W Jer & Seashore__ June
July
696,181 729,581
696,181
729,581
Inter & Great North 2(1 wk Sep 166,000 148,000 1,375.511 1,443,922 Wheel & Lake
Erie_ July
527,211 622,939
527,211
622,939
ill teroccan10(Mex) 4th wk Aug
166,196 209,801 1,069,915 1,223,172 Wisconsin Central_r July
651,649 748,925
651,649
748,925
Iowa Central
63,514
9(1 wk Sep
72.005
818,906
643,673 Wrightsv & Tenn_ July
15,843
18,077
15,843
18,077
Kanawha do Mich__ July
201,907 202,631
201,907
202,631 Yazoo & Miss Vall_ August
618,708 796,801 1,203,259 1,517.915
Kansas City South_ July
744,334 847,777
744,334
847.777
Lake Erie & West'n -See New York Cen tral.
Current
Previous
Lake Shore & M Sou -See New York Cen tral.
Various Fiscal Years,
Period.
Year.
Year.
Lehigh Valley----r July
2,526,451 3,269,042 2,526,451 3,260,042
Lexington & East__ Ju y
36,821
51,761
38,821
51,761
Bellefonte Central
Jan
Aug 31
$39,426
$41,788
July
Long Island
1,160,730 1,215,117 1,160,730 1,215,117 f Delaware & Hudson
Jan 1
July 31 10,203,950 11.205.911
Louisiana & Arkan_ June
1,144,521 1,216,837 Manistique
Jan 1
Aug 31
40,621
45,800
Louisv & Nashv__r tat wk Sep 839,850 081,980 8,131,527 9,534,471 Mexican Railway
Jan 1
Aug 31 5,124,700 5.311,300
Macon & Binning_ July
12,040
12,322
12,049
12,322 Mexican Southern
Jan 1
Aug 31
846,094
921,015
Maine Central.........r June
688,040
8,514,256
New York Central
Jan
June 30 40,662,607 46.930,897
August
ManIstique
5,368
7,606
12,776
14,580
Lake Shore de Mich South___ Jan 1
June 30 18,340,216 21,580,537
July
Maryland & Penn
20.521
29,296
29,521
29,296
Lake Erie & Western
Jan 1
June 30 2,040,667 2,432,537
a Mexican Central_ May
2,794,474 2,995,982 32,869,443 28,492,109
Chicago Indiana & Southern_ Jan 1
June 30 1,394,317 1,499,498
a Mexican Internat. 4th wk Aug 190,895 264.680 1,147,449 1,557,603
Michigan Central
Jan
June 30 11,735.281 13,833,980
a Mexican Railway_ 4th wk Aug 188,800 209,800 1,174,300 1,339,000
Cleve Cin Chic & St Louis
Jan
June 30 11,015,982 12.439,769
a Mexican Southern 4th wk Aug
31,418
34,945
204,439
228,026
Peoria to Eastern
Jan
June 30 1,270,774 1,441,923
Michigan Central- See New Y ork Centr al.
Cincinnati Northern
Jan 1
June 30
397,081
479,804
Midland Valley__ April
61,373
87,691
916,277
658,573
Pittsburgh & Lake Erie
Jan 1
June 30 4,095,748 7,042,044
IneraiRange_ --- 1st wk Sep
14,002
14,482
158,266
162,093
Rutland
Jan
June 30 1.228,046 1,386,496
Minneap & St Louis 2(1 wk Sep
98,218
87,878
842,732
884,402
New York Chicago & St Louis Jan
June 30 4,606,727 5,221,021
Minn St P & S S M_ 1st wk Sep 316,871 263,947 2,261,960 2,353,109
Total all lines
Jan 1
June 30 96,787,446 114297513
Missouri Ken & Tcx July
1,868,287 2.224,535 1,868,267 2,224,535
Jan 1
July 31 6,300,309 7,523,909
Mo Pao & Iron Mt.. 2d wIc Sep 858,000 967,000 9,106,000 10.326,000 Northern Central
d Penn-East of Pitts & Erie__ _ Jan
July 31 75,302,914 93,741,714
Central Branch_ 2d wk Sc.
45.000
34,000
351,000
378,000
d West of Pittsburgh and Erie Jan
July 31
Dec.12, 928,1(10
Total system......o 2d wk Sep 903,000 1,001,000 9,457,000 10,704,000 Phila
Baltimore & Washington_ Jan 1
July
31 9.168,889 9,710,989
h Mobile Jack & K C Wk Aug 2,
24,857
29,285
213,244
268,144 Pitts Cln Chicago & St Louis..... Jan
July 31 14,452,447 18,648,504
Nashv Chat & St L_ July
880,299 957,838
880,200
057,838 Rio Grande Junction
Dec 1
June 30
415,095
464,389
a Nat RR of Mexico 4th wk Au
342,531 448.371 2,382,339 2,812,702 Texas & Pacific
Jan 1
Sept 14 8,44+4,014 11,398,118
Hidalgo & N E... 4th wIr Aug
22,528
28,364
148,834
172,589 West Jersey & Seashore
Jan
July 31 2,968,633 3,056,933
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weeklu Summaries.
•
Citent Year Prey's Year Inc. or Dec.
$
4th week Juno (44 roads)---- 11,565,430
1st week July (43 roads).-- 8,294,142
2d week July (40 roads)---- 8,520,010
3d week July (40 roads)_...... 8,606,800
4th week July (44 roads)_...... 12,713,870
1st week Aug (41 roads)......
8.660.176
2d week Aug (39 roads).-....18 806,024
3d week Aug (39 roads).8,887,875
4th week Aug (42 roads4---- 13.076,076
1.... ..,,,..b. Car, PiPC rrfistrial
•
a AA, In,
8
%
8
Monthly Summaries.
Cesent Year Prev's Year Inc. or Dec.
%
$
$
$
Month Nov 1907 (120 roads)_ 189,988,564 184,197,391 +5,791,173 3.14
Month Dec 1907 (123 roads).. 174,422,451 184,893,810 -11,471,359 6.20
Month Jan 1908 (122 roads). 151,758,406 172,283,006 -20,524,600 12.49
Month Feb 1908 (123 roads).. 141,256,206 160,150,610 -18.894,40411.79
Month Mch 1908 (126 roads). 162.495.089
. ..
13.37
Month Apr 1908 (119 roads). 154,137,168 190,046,156 -24,940.261
-35.908,988 18.89
Month May 1908 (120 roads). 153.112,828 198,146.871 -45,034,243 22.87
Month June 1908 (113 roads). 146,270,130 179,397,094 -33.126.984 18.47
Month July 1908( 53 roads).. 56,560,742 67,803.094 -11,242,352 18.57
0 I101 951
Mnnth Amy 1908( 59 rnffirsiri1
RA RAD A117 70.541 S17'-in sai.980 15.20
a Mexican currency. 1) Includes earnlngs of Gulf &Chicago Division. c Includes the
Houston to Texas Central and its subsidiary lines in both
years. d Covers lines directly operated. e Includes the Chicago & Eastern Illinois
In
both years. r Includes Evansville & Indiana RR. h Includes
earnings of Col. & South., Ft. Worth & Denver City and all affiliated lines, excepting
of Denver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix By.Trinity & Brazos Valley RR. k Includes in bothyears earnings
o Figures here are oa the old basis of accounting-not the new or Inter-State Commerce I These figures do not Include recelpta from sale of coal.
Commisslon method. r These figures are on the new baits
nrescribed by the Inter-State Commerce Commission
13,831,152
9,429 010
9,762,668
9,961,410
15.323,093
9,872,830
9,973,195
10,118.734
15,626,026
-2,265,722 16.38
-1,134,868 12.04
-1,292,658 12.73
-1,354,810 13.60
-2,609,223 17.03
-1,212.663 12.28
-1,167,171 11.70
-1,230,859 12.16
-2,550,850 16.45
-1151 K4,1-111 is
•
THE CHRONICLE
734
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of September. The table covers 35 roads and shows 10.13%
decrease in the aggregate under the same week last year.
1907.
1908.
First week of September.
Increase Decrease.
58,200
73,123
Alabama Great Southern
138,344
193,938
Buffalo Rochester & Pittsburgh
175,300
188,700
Canadian Northern
1,301,000 1,441,000
Canadian Pacific
209,700
240,200
Central of Georgia
1,458
3,094
Chattanooga Southern
176,761
184,442
Chicago Great Western
103,728
124,403
Chicago Indianapolis & Louisv_
139,464
163,182
Cin New On do exas Pacific
305,688
295,609
Colorado & Southern
441,900
450,600
Denver & Rio Grande
21,610
25,351
,Detrolt & Mackinac
55,336
73,439
Duluth South Shore & Atlantic..
32,307
40,046
Georgia Southern & Florida_.__ _
Grand Trunk of Canada
990,736
831,054
Grand Trunk Western
Det Grand Haven & Milw_ _
Canada Atlantic
International to Great Northern
137,000
135,000
66,164
67,958
Iowa Central
981,980
839,850
Louisville & Nashville
14,482
14,002
Mineral Range
87,791
98,857
Minneapolis & St Louis
263,947
316,871
Minneapolis St Paul & S S M
889,000
Missouri Pacific & Iron Mtn
816,000
35,000
Central Branch
34,000
178,350
151,726
Mobile & Ohio
7,951
8,486
Nevada-California-Oregon
11,928
12,265
Rio Grande Southern
204,489
200,642
St Louis Southwesters
Southern Railway
898,414 1,077,447
263,868
225,814
Texas & Pacific
22,126
19,894
Toledo Peoria & Western
93,630
72,556
Toledo St Louis do Western..__ _
573,235
536,522
Wabash
8,442,707 9,394,251
Total (35 roads)
Net decrease (10.13%)_ _
_
14,923
55,594
13,400
140,000
30,500
1,636
7,681
20,675
23,718
10,079
8,700
3,741
18,103
7,739
159,682
2,000
1,794
142,130
480
11,066
52,924
73,000
1,000
26,624
535
337
3,847
179,033
38,054
2,232
21,074
36,713
- 78,735 1,030,279
951,544
Net EarningeMonthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Aug. 29 1908. The
next will appear in the issue of Sept. 26.
-Gross Earnings-- --Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
Baltimore & Ohlo_b____Aug 6,372,251 7,724,307 2,499,592 2,662,327
12,094,356 14,976,210 4,523,648 4,966,915
July 1 to Aug 31
240,838
192,523
61,483
72,739
Bangor do Aroostook_ b_July
798,989
122,963
156,933
x Cinc Ham & Dayton_ b July 654,902
486,264
201,875
179,154
Cumb Tel do Tel Co_b_ _Aug 489,511
4,046,583 3,848,067 1,693,266 1,453,023
Jan 1 to Aug 31
July 4,180,085 4,937,838 1,107,017 1,512,987
Erie_a
571,622
502,511
48,743
def1,639
x Internet & Gt North b July
202,630
201,907
58,207
30,232
li"anawha & Mich_a._ ...Pit y
2,526,451
3,269,042
July
877,196
1,339,831
Lehigh Valley_ b
7,606
5,368
def2,350
Aug
Manistique_b
45,800
40,621
182
ded:RN
Jan 1 to Aug 31
275,892
230,063
58,669
85,600
N Y Susq & West_a_ _ __July
146,584
124,816
July
Island_
b
42,698
Gr
64,745
Joseph
&
St
Southern Railway185,915
139,961
31,188
Georgia Sou to Fla_b_July
37,413
460,007
177,211
July 438,552
156,740
Tol & Ohio Cent_a
93,394
21,103
91,364
West_
b
July
12,721
Toledo Peoria &
105,251
99,557
24,422
20,239
August
198,645
45,526
190,922
32,960
July 1 to Aug 31
5,837
1,013
4,591
1,276
July
Tombigbee Valley
105,526
34,671
92,573
39,156
Virginia de Sou West_ b_
113,989
45,936
100,785
43,151
August
219,515
80.607
82,307
193,358
July 1 to Aug 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
x These figures are on the basis of accounting required by the InterState Commerce Commission.
Interest Charges and Surplus.-The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below these charges.
-Int., Rentals, &c...
Current
Previous
Roads.
Bangor & Aroostook _ _ _July
Cumberland Tel to T Co_Aug
Jan 1 to Aug 31
Kanawha to Mich_ _ _ _ _July
Toledo & Ohio Central_ _July
Toledo Peo do Western ..July
August
July 1. to Aug 31
86,235
37,724
298,080
23,080
40,385
'26.242
23,631
48,037
-Bal. of Net E'ngs.Previous
Current
70,868 def24,752
1,871
164,151
141,267
37,887
314,252 1,395,186 1,138,771
x39,323
21,898
x16,428
x142,113 '.X119,752
42,633
23,609 zdef4,461 zdef3,051
24,235
x1,791
x136
47.844
zdef834 xdef2,91.5
x After allowing for other income received.
STREET RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
June
American Rys Co.. _
C Aur Elgin & Chic By July
Bangor By to Eleo Co July
May
Binghamton By
Birm Ry Lt & Power July
Boston ec Worcester_ May
Brockton & Ply St By June
July
Camaguey Co
June
Cap Breton Elec
Central Penn Trac_ _ _ July
harlest Con By 0&E May
d Chicago to Oak Park
Jan. 1 to latest date.
Current
Previous
Year.
Year.
$
$
$
$
254,370 266,058 1,325,160 1,369,142
148,748 152,252
766,633
785,023
42,199 42,344
15,364
26,638
115,506
101,250
170,777 183,666 1,235,602 1,219,946
48,156 42,836
12,152 12,360
51,132
48,456
6,347
10,428
63,940
42,602
19,959 20,686
115,524
108,212
68,273 75,682
403,413
423,292
306,040
280,670
63,695 61,399
Current Previous
Year.
Year.
A,'795
ft'l IA',
ARI 9R1
49V1 767
[VoL. Lxxxvn.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Jan. 1 to latest date.
Current Previous
Year.
Year.
Current
Year.
,---
,
Cleve Painesv & East July
Dallas Electric Co_ __ April
f Detroit United Ry_ 1st wk Sep
Duluth Street By__ _ 1st wk Sep
East St Louis & Sub.. ,July
June
El Paso Electric
Ft Wayne & Wabash
Valley Traction Co July
Galv-Hous Elec Co__ June
Grand Rapids By Co.. August
Havana Electric By.. Wk Sept 13
Honolulu Rapid Tran
July
&Land Co
Houghton Co St Ry-- June
Illinois Traction Co.... July
Jacksonville Elec Co.. June
Kansas City Ry & Lt June
Knoxville By & Lt Co July
Lake Shore Electric.- June
Lex ea inter Rys Co.- July
Little R'k By & El Co July
Memphis Street By__ July
Metrop West Side El- Aug
3111w Elec By & Lt Co July
Milw Lt Ht to Trac Co July
Montreal Street By.... Wk Sept 12
Nashville By & Light July
NJ & Fill By & FyCo July
North Ohio Trac & Lt July
North Texas Elec Co.- April
Norf & Portsm Tr Co July
No Westchester Lt Co July
Northwestern E'ev-- Aug
Oklahoma City By__ July
Peekskill Light & RR July
Portland Ry L & P Co July
Porto Rico Rys Co-- Ju y
Rio de Janeiro Tram
Light & power..... July
St Joseph (Mo) By Lt
Heat & Power Co__ August _ _
Sao Paulo Tr Lt & P_ July
Savannah Electric Co June
Seattle Electric Co.- June
South Side Elevated_ August ......
Sou Wisconsin By Co July
Springfield Ry&Lt Co July
Syracuse Rap Tr By.. July
Tampa Electric Co - June
- July
Toledo Rys & LightToronto Railway__ Wk Sept12
Twin City Rapid Tran 1st wk Sep
lc Underground El By
of London, three
Wk Sept 5
tube lines
Metropolitan Dist.. Wk Sept 5
United Tramways.. Wk Sept 5
United RRs of San Fr August ___
August ___
United Rys of St L
Whatcom Co By & Lt June
A
Previous.
Year.
$
$
$
$
158,335
33,077 34,401
157,587
352,865
91,617 84,171
339,060
164,521 161,670 4,780,678 4,837,770
595,140
19,306 18,946
569,724
165,450 186,170 1,143,446 1,189,574
260,471
233,672
41,995 41,030
686,772
730,670
115,470 117,494
487,658
505.782
92,442 95,597
91,289 92,715
35,185 1,336,703 1,246,674
36,581
36,637
23,342
342,273
35,882
515,440
51,721
78,827
58,970
53,561
140.461
199,451
333,274
100,532
64,184
127,937
61,064
200,392
79,351
1181,803
9,247
155,476
26,781
15,229
384,170
31,591
29,706
22,437
329,600
34,162
515,816
56,463
83,554
52,807
55,812
148,613
211,601
330,863
97,111
64,541
129,577
59,021
209,040
79,052
274,018
219,513
121,311
2,255,790
210,635
2,981,251
323,820
386,267
339,294
384,293
915,529
1,712,461
2,193,781
461,003
2.544,307
887.987
299,369
1,038,135
316,515
11.057,423
210,159
114,163
2,035,918
192,399
2,867,974
339,392
401,514
302,502
355,128
913,257
1,802,867
2,157,850
441,237
2,470,319
870,079
268,244
1,058,297
313,052
1,374,198
144,420 1,249,921 1,115,779
27,001
148,384
143,929
16,389
378,561 2,482,972 2,204,619
30,159
207,724
198,278
614,089 551,127 3,954,004 3,531,830
83,444
178,965
50,006
358,207
174,630
15,512
63,477
110.340
45,070
199,237
106,946
178,025
85,949
160,712
51,836
339,510
176,462
16,666
63,151
112,398
41,152
213,057
72,547
170,300
577,239
1,321,373
282,394
2,165,049
1,411 942
88,953
-- -- 737,285
271,957
1,420,612
569,923
1,188,184
283,637
1,902,015
1,281,647
89,426
-- - - -706,062
253,362
1,458,375
4,354,482 4,146,652
£11,030
£8,190 £413,505 2251,400
£8,961
£7,121 1320,210 £281,002
£6,911
£7,356 £2$8,782 £236,230
575,700 317,769 4,486,909 3,013,292
911,515 956,240 6,973,280 7,185,730
26,129 27,362
164,420
173,248
-figures are for consolidated company. d These are results fOl•
c These
main line. I No earnings for Detroit Jackson &Chicago By. for Jan. 1907
included in these figures. lc Does not include the Charing Cross Euston
& Hampstead By. for first six months of 1907. 1 Decrease due to Jamestown Exposition last year.
Street Railway Net Earnings.-The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Sept.5 1908. The next
will appear in the issue of Oct. 3 1908.
---Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
. Year.
Roads.
$
$
$
$
22,000
Central Penne Trac Co_ _July
15,254
75,682
68,273
Jan I to July 31
81,086
76,876
423,292
403,413
88,235
77,828
East St Louis & Sub- __July
186,170
165,450
Jan 1 to July 31
544,515
540,473
1,143,446 1,189,574
Elmira &Seneca Lake Trac Co-,Apr 1 to June 30
4,399
2,982
14,497
14,866
Elmira Water Lt & RR Co (RR Dept only)..bApr 1 to June 30
13,445
58,117
55,606
16,896
Grand Rapids By Co--_Aug
48,718
91,289
92,715
49,740
Jamestown St Ry_ bApr 1 to June 30
27,821
27,063
3,340
6,330
Montreal Street Ry_ ..-..Aug
329,772
329,755
165,510
144,911
Oct 1 to Aug 31
3,329,060 3,164,399 1,350,401 1,218,010
St Jos By Lt Ht & Pow_Aug
83,444
85,949
43,474
44,870
Jan 1 to Aug 31
577,239
569,923
274,365
276,875
United Rys of St L_a___Aug
911,515,
956,240
338,638
346,080
Jan 1 to Aug 31
6,973,281 7,185,731 2,454,376 2,475,598
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Jut., Rentals, &c.- -13a1. of Net E'ngs.Current
Previous
Current
Previous
Year.
Year.
Year,
Year.
Roads.
$
$
$ s
$
Seneca
Lake
Trac
Co
&
Elmira
Apr 1 to June 30
3,984
x2,170
2,296
zdef047
Elmira Water Lt & RR Co(RR Dept only)15,589
Apr 1 to June 30
x1,992
13,523
x3,220
Jamestown Street Ry15,042
Apr 1 to June 30
zdef279
7,115 xdef11,238
Aug
70,077
Montreal Street By
77,703
95,433
67,208
Oct 1 to Aug 31
585,966
693,455
764,435
524,555
St
Louis_
of
_Aug
Rys
234,551
113,574
United
104,088
232,506
1,862,952 1,851,327
911,424
624,271
Jan 1 to Aug 31
z After allowing for other income received.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of August 29. The next will appear in that of Sept. 26.
Reading Company.
(Report for Fiscal Year ending June 30 1908.)
The remarks of President George F. Baer, together with
various tables showing the company's earnings, the balance
sheets, tkc.' Will lie found on subsequent Tips, while in the
'
is given an article reviewing the results
editorial(cohunnsi
for the year COVelied by the report.
.
. Below' are the 'ccnnparati,'ve statistics .for four years:
PHILA.. le REAIDING RY.-OPERATIONS, EARNINGS, &c.
1904,05.
1905-06.
1906-07.
1007-08.
,
1,015
999
Miles operated June 30_
1,000
1,007
Equipment000
1,023
Locomotives
1,015
1.001
843
888
892
896
Pass. equipment cars_ _ _
38,280
44,676
Freight equipment cars_
40,708
40,970
860
813
805
Service cars
819
128
138
Floating equipment_ _ _ _
133
134
Oper. (excl. co.'s mat'l)23,948,164 29,970,328 20,650,153 28,503,771
Passengers carried
Passengers carried 1 m_365,825,651 403,896,823 389,168,960 361,675,888
1.581 cts.
Rate per pass, per mile_ 1.695 cts.
1.584 cts.
1.597 cts.
Coal (anth.) carried,tons 13,537,464 13,223,780 11,856,871 12,029,459
9,184,421
Coal (bit.) carried, tons. 10,816,439 11,190,250 10,487,508
Coal carried 1 mile, tops. •2,776,062 *2,709,745 *2,517,896 .2,416,467
Merchandise carried, tons 24,353,003 24,414,314 22,353,845 18,695,193
do 1 mile, tons
*1,415,553 *1,728,779 *1,585,638 *1,324,829
Rate per ton per mile_ _ _ 0.954 cts,
0.959 cts. . 0.984 cts.
0.946 cts.
$
$
$
Earnings from$
Coal
18,577,272 18,730,190 17,198,247 17,163,351
Merchandise
13,502,926 16,360,170 15,220,441 13,036,536
5,717,399
Passengers
6,216,316
6,399,173
6,211,934
796,459
Miscellaneous
902,241
1,468,949
1,066,208
118,325
Malls
120,795
120,537
117,801
663,649
Other sources (net)
905,684
852,658
1,023,656
43,528,936
40,563,725
37,495,719
3,606,192
3,803,045
7,971,544
8,094,407
12,437,3171 13,564,854
451,275J
746,741
672,251
3,195,152
6,330,882
11,896,369
2,738,215
5,650,984
10,387,563
714,768
937,660
1,847,034
3,539,352
703,587
30,794
979,643
26,395,956
14,506,582
a1,762,057
27,737,265
15,791,671
25,676,523
14,887,202
20,490,786
17,004,933
Total net Income__ _ 16,268,639
0,923,000
Fixed charges
15,791,671
9,747,246
14,887,202
9,502,720
17,004,933
9,645,769
Total earnings
Operating ExpensesMaintenance of way, &e.
Maint. of equipment
Transportation expenses
Traffic expenses
General
Insurance fund
Improvements
40,902,538
Total expenses
Net earnings
Other income (net)._
7,359,164
6,044,425
5,384,473
6,345,639
Surplus
_
•000's omitted.
a Other income In 1907-08 Is derived as follows: Hire of equipment,
$1,657,131; income from securities, interest, &c., $194,060; total, $1,851,102; deducting rentals, $89,135, leaves balance of $1,762,057.
PHILA. & READING COAL eo IRON CO.INCOME ACCOUNT.
1904-05.
1905-06.
1907-08.
1906-07.
$
$
$
$
36,660,481 37,352,805 32,855,229 34,043,001
548,398
683,823
859,012
926,104
608.021
499,488
485,928
468,653
EarningsAnthracite coal
Bituminous coal
Coal rents and mind
Earnings
38,014,421
ExpensesFixed charges and taxes.
117,248
Mining coal and repairs_ 19,026,334
Coal purchased (anth.)_ 2,407,487
Coal purchased (bitum.)
804,654
Royalty leased coil cries
667,722
Transp. of coal by rail
9,188,715
do by water
'Edo
1,463,368
Handling coal at depots,
taxes on coal lands,
Imps., coal sold from
•656,523
stock, and mlscel_ _ _ _
1,286,011
Colliery improvements
514,350
Depletion coal lands fund
Int. on Reading Co. loan 1,584,485
Total expenses
Balance, sur. or def
37,806,897
sur.207,524
38,747,562
34,038,540
36,099,420
115,075
18,741,720
2.494,463
841,991
677,144
8,819,397
1,340,072
118,466
16,904,915
2,296,825
649,312
620,217
7,413,714
1,138,482
104,035
17,378,181
2,711.836
526,265
621,531
8,032,089
1,337,805
2,360,971
1,345,229
499,059
1,583,914
1,854,469
1,131,038
458,541
1,583,304
.1,428,243
1,730,975
478,324
1,582,255
38,819,044 34,169,283 35,931,539
def.71,482 def.130,743 sur.167,881
• In 1904-05 this item amounted to $1,707,577, less $369,334 coal added
to stock-$1,428,243; in 1907-08, $1,857,449, less $1,200,927 added to
stock-5656,523.
READING CO., PHIL. & READING RY. CO. AND PHIL. & READING
COAL db IRON CO.-CONSOLIDATED INCOME ACCOUNT.
1904-05.
1905-06.
1907-08.
1906-07.
$
$
•
$
$
Net Phila. & Read. By. 16,268,639 15,791,671 14,887,201 17,004,933
271,913
324,772
43,593 def.12,279
13alance, Coal & Iron Co.
6,966,019
7,020,402
7,438,590
Reading Co. Income_ _ _ _ 7,592,334
241,185,745 23,273,853
Total
Deduct07,190 •
83,538
Reading Co. expenses
Read. Co. chgs., taxes &
5,030,898
gen. mtge. sink. fund. 5,144,249
Phila. & Read. By. Int.
9,747,246
9,923,000
on bonds, and taxes
Phila. & R. C. & I. Co.
115,075
117,248
Interest and taxes__ _
21,895,324
24,242,865
95,595
138,961
4,837,565
4,795,202
9,502,729
9,645,769
118,466
104,035
15,281,687 14,976,757 14,554,355 14,683,967
Total
8,297,096
7,340,969
9,558,898
8,904,058
Surplus
1,120,000
4% divs. on 1st pref_ _ _ _ 1,120,000
1,120,000
1,120,000
Divs. on 2d preferred _(4)1,680,000 (4)1,680,000 (4)1,680,000 (4)1,680,000
Divs. on common
(4)2.800,000 (4)2,800,000(4)2,800,000(3%)2450000
Total dividends
Surplus, all companies
-V. 87, p. 481.
5,600,000
3,304,058
5,600,000
2,697,096
5,600,000
1,740,969
5,250,000
4,308,898
Canadian Pacific Railway.
(Report for Fiscal Year ending June 30 1908.)
Below Will be found the comparative income account
and also the balance sheet. The remarks of Sir Thomas G.
Shaughnessy, President,are given at length on subsequent
pages.
OPERATIONS AND FISCAL RESULTS.
1905-06.
1904-05.
1907-08.
1906-07.
8,568
9,426
8,777
9,154
Mlles operated _z
Operations7,753,323
6,801,511
8,779.620
Passengers carried_ _No. 9,463,179
Passenger mileage.-1052,010,356 1064564,099 870,339,686 736,774,844
1.84 eta.
1.83 cts.
1.84 cts.
Rate per pass. per mile_ 1.89 cts.
$1.40
$1.63
$1.49
$1.56
Earns. p. pass. train mile
15,040.325 15,733.306 13,933,708 11,892,204
Freight (tons) carried
Fr't (tons) carried 1 m_ _5865080008 5946779961 5342248625 4155256309
0.76 eta
0.77 eta.
0.74 cts.
Rate per ton per mile_
0.75 cts.
$1.93
$2.29
$2.07
Barns. p. fr't train mile..
$2.20
735
THE CHRONICLE
SEPT. 19 1908.1
EarningsPassenger
Freight
Mall, express, &c
1907-08.
$
19,900,432
44,037,598
7,446,143
1906-07.
$
19,528,878
45,885,968
6,802,682
1905-06.
$
16,041,616
39,512,973
6,115,169
1904-05.
$
13,583,052
31,725,290
5,173,540
71,384,173 72,217,528 61,669,758 50.481,882
Total earnings
Expenses-25,846,800 23.765,138 18,785,690 16,905,849
Transport'n & traffic
8.527,035
Maint. way & structures 10,410,752 10,110,957
9,105.250
6,616,258
9,358,138
7,369,566
9,083,249
Maint. of equipment
2,957,652
3,954,875
3,435,934
General & miscellaneous 3,976,117
49,591,807 46,914,219 38,696,446 35,006,794
Total expenses
Per cent of operating ex(69.35)
(64.96)
(62.75)
penses to earnings._
(69.47)
21,792,366 25,303,309 22,973,312 15.475.088
Net earnings
Int. on deposits, bonds,
1,584,663
2,364,480
1,969,447
excess SS. earns., &c_ 2,654,633
24,446,999 27,667,789 24,942,759 17,059,751
Total
Deauct-int. & sink. funds, Ind.
3,388,427
3,577,427
3,671,928
div. on O.&Q.Ry.stk_ 3,388,427
3,321,802
4,175,416
3,806,399
Int. on debenture stock_ 4,441,132
966,719
960,335
947,912
940,518
Rentals and miscel
Div. on common _a_ _ __ (6)7,300,800(6)7,300,800(6)6,084,000(6)5,577,000
Div. on preferred
(4)1,916,407(4)1,736,228 (4)1,660,133 (4)1,514,133
580,000
230,000
780,000
For SS. and pension fund
880,000
18,867,284 18,328,783 16,674,678 15,275,198
Total
1,784,553
8,268,081
9,339,006
5,579,715
Balance,surplus
a Also 1% extra paid in 1907 and 1908 from interest on land sales, viz:
% April 1 and %% Oct. 1.
x This is the miles operated at close of year on which operations given
are based.
BALANCE SHEET JUNE 30.
1906.
1907.
1908.
$
$
$
AssetsCost of road and equipment
285,088,099 253,711,218 225,721,418
17,826,983 16,416,695 15,709,139
Steamships and appurtenances
57,418,369 53,457,913 52,492,909
Acquired securities held
2,651,535
3,414,259
4,656,080
Real estate, hotels, &c.......
Due on land sold and town sites
14,022,666 15,854,613 16,382,823
236,213
236,213
Advances to railroads
1
5,072,014
Station and traffic balances, &c.._ _ _ 11,600,241{ 8,461,999
263,107
263,761
Due for mail transportation, 6:c- - ....J
Advances to lines under construction_ 3,523,720 • 6,702,046
9,038,820
9,425,613
11,110,843
Materials and supplies
18,821,630 21,394,952 17,752,416
Cash
424,068,631 389,339,282 345,320,394
• Total assets*
Liabilities121,680,000 121,680,000 101,400,000
Common stock
4,595,190
10,854,436
Subscriptions to new stock
48,803,332 43,936,666 42,719,999
Preference stock
101,519,411
106,045,411
..._....115,657,078
Consol. debenture stock
Bonds (see "By. & Ind." section)... _ 39,621,967 40,238,087 41,738,086
9,567,755
11,389,518 14,355,682
Current accounts
1,666,169
1,386,145
1,336,001
Interest and rentals
• 22,401,530 21,748,422 14,568,697
Sales of land and town sites
963,004
1,131,360
870.283
Equipment replacement fund
2,240,036
1,912.987
Equipment obligations
4,323,652
6,489,656
Approp. for additions and impr'ts
1,320,974
Reserve fund for contingencies
840,667
1,540,667
2,340,666
Steamship replacement fund
30,390,203 30,713,153 25,741,415
Surplus
424,068,631 389,339,282 345,320,394
Total liabilities
* In addition to the above assets, the company owns 13,268.367 acres of
land.-V. 87, p. 613, 409.
,
Heeling Valley Railway.
(Report for Fiscal Year ending 'June 30 1908.)
The remarks of President N. Monsarrat from the annual
report, and also the balance sheet, will be found in full on
subsequent pages.
Various operating statistics of interest follow:
OPERATIONS AND FISCAL RESULTS.
Note.-The ”cw system of accounting adopted In 1907-08 in compliance
with orders of the Inter-State Commerce Commission renders the comparison of operating statistics, earnings, operating expenses and charges with
those for previous years 1904-05, 1905-06 and 1906-07, as shown below,
quite inaccurate. Since the company has not re-cast the figures of the earlier
years, they are repeated as heretofore given. See President's remarks.
1904-05.
1905-06.
1908-07.
1907-08.
347
347
347
347
Mlles operated June 30_ _
Operations1,979,731
2,109,833
2,346,861
2,666,652
Passengers carried
Passengers carried 1 mile 51,374,612 45,389,677 44,517,957 38,616,003
1.98 cts.
1.79 eta.
1.78 eta.
Av.rec. per pass. perm..
1.63 eta.
8,601,114
7,810,545
8,886,866
Tons freight carried...... 7,920,140
Tons fr't carried 1 mile_929,267,019 1088058280 997,759,707 998,577,025
0.474 cts.
0.505 eta.
0.496 cts.
Av. rec. per ton per mile 0.514 cts.
581
608
625
Average train load (tons)
594
7
95
2.7
$0.
$1.12
Earns, per pass. train m.
$1.15
$1.010
$3.7
$3.10
Earns, per fr't train mile
$3.06
I
Earnings$
2,743,866
2,802,776
2,900,340
2,534,007
Coal
2,985,573
3,238,833
2,494,276
2,245,678
Fre ght
764,056
796,828
807,210
837,326
Passenger
42,678
42,691
42,458
41,037
Mall
54,412
48,737
49,882
58,768
Express
422,629
509,944
612,881
124,947
Miscellaneous
5,841,763
Total
Expenses and taxes759,651
Maintenance of way, &c.
Maintenance of equip't_ 1,308.363
Traffic expenses.....85,4241
Transportation exp'ses_ 1,796,2441
133,526
General
224,667
Taxes
Total
P. a. of exp. to earns....
Not earnings
ReceiptsNet earnings
Coal & ore dock service..
Joint facilities, &c__
Interest received
Hire of equip't-balance
Subsidiary companies_ _
Income from securities_
6,907,048
6,439,809
6,013,214
806.625
1,491,995
2,052,755
888,462
1,325,449
1,831,139
651,206
1,293,405
2.800,768
128,901
229,536
127,178
209,553
115,059
207,463
4.067,901
4,181,774
4,709,811
4,307,876
(67.65)
(64.94)
(68.19)
(73.74)
1,945,313
2,258,035
2,197,237
1,533,887
INCOME ACCOUNT.
1905-06.
1904-05.
1906-07.
1907-08.
$1,533,887 $2,197,237 $2,258,035 $1.945,312
148.914
138,913
17,0251
74,519
66,052J
128,650
478,936
121,132
/86,164
102.467
129,110
222,786
/22,956
187,264
241.809
$2,514,282 $2,642,675 $2,716,072 $2,428,033
Net income_
Deduct8878,828
$931,710
$900,299
Interest on funded debt.. $907,057
110,285 cr.137,414
Interest on equip. oblig_
3,811
interest
Other
42,588
31,907
54,810
14,468
Net def. of subsid. co's_ _
22,704
25,883
68,637
22.837
Rents paid
99,256
15,000
5,000
Miscellaneous
Divs. on common stock (4)440,000(330385,000 (3)330,000 (3)330,000
600,000
600,000
800,000
600,000
4% divs, on pref. stock_
101,754
520,429
Betterm'ts to property_
Total deductions___ _ $2,291.354
$222,928
Balance, surplus
$2,320,617
$322,058
$1,962,395
3753.677
$1,930,181
$497,851
736
THE CHRONICLE
.VOL. Lxxxvi .
BALANCESHEET JUNE 30.
1908.
1907.
1906.
1905.
AssetsLiabilities1908.
$
1907.
$
$
1006.
5
Road and equipment
62,790,700 62,790,700 62,790,700 62,790,400
$36,613,310 $34,389,658 $32,234,716 Stock, common
Kansas & Missouri equipm't notes_
Stock,
and
1st
2d
550,000
pref....
8,400
8,400
8,400
1,168,750
1,237,500
9,000
Securities owned
12,871,760 12,070,181 11,657,182 Bonds (see "Railway &
Cash for construction and equipm't_ _
Industrial" Section)... 99,768,000 00,051,354 86,680,354 84,699,354
193,704
Cash reserved for def. equip. oblig'ns_
Bal.
on
14,420,000
due
368,569
equip
new
16,430,000
9,824,667
562,447
6,405,600
Materials and supplies
502,184
507,249
318,949 Ser. A & B bonds due
Advances to subsid. & controlled cos._ 1,848,436
July 1
2,013,354
2,974,060
2,099,819
Cash (incl. In trans. and for coupons)_
624,458
1,644,882
2,007,645 6% collateral notes_ ...._ 7,500,000
Bills receivable
2,075,000
1,234,297
1,199,145
1,093,980
1,073,336
1,570,000
1,435,000 Interest accrued
Roads, individuals and companies_ _ _
940,188
250,813
452,378
233,940
226,334
888,955
747,906 Unpaid coupons
Other accounts
69,882
168.093
169,418 Railways and unpaid
vouchers, 8cc
1,831,857
5,944,986
2,488,616
1,463,579
Total
$56,582,788 $55,944,274 $53,001,839 Loans & bills payable.... 1,549,422
4,102,516
2,045,000
600,000
LiabililiesEquip. replacem't acc'ts
366,565
Stock, cmomon
$11,000,000 $11,000,000 $11,000,000 Taxes accrued
318,047
231,052
279,856
198,103
Stock, preferred
15,000.000 15,000,000 15,000,000 Miscellaneous
603,584
433,202
181,563
Mortgage bonds
19,912,000 19,540,000 19,565,000 Profit and loss
1,174,910
1,534,714
087,248
529,245
Car trust obligations
3,719,000
3,088,636
1,205,524
Roads, individuals and companies_ _ _
Total liabilities
383,263
193,427,931 182,226,582 167,534,507 158,518,243
691,839
264,608
Interest and dividends due and unpaid
859,991
850,526
795,794
Bills receivable, discounted
Includes Big Sandy Ry. 1st M.4% bonds, $771,000; Ches. & Ohio. By.,
x
590,000
350,000
Accrued interest
121,350
110,207
80,373 Potts Creek branch, 1st M. 4% bonds, $300,000; Ches. & Ohio Ry. gen.
Miscellaneous
267,202
529,135
368,549 equip. & impt. 5% bonds, $9,750,000; other bonds, $3,173,235. Stocks
Profit and loss
a4,709,982
4,783,931
4.721,991 owned, $2,606,814.-V. 87, p. 414, 225.
Total
Central Railroad Company of New Jersey.
$56,562,788 $55,944,274 $53,001,839
a Of the total profit and loss surplus, $4,709,982 on June 301008,
(Report for Fiscal Year ending June 30 1908.)
$2,621,713 represents re-investment in capital assets, $592,184 is represented
by
President George F. Baer says in substance:
materials and supplies and $1.496,085 by net working assets.--V
.87, p. 341.
General I?esults.-The gross earnings have decreased $100,226, or about
0.39%, as compared with the preceding fiscal year, due to the general
business depression which has prevailed since November 1007, while transporChesapeake & Ohio Railway.
tation expenses decreased $56,456, or 0.88%.
Attention
is
called
also
to
the
Increase
of
$884,237
in maintenance of
(Report for Fiscal Year ending June 30 1908.)
equipment expenses. This increase is due to the fact that there Is included
the current year an amount of $903,096 representing depreciation of
The remarks of President Stevens at length, together with for
equipment, which is so charged in accord with tho classification
made
the balance sheet and income account in detail, are published effective by the Inter-State Commerce Commission as of July 1 1007.
This amount is credited to "Equipment Replacement Accounts," against
on subsequent pages.
which new equipment will be charged from time to time as purchased or
The statistical tables for four years, compiled in the usual built.
During the year 353,472 new ties were laid, 13.26 miles of track were recomplete form for the "Chronicle," are given below:
ballasted with broken stone, 71.12 miles of track were re-laid with
steel
rails of 90-lb. section, 52.25 miles of track were relaid with second-hand
OPERATIONS AND FISCAL RESULTS.
rails, chiefly of 70. 80 and 85-1b. sections.
Additions
and Betterments.-The following expenditures, aggregating
1007-08.
1906-07.
1905-06.
1904-05
$1,023,692, were made and charged against "renewal and Improvement
Miles operated June 30.. .
1,841
1,832
1,827
1,708 fund" provided out of the surplus of the previous year:
EquipmentSidings and yard improv'ts_$256,611 Improvements at shops and
Locomotives (owned &
Renewal and Improvement
turntables
leased)
$72,712
670
670
600
547
of bridges
322,037 Signals and interlocking
Passenger cars
300
301
270
255 Renewals and improvements
Plants
Freight cars
65,471
17,377
17,657
17,465
16,633
to docks and wharves__ 150,518 improvement of roadway
31,066
Maint. of way & equip
668
732
654
630 Renew. of station bldgs.,&c. 111,065 Miscellaneous
13,312
(Also has passenger steamers, tugs, car-floats, &c.)
OperationsRolling Stock.-The following rolling equipment was purchased and delivered during the fiscal year:
Passengers carried.... _ ._ 5,150,108
4,269,360
3,710,818
3,438,030
Pass. carried 1 mile
286,729,837 226,660,932 198,469,304 192,838,400 12 vestibule coaches.
8 combination cars.
Rate per pass. per mile_ 1.786 cts.
2.157 cts.
2.138 cts.
1,000 steel hopper-bottom coal cars.
2.019 cts. 15 passenger cars.
Freight (tons) carried
16,540,833 16,866,865 16,366,880 13,304,701
There were built at the company's shops I alr-brake-instruction car,
Freight (tons) car'd 1 m.4525313214 4617608676 4619480470 3754388306 6 locomotives, 1 combination car
and 5 combination cars (not completed).
Rate per ton per mile_
0.433 cts.
0.432 cts.
0.420 eta.
Funded Debt.-The funded debt was decreased $1,400,0001 the fiscal year
0.427 cts.
Av. rev, train load(tons)
596
621
586
557 through the retirement of $1,370,000 maturing equipment bonds, series
Earn, per pass. train m.,
A to F, inclusive; also $29,000 convertible debentures. Of the $50,000,000
excl. mail ec express....
$1.18
$1.26
$1.17
$1.12 general mortgage 5% bonds,$45,091,000 have been Issued, leaving a balance
Earns. per fr't train m_ _
$2.58
$2.68
$2.46
$2.37 unissued of $4,909,000.
Earns, per mile of road..
$13,606
13,417
$13,178
Improvements and Additions.-FIllIng section No. 2 of the tidewater flats
$11,918
Revenues$
$
at Jersey City was commenced in 1006, and during the past year 1,145,777
$
Freight
19,571,609 19,974,861 19,395,648 16,039,313
cube yards of filling were placed at a cost of $131,436. Work on the new
Passenger
5,120,529
4,888,139
4.242,556
3,894,145 coal-shipping pier at Elizabethport has been completed. During the year
Mall
395,714
416,554
423,088
303.529 $16,720 was expended, making total cost $352,846. Work of improving
Express
407,976
385,104
339,720
297,410 our ferry facilities at foot of Liberty St. Is well under way, and during the
Other transportat'n rev_
219,3571
132,203
201,976
09,974 year there were expended $205,681, making total expenditures to July 1
Non-transport'n rev..
128,087f
1908 $378,246.
The 1,000 steel
ttom coal cars contracted for as noted in the
Total revenues
25,843,272 25,796,861 24,602,988 20,724,371 last annual report,hopper-bo
were charged to the equipment fund provided therefor
Expensesout of the surplus for the fiscal year ended June 30 1907.
Maint. of way & struc_
3,135,354
3,090,037
2,649,557
Out of the surplus for the current year, the following sums have been set
2,188,835
Maint. of equipment
5,369,464
4,721,346
4,469,500
4,077,943 aside for the purposes Indicated, viz.: $2,000,000 for additions and betterTraffic
470,957
482,444
434,755
ments to meet contemplated expenditures for new bridges, docks, wharves
409,768
Transportation
7,770,757
7,955,064
6,959,355
6,267,486 and other similar work, including the establishment of a marine repair
General
440,215
401,416
356,391
306,934 yard and additional piers for the development of increased lighterage
traffic, also additional terminal yards on Section No. 2 of the tidewater
Total ex enses
17,186,747 16,650,307 14,869,649 13,250,966 fiats at Jersey
City; $300,000 for taxes anticipated.
P. c. expenses to earns..
(66.5)
(64.5)
Change in Method of Accounting.-During the current year, the following
(60.4)
(63.9)
Net revenues
8,656.525
9,146,554
9,733,330
7,473,405 amounts, aggregating $1,405,091, were charged to operating expenses
as required by the Inter-State Commerce Commission, while similar items
INCOME ACCOUNT.
were charged to income during year ended June 30 1907.
Depreciation of equipment_$909.958 Signals & Interlock ng plants.$9,408
1907-08.
1906-07.
1905-06,
1904-05. Bridges and trestles
287,1509 Docks and wharves
70,272
$
Sidings
35,481 I Miscellaneous
83,463
Net revenues
9.146,554
8,656,525
9,733,339
7,473,405
Other income
EXPENSES AND CHARGES.
OPERATIONS
EARNINGS,
762,832
,
244,360
a204,353
a177,287
1906-07.
1905-06.
1907-08.
1004-05.
Total
9,419,357
9,300,914
9,937,692
610
610
610
7,652,602 Miles operated
602
DeductOperationsInterest on bonds
4,168,603
9,231,820
Passengers carried
3,976,448
22,140,702 20,513,054 18,517,577
22,338,614
3,744,349
Taxes
791,060
734,423
569,853
513,644 Passengers carried 1 m_302,949,201 293,329,339 270,282,470 234,760,703
Car trust-Int. & prin.... 1,612,346
1,887,833
1,320,100
989,333 Rate per pass, per mile_ 1.414 cts.
1.447 eta,
1.451 cts.
1.465 cts.
Loss on elevator
62,255
71,943
35,2971
154,845 Freight tons car'd (rev.) 26,240,555 28,063,145 25,416,130 22,843,429
Loss on steamships.. _
60,3661
Freight tons car'd 1 m_2068692,138 2112260,631 1921860,405 185261)7,593
Int. on collateral notes..
310,076
Rate per ton per mile...... 0.845 cts.
0.839 eta.
0.844 cts.
0.828 cts.
Interest, gen. acc't, &c..
44.812
54,974
519
522
520
63,046 Rev. tons per train mile_
507
Extraordinary
654,327
1,347,555
1,534,406
$4.384
34.369
34.412
tr. m_
1,217,476 Freight earns. per.
$4.204
Rentals of leased roads,
Pass. earns. per train m.
$1.06
$1.02
$1.07
$0.03
joint tracks, &c
593,782
360,750
311,765
Gross earnings per mile..
$37,308
$37,049
$33,622
229,806
$31,073
Miscellaneous
10,600
19,800
20,000
Earnings$
$
48,837
$
$
Dividends (1%)
627,9071
627,007
627,907
9,288,920
8,368,056
8,671,217
627,904 Merchar.lise
7,471.038
$,534,366
Coal
9,009,015
7,462,065
7,885,388
Total
8,921,894
9,329,843
8,511,116
4,247,350
4,282,704
3,920,552
7,580,240 Passengers
3,441,202
Surplus
497,553
61,071
1,426,576
520,31)5
372,603
437,873
a63,452 Express and mall
353,451
Miscellaneous
181,528
427,289
96,501
108,037
a Owing to revision in the operating expenses as-shown in the report
for
the
year 1906.07, the surplus for 1904-05 as here given Is reduced from
Total earnings
22,614,036 22,772,568 20.523,031 19,259,117
$291,259
to $63,452.
ExpensesMaintenance of way, &c. 2,421,923 *1,013.1711
BALANCE SHEET JUNE 30.
Maintenance of equip't_ 3,635,629 *2,751,392) 10,657,176
9,976,490
Conducting transport n.. 6,359,950 *6,416,3951
1907.
1008.
1906.
1905.
•777.984)
General
and traffic
744,177
Assets$
$
Roads and equIp't, &c_152,712,645 128,030,257 122,520,675
120,635,992
Total expenses
13,161,679 11,858,942 10,657,176
9,076,990
Ches. & Ohio Ry. of Ky.
(52.08)
Per cent exp. to earns
(51.93)
(58.20)
(51.81)
(Including stocks and
Net earnings
9,865,855
9,453,257 10.013,626
9,282,626
bonds of merged lines
609,659
Other operations (net)...
455,368
667.281
447,148
and advances)
23,552,185 23,168,3571 25,884,180 Income
from Investm'ts_ 1,432,539
1,175,653
1,151,107
1,110,197
x Bonds & stks. owned_ 16,601,049
6,675,549
5,524,124j
Advances
1,022,967
1,135,049
662,687
1,510,043
Total income
11,553,077 12,698,038 11,472,420 10,848,971
Construe. & equip.acc't.
198,606
136,088
DeductConstrue. fund unexp'd
203,708
848,469
556,848 Int. on bonds and guar's 2,934,577
2,045.800
2,865,087
2,810,420
Verne of new equip., less
Miscellaneous interest.. _
92,489
86,606
4,539
19,786
charged to oper. exp.
2,765,213
Rental leased lines
2,386,380
2,342,696
2,528,305
and capital account
14,420,000 18,572,640
9,824,667
6,495,600 Taxes
1,112,558
556,710
1,065,726
458,041
Cash on hand
556,413
2,107,712
1,286,299
892,646 Add'ns & betterm'ts ..
2,000,000
Cash for int. & dlvs__ _
254,723
426,371
237,654
230,249 Taxes anticipated
300,000
Spec. dep. to red'm Ser.
Renewals, improv'ts. &c
1,362,061
1,254,444
1,072,702
A & B bds. pd. July 1 2,043,488
Renewal & improv't fd..
1,000,000
700,000
Agents and conductors_
1,684,526
'790,600
862,456
427,275 Deprec anon of equip't.
1,150,000
____.
1,410,355
1,625,000
Traffic balances_ .- - - 700,050
540,686
594,310
986,990 Dividends (8%)
2,104,894
2,194,944
2,194,424
Ind'ild'Is & companies..
2,193,704
684,349
508,297
942,813
582,225
Materials & supplies
2,239,980
1,841,606
857,234
639,884
Total
12,622,965
10,924,548
11,380,930
Clsh dep. with trust.,&c
10,707,958
40,235
210,430
66,148
40,223 Surplus for year
628,5291
75,073
,
6.. 91,481 kt, 141,013
Total assets
193,427,031 182,226,582 167,534,507 158,518,243
*"Revised for comparison."
SEPT. 19 1908.]
THE CHRONICLE
BALANCE SHEET JUNE 30.
1908.
1907,
1906.
1905.
Assets$
*
Railroad and equipment 69,20J,835 68,327,481 65,814,530 63,528,480
Securities owned
24,048,842 25,533,307 23,347,382 21,788,277
Advances for construc'n 2,071,440
1,712,311
573,379
84,578
Insurance fund
100,000
100,000
100,000
100,000
Supplies and materials
1,600,426
1,588,412
1,747,993
1,283,461
Cash
1,833,119
1,138,644
1,663,558
2,740,418
Due from agents
1,414,537
1,186,633
1,049,289
905,601
Due from railroads, &c_ 1,940,503
2,076,425
1,992,957
1,532,449
Other co's & individuals 1,837,727
2,401,461
1,690,930
1,335,481
Bills receivable
749,335
3,500
Deferred, &c., accounts_
428,689
303,099
309,593
118,846
Total assets
104,876,182 105,120.591
LiabilitiesCapital stock
27,436,800 27,436,800
Bonds (see "Ry. & Ind."
Section)
52,851,000 54,260,000
Interest on bonds
985,463
988,225
Rentals
945
1,825
Vouchers, pay-rolls, &c_ 3,921,697
4,347,631
Due railroads and cos_
923,649
651,605
Other co's & individuals 1,480,108
2,118.223
Dividend due
548,736
548,736
Taxes
2,400.633
2.227,525
Taxes anticipated
300,000
Equip. depree'n fund.
1,025,918
1,150,000
Insurance reserve fund_
225,763
182,773
Add'ns & betterm'ts fd_ 2,391,8'76
Renewal & imp't fund
1,415,568
Miscellaneous
--3-0-0-,288
211,805
Profit and loss
10,583,308
9,570,874
Total
-V. 86, p. 1099.
104,876,182 105,120,591
07,914,550
94,319,615
27,431.800
27,425,800
50,935,000
995,813
965
2,482,965
1,206,337
1,243,750
548,636
1,278,321
50,361,000
1,070,849
6,905
2,209,273
431,330
582,702
548,516
1,060,160
1,217,568
148,989
1,063,968
219,330
700,000
208,774
9,515,631
128,553
9,211,227
97,914,550
94,319,615
Missouri Kansas & Texas Railway.
(Report for the Fiscal Year ending June 30 1908.)
Chairman and President Adrian H. Joline, under date of
New York Sept. 14 Says:
737
The general mortgage bonds delivered to your company represent
the cost of 15 locomotives and 1,369 box cars. Equipment obligations
aggregating $1,746,124 were issued in payment for 631 box cars and 1,000
coal cars: upon the retirement of said equipment obligations, general
mortgage bonds will be delivered to your company covering the total cost
of these cars. The cost of the remaining equipment referred to above.
