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The
11111nurct31
VOL.89. SEPTEMBER 4, 1909. NO. 2306.

wattle

Published every Saturday by WILLIAM B. DANA COMPANY, Front, Pine and
aage.. Sa,1.y.
Deter
r31c.gana
.Villiaa B. Dana Prest.i
ceeofta
baltert JrVc-Pre
tt
Addrges

OLEARINGS-POR AUGUST, SINCE JANUARY 1 AND FOR PTE:Ek ENDING AUGUST 28.
Bight Months.

August.
Clearings at1909.
8,886,437,410
New York
554,930,925
Philadelphia
194,089,831
Pittsburgh
113,831,667
Baltimore
38,640,705
Buffalo
22,677,278
Albany
24,395,199
Washington
15,238,924
Rochester
9,996,552
Scranton
8,168,189
Syracuse
5,717,467
Reading
5,520,454
Wilimington
5,328,541
Wilkes-Barre
7,424,432
Wheeling, W. va
5,000,000
Harrisburg
Trenton.
5,812,962
3,284,026
York
Erie
3,090,756
Chester
1,998,045
Greensburg
2,294,698
Binghamton
1,668,800
Altoona
1,734,574
Franklin
1,118,317
Frederick
1,021,311
Total Middle
9,713,608,701
Boston
629,238,396
Providence
27,553,700
Hartford
14,302,443
New Haven
10,202,695
Portland
7,773,459
Springfield
7,369,041
Worcester
6,601,533
Fall River
3,838,382
New Bedford
3,954,429
Lowell
1,851,776
Holyoke
2.223.318
Total New England
714,936,172
1,095,319,510
Chicago
Cincinnati
103,460,250
75,251,989
Cleveland
68,455,889
Detroit
48,674,469
Milwaukee
Indianapolis
33,674,054
25,349,200
Columbus
Toledo
18,010,289
Peoria
11,201,506
Grand Rapids
10,064,459
Dayton
7,458,862
Evansville
8,214,859
Kalamazoo
5,439,494
Springfield, Ill
4,520,946
Fort Wayne
3,879,683
Youngstown
3,733,470
Lexington
2,592,752
Akron
3,368,600
Rockford
2,500,000
Canton
2,840,926
South Bend
2,041,514
Springfield, 0
1,886,228
Bloomington
2,001,492
Quincy
2,400,000
Decatur
1,992,980
Mansfield
1,551,706
Jackson
1,514,912
Jacksonville, Ill
1,315,128
Danville
1,558,485
Ann Arbor
671,087
Adrian
108,385
Total Middle West 1,551,053,085
Details of Pacific on page 572.
399,967,731
Total Pacific
195,948,597
Kansas City
64,770,413
Minneapolis
56,602,200
Omaha
42,197,120
St. Paul
34,041,784
Denver
22,331,046
St. Joseph
13,923,857
Des Moines
9,515,000
Sioux City
11,963,227
Wichita
5,051,711
Lincoln
4.772,319
Davenport
6,417,693
Topeka
Colorado Springs _ _ _ _
3,311,165
Cedar Rapids
3,800,000
Pueblo
•
2,398,080
Fremont
1,442.372
Total other West_ _
479.386.584
Bt. Louis
263,613,973
New Orleans
60,816,900
Louisville
47,018,315
Houston
43,216,228
Galveston
20,829,000
Richmond
27,499,355
Atlanta
24,482,579
Memphis
15,814,666
Nashville
15,473,204
Fort Worth
21,500,000
Savannah
14,238,534
Norfolk
10,459,614
Birmingham
7,447,371
Knoxville
6,185,537
Chattanooga
5,110,508
Jacksonville
6,505,896
Mobile
5.316,947
Augusta
5,156,749
Little Rock
6,771,526
Charleston
3,717,430
Oklahoma
6,850,000
Macon
2,931,781
Beaumont
2,612,400
1,446,653
Wilmington,
1,311,533
Columbus, Ga
Austin
2,439,825
Vicksburg
772,000
Columbia
2,042,099
Guthrie
998,000
Valdosta
449,629
Total Southern.632,028,242
13219
.1„) 980,515
Total all
Outside New York. 4,804,543,105

1908.

Inc. or
Dec.

1909. /11

'

•
1908:

Inc. or
Dec.

1907.

1906.

$
6,225,113,608 +49.5 66,087,704,370 47,801,815,547
1,896,230,545 1,370,200,026
.4 1,290,274,391 2,175,188,935
430,100,439 +29.0 4,394,447,098 3,820,814,118
115,813,877
8%006,864 +30.1 121,487,174 146,859,743
163,155,534 +19.0 1,497,475,060 1,369,786,964
+9.3
41,754,713
36,708,890 +13.7
41,986,665
44,718,173
95,262,117 +19.5
801,219,700 +17.1
938,044,177
24,918,727
19.784,773 +26.0
24,701,196
26,699,404
32,559,706 +18.7
267,561,993 +12.0
299,760,269
8,312,905
8,828,842 +21.7
'6,714,227
6,879,567
21,292,021
178,077,842 +3.7
+6.5
184,752,593
5,263,503
4,360,615 +20.7
5,152,526
4,555,900
19,382,643 +25.9
180,668,828 +20.0
216,759,522
5,049,880
3,860,619 +30.8
4,274,704
4,063,111
13,118,070 +16.2
114,728,918 +14.0
2,703,749
130,786,269
12,336,747 +15.7
2.331,153
2,431,935
8,756,293 +14.2
75,242,188 +11.8
2,050,913
2,248,658
84,092,927
+9.7
2,055,441
1,952,398
11,762,115 -30.6
69,494,108 -0.3
11,548,283
1,350.159 +14.7
69,286,107
1,877,953
1,185,945
4,545,644 +25.8
41,790,489 +18.0
1,308,553
49,296,020
984,282 +32.9
1,042,681
1,167,368
4,632,154 +19.2
41,485,527 +10.0
1,060,967
45,644,051
867,159 +22..3
1,050,011
1,171,771
39,062,171
+7.7
1,277.760
4,649,318 +14.6
42,068,843
874,805 +46,1
1,039,448
907,895
48,889,982 +16.1
111,218.975
5,747,699 +25.7
1,125,675 +8.3
54,208,583
972,115
850,199
34,818,663 +17.7
4,301,388 +16.3
11,100.000
875,353 +25.7
40,091,186
702,910
1,032.870
1,086,710
22,045,789
5,247,158 +10.8
1,369,197 -20.7
60,879,391
26,136,922 +9.5
2,913,681 +12.7
705,986
644,704 +9.5
28,632,244
608,031
20,174,243 +15.3
685,357
2,448,631 +26.2
542,822 +26.3
23,265,072
680,738
557,847
15,783,075 +3.8
398,129
356,587 +11.7
1,824,905 +9.5
16,380,250
518,964
459,552
17,032,523 +6.9
500,000
450,146 +11.1
1,824,395 +25.8
18,199,847
343,478
493,212
15,912,000
g 302,000
300,500 +0.5
15,298,400
1,668,300 +0.0
349,100
408;300
13,591,855 -2.6
419,279
+6.0
13,239,227
1,636,353
321,296 +30.5
9,402,172
1,010,732 +10.7
8,980,516
209,000
188,513 +10.9
276,441
231,914
817,344 +25.0
7,397,973 +15.8
8,566,618
7,058,523,094 +37.6 74,268,259,248 55,008,687,699 +35.0 2,114,117,556 1,545.389,280 +36.8 1,513,129,708 2,417,125,679
547,057,708 +14.7 5,512,396,450 4,683,609,183 +17.7
121,906,279 110,405,118 +10.4 116,721,608 135,495,904
211,643,100 +16.2
245,972,900
23,450,800 +17.5
5,743,100
4,605,700 +24.7
5,533,300
5,998,400
111,581,688 +10.1
12,126,533 +17.9
122,846,658
2,700,877
3,136,588 +26.4
2,821,224
2,782.738
82,649,731 +12.7
93,142,522
9,713,776
2,023,911
+5.0
1,728,010 +17.1
1,871,751
1,808,437
-]
59,508,187
57,837,832
8,898,835 -12.6
-2.8
1,522,469
1,569,000 -3.0
1,760,141
1,633,669
60,814,606 +15.3
, 1,500,000
70,121,245
8,569,798 +12.7
1,291,687 +18.1
1,339,662
1,628,060
55,723,610
48,987,095 +13.8
1,360,852
5,884,559 +12.2
1,052,643 +29.3
1,252,861
1,144,896
30,892,683 +24.6
38,482,331
3,020,965 +27.1
788,232
634,055 +24.3
834,447
600,479
24,899,791 +23.4
2,836,833 +39.4
793,718
470,001
30 734,746
469,239
+6.9
482,760
15,655,149 "+2.6
1,675,782 +10.5
18,084,424
383,237
260.927 +46.6
414,837
347,240
14,781,688 +15.9
1,730,846 +28.5
17,137,000
470,000
357.768 +31.4
377,886
374,694
623,868,435 +14.6 6,260,459,718 5,345,002,901 +17.1
139,092,666 124,511,495 +11.7 133,985,046 151,708,737
+21.4
7,648,936,278
002,555,260
4-18.4
247,607,099 202,150,883 +22.5 214,782,240 179,533,261
9,950,103,156
806,282,850 +11.4 . 22,093,050
91,079,950 +13.6
898,419,050
19,700,450 +12.2
23,001,650
23,398,200
84,391,303 +16.9
494,337,417 +12.5
13,155,146 +10.9
14,589,920
566,316,714
16,990,093
14,614,526
55,026,406 +24.4
443,869,595 +11.6
12,532,373
9,733,229 +28.8
495,371,110
11,770,608
10,508,284
42,489,679 +14.5
346,50.8,151
10,413,547
+12.1
9,496,357 +9.7
9,361,693
7,524,577
388,300,393
29,832,064 +12.9
244,845,947 +11.9
6,055,172 +10.1
6,668,187
6,499,899
6,242,160
274,005,083
20,465,200 +23:9
6,001,600
5,015,900 +19.6
165,748,000 +20.0
[5,267,300
4,345,800
198,973,600
17,544,870 +2.6
4,469,508
4,553,8561 -1.8
125,481,265 +9.2
3,753,643
3,360,953
136,996,057
10,175,478 +10.1
2,372,759
2,202,815 +7.7
2,595,530
84,116,867 +11.4
2,291,907
93,702,810
8,456,166 +19.0
2,120,998
1,760,366 +20.5
70,091,549 +13.4
2,064,926
1,813,971
79,514,133
5,632,515 +32.4
11,092,836 +36.2
51,774,166 +24.0
11,489,088
1,366,140
1,712,056
64,174,461
7,216,783 +13.8
1,247,617
10,350,056 +11.7
1,495,789
1,383,113
+8.1
1,627,486
67,309,002
4,202,654 +29.4
32,509,702 +25.1
921,014
757,958
1,115,732
, 794,472 +40.4
40,660,782
28,011,511 +21.9
645,901
3,488,420 +29.6
1,000,000
760,000 +31.6
640,538
34,145,413
637,441
3,127,314 +24.0
27,312,078 • +14.8
740,616
620,671 +38.1
31.362,332
856,923
21,312,367 +38.4
492,615
2,559,881 +45.9
811,658
20,505,763
1922,334
553,799 +66.5
121,664,406
457,730
2,172,405 +19.3
581,754
22,383,735
+3.3
570,658
486,100 +17.4
19,764,165 +24.4
492,578
2,615,403 +28.8
24,594,096
540,000 +11.1
740,000
600,000
19,718,161 +16.0
465,140
2,108,127 +18.6
22,874,336
541,994 +9.8
515,059
595,269
114,109,263 +75.0
524,321
1,399,959 +100.3
24,687,718
588,408
1665.291
300,000 +121.8
13,814,286 +15.3
1,728,116 +18.3
15,923,535
349,534
435,248
327.141 +33.0
454,473
13,771,669 +23.5
1,624,404 +16.1
17,012,757
321,958
381,471
425,940
327,583 +16.5
16,877,494
+9.3
1,831,124
17,890,626
+5.4,
319,426
405,941
371,810 +9.2
371,911
16,843,608 +13.2
19,067,330
2,186,300 +9.8
278,030
418,573
453,761 -7.8
386,535
14,046,545 +4.2
+1.4
14,634,331
1,965,339
363.856
342,474
338,913
349,597 +4.1
10,677,775 +13.4
1,470,972
+5.5
12,109,877
280,629
378,221
405,839 -30.9
441.538
10,764,345 +9,3
1,276,313 +18.6
• 287,188
11,765,870
220,000 +30.5
238,000
246,705
1,018,800 +29.3
8,563,615 +15.3
249,634
9,872,582
246,079 +1 4
216,679
215,795
1,179,180 +32.1
10,958,940 +15.0
12,598,674
309,129
216.809 +42.6
488,023 +37.5
4,787,410 +17.9
5,642,664
149,196
77,391 +92.9
84,143
97,485
118,243
25,564
946,174
895,068 +5.7
22,432 +14.0
25,000
1,291,424,649 +20.1 12,670,954,044 10,848,742,549 +16.8 341,486,545 283,914,701 +20.3 307,828,111 263,588,369

4
+158 03

323,404,462 +23.7 3,044,171,678
156,751,938 +25.0 1,496,556,671
64,949,443 -0.3
560,617,483
46,092,424 +22.8
477,095,079
36,750,910 +14.8
309,068,226
33,871,662 +1.1
298,428,481
19,726,515 +13.2
200,664,464
10,271,067 +35.6
120,164,250
17,611,279 +25.0
88,665,168
5,788,741 +107.2
80,043,101
4,492,879 +32.5
49,703,307
3,850,778 +23.9
42,920,836
4,667,640 +37.5
45,744,311
3,050,768 +8.6
23,933,666
3,080,423 +23.4
35,245,211
1,967,311 +21.9
18,558,046
1,487,872 -3.1
11,937,537
404,191,83 +18.5 3,859,245,838
+8.1 2,180,200,009
243,988,991
47,443,528 +28.2
544,569,167
46,627,949 +0.8
431,502,648
39,152,551 +10.4
420,168,715
27,987,500 -25.5
203,310,500
20,668,113 +33.3
229,496,545
13,422,616 +82.4
197,637,023
13,443,358 +17.6
167,002,354
11,330,531 +36.6
128,231,114
18,982,893 +13.3
204,039,389
12,050,318 +18.2
115,954,834
7,057,221 +48.2
88,979,413
6,506,441 +14.5
65,685,144
5,623,725 +12.0
51,492,218
+6.1
4,818,795
48,520,017
5,414,613 +20.1
58,825,720
5,040,027 +5.5
44,777,610
3,983,150 +29.5
54.070,076
+46.3
3,944,492
52,637,652
3,674,434 +.0.9
43,389,843
4,283,133 +60.0
53,396,681
2.062,699 +42.1
25,777,790
2,122,018 +23.1
21,181,723
1,029,274 +40.5
12.051,938
1,093,677 +20.0
11,340,792
1,637,721 +49.0
22,004,195
855,990 -9.8
9,788,609
2,156,171 -5.3
22,601,813
868,032 +15.0
9,821,546
402,934 +11.6
4,299,388
557,530,796 +13.4 5,522,091,268
10,258,941,073 +31.5 105,625,781,792
4,035,827,465 +19.1 39,538,077,4221

lar Table Clearings by Telegraph and Canadan Clearings on page 572.




1908.

1909.

Week ending August 28.
Inc. or
Dec.

2,495,932,147
1,137,746.816
612,921,016
386,913,679
305,234,753
257,936,735
170,616,758
96,099,402
70,109,481
46,557,320
39,645,424
35,534,888
34,158,584
21,681,8:31
26,941,421
16,671,644
10,545,345
3,269,315,097
1,971,440,477
496,012,631
380,553,569
304,784,222
209,128,000
189,413,246
137,810,724
154,492,424
108,381,904
146,490,558
104,014,896
65,805,645
59,249,355
46,723,501
44,830,091
47,691,601
42,298,843
46,423,949
42,171,577
40,665,870
31,028,637
20,264,974
18,240,960
8,996,916
11,026,903
16,096,575
11,156,973
18,968,495
7,553,044
3,907,588
4,785,624,148
81,753,304,541
33,951,488,994

+22.0
70,706,001
87,442,612 +23.7
79,879,327
79,260,363
+31.5
30,509,766
23,601,270
44,322,345
34,865,618 +27.1
-8.5
13,891,414
13,963,648
15,914,533 -12.7
17,027,872
10,522,889
8,132,587
+23.3
13,496,395
10,577,548 +27.6
8,158,514
+1.3
6,449,848
10,393,753
8,426,036 +23.3
6.779,570
6,189,945
+15.7
6,989,552
7,433,889 -6.0
+17.6
4,479,251
5,373,451
4,675,798
4,215,953 +27.5
2,100,000
+25.0
2,207,131
3,136,761
2,103,076 +49.2
1,524,500
+20.5
1,893,642
2,238.644
1,531,823 +46.1
1,052,844
+71.9
1,050,940
2,412,432
1,177,892 +10.5
1,216,086
+25.3
1,133,959
941,413 +20.5
1,145,807
+20.8
867,576
1,130,207
761,841 +48.4
710,097
691,202
+33.9
1,176,677
1,021.954 +15.2
845,248
+10.4
605,000 +51.8
600,000
918,466
601,000
+30.8
691,364 +12.3
404,443
776,519
513,060
+11.3
438,402
497,614
402,803 +23.5
517,011
+13.2
280,726 +10.0
271,339
308,705
474,347
+18.0
90,951,469 +19.0
108,196,894
71,982,941
87,533,892
+10.6
57,140,381
48,677,947 +17.4
52,942,194
46,910,250
+9.8
13,071,474
10,339,230 +26.4
13,129,804
15,406,712
+13.4
9,992,313
9,207,582 +8.5
11,460,094
12,046,391
10,563,354 +1.4
+37.9
10,109,272
12,000,000
10,096,622
-2.8
5,026,000
6,040,500 -16.8
6,039,000
6,160,000
6,200,000
4,250,000
+21.2
+45.9
4,592,854
5,043,223
+43 4
5,286,351
2,646,689 +99.8
3,002,747
3,316,40'3
3,188,317
2,498,339 +27.6
2,374,160
+8.1
2,523,855
3,801,010
2,798,601
2,221,216 +62.1
3,730,533
+18.1
5,204,857
4,240,974
3,860,883 +34.8
3,600,824
+39.3
+11.5
3,506,779
3,418,785
3,199,919 +9.6
2,839,099
2,106,937
2,159,241
1,797,123
1,475,653 +42.8
+35.2
1,674,727
+10.9
1,693,280
1.569,416
1,424,502 +17.5
+10.2
1,650,539
1,278,108 +29.1
1,549,539
1,338,483
1,057,043
1,259,938
920,965
+8.2
982,966 +7.5
1,367,169
+23.3
1,147,179
1,066,853 +28.2
995,122
+5.9
2,200,000
1,228,218 +79.1
1,206,505
1,396,184
1,084,290
+16.5
879,322
769,683 +40.9
950,040
1,050,000
+24.8
924,100
834.872 +25.8
811,237
+6.7
810,544
830,000
719,265 +12.7
722,159
1,550,000
+72.1
740,323
866,574 +78.9
563,229
700,000
4-27.2
504,302
452,604
350,755 +99.6
+16.1
625,000
362,609 +72.4
450,000
360,000
+34.0
+2.9
+36.7
540,818
407,813 +32.7
-12.3
136,487
125,529 +8.7
+19.2
+30.0
+10.0
139,480,308 115,398,859 +20.9 129,968,758 120,647,119
+15.4
+29.2 2,929,818.581 2,230,871.805 +31.3 2,251,705,878 3,104.990,670
+16.5 1,033,586,036 890,671,779 +20.9 961,431,487 929,801,735

* Not included in total for month and eight months: comparison incomplete

558

THE CHRONICLE

THE FINANCIAL SITUATION.
Quieter conditions have prevailed on the Stock
Exchange this week. The excitement regarding Mr.
Harriman has in great measure subsided. Anxiety
concerning his health has been allayed by his own
statement given to the press on Monday. Improvement in prices on the Exchange occurred even before
this statement was made public, as it became apparent
that the stories as to his being in a precarious state
and that an operation was to be performed on him
had little basis of fact behind them. The emphatic
disclaimer of anything of the kind contained in an
interview with Mr. Jacob H. Schiff, printed Sunday
morning, was, perhaps, as effective in relieving apprehensions as any single event .or occurrence. Consequently, opening prices of active stocks Monday
morning were several points better than the closing
prices of the previous Saturday. Mr. Harriman's own
statement helped further to restore confidence; as
it was accepted without reserve,it seemed to leave little
room for additional unfavorable conjecture. Mr.
Harriman stated that surgical examinations showed
that he had no serious ailment and he was simply
following the course prescribed by his physicians—that
now what he mainly needed was rest.
It is a remarkable fact that as far as prices are concerned the net result of the tremendous hubbub and
excitement during August on the stock around which
the storm chiefly centered was nil. Union Pacific
common was, of course, the pivotal stock. This
opened Aug. 1 at 201 and it closed Aug. 31 at precisely
the same figure. In the interval, however, it had been
up to 219 Aug. 16 (the highest figure on record) on
the stories of a segregation of Union Pacific assets,
&c., and down to 194M Aug. 28 on a denial of these
stories and on fears regarding Mr. Harriman's health.
Since Monday the market has been gradually gaining
strength in a quiet kind of way on the belief that
underlying conditions are thoroughly sound, and Union
Pacific common yesterday closed at 2029. The
country's trade and business is certainly steadily
developing strength and activity. The course of
United States Steel shares may be accepted as a sort
of industrial barometer. In the great break in prices
during August these displayed remarkable strength,
the fluctuations in Steel common being compassed in
a range from 78% (Aug. 12) to 733 (Aug. 20). Yesterday these shares got to 80h—a new high record.
Two recent incidents are interesting and suggestive
in several respects. One of them is the change
upon which the Cunard Line has at last settled, that
of using Fishguard, on the Welsh coast, as a port of
call. This makes the ocean run about 113 milesless than
to Southampton, 55 miles less than to Plymouth and
113 miles less than to Liverpool; passengers by the
Mauretania, leaving New York at noon of Wednesday, are expected to land early on Monday afternoon,
and to reach London at 8 of that. evening and Paris
at 5 on the next morning, thus taking a trifle more
than 5 days from New York to London and about 5%
days to Paris. The first trip of the vessel under this
arrangement has been made and realized this expectation almost to the exact moment, delivering passengers at Fishguard at 1:05 and at London at 7:55
p.m.




[VOL. Lxxxix.