$992,580, was charged to "equipment replacement fund."
During the year operating expenses were charged and equipment re
placement fund credited with $654,431 for the purpose of replacing destroyed equipment. This practice was adopted during the fiscal year of
1905-6 and consequently the system of equipment depreciation promulgated by the Inter-State Commerce Commission has not materially affected
comparisons with the previous year. Under this plan a portion of the
above-mentioned equipment, namely; 17 locomotives, 11 passenger cars,
299 box, 74 coal, 135 refrigerator, 34 furniture, 32 flat, 25 combination
coal and stock, 5 cabooses and 2 steam shovels, was purchased.
Suit 511.1 Pending.-The progress of the suit In the United States Court
of Claims to recover the value of lands in the Indian Territory granted
by Congress In 1866, of which we were unjustly deprived, has been forwarded by all the means at our command, but there has been as yet no
trial, owing to the delays incident to legal proceedings.
State of Oklahoma.-On Nov. 16 1907 Oklahoma and Indian territories
were admitted into the Union as the State of Oklahoma, the total population, as reported by the Census Bureau, being 1,414,042. During the
year, the United States Government removed all restrictions from the
sale of approximately 8,000,000 acres of the most fertile Indian lands In
Oklahoma. Much of this acreage is continguous to your company's
lines.
outlook.-Present indications point to a large volume of traffic during
the coming year. There are signs of a revival of activity in industrial
lines, and the agricultural conaitions are at this time excellent. Crop
specialists predict that the cotton crop In Texas will be one of the largest
in the history of the State, while Oklahoma is expected to produce an
average crop in spite of Injury from floods and wet weather. The outlook
for grain and hay is promising in all sections and large movement of other
freight is expected. On the whole, the prospects are very encouraging,
Further Large Outlays Required for Improvements, Especia.ly to Cheapen
Cost of Transportation.-During the past eight years the company has
expended from Its current earnings approximately $11,900,000 for equipment and Improvements, and has issued $20,981,000 bonds for other
equipment, additions and betterments, a total of $32,881,000. These
enormous expenditures have hardly sufficed to provide the additional
facilities necessary to handle the rapidly increasing traffic, so that a comparatively small sum has been available for use in making improvements
calculated to cheapen the cost of transportation. Future years will
unquestionably bring further large accessions of traffic, which will require
generous expenditures of money for enlarging and increasing your company's facilities, but of equal, If not more, importance is the necessity
of investing large sums in such improvements as will make possible a
material reduction in operating expenses. This will require the outlay
of many millions of dollars, much of which It would be unwise,11 not,Improper to capitalize, and It follows therefore, that the surplus revenues
must be devoted to this purpose. This policy is vital to the well-being
of the property.
Change in Accounts.-It will be observed that the accompanying statement differs somewhat in form from that used in previous annual reports,
and that some figures for 1907 shown herein are not the same as these
given in the annual report for that year. These changes were made
necessary by the new system of accounts prescribed by the Inter-State
Commerce Commission. For comparison, the statistics of the preceding year are shown according to the new method of accounting, wherever
practicable.
Funded Debt.-DurIng the year there have been certified and delivered
Statistics.-The comparative figures of operations, earnto the company $818,000 "first and refunding mortgage" 4% gold bonds
(compare V. 86, p. 1101) issued upon certificates of expenditures on account ings, &c., have been compiled for the "Chronicle"
as follows:
of the new loc 'illative repair shops at Pars ns, Kansas and terminals at
Kansas City; also $1,410,000 general mortgage 4M % sinking fund gold
OPERATIONS AND FISCAL RESULTS.
bonds (see V 85, p. 346) upon purchase of additional equipment. The
bonds referred to, with others issued during the year 1906-07 (together
1907-08,
1906-07.
1905-06.
1904-05.
3,0723,072
aggregating $4,810,000 "first and refunding" bonds, out of $9,992,000 Miles operated, average_
3,043
3,043
Operationsissued and $1,410,000 general 4 Ms out of *11,410,000 issued-Ed.)
are shown as an asset on the balance sheet at their par value. Because Passengers carried
5,104,291
4,603,423
4,005,900
3,603,901
of the long-continued depression in the bond market, it has not been Pass. carried 1 mi1e___ .310,529,908 277,000,108 230,891,064 238,600,721
possible to dispose of any of the treasury bonds at a satisfactory price.
Rate per pass. per mile_ 2.043 cts.
2.267 cts.
2.234 cts.
2.069 eta.
Operations.-The gross earnings show a decrease of $2,900,289. Earn- Tons freight carried__ ._ 6,442,630
6,986.014
5,833,738
5,476,838
ings from freight traffic decreased $3,002,810, largely on account of the Tons freight carried 1 m. 1524135814 1709784842 1400873438 1273145491
shortage of the cotton crop tributary to the line, our cotton tonnage being Rate per ton per mile__ _ 1.010 cts.
1.076 cts.
1.069 eta.
1.1106c5t8s5.4.
only about 57% of that of the preceding year. From this source alone Gro
Gross earns. per mile
$7,579
$8,523
$6,953
(including cotton seed and Its products) we sustained a loss approximating $1,250,000. Other heavy losses resulted from the lighter movement EARNINGS, EXPENSES, &c.--INTER-STATE COMMERCE COMof grain, lumber, commercial coal, and merchandise, due to the wideMISSION CLASSIFICATION.
spread business depression which prevailed during three-fourths of the
year, as well as to the cessation of operations at the coal mines for three
Inc. (-I-) ormonths pending an adjustment of the wage scale. Our losses were further
1907-08.
100607.
Dec.(-)
Earnings$
aggravated by the compuls ,ry rate reductions referred to in the last annual
$
$
Passenger
6,343,935
report, and by unprecedented floods occurring almost simultane, usly
6,278,608
+65,328
on practically all secti ns of the line, which for more than four weeks, Freight
15,400,006 18,402,825 -3,002,819
1,539,728
interrupted traffic, causing the diversion of an inestimable amount of Mall,express, &c
1,502,525
4-38,203
business from your company, as well as doing great damage to road-bed
G oss operating revenues
23,283,669 26,183,959 -2,900,290
and bridges. It Is gratifying, however, to note an increase of $65,327
Expenses
In passenger revenues, nitwithstanding the adverse conditions. The net
3,109,503)
revenues decreased $2,601,835,as It was not possible to reduce expenses Maintenance of way, &c
3,039,6891
to compensate for the loss In gross earnings. In connection with these Maintenance of equipment
598,654 16,730,56E -298,455,
comparisons, however, It will be remembered that the preceding year was Traffic expenses
Transportation expenses
9,045,189
one of extraordinary prosperity.
639,072)
Operating expenses decreased only $298,454, notwithstanding every General expenses
effort to reduce expenses to the lowest conservative point. The disastrous
Total
16,432,107 16,730,562 -298,455.
floods and the continued high scale of wages and prices for materials and
(70.57)
supplies contributed to high operating costs. The ratio of expenses to Per cent of expenses to earnings
(63.90)
( +6.87)
6,851,562
earnings was 70.57%, an Increase of 6.67%. Taxes increased $261,927, Net operating revenues
9,453,397 -2,601,835Taxes accrued
688,243
or 61.44%.
426,316
+261,927
Additions and betterments to the amount of $546,444 were made in
Operating income
6,163,319
Texas and charged to "Income". Heretofore expenditures for improve9.027,081 -2,863,762
ments which could not be capitalized or charged to improvement funds Interest on bonds In treasury
244,5921
177,140
+204,282
have been included in operating expenses, but this practice is no longer ltentals and miscellaneous
136,830)
permitted under the Inter-State Commerce Commission's new classificaNet income
tion.
6,5441741
9,204,221 -2,659,480
DeductImprovements.-Despite unfavorable conditions, much was accomplished
in the improvement of the property. The remaining funds realized from Interest accrued on bonds
4,656,708
4,510,919
+145,78G
the sale in 1006 of $10,000,000 general mortgage bonds were expended Sinking funds
13,920
13,920
for additions and betterments north of Red River, chiefly In the reduction Interest accrued on equipm't notes_ _
31,433
+31,433.
of grades. Betterments costing $1,566,312 were made and charged to Rentals
507,406
478,499
+28,907'
"Improvement fund north of Red River." Reference has been made
Total deductions
to the large expenditures for Improvements In Texas, which were charged
5,209,467
5,003,338
+206,129
to "Income." The total disbursements for additions and betterments Net Income
1.335,274
4,200,883 -2,865,609
during the year (exclusive of Parsons shops and Kansas City terminals. Dividends on preferred stock, 4%__ _
520,000
520,000
covering which $818,000 "first and refunding mortgage" bonds were Additions and betterments
546,444
518,572
+27,87
delivered to your company as hereinbefore stated) amounted to $2,112,756.
At the same time maintenance charges were liberal.
Balance, surplus
268,830
3,162,311 -2.893,481
Satisfactory progress was made with reduction of grades between Atoka
and Red River, and this portion of the work is now nearly completed. COMPARATIVE RESULTS FOR PREVIOUS YEARS-OLD BASIS._
Since May the t,nnage handled by engines on this line has been increased
1907-08.
1906-07.
1905-06.
1904-05.
from 980 to 1,280 tons; It will be increased to 2,000 tons when the section Average miles operated_
3,072
3,043
3,043
2,884,
Is finished. The reduction of southbound grades between McAlester Gross earnings
$26,183,959 $21,159 145 $20,041,095 $17,766,596
and Atoka remains unfinished on account of unfavorable financial con- Open exp. and taxes_ _ _ 17,675,450 15,414,545 14,937,720 12,997,710
ditions. Considerable work was done at Dolan Hill, and is still in progress.
Surveys as far north as Paola, Kansas, indicate possible gradient north
Net earnings
38,508,509 $5,744,600 ;5,103,375 $4,768,885.
of Muskogee as low as 3-10 of 1 %.
Other income
177,140
409,035
425,181
316,723.
The new locomotive shops at Parsons have been In operation for some
months, and they have already demonstrated their great economic value.
Total net income____ $8,685,649 $6,153,635 $5,528,556 $5,085,60&
Large expenditures were made for land and grading for extensive freight Interest on bonds
$4,524,839 $4,041,043 $3,864,718 ;3,316,172
terminals at Fort Worth; also in enlarging terminals at Dallas, Ray and Rentals, &c
478,499
959,505
396,647
703,068.
elsewhere, this work now being in progress.
Dividend on preferred _(4%)520,000(2%)260,000
was
laid on 49.46 miles of track; 162 miles of track were
New 85-1b. rail
ballasted. Embankments were made standard width on 72 miles, and Balance, surplus
$3,162,311 $1,393,087 $1,267,191 $1,066.368
ditching was completed on 351 miles of road: 83.25 miles of side and yard
CONDENSED BALANCE SHEET JUNE 30.
tracks were emstructed. The work of renewing light bridges on the
southern divisi )ns was finished, so that heavy engines may now be run
1907.
1908.
1906.
1905.
through to Houston and San Antonio. Many bridges were renewed
Assets$
$
on other sections. The work of renewing wooden trestles with concrete Road, equipment, &c__192,799,254 189,737,058 185,739,147 176,504,530.
has advanced. s )me 51,000 cubic yards of concrete having been used at Subs. to gen. mtge. bds_
2,312,606
a total coat of $296,433. During the year 1,224,882 ties, were put In 1st & ref. bds. In tress__ 4,810,000
3,313,890
track. Commodl ,us freight depots were built at Fort Worth, Oklahoma Gen. mtge. bds. In treas. 1,410,000
City, Greenville and La Grange. Sixty station buildings in Oklahoma Speyer & Co. trustfund.1,605,993
1,717,738
were altered to comply with the Oklahoma law requiring separate waiting N.Y. Trust Co., trustee.
72,396
-5,iii
240,732
rooms for whites and negroes. New track connections were made with Farm,Loan & Tr. Co.,tr.
187,567
650,433
the Midland Valley fly. at Muskogee and with the St. Louis & South- Tr.So AV.Coal&I.Co.s.fd.
112,110
96,218
80,630
65,350.
western at Carrollt ,n.
Sundry bonds dc stocks_
133,923
4.973
4,973
1,056,080
New Equipment.-Important additions were made to the rolling stock Cash
1,105,752
2,221,344
1,310,497
1,631,866
through the acquisiti m of 32 locomotives, 11 passenger cars, 2,299 box Agents,individuals, &c_ 1,492,918
1,783,003
635,173
698,384
cars, 1,074 coal cars, 135 refrigerator cars, 34 furniture cars, 32 flat cars, Materials and supplies.. 2,224,337
2,362,205
1,170,050,
1,824,931
25 combination coal and st elc cars, 5 cabooses and
earn shovels at
an aggregate cost of $4.178.858.
204,107,660 201,197,081 194,375,360 181,464,324
Total
THE CHRONICLE
738
1908.
1907.
1906.
LiabilitiesStocks (see "R.M."sec.) 80,222,800 80,222,800 80,222,800
Bonds and motes (see
"Ry & Ind." sec.) _112,219,928 108,294,907 104,474,732
2,361,422
Preceeds of gen. M. bds_
185,685
183,410
417,698
Int. due (coup. not pres)
1,167,382
954,718
1,114,156
Int. hecrued, riot due__
143,655
127,754
112,167
S. W.Coal &I.Co.'s s. t.
982,582
1,295,756
460,404
Equip., &c.,funds__ __
2,569,076
1,633,634
Vouchers and payrolls_ 2,941,398
602,102
2,116,978
1,701,118
Improvement fund-. _ _ _
452,324
315,027
372,202
Taxes not due and mtse_
. 5,170,455
4,901.626
1,739,315
Income account
Total
-V. 87, p. 341.
1905.
80,223,200
95,121,536
181,115
839,831
96;886
644,682
2,275,762
741,467
398,951
940,890 ,
.....204.107,660 201,197,081 194,375,360 181,464,324
New York Ontario & Western Ry.
(Report for Fiscal Year ending June 30 1907.)
President Thomas P.Fowler, August 31,says in substance:
[VOL. Lxxxvn.
GENERAL BALANCE SHEET JUNE'30.
1907.
1908.
$
$
Assets--;
77,853,310 70,822,930
Franchises atfd property
4,000
4,000
Preferred stock redemption fund_ _ _._
Investments in other coMpanies_____11,872,808 12.297,027.
1,360,627
1,348,327
Cash at bankers.
642,757
708,763
Stores, fuel, &c., on hand
599,828
75,628
Sundry accounts due company
40,061
40,060
Advances to other companies
555,484
664,499
Traffic accounts due company
117,741
117,454
Loans and bilis receivable
185,188
322,154
Accrued Interest..
244,000
100,000
Cars under lease (car trusts)
93,157,004
Total assets
Liabilities_.58
Common stock.....
4,000
Preferred stock_
20,000,000
Refundihg 4% bonds
3,948,000
General mortgage 4% bonds.
Interest due and accrued
285,507
Sundry accounts due by company.__1,829,189
_
77,619
Traffic accounts due by company
Wages for Month of June
Dividends unpaid
3,695
Insurance reserve
118,855
Loans and gold notes
3,225,000
Rolling stock under lease
100,000
Profit and loss
5,451,155
1906.
75,855,208
4,000
12,767,854
1,130,417
.681,141
257,627
40,061
, 473,217
108,653
191,021
462,000
92,870,543
01,971,289
58,113,983
4,000
20,000,000
3,334,000
282,980
1,812,609
219,588
58,11ugg
20,000,000
2,(A),ZI
1,722,876
138,153
243,593
3,202
75,750
94,845
4,025,000
3,625,000
The Inter-State Commerce Commission prescribed changes in the methods
462,000
244,000
of accounting by which the gross earnings and expenses of certain items
4,907,961
5,136,336
of traffic, such as lighterage, ferriage, boat service, &c., are excluded
from the general credit and debit accounts. If the accounts had been
Total liabilities
03,157,004 92,870,543 91,971,289
kept as in the preceding year, gross earnings for 1908 would have aggregated about $8,375,000 and the gross expenses would have shown pro- --V. 87, p. 341.
portionate increase.
Philadelphia Rapid Transit Company.
Out of the surplus from the operations of the year, your board recently,
declared a dividend of 2% upon the common stock, payable to stock(Report for Fiscal Year ending June 30 1908.)
holders of record on August 3 1008.
The annual report, issued on Wednesday, says in subNo bonds or securities have been disposed of during the fiscal year under
consideration other than the 8392,000 general mortgage bonds referred stance:
,
to in the report of last year, which were taken by the bankers under their
General Results.-There was an increase in the gross receipts of 8265,422
option given prior to that report.
there was a decrease in operating expenses of 8300,590; the licenses and
fixed charges increased 8245,402. This increase was owing principally to
Vice-President and General Manager J. E. Childs says the fact that the 8500,000 which is paid annually to the City of Philadelphia
in lieu of paving, licenses on cars, &c., is treated as a license charge, and the
in part:
cost of the paving tern in the past was included in the operating expenses.
In the accident department the payments were 8120,261 less for the year
Earnings.-The gross earnings compared with the previous year dein 1906-07.
creased *80,887, or 0.99%. The working expenses decreased $30,988, or than
No new lines of railway were constructed during the year, but 37.88
0.57%. The surplus for the year, after deducting fixed charges, rentals, miles were rebuilt, using the 141-lb. rail. This makes a total of 149 1-3
&c., was 51,520,589, a decrease of $134,193, or 8.11%.
miles rebuilt with this heavy rail. The power-generating equipment has
Coal.-The earnings from the transportation of coal were $3,777,751. been
Increased by the addition of one 6,000 k.w. alternating turbine at
an increase of $124,608, or 3.41%. The number of gross tons of coal 920
North Delaware Ave. power plant and the necessary converting matransported from the Scranton Division (exclusive of supply coal for com- chinery at the sub-stations.
of
86,577,
or
increase
3.46%.
an
pany's use) was 2,580,566,
Car equipment has been increased by the addition of 40 double-truck
The total output of anthracite coal from entire field for the calendar steel
cars for the elevated division and 11 freight cars, which are being used
year 1907 was 67.109,393 tons, an Increase of 11,410,798 tons, as com- in the handling of our coal supply and in the hauling of ashes. This makes
•
pared with previous year.
of 3,879 cars of all kinds. The equipment has been maintained at
total
a
Equipment. Additions and Betterments.-During the year new equiphighest standard of efficiency at 891 299 less cost than last year.
ment has been purchased or built and additions and betterments made theAll of the double-truck, four-motor cars are being equipped with solid
and charged to capital account costing 8186,166. Additions and better- steel wheels (the total cost being charged to maintenance account), the life
ments amounting to 8104,346, were charged against replacement funds.
the steel wheel being at least eight times that of cast chilled wheels.
The amount charged to operating expenses aggregated $76,718; total, of During the year the management has been trying to produce a car which
8367,230.
will lessen the possibility of accidents and enable the conductor to collect
Additions in Maintenance of Way Department.-Additions and better- fares more readily. It has been decided to change 50 cars to the type chosen
ments to a total of $329,449 have been made in the maintenance of way and work on the same is progressing.
department and charged to capital account as follows: main line and
Market Street Subway Construction.-The construction of the subway
. around the City Hall and east on Market St. has progressed rapidly, and the
branches, $284,735; Scranton Division, $16,118; Utica Division, $17,922:
P. J. M. & S. division, 310,674.
Chief Engineer reports the progress of the work as follows:
General Remarks.-The property is in good physical condition. Libera
The tunnel portion of the City Hall section has been completed, and It
expenditures have been made during the year for maintenance of track
remains to restore the electric conduits, pipes, ac., and we should be
engines and cars. Work has progressed slowly on the second track be, only
able to restore the surface tracks during the s mmer or fall of 1908. Work
tween Strongtown and Young's Gap, about 6.52 miles, and this track on
East Market St. Subway, comprising section No. 6, has advanced
the
completing
the
second track between
will be in operation about Oct. 15,
rapidly, and on June 30 was about 95% completed. 'I he track work was
Cadosia and Cornwall.
started near Front St. In March, and was about 90% completed on June 30.
Section No. 7, covering the incline section, built on private right of way,
The company says with reference to traffic statistics, between Arch St. and the eastern portion of the tunnel, was practically
on June 30 except the track work. Section No. 11, comprising
that "the system of accounting prescribed by the Inter completed
the elevated section from Arch and Water streets to Delaware Ave. and
State Commerce Commission has rendered comparisons South St., has been entirely completed as to the main steel work; also the
steel, including the stairways, and the concreting of the deck and
with previous years impracticable and comparative tables station
platforms is well under way. The track work is following the steel as
are therefore omitted;" nevertheless the figures as given closely as possible and this section should be entirely completed by Ocvve 1908,
tober
in earlier reports are .repeated below.
herewith a statement showing the gross passenger receipts of
We
system by months. The receipts fell off heavily each month from
the
OPERATIONS AN I) FISCAL RESULTS.
December on, except in February. The increase in February is accounted
1906-07.
1907-08.
for by the fact that in 1907 the month was extremely stormy and in 1908
1905-06.
1904-05.
546
546
546
548 we had one day's more receipts.
Miles operated
Profit and Loss.-The directors ordered the closing Into profit and loss
account of all debit balances in accrued accounts at the end of the fiscal
OperationsOur system of bookkeeping provides for the charging of certain
year.
1,975,379
Passengers carried, No.... 2,00:5,932
1,871,722
1,731,806 percentages of gross receipts
to cover certain regular expenditures. For
Passengers carried 1 mile 85,876,600 81,861,091 72,867,521 63,108,400 example, 6% of the gross
receipts was charged off each month of the past
'
1.898
cts.
cts.
pass.
per
mile_
1.799
1.919
cts.
Rate per
1.889 cts. year to take care of the accident
account; like charges have been made for
5,308,066
Freight carried (tons)-- 5,580,715
4,690,973
4,685,350
insurance, power, maintenance-of-way, &c. The actual expenditures
Freight (tons) 1 mile...740,482,852 723,580,961 661,651,285 695,332,579 firethese accounts necessarily
in
vary
from year to year, but the percentages
0.874
cts.
0.844 cts.
Rate per ton per mile__ 0.845 eta.
0.808 cts. are fixed to meet as nearly as possible
average for a period of years.
307
*276
303
Aver. train-load (tons).
298 During the past year the debits in thesethe
accounts exceeded the credits by
$2.36
Earn, per fgt. train mile. • 82.24
$2.22
$2.20 $125,544. The debit balances in these various
accounts at the end of the
$1.1350
51.0384
Earn. per pass. train m_
81.0495
$0.9737 fiscal year were all carried into
profit and loss and are shown in the an$15,026
$14,878
Gross earnings per mile_
813,309
812,930 nexed account.
$
$
$
EarningsIt will be seen that the accident account showed a large debit balance:
1,553,997
1,544,906
Passenger
1,376,043
1,192,140
however, is all the result of former years' operations, the current year
6,326,641
6,255,209
Freight
5,589,441 • 5,618,383 this,
shown a
having
822,006. On the other hand, the company has
180,919
184,247
Mall and express
170,012
156,962 accumulated a credit of
in conducting its own fire insurance of upwards of
140,804
137,042
129,559
Miscellaneous .- _ ...
123,404 8800,000 In thesurplus
past six years, which has been built up by monthly Payments out of receipts and income from investments; of this increase $700,000
8,202,361
8,121,494
Total
7,265,058
7,090,889 is now credited
Rol
to profit and loss.
CHANGES IN PROFIT AND LOSS ACCOUNT.
Operating ExpensesCredits
3,027,418
128,9921
Debits (all of June 30 1908)Traffic expenses
2,805,393
2,893,965
June 30 1907, balance... _$1,074,912 Operating acct. deficit_ _ _
$92,049
Conducting transport'n_ 2,824,590f
1,250,562
Accrued maintenance of
1,104,835
Maintenance of equip't_ 1,319,209
996,483 .Tan. 31 1908-Payments
sink.
fds.,
106,686
to
Peo.
P.
Ry.
1,002,728
989,335
way and buildings_ .___
892,100
Maintenanec of way, &c.
827,493
and Union Trac. Co__
59,035
169,260
164,377 Accrued power charges_ __
156,853
166,762
General expenses
178,961
561,112
194,378
17,955 Accrued accident charges..
167,972
174,197
Taxes
158,848 June 30 1908-Legal exp_
69,215
June 30 1908-Fire ins.Id. 700,000 Strike account
•
-5,644,346
5,233,287
Total
5,586,952
5,050,749
credits
$888,097
Total
81,957,244
(72.04)
Per cent exp. to earn__ _
(68.81)
Total
debits
, (71.23)
(68.79)
$1,069,147
2,031,771
Net earnings
2,558,015
2,534,542
2,040,140 Balance remaining to credit to profit and loss_
The stockholders will understand this does not in any way lessen the
Hire of equipment. -__27,572
Insurance
fund.
The
entry
is
a
fire
Rentals received.- - mere bookkeeping entry so far as that
15,544
453,216
Interest, &c_
__
432,217
453,717
451,217 fund is concerned,' which will stand on the books hereafter at 81,550,000,
and is represented by the following securities, which aro of a present
value of upwards of 8100,000 in excess of this amount.
Total
2,484,087
. _ 3,009,876
3,011,732
2i401 357 market
2 000 shares Phila. Trac. Co. stock. $200,000 Darby & Yeadon Street By.
f
80 shares Cont. Pass:.. By. Co. stock.
Disbursements-.
Co. 434% bonds.
8,420 shares Union Trac. Co. stock. $2,000 13th & 15th St. Passenger
Outside operations (net)
36,890
Electric
&
$100,000
People's
4%
By. Co. 334% bonds.
Rentals paid_
49,779
stock trust certificates.
In
in first mortgages on real
Interest on bonds ....
958,531
883,358
862,667
766,976 $100,000 Phila. & Willow Grove $520,
Interest and discount__ _
165,912
190,086
202,291
231,155
'
St.
Co.
436%
bonds,
By.
ground rents.,
lien
$36,437
Rentals
278,174
283,506
211,948 $138,000 Market St. Elevated Pass. $1498
232,528
cash.
4% bonds.I
Co.
ft.
By.
Totals
1,489,287
1.356,950
1,2,7,486
1,210,079
Balance
1,520,589
1,654,782
P.4SSE7CIER RECEIPTS BY MONTHS.
1,187,501
1,281,278
Inc. or Dec
Inc. or Dec.
ref. stk.
Deduct div.o
210
210
210
_
210 July 1907-$1,721,927 +5179,678 Mch. 190881,423,049
-865,223
Deduct dlr. o 'am.stk(2)1,162,098 (2)1,162,092 (2)1,162,086(136)871,555 Aug. " ...... 1,605,174 +130,648 April " ___ 1,473,800
-22,444
Sept. " ___ 1,523,600
+11,783 May .. ___ 1,561,920
-76,591
1,162,308
1,162,302
1,162,296
871,765 Oct. " _-_ 1,607,904
+67,586 June " --- 1,578,501
-50,632
358,281
492,480
Surplus for he year...
25,205
409,513 Nov. " _-_ 1,528,034
11,317
+1,333
+32,640 Chartered cars
Dec. " _-_ 1,532,194
-20,806
In-load In 1907-08 Includes branches (in earlier years main .Tan. 1908._ .. 1,420,549
•* Average
-33,523
818,300.080 +8204,577
ronortion of mixed train mileage.
me only) an
Feb. " _-- 1,313,120
+50,127
THE CHRONICLE
SEPT. 191908.1
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1907-08.
1906-07.
1905-06.
1904-05.
512,869,023 492,137.038 448,576,785
$
$
$
$
receipts
Passenger
18,288,763 18,085,519 17,472,793 16,178,533
Chartered cars
11,317
9,984
10,114
10,352
No. passengers tarried
Total receipts
18,300,080
Maint. of way & bldgs__ 1,060,425
Maint. of equipment._ _
915,287
Transportation
4,822,472
Power
1,280,213
General expense
1,716,111
18,095,503
1,360,735
1,006,587
4,749,107
1,034,824
1,943,845
17,483,145
16,188,646
0,153,603
8,183,438
Total oper. expenses_
Net earnings
Miscellaneous earnings_
10,095,098
8,000,405
245,188
9,153,603
8,329,541
193,103
8,183.438
8,005,208
185,980
0,794,508
8,505,572
257,422
Total net
8,762,995
8,191,188
8,245,593
8,522,644
Taxes and licenses_
_ 1,394,127
966,535
1,120,683
1,075.216
xUnion Trac. dividend(5)1,500,000 (5)1,500,000 (4)1,200,000 (4)1,200,000
Other fixed charges
5,916,443
5,960,917
5,988,958
5,943,432
Total charges
8,855,044
8,082,97
8,609,641
8,218,648
Balanc
f. 92,049 def. 364,049 sur. 303,996 sur. 108,210
Note.-In annual report of 1007, Willow Grove Park earnings of $48,611
were deducted from operating expenses. In this report Willow Grove Park
earnings of $48,206 are included in miscellaneous earnings and the figures
for 1906-07 are revised to treat similarly the $48,610 earned by the park In
that year.
The interest on the $10,000,000 Market Street Elevated Passenger By.
(Market Street subway and elevated) first mortgage 4s Is not Included In
the foregoing I c m account, as the line has only re.wntly been placed In
operation. (V. 87, p. 347.) See "note" to table headed "Disbursements"
below.
xBeginning with the year ending June 30 1900 the dividend on the stock
of the Union Traction Co. Is to be 6% per annum, calling for $1,800,000, or
$300,000 more than In 1907-08.-d
E.
BALANCE SHEET JUNE 30.
1907.
1908.
1908.
1907.
Anal$
3
Cash
25,448,152 20,882,140
379,522 Capital stock
7,0,138
Fire insur. fund „x1,550,000
850,000 Ace'ts audited, not
183,463
Advances to leased
159,025
due
lines
656,633 Fixed charges and
933,339
1,335,087 1,342,705
Supplies
taxes accrued
930,712 1,255,249
321,734 1,311,028
Constr. & equip't_23.832,135 29,159,320 Open account&
Real estate
1,014,030 1.013,522 y Advance newts
constrn Market
56,948
Acc'ts receivable
32,562
St. Subway &
Sundry stocks__
2,588,950 2,597,750
115,325
Elevated cons'n 3,400.000 -------Franchise accounts 165,325
Proceeds sale buds
uud,rlying es.
11,'209,001
Package tickets__
94,047
90,020
Profit and loss__ 1,069,147 1,074,912
rotal
31,827,192 36,084,269
Total
31,827,192 30,084,269
See text above.
V To be repaid out of Installment due Sept. 8 1008.
Note.-Among the assets as of June 30 1908 shown above, three Items
are "net" figures obtained by deducting the divisional bonds outstanding
on the properties in question, viz.:
Phila. & Wit. Darby & Yeadon Market Street
Grove St. Ry.
Subtv'y & El.
Street Ry.
Construction, &c
$1,280,885
$17,708,250
$262,708
Less bonds issued
10,000,000
1,000,000
200,000
Net
$7,708,250
$280,885
$62,708
The "sundry stocks, $2,588,050," consist of the entire capital stock of
the following companies: Market St. Elev. Pass. By. Co., Broad St. Rapid
Transit St. By. Co., Doylest'n dc W. G. St. Ry. Co., Doylest'n & W. G.
Turnpike Co., Broad St. & Boulev'd St. By. Co., Moyam'g & South'k
St. By. Co., Glenw'd Rapid Transit St. By. Co., Parkside Rapid Transit
St. Ry. Co., Bustleton & Byberry Rapid Transit St. By. Co., Darby &
Yeadon St. Ry. Co., Cayuga de Torresd'e St.Ry.Co. nd Mt. Vernon Shawmont & Roxborough St. By. Co. Also six shares Cheltenham & W. G.
Turnpike Co.
Statement of use Made of Payments on Account of Capital and of Proceeds
of Bonds Sold fromm Organization to June 30 1908.
RECEIPTS.
Capital stock ($30,000,000, of which $4,551,847 was still due,
Including 9th Installment, $4,372,055, payable Sept. 8 1008).325,448,152
10,000,000
Bonds of Market Street Elev. Passenger Ry. Co
Market Street subway and elevated, Interest on special account.
168,000
Drexel Fe Co
Bonds of Phila. & Willow Grove Street By. Co
1,000,000
Bonds of Darby & Yeadon Street Ry. Co
200,000
Bonds of Darby Media & Chester Street Ry. Co
15,000
Total receipts
$36 831,152
DISBURSEMENTS.
Report
Total
J'ne 30 '07. J'ne 30 '08.
$115,325
Bonus on charter and organization expenses
$164,325
850 000
Fire insurance fund
850,000
1,001,063
1,001,571
Real estate
265,874
323,994
Philadelphia Traction Co. advance
456,604
675,528
Union Traction Co. advance
126,354
126,735
Willow Grove Park construction
805,292
893,971
Overhead construction
1,075,648
1,090,889
Building consttuction
5,615,206
6,371,410
Track construction
3,369,578
Power-house construction
3,505,613
714,561
712,827
Conduit construction •
3,061,537
3,253,104
Car equipment
Market street subway and elevated construction
12,916,032 17.708,250
1,624,450
Stocks of underlying companies_
1,615,650
Tools, fixtures, &c
61,996
112,395
Darby Media & Chester Street Railway Co.._
_
67,169
48,608
Construction account city filtration system
104,911
Miscellaneous
20,443
46,405
Total expenditures (including about $6,500,469
for year 1907-08)
$32,127,017 $38,627,486
Amount expended to June 30 1908 for construction, &e., In excess of amount received
$1,796,334
Note.-The "advance to the Phila. Traction Co." In 1907-08 consisted
of $58,120 for redemption of collateral trust bonds of that company.
The principal items embraced In the advance to the Union '1 raction Co.
In 1007-08 were for sinking fund of People's Pass, By, 4s, $125,000, and of
Union Traction collateral 45, $66,040.
"Market St. Subway and Elevated construction, $17,708,250, includes
(besides cost of subway, elevated, terminals, track, electrical construction.
&c.) two years' Interest prior to 1907-08 on $10,000,000 4% bonds, $800,000: "Interest" (in 1907-08), Including, It Is understood, the Interest on the
aforesaid bonds, &c.,$432,273; commission on sale of bonds, $300,000; car
equipment, $887,242; Delaware power house, $1,536,158,
[The Installment on the stock payable Sept. 9, it is said, has all been paid
except about $295,000.-Ed.1-V. 87, p. 615, 481,
Sears, Roebuck & Co.
(Report for Fiscal Year ending June 30 1908.)
The company was incorporated under the laws of New
York on June 16 1906 as successor of a corporation of the
same name organized under the laws of Illinois in 1896.
739
Below we give a statement of earnings in comparison with
the preceding year and the calendar year 1906, during
which, with the exception of the latter half of 1906, the
property was owned by the predecessor company. (Compare V. 84, p. 1246.)
INCOME ACCOUNT.
Year
I. Year
Year
June 30'08. June 30'07.
1906.
Sales, less returns, allowances, dis&c_
counts,
$40,843,866 $50,722,840a$50.861.763
Purchases, all expenses and administration charges
38,452,538 47,187,297 a48,218,835
Gross profits
Other income
$2,391,328
89,886
$3,535,543
70,804
$2.642,928
50,000
Total Income
$2,481,014 $3,606,347 $2,692,928
Interest
$367,845
$273,727
Repairs, renewals and depreciation._
172,491
Preferred dividend
(7%)682,500(7%)695,602(334)349,982
Surplus for year
$1,352,296
$2,542,900
$2,342,946
a Sales In 1906 are stated before deducting returns, allowances ,dIscounts.
&c., amounting in 1906-07 to $2,562,952.
GENERAL BALANCE SHEET JUNE 30.
1908.
1907.
1908.
$
AssetsLiabilities$
$
Roman Av.prop'yl
1 6,243.056 Common stock _ _30,000,000
Other real est.,&c.1
I 1,341,150 Pref.stk.,7% cum_ 9,750,000
Good will & paVta}39,206.355 i 30,000,0001Due to officials,&c.
Investin oth.cos_J
I *968,000 for loans
2,130,817
Add'ns during year
314,539
654,148 Due for mdse
989,400
Supplies & mdse__ 5,912,530 6,911,426 Other open accts
887,358
Outside enterprises
Buis payable
1,550,000
wholly owned__ 368,209
308,736 Pref.stock July 1_
170,625
Advances to mfrs_ 1,528,096 1.483.835 Surplus
3,895,196
Sundry persons___
63,730
39,767
Due from custom'rs
64,595
204,1661
Due RRs., claims,
&c
516,465
434,269
Insur.& int.In adv.
40,557
46,607
Cash
1.358,320 1,072,215
Total
49,373,396 49,707,3761 Total
1907.
30.000,000
9,750,000
2,226,990
1,336,718
2.605,144
1,075,000
170,625
2,642,899
49,373.396 49.707,376
*Ten companies.-V.85, p. 863.
Virginia Iron, Coal & Coke Co.
(Report for Fiscal Year ending June 30 1908.)
President Henry K. McHarg, under date of New York,
Aug. 13 1908, says in substance:
General Resulls.-If we have not made any money, we have not lost
any, and your properties generally are In a much better condltIon than
they were twelve months ago.
Under a resolution of the board August 5 1907 the sum of $797,194
to credit of profit and loss June 30 1907 was charged off against the cost
of real estate and plant.
On Dec. 15 1907 we shut down practically all our ore mines and continued in operation only two furnaces, one at Bristol and the other at
Roanoke, through the first six months of 1908. We resumed operations
In our ore mines at a reduced wage scale on Feb. 1 1908 and have accumulated over 100,000 tons of Iron ore at our various furnaces as of July 1 1908.
The hard times affected our coal business as disastrously as It did the
demand for Iron, and we were obliged to shut down entirely two of our
coal operations and reduce our production at the others very much, and
also reduce the amount of coke produced.
The company made during the year 134,271 tons of iron; the coal mine
was 968,141 tons and the coke produced was 261,759 tons.
Acquisition, Development, &c.-We have purchased about 1,000 acres
of iron ore lands near Cartersville, Ga., for about $108,000 cash.
Further development of the Scott property purchased some two years
ago contiguous to the Virginia & Southwestern By. emphasizes our
belief in the value of this property.
The owners of the Marion & Rye Valley RR. have concluded to extend
their line into Ashe County, N. C., and I am told by parties In Interest
have made financial arrangements for construction this fall. This will
open the Ballou properties in which we acquired the mineral rights and
to which I referred In the last report as being some 30 miles away from
railroad connectl )n.
Final Payment Received.-Since the close of the fiscal year, the Southern
Railway Co. has paid the balance due us, with Interest, for the purchase
of the Virginia & Southwestern stock, so that all our demand bills payable,
as shown by the balance sheet, have been paid and your company has a
cash balance at this writing In bank of about $250,000. (Compare V. 83.
p. 635, 1035: V. 85, p. 1208.)
Prices.-Very low prices have been made for Virginia and Alabama
irons within the last four months and your management has discontinued
making sales, expecting better prices. At the writing of this report, the
company has on hand approximately 70,000 tons of Iron. This is all
paid for and no money has been borrowed on It. At present thereils
a distinctly better demand on all sides.
Bonds Retired.-We have retired by purchase this year $251,000 first
mortgage 5s costing $233,037 and $15,000 Carter Coal & Iron bonds
costing $15,783. These changes appear in the balance sheet.
Improvement in Financial Condition -Since Jan. 1 1903 there has been
a decrease of $3,967,000 In the liabilities ahead of the stock, being approximately $721,000 a year. or In excess of 8% on the stock. This of
course takes no account of money spent for new properties or Improvements, which amount to approximately $1,500,000. We have sold some
properties, but we have also purchased others. Our coal lands have, without question, enhanced much in value and my personal opinion is that,
taken as a whole,our property is conservatively worth from 2-5% to 38 1-3%
more than when the company was reorganized on Jan. 1 1903.
EARNINGS FOR YEAR ENDING JUNE 30.
--Year 1006-07---Year 1907-08-Gross.
Net.
Net..
Gross.
$296,280 $3,588,643
$2,275,716
$730,783
2,642
86,015
76,535
2,718
166,746
837,297
933,269
186,721
5,363
420,030
650,058
59,726
117,481
187
def.1,091
202,035
869
355
1,833
200,693
8,349
5,704
188,554
Operations ofFurnaces
Foundries
Coal mines
Coke ovens
Crescent Works
Saw millS
Grist mills Total
$3,928,621
$479,567
$5,650,407
$984,916
INCOME ACCOUNT.
1907-08.
Other Income: For year 1907-08,interest and discount
($47,630); farms and farm rentals ($8,761):
miscellaneous earnings ($40,749)
$97,140
Total net income
DeductionsTaxes
Bond Interest
Insurance ($21,640) and exp. Idle plants (374,753).
Development
Dead rents and contracts ($41,307), operation of
Jackson Ferry ($236) and operation of tanneries ($1,058)
Net profit for the year
1906-67.
$82,453
$576,707
$1,067,369
$31,500
264,879
98,393
23,391
42,599
$30,000
297,496
46,073
15,045
.
r
18,747
$458,762
$117,945
$407,362
$660,007
740
THE CHRONICLE
[VOL. Lxxxvii.
Operating expenses were charged during the year with $309,428 for
depreciation, viz.: Depreciation of coal lands, $53,915; depreciation of ore that on or before Sept. 30 they will purchase at par coupons
lands, $19,225; depreciation of Improvements to leased properties, $51,14 ; due Oct. 1 1908 from the following bonds:
depreciation of improvements to owned properties, $151,659; furnace re- N. Y. & Erie
RR. Co. 4th M.5% bds. Bergen County RR. Co. 6% bonds.
pairs, $33,482.
Erie RR. Co. convertible 50-year
There was spent $444,099 during the year for improvements to own'd Long Dock Co. 6% bonds.
gold 4s (series A and B).
Br. RR. Co. 5% bonds.
and leased properties, viz.: Improvements to owned properties, $305,631 ; Jefferson
Compare V. 87, p. 613, 414, 285, and V. 86, p. 1466.
Improvements to leased properties, $116,713; repairs to furnaces, $21,755.
Great Northern Ry.-7-See "Great Northern Ore ProperBALANCE SHEET JUNE 30.
ties" under "Industrials" below.-V.87, p. 166.
1908.
1907.
1908.
1907.
$
AssetsLiabilities$
Illinois Central RR.-Listed.-The New York Stock
$
Real estate & plant13,306,049 13,605,441 Capital stock
10,000,000 10,000,000
270,023
239,339 First mtge. bonds_ 4,887,000 5,138,000 Exchange has listed the $14,256,000 additional stock, which
Equipment
196,864
196,863 Prior lien bonds__ 400,000
Securities owned
505,000 was offered to shareholders at par in May last (V. 86, p.
762,201 Unpaid vouchers__ 129,162
120,600
Sales ledger bal.__
272,817 981, 1529), the
last installment of 50% havina been due
834,294 1,317,465 Unpaid pay-rolls__
Bills receivable
51,776
98,584
56,294 Accounts payable_
51,645
Cash
25,100
°
21,845 Sept. 17, making the total amount listed $109,296,000.
1,701,321
Materials
761,502 Taxes accrued_ _ _ _
15,043
18,979
Earnings.-The earnings on an average of 4,420 miles
Miscellaneous
71,684
82,459 Bills payable
493,747
76,875
Interest accrued
road,
of
as
accounting,
makes
reported on the new basis of
87,575
91,946
Deprec., &c., fund 270,186
325 the following comparison (or miscomparison) with the
Profit and loss_ _ _ _
102,891
797,194
results shown in the report for 1906-07 on 4,371 miles:
Total
16,552,480 17,021,565 Total
16,552,480 17,021,565 Fiscal
Gross
Net
Balance
xOther
Div'el.
All
-V.85. p. 1208.
Year- Revenue. Revenue. Income.
Charges. (7%) (see below.)
5
1907-08_52,830,427 12,746,774 6,715,754 7,779,255 6,652,800 5,030,473
1906-07_56,610,633 16,545,108 2,818,575 7,676,592 6,052,800 5,034,291
GENERAL INVESTMENT NEWS
x Note.-Other income In 1907-08
includes "incident to operation, S4,RAILROADS, INCLUDING ELECTRIC ROADS.
357,229, and interest from Investments, &c., $2,358,525;' In 1906-07
it consisted of "Income from investments and miscellaneous profits, inAlberta Railway & Irrigation Co.-See Canadian Pacific cluding
net receipts from sale of lands",
Ry. under "Reports and Documents" on a subsequent page.
"Expenses other than operating expenses" in 1907-08
-V. 81, p. 506.
amounted to'$3,686,874, reducing the year's surplus to
Albuquerque Eastern Ry.-Merger.-See New Mexico $1,343,599.-V. 86, p. 1529, 1343.
Central RR. in V. 87, p. 678.
Louisiana & Arkansas Ry.-Report.--For the year ending
American (Electric) Railways, Philadelphia.-Report of June 30:
Gross.
YearNet.
0th. Inc. Charges. Divq.(3%). Bal.,Sr.
Holding Cornpany.-The statement for the fiscal year ending 1907-08
__$1,144,522
$43,636 $197,965 $112,500 $72,048
June 30 shows gross receipts of the controlled companies 1906-07 __ 1,216,837 $338,878
368,078
32,365
174,959
112,500 112,984
$2,927,437, against $2,868,156 in 1906-07. The results for -V. 85, p. 1205.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Report.the American Railways are as follows:
YearExpenses. Bond Interest. Div. (6%). Surplus. The results for the year ending June 30 were:
Receipts.
1907-08
;498,758
1906-07
527,062
1905-06
486,711
-V. 86, p. 1528.
$15,791
19,968
19,706
$155,854
122,535
121,775
$305,706
304,392
251,385
$21,407
80,167
93,845
Atlantic & Lake Superior Ry.-Sold.-The Baie Des
Chaleurs Ry. and the Atlantic & Lake Superior Ry. were
sold on Sept. 10 to the Royal Trust Co. of Montreal, the only
bidder, the former for $1,050,000, the latter for $350,000.
-V. 87, p. 165.
Bale des Chaleurs Ry.-Sold.--See Atlantic & Lake
Superior Ry. above.-V. 87, p. 165.
Berlin Waterloo Wellesley & Lake Huron Ry.-Bonds.A mortgage dated Jan. 1 1908 has been filed for record
to secure an issue of $426,000 bonds, this company being
the party of the first part, the Royal Trust Co. the party
of the second part and the Canadian Pacific Ry. Co. the
party of the third part.
Central of Georgia Ry.-Protective Committee.-At the'
meeting held on Tuesday at the office of Prince & Whitely,
52 Broadway, the following protective committee was appointed to act on behalf of the holders of the first preference
income bonds, on which no interest was paid Sept. 1: R. Walter Levy of Maitland, Coppell & Co., New York; Frederick
William Scott of Scott & Stringfellow, Richmond, Va.,
and Walter P. Gardner of Groesbeck & Co. New York. The
committee invites deposit of bonds, with
'the Metropolitan
Trust Co. of New York as depositary, for the, purpose of
protest, and further action if necessary.
An advertisement (on another page) states that deposits must be made
not later than Sept. 28, as protest will have to be filed with the trustee of
the mortgage by the 30th Inst. Bondholders will in no event be obligated
to c ntribute for expenses in excess of 57 50 for each bond deposited. A
first Installment of $2 50 per bond is payable at the time of deposit. Jos.
S. Dale, 52 William St., New York, Is Secretary of the committee.-V.87,
p. 677, 549.
Chicago Great Western Ry.-Payment of Interest on Bonds
of Controlled Company.-Judge Sanborn in the United States
Circuit Court at St. Paul on Sept. 15 authorized the receivers
of the Chicago Great Western to pay $116,220 interest due
Oct. 1 on the $5,811,000 first mortgage 4% bonds of the
Wisconsin Minn. & Pacific Ry. Judge Sanborn stipulated:
That the receivers shall reimburse themselves for advances from the
operations of the Wisconsin Minnesota & Pacific By. above the expenses
of operating; that the advances shall be deemed as made solely to protect
the stock of the Wisconsin Minnesota & Pacific By., and that the advances
made shall be applied exclusively to the payment of the interest.
[The Interest due June 1 1008 on the $12,000,000 4% bonds of the Mason
•City & Fort Dodge RR. was paid as usual, when due, at the office of Blair
& Co.-Ed."Chronicie."1-V. 87, p. 613, 414.
Chicago Indianapolis & Louisville Ry.-Report.-The report for the fiscal year ending June 30 shows:
YearGross.
Net.
Other Inc. Charges.
Surplus.
1907-08
$5,167,160 $1,163,702 $272,423 $1,073,763 $362,362
1906-07
5,988,867
1,825.415
233,188
1,063,577
995,026
During each of the fiscal years there were paid dividends of
($200,000)
on the preferred stock and 3% ($315,000) on the common 4%
stock, leaving
balance, deficit, of $152,638 in 1907-08, against $480,026 In 1906-07.V. 85, p. 920.
Colorado Springs & Cripple Creek District Ry.-Bonds
Called.-Fourteeii second mortgage 5% gold bonds have
been drawn for redemption on Oct. 1 at par and interest at
the office of the International Trust Co. of Denver, Col.,
trustee.-V. 81, p. 725.
Columbus (0.) Railway & Light Co.-Lease Ratified.'The shareholders on Sept. 18 ratified the proposition to take
over under 50-year lease the properties recently purchased
by the new Columbus Light, Heat & Power Co. from the
Columbus Public Service Co., per plan in V. 87, p. 346, 543.
Erie RR.-Purchase of October Coupons.-J. P. Morgan
, Co , eferring to the previous notices as to the purchase
cou.A.ns due July 1, August 1 and Sept. 1 1903, announce
YearGross.
Net.
Other Inc. Charges.
Sur.
1907-08
$11,509,857 $4,393,892 $669,112 53,062,135 $2,000,869
Bal.,
1906-07
12,892,079
4,458,530
2,901,921
52,076
2,608,685
1905-06
11.574,462
5,789,902
62,965
2,585,181
3.287,686
Dividends at 5% on the common stock ($693,015) and 7% on the preferred stock ($488,743) call for $1,181,758 in 1907-08; In earlier years 4%
on common stock (5554.012) was paid and 7% on the preferred stock
($484,687), amounting to 51,038,690.-V. 37, p. 677.
Philadelphia Rapid Transit 0o.-Report.-See "Annual
Reports."
Bond Issue Authorized.-The shareholders at the annual
eeting on Wednesday authorized the making of the new
$5,000,000 bond issue, which it is proposed to secure by
pledge of a 999-year lease of the subway and elevated system
and the stock of the Market St. Elevated Passenger Ry.,
also shares of stock in other subsidiary corporations (V.
87, p. 97.
We want and need this $5,000,000 for new pay-as-you-enter cars; for
other equipment, and, if times keep hard, to pay for a little patience, so
that, until we can collect all our fares, and also until business gets better,
we can meet the small annual deficit.
This company has spent $40,000,000 In the past six years. Ten millions
of bonds have been issued on the Market Street Elevated & Subway, which
cost $20,000,000, and there remains an equity of $10,000,000.
The Union Traction Co. owns splendid securities. It is the owner outright of the Lehigh Avenue By. Co. (stock 5600,000-no bonds issued).
old Willow Grove road;(Doylestown & Willow Grove By., 13 miles, stock,
$500,000; bonds, 5500,000) and the 22d St. & Allegheny Ave. Passenger
By. (stock $1,302,000; paid in, 5561,400-Ed.). It owns more than halt
the stock of the West Philadelphia Passenger By. Co. (stock $750,000, all
paid In; bonds $1,000,000), which Includes all Market St. surface lines.
It owns one-quarter of the capital stock of the old Union Passenger Railway
Co. (stock $1,500,000;paid in, $925,000; bonded debt $750,000) and it
owns the Continental Passenger Ry. (stock issued $1,000,000; paid in
5580.000. fund d (1, bt :280.000) and th Twelfth & Sixt. enth Sts.
road (Empire Passenger By. stock, $600,000; bonds. 5200,000). These
shares belong to the Union Traction Co. (directly or through sub-companies.
-Ed.) and can be used only with the assent of the stockholders. A special
meeting to get such assent will be called.
We need a little patience until we can stop leaks and get all the fares into
the treasury. We hope that the new "pay-as-you-enter" cars will prove
a success. If fares remain low, and we cannot collect all that are due us,
we may need some,of the money for general purposes this year or another.
It will be raised as we need It.-V.87, p. 015, 481.
Pittsburgh & Allegheny Valley Ry.-New Trustee.-At
Pittsburgh on Sept. 12 Judges Cohen, Swearingen and Carnahan appointed the Safe Deposit & Trust Co. of Pittsburgh
as trustee under the first mortgage of 1903, to succeed the
Real Estate Trust Co. of Philadelphia, which recently resigned. Compare V. 85, p. 161; V. 86, p. 982.
Pittsburgh Cincinnati Chicago & St. Louis Ry.-Listed.
-The New York Stock Exchange has listed $6,000,000
consolidated mortgage guaranteed 4% bonds, series G,
due 1957. '
Earnings.-For 6 months ending June 30:
Gross earnings
Net (over taxes)
Other income
_$14,412,400
Deductions (Con.)$3,551.696 Hire of equipment
. $268,961
113,914
Net Income
_51,298,888
Gross income
$3,665,610 Semi-annual dividends
Deduct(2 ti % on pref. and 2%
Int. and fixed charges
1,534,563
1,259,494
on common)
Rentals leased and oper.
roads
563,198 Balance, surplus
$39,394
-Nr. 88, p. 1410.
Rio de Janeiro Tramway Light & Power Co., Ltd.Listed in London.-The London Stock Exchange has listed
$456,600 additional first mortgage 30-year 5% gold bonds
Nos. 53,001 to 55,235 and 75,225 to 77,000 fOr $100, and
29,490 to 29,600 for $500 each. Compare V. 87, p. 97.
Second Avenue RR., New York.-Separate Receiver Denied.-Judge Lacombe in the United States Circuit Court
on Thursday denied the application of the Guaranty Trust
Co., trustee of the first consolidated mortgage, for the appointment of a separate receiver, without prejudice, however, to its renewal in a State court.