Now and then somebody moralizes, not without
some reason, upon the increasing habit of hurry in the
Anglo-Saxon; all the same, the fast ship is the ship
which has the largest attractiveness, and this somewhat further cutting of the time is another step
towards turning the Atlantic passage into a mere
ferry. The Tesults of this process have commercial,
industrial and social consequences involved which the
reader can follow out in his own imagination.
Probably few newspaper readers even noticed the
other of the two incidents, namely: a contract made
here for a modern telephone system in ancient Pekin.
China is awakening, in a degree little thought of in
the West, and some two years ago a commission of
three Chinese officials went leisurely over Europe and
the United States, making a study of the telephone.
It was agreed that this city has the best system, as it
certainly has the largest, in the world, and the contract
was awarded to the company which makes the New
York equipment. According to the representative of
that company, the supposedly 400 million people in
China have now about 2,000 telephones, all of the old
hand-ringing kind, and used mainly by foreign residents for merely social convenience, each small exchange connecting with only some 100 instruments and
no two exchanges having trunk connections.
Pekin will at first have two switchboards, to cost
about $150,000, with a capacity for 10,000 telephones,
and the equipment is to be delivered at the Chinese
port by the 3d of February next. It has been estimated that, at the present rate of telephone growth,
there will be one telephone to each twenty persons in
this country in 1929; it is also estimated that if China
should develop only a 1% increase (low as compared
with that in this country) she will have 400,000 telephones in 1930, at an outlay of a million dollars.
These are conjeCtures, but it may be said for them
that the imagination justly has a pretty free scope
when it comes to think of the possibilities of expansion
for American capital and enterprise in China, in banking, railways and otherwise. This recalls the forecast
of John Hay, which led him (besides his ideas of
justice) to advocate so strongly the open door in the
Orient. The world is growing small, by the rule of
commercial and personal intercourse; it will continue
to bring nations together, to their common advantage,
either by the help of or in spite of the statutes which
aim to further or to limit and make one-sided the
commercial intercourse of nations. Indeed, there is
some consolation in reflecting-4nd as to this we may
feel certain—that however we try to narrow and restrict ourselves by statutes professing to re-distribute
things according to square deals as somebody conceives them, the great processes of advancing civilization are stronger than anybody's wisdom and will
have their own way in the end.
In reply to comments by the "Chronicle" upon
Senator Burton's desire to see minimum rates established on inter-State business, and set at a figure which
would yield a reasonable profit to the carriers either
by land or water, the "Iron Trade Review" of Cleveland—a very progressive publication—expresses the
belief "that the railroad companies will make a serious
error if they base their opposition to it on the ground
that they ought to be allowed to ruin competitors if
they can do so." But this is hardly a sound state-

SEPT. 4 1909.1

THE CI1RONICLE

559

ment of the issue, for if transporting by water cannot temperature, which caused premature opening of
exist in open competition with railroads, it is not the bolls and prevented development of the stalk. Delatter which "ruins competitors"; it is the fact that the structiVe winds, it is also stated, were prevalent in
competitors are fatally handicapped by their inferior almost every State.
abilities for service. The case and the cry of "ruin"
The immediate effect of the report was to give
are both old. Every improvement puts out the in- strength to small crop ideas, but there was no importferior device, to the advantage of the whole people in ant upward movement in prices, as the Department's
the long run. To insist, as Senator Burton does, that result was about in line with general expectations.
the people must pay rates above those which would We are inclined to believe that the situation of cotton is
yield a living profit to the better equipment for car- rather more favorable than officially stated, it being
rying, in order that the poorer equipment may con- a well-known fact that there is a seeming unconquerable
tinue work for which it is not well fitted, is to adopt tendency to exaggerate adverse developments. It will
the rule of labor unions, which handicap the better probably be recalled by many that in s1902 (the
workmen so that the poorer ones may not be left 1902-03 crop), when the condition at this time was
behind.
reported as practically the same as in the current
It is useless to argue such a proposition as this; if year, the yield was in no sense a poor one. In fact it
the unwisdom of taxing the community to maintain turned out to be 10,758,326 bales, or 192 lbs. lint per
those who are unable to maintain themselves under acre. That same product per acre applied to this
competition is not plain of itself, no argument can years' area would give a crop of 12%
3 million bales of
make it so. But when the "Review" says that this year's average gross weight. We do not offer
"there is a tremendous sentiment in this country in this as a crop estimate; on the contrary, it is merely
favor of the reasonable regulation of public and semi- stated to show that in a season very similar to the
public corporations," it makes an unsupported asser- current one, as regards condition on Aug. 25, the final
tion which could be broadly disputed with an equal yield was much in excess of what the official condition
authority. Of course it all depends upon what is percentage would appear to have indicated. It is,
meant by "reasonable regulation." The fact that moreover, to be 'noted that the 1902-03 crop was
many persons applaud the anti-corporation movement, much larger per acre than the following one (1903-04),
fomented by politicians who seek mere popularity, of which the condition on Aug. 25 was reported above
proves nothing. The sound public opinion and sober the average. But when all is said and done, and
second thought of the country cannot be ascertained admitting that the outlook now is. below the average,
until the issue is squarely raised (as it has not been the weather during the fall is the important factor
, yet) by having a conservative candidate, on a really determining the yield. An early frost would, of course,
conservative platform, brought before the electorate. be especially effective this year as the crop as a
The greatest need of the country has long been for a whole is a late one, but with frost deferred there is
real conservative policy and a genuine Opposition, likely to be occasion for materially modifying some
offering distinct ideas of its own and not merely trying of the pessimistic crop ideas that are now current.
to make itself appear the lesser of two political evils.
At any rate, and fortunately so, the surplus supply
(visible and invisible) of cotton in the world is comCotton condition in the United States on Aug. 25th, paratively large, and this should in any event assure
as reported by the Department of Agriculture at noon adequate supplies to meet consumptive requirements.
on Thursday, shows an important deterioration since
the last previous report. This statement of condition
Bank clearings returns continue of the same generfor Aug. 25th made the decline for the country as ally satisfactory character as during recent previous
a whole since July 25 8.2 points, the average for months. They of course indicate an industrial and
the belt being given at 63.7, against 71.9 a month commercial status distinctiy more favorable than a
earlier, 76.1 on Aug. 25 1908, 72.7 on the same date in year ago, and encourage expectations that a return
1907, 77.3 in 1906 and a ten-year mean of 73.6. Fur- to a normal situation will not long be deferred. Our
thermore, the condition as now stated is the lowest August compilation of clearings, which will be found in
reported for Aug. 25 in any year since the Department detail on the first page of this issue, shows that all but
has issued regular monthly reports, the lowest hereto- 9 of the 127 cities furnishing returns record gains over
fore for the date mentioned having been in 1902, when the previous year and in many cases the gains are
it was 64. In the decline during the month, moreover, noticeably heavy. For the whole country the increase
all the States share, except Virginia and North Caro- in August, as contrasted with last year, is 31.5%; for
lina, where slight improvement is shown. Impairment the eight months it.is 29.2%. Compared with 1907
of condition, according to the Department, has been there are gains of 16.7% and 4%, respectively.
greatest in Oklahoma, Arkansas and Texas, where Outside of New York the improvement for the month is
drops of 23 points, 16 points and 11 points,respectively, 19.1% and for the eight months 16.5% compared
have occurred during the month. The Government with last year, while contrasted with 1907 the increase
does not, of course, refer to the causes responsible for for August is 3% and for the period since Jan.1 0.1%.
this important further reduction in the promise of At New York alone, and partly as a result of the
cotton, its function of recent years having been to greater activity in stock dealings, this year's figures for
give the condition percentages without comment of the month exceeded last year by 39.5%, and 1907 by
any kind. But recently issued private reports go 26.1%, with the eight months' gains 38.3% and 6.4%
fully into the influences to which the decline is ascrib- respectively. In the returns for individual cities or
able. The deterioration in the three States mentioned by groups, as we have segregated them, there are
above, and in Louisiana as well, is claimed to have no features differing so essentially from previous
resulted mainly from drought, accompanied by high compilations as to call for special comment. Suffice it




560

THE CHRONICLE

to say, therefore, that each group makes a better
exhibit this year for both the month and eight months
than in either 1908 or 1907.
At the New York Stock Exchange, dealings for the
month were not only very much larger than in July,
but well in excess of Aug. 1908. In fact, in no recent
year except 1906 has the August total been as heavy
as this year. Transactions reached 24,637,783 shares,
against 12,806,965 shares in July and 18,881,265 shares
for the month a year ago. For the eight months of
1909 the aggregate dealings were 136,581,120 shares,'
against 117,388,266 shares for the like period of 1908
and 144,567,506 shares in 1907. It is in bonds, however, that operations have been conspicuously active
this year. Almost every month of the year has seen
the dealings surpass all former records and the August
total of sales is no exception to that rule, as they
reached a par value of $114,322,000, which compares
with $82,272,300 in the month of 1908—the previous
August record. Boston Stock Exchange transactions,
too, have been heavier thisyear, having been 1,429,921
shares for the month, against 1,416,735 shares a year
ago, with the eight months' total for 1909 at 9,232,408
shares, contrasting with 7,813,362 shares in 1908.
The clearings exhibit for the Dominion of Canada is
also very satisfactory. Only a limited number of cities
make returns—thirteen in all—but in the aggregate
; hey show a gain of 22.7% for the month, as compared
with 1908, while for the eight months the increaseis
25.1%. Contrasted with 1907 the gains are 9.1% and
11.3% respectively.

Lxxxix.

former until Congress has had an opportunity, in
December, to act. Therefore, should it be necessary
to sell securities for the relief of the Treasury, the 3%
one-year certificates of indebtedness that were authorized through the re-enactment at the recent session
of Congress of the Spanish War revenue law of 1898
would have to be selected. It was suggested that inasmuch as the certificates could be issued for portions
of instead of entire years, and in amounts not exceeding 200 millions, the Secretary 'might elect to
emit them so that they could mature at a period
when money was usually cheapest, thus facilitating
their liquidation. The certificates, if issued, will not
be available as pledges for circulation, for it is scarcely
probable that the Department would adopt the questionable device of a forced construction of their character---as was done in the 1907 panic, when they were
treated as registered bonds and hence became available
as circulation pledges, because of their registration by
the Treasurer of the United States in trust for banks
purchasing them as bases for bank-note issues. Therefore the proceeds of the certificates would be employable wholly for the direct relief of the Treasury, as was
contemplated by the original authority conferred by
the Spanish War revenue Act.
Owing to the rigorous censorship of news from the
Spanish seat of war in Melilla no details had been
received until this week of the movements of the
Spanish army since the week of Aug. 21. Then
General Marina was on the eve of a demonstration in
force against the Moors, proceeding towards Guruga
Mountain and Nador. A Melilla dispatch of Sept. 1
announces, according to official reports, that the
Riffs, who are opposing the advance of the Spanish
army, recently directed a heavy artillery and musketry fire against the garrison at Sidimuisa. They
were, however, silenced by the Spanish batteries.
The Riffs attacked the town of Sahadra because the
inhabitants asked for Spanish protection; the attack
was successfully resisted by a Spanish column sent out
from El Arber.
A Madrid dispatch of the aboye date reports in
official form from Melilla that during the fighting
incident to the capture of l'oco de Larba by the Spaniards, the Moors lost heavily. The artillery was
captured and the enemy's forage stores demolished;
a number of houses in the village, including those of
two important chiefs, were destroyed.
The above news encourages the expectation that the
Spanish campaign against the Moors will hereafter be
more successful; the Spanish commander seems to
have occupied important strategic positions, he is
apparently conducting his operations with a superior
force and upon a well-chosen field.

Application at Harrisburg this week for a charter
for the Philadelphia & Suburban Elevated RR. was
something of a surprise. The projectors, who do not
disclose the financial interests back of the enterprise,
seek to obtain the right to build a system of elevated
roads in Philadelphia, operating north and south on
12th and 13th streets, with branches to Fairmount
Park, to Frankford, and to points which will connect
with the Baltimore & Ohio RR. and the Philadelphia
& Western. The Baltimore & Ohio's depot is not
sufficiently near the center of the city to enable the
• railroad to build up a suburban traffic and the promoters of the new elevated road claim that their plan
would assist the Baltimore & Ohio to develop a new
suburban territory.
Before the new project can go very far after it
obtains a charter, it will have to knock at the door
of the City Councils of Philadelphia for the purpose
of obtaining a franchise. In the agreement between
the city of Philadelphia and the Philadelphia Rapid
Transit Co. it is provided that the Rapid Transit Co.
shall have the first privilege regarding the construction
of new passenger railways within the city. If a franchise goes to the new company it will be because the
There was a transfer yesterday through the New York
Rapid Transit Co. does not wish to undertake the
Sub-Treasury of $1,500,000 gold to San Francisco,
construction of the projected lines itself.
whence it will be shipped to Japan, for whose account
It was reported last week that, chiefly because of the transaction was effected. It is expected that on
the low cash balance, the Secretary of the Treasury the 15th inst. another transfer of a like sum will be
might, ere long, be compelled to resort to temporary made, and for the same account.
financing. Owing to the neglect of Congress to proIt is reported from Washington that the silver
vide for an adjustment of the circulation tax on the
290 millions Panama 3s that are authorized in the dollar is gradually disappearing from circulation, but
Tariff Act, so as to protect the equities of lower-rate it is still regarded with favor in the West, Southwest
bonds7 the Secretary has deelined to issue any of the and in parts of the South. To-day there are about 70




SEPT. 4 1909.1

THE CHRONICLE

million in circulation, which is the smallest number in
recent years. The general unpopularity of the silver
dollar is largely due to the fact, as stated at the
Treasury, that the Government for the past two
years has declined to pay the express charges on
shipments of the coins to the Treasury for exchange.
The Department would pay such express charges on
the coin shipped to banks on requisition but not
on coin returned to the Treasury. There were more
than 80 millions in circulation when Congress refused
to make appropriations for meeting express charges for
transportation to the Department. Immediately the
movement of silver dollars decreased 75% and on
account of the size and weight they have been generally
discarded in mercantile centers except in localities
above noted.
National banks are now being organized at the rate
of one per day. The average was exceeded in August,
in which month there was an organization of thirty-two
with an aggregate capital of $2,203,100. The total
number of such banks now in existence is 6,998, with
an authorized capital of $956,017,775 and circulation
outstanding secured by bonds of $672,263,695 and
$26,581,779 covered by lawful money.

561

months immediately preceding. That is, it shows
very striking gains as compared with a year ago; but
noteworthy and satisfactory though these gains are,
they fall below the amount of last year's losses.
On the lines directly operated east of Pittsburgh and
Erie there is the present year an increase of $1,633,700
in gross and of $467,000 in net. Last year in July
the Eastern lines showed no less than $3,318,000
loss in gross and $817,300 loss in net. On the lines
directly operated west of Pittsburgh the July result
the present year is a gain of $1,055,200 in gross and
of $328,300 in net. Last year there was $1,714,100
loss in gross and $311,500 loss in net. In brief,
while the combined Eastern and Western lines for
July 1909 have $2,688,900 gain in gross, this compares with $5,032,100 loss in July 1908; and while
the present gain in net for the combined lines is
$795,300, last year's loss in net was $1,128,800.
In the following we furnish a six-year comparison of
the earnings of the Eastern lines, being the only
portion of the system for which we have the data
for such a comparison.
Ltnes East of
Pittsburgh.

1909.
1908.
1907.
1906.
1905.
1904.
July.
$
$
$
$
Gross earnings_ 12,915,765 11,282,065 14,600,065 12,406,865
Operating exp_ 8,848,957 7,682,257 10,182,957 8,271,257 10,783,865 9,481,103
7,408,457 6,041,966
Net earnings 4,066,808 3,599,808 4,417,108 4,135,608 3,375,408
3,439,137
Jan.1 to Ju/y31
Gross earnings_ 83,058,714 75,305,214 93,741,714 82,233,714 72,758,714
Operating exp. 60,602,860 55,440,660 69,352,360 58,560,960 53,719,960 66.176.779
47,918,985
Net earnings 22,455,854 19,864,554 24,389,354 23,672,754 19,038,754
18,257,794

It is reported in London that negotiations are in
progress between the Costa Rican Government and
a leading American financial house with the object
of liquidating the country's external debt, interest
upon which has been in default since 1901. The
negotiations, however, thus far are only tentative,
The notable feature of last week's bank statement
though it is believed that eventually a definite settlewas the apparent transfer by the banks of loans to the
ment will be concluded, especially as the United States
trust companies. Average cash decreased 3 millions;
Government is seeking to improve the material condithe actual reduction was 13
4 millions. The average
tions and financial morals of the Central American comcontraction in deposits was $2,547,700; according to
munities. The Costa Rican debt is comparatively small;
the actual statement it was $649,400. Average
it consists of £2,000,000 consolidated external debt
reserve decreased $2,369,575; the actual loss was
of 1885, and £950,000 defaulted 5% coupons of 1901
$1,608,750, to $17,952,775, and, computed upon the
to 1908, making a total indebtedness of £2,950,000.
basis of deposits less those of $1,631,900 public funds,
The history of Costa Rica's debt, like that of the
the surplus was $18,360,750.
other Central American States, dates back to 1827 on
the breaking up of the Central American Federation,
The market for money was again firm this week;
and the consolidated external bonds of 1885 represent
though disbursements by banks and trust companies of
the American scheme consummated in that year upon
September interest aivi dividends tended toward ease.
which the Government defaulted in 1895; two years
The recovery in the stock 'market resulting from
later another arrangement was concluded and it was
more favorable statements regarding the health of
adhered to until 1901:
Mr. Harriman contributed later to a firmer tone.
One of the largest of the local dealers in foreign Money on call, representing bank and trust company
exchange has called a meeting of others who are balances, loaned at the Stock Exchange during the
engaged in that branch of the business with the object week at 23/2% 'and at 23(%, averaging about 214%;
of seeking to establish some uniformity in method all lending institutions quoted 2347
0 as the minimum.
s
The supply of money in the market came chiefly from
of conducting transactions so as especially to safegua
rd
settlements between delivery and payment of the bill. abroad through forefgn loan bills, which were liberally
This seems to be a matter for mutual agreement which offered; at the same time there were free offerings
does not particularly concern the public, except in so of money by large domestic institutions for long
far as the failure of a buyer to meet his obligations periods of maturity. On most of these domestic loans
might cause some derangement to legitimate trading. industrial stocks were accepted, and to this fact was
due a lighter inquiry for loans on mixed collateral.
A Berlin cable announces that the deficit of the Quotations for contracts on good mixed Stock
ExGerman Imperial Government for 1908 amounts to change security were, however, only fractionally
lower
$30,500,000. This news was reflected in a rise in open than thoses on industrial and the bulk of the
business,
market discounts at Berlin and Frankfort to 23
4@ especially on long term, was effected in the former
2%%.
class. Rates for sixty days were 23
4@3%,for ninety
(14s 33(@3%,for four months 3J2@39% and for
The Pennsylvania Railroad return for the month of five to six months
3%@4%. The commercial paper
July isgued the present week is like that for the market shows
increased activity, largely the result




562

[VOL. Lxxxix.

THE CHRONICLE

of business revival. Merchants are drawing more
paper than they have done in recent months and local
banks are discounting freely for their customers. As
was noted last week, re-discounting for Southern banks
by their Eastern correspondents is liberal. These
direct • loaning and re-discounting operations have
contributed to establish firmer rates, which appeal to
interior banks, and thus the field of business in this
line is broadened. The local banks and those in the
New England States are among the largest buyers of
paper, as also are some of the Western institutions,
though not in such volume, because of opportunities
that are offered for the employment of their funds in
the agricultural sections. Rates for sixty to ninety
day endorsed bills receivable are 3%@4%,for choice
four to six months' single names 4@4M% and for
0 and above.
good 4'7

Compared with Friday of last week rates for exchange on Saturday were 15 points lower at 4 8525@
4 8530, 5 points for short at 4 8675@4 8680 and 5
points for cables at 4 87@4 8705. On Monday long
fell 15 points to 4 8510@4 8520, short 20 points to
4 8660@4 8665 and cables 20 points to 4 8680@
4 8685. On Tuesday long was 10 points lower at
4 85@4. 8510, short 15 points at 4 8645P4 8650 and
cables 10 points at 4 8670@4 8680. On Wednesday
long fell 5 points to 4 8495@4 8505 and cables 5 points
to 4 8665@4 8675, while short was 5 points higher
at 4 8645@4 8655. On Thursday long rose 15 points
to 4 8515@4 8520, short 10 points to 4 8655@4 8665
and cables 15 points to 48680®4 8690. On Friday
long and short fell 10 and cables 5 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
Frt.,

Mon.,

Tues.,

Wed.,

I
Thurs., Frt.,

Aug. 27 Aug. 30 Aug. 31 Sept. 1. Sept. 2. Sept. 3.
The Bank of England rate of discount remains
86
86
86
86
86
560 days 4 86
Brown
reports
cable
The
discounts Brothers
unchanged at
8734
iSight _ _ 4 8734
8734
8734
8734
8734
86
86
86
86
86
160 days 4 86
Kidder,
@
%
13
on
London
bills
bank
8734
8734
of sixty to ninety-day
Peabody & Co
8734
1Sight__ 4 8734
8734
8734
86
86
86
160 days 4 86
86
86
British Bank
8736
8734
ISight__ 4 8734
8734
The open market rate at Paris is 13'10,13%% North America
8734
8734
86
86
86
86
160 days 4 86
86
Bank of
4
Montreal
1Sight__
8734
8734
8734
8734
8734
8734
is
it
2%@2%%.
Frankfort
Accordand
Berlin
and at
86
86
86
86
Canadian Bank
160 days 4 86
86
Sight - 4 8734
8734
of Commerce
8734
8734
8734
8734
ing to our special cable from London,the Bank of Eng- Heldelbach,
86
86
86
86
Ickel560 days 4 86
86
8734
iSight_.4 8734
heimer & Co
8734
8734
8734
8734
land lost £80,236 bullion during the week and held Lazard
86
560 days 4 86
86
86
86
88
iSight.. _ 4 8734
8734
8734
Freres
8734
8734
8734
£40,196,553 at the close of the week. Our correspond- Merchants'
86
Bank
86
• 86
560 days 4 86
88
86
ISIght__ 4 8734
8734
8734
of Canada
8734
8734
8734
ent further advises us that the loss was due wholly to
shipments to the interior of Great Britain. The
Rates for exchange on Friday were 4 8505()4 8515
details of the movement into and out of the Bank for long, 4 8645@4 8655 for short and 4 8675@4 8685
were as follows: Imports and exports, nil, and ship- for cables. Commercial on banks 4 8480@48490 and
ments of £80,236 net to the interior of Great Britain. documents for payment 4 84@4 84%. Cotton for
payment 4 84@4 843.i, cotton for acceptance 4 8480
%.
There was a decided fall in all classes of foreign ex- @4 8490 and grain for payment 4 843%@4 843
change this week. The decline seemed to be foreThe following gives the week's movement of money
shadowed by the satisfactory results of the semimonthly settlement on the London Stock Exchange to and from the interior by the New York banks.
last week, when a large American account was disNet Interior
Received by ! Shipped by
Movement.
N. Y. Banks. N. Y. Banks.
Week ending Sept. 3 1909.
closed. This appeared to encourage European pur$218,000
$7,150,000 Gain
$7,368,000
. Currency
chases of American stocks, which purchases were Gold
19,000
1,050,000 Gain
1,069,000
$237,000
$8,200,000 Gain
$8,437,000
further stimulated by the improved tone for specu- Total gold and legal tenders
lation in our security market In anticipation of a
With the Sub-Treasury operations and gold transfers
speedy decline in rates, speculative selling of exchange
the result is as follows.
grew active and liberal; the elimination of the previous
Net Change in
Onto!
Into
short interest left the market without artificial supBank Holdings.
Banks.
Banks.
Week ending Sept. 3 1909.
port, and in the absence of demand for remittance the Banks'Interior movement, as above_ $8,437,000 $8,200,000 Gain $237,000
Loss 4,000,000
fall was more or less precipitate. Canadian bills and Sub-Treas. oper. and gold transfers_l 25,000,000 29,000,000
$33,437,000 $37,200,000 Loss $3,763,000
Total gold and legal tenders
those against commodities were in evidence; drafts
against the negotiation of sterling loans were plentiful
The following table indicates the amount of bullion
and ordinary loan bills incident to the season's export in the principal European banks:
movement of the cereal and cotton crops were confiSept. 3 1908.
Sept. 2 1909.
dently offered on the market. Long sterling, which Banks of
Silver.
Total.
Gold.
Gold.
Total.
Silver.
had been previously bought for temporary investment,
£
£
£
.£
£
£
38,345,440
40,196,553 38,345,440
England_ _ 40,196,553
was realized upon, causing a material decline; cables France
___ 147,572,760 36,074,641 183,647,400 128,696,665 36,169,405 164,866,074
_ 40,475,200 12,743,850 53,219,050 42,862,000 13,482,000 56,344,000
that were last week in urgent request for remittance Germany
Russia_a _ 127,578,000 8,970,000 136,548,000 115,833,000 8,106,000 123,939,000
Aus.-Hunb 56,740,000 12,604,000 69,344,000 47,461,000 13,351,000 60,812,000
were no longer needed for prompt use and their fall Spain _ _ 16,019,000 31,788,0001 47,807,000 15,702,000 34,526,000 50,228,000
d _ _ 38,382,000 4,400,000 42,782,000 36,937,000 4,500,000 41,437,000
was directly reflected in short. After the sharp de- Italy_
13,911,300 7,706,000 4,060,100 11,766,100
Netifiands 10,536,000 3,375,3
Nat.13eig.d 4,206,000 2,103,000 6,309,000 4,003,333 2,001,067 6,005,000
4,081,000
was
4,383,000 4,081,000
some re- Sweden _ 4,383,000
cline the market became steadier; there
4,563,000
4,832,000 4,563,000
Switzerl'd. 4,832,000
1,651,000
1,651,000
1,774,000
_
1,774,000
Norway
and
ventures
the
buying to take profits in speculative
447,841,438 116,196,176 564,037,614
604,753,303
week
492,694,513
112,058,790
Total
The
rally
was Prey. week 496,232,466 112,646,273 608,878,739 449,835,516 1 13,301.448563.136,964
demand for remittance improved.
sluggish, however, for there were some apprehensions
a The total of gold in the Bank of Russia includes the balance held abroad—
account in other Continental banks. The
of a renewal of bearish operations by powerful inter- that is, the amount held for Russianduplicated
in the above statement is about
proportion so held and consequently
of the total this year, against about one-ninth a year ago.
ests whose objects could scarcely have been at- one-tenth
issued in Kronen and Heiler
now
is
Statement
b The Austro-Hungarian Bank
instead of Gulden and Kreutzer. The reduction of the former currency to sterling
tained by the comparatively small decline thus Pounds
was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent in
far in the market. On Thursday the unfavorable London,
in order to reduce Kronen to Pounds, has altered the basis of conversion
the amount of Kronen by 24 instead of 20.
Government report on cotton turned the exchange byddividing
The division (between gold and silver) given in our table of coin and bullion in
the Banks of Italy and Belgium is made from the best estimates we are able to obtain
in their weekly
market upward and it was steady thereafter, closing It Is not claimed to be accurate, as the banks make no distinction
returns, merely reporting the total gold and silver; but we believe the division we
approximation.
close
a
Is
easy.
make




SEPT. 4 1909.j

THE CHRONICLE

563

distinguished above all other things for tact, this
CHANGES ON THE EUROPEAN POLITICAL
reply of Clemenceau's was a monstrous blunder. The
HORIZON.
mere language in which he couched his rejoinder was
Without any visible factor of political disturbance in of a charact
er to touch French national pride in the
the present European outlook, there is nevertheless one most sensiti
ve of spots. The debate in which thia
consideration which foreign politicians will watch with singular colloqu
y took place was not of the first im—
curious interest. At a time when the individual in- portance, and
it had not for a moment occurred to.
fluence of cabinet ministers in the important European any one that
the Ministry's existence was at stake..
States is so great as it is to-day in the shaping of inter- Nevertheless,
such was the sudden revulsion of senti—
national policy, the personality of a chief minister ment provoked
by the words of Clemenceau that the
may often have everything to do with the course of Ministry was
defeated in a vote upon the navy by
political events on the larger scale. The interesting fact 212 to 176, and
Clemenceau at once resigned—a
of the present situation is the change which has curious closing
for the history of a Ministry which,
occurred this summer in the ministries of two Conti- under circums
tances of the utmost difficulty,had held
nental States whose attitude toward the general diplo- office continuously
longer than any other ministry in
matic situation is of the highest strategic importance. the history of
the Third Republic.
It was on June 26th that Prince Buelow resigned the
Not the least interesting point in these two episodes
German Chancellorship. Less than a month later, is the fact
that, individually, both Buelow and
on July 20th, Clemenceau resigned the Premiership Clemenceau
have been notable friends of international
of the French Republic.
peace. Not only was this so in general, but in parIt remains to be seen what changes, if any, in the ticular inciden
ts. It was under Clemenceau that the
international situation will follow the downfall of these Anglo-F
rench Alliance was cemented. Buelow, while
two important ministries. No change of the sort will natural
ly unable to pursue a policy of that sort, and
follow necessarily; for neither of the two resignations while
handicapped by the constant political irritations
was a result of foreign policies. The cause which betwee
n Germany and England, nevertheless has
brought about the downfall of Prince Buelow is well manage
d, in his public statements and his speeches, to
known. Finding the credit of the Empire strained so far
smooth over episodes of friction that the English
by its constant borrowings to make good the annual press itself
has frankly recognized him as a friend to
deficits caused by the rapidly mounting military and good interna
tional relations. This being so, the
naval budgets, a new taxation bill was submitted last question as
to the kind of ministries which will succeed
session to the Reichstag, laying a heavy additional Buelow and
Clemenceau is a matter of some importburden on the taxpayer, and so constructed as to ance.
avoid the necessity of recourse to the markets. The
Buelow's successor is a not very well-known member
successive propositions for new taxes brought forth of the recent
Ministry—Bethmann-Hollweg, previously
an outburst of protest from the German people. The Ministe
r for the Interior. He has introduced no
so-called "bloc," or combination of political factions in
essential changes in the Cabinet, does not apparently
the Reichstag, on which Prince Buelow had previously stand
for any special policies, and is rather commonly
relied to carry through his policies, went completely to
regarded as a stop-gap until a more permanent selecpieces under the resultant strain. The Government
tion can be made by the Emperor. In place of Clemenwas deserted by its own habitual supporters; factions
ceau, the President of France has named M. Briand
with little or nothing in common, except resistance to for
Premier—he also being more or less of a newcomer
the new schedules of taxation, joined hands to upset in politics
of the larger scope, not in any respect identhe Government's drastic program. Having seen one tified
with problems of international policy, and
proposition after another pruned down or thrown out chiefly
known for his management of affairs in the
by the Reichstag, the Buelow Ministry finally made its dispute
between Church and State. Briand has, howstand on the heavy and probably very productive ever,
formed his Cabinet, which does not include
inheritance tax, letting the Reichstag know in the Delcass
e, as in some quarters had been hastily expected,
plainest language that defeat of that schedule would and
which retains the majority of Clemenceau's own
mean the Ministry's resignation. But the inheritance Cabinet
, including his Foreign Minister. This would
tax was too obnoxious; it was unhesitatingly voted seem
a reasonable guaranty that the foreign policies
down, and Prince Buelow handed his resignation to
of the recent Ministry will be continued.
the Kaiser.
As regards Prince Buelow, there is one consideration
Clemenceau's resignation from the Premiership of
of the highest importance which will affect the state
France was a peculiar episode; in the judgment of the
of things,no matter whom the Emperor may name as
London "Spectator," he "committed political suicide."
the new Chancellor. At the time of Buelow's resignaThe incident could not, indeed, very easily have
tion it was pointed out by the "Frankfurter Zeitung"
happened as it did elsewhere than in a French Legislathat the manner of Buelow's surrender of his office
ture. The former Foreign Minister, Delcasse, having
marked an important breach with Germany's political'
asserted in a speech to the Deputies that Clemenceau
and governmental traditions. Up to that time, the
at the time of the brush with Germany several years theory had been
obstinately held that the only exago had "humiliated France" by forcing Delcasse's planati which
on
a minister could properly assign for
retirement, and referring the Morocco question to relinqu
ishing his office was that he had lost the
an international tribunal, Clemenceau retorted that confide
nce of the Crown. Preceding ministries, and,
Delcasse on the occasion referred to had himself indeed,
the Buelow Ministry itself, had encountered
humiliated France by needlessly invoking such a adverse
votes on policies of their (MU without for a
dispute with Germany when, he might have known momen discuss
t
ing resignation. In the present case,
that France was not prepared for war. For a man there can
be no doubt regarding the nature of the



564

THE CHRONICLE

Lxxxix.

the fact with which of course, every one is cognizant
that business conditions were by no means entirely
satisfactory; otherwise travel would have been freer.
A second point of significance is in the bearing that the
matte has on the operating expenses, for it is
well known that when the number of passengers which
a .road carries is reduced, train service cannot be correspondingly diminished. Very frequently the service cannot be curtailed at all, in which case the expenses connected with the passenger service are maintained on the old basis, while the revenue, because of
the diminished number of passengers, is cut down. In
these circumstances any loss in the gross earnings means
a corresponding loss in the net earnings, with no saving in expenses to offset even a part of it.
In the freight revenues there was a very substanincrease—in amount it wa's $793,686, as against a
tial
REPORT.
DENVER & RIO GRANDE
the previous year of only 3774,748—but even here
loss
the
Co.
fiscal
For the Denver & Rio Grande Railroad
were offsetting disadvantages. For instance,
there
just
submitted
was
year covered by the annual report
important
changes occurred in the composition of the
the
For
railconditions.
a period of hard and trying
and
these greatly affected its paying character.
traffic,
a
was
it
time
of
States
roads generally in the United
in
the
previous year this feature was present, as
Even
of
a
period'
after
great
recuperation and recovery
from
the fact that the actual number of tons
appears
twelve
the
previous
months.
shrinkage and depression
in that period of twelve months inhandled
freight
Grande
Rio
of
&
Denver
recuperation
the
In the case of
a large loss in the freight revenue.
in
of
face
creased
less
,
much
and,
was
pronounced
it
but
was not absent,
year
under
the
review the further increase in tonand
In
es
circumstanc
special
conditions
,
furthermore
1M million tons, but the growth
nearly
reached
nage
the
of
operation
road
and
the
hamper
to
served greatly
by
no means proportionate to the
was
revenue
in
accounts.
to add to the expense
in
traffic,
the revenue per ton per mile was
and
growth
of
were
kind
controlling
latter
the
of
Two drawbacks
1.31
against
1.33 cents in 1907-08 and 1.34
cents,
and
only
difstrikes
labor
the
was
first
The
importance.
1906-07.
cents"in
and
shops
mechanical
the
in
ficulties experienced
In the previous fiscal year the annual report noted
departments. These date far back and extended over
in Denver & Rio Grande territory the depression
that
ingreat
adverse
second
The
time.
of
a long period
then prevailing had been accentuated by the
trade
in
to
Reference
conditions.
weather
fluence was the
market
prices of silver, lead and copper, the
low
itself.
Presireport
the
in
appears
both these troubles
in
shrinkage
mineral output and the reduction in
expenses
operating
were
the
that
notes
dent Jeffery
of
ores
treated by the leading smelting comtonnage
effects
of
recombined
the
high—that
abnormally
In
year the situation in this respect
the
late
panies.
of
1907,
October
panic
the
and
following
trenchment,
in
only
prices of both silver and
part
improved,
was
repair
the
in
conditions
shops
labor
ry
of unsatisfacto
figures. The company
low
at
notably
ruling
copper
frequent
of
with
shortages
system,
the
throughout
of minerals, but
tonnage
a
carried
increased
greatly
the
in
n
a
deterioratio
average
produced
labor,
skilled
was very slight.
source
this
from
income
additional
the
g
very
stock,
high
necessitatin
rolling
the
of
condition
!monthly expenditures for labor and materials to re- In 1908-09 the mineral tonnage of the road was 8,964,tons in
-store locomotive and car equipment to a proper stan- 766 tons; this compares with only 7,619,476
notbut
1906-07;
in
dard of efficiency. Furthermore, we are told that a 1907-08 and but 7,019,170 tons
tonnage
mineral
the
recurrence of the severe winter weather in the mountain withstanding this large gain in
year was but
districts, referred to the previous year as one of the the revenue from the same in the latest
against
$7,499,050
reasons for high operating expenses, again adversely slightly enlarged, being $7,786,200,
year before.
the
$7,671,451
the
and
year
previous
in
in
than
greater
a
this
extent
to
and
same,
the
affected
one of the items
previous year. As showing the part played by bad Considering precious ore (which forms
contrast is yet
the
itself,
winter weather, the statement is made that at times in the mineral tonnage) by
1908-09
the Denin
ore
some of the mining districts in the narrow-gauge terri- more striking. Of precious
tons,
only
against
4,321,861
tory were practically isolated for two or three weeks by ver & Rio Grande carried
than
more
2,131,192
no
unprecedented snowfalls in the mountain passes and 2,961,998 tons in 1907-08 and
tons in 1906-07. In the two years, it will be seen,
heavy snowslides in the canyons.
Careful study of the annual report shows that the this precious-ore traffic more than doubled, yet it
against $2,048,395
labor difficulties and the severe winter weather were yielded only $2,114,157 in 1908-09,
1906-07.
Doubtless the
in
and
1907-08
$2,222,163
not the only adverse operating conditions encountered. in
but the low
distances,
shorter
carried
was
much
Total operating revenue for the twelve months of ore
have
to reoperated
to
also
seem
prevailing
1908-09, it appears, was $20,876,571, against $20,- prices
realized.
rates
the
on
transportati
386,431 for the twelve months preceding, which is duce
Altogether, the Denver & Rio Grande had many ad;satisfactory as far as it goes. But on analysis it is
found that the passenger receipts fell off no less than verse circumstances and influences to contend with.
$334,772 and that the gain of $490,139 in total revenue This being so, it is not difficult to understand why,
is chiefly the result of an increase in the freight reve- with a fair addition to the gross transportation revenue,
pues. The loss in the passenger earnings has a double there should have been an augmentation in expenses
significance. In the first place it bears testimony to three times as large, with a resulting heavy diminution

situation. So far from losing Imperial confidence
because of his public actions, Buelow notoriously was
struggling to carry out a policy of the Kaiser. On
that policy he met defeat, and has openly acknowledged
that the vote of the Reichstag was the determining
cause in the Ministry's resignation.
Taken along with the quite unprecedented popular
opposition to the fiscal policy pressed on the Reichstag
throughout the past season's session,this:incident gives
some assurance that the German people, through their
accredited representatives, will take a closer hand than
heretofore in the construction of public policies. On
the whole, this new state of things would seem to point
the way of conservatism in foreign as well as home
affairs.




SEPT. 4 1909.I

THE CHRONICLE

565

in the net. Stated in brief, gross revenue increased pany a large additio
nal volume of passenger and freight
$490,140, while expenses were added to in amount of traffic. Not only
that, but it is also felt that the enno less than $1,527,268; so that for 1908-09 the net terprise itself,
considered locally, will be more than
operating revenue was only $6,423,997, against $7,- self-sustaining within
a reasonable time after its corn461,125 for 1907-08. Gross revenue was really only a plation. Another
advantage which the new line will
little below that of 1906-07, which was the very highest have is that there
will not be a single foot of snow-shed
in the company's history, while on the other hand the on the whole line
of the Western Pacific (none being
net revenue was but little above that of 1903-04, and necessary), thus
diminishing the cost of operation and
with that exception was the smallest of any year since adding to the scenic
attractions of the route.
1900-1901.
Fortunately, under the present management the NORFOLK & WESTE
RN'S RECOVERY FROM
company has always pursued a very conservative
DEPRESSION.
policy, and hence had a large margin of income to
In reviewing the annual report of the Norfolk &
encroach upon before dividends on the preferred shares Western Railway
Co. for the previous fiscal year, we
could be endangered. Notwithstanding the successive directed attenti
on to the fact that, owing to the charlarge reductions in net revenues the past two years acter and
composition of its traffic, the road was so
(so much so that the net for 1908-09 was only $6,423,- situated as
to be affected in a marked degree by the re997, against $7,884,357 in 1906-07), the surplus of the lapse in
the manufacturing and mineral industries
company for the year, over and above fixed charges of the
country which was then being experienced.
of every description, was $3,056,947. The 5% divi- For the
same reason it was in position to gain corredends on the preferred stock called for only $2,288,990. spondin
gly by the revival in the manufacturing and
This left a balance of $767,957. Out of the latter, mineral
industries which came during 1908-09. Per$120,000 was set aside for the renewal fund, $156,360 haps
it may be thought the revival did not reach very
was appropriated for betterments and $204,884 was large
proportions. That would be the supposition
appropriated for new equipment, and even then there if regard
is had to the small recovery recorded in the
remained an unappropriated surplus for the twelve gross
receipts. The increase in these gross receipts
months of $286,713—not a bad showing for such an amount
s to only $364,884, whereas the falling off in
adverse period.
the previous year had been $2,202,164.
For the future the matter of greatest importance
If we examine the different items which go to make
to the Denver & Rio Grande will be the completion of up the total,
we find that in the passenger revenues
the Western Pacific Railway. As our readers are there was
a decrease the present year of $334,645,
aware, the Western Pacific Railway (the construction following
$185,637 decrease in the preceding year. So
of which the Denver & Rio Grande is promoting) will far at
least, therefore, as this branch of the business
provide a line 927 miles long, running from Salt Lake is
concerned, the better industrial situation brought
City to San Francisco, and giving the Rio Grande a no
benefits, and this conclusion is confirmed when we
Pacific Coast outlet. The latter owns two-thirds of compar
e the volume of the passenger business. The
the stock of the Western Pacific and has agreed to number
of passengers carried, it is true, in 1908-09
make good any deficiency in earnings to meet interest was
4,919,535, against 4,824,650 in 1907-08 and 4,250,on the $50,000,000 first mortgage bonds of that com- 905
in 1906-07. But the number moved one mile
pany. During the year under review, the Rio Grande
was only 171,270,331, against 209,279,408 and 176,also used $15,944,000 of its first and refunding mort- 082,609
, respectively. Obviously, the long-haul travel
gage bonds for the purpose of providing funds for fell off,
and it appears that the average distance each
completing the main line of the Western Pacific and passeng
er was moved was only 34.81 miles in the latest
received $17,130,000 of Western Pacific second mort- year,
against 43.38 and 41.42 miles respectively the
gage bonds in consideration of the funds so used. In two
years preceding. But that was not the only cirthe last annual report the hope was expressed that the cumsta
nce tending to reduce the revenue from the
Western Pacific would be completed about the close of passeng
er business. In addition there was a very
the fiscal year ending June SO 1909. Unforeseen conimportant decline in the rate realized. In the pre.
ditions and causes, however—in some respects beyond
vious year the average per passenger mile had dropped
control—delayed the work, especially in the Sierra from
2.364 cents t9 1.901 cents, owing to the arbiNevada Mountains, and in the drainage of some of the
trary action of the State legislatures in the territory
tributaries of the Sacramento River, where floods
traversed by the company's lines in cutting down
above former records injured embankments and bridges
passenger fares. The company contested this action
and retarded construction. However, now all but
in the courts, with the result that on March 16 1909 the
90 miles of track have been laid and the road is to be Virgini
a Corporation Commission issued an order peropened through to the Coast by the coming January.
mitting the company to put into effect from and after
The strong feature in this new outlet to the Coast April
1 1909 a maximum passenger rate of 23 cents
is that it is said to be the best grade road across the per mile.
This, however, came late in the fiscal year,
continent. Eighty per cent of main line, it is stated,
and did not serve to bring up the average rate for the
has a maximum gradient both ways of only four-tenths twelve
months io the old figures. The average works
of 1%, or 21 feet to the mile, while the other 20 per out only
2.127 cents per passenger per mile for 1908-09,
cent has maximum grade of no more than 1%,or 52.8
against 1.901 cents in 1907-08 and 2.364 cents in
feet per mile. Westbound, the line climbs the Sierra
1906-07.
Nevada Range on a .maximum grade of eight-tenths
In the freight traffic the effects of the revival in
of 1%, or about 42 feet per mile. Thus the road will
trade were more marked; but here, too,the company
be in excellent position for moving through traffic, had
to contend with a great reduction in rates. The
and this it its expected will secure for the parent cornfreight revenues in 1908-09 increased $719,961, but



566

THE CHRONICLE

[VOL. Lxxxix.

performed his service with due
this compares with a falling off in the previous year of and see that each man
y.
efficienc
other
the
$2,010,316. The tonnage movement, on
Under the improvement in net, the income exhibit
hand, was not only in excess of the reduced movement
the twelve months is a highly satisfactory one.
for
large
the
of the previous year, but also in excess of
fixed charges, the available net
movement of two years ago. In the actual number After allowing for all
twelve months was $6,665,433, against
of tons of freight carried, the comparison is 20,049,203 income for the
in the preceding year. The call for
tons for 1908-09 and 18,608,190 tons for 1907-08, only $5,720,116
the preferred stock was no more
against 20,183,218 tons for 1906-07, while in the num- the 4% dividends on
and even that for the 4% dividends on
ber of tons carried one mile (the true measure of the than $919,668,
shares was only $2,578,768, the total
transportation service rendered) the comparison is the common
ents, therefore, being no more than
5,377,020,950 for 1908-09 and 4,985,915,528 for 1907- dividend requirem
about one-half the available net
08, against 5,252,561,457 tons for 1906-07. This in- $3,498,436, or only
33 for the twelve months. The
creased tonnage yielded a reduced revenue simply income of $6,665,4
a payment of $150,000 on account
because of the decline in rates. And this decline company also made
on the Pocahontas Coal & Coke
was very marked, the average received in the of deficiency of interest
made an appropriation of $1,latest year having been only 4.60 mills per ton per Co. bonds and likewise
Over and above these allowmile, against 4.81 mills in 1907-08 and 4.95 mills in 730,580for betterments.
ns, anti the 4% dividends on both
1906-07. Apparently conditions made it necessary ances and deductio
surplus of $1,286,416 remained
that the road should accept lower rates in order to classes of shares, a
of the year. This was carried to the
move the traffic and get the industries along its lines on the operations
and loss.
started on a new era of prosperity. In the case of a credit of profit
for betterments was in pursuance
ation
appropri
The
even
which
under
Western,
&
road like the Norfolk
's policy to that effect, which has been
the best of circumstances is able to get only very low of the company
years. For 1908-09, we have seen,
average rates, such a further decline necessarily works continued for many
80; for 1907-08 it was $1,a peculiar hardship. However, the management the amount was $1,730,5
52; for 1905-06 $2,950,$1,246,6
knew how to cope with this situation, and evidently 360,000; for 1906-07
for 1903-04 $2,000,000;
00;
000; for 1904-05 $2,250,0
was fully prepared for it.
00 each year; for
$2,500,0
We now come to what is the really important and for 1902-03 and 1901-02,
was $1,500,000
earnings
of
out
distinctive feature in the report. The improvement 1900-01 the sum allowed
tion in
contribu
the
of
amount
in the gross receipts, we have just seen, cannot be con- and this was also the
apthe
years
ten
the
in
r
altogethe
sidered much of a feature, having indeed been rela- 1899-1900. Thus
nts
has
betterme
for
revenue
of
surplus
tively small. The really noteworthy characteristic propriation
20 million dollars—in exact figures,
almost
reached
in
effected
n
the
reductio
the
is
results
of the year's
232.
cost of operation. With $364,884 increase in gross $19,537,
As pointed out by us on former occasions, the
earnings, there was a saving in expenses of $1,034,958,
of the Norfolk & Western, which has enabled
strength
the two together bringing an increase in net of $1,399,in such a creditable way through a trying
pass
to
it
842. And we observe that President L. E. Johnson
depression, is due to three main circumof
in his remarks states that, allowing for one exceptional period
When the company was reorganized in
(1)
item, which would reduce the amount by $129,455, stances:
established on a basis of low interest
was
it
the net is the largest in the history of the company, 1896
in
the years since then very large amounts
(2)
barring only one year, namely the twelve months charges;
ated out of income (reaching for the
been
appropri
have
ending June 30 1907, when the aggregate was only
have seen, almost $20,000,000),
we
as
decade,
last
slightly larger.
of new capital additions to
amount
the
thus
reducing
What is yet more significant is that almost the whole
high degree of operating
very
a
(3)
and
that
extent,
of the reduction in expenses is found in "Cost of
been reached and is constantly being
conducting transportation," which shows a decrease of efficiency has
still remain the distinguishing char$977,384. This saving reflects increased economy added to. These
's affairs; and with the policy
company
the
in
s
acteristic
and efficiency in operation. As a hint of how increased
become more rather than
they
ed,
unchang
ng
continui
efficiency and economy was brought about, we may
of time. We observe
lapse
the
with
t
less
importan
note that there was a further very striking addition
that President Johnfeature
ing
encourag
a
further
as
to the company's average train-load, which had alons in the press
expressi
tive
conserva
more
son
notes
ready reached very noteworthy proportions. This
l and business organizations refurther addition reached no less than 45 tons, raising and from municipa
and national legislation affecting
State
future
specting
is
This
not
the average to the high figure of 616 tons.
This is important, because even
quite up to the record of the Chesapeake & Ohio, common carriers.
management a property like the
which also increased its average in a striking way dur- under the best of
could be speedily ruined through
ing the twelve months (the increase on that road was Norfolk & Western
Government,State and national.
54 tons, bringing its train-load up to the superb figure the aggressions of the
of 675 tons), but is nevertheless a noteworthy achieveAND NET EARNINGS FOR
ment, surpassed by few other roads ii the country. RAILROAD GROSS
HALF-YEAR.
THE
s
of
manager
the
the
We may assume that in their task
We are able to present to-day pretty nearly comNorfolk & Western, like those of the Chesapeake &
gross and net earnings of United
Ohio, were aided by the improved labor conditions. plete returns of the
half of the current calendar
Labor was in over-supply where previously it had been States railroads for the first
months ended June 30. Comin under-supply. Consequently, it was possible better year—that is, for the six
unexampled industrial deto sift out the good from the bad and the indifferent, parison is with a period of
losses in earnings, thereand to hold the whole to a more rigid accountability pression and of tremendous



SEPT. 41909.1

THE CHRONICLE

fore the result is large gains in earnings; both gross
and net. That is the distinctive feature of the compilations, namely the improvement and recovery recorded. The improvement is really of noteworthy
extent, as we shall presently see, even though it does
not amount to a full recovery, or anywhere near it, of
what was lost in 1908 at the time of the unparalleled
shrinkage in revenues.
Our tables cover an aggregate of 230,022 miles of
road, or within 2,000 or 3,000 miles of the total railroad mileage of the country, though in a few cases we
have been obliged to use the figures for the five months
ending May 31, instead of the six months ending
June 30, owing to the fact that the June return has
been withheld, it being the closing month of the fiscal
year. On this 230,022 miles of road, our tables show
an increase in gross earnings of $122,730,709, or
11.86%. Among the roads which have not yet submitted their June returns, and which therefore count
in our tables for only five months instead of the full
six months, are half a dozen large systems like the
Chicago Burlington & Quincy, the Erie, the Lehigh
&c. Allowing for the missing month on such
roads, and also for the small amount of mileage unrepresented in our tables, it seems likely that with
absolutely complete results the gain for the six months
would be raised,to say, $130,000,000. This is a large
sum and shows the extent to which recuperation and
recovery has proceeded, and also indicates how far
the country has got away from the abnormal situation
which prevailed during 1908.
It is important to know how the improvement for
1909 compares with the loss and retrogression of 1908.
Last year large numbers of roads withheld their figures
as the returns were so very bad, and our compilations
then embraced an aggregate of only 168,839 miles of
road reporting both gross and net. On that mileage
the loss in gross for the six months aggregated $172,868,595. Over 30,000 miles moie of road, however,
had made reports of gross without furnishing the figures
of net; hence in the case of the gross alone we had a
footing covering 202,172 miles, on which the loss in
gross reached no less than $197,085,791. This still
left about 30,000 miles of road unrepresented, and
careful computations which we made showed that for
the whole railroad mileage of the country the loss in
gross must have reached $235,000,000. The gain.the
present year, we have seen, was probably. 8130,000,000, which thus falls over 8100,000,000 short of the
prodigious loss sustained in 1908.
In the case of the net the comparisons are very
much better. Here the present year's gain comes
close to equaling last year's loss. And this calls
attention to one of the most gratifying features of
railroad operations during 1909. The roads were not
able to make up all the loss in business sustained in
1908, but through the practice of extreme economy
and also in no small measure through greater efficiency in operations and improved labor conditions,
they succeeded in keeping their expenses down pretty
well. Not being overcrowded with traffic, they could
handle it with greater economy, and by reason of the
fact that there was much idle labor they were also able
to get more and better work out of their men. They
could insist that each man must do his full duty, a
requirement compliance with which they found it
impossible previously to exact. The effect is seen in




567

the circumstance that while gross earnings of the
roads contributing returns to our statements increased,
as we have already seen, $122,730,709, or 11.86%,
the addition to expenses was only $47,593,786,or but
6.40%, thus leaving a gain in net of $75,136,923, or
25.86%. The falling off in the net last year in ratio
was 24.97%, and we estimated then that for the full
railroad mileage of the country the amount of the loss
in netthen must have been about $85,000,000. Probably
the gain in net the present year for the full mileage and
for the full six months would come nearer to $80;000,000 than to $75,000,000, leaving it still a little short
of the falling off last year—which on the whole is a
very satisfactory exhibit.
January 1 to June 30.
(787 roads.)
!Silvis of road

1909.