Jud re
Lacombe says that In the recent investigation by
of
the Metropolitan Street By,, they found that the Second tholecelvers
Avenue line Is
run Under the existing lease at a loss of 5200.000ja year
andfnearlY
SEPT. 19 1908.]
THE CHRONICLE
$800,000 will be required to put It In an efficient condition. Negotiations
were begun to arrange for some sort of reduced compensation so that improvements could be made. The Court says; "This application for the
appointment of an independent receiver indicates the termination of such
negotiations. The mere circumstance (in the absence of diversity of
citizenship) that the Second Ave. property has remained In the hands of
the Metropolitan receivers during the pendency of these negotiations should
not be controlling as to the form In which complainant may obtain relief,
since receivers have offered to return the property and are ready to deliver
to owners or owners' representatives gt any time."—V. 87, p. 347.
Union Pacific RR.—New Rolling Stock.—The roads of
741
connected with the business which has given the company Its reputation.
The present capitalization consisting of 150.000 shares of the par value
of $100 each subjects the company to an unnecessary expense on account
of taxation in various States. It is desirable that the capitalization
should be made to approximate more closely the value of such tangible
assets, which Is conservativly placed at $3,000,000. The capitalization
will then be such that it should be possible to pay substantial dividends.
It is the intention to carry this reduction intoeffect through thesurrender
by every shareholder of his shares, and the Issue to him of new shares
in the proportion of one new share for every five shares surrendered. As
the new total capitalization will be just one-fifth of the old, each shareholders' new holdings will represent the same proportionate interest as
the old and will be of the same intrinsic value. [Signed, John M. Robinson,
President; and W. A. Pfeil, Secretary.]—V. 86, p. 600.
American Malt Corporation.—First Dividend, 2
Semi-
this system, as reported in the "Railroad Age Gazette" of
Sept. 11, have ordered 5,130 cars, namely: 2,450 50-ton
box cars, 1,000 50-ton flat cars and 450 ballast cars, from
the American Car & Foundry Co.; 170 50-ton hopper cars Annual, to Be Paid by New Company Nov. 3.—The following
and 490 50-ton gondola cars from the Cambria Steel Co.; announcement was made Thursday night:
450 40-ton stock cars, 50 30-ton furniture cars and 70 caThe board of directors of the American Malting Co. (old company) have
declared a semi-annual dividend of $1 56 per share (1.56%) on its preferred
booses from the Standard Steel Car Co.
stock, payable Nov. 2 1908 to stockholders of record on Oct. 22
PROPOSED DIVISION OF NEW CARS JUST ORDERED.
Box 50-ton Bat- 50-tonGon Stk.Far CaCars. Flat. last. Hop. dolas Cars. n're.boos
Union Pacific
450
____
120 ___
50 50 _ _
Oregon RR. & Navigation__ _ 500
50
___ 100
10
Oregon & California
200
50
10
Galv. Har. & S A
500
200
205
Houston de Texas Central__ _ _ 300
____
566
Oregon & Washington
500
250 lob
15
Houston East & West Texas._
300
Can. Yaqui River & Pacific_ _
150
--------i
o
1
0
Sonora Railway
25
Southern Pacific
25 - 150
4
Central Pacific
25
100
Gila Valley G1 b • & Waith
-- - -Phoenix dc Eastern
2
—
Total
2,450 1,000 450 170 400 450 50 70
—V. 87, p. 546, 481.
1908. The
earnings of the company for the year ended Aug. 31 1008 fully warrant the
directors in making a declaration at this rate. The annual report is not
yet ready for publication, but will be Issued at the time of issuing notices
for the annual meeting, to be held In November. [Of the $14,440000 preferred stock of the American Malting Co. $13,925,500 Is owned by the new
company, the American Malt Corporation, which will receive $217,238
from the aforesaid dividend.—Ed.]
Subsequently the 13,,a d f directors of the American Malt Corporation
declared out of the funds which It will receive as dividends upon the
preferred stock of the American Malting Co. held in the treasury of the corporation, a semi-annual dividend of 2t-% upon its [$8,633,810) preferred
stock (calling for $215,845), payable Nov. 3 1908, ordering the transfer
books closed for the purpose of the said dividend on Oct. 22 1908.—V. 86,
p. 854.
The extension of time to Oct. 15 was made at the request of holders who
had not had time to make deposits. By that time the committee expects
to have more than 90% of the securities.—V. 87. p. 679.
Western Pacific Ry.—Financing.--The directors have
Eight Months ending Aug. 31—
1908.
Income from dividends
$10,034,017
Interest and other revenue from associated and
licensed companies
6,506,984
Telephone traffic (net)
2,571,356
Real estate
87,012
Other sources
406,057
American Sugar Refining Co.—Held Not Liable to Account
to Pennsylvania Sugar Co.—See that company below.—
V. 86, p. 1411.
Anierican Telephone & Telegraph Co.—Important Events
Virginia Passenger & Power Co., Richmond, Va.-85%
Deposited.—Notice is given that more than 85% of all the Affecting Controlled Properties.—See Chicago Telephone Co.,
securities for which provision is made in the reorganization Cumberland Telephone & Telegraph Co. and New England
plan dated Aug. 1 1908 (see V. 87, p. 347) have been de- Telephone & Telegraph Co. below.—V. 87, p. 680, 546.
Earnings.—For the first eight months of 1908 and 1907:
posited thereunder.
authorized the sale to the Denver & Rio Grande RR. at 75
of an amount of its second mortgage 5% sinking fund gold
bonds sufficient to complete the main line from Salt Lake
to Oakland, California. The authorized issue of the seconds
is $25,000,000. The amount to be sold to the D. & R. G.
was recently reported as about $20,000,000 (V. 86, p. 224),
but is now stated to be uncertain, depending on the cost
of construction. The bonds are dated July 1 1908 and
mature July 1 1952, redeemable at par and interest on any
interest day on 60 days' notice. Central Trust Co., New
York, trustee.
To finance this purchase, the D. & R. G. sold some months
ago to Blair & Co. $10,000,000 of its 3-5-year 6% convertible
notes,secured by $22,500,000 of its own new refunding bonds.
The notes are dated Aug. 1 1908 and mature Aug. 11911,
but at the option of the railroad may be extended to Aug. 1
1913 on payment of 2% in cash to the holders. The notes
are all issued in denominations of $1,000 and are authorized
to the amount of $15,000,000. The bankers have an option
on the balance.—V. 87, p. 679, 286.
Wheeling & Lake Erie Ry.—Foreclosure Suit.—The Central
Trust Co. of New York, as trustee of the general mortgage,
under which $12,000,000 bonds have been issued and deposited as collateral for the $8,000,000 notes that matured
Aug. 1 last, on Sept. 15 filed a petition before Judge R. W.
Tayler in the United States Circuit Court at Youngstown,0.
to foreclose the mortgage. The step is presumably preliminary to the passing of control to the syndicate which
purchased the notes. Compare V. 87, p. 348, 286.—V.
87, p. 616, 416.
Wisconsin Minnesota & Pacific RR.—Payment of Interest.
—See Chicago Great Western Ry. above.—V. 84, p. 694.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Agricultural Chemical Co.—Convertible Bonds.—
The shareholders at the annual meeting on Thursday authorized an issue of $12,000,000 debentures, to bear not exceeding 6% interest, and to be issuable at discretion of directors;
par value $1,000 and multiples. The preferred stock (6%
cumulative) was increased by $12,000,000 to provide for
the conversion of the debentures at par.
' An exchange journal says; "Of the $12,000,000 convertible bonds, $8,000,000 will probably be offered to stockholders shortly. The bonds will
be underwritten by Boston and New York bankers, but the underwriting
has not been definitely closed. At the present time the company has outstanding about $6,000,000 of notes payable, a reduction of about 40% since
June 30. It has been deemed wise, however, to issue $8,000,000 bonds, so
as to have sufficient working capital to take care of the maximum needs
of the spring and summer months, when sales are the largest. The proceeds from the sale of these bonds will bring the total net quick assets up to
approximately $17,000,000.
New Directors.—F. L. Ames of Boston and Chas. B.
Hobbs of New York have been elected to the board to fill
vacancies.—V. 87, p. 477, 417.
American Oar & Foundry.—Large Order for Cars.—See
Union Pacific RR. under "Railroads" above.—V. 81, p. 616.
American Grass Twine Co.—Change of Name—Reduction
of Capital Stock.—The stockholders will meet at the office
of the company, 377 Broadway, New York City, on Oct. 14
1908 to act on (1) changing the name of the company to
Crex Carpet Co.; (2) reducing the capital stock from
$15,000,000 to 83,000,000. A circular dated Sept. 20 says:
The directors believe that the name Crex Carpet Co. will be a better
designation for the company than its present name, as It Is more intimately
1907.
$8,945,710
5.135,044
2.408.757
46,500
244,892
Total income
Expenses
$19,605,426 $16,780,903
1,399,097
1,398,023
Net earnings
Deduct interest
Dividend for 6 months, 4%, April and July
$18,206,329 $15,382,880
5,100,423
4,621,086
6,120,092
5,262.056
Balance, surplus
—V. 87, p. 680. 546.
$7,075,814
$5,499,738
American Tube & Stamping Co.—Bonds Called.—Ten
($10,000) first mortgage bonds of 1902 have been called
for redemption on Oct. 1 1908 at 105 and interest at the
Trust Co. of America (formerly the Colonial Trust Co.) of
New York, trustee.—V. 86, p. 605.
Anaheim (Cal.) Union Water 0o.—Bonds.—The shareholders voted Sept. 12 to authorize an issue of $300,000
bonds to provide for existing indebtedness and for additions
and improvements. The "Los Angeles Times" says:
The indebtedness on June 1 was $278,580, represented by bonds of
$75,000 and unsecured notes for $203,580, of which $149,655 are now
matured, $28,925 will be payable within the next year and one note for
$25,000 will mature In November 1909. [A certificate filed under the California laws in January 1907 showed authorized capital stock, $1,200,000,
subscribed $35,000, and directors: E. A. Saxton, B. Dreyfus, F. H. Keith,
L. Schorn, A. McDermott, W. McFadden, W. Fromhelm.—Ed. "Chronicle."j Compare V. 86, p. 1227.
Baltimore (Md.) Electric Co.—Earnings.—See Consoli-
dated Gas, Electric Light & Power Co. of Baltimore below.
—V. 85, p. 1340.
Barney & Smith Car Co., Dayton, O.—Complete Suspension
of Dividends.—No dividends, we learn, have been declared
on the common stock since December 1907 or on the preferred stock since June 1908.—V. 87, p. 168.
Booth & Co.—Creditors' Committee.—The following
creditors' committee of seven members has been formed
to watch and protect the interests of the creditors of the
company: Ernest A. Hamill, President Corn Exchange
National Bank of Chicago; Frank 0. Wetmore, Vice-President First National Bank of Chicago; Joseph T. Talbot,
First Vice-President Commercial National Bank of Chicago;
and Alexander Robertson, Vice-President Continental Nat.
Bank of Chicago; also representatives of the National Park
Bank of New York; the Shawmut National Bank of Boston;
the Boatmen's National Bank of St. Louis. [F. S.
Moesler & Co. of Boston have sent out a circular letter
to creditor banks asking for cooperation in realizing on the
assets of the company.] See V. 87, p. 680, 676.
Brooklyn (N. Y.) Union Gas Co.—Dividend Rate Increased
to 6% per Annum.—The directors on Sept. 12 declared a
semi-annual dividend of 3%, payable Oct. 1 to shareholders
of record Sept. 21. The dividend paid March 2 1908, the
first since June 1 1906, was only 23%.
Diedend&--11898-1900. 1901-1903. 1904. 1905. 1906. 1907.
1908.
Per cent_ f 6 yearly.
8 yearly.
934
8
3
0
Mch.,23
—V. 87, P. 228.
City Investing Co., New York.—New Stock.—The share-
holders will vote Oct. 1 on a proposition to increase the capital stock from $4,000,000 to $5,000,000; also on classifying
the capital stock, if the same be increased, so that $4,000,000 thereof shall be common stock and $1,000,000 preferred
stock, with preference both as to dividends and as to assets.
All shares will have a par value of $100, as now (V. 82, p.
336).—V. 85, p. 1341.
Consolidated Gas, Electric Light & Power Co. of Baltimore.—Rates—Earnings of Controlled Company.—The com-
TEE CHRONICLE
742
t
1
pany ox Sept. 12 published a detailed official statement
in the advertising columns of the "Baltimore Sun," for
the purpose of refuting the charge of having established"
excessive rates. This statement submits a comparative
table to show that "the rates now standard with the company are really lower than those charged in other cities."
It also contains the following:
At the time of the acquisition of the Baltimore Electric Co. by the Consolidated company, the rates for electric current were less than half the
rates received In almost every large city In the United States, and on these
rates the Baltimore Electric Power Co. was not earning sufficient money to
pay two-th rds of the Interest on its bonds which were sold to equip the
plant, dm
We now call attention to the fact that at this time the Baltimore Electric
Co. Is still not earning sufficient revenue to take care of the guaranties
made by the Consolidated Company of payments to be made on its securities In accordance with the terms of purchase.-V.85, p. 1341, 1271.
Chicago (Ill.) Telephone Co.-Official Statement.-Below
is the announcement made on Sept. 11 by President B. E.
Sunny, regarding the proposed stock dividend of 20%,
the reduction of the annual dividend rate beginning next
December from 10% to 8%, and the making of a first
mortgage:
[VOL. LXXXVII.
1908 dividend No. 2, each $1 per share, were paid on the
outstanding ore trust certificates. This fall no dividend
has been paid or declared and no meeting of the trustees has
been called to act on .the matter. It is therefore assumed
that no distribution will be made at this time, the shipments
of ore this year having been, very much smalleri than they
were last year.-V. 86, p. 855.
'
Homestake Mining Co.-Report.-For year ending May 31:
Dividends., Bal.. sue. or
Fiscal
Total
Op. &Gen. Constr.&
Deficit.
YearIncome. Expenses. Surveys.
on Stock.
1907-08 __$4,900,504 $3,844,872 $107,351 (2M %)$546,000 sur.$411,282
1006-07-- 4,787,783 3,284,247 326,931 (55i 7
0)1,201,200 def. 24,596
Tons of ore milled during 1907-08, 1,450,900, against 1,264,177 in 190607; total proceeds of bars, $4,717,746, at an average of $3.251 per ton,
against $4,541,096 at an average of $3.592 In 1906-07.--V.'86, p.112.
International Smokeless Powder & Chemical Co.-Dividend Increase.-A semi-annual dividend of 1% (50 cents per
share) has been declared on the $9,000,000 common stock,
payable Oct. 1 to shareholders of record Sept. 19. Dividend
distributions were resumed on the common shares last April
after ten months' intermission, with the making of a semi34 of 1%,now increased to 1%.
annual payment of /
The directors to-day declared the usual 23i % quarterly dividend, payAnnual Dividend Record (Per Cent)on
06
able Sept. 30. The directors have also voted that a cash dividend of $2
Common Stock.
1905
--1907- -1908per share be declared payable Dec. 31 1908 to stockholders of record Dec. --1904
23 1908. The directors have also this day voted that certificates of shares Apr. July Oct. Jan. Apr. July Feb. June Oct. Feb. • June Apr. Oct.
%
lg
glggl 3-5 1 M
of the company's stock be Issued on Oct. 10 1908 at the rate of one share for
M
1
each five shares, to stockholders of record at the close of business Oct. 3. -V. 86. p. 549.
The surplus and reserve accounts amount to $7,332,038, representing
Massachusetts Lighting Companies.-Consolidated Operthe accumulated undivided results of more than 25 years of business,
which have been invested in the property for new construction. The ating Account.-The Treasurer reports:
directors voted to issue certificates to stockholders for $4,500.000 of thi
Year ending June 30.
amount, leaving $2,832,038 to the credit of the account. This balance
1908.
1907.
Increase.
to surplus and reserve Is ample to provide against any depreciation that Total net Income
$463,282
$402,795
$6
10
,):9
3487
0
the usual conservative routine in Charging off to maintenance may not Net earnings
166,785
146,855
have cared for. After the distribution as above, which amounts to one
About $150,000 has been spent during the past year for permanent imnew share for five, the capital stock will stand at $27,000,000. There provements and additions, from which as yet the companies are receiving
are now 220,000 telephone stations owned by the company, so that the vary little benefit; a part of the expense of these Improvements Is reflected
capitalization Is $123 per station-a remarkably low figure.
In the Increase In operating expense.-V.87, p. 42.
A recent statement covering the capital Investment of the principal
New York & Richmond Gas Co.-Status.-Forrest & Co.,
independent telephone companies In the United States shows the Investment per station as high as $737, and the lowest Is $173. The average of Philadelphia, following their policy of making periodical
the group Is $288-or more than twice that of the Chicago Telephone Co.
The low capitalization per station in Chicago Is all the more to the credit analysis of the property and earning values of corporations
of the company, In vtew of the fact that practically the entire Chicago whose securities they handle, have issued, together with
service is in cables and the greater portion of these cables is In underground conduits. The underground system not only ramifies the entire comparative statements of earnings of New York & Richcity, but extends to Waukegan on the north, and will soon form a part of mond Gas Co. and Wilkes-Barre Gas & Electric Co., a copy
In the other directions the
the all-underground service to Milwaukee
recent letter from the New York & Richmond Gas Co.
underground system is considerably beyond the city limits on the way to of
-V. 87, p. 483..
the east, west, south and southwest.
On the other hand, the figures as above for the independent companlei
Northeastern Telephone Co., Portland, Me.-Sold.no doubt include a large mileage of poles and wires.
The directors fixed the dividend at 2% for the quarter ending Dec. 31 See New England Telephone & Telegraph Co.. above.
1908, so that the amount to be paid In dividends will be somewhat less
than heretofore. A holder of ten shares receiving $100 per annum will V. 85, p. 656.
now have twelve shares, on which at 8% per annum he will receive $96.
Oberlin (O.) Gas & Electric Co.-New Stock.-The comThe difference In the rate amounts to a saving to the company of $00,000
per annum, but the stockholders will have a stock the dividend rate of pany has filed in Ohio a certificate increasing its capital stock
view
of
a
proper return on an from $115,000 (of which $100,000 comnion and $15,000
which more nearly conforms to the modern
'ndustrial or utility stock.
The rates for telephone service prescribed in the ordinance passed in preferred) to $200,000. There are also outstanding $115,000
November 1907 are too low to wairant the continuation of the policy of 6% bonds due in 1925. Annual output of gas about 20,25 years of putting out additional stock to Vey for new construction.
It has therefore been decided to finance the company's construction 000,000 cubic feet. J. C. Hill is President; Charles Mussaus,
wants for the time being through the sale of first mortgage 5% bonds. Secretary and Treasurer, Oberlin.
The number of telephone stations has Increased from 192,000 to 220,700
Pennsylvania Sugar Refining Co.-Suit for Accounting
in a year, again of 28,700, or 15%. Notwithstanding the general business
depression, the construction expenditures for this year will be above Dismissed.-Vice-Chancellor Walker at Trenton on Sept. 15
$3,000,000, funds for which have been provided. With the return to
normal business-indications of which are In abundance-it will require handed down a decision dismissing the suit brought by
$5,000,000 to provide for construction during 1909.
Receiver Earle against the American Sugar Refining Co.
Notice Is therefore given that the directors have voted, subject to the
approval of the stockholders, to authorize an issue of first mortgage 5% for an accounting. Compare V.85, p. 349; V.84, p.631, 106.
The opinion, which Is lengthy, states that the loan of $1,250,000 to
gold bonds in denominations of $1,000, maturing Dec. 11923, all or any of
such bonds to be redeemable at principal,interest and a premium of 5% at Segal by which control of the Pennsylvania Company was obtained, was
the option of the company, Dec. 1 1913 or any interest day thereafter. an Illegal and reprehensible transaction, but that the only penalty which
Such bonds are to be secured by a deco of trust and mortgage upon all the could be Inflicted upon the American Company for exceeding its corporate
franchises and property of the company, real and personal. Bonds may be powers would be the forfeiture of its charter, a matter concerning the State
Issued and sold from time to time up to an aggregate amount of $15,000,000, alone.
The Court says in conclusion; "The Pennsylvania Sugar Co. was not a
and in addition thereto up to but never exceeding 75 of the net increase
In the construction and real estate accounts of the company, as compared going concern at the time Its stock was hypothecated: its business had never
been established; It cannot be postulated that if its business had been estabwith the balances in such accounts Aug. 31 1008.
it would have been profitable, but, on the contrary, it is entirely,
Sale of Bonds.-A press dispatch yesterday announced lished
problematical whether its business would have been successful In the fierce
it would necessarily have encountered from the defendant
the awarding of $5,000,000 of the new 5% first mortgage competitionthat,
company:
while the complainant may have shown injury to his inbonds, at $991 44 per $1,000 bond, to a syndicate including solvent
corporation, he has not shown damage; that if damage has been
the First Trust & Savings Bank and the Merchants' Loan & suffered it has not been proven, because It Is incapable of proof; that antipated profits from a business intended to be, but actlially not, carried on,
Trust Co. of Chicago and Lee, Higginson & Co. of Boston. cannot
be allowed."-V.86, p. 797.
The award is made subject to the ratification of the proposed
bond issue by the stockholders.-V. 87, p. 680, 349.
Cumberland Telephone & Telegraph Co.-Dividend Increased.-The directors on Sept. 11 declared a quarterly
dividend of 2%, payable Oct. 1 on stock of record Sept. 19.
This increases the annual dividend rate from 7 to 8%.
The Arherican Telephone & Telegraph Co. owns 52% of
the $19 680 150 capital stock.
1892 to '97. 1898.
4% yearly,
5%
-V. 87, p. 93.
Annual Dividend Record.
1900. 1901 to July 1908.
1899.
7% yearly.
6%
Oct.
2z(
19
q0u.)
8.
Deschutes (Ore..) Irrigation & Power Co.-Payment of
Overdue Interest.-The committee representing the boripold.
ers on Aug. 29 sent out checks for the payment of the' arch
coupons on the first mortgage 6% bonds. At the smile tiMe
the bondholders were requested to deposit their September
coupons, which it is hoped to pay at an early day. The
"Ohio State Journal" of Columbus, 0., says:
The floating debt has been practically paid off and within a short Urine
It Is practically certain that the money will be In hand to pay the September
coupons. The company has been making some land deals this slimmer
and the prospect of a railroad into Central Oregon is causing a flow of
settlers Into that district. At a recent meeting of the board it was decided
that the bonds would again be accepted at a price of 110 In exchange for
the lands.-V. 86. v. 723.
.' Edison Electric Illuminating Co. of Boston.-Report.-
Rail & River Coal Co., Pittsburgh.-New Bonds-Old
Issue Called.-This company some time since filed a mortgage to the Fidelity Title & Trust Co. of Pittsburgh astrustee to secure an issue of $2,500,000 first mortgage
5% gold bonds dated April 1 1908 and due April 1 1938,
but all subject to call on and after April 1 1918, at 105.
Denominations $500 and $1,000. Interest payable April
and October at office of trustee. Sinking fund Sc. per ton,
1 Yi inch coal. Of these bonds $500,000 are reserved for
future extensions and improvements and the remainder
is being issued to refund the $2,000,000 first mortgage
5% bonds, dated April 10 1901, of the Empire Coal Mining
hich were asSumed by the Rail & River Coal Co.
Co.,1907, as partial consideration for the property, and have
in
now been called in at par. No prior liens remain outstanding. All interest paid to date.
The Rail & River Coal Co. was organized In June 1907 under the laws
of West Virginia with $2,000,000 of authorized capital stock, in shares
of $100 each (all common and all outstanding) and on July 20 1007 took
over the property of the Empire Coal Mining Co. of West Virginia (V. 78,
p. 2444). consisting of three mines with daily output capacity of more,
than 4,000 tons, and the ownership In fee of 31,500 acres of Pittsburgh
No. 8 seam coal (here 53% feet thick) extending for some 8 miles along
the Ohio River, near Bellaire, 0. The President is H. A. Kuhn; Secretary,
Raymond Kaufmann; General Manager of Mines, J. J. Roby; Auditor,
J. J. McNamara; Gen. Manager of Sales, George Paull. Office of company, Fulton Building, Pittsburgh.
Sheffield Coal & Iron Co.-Foreclosure-Modification of
Plan.-As certain large shareholders have failed to agree to
the assessment of 20% from which the $500,000 cash was to
be derived (see plan V. 86, p. 671), the reorganization comCoal
Empire
Mining Co., Wheeling, W. Va.-See Rail p- Mee has decided to foreclose the mortgage and contem& River Coal Co.-V. 78, p. 2444.
plates a modification of the plan, which will probably be
Great Northern Iron Ore Properties.-No Di,vidend De- made public at an early day.-V. 86, p. 1593.
dared.-On Sept. 16 1907 dividend No. 1, and on March 16
For other Investment News see page 756..
Miscel.
Div'd.
Miscei.
Bal.
Charges.
YearGross.
Net.
(11 %). surplus
Income. Int.
1907-8_$4,229,230 $1,538,820 $38,442 $54,989 $125,368 $1,390,796 $6,109
35,738 1,304.283 27,700
1906-7. 4,020,621 1,428,798 41,340 102,417
V. 85, p. 1207.
Slam, 111 1908.]
THE CHRONICLE
743
Reports anti Aorunteuts.
THE CANADIAN PACIFIC RAILWAY COMPANY.
TWENTY-SEVENTH' ANNUAL REPORT—FOR T HE FISCAL YEAR ENDED JUNE 30 1908.
property. Notwithstanding this outlay for improvements,
To the Shareholders:
and the falling off in traffic, the charges against the year's
The accounts of the Company for the year ended June 30 income
for the upkeep of the property were continued on a
1908 show the following results:
liberal basis.
$71,384,173 72
Gross Earnings
49,591,807 70
Working Expenses
10. Pursuant to the authority given at the special general
$21,792,366 02 meeting of the shareholders held Dec. 30 1907, the DirecNet Earnings
Net Earnings of Steamships in excess of amount included in
tors offered to the shareholders at par $24,336,000 of the
1,112,759 24
monthly reports
Ordinary Capital Stock of the Company. Practically the
Interest on deposits and loans
$484,560 84
whole amount was taken and payments were made in anticiInterest from Minneapolis St. Paul & Sault Ste.
Marie By., on bonds held by the Company.. _ 159,720 00
pation of the dates mentioned in the circular. This leaves
Interest from Mineral Range Railroad Co.. on
an
amount of $3,984,000 still unissued, but in order that you _
bonds held by the Company
50,160 00
Interest from Montreal & Atlantic By., and on
may be in a position to provide additional money from this
other bonds held by the Company
58,962 89
source
if and when necessary, your Directors thought it
D.vidend on St. John Bridge & Railway Extension Company Stock
50,000 00
wise to ask the consent of the Governor General in Council
Dividends on Minneapolis St. Paul & Sault Ste.
to
a further increase in the Ordinary Capital Stock from
Marie Ry.. Preferred and Ordinary Stocks
held by the Company
738,470 50
$150,000,000 to $200,000,000. This consent has been for1,541,874 03
mally given, and you will be asked at the special general
$24,446,999 29 meeting of the shareholders, to be held Wednesday,
October
8,770,076 71 7, to sanction
Deduct Fixed Charges
and approve the increase in the authorized
Ordinary
$15,676,922
58
Capital
Surplus.
Stock, and to take such other measures
Deduct amount transferred to Steamship Reas will enable your Directors to utilize it in such amounts
placement Account..
$800,000 00
from
time
to
time
as may be desirable in connection with
Contribution to Pension Fund
80,000 00
880,000 00 the Company's capital requirements.
While recommending
From this there has been charged a half-yearly
this
increase
as a precautionary measure, there is no immedividend on Preference Stock of 2%, paid
1st April, 1908
$940,340 45
diate necessity for issuing any portion of the additional
And a half-yearly dividend on Ordinary Stock of
amount, as you have ample funds in hand, but with your
3,650,400 00
3%, paid 1st April, 1908
4,590,740 45 vast property in a growing country the demands for works,
$10,206,182 13 and more particularly for rolling stock, involving large outFrom this there has been declared a second halflay, are sure to continue, and your Directors should be in a
yearly dividend on Preference Stock of 2%,
position to meet these promptly when they arise.
$976,066 65
payable 1st October 1908
And a second half-yearly dividend on Ordinary
11. In order to conform to a practice that is becoming
3,650,400 00
Stock of 3%, payable 1st October 1908
4,626,466 65 quite general, more particularly in Europe, your Directors
have had the balance sheet and accounts examined and cer$5,579,715 48
Leaving Net Surplus for the year
tified by a firm of well-known Chartered Accountants, and it
In addition to the above dividends on Ordinary Stock, 1% was declared is their intention to pursue the
same course in future years.
from Interest on Land Funds.
12.
Your
Directors
regret
to
report the death on June
2. The working expenses for the year amounted to 69.47%
of Sir Robert G. Reid, who joined the Board in 1903,
of the gross earnings and the net earnings to 30.53%, as fourth
and was a most esteemed and useful member.
compared with 64.96 and 35.04% respectively in 1907.
13. In April last you met with another serious loss in the
3. Four per cent Consolidated Debenture Stock to the
amount of £1,975,000 was created and sold, and of the pro- death of Mr. Charles Drinkwater, who had been Secretary of
the
Company since its incorporation and who during the last
ceeds the sum of £1,321,594 was applied towards the construction of branch lines in Ontario, Manitoba, Saskatche- nine years had also been Assistant io the President. Your
Directors
desire to record their high appreciation of his dewan, Alberta and British Columbia; £175,152 towards the
completion of two new lake steamers; and the balance, £478,- votion to the Company's interest during his long term of
254, was used for acquiring the bonds of other railway com- service.
14. During the year Hon. James Dunsmuir of Victoria,
panies, whose lines constitute a portion of your system the
interest on which had, with your authority, been guaranteed B. C., and Mr. Robert Meighen of Montreal were elected
Directors of the Company, to fill vacancies caused by the
by your Company.
4. Preference Stock to the amount of £1,000,000 was retirement of Mr. Clarence H. Mackay and the death of Sir
created and sold for the purpose of meeting expenditures Robert G. Reid.
15. The undermentioned Directors will retire from office
that you had sanctioned.
5. Your guaranty of interest was endorsed on 4% Consoli- at the approaching Annual meeting. They are eligible for
dated Mortgage Bonds of the Minneapolis St. Paul & Sault re-election.
HON. SIR GEORGE A. DRUMMOND, K.C.M.G.
Ste. Marie Railway Company to the amount of $1,680,000,
SIR SANDFORD FLEMING, K.C.M.G.
issued and sold to meet the cost of constructing eighty-four
MR. WILMOT D. MATTHEWS.
miles of railway added to that Company's system.
MR. ROBERT MEIGHEN.
For
the Directors,
6. There was a decided falling off in the sales of your
T. G. SHAUGHNESSY,
agricultural lands, the total area disposed of in the year being
164,450 acres, as against 994,840 acres in the previous year.
President.
Montreal, August 31 1908.
The average price realized, however, was much better, being
$9 54 per acre.
^
7. The contract with the Imperial Government for the
CONDENSED BALANCE SHEET JUNE 30, 1908.
and
Hong Kong was
carriage of the mails between Liverpool
and Equipment
4285,088,099 41
renewed for a further period of three years, but the rate of Railway
Ocean, Lake and River Steamships
17,826,983 16
£15,000.
annum
compensation per
was•reduced by
Acquired Securities (cost): Exhibit "A"
57,418,368 83
Properties Held in Trust f r the Company
4,656,079 96
8. The Alberta Railway & Irrigation Company, owning Deferred Payments on Land
and Town Site Sales
14,022,665 79
Advances to Lines under Construction
113 miles of railway in Southern Alberta, as well as an
3,523,720 01
and Investments
6,023,727 77
portant colliery and about 425,000 acres of land, part of Advances
Material and Supplies on Hand •
11,110,842 58
which is served by irrigation ditches, was operated by its Current Assets:
Agepts and Conductors' Balances
$1,424,255
15
owners as a close friendly connection of your Company, yieldNot'Traffic Balances191,439 99
Miscellaneous Accounts Receivable
ing td your lines a large revenue from traffic interchanged,
3,960,818 37
5,578,513 51
and furnishing the Company and settlers along the railway Cash in Hand
18,821,63021
a supply of coal. To ensure a pontinuance of this desirable
connection, your directors deem it prudent for the Company
$424,068,631 23
to secure such an interest in the property as will constitute •Note.—In addition to above assets, the Company owns
acres
a substantial control, and they have arranged to do this at of land In Manitoba. Saskatchewan and Alberta (average 8.777,825
sales past year
an approximate cost of $2,000,000. Apart from the traffic $9 54 per acre) and 4,490,542 acres in British Columbia.
advantages thereby safeguarded, the investment itself will Capital Stock
$121.680,000 00
Payments on Subscriptions to New Issue Capital Stock
prove a profitable one.
($24,336,000 00)
18,884.436 00
Per Cent Preference Stock
48,803,332 31
9. The increase for the year in the item "Railway and Four
Four Per Cent Consolidated Debenture Stock
113,857,077 Si
Equipment" was abnormal, being, in round figures, $31,- Mortgage Bonds:
First Mortgage Bonds, 5%
$34,998,633 33
377,000, exclusive of an appropriation from surplus earnings
Canada Central Railway,6%
973,333 33
of $3,800,000. Of this expenditure, $7,500,000 was for new
Algoma Branch, First Mortgage
3,650.000 01
lines under construction; $10,400,000 for additional rolling Current Liabilities:
38,621,866 66
stock, shops and machinery; $7,800,000 for double tracks
Audited Vouchers
$5,634,881 97
Pay
Rolls
3,032,606 65
and reduction of grades, and $9,500,000 for additional yards,
Miscellaneous Accounts Payable
2,722,029 58
buildings, sidings, and for general improvements to your
11,388,518 20
THE CHRONICLE
744
Brought forward
$357,006,331 12
Interest on Funded Debt and Rental of
Leased Lines:
Coupons due 1st July, 1908, and including
Coupons overdue not presented
$1,134,185 19
Accrued Fixed Charges
201,816 36
•
1,336,001 55
Equipment Obligations
1,912,987 26
Equipment Replacement Fund
870,283 00
Steamship Replacement Fund
2,340,666 67
Appropriation for Additions and Improvements
6,489,655 68
Reserve Fund for Contingencies
1,320,974 28
Land Grant: Sales of Land and Town Sites
22,401,529 67
Surplus_
30,390,202 00
$424,068,631 23
I. G. OGDEN,
Third Vice-President.
AUDITOR'S CERTIFICA1 E.
We have examined the Books and Records of the Canadian
Pacific Railway Co. for the fiscal year ending June 30 1908,
and, having compared the annexed Balance Sheet and
Income Account therewith, we certify that, in our opinion,
the Balance Sheet is properly drawn up so as to show the
true financial position of the Company at that date, and that
the relative Income Account for the year is correct.
[VoL. Lxxxviz.
Brought forward
$08,204,408 63
MISCELLANEOUS SECURITIES.
Canadian Pacific By. 1st Mortgage Bonds, 5%
77,866 67
Canada Central By. 2nd Mortgage Bonds, 6% ...
48,666 67
Canada North West Land Company Common Stock
140,625 00
Mineral Range By. 1st Mortgage Bonds, 4%
1,254,000 00
Town of Morris, Manitoba Bonds
15,000
* Nakusp de Siocan By. Common Stock
300,000 00
* Canadian Pacific By.(Souris Branch) 1st Mtge. Bonds,4% 1,946,666 87
* Pacific Steamships First Mortgage, 4%
£720,000 3,504,000 00
* Pacific Coast Steamships First Mortgage, 5% _
£225,000 1,005,000 00
$106,676,233 64
* Denotes complete ownership.
We have examined all the Securities,including those listed
above, held for account of the Canadian Pacific Railway
Company by the Treasurer, and have received certificates.
from the Custodians for those deposited with the Banks and
Trust Companies for safe custody, and, having compared
them with the records of the Company,find them correct, and.
in order.
PRICE, WATERHOUSE & CO.,
Chartered Accountants (England).
Montreal, August 26 1908.
PRICE, WATERHOUgE & CO.,
Chartered Accountants (England).
EXHIBIT "B"-LANDS.
Amount
Average'
Canadian Pacific Land GrantsAcres.
FIXED CHARGES FOR YEAR ENDED JUNE 30TH 1908.
Realized. per Acre.
July 1 1907 toJune 30 1908
130,378
1,400,349
10.74
£7,191,500
First Mortgage Bonds 5% due July 1st,
July 1 1906 to June 30 1907
923,252
5,406,371
5.05
1915
31,749,931 66 Manitoba South Western Grant£200,000
Canada Central By. Second Mortgage 6%
July 1 1907 to June 30 1908
33,256
160,069
4.81
Bonds due Nov. 1st, 1910_
58,400 00
July 1 1006 to June 30 1907
67,086
344,428
5.13
£200,000
St. Lawrence & Ottawa Ry. 4% First
West Central GrantMortgage Bonds, due June 15th, 1910._
38,933 34 Great North
July 1 1907 to June 30 1908
816
8,747
10.72
$2,544,000
Man. So. West. Col. By. First Mortgage
July 1 1906 to June 30 1907
46,578
4,502
10.35127,200 00
5% Bonds due June 1st, 1934_
_
Toronto Grey & Bruce By. Rental
140,000 00
Sales
Total
£4,007,38145-5 Ontario & Quebec By. Deb. 5 %
975,129 56
1,560,165
July 1 1907 to June 30 1908
164,450
9.54
32,000,000
Ontario ec Quebec Ry. Ordinary Stock 6%
120,000 00
5,887,377
July 1 1906 to June 30 1907
994,840
5.92
£1,330,000
Atl. dc Nor. %Vest. By. First Mortgage
Bonds, less Government propn., due
POSITION
OF
Jan. 1st. 1937
LAND GRANTS AT JUNE 30 1908.
136,333 34
£750,000
Algoma Branch 5% First Mortgage Bonds
Canadian PacificAcres.
Acres..
due July 1st, 1937
182,500 00
Grants
26,710,400
Edmonton
By
Calgary
&
Rental,
138,357 60
Disposed of to the Dominion Government under
Rental, Farnham to Brigham Jct
1,400 00
March
30
of
agreement
1886
6,703,014
Rental, Mattawamkeag to Vanceboro..
23,800 00
Rental, New Brunswick By. System
372,829 74
19,917,386
Rental, Terminals at Toronto
29,570 20
1908
Sales to june 30
11,418,323
Rental, Terminals at Hamilton
33,884 32
Less canceled during year
33,957
Rental, Hamilton Jct. to Toronto
42,070 66
11,384,366
Rental, St. Stephen & Milltown By
2,050 00
Rental, Lindsay Bobcay. & Pontypool By.
3,049 09
Quantity of Land unsold
8,533,020,
Rental, Joliette & Brandon By
5,000 00
Rental, Lachine Canal Branch
854 16 Manitoba South WesternGrant
Total
Interest on Mon. & Western By. purchase.
1,300,800
17,761,67
Sales to June 30 1908
Interest on Equipment obligations
1,257,860
129,889 98
Less canceled during year
2,405
4% CONSOLIDATED DEBENTURE STOCK.
1,250.374
222,210,153 Interest from July 1st, 1907...44,323,576 45
125.554 94
1,289,948 Interest from January 1st, 1908_
Quantity of Land unsold
141,426.
265,052 Interest from July 1st, 1908_
Great North West CentralGrant
Total
34,449,131
39
123,765,153
320,004
Sales to June 30 1903_
8,000 00
Less received from subsidy Nor.Colonization By.
216,625
216,625
4,441,131 30
Quantity of Land unsold
103,370
38,770,076 71
Montreal, August 26 1908.
EXHIBIT "A"-ACQUIRED SECURITIES.
SECURITIES OF LEASED LINES.
Par Value.
319,466 67
302,400 00
3,240,000 00
176,000 00
1,175,000 00
172.200 00
2,000,000 00
1,000,000 00
1,277,500 00
250,000 00
5,691,000 00
925,000 00
1,375,000 00
450,000 00
2,415,000 00
125,000 00
780,000 00
2,627,513 33
1,065.800 00
160,600 00
613,200 00
415,000 00
5,612,113 63
72,000 00
700,000 00
1,636,250 00
227,200 00
418,000 00
300,000 00
1,175.000 00
250,000 00
3,075,000 00
804,000 00
5,000 00
181,040 00
232,500 00
466,000 00
875,000 00
400,000 00
280,000 00
25,000 00
7400,00 00
19,000 00
SECURITIES OF OTHER COMPANIES CONTROLLED
BUT NOT LEASED.
Duluth South Shore & Atlantic By. Con. Mtge. Bonds,4%... 15,107,000 00
Income Certificates
3,000,000 00
Preferred Stock
5.100,000 00
Ordinary Stock-- - -.,-- - _ - __ _ - _ --- _ _ - ..
6.100,000 00
095,450 00
Kingston & Pembroke By. 1st Preferred
_-Stock
kts.2nd Preferred Stock_
134,900 00
Ordinary Stock
1,700,175 00
Bonds,
4
Sault
%
_
Ste. Marie By. 1st Mtge.
Minn. St. Paul &
3,993,000 00
Preferred Stock, 7%
4,240,100 00
8,480,000 00
Common Stock
Montreal do Atlantic By. 1st Mortgage Bonds, 5%
945,000 00
*Common Stock
2,160,000 00
* South Ontario Pacific Ry. Common Stock
20,000 00
* St. John Bridge 63 By. Extension Co. Common Stock
200.000 00
* Dominion Express Co. Common Stock
2,000,000 00
280 000 00
* Chateau Frontenac Hotel Co. Common Stock
Atlantic ec North West By. 1st Mtge. Bonds,5%
Eganville Branch 1st Mortgage Bonds,4%
Guaranteed Stock
*-Capital Stock
British Columbia Southern Ry. 1st Mortgage Bonds,5%.___
* Capital Stock
Calgary & Edmonton By. 1st Mortgage Bonds,4%
* Capital Stock_
Columbia & Kootenay By. 1st Mortgage Bonds,4%
* Capital Stock..
Columbia & Western By. 1st Mortgage Bonds, 4%
* Capital Stock
Great North West. Central Ry. 1st Mortgage Bonds,5% _ _
* Capital Stock
Guelph &Goderich By. 1st Mortgage Bonds,4%
* Capital Stock
* Kootenay & Arrowhead By. 1st Mortgage Bonds,5% _ -_ _
Manitoba & North West. By. 1st Mortgage Bonds,6%
1st Mortgage Bonds, 5%
Shell River Branch 1st Mortgage Bonds.-5%
Debenture Stock, 5%
Preferred Stock,5%.
* Capital Stock.
Manitoba South West. Col. By. 1st Mtge. Bonds, 5%
* Capital Stock
Montreal & Ottawa By. 1st Mortgage Bonds,5%
* Capital Stock
Northern Colonization Ry. 1st Mortgage Bonds, 5%
* Capital Stock
Nicola Kamloops dc Similkameen Ry. 1st Mtge. Bonds,4% - * Common Stock
Ottawa Northern do Western Ry. 1st Mortgage Bonds, 4%...
.* Capital Stock
Ontario ec Quebec By. Capital Stock
Saskatchewan & Western By. 1st Mortgage Bonds,5%
* Common Stock
* St. Lawrence & Ottawa By. Common Stock
Tilsonburg Lake Erie & Pacific By. 1st Mtge. Bonds. 4%_ _ _
* Common Stock
Vancouver & Lulu Island By. 1st Mortgage Bonds,5%
* Capital Stock
Walkerton & Lucknow Ry. 1st Mortgage Bonds,4%
* Common Stock_
Total Agricultural Lands owned by the Company
BRITISH COLUMBIA LANDS.
Columbia & KootenayGrant_
Total
100,577
Salsa to June 30 1908
682
Less canceled during year
8,777,825.
190,000
99,895
Quantity of Land unsold
British Columbia SouthernTotal Grant
Sales to June 30 1908.
Less canceled during year
00,105.
3,451,003
334,091
14,517
320,474
Quantity of Land unsold
Columbia & WesternGrant Received
Sales to June 301908
Quantity of Land unsold
3,130,610
1,347,005
78,087
1,269,818
Total British Columbia Lands owned by the Company......4,490,54
The Columbia & Western Ry, claims a further area about which there is a
dispute with the British Columbia Government.
EXHIBIT "C"-DETAILS OF BALANCE SHEET ITEM.
LAND GRANTS.
11,384,366 Acres and Townsites sold, amounting to
$49,875,661 74
6,793,014 Acres disposed of to Dominion Gov't in 1886._ _ 10,180,521 00
360,065,182 74
Less: Expenses, cultivation rebate and 10% on Land Grant
Bonds retired and canceled
5,308,355 09
$54,756,827 65
AddProceeds Manitoba So. West. Col. Ry. Land Sales
Proceeds Great North West. Cent. By. Land Sales
Proceeds Manitoba & North Western By. Land Sales_
Proceeds British Columbia Land Sales
2,560,084 45
960,492 82
24,347 40
358,302,652 32
1,095,20300
$59,397,855 32
Interest on proceeds and Deferred Payments $2,544,312 10
Less Amount paid Shareholders
October 1 1907
3608,400 00
April 1 1908..608,400 00
1,216,800 00
1,327,512 19
360,725,367 51
Deduct-Expenditures on Irrigation
2,130,316 84
$58,595,050 67
Amount expended in Construction of Railway and Equipment and deducted from cost of Property
36,103,521 00
322,401,529 67
SEPT. 19 1908d
THE CHRONICLE
RECEIPTS AND EXPENDITURES YEAR ENDED JUNE 30 1908.
Cash in hand, June 30 1907
$21,394.951 93
RECEIPTS.
Surplus revenue as per statement
14,706,922 58
Land Department:
Lands and TownsitesNet proceeds of sales
$1,869,907 22
Less amounts remaining in Deferred
Payments
1,738,458 71
$131,448 51
Collection of Deferred Payments on previous year's sales
3,570,405 60
Subscription to $24,336,000 Additional Ordinary Stock- 3,701,854 20
Payments on installments_
19,854,436 00
Four Per Cent Preference StockAmount realized from Issue of 11,000,000
4,800,670 65
Consolidated Debenture StockAmount realized from issue of 11,975,000
9,719,771 07
AddAdvances to Lines under Construction
$3,523,720 01
Advances and Investments
6,023,727 77
Current Assets
5,576,513 51
$15,123,961 29
Amount at June 30 1907
15,664,018 52
540,057 23
745
EXHIBIT "F"-EXPENI)ITURE ON LEASED AND
LINES FROM JULY 1ST 1907 '10 JUNE 30TH ACQUIRED
1908.
Ontario & Quebec Railway
$1,592,03665
Atlantic & North West Railway
147,693199
New Brunswick Railway
316,674161
Montreal & Western Railway
49,579182
Manitoba South-Western Colonization Railway
82,344125
Columbia & Kootenay Railway
5,862 67
Manitoba & North-Western Railway
55,304 12
Great North-West Central Railway
18,015 04
Calgary & Edmonton Railway
482,894 06
Columbia & Western Railway
330,788 80
Montreal & Ottawa Railway
70,289 81
Joliette & Brandon Railway
1,861 89
Lindsay Bobcaygeon & Pontypool Railway
24,171 16
$3,177,606 87
STATEMENT OF EARNINGS FOR THE
YEAR ENDED JUNE 30TH
1908.
Passengers
.$19,900,432 07
Freight
44,037,597 97
Malls
739,755 59
Sleeping Cars, Express, Elevators, Telegraph
and
Miscellan
eous
6,706,388 09
Total
$71,384,173 72
$74,898,663 66
EXPENDITURES.
Dividends on Preference Stock2% paid Oct. 1 1907
2% pa d April 1 1908
Dividends on Ordinary Stock3% paid Oct. 1 1007
3 % paid April 1 1908
$878,733 31
940,340 45
$1,819,073 76
$4,258,800 00
4,258,800 00
8,517,800 00
Properties held in trust for the Company
1,241,820 88
Construction of acquired and branch lines, Exhibit "D".._
_ _ 7,565,714 55
Additions and Improvements, main line and branches
, Exhibit "E"
14,130,303 21
Additions and Improvements,leased and acquired lines,
Exhibit"F"
3,177,606 87
Rolling Stock, Shops and Machinery
10,433,024 76
Ocean, Lake and River Steamships:
Fitting Atlantic Steamships for Passenger
service, and providing Cold Storage facilities
at Liverpool
169,350 21
Additional Steamships and Appurtenances for
Pacific Coast Service
482,030 85
Additional River Steamers and Barges
76,958 08
Payments balance account two new Steamers_
731,226 13
Payment balance purchase Tug "Cruizer"
7,640 41
Less sale of Steamships "Athenian" and
"Tartar"
$1,467,205 08
56,917 06
1,410,287 72
Securities AcquiredBritish Columbia Southern Ry, 5% 1st Mortgage Bonds
207,500 00
Guelph & Goder.ch fly. 1st Mtge. Bonds
Nicola Kamloops ec Similkameen Coal & fly. 412,500 00
Co. 1st Mortgage Bonds
1,175,000 00
Walkerton & Lucknow fly. 1st Mtge. Bonds
740,000 00
Minneapolis St. Paul & Sault Ste. Marie Ry.:
Ordinary Stock
1,413,40
0 00
Preferred Stock
706,700 00
Less amount received from Canada North West$4,655,100 00
Land Co. on 5,625 shares Ordinary Sleek...
42,187 83
4,612,912 17
(During the year North Shore fly. Bonds which had
been
carried in Acquired Securities and also Included
in
Funded Debt, were retired and canceled, amounti
ng to
$616,110 67.)
Increase in Material and Supplies on hand
1.685,229 70
Payments of Equipment Obligations
327,049 41
Decrease in current liabilities
1,156,410 42
Cash in Hand
$56,077,033 45
18,821,630 21
$74,898,663 66
E XH IB IT "D"-CONSTRUCTION-BRANCH AND ACQUIRED LINES
Pheasant Hills Branch
$4,166,217 09
Woiseley-Reston Branch
119,472 34
Lachine Canal Branch
16,720 74
Moose Jaw Branch
104.467
91
Bulyea Branch
42,091 41
Virden Branch-------.
1,53702
02
Stonewall Branch-Teulon Extension
25,584 05
Stonewall Branch-Icelandic River Extension._
5,940 43
Selkirk Branch-Giml Extension
133,057
68
Lauder Branch
22,879 04
Weyhurn Branch_
220,253 18
Nicola Kamloops & Similkameen fly
6,086 42
Surveys of Projected Lines
39,851 60
-$4,095,967 01
Toronto-Sudbury Line_
2,569,746 64
$7,565,714 55
EXHIBIT "E"-EXPENDITURE
ON ADDITIONS AND IMPROVEMENTS FROM JULY 1 1907 TO JUNE 30
1908.
Quebec to Bonfield
. $701,089 73
Montreal Terminals
591,665 80
Newport Flour Shed
101,704 05
Bonfield to Port Arthur
813,095 45
Port Arthur to Laggan
7,827,031 60
Laggan to Vancouver.
_
1,477.84061
Victoria Hotel
315,49714
Lake Louise Hotel
183,858 05
Main LIne
Branch Lines
Telegraph Extensions and Additions
Office Building, London, Eng
Rented and Temporary Sidings
Total, Main Line and Branches
312,012,773 42
1,770,348 22
162,219 35
26,668 74
149,203 48
$14,130,303 21
STATEMENT OF WORKING EXPENSES FOR THE
YEAR ENDED
JUNE 30TH 1008.
Transportation Expenses
$24,112,713 82
Maintenance of Way and Structures
10,410,751 61
Maintenance of Equipment
9,358,138 48
Traffic Expenses
1,734,086 57
Parlor and Sleeping-Car Expenses
395,628 72
Expenses of Lake and River Steamers
750,197 84
General Expenses
1,942,756 25
Commercial Telegraph
887,534 41
_
Total
$49,591,807 70
STATEMENT OF SURPLUS INCOME ACCOUNT
JUNE 30TH 1908.
Balance at June 30th 1907
$30,713,153 18
Dividends paid October 1st 1907:
On Preference Stock
$878,733 31
On Ordinary Stock_
3,650,400 00
4,529,133 31
$26,184,019 87
Amount applied on account of Additions and Improve
ments 6,000,000 00
$20,184,010 87
Surplus Income for year ended June 80th
1908
Less Dividends on Preference and Ordinary$14,798.922 58
Stock paid April 1st 1908
4,590,740 45
10,208,182 13
Total Surplus Income June 30th 1908
130.390,202 00
From this there has been declared the dividends on Preference and Ordinary Stock payable October 1st 1908,
amounting to
84,828,486 83
APPROPRIATION FROM SURPLUS FOR ADDITI
ONS AND
IMPROVEMENTS.
Balance at June 30th, 1907
$4,323,6
52 29
Amount appropriated during year
6,000,000 00
Less expended during year included in Schedules E
and F
Balance as per Balance Sheet
$10,323,652 29
3,833,996 61
$6,489,655 68
STATEMENT OF EQUIPMENT AT 30TH JUNE
1908.
Locomotives
1,399
First and second class Passenger cars, Baggage cars and
Colonist
sleeping cars
1,382
First class sleeping, dining and cafe cars
245
Parlor cars, Official and Paymasters' cars
57
Freight and cattle cars (all kinds)
44,692
Conductors' Vans
777
Boarding, Tool and Auxiliary Cars and Steam Shovels_
2,726
OCEAN, LAKE AND RIVER STEAMERS.
Atlantic Service.-Empress of Britain, Empress of Ireland,
Lake Manitoba, Lake Champlain, Lake Michigan, Mount Temple,
Lake Erie, Montrose, Montreal, Milwaukee, Mount Montcalm, Montfort.
Royal, Montezumna,
Monmouth, Cruizer.
Pacific Service.-Empress of India, Empress of Japan,
Empress of China,
Monteagle.