Increase dor Decrease.
1908.
Amount.

%

230,022
227.369
+2,653 1.12
$
$
$
1,157,508,747 1,034,778,038 +122,730,709 11.86
791,843,664 744,249,878 +47,593,786 6.40

Gross earnings
Operating expenses
Net earnings

365,665,083

290,528,160 +75,136,923 25.86

Prior to 1903 the record of railroad earnings had
been one of almost uninterrupted improvement for a
whole decade past. The only exception to the rule
was in 1904 duni ig the period of temporary reaction
in trade, as will be seen by the following, giving the
comparative totals just as registered by our tables
each year.
Gross Earnings.
Year.

Year
Given.

Year
Preceding.

Increase or
Decrease.

Net Earnings.
Year
Given.

Year
Increase or
Preceding. Decrease.

Jan. 1 in June 30.
$
$
$
1897 -- 405,003,731 407,164,468 —2,160,737 121,059,320115,427,31:+5,632,002
1898 -- 460,528,130 410,596,441 +49,931,689 139,585,717 121,895,682 +17,690,035
1899 -- 489.509,7651461,993,058 +27,516,707 150,599,074 140,545,535 +10,053,539
1900 -- 577,149,664 506,366,345 +70,783,319180.718,437155,591 468 +25,126,969
1901 __ 638,334,794 580,421,956 +57,912,838206,218,320 179,495,14 +26,723,180
1902 670,398,926631,494,280 +38,904,646209.973,703 202,250,797 +7.722,906
1903 ._ 727,932,367 637,699,839 +90.232,528218,024,056 198,256.826 +19,767,230
1904 __ 731,774,531 744,860,135 _13,085,604 198,807,647 224,157,420—25,349,873
1905 __ 847,334,204 790,321,750 +57.012,454234,333,810215.417,468 +18,916,342
1906 _- 923,554,268815,486,025 +108,068,243272,101,047 226,345,855 +45,755,192
, ,
1907 -- 999,082,691 884,426,163 +114,656,528
„9 +19,273,550
1908 __ 863,860,965 1036729 560 —172,868,595231.254,071 294,738,973 63,484,902
1909 __ 1157508747 1034778038 +122,730,709
290,528,160 -I-75,136,923
365,665,083
Note.—In 1897 the number of roads Included In the totals Is 170; In 1898. 179;
in 1899, 165; In 1900, 170; In 1901, 172; In 1902, 154: in 1903, 159; n 1904, 136;
In 1905, 148; In 1906, 143; In 1907, 148; In 1908, 141: In 1909 787. Neither the
Mexican roads nor the coal-mining operations of the anthracite coal roads are in:
eluded In any of these totals.

1

The foregoing,as stated,showsthe results each year
just as recorded by our tables—including for each year
all the roads from which it was possible to make up or
procure returns, but falling short in every instance
from covering the whole railroad system of the United
States. Allowing for the missing returns in ea8h
year, the computations made by us in the past show
that for the first half of 1907 there was a gain in the
large sum of $145,000,000 over the first six months
of 1906. In 1906 we have computed there wits an
increase of R135,000,000 over 1905 and in 1905 an
increase of $70,000,000 over 1904. In 1904 we made
a decrease for the six months of between $18,000,000
and $20,000,000. Previously we estimated that in the
six months of 1903 there had been an improvement of
$115,000,000 over.the six months of 1902; that similarly in 1902 there had been an increase of $50,000,000
over the year preceding; in 1901 an increase of $70,000,000; in 1900 an increase of $90,000,000; in 1899 an
increase of $42,000,000, and in 1898 an increase of
$68,000,000. Thus altogether for the ten years prior
to 1908 the improvement reached the prodigious sum
of $765,000,000. In the six months of 1908 the loss,
we have already seen, was $235,000,000, of which,
as we have also already seen, about $130,000,000 was
recovered in the six months of 1909. We speak of
this latter as a "recovery," which it undoubtedly was,

[VoL Lxxxix

THE CHRONICLE

568

Central

a These figures cover merely the operations of the New York
but as a matter of fact there have been many years itself.
For the New York Central System, the result is a gain of $7,846,259.
figures are for five months only.
prior to 1908 when the ordinary normal growth was by These
These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $2,206,445 increase and the Western
lines $1,240,571. For all lines owned, leased, operated and controlled
just as large as the present recovery.
the result is a gain of $4,490,408.
The improvement in 1909 continued through all the
It is almost needless to say that when arranged in
different months. Both the amount and the ratio of groups every group has an increase in both gross and
gain increased from month to month as the year pro- net, just as last year every group had a loss. Here is
gressed. This progressive improvement, or recovery, a summary of the groups:
followed from the fact that last year the losses, month
SUMMARY BY GROUPS.
Toss Earnings
by month, had gradually increased until June, in
Inc.(+)Or
Sedion or Group1909.
1908.
Dec.(-).
which month the comparison was not quite so bad. Jan. 1 to June 30$
11.-73
+5,975,807 '
50,932,274
1 (29 roads), New Eng. _ 56,908,081
The following are the monthly comparisons for the Group
Group 2 (142 roads), East dr Mid. 284,547,049 259,013,866 +25,533,183 9.86
+19,033,268
159,106,840
140,073,572
West_
Mid.
roads),
(109
3
Group
present year for both gross and net. We use the Groups 4 & 5(159 roads), South_ 146,448,634 130,000,783 +16,447,851 13.59
12.68
6 & 7(125 roads), Nor.W. 245,898,974 219,542,297 +26,356,677 11.99
figures of the Inter-State Commerce Commission Groups
Groups 8 & 9(165 roads), Sou.W. 192,298,576 169,391,573 +22,907,003 13.52
65,823,673
+6,476,920 9.81
10(58 roads), Pacific Coast 72,300,593
wherever available and our own totals for the re- Group
1,157,508,747 1,034,778,038 +122,730,709 11.86
Total (787 roads)
maining months.
Net Earnings

Mth.
1909.

1908.

Inc. or Dec. %

-Mileage-1009. 1908.

Na Earnings.

Gross Earnings.
1909.

1908.

Inc. or Dec.

Jan. 182,347,842 172,275,946 +10,071,806 5.8450,199,48240,871,226 +9,328,256
Feb. 173,867,206 159,982,896 +13,884,310 8.6848,968,23037,010,235 +11,957,995
Mch.202,167,425 180,889,095 +21,278,33011.7868,287,62254,517,883 +13,769,739
April 191,119,036 169,912,830 +21,206,20612.4860,921,00049,296,010 +11,624,990
+15,014,809
May 201,143,841 174,105,001 +27,038,84015.47
June 189,563,318 164,794,786 +24,768,532 15.0367,725,98054,287,495 +13,438,485
S.

Note.-Percentage of increase or decrease in net for the above months has been:
Jan., 22.82% Inc.; Feb., 32.31% Inc.; March, 25.24% WC.; April, 23.58% Inc.;
May, 29.75% Inc.; June, 24.76% Inc.
In January the number of roads was 780; in February,792; in March,715;in April,
815; in May, 849; in June, 729.
In January the length of road covered was 229,358 miles; In February, 230,516
miles; in March, 223,583 miles; in April, 221,167 miles; in May, 232,191 miles; in
June, 208,852 miles.

Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5_
Groups Nos. 6 & 7_
Groups Nos. 8 & 9._
Group No. 10
Total

7,706
26,471
26,526
38,911
61,520
53,399
15,489

7,700
26,476
26,644
38,210
60,916
52,498
14,925

1908.

1909.
17,789,645
88,198,487
44,317,581
47,104,645
80,960,113
56,453,839
30,840,773

Inc.(+)or
Dec.(-).

12,330,260 +5,453,385 4221
69,365,478 +18,833,009 27.15
35,369,873 +8,947,708 25.29
33,182,208 +13,922,437 41.82
67,516,965 +13,443,148 19.90
47,604,377 +8,849,462 18.59
25,152,999 +5,687,774 22.53

230,022 227,369 365,665,083 290,528,160 +75,136,023 25.86

NOTE.-Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group ill. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania 'west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all South Dakota and North Dakota, and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line, passing
through Denver.
Groups VIII. and IX. comblnea include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south
of Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes alt of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.

In the case of the separate roads or systems the
showing, as might be expected, is just the reverse of
that of last year. Then the losses were large and
numerous-now the gains hold that placepf distinction.
As indicating how this year's increases compare with
last year's decreases we will note that while the Pennsylvania Railroad on the lines directly operated east
and west of Pittsburgh for the six months of 1909
reports $12,213,672 gain in gross and $3,447,016 gain
in net, for the corresponding six months of last year
the company reported no less than $26,334,900 conWe now give our detailed statement for the halftraction in gross and $5,615,800 contraction in net.
It shows the results for each road separately
year.
The New York Central System the present year has
the
all
in
groups.
gain
$7,846,259
in
and
gross
net.
in
$12,419,504 gain
Last year this combination of roads reported $17,510,- EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO JUNE 30.
Net
-Gloss
057 loss in gross and $3,317,438 loss in net. In the
Inc. or Dec.
1908.
1909.
1908.
1909.
Group I.
$
$
$
$
England.
following we show all changes for the separate roads At!New
201,264
+59,300
260,564
680,937
607,748
& St Lawrence
-2,337
559,372
561,709
for amounts in excess of $1,000,000, whether increases Bangor & Aroost'k 1,422,062 1,305,312 5,195,637
3,759,519 +1,436,118
16,996,004
'19,056,194
Maine_
&
Boston
or decreases, and in both gross and net.
389,176
+106,555
495,731
1,476,853
Central Vermont__ 1,664,589
574,294
594,597
Int Ry of Maine...
PRINCIPAL CHANGES IN GROSS EARNINGS FOR 6 MONTHS.
Maine Central_ _ _ _ 4,000,905 3,789,761
Increases.
Increases.
N Y N 11 & Hutt_ 26,696,835 23,553,260
1,233,490
1,370,055
1412,213,672 Boston'& Maine
$2,060,190 Rutland
Pennsylvania (2)
1,322,363
1,495,096
61,950,503 21 other roads
Atch Topeka & S Fe (7)- 5.225,360 Erie (2)
1,917,209
N Y Central & Hud Riv_ a4,224,951 Louisville & Nashville
56,908,081 50,932,274
1,891,164
Total (29)
Chicago & North West'n 3,562,711 Duluth Missabe & No..
3,355,000 Philadelphia & Reading_ 1,878,270
Baltimore & Ohio
--GNU
3,273,053 Chicago Mil & St Paul__ 1,795,676
Missouri Pacific (3)
1908.
1909.
Group II.
3,163,498 Pittsburgh & Lake Erie_ 1,694,929
Northern Pacific
$
$
Middle.
&
East
LSt
&
Chic
Cleve
1,657,298
Cin
3,143,575
Hartford..
NYNH&
648,283
688,694
City
3,046,059 Missouri Kansas & Texas 1,526,339 Atlantic
Union Pacific (3)
30,723,638
2,966,317 Denver & Rio Grande__ 1,455,404 Baltimore & Ohio_ 34,078,638
Great Northern
399,934
416,502
2,954,975 El Paso & Southwestern 1,273,262 Bait Chew & Atl_ _ - y922,202
Rock Island (3)
11746,459
1,259,460 Buffalo & Susq....
St Louts & San Fran (3). 2,743,203 Michigan Central
1,979,442 Buff Roch & Pitts_ 3,439,598 3,030,837
Southern Pacific (12)_ _ - 2,727,200 Duluth & Iron Range
962,106
1,075,604 Central New Eng..1,270,532 10,684,218
2,683,332 Atlantic Coast Line
NoVolk & Western
1,049,912 Central RR of N J_ 10,975,826
Lake Shore & Mich So__ 2,418,518 Seaboard Air Line
414,221
340,115
Cumberi'd & Penn
2,360,621
Chesapeake & Ohio
1,132,227
Cumberland Valley 1,192,535
Representing 61 roads
2,326,108
Southern Railway
9,297,368 8,817,462
in our compilation_ 490.143,112 Delaware & Hud
62,101,557
Chicago Burl & Quincy
16,327,136 15,672,196
Del Lack & West
2,088,731
Illinois Central
y17,178,154 y15,404,307
Note.-All the figures in the above are on the basis of the returns filed Erie
338 793
376 467
Fonda Johns&Glov
with the Inter-State Commerce Commission. Where, however, these Hunt
280,197
291,403
&Br'd Tp Mt
returns do not show the total for any system, we have combined the sepa- Lack &
248,237
261,405
Vali
Wyom
rate roads so as to make the results conform as nearly as possible to those Lehigh & Hud Riv
415,765
617,231
given In the statements furnished by the companies themselves.
303,556
374,615
New Eng
a These figures cover merely the operations of the New York Central Lehigh &
y12,957,631
y13,189,563
Lehigh Valley
Itself, Including the various auxiliary and controlled roads, like the Long
4,728,203 4,377,213
Island
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," Maryland
298,382
261,282
Del & Va
&c., the whole going to form the New York Central System, the result is Monongahela
331,800
486,249
a gain of $12,419,504.
190,499
376,864
Conn
Monongahela
east
and
of
west
1/ These figures represent the lines directly operated
& Hud Riv.. 42,171,115 37,946,164
Pittsburgh, Eastern lines showing $7,145,040 increase and the Western N Y C
3,949,968 3,815,268
West
&
Ont
Y
N
and
controlled,
the
operated
leased,
owned,
lines
all
for
lines $5,068,623;
1,259,850
N Y Phila & Norf. 1,488,196
result for the month is a gain of $14,748,629.
y969,266
N Y Susq & West_ y1,094,137
b These figures are for five months only.
5,383,365
Northern Central.. 5,663,221
64,020,751
71,165,800
RR_
6
FOR
Pennsylvania
NET
MONTHS.
IN
EARNINGS
CHANGES
PRINCIPAL
19,271,405 17,393,135
Phila. & Reading
Increases.
Increases.
371
7,720,295
$3,762,082 Philadelphia & Reading_ 11,719,127 Phi's Balto &Wash 8,445,
Baltimore & Ohio
3 2
1
0
84
537967:6
_
Nor
&
Shaw
Pitts
3,495,968 Chesapeake & Ohio
1,608,723
N Y N H & Hartford
6;33821
4680
Reading
Port
So_
y3,447,016
Mich
Lake
&
Shore
1,504,081
(2)
Pennsylvania
241,880
263,648
Adiron_
&
Lawr
St
No..
1,445,348
N Y Central & Hud Riv_ a3,334,007 Duluth Missabe &
326,499
339,298
Tr_
Rap
Isi
1,436,118 Staten
Atch Topeka & San Fe(7) 3,103,916 Boston do Maine
433,295
453,851
3,072,838 Atlantic Coast Line
1,404,872 Syr Bing & N Y
Great Northern
390,536
460,448
re
r a.
l;
eo
&RDC
nr R
1,277,291 Union1,299,061
Southern Pacific (2)___- 2,953,963 Norfolk & Western
756,705
St Louis & San Fran (3) 2,944,622 Pittsburgh & Lake Erie_ 1,211,332 Union RR of Balt_
516,655
594,286
61,184,858
Louisville & Nashville__ 2,443,230 Chicago Burl & Quincy
2,174,974
62,357,154 Missouri Kansas & Texas 1,039,094 W Jersey & Sea Sh 2,301,036
Erie (2)
2,448,127
2,858,430
Western Maryland
2,015,277
Union Pacific (3)
y282,947
y291,906
Wilkes-II & East
1,912,176
Representing 39 roads
Northern Pacific
3,841,410
1,885,676
in our compilation...352,370,038 101 other roads _ 4,370,786
Rock Island (3)
1,811,279
Decrease.
Southern Railway
"84,547.049 259,013,866
Total (142)
Missouri Pacific (3)- - - $1,064,494




114,162
918,033
5,862,368
273,598
256,431

-92,036
+273,472
+3,495,968
+57,372
+118,973

17,789,645 12,336,260

+5,453,385

22,126
1,191,505
9,358,336
330,970
375,404

Nei
1908.
Inc. or Dec.
1909.
$
$
t7,006
69,775
+52,679
6,388,645 +3,762,082
10,150,727
83,593
66,321
+17,272
y80,387
y51,626
+28,761
1,380,039
797,763
+582,276
462,706
225,291
+237,415
4,720,525 4,411,702
+308,823
66.226
138,333
-72,107
496,430
431,725
+64,705
3,471,126 3,238,819
+232,307
:2,NR,
+.1.
B
I
):
7
(
ii7g:In? 1A313
5
191,065
157,949
+33,116
131,465
112,322
+19,083
99,665
221,478
'
21
(
12,
--taf(ig
130,957
114,114
+16,843
y4,905,532 y4,420,955
+484,577
1,104,091
850,271
+253,820
9,928
-966
10,894
285,467
163,046
+122,421
109,913 def11,833
+121,746
11,956,815 8,622,808 +3,334,007
1,104,190
1,167,932
+26,258
434,948
362,863
+72,085
y466,994
y301,375
+165,619
959,410
1,077,157
-117,747
18,357,408 16,150,963 +2,206,445
5,686,496 +1,719,127
7,405,623
1,551,493
1,906,366
+354,873
,
1 ,032 de190085
+102,117
392,261
210,685
+181,576
103,914
129,665
-25,751
105,530
1+420,:7632584
188,259
:675i:517561
120,569
288,105 de
02
51
26:2
353
+
+
502,664
449,162
403,300
+169,975
233,325
1,020,470
+175,083
845,387
y114,407
+23,009
y91,398
+492,898
1,257,858
764,960

Val

88,198,487 69,365.478 +18,833,009

-Gross
1908.
1909.
Group III.
Middle West.
$
790,953
796,100
Ann Arbor
1,613,095
Bessemer & L Erie 2,432,596
y1,789,866 y1,593,210
Chicago & Erie
432,796
664,570
Chic One & Loulay
1,285,405
Chic Ind & South'n 1,426,682
Chic Ind & Louisv_ 2,552,338 2,276,632
391,842
339,732
Cinc & Musk Valley
Cinc Ham & Day.... 3,647,182 3,360.608
524,631
395,916
Cincinnati North'n
816,035
984,987
Cleve Akr & Colum
Clev CinChic&StL_ 12,508,023 10,850,725
1,514,252
Clev Lor & Wheel.. 1,614,057
508,849
458,855
Clev Term & Valley
590,276
550,975
Detroit & Mackinac
363,361
403,551
Del & Tol Sh Line_
779,753
698,167
Det Or Hay & MIlw
650.544
636,552
Det Tol & Ironton_
978,333
964,427
Evansv & T H
1,943,441
Grand Rap Jr Ind_ 2,194,168
Grand Trunk West 2,695,390 2,499,416
Hocking Valley_ _ _ 2,420,245 2,123,049
927,521
Kanawha & Mich_
834,131
Lake Erie & West _ 2,061.966
1,860,316
253,881
L E Alliance & Wh
235,167
Lake Sh & Mich So 20,245,108 17,826,590
Michigan Central
12,590,369 11,330,909
N Y Chic & St L.... 4,671,473 4,509,018
Newburg & South..
257,536
126,705
Pennsylvania Co 20,265,772 16,903,298
Peoria & Eastern_ 1,336,351
1,264,026
Pere Marquette_
6,943,275 5,960,911
Pittsb & Lake Erie 5,782,642 4,087,713
Pitts Cin Chic drStL 16,118,549 14,412,400
692,820
Southern Indiana..
571,973
1,667,593
Toledo & OhloCent 1,618,439
Tol St L & West
1,620,084
1,622,406
Vandalla
4,180,735 3.990,000
12,508,848 11,596,883
Wabash
339,632
280,877
Wabash-Pitts Term
1,987,435
Wheel & Lake Erie 2,628,832
69 other roads__ _ 3,782,900 3,266,243

1909.

Nd
1908.

240,560
213,537
331,023
815,389
y242,459
y146,833
det14,907 def106,715
231,947
285,977
788,147
484,578
75,223
63,372
300,551
420,101
83,831
54,068
281,473
221,597
3,069,620 2,257,189
372,888
495,522
94,644
133,707
182,945
192,568
189,533
149,262
59,021
144,387
21,016
101,358
406,262
352,191
334,208
404,356
902,988
815,304
452,001
736,968
131,787
107,868
161,621
311,305
2,124
def24,249
7,106,460 5,602,379
3,685,035 3,278.240
1,115,182
1,263,290
76,450 det44,076
6,079,046 5,090,513
280,923
319,216
1,209,941
1,833,378
1,686,593
2,897,925
4,155,579
4,407,617
152,626
229,717
604.549
377,494
473,704
658,241
909,326
912,367
2,926,529 2,605,884
106,200
53,268
319,558
650,768
298,842
641,452

Total (109) _ _ A59,106,840 140,073,572 44,317,581 35,369,873
Net
-Gross
1908.
1909.
1908.
1909.
Groups IV.& V.
Southern.
$
138,291
108,036
698,065
728,099
Alabama & Vicks_
334,056
585,011
1,544,586
Ala Great Southern 1,745,642
94,361
167,646
377,106
463,587
Atl drIlirm Air Line
87,286
89,244
466,164
528,893
Atlanta & West Pt
193,095
95,186
687,534
Atlanta Birm & Atl 1,059,252
5,209,309 3,804,437
Atlantic Coast Line 13,918,455 12,842,851
52,054
48,523
321,453
Birm & Southern_
340,544
1,157,507
1,404,164
Central of Georgia_ 5,176,376 5,028,087
107,270
163,429
Chariest & W Caro
664,561
716,258
Chesapeake & Ohio 13,227,796 10,867,175 4,957,138 3,348,415
889,985
1.468,259
On New On & T P 3,938,877 3,475,549
5,793
70,411
262,174
307,084
Coal & Coke
695,357
1,209,490
Florida East Coast 2,315,408 2,011,727
113,394
249,626
1,272,344
1,330,081
Georgia
129,242
894,489
277,503
1,036,501
Ga South & Fla
104.707
873,964
255.977
933.242
Gulf & Ship Island
21,976,266 20,059,057 7,344,584 4,901,354
Louisv & Nashv
64,267
94,443
436,023
503,071
Louisv Hend& St L
127,782
80,161
230,070
343,528
Mississippi Central
1,577,330
1,229,784
Mobile & Ohio...-. 4,802,904 4,264,548
604,315
239,684
99,678
794,964
Mobile Jack & K C
1,051,574
Nashv Chatt & StL 5,577,848 5,006,855 .1,361,915
1,281,392
470,534
279,839
New On & NorEast 1,530,983
207,561
340,518
def3,594
95,747
Gt Nor_
New On
223,712
1,083,806
486,239
Norfolk & Southern 1,276,803
Norfolk & Western 14,626,524 11,943,192 5,689,926 4,412,635
459,121
1,011,047
318,537
Richm Fred & Pot 1,141,235
1,863,419
Seaboard Air Line.. 8,665,998 7,616,086 2,832,150
5,784,832
25,082,455 22,756,347 7,596,111
Southern
113,446
501,316
74,096
453,849
Virginia & Southw
74,144 def23,312
409,137
116,239
Virginian
57,832
208,490
427,643
520,945
Washington South
119,181
531,111
107,578
524,554
Western Ity of Ala
769,226
742,886
Yazoo& MissValley 4,533,035 4,528,154
648,992
1,092,428
5,016,102
125 other roads- - 5,720,013
146,448,634 130,000,783
Total (159)
--GNU
Groups VI. & VII. 1909.
1908.
Northwest.
939,917
Belt Ry of Chicago 1,016,827
397,562
621,775
Butte Anac & Pac_
5,833,169 5,522,059
Chicago & Alton
Chic & East Illinois 4,911,668 4,697,371
Chic & North West 30,645,341 27,082,630
ChicBuri&Quincy4I30,583,268 y28,481,711
Chic Great Western 3,726,424 3,626,473
Chic Lake Sh & FL y1,842,177 y1,456,387
Chic Milw & St P_ 27,389,664 25,593,988
y553,130
Chic Peoria & St L y622,741
Ch St P Minn & 0.. 6,386,910 5,661,432
y405,022
y427,630
Chic Term Transt_
360,083
357,296
Copper Range
1,094,304
2,173,746
Rge
Duluth & Iron
1,463,863
Dul Missabe & Nor 3,355,027
Duluth So Sh & Atl 1,335,480 1,190,869
1,344,782
Elgin Joliet & East 1,717,354
Great Northern......22,852,917 19,886,600
279,164
270,541
Green Bay & West
26,104,333 24,015,602
Illinois Central
623,971
819,305
Indiana IIarb Belt
408,297
430,761
Indianapolis South
1,383,389
1,480,552
Iowa Central
863,379
Mason City & Ft D
911,598
385,335
Mineral Range_
398,528
1,657,705
Minn & St Louis__ 1,893,328
Minn St P &88 M. 5,359,467 4,510,415
362,433
Minnesota & Int__
315,740
Northern Pacific- 30,815,572 27,652,074
97,923
Peo & Pekin Union
401,807
Quincy Om & K C.
317,970
378,686
738,111
St Jos & Grand Isl _
700,399
Toledo Peoria & W
513,989
585,667
21,465,362 18,763,299
Union Pacific
Wisconsin Central
3,617,759 3,243,885
308,872
Wise Minn & Pac_
282,300
89 other roads....- 3,912,963 3,613,195

47,104,645 33,182,208
Net
1008.
1909.
$
294,078
393,663
104,560
164,981
2,366,024
2,209,073
1,630,640
1,736,989
9,168,467 9,388,843
y8,307,820 y7,122,962
108,283
410,693
y723,175
y424,719
8,696,953 7,787,181
y6,495
541,887
1,979,378
1,979,047
513,586
ydef3,011
66,711
123,689
1,110,007
173,992
1,890,282
444,934
343,224
249,727
681,518
449,049
7,540,150
4,467,312
72,900
92,803
7,829,717 7,207,512
108,228 def44,030
88,925
54,264
184,883
325,697
225,854
254,926
37,403
40,383
442,405
342,630
2,015,567
1,318,083
110,599
134,915
12,078,198 10,166,022
120,998
75,022
def16,570 • def14,447
111,626
301,679
65,653
87,567
10,333,704 8,677,216
1,016,223
762,130
73,450
58,833
680,596
470,449

Net
Inc. or Dec
1908.
1909.
1908.
$
S
+663.061
458,915
1,121,976
Gulf Col & SantaFe 5,539,915 4,874,545
-48.518
398,191
349,673
noun & Tex Cent.. 2,557,053 2,439,639
+60.814
115,148
175,962
Houst E & W Tex_
507,703
600,341
+250,032
57,304
307,336
Internat & Gt Nor 3,745,185 3,151,055
+406,900
1,682,950 1,276,050
Kan City Southern 4,359,407 3,799,890
+66,945
170,735
237,680
Louisiana & Ark__
535,038
616,338
-12,346
60,186
47,840
594,214
Louisiana Ry&Nav
486,340
+35,264
430,132
394,868
946,592
Louisiana Western
971,664
+66,095
20,682
Midland Valley.. _ _
411,691
86,777
485,548
-79,451
Bus Riv &Bonne T
160,832
81,381
370,738
330,555
+29,271
def9,843
19,428
Missouri & Nor Ark
161,815
277,133
Mo Kansas & Tex.. 11,508,548 9,982,207 3,144,604
2.105,510 +1,039,094
1,546,162 2,611,033 -1,064,871
Mo Pac& Bch Lines 10,159.594 8,972,383
617,634
603,679
Morgan's La & Tex 2,043,590 • 2,138,423
+13,955
+197,402
141,915
339,317
Pecos & Nor Texas
742,661
407,931
-43,982
62,240
Rio Grande South_
106,222
267,469
254,142
St Louis & San Fr_ 17,274,793 14,681,927 6,802,452 5,008,621 +1,793,831
+123,818
St L Brownsv&Mex
128,822
252,640
484,140
741,501
St L Iron Mt & Sou 11,401,698 9,407,345 3,219,440 3,091,520
+127,920
+1,480
StL Merch BdgeTer
193,771
192,291
584,286
659,828
St L San Fr & Tex..
24,427
-38,466
404,525 def14,039
330,877
+287,184
St Louis Southw__ 3,187,583 2,785,264
1,167,954
880,770
+192,593
St L S W Ry of Tex 1,613,491
1,377,970 def194,271 def386,864
+1,594
San Ant&AranPass 1,658,933
315,668
317,262
1,409,078
5,633
+300,378
• 306,011
South'n Kan of Tex
428,648
725,923
446,182
+52,540
498,722
TermRRAssn ofStL 1,132,188
1,021,949
-891
315,675
314,784
Texas & New Orl__ 1,703,211
1,614,225
+338,031
1,140,819 , 802,788
Texas & Pacific__ 6,618,169 5,997,559
+68,300
26,890 def41,410
507,502
Texas Central__
357,878
+178,053
505,261 det127,466 def305,519
820,321
Trinity & Braz Vali
+54,735
83,986
Vicks Shrev & Pac
138,721
637,473
655,596
69,424
+44,491
211,421
113,915
Wichita Valley ___
320,044
434,808
+394,089
119 other roads...... 5,789,807
1828,897
4,708,698
1909. Gross

Inc. or Dec.
$
+27,023
+484,366
+95,626
+91,808
+54,030
+303,569
-11,851
+125,550
+29,563
+59,876
+812,431
+122,634
+39,063
+9,623
-40,271
+85,366
+80,342
-54,071
+70,148
-87,684
+284,967
-23,919
+149,684
-26,373
+1,504,081
+406,/95
+148,108
+120,526
+988,533
+38,293
+623,437
+1,211,332
+252,038
+77,091
-227,055
+184,537
-3,041
+320,645
-52,932
+331,210
+342,610.
+8,947,708
Inc. or Dec.
+30,255
+251,855
+73,285
+1,958
--97,909
+1,404,872
-3,531
+246,657
+56,159
+1,608,723
+578,274
+64,618
+514,133
+136,232
+148,261
+151,270
+2,443,230
+30,176
+47,621
+347,546
+140,006
+310,341
+190,695
+99,341
+262,527
+1,277,291
+140,584
+963,731
+1,811,279
+39,350
+97,456
+150,658
-11,603
-26,340
+443,436
+13,922,437
Inc. or Dec.
+99,585
+50,431
+156,951
+106,349
-220,376
+1,184,858
-302,410
+298,456
+909,772
+35,392
-331
+16,597
+56,978
+936,015
+1,445,348
+93,497
+232,469
+3,072,838
-19,894
+622,205
+152,258
+34,661
-140,814
-29,072
-2,980
+09,775
+697,484
-24,316
+1,912,176
+45,976
-2,123
-190,048
-21,904
+1,656,488
+254,093
+16,617
+210,147

Total (125) _ __ _245,898,974 219,542,297 80,960,113 67,516,965 +13,443,148
Nd
-GUM
Inc. or Dec.
1908.
IX. 1909.
1909.
1908.
Groups
$
Southwest.
Atch Top & S F_.. 38,843,107 35,285,019 16,171,390 14,396,113 +1,775,277
-127,543
763,142
276,564
149,021
671,653
Central Branch__
Chic It I & Pacific_ 27,370,339 24,470,022 8,123,152 6,353,585 +1,769,567
+49,693
430,053
160,369
210,062
410,203
Chic R I & El P.
+66,416
499,218
1,471,327
565.634
Chic R. I & Gulf 1,506,135
-9,088
1,093,705
1,084,617
Colorado Jr South. 3,917,418 3,813,409
+9,832
383,750
381,302
156,845
166,677
Colo & Wyoming
-52,453
198,720
903,553
146,267
Colorado Midland_ 1,082,808
-28,614
360,812
138,522
354,075
100,908
CoiSp&CripCr Dist
-467,010
Deny & RioGrande 9,917,814 8,462,410 2,589,804 3,056,814
-8,390
253,703 def39,213 def30,823
267,343
Ft Smith & West
+51,985
571,477
623,462
Ft Worth & Den Cy 2,284,188 2,060,358
+189,257
28,010
351,566
575,551
215,267
Ft Worth & Rio Gr
+131,188
969,009
1,100,197
GalvHarrisb&SanA 4,668,765 4,631.867




569

THE CHRONICLE

SEPT. 4 1909.]

192,298,576 169,391,573 56,453,839 47,604,377 +8,849,462
Net
--Gross
Inc. or Dec.
1909.
1908.
1908.
Group X.
1909.
$
g
$
Pacific Coast.
$
$
341,409
Ariz & New Mex_.
480,874
299,323
487,506
+42,086
116,891
221,426
285,139
Arizona Southern_
74,070
+147,356
282,994
80.567
255,043
-23,883
56,684
Astoria&Colum Riv
312,881
Colum & Puget Sd
269,535
136,590
102,495
+34.095
Eastern of NewMex
221,997
541,964
153,474
438,665
+68.523
El Paso & S W Co_ 3,857,006 2,583,744
1,613,312
888,015
+725,297
GilaVal Globe&Nor
365,584
-33,172
542,888
132,535
165,707
Nevada & Calif.._ _
490,188
232,843
609,553
56,945
+175,898
+244,368
608,803
Nevaaa Northern_
243,176
121,361
365,729
Northw Pacific__ 1,320,268
122,426
+155,666
278,092
1,276,384
ore RR & Nav Co_ 5,501,456 6,515,726 2,373,622 3,067,567
-693,945
Oregon Short Line 8,504,520 7,146,254 4,867,233 3,814,499 +1,052,734
+685,720
San P LosA&SaitL 3,954,166 3,412,961
737,322
1,423,042
S Fe Pres&Phoenix
+95,190
230,246
620,917
325,436
676,142
Southern PacificPacific System__ 39,228,216 37,295,527 16,409,619 14,065,819 +2,343.800
75,112
Spok & Inl Empire
+48,686
350,510
123,798
425,494
+242,281
Spok Port & Seattle
22,483
129,197
264,764
848,001
+4,174
75,550
Spokane Internat..
277,896
79,724
321.360
-37,515
Tonopah & Goldf_
151,915
119,400
397,113
535,497
39 other roads........ 3,601,755 3,012,469
+410,415
848,103
1,258,518
Total(165)

Total (58)
72,300,593 657823,673 30,840,773 25,152,999 +5,687,774
Grand total (787).1157,508,747 1034778,038 365,665,083 290,528,160 +75,136,923
y These figures are for five months only in both years.

ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
-The public sales of bank stocks this week aggregate only
24 shares, of which 18 shares were sold at the Stock Exchange and 6 shares at auction. One 15-share lot of trust
company stock was also sold at auction. The table below,
given in our usual form, shows the actual sales of New York
City bank stocks,made during the week at auction and at the
Stock Exchange. Extensive tables showing the bid and
asked quotations, deposits, surplus, &c., of banks and trust
companies in all important cities of the United States are
published monthly in the "Bank and Quotation" Section, the
September issue of which accompanies to-day's "Chronicle."
Bid and asked quotations for all New York City bank and
ftust company stocks are also published weekly in another
department of the paper, and will be found to-day on pagqs•
577 and 578.
Low. High. Close.
Shares. BANKS-New York.
390
390
390
*18 City Bank, National
140
140
6 Mercantile National Bank.. _ 140
TRUST COMPANY-New York.
355
355
15 Trust Company of America...... 355

Last previous sale.
Aug. 1909-388
Aug. 1909-180
Aug:1909-365

• Sold at the Stock Exchange.

-The New York Stock Exchange will be closed to-day
(Saturday), thus giving a recess from Friday until Tuesday
next-business being suspended on Monday in observance of
Labor Day. The Produce, Cotton and Coffee exchanges will
also be closed for the three days, as well as the Boston,
Philadelphia, Pittsburgh and Chicago stock exchanges.
-A plea of abatement was filed in the Supreme Court of
Kansas by 269 banking institutions, who seek the dismissal
of the mandamus proceedings instituted last month by State
Attorney-General Jackson, in which the deposit-guaranty law
is involved. Of the institutions referred to, 144 are national
banks. It will be recalled that the Attorney-General sought
an alternative writ of mandamus to compel State Bank Commissioner Dolley and State Treasurer Tulley to enforce the
Law, and an injunction restraining certain individuals, together with State banks which had not made application for
participation in the law,and the national banks of the State,
from commencing any suit in the matter, or in any way hindering the State officials in the enforcement of the law. The
Topeka "Capital" reports that the plea filed by the attorneys
representing the defendant banks charges Attorney-General

570

THE CHRONICLE

[VoL. Lxxxix.
J. Gould, Elbridge I. Snow,

Ballard McCall, Charles F. Brooker, George
Jackson and State Bank Commissioner Dolley with "collusion Herbert L. Satterlee, George C. Boidt and Stuyvesant Fish, failed to perand unlawful combination to misuse the honorable Court and form properly their duties as directors: that losses sustained by the trust
directors are liaprocure in advance of any real controversy a decision as to company were due to negligence; and that the individual
for the losses suffered by the company during their term of office, after
the constitutionality of the law." It also alleges, it is said, ble
Aug. 19 1902, when Justice Van Kirk decides, had they performed their
that neither DoHey nor Jackson doubt for a minute the con- duties, they would have learned of improper and reckless loans being made
stitutionality of the law; that Dolley has never indicated to Lewis Nixon,President of the United States Shipbuilding Co.,and others.
Up to this date, he says, nothing had occurred of sufficient importance to
in any way that he would not do all in his power to enforce put
the directors on their guard. Justice Van Kirk excepts George C.
the law; that State Treasurer Tulley has never failed in the Boldt from any liability for transactions made after July 1 and prior to
city. He also
slightest degree in performing his duties in connection Oct. 10 1902, because he was necessarily absent from the directed
in the
permits the defendant directors, after paying the judgment
with the law, and that these facts were withheld from Justice action,
to purchase back from the trust company,aga price of 7 for the comIn
the
mandamus.
of
writ
Corporation
who
the
Steel
granted
H. F. Mason,
mon and 42 for the preferred, stock of the Bethlehem
items held
answer filed by State Treasurer Tulley to the mandamus which was realized by the trust company in connection with the
Court to be losses. He also allows credit pro rata to the directors
the
by
so
far
is
as
he
negligence,
of
denial
proceedings, a general
for $81,000 received by the trust company in its action against the Sheldon
concerned, in complying with the law is set up.
syndicate.
No totals of the losses for which the directors are held
—The annual convention of the American Bankers' Assoit is stated, are given in Justice Van Kirk's
from
is
week
Monday,
a
responsible,
in
Chicago
opens
which
ciation,
expected to eclipse all former gatherings in point of attend- decision. The name of the Trust Co. of the Republic was
ance. Announcements from the Convention city state that changed to the Commonwealth Trust Co. in 1903.
information from various sources indicates that the larger
—The Savings Bank Section of the American Bankers'
cities will be particularly well represented, not only in num- Association announces the following order of proceedings
bers but by many of the most widely-known bankers and for its coming annual Convention at Chicago:
1. Meeting called to order by President Johnson at 10 a. m.
financiers of the 'United States, and altogether a large assem2. Prayer by Rev. William 0. Walters, S. T. D., Rector Grace Episcopal
blage of bankers from all parts of the country is looked for. Church,
Chicago.
The fact that the date this year is earlier than usual is ex_
3. Address of Welcome by Henry S. Henschen, Cashier State Bank of
pected to insure a strong representation from the South, Chicago.
4. Annual Address by the President.
as the cotton-crop movement will not have reached the high5. Report of Chairman of Executive Committee.
water mark before the latter part of September. The busi6. Report of Secretary.
7. Report of Committee on Savings Bank Laws.
ness end of the program mapped out for the general Conven8. Report of Committee on Auditing.
tion, for which Tuesday the 14th and Friday the 17th have
9. Report of Committee on Postal Savings Bank.
been set apart, was outlined in these columns on July 31.
10. Report of Committee on Membership.
11. "Real Estate Mortgages for Savings Banks:"—
The social features which have been arranged have also pre(a) Address by R. M. Welch, Secretary California Bankers' Associaviously been referred to in this department, notable among
tion, San Francisco, and Cashier San Francisco Savings Union, San
which will be the reception and ball on Thursday evening,
Francisco.
(b) Address by Wm. R. Creer, Secretary Cleveland Savings & Loan
the 16th inst., at which Presid6t Taft has promised to be
Company, Cleveland, Ohio.
present. The dinner to the Executive Council on Monday
12. "The Segregation and Safeguarding of Savings Deposits"—Address
evening, Sept. 13, is another of the important events, and by Hon. H. M. Zimmermann, Commissioner of Banking, Detroit, Mioh.
13. "Partial Pavme ts C. mpared with Sinking Fudds"—Address by
visits to the Gary Steel plant,and the stock yards, and an
Robert M. Rother, President Hopkins Place Savings Bank, Baltimore, Md.
are
14th,
the
likewise
part
on
Coliseum
the
entertainment at
14. "Branch Savings Banks"—Address by Edward B. Carney, Treasof the divertisements arranged for the visiting bankers.
urer Lowell Institution for Savings, Lowell, Mass.
15. "The Department of Mercy"—Address by Edward L. Robinson,
—The suspension of the New York Stock Exchange house
Vice-President Eutaw Savings Bank of Baltimore. Baltimore, Md.
was
St.,
announced
Broad
25
of
Co.
&
Rollins
of Freeman,
16. Open discussion.
17. Nominations and Elections for—
on the Exchange yesterday. In response to an involuntary
President.
petition filed against the firm,Judge Holt appointed Robert
First Vice-President.
T. Oliver as receiver. The attorneys for the firm have issued
Vice-Presidents.
Three members of Executive Committee to servo three years.
a statement in which it is said that the suspension was due
18. Installation of Officers elected.
to heavy withdrawals and inability to collect from several
19. Adjournment.
"we
that
state
also
have
They
concern.
the
of
debtors
The meeting of the Savings Bank Section is to take place
resume
in
will
firm
business
every reason to believe that the
on
Thursday the 16th inst.
a short time and that nobody will lose anything by the
The program of the Trust Company Section appeared in
y
few
customers, but
failure. The house had comparativel
this department last week.
or these several have carried large accounts, and it was due
—T. K. Sands has been chosen Vice-President of the
which
precipitated
to their inability to meet calls for margins
Italian-American
Trust Co. of this city, and will enter upon
the failure." The present firm was formed in Jan. 1909 and
the duties of his new post on Oct. 1. With his acceptance
was composed of Perley L. Freeman, the Board member,
of the office, Mr. Sands relinquishes his connection with the
Joseph E. Freeman and Charles H. Rollins. It succeeded
Bank of Richmond at Richmond, Va., of which he
the firm of Curtis, Freeman & Co., which was dissolved in
for some 'years been Second Vice-President and
has
January, Harry F. Curtis retiring. Mr. Curtis was formerly
Cashier.
Co.,
&
which
a partner in the firm of Curtis, Sederquist
—Francis H. Leggett, head of the wholesale grocery
subsequently became Soderquist, Barry & Co. The latter
of Francis H. Leggett & Co., and a member of the
house
its
affairs
concerning
failed on May 20 1909 and a report
institutions, died suddenly on
made public this week referred to an alleged indebtedness boards of several banking
in this city in March 1840,
born
was
Mr.
Leggett
29.
Aug.
which
it
debt,
Co.,
&
Rollins
of about $100,000 to Freeman,
of which he was the head.
firm
the
was stated, was neither scheduled by the Sederquist firm, nor and in 1870 established
Trust Co., a member
Washington
the
of
was
a
director
He
Co.
or
&
any
Rollins
was any claim for it filed by Freeman,
the Greenwich Savings Bank, a
of
of
trustees
board
the
of
Freeman,
Rollins
&
of
liabilities
The
members.
its
of
Chamber of Commerce, the Produce
Co. are said to be about $200,000 and its assets about member of the New York
several of the city's promi$100,000. The firm has branches in Boston and Providence, and Mercantile exchanges and
clubs.
nent
and at 154 Nassau St., New York.
—The New York agency of the Bank of British North
—In a decision rendered by Justice Van Kirk in the suit
brought by Charles H. Kavana.ugh, one of the stockholders America is now occupying the banking rooms recently
of the Trust Co. of the Republic, of this city, in which it vacated by the National City Bank at 52 Wall Street. The
was sought to compel former directors to make good $1,500,- rooms have been entirely remodeled, making very hand000 alleged to have been lost to the institution through'in- some and commodious quarters. The agency was located
vestments in the defunct United States Shipbuilding Co., across the hall in the same building for nearly forty years.
thirteen of the former directors are held responsible for H. M. J. McMichael and W. T. Oliver are the New York
the losses sustained through loans made in 1902 by President agents.
Daniel Leroy Dresser. It,is reported that Justice Van Kirk
--J. Ogden Armour, of Chicago, has been elected to the
holds as follows:
of the National City Bank of New York, succeeddirectorate
That the defendant directOrs. Perry Belmont, Charles D. Marvin, James
S. Fairchild, resigned.
Charles
ing
D.
William
Wetmore,
Baldwin,
Thomas Crimmins, Charles W.
McMahon,




SEPT. 4 1909.)

THE CHRONICLE

—Charles L. Schenck, Secretary of the People's Trust Co.
of Brooklyn Borough, has been elected Third (and active)
Vice-President of the company. Mr. Schenck has been
connected with the institution since its organization in
1889. He was originally paying teller, becoming later
Assistant Secretary, and in 1907 was made Secretary. He
will continue to serve in the secretaryship, in addition to
performing the functions of his new office.
—The Pennsylvania Bankers' Association will hold its
fifteenth 'annual session at Bedford Springs on Tuesday and
Wednesday of next week. The program contains addresses
on "An Effective Defense Against Socialism," by Edward
Sherwood Meade, Professor of Finance, University of Pennsylvania;"Banking and Currency," by Congressman Edward
B. Vreeland; "The Law and the Banker," by Thomas Patterson of Pittsburgh; "Taxation," by John 0. Sheatz,
Treasurer of the State of Pennsylvania; and "The American
Bankers' Association Travelers' Cheques," by F. I. Kent,
Vice-President of the Bankers' Trust Co. of New York.
—Frederick Gwinner, President of the Enterprise National
Bank of Allegheny,Ta., at the time of its failure in October
1905, died on the 2nd inst. Mr. Gwinner was seventyseven years of age. The suspension of the institution
followed the suicide of Cashier T. Lee Clarke and it is stated
that out of his own pocket Mr. Gwinner reimbursed depositors
to the extent of $400,000. Mr. Gwinner is said to have been
the first man to drive a horse-car in Pittsburgh, and is
reported to have had a large interest in the old Pittsburgh
Allegheny & Manchester By. Co.
—Elvert W. Shirk, President of the First National Bank
of Tipton, Ind., was arrested on Aug. 27 on the alleged
charge of having misappropriated $24,252 of the funds of
the institution. The complaint charges Mr. Shirk with
drawing a draft in his own favor for the amount named,on
the day preceding the bank's closing, on July 26. Mr. Shirk
claims to be innocent of any wrong-doing in the matter, and
states that the payment represented the balance due him
on a loan made by him to the bank in 1904, a record of which,
he states, the Cashier failed to enter on the books. Mr.
Shirk was released under bonds of $20,000. The bank's suspension occurred with the disappearance of Assistant Cashier
Noah R. Marker and the discovery of a deficiency in the
vaults, but was reopened on Aug. 16 through the agreement
of the stockholders to provide sufficient cash to cover all
shortages and bad accounts. President Shirk's arrest was
followed by the arrest of William H.Marker,formerly Cashier,
who furnished bonds for $10,000. He is charged, it is stated,
with the making of a false entry in his report to the Comptroller of the Currency on June 23. N. R. Marker, the
former Assistant Cashier, who returned and was arrested
shortly after his disappearance, is under $10,000 bonds on a
charge alleging the misapplication of $50,000 of the bank's
money.
—The unification of interests in the Continental National
Bank and the American Trust & Savings Bank of Chicago,
as provided in the arrangements agreed to in June, is now a
reality; the plans were ratified by the respective stockholders
on Aug. 31 and are to be carried into effect to-day. Both
institutions are to retain their individuality—the name,
corporate existence and business, the interests only becoming unified. The Continental National, as heretofore
noted, increases its capital from $4,000,000 to $9,000,000;
$2,000,000 of the new issue will be allotted to the existing
stockholders of the Continental and the other $3,000,000
will be exchanged, share for share, for the $3,000,000 capital
of the American Trust & Savings Bank. In this way all
the stock of the latter will be trusteed for the benefit of all the
stockholders of the Continental, and each American Trust
stockholder will become the owner of an amount of Continental National stock equal to his present holding of.American Trust stock. George M. Reynolds continues as President of the Continental and Edwin A. Potter will remain at
the head of the American Trust, while each becomes First
Vice-President of the other bank. The full list of officials
of the two institutions is as follows:
Continental National—President, George M. Reynolds;
Vice-Presidents, Edwin A. Potter, Alexander Robertson,
James R. Chapman and Herman Waldeck; Cashier, William
G. Schroeder; Acting Cashier, Charles S Castle; Assistant




571

Cashiers, F. H. Elmore, Wilber Hattery, J. R. Washburn
and Wilson W. Lampert.
American Trust & Savings Bank—President, E. A.
Potter; Vice-Presidents, G. M. Reynolds and John J. Abbott:
Secretary, F. H. Jones; Assistant Secretary, William P.
Kopf, and Manager of the Bond Department, G.B. Caldwell.
Both institntions have the following directors in common:
J. Ogden Armour, John C. Black, B. J. Buffington, A. J.
Earling, B. A. Eckhart, E. H. Gary, J. F. Harris, Edward
Hines, S. McRoberts, Joy Morton, T. J. Phillips, E. A.
Potter, G. M. Reynolds, E. P. Ripley, Alexander Robertson, Charles H. Thorne and F. E. Weyerhaeuser. In addition the Continental has the following on its directorate:
Henry Botsford, W. J. Henley,'Frank Hibbard, W. H. McDoe, A. H. Mulliken and W. C. Seipp.
—The consolidation arranged betWoon the Commercial
National and Bankers' national banks of Chicago, under the
title of the first-named institution, went into operation on
September 1. The Commercial had a capital of $3,000,000
and the Bankers' a capital of $2,000,000, while that of the
united institution is $7,000,000. In announcements made
in July it was stated that in equalizing the two interests the
stockholders of the Commercial would receive a stock
dividend of 50% and that the stockholders of both banks
would have subscription rights for new stook at par to an
amount equal to 10% of their holdings at that time, the
capital of the new Commercial being thus raised to $7,000,000, of which $4,800,000 would be held by stockholders
of the Commercial and $2,200,000 by those of the Bankers'
National. The enlarged bank is under the direction of
the following officers: Edward S. Lacey, Chairman of the
Board; George E. Roberts, President; Joseph T. Talbert,
Ralph Van Vechten, John C. Craft, David Vernon and
Robert M. Wells, Vice-Presidents; W.T. Bruckner, Assistant
to Vice-Presidents; N. R. Losch, Cashier; Frank P. Judson,
Secretary; George B. Smith, Harvey C. Vernon, Erskine
Smith, Charles C. Willson, Ralph C. Wilson and E. M.
Lacey, Assistant Cashiers.
—The capital of the Union Trust Co. of Chicago was increased from $1,000,000 to i1,200,000 at a meeting of the
stockholders on Aug. 24. The additional capital, it is stated,
will be distributed to the present shareholders as a stock
dividend of 20%. The institution began the payment of 8%
dividends in 1908, and it is understood that this rate will be
maintained on the enlarged capital. The company, one of
the oldest financial institutions in Chicago, now has deposits
of over $14,500,000.
—The Chicago Stock Exchange was closed on Monday
out of respect for its late Secretary, William B. Wrenn,
whose death was recorded in the columns of the "Chronicle"
last week.
—The Monroe National Bank of Chicago removed on the
1st inst. from the Central Trust Building to the corner of
La Salle and Madison streets—the quarters long occupied
by Foreman Bros. Banking Co. Growth in business necessitated this change.
—According to the Milwaukee "Sentinel" of August 31,
Attorneys Riley and Rice have discontinued their suits
against former President Nelson and the directors of the
failed First National Bank of Ironwood, Mich. The
"Sentinel" says the receiver refused to enter into any
agreement regarding future actions in the courts, but
intends to be guided by the advice of the Comptroller of the
Currency and the Department of Justice at Washington.
—The stockholders of the Title Guaranty Trust Co. of
St. Louis on the 26th ult. ratified.the proposition to increase
the capital from $1,506,000 to $2,500,000. The issuance of
the new capital is part of the proceedings connected with the
absorption by the institution of the Lincoln Trust & Title
Co., to which we have previously referred. In addition to
adding to its capital, the Title Guaranty Trust has also
broadened its scope through the addition of new features to
its business, notably banking, trust and guaranty procedures.
—A dividend of 20% has been paid to the depositors of the
defunct Consolidated Bank of Los Angeles. The bank
closed its doors on June 4 1908, and on March 3/ last Evan
Lewis was named as receiver.