Pacific Coast Service.-Amur, Beaver, Charmer, Otter, Princess
Beatrice,
Transfer, Princess Charlotte, Princess Royal, Princess
toria, Queen City, R. P. Rithet, Tees, Princess Ena. May, Princess VicUpper Lake Service.-Manitoba, Athabasca, Alberta, Keewatin
, Assinibola.
British Columbia Lake and River Service.-Aberde
Kokanee, MInto,
Moyle, Nelson, Rossland, Kuskanook, Columbia, en,
Sandon, Slocan, York, Kootenay, Valhalla, Ym1r. Okanagan, Proctor,
Ferry Service.-MIchlgan, Ontario.
DESCRIPTION OF FREIGHT FORWARDED.
Year ended June 30th
1906.
1907.
1908.
Flour
Barrels_
5,994,535
6,256,702
5,843,988
Grain
Bushels_
82,196,648
93,207,009
88,345,234
Live Stock
Head_
1,428,320
1,537,467
1,340,771
Lumber
Feet_1,804,648,962 1,989,444,728 1,764,445,495
Firewood
Cords_
264,456
274,620
249,605
Manufactured Articles _Tons_
3,818,625
4,385,854
3,981,888
All other Articles
Tons_
4,098,819
4,704,295
5,102,116
FREIGHT TRAFFIC.
Year ended June 30th
1906.
1907.
1908.
Number of tons carried
13,933,798
15,733,306
15,040,325
Number of tons carried one mile.5,342,248,625 5,946,77
9,961 5,865,089,008
Earnings per ton per mile
0.74 Cents
0.77 Cents
0.75 Cents
PASSENGER TRAFFIC.
Year ended June 30th1906.
1907.
1908.
No. of passengers carried
7,753,323
8,779,620
9,463,179
No.of passengers carried 1 mile. 870,339,686 1,064,564,999
1,052,010,356
Earnings per passenger per mile
1.84 Cents
1.83 Cents
1.89 Cents
[VOL. LxxxvIz.
THE CHRONICLE
746
TRAIN TRAFFIC STATISTICS.
(Earnings of Lake and River Steamers not Included in this Statement.)
Year ended
Year ended
June 3016
June 30th
or
Inc.
1908.
1907.
Dec.
.
Train Mileage-13,106,093
+782,455
12,413,638
Passenger trains
17,788,649
18,187,263
-398,614
Freight trains
1,798,673
1,411,870
+386,803
Mixed trains
(+)
(-)
32,783,415
32,012,771
+770,644
63,744,049
2,875,441
26,689,471
63,025,195
2,437,214
22,038,884
+718,854
+438,227
+3,750,587
93,308,961
88,401,293
+4,907,668
327,388,310
94,125,570
18,735,988
347,181,189
83,131,642
19,646,800
-19,792,879
+10,993,928
-910,812
Total trains
Car MileagePassenger:
Coaches and P. D.and S. cars
Combination cars
Baggage, mall and Exp. cars
Total Passenger cars
Freight:
Loaded
Empty
Caboose
440,249,868
449,959,631
Total Freight cars
-9,709,763
6.39
6.22
--.17
Pass. cars per traffic train mile_
22.96
22.48
-.48
Freight cars per traffic train m.
Passenger Traffic9,334,811
8,671,438
+663,373
Pass. carried (earn. revenue).._
Pass. carr .(earn. rev.) 1 mile_ A,038,393,535 1,052,286,316 -13,892,781
Pass. carried (earn. rev.) 1 mile
112,716
117,330
--4,614
per mile of road
111.24
121.35
-10.11
Average journey per pass_miles
2.08
2.17
-•09
Aver. amt. received per pass- -5
1.87
1.79
Aver. amt. rec. per pass. m_cts
+.08
69.25
76.10
-6.85
Aver. No. of pass. per train m_
15.58
16.38
Aver. No. of pass, per car mile_
-.80
Revenue from passengers per
20.15
29.35
cts
passenger car mile
.20
1.56
1.63
-.27
Tot. pass. tr. earns, per tr. in..$
2,537.42
2,519.17
Tot. pass. tr. earns, per m.road
"+18.25
17.1.5.,06.4
Freight TrafficTons rev,freight carried 1 mile_5,699,092,014 5,789,191,040 -90,i)99,926
870,757,856 ; 4-113,731,220
Tons non-rev. fgt. carried 1 m_ 984,489,076
Total tons (all classes) freight
6,683,581,090 6,659,949,798 +23,631,294
carried one mile
Freight Traffic-(Con.)
Tons of revenue freight carried
one mile per mile of road_ __ _
Tons of non-revenue Ire ght carried one mile per mile of road
Total tons (all classes) freight
carried 1 mile per mile of road
Average amount received per
ton per mile of rev. fgt__ _cts.
Average No. of tons of revenue
freight per train mile
Average No. of tons of non-revenue freight per train inile_ _ _
Average No. of tons (all classes)
of freight per train mile
Average number of tons of revenue freight per loaded car m.
Average No. of tons of non-revenue freight per loaded car m.
Average No. of tons of freight
(all classes) per loaded car m _
Fgt.tr.earns.per loaded car m c ts
Fgt.tr.earns.per train mile._ _ _$
Fgt.tr.earns.per mile of road_ _$
Year ended
June 30th
1908.
Year ended
June 30th
1907.
618,626
645,532
Inc.(4-) or
Dec.
(-).
-26,906
106,864
97,095
+9,769
725,490
742,627
-17,137
0.755
0.776
--.021
290.96
295.38
-4.42
50.26
44.46
+5.80
341.22
339.84
+1.38
17.41
16.67
+.74
3.01
2.51
-.50
20.42
13.14
2.20
4,671.13
19.18
12.94
2.29
5,009.18
+1.24
+.20
--.09
-338.05
CANADIAN PACIFIC PENSION DEPARTMENT TO JUKE 30TH 1908.
$592,882 15
Balance at June 30th 1907
80,000 09
Amount contributed by Company for year
35,158 92
Amount received as Interest
Payment of Pension Allowances for year
$708,040 57
30,604 97
Balance in Cash and Investments
$657,345 GO
Number on Pension Roll at June 30 1908.
Under 60 years of age
Between 60 and 70 years of age
Over 70 years of age
23
148
105
276
Total
READING COMPANY.
ELEVENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1907.
Reading Company, General Office, Philadelphia, October 12 1908.
To the Stockholders of Reading Company:
The Board of Directors submit their report for the fiscal year ended June 30 1908, of Reading Company, the Philadelphia
and Reading Railway Company and The Philadelphia & Reading Coal & Iron Company.
Net result of the business of the three Companies for the past fiscal year and comparison with previous year:
PHILADELPHIA & READING RAILWAY COMPANYReceipts
Operating expenses
1006-1907.
$42,664,59534
25,458,296 06
543,528,036 44
25,889,331 30
$17,639,605 14
1,847,933 64
-- 515,791,671 50
9,747,24638
17,206,299 28
037,659 64
516,268,630 64
9,923,000 21
Net earnings
Additions and betterments
Fixed charges and taxes
56,044,425 12
$6,345,639 43
Surplus
THE PHILADELPHIA & READING COAL & IRON CO.
Receipts
Expenses
Net earnings
New work at collieries
Interest at 2 per cent on debt to Reading Co
Depletion of lands fund
1007-1908.
538,014,420 61
34,304,80272
838,747,561 63
35,275,766 70
53,471,794 93
53,709,61789
51,286,010 65
1,584,48540
514,349 90
Fixed charges and taxes
Surplus
READING COMPANYincome
Expenses
Net earnings
Fixed charges and taxes
Surplus
Surplus of three Companies
51,345,228 73
1,583,914 05
499,059 26
3,384,84595
3,428,202 04
$43,592 89
115,074 91
5324,771 94
117,248 17
Defl. 71.482 02
207,523 77
57,592.333 61
97,19031
57,438,589 67
83,538 46
57,495,143 30
4,599,553 64
57,355,051 21
4,586,54078
2,895,589 66
2,768,510 43
59.448.752 86
$8.741.453 53
In the following statement of the business of the three companies for the fiscal year ended June 30 1908,the figures for
the first six ns onths and for the last six months of the fiscal year are shown separately, in order to contrast the effect upon
the business of the Coin panics of one period of industrial prosperity with that of another period of industrial depression,
both of which occurred in the same fiscal year. The expense and interest accounts in this statement have been adjusted
to make each period bear its proper proportion thereof:
Six Months,
Six Months,
July 1 to Dec. 31 Jan. 1 to June 30
1907.
1908.
PHILADELPHIA & READING RAILWAY COMPANYReceipts __ _ _________________________________________________________________________
Operating Expenses
Fiscal Year
July 1 1907 to
June 30 1908.
$23,478,562 23
13,683,854 86
519,186,033 11
11,774,441 20
$42,664,595 34
25,458,296 06
Net Earnings
Improvements
$9,794,70737
671,403 46
57,411,591 91
266,256 18
59 28
29
6:6
07
517113
64
Fixed Charges and Taxes
$9,123,303 91
4,961,500 10
57,145,335 73
4,961,500 11
516,268,639 64
9,023,000 21
Surplus
THE PHILADELPHIA & READING COAL & IRON COMPANYReceipts
Expenses
Net Earnings
New Work at Collieries
Interest on Debt to Reading Company
Depletion of Lands Fund
Net Earnings
Fixed Charges and Taxes
54,161,803 81
.,835 62
$2,183
56,345,639 43
521,022,000 16
18,628,560 28
516,992,411 45
15,676,242 44
$38,014,420 61
34,304,802 72
$2,393,448 88
51,316,169 01
$3,709,617 89
1,665,604 74
1,719,241 21
3,384,845 95
$727,844 14
58,624 08
Def$403,072 20
58,624 09
$324,771 94
117,248 17
5660,220 06 Def.$461,696 29
$207,523 77
53,780,435 38
48,547 21
$3,811,898 23
48,643 10
$7,592,333 61
97,19031
Net Earnings
Fixed Charges and Taxes
$3,731,888 17
2,299,77682
$3,763,255 13
2,299.776 82
57,495,143 30
4,599,553 64
Surplus
Total Surplus Three Companies
$1,432,111 35
36,263,135 22
$1,463,47831
$3,185,617 64
$2,895,589 66
$9,448,752 86
Surplus
READING COMPANYInoome
Expenses
SEPT. 19 1908
THE CHRONICLE
747
The gross receipts of the Railway Company decreased $864,341 10. The operating expenses decreased $431,035 24
The gross receipts of the Coal and Iron Company decreased $733,141 02 during the past fiscal year as compared with
the previous fiscal year, and the expenses decreased $970,963 98, a net gain of $237,822 96. The payments on account
of new work at collieries, interest on debt and depletion of lands fund decreased $43,356 09. The increase was $2,173 26
in the fixed charges and taxes. The surplus for the year was $207,523 77 as against a loss of $71,482 02 for the previous
year, a net gain of $279,005 79.
The gross receipts of Reading Company increased $153,743'94. There was an increase of $13,012 86 in fixed eharges
and taxes, leaving an increase in surplus over the previous fiscal year of $127,079 23.
The net decrease of the fixed charges and taxes of the three companies for the year ended June 30 1908; as compared
with the year ended June 30 1907, was $176,827 66, as follows:
Fixed charge and taxes, Philadelphia & Reading Railway Company
The Philadelphia & Read ng Coal 6: Iron Company
Reading Company
Less income of Reading Company included in fixed charges of Philadelphia & Reading Railway Co__
June 30 1908.
June 30 1907.
Increase.
$9,923,000 21
117,248 17
4,599,553 64
$9,747,246 38
115,074 91
4,586,540 78
$175,753 83
2,173 26
13,012 86
$14,630,802 02
4,190,896 99
$14,448,862 07
3,823,129 38
$190,939 95
367.767 61
$10,448,905 03
$10,625,732 69 Dec.$176,827 66
The accumulated surpluses of the three Companies dune 30 1908 were as follows:
READING COMPANY, June 30 1907
$11,518,551 38
Year ended June 30 1908 ( ncluding $6,000,000 00 dividends paid by Philadelphia & Reading
Railway Company)
8,895,589 66
Less-Dividend on First Preferred Stock, September 10 1907
$560,000 00
Dividend on First Preferred Stock, March 9 1908
560,000 00
Dividend on Second Preferred Stock, November 9 1007
840,000 00
Dividend on Second Preferred Stock, May 9 1908
840,000 00
Dividend on Common Stock, August 1 1907
1,400,000 00
Dividend on Common Stock, February 1 1908
1,400,000 00
General Mortgage Sinking Fund..---....
544,695 10
PHILADELPHIA & READING RAILWAY COMPANY, June 30 1907...
$9,816,427 01
Less-Dividend paid October 31 1007
$2,000,000 00
Dividend paid December 2 1907
2,000,000 00
Dividend paid June 30 1008
2,000,000 00
6,000,000 00
Year ended June 30 1908
$20,414,141 04
6,144,695 10
3,816,42701
6,345,639 43
THE PHILADELPHIA & READING COAL & IRON COMPANY, June 30 1007
Year ended June 30 1908
114,269,445 94
10,162,066 44
$1,188,438 62
207,523 77
1,396.962 29
'Petal Surplus June 30 1008
$25,827,474 67
-
The total surplus June 30 1908, of $25,827,474 67,shows an increase of $3,304,057 76 over that of June 30 1907, as follows:
Total surplus June 30 1907
Less dividends and sinking fund paid during fiscal year ended June 30 1908
$22,523,416 91
6,144,695 10
Add total surplus of three Companies for year ended June 30 1908
$16,378,721 81
9,448,752 86
$25,827,474 67
In coOection with the above surplus, the Board of Directors on June 10 1908 took the following action:
On the First Preferred Stock, a dividend of two per cent was declared, payable September 10 1908, and a actm of
$560,000H,vas set apart to make provision for another dividend on the First Preferred Stock of two per cent to be
paid March 10 1909.
As to the Second Preferred Stock, the sum of $1,680,000 was set apart to make provision for a dividend of two per
cent to be paid on November 10 1908, and for another dividend of two per cent to be paid on May 10 1909, upon the
Second Preferred Stock.
On the Common Stock, a dividend of two per cent was declared payable August 1 1908.
The expenditures for improvements by the Philadelphia and Reading Railway Company to the amount of $937,659 64
and the cost of the new work at collieries and the payment into the Depletion of Lands Fund of The Philadelphia and
Reading Coal & Iron Company have been charged to the expenses of the respective Companies.
PHILADELPHIA & READING RAILWAY COMPANY.
The receipts of the Railway Company from the several classes of business for the last seven years (the period in each
case being the twelve months ending June 30) were as follows :
YEAR ENDED JUNE :0.
1907-1908.
1006-1907.
1905-1906.
1004-1905.
1903-1904.
1902-1903.
1001-1902.
$18,577,272 11 $18,730,189 63 $17,198,247 07 $17,163,351 47 $15,921,800 00 $13,134,624 09 112,063,345 47
Coal Traffic
Merchandise Traffic
13,502,925 90 16,360,169 92 15,220,440 96 13,036,535 55 11,932,640 14 12,564,293 31 11,032,410 69
Passenger Traffic
6,211,933 58 6,399,172 94 6,216,316 25 5,717,399 37 5,516,669 39 5,235,89725 4.880,705 14
Excess Baggage Revenue
25,520 79
Express Revenue
607,407 69
Milk Revenue (on passenger trains)
213,286 68
Other Passenger Train Revenue_
87,414 76
Switching Revenue
208,145 05, 1,066,208 54
902,241 36
706,458 53
654,884 18
760,355 31
524,540 33
Special Train Revenue
10,429 55
Miscellaneous Transportation Revenue
1,123 98
Revenue from Operations Other than Transportation
315,620 45
Mall
117,801 32
120,537 44
120,795 11
118,324 99
119,024 51
118,824 95
419,369 82,
Other Income
1,762,057 32
•
$41,640,939 24 $42,676,278 47 $39,658,04075 $36,832,069 91 $34,250,480 35 $31,708,523 78 $28,620,371 45
Total Philadelphia & Reading
1,023,656 10
Outside Operations, Net Earnings..........
852,657 07
905,683 83
663,648 97
688,906 51
721,267 35
552,463 88
$42,664,595 34 $43,528,936 44 $40,563,724 58 $37,495,718 88 $34,939,395 86 $32,429,791 13 $29,172,835 33
Total
--
The gross receipts of the Railway Company show a decrease of $864,341 10 as compared with those of the previous
year, and the surplus for the year increased $301,214 31, The payments on account of fixed charges and taxes were
$175,753 83 greater than during the previous year, and there was a decrease of $910,274
in the amount paid for
additions and betterments.
The details of the accounts will be found in the Comptroller's report herewith.
The tonnage of anthracite coal carried increased from 13,223,780.13 tons in 1906-1907 to 13,537,464.02 tons in 19071908, an increase of 313,683.09 tons, or 2.37 per cent, and the tonnage of bituminous coal decreased from 11,190,250.10
tons to 10,816,439.11 tons, a loss of 373,810 19 tons, or 3.34 per cent. The revenue from coal traffic decreased from $18,730,189 63 to $18,577,272 11, a loss of $152,917 52, or .82 per cent.
748
[VOL. Lxxxvii.
THE CHRONICLE
Merchandise traffic decreased from 24,;14,314 tons to
19,249,682 tons, a loss of 5,164,632 tons, r 21.15%, and
• the earnings therefrom decreased from ,$ • 6,360,169 92 to
.$13,502,925 96, a loss of $2,857,243 96, or 17.46%.
The number of passengers decreased ft, m 29,970,328 to
23,948,164, a loss of 6,022,164, or 20.09%, and the passenger revenue decreased from $6,399,172 94 to $6,211,933 58,
a loss of $187,239 36, or 2.93%.
The losses in freight and passenger business, aggregating
$3,197,400 84, plus a loss of $2,736 12 in mail receipts, were
offset by an increase (1) of $402,740 41 in miscellaneous
transportation revenue, by an increase (2)in "other income"
of $1,762,057-32, which, to 'a large extent, resulted from the
revision of the classification of operating expenses prescribed
by the Inter-State Commerce Commission, under which
"hire of equipment," which, prior to July 1 1907, was credited to expenses, is, in these accounts, included in the income, and by an increase (3) of $170,998 13 in the net earnings from "outside operations," aggregating $2,335,795.86,
leaving the net decrease of gross receipts $864,341 10, as
hereinbefore stated.
The accounts for the fiscal year ended June 30 1908 are
stated in this report in accordance with the regulations of
the Inter-State Commerce Commission, while the accounts
for the previous fiscal year, with which comparison is made,
are stated as they were kept prior to July 11907. There is
such a great divergence between the two systems of accounts
that, unless the accounts of the previous year should be
readjusted to conform to the present system, which readjustment would involve a large, and, for all practical purposes,
an unnecessary expense, a fair and exact comparison of the
details of the operations for the two years could not be made,.
.
Notwithstanding the effort that has been made, particularly'
in the statement of. the classification of operating and other
expenses, to compare the various items as between the two
years, yet; by reason of this divergence of the two systems of
accounts used in this report, the comparison shown herein
of such operating expenses, as well as of other items of the
accounts, will, if used literally, be misleading. Under the
circumstances, it is sufficient to state that at all times, when
the business during the first six months of the past fiscal
year was unusually heavy, as well as during the last six
months, when the business was comparatively light, every
effort was tnade to keep the expenses to the minimum and to
avoid any unnecessary expenditures. The net result of
the operation of the Philadelphia & Reading Railway Company for the fiscal year, which was $301,214 31 better than
for the previous year, can be considered as entirely satisfactory, in view of the fact that during the last half of the
•past fiscal year the depression in the business of the industries upon which this Company relies so much for its traffic
was unprecedented.
line and on the Catawissa Railroad and on the Philadelphia,
Harrisburg dr Pittsburgh Railroad, covers most of the expenditures for additional main tracks.
The balance of the expenditures cover principally sidings
in connection with industries along the various lines,the
erection of a new passenger station at East Washington Lane,
Philadelphia, and the power house, rest house for em ployees,
heating apparatus, &c. at the Rutherford yard, where the
large classification yard, upon which large sums have been
spent in recent years, is located.
In addition to the improvements above referred to, which
were charged to expenses, other improvements were made
by the Philadelphia & Reading Railway Company, costing
$259,411 51, which were charged to capital accounts. The
amount capitalized in the year ended June 30 1907 was
$931,621 12.
The increase of mileage from the expenditures for track
extensions, &c., was as folloWs:
etetrritrcakek
Length of sm
"
"third and other tracks
sidings and laterals
Total increase of mileage
.7.42 miles.
3,88 "
11.89 "
11.56
39.75 miles.
INSURANCE FUND.
0.040,843 92
The balance to the credit of this fund June 30 1907 was
During the past fiscal year the Income from Investments
94,090 77
in the fund,amounted to
$1,085,534 69
Total
From which payments were made for premiums on insurance
carried in outside companies and for losses from fire or
34,338 86
marine disasters
Balance to credit of fund June 30 1908
$1,051,195 83
This balance consists of securities valued at $956,790 75,
and cash amounting to $94,405 08, which is on deposit separate and apart from the other funds of the Company.
The Insurance Fund was not only self-supporting last year,
as shown in the foregoing statement, but the income of
$44,690 77 from the investments in the fund,.&c., exceeded
the losses from fire or marine disaster by $10,351 91, which
amount has been added to the capital of the fund.
EQUIPMENT RENEWALS.
The obligation of the'Railway Company contained in the
leases under which it holds all of the equipment, to keep
the same in good order and repair,and to make replacements
of such as may become unfit for use, or which may be destroyed, has been complied with during the past fiscal year
in every respect. The cost of this work has been included
in the general operating expenses of the Company .under the
head of Maintenance of Equipment.
PENSION SYSTEM.
The sum of $62,307 74 was paid out in pensions for the
fiscal year ended June 30 1908 under the pension system.
The number of pensioners on the roll on June 30 1908 was
ADDITIONS AND BETTERMENTS.
as follows:
fiscal
the
during
past
expended
was
64
$937,659
The sum of
Under resolution of December 11 1901 (fifty-year service employees)__ _ _ 16
service_ _ _150
year for Additions andcBetterments and charged to expenses. Employees seventy years of age and thirty or more years in
Employees
sixty-five to sixty-nine years of age and thirty or more years
this
by
expenditure
covered
Betterments
and
The Additions
19
In service
16
were as follows:
Incapacitated employees
$174,603 32
Right of way, station grounds and Real Estate
Grade revisions, changes of line, Improvement of over and under
107,876 19
rade crossings and elimination of grade crossings
92,029 07
Bridges, trestles and culverts
262,970 02
tracks
Additional main
29,355 28
Sidings and spur tracks
53,741 83
Terminal yards
17,416 13
Interlocking, block and other signal apparatus
83,146 66
Station buildings and fixtures
62,016 58
Shops,engine houses and turntables
" 3,270 24
Water and fuel stations
10,500 29
Grain elevators and storage warehouses
Dock and,wharf property
34,561 24
Electric light an power plants
44,931 97
Miscellaneous -------------------------------$937,659 69
Expenditures which, prior to July 11907, had been classified as "Improvements," have, since that date, been classified as "Additions and .Betterments," under the new classification prescribed by the Inter-State Commerce Commission. -These expenditures for the fiscal year ended June 30
1908 were, as usual, charged to expenses, and while they
were $910,274 less than those of the previous year, yet they
compare favorably,with the expenditures of previous years,
except for .1906, when the expenditures for this account were
extraordinarily large and were amply sufficient for the requirements of the .business.
Nearly all of the amount expended for right of way and
real estate was for real estate to be used in connection with
the improved freight facilities at Milton, Pa., and in Philadelphia, and for the Rutherford yards, and for the proposed
new connection between the Lebanon Valley Branch and
the Steelton Branch in the vicinity of Harrisburg.
ENpenditures in connection with grade crossings and
changes of line were for work done at Coatesville, in straightening the line, to better accommodate the traffic there,
replacing overhead bridge at Noble. and the construction of
bridges on the Chestnut Hill Branch to avoid grade crossings, to which reference was made in the previous annual
report.
Further expenditures weremade.in the construction of the
bridge, at Logan, and a bridge was replaced at Coatesville in
connection with the improvements at that point.
The completion of the work, which- had been in progress
for several years, in providing additional tracks on the main
201
The number of pensioners who died from July 1 1907 to
June 30 1908 was 21.
In addition to the amount paid out in pensions, the sum
.of $29,955 98 was contributed by the Philadelphia & Reading Railway Company towards the support and in aintenance
of the. Philadelphia & Reading Relief Association, the membership of which is corn posed of em ployees of the Reading
System, and.$33,621 24 was expended in the'construction
of a three-story brick Rest House at. Rutherford for the .use
of employees. This sum of $33,621 24 is included in the
item of Additions and Betterments referred to elsewhere in
this report.
ELEVATION OF TRACKS I.N . PHILADELPHIA.
On August 21 1907 work was started by the City of Philadelphia in the reconstruction of the sewer system in the vicinity of the . line of tracks intended to be elevated under the
Ordinance of Councils, and on January 4 1908 work was begun by the Coin pany upon the buildings in the tern porary
engine yard at Wayne Junction. On January 11 1908 the
first actual work upon the ground for the elevation of the
tracks was started upon the masonry, trestles and embankment along the west side of Thirteenth Street, north of
Cumberland Street, Philadelphia. Work has also been
started upon other parts of the,line and is begin prosecuted
as rapidly as possible.
PHILADELPHIA & FRANKFORD RAILROAD.
The Philadelphia & Frankford Railroad, which had theretofore been operated as a part of the Reading System ,_ was
on July 1 1907 leased to the Philadelphia & Reading Railway Corn pany.
PASSENGER FARES.
The Act of the Legislature of Pennsylvania, approved
April 5 1907, declared that "no company operating a railroad, in whole or in part, in this Commonwealth, shall demand or receive more than two cents fare per mile." This
Act, which went into effect September 30 1907, prescribed a
penalty of $1,000 for each and every offense. Under these
circumstances, the Company was compelled to reduce the
SEPT. 19 1.908.1
THE CHRONICLE
fares to two cents, per mile pending a decision of the suit
-which was instituted to test the constitutionality of the Act.
In the test suit instituted by the Pennsylvania Railroad
Company,,the Supreme Court of the State decided the Act
unconstitutional as to that company. The Commonwealth
would not .accept that decision-as applicable to -the Philadelphia & ReadingtRailway Company, and every effort has
been made to have the suit instituted by this , Company
brought to trial. For various reasons beyond the control of
this Company, the trial of the suit has been delayed. -It is
hoped early in the present fall to have the case tried, and in
the meantime we . are • compelled to suffer a heavy loss in
passenger revenue which iesults from this unreasonable
reduction of fares.
RENTALS OF LEASED LINES.
The rentals of leased lines for the past fiscal year show an
increase'of $70,039 05 over those of the previous fiscal year.
This increase is accounted for mainly by the fact that a full
year's rental accrued upon the New 'York Short Line Railroad for the past fiscal year, and that the rental for the Philadelphia & Frankford Railroad is. included for the first time
in this year's accounts. The rental of the East Pennsylvania
Railroad, due principally to an increase of the capital stock
bf that Company, which was'issued to represent additional
749
construction, &c., was increased by the sum of $11,418 23.
This additional East Pennsylvania Railroad Company stock
has been taken by the Reading Company and deposited with
the Trustee of the General Mortgage of that Company.
FUNDED'INDEBTEDNESS OF THE PHILADELPHIA
& READING -RAILWAY COMPANY.
The funded indebtedness of'this Company was increased
$117,974 99 during the past year, being an increase of 139,974 99 in mortgages and ground rents, incurred in connection with increased freight facilities in Philadelphia, and in
connection with the elevation of tracks in'the City of Philadelphia, and an increase of $78,000 on account of the Philadelphia Subway. This .$78,000 represents the interest paid
during the year on the loan issued by the City of Philadelphia,
for the construction of the. Subway on Pennsylvania Avenue,and has been capitalized by the issue of an equal amount
of Philadelphia & Reading Railway Company Subway Mortgage loan bonds under the mortgage dated February 1 1907,
as explained in the last annual report. The additional
amount of .1150,000 Philadelphia & Reading Railway Company Subway Mortgage loan bonds, which appears upon the
balance sheet, was issued during the' past year under the
said mortgage, to represent the $150,000 installment of the
principal of said loan which matured during the year and
paid, and which was, therefore, deducted from the.City of
Philadelphia Subway loan, as shown in the balance sheet.
OCEAN BUSINESS.
.The following statement shows the number of tons of merchandise, anthracite and bituminous coal shipped Nom Port
Richmond, whether to foreign or domestic ports, during the past six years:
Year ended June 30.
-Merchandise-tons 2,000 lbs
Anthracite Coal-tons 2,240'Ibs
Bituminous Coal-tons 2,240 lbs
1907-1908.
1906-1907.
1905-1906.
1004-1905.
1903-1904.
1,043,090 00
2,190,41308
2,021,630 10
1,130,230 00
1,917,19600
1,769,787 00
1,157,805 00
1,751,315 01
1,422,830 00
788,847 09
1,943,545 01
1.596,02003
845,958 08
2,072,233 03
1,402,609 16
% 1902-1003.
1,093,493 1:
1,098,51011
1,305,848 01
During the same years there were shipments as follows'from Port Richmond to rail points, mostly on the line of the
Philadelphia & Reading'Railway:
Year ended June 30.
1007-1908.
1906-1907.
1005-1006.
1904-1905.
1903-1904.
Merchandise and Iron Ore-tons-2,000 lbs__ _ _1
_
1,249,282
1,358,123
1,102,974
851,112
812,885
2902-1903.
1.035,020
EQUIPMENT.
The rolling and floating equipment has been kept up, the valuation and the capacity being both larger than when the
reorganization',was made, as the following statement will show:
ROLLING AND FLOATING EQUIPMENT.
June 30 1908.
Locomotive Engines and Tenders
Revenue, Freight Cars
Passenger Cars
Work Cars
Capacity, lbs.
Valuation.
No.
Capacity, lbs.
1,023
44,676
888
805
27,698,600
2,917,586,000
$8,758,086 28
30,740,881 80
3,213,164 00
359,683 20
791
28,204
723
698
12,757,147
1,336,049,600
8,546,000
Total Floating Equipment
- •-
9,281,760
$43,072,715 28
Total Rolling Equipment
Sea Tugs, Sze
Sea Barges, deo
December 1 1896.
No.
24
114
Gross ilea. Ton.
7,845.15
80,554.30
88,390 45
1,299,554 00
2,541,494 00
$3,841,048 00
Valuation.
$3,880,190 19
10,781,322 00
2,108,344,00
221,000 00
$16.900,856 19
15
103
Gross Rea: Ton.
10,013.75
37,851.80
47,865 55
623,000 00
816,850 00
$1.439,850 00
As of June 30 1908, in comparison with December 1 1896,
the average value of all locomotives had increased from
$4,906 to $8,562; the average value of freight cars producing revenue had grown from $383 to $688; the sea tugs, &c.,
whose average value in 1896 was $41,533, was on June 30
1908 154,148, and the average value of sea barges, &c.,
which was $7,930, had increased to $22,294. This increase
of average value of the several items has resulted from the
fact that in oath class of equipment the new locomotives,
cars, tugs or -barges arelarger and more costly than the old
ones. The total value of the rolling equipment in our possession, including that owned by Reading Company and
that covered by* equipment leases, has'increased from$16,990,856 19, as of December 1 1896, to $43,072,715 28 as of
'Jun0'30 1908, and the value of'floating equipment has increased during thesame period from $1,439,850 to $3,841,048,
making a total increase of value of $28,483,057 09.
This increase has ,been contributed-
was 11,914,154.01 tons, as compared with 11,655,100.17
tons mined during the previous year,an increase of 259,053.04
tons, or 2.22%.
The Company mined during the year 10,218,392.05 tons,
an increase of 183,679.03 tons or 1.83%; purchased 1,083,681.19 tons, a decrease of 24,166.08 tons or 2.18%,and sold
10,992,975.16 tons, a decrease of 499,535.19 tons or 4.35%
as compared with the previous year.
The cost of coal mined and purchased during the year was
1.5 cents per ton less than for the previous year, and the
price realized on all sizes was 2.2 cents per ton higher, making a total increase in the net amount realized of 3.7 cents
per ton.
The total suin charged to expenses for improvements during the year was $1,286,010 65, as against 11,345,228 73
the previous year.
The funded indebtedness of the Coal & Iron Company
has been reduced by the payment of $30,000 of the PhilaBy Reading Company _________________________________ $19,436,301 45 delphia & Reading Collateral Sinking Fund Loan, for which
By Outstanding Car Trusts _____________________ 0,046,665 64 this Company has been reimbursed by Reading Company.
From the earnings of the Company for the fiscal year there
$28,483,057 09
was appropriated to the Depletion of Lands Fund the sum
The increased value of equipment upon the lines on June of $514,349 90, being 5 cents per ton on coal mined from the
Company's lands during the year, and this account now
30 1908 over.that in service June .30 1907 was as follows:
$35719750 stands as follows:
Locomotive engines and tenders
Revenue freight tars
Revenue passenger cars
Sea barges,'&c
Less decrease in'work cars
5,255,834 80
670 00
213,165 00
$5,826,867 30
18,060 80
$5,808,797 50
'THE 'PHILADELPHIA & READING COAL & IRON
'COMPANY.
•
During the year ended June 30 1908, the total production
of Anthracite coal from the lands owned leased and -controlled. by the'Philadelphia•&%Reacling Coal & Iron Company
Balance July 11907; per annual report
$1,523,810 76
Amount appropriated for year ending June 30
1008:
10,286,097.10 tons at 5 cents per ton
514,349 00
Income from Investments
45,025 07
$2,083,186 63
Less amount invested in Coal Lands and Permanent Improvements and transferred to Capital
Account
580,253 90
Balance of account June 30 1908
$1.502,932 73
which Is invested as follows:
Securites owned
$1,083,093 61
Cash
419,83912
$1,502,932 73
The decrease of receipts from the sale of Anthracite from
750
THE CHRONICLE
last year was $683,323 19; the decrease in receipts from sale
of Bituminous and from other sources was $49,817 83, making a total decrease in gross receipts of $733,141 02 as compared with previous year.
The decrease in expenses amounted to $970,963 98.
Cost of Mining and Repairs increased $284,604 99, which
is accounted for by the increase of 183,679.03 tons in the
tons mined by the Company.
Cost of transportation by rail and water during the year
was $10,652,082 58, as compared with $10,159,468 40 for
the previous year.
READING COMPANY.
The amount of General Mortgage bonds outstanding was
increased during the year $1 ,053,000, making the total bonds
outstanding on June 30 1908 $74,962,000, as shown by the
balance sheet of Reading Company. This increase is accounted for as follows:
Delivered to Beading Company in pursuance of the
terms of the General Mortgage for new acquisitions
and betterments
$1,500,000
Drawn under the terms of the General Mortgage on account. of • an equal amount of the Philadelphia &
Reading' Railroad Company 10-year Sinking Fund
bonds which were paid and canceled out of the
proceeds of the sinking fund of that loan
35,000
Drawn under the terms of the General Mortgage, on
account of ground rents of Reading Company and
mortgage on real estate of the Philadelphia & Reading Railway Company, paid and satisfied
90,000
•
$1,,
625000
Less amount of General Mortgage bonds purchased and
canceled out of the proceeds of the General Mortgage Sinking Fund
572,000
$1,053,000
[VoL. Lxxxvii.
STONY CREEK RAILROAD COMPANY BONDS.
The $350,000 Stony Creek Railroad Company First Mortgage 7% Bonds which matured October 1 1907 were extended for fifty years from that date at the rate of 4%,per
annum, and the bonds guaranteed for principal and interest
by Reading Company. The financial disturbance which
occurred during the fall of 1907 made it necessary for Reading Company to provide for the bonds which the holders
were unwilling to extend. The Reading Company accordingly
purchased $327,500 of the said bonds, which are now in the
treasury.
GENERAL MORTGAGE BONDS PURCHASED AND
CANCELED.
By resolution of the Board of Directors, the item of "General Mortgage Bonds Purchased and Canceled ," which heretofore has appeared upon the balance sheet of Reading Company, and which on June 30 1907 amounted to $3,411,004
and on June 30 1908 was $3,983,000, has been elinnnated
from the accounts by the reduction of an equal amount in.
the valuation of the indebtedness due by The Philadelphia
& Reading Coal & Iron Company to Reading Company.
These $3,983,000 General Mortgage Bonds had been purchased and canceled out of the sums which, in accordance
with the terms of the General Mortgage of Reading Company
and The Philadelphia & Reading Coal & Iron Company,
were paid to the Trustee thereof from 1900 to 1908, prior
to the payment of dividends on stock of Reaaing Company in
the several years. As the payment and cancellation of these
General Mortgage Bonds was intended to represent the depletion of the estate of The Philadelphia & Reading Coal &
Iron Company, caused by the mining of anthracite coal during those years, a corresponding re- uction in the valuation
of its coal lands has been made upon the books of that Company.
INCREASE OF FUNDED INDEBTEDNESS.
The increase of $1,826,333 34 in the funded indebtedness
of the Company,as shown by the balance sheet, is accounted
for as follows:
DIVIDENDS.
On May 15 1907 a dividend of 2% upon the First Preferred
Stock was declared out of the surplus earnings of Reading
Company,and paid on September 10 1907,and on January 15
1908 the Board declared, out of the surplus earnings, a dividend of 2% upon the First Preferred Stock, which was paid
on March 9 1908.
On September 18 1907 a dividend of 2% upon the Second Increase of General Mortgage bonds outstanding
$1,053,000 00
Preferred Stock was declared out of the surplus earnings of Railroad Equipment Trust certificates, SerleeE (In Treasury)_ 2,000,000 00
Reading Company, and paid November 9 1907, and on
$3,053,000 00
March 18 1908 a further dividend of 2% upon the Second Less Railroad Equipment Trust certificates,
Series A. canceled
$324,000 00
Preferred Stock was declared out of the surplus'earnings of Less
Railroad Equipment Trust certificates,
Reading Company, and paid May 9 1908.
Series B c c 1
401,000 00
Railroad Equipment Trust certificates,
On May. 15 1907 a dividend of 2% upon the Common Less
Series C. canceled
184,000 00
Stock was declared out of the surplus earnings of Reading Less
Railroad Equipment Trust certificates,
Series D. canceled
Company and paid August 1 1907, and on December 18 1907
312,000 00
a further dividend of 2% upon the Common Stock was de$1,221,000 00
Ground rents extinguished
clared out of the surplus earnings of Reading Company and
5,666 66
1,226,666 66
paid on February 1 1908. Prior to the payment of the lastnamed dividend, the Company paid to the Trustee of the
$1,826,333 34
General Mortgage $544,695 10, being the amount required
The General Mortgage bonds in the treasury of the Comfor the Sinking Fund, which represented five cents per ton pany June 30 1908 were $2,869,000, as compared with $2,on all anthracite coal mined during the calendar year of 1907, 369,000 on June 30 1907. The increase of $500,000 is acfrom lands owned and controlled by The Philadelphia & counted for as follows:
Reading Coal & Iron Company and pledged under the Gen- In treasury June 30 1907
$2,369,000
as heretofore shown:
eral Mortgage. This sum of $544,695 10 was also paid out Received
For improvements, &c
$1,500,000
of surplus earnings, and was applied by the Trustee to the
For ground rents and real estate mortgage paid and satisfied
90,000
purchase of the $572,000 General Mortgage bonds referred
35,000
For sinking fund bonds canceled_
to above.
1,625,000
$3,904,000
GENERAL MORTGAGE BONDS.
Less:
AMOUrit sold to General Mortgage SinkOn November 20 1907 Reading Company certified, as
$572,000
ing Fund
553,000
Amount sold
provided in the General Mortgage, to the Trustee' thereof
---1,125,000
the application of the $1,500,000 General Mortgage bonds,
In treasury June 30 1908
$2,869,000
which, as stated in the Annual report of 1907, had been delivered to it for new acquisitions and betterments. These
READING IRON COMPANY.
new acquisitions and betterments consisted of:
The balance sheet of the Reading Iron Company as of
Rolling stock
$1,301,502 96
to $14,542,876 06.
Balance from previous certificate, &c
141,717 67 June 30 1908 shows assets amounting
The capital stock remains at $1,000,000, and the outstand$1,443,220 63 ing mortgage
bonds after deducting the Sinking Fund seAll the rolling stock thus acquired has been conveyed to curities deposited with the Trustee, amount to $303,811 94,
the Trustee of the General Mortgage by a special supple- and the current liabilities, with accrued interest and divimental mortgage.
dends, amount to $154,529 31.
Upon the filing of the certificate referred to, the Trustee
Mr.'Richard Tull, who was the Treasurer of all of the Comdelivered to Reading Company the $1,500,000 General Mort- panies composing the Reading System, and who had been
Report,
to be used connected with the Treasury Department for nearly thirtygage bonds referred to elsewhere in this
for further acquisitions and betterments.
nine years, died on February 8 1908, and on February 19
1908 Mr. Harry E. Paisley, who had been Assistant TreasNEW EQUIPMENT.
urer, was appointed Treasurer to fill the vacancy.
on
another
page,
to
which
referred
The equipment
repreOn April 15 1908 Mr. Charles E. Henderson, Second Vicethereon
shown
of
value
sents the increased
$5,808,797 50, President of the Philadelphia & Reading Railway Company,
fiscal
year
and
past
is
the
was constructed during
included presented his resignation, to take effect May 1 1908, and
in Railroad Equipment Trust, Series E. This equipment Mr. B. H. Bail, the General Freight Agent, was appointed
consists ofFreight Traffic Manager.
28 switching locomotives,
On June 10 1908 Mr. Charles Steele, who had been a Di2,000 steel hopper coal cars of 100,000 lbs. capacity each,
rector of the Companies since March 28 1900, resigned as a
2,000 box cars of 60,000 lbs. capacity each,
400 low side gondola cars of 100,000 lbs. capacity each.
Director of the Philadelphia & Reading Railway Company,
This equipment as it was constructed was leased by Ed- and The Philadelphia & Reading Coal & Iron Company,
ward T. Stotesbury to Reading Company under lease dated and Mr. Oscar G. Murray was elected a Director of those
April 1 1907 upon a cash payment of 20% of the cost thereof, Companies to fill the vacancy, and at the annual election of
and an agreement to deliver $5,300,000 43/
2% Railroad stockholders of Reading Company, held on June 2 1908, Mr.
Equipment Trust Certificates, Series E. Of the total pro- Murray was elected a Director of that Company in place of
posed issue of $5,300,000 of certificates, $2,000,000 have Mr. Steele.
The Board extends its thanks to the officers and employees
been issued. These $2,000,000 certificates have since been
re-purchased by Reading Company and are now in the treas- of all the Companies composing the Reading System for the
ury. The balance of the cost of the equipment had not been faithful and efficient services performed by them during the
adjusted upon June 30 1908, as appears upon the balance past year.
By order of the Board,
sheet under the item "E. T. Stotesbury (unadjusted balance
GEORGE F. BAER, Praddent.
of new equipment purchased), $3,346,526 01."
SEPT. 19 1908.]
Or.
THE CHRONICLE
751
READING COMPANY-BALANCE SHEET JUNE 30 1908.
Amount.
Railroad •EquipmentLocomotive Engines and Cars
Floating EquipmentSea Tugs, Barges, &c
Cr
Total.
$32,940,289 19
3,026,851 65
Real Estate
Leased Equipment
New Equipment
New Equipment uncompleted
Mortgages and Ground Rents
BondsPhiladelphia & Reading Railway Company's Bonds
20,000,000 00
Bonds of sundry companies
'3,066,116 33
*35,967,140 84
17,084,705 50
9,046,665 64
1,899,956 80
10,000 00
260,681 66
43,066,116 33
StocksPhiladell)hia & Reading Railway Company's Stock
20,000,000 00
The Philadelphia & Reading Coal & Iron
Company's Stock
8,000,000 00
Stocks of sundry companies__ _.
52,695,109 86
The Philadelphia & Reading Coal & Iron Co_
Sundry Railroads, &c.
Current AssetaCash
$2,724,865 64
Notes Receivable
206,855 20
Central Trust Co. of New York, Trustee
38,179 44
Accrued Income.
389,892 56
Current Business...
25,583 19
80,695,109 86
75,241,269 83
2,193,738 75
3,385,378 03
Amount.
Tact.
General Mortgage Loan,18071997._ __Total Issued_ _ _378,945,000 00
Less General Mortgage Bonds
purchased and canceled
for Sinking Fund
3,083,000 00
$74,962,000 00
Mortgages and Ground Rents
1,247,538 73
Delaware River Terminal Bonds_
.500,000 00
Delaware River Terminal Extension Bonds_
809,000 00
Wilmington & Northern RR. Co. Stock
Trust Certificates
1,295,000 00
Reading Company-Jersey Central Collateral
Gold Bonds
23,000,000 00
.
Railroad and Marine Equipment Trust Certificates "Series B"
600,000 00
Railroad Equipment Trust Certificates
"Series C"
261,000 00
Railroad Equipment Trust Certificates
"Series D"
780,000 00
Railroad Equipment Trust Certificates
"Series E"
2,000,000 00
Bonds-Mortgage New Locomotive and
Machine Shops, Reading
1,200000 00
;106,664,138 73
First Preferred Stock
$28,000,000 00
Second Preferred Stock_
42,000,000 00
Common Stock.
70,000,000 00
140,000,000 00
Cont ngent Account (for Unadjusted Matters in Connection
with Foreclosure Sale, &c).
1,537,089 40
Current LiabilitiesCurrent Business
361,190 79
Philadelphia & Reading Ra lway Company
34,231 70
Accrued Interest, Taxes, &c. (Estimated) 2,647,144 94- 3,042,567 43
E. T. Stotesbury (Unadjusted Balance for New Equipment
Purchased)
3,346,526 01
Sinking Fund General Mortgage Loan _______
_
593 73
Surplus to June 30 1907
i i,6-11,151 ili
for year ending June 30 1908
8,895,589 66
$20,414,141 04
From which deductDIvIdend on First Preferred
Stock, paid Sept. 101907 $560,000 00
Dividend on First Preferred
Stock, paid Mch.9 1908.. 560,000 00
Dividend on Second Preferred Stock, paid Nov.9
1907
840,000 00
Dividend on Second Preferred Stock, paid May
19 1908
840,000 00
Dividend on CommonStock,
paid Aug. 1 1907
1,400,000 00
Dividend on Common Stock,
paid Feb. 1 1908
1,400,000 00
General Mortgage Sinking
Fund
544,695 10-8,144,695 10-14,269,445 94
$268,850,781 24
Dr.
PHILADELPHIA & READING
Railroad
Philadelphia Terminal
Amount.
$81,250,026 85
8,500,000 00
PhiladelOhla Subway
Real Estate
New Locomotive and Machine Shops, Reading
Bonds of Sundry Companies
North Pennsylvania Railroad Company Stock
3268,850,761 24
RAILWAY COMPANY-BALANCE SHEET JUNE 30 1908.
Total.
$89,750,026 85
2,003,500 00
311,009 08
1,881,716 15
588,500 00
1,246,853 00
Current Assets-Cash .
$2,652.206 23
Bills Receivable
_ ..
138,305 10
Accrued Income on Secur ties
29,965 78
Freight and 'loll Bills
1,635,006 74
Materials on hand
2,891,745 45
Railroad Companies
2 734,664 72
Philadelphia & Reading Coal & Iron Com1,532,700 08
pany
673,067 66
Individuals and Firms
34,231 70
Reading Company
------ 12,321,893 46
$94,405 08
Deposit acct. Insurance Fund
956,700 75
Insurance Fund Securities
1,051,195 83
$464,374 93
Elevation of Tracks (9th Street)
23,114 30
Elevation of Tracks (Richmond Branch) _
487,489 23
Subway Loan Securities
367,844 00
Amount.
.
$5,241,700 00
18,811,000 00
Prior Mortgage Loans
Consolidated Mortgage Loan, 1871-1911
Improvement Mortgage Loan, 1873-18971947
9,363,000 00
Consolidated Mortgage Loan, 1882-19221937, First Series
5,786,717 00
Consolidated Mortgage Loan, 1883-1933,
Second Series
1,535 00
Debenture Loan, 1891-1941
8,500,000 00
Purchase Money Mortgage
20,000,000 00
Cr.
Total.
$67,683,952 00
City of Philadelphia Subway Loan
2,143,500 00
Philadelphia & Reading Railway Company Subway Mortgage Loan
480,000 00
Mortgages and Ground Rents
246,677 57
Capital Stock
20,000,000 00
Current LiabilitiesUnpaid Vouchers and Pay Rolls
32,566,328 95
Railroad Companies
2,180,896 96
Individuals and Firms
211,619 27
Rents Matured
286,282 00
Interest Matured
102,321 75
Rent. Interest, Taxes, &c., Accrued
1,724,335 22- 7,051,784 15
Insurance Fund
1,051,19583
Equipment Fund
696,125 13
Subway Sinking Fund_
325,031 80
Wilmington & Northern RR. Co. Equipment acct. Lease
320,040 50
Reading Company,acct. Improvements
480,454 18
Surplus June 30 1907
$9,816,427 01
Less Dividend paid October
31 1907_
$2,000,000 00
Less Dividend paid December 2 1907
2,000,000 00
Less Dividend paid June 30
1908
2,000,000 00
6,000,000 00
Surplus for Year Ended June 30 1908
;3.816,427 01
6,345,639 43-10,162,066 44
$110,609,827 60
3110,609,827 80
GEORGE ZIEGLER.Camaro:ler.
Dr.
THE PHILADELPHIA kir READING COAL & IRON COMPANY-BALANCE SHEET JUNE 30 1908. Cr.
Capital AccountsTotal,
Amount.
Coal Lands
$52,333,242 40
Timber Lands
836,531 98
New York and Eastern Depots
724,507 46
Western Yards and Depots
954,665 00
553,137 67
Miners' and Other Houses ________ ___ ___
Pottsville Shops, Real Estate and Improvements
374,791 47
Storage Yards and Washerles
851,892 15
Other Real Estate
361,814 48
Improvements and Equipments at Collieries 13,092,635 26
Stocks and Bonds of Companies Controlled_ 9,554,914 75
------- $70,638,133 52
Current AssetsCash on hand
$451,362 84
Bills Receivable
5,253 85
Coal Accounts
3,009,662 94
Rent Accounts
27,172 45
Companies and Individuals_
465,481 70
Coal on hand_
3,000,353 97
Supplies and Materials on hand
1,117,243 87
----- 8,076,531 62
Depletion of Coal Lands FundfCash
6419,839 12
iSecurities _ 1,083 093 61
1.502.932 73
Stocks. Bonds and Mortgages.
74.321 18
Capital AccountsAmount.
P. &R Collateral Sinking Fund Loan, 1892-1932
Capital Stock
Reading Company.
Current LiabilitiesPay Rolls and Vouchers
Due for Coal Purchased
Due for Royalty on Coal Mined
Freight and Tolls Due Foreign Roads
Companies and Individuals
Interest Due and Uncollected
Interest and Taxes Accrued
Totca.
$1,230,000 00
8,000.000 00
75,241,269 83
$1,183,960 03
168.950 53
140,160 55
25,420 65
148,159 22
8,712 50
239,221 29
P. & R. Railway Company Current Account
Profit and Loss to June 30 1907
1,188,438 52
Profit for year ended June 30 1908
207,523 77
-------
1,899,584 77
1,525,102 16
1,395.962 29
889,291,919 05
NV
G. BROWN. iecraary.
[VOL. Lxxx.vii.
THE CHRONICLE
THE CHESAPEAKE & OHIO RAILWAY COMPANY.
THIRTIETH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1908.
Richmond, Va., September 10th, 1908.
To the Stockholders:
The Thirtieth Annual Report of the Board of Directors
for the fiscal year ending June 30th 1908 is herewith submitted:
Capital Stock
Funded Debt
June 30th 1908.
/62,790,100 00
99,768,000 00
June 3015 1907.
No Change.
$62,799,100 00
90,051,354 17 Inc. 19,716,645 83
3162,567,100 00
$152,850,454 17
inc. $9,716,645 83
Of the $10,000,000 00 General Equipment and Improvement 5% Bonds, authorized and referred to in the last
MILEAGE IN OPERATION.
Comparison annual report, $9,750,000 00 were issued and deposited as
with June
collateral for short loans aggregating $7,500,000 00, falling
30 1007.
June 30 Inc.( +) or due July 1st 1910. Six per cent series "A" bonds to the
1908. Dec.(-).
Ownedamount of $2,000,000 00 became due July 1st 1908, and were
• Fort Monroe, Va., to Covington, Ky. (269.9 miles
663.1
• double track)
retired through the sale of an equal amount of 5% First ConRichmond to Clifton Forge, Va., via Lynchburg (9.5
solidated Bonds issued for this purpose, in accordance with
miles double track)
229.9
Whitcomb to Winterburn, W Va
100.8
the terms of the mortgage.
71.6
Barboursville to Ethel, W. Va
Series "B"6% Bonds and Scrip, amounting to $13,354 17,
268.1
Branch Lines in Virginia and West Virginia
+8.3
and Greenbrier Railway 4% Bonds,amounting to $20,000 00
• Denton to Lexington, Ky. (1.2 miles double track).... 102.7
127.7
•.Big Sandy Junction to Elkhorn City, Ky
(under the sinking fund provision), were also retired.
54.3
• Branch Lines in Kentucky
+4.2
• Extraordinary expenditures charged to income were as
1,618.2
+12.5
.
follows:
Operated through Stock OwnershipCoy. Fe Cin. El. RR.and T. & B. Co.-Covington, Ky.,
to Cincinnati, 0.(double track)
1.8
+12.5
1,620.0
• C. & 0. By. Co. Of Ky. added to C. & 0. mileage both years.
LeasedOrange Branch. Southern Railway-Orange to Gordonsville, Va
9.0
Sulphur Mines RR.-Mineral to Suphur Mines, Va
4.0
Keeney's Creek R14.-Nuttall to Lookout, W. Va._ _ 7.8
Tracks of Other Companies Used JointlyWashington Terminal Co., Philadelphia, Baltimore and
Washington RR., and Washington Southern By.Washngton, D. C.. to Washington Southern Juneton, Va. (double track)
Southern By.-Washington Southern Junction to
Orange, Va. (double track)
Baltimore & Ohio RR.-Lexington, Va
Norfolk ec Western Ry.-Loch La rd to Glasgow, Va
Ashland Coal Fe Iron Ry.-Ashland Junction to Denton, Ky
Louisville & Nashville RR.-Lexington to Louisville,
Ky. (12 miles double track)
20.8
-4.2
9.1
+1.3
76.4
1.0
8.3
Average mileage operated
Total
21.3
84.4
200.5
Grand Total
Change of line between St. Albans and Barboursville
Change of line and Filling Trestles, Kentucky Lines
Change of line and Filling Trestles, other Lines
New Station Buildings and Water Stations
Additional Turn-Tables and Transfer Tables
Additional Shop Machinery and Tools
New Sewerage System, Huntington Shop
New Undergrade Crossings, Huntington
New Bridge and Canal Crossing, Richmond
Miscellaneous New Work and Land Purchases
Ballast Plant. Frazier
Industrial Sidings
New Machinery
Sundry Surveys
Contribution to New RR. Y. M. C. A. Building, Richmond_
Change of Grade, Richmond Division
Locomotive Boller Washer, Covington
Water Plant, Huntington
Cash Payment on Equipment Trusts "L" and "M"
+1.3
1,841.3
+9.6
1,840.3
+12.9
1,640.8
200.5
282.4
97.5
734.7
$114,035 83
44,690 32
08,703 94
17,017 91
8,387 28
16,883 74
6,677 27
4,485 93
4,581 34
4,128 35
3,680 94
5,815 07
17,437 33
428 59
_ 15,000 00
41,216 22
9,210 33
21,736 06
200,210 26
$634,326 71
The balance to the credit of the Second Track Fund
June 30th 1907, amounting with interest to $208,373 89,
was expended in accordance with the terms of the mortgage,
together with an additional sum of $46,920 27, as shown in
the cost of road and equipment during the year.
COST OF ROAD JUNE 30TH 1008.
$111,223,840 19
The Cost of Road as of June 30th 1907 was
of
Cost
for
Add
Chesapeake Fe Ohio By. Co. of Kentucky_ _123,542,201 20
Passenger & Belt Railway of Lexington....__
150,000 00
Kineon Coal Viaduct. Cincinnati
337,843 10
Real Estate-Richmond, Lynchburg, Ashland, Russell, &c
160,330 74
Additions to Freight Station, Lynchburg
13,914 40
Improvements, Eighth St. Basin, Richmond
40,223 07
Interlocking Plants, Richmond Division_ __ _
17,580 79
6,692 06.
New Coal Pier No. 12, Newport News
73,868 24
Sidings and Yards
255,294 10
New Second Track
+8.3
+1.3
+25.9
+1.3
+1.8
2.955.9
+44.9
Total all tracks
Mileage "Owned" increased by the acquisition of the Passenger 8c Belt
By. at Lexington, Ky., 4.2 miles; construction of Potts Creek Branch,
Covington to Jordan Junction, Va., 18.1 miles; and extension of Cabin
Creek Branch, .7 of a mile; decreased by mileage of Southside Branch.
South Caperton to MacDougal, W. Va., converted into a second main
track, 10.5 miles.
$24,606,947 76
Mileage "Leased," decreased by acquisition of Passenger Fe Belt Ry. at Less-Sundry Credits
15,595 56
Lexington, Ky., 4.2 miles.
29,591,352 20
Mileage of "Tracks of Other Companies Used Jointly," increased by
additional mileage of Washington Terminal Company at Washington, D. C.,
1137.815,192 39
Cost of Road, as per Balance Sheet
miles.
1.3
COST OF EQUIPMENT JUNE 30TH 1008.
GENERAL INCOME ACCOUNT FOR THE YEAR ENDING JUNE 30
313,912,508 48
The Cost of Equipment June 30th 1907 was..
1908 AND COMPARISON WITH YEAR ENDING JUNE 30 1907.
Add forIncrease (+)
princiof
the
-half
account
amount
paid
on
One
1908.
RevenuesOperating
1907.
or Dec.(-).
$1,005,000 00
pal of Equipment Trusts
110,571,609 17 119,974,860 86
From Freight Traffic
$403,251 69
Re5,120,528 63
4,888,139 17 ±232,38948 Less amount charged against Equipment
" Passenger Traffio
505,000 00
500,000 00
•
placement
Accounts
40
395,714
416,553 67
" Transportation of mails
-20,839 27
407,976 18
385,103 73
+22,87245
" Transportation'of exp_
$14,417,508 48
Balance Sheet
of
Cost
Equipment,
per
as
301
219,357
132,203
Rev.._
55
34
Transportation
+215,240
Other
128,086 59J
Non-Transportation Revenue
1908
First track, owned and leased
First track, used jointly
Second track, owned
Second track, used Jointly
Sidings owned
Total Operating Revenues.$25,843,272 27 $25,706,860 98 +146,411 29
Operating Expenses$3,135,354,40 $3,090,037 15 +$45,317 25
For Maint. of Way & Struc
4,721,345 82 +648,118 09
Maintenance of Equip.... 5,369,463 91
482,443 67
470,956 76
" Traffic
-11.486 91
7,955,064 01 -184,306 93
7,770,757 08
" Transportation
401,415 87
440,215 02
+38,799 15
" General
Total Operating Expenses.417,186,747 17 $16,650,306 52 +3536.44065
66.5%
64.5%
9,1,46,554 46 -490,029 36
Net Operating Revenues_ _ 8,656,525 10
To which add:
244,359 81 +518,472 15
762,831 96
Income from other sources
$9,419,357 06 $9,390,914 27
Gross Income
From which deduct- •
*4,168,603 45 14,234,819 99
Interest, Funded Debt
734,423 32
791,060 97
Taxes
551,166 70
607,346 63
Interest, Equipment Trusts_
44,812 40
101,846 52
Interest, general account
310,076 33
Ioterest on Collateral Notes..
Rentals Leased Roads, Joint
360,749 80
593,781 73
Tracks, &c
Loss on C. ea 0. Grain le71,942 92
62,254 92
vator
4428,442 79
--$66,216 54
4-56,637 65
+56,179 93
+57,034 12
+310,076 33
4-233,031 93
-9,688 00
36,634,970 55 $5,997,915 13 +$637,055 42
Total Deductions
32,784.386 51 $3,392.999 14 -3608,612 63
Net Income
$2,784,386 51
From this Net Income for Year ending June 30th 1908
There have been deductedOne-half the amount paid on account of principal of Equipment
$1,005,000 00
Trusts
Extraordinary Expenditures for
Improvements and New Equip634,326 71
•
ment
10,600 00
Greenbrier Railway Sinking Fund
Dividend No. 9 of 1% paid December 12th 1907
627,907 00 $2,286,833 71
Balance transferred to credit of
Profit and Loss
Amount to credit of Profit and
Loss June 30th 1907_..
From which have been deductedDiscount on Collateral Gold 6%
Notes less Premium on Consolidated Mortgage 5% Bonds sold.$123,750 00
Difference in material balances,
186,140 92
less sundry credits
Balance to credit of Profit and
LossRune ISO th 1008 •
$497,552 80
$987,248 20
309,800 92
677,357 28
11,174,910 08
The equipment in service June 30th
Locomotives owned
Locomotives leased (under Equipment Trusts)
Passenger Cars owned
Freight and Miscellaneous Cars owned
Freight Cars leased (under Equipment Trusts)
was as follows:
457 No change.
"
213
300 Dec.
1
18,045 "
344
17,205 Inc. 4,000
There were three locomotives dismantled and three purchased in their stead, and the cost charged to the Equipment
Replacement Account.
Two baggage and express cars were dismantled; one
baggage and express car was built, and the cost charged to
the Equipment Replacement Account.
There were 638 freight and miscellaneous ears dismantled
or destroyed during the year, and six shop cranes transferred
from the equipment list to the shop tool account. There
were purchased and charged to the.Equipment Replacement
Account 300 cars, and one car, which had been erroneously
repotted destroyed, was restored to the list. The revenue
cars taken out of service had a tonnage capacity of 16,125
tons. The cars built have a tonnage capacity of 11,395 tons.
Operating Expenses (Maintenance of Equipment) were
charged, and the Equipment Replacement Accounts credited, with sums as follows: For renewals of equipment,
$221,046 61; for depreciation of equipment, $857,316 13, to
which was added $109,359 71, the value of the salvage from
equipment retired, making a total credit to the Equipment
Replacement Accounts of $1,187,722 45. To these accounts
were charged $321,157 16, the amount expended in replaceing equipment; $500,000 00 as part payment of the principal
of Equipment Trusts falling due; the balance•, $366,565 29,
stands as a liability on your balance sheet, to be applied to
the purchase of one. baggage and 337 freight cars that it will
be necessary to acquire in order to replace the equipment
that was put out of service during the year and not already
provided for.
There were 4,000 steel gondola cars added to the equipment during the year, and Equipment Trust Certificates,
Series "L" and "M" issued, as per reference on page 12 of
the last Annual Report
SErr. 19 1908.1
THE CHRONICLE
The following is an eight-year comparison of equipment
The Equipment Trust expenditures for the year consisted
of $2,010,000 on account of principal, $607,346 63 for in- owned and leased:
terest and $200,210 26 for cash payments on the cars acEquipment OwnedJune 30 '08. June 30 '00.
quired under Series L and NT in excess of the amount of
Locomotive Equipment
457
375
krc.
.t
,
t3
certificates issued therefor, a total of $2,817,556 89. Of the Passenger
Car Equipment
221
300
payments on account of principal, the sum of $505,000 was Freight and Miscellaneous Car Equip't_ 18,045
12,371
" 5,674
charged to Cost of Equipment, and the balance thereof to
Equipment LeasedIncome. The outstanding Equipment Trust Certificates, Locomotive
Equipment
None
213
as of June 30 1908, amounted to $14,420,000.
Freight Car Equipment
17,205
4,899
Inc. 12,30n
EQUIPMENT TRUST OBLIGATIONS JUNE 30TH 1008.
Date of
Agreement.
August 1st 1901
August 14th 1002
"A"
.,13,,
August 30th 1002
July 20th 1003
..C.,
...D,,
November 16th 1003
December 15th 1004
"Er.
..r"
April 1st 1005
..G..
April 20 1906
"if"
June 1st 1906
August 1st 1906
October 15th 1006
"I"
..j."
,./v.
January 2d 1007
February 1st 1907
../,,,
"Da"
_
Total Trust Obligations
Date of
Final Payment.
Description of
Equipment.
Series.
525 Locomotives
1,000 Freight Cars
)
1.
25 Locomotives
2,210 Freight Cars
I
1,000 Gondolas (steel) - -,
50 Locomotives
l
1,000 Gondolas (steel)
f
1,000 Gondolas (steel) ___
1
5 20 Locomotives
1 500 Gondolas (steel) - _
3
18 Locomotives
11,500 Gonddlas (steel)
3
35 Locomotives
995 Gondolas (steel)
1,000 Gondolas (steel) 2,000 Gondolas (steel) _ _ r
40 Locomotives
3
l
11,000 Gondolas (steel) - .1
2,000 Gondolas (steel) ___
2 000 Gondolas (steel) - - -
Amount Unpaid
June 30th 1907.
Balance
Payments Made
during Year End- June 30th 1908.
ing June 30th 1908
$100,000 00
$400,000 00
August 1st 1911_ _ __
$500,000 00
August 15th 1912._ _
1,200,000 00
200,000 00
1,000,000 00
September 1st 1912_
August 1st 1913. __ _
550,000 00
1,400,000 00
100,000 00
200,000 00
450,000 00
1,200,000 00
December 1st 1913_
December 15th 1914
65(1,000 00
525,000 00
100,000 00
70,000 00
550,000 00
455,000 00
April 1st 1915
1,440,000 00
180,000 00
1,260,000 00
April 1st 1016
1,440,000 00
160,000 00
June 1st 1916
August 1st 1916....
October 15th 1916._
000,000 00
1,805,000 00
1,520,000 00
100,000 00
190,000 00
160,000 00
1,280 000 00
i
tr00,000 00
1,615,000 00
1,360,000 00
2,250,000 00
2,250,000 00
$16,430,000 00
226,000 00
224,000 00
2,024,000 00
2,026,000 00
January 1st 1917._ _
February 1st 1917._
--
3
213 Locomotives _ _ 1
117,205 Freight Cars._ _ _ _ j
$2,010,000 00
$14,420,000 00
.
Equipment Trust payments charged, $505,000 to cost of Equipment, $500,000 to Equipmmt Replacement Accounts, and the balance to Income.
FREIGHT TRAFFIC STATISTICS.
All Lines Operated.
Comparison with
June 30th 1007.
Year ending
(-I-) Increase or Per
June 30th 1008. (-) Decrease. Cent.
Mlles
.7
+12.9
1,840.3
Freight revenue
2.0
$19,571,609 17 -$403,251 69
2.2
Per cent of gross revenues
-1.7
75.7
4.6
Coal and coke carried (tons)
+477,681
10,856,273
Other freight carried (tons)
-803,713 12.4
5,684,560
1.9
Number of tonidearried, total
-326,032
16,540,833
2.0
-92,295,462
Number of tons carried one mile
4,525,313,214
.
Average miles each ton was carried
274
0.0
Number of tons carried 'per mile of
road
2.6
-242
8,988
Number of tons carried one mile per
mile of road
2.7
--67,866
2,459,008
Freight revenue per mile of road
$10,635 01
2.7
--$295 74
Average revenue per ton
$1.18.3
--$0.00.1
0.1
Average revenue per ton of coal per
mile (mills),
0.3
3.26
+.01
Average reventle per ton of freight
other than coal per mile (mill )
0.6
6.06
+.61
Average revenue per ton per mile
from all freight (mills)
0.2
4.32
--.01
Average number of tons per loaded
Car
6.6
29.1
A-1.8
Average revenue train load (tons)...
4.2
621
4-25
Average train load, including Company's freight (tons)
3.8
652
4-24
Average number of loaded cars per
east-bound freight train
1.2
4-.3
25.2
Average number of empty cars per
east-bound freight train
4-2.1 25.3
10.4
Average number of loaded cars per
west-bound freight train
3.8
17.9
---.7
Average number of empty cars per
west-bound freight train
16.8
4-2.7 10.1
Average number of. loaded cars in
train
2.3
21.3
---.5
Average number of empty cars in
train
13.4
4-2.2 10.6
Total cars per freight train
34.7
5.2
4-1.7
'
Miles run by freight trains
7,202,695
--455,524
5.9
Miles run by switch and construction
trains
4,520,640
--855,340 15.9
Freght car mileage
253,133,053
.0
--2,304,327
Loaded carmileage
---13,723,386
155,298,570
8.1
Empty car mileage
97,835,383
4-11,320,059 13.1
Freight train mileage per mile of road
3,063
--277
6.5
Freight revenue per freight train mile
4-$0.10.6
$2.68.4
4.1
PASSENGER TRAFFIC STATISTICS.
All Lines Operated.
Comparison with
June 30th 1007.
Year ending
(+)Increase or Per
June 30th 1008 (-) Decrease. Cent.
Miles
+12.9
1,840.3
.7
Passenger revenues
4.8
$5,120,528 63 +$232,389 46
Per cent of gross revenues
4.8
+.0
19.8
Number of passengers carried
+880,748 20.6
5,150,108
Numberof passengers carried one mile
286,729,837
+60,068,905 26.5
Average miles each passenger was
carried
+2.58
4.0
55.67
Number of passengers carried per mile
of road
+463 10.8
2,700
passengers
Number of
carried one mile
per mile of road
155,806
+31,771 25.6
Passenger revenue per mile of road_ _ _
$2,782 44
+$107 53
4.0
Average revenue from each passenger
8.00
-$.15 13.2
Average revenue per passenger per
mile (cents)
1.786
-.371 17.2
Average number of passengers per
71
train mile
+16 29.1
4,060,518
Passenger train mileage
-67,236
1.6
21,835,610
Passenger car mileage
+1,372,850
6.7
Passenger train mileage per mile of
2,206
road
-53
2.3
$1.26
Passenger revenue per train mile_ _ _ 6.8
+8.08
Revenue per passenger train mile, In$1.46
cluding Mail and Express
5.8
+$.08
• Includes mileage made by light trains.
GENERAL REMARKS.
The Net Income for the year, after providing for all
charges, including interest on Equipment Trust obligations,
was $2,784,386 51. Deductions were made therefrom as
follows: Payments on account of principal of Equipment
Trusts, $1,005,000 00; extraordinary expenditures for improvements, $634,326 71; sinking fund for retirement of
Greenbrier Railway Company bonds, $19,600 00, and a
dividend of one per cent on the common stock of the Company, $627,907 00, paid December 12th 1907. The balance,
$497,552 80, was transferred to the credit of Profit and Loss.
There has been charged against this account the sum of
$309,890 92, representing discount, uncollectible accounts
and adjustment of material balances, leaving a balance to
the credit thereof as of June 30 1908 of $1,174,910 08.
The showing of Gross and Net revenue for the first
half of the fiscal year was quite favorable, there being an
increase of $2,392,697 97 and $518,920 55 respectively. The
business depression during the latter half, however, caused a
loss of substantially the entire gain in gross revenue as above
mentioned, and a total loss in net revenue of $490,029 36,
it being impracticable to proportionately reduce the expenses without causing a deterioration in the physical
condition of your property. Maintenance expenses for the
year increased nearly 9 per cent while conducting transportation and general expenses decreased 2.6 per cent.
First Consolidated Mortgage five per cent bonds to the
amount of $2,000,000 00 were issued and sold in accordance
with the terms of the mortgage covering that issue, and the
proceeds applied to the purchase and cancellation of an equal
amount of six per cent Series A bonds falling due July 1st
1908. Series B six per cent bonds and scrip, amounting
to $13,354 17, which fell due the same date, were also paid.
Your Company has been the guarantor of $150,000 00 of
bonds covering the property of the Lexington (Ky.) Passenger & Belt Railway Company, now by consolidation a part
of your system. These bonds became due January 1st 1908
and were retired.
Your Directors, under dates of April 23d and May 14th
1908, authorized the sale respectively of $1,500,000 00 and
$1,000,000 00 of six per cent notes secured by the pledge of
$3,250,000 00 of the General Equipment and Improvement
bonds. These notes become due July 1st 1910,and, with the
$5,000,000 00 heretofore issued, made an aggregate of
$7,500,000 00 secured by the pledge of the $9,750,000 00
of General Equipment and Improvement bonds appearing
on your balance sheet.
The second track, Williamsburg to Lightfoot, 6.5 miles
(Richmond Division); between Hawks Nest and Cotton
Hill, 2.3 miles, and between Kanawha Falls and Mt. Carbon.
5.4 miles (Hinton Division), have been coin pleted and
placed in operation. The grading and masonry on the
change of line and second track work between Norge and
Diascund (Richmond Division); Jerrys Run and Lewis
Tunnel (Hinton Division), and between Maysville and
Lawrence Creek (Cincinnati Division), are also con,pleted.
Your Board has authorized the resumption of the grading
and masonry work for second track between Gauley and
Kanawha Falls, and the change of line and second track
between St. Albans and Barboursville. These improvements, when completed, will make your main line from
Clifton Forge, Va., to Riverton, Ky.(255 miles), a continuous double-track road, with the exception of five short
stretches, aggregating eleven miles, where very heavy work
will be encountered.
A profile of the line accompanies this report. Attention is
called to the favorable grades on the main line from the coat
territory to Cincinnati and Newport News.
The Coal River Railway, 51.3 miles, has been from July 1st
1908 operated by your Company as agent, and its mileage
and earnings will be included with those of your Company.
[VOL. Lxxxvii.
THE CHRONICLE
754
There were 10.4 miles of this line constructed and placed in
operation during the year and 12 miles are still under construction and nearing corn pletion. The Coal River Railway has issued to your Company bonds to the par value of $150,00000,
for advances made to July 1st 1908.
The Raleigh & Southwestern Railway Company has added
two miles to its line during the year, and has issued its notes,
amounting to $47,873 75, guaranteed by your Company, to
cover this expenditure.
There were 6,954 tons of new and 2,506 tons of re-rolled
steel rails used in renewals, a total of 9,460 tons, or 66.3
miles of track. There are 628.6 miles of main track laid
with rails weighing 100-1b. per yard; 391.1 miles with 85-lb.
662.4 miles with 80-lb., 75-lb. and 70-lb.,and 241.1 miles
with rails of lighter weight; a total of 1,93.2 miles of main
track, including branch lines.
There Were 949,726 ties used in maintaining existing
tracks, and 84,139 in new construction, a total of 1,033,865.
There were 426,776 yards of ballast used (principally stone),
of which' 69,730 yards were used in construction work.
, Repairs were made to 616 locomotives, 223 passenger train
cars and • 86,180 freight train cars. The average amount
expended per locomotive owned and leased was $2,023 78;
per passenger car owned $852 42, and per freight car owned
and leased, $78 64. The average capacity of freight cars
increased from 40.0 tons to 41.4 tons.
The coal and coke tonnage increased 4.6%; other freight
tonnage aecreaseu 12.4%. The total tonnage was 16,540,833
tons, a decrease of 1.9%. The ton miles were 4,525,313,214,
a decrease of 2%. The ton mile revenue was 4.32 mills, a
decrease of 0.2%. Revenue per freight train mile was
$2.684, an increase of 4.1%. The revenue tonnage per train
was 621, an increase of 25 tons, or 4.2%; incluaing Company's freight it was 652 tons, an increase of 3,8%. The
average tonnage per loaded car was 29.1,an increase of 6.6%.
The number of tons of revenue freight carried one mile per
mile of road was 2,459,008, a decrease of 2.7%. Freight
train mileage was 7,292,695 miles, a decrease of 5.9%.
There were 5,150,108 passengers carried, an increase of
20.6%. The number carried one mile was 286,729,837, an
increase of 26.5%. Passenger revenue was $5,120,528 63,
an increase of 4.8%. Total passenger train revenues were
$5,924,219 21, an increase of $234,422 64. Revenue per
passenger per mile were 1.786 cents, a decrease of 17.2%.
Number of passengers carried one mile per mile of road was
155,806, an increase of 25.6%. Passenger train mileage
was 4,060,518,a a ecrease of 1.6%. Passenger revenues per
train mile were $1.26, an increase of 6.8%; inducing mail
and express, they were $1.46, an increase of 5.8%.
By order of the Board.
GEO. W. STEVEKS,
President.
GENERAL BALANCE SHEET JUNE 30TH 1908.
Comparison with
June 30th 1907.
Increase.
Decrease.
ASSETS.
$24,591,352 20
505,000 00
28,228 87
$137,815,192 39
14,417,508 48
479,943 63
*Cost of Road
Cost of Equipment
Construction-Potts Creek Branch
* Real I.:State
* Kineon Coal Viaduct
$113,350 80
337,843 10
--------$152,712,644 50
* Chesapeake Fe Ohio Railway Co. of Kentucky, including Stocks and Bonds of merged
lines and Advances made_ ----------------------------------------Bonds (.tunedBig Sandy Railway, first mortgage 4% Bonds
Chesapeake & Ohio Railway. Potts Creek Branch, first mortgage 4% Bonds
Chesapeake Fc Ohio Railway General Equipment and Improvement 5% Bonds.Other Bonds------------------------------ ------------------
$23,552,185 20
$771,000 00
300,000 00
9,750,000 00
3,173,235 28
--------------
Stocks owned -- _ -- _ Advances to Controlled_---------Special Cash Deposit (unexpended balance of Second Track Fund)
Special Cash Deposit with Trustees
13,994,235 28
2,608,813 74
1,135,049 30
9,875,000 01
50,500 00
112,082 02
183,209 53
155,474 61
203,707 72
--------
Total Invested Assets_ _ ----- - - --- - --- -------- - -- _ -------- _ -- _ --- _ _
Cost of New Equipment covered by Trust- Agreements, less amount charged to
and Capital account- _ --- - ---- ------- - ,---- - _ --------Special Deptisits, for redemption with Interestto ---- date, of-Six per cent Series A-G-old
Bonds and Six per cent Series B (and Scrip) Bonds due July 1 1908
Current AssetsCash In hands of Treasurer
_-- ---------------Cash on Deposit to pay Interest and Dividends...................................
------------------- _ --- _
Due from Agents and Conductors
Due from Individuals and Companies --------------------------- _
Traffic Balances,- -----Bills Receivable--- _ --- Materials and Supplies
$170,631,952 35 $11,110,550 88
2.152,639 50
14,420,000 00
2,043,487 71
$2,197,712 22
426,370 56
790,600 33
508,296 92
540,685 54
27,220 00
1,841,605 62
2,043,487 71
1,641,299 33
171,647 74
'893,926 07
176,051 97
159,364 54
14,720 00
398,374 73
6,332,491 19
$109,049 76
$193,427,931 25 $11,201,348 85
Total
LIABILITIES.
Capital Stock, Common
First Preferred
" Second Preferred
$62,790,700 00
7,700 00
700 00
-
$62,799,100 00
Funded Debt$27,858,000 00
First Consolidated Mortgage, 5% Bonds..._..
43,573,000 00
General Mortgage, 4;6% Bonds1992
._
1908
Series A. 6%:Bonds_
1908
Series E rand scrip), 6% Bonds
2,000,000 00
1911
First Mortgage, Peninsula Division, 6% Bonds
142,000 00
1922
First Mortgage, line Newport News to Old Point Comfort, &c., 6% Bonds
6,000,000 00
1989
First Mortgage, R. & A. Division, 4% Bonds
1,000,000 00
1989
Second Mortgage, R. Fe A. Division, 4% Bonds.
650,000 00
1940
First Mortgage, Craig Valley Branch, 5% Bonds
400,000 00
1941
First Mortgage, Warm Springs Valley Branch, 5% Bonds...
339,000 00
_1942
First Mortgage, Greenbrier & N. River RR.,5% Bonds
200,000 00
1915
First Mortgage, Kineon Coal Co.. 5% Bonds
194
1,060,000 00
First Mortgage, Greenbrier Railway,4% Bonds
525,000 00
1945
First Mortgage, Paint Creek Branch,4% Bonds.
1944
4,771,000 00
First Mortgage, Big Sandy Railway, 4% Bonds.
194
600,000 00
First Mortgage, Potts Creek Branch. 4% Bonds
9,750,000 00
191
General Equipment and Improvement,5% Bonds
$2,000,000 00
------1939
$2,000,000 oo
13,354 17
20,000 00
9,750,000 00
09,768,000 00 $9,716,645 83
Total Capital S.-^,-.1c and Funded Debt
Balance due on New Equipment covered by Trust Agreements
Six per cent Series A Gold Bonds and Six per cent Series B and (Scrip) Bonds, due
July 1 1908
Six per cent Collateral Notes
Loans and Bills Payable
Equipment Replacement Accounts
Current LiabilitiesInterest Accrued
Unpaid Interest, including that due July 1 1908
Dividends Uncollected by Shareholders
Unpaid Vouchers and Pay-Rolls
Traffic Balances
Taxes Accrued
Sundry Accounts
.
Profit and Loss-----------Tots!
$162,567,100 00 $9,716,645 83
14,420,000 00
2,013,354 17
7,500,000 00
1,540,422 17
366,565 29
3,836,579 54
1,174,910 08
2,553,094 32
366,565 20
4,052,021 22
176,207 90
38,100 58
66,670 07
-4,019,784 00
187,661 88
$193,427,931 25 $11,201,348 85
-
•
This Company is also liable as a guarantor of the--C. & 0. Grain Elevator Co., First Mortgage
Coal River Railway Co., First Mortgage---Norfolk Terminal de Transportation Co., First Mortgage-------Paleleh & Southwestern Railway Co., First Mortgage
.
Western Pocahontas Corporation First Mortgage
Western Pocahontas Corporation, Extension Mortgage No. 1
Western Pocahontas Corporation, Extension Mortgage No. 2_
--- __ ---____
____ _
______________
Louisville & Jeffersonville Bridge Co., First Mortgage (C. Fe 0.
Richmond-Washington Co., Collateral Trust Mortgage (C. & 0. Proportion,.1-6)
2,010,000 00
35,152 an
201,565 28
210 00
$1;234,297 14
452,378 10
4,126 00
1,557,238 66
159,518 40
318,046 75
110,974 49
--
2,013,354,17
7,500,000 00
$820,000 00
2,100,000 00
500,000 00
330,000 00
750,000 00
114,000 00
51,000 00
4,500,000 00
9,500,000 00
L. P. SULLIVAN, Comptroller.
ie,the Chesapeake & Ohio Railway Company of Kentucky was acquired- by your Company on July 1st 1907, an d the advances previously made
to It and the cost of its stock and bonds transferred to cost of Road. There wercialso transferred to cost ofroad the amount, there ofere carried
ender'soot ofilicalrstateland Kineon Coal Viaduct.ltuttoi
fo•
--------
------
SEPT. 19 1908.1
THE CHRONICLE
755
THE HOCKING VALLEY RAILWAY COMPANY.
NINTH ANNUAL REPORT-FOR THE YEAR ENDING JUNE 30 1908.
The Directors 'of the Hocking Valley Railway Corn pony
submit to the Stockholders the following report for the year
ending June 30 1908:
The Corn pany's accounts and statistics have been kept
for this year in conform ity with the directions of the InterState Commerce Cornn ission. These directions went into
effect July 1 1907. The new system of accounts varies
from the system previously followed by your Corn pony in
so many particulars relating to revenue, expenses and the
methods of computation of freight and passenger statistics,
that an accurate comparison of such items as between•this
and forn er years could not have been made without the
additional work and expense of compiling records on the old
as well as on the new basis, and this has not been attempted.
The following is a condensed statement of the Income Account for the year, arranged in accordance with the new system. The subdivisions of the condensed iten s given below
are stated in detail in the Incoine Account. [See pamphlet
report.]
Revenue frorti 'Transportation
Revenue from Operation Other Than Transportation
$5,817,397 04
24,366 17
Total Operating Revenue
Expenses and TaxesOperating Expenses
$5,841,763 21
Net Operating Revenue
Taxes
$1,758,554 29
224,667 24
Operating Income
Outside Operations
Other Income-
$1,533,887 05
17,024 86
963,369 79
Total Available Income
Deductions from IncomeInterest, Rents and Other Deductions
$2,514,281 70
4,083,208 92
1,149,600 11
$1,364,681 59
Net Income
From the Net Income Above Stated the Following Amounts
Have Been Deducted:
Dividends(4%)on PreferredStock $600,000 00
Dividends(4%)on Common Stock 440,000 00 $1,040,000 00
Betterments to Property
101,753 97 $1,141,753 97
Surplus for the Year Carried to Profit and Loss
For Additions to Property
For Additions to Equipment
$318,845 69
51,646 56
1370.492 25
Semi-annual dividends on the Common and Preferred
Stocks were declared as follows:
On the Comrr on Stock,2% and 2%;total, 4%•
On the Preferred Stock, 2% and 2%; total, 4%. To this report are appended the year's Income Account,
the Profit and Loss Account and the Balance Sheet of June
30 1908, all in the new forms suggested by the Inter-State
Commerce Commission.
It will be noted that the Profit and Loss Account is debited
with items aggregating $955,621 33, representing the value
of stocks of coal companies written off. The equities in the
stocks in question, namely, the Sunday Creek Con, pany, the
Sunday Creek Coal Company, the Buckeye Coal & Railway
Company and the Ohio Land & Railway Company were conveyed April 30 1908 to the Central Trust Corn pony of New
York, as trustee for the stockholders of the Hocking Valley
Railway Company; to be re-conveyed to the Corn pany,however,in the event that the Commodity Clause of the Hepburn
Act shall be finally determined to be unconstitutional, in
which event said sum of $955,621 33 will be credited back
to Profit and Loss.
It will also be noted that the Profit and Loss Account hits
been credited with $696,452 49, representing deductions
which had been made in previous years from property accounts through appropriations from income.
The surplus June 30 1908 was composed of the following
items:
$2,621.712 78
592,184 21
1,496,085 08
Re-Invested in Property
Represented by Material and Supplies
Represented by Net Working Assets
$4.709,982 07
$222,927 62
It will be noted that the Operating Expenses and Taxes
absorbed 73.74% of the total Operating Revenue. In explanation of this apparently high ratio, it seems proper to
state that it does not correspond to the ratio of Operating
Expenses and Taxes to Gross Earnings as shown in previous
annual reports, for the reason that, under the former system
of accounting, Gross Earnings included son e very considerable items, such as Hire of Equipment Balances, which are
excluded under the new system from Operating Revenue,
and are now shown under the head of Outside Operations
or Other Income. This is mentioned as an illustration of
the absence of a basis of comparison with previous years.
There was, of course, a great falling off in traffic and income after the financial disturbances of October 1907. There
was a total suspension of coal mining in the month of April
1908, and the shipments of coal to the Great Lakes began at
an unusually late period.
EQUIPMENT.
Additions and Betterments:
$31,447 66
2 Passenger Locomotives
68,521 86
5 Switching Locomotives
153,138 15
10 Freight Locomotives
17
$253,107 67
1 Private car
25,320 86
1,000 50-ton Drop Bottom Gondola cars
1,211,298 96
1 Box Car
1,091 60
Sundry Additions to Freight Cars Purchased In Previous
Fiscal Year
83,284 70
4 Caboose Cars
2,327 00
1 Gondola Coal Car Rebuilt
756 47
Reconstruction and Betterment of Freight Cars _-_
251,317 29
(For particulars see Equipment Report in Appendix of
Pamphlet.)
Total for the Year
$1,828,504 55
Covered by Part-Proceeds of Hocking Valley 4 3 per cent
Consolidated Mortgage Bonds
$51,646 56
Replacement Fund
631,078 75
Cash from Current Funds
24,941 92
707,667 23
Balance Deferred Payments
ADDITIONS TO PROPERTY.
Right of Way and Station Grounds
Additional Main Tracks
Sidings and Spur Tracks
Terminal Yards
Station Buildings and Fixtures
Shop, Engine Houses and Turntables
Shop Machinery and Tools
Water 'rank
Electric Light Plant
The rem aining First Consolidated Mortgage OM Bonds
available for capital purposes, of the par value ,of $382,000,
were sold during the year, and the following application was
iv ade of the proceeds:
$1,120,837 32
$318 58
30,014 00
15,530 21
72,115 37
1,605 80
164,425 69
114,374 48
585 00
17 03
To this report are appended the usual statements.
By order of the Board of Directors.
N. MONSARRAT, President.
CONDENSED BALANCE SHEET JUNE 30 19011.
ASSETS.
CapitalizedCost of Road and Property
$25,644,179 58
Rolling Equipment
10,079,373 67
Securities Owned
11,314,925 83
Advances to Subsidiary and Controlled Companies
1,790,212 60
K. & M. Railway Equipment Notes
550.000 00
Unexpended Balance in Sinking Fund
638 21
Cash Reserved for Equipment Obligations
251,670 11
Total Capitalized Assets
Additions Through IncomeCost of Road and Property
Rolling Equipment
Securities Owned
Advances to Subsidiary and Controlled Companies
Cash Reserved for Equipment Obligations
$49.031 000 00
$279,983 41
609,773 18
1,556,834 61
58,222 70
116,898 79
Total Additions Through Income
Total Capital Assets
Material and Supplies
Working AssetsCash
Cash in Transit
Cash with Financial Agents to Pay Coupons
and Dividends
Due from Agents and Conductors
Due from U. S. Government-P. 0. Department
Due from Roads, Individuals and Companies
Bills Receivable
Accrued Interest Receivable
Unexpired Insurance
2,821.712 78
152,252,712 78
692,184 21
$189,060 41
96,194 43
339.203 50
38,876 39
10,350 27
049,188 26
2,075,000 00
18,276 34
1,741 86
Total Working Assets
3,717.891 46
156,662,788 45
LIABILITIES.
Capital and Mortgage LiabilitiesCaptal Stock-Common
$11,000,000 00
Capital Stock-Preferred
15,000,000 00
Mortgage Debt
19,912,000 00
Equipment Trust Obligations
3,719,000 00
$4toe,e00 00
Total Capital and Mortgage Liabilities
Working Liabilities$157,103 37
Unpaid Labor
10,909 14
Drafts in Transit
383,262 70
Due Roads, Individuals and Companies_
590,000 00
$399,076 16 Bills Receivable Discounted
2,600 64 Coupon Interest and Dividends Due and
Less Real Estate Converted to Gravel Ballast Acct
Unpaid
859,991 00
121,350 00
$396,475 52 Accrued Interest on Funded Debt
67,882 43
Accrued Taxes
Covered
Reserve Funds
18,637 18
Part Proceed
by:s Hocking Valley 434 per cent Consolidated
Interest
on
Receivable
Bills
Unearned
12,670 56
Bonds
$318,845
69
Mortgage
77,629 83
Balance from Current Funds
4241,806 3x
Total Working Liabilities
Profit and Loss-Surplus3396,475 52
$2,621,712 78
Re-Invested in Capital Assets
BETTERMENTS.
592,184 21
Widening. Cuts and Fills
$642 00 Represented by Material and Supplies
4,709,982 07
1,496,085 08
27,770 08 Represented by Net Working Assets
Bridges, Trestles and Culverts
Increased Weight of Steel Rail Laid
14,911 01
156.562,788 45
EliminatiOn of Grade Crossings, Overhead Bridge for Electric
-11,126 99
Line, Lemoyne_
Note.-The Hocking Valley Railway Company is the joint endorser
1,709 10
Block and Other Signals
ComRailway
(Principal
and
Interest),
Toledo
&
Ohio
Central
with
the
18,411
Fixtures
86
Station Buildings and
1,565 63 pany, of the bonds of the Kanawha & Hocking Coal & Coke Company
Shops, En inc Houses and Turntables
227 60 (33,250,000), and of the bonds of the Continental Coal Company ($3,023,Water and Fuel Stations
25,389 70 000)
Dock and Wharf Property
[Comparative tables, balance sheet, Income account and traffietiatistles
will be found on a preceding pamunder "Annual Reports.")
$101,753 9
Total Charged to Income Account of the Year
750
THE CHRONICLE
Sloss-Sheffield Steel & Iron 0o.-Earnings.---For 3 months
ending Aug. 31 (August partly estimated):
Net
Int. &
Pref.
Balance,
3 Months
Earns.
Taxes.
Div.
Surplus.
ending Aug. 31$419,033 $65,100 $114,000 $239,933
1908 (estimated)
507,676
62,310
114,000
331,366
1907 (estimated)
The accrued dividend on the $10,000,000 common stock at the present
rate of 1% would call for $100.000 for the 3 months; at the former rate of
1 ji% as paid to March 1908 Inclusive for $125.000.----V. 87, p. 352, 343.
United States Express Co.-Circular from Stockholders'
Committeo.-The stockholders' committee, Samuel S. Hatt,
Chairman, which last November induced the management
to increase the dividend rate from 2 to 3% semi-annually,
has sent out a circular protesting because the dividend has
since been reduced to the old rate. Mr. Hatt asserts that
the earnings have been greater in the last nine months than
in the corresponding period of 1907. The circular asked the
opinion of the stockholders regarding the following propositions:
Two suggestions have been made: One Is to secure powerful and capable
co-operation and thus to insure the management of the businessfor the benehis can only be done provided a substantial sharefit of the shareholders.
holding interest can be acquired by the new parties. It has been proposed
that the shareholders at large consent to sell one-half of each of their
holdings at $105 per share to persons satisfactory to a majority of the
shareholders, whose presence In the board will prevent the continuance of
these methods of the company, which resulted so beneficially to Its competitors and so disastrously to Its profits. The result of such a change Is
expected to be an increase of the actual value of the remaining half of the
shares to approximately from $162 to $178 per share, and probably an Increase of the dividend to 8 or 10% per annum, and It is hoped even more.
'the other suggestion Is that the company be dissolved and its valuable
good-will sold. The result of this action It is believed will bring to the
shareholders at least $125 a share, and It is estimated that with a fair price
for the good-will there will be realized at least $150 a share.-V.87, p. 484.
-Tile well-known Southern banking and brokerage house
of Thomas W. Wrenne & Co., Nashville, Tenn., now occupies larger and finer quarters in the new Wrenne Bank
Building at 418 Union Street, directly across the street from
its old location at 407 Union Street. On of the noticeable
features of the banking department is the mammoth fire and
burglar-proof safe deposit vault specially designed and constructed in the centre of the banking room for the requirements of the firm and its customers. Thomas W. Wrenne
has long been a prominent figure in Nashville's banking
enterprises and was formerly a member of the old concern
of Plater, Wrenne Banking Co. The present firm of which
Mr. Wrenne,the senior member, does an extensive'
high-class
real estate mortgage investn ent business, and handles the
best commercial paper, stocks and bonds. The administration, settlement and management of estates constitutes
a large branch of their business, the firm representing a
great many private estates. The Wrenne Bank Building is
located in the commercial centre of Nashville.
-"Berkeley-Columbia" (the popular name for the consolidated Berkeley School and Columbia Institute) will
open on Monday, Oct. 1, in its handsome building on the
corner of 72d St. and West End Ave. The consolidation of
these two long-established institutions has resulted in one
of the largest and best preparatory schools in the city. A
special feature of the enlarged school is a faculty of eighteen
instructors, ensuring careful'individual attention to each
boy, according to his needs, while the physical requirements
are met through regular military drill at the 22d Regiment
Armory, under the direction of Lieut.-Col. N. B. Thurston,
Ordnance Officer, N. G. N. Y.
-Charles H. Deppe, for a number of years manager of
the bond department of the Union Sa,vings Bank & Trust
Company of Cincinnati Ohio, has been elected a Director
the banking house of MacDonald,
and Vice-President of'
McCoy & Co., 181 La Salle Street, Chicago, Ill., and wil
assume the duties of his new office on or about October 1s1
next.
-Attention is called to the advertisement of Kissel,
Kinnicutt & Co., offering Republic of • Santo Domingo
customs administration 5% sinking fund gold bonds. The
bonds are secured by a convention between Santo Domingo
and the United States for details of which see particulars in
the advertisement. The bonds are offered at a price to yield
over 5% on the investment.
-Toby & Lamarche, 25 Broad Street, this city, will
furnish upon request market quotations and other information of value to the investor for the gas, electric-light
and electric-railway issues of properties in Columbus,Denver,
Detroit, Kansas City, Lincoln, Milwaukee, Peoria, Rochester
and St.Paul. The firm invites correspondence.
-Redmond & Co., bankers, have recently opened offices
in the Commonwealth Building, Pittsburgh, in charge of
Sidney L. Liggett. Mr. Liggett is a son of Sidney B. Liggett, Secretary of the Pennsylvania Company operating the
Pennsylvania lines west of Pittsburgh and controlling other
railroad properties.
-A. M. Kidder & Co.,bankers at 18 Wall Street this city,
advertise seven guaranteed stocks on another page in to-day's
issue which are exempt from tax and pay the investor 4% to
10%. See the advertisement for prices. A complete list
of guaranteed stocks which the firm is offering will be mailed
upon cpplication.
-George C. Hollister and Cecil Lyon, members of the
New York Stock Exchange, have formed the new firm
ef Hollister & Lyon at No. 1 Wall Street. The concern
will transact a general stock exchange business.
-Frank M. AT: n Horn, for the past six years manager
f the bond department of the First National Bank of New
ork,, will ell ,October 1st become a partner in the bond
2e of A. B. Leach & Co., 149 Broadway.
[VOL. Lxxxvii.
Whe (fmnuterriai Wintrz.
COMMERCIAL EPITOME.
Friday Night, Sept. 18 1908.
Steady though slow improvement continues to be reported
in most branches of trade in this country. That the feeling
of confidence in the future is gradually increasing is revealed
in the resumption of mills in various sections, the noticeable
disposition to anticipate needs in some directions and the
smaller number of idle freight cars. Some metals have been
easier but prices on the whole have been firm.
LARD on the spot has advanced owing to continued light
receipts of live hogs, strong hog prices and light offerings.
Trade has been quite at the rise and confined mainly to local
jobbers. Western 10.40c. and City 103'gc. Refined lard
has also advanced on the strong live hog situation. Trade
has been quiet but the offerings have been extremely light.
Refined Continent 10.90c., South America 11.75c. and Brazil
in kegs 13.25c. The speculation in lard futures at the West
has been active with prices stronger in the main. The weakness in corn has militated against any sharp rise in prices.
DAILY CLOSING PRICES
Sat.
September delivery _ _..10.i0
10.15
October delivery
9.90
January delivery
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed.
Thurs.
Fri.
10.20
10.12M 9.95
9.97M 10.15
10.22M 10.15
10.00
10.0216 10.1716
10.0216 0.9216 9.823
9.82M 9.0216
PORK on the spot has been quiet but firmer owing to
small live hog receipts and light offerings: mess $17©
$17.25, clear $18.25®$19.50 and family $19.50Q$20.50.
Beef has declined. Offerings from the West have increased
and trade has continued quiet, though some improvement
in the export business has been reported at times. Ness
$13.50@$14, packet $14.50@$15, flank $14@$14.50,
family $16.50@$17 and extra India mess $23.50@$24. Cut
meats have been in moderate demand and generally firm.
2c.and pickled
Pickled hams 12®12c., pickled shoulders 7/
bellies, 14@10 lbs., 10U ®11Mc. Stearines have been firm
and fairly active; oleo 1332c. and lard 123'c. Tallow has
been dull but stronger on an absence of offerings; City 5V8 ®
4c. Butter has been moderately active and easier; cream53
2 ®233
4c. Cheese has been quiet and firmer;
ery extras 233/
state, f. c., small, fancy, 129c.; lard 123c. Eggs have been
quiet and firmer; Western firsts 22@23c.
OIL.- Cotton-seed has risen on the advance ill the raw
material and speculative buying. Some export ,business
has also been reported. Winter 46©48c. Linseed has
been firm and in moderate demand for small lots; buyers
show no disposition to anticipate needs. City, raw, American seed, 44@46c.; boiled 45@47c.; Calcutta, raw, 70c.
Lard has advanced with the raw material. The demand
has been moderately active but confined mainly to small lots.
Prime 69@74c. and No. 1 extra 51©53c. Olive has been
fairly active and firm; yellow 90@95c. Cocoanut has been
quiet and steady; Cochin 7@73c. and Ceylon 63@63'c.
Peanut quiet and steady; yellow 65 ®80c. Cod quiet and
steady; domestic 38©40c. and Newfoundland 40@42c.
COFFEE on the spot has been quiet and firra. Rio No. 7
61/04 Santos No. 4, 8®81/0. West India growths have
been quiet and steady; fair to good Cucuta 8M®9Mc.
The speculation in future contracts has continued on a small
scale. There is a general disposition to await developments
and the fluctuations in prices have been unimportant.
Havre has shown noteworthy strength at times and local
spot dealers have given some support, but on the other hand
there has been liquidation by tired holders, the receipts
have been liberal and there has been no improvement in the
spot demand. The closing prices were as follows:
SeptemberOctober
November
December
5.85c.
5.65c.
5.60c.
5.60c.
January
February
h
March
April
5.55c. May
5.500. June
5.50c. July
August
5.50c.
5.50c.
5.55c.
5.55c.
SUGAR.-Raw has been firmer with an increased dema
A5n5d
c.
and smaller arrivals. Centrifugal, 96-degrees test, 3.95c.;
muscovado, 89-degrees test, 3.45c.; and molasses,89-degrees
test,3.20c. Refined has been quiet on new orders,though
there have been fairly large withdrawals on old contracts.
Prices have been firm; granulated Sc. Spices have been
steady with a fair demand from grinders. Teas have ruled
firm with a moderate demand from distributers. Wool has
been steady and fairly active. Hops dull and steady.
PETROLEUM.-Refined has been moderately,active and
generally steady,though lower in barrels. Refined barrels
8.50c., bulk 5.00c, and cases 10.90c. Gasoline has been in
good demand and firm; 86 degrees in 100-gallon drums 19c.;
drums $8 50 extra. Naphtha has been fairly active and
steady; 73®76 degrees in 100-gallon drums 16c.; drums
$8 50 extra. Spirits of turpentine has been quiet at 39e.
Rosin quiet and steady; common to good strained $2 75.
TOBACCO.-There has been no improvement in the demand for domestic leaf. Manufacturers of cigars continue
to purchase sparingly as a rule. Packers,on the other hand,
show no more disposition than heretofore to offer more
freely. Sumatra has been in light request. Havana has
been quiet. A good demand is reported in Cuba at rising
prices. The local market has ruled steady.
COPPER has been quiet and easier; lake 13%®13%c.;
eleetrolytic 1331 ®133c. Lead has been quiet and easier
at 4.473®4.51%c. Spelter has been quiet and steady at
4.75®4.80c. Tin has been quiet and easy; Straits 28%c.
Iron has been quiet and steady; No. 1 Northern $16 50®
$17 25; No. 2 Southern $16 75®$17 25.
AlLe
THE CHRONICLE
SEPT. 19 1908.1
COTTON.
. On Shipboard, Not Cleared for-
Friday, Night, September 18 1908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
213,992 bales, against 128,934 bales last week and 77,203
bales the previous week, making the total receipts since
the 1st of September 1908, 395,157 bales, against 293,063
bales for the same period of 1907,showing an increase since
Sept. 1 1908 of 102,094 bales.
Receipts at-
Mon.
Sat.
Galveston
Port
Corp. Chris ice_
New Orleans
Mobile
Pensacola
Jacksonville, doe.
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, Ow
New York
Boston
Baltimore
Philadelphia_ _
Tues.
Wed.
Frt.
Thurs.
1,5-48
1,223
3-,;
758
2,260
495
_
____
6,081 10,934 11,426
1,27777
2,147
1,189
1,526
1,76'7
1,816
1,0'78
3,395
1,938
---50
i5
---25
4,528
1,092
2-,816
1,225
3-,890 17-,621
492 7,005
-iiii
- K51.
"irli
::::
9,843 10,382 10,084 58,750
2,127 2,127
1-,860
1,59-2 2.059 10.124.
2,1715
561
____
4,113(-21.
1,251
3,4-1
.13 16,51;
1,457 8,052
210
210
------80
io6
106
107
---38,452 213,992
-----------5
-_-_-____
-_-_-_-_
,i,i
____
------Total this week 20,587 35,669 52,154 31,861 35,269
-The following shows the week's total receipts, the total
since Sept. 1 1908, and the stocks to-night, compared with
____
last year:
Receipts Co
September 18.
Galveston
Port Arthur
CorptisChristl,&c.
New Orleans ____
Mobile
.____
Pensacola
Jacksonville, 4cc_
Savannah
Brunswick ------Charleston
Georgetown
Wilmington
Norfolk _ _ i__
NewportNots,&e.
New York
Boston
Baltimore
Philadelphia
Total
1908.
1007.
1908.
1907.
92.441
194,811 49,930
106,583
117,797
43,651
17,621
7,005
9114
7,244
3,091
802
1,142
12,554
5,053
802
45,455
13,142
40,531
6,93(
851
8,750
-2,127
10,124
1,303
114,161 57,185
2,127 3,698
14,693 8,127
111,103
7,543
15,449
67,806
3,100
16,931
60,87(
3,562
11,569
16,518
8,052
210
18,464 15,218
9,948 6,155
365
176
22,116
9,714
446
13,293
7,188
11,801
12.332
26,021
11,212
Speculation in cotton for future delivery has been moderately active and prices have advanced. The principal
strengthening factors have been fears of had weather at the
South, bullish crop reports from many sections, a steadier
tone in the spot markets and reports that the threatened
strike of operatives at Lancashire has been averted. On
Thursday an official statement from the Weather Bureau
at Washington to the effect that general rains were probable
over most of the cotton belt within the next two or three
days gave rise to fears among many of more or less damage
should the prediction be verified. A tropical disturbance
also apparently menaced 'portions of the Gulf coast. In
other words, the fear of bad weather, rather than any actual
unfavorable developments, has been a factor of no small
importance in bringing about a higher range of prices.
Heavy rains in Texas are reported to have caused some
damage and very many unfavorable reports have been received
from practically all of the States in the cotton belt. It has
been insisted in numerous despatches and letters that the
deterioration in the plant has been marked and there is a
Stock.
This Since Sep This Since Sep
week. 11908. week. 1 1907.
Great
GerOther CoastLeaving.
Sept. 18 at- Britain. France many. Foreign wise. Total.
stock.
New Orleans__
3,409
571
1,841
6,581
365 12,767
32,688
Galveston. ____ 22,898 24,378 20,537 14,494 2,650 84,957
32,840
Savannah------------____
800
8()() 7,184
--_
59,822
____
7,984
Charleston..- - 16,431
-_---500
50
Mobie
------2,
9,142
2,200 4,000
Norfolk ---------------------- 2,000 2,00
5,188
New York
1,666
ioo
Woo 2.800 ____ 5,000 57,352
Other ports
5,000
___
2,000
800
____
7,800
14,828
Total 1908_ 32,607 28,649 32,362 24,675 6,715 125,008 228,291
Total 1907.._ 23,012 12,503 27,087 6,978 12,978 82,558 284,607
Total 0906_ 24,836 13,960 24,708 24,708 14,111 102,323 215,367
Total.
7,929 16,003 28,149 12,013 13,892 14,455 92,441
1,181
713
757
62,352 168,321
80
683
52
2,291
52
3,770
106
412
128
314
2,145
971
107
177
68
4,301
320
198
--------------------- ------ -----213,992 395,157 152,868 293,063 353,299 367,161
belief among many in the trade that the forthcoming Government report, which is to be published on Oct. 2, will make a
decidedly bullish exhibit. There is still a noticeable disposition to reduce crop estimates,though not a few contend that,
as usual, the decline in the condition of the plant has been
greatly exaggerated. Cotton goods trade reports have been
more cheerful at times. Some increase in export business in
certain descriptions of goods has been reported. It is believed by many that if a strike in Lancashire has been
averted, the demand for the actual cotton is likely to show a
material increase. Exporters have been buying more freely
at some points in the South. A prominent local operator
has been a good buyer here at times, influenced, it is understood, by the bullish tenor of the crop reports from the
South. Some leading commission and Wall Street houses
have bought for the same reason. Some investment buying
in expectation of a bullish Government report on Oct. 2
In order that comparison may be made with other years, has been reported and shorts have covered freely. Liverpool
has been a good buyer here throughout the week and New
we give below the totals at leading ports for six seasons:
Orleans has sent buying orders. Reactions have occurred
Receipts at1908.