THE CHRONICLE

572

Our usual monthly detailed statement of transactions on
Canadian Bank Clearings.-The clearings of the Canadian
banks for the month of August 1909 show an increase over the New York Stock Exchange is appended. The results
the same month of 1908 of 22.7% and for the eight months for the eight months of 1909 and 1908 are given below:
the gain reaches 25.1%.
Eight Months 1908.

Eight Months 1909.

Clearings at1009.
CanadaMontreal
Toronto
Winnipeg
Vancouver_ _ _
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton_ _

Description.

Eight Months.

August.
1908.

Inc. or
Dec.

Inc. or
Dec.

1908.

1909.

$
150,000,000 121,677,231 +23.3 1,153,908,538
105,726,889 91,686,602 +15.3 909,555,633
46,796,404 36,938,567 +26.7 399,912,268
24,969,077 15,483,153 +61.3 164,763,057
13,955.166 13,156,811 +6.1 112,496,440
75,066,455
9,794,591 9,518,792 +2.9
62,814,941
9,602,207 '7,452,570 +28.9
52,897,613
6,980,323 5,496,598 +27.0
45,904,173
6,336,000 5,752,073 +10.2
55,987,672
8,259,314 - 5,226,567 +58.0
40,645,680
4,924,173 4,321,449 +14.0
42,657,398
5,718,680 4,259,231 +34.3
31,938,671
4,500,161 3,032,455 +48.4

914,974,900 +26.1
706,528,101 +28.7
331,156,728 +20.8
113,641,951 +45.0
99,228,805 +13.4
70,414,808 +6.6
59,496,751 +5.6
45,963,313 +15.1
41,354,980 +11.0
37,379,999 +49.8
37,423,842 +8.6
35,985,190 +18.5
23,573,998 +35.5

Week ending August 28.
Clearings at1908.

1909.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton

Inc. or
Dec.

1907.

1906.

30,086,000 30,156,435 -0.2 29,248,746 26,322,287
23,306,133 21,608,252 +7.9 18,715,200 15,072,554
10,300,000 8,697,700 +18.4 10,720,808 8,204,575
6,100,000 3,691,403 +65.2 3,949,239 2,521,781
3,141,034 3,901,028 -19.5 2,903,817 2,185,637
2,175,000 1,982,766 +9.7 1,910,768 1.665,212
1,995,000 1,540,119 +29.7 1,732,161 1,610,000
1,495,704 1,196,913 +25.0 1,318,017 1,283,981
1,380,273 1,225,041 +12.6 1,289,747 1,142,198
890,649
2,097,318 1,219,360 +72.0 1,193,429
944,715
847,735 +21.3
1,027,233
891,909
980,880 +38.2 1,000,249 1,003,342
1,365,000
659,488
719,444
607,299 +54.8
940,000

85,408,692 77,654,931 +10.0 75,586,386 63,513,769
9,4
* Not included in total for month and eight months; comparison Incomplete.

Aver.
Price.

117,388,20
136,581,120
_ $12530,726,875$12083,996,608 96.4 810303,827,200 $8,214,217,610 79.7
RR. bonds $907,547,1001 $876,502,689 96.6 $539,263,20 $458,946,394 85.1
$502,182 109.3
$459,62
$363,618 107.5,
$338,200
Gov't Ws_
$70,063,456 104.1
$26,604,876 100.31 867,325,50
826,531,50
State bds_ _
$310,351 191.7
$161,00
$121,377 300.4
Bank stks.
$40,4001

StIcfSh's_

Total __ $13465,184,0751$12987,589,168 96.5 $1091 1,037,420t$8,744,030.9931 80.1

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1909
and 1908 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.

Total Canada 397,562,985 324,002,099 +22.7 3,148,548,539 2,517,123,366 +25.1

The clearings for the week ending Aug. 28 mal5e a satisfactory comparison with the same week of 1908, the increase
in the aggregate having been 10.0%.

Actual
Value.

Aver. Par Value
Price. or QuantUy.

Actual
Value.

Par Value
or Quantity.

1908.

1909.
M'th.
Number I
of
Shares.

Values.
Par.

I

Actual.

Number
of
Shares.

Values.
Par.

Actual.

$
$
$
S' 1
Jan.l7.275,50l 1,609,551,575 1,550.409.80116.504,895 1,396,403,800 1,015,764,111
Feb _ 12,337,199 1,142.192,700 1,082,075,181 9,839,706 833,139,900 609,986,418
Mch.. 13,650,595 1,240,583,900,1,175,469,766 15,039,255 1,387,712,7251,014,698,437
lstqr 43,263,294 3,992,328,17513,807,954,748 42,373,856 3,617,316,425 2,640,448.966
April 19,055.618 1,719,193,800 1,647,943,217 11,648,123 1,024,180,450 782,948,479
May 16,495.230 1,478,017,6001,410.748,914 20,975,022 1,855,881.050 1,470.470.816
June 20,322,2301.882,256,8501,815,478,974 9,652,437 857,496,500\ 771,664,685
2d qr 55,873,0785,079,468,250 4,874,171,105 42,275,582 3.737,558,0003,025,092,980
6 m's 99,136.372 9,071,796,4258,682,125,85384,649,438 7,354,874,4255,665,541,946
July_ 12,806,965,1,191,292,400 1,100,402,461 13,857,563 1,249,522,675 964,269,481
Aug_ 24,637,783 2,267,638,050 2,301,468,294 18,881,265 1,699,430,100 1,584,406,183
1

The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.

Total Canada

Clearings Outside New York.

Clearings, Total AU.
Month.

1908.
%
19s09.
Clearings by Telegraph-Sales of Stocks, Bonds, &c.s
$
$
The subjoined table, covering clearings for the current week, Jan .- 14,035,198,325
+11.4
4,623,598,218
11,373,873,175 +11.4 5,150,898,630
usually appears on the first page of each issue, but on account Feb __ 11,244,250,289 8,767,501,643 +28.2 4,356,544,965 3,871,470.815 +12.6
of the length of the other tables is crowded out once a month. sich .12.606.397,179 9,788,960,321 +28.7 5,119,549,050 4,287,919,982 +19.3
The figures are received by telegraph from other leading cities. 1st qr_ 37,895335 793 29,930,335,139 +27.2 14,626,992,654 12,782,989,015 +14.4
5,059,991.920 4,289.339.214 +15.4
It will be observed that, as compared with the corresponding April _ 13,664.720.597 9,776,913,522 +39.8
May... 12,889,301,041 10,868,844,965 +19.5 4,893,050,949 4,199,011,134 +16.5
week of 1908, there is an increase in the aggregate of 15.8%. June.14,134,647,245 9,835,204,180 +45.5 5,022,944,941 4,181,344,263 +20.2
1909.

1008.

New York
Boston
Philadelphia
Baltimore
Chicago
St. LOUL9
New Orleans

$1,608,970,115
120,412,961
114,159,509
22,120,608
213,839,407
62,448,948
12,112,827

$1,355,789,857
110,439,607
108,308,134
21,769,918
190,624,990

Seven cities, 5 days
Other cities, 5 days

$2,154,064,373
415,217,611

$1,858,709,776
356,964,817

Total all cities, 5 days
All cities, 1 day

$2,569,281,984
493,478,961

$2,215,764,593
428,073,297

Clearings-Returns by Telegraph Sept. 4.

%

q:11g:U8

1909.

1908.

%

2d qr.. 40,788,668,883 30,480,962,667 +33.8 14,975,986,810 12,669,694,611 +18.2

+18.7 6 mos. 78,684,504,676 60,411,297,806 +30.2 29,602.979.464 25,452,683,626 +16.3
+9,0 July__ 13,450.296,601 11,083,067,658 +21.4 5,130,554,853 4,464,979,899 +14.9
+5.4 Aug.. 13,490,980,515 10,258.941,073 +31.5 4,804.543,105 4,035,327,415 +19.1
+1,6
- -.+12.2 The course of bank clearings at leading cities of the country
-1.5
4-43.2 for the month of August and since January in each of the
+15.9
+16.3
-+16.0
+15.3

last four years is shown in the subjoined statement:

BANK CLEARINGS AT LEADING CITIES.
August---Jan.1 to Aug. 31
(000,000s
1909. 1908. 1907. 1906. 1909. 1908. 1907. 1906.
$
$
$
$
omitted.)
$
15 91
$3,062,760,945 $2,643,837,890 -4-1
8,686 6,225 6,890 8,833 66,088 47,802 62,105 69,182
Total all cities for week
New
, ---887 9,050 7,649 8,404 7,222
903 1,105
1,095
5,464
5,724
627 5,512 4,684
Pacific Clearings brought forward from first page.
629
548
Boston
629
4,950 5,096
605 4,394 3,821
579
430
Philadelphia
555
2,115 1,927
1,971
2,180
224
250
244
264
Eight Months.St.Louis
August.
1,773
1,887
1,370
1,497
206
220
163
Pittsburgh
194
Clearings at
1,184
1,521
1,248 1,131
188
183
149
157
/Leif San Francisco
Inc. or
875
954
806
898
104
113
91
nnati
103
ninore
i
Sl
1908.
Dec.
1909.
1008.
1909.
952
998
801
938
112
122
95
114
837
1,067
1,138
1,497
112
144
157
Kansas City
196
$
$
$
%
$
542
612
494
556
68
79
64
Cleveland
75
1,130,653,719
1,247,955,622
+5.9
4
+W).
San Francisco_ 157,266,688 148,557,683
622
627
496
545
67
65
47
61
Orleans
New
Los Angeles._ -- 57.770,168 37.793,569 ,+52.9 439,398,432 325,499,022 +35.0 Minneapolis
706
583
613
561
68
83
65
65
5:8
+330
51,862,992 36.354,092 +42.7 360,980,687 265,894,061 +2
Seattle
381
457
436
432
49
55
47
Louisville
47
30,743,877 24,326.567 +26.4 239,907,411 191,948,801 +39.0 Detroit
Portland
444
470
435
495
56
66
55
68
Salt Lake City_ 28,727,133 20,320,930 +41.4 215,415,172 154,032,335
370
347
316
388
39
46
42
49
94,576,166 +29.6 Milwaukee
18,347,109 12,210,141 +50.3 122,532,787
Spokane
212
267
246
259
29
31
23
28
23,652,598 17,058,817 +38.7 175,1588,771 136,456,685 +28.7 Providence
Tacoma
374
387
328
477
40
47
46
Omaha
57
49,122,795 +28.0
62,869,158
7,982,542 6,272,135 +27.3
Oakland
268
294
300
34
259
36
33
Buffalo
39
24,524.842
30,128,645
-5.0
+22.9
3,843,367
3,652,113
Helena
305
302
309
34
257
37
37
42
14,678,108
15,087,250
2,193,686 2,175,335 +0.8
San Jose
295
•
279
274
31
237
35
30
34
Intflaanualpolis
+2.8S
17,075,994 +28.4
21,926,832
2,500,000 2,075,066 +20.5
Fargo
258
266
298
220
29
33
34
34
+21.9Denver
17,065,246
+23.7
20,802,431
1,939,241
2,399,395
Sioux Falls
189
229
213
23
200
25
21
27
28,053,895 +18.8 Richmond
33,339,187
Sacramento..._ 4,835,042 3,934,015 +22.9
154
156
167
155
12
14
13
16
24,409,603 +42.5 Memphis
34,794,438
4,369,313 3,374,680 +29.5
San Diego
266
361
328
39
306
42
is
36
52
14,997,355
17,066,622
+13.8
2,765,080 2,276,273 +21.5
Stockton
112
123
13()
122
14
15
12
14
9,921,526
16,413,743
2,026,727 1,973,013 +2.7
Fresno*
155
240
210
21
179
27
d City_ _ _
20
rLake
29
H a
6,043,520 +5.5 Salt
6,376,233
892,551 +0.8
900,000
Billings
4,582,024
11,866,609
870,492 +59.3
N'th Yakima*. 1,386,971
12,551 99,303 76,499 95,705 09,978
Total
12,730 9,630 10,871 5,254
5,254
588
5,808 4,663
673
629
761
Total Pacific 399,967.731 323,404,462 +23.7 3,044,171,678 2,495,932,147 +22.0 Other cities
*Not Included in total for month and seven months; comparison incomplete.
Total all__ ......13,491 10,259 11,544 13,139 81,753 81,753 101,603 104,941
Outslie New York_ 4,805 4,034 4,654 4,306 33,951 33,951 39,408 35,759
Week ending August 28.
Clearings at
1909.

1908.

.
:co
hift

1907.

1906.

fflo netargi03tainercialignalisti4,exus
(From our own correspondont.)

San Francisco..Los Angeles
Seattle
,Portland
Salt Lake City
Spokane
Tacoma
Oakland
He'e ma
San Jose
Fargo
Sioux Falls
Sacramento
San Diego
Stockton
Fresno
Billings _
North Yakima

33,339,486
12,653,225
11,783,723
6,078,543
6,597,093
4,459,016
5,223,028
1,561,128
823,726
444,684
569,077
461,000
1,035,135
914,000
600,064
451,215
137,469
309,000

32,775,434
7,997,691
7.831.505
„
4,090,980
2,586,3041
3,952,8721
1,320,8501
969,354
469,8571
438,522
410,000'
787,409'
703,000
498,198
433,755
137,588
. 188,664

(4)1.7
+58.2
+54.4
+24.2
+01.3
+76.3
+32.2
+ 18.2
-15.0
-5.4
+29.8
+12.4
+31.5
+30.0
+20.4
+4.0
-0.0
+63.8

39,229,724
8,705,448
9,093,864
5,629,801
5,082,411
2,550,652
4,399,456
1,982,729
831,751
425,000
415,174
440,000

Total Pacific

87,442,612

70,700,001 +23.7

79,260,363




44,000,000
9,016,772
7,809,066
4,514,523
3.747,098
1,934,337
3,436,866
3,420,949
888,473
376,108
431.882
303.253

474,553

79,879,327

London, Saturday, August 28 1909.
Mr. Asquith, the Prime Minister, on Thursday made his
promised statement regarding the Imperial Defense Conference. The statement was received by both Parties in
Parliament with great satisfaction and this feeling is generally
endorsed by the public cress. So far as military affairs
are concerned, the result is virtually to create an Imperial
General Staff to co-operate with the Army Council regarding
military questions affecting the whole of the British Empire.
Primarily, of course, the forces raised will be for the defense
of the various, colonial governments affected. But the
Imperial Staff will have power in case of need and in conjunction with the colonial governments to use these forcesfot
places outside the districts wherein they may be raised. The

SEPT. 4 1909.1

THE CHRONICLE

573

English Financial Markets—Per Oable.
naval question, which is, of course, the more important, has
perhaps naturally resulted in a more complicated arrangeThe daily closing quotations for securities, &c., at London,
ment. How it will actually work in practice experience as reported by cable, have been as follows the past week:
alone will show. It cannot be denied, however, that the
London,
fact that the colonies are willing to take upon themselves
Frt.
Wed. Thurs,
Week ending Sept. 3.
Mon. Tues.
Sat.
24
23%
23%
23%
2334
4
d 233
a part of the expense of the defense of the Empire as a Silver, per oz
84 5-16 84 9-16 83 15-16 84 1-16 84 146
new,234 per cents__ 84
common political entity is in itself a remarkable stride Consols,
843
84
For account
84%
843
84
8434
in the attitude of those governments towards the Home French Rentes (in Paris)_fr_ 98.20 98.20 98.40 98.4034 98.45 98.45
8714
8734
859.1
8634
Copper Co.__ 86%
8634
authorities. The actual result arrived at is two-fold. bAmalgamated
9/A
10
9%
9%
9%
9%
Anaconda Mining Co
122
In some cases, as in that of New Zealand, the proposal of Atch. Topeka & Santa Fe 120% 1208% 121% 121% 121
107
107;4
10734
107
107
107
Preferred
in
as
others,
in
grant
has
and
been
to
argeed
monetary
a
%
121
1205
120%
119%
119%
12034
Baltimore & Ohio
96
the Commonwealth of Australia and the Dominion of
96
96
96
96
Preferred
96
% 1903( 191%
1903
19034
1909.( 19134
Canada, it has been decided to organize local navies, which, Canadian Pacific
8434
8334
8434
83'%
&
Chesapeake
83
Ohio
82%
however, shall in case of need be available for Imperial Chicago Milw. & St. Paul_ _ _15934 160% 161% 161% 161
16134
49
49%
4934
49
Denver & Rio Grande
49
4834
purposes.
89
S9
89
Preferred
88
88
8834
The Stock Exchange Settlement and the end-of-the-month Erie
36%
36%
36%
36%
35%
36%
5434
55
First preferred
5534
55
54%
requirements have made it possible to use money to slightly
5434
45
45
45
Second preferred
44
45
4334
better advantage this week, although rates are exceedingly Illinois
159%
158;4
158%
Central
157
157%
15834
15634
156%
156
156
easy and money is difficult to employ profitably. About Louisville & Nashville
155
15434
4434
4434
42%
42%
42
Kansas & Texas
41%
3 per cent is the nominal figure in the short loan depart- Missouri
%
77
77
Preferred
7734
77
76
76
56
ment and i3t per cent for discounts. Under these cir- Nat. RR.of Mex., 1st pref 5334
55
5434
54
55
23%
preferred
2334
2334
23
2331
23%
cumstances, it is surprising that so little money finds its N.Second
143
% 142
1423
Y.Central & Bud. River_140%
142
143
way into the stock markets and the activity in these markets N. Y. Ontario & Western_ 48% 49
499.4
50
50
4934
9634
96
96
& Western
96
96
9634
is very largely confined to other than home securities. Norfolk
94
94
Preferred
94
9334
9334
94
There can be no reasonable doubt that amongst the great Northern Pacific
160%
158
159%, 16034
158%
160
7234
71
72
71%
71%
72
controlling interests in the City,and apparently in the more aa Pennsylvania
8134
82%
82%
82
Reading
8334
Co
80%
extended area, the explanation is to be found in political
a First preferred
4834
4834
483-1
4834
4834
4834
513(
51
51
51
51
a Second preferred
'51%
rather than in economic reasons. Whether one regards it
41
40
38%
39%
40%
Rock Island
4034
as unreasoning or otherwise, there seems to be amongst Southern
13234 132%
132
130
133%
131%
Pacific
3234
3134
3134
31%
3134
31
those classes a real feeling of apprehension of the effect of Southern Ry
72,
7234
73
7234
72
72
Preferred
the policy pursued by the present Government,and especially Union
208
206
208%
204%
206%
Pacific
20634
109
107
108
108
107
10534
is the Budget disliked.
Preferred
8134
7934
79
8034
7734
S. Steel Corporation
8034
This feeling is very noticeable in one great department U.Preferred
12834
129
129
127%
12734
1299.4
2134
2134
21
of the stock markets, namely the home railway market. Wabash
22
21
21
55
5434
55
5434
52
54%
Preferred
The result of working by the railways during the past
78
78
77
77
7734
7734
45
Extended
half-year is certainly more favorable than for a considerable -a Price per share. b.£ sterling.
time past. As we pointed out a fortnight ago, a real effort
has been made to arrive at a combine between the various
companies concerned to avoid as far as possible costly and
unremunerative competition for traffic which is notoriously Toinuxerciai and tnisctilanerixtsgews
insufficient for two. Several bills were introduced for
the purpose of legalizing these combines. Notwithstanding
National Banks.—Thq following information regarding
an attitude almost approaching the benevolent on the part
of the Government, these bills have been withdrawn. The national banks is from the office of the Comptroller of the
reasons alleged are that a certain section in Parliament currency, Treasury Department.
made demands upon the companies which would nullify
APPLICATIONS TO CONVERT INTO NATIONAL BANKS
any economic advantage to be obtained from the powers
APPROVED.
sought. It is understood that so far as these combines
The Bank of Sebastopol, Cal.. into "The First National Bank of Sebascan be arranged without Parliamentary sanction they will topol." Capital, $100,000.
The Bank of Fort Bragg, Cal., into "The First National Bank of Fort
be adhered to. The half-year's working shows that a Bragg."
Capital, $50,000.
measure of real progress has been made in reducing the
NATIONAL BANKS ORGANIZED.
growth in the cost of working and when trade revives
August 12 to August 26.
there should be a large additional revenue from the growth 9,503—The Peoples National Bank of Point Marion, Pa. Capital. $50,000.
in traffics.
E. M. Snider, President; Jules J. Quertinmont, Vice-President:
W. W. Tapp, Cashier.
Notwithstanding this, operations in the railway market 9,504—The
First National Bank of Plainview, Neb. Capital, $40,000.
are largely in the hands of the purely Stock Exchange
F. C. Holbert, President; F. A. McCornack and P. D. Corell, VicePresidents: L. C. Barbour, Cashier; M. M.Taylor, Assistant Cashier.
operator and his following. The old steady investment
First National Bank of Ulster, Pa. Capital, $25,000. R. A.
buying is nothing like what it formerly was. The result, 9,505—The
Horton, President; William H. Rockwell and George B. Lewis.
Vice-Presidents; R. B. Allen, Cashier; John 0. Mather, Assistant
of course, is that it is exceedingly difficult for our railway
Cashier.
companies to raise new7capital, even for their most pressing 9,508—The
First National Bank of Pell City, Ala. Capital, $25,000.
Sumter Cogswell, President; W. N. Maddox and J. Fall Roberson,
needs. It is an open secret that one of our greatest railMcLane Tilton Jr., Cashier; Pickens Pearson,
Vice-Presidents;
way companies had some months ago an overdraft at
Assistant Cashier. Conversion of the bank of St. Clair County.
Bank, Seven Valleys, Pa. Capital.
its bankers extending into several millions sterling, and 9,507—The Seven Valleys National President;
G. M. Fickes and J. K.
$25,000. H. I. Giadfelter,
that when the bankers desired that these should be funded
Sheibley, Cashier.
M.
Shaffer. Vice-Presidents; J.
Ralston, Pa. Capital, $25,000.
in some form it was necessary to have recourse to semi- 9,508—The First National Bank ofSamuel
Mansuy and
G. Keys, J.
E. M. McCracken. President*
private sources, as a public issue of railway stock was
L.
W. H. Van Wert, Vice-Presidents; P. A. Manley, Cashier.
Mich. Capital.
reprded as inadvisable. This is, of course, a state of 9,509—The Baraga County National Bank of L'Anse, Brennan,
Vice$25,000. John 0. Maxey, President; Patrick
things that cannot continue indefinitely without serious
President; Martin Voetsch, Cashier.
injury for the whole transportation business of the country. 9,510—The First National Bank of Ambla, Ind. Capital, $25,000. Wil 1
J. Lawson, President; James F. Yeoman, Vice-President; WiMam
The average return upon the capital invested for the twelve
Randall, Cashier,
months ended June last is well under 3 per cent. And as 9,511—The
Farmers' National Bank of Millhelm, Pa. Capital, $25,000.
George S. Frank, President; Cephas L. Gramley and Adam A.
the return has been steadily decreasing for some years past
Vice-Presidents; J. G. Eby, Cashier.
Frank,
it will be seen that the causes are not wholly political.
9,512—Peoples National Bank of National City, Cal. Capital, $25,000.
Ah Act of Parliament which will interest all visitors to
John L. Sehon, President; Edward M. Fly, Vice-President; B. J.
Edmonds, Cashier; Warner Edmonds, Assistant Cashier.
London received the Royal Assent last week. This Act 9.513—Farmers'
and Traders' National Bank of Westfield, Pa. Capital,
proposes to give greatly increased powers to the Police
$50,000. E. M. Tucker, President; F. J. Seely, Vice-President;
Cashier.
Taylor,
P.
F.
City.
the
The
area of the
within the limited boundary of
9,514—The First National Bank of Seminole, Okla. Capital, $25,000.
City proper is not quite seven hundred acres in extent,
S. D. Powell, President; W. H. Spurr, Cashier.
National Bank of Wilmington, Cal. Capital, $25,000.
although it is really more than a square mile, which we 9,515—TheH.First
Eubank, Presidsnt; F. S. Cary, Vice-Pres.; Don C. Fohl, Cash.
C.
commonly describe it. In this small area, however, a large 9,516—The
Unadlila National Bank, Unadilia, N. Y. Capital, $25,000.
S. Horace Chapin, Pres.; William H. Sisson, Vice-Pres.; Frederick
proportion of London's business is transacted. The Police
H. Meeker, Cashier.
have long had power to direct and divert traffic temporarily 9,517—The
Gogebic National Bank of Ironwood, Mich. Capital, $100,000.
D. E. Sutherland, Pres.; Geo. H. Abeel, Vice-Pres.; M. W. Mattebut the new Act gives power for permanent direction. That
Cashier; Edward Stevens. Assistant Cashier.
check,
power
within
the
the City 9,518—The Farmers'
authorities will have
is to say,
National Bank of Seven Mlle, Ohio.' Capital, $25,000.
require
heavy
traffic,
Frank J. Schmidlin, Pres.; Chas. K. Jacoby, Vice-Pres.; Jas. E.
to alter the omnibus routes and to
Cashier.
Bell,
companies
and
vans
the like, 9.519—The First National Bank of Windsor, Mo. Capital, $50,000. John
of the railway
such as large
Bowen, Pres.: L. K. Myers and Ross E. Feaster, Vice-Presidents;
to confine themselves either to specified hours or to travel
R. L. Wilson, Cashier; Ed. N. Snell, Assistant Cashier.
most
difficult problem 9,520—The
through particular streets. It is a
First National Bank of Vatter, Mont. Capital, $25,000. Geo.
E. Towle, Pres.; E. E. Leech, Vice-Pres.; David H. Beecher, Second
but the Police Commissioner and his assistants may be
C. H. Kester, Cashier.
Vice-Pres.;
Every
their
enhanced power discriminately.
trusted to use
LIQUIDATION.
American visitor who has.got into a cab at his hotel in the
First National Bank of Texico, N. Mex., August 9 1909.
West End expecting to be m time for a business appointment 8,173—The
of Punxsutawney, Pa., August 17 1909.
Bank
National
First
in the City knows the loss and vexation occasioned by the 3,030—The
8,449—The First National Bank of De Kalb, Tex., Aug. 20 1909.
of Durant, Okla., Aug. 17 1909.
Bank
National
Farmers'
traffic
is
subjected,
to
up
the
which
6,928—The
continued holding
National Bank of Mangum, Okla., Aug. 18 1909.
especially at places like Ludgate Hill and the Mansion House. 7,328—The City
The India Council offered for tender on Wednesday 20 lacs
which were fully applied for at prices ranging from is.
Auction Sales.—Among other securities the following, not
3 29-32d. to is. 3 15-16d. per rupee. Applicants for bills regularly dealt in at the Board, were recently sold at auction.
15-16d.
at
is.
3
transfers
for
telegraphic
at is. 3 29-32d. and
By Messrs. Adrian H. Muller & Son:
per rupee were allotted in full.