1907,
1906.
Galveston
92,441
49,930
81,125
PLArthur,do-c.994
628
New Orleans_
17,62i
7,244
29,141
Mobile
7,005
3,091 • 5,722
Savannah ___
58,750
46,869
57,185
Brunswick_ __
2,127
487
3,698
Charieston,doc
10,124
8,127
7,629
Wilmington__' 16,518
15,218
9,807
5,124
Norfolk
6,155
8,052
N'port N., 83e,
114
210
176
All others- _
199
1,144
1,050
1905,
82,406
789
12,124
9,363
76,646
5,923
14,650
17,391
23,266
130
1,427
1904.
115,603
328
35,166
8,017
75,913
4,167
10,882
18,189
20,410
132
341
1003.
69,401
509
26,943
6,605
45,260
1,248
11,666
16,658
21,250
192
530
--200,262
--352,047
at times, owing to realizing, generally favorable weather,and
large receipts. There has been more or less short selling on
all advances, many local traders believing that no sustained
advance is possible until there is a sharp and permanent
improvement in trade in cotton goods on both ides of the
water. To-day prices declined on generally favorable
weather, disappointing Liverpool advices, liberal receipts,
rumors that the threatened Lancashire strike had not been
averted, realizing for local and Wall Street account and bear
hammering. Spot cotton has been quiet. Middling upland
Total this wk_ 213,992 152,868 186,845 244,124 289,148
closed at 9.50c., an advance for the week of 10 points.
Since Sept. 1.4 395,157 293,063 399,427 631,313 632.448
The rates on and off middling, as established Sept. 9 1908
by the Revision Committee, at which grades other than
The exports for the week ending this evening reach a total middling may be delivered on contract, are as follows:
of 83,821 bales, of which 26,114 were to Great Britain, Fair
c
Basis Good mid. ting'd c_ Even
c_1.75 on Middling
mid. fair___1.50 on Strict low mid
0.30 off Strict n id. tinged0.20 off
1,901 to France and 55,806 to the rest of the Continent. Strict
Middling fair
1.25 on Low middling ___1.00 oft Middling Staged _ _0.30 oft
Below are the exports for the week and since Sept. 11908.
Strict good mid__ _0.75 on Strict good ord _ _ _ _1.12 off Strict tow mid.ting.1.00 off
Week ending Sept. 18 1908. From Sept. 1 1908 to Sept. 18 1908.
Exported toExported toExports
from-
Great
Britain.Fence! nent.
ContiGreat
Total.lBritain. France. nent.
8,405 24,2641
Galveston
15,859
Port Arthur_
Corp.Chris.,
New Orleans__
1,062
627 1,689
Mobile
313
313
Pensacola
Fernandina
Savannah
21,619 21,61
Brunswick..
Charleston_
___ 9,691 9,691
Wilmington
Norfolk
Newport Ne
4,981
839 11,131 16,951
New York__
110 4,3841
4,274 -__
Boston
3,450 3,450
Baltimore
360 1,360
Philadelphia __ 1,000 _-__
Portland, Me__
100
100
San Francisco
Seattle
Tacoma
Portland,Ore.
Pembina
Detroit
22,843
48,717
79,929
1,062
3,012
313
4,074
313
21,619
21,919
9,691
9,691
24,011
266
5,150
360
39,677
7,357
5,150
1,360
250
250
30()
13,377
7,091
Total.
8,369
2,289
1,000
26,114 1,901 55,806 83,8211
44,611 11,720
'rotal 1907
38.660116.482 26,350 81,472i
69,514 33,567
Futures
Marka
Closed.
113,389 169,720
56,089
159,17(1
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared at the ports named. We add similar figures for
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Total
New York.
Good middling0.50 on Good ordinary__ _ _
oft Low mid.tinged_2.25 off
Strict middling_
0.25 on Strict g'd mid.tgd_0.3o on Middling stained _1.00 off
The official quotation for middling upland ootton in the
New York market each day for the past week has been:
Sept. 12 to Sept. 18Sat. Mon. Tues. Wed Thurs. Fri.
Middling uplands
9.40
9.40
0.40
9.50
9.60
9.50
NEW YORK QUOTATIONS FOR 32 YEARS.
1908_c_____ 9.5011900_c
10.44
10.8811892_c
7.1911884.0
1907.__
12.25 1899
6.37 1891
10.38
8 38 1883
1906_ _
___ 9.75 1898
5.62 189010.56 1882
12.62
1905
_10.75 1807
12.00
6.88 1889-------11.31 1881
11.88
1904__.___10.90 1896
10.50 1880
8.50 1888
9.81 1879
12.12
1906
11.75 1895..
8.19 1887
9.31 1878
11.50
19021894
6.88 1886
1901.. ___ 8.31 1893
10.06 1$77.
.41.25
8.38 1885
Saturday_ _ Quiet
Monday_ - - Wet
Tuesday _ _ Quiet
Wednesday Quiet 10 pts adv
Thursday _ Quiet 10 pts adv
Friday.... Quiet 10 pts the _
Total
--
Steady
Very steady..
Very steady_
Steady
Very steady _
B rely steady
Sales of Spot and Contract.
Con- Conlexport surn'n. tract.
800
100
Total.
300
100
1.000 1,760
100
300 1,400
•
THE CHRONICLE
758
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at'
been
as
follows:
New York the past week have
the
receipts for the week and since Sept. 1, the shipments
_
_
li .Le.1 .
-gi .1°,1 1'41 21 21 II '
11
,U
11 g.I
for the week and the stocks to-night, and the same items
.
.
. Co ... ...
for the corresponding period for the previous year-is set
i
,0 1
@I @I .
@I @I
@I ,
@I .0
01 ei 01 @I .0
out in detail below.
.
1
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Sept. 16.
.4.wo..4.-vonn00.0.0 1 0
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il
el 01
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Ncd1
Thursday,
Sept. 17.
II
00
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Tuesday,
Sept. 15.
?. l%..
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Niondat .
Sept. 14.
IS SS12:0 22 1 0
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Sept. 12.
Ig 22 12 22 .12 23 .72 II 2,7 II
.. .. .. ..
..
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.
.
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g .g. g.
;.... .
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..4.n.m...on..4..00r..oclmAgoocov....to .0100010 0
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To' 07
THE VISIBLE SUPPLY OF corroN to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and -consequently all foreign figures arebrought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
1907.
1906.
1905.
bales. 297,000
12,000
30,000
1908.
627,000
28,000
51,000
285,000
14,000
31,000
672,000
26,000
45,000
339,000
25,000
117,000
55,000
4,000
15,000
8,000
32,000
706,000
20,000
87,000
94,000
4,000
14,000
22,000
38,000
330,000
22,000
37,000
56,000
4,000
5,000
16,000
6,000
743,000
20,000
139,000
64,900
8,000
15,000
10,000
3,000
256,000
279,000
146,000
254,000
595,000
56,000
196,231
11,000
52,000
350,000
353 299
162 429
17 050
985,000
119,000
103,190
18,000
24,000
457,000
367,165
113,680
41,461
476,000
51,000
220,368
13,000
27,000
537,000
317,690
142,464
0,843
997,000
80,000
285,000
20,000
34,000
521,000
553,346
208,801
36,676
September 18-
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
India cotton afloat for Europe
American cotton afloat for Europe
Egypt,Brazil,ece..afloat for Europe
Stock in Alexandria. Egypt
Stock in Bombay,India
Stock in U.S. ports
Stock in U.S. Interior towns
U. S. exports to-day
0
' 0
a
0-0
(.3
.nogIno.wo.,omonm.o ..t.
.
.t,
t=66
, ploo
.o.0.4.0n.or..c5c0
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.4:401.144 ,'4 gr.
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Stock at Liverpool
Stock at London
Stock at Manchester
4000-..0
ct
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The above totals show that the interior stocks have increased during the week 29,309 bales and are to-night 49,049
bales more than at the same time last year. The receipts
at all the towns have been 63,813 bales more than the same
week last year.
•
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
September 18ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, he
-----1908----Since
Week. Sept. I.
1,506
5,513
445
2,068
20
278
1,103
315
72
418
298
791
1,627
2,150
-----1007----Since'
Sept.'1.
'1,673
665
102
1,884
391
1,060
1,809
Week.
1,587
9
101
6-18
76
463
1,110
8,589
Total gross overland
4,283
1,793,009 2,228,505 1,794,365 2,735,823
12,321
4,044
Total visible supply
Deduct shipmentsOf the above, totals of American and other descriptions are as follows:
564
293
Overland to N. Y., Boston, &c___
248
1,252
American138
Between interior towns
bales. 205,000 518,000 107,000 609,000
52
46
91
Liverpool stock_
3,812
22,000
Inland, hc., from South
816
43,000
1,770
2,398
Manchester stock
41,000
27.000
_
--177,000 179,000
Continental stock_
87,000 213,000
4,514
Total to be deducted
2,070
198,231
103,109 220,368
1,155
3,741
American afloat for Europe
285,000
353
290
367,165
U.S. portstocks.
317,690 553,346
4,075
1,074
162,429
3,128
8,580
113,680 142,464
U.S.interior stocks
208,801 Leaving total net overland*,
17,050
41,461
36,676
U.S. exports to-day
9,843
* Including movement by rail to Canada.
1,133,001) 1,365,505 1,001,365 1,946,823
Total American
The foregoing shows the week's net overland movement
East Indian, Brazil,
02,000 109,000
63,000 has been 3,128 bales, against 1,974 bales for the week
Liverpool stock
88,000
12,000
28,000
26,000
14,000
London stock
8,000
8,000
Manchester stock
4,000 last year, and that for the season to date the aggregate
4,000
79,000 100,000
41,000 net overland exhibits an increase over a year ago of 4,505
Continental stock
59,000
56,000
119,000
80,000
India afloat for Europe
51,000
11,000
18,000
Egypt, Brazil, &c., afloat
20,000 bales.
13,000
52,000
34,000
24,000
Stook In Alexandria. Egypt
27,000
---1908--- ---- 1007-350,000 457,000 537,000 521,000
Stock in Bombay. India
,5ince
In Sight and Spinners'
Since
o61.
INt3
Week. Sept. 1.,
660,000 863,000 793,000
Total East India, he
789,000 Receipts at Takings.
152,868
293,063
ports to Sept. 18
213,992 395,157 15
Total American
1 133 009 1,365,505 1,001,365 1,946,823 Net
1,974
4.075
8,580
overland to Sept. 18_
3,128
49.000 140,000
98,000
1.793,009 2,228,505 1,704,365 2,735,823 Southern consumpt on to Sept. 18.. 40,000
Total visible supply
--5.54d.
6.91d.
5.640.
Middling Upland, Liverpool
5.570.
203,842 437,138
Total
501,737
marketed
257,120
9.50c.
12.25c.
10.95c. Interior
Middling Upland, New York_ _ _ _
9.75c.
12,069
47,234
33,007
stocks in excess..___ .. __
29,309
8.4,d.
10.4d.
8 t4d.
Egypt, Good Brown, Liverpool
10.4d.
8.400.
9.250.
12.00d.
Peruvian, Rough Good, Liverpool
8.400.
215,911
Came Into sight during week.
286,429
4 15-160. 6 3-160.
Broach, Pine, Liverpool
5 ii d. 5 7-16d.
548,971
Total In sight Sept. 18
490.235
4 11-16d.
5 igd. 5 1-16d.
Tinnevelly, Good, Liverpool
62,161
15,771
48.252
Continental imports for the past week have been 41,000 North. spinners takings to Sept. 18_ 30,058
bales.
The above figures for 1908 show an increase over last
week of 103,043 bales, a loss of 435,496 bales from 1907,
a decrease of 1,356 bales from 1906, and a loss of
942,814 bales from 1905.
Movement into sight in previous years:
Week-1906-Sept.
1905-Sept.
1904-Sept.
1903-Sept.
21.
22
23
25
• Bales.
259,303
328,061
363,133
268,031
Since Sept. 1Bales.
1906-Sept. 21
.597,229
1905-Sept. 22
864,227
1904-,S'ept. 23 _ _ _.._......,820,767
1903-Sept. 25
623,015
SEPT. 19 1908.1
THE CHRONICLE
759
QUOTATIONS FOR MIDDLING COTTON AT OTHER past week, the rainfall reaching fifty-four hundredths of an
MARKETS.—Below are the closing quotations of middling inch. Thermometer has averaged 78, ranging from 65 to 91.
cotton at Southern and other principal cotton markets for
Palestine, Texas.—There has been rain on three days
each day of the week.
during the week, to the extent of seventy-two hundredths of
an inch. The thermometer has ranged from 66 ,to 88,
Closing Quotations for Middling Cotton on—
averaging 77.
Week ending—
September 18. Sarday. Monody. Tuesday. Wed'day. Thursd'y. Friday.
Paris, Texas.—There has been rain on one day during the
----- week, the precipitation being two inches and ten hundredths.
9%
9 546
9%
9 5-16
9 5-16
9 5-16
Galveston
9 3-16
9%
9 3-16
9 3-16
9%
93Average them oneter 77, highest 92 and lowest 62.
New Orleans
9
9 34
9
9
9
9
Mobile
Taylor, Texas.—There has been rain on four days of the
8 15-16 8 15-16 9
9 1-16
94
9
Savannah
Charleston__
9
8 13-16 %-15-16 9
9
week, the rainfall being ninety-two hundredths of an inch.
9
9
9 1-16
Wilmington.:
9
9
9
The them,on.eter has averaged 79, ranging from 64 te 84.
o 34
9I
93ff
9%
93
Norfolk
91
Weatherford, Texas.—We have had rain on five days during
9.40
9.40
9.50
9.60
9.40
9.40
Boston
9%
9%
9%
9
Baltimore
9%
93
the past week, the rainfall being one inch and seventy-five
9.65
9.75
Philadelphia _ _ 9.65
9.85
9.75
9.65
hundredths. The thermometer has ranged froni 63,to 89,
9
9
9 1-16 9%-3-16 9%
934
Augusta
9g
9%
93
9%
Meniphis
934
934
averaging 76.
98/s
934
934
9%
934
St. Louis
99
Ardmore, Oklahoma.—We have had rain on four days
9 5-16
9 5-16
9 5-16
9 5-16
Houston
9 •4
934
8%
8%
8%.
Little Rock
834
834
834
the past week, the rainfall being one inch and nineteen
hundredths. Average thermometer 76, highest 92,lowest61.
Holdenville, Oklahoma.—Rain has fallen on two days
NEW ORLEANS OPTION MARKET.—The highest,
lowest and closing quotations for leading options in the New of the week, to the extent of two inches and thirty-three
Orleans cotton market for the past week have been as follows: hum rec ths. The thermometer has averaged 75, the highest
being 90 and the lowest 60.
Marlow Oklahoma.—Rain has fallen on three days during
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
to the extent of one inch and fifty-two hundredths.
'
Sept. 12. Sept. 14. Sept. 15. Sept. 16. Sept. 17. Sept. 18. the week,
The thermometer has averaged 77, ranging from 63 to 90.
September Oklahoma, Oklahoma.—We have had rain on two days of
Range
.00 — @ — 9.08-.10
— @ — — @ — 8.83-.92 —
Closing
8.85 — 8.91 — 8.91 — 8.95-.00 9.19 — 9.00-.03 the week, the rainfall being twenty-five
hundediths of an
4October—
flange
8.70-.78 8.66-.78 8.65-.80 8.70-.88 8.81-.03 8.83-.00 inch. The thermometer has ranged from 62 to 86, averClosing__ _ 8.73-.74 8.79-.80 8.77-.78 8.81-.82 9.02-.03 8.83-.84 aging 74.
Movember—
Alexandria Louisiana.—There has been no rain during
___ ® .___ ___ ® _ ___. G., — — ® — _ ® _. _ ® —
Range
Closing
8.60-.70 8.72 — 8.72 — 8.77-.79 8.98-.00 8.77-.79 the week. Average thermometer 83, highest 98, lowest 68.
December—
Amite, Louisiana.—We have had rain qn one day during
Range
8.61-.69 8.57-.70 8.56-.73 8.63-.83 8.79-.98 8.75-.95
Closing
8.64-.85 8.70 — 8.70-.71 7.75-.76 8.97-.98 8.76-.77 the week, the precipitation being fifty hundredths of an
January-thermometer has averaged 80, the highest
Range _ ...... 8.63-.70 8.60-.70 8.58-.74 8.64-.83 8.80-.99 8.77-.96 inch. The
Closing
8.66-.67 8.71-.72 8.71-.72 8.76-.78 8.98-.99 8.77-.78 being 95 and the lowest 65.
.
F ebruary—
New Orleans, Louisiana.—There has been rain on three
Closing___._ 8.70-.75 8.73-.78 8.74-.79 8.79-.81 9.00-.03 8.79-.81 days of the week, the rainfall being two inches and fifty-one
Niarch—
hundredths. The thermometer has averaged 82, ranging
8.73-.75 8.69-.74 8.65-.67 8.75 — 8.90-.03 8.87-.02
Range ..._:
8.72-.73 8.77 — 8.76-.78 8.82-.84 9.06-.08 8.83-.85 from 71 to 92.
Closing
Tone-Shreveport, Louisiana.—We have had rain on one day
Quiet.
Quiet.
Easy.
Quiet. Steady. Firm.
Spot _
the past week, the rainfall being eighty-four hundredths
Ontlans ...._ B ly st'y Steady. Steady. Quiet. V'ry st'y Steady.
—
•of an inch. The thermometer has ranged from 68 to 92,
WEATHER REPORTS BY TELEGRAPH.—Our tele- averaging 80.
graphic reports this evening from the South denote that as
Columbus, Mississippi.—It has rained on one day during
a rule the weather has been favorable during the week. the. week, the rainfall being inappreciable. Average therOver much of the belt dry weather has prevailed, although mometer 79, highest 99, lowest 59.
Meridian, Mississippi.—There has been no rain during
at some points in Texas the rainfall has been rather in excess.
Deterioration of the crop is referred to in advices from the week. The thermometer has averaged 76, ranging
Alabama and Memphis. Picking has made excellent prdg- from 58 to 94.
ress and the movement of cotton to market has been quite
Vicksburg, Mississippi.—We have had rain on one day
free.
of the past week, the rainfall being six hundredths of an
Galveston, Texas.—We have had excessive rain on four inch. The thermometer has ranged from 67 to 95, averagclays during the week, the precipitation being eight inches ing 80.
Helena, Arkansas.—No rain since the 23rd of August,
and thirty-six hundredths. The .therm °meter has averaged
and crops are deteriorating. Average thermometer 77.3,
78, the highest being 86 and the lowest,70.
Abilene, Texas.—There has been rain on five days of the highest 91 and lowest 66.
Eldorado, Arkansas.—We have had no rain during the
week, to the extent of one inch and forty-nine hundredths.
week. The thermometer has averaged 77,the highest being
The thermometer has averaged 73, ranging from 60 to 86.
Brenham, Texas.—Rain has fallen on five days during the 86 and the lowest 68.
week, the rainfall being one inch and eighty hundredths. . Fort Smith, Arkansas.—Rain has fallen on three days the
past week, the rainfall reaching eighty-eight hundreo ths of
The thermometer has ranged from 62 to 90, averaging 76.
Corpus Christi Texas.—There has been rain on three days an inch. The thermometer has averaged 76, ranging from
during the week, the precipitation being one inch and ten 64 to 88.
Little Rock, Arkansas.—Rain has fallen on two days of
hundredths of an inch. Average thermometer 78, highest
the week to an inappreciable extent. The thermometer
86, lowest 70.
Cuero, Texas.—There has been rain on each day of the has ranged from 67 to 93, averaging 80.
Nashville, Tennessee.—We have had no rain the past week.
week, the precipitation reaching two inches and eighty-seven
hundredths. The thermometer has averaged 77, the highest Average thermometer 77, highest 94 and lowest 60.
Memphis, Tennessee.—Weather has been abnorn ally hot
being 87 and the lowest 67.
Dallas, Texas.—There has been rain on three days during for the season. Cotton is 'opening rapidly and picking is
the week, the rainfall reaching fifty-three hundredths of an general. Crop is deteriorating in condition. There has
inch. The thermometer has averaged 77, ranging from 60 to been no rain during the week. The them ometer has averaged 82, the highest being 95 and the lowest 69.
93.
Mobile, Alabama.—Fine weather in the interior and
Fort Worth, Texas.—There has been rain on four days
during the week, to the extent of two inches and twenty-six cotton picking is making good progress. Crop reports
hundredths. The thermometer has ranged from 62 to 88, are pessimistic and there is much disposition to hold for
higher prices. There has been rain on one day during the
averaging 75.
Henrietta Texas.—It has rained on three days of the week, week, the precipitation reaching two hundredths of an inch.
the rainfall lacing one inch and forty-two hundredths. Aver- The thermometer has averaged 80, ranging from 66 to 96.
Montgomery, Alabama.—Ideal weather for picking, but
age thermometer 75, highest 97, lowest 61.
Huntsville, Texas.—There has been rain on four days of the in this section there is much deterioration. We have had
week, the precipitation reaching one inch and fifty-one no rain during the past week. The thermometer has ranged
hundredths. The thermometer has averaged 78, the highest from 57 to 96, averaging 77.
Selma, Alabama.—There has been inappreciable rain on
being 90 and the lowest 65.
Kerrville, Texas.—There has been rain on three days of the one day during the week. Average thermometer 78,highest
week, the rainfall being sixty-nine hundredths of an inch. 100, lowest 56.
Madison, Florida.—We have had no rain the past week.
The thermometer has averaged 75, ranging from 60 to 89.
Lampasas, Texas.—It has rained on'four days during the The thermometer has averaged 76, highest being 91 and
week, the rainfall being two inches and seventy-two hun- lowest 60.
Tallahassee, Florida.—It has been dry all the week.
dredths. The thermometer has ranged from 65 to 91,
The thermometer has averaged 76, ranging from 64 to 87.
averaging 78.
Atlanta, Georgia.—We have had no rain during the week.
Longview, Texas.—It has rained on two days of the week,
the precipitation being fifty- five hundredths of an inch. Thermometer has ranged from 50 to 90, averaging 70.
Augusta, Georgia.—Dry all the week. Average therAverage thermometer 79, highest 91, lowest 67.
Luling, Texas.—There has been rain on six days during mometer 70, highest 90, lowest 49.
Savannah, Georgia.—There has been rain on two days
the week, the rainfall reaching two inches and fourteen
hundredths. The therm oir eter has averaged 76, the highest during the week, the precipitation reaching three hundredths
of an inch. The thermometer has averaged 14, ihe-highest
being 86 and the lowest 66.
Nacogdeskaa, Texas.—Rain has fallen on two days the being 88 and the lowest 60.
(VOL. Lxxxvii.
THE CHRONICLE
760
. Washingtota, Georgia.-Dry all the week. Average thermometer 72, highest 91, lowest 53.
Charleston, South Carolina.-There has been no rain the
.past week. Average thermometer 74, highest 88, lowest 59.
Greenwood, South Carolina.-It has been dry all the week.
Average thermometer 70, highest 88, lowest 51.
Spartanburg, South Carolina.-Dry all the week. Average thermometer 70, highest 92, lowest 48.
Charlotte, North Carolina.-Dry all the week. Average
thermometer .69, highest 84, lowest 51.
Greensboro, North Carolina.-Dry all the week. Average
Thermometer 68, highest 86, lowest 48.
Raleigh, North Carolina.-There has been no rain the
past week. The thermometer has averaged 68, the highest
being 84, and the lowest 50.
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauze_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Sept. 18 1908. Sept. 20 1907
Feet.
Feet.
5.9
5.5
7.6
10.2
7.5
9.5
0.3
1.0
9.9
14.0
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1,for the last two seasons,from all sources from which
statistics are obtainable, also the takings, or amounts gone
out of sight, for the like period.
Cotton Takings.
Week and Season.
1908.
Week.
1907.
Season.
Week.
Season.
Visible spuply Sept. 11
1,689.966
2,187,050
Visible supply Sept. 1
1,714,982
2,291,844
American insight to Sept. 18_ _ _ 286,420
548,971 215,911
470,235
Bombay receipts to Sept. 17....
9,000
22,000
4,000
9,000
Other India ship'ts to Sept. 17_ _
20,000
22,000
7,000
12,000
Alexandria receipts to Sept. 16_
3,000
11,000
2,000
7,000
Other supply to Sept. 16 *_ _ _
13,000
6,000
3,000
5,000
Total supply
DeductVisible supply Sept. 18
Total takings to Sept. 18
Of which American
Of which others
1,992,395 2,301,953 2,435,961 2,830,070
1,793,009 1,793,009 2.228,505 2,228,505
-199,386
508,944 207,456
601,574
160,386
392,044 148,456
440,574
39,000
161,000
116,000
59,000
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
INDIA COTTON MOVEMENT FROM ALL PORTS.
EUROPEAN COTTON CONSUMPTION TO SEPT. 1.The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for By cable to-day we have Mr. Ellison's cotton figures brought
down to Sept. 1. We give also revised totals for last year
three years have been as follows:
that comparison may be made. The spinners' takings in
actual bales. and pounds have been as follows:
1907.
1908.
September 17.
1906.
Since
Week. Sept. 1.
Receipts atBombay
Since
Week. Sept. 1.
9,000
9,000
4,000
For the Week.
Exports from-
Continent.
Bombay1908
1907
1906
Calcutta1908
1907
1906
Madras1908
1907
1906_
All others1908
1907
1906_
Total all1908
1907
1006
Since
Week. Sept. 1.
22,000
11,000
3,000
Since September 1.
Great
Britain.
Total.
3,000
4,000
7,000
3,000
4,000
7,000
2.000
1,000
2,000
2,000
2,000
2,000
2,000
2,000
5,000
6,000
3,000
5,000
8,000
4,000
10,000 10,000
13,000 16,000
12,000 13,000
Continent.
Total.
15,000
38,000
28,000
15,000
38,000
29,000
3,000
4,000
1,000
3,000
5,000
1,000
2,000
3,000
2,000
2,000
3,000
2,000
3,000
1,000
15,000
11,000
12,000
-•-__
15,000
14,000
13,000
4,000
2,000
35,000
56,000
43,000
35,000
60,000
45,000
1,000
1,000
According to the foregoing Bombay appears to show a
decrease compared with last year in the week's receiptsof
5,000 bales. Exports from all India ports record a loss of
6,000 bales during the week and since Sept. 1 show a
decrease of 23,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-Through arrangements made with Messrs.
Choremi, Benachi (Cc Co., of Boston and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexaniria, Egypt,
September 16.
1908.
Receipts (cantars)This week
Since Sept. 1
12,000
19,400
1907.
1906.
50,000
79,000
,
To Liverpool
To Manchester
To Continent
To America
Note.-A cantar is 99 lbs.
1,750
5-,65o
3,580 17,300
1,750
9,500
5,750
1,250
7,750
900
2:66
3,650 12,400
Total exports
5,500
3,250
7,750
800
1,500
1,750
400
100
3,500
500
Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
firm for yarns and quiet for shirtings. The demand for
both India and China is improving. We give the prices for
to-day below and leave those for previous weeks of this and
last year for comparison.
1907.
1908.
•
83. lbs. Shirt- Cot'n
lags, common Mid.
Uprs
to finest.
32s Cop
Twist.
d. .d.
Aug.
7 S'A
14 8,4 0
0
21 a
28 73.1
@
Sep.
4
@
• 11 715-160
411
18 8
s. d.
9% 4 11 08 0
9% 1 10%08 0
9 1 10 (8)7 103-4
4 9 €,7 10
9
d. d.
32s Cop
Twist.
83.4 lbs. Shirttugs, common
to finest.
0. s. d.
6.26 10 15-16015-16 6
5.92 103 0 12,4 6
5.59 1013-161)1)121 18 6
12% 6
5.25 11
s. d.
9 @105
8 010 4%
7% 010 4
8 Ct10 5
4 9 07 10% 6.25 1114 48 12% 6 8 @105
5.47 ION 48 12% 6 7 84104
4 10 08 0
4 103-408 134 5.54 10% 0 12% 6 6 @103
Great Britain.
Continent.
Total.
For 1907-08.
3,387,000
5,602.000
Takings by spinners
bales_
8,989,000
480
505
Average weight of bales_ _.Abs_
480.4
1,710,235,000 2,688,960,000 4,399,195,000
Takings in pounds
•
For 1906-07.
5,960,00
0,769,000
Takings by spinners
3,809,000
bales_
478
486.2
Average weight of bales_ _ _ _lbs.
499
Takings in pounds
1,900,691,000 2,848,780.000 4,749,471,000
According to the above, the average weight of the deliveries in Great Britain is 505 pounds per bale this season,
against 499 pounds during the same time last season. The
Continental deliveries averaged 480 pounds, against 478
pounds last year, and for the whole of Europe the deliveries
average 489.4 pounds per bale, against 486.2 pounsd last
season. Our dispatch also gives the full movement for this
year and last year in bales of 500 pounds.
Oct. 1 to Sept. 1.
Bales of 500 lbs. each.
000s omitted.
1896-07.
1907-08
Ore& ContiGreat ContiBrit'n. neat. Total. Brit's&. sent. Total.
Spinners' stock October 1_ _ _ _
Takings to September 1
367
3,420
861
1,089 1,456t
5,378 8.798t 8.801
809
656
6.697 0,498
Supply
Consumption,48 weeks
3,787
3,510
6,467 10,254
5,034 8,544
4,064
8,619
6,153 10,307
11,040 8,659
1,710
436
1,218
1,648
74
74
75
75
76
76
77
77
78
78
a78
105
105
105
105
105
105
105
105
105
105
105
179
179
180
180
181
181
182
182
183
183
183
.ners'
stock September 1_ _
Weekly Consumption.
tr, i41 000s omitted.
In October
In November
In December
In January
In February
In March
In April
In May
In June
In July
In August
277
1,433
78
78
78
78
78
78
78
78
65
65
52
106
106
106
106
106
106
106
106
106
100
100
184
184
184
184
184'
184
184
184
171
165
152
a The average weekly consumption Is as given by Mr. Ellison; deduction
from month's_total being made on account of holidays.
30,000
45,500
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
Exports (hales)-
October I to September 1.
Cotn
Upe s
d.
7.47
7.20
7.27
7.40
7.51
7.10
6.91
PRODUCTION OF COTTON IN 1907-08 APPORTIONED TO STATES.-The subjoined statement of the
yield of cotton in each producing State in 1907-08 is based
upon Investigations made by us since the close of the season.
The commercial crop reached a total 1,969,000 bales less,
than in 1906-07, but was 262,000 bales greater than the
yield for 1905-06. It will be observed that, while in the
Atlantic sections the various States exhibit gains over
1906-07, elsewhere losses are recorded, the decrease in Texas
being noticeably great. Compared with 1904-05, a decrease
even a little larger than from 1906-07 is recorded, but
contrasted with 1903-04 the excess reaches nearly 1M
millions of bales. The average yield of lint per acre was
only 170 lbs. the past season, or the same fui in 1903-04.
The production by States for the last five seasons has been
as follows:
PRODUCTION BY STATES.
1004-05.
1905-06.
1907-08.
1006-07.
Bales.
Bales.
Bales.
Bales.
728,000
711,000
North Carolina__
675,000
644,000
1,160,000
1,140,000
South Carolina__ 1,205,000
941,000
Georgia
1,920,000 1,728,000 1,000,000 1,950,000
90,000
82,000
Florida
66,000
62,000
Alabama __,..
1,202,000 1,332,000 1,374,000 1,470,0oJ
Mississippi
1,495,000 1,548,000 1,275,000 1,730,000
595,000 1,110,000
080,000
Louisiana
700,000
Texas
2,309,000 4,073,000 2,525,000 3,235,000
640,000
915,000
015,000
Arkansas
775,000
300,000
320,000
317,000
Tennessee
290,000
718,000
780,000
934,000
Oklahoma
898,000
44,000
58,000
47,000
Missouri
41,000
16,000
17,000
15,000
Virginia
10,000
Total
11,582,000 13,551,000 11,320,000 13,557,000
191 lbs.
207 lbs.
211 lbs.
Average per acre. 170 lbs.
1003-04.
Bales.
490,000
845,000
1,405,000
55,000
1,040,000
1,385,000832,000
2,446,000
855,000
255,000
465,000
37,000
14,000
10,124,000,
170 lbs.
THE CHRONICLE
SEPT. 10 1908.}
EGYPTIAN COTTON CROP.-The Alexandria General
Produce Association report for the month of August is as
follows:
In Lower,Egypt the temperature during August has been very favorable
to the development of the crop, add under its influence the plants everywhere have made good progress. In some sections even the backwardness previously reported ha been partly made up, and on the average
the crop seems to be not more than ten days behind last year. The first
picking in Lower Egypt will begin during the second half of September.
‘Nrorrns in August have appeared in small quantities everywhere, b. t only
spasmodically, and while some districts report that More or less serious
damage has been caused, in others it seems to have been insignificant.
Slight fogs were reported ten days ago, but it is not considered that any
damage has been done to the crop. Water has been sufficient during the
month. Upper Egypt has not been troubled with either worms or fog, and
the crop presents a very satisfactory appearance. The first picking has
already commenced in some districts.
t61
Fri.
Thurs. I
Wed.
Sat.
Tues.
Mon.
Sept. 12
to
1231 1234 1231 4 1234 4 12 31 4 124 4 i2-( 4
Sept. 18. p.m. p.m. P.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
a.
d. 1 d.
d.
d. d.
d.
d.
d.
d.
d.
5 0734 04 03 34 0734 99 95 00 04 0834112 09
Sept_
Sept.-Oct. . _ 4 88 83 34 8134 86 78 34 79 82 8534 8934195 91
4 8034 76 75 34 7934 72 73 34 76 7834 2348734 8334
Oct.-Nov.
4 7534 71% 71
Nov.-Dec.
76 6834 7034 73 7434 8% 83 34 79%
4 73% 69 34 69 7334 66 34 68 34 71
72 76 81
Dec.-Jan.
7734
4 73 69 68% 73 66 68 7034 71 34 7534 80 34 7734
Jan.-Feb.
4 74% 70 34 70 74 h 67 34 69 14 71 34 72 34 76 34 81 34 78
Feb.-Mch.
Mch.-Apr.
4 76 71 34 71
76 69 71
73 73 34 734 83 7934
4 77 7234 72 77 69 34 72 74 7434 78 34 84 8034
Apr.-May
4 77 34 7334 73 78 70
81
5 34 8
1 34 73 754 75%
4 794 84
May-June
4 78 74 73 34
June-Jul
34
July-Aug------ 4 78 74 73% 78 34 71
73 34 75 34 75% 79 34 85 8134
PORTO RICO COTTON CROP.-The production of
cotton (Sea Island) in Porto Rico in 1907-08 was slightly
BREADSTUFFS.
larger in volume than in the preceding season, but materially
Friday, Sept. 18 1908.
of
matter
1905-06
or
less than in either
1904-05. As a
Prices for wheat flour have been firm and some grades
seasons
four
record, we give below the statistics for the last
have been advanced,owing to the rise in wheat. There has been
as secured from official sources:
a somewhat better inquiry here at times, but buyers as a
1907-08. 1906-07. 1905-06. 1904-05.
rule are not disposed to follow the upward trend of prices,
Bales.
Bales.
Exported from San Juan, &c.- Bales.
Bales.
1,513 believing that purchases can be made to better advantage
747
To New York, &c
521
223
569
692
To Great Britain and Continent....
360
117
later on. Receipts have increased, but this has not been
2,082 an adverse influence,the arrivals being immediately taken an
1,439
Tc tal crop
583
638
834,660
587,802
Aggregate weight, pounds
218,226
236,313
400.90 old purchases. At the important milling centres atthe North415.43
374.31
Aggregate weight per bale
370.40
west and
there has been a large business during
SHIPPING NEWS.-As shown on a previous page, the the week,Southwest
account. Corn meal has been
exports of cotton from the United States the past week have quiet and partly for export
steady. Rye flour has been dull and easy.
reached 83,821 bales. The shipments in detail, as made
, Wheat has advanced rather sharply, under the impulse
up from mail and telegraphic returns, are el sollows:
Total bales. mainly of an urgent demand for cash wheat, not only from
domestic millers but also from exporters. At times the
NEW YORK-To Liverpool-Sept. 16-Arabic, 4,242 upland, 46
4,731
Sea Island, 443 foreign
2.)0 export business has mounted to large proportions. Both
To Hull-Sept. 15-Toronto,250_ - 789 spring and winter-wheat millers in this country have bought
To Havte- pt. 16-Louislane, 750 upland, 39 foreign
50
To Dunk rk-Sept. 16-Loulsiane, so.4,838 on a large scale, paying large premiums. Moreover, there
To Bremen-Sept. 16-Friedrich, 4,838
has been an active demand for flour and the fact that ship-,
To AntWerp-Sept. 11-Finland, 600
ping directions have followed close on the heels of purchases
To Genba-Sept. 14-Hamburg, 1,044___ _Sept. 18-Cretic,
4,993
3,949
700 has been taken as an indication that the flour has been needed
To Naples-Sept. 14-Hamburg, 100_ __Sept. 18-Cretle, 600_
9,774____Sept.
14-bastano,
-Sept.
for immediate consumption. The receipts of spring wheat
GALVESTON-To Liverpool
15,859
15-Crispin, 6,08
2,352 have attained record-breaking dimensions, but the demand
To Antwerp-Sept. 14-Greystoke Castle, 2,352
1,400
1,400_
from millers has been so large that supplies at terminal
To Barcelona-Sept.10-Fett,
4,653
To Genoa--Sept.10-Fert, 4,653
1,062 points at the Northwest are increasing at a relatively slow
NEW ORLEANS-To Havre-Sept. 15-Mexico, 1,062
583 pace. Then, too, dry weather has continued over much of
To Antwerp-Sept. 14-Bellanoch, 583
44
To Hamburg-Sept. 18--Caledonla, 44
331 the winter-wheat .area, delaying planting operations and
MOBILE-To Hamburg-Sept. 14-Manchester Port, 313
making a reduction in the area seem more and more probable.
SAVANNAH-To Bremen-Sept. 14-Anglo-Mexican, 8,501..__ _
15,499 Furthermore, bullish crop reports have been received from
Sept. 15-Waltham„
150
To Hamburg-Sept. 14-Angio-Mexican, 150
200 France, and a statement issued by the Department of AgriTo Warberg-Sept. 12-Cramlington, 200
100 culture to the effect that the yield in many parts of Europe
To Gothenberg-Sept. 15-Waltham, 100
4,370
To Bareelona-Sept. 17-Hermlne,4,370
500 will be below an average has led some to believe that Europe
To Genoa-Sept, 17-flermine, 500
400 is likely to be a good buyer of American wheat this season.
To Trieste-Sept. 17-Hertnine, 400
400
To FP me-Se t. 17-Hermine,400-------:
9,691 The Italian import duty, it appears, is to be reduoed. Some
WILMINGTON- 'o Bremen-Sept. 17-Ferntield, 9,691
BOSTON-To Liverpool-Sept. 11-Cymric, 1,525_ _ _ _Sert. 15think that the cholera in Russia may interfere with exports
4,274
Cestrian, 2,749
100 from that country. But in the main the domestic situation
To St. John-Sept. 10-Calvin, Austin, 100
10 has been the dominant factor in deciding the course of prices
To Yarmouth-Sept. 14-Prince George, 10
3,450 of late. Strong interests at the West have been large buyBALTIMORE-To Bremen-Sept. 16--Main, 3,450
PHILADELPHIA--To Liverpool-Sept. 11-Friesland, 1,000_ ___.. 1,000
360 ers. Commission-house business has shown a noteworthy
To Genoa-Sept. 2-Verona, 360
100
SAN FRANCISCO-To Japan-Sept. 15-Mongolia, 100
......._ expansion. There has been heavy covering of shorts. Re83.821 actions have occurred at times, owing to profit taking, but
Total
Cotton freights at New York the past week have been as there have been so many waiting buying orders in the market that the offerings have been readily absorbed, and the
follows, quotations being in cents per 100 lbs.:
Ttles.
Wed.
Thurs. Frt.
Mon.
Sal.
setbacks in prices have been comparatively. small. To-day,
18
18
18
18
18
Liverpool-Sept ___
18
prices declined on heavy receipts at the Northwest, a less
15
15
15
15
15
15
Manchester-Sept__
18
18
18
18
18
18
Havre-Sept
active demand for cash wheat, predictions of showers for
25
25
25
25
25
Bremen
25
the winter-wheat belt, liquidation and selling for a turn on
25
25
25
25
25
25
Hamburg
Antwerp
20-2234 20-2034 20-22h 20-2234 20-22% 20-22% the short side.
Ghent, via Antwerp
Rev,al-Sept
Gothenburg
Barcelona,direct,Sep
Genoa-Oct
Trieste-Sept
Japan
26
30
30
30
25
30
45
26
30
30
30
25
30
45
26
30
30
30
25
30
45
26
30
30
30
25
30
45
26
30
30
30
25
30
45
26
30
30
30
25
30
45
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port
Aug. 28.
bales_ 8,000
Sales of the week
Of which speculators took
Of which exporters took____ 1,000
15,000
Sales, American
7,000
Actual export
Forwarded
31,000
382,000
Total stock-Estimated
Of which American-Eat.- _ _277,000
Total imports of the week
25,000
17,000
Of which American
Amount afloat.
38,000
Of which American
19,000
Sept. 4.
36,000
Sept. 11.
48,000
_..____
1,000
38,000
4,000
47,000
334,000
232,000
13,000
5,000
61,000
43.000
Sept. 18.
46,000
1 ,00
1,000
35,000
3,000
56,000
297,000
205,000
23,000
16,000
66,000
53,000
DAILY CLOSING PRICE OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues, Wed. Thurs. Fri.
109
10834 10734
10434 10534 107
No. 2 red winter
105M 10734 10734 11034 1093-4 108%
September delivery in elevator
December delivery In elevator
10534 10634 10734 10934 108% 10834
May delivery in elevator
10734 10834 10834 109% 10934 10934
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Man. Tues. Wed. Thurs. Fri.
99 34
September delivery in elevator.:___ 98 34 9934 9934 10134 101
December delivery in elevator____ 98
9834 99 34 101% 100% 9934
May delivery in elevator
101% 101% 10134 10334 10334 10234
Indian corn futures have declined, owing to favorable
weather and crop reports. The weather has been hot and
dry as a rule, forcing the plant to maturity at an unusually
rapid rate, and lessening the danger of frost damage. In
many sections the bulk of the crop is said to be safe from
frost. This is especially true of the most important sections. The market had become over-bought and there
has been heavy liquidation, partly on stop orders. The
The tone of the Liverpool market for spots and futures receipts have increased and the cash demand at the West
each day of the past week and the daily closing prices of has been dull at weaker prices. Elevator interests at the
'West have been turning out contract grade as fast as posspot cotton have been as follows:
sible and -there have been unexpectedly large deliveries
Saturday. Monday. Tuesday. Wed.day. Thursday. Friday.
Spot.
on September contracts. To-day prices declined early
on good weather and liquidation, but rallied later on preFair
Market,
business
12:15Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
I
dictions of smaller receipts and covering.
1,000
30,000
8,000
40,000
371,000
268,000
5,000
4,000
59,000
34,000
doing.
P.M.
Mid.UpPds
6.44
5.46
5.49
5.37
5.46
5.54
Sales
Spec.&exp.
4,000
200
10,000
500
7,000
500
6,000
, 600
6,000
500
5,000
500
Futures. Sty, unch. Quiet at
Market 1 to th pts. 4 points
decline.
opened
J decline.
Quiet at
3@4 pts.
advance,
Quiet at Quiet,unch Steady at
4516 pts. to 2 pts. 4(4)5 pts.
advance.
decline
advance.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
88
88
89
88
89
89
Cash corn
88
88
88
88
88
September delivery in elevator
89
77%
79% 7934 7934 7834 78
December delivery in elevator_
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
79
77
September delivery in elevator_
81
7634
8034 80
6734 65
66
6934 6834 68
December delivery in elevator
May delivery in elevator
6734 6634 6634 6654 64 34 65 34
Oats for future delivery in the Western market have
been dull and weaker. 'Prominent cash interests have
been the principal sellers, but there has also been more
The prices of futures at Liverpool for each day are given or less tired liquidation. Like corn, the market had, for
below. Prices are on the basis of upland, good ordinary the time being at least, become over-bought. The receipts have been liberal and the cash trade has been less
clause, unless otherwise Stated.
active. The market has also felt the effects of hedge sellThe prices are gtven in pence and 100t33. Thus, 5 07 means 5 7-100d.
Market, 1 Firm at B'ly st'y at Easy at
285436
405 pts.
4
134584
pts. dec.
P. M. 3 pts. adv. decline.
Steady at Steady at Easy at
185434
451834
34512 pts.
pts. adv. pts. adv. advance.
THE CHRONICLE
FLOUR.
$4 80 a $5 00
$3 5)@$3 75 Kansas straights
3 15 ,D 3 .,0 Blended clears
5 5,i.o.. 5 4.
4 :wso 4 4 Blended patents
5 7.,o( 6 V,
5 25@ 3 40 Rye flour
4 1.5@ 4 7;
5 tiOrib 6 65 Buckwheat flour
Nominal
4 00,1, 5 10 Graham flour
3 90 01 4 ;()
4 25 Corn meal
4 00
4 00.,t) 4 7,
GRAIN.
Wheat, per bush.Corn (new), per bush.c.
c.
N. Duluth, No. 1
No. 2 mixed
11134
88N. Duluth, No. 2
LW%
No. 2 yellow
Nominal.
Red winter, No. 2
No. 2 white
f.o.b.1.0734
Nominal.
"Hard "
t(834 Rye, per hush.Oats, per bush.No. 2 Western
f.o.b. 84
Natural white
State and Jersey
33 @55
Nominal.
No. 2 mixed
Barley-Malting
52 (3, -.6
070
Feeding
Natural white clipped 55 @57
.6454 ki.64%
* New.
Low grades
Second clears
Clears
Straights
Patent, spring
Patent, winter
Kansas clears
GOVERNMENT WEEKLY WEATHER REPORT.
Mr. P. C. Day, Acting Chief of the Climatological Division of
the United States Weather Bureau, made public on Tuesday
the telegraphic reports on the weather in the various States
for the week ending Sept. 14, summarizing them as follows:
The week ending September 14 1908 was one of unusual warmth over
nearly all porn )ns of the United States. Over the States of the corn
belt the average temperature tor the week ranged from 6 degrees to 12
degrees per day above the normal, and in porti ns of the upper Mississippi
and Miss nal valleys It was one of the warmest experienced for the same
period in many years. The day temperatures were unusually high and
only at a few exposed ponts, generally in the mountan regi ns, did the
night temperatures approach the freezing point. The mean temperature
was slightly beim, n irmal along the South Atlantic coast and at a few
points al >nT the Gulf coast and in the Rio Grande valley. Alm ,st continuous sunshine was the rule over the States of the Ohio, Mississippi
and Missouri valleys, and the amount of sunshine was well above the
average in all other districts, except in portl ns of Ariz na and Utah
and at pints on the Immediate Gulf coast. C onsiderable sm ke preva led
In the Lake region, due to severe forest fires in the Lake Superi or district.
The marked feature of the weather of the week was the extensive area over
which practically no rain occurred. Over the vast regi n from the Rocky
Mountains eastward to the Atlantic, practically no ran fell, except over
small areas along the south Atlantic and Gulf coasts. In Texas and at
local points in Arkansas, Oklahoma, Minnesota and Indiana. No rain
occurred over the principal States of the corn belt and little or none over
the central and northern porti ns of the cotton regi n. Some heavy local
rains occurred In northeastern Flortda,, and good rains occurred over
large porti ns of Texas and in portions of the Plateau regi-n between
the R cky and Sierra Nevada m untains. Severe drought prevails over
New England, New York and Pennsylvania, in the Ohio and upper Mississippi valleys and Lake regir,n, where water is growing scarce, streams
are low, and the ground exceedingy dry. Rain is also needed in all other
dstricts east of the Rocky M ountains, except al'ng the Gulf and 8-11 h
Atlantic °oasts and over portions of Texas. Practically no precipitation
occurred during the week over the Pacflc coast States, and rain is needed
In that locality.
For other tables usually given here. see page 719.
THE DRY GOODS TRADE.
Total
4,025
129.407
2,531
133,145
The value of these Ne,w York exports since Jan. 1 has been
88,221,341 in 1908, against $7,876,626 in 1907.
The better-known class of bleached sheetings rules steady
and has met with fair demand, but some unticketed goods,
despite low prices, have moved only in small quantities.
Heavy brown drills and sheetings, and other heavy coarsecotton fabrics have not sold freely. Regular prints are
in most request with sideband patterns selling fairly well
in better grades. In the lining market most of the business
done has been in domestic serges and alpacas; complete
lines for next spring have been opened and initial orders
have been satisfactory. Business in print cloths has been
quiet; regulars are still quoted at 3c., but- there has been
a slight weakening in wide goods, 38 inch 64x64s now
being available at 4c. flat.
WOOLEN GOODS.-In the men's wear market the
feature of the week has been a steady demano for heavyweight worsteds and some tardy openings of spring goods.
Prices named on the new lines proved attractive and a fair
business has been booked. The market for light-weight
goods is quiet and is expected to continue so, pending the
receipt of duplicate orders. Desirable fall goods are
reported as scarce, and buyers are experiencing considerable
oifficulty in getting all the goods they need. Plain serges
have not moved as freely as expected for spring, but fancy
weaves have done well. Preparations are now being
made for the next heavy-weight season, and while it is
too early to make predictions as to what styles, colors,
&c., will be most popular, rich shades of slate and dark
mixtures off the gray are expected to predominate. With
the exception of an increased demand for broadcloths,
the dress goods market is quiet and irregular.
FOREIGN DRY GOODS.-Imported woolen and worsted
dress goods show scarcely any improvement, ordere continuing on a small scale. The silk-piece goods market
displays a somewhat better tone, with a continued good
demand for silk ribbons. The linen market has given
further evidences of broadening, and with stocks badly
broken, difficulty is encountered in meeting demands for
immediate and near-by deliveries. Burlaps have been
quite active with a firmer tendency.
Importations and Warehouse Withdrawals of Dry Goods.
rt.
U.
0
c..cvmo
C)
1.4
IMPORTS ENTERED
64,495,771
New York, September 18 1908.
0
00
Conditions in the dry goods market still show considerable
irregularity. In the cotton goods division there has been
er
during the past week a quickening of activity in various
comoco
•
,..0,..0.
lines with a somewhat larger volume of business accom- Z
00
0
.c1.4
.01'1
plished; ths demand, however, both at first and second .4s1.1.
.., ..0--.....00mn
CP 0 r.0
hands, has been principally for immediate and near-by ...740P o
04 00 0. 00 el
‘
o
t.
o
shipment. Belief that the raw material market will work
• lower is still strong with many buyers, and they are, thereCA cD ct .1
ce
110 CD At r.
fore, delaying forward purchases or operating cautiously. alc'0 01-1-000
In some quarters, too, apprehension over the political Z.
e,
outlook is causing more or less conservatism. Trade in •G4
the primary cotton goods market has been rather quiet;
el 0
00
nrcomo
there has been a moderate demand for spots from con- •
r.3
04
"
.C.r>eOc;4
el co oo er oo
rl t3
verters, while printers have purchased for immediate
cc.'1 N.".c?
requirements when prices were favorable, although it is 44 c.
cocoon
NN
x
g:
noteworthy that inquiries cease on any effort to stiffen E4
4.1P....00
tt
the market. Jobbing houses report more numerous orders rd bi
P4 renoc.,..co
co
for domestics, prints, bleached goods,. &c.; retailers are O ,,
9.N.Q.'": 00
...5..2 eccomc
fr.
NNVeo.
constantly seeking such goods for prompt shipment to
01 04
.
X
replenish depleted stocks, but so far have not placed many 0
.
el 0 el 04
orders for spring goods. This retail demand has forced g
•
C7 CD CA 0. V
00
C
jobbers into the primary market, but they, too, are not ai,.;•i.00q:
.
,9
.-.07Tcm
00
disposed to anticipate future needs. Special offerings 0"4.°2.
L
i gr .
.74:3
of dress goods and fleeced cottons during the week proved
e.
•-•
successful, and holiday inquiry is better. There has been '
0t •
V V.
4 CA el
an increased inquiry for. export cottons, some being for 0 a a
WOctcON
China account, and a moderate business in 3.50 sheetings
4... Gc7
O
Cla
for Red Sea ports is reported to have been done on.a basis 44
of 4Ytc.©4%c. while a fair-sized business is pending
with India on Aandard drills. The silk trade, especially
the silk-ribbon market,shows distinct improvement. Men's
wear heavy-weight worsteds are in steady request, but
the dress goods market, outside of an increased demand
for broadcloths, is quiet.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Sept. 12 were 4,025
packages, valued at $190,177, their destination being to the
points specified in the tables below:
Week.
Co CM
00
0.005
• Ar
0) 05
At
tiCA
NO
r4
00
00
00
10. CD 00 el
N0
.05 .4 0 et. 00
.N
.2
.C1"."."1
NVON. 4.
ON
..44 .0
.4
00
0000
ei
N re
0.000
00 00
00 C. AD c0
et AD eD '0 00
00
0000
At 0
co
co
.0
00
01)
00.000
N.00N
..N.0
ten
.4n00
00000000
NO.CDNO
41 CD ro er ci
c‘co
coo
r, et
ere.*
00
NO
00
c.