574

[VOL. Lxxxix.

THE CHRONICLE

Blocks.
Stocks.
6 Mercantile National Bank__ _ _140
4 K.C. Mex. & Orient By., prof.. 23%
5 City Investing Co., common... 70%
Bonds.
355
15 Trust Co. of America
$1,000 Lexington & East. By. Genl.
5s, 1935
35 Title In.s.•Co. ot N. Y__1533-157
58
20
100 Anniston City Land Co
$18,000 Tacoma Gas Lt. Co. ref. 55,
1926, J. & D
60 Pope Mfg. Co., corn., new stock 45
85-87% & int.
10 Cook & Bernheimer Co., pret_ 11
$20,000 Pittsb. Binghamton & East130
ern RR. 1st 5s, 1956; April 1 1908
5 Poughkeepsie Trust Co
coupons on
$860 lot

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Aug. 28
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
We omit two ciphers (00) in all casis.
Banks.
00s omitted.

Capital. Surplus.

Loans.
Average.

Specie. Leads. Deposits. ReAverage. Average. Average. eve.

$
2,000,0 3,452,5 21,315,0 3,840,0 1,420,0 19,952,0 26.3
Bank of N. Y _ _
2,050,0 3,567,7 37,150,0 9,556,0 1,675,0 44,150,0 25.4
Manhattan Co_
Per
Books Closed.
When
Merchants' _ _
2,000,0 1,692,7 22,088,0 4,148,0 1,833,0 23,600,0 25.3
Name of Company.
Days Inclusive.
Cent. Payable.
3,000,0 3,701,3 31,235,0 7,490,0 1,049,0 33,128,0 25.7
Mechanics' __ _
America
1,500,0
5,178,4 28,583,3 6,240,8 2,015,3 31,166,2 26.4
Railroads (Steam).
Phenix
1,000,0
680,3
675,0
7,717,0 26.1
8,272,0 1,306,0
Ashland Coal & Iron By
50e. Sept. 25
25,000,0 27,811,3 201,508,2 50,337,7 7,977,0 206,782,3 28.2
City
Atlantic Coast Line Co. (Conn.)(quar.)_
23 Sept. 10 Sept. 1 to Sept. 9 Chemical
5,958,3
1,974,9
26,978,0
25.7
3,000,0
4,939,3
28,369,0
Boston & Albany (guar.)
2
Sept. 30 Holders of rec. Aug. 31 Merchants' Ex_
574,3
6,983,6 24.2
554,5
600,0
6,793,8 1,117,5
Canadian Pacific, common
3
Sept. 30 Sept. 2
to
Oct. 6 Gallatin
826,8
2,419,0
7,490,7
25.7
1,000,0
9,528,0
1,100,1
Common (extra)
3,6 Sept. 30 Sept. 2
to
Oct. 6 Butch. & Drove
82,4
335,1
1,941,3 21.5
2,184,4
300,0
157,6
Preferred
2
Oct
1 S^pt. 2
to
Oct. 6
_
200,0
755,1
8,266,7 25.0
500,0
7,267,6 1,865,6
1
Sept. 30 Holders of rec.Sept. lie Greenwich _ _ _
Chesapeake & Ohio (quar.)
5,000,0 5,051,3 30,807,3 4,480,6 1,896,3 24,358,7 26.3
Chicago Burlington de Quincy (quar.)
2
Oct.
1 Sept 26 to Oct. 3 Amer. Exch.
Commerce
25,000,0 15,722,1 172,524,5 31,787,3 10,481,5 159,950,3 26.8
Delaware & Hudson Company (guar.).
24 Sept. 20 Holders of rec. Aug. 30 Mercantile
__
11,883,2 25.6
3,000,0 2,495,7 15,030,8 1,949,3 1,093,1
Fonda Johnstown & Glov., pref. (quar.)_
Sept.
15
Holders
of
rec.Sept. 10a
15
632,1
578,7
864,8
3,966,4
3,927,7 30.8
500,0
Great Northern Iron Ore Properties—
$1 Sept. 15 Sept. 2 to Sept. 15 Pacific
8,283,6 26.0
7,612,1
450,0 1,024,4
957,2 1,201,6
Interberaugh Rapid Transt1 (guar.)
2% Oct.
1 Holders of rec. Sept. 18 c..hatham
28.9
132,0
2,420,8
People's
2,075,1
570,0
470,5
200,0
of
Holders
Louisiana & Arkansas •
rec. Sept. 16 Hanover
13
3,000,0 10,747,5 69,293,8 14,189,2 6,898,6 81,824,9 25.8
Oct. 16 Holders of rec. Oct. 1
Minn. St. Paul & S.S.M., corn.(No. I3)-- 3
_
303,9 22,983,7 25.0
2,550,0 1,484,5 23,151,8 5,420,9
33
Oct. 16 Holders of rec. Oct. 1 Citizens' Cent_
Preferred (No. 13)
6,602,0 25.0
435,8
5,949,7
500,0
598,4 1,052,9
2
Oct.
1 Holders of roe. Sept. 20 Nassau Fult'n
Leased line certificates
8,508,3 28.1)
1,000,0 1,674,0
8,277,8 1,183,0 1,214,6
Newark & Bloomfield, guaranteed
3
Oct.
1 Sept. 23 to Oct. 1 Market &
__
168,6 11,800,7 26.0
2,000,0 1,309,7 11,635,1 2,908,6
1 Sept. 16 to Oct. 1 Metropolitan
N. F.Lackawanna & West., guar.(guar.) 131 Oct.
25.8
Exchange
50,949,0
5,372,3
43,026,0
Corn
3,000,0
7,441,0
5,741,0
1 Sept. 16 to Oct. 1
Pitts. Ft. W. de Chicago, spec. guar.(qu )- 1% Oct.
5 Sept. 12 to Oct. 5 Imp.& Traders' 1,500,0 7,554,5 27,034,O 4,390,0 1,862,0 25,006,0 25.0
Regular, guaranteed (guar.)
14 Oct.
20.1
107,892,0
Park
9,792,8
1,659,0
3,000,0
26,512,0
93,097,0
preferred
2
10
Sept.
Holders of rec. Aug. 24
Reacting Company, first
_
104,3
161,1
1,598,7 20.0
250,0
1,424,3
152,5
1
St. Joseph South Bend & South., coin..
Sept. 15 Sept. 11 to Sept 15 East River_ _ _
Fourth
3,000,0 3,399,6 25,884,0 4,993,0 2,300,0 27,582,0 26.4
Common (extra)
% Sept. 15 Sept. 11 to Sept. 15 Second
1,000,0 1,868,6 11,806,0 2,869,0
172,0 11,788,0 25.7
23 Sept. 15 Sept. 11 to Sept. 15
Preferred
First
10,000,0 18,968,1 116,437,9 28,678,6 2,270,4 113,553,1 27.2
St. Louis & San Francisco—
1 Sept. 17 to Oct. 1 Irving Exch... 2,000,0 1,450,4 20,518,5 3,954,7 1,612,1 21,635,8 25.7
Chic. de East. III. pl. stk. tr. aft.(guar.) 1% Oct.
250,0
789,7
65,0
3,426,0
812,0
3,490,0 25.1
K.C.Ft. S. de M.pl. stk. tr. cgs.(qu.)_
1
Oct.
1 Holders of rec. Sept. 16 Bowery
N. Y. County_
500,0 1,631,2
8,061,4 1,279,4
639,7
8,130,7 24.0
Southern Pacific, corn.(quar.)(No. 12)—
1% Oct.
1
_
656,2
224,2
750,0
4,182,1
839,9
4,091,9 26.0
2% Oct.
Union Pacific, common (quar.)
1 Sept. 14 to Oct. 17 German-Amer
Chase
5,000,0
6,655,1
25.0
18,124.5
4,944,7
91,919,7
83,010,5
2
Preferred
Oct.
1 Sept. 14 to Oct. 17
100,0 2,178,6 12,937,3 2,623,9 1,122,2 14,627,0 25.6
3% Oct. 15 Oct. 6 to Oct. 15 Fifth Avenue_ _
Warren, guaranteed
German Exch..
405,6
3,512,0 22.2
200,0
375,0
857,6
3,640,0
Street & Electric Railways.
561,2
883,3
200,0 1,020,9
5,656,6 25.5
4,894,6
American Railways (quar.)
1% Sept. 15 Aug. 28 to Sept. 2 Germania
1,000,0 1,312,4 16,229,1 3,387,9 1,123,2 17,683,3 25.5
Brockton &Plymouth Street Ry.,pref.(N0.1) 3
Sept. 15 Holders of rec. Sept. 7 Lincoln
210,0
28.2
Garfield
7,652,2
8,057,5
1,000,0
1,160,8
2,065,7
(quar.)
1
Brooklyn Rapid Transit
Oct.
1 Holders of roe. Sept. 9
265,1
3,416,5 26.3
634,5
250,0
475,4
3,179,1
Galveston-Houston Elec. Co., corn.(No. 1). 13 Sept. 15 Holders of rec. Sept. 4 Fifth
811,9 1,797,3 10,342,1 25.2
1,000,0 2,020,2 10,673,7
3
Sept. 15 Holders of rec. Sept. 4 Metropolis _ _
Preferred (No. 5)
231,0
4,966,0 25.6
200,0 1,087,3
4,484,0 1,044,0
Northwestern Elevated (Chicago). met—
1
Oct. 18 Oct. 9 to Oct. 18 West Side
1,000,0 1,782,1 19,957,0 4,653,0 1,908,0 23,761,0 27.6
Philadelphia Traction
1 Sept. 9 to Sept. 30 Seaboard
$2
ct.
591,8 17,579,0 26.2
Liberty
1,000,0 2,610,4 17,613,1 4,01:3,7
Quebec Railway,Light & Power, common... 1
Sept. 15
319,4
9,397,1 26.2
687,2
7,830,4 2,147,2
Railways Company General (No. 1)
10 Sept. 15 Holders of rec. Aug. 31 N.Y.Prod. Ex. 1,000,0
259,0 15,548,0 25.0
810,3 12,782,0 3,631,0
1,000,0
St. Joseph Ry., L., H. de Pow., pref.(qu.) 13 Oct.
1 Holders of rec. Sept. 15 State
503,9
5,772,0 25.0
_
_
_
Street_
320,1
14th
5,424,6
936,7
1,000,0
Seattle Electric Co., common
13( Oct. 15 Holders of rec. Oct. 1 Copper
350,9 29,902,6 25.0
2,000,0 2,675,0 28,119,0 7,117,5
Preferred (No. 18)
1 Holders of rec. Sept. 10
3
Oct.
410,0
5,484,0 25.9
Coal & I. Nat
1,000,0
5,485,0 1,011,0
303,9
Banks.
Nineteenth Ward (monthly) (No. 38).... 13j Aug. 31 Holders of rec. Aug. 28
Totals, average 127,350,0 174,754,0 1353,397,5 292,335,6 77,034,3 1404,041,3 26.3
Trust Companies.
Sept. 30 Holders of rec. Sept. 29
Filth Avenue (guar.)
3
1352,050,0 290,474,6 77,967,9 1401,958,9 26.3
Van Norden (monthly) (No. 28)
Aug. 31 Holders of rec. Aug. 26 Actual figures Aug. 28
1
iniscenaneous.
of
American Can, preferred (guar.)
1 Holders
131 Oct.
teC.Sept.16a
On the basis of averages, circulation amounted to $51,277,900 and United States
Amer. Car & Fay., corn. (guar.)(No. 28)_
3i Oct.
1 Holders of rec.Sept.10a deposits
(Included in deposits) to $1,633,700; actual figures Aug. 28, circulation,
Preferred (guar.)(No. 42)
Oct.
1 Holders of rec.Sept.10a
$51,455,300;
United States deposits, $1,631.900.
American Express(quar.)
Oct.
1 Holders of rec. Aug. 31
3
Amer. Lt. & Traction, corn. (stk thy).- 10
Sept. 30 July 21 to
Aug. 1
American Locomotive, pref. (quar.)_ _
13
Oct.
21
Sept.
22
to
Oct.
%
21
The State Banking Department also now furnishes weekly
2
Am.Pipe de Construction (guar.)
Oct.
1 Holders of rec. Sept. 15
13 Sept. 30 Sept.22 to Sept.30 returns of the State banks and trust companies under its
American Radiator, common (quar.)
(No.
24)..
(qu.)
1
Oct.
15
to
Amer. Smelt. & Rig., corn.
Sept. 29
Oct. 4
Preferred (guar.)(No. 41)
1 Sept. 15 to Sept. 23 charge. These returns cover all the institutions of this class
1% Oct.
5
American Snuff, common (guar.)
Oct.
1 Holders of rec. Sept. 15
Preferred (guar.)
1 Holders of me. Sept. 15 in the whole State, but the figures are compiled so as to
13 Oct.
Amer. Sugar Ref., corn. & pref. (quar.).. 1% Oct.
2 Holders of rec. Sept. la
American Tobacco, preferred (guar.)
1 Holders of rec. Sept. 15 distinguish between the results for New York City (Greater
13 Oct.
American Writing Paper, pref
1
Oct.
1 Holders of rec. Sept. 15
Borden's Condensed Milk, pref. (auar.)
1% Sept. 15 Sept. 5 to Sept. 15 New York) and those for the rest of the State, as per the
Butte Elec. & Pow., com.(quar.)(No.20) 13
Oct.
1 Holders of rec. Sept. 15 following:
Preferred (guar.) (No. 33)
131 Nov. 1 Holders of rec. Oct. 15
STATE BANKS AND TRUST COMPANIES.
Calumet & Heda Mining (guar.)
$8 Sept. 29 Holders of rec. Sept. 3
Cambria Iron
2
Oct.
1 Holders of rec. Sept. 15
Canadian General Electric, pref. (quar.)... 1% Oct.
State Banks
Trust Cos.
Trust Cos.
Slate Banks
Celluloid Company (quar.)
13 Oct.
1 Holders of rec. Sept. 14
outside of
outside of
in
in
Week ended Aug. 28.
Central Fireworks, preferred
331 Sept. 1 Aug. 27 to Sept. 1
N. F. Greater N. Y. Greater N. F. Greater N. F.
Greater
Central Leather, preferred (quar.)
Oct.
1 Sept. 4 to Oct. 1
Chicago Telephone (quar.)
2
to
Sept. 30 Sept. 26
Sept. 30
2
Childs Company, common
Sept. 10 Sept. 5 to Sept. 10
8,598,000
7,725,000
59,675,000
25,975,000
Preferred (guar.)
1% Sept. 10 Sept. 5 to Sept. 10 Capital as of April 28_ _ _
Consolidated Gail, N. Y.(quar.)
1
Sept. 15 Holders of rec. Aug. 18 Surplus as of April 28_ __
10,316,230
173,921,500
9,786,67
37,306,000
Diamond Match (quar.)
2
Sept. 15 Holders of rec. Aug. 31
Dominion Coal, Ltd., common (guar.).--1
Oct.
1 Sept. 18 to Sept. 30 Loans and Investments.. 301,464,800 1,135,385,500
84,983,200 131,322,100
Dominion Iron & Steel, Ltd., pref
331 Oct.
1 Holders of rec. Sept. 15
+110,800
+499,700
Change from last week_
—422,700 +7,484,600
Preferred (extra)
334d Oct.
1 Holders of rec. Sept. 15
du Pont(E.I.) de NentoursPowl.,com.(qu.) 2
to
Sept.
5
Sept.
15
15
Sept.
126,762,400
Specie
50,233,100
Preferred (quay.)
131 Oct. 25 Oct. 16 to Oct. 25
1,+4925325:700000
Change from last week_
—876,500
Eastman Kodak, common (quar.)
234 Oct.
1 Holders of rec. Aug. 31
Preferred (quar-)
134 Oct.
1 Holders of rec. Aug. 31 Legal-tenders & bk. notes
25,801,8
00
Federal Mining & Smelting, pref. (quar.) 131 Sept. 15 Holders of rec. Aug. 27
+116,900
Change from last week_
+344.000
General Chemical, pref. (guar.)
131 Oct.
1 Holders of rec. Sept. 20
General Electric (quar.)
2
Oct. 15 Fielders of rec. Sept. 4a Deposits
90,610,900 140,706,700
1,284,307,800
351,706,700
Guggenheim Exploration (guar.) (No.27)-- 234 Oct.
1 Sept. 18 to Oct. 1
—312,900
—361,100
Change from last week_ —1,130,700 —5,540,400
International Sliver, pref. (quar.)
1 Sept. 18 to Oct. 1
131 Oct.
Laclede Gas Light, common (guar.)
134 Sept. 15 Sept. 9 to Sept. 15 Reserve on deposits
149,130,500
19,409,500
97,868,800
20,466,900
Mackay Companies, corn.(quar.)(No. 17) 1
Oct.
1 Holders of rec. Sept.11a
—460,100
Change from last week_
—246,700 4-1,251,600
—462,600
Preferred (quar.)(No. 23)
1
Oct.
1 Holders of roe. Sept.11a
Michigan State Telephone, pref. (quar.). 134 Nov. 1 Oct. 19 to Nov. 1
21.9%
16.5%
15.2%
C. reserve to deposits..
Nat. Enamel & Stamping, pref. (quar,).
Sept 30 Sept. 11 to Sept. 30 P.Percentage last week
22.6%
16.6%
15.4%
National Lead, common (quar.)(No. 23) 131 Oct.
1 Sept. 11 to Sept. 14
Preferred (quar.) (No. 71)
131 Sept. 15 Aug. 21 to Aug. 24
Niles-Bement-Pond, common (quar.).. _
154 Sept. 20 Sept. 12 to Sept. 20
+ Increase over last week. — Decrease from last week.
North American Co.(quay.)
1 Holders of rec. Sept. 15
131 Oct.
Oklahoma Gas & Elec., corn. (guar.)
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" in134 Sept. 15 Sept. 7 to Sept. 15
Philadelphia Electric (quar.)
of
Holders
rec.
cludes,
for both trsut companies and State banks, not only cash items, but amounts
Aug. 20
135 Sept. 15
Quaker Oats, common (quar.)
134 Oct. 15 Holders of roe. Oct. 4 due from reserve agents. Trust companies in New York State are required by
Common (extra)
34 Oct. 15 Holders of rec. Oct. 4 law to keep a reserve proportionate to their deposits, the ratio varying according
Quincy Mining (quar.)
Sept. 20 Aug. 22 to Aug. 25 to location as shown below. The percentage of reserve required is computed on
$1
Railway Steel Spring, pref. (quar.)
194 Sept. 20 Sept. 8 to Sept. 20 the aggregate of deposits, exclusive of moneys held in trust and not payable within
Republic Iron & Steel, pref.(quar.)(Zio.30)
Oct. 1 Holders of rec. Sept. 23 thirty days, and also exclusive of time deposits not payable within 30 days, repro
Preferred_
1 Holders of rec. uly 31 sented by certificates, an also exclusive of deposits secured by bonds of the Stat
%b Oct.
San Diego Cons.-Gas & El., corn.(guar•)- 134 Sept. 15 Sept. 7 to Sept. 15 of New York. The State banks are likewis erequired to keep a reserve varying
Sears, Roebuck & Co., pref.(guar.)
1 Holders of rec.Sept.15a according to location, but in this case the reserve is computed on the whole amount
134 Oct.
Standard 011 (quar.)
Sept. 15 Holders of rec. Aug. 20 of deposits, exclusive of deposits secured by bonds of the State of New York.
36
Swift & Co.(guar.)(No.92)
4 Holders of rec. Sept. 11 Reserve Required for Trust Contpantes
—Trust Cos.—
1YL Oct.
—State Banks—
United Bank Note Corp.,pref. (quar.)
1 Sept. 16 to Oct. 1
131 Oct.
coi,
Total
Total
01
and Stale Banks,
United States Leather, pref. (quar.)_ _
1 Sept. 4 to Oct. 1
134 Oct.
Reserve
which Reserve
mitten
U. S. Steel Corp., corn. (quar.) (No. 23)
% Sept. 30 Sept. 10 to Sept. 30
Required.
in
Location—
Cash
Cash.Requirea.
in
Utah Copper Co.(quar.)(No. 5)
50c. Sept. 30 Sept. 18 to Sept. 30
Wilkes-Barre Gas & Electric (guar.)
15%
15%
25%
15%
Oct. 1 Holders of rec. Sept. 15 Manhattan Borough
lik1
Brooklyn Borough(without branches in Manlutt.).18%
10%
20%
10%
10%
15%
731%
a Transfer books not closed. b Declared 634%, being accumulated dividends in Other Boroughs(without branches in Manlmttari).15%
15%
15%
25%
15%
full, payable 94% Oct. 1 1909 and 1% each Oct. 1 from 1910 to 1915, inclusive. Any Borough with branches in Manhattan
a On account et accumulated dividends.
10%
5%
15%
6%
in
State
Elsewhere




131

131

131

3gn

THE CHRONICLE

SEPT. 4 1.909.1

575

Boston and Philadelphia Banks.-Below is a summary of
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York not in the Clearing and Philadelphia.
We omit two ciphers (00) in all these itgures
House.-These figures are shown in the table below, as are
also the results-both'actual and average) for the ClearingCapital
and
Legate. Deposits. a, Circti- Clearings.
Loans.
Specie
House banks. In addition, we have combined each corre- Banks. Surplus.
sponding item in the two statements,thus affording an aggre- Boston.
$
"$
Aug. 7_ 40,300,0 217,249,0 23,652,0 4,864,0 272,092,0 .7.566,0 171,902,3
gate for the whole of the banks and trust companies in the Aug.
14.. 40,300,0 216,846,0 23,599,0 4,735,0 269,971,0 7,555,0 149,210,0
Aug.21 _ _ 40,300,0 216,648,0 24,203,0 4,578,0 266,017,0 7,569,0 147,155,3
Greater New York. ,
NEW YORK CITY BANKS AND TRUST COMPANIES.
_
Week ended Aug. 28.