NOONV
000000
;1.010N
04N04
.
.4c0 .N
00 00 At 4.4 VD
40 ul
el
e. CD N CD 0
.4 40 CO C.
el CD CD 4
c. er
t.
N
• n CD
•
CI a"0
N.')
NO
COO
.
.0
00
00
MO
N 0000 04 eD
.4 ul r. 44 00
el44NN
C.00N.
000.40
.
voricin
.NOONO
000.00
NONNV
.
NC0000
0000
.c0
00
er
°D
.05
.
r0.a.
on
c0
.
r.o
NO
•-•
136,663,019
The following are closing quotations:
---Ma
-----1907--Since
Since
Jan. 1.
Week. Jan. 1.
a
1,282
601
32
8491,012
95
659
16,166
18,170
-(iii
1,000
7,788
6,003
325
____
22,401
24,410
6,5613,908
403
16,060
17,232
-iig
33
1,212
1,684
32
31
11,218
10,053
280
1,138
28,644
32,406
384
665
14,731
2/5
20,161
New York to September 12Great Britain
Other European
China
India
Arabia
Africa
‘Vest Indies
Mexico
Central America
South America
Other countries
000
NC
NN
W.
001
.V
0
.
0
000
00
'000
er
cies.
co re
4
0.0
00 M
.
N
C.0 r4 00 0
r4 00 r4 CA oD
• CD re Al 0.
WM
MCI
.00
n'
.1
000
00.
'010001)
.V
.0
NO
CD .4 V OS'?
Co N
h
4
4
0 5.
N
N
.4
87,034,421
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Sta.
Tues.
Wed.
Fri.
Thurs.
51%
No.2mIxed 52
51%
51%
52
51%
White
clipped.
32to34
5054-58
lbs
5554-57
5554-57
5554-57
55-57
5534-57
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery In elevator_ _ _ _ 49 g 48% 48% 48 X 48
4834
December delivery in elevator_ _
5034 50
4954 4954 4834 4834
In
elevator
May delivery
52% 525i 52
51% 50% 51
[VOL. woocv“.
FOR WAREHOUSE DURING SAME PERIOD.
ing by the interior. Stocks at Chicago have increased
and are considerably larger than a year ago. Oats were
easier at first on liquidation and dulness of the cash trade,
but there was a rally later on bullish crop reports and
expectations of smaller receipts.
1908 AND 1907.
762
ten
mo
".00
.
t.05
MCO
00
00
00
00
r4
00• 000
00 0.4 v, 00
tc,
Csi
.0 '4 1
a
V+
M
c.
74
4,
m
0
0
8
8
"6 732 ri
.
5 04.MoT,
W3eir4g
*
x
3"g
a
SEPT. 19 _wood
THE CHRONICLE
817117, MID CITY
DtriVATMENT,
News Items.
Greene County (P. 0. Greeneville), Tenn.—Law-Suit over
the Sale of County Bonds.—A suit has been instituted in the
Chancery Court at Greeneville bearing on the sale of an issue
of $100,000 county bonds. It seems that the County Trustee
was appointed as one of a committee to sell these bonds
and entered into negotiations,it is claimed, with Devitt,
Tremble & Co. of Chicago, contracting to deliver to them
these securities at the price •of 1% premium. For some
reason they were sold to other parties and the Chicago
•com pany has now brought suit against the County and the
County Trustee.
New York City.—City Finance Inquiry.—The joint committee appointed at the last session of the Legislature to in• vestigate the Finance Department of this city (V.87, p. 237)
will convene on Sept. 25 at the Murray Hill Hotel, to take
testimony. Charles A. Collin has been selected as counsel
and Louis Bedell as associate counsel.
With a view of making improvements, &c., the committee
will look into the methods and accounts of the Comptroller's
-office and also investigate the condition of the city's assets
and liabilities.
Santo Domingo.—Bonds Offered.—The Repujalic of Santo
Domingo Customs Administration 5% sinking fund gold
bonds are offered by advertisement in this issue by Kissel,
Kinnicutt & Co., 37 Wall Street. The bonds are dated
Feb. 1 1908 and mature Feb. 1 1958. Coupons payable
Feb. and Aug. at Morton Trust Co., New York; denominations $50,$100, $500 and $1,000. Interest is also payable
in London and Paris. Authorized, $20,000,000; issued,
$14,000,000. The remaining $6,000,000 of the authorized
issue can be used for such public improvements as the
United States may consent to but cannot be sold by the
Government under 98M. Bonds to be listed on New York,
London and Paris Exchanges, and if the fiscal agent shall so
•request, on the Exchanges in Antwerp, Brussels, Geneva,
Amsterdam and Hamburg. This issue is the only debt of
the republic. It was made and is secured by a convention
between Santo Domingo and the United States, ratified by
• each Government on July 25 1907. The Republic of Santo
Domingo cannot create any further Government debt without the approval of the United States of America. By the
terms of the convention the United States agrees to collect
all customs revenues as long as any of the issue of bonds is
• outstanding, and a sinking fund is provided which buys not
less than $200,000 bonds yearly at prices not to exceed 102M
and interest. One-half of all customs revenues over $3,-000,000 per year shall also be applied to the sinking fund.
Bonds so bought are to be held by the sinking fund and the
interest accruing is to be used for the purchase of additional
bonds. If bonds cannot be obtained at this price, the
'money is to be invested in bonds legal for savings banks in
New York State, which bonds can be sold at any time for the
benefit of the loan. Customs receipts for Santo Domingo
reported by the Bureau of Insular Affairs of the United States
War Department have been as follows: 1906, $3,191,916;
1907, $3,413,050; 1908 (first three months), $842,870.
Texas.—Constitutional Amendments.—The voters of this
State will have submitted to them at the general election.
on November 3 three proposed amendments to the Constitution adopted at the 1907 session of the Legislature.
One of these amendments is for the purpose of fixing the
compensation of the Governor and Lientenant Governor.
Another proposal relates to Commissioners' Precincts.
Still another amends Section 3 of Article 7 of the Constitution by increasing the amount of tax that may be voted
in school districts from 20 cents to 50 cents on the $100
valuation and also provides for a majority vote, instead
of two-thirds, of the property taxpaying voters of such
district to vote such tax. This proposed amendment we
give below, indicating by means of brackets such portions
• of the old law as are to be omitted and italicizing the new
portions:
SECTION 3.---One-fourth of the revenue derived from the State occupation taxes and a poll tax of $1 on every male Inhabitant of this State
between the ages of 21 and 60 years shall be set apart annually for the
benefit of the public free school:4, and in addition thereto there shall be
levied and collected an annual ad valorem State tax of such amount not
to exceed 20 cents on the $100 valuation, as, with the available school fund
arising from all other sources, will be sufficient to maintain and support
the public free schools of this State for a period of not less than six months
in each year, and the Legislature may also provide for the formation of
school districts within all or any of the counties of this State by general
or special law, without the local notice required in other cases of special
legislation, and may authorize an additional [annual] ad valorem tax to
be levied and collected within such school districts for the further maintenance of publ c free schools and the erection and equipment of school
buildings therein; provided, that [two-thirds] a majority of the qualified
property taxpaying voters of the district, voting at an election to be held
for that purpose, shall vote such tax, not to exceed in any one year [20
cents] 50 cents on the $100 valuation of the property subject to taxation
in such district, but the limitation upon the arrtbunt of district tax herein
authorized shall not apply to incorporated cities or towns constituting
separate and Independent school districts.
Bond Proposals and Negotiations this week
have been as follows:
Albany County (P. 0. Albany), N. Y.—Bond Offering.—
Proposals will be received until 12 m. Sept. 24 by William
P. Hoyland, County Treasurer, for $79,000 4% highway
763
Interest semi-annual.
improvement bonds.
Maturity
$1,000 yearly on Oct. 1 from 1909 to 1927 inclusive and
$60,000 on Oct. 1 1928. These securities take the place
of the $79,000 bonds awarded on June 1 to Kountze Bros.
of New York City (V. 86, p. 1423), but which were subsequently refused by that firm.
Allegany, N. Y.—Bond Offering.—Proposals will be received until 7:30 p. m. Sept. 25 by F. W.Forness Jr., Village
President, for $30,000 water-works-construction bonds at
not exceeding 5% interest. Authority vote of 134 to 55
at election held Sept. 9; also Section 129, Chapter 21, Gen.
Laws. Denomination $1,200. Date Nov. 1 1908. Maturity $1,200 yearly on Nov. 1 from 1913 to 1937 inclusive.
Bonds are tax exempt. Certified check for $500 is ilequired.
Official circular states that there has never been any default
in the payment of principal or interest.
Affiance (P. 0. Northampton), Pa.—Bond Sale.—On
Sept. 1 the Coplay National Bank was awarded $20,000
.4470 6-10-year (serial) town-hall and water bonds. The
price paid was 100.25. Denomination $500. Date Sept. 1
1908. Interest semi-annual.
Amherst Union School District (P. 0. No. Amherst),
Lorain County, Ohio.—Bond Offering.—Proposals will be
received until 12 m. Sept. 24 by J. V. Avery, Clerk of Board
of Education, for $3,000 4M% coupon school bonds. Authority Sections 3991, 3992 and 3993 of Ohio School Laws.
Denomination $250. Date Sept. 24 1908. Interest semiannually at the No. Amherst Bank Company. Maturity
$250 each six months from March 30 1910 to Sept. 30 1915
inclusive. Bonds are tax exempt. Bids to be made on
printed forms furnished by the Board of Education and
accompanied by a certified check (or cash) on a local bank
in Amherst for $100. Purchaser to pay accrued interest.
Atlantic County (P. 0. Mays Landing), N. J.—Bonds
Proposed.—According to reports the Board of County Freeholders proposes to issue $30,000 bonds to build a bridge to
join Ventnor City and Ventnor Heights.
Barstow Drainage District, Ward County, Tex.—Bonds
Registered.—An issue of $50,000 5% 40-year drainage bonds
was registered on Sept. 4 by the State Comptroller.
Bellefontaine School District (P.0. Bellefontaine),Ohio.—
Bond Offering.—Proposals will be received until 12 m.
Sept. 21 by Luther B. Stou&h, Clerk Board of Education,
for $6,000 5% high-school-building and school-improvement
bonds. Authority an Act of the General Assembly passed
April 25 1904. Denomination $500. Date Sept. 21 1908.
Interest semi-annual. Maturity $500 each six months from
March 1 1909 to Sept. 1 1914 inclusive. Certified check for
5% of bonds bid for, payable to the Treasurer Board of
Education, is required. Delivery 10 days from time of
award. Purchaser to pay accrued interest. These bonds
were offered but not awarded on Sept. 1.
Bemidji, Beltrami County, Minn.—Bond Offering.—Proposals will be received until 8 p. m. Sept. 21 by Thomas Maby,City Clerk,for $50,000 5% coupon bonds for water-works
and fire-department supplies. Authority Chapter 355, Laws
of 1897. Denomination $1,000. Date Sept. 1 1908. Interest semi-annually at place to suit purchaser. Maturity
twenty years. Certified check on a local bank for 10%,
payable to the City Treasurer, is required. Authority vote
of 218 to 65 at election Aug. 111908.
Benton County School District No. 33, Wash.—Bond Offering.—Proposals will be received until 10 a. m.Sept. 26 by
R. B. Walker, County Treasurer,(P. 0. Prosser) for $1,000
coupon school-building bonds at not exceeding 6% interest.
Authority Sections 117, 118, 119, &c., of the Code of Public Instruction, Laws of 1897, pages 357 et seq. Date, day
of issue or the "first of some month," at option of purchaser.
Interest annually at the County Treasurer's office. Maturity 10 years, subject to call after 5 years. Assessed and
equalized valuation for 1907 $30,615. A like amount of
bonds was disposed of on August 6 (V. 87, p. 695), if these
are the same bonds we are not advised as to why the sale
failed of consummation.
Big Rapids, Mich.—Bond Sale.—On Sept. 8 $15,000
Water-works and $5,017 50 sewer 5% bonds were awarded
to the Rudolph Kleybolte Co., Inc. of Chicago for $15,• 493 (103.286) and $5,134 50 (102.331) respectively. Bids
were also received from W. E. Moss & Co. of Detroit and
Spitzer & Co. of Toledo. Denominations $1,000 and $500.
Bloomdale Village School District, Wood County, Ohio.
—Bond Offering.—Proposals will be received until 12 m.
Sept. 30 by M. B. Simon, Clerk of Board of Education, for
the $3,000 5% school-improvement bonds voted on July 21.
Authority Sections 3991 and 3992 of the Revised Statutes
of Ohio. Denomination $300. Date Sept. 30 1908. Interest semi-annual. Maturity $300 each six months from
April 1 1910 to Oct. 1 1914 inclusive.
Brady, Tex.—Bonds Voted.—We see it stated that an
election held recently resulted in a vote of 106 to 13 in favor
of a proposition to issue $20,000 street-improvement bonds.
Breckenridge, Wilkin County, Minn.—Bond Offering.—
Further details are at hand relative to the offering on Sept.
21 of the $15,921 80 6% coupon bonds for funding the outstanding warrants drawn on the water and light fund.
Proposals for these bonds will be received until 8 p. m. on
that day by D. J. Jones, City Clerk, Authority Sections
764.
THE CHRONICLE
783 and 7843 Revised Laws of 1905. Denomination $1,000,
except one bond of $921 80. Date Aug. 3 1908. Interest
semi-annually at place designated by purchaser. Maturity
Aug. 3 1913. Certified check for 10% of bid, payable
to the "City of Breckenridge," is required.
Braly School District, Santa Clara County, Cal.-Bond
Offering.-Proposals will be received until 11 a. m. Oct. 6
for $3,500 5% 4-10-year (serial) school bonds. Authority
vote of 26 to 0 at election held August 25.
Brentford Independent School District No. 35 (P. 0.
Brentford), Spink County, S. D.-Bond Offering.-Further
details are at hand relative to the offering of the $5,000 7%
school-building and site-purchase bonds mentioned in V. 87,
p. 559. Proposals for these bonds will be received at any
time by P. J. Smith, District Treasurer. Authority Article
11, Sections 194, 195 and 196, Laws of 1907. Denomination
$200. Interest semi-annually at the State Bank of Brentford. Maturity ten years. Total debt this issue. Assessed
valuationfor 1907, $122,541. Actual valuation (estimated),
$490,164.
Brockton, Mass.-Bond Sale.-Despatches state that this
city has awarded to N. W. Harris & Co. at 103.667 an issue
of $50,000 4% bonds maturing $2,000 yearly from 1913 to
1937.
Brockville, Ont.-Debenture ,Sale.-The Dominion Securities Corporation, Ltd., of Toronto has been awarded $5,000
5% lighting-improvement debentures maturing part yearly
for twenty years. Interest semi-annual.
Buffalo, N. 'Y.-Bond Offering.-Proposals will be received until 12 m. Sept. 25 by George M. Zimmermann, City
Comptroller, for the following 4% registered bonds:
$500,000 00 water-bonds. Authority Chapter 203, Laws of 1006, as
amended by Chapters 84 and 724. Laws of 1907. Date Oct. 10
1908. Maturity Oct. 10 1958, subject to call after Oct. 10
1928.
173,168 53 tax-loan bonds. Authority Section 113, Chapter 105, Laws
of 1891. as amended by Chapter 45,Laws of 1003. Date Oct. 1
1908. Maturity on Oct. 1 as follows: $23,168 53 in 1909 and
$50,000 In each of the years 1910, 1912 and 1913.
70,382 00 water-refunding bonds. Authority Section 7, General Municipal Law, Chapter 685, Laws of 1892, as amended by Chapter 466, Laws of 1893, as amended by Chapter 54, Laws of
1897 and Chapter 333, Laws of 1901. Date Oct. 1 1908.
Maturity 1-20 yearly on Oct. 1 from 1909 to 1028 inclusive.
YOL. Lxxxvii.
15-year bonds dated June 1 1908 has been sold to the State
of Minnesota.
Cuyahoga County (P. 0. Cleveland), Ohio.-Note Sale.On Sept. 16 the two issues of 5% Center Road improvement
notes aggregating $52,500, described in V. 87, p. 695, were
awarded to Hayden, Miller & Co. of Cleveland for 355,333the price thus being 105.396.
Dauphin, Man.-Debenture Sale.-Wm. C. Brent of
Toronto was recently awarded $16,487 5% sidewalk bonds
due part yearly for nineteen years.
Daviess County (P. 0. Washington), Ind.-Bond Sale.We have just been advised that $33,440 4 2% Bogard
Township highway bonds were disposed of on June 10 to
J. F. Wild & Co. at par. Date May 5 1908. Maturity part
yearly from one to ten years inclusive.
Dayton, Campbell County, Ky.-Bond Sale.-On Sept. 7
the $28,000 4% coupon trunk-sewer-system-construction
bonds described in V. 87, p. 559, were awarded to the Bank
of Dayton for $28,005-the price thus being 100.017.
Accrued interest, if any, to be paid by purchaser. Maturity Oct. 1 1928, the city reserving the right to redeem
at least two bonds each year.
Dayton, Montgomery County, Ohio.-Bond Sale.Field, Longstreth & Co. of Cincinnati were the successful
bidders on Sept. 14 for the two issues of 5% 1-10-year
(serial) coupon sewer bonds, aggregating $70,000, described
in V. 87, p. 495. They paid 104.902 for the $50,000 issue,
an interest basis of about 3.998% and 104.90 for the $20,00G
issue, an interest basis of about 3.999%. Following is a
list of the bids:
$50,000
$20,000
bonds.
bonds.
Field, Longstreth & Co., Cincinnati
$52,451 00
$20,080 00
Seasongood & Mayer, Cincinnati.
52,380 00
20,952 00
Hayden, Miller & Co., Cleveland20,918 00
Central Trust & Safe Deposit Co., Cincinnati
52,2
5 5 00
20,902 00
Albert Kleybolte & Co., Cincinnati
52,250 00
20,900 00
Fifth-Third National Bank, Cincinnati
52,207 00
20,826 50
C. B. Denison & Co., Cleveland
52,206 00
20,882 75
Dayton Savings & Trust Co., Dayton
52,200 00
20,880
Breed & Harrison, Cincinnati
52,145 00
20,858 00
Well, Roth ec Co., Cincinnati
52,060 00
20,842 00
Western-German Bank, Cincinnati
52,009 00
20,831 00
Nationa
Bank. Columbus
New First
51,705 00
20,685 00
Interest semi-annually at the City Comptroller's office
Decatur, Texas.-Bond Sale.-We are informed that on
or at the Gallatin National Bank in New York City at option Aug. 1 the City of Decatur itself (evidently
for one of its
of purchaser. Unconditional certified check on an incor- funds) bought at par and interest the $4,250 5%
10-40-year
porated bank or trust company for 2% of bonds bid for, (optional) water-works bonds registered by
the State Comppayable to George M. Zimmermann, City Comptroller, troller (V. 87, P. 365) on July 30. Denomination
$250.
is required. Bonds are free from all taxes.
Date May 15 1908. Interest semi-annual.
Carthage, Jasper County, Mo.-Bond Offering.-Further
Delaware County, (P. 0. Delaware), Ohio.-Bond Sale.details are at hand relative to the offering of the $220,000 5% The $144,720 4% road-improvement
bonds described •
gold coupon water-works bonds mentioned in the "Chronicle in V. 87, p. 495, were bought on Sept. 15 by
Barto, Scott &
of Sept. 5. W.F. Haughawaut,acting as agent for this city, Co. of Columbus for $148,195-the price thus being 102.401.
is offering these securities at pAr. Authority vote of 1;146 Maturity $7,236 each six months from March 1 1909 to
to 274 at election held March 12 1907. Denomination $500. Sept. 1 1918 inclusive.
Date April 1 1908. Interest semi-annually at the MissDetroit, Mich.
issippi Valley Trust Co. of St. Louis Maturity April 1 31A% 30-year -Bonds Awarded in Part.-Of the $150,000
1928, subject to call, however, $50,000 after five years, offered without coupon water-works-construction bonds
success on July 14 (V. 87, p. 560), $75,000
$75,000 after ten years and $95,000 after fifteen years. worth were bought
by the Sinking Fund on August 25.
Official circular states there has never been any default
Digby, N. S.-Bid.-We are advised that the $15,000
by the city in payment of its obligations; also that no controversy or litigation is pending or threatened affecting court-house and jail debentures offered but not awarded on
corporate existence, boundaries of city, title of officers to June 27 (V. 87, p. 238) have been withdrawn from the
their respective offices or the validity of these bonds. Se- market, as it was found that it would require $30,000 to
make the proposed improvements. Debentures to the
curities will be ready for delivery within thirty days.
amount of $30,000 were then offered for sale and proposals
Cass County (P. 0. Marion), Ind.-Bond Sale.-On Aug. were advertised
for until Aug. 25. An option was given on
10 $3,134 60 43-% Washington Township highway bonds that day good until
were awarded to J. F. Wild & Co. of Indianapolis at par. vised of the result. Sept. 12. We have not as yet been adDate July 1 1908. Maturity part yearly from one to ten
Edmonton School District (P. 0. Edmonton), Alta.years.
Debenture Sale.-The Ontario Securities Co., Ltd., of
Chehalis, Lewis County, Wash.-Bonds Not Sold.- Toronto
recently purchased $8,000 5% 1-30-year (serial)
The $175,000 gravity-water-system bonds described in debentures
of this district.
V. 87, p. 631, failed to attract any bidders on Sept. 7.
Elmira, Ont.-Debenture Sale.-This place has awarded
District
School
Choctaw County
No. 14 (P. 0. Hugo), $25,000
water-works debentures, maturing part-yearly
Okla.-Bond Sale.-The Oklahoma Bond & Trust Co. of for thirty5%
years, to Wm. C. Brent of Toronto.
awarded
Guthrie was recently
an issue of $18,000 6% bonds
Essex County (P. 0. Newark), N. J.-Bond Offering.of this district at 100.50. Date July 11908. Interest semiannually at the fiscal agency in New York. Maturity $450 Proposals will be received until 3:30 p. m. Sept. 30 by the
on July 1 in each of the years 1913, 1918, 1923 and 1928.
Finance 'Committee of the Board of Chosen Freeholders,
Concord, Mass.-Bond Sale.-Reports state that $60,000 Nathaniel J. Ward, Chairman, for $431,000 hospital and
4% 20-year bonds have been sold to Blodget, Merritt & Co. $200,000
park 4% gold coupon bonds. Denomination
of Boston at 105.34-a basis of about'3.623%.
Corlett, Cuyahoga County, Ohio.-Bond Sale.-On Sept. 9 $1,000. Date Oct. 11908. Interest semi-annual. Maturthe $2,017 Electric Street and the $8,517 Windfall Avenue ity Oct. 1 1948. Bids must be unconditional and the one
5% coupon sewer bonds described in V. 87, p. 559, were for the first-mentioned issue must be accompanied by a
awarded to.the First National Bank of Cleveland for $10,779 certified check for $4,000,
while a certified check for $2,000 is
(102.325) and accrued interest. An offer of $10,704 was
also received from Otis & Hough of Cleveland. The former required with bid for the latter issue. Accrued interest to
issue matures on Sept. 15 as follows: $500 in 1911, $517 in be paid by purchaser. Bonds will be ready for delivery
1914 and $1,000 in 1908; while the latter issue matures Oct. 15 1908. Edward L. Conklin is County Auditor.
$500 in 1909, $500 in 1910, $517 in 1911 and $1,000 yearly
The official notice of this bond offering will be found among
from 1912 to 1918 inclusive.
Cranbury Township School District (P. 0. Cranbury) the advertisements elsewhere in this Department.
Eureka School District, Placer County, Cal.-Bond Sale.Middlesex County, N. J.-Bond Sale.-This distirct on
Sept. 10 awarded $6,000 434% 4-9-year (serial) coupon On Sept. 8 the $2,000 5% 1-10-year (serial) gold coupon
school-building bonds to the First National Bank of Cran- school-building bonds described in V. 87, p. 560, were
bury at 102-a basis of about 4.146%. Denomination awarded to R. G. Evenden at 101.25-a basis of about
$500. Interest semi-annually at the First National Bank 4.74%. This was the only bid received.
of Cranbury. Delivery Sept. 15 1908.
Everett, Mass.-Note Sale.-On Sept. 15 the $40,000 4%
Crookston Independent School District No. 1 (P. 0. (not 432% as reported in V. 87, p. 696) 1-10-year (serial)
Crookston, Minn.-Bond Sale.-An issue of $20,000 4% coupon fire-station notes were awarded to C. E. Denison &
SEPT. 19 190s.j
THE CHRONICLE
765
Co. at 100.623 and accrued interest-a basis of about fied check for $1,000, payable to Borough of Greensburg,
is required.
3.873%. The following bids were also received:
Estabrook & Co., Boston_ ....100.6l Biodget, Merritt & Co., BosHalifax, N. S.-Debenture Sale.-H. J. McCurdy & Co.
_100.346
ton
Jackson & Curtis, Boston.. .100.48
of Halifax have bought $103,000 4% sewerage debentures
100.41 R. L. Day & Co., Boston-_100.29
Adams & Co., Boston
Perry, Coffin & Burr, Boston_100.39 N. W. Harris & Co., Boston_100.277 due in 1940.
100.37 Blake Bros. & Co., Boston-.100.21
American Banking Co
Hamilton, Ont.-Debenture Sale.-On Sept. 14 the $90,000
Denomination $1,000. Date Sept. 1 1908. Interest 4% 30-year coupon water-works debentures and the $80,000.
semi-annually at the City Trust Co. of Boston.
4% 20-year coupon Technical School debentures described in
Eyota, Olmsted County, Mimi -Bond Offering.-Propos- V. 87, p. 696, were awarded to Wood, Gundy & Co. of
22
by
L.
J.
Ebling,
Sept.
until
8
p.
m.
received
als will be
Toronto for $164,822. Following are the bids:
Village Recorder, for the following 5% 1-20-year (serial) Wood,Gundy & Co.,Toronto_96.954 N. W. Harris & Co
W.A. McKenzie & Co., Toron.95:0
Dominion Securities Corpora95 7
51
bonds:
-96.44 Wm. C. Brent,
tion, Ltd., Toronto
Toronto
94.928.
A.Stimson & Co., Toronto_94.51
G. W. S. Johnston (for
*20,000)
97.50
$2,000 electric-light bonds. Denomination $100. Certified check for $100
required.
1,000 village-hail and jail bonds. Denomination $50. Certified check for
*50 required.
Hanson Bros., Montreal95.35
$80,000 debentures
94.38
90,000 debentures
Aemillus Jarvis ec Co., Toron_95.33
Interest semi-annual. Above checks to be made payable
to F. H. Russell, Village Treasurer.
Fall River, Mass.-Bond Sale.-On Sept. 1 an issue of
$20,000 4% 10-year bonds was disposed of to Estabrook &
Co. of Boston at 102.35-a basis of about 3.717%. Denomination $1,000 or multiple thereof. Date August 1
1908. Interest semi-annual.
Fort Morgan, Morgan County, Colo.-Bond Sale.-The
$55,000 10-15-year (optional) water-works-extension bonds
described in V. 87, p. 366, were awarded on Sept. 1 to the
•
Trowbridge & Niver Co. of Chicago as 5325.
Fort Townson School District (P. 0. Fort Townson),
Choctaw County, Okla.-Bond Sale.-On Sept. 1 the Oklahoma Bond & Trust Co. of Guthrie bought $15,000 6% 20
year school-building bonds for $15,100-the price thus
being 100.666. Denomination $500. Date July 1 1908.
Interest semi-annual.
Fort Wayne School City (P. 0. Fort Wayne), Ind.-Bond
Sale.-The $100,000 4% coupon school-building and improvement bonds described by us last week were sold on
Sept. 14. Charles C. Wedding & Co. of Indianapolis were
the successful bidders, their bid being 101.6575. Maturity
$10,000 on Oct. 1 1917 and $90,000 on Oct. 1 1918.
Fort William, Ont.-Debenture Sale.-On Sept. 10 the
$85,000 5% 20-year coupon "McKellar general hospital"
debentures described in V. 87, p. 560, were awarded to
Aemilius Jarvis & Co. of Toronto. Date May 1 1908.
Denomination $1,000. Interest is payable at the Bank of
Montreal in Fort William. The other nine issues of debentures, aggregating $253,650, also offered for sale on Sept. 10
(V. 87, p. 560), were awarded to the Dominion Sectirities
Corporation, Ltd., of Toronto.
Franklin, N. H.-Bond Sale.-On August 22 an issus
of $50,000 33/2% 20-year bonds was sold. The securitiee
were purchased at 98.149 by Merrill, Oldham & Co. of
Boston. Denomination $1,000. Date Oct. 1 1908. Interest semi-annual.
Gibson County (P. 0. Princeton) Ind.-Bond Sale.-This
county sold $27,000 4% Union Township school-building
bonds on July 20. J. F. Wild & Co. of Indianapolis were the
successful bidders, their bid being $27,050, or 100.185.
Date July 15 1908. Maturity part yearly from one to five
years.
Grady County (Okla.) School Districts.-Bond Sales.Oklahoma Bond & Trust Co. of Guthrie has recently been
awarded the following school district bonds:
Hamilton County (P.0. Noblesville), Ind.-Bond Sales.J. F. Wild & Co. of Indianapolis have just advised us of the
following purchases:
$1,200 6% School District No. 5 bonds. Date Aug. 20 1908. Denomination two bonds of $500 each and one of $200. Maturity July 1
1928.
2,000 6% School District No. 6 bonds. Denomination $500. Date Aug.
17 1908. Maturity July 1 1928.
2.0006% School District No. 14 bonds. Denomination $500. Date Aug.
1 1908, Maturity July 1 1928.
1,100 6% School District No. 23 bonds at 101. Denomination two bonds
of $500 each and one of $100. Date Sept. 1 1908. Maturity
July 1 1923.
1,500 6% School District No. 31 bonds at 101. Denomination $500.
Date Sept. 11908. Maturity July 11928.
1,500 8% School District No. 35 bonds at 101. Denomination $500.
Date Aug. 15 1908. Maturity July 1 1028.
1,000 6% School District No. 40 bonds at 101. Date Aug. 1 1908.
Denomination $500. Maturity Jan. 1 1928.
10,000 6% School District No. 51 bonds at 102. Denomination $500.
Date Aug. 1 1908. Maturity July 1 1928.
2,000 6% School District No. 52 bonds at 101.50. Denomination $500.
Date July 1 1908. Maturity July 1 1928.
1,000 7% School District No. 55 bonds at 101. Denomination $500.
Date Aug. 20 1908. Maturity July 20 1928.
10,000 6% School District No. 56 bonds. Denomination $500. Date
Aug. 12 1908. Maturity July 1 1928.
1,200 6% School District No. 57 bonds at 101. Denomination two bonds
of $500 each and one bond for $200. Date Aug. 15 1908.
Maturity July 1 1928.
1,500 6% School District No. 58 bonds at 101. Denomination $500.
Date Aug. 15 1908. Maturity July 1 1928.
1,400 6% School District No. 76 bonds at 101. Date Aug. 15 1908.
Denomination two bonds of $500 each and one of $400. Maturity Jan. 11928.
School
District No. 84 bonds at 101. Denomination $500.
6%
2,000
Date Aug. 20 1908. Maturity July 1 1028.
Interest payable January and July at the fiscal:agency in
New York City.
Gravenhurst, Ont.-Debenture Offering.-Proposals will
be received until 12 m. Sept. 22 by W. H. Cross, Town
Clerk, for $45,000 5% power debentures. Maturity thirty
years.
Greensburg, Westmoreland County, Pa.-Bond Offering.
-Proposals will be received until 8 p. m. Sept. 21 by J. F.
Beatty, Secretary of Council, for $50,000 4% coupon bonds.
Denomination $1,000. Date Oct. 1 1908. Interest semiannually at the Borough Treasurer's office. Maturity
Oct. 1 1938. Bonds are exempt from all State tax. Certi-
% Noblesville Township bonds bought on Aug. 1. Date
July 15 1908.
4,660 4% % Jackson Township bonds bought on Aug. 1. Date July 16
1908.
2,060 4% % Adams & Washington townships bonds bought on July 15.
Date May 16 1908.
$25,140 4
The above bonds are issued for highways, mature part
yearly from one to ten years inclusive and were sold at par.
Hancock County (P. 0. Greenfield), Ind.-Bond Sale.An issue of $61,201 4
Buck Creek Township highway
bonds was disposdd of at par on July 15 to J. F. Wild dr Co.
of Indianapolis. Date July 6 1908. Maturity 1-20th each
six months for ten years.
Harrison County (P. 0. Cadiz), 0.-Bond Sale.-According to reports the First National Bank of Cleveland was
awarded the $15,000 432% bonds described in V. 87, p, 561,
for $15,277. Maturity $1,000 each six months from Oct. 1
1909 to 1916 inclusive.
Herrick, S. D.-Bond Offering.-Proposals were asked for
until 8 p. m. yesterday (Sept. 18) by A. D. Shepard, Town
Clerk, for $6,900 7% water-works bonds. Maturity twenty
years.
Holly, Col.-Bond Offering.-Proposals will be received
until 8 p. m. Sept. 22 by N. F. Vidal, Town Clerk, for
"approximately $40,000,or as much thereof as required,"6%
water-works bonds. Maturity fifteen years.
Hudson County (P. 0. Jersey City), N. J.-Bond Offering.
-Further details are at hand relative to the offering on Oct.1
of the following 432% bonds, mention of which was made in
V. 87, p. 696:
$350,000 coupon new viaduct bonds. Denomination not less:than $1,000.
Maturity thirty years.
350,000 coupon Newark Avenue bridge bonds. Denomination not less
than $1,000. Maturity thirty years.
100,000 coupon Boulevard repair bonds. Denomination not less than
$1,000. Maturity thirty years.
55,000 registered asylum-addition bonds. Maturity ten years.
16,000 registered Avenue C bridge bonds. Maturity twenty years.
'Proposals for these bonds will be received until 4 p. m.
on that day. They are dated Oct. 1 1908. Interest semiannual. Cash or certified check on some national bank or
trust company for 1% of bid, payable to Stephen M. Egan,
County Collector, is required. Walter O'Mara is County
Clerk.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Huntington County (P. 0. Huntington), Ind.-Bond
Sale.-Highway bonds of Warren Township to the amount
of $35,532 were sold on June 1, we have just been advised,
to J. F. Wild & Co. of Indianapolis, at par. Securities carry
43% interest, are dated Jan. 2 1908, and mature part
yearly from one to ten years inclusive.
Huntsville, Ont.-Debentures Not Sold.-No sale has
yet been made of the $24,243 93 5% granolithic-walks and
street-improvement debentures offered. on Sept. 10 and
described in V.87, p. 497.
Idaho Falls, Bingham County, Idaho.-Bond Sale.-The
two issues of sewer and macadam road bonds aggregating
$20,727 94 offered without success on July 10 (V.87, p. 303)
will be taken by Henrcy & Keefer, contractors, of Idaho
Falls, in payment for work done.
Jackson County School District No. 54 (P. 0. Blair),
Okla.-Bond Sale.-This district recently awarded an issue
of $12,500 6% bonds to the Oklahoma Bond & Trust Co.
of Guthrie at 102. Denomination $500. Date Aug. 1 1908.
Interest January and July at the fiscal agency in New York.
Maturity July 1 1928.
Jackson County School District No. 61 (P. 0. Elmer),
Okla.-Bond Sale.-An issue of $10,000 6% bonds of this
district was awarded to the Oklahoma Bond & Trust Co. of
Guthrie at 102. Denomination $500. Date Aug. 1 1908.
Interest January and July. Maturity July 11928.
Janesville, Wis.-Bond Offering.-Proposals will be received until 2 p. m. Oct. 1 by Jas. A. Fathers, City Treasurer,
for $45,000 4% main outlet sewer bonds. Denomination
$500. Interest semi-annual. Maturity part yearly from
two to nineteen years inclusive. Certified check for $100 is
required.
Jay County (P. 0. Portland), Ind.-Bonds Awarded Tin
Part.-Of an issue of $40,200 432% bonds offered on August
'766
THE CHRONICLE
15, $24,500 have been sold to Warn & Co. of. Winchester.
We are advised that the remainder "of this issue will be
sold as soon as the transcripts are approved."
Kalamazoo, Mich.-Bond Offering.-Proposals will be
received until 5 p.m. Sept. 21 by John A. Ross, City Clerk,
for the following bonds:
$10,000 434% 1-10-year (serial) street-Improvement bonds.
3.900 4 yi% 1-10-year (serial) city-improvement bonds.
6,800 5% 1-5-year (serial) sanitary-sewer bonds.
Interest semi-annual.
Kiowa County School District No. 3(P. 0. Gotebe), Okla.
-Bond Sale.-The Oklahoma Bond & Trust Co. of Guthrie
was awarded an issue of $15,000 6% bonds of this district.
Denomination $500. Date Aug. 11908. Interest January
and July at the fiscal agency in New York City. Maturity
July 1 1928.
Lacombe, Alberta.-Debenture Sale.-On Sept. 1 the
three issues of 5y
2% coupon debentures aggregating $10,000,
described in V. 87, p. 561, were awarded to Nay & James
of Regina at 91.04. Following is a list of the offers received :
Nay & James, Regina
Wm.C. Brent, Toronto
$9,104 National Trust Co
9,0091
$8,700
Lake County (P. 0. Crown Point), Ind.-Bond Sale.The $60,000 5% coupon bonds for erecting a jail, repairing
the sheriff's residence and for the erection of a stable, were
awarded on Sept. 12 to Charles C. Wedding & Co. of Indianapolis at 103.78. A list of the bidders follows:
Chas.C.WeddIng & Co.,
Miller, Adams do Co.,
Indianapolis
$62,268 00
Indianapolis
$61,810 00
J. F. Wild & Co., Indian's 62,175 00 Wollenberger & Co
61,704 60
First National
Bank,
Rudolph Kleybolte Co.,
Crown Point
Inc., Chicago_
62,165 00
Jos.T.Elliott& Sons Ind_ 61,840 00 Well, Roth & Co., Cln- 61,086 00
Newton Tod
cinnati
J
60,900 00
The bonds mature $5,000 every six months from July 1
1909 to Jan. 1 1915 inclusive and are described in V. 87,
p. 696.
Lakefield, Ont.-Debenture Sate.-This town has sold
$8,000 5% school debentures dated Sept. 1 1908 and $3,067
43% local-improvement debentures dated Dec. 31 to A.
E. Ames & Co. Ltd., of Toronto for $10,740.61. Interest
annual. Maturity part yearly for twenty years.
Lakewood School District (P. 0. Cleveland), Cuyahoga
County, Ohio.-Bond Sale.-The $40,000 4%% 5-24-year
(serial) school-building bonds described in V. 87, p. 561,
were awarded on Sept. 12 to the Cleveland Trust Co. of
Cleveland for $41,828 50-the price thus being 104.571a basis of about 4.08%.
Lansing, Ingham County, Mich.-Bond Offering.-Proposals will be received until 8 p. m. Sept. 21 by Myles F.
Gray, City Clerk, for $12,000 5% coupon Washington Street
paving bonds. Denomination $2,400. Date Sept. 15 1908.
Interest annually at the City Treasurer's office. Maturity
$2,400 yearly on Dec. 1 from 1909 to 1913 inclusive. Bonds
are tax-exempt. Certified check for $25 is required. Official circular states there is no litigation threatened affecting
this issue of bonds. Purchaser to furnish blank bonds.
Laurel, Md.-Bond Sale.-The German Savings Bank of
Baltimore was the successful bidder on Sept. 11 for the
$15,000 5% 40-year coupon (with privilege of registration)
electric-light-system bonds described in our issue of August
29. The price paiil was 104.61 and accrued interest-a
basis of about 4.743%. Following are the bids:
•Ger. Say. Bk., BaltImore_$15,691 50 Hambleton & Co., Bait.415,402 00
Mackubin, Goodrich & Co.,
Well, Roth & Co., Cincln_ 15,166 00
Baltimore
15,675 00 S. M. Kitzmiller & Bros.,
E.H.RollIns&Sons,Boston 15,455 00
Shippensburg, Pa
15,001 00
Lincoln, Mass.-Price Paid for Bonds.-We are advised
that the price paid for the $52,000 4% coupon school-house
bonds awarded on Sept. 5 to Blodget, Merritt & Co. of
Boston was 101.89.
Lincoln, Neb.-Bond Offering.-Proposals will be received
until 12 m. Oct. 5 by Thomas H. Pratt, City Clerk, for
$16,000 refunding bonds. Date Nov. 11908. Interest (at
not exceeding CA%) semi-annually at the Nebraska fiscal
agency in New York City or at the Treasurer's office. Maturity one-tenth yearly after the tenth year, and all are
optional, if the city so decides, at any time after ten years
from date.
Longview,Tex.-Bond Sale.-Papers state that on Sept.9
$10,000 sewer bonds were bought by local investors.
Loa Angeles County (P. 0. Los Angeles), Cal.-Bond
Sale.-This county recently awarded privately the $3,500,000 43% road-improvement bonds mentioned in V. 87,
p. 367, to a syndicate composed of J. H. Adams & Co.,
Los Angeles Trust Co., both of Los Angeles, American Trust
& Savings Bank of Chicago and Harvey, Fisk & Son and
Wm. A. Read &
oth of New York City. The bonds
n
are in denominatioCo.,Of
$1,000. Date Oct. 1 1908. Interest
. semi-annually at the County Treasurer's office or at New
York City. Maturity $100,000 on Oct. 1 from 1914 to 1948
inclusive. We are informed that these securities will be
offered to investors about Oct. 1 on a 4.20% income basis.
Madison, Dane County, Wis.-Bond Offering.-Proposals
will be received until 7:30 p. m. Sept. 25 by 0. S. Norsman,
City Clerk, for $30,000 park and $25,000 market 4% coupon
bonds. Authority Sections 926-11 and 943, Revised Statutes, as amended. Denomination $500. Date Oct. 1 1908.
Interest annually at the_ First_National Bank of Madison.
aturity_Oct. 1 1928.
[VOL. Lxxxvn.
Manchester Hartford County, Conn.-Bond Sale.-Local
reports state !that on Sept. 14 Merrill, Oldham & Co. of
Boston bought $115,000 4% refunding bonds at par and
accrued interest. Maturity $5,000 yearly.
Marion County (P. 0. Indianapolis), Ind.-Bond Offering.-Proposals will be received until 12 in. Sept.- 24 by
Albert Sahm, County Auditor, for the $100,000 3M%
bridge bonds mentioned in V. 87, p. 432. Denomination
$1,000. Date Oct. 1 1908. Interest semi-annually. Maturity Oct. 11928. Bids to be made on printed form furnished by the County Auditor and accompanied by a certified check on an Indianapolis bank for 3%, made payable
to the Board of Commissioners.
Bond Sales.-This county on July 15 sold $6,120 4M%
Lawrence and Warren Township highway-building bonds to
J. F. Wild & Co. of Indianapolis at par. Securities are dated
July 6 1908 and mature $306 each six months from July 6
1909 to Jan. 6 1919 inclusive. This same firm was also the
purchaser of $20,000 4% 1-5-eyar (serial) Pike Township
school-building bonds dated Aug. 11908, and disposed of on
Aug. 10. The price paid was 100.25.
Marion County (P. 0. Marion), Ohio.-Bond Offering.Proposals will be received until 12 m. to-day (Sept. 19) by
the Turnpike Commissioners, in care of John H. Clark
Prosecuting Attorney, for $5,700 5% coupon HipsherFree
Turnpike Road bonds. Authority Section 4808, Revised
Statutes. Denominations $215, $230, $240, $260, $280,
$290, $300, $320, $340 and $375. Date Oct. 11908. Interest semi-annually at the County Treasurer's office. Bonds
mature as follows:
$215 00
215 00
230 00
230 00
240 00
• 240 00
260 00
Mob. 1 1909.
Sept. 1 1909.
Mch. 1 1910.
Sept. 1 1910.
Moll. 1 1911.
Sept. 1 1911.
Mch. 1 1912.
$260 00
280 00
280 00
290 00
290 00
300 00
300 00
Sept. 1 1912.
Mch. 1 1913.
Sept. 1 1913.
Mch. 1 1914.
Sept. 1 1914.
Mch. 1 1915.
Sept. 1 1915.
$320 00
320 00
340 00
340 00
375 00
375 00
Mch. 1 1916.
Sept. 1 1916.
Mch. 1 1917Sept. 1 1917.
Mch. 1 1918,
Sept. 1 1918.
Certified check for $100, drawn on some bank in Marion,
and made payable to the Board of Road Commissioners, is
required. Delivery Oct. 11908.
Matagorda County (P.0.Bay City), Tex.-Bonds Awarded
in Part.-Of the $100,000 4% 10-40-year (optional) road
and bridge bonds registered by the State Comptroller on
Aug. 8 (V. 87, p. 432), $50,000 have been sold to the State
Permanent School Fund at par.
Milton School District (P. 0. West Milton), Ohio.-Bond
Sale.-This district on Sept. 12 awarded the $50,000 41
4%
coupon school-building bonds described in V. 87, p. 562, to
Otis & Hough of Cleveland at 105.014.
Milwaukee, Wis.-Bond 011ering.-Proposals will be received until 11:30 a. m. Sept. 29 by the Commissioners of
the Public Debt at the office of August M. Gawin, City
Comptroller and Secretary ex-officio of said Board, for
$200,000 East Water • Street bridge, $280,000 school and
$200,000 garbage 4% coupon bonds. Authority Chapters
40b and 41, Statutes of 1898. Denomination $1,000. Date
July 1 1908. Interest semi-annually at the office of the City
Treasurer or the Morton Trust Co. of New York City. Five
per cent of the bonds mature each year. Purchaser to pay
accrued interest.
Monroe, Walton County, Ga.-Bond Offering.-Proposals
will be received until 10 a. m. Sept. 24 by F. H. Thomas,
Clerk of City Council, for $30,000 5% coupon sewer bonds.
Denomination $1,000. Date July 11908. Interest annually
at Monroe. Maturity $15,000 on Jan. 1 1928 and $15,000
on Jan. 11938. Deposit of $100 is required. Bonded
debt $45,000. Assessed valuation for 1907 $1,278,172.
Official advertisement states that there has never been any
default in the payment of any of the city obligations.
Morrow County (P. 0. Mt. Gilead), Ohio.-Bond Offering.
-Proposals were asked for until 11 a.m.yesterday(Sept.18)
by W.C.McFarland,County Auditor,for the following 4%
coupon improvement bonds:
$12,590 19 Garyerick Road bonds. Maturity $640 each six
months from
March 11009 to March 1 1918 incl. and $430
on Sept. 1 1918.
14,055 60 Nichols Road bonds. Maturity $700 each 19
six months from
March 1 1000 to March 1 1013 Incl. and $755 60 on Sept. 1 1918.
11,446 69 Denmark Road bonds. Maturity $580 each
six
from
March 1 1909 to March 1 1918 incl. and $426 69 on months
Sept. 1 1918.
Authority Section 4670-19, Chapter 2, Title 7, Part 2,
Revised Statutes. Date Sept. 1 1908. Interest semi-annual. Bids to be made on each issue separately and accompanied by a certified check for $500 on a Morrow County
bank. The result of this offering was not .known to us at
the hdur of going to press.
Morton, Man.-Debenture Offering.-Proposals will be received until 12 m.to-day (Sept. 19)for $30,000 4% telephonesystem -construction debentures. Denomination $500. Date
Sept. 1 1908. Interest semi-annually at the Union Bank of
Boissevain. Maturity Sept. 11928. Total debt at present
$200. Assessed valuation for 1908, $882,965.
Mt. Vernon, Westchester County, N. Y.-Bond Sale.The following proposals were submitted on Sept. 15 for the
$40,000 5% 6-year refunding redemption bonds described in
V. 87, p. 697:
Farson. Son & Co.. N.Y---$41,590 O'Connor & Kahler, N.
Y___$41,356
N. W. Halsey & Co., N. Y__ 41,486 Kountze Bros., N. Y
41,333
& Co.,Adams
N Y
41,451 Wadsworth & Wright, N. Y. 41,300
N. W. Harris & Co., N. Y. 41,428
?durdo Independent School District (P. 0. Murdo), Lyman
County, S. D.-Bond Offering.-Proposals were asked for
until 9 a'. m. yesterday (Sept. 18) by A. T. Wilson, Clerk of
District, for $3,000 10-20-year (optional) and $4,000.20-year
SEPT. 191908.]
THE CHRONICLE
767
6% coupon building bonds. Denominations $500 and
$1,000. Interest payable semi-annually. The result of
this offering was not known to us at the hour of going to press.
Nampa, Canyon County, Idaho.-Bond Sale.-The City
Clerk writes us that when the paving is started the contractors will take for work performed the $80,000 to $100,000
paving assessment bonds at not exceeding 8% interest,
offered without success (V. 87, p. 304) on June 13..
Neenah, Wis.-Bond Sale.-This city has awarded $15,000
school bonds to Farson, Son & Co. of Chicago at 103.15 and
accrued interest for 43s. Purchasers to furnish blank bonds
at their own expense. A list of the bids received follows:
Orillia Ont.-Debenture Sale.-W. A. MacKenzie & Co.
of Toronto have purchased $10,000 434% debentures.
Ottawa County (Okla.) School District No 19.-Bond
Sale.-Bonds to the amount of $1,000, bearing 6 %interest,
were awarded to the Oklahoma Bond & Trust Co. of Guthrie
at par. Denomination $500. Date Aug. 1 1908. Interest,
January and July at the fiscal agency in New York. Maturity July 1 1928.
.
Ottawa County (Okla.) School District No. 35.-Bond
Sale.-An issue of $1,000 6% bonds of this district was
awarded to the Oklahoma Bond & Trust Co. of Guthrie at
par. Denomination $500. Date Aug. 1 1908. Interest
Farson,Son de Co., Chicago (for 45s)
$a15,472 50 January and July at the fiscal agency in New York. MaN. W. Halsey & Co., Chicago 1(for 4 Us)
a15,005 00 turity Jan. 1
1918.
J(for 4 Ms)
a15,339 00
Harris Trust de Savings Bank, Chicago (for 4 Ms)
a15,380 25
Ottawa County (Okla.) School District No. 41.-Bond
Mason. Lewis & Co., Chicago (for 43.$)
15,290 00
Well, Roth & Co., Cincinnati (for 4 Ms)
15,286 00 Sale.-This district recently awarded $1,000 6% bonds to
Rudolph Kleybolte Co., Inc., Chicago. 1(for 4 Ms)
15,250 00 the Oklahoma Bond & Trust Co. of Guthrie at par. DeJ (for 5s )
15,940 00 nomination
$500. Date Aug. 1 1908. Interest January
A. B. Leach do Co., Chicago (for 43s)
15,218 00
MacDonald, McCoy & Co., Chicago (for 43s)
15,181 50 and July at the fiscal agency in New York. Maturity
Thomas J. Bolger Co., Chicago (for 43s)
15,165 00 Jan. 1 1920.
Otis & Hough, Cleveland (for 43s)
15,000 00
S. A. Kean, Chicago (for 5s)
a15,540 00
Pasadena, Los Angeles County, Cal.-Bond Election.An election will be held Sept. 24 to vote on propositions to
a Also furnish blank bonds free.
With the exception of S. A. Kean, all bidders offered issue bonds for the following purposes: $50,000 for the park
account, $24,000 for a garbage crematory, and for the water
accrued interest in addition to their bids.
Newark, N. J.-Bond Offering.-Proposals will be received account $790,000, $120,000, $160,000 and $55,000. These
bonds will carry 41
4% interest and mature in forty years.
until 12 m. Sept. 22 (not Sept. 21, as at first reported) by
Peekskill, N. 'Y.-Bond Sale.-On Sept. 17 the $60,000
J. H. Bacheller, City Comptroller, for the following bonds:
30-year registered water-filtration-plant-construction bonds
$1,361,000 4% registered or coupon school bonds. Date Oct. 1 1908. described in V. 87, p. 634, were
awarded to N. W. Harris
Certified check for 23.% of bonds bid for is required.
200,000 4% registered or coupon track elevation bonds. Date Sept. 1 & Co. of New York City at 100.074 for 4.15s. Following are
1908. Certified check for 5% of bonds bid for is required.
the bids:
Denomination from $1,000 to $10,000 at option of purchaser. N.W HarrisdeCo.,N.Y.(4.15s).100.0741A.B.Leach &Co N.Y.(4.25s) _100.27
Peekskill S.B.,Peeks (4.15s)_100.00 J.D.EverittdeCo.,N.Y.(4.25s).100.185
Interest is payable at the office of the Sinking Fund Com- Adams
& Co., N. Y.(4.20s) _100.181 J.S.Bache & Co.,N.Y.(4.25s)100.038
& Co., N.Y.(4.20s)100.045 Parkinson & Burr,N.Y.(4.30s)100.188
missioners. Maturity fifty years, subject' to call after forty L.Barnum
Ferris Fe White,N.Y.(4.20s) _100.00 N.W.Halsey&Co.,N.Y.(4 30s)100.717
years. Bonds are exempt from taxation. Bid to be made on D.A.Moran&Co.,N.Y.(4.25s).101.32 E.Seymour&Co.,N.Y.(4.35s).100.073
Pipestone, Man.-Debenture Sale.-On Aug. 31 the
each issue separately. Purchaser to pay accrued interet.
$30,000 4% 20-year gold coupon telephone-system-eonstrucThe official notice of this bond offering will be fonud among tion debentures offered on that day (V. 87, p. 433)
were
the advertisements elsewhere in this Department.
awarded to the Ontario Securities Co. of Toronto at 95.556.
Norwood, Mass.-Bond Sale.-Estabrook & Co. of Boston The bids received were as follows:
are reported as being the purchasers of $40,000 4% 1-40- Ontario Scour. Co., Toronto_$28,667 1 Aemillus Jarvis & Co., Tor_ _ $28,42&
National Tr. Co., Winnipeg_a28,683 Browse, Mitchell & Co., Tor_ 28,050
year (serial) sewer bonds recently disposed of. It is stated G.
A.Stimson & Co.,Tor_ __ 28,665 W.C. Brent,Toronto
27,7210
that the price paid was 104.17-a basis of about 3.708%.
Wood,Gundy & Co.,Toronto 28,655 Confederation Life. Assn.,Win.26,700
Norwood (P. 0. Cincinnati), Hamilton County, Ohio.- a Dmenta ei to 133 p iyable In Montreal.
Bond Sale.-On Sept. 17 this city, it is stated, awarded the
Nay & James of Regina also submitted an offer of $27,007,
three issues of 434% bonds aggregating $11,527 12 described but we are informed that it was
received too late to be conin V. 87, p. 499, to the First National Bank of Norwood as sidered. Denomination $500. Date Nov. 11908.
Interest
follows: $1,119 12 Northside Avenue sidewalk bonds for semi-annually at the Union Bank of Winnipeg.
Debentures
$1,124 71; $1,808 Walter Street bonds for $1,844 16; and are exempt from taxation.
$8,600 Section Avenue viaduct bonds for $9,315 52.
Pittsburgh, Pa.-Bond Sale.-The City Comptroller inOberlin, Lorain County, Ohio.-Bond Sale.-The $5,000 forms us that the five issues of 43i%
coupon
and the $6,000 4-9-year (serial) 43.% sewer bonds described of registration) funding bonds aggregating (with privilege
auin V. 87, p. 698, were purchased on Sept. 12 by Seasongood thorized on June 30 (V. 87, p. 369), are the $1,077,000,
same securities
& Mayer of Cincinnati at 101.78 and 102.31 respectively. awarded last May to N. W. Harris Co. of New
&
York City.
Purchaser to pay accrued interest. Following are the bids:
He states that it became necessary to pass new ordinances
$5,000
$6,000
authorizing these bonds in order to remedy defects that apbonds.
bonds.
Seasongood & Mayer, Cincinnati
$5,089 00
$6,138 60 peared in the original ones.
Breed & Harrison, Cincinnati
5,080 00
6,096 00
Bonds Proposed.-This city proposes to issue $279,000 4%
Rudolph Kleybolte Co., Inc., Cincinnati
5,075 00
6,117 00
Barto, Scott de Co., Columbus
5,072 50
6,084 50 bonds.
Well, Roth & Co., Cincinnati
5,063 00
6,090 00
Bond Election.-Ordinances authorizing the following
Hoehler do Cummings, Toledo
5,058 50
6,100 50
First National Bank, Cleveland
5,051 50
6,086 00 bonds, aggregating $6,630,000, to be voted at the general
Fifth-Third National Bank, Cincinnati
11,209 00
election on Nov. 3, are before the Mayor awaiting his signaHayden, Miller & Co., Cleveland
11,178 00
W. J. Hayes & Sons, Cleveland
ture:
11,151 00
Security Savings Bank de Trust Co., Toledo
Otis de Hough, Cleveland
A. B. Leach & Co., Chicago
11,135 50
11,127 50
11,122 00
All bidders offered accrued interest in addition to their
bids. The $5,000 bonds mature $500 yearly on Aug. 1 from
1909 to 1918 inclusive.
Ocean Park, Los Angeles County, Cal.-Bond Election
Postponed.-The election which was to have taken place
Aug. 30 to vote on the question of issuing the $40,000 firefighting-facilities-improvement bonds mentioned in V. 87,
p. 241, has been postponed.
Ocilla, Ga.-Bond Sale.-On Sept. 10 the $7,000 waterworks system and the $8,000 city-hall and site-purchase 5%
15-29-year (serial) gold coupon bonds described in V. 87,
p. 433, were sold to H. F. Holtz & Co. of Chicago at a premium of $6 less 33% commission. Purchaser to furnish
lithographed bonds.
Omaha School District (P. 0. Omaha), Douglas County,
Neb.-Bids.-Following are the bids received on Sept. 15
for the $250,000 43/2% school-building-addition bonds
described in the "Chronicle" of Sept. 12:
$1,975 000 for the purchase of the Monongahela Water Co.
700,000 for repairs, reconstruction and general improvements to the
South Side water system.
300,000 for extension of water lines.
1,000,000 for the erection of a bridge on south side of Union Bridge.
1,200,000 for acquiring land for building a reservoir.
175,000 for rebuilding bridge.
„ I
65,000 for new bridge at Meadow Street over Negley Run.
500,000 for new Market House and Assembly Hall.
500,000 for pumping-machinery at Aspinwall.
185,000 for erection of rubbish-disposal plant.
30,000 for erection of bridge over Negley Run at Onrega Street.
Pittsburgh, Pa.-Beltzhover School Sub-District of the
Thirty-eighth Ward.-Bond Sale.-The "New York News
Bureau" states that the $100,000 5% coupon school-building
bonds, a description of which was given in V. 87, p. 563,
offered on Sept. 5, have been awarded to E. S. Wheeler for
the Public Securities Co. The price was not mentioned.
Date of bonds Sept. 11908. Interest payable semi-annually.
Platte, Charles Mix County, So. Dak.-Bond Offering.Proposals were received until 8 p. m. yesterday (Sept. 18) by
W. F. Van der Voort, City Auditor, for $16,000 5% coupon
water-works bonds. Denomination $500. Date Sept. 1
1908. Interest semi-annually at place designated by purchaser. Maturity Sept. 1 1928. These securities are part
Harris Tr. de S. B., Chic., and Wm. R. Compton Bond & Mortgage Co., St. Louis
$263,300 00 of the issue of $18,000 bonds voted on June 16 had offered
N. W. Halsey & Co., Chicago
J In one delivery
*263,202 50 without success (V. 87, p. 563) on Aug. 20.
The result of
lIn Installments
*262,850 00
Merchants' Loan' & Trust Co., Chicago
262,630 00 this offering was not known to us at the hour of going to press.
Woodin, McNear & Moore, Chicago
260,687 50
Pleasantville,
Pa.
-Bond
-An
Sale.
issue of $14,000 5%
Devitt, Tremble & CO., Chicago, and A. B. Leach & Co.,Chic
260,575 00
Farson, Son de Co., Chicago
260,500 00 water-works-installation bonds was disposed of at par on
Woodmen of the World
260,000 00 Sept. 1 to the Western Pennsylvania I. 0. 0. F. Relief
MacDonald, McCoy & Co.,Chic., and First Nat. Bank,Chic_
259,405 00
Rudolph Kleybolte Co., Chicago
258,450 00 Association of Titusville. Denomination $500. Date July 1
Supreme Forest Woodmen Circle
258,500 00 1908. Interest semi-annual. Maturity July 1 .1938, but
E. H. Rollins & Sons, Chicago
257,500 00 subject to call before
that time.
*Agreed to furnish blank bonds for entire issue.
Preble County (P.•0. Eaton), Ohio.-Bond Sale.-This
We are informed by the Secretary that the above bids will county sold on Sept. $500and $8004%
ditch-construction.
be acted upon by the Board Of Education at its meeting bonds. The former 12
gold issue was purchased by the Eaton
to be held Sept. 21.
National Bank of Eaton at 100.20 while Jno. B. Runyon,
768
THE CHRONICLE
[VOL. Lxxxvit.
also of Eaton, offering 100.287, was the successful bidder offered on Sept. 10, to the Los Angeles Tust Co. and J. H.
for the latter issue. Following are the bids:
Adams & Co., both of Los Angeles, is not correct. The
$500
$800
bonds instead were awarded to E. H. Rollins & Sons and
bonds.
bonds.
Eaton National Bank, Eaton
$501 00
$801 50 N. W. Harris & Co., who were the highest bidders, at their
Jab. B. Runyon, Eaton
500 65
802 30 joint bid of 107.15. It appears that the San Francisco sale
Preble County National Bank, Eaton
500 00
800 00
The above bonds are dated Sept. 12 1908. Interest semi- was confused with a private sale made by Los Angeles County
annual. Maturity part each six months from March 1 1909 of the $3,050,000 434% bonds (V. 87, p. 367) voted on July
30. For further details of these securities, see item under
to Sept. 12 1913inclusive.
the head of Los Angeles County, on a preceding page in this
Quitman, Clarke County, Miss.-Bond Sale.-On July 23 Department.
$12,000 6% 20-year bonds were bought by C. H. Coffin of
Bids.-Below will be found an official list of the proposals
Chicago for $12,025-the price thus being 100.216. Denomi- received for the four issues of San Francisco bonds aggrenation $500. Date July 1 1908. Interest annual.
gating $3,280,000 from those bidding for the whole amount:
Red Bay, Ala.-Bond Offering.-Proposals' will be re- E. H. Rollins & Sons (jointly)
_ $3,514,520
N. W. Harris & Co.
ceived until Sept. 20 (this date falls on Sunday, but is so London-Paris
3,500,000
NationalBank, San Francisco
given by the Mayor) by Geo. W. Sims, Mayor, for $3,000 Central Trust Co. San Francisco
3,498.000
Trust
'Co., Los Angeles
3,497,500
5% registered school bonds. Denomination $100. Inter- Los Angeles
3,497,000
Jas. H. Adams 8: Co., Los Angeles
est annually on Jan. 1 at the Bank of Red Bay. Maturity Kountze Bros.,
'(New York
3,390,864
(jointly)
twenty years. Bonded debt this issue. Bonds are free from Blodget, Merritt F6 Co., J
The following are the important offers for the separate
all taxation. Certified check for $200, payable to the Mayor,
issues:
is required.
$1,000,000
$800,000
$1,200,000 $280,000
Redfield Independent School District (P. 0. Redfield),
Fire Protection
Sewer
Hospital
School
bonds.
bonds.
bonds.
bonds.
Iowa.-Bond Offering.-Proposals will be received until 12
$
_
m. Sept. 25 by Geo. W. Curtis Jr., District Secretary, for W.
Crocker, Sanla1,075,529 25 a859,039 00 a1,271,837 28 a294,547 SX
Francisco
$4,500 5% school-house bonds. Denominations $500 and Nat.City
Bk.,Speyerl
$1,000. Date Oct. 1 1908. Interest May and November in
& Co., and N. W.) 1,062,875 54 849,259 27 1,264,543 62 292.621 58
Halsey & Co., N.Y
Redfield. Maturity $500 in 1911 and $1,000 yearly from
Trust & S. Bk.)
1912 to 1915 inclusive. Certified check for 5%, payable to First
and Merchants' L.} 1,035,300 00 826,640 00 1,224,360 00 284,284 00
& Tr.Co., Chicagol
the District Secretary, is required. This district has no debt
H. W. Poor & Co..)
at present.
and Perry Coffin & } 1,019,300 00 815,440 00
Burr, New York 1
Richmond, B. 0.-Debenture Sale.-Wm. C. Brent of San
828,117 60
286,998 60
Jose S. D. Bk. of 1
Toronto was the successful bidder for the following debenSavgs., San Jose I
298,500 00
State Bd. of Examiners
tures recently disposed of:
294,257 50
First N. Bk., Oakland
;8,000 5% school debentures maturing July 1 1928.
6,121 6% local-Improvement debentures, due In twenty years.
Rock Springs, Sweetwater County, Wyo.-Bond Sale.'On Sept. 7 the $40,000 6% 10-20-year (optional) coupon
sewer bonds described in V. 87, p. 634, were awarded to
the First National Bank of Rock Springs, at 102.84.
St. Jean de la Croix School District, Que.-Debenture Sale.
-An issue of $50,000 5% debentures of this district has been
sold. The securities were purchased by St. Cyr, Gonthier
& Frigon. Maturity Aug. 1 '1938.
St. Paul, Minn -Bond Sale.-This city has sold $5,000
4% 30-year coupon hospital bonds dated Sept. 11908. Interest semi-annually in New York City.
St. Peter, Nicollet County, Minn.-Bond Sale.-An issue
of $7,000 4% coupon refunding improvement bonds has
been sold. Interest annually in September in New York
City. Maturity 1917.
Salem, Ohio.-Bond Election Proposed.-A resolution providing that an election be held to vote on the issuance of
$225,000 water-works-plant bonds is before the City Council.
Bond Sale.-A list of the proposals received on Sept. 10
-for six issues of bonds offered on that day follows:
Germ.Say. & L.Soc.1
San Francisco_ _
French-American Bk1
San Francisco_ ---5
201,050 00
280,700 00
a All or none.
San Luis Obispo County (P. 0. San Luis Obispo), Cal.Bonds Not Yet Sold.-The $26,000 5% gold coupon Permanent Road Division No'. 11 bridge-construction bonds of'unfered without success on July 7 (V. 87, p. 306), are still
sold.
Santa Barbara, Cal.-Bond Sale.-The $40,000 4%
coupon water-works-extension bonds, described in V. 87,
p. 635, were awarded on Sept. 10 to A. Edwards of Santa
Barbara, at 100.3525 and accrued interest. No other bids
were received. Maturity part yearly for 40 years.
Sawyer School District (P. 0. Sawyer), Choctaw County,
Okla.-Bond Sale.-We have just been advised that on May
25 $2,000 5% school-house bonds were awarded to the New
York Fidelity Co. at 95. Denomination $500. Date May 25
1908. Interest Jan. and July. Maturity "five, ten, fifteen
and twenty years."
Schenectady, N.Y.-Offering of Certificates of Indebtedness.
Premium.
•
Premium. -Proposals will be received until 11 a. m. Sept. 25 by 0.
First Nat. Bank, Cleveland_ _ $291!Sec. Say. Bk. & Tr. Co., Toledo.$114 S. Luffman, City Comptroller, for $200,000 certificates
Bart°. Scott & Co.. Columbus-- 195 W. J. Hayes & Sons, Cleveland.. 47 of
indebtedness issued in anticipation of the receipt of
These securities answer to the following description:
taxes. Authority Section 78, Chapter 473, Laws of 1906.
;3,178 41 bonds for constructing a sanitary sewer on Euclid Street, Broadway,South Penn Street and South Lundy Street. Denomination Denomination to suit purchaser. Date Sept. 25 1908. In$720, except one bond of $298 41. Maturity $298 41 on Sept. 1 terest (rate to be named in bid) payable in New York Ex1909 and $720 yearly on Sept. 1 from 1910 to 1913 inclusive.
change at the City Treasurer's office or at the Importers'
2,567 75 Washington and Evans Street sanitary sewer bonds. Denomination ;580 ,except one bond of $247 75. Maturity on Sept. 1 and Traders' National Bank in New York City at option
as follows: $247 75 in 1909 and $580 yearly from 1910 to 1913 of purchaser. Maturity Feb. 5 1909. Certified check for
inclusive.
747 46 Sugart,ee Alley sanitary sewer construction bonds. Denomin- 1% of certificates bid for, drawn on a bank or trust comation $100, except one bond of $347 46. Maturity on Sept. 1
pany, and made payable to the City Comptroller, is reas follows: $347 46 in 1909 and $100 y..arly from 1910 to 1913
quired. Certificates to be delivered within ten days after
inclusive.
2,554 00 Perry Street and Broadway sanitary sewer bonds. Denom- date of award. Purchaser to pay accrued interest. A like
ination $540, except one bond of $394. Maturity on Sept. 1
awarded on June 5
as follows: $394 in 1909 and $540 yearly from 1910 to 1913 amount of certificates (V.86, p. 1485) was
inclusive.
to Bond & Goodwin of Boston. If these are the same secu1,877 15 East Fourth Street sewer bonds. Denomination $400, except rities we are
not advised as to why the original sale was not
one bond of ;877 15. Maturity on Sept. 1 as follows: $877 15
consummated.
in 1909 and $400 yearly from 1010 to 1913 inclusive.
4.116 00 West Main Street sewer bonds. Denomination $900, except
Seminole County School District No. 9 (P. 0. Bonowa),
one bond of $516. Maturity on Sept. 1 as follows: $516 In
1909 and $900 yearly from 1910 to 1913 inclusive.
Okla.-Bond Sale.-This district has awarded the OklaThe above bonds are coupon in form, carry interest at the homa Bond & Trust Co. of Guthrie an issue of $17,000 6%
rate of 5% and are dated Sept. 1 1908. Interest annually 20-year bonds at 102. Date Aug. 1 1908. Denomination
$500. Interest January and July at the fiscal agency in
at the City Treasury. Bonds are tax exempt.
Salem, Ore.-Bond Sale.-This city recently disposed of New York.
Seminole County (Okla.) School District No. 23.-Bond
$24,763 5% 10-15-year (optional) street-improvement bonds
to local investors at par. Denominations from $50 to $500. Sale.-Oklahoma Bond & Trust Co. of Guthrie have been
awarded $1,000 6% bonds of this district at par. Date Aug.
Date Sept. 1 1908. Interest semi-annual.
Salem, W. Va.-Bond Sale.-The $31,500 6% coupon- 20 1908. Interest January and July at the fiscal agency in
paving and water-works bonds offered on Sept. 12 (V. 87, New York. Maturity July 11928.
Seminole County (Okla.) School District No. 28.-Bond
p. 563) were bought by the First National Bank of Salem
at 106.317 and accrued interest. The bids received were Sale.-During the present month $1,250 6% bonds of this
as follows:
district have been awqrded to the Oklahoma Bond & Trust
First Nat. Bk., Salem
$33,490 C. H. Coffin, Chicago
$31,821 Co. of Guthrie at par. Denomination two bonds for $500
Coffin
&
John Nuveen & Co.,Chicago. 32,000
Crawford, Chicago_ 31,630 and one of $250. Date Aug. 20 1908. Interest January
First Nat. Bk., Cleveland__ 31,977 Albert Kleybolte & Co.,
A. J. Hood & Co., Detroit.... 31,826
Cincinnati
31,500 and July at the fiscal agency in New York. Maturity July
Date Sept. 1 1908. Bonds mature at intervals from ten 1 1928.
to thirty-four years.
Shelby, Ohio.-Bond Sale.-On Sept. 16 the $11,663 4%
San Antonio, Tex.-Bond Sale.-It is rumored that this coupon street and boulevard-improvement bonds described
city recently disposed of at private sale an issue of $150,000 in V. 87, p. 564, were awarded to the First National Bank
434% 40-year refunding bonds to the Mercantile Trust Co. and the Citizens' Bank, both of Shelby, at par.
of St. Louis.
Shreve, Wayne County, Ohio.-Bond tering.-Proposals
San Francisco, 0a1.-Correction.-The report that the will be received until 12 in. Sept. 21 by James Bonham,
City of San Francisco awarded at private sale the four issues Village Clerk, for $3,000 5% coupon public-building bonds.
of 5% bonds,aggregating $3,280,000 (V. 87, p. 434 and,698),. Authority Section 2835 of the Revised StatuteS, Donotni.
SEPT. 19 1908.j
THE CHRONICLE
nation $500. Date Sept. 1 1908. Interest payable annually at the office of the Village Clerk. Maturity $500 on
March 1 in each of the years 1914, 1915, 1916, 1917, 1918
and 1919. Certified check for 10% of the bonds bid for,
payable to the Village Treasurer, is required.
Staples, Minn -Certificate Offering.-Proposals will be
received until 8 p. m.Sept. 29 by F. W.Fendsen, City Clerk,
for $10,165 6% street-paving certificates. Denominations
$500 and $541 25. Date Sept. 15 1908. Interest Jan. 1.
Starke, Bradford County,Fla.-Bonds to be Sold Locally.In reply to our inquiry as to whether any action had yet been
taken looking towards the issuance of the $12,000 electriclight and water-works-plant bonds voted on July 14 (V. 87,
p. 307) the Treasurer of the Board of Trustees writes us that
it is likely that these bonds will be disposed of locally.
Steubenville, Ohio.-Bids.-The two issues of 43i% sewer
bonds described in V. 87, p. 499, attracted the following
list of proposals on Sept. 9:
Fifth-Third National Bank, Cincinnati
Western-German Bank, Cincinnati
Sesonagood & Mayer, Cincinnati
Hayden, Miller & Co., Cleveland
Rudolph Kleybolte Co., Inc., Cincinnati
Well, Roth & Co., Cincinnati
First National Bank, Cleveland
Security Savings Bank,& Trust Co., Toledo
C. E. Denison & Co., Cleveland
Otis & Rough, Cleveland
WAR. Todd & Co., Cincinnati
Thomas Johnson, Steubenville
Field, Longstreth & Co., Cincinnati
Albert Kleybolte & Co., Cincinnati
W. J. Hayes & Sons, Cleveland
New First National Bank, Columbus
W. R. Johnson, Steubenville
$30,000
bonds.
$31,056 00
30,676 60
30,566 50
30,546 50
30,537 00
30,525 00
30,525 00
30,515 00
30,513 00
30,492 00
30,455 00
30,425 00
30,424 00
30,420 00
30,260 00
30,158 00
19,000
bonds.
$9,302 00
9,165 70
9,150 75
9,146 50
9,130 50
9,144 00
9,144 00
9,135 00
9,142 25
0,091 50
9,125 00
--iio
9,102
9,112 50
9,065 00
9,035 00
9,155 00
Stockton, Cal.-Bonds Defeated.-An election held Aug.
18 resulted as follows: in the defeat of propositions to issue
$114,000 bonds for the purchase of the Boggs tract for a
sewage farm and $86,000 for equipping the same.
•, Stowe Township, Allegheny County, Pa.-Bonds Defeated.-It is stated that the voters of this township on Sept. 1
defeatedfalproposition to issue $94,500 bonds for a tunnel
fromi West Park to Island Avenue extension and for other
improvements.
769
Superior, Nuckolls County, Neb.-Bond Offering.-This
city is offering for sale $25,000 5% 5-20-year (optional)
refunding water-works bonds. Interest semi-annual.
Sydney Mines,.N. S.-Debentures Not Sold.-On Sept. 14
a letter was received from the Town Clerk stating that he is
still offering for sale the $65,000 434% 20-year sewer, street
water and town-hall debentures mentioned in V. 87, p. 370.
Denomination $500. Interest semi-annual.
Sylvester, Worth County, Ga.-Bond Sale.-On Sept. 15
the $30,000 5% 30-year water-works and electric-light bonds
described in V. 87, p. 564, were awarded to J. B. McRary &
Co. of Atlanta at par.
Tempe School District, Maricopa County, Ariz.-Bonds
Voted.-The question of issuing $50,000 5% 20-year highschool-building bonds was favorably voted upon Aug. 17.
The vote was 95 to 39. Interest annual. Date of offering
not yet determined.
Thermal School District, San Bernardino County, Cal.Bond Election Proposed.-According to reports, steps are
being taken in regard to holding an election on the question
of issuing $8,000 school bonds.
Tiffin, Ohio.-Bond fering.-Proposals will be received
until 11 a. m.Sept. 21 by the Finance Committee for $9,000
4% North Sandusky Street bonds. Denomination $500.
Interest payable March 1 and Sept. 1 at the office of the
Trustees of the Sinking Fund. Maturity $1,000 on Sept. 1
1909, $1,500 on Sept. 1 in each of the years 1910, 1911, 1912
and 1913, and $1,000 on Sept. 1 1914 and 1915. Certified
check (or cash) for 5% of the amount of bonds bid for is required. Bids must be made on forms furnished by John E.
Diemer, Clerk of Council.
Tipton County (P. 0. Tipton), Ind.-Bond Sale.-J. F•
Wild & Co. of Indianapolis bought $2,960 434% Cicero Township bonds at par on July 20. Date June 5 1908. Maturity
part yearly from one to ten years inclusive.
Titus County (Tex.) Common School District.-Bonds
Registered.-The State Comptroller on Sept. 12 registered
$1,200 5% 15-20-year (optional) bcgids of this district.
Travis County (P. 0. Austin), Tex.-Bonds Not to Be
Issued at Present.-We are advised that it is not likely that
NEW LOANS.
NEW LOANS.
STATE OF NEW YORK
CITY OF NEWARK, N. J.
Canal Improvement Gold Bonds
$1,361,000 School Bonds
$200,000 Track Elevation Bonds.
EX ,MPT FROM TAXATION
Sealed proposals will be received by
Due July 1, 1958 the Comptroller of the City of Newark,
New Jersey, until 12 o'clock noon on
AMOUNTING TO
Tuesday, the twenty-second day of
September, nineteen hundred and eight,
at his office in the City Hall, City of
Newark, New Jersey, for the purchase
of any or all of two issues of bonds as
Issued in Coupon or Registered Form
follows:
$1,381,000 of SCHOOL BONDS,dated
October 1, 1908.
$200,000 of TRAM ELEVATION
At 10 O'clock a. m., at the
BONDS, dated September 1, 1908.
They will be fifty-year bonds and
bear interest at the rate of four per cent
per annum, and will contain a clause
These bonds bear a rate of THREE per cent interest, but by the operation giving the City of Newark the option
to pay the same at any time after forty
of Chapter '.50 of the Laws of 1907, as amended by Chapter 228 of the Laws of years
from their date. They will be
1908, these7obligations of the great Empire State practically pay FOUR per issued as registered or coupon bonds.
cent interest when owned by insurance companies, trust companies and savings No bids will be accepted for less than
banks, operating in the State of New York, and are therefore a most desirable par and accrued interest.
Circulars giving conditions governing
Investment for said institutions.
bids and particulars respecting the
No:bids will be accepted for less than the par value of the bonds nor unless financial condition of the city will be
accompanied by1a3deposit of money or by a certified check or bank draft upon mailed upon request.
J. H. BACHELLER, Comptroller.
a solvent bank or trust company of the cities of Albany or New York, payable
City Hall, Newark, N. J.
to the order of the;Comptroller of the State of New York, for at least two per
cent of the par value of the bonds bid for.
All proposals, together with the security deposits, must .be sealed and enTHE HOLDERS OF
dorsedrLoan for Canal Improvement," and enclosed in a sealed envelope directed
to the "Comptroller of the State of NewiYork, Albany."
$100,000 Witchita, Kans., City Hall
All bids will include accrued interest.
5s, due January 1,1910
- The Comptroller reserves the right to reject any or all bids.
$50,000 Wichita, Kans., Funding
Dated July 1, 1908
$5,000,000
Will be Sold Saturday, September 26th, 1908,
State Comptroller's Office, Albany, N, Y.
FO .t FURTHER PARTICULARS ADDRESS
5s,
due January 15, 1910
will learn something to their interest by addressing.
MARTIN H. GLYNN, State Comptroller, Albany, N. Y.
SPITZER & CO.
Dated:Albany, Augus0317
11908
BANKERS
No. 5 Namman St.
NEW YORK
[VOL. Lxxxvii
THE CHRONICLE
770
any action will be taken looking towards the issuance of the
$200,000 bridge and $150,000 road bonds voted on June 29
(V. 87, p. 243) until after the October meeting of the Commissioners' Court.
Troy, N. Y.—Certificate Sale.—On Sept. 14 the Union
National Bank of Troy purchased $150,000 5% certificates
of indebtedness at 100.306. Maturity Nov. 14 1908.
Uhrichsville, Ohio.—Bond Offering.—Proposals will be
received &Ail 12 m. Sept. 26 by H. 0. Russell, Village Clerk,
for $6,500 4 2% coupon Deersville Avenue improvement
bonds. Authority Section 2835, Revised Statutes. Denomination $500. Date July 1 1908. Interest annually
at the Village Treasurer's office. Maturity July 1 1933.
Certified check for 5% of bonds bid for, payable to the
Village Treasurer, is required. Purchaser to pay accrued
interest. Bonds to be delivered within 20 days from time
of award and are tax-exempt. These securities take the
place of the $6,500 bonds awarded on Aug. 8 to the Provident Savings Bank & Trust Co. of Cincinnati (V. 87, p.
435,),which sale was canceled,as the original advertisement
calling for proposals for the same did not cover a period of
30 days, as required by law.
Union Public School District No. 1 (P. 0. Union), Franklin County, Mo.—Bond Sale.—On Aug. 20 $5,000 5% 5-20year school bonds were awarded to the Citizens' Bank of
Union at 103. Denominations $200, $300 and $500. Date
Sept. 1 1908. Interest annual. Total debt, this issue.
Assessed valuation $261,909.
Verona, Essex County, N. J.—Bond Offering.—Proposals
will be received until 8 p. m. Sept. 19 by T. E. Brooks,
Borough Clerk, for $55,000 432% coupon water bonds. Denomination $100, $500 or $1,000, to suit purchaser. Date
Nov. 11908. Interest semi-annually at the Montclair Trust
Co.in Montclair,"or other bank to be agreed upon, with New
York exchange." Maturity Nov. 1 1928, subject to call
however, $3,000 yearly after Nov. 1 1913. Bid to be made
on a printed form furnished by the borough and be accompanied by a certified check for 1% of bid, made payable to
the said borough. Deli-very on or before Nov. 2 1908. The
genuineness of the bonds will be certified to by the United
States Mortgage & Trust Co. of New York City, and their
legality approved by Edwin G. Adams of Newark, a copy
opinion will be delivered to the purchaser. Successful bidder to pay accrued interest.
Vancouver,B. C.—Debenture Sale.—The three issues of 4%
40-year debentures aggregating $603,000, recently. voted
(V. 87, p. 436), have been bought by Aemilius Jarvis & Co.
of Toronto.
Wakefield, Mass.—Temporary Loan.—This city has borrowed $20,000 from Estabrook & Co. of Boston at 3.23%
discount. Loan is dated Sept. 4 1908 and matures Jan. 4
1909.
Walla Walla School District No. 1, Walla Walla County,
Wash.—Bonds Offered to Investors.—Harris Trust & Savings
Bank of Chicago have purchased, and are now offering to
investors, an issue of $30,000 432% refunding bonds of this
district. Date Sept. 15 1908. Interest semi-annually at
the Harris Trust & Savings Bank, Chicago. Maturity
Sept. 15 1928, subject to call Sept. 15 1918.
Wapakoneta, Auglaize County, Ohio.—Bond Sale.—On
Aug. 31 this city awarded the $10,000 432% 1-20-year (serial)
coupon Auglaize River bonds to Seasongood & Mayer of Cincinnati at 103.06 and accrued interest and the $14,000 43/2%
2-11-year (serial) coupon street bonds to the First National
Bank of Wapakoneta, for $14,295 (102.107) and accrued
interest. See V.87,p.565,for a description of these bonds.
Washington County (P. 0. Washington), Pa.—Bids.—
The following bids were received on Sept. 10 for the $125,000
4% bridge bonds, awarded on that day, as stated in last
week's issue, to Hayden, Miller & Co. of Cleveland:
a whose
Hayden, Miller & Co., Cleve.101.282 Forrest & Co., Phliadelphia_100.233
N. W. Halsey & Co., N. Y__100.517 N. W Harris & Co..N. Y--100.189
Kountze Bros., New York__100.28
Washington Township School District (P. 0. Bristol),
Ind.—Bond Sale.—On Sept. 12 the $10,000 4% 1-10-year
(serial) coupon refunding bonds, described in V. 87, p. 436,
were awarded to H. S. Rine at 102.16—a basis of about
3.564%. An offer of 100.75 was also received from the
banking house of Thomas Hilbish in Bristol.
Wayne School District (P. 0. Wayne), Wayne County,
Neb.—Bond Sale.—On Sept. 1 the $40,000 5% 20-year
coupon school-building bonds, a description of which was
NEW LOANS
NEW LOANS.
$831,000
$871,000 472% Bonds of the
COUNTY
New Jersey
Essex County Bonds.
OF HUDSON, NEW JERSEY
By virtue of resolutions of the Board of Chosen Freeholders of the County of Hudson. State of
New Jersey, passed at the meetings held Thursday, July 2, 1008, and
3, 1908, sealed bids
and proposals will be received and opened at the meeting of said BoardSeptember
to be held In the Court House.
Jersey City, on
THURSDAY, OCTOBER 1, 1908,
The Board of Chosen Freeholders of
the County of Essex, New Jersey, invites proposals for the purchase of
$631,000 ESSEX COUNTY BONDS, in
o'clock P. M.
denomination of $1;000 each, interest for the sale of the following Issues of bonds:
coupons at 4 per cent per annum, paya$350,000 NEW VIADUCT BONDS
ble Oct. 1 and April 1, principal and
interest payable in gold. Bonds paya$350,000 NEW NEWARK AVE. BRIDGE BONDS and
ble Oct. 1 1948 to wit: $431,000 for
$100,000 BOULEVARD REPAIR BONDS
County Hospital Purposes and $200,000
for Park Purposes.
All of said issues to be COUPON bonds in denominations of not less than $1,000 each, and to:rua
for a period of THIRTY years.
The Bonds will bear interest from
Oct. 1 1908, and the purchaser must
$55,000 ASYLUM ADDITIONAL BONDS
pay interest accrued to date of delivery. In one or more REGISTERED bonds, to run for a
period of TEN years.
Sealed proposals will be received by
NEW
$16,000
AVENUE
C BRIDGE BONDS
the Finance Committee of the Board of
Chosen Freeholders, at a meeting to be in one or more REGISTERED bonds, to run for a period of TWENTY years.
All of said bonds to bear date October 1, 1008, with Interest at 434 per centum per annum.
held by said Committee, at the Free- payable
semi-annually, and to be sold for not less than par and accrued Interest.
holders room in the Court House at
Each proposal or bid must be enclosed In a sealed envelope, endorsed "Proposals for Bonds," and
Newark, N. J., on Wednesday, Sept. 30, to be accompanied by a certified check, enclosed therein, drawn to the order of Stephen M. Egan.
County Collector, on some National Bank or Trust Company, or cash in the sum of one (1) per_centuna
1908, at 3 o'clock p. m ., which meeting of
the total amount of the bid.
Bidders may bid for the whole or any part of the issue.
will remain open for the reception of
The Board reserves the right to reject any or all bids it It be deemed for the best interests of the
proposals until 3:30 p. m. Each pro- County
so to do.
posal shall state the amount of bid in
By order of the Board of Chosen Freeholders.
words and figures, and must be accomWALTER O'MARA, Clerk.
panied by certified checks for $6,000,
to wit: $4,000 on account of Hospital
Bidders will please furnish certified check Instead of cash, if convenient.
Bonds and $2,000 on account of Park
Bonds, which will be applicable on
account of purchase money of bonds,
and forfeited by successful bidder who
afterwards. fails to take the bonds.
Copies of proceedings will be furnished
IN THE CITY OF NEW YORK
INVESTMENT SECURITIES.
to successful bidders, but proposals
Issues Guaranteed Contracts
must be unconditional.
74 BROADWAY. NEW YORK
JOHN P. MUNN, M.D., President
The Finance Committee reserves the
right to reject any and all proposals,
Finance Committee
if, in its judgment the interest of the JAMES R. PLUM
Leather
Was. WAIINZSTOOK. Menllh N.Y. Stock XL
CLARENCE H. KELSEY, Pres. Title Guar.ft Tr. Co.
County requires such action.
WAS. H. PORTER, Pres. Chemical National Bank V. J. Muirson.D.
R. B.DODSON.
The Bonds will be ready for delivery
Good men, whether experienced in life Insurance
on Oct. 15 1908.
or not, may make direct contracts with this Company for a limited territory If desired, and secure
By order of
BROKERS AND DEALERS IN
for themselves. In addition to first year's commisFINANCE COMMITTEE. sion. arenewal interest Insuring an income for the INVESTMENT SECURITIES.
future. Address the Company at its Home Office
Nathaniel J. Ward, Chairman.
No. 277 Broadway, New York City,
2 WALL STREET.
at 4
fhe United States Life
Insurance Co.
WEBB & CO.,
Fahnestock & Co.,
SEPT. 19 1908.1
771
THE CHRONICLE
given in V. 87, p. 437, were awarded to H. T. Holtz & Co. of paving of Dundas Street, have been taken by contractors in
Chicago at 101.87 and accrued interest-a basis of about payment for work done. Maturity part yearly for ten years.
4.854%. _ Following are the bids:
Whitman County School District No. 122, Wash.-Bond
H.T. Holtz & Co.,Chicago- _$40,74810. H.Coffin, Chicago
$40.401
A. J. Hood & Co.. Detroit-- 40,51018. A. Kean,Chicago
40,080 Sale.-Wm. D. Perkins & Co. of Seattle, offering par, were
A bid was also received from the Trowbridge & Niver Co. the successful bidders for $6,000 6% 2-10-year (optional)
school-building bonds offered on Aug. 29. Denomination
of Chicago.
Webb City, Jasper County, Mo.-Bond Sale.-The Trow- $500. Interest annual.
Wilsonville School District No. 30 (P. 0. Wilsonville),
bridge & Niver Co. of Chicago has been awarded $4,900 10year coupon funding-judgment bonds at par and accrued Furnas County, Neb.-Bond Sale.-On Aug. 10 the $10,000
interest for 5s. These securities were offered without suc- 5% coupon school-building bonds offered without success
on July 21 (V. 87, p. 372) were sold to Geo. H. Rogers of
cess as 4
on Aug.3. See V.87, p. 371.
Wellsville, Columbiana County, Ohio.-Bond Sale.- W Lincoln at par.
Winters Joint Union High School District, Yolo and.
R. Todd & Co. of Cincinnati was the successful bidder on
Sept. 15 for the four issues of 5% bonds, aggregating $8,200, Solano Counties, Cal.-Bond Sale.-We have just been adoffered on that day and described in V.87, p. 699. The price vised that the $30,000 5% 1-15-year (serial) gold coupon
paid by the Cincinnati company was $9,028 50 and accrued high-school-building bonds described in V. 87, p. 122, were
sold on Aug. 3 to E. H. Rollins & Sons of San Francisco at
interest. Herewith we give the bids submitted:
W.R.Todd & Co.,Cin__-_$9.028 50 Hayden, Miller & Co., Clev.$8,855 00 101.35 and accrued interest-a basis of about 4.796%.
Field, Longstreth &Co.,Cin 9,025 00 Mansfield S. B., Mansfield_ 8,850 00
Wyandot County (P. 0. Upper Sandusky), Ohio.-Bond
Seasongood & Mayer,Cin__ 9,010 16 New First Nat. Bk.,Colum. 8,62500
Scour. S. B. & Tr. Co.,Tot_ 8,93800 R. Kleybolte Co.. Inc., Cin. 8,61000 Sale.-On Sept. 10 the $12,000 5% 2-6-year (serial) MarW. J. Hayes & Son, Cleve- 8.88500
seilles Township road-improvement bonds, described in V.87,
A bid was also received from Hallenberger & Co. of Chi- p. 637, and an issue of $12,000 Mifflin Township bonds,
cago.
offered on the same day, were awarded to the Commercial
West Allis, Wis.-Bonds to be Offered Shortly.-The National Bank of Upper Sandusky. The price paid by the
City Clerk informs us that $4,000 5% coupon school-build- bank was 103.125 for each issue. Following are the bids
ing bonds will probably be offered for sale about Oct. 1. received:
Authority Chapters 40a and 41, Statutes of 1898. De$12,000
$12,000
Mifflin
Marseilles
nomination $1,000. Date Sept. 15 1908. Interest Feb. 1
bonds.
Twv. bonas.
and August 1 at the German-American Bank in Milwaukee. Commercial National Bank, Upper Sandusky__ Twp.
412,375 00 , $12,375 00
National Bank, Cleveland
12,327 00 yi., 12,327 00
Maturity $1,000 yearly on Feb. 1 from 1910 to 1913 in- First
Hayden, Miller & Co., Cleveland
12,317 00 12 12,317 00
clusive.
Seasongood & Mayer, Cincinnati
12,302 40
12,302 40
12,300 00 a 12,300 00
Bonds Proposed.-At a meeting of the Common Council Albert Kleybolte & Co., Cincinnati
National Bank, Bucyrus
4 -. 12,290 00
held Sept. 15 an ordinance providing for the issuance of Second
C. V. Rarer, Lykins
12,270 00 '
12,267 00 IS 12,267 00
$90,000 5% coupon sewer bonds was presented by the Barto, Scott dc Co., Columbus
Otis & Hough, Cleveland
12,256 00
12,256 00
Committee on Rules and Ordinances for action. Denomi- First
National Bank, Upper Sandusky
12,252 50
12,247
nation $1,000. Date Sept. 11908. Interest semi-annually New First National Bank Columbus
12,245 00
12,245 00
Breed & Harrison, Cincinnati
12,213 60
at the German-American Bank of Milwaukee. Maturity W.
J. Hayes & Sons, Cleveland
12,157 00
12,157 00
$5,000 yearly on March 1 from 1910 to, 1927 inclusive.
W. R. Todd & Co.. Cincinnati
12.120 00
12,120 00
Yakima County School District No. 85, Wash.-Bond
West Toronto, Ont.-Debenture Sale.-Debentures to the
amount of $30,000, carrying 5% interest and issued for the Offering.-Proposals will be received until 10 a. m. to-day
NEW LOANS.
MISCELLANEOUS.
MISCELLANEOUS.
060.
$100,000
CITY OF WILMINGTON, DELAWARE
Cuban Securities
A SPECIALTY
SINKING FUND LOAN.
Sealed bids will be received for $100,000
Sinking Fund Loan of Wilmington, Delaware,
Members N.Y. Stook Exchange
until 12 m., Monday. September 21st 1908.
Bonds w 11 date from Sept. 21st 1908, in
denominations of fifty dollars or multiples
thereof, and bear interest at the rate of four
Telephone 6444 Hanover
per cent., payable semi-annually on April 1st
and October 1st, and will mature as follows:
BRANCH OFFICE
Sixty-eight thousand two hundred dollars
($68,200) thereof on the first day of April, A. D. Briistel Building. titls Ave. and Cid St.
1931; and thirty-one thousand eight hundred
1668 Bryant
Telephone
dol ars thereof ($31,800) on the first day of Oct.
A. D. 1931. All of the said issue being for the
Department,
to
be
use of the Street and Sewer
expended for the curbing, guttering. grading,
widening, paving and improving of streets and
avenues and the building of sewers and conduits
in the City of Wilmington, Del.
All proposals must be accompanied by certified check, payable to the order of "The Mayor
and Council of Wilmington," for two per cent.
of the amount of bonds bid for, and the same to
be forfe ted if the bidder falls to accept and pay
for bonds awarded. The successful bidder or
bidders will be required to settle for the bonds,
with accrued interest from Sept. 21st, at or
before 12 o'clock m., Monday, Sept. 28th 1908.
These bonds will positively be sold to the highest
bidder without reservation
Address all bids in sealed envelopes to Howard
D. Ross, City Treasurer, marked "Proposal
for Sinking Fund Loan."
Finance Committee:
Sink. Fund Comm's:
A. B. MOORE,
WM.P. WHITE,
F. D.LACKEY
WM. LYONS,JR.
WM. T. LYNAM.
JAMES KANE,
HOWARD D. ROSS,
Attest:
BANKERS,
City Treasurer, Wilmington, Del.
FRANCKE, THOMPSON & ROBB
43 Exchange Place
Perry, Coffin 8G Burr,
INVESTMENT BONDS.
HUNT, SALTONSTALL & CO.,
Members of New York Stork Ezehalli•
Investment Securities
SO STATE STREET
BOSTON
MacDonald, McCoy & 0o.,
MUNICIPAL ANN CORPORATION
BONDS.
La Salle Street, Chicago
60 State Street,
BLACKSTAFF & CO.
BOSTON.
INVESTMENTS
1332 Walnut Street
PHILADELPHIA
Blodget, Merritt 8c Co. LIST OF SPECIALTIES ON REQUEST
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLICATION.
SEASONGOOD & MAYER,
Mercantile Library Building,
CINCINNATI.
Established 168,6.
H. C. Speer & Sons Co.
First Nat. Bank Building, Chicago
CITY COUNTY
AND TOWNSHIP
BONDS.
OTTO JULIUS MERKEL
BitoICER
44 AND 46 WALL IT.. NEW YORK,
INVESTMENT SECURITIES.
Corresposidenee invited
60 State Street, Boston
36 NASSAU STREET, NEW YORK
THE AMERICAN MFG.CO.
STATE, CITY & RAILROAD BONDS
MANILA, SISAL AND JUTE
JAMES TALCOTT.
Hanker and Commission Merchant
Manufacturers' and other Accounts
Solicited and Financed
CORDAGE.
65 Wall Street,
New York.
SALES CASHED
Equitable Interest Allowed on Deposits
Main Store, 108-110 Franklin St., N. Y. City
Annexes in New York and other cities
PRIMROSE & BRAUN
New York City Bank, Trust and Fire
Insurance Stocks
MAX B. BORG & CO.
Miscellaneous Bonds and Curb Securities
A SPECIALTY.
20 BROAD ST.
NEW YORK
3305 RECTOR.
NEW YORK
43 EXCHANGE PLACE -
R. T. Wilson 8c Co.
'Bankers & Commission Merchants
33 WALL STREET
-
-
NEW YORK
[VOL. Lxxxvn.
THE CHRONICLE
170
(Sept. 19) by Lee Tittle, County Treasurer (P. 0. North
Yakima),for $1,200 coupon school-building bonds at not exceeding 6% interest. Authority page 357, Laws of 1897.
Date day of issue or "the first of some Month" at option of
purchaser. Interest annually at the County Treasurer's
office. Maturity ten years. The district has no bonds outstanding. Assessed and equalised valuation 1908, $44,055.
bank and made payable to the City Auditor. Purchaser
must be prepared to take the bonds not later than Oct. 12
1908,the money to be delivered at one of the banks in Youngstown or at the City Treasurer's office.
Bond Sale.-On Sept. 14 the $4,860 sidewalk-construction
and the $2,540 Grace Ave. and 'Tillman St. sewer 5% bonds,
bids for which were received on Aug. 31 (V. 87, p. 700),
were awarded to the First National Bank of Cleveland at
102.786 and 102.761 respectively.
Bond Sale.-The following bids were received on Sept. 14
for the seven issues of street bonds described in V. 87, p.
Yellow Grass, Sask.-Debenture Sale.-An issue of $5,000
7% public-improvement debentures was recently sold to
Wm. C. Brent of Toronto. Maturity part yearly for ten
years.
Yonkers, N. Y.-Bond Sale.-On Sept. 15 the $50,000
road-improvement and the $16,000 school 43% 1-20-year
(serial) registered bonds described in this Department last
week, were sold to Farson, Son & Co. of New York City at
103.817-(a basis of about 4.05%) and 103.416 (a basis of
other bidders were as
about 4.096%) respectively. The
follows:
501:
$1,960
$1,375
$965
$2,300
bonds.
bonds.
bonds.
bonds.
Seasongood & Mayer, Cin_ _a$2,355 66 a$984 68 a$1,408 28 a$2,007 43
Mahoning N. Bk., Young'n 2,350 00
2,002 58
Hayden, Miller & Co., Clev. 2,352 00
2,002 00
975 00
1,382 00
1,06550
Sec. S. Bk. & Tr. Co..Toledo 2,348 30
1,378 00
1,979 00
1,385 00
965 50
New First N. Bk.. Columb_ 2,323 00
$575
$25,800
$1,360
bonds.
bonds.
bonds.
$50,000
$16,000 Seasongood & Mayer, Cincinnati_ ___a$586,73
$26,589 48
$1,367 48
bonds.
bonds.
Mahoning Nat. Bank, Muhoning_
a1,375 75
102.771
Kountze Bros., New York
102.771 Davies-Bertram Co., Cincinnati_
a26,602 00
102.666
N. W. Harris & Co., New York
101.814 Hayden, Miller & Co., Cleveland__ 577
26,591 50
1,36700
102.587
N. W. Halsey & Co., New York
102.587 Sec. Savgs. Bk. & Trust Co., Toledo.
26,470 80
102.40
O'Connor & Kahler, New York
102.406 New First Nat. Bank, Columbus--__ 575
1,360 50
26,345 00
Ferris & White, New York
102.375
101.375 Firemen's Pension Fund, Youngst'n. 576
1,364 00
Rhoades & Co., New York
102.231
Denison & Co., Cleveland
26,581 75
E.
C.
102.16
J. D. Everitt & Co., New York
102.16
26,580 00
Albert Kleybolte & Co., Cincinnati..
Westchester Trust Co., Yonkers
102.10
102.10
Roth & Co., Cincinnati
26,518 00
Weil,
101.77
Biodget, Merritt & Co., New York
101.77
26,516 00
Otis & Hough, Cleveland
101.35
W.J. Hayes & Sons, Cleveland
101.11
26,509 00
Fifth-Third Nat. Bank, Cincinnati..
26,478 00
First National Bank, Cleveland
Youngstown, Ohio.-Bond Offering.-Proposals will be Field,
Longstreth & Co., Cincinnati..
26,475 00
received until 2 p.m. Oct. 5 by Wm.I. Davies, City Auditor,
a Successful bidders.
for the following 5% bonds:
$1,000 Pyatt Street extension bonds. Maturity $500 on Oct. 1 in each of
In addition to the above bid of the First National Bank
of the years 1909 and 1910.
1,600 Darrow Street widening bonds. Maturity $1,000 on Oct. 1 190"9 of Cleveland for the $25,800 Wick Avenue repairing bonds,
and $600 on Oct. 1 1910.
the same institution also made an offer of $8,750 for the
8,730 Marion Avenue paving bonds. Maturity $1,746 yearly on Oct. 1 other six remaining issues. All bidders offered accrued
from 1910 to 1914 inclusive.
10,555 Silver Street paving bonds. Maturity $2,111 yearly on Oct. 1 from interest in addition to their bids.
1910 to 1914 inclusive.
5,835 sidewalk bonds. Maturity $1,167 yearly on Oct. 1 from 1910 to
York Township, Ont.-Debenture Sale.-The Ontario
1914 inclusive.
Securities Co., Ltd., of Toronto is reported as being the
The above bonds are dated Oct. 12 1908. Interest semiannually at the City Treasurer's office. Bid must be made
on each issue separately and be accompanied by a &rtified
check for 2% of each issue bid upon, drawn on a national
successful bidder for tile following school debentures recently
offered for sale:
$10,000 00 5% debentures maturing part yearly for twenty years.
3,730 59 4% debentures maturing part yearly for fifteen years.
TRUST COMPANIES.
TRUST COMPANIES.
Manhattan
RINI States TrustOompatio of low York,
Chartered
45 and 47 Wall St -e .
Trust
Company
•
.
CAPITAL,
SURPLUS AND UNDIVIDED PROFITS,
•
Wall Street
Corner Nassau
$2,000,000.00
$13,243, 128.35
This Company acts as Executor. Administrator. Guardian, Trustee. Court Depositary and in
other recognized trust capacities.
It allows Interest at current rates on deposits.
It holds, manages and Invests money, securities and other property, real or personal, for estates.
corporations and individuals.
EDWARD W SHELDON, President.
WILLIAM M KINGSLEY, Second Vice-Pres
WILFRED J WORCESTER. Asst. Secretary
20
•
JOHN CROSBY BROWN, Vice-President,
HENRY E. AHERN, Secretary.
CHARLES A. EDWARDS, 2d Asst. Secretary
TRUSTEES.
JOHN A. STEWART. Chairman of the Board.
John Clain,
William H. Macy Jr..
John J. Phelps.
William D. Sloane,
John S. Kennedy,
Gustav H. Schwab,
D. 0. Mills,
Frank Lyman,
Lewis Cass Ledyard,
George F. Vietor,
Lyman J. Gage.
James Stillman.
John Crosby Brown,
W. Bayard Cutting,
Charles S. Smith,
William Rockefeller,
Alexander E. Orr,
Payne Whitney,
Edward W Sheldon.
Chauncey Keep,
George L. Rives,
Arthur 0.111amee.
NEW YORK
BANKERS TRUST COMPANY
UNITED STATES
MORTGAGE & TRUST
COMPANY
NEW YORK
Capital & Surplus, $6,000,000
Acts in all Fiduciary Capacities
INVITES ACCOUNTS
Main Office
55 Cedar Street
BRANCH
73rd St.& B'way
BRANCH
125th St. & 8th Ave.
7 WALL STREET, NEW YORK.
Capital $1,000,000
Surplus and Undivided Profits, $1,180,200
STEPHEN BAKER,
DIRECTORS
EDGAR L. MARSTON,
Pres. Bank of the Manhattan Co., N. Y.
FREDERICK T. HASKELL.
Blair & Co., Bankers, N. Y.
GEORGE W. PERKINS.
J. P. Morgan & Co., Bankers, N. Y.
WILLIAM H. PORTER,
Pres. Chemical National Bank, N. Y.
DANIEL G. REID,
Vice-Pres. Liberty National Bank, N. Y.
EDWARD F. SWINNEY.
Pres. First National Bank, Kansas City.
JOHN F THOMPSON,
Vice-President, New York.
GILBERT O. THORNE.
Vice-Pres, National Park Bank, N. Y.
EDWARD TOWNSEND,
A. BARTON HEPBURN,
President Chase National Bank, N. Y.
THOMAS W. LAMONT,
Second Vice-President, New York.
GATES W. McGARRAH.
President Mechanics' National Bank, N. Y.
ALBERT H. WIGGIN.
Vice-Pres. Chase National Bank,N. Y.
SAMUEL WOOLVERTON.
President Gallatin National Bank, N. Y.
EDWARD F. C. YOUNG.
Pres. First National Bank,Jersey City.
SAMUEL G. BAYNE.
Pres, Seaboard National Bank, N. Y.
EDWIN M. BULKLEY,
Spencer Trask & Co., Bankers, N. Y.
JAMES G. CANNON.
Vice-Pres. Fourth N ational Bank, N. Y.
EDMUND C. CONVERSE,
President. New York.
HENRY P. DAVISON.
Vice-Pres, First National Bank, N. Y.
WALTER E. FREw,
Vice-Pres. Corn Exchange Bank,N. Y.
V.-Pres. Illinois Trust & Say. Bank, Chicago.
Pres. Importers' & Traders' National Bank, N.Y
Particular attention is called to the personnel, character and strength of this
company's directorate. Interest is allowed upon deposits.
E. C. CONVERSE. President.
J. F. THOMPSON, V.-P, D. E. POMEROY, Treas.
H. STRONG Jr., Seo'y.
T. W. LAMONT,2d V. P. 11. W.DONOVAN,Asst,Treas. F. N.B.CLOSE,Asst. Sec.
@FedFRASER