Clear.-House Clear.-House State Banks & Total of all
Banks.
Banks.
Trust Cos. not Banks& Trust
Acfuau?tgures
Average. in C.-H. Aver. Cos. Average.
3

Capital fNat. Banks 1
June 23. }
Surplus 'State Banks I
April 28_1

127,350,000

127,350,000

69,700,000

197,050,000

174,754,000

174,754,000

182,845,100

357,599,100

Loans and investments 1,352,050,000 1,353,397,500 1,226,840,300 2,580,237,800
Change from last weeic 4-1,651,000
+9,523,100
+1.401,800
+8,121,300
Deposits
1,401,958,900 1,404,041,300 a1,210,220,900 2,614,262,200
Change from last week
-649,400 -2,547,700
+2,852,800
+5,400,500
Specie
Change from last week

290,474,600
-3,914,300

202,335,600
-4,037,100

133,031,600
+904,000

425,367,200
--3,133,100

Legal-tenders
Change from last week
Aggete money holdings
Change from last week

77,967,900
+2,143,200
368,442,500

77,034,300
+1,030,601)
:169,369,900
--3,006,500

b22,951,700
+201,7001
c155,983,3001
+1,105,700

99,986,000
+1,232,300
525,353,200
-1,900,800

27,123,100
+134,800

27,123,100
+134,800

183,106,400
+1,240,500

552,476,300
--1,766,000

Money on deposit with
other bks. & trust cos
Change from last week
Total reserve
Change from last week

368,442,5001
-1,771,100

Percentage to deposits
requiring reserve _ _ _
Percentage last week_ _
Surplus reserve

26.31%
26.42%
17,952,775

369,369,900
-3,006,500

18.1%
18.1%

26.33%
26.49%
18,359,575

Aug.28..
Pima.
Aug. 7_
Aug. 14..
Aug.21..
Aug.28..

40,300,0 216,290,0 23,858,0 4,313,0 260,992,0 7,585,0

121,906,3

56,315,0
56,315,0
56,315,0
56,315,0

133,780,7
121,515,6
145,645,0
115,813,9

273,789,0
275,418,0
275,384,0
274,910,0

324,774.0 16,471,0
326,196,0 16,490,0
326,231,0 16,467,0
323,584,0 16,457,0

79,801,0
78,856,0
77,887,0
78,135,0

a Including Government deposits and the Rem "due to other banks." At Boston
Government deposits amounted to $2,013,000 on Aug. 28, against $2,002,000 on
Aug.21.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Aug. 28; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.

1909.

Dry Gotds
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
Total 34 weeks

1908.

$2,873,795
12,417,145

$2,666,088
10,021,926

1906.

1907.

$33,260,360
11,369,250

$3,765,893
11,904,760

815,290,937 $12,688,014 $15,670,453 $14,629,610
$111,979,431 $78,123,179 $125,476,601 $105,545,739
449,984,8 3 322,937,978 463,102.969 389,508,245
$561,964,284 $401,061,157,3588,579,570 $495,053,984

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Aug. 28 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1909.

+ Increase over last week. -- Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries
and other banks and trust companies id New York City"; with this Item included,
deposits amounted to $1,398,270,700, a decrease of $4,708,700 from last week. In
the ease of the Clearing-House banks, tile depohlts are "net" both for the average
and the actual figures. b Includes bank notes. c Of this amount State banks
held $14,985,900 and trust companies $140,997,400.

For the week
Previously reported

1

1908.

1907.

1906.

$11,202,726 $12,869,111 $12,271,821 $12,026,032
393,544,495 412,672,128 405,482,638 382,022,623

Total 34 weeks

$404,747,221 $425,541,239 $417,754,459 $394,048,655

The following table shows the exports and imports- of
The averages of the New York Clearing-House banks specie at the Port of New York for the week ending Aug. 28
combined with those for the State banks and trust companies and since Jan. 1 1909, and for the corresponding periods in
in Greater New York outside of the Clearing House compare 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Week.

We omit two ciphers (00) in all these figures.
Week
Ended.
July
July
July
July
I uly
tug.
tug.
tug.
tug.

3_
10_
17_
24._
31_
7._
14_ _
21_
28_ _

Loans and
Investments. Deposits.
$
2.517,228,9
2,528,727,9
2,523,184,8
2,535,951.3
2,551,022,4
2,563,916,2
2,567,635,5
2,570,714,7
2,580,237,8

$
2,569,534,6
2,585,868,5
2,581,866,5
2,594,113,3
2,601,154,9
2,616,185.2
2,617,930,8
2,611,409,4
2,614,262,2

Specie. 1
$
438,660.7
439,321,7
437,970,9
437,311,3
437,042,8
434,345,5
432,110,1
428,500,3
425,367,2

Tot. Money Entire Res.
Holdings. on Deposits

Legals.
$
101,881,9
101,716,9
104,503,7
104,681,2
104,904,6
101,907,0
101,089,2
98,753,7
99,986,0

$
540,542,6
541,038,6
542,474,6
541,992,5
541,947,4
536,252,5
533,205,3
527,254,0
525,353,2

$
570,475,4
572,772,6
572,739,3
570,710,3
569,955,0
564,823,3
561,422,0
554,242,3
552,476,3

Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Aug. 28, based on average daily results.
We omit two ciphers (00) in all these figures.

Banks.

Cap1-

Surplus.

Loans,
Disc'ts
and
Invest-

Specie.

meals,

N. Y. City.
Boroughs of
Man.& Be.
3 '
Wash.Irgts. 100,0
228,
1,268,0
Century _
200,0
149,6 1,636,0
Colonial _
400,0
249,4 4,561,2
Columbia _
300,0
439,7 5,976.0
Fidelity _ _
200,0
182,7
893,1
Jefferson_ _ _
500,0
684,2 3,324,2
Mt. Morris. 250,0
284,2 2,656,9
200,0
Mutual _ _ _
318,7 3,847,0
100,0
402,2 4,085,0
Plaza
200,0
93, 1,835.7
23rd Ward_
960,4 8,083,3
Union Exch 1,000,0
439,9 4,050,9
100,0
Yorkville _
241,5 1,938,0
New Netli'd 200,0
142,0 1,177,0
Batt.Pk.Nat 200,0
314,2 2,037,8
Aetna Nat_ 300,0
Borough of
Brooklyn.
524,3 3,027,6
200,0
Broadway
787,0 6,087,2
252,0
Mfrs.' Nat
933,9 11,316,0
Mechanics' 1,000,0
954,5 6,162,0
Nassau Nat. 750,0
598,5 4,226,0
300,0
Nat. City_ _
141,8 1,651,4
North Side_
200,0
Jersey City.
First Nat_ _
400,0 1,230,6 4,573,1
720,5 2,945,5
lIud.Co.Nat 250,0
372,9 1,815,9
Third Nat.. 200,0
Hoboken.
First Nat.. 220,0
626, 2,429,1
Second Nat. 125,0
244, 2,337,3

Legal
Tender
and
Bank
Notes.

Deposit withCleartug,
Agent.

Other
Net
Banks, Deposits
&c.

$
$
143,0
62,0
34,1 243,4
683,7 345,9
525,0 500,0
88,1
61,0
9,2 362,9
492,4
38,0
27,6 634,5
320,0 451,0
158,8
49,3
763,4 1,275,0
49,8 781,2
221,0
75,0
258,2
31,6
454,0
29,1

218,0
69,9
597,8
303,0
109,0
201,8
384,0
698,9
785,0
260,2
147,6
299,0
279,0
73,5
284,1

1,300,0
99,1 1,895,5
726,3 6,327,4
6,726,0
905,8
126,8 3,165,9
72,2 3,455,6
5,2 4,660,4
5,129,0
2,136,1
8,120,6
251,4 5,285,2
25,0 2,112,0
1,127,2
30,9 1,920,6

20,5
685,3 113,2
297,9 1,483,4
275,0 537,0
124,0 618,0
140,9
66,0

369,9
765,9
1,261,5
1,038,0
611,0
363,0

474,3 4,007,5
154,8 6,652,4
274,2 14,536,5
6,148,0
179,0 5,368,0
2,252,1

329,9
173,6
44.8

1,558,5
168,7
508,8

416,0 5,607,4
272,8 2,762,5
48,1 2,283,4

107,9
82,8

346,1
35,2
126,7

$

17,2
124,3
57,4 1,878,3
96,0
88,1 303,1 2,756,5
-6,508,9
8,881,5 11,568,5 3.516,6 108519,9
Tot. Aug. 28 8,147,0 12,266, 93,941,2
Tot. Aug. 21 8,147,0 12,266,( 93,287,8 6,304,4 8,771,1 12,237,5 3,905,2 109391,8
Tot. Aug. 14 8,147,0 12,266,0 93,890,6 6,271,1 9,040,2 11,811,4 3,797.6 109279,9




Imports.

Exports.

Gold.
SinceJan.1.I

Week.

SinceJan.l.

$13,958,120
13,881,232

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

2,051,19
5.000
18,890 42,233,33
4,030,195

$20,000

$38,890 576,159,072
47,141,4001
1,005,263 34,227,01

Total 1909
Total 1908
Total 1907
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$810,055 $27,326,02
25,600 2,991,75
9,64
321
105,61
3,080
,

5,22
28,02

$839,056 $30,466,292
729,792 28,500,078
1,739,316 32,060,574

Total 1909
Total 1908
Total 1907

$1,747
13,000
6,634
50,013
11,012

$198,108
2,137,876
10,055
561,104
376,737
1,691,829
1,498,933

$82,406 $6,474,642
192,834 12,829,776
305,621 7,239,741

$6,051
3,346
43,983
4,243
10,136

$206,793
6,317
57,366
99,717
1,567,802
706,643
734,391

$67,759 $3,379,029
97,695 2,4:15,716
271,360 1,777,634

Of the above imports for the week in 1909, $15,500
were American gold coin and $3,346 American silver coin.
Of the exports durin the same time, $38,890 were American
gold coin and ------were American silver coin.

Waking 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. lIt., and Albany, N. Y.

MOFFAT & W HITE
BANKERS
Members New York Stock Exchange
5 NASSAU STREET,
NEW YORK
Banking and Exchange of every
description in connection with

THE ROOKERY
CHICAGO

IMPORTS AND EXPORTS

International Banking Corporation
NO. 60 WALL STkEET. NEW YORK
Special facilities for Travelers
Capital & Surplus. $6.500.000
In all parts of the World.
Branches at How,and Abroad.

[VoL.'Amax,

THE CHRONICLE

576

Vaulters' Gaztite.
Wall Street, Friday Night, Sept. 3 1909.
The Money Market and Financial Situation.-A complete
reversal of conditions has marked the course of the security
markets this week, and the situation has quieted down to
such an extent as would indicate that the recent liquidating
movement had run its course. Anxiety regarding Mr.
Harriman's health has been removed by the positive and
emphatic statement given out by Mr. Harriman himself on
Monday. Consequently more attention is now given to the
general business prosperity of the country, the crops and
such matters.
All the trade indications seem.to point to continued improvement; in fact, the strong tone to the stock market
seems to warrant this assumption. Favorable railway returns are still the feature, quite a number of such statements
being reported again this week. One circumstance which
may have had a deterring influence in the purchase of some
securities was the poor Government cotton-crop report,
although both the cotton and stock markets seem to have
been prepared for this, judging by the slight effect on them.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 23i to 23/2%. To-day's rates on call were 23<©23%.
Commercial paper quoted at 33%©4% for 60 to 90 day endorsements, 4©432% for prime and 4 to 6 months' single
names.
The Bank of Eng;and weekly statement on Thursday
showed a decrease in bullion of £80,236 and the percentage
of reserve to liabilities was 52.25, against 53.11 last week.
The rate of discount remains unchanged at 2%%,as fixed
April 1. The Bank of France shows a decrease of 14,975,000
francs gold and 1,425,000 francs silver.

The following were the rates for domestic exchange on New
York at the undermentioned cities to-day: Savannah buyinF, 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, 30c. per $1,000 discount. St.
Louis, 10c. per $1,000 discount. San Francisco, 40c. per
$1,000 premium.
State and Railroad Bonds.-Sales of State bonds at the
Board this week were limited to $5,000 Virginia funded debt
2-3s, 1991, at 93, and $10,000 Virginia deferred 6s, Brown
Bros. & Co. certfs., at 423.
Transactions in bonds have been in diminishing volume,
while price changes, save in a few instances, especially convertible bonds, have been slight. Coincidently with the rise
in their several stocks, Atchison, Southern Pacific, Union
Pacific and American Telep. & Teleg. convertible bonds
show advances of about 1 to 3 points.
United States Bonds.-Sales of Government bonds at the
Board this week were $1,000 3s coup. 1908-18, at 1013%,
$3,000 4s regis., 1925, at 116% and $10,000 4s coup.,1925,at
118. The following are the daily closing quotations; for
yearly range see third pagefollowing.

NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
Aug. 28.

1908.
Averages for
Differences
week ending
from
Aug. 29.
previous week.

127,350,000
Capital
174,754,000
Surplus
Loans and discounts___ 1,353,397,500 Inc.
51,277,900 Inc.
Circulation
1,404,041,300 Dec.
Net deposits
1,633,700 Inc.
U. S. dep. (Incl. above)
292,335,600 Dec.
Specie
77,034,300 Inc.
Legal tenders
Reserve held
25% of deposits
Surplus reserve
Surplus, excl. U. S. dep

1907.
Averages for
week ending
Aug. 31.

126,350,000 129,400,000
161,127,100 161,407,400
1,401,800 1,289,795,600 1,087,985,400
54,685,200
50,308,500
691,100
2,547,700 1,394,817,300 1,046,055,800
9,247,500
27,926,100
9,800
4,037,100 334,142,000 200,889,500
79,871,300
69,530,900
1,030,600

369,369,900 Dec. 3,006,500
636,925
351,010,325 Dec.

414,013,300
348,654,325

270,420,400
261,663,950

18,359,575 Dec. 2,369,575
18,768,000 Dee. 2,367,125

65,358,975
67,670,850

8,756,450
16,927,450

Note.-The Clearing House now issues a statement weekly showing the total
of 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 second page preceding.

Foreign Exchange.-The market was active and weak until towards the close, influenced by speculative selling, a large
supply of security and stock bills and a light demand for
remittance. The unfavorable cotton-crop estimate caused
a recovery on Thursday, after which the tone grew steady.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86 for sixty day and 4 873.. for sight. To-day's (Friday's) actual rates for sterling exchange were 4 8505©4 85,15
for long, 4 8645©4 8655 for short and 4 8675©4 8685 for
cables. Commercial on banks 4 8480©4 8490 and docu4. Cotton for payment
ments for payment 4 8404 843
4 84©4 843,cotton for acceptance 4 8480©4 8490 and grain
for payment 4 84%©4 843%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 18%(105 183/i for long and 5 16%a©5 16 8d for short.
Germany bankers' marks were 94%©94 15-16 for long and
95 @95 5-16d for short. Amsterdam bankers' guilders
were 40 20©40 22 for short.
Exchange at Paris on London 25 fr. 153%c.; week's range,
25 fr. 17c. high and 25 fr. 153%c. low.
The week's range for exchange rates follows:
Short
-Long-Sterling Actuae@4 8880
4 8530 14 8675
4 8525
High
la 4 8650
Low
4 8495
@ 4 8505 14 8645
Parts Bankers' Francs15 1634a 41.i 5 1634d
High
5 1834
5 1834a
15 1634d (a 5 1634
Low
5 1834
@ 5 1834
Germany Bankers' Marks(a 05 5-16
High
1 9534
95
94 15-16
95 5-16d
1 9534
Lw
9434
9434
Amsterdam Bankers'(Juddersla 40 23
High
1 40 20
(0) 40 22
I 40 20
LOW
1111Less: a 1-16 of1%. d 1-32 of 1%. h 3-32 ot 1%.
Plus: le 1-16 -1 1%. x 1-32 of 1%. y 3-32 of 1%.




14 87
14 8665
1
I
I
1
I
1

Interest Aug.
28
Periods
registered Q-Jan
2s, 1930
coupon Q-Jan
2s, 1930
registered Q-Feb
3s, 1908-18
coupon Q-Feb
3s, 1908-18
3s, 1908-18 ___ _small coupon Q-Feb
registered Q-Feb
4s, 1925
coupon Q-Feb
4s, 1925
2s, 1936.Panama Canal regis Q-Feb
2s, 1938.Panama Canal regis Q-Nov

Aug.
30

Aug.

31

Sept.
1

*100% *WO% *loon *100%
% *100% *100%
*10034 *1003
*101% *10134 *101% *101%
*10134 *10134 101% *101%
*11-6% *116% *116%
*118 *118 *118
*100% *100% *100%
*100% *100% *100%

Sept.
2

Sept.
3

*100% *100%
*100% *100%
*101% *101%
101% *101%

116% *116% *116%
11$ *118
*118
*100% *100% *100%
*100% *100% *100%

* This is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.-There has been a
complete subsidence of the excited conditions which marked
the stock market the previous two weeks. Trading has
been more orderly, though on a much less active scale, a
strong tone being exhibited throughout the week. Values
have manifested an upward tendency save for a partial reaction on Thursday, and the list generally shows substantial
gains.
U. S. Steel common has been an exceptionally strong feature, advancing over 5 points to 803, which establishes a
high record for the year-in fact, a figure never previously
attained since the company was organized. The preferred
moved up three points. Atchison has been conspicuous
for a gain of 3 points, while St. Paul and North West have
advanced about 3 and 5 points respectively. Reading added
about 4 points, while Union Pacific and Southern Pacific
recovered a good part of last week's losses-the former 3
points and the latter 23/2 points.
For daily volume of business see page 586.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Sept. 3.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. L.
Lowest.

10 114 Aug 30 114 Aug 30 105
Cent & Sou Amer Teleg_
2,401 26c. Sept 3 27c. Sept 3 210.
Comstock Tunnel
1.1 St P & S S M leased
line certificates
2,000 0034 Aug 30 9134 Sept 21 89
400 51 Sept 3 53 Sept 3 4534
New Central Coal
200 8234 Aug 31 8234 Aug 31 75
New York Dock, pref__.
170 5134 Sept 2 5134 Sept 2 4934
St Jos & Gr Isl 1st pref
Southern-M & 0 stock
15 86 Aug 30 86 Aug 30 82
trust certificates
100 x121 Sept 3x121 Sept 31i5
U S Leather, preferred
100 66 Aug 28 66 Aug 28 45
Vulcan Detinning, pref.

Highest.

Jan 115 June
Apr 30c. Jan

wri

July
Jan
Jan
Mch

9134
53
8234
5334

Aug
Sept
Aug
May

0,4

Jan 8634 Aug
Mch
Mch 128
Jan 7334 June

Outside Market.-Curb stocks opened this week with some
promise of improvement in responsd to the reversal of sentiment on the Exchange, but then quickly subsided and the
market lapsed into dulness. American Tobacco spurted
from 440 to 460 and reacted to 455. International Smelting
& Refining improved 5 points to 130. Southern Iron &
Steel common, `w. i.," went up from 19 to 20, but subsequently lost all the advance. The preferred sold down from
553 to 54 and up to-day to 55%. Standard Oil, after an
early decline from 697 to 695, reached 703. Chicago Great
Western stocks,"w.i.," were active, the common advancing
2 to 31,but reacted and ends the week at 30. The
from 283/
preferred opened at 583j and dropped to 573. Chicago
Subway, after a gain of a point to 21, was under pressure,
Maryland,
%,selling finally at 18. Western
and broke to 173
3 and down to
"w. i.," was traded in up from 443" to 45%
44, with a subsequent recovery to 4432. Bonds were quiet.
American Writing Paper 5s gained 2 points to 89. Western
1i. Jones & Laughlin 5s
Pacific 5s advanced from 98% to 983
%.
Cables
- from 1025
% rose to 103, but sold down finally to 1023
Mining shares, as with the rest of the market, were feature(0) 4 8705
% advanced to 15%
ai) 4 8675
less. Boston Consolidated from 143
and ends the week at 15. Butte Coalition sold up from 253'
4. Greene Cananea advanced from
to 26 and reacted to 257
5 but fell to 9%. Nevada Consolidated from 23
932 to 9%
2. United Copper
improved to 25 and closed to-day at 243/
common advanced from 10% to 11, and sank to 10.4.
Giroux went up from 93% to 10 and down finally to 9•
Nipissing advanced from 103 to 103'.
Outsideiquotations will be found on page 586.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPY1N44 TWO PAGES
STOCKS-HIGHEST AND LOWEST
Saturday I Monday
Aug. 28 1 Aug. 30

7'tuldnv
Aug. 31

Wedneaday
Sept. 1

ALE PRICFS
Thursday
Sept. 2

Friday
Sept. 3

Sales 01
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Ranoe since Jan. 1 1909.
On basis of 100-share lots.
Highest

Lowest

Range for Precious ,
4
Year (1998).
Lowest

Railroads
11714 11818 11738 11834 11858 12038 128,160 A tch Topeka 6c SantaFe 9778 Jan 13 12113 Aug 12
11712 11838 11814 119
116 117
66 Feb
101 104 *104 10158 10458 10458 10434 10434 10434 10473 10434 10434 1,110 r). Do pref
0014 Jan 20 10634 J'ne21,
8338 Feb
2,300 Atlantic Coast Line RR
13012 137
13312 13512 134 134
135 135
133 13512 13312 136
10712 Jan 14 14312 Aug 12
592 Mch
11634 11738 11738 11734 11714 11773 11712 11734 11738 11858 13.430 Daltimore & Ohio
11512 116
7612 Feb
10312 Feb '23 12214 J'ly
9312 *93
9312 *93
100 1 I Do pref
*93
9312 *93
95
9312 9312 9312 *93
96 Apr 12
80 Jan
92 Feb
7912 7878 7958 7814 79
7834 7933 7834 7918 15,395 Brooklyn Rapid Transit_
7878 79
78
3714 Feb
67 Jan 9 8273 J'ne 7
18638
5,875
18512
18512
x182
18412
18213
18212
182
flanadlan Pacific
18212 18234
184
18612
z165 Meh 3 18914 Aug 2 140 Feb
*6812 72
*6812 72
*6812 75
*6912 70
*6812 72
*6812 70
kianada Southern
54 Mel
6014 Jan 11 6934 Aug 21
30912 30912 309 309 *305 310
910 Central of New Jersey_
309 3101. *305 315
*300 315
215 Feb 23 315 Aug 5 160 Feb
553 Jan 6 8378 Aug 12
7912 8014 81
8218 8112 8212 81
8173 81/2 8214 8134 8238 61,400 Chesapeake & Ohio
2512 Feb
800 Chicago & Alton RR
*64
67
6512 6512 64
6412 63
*6312 65
64
5412 6538
7434 Apr 1
5778 Feb 24
lu Feb
*._
73
*72
73 *._ __ 73 *---- 73
Do Ind
73 *._.. 73
47 Mch
71 Feb 24 7812 tich"7
1038 1114 1138 1234 1112 1234 1114 1134 114 1214
218 Feb
11
1112 2,100 Chic G Wes ctfs dep 1st pd
8 Aug 20 1234 Aug30
*60
64
*58
64
*60
64
64
3312 Mel.
*58
*60
Do 4% deben ctfs dep_
64
64
*60
*3118 3478 34
300
Do pref "A" ctfs dep
3534 *3514 37
27
1314 A
3514 3534 3514 3514 *34
Aluig
g2
16
3 3534 Aug 30
3534
1512 Feb
400
Do pref "B"ctf s 1st pd.
15
1534 1578 1678 16
16
1534 1534
1634 1512 1512 16
1678 Aug 30
5 Feb
15618 15714 15634 15758 156 15631 15634 15734 15714 15812 25,010 Chicago Milw & St Pam_ 141 Feb 23 16312 Aug 10 10312 Jan
15418 15.5
1,800
177 17714 17712 17712 17612 177 *17612 17712 17612 177
Do pref
*17518 178
15812 Mehi5 181 Aug 16 138 Jan
192 192
191 19412 195 19714 *195 197
196 19673 19618 19614 2,115 Chicago & North Western 17318 Feb 24 19812 Aug 18 13512 Jnn
Do pref
10
*22112 230 *20112 230 §225 225 *22112 230 *22112 230 *22112 230
z208 Mch
4230 Aug 7 4185 Jan
*160 165 *160 165 *160 165 *160 165 *160 165 *160 165
Chic St P Minn & Omaha 198 Apr 22 167 Aug 13 114 Feb
*175 185 *175 185 *170 180 *170 180 *170 180 *170 180
Do pref
1661. Jan 30 4180 J'iy 27 19012 Jan
4 J'ly 6
Chic Un Trac ctfs stmpd
7 Jan
58 Apr
*512 614 *534 614 *512 614 *512 6
*512 614 *512 614
*1212 15
*1312 15
12 J'1112 1814 Jan '27
Do pref ctfs stmpd
*1212 15
*13
15
*1212 15
*1212 15
4 Apr
916 Cleve Cin Chic & St L
73
73
7314 7312 7412 7412 7412 7412 *73
t8 Jan 29 7912 Feb lb
74
7414 7414
4712 J'ne.
*105 10712 105 10912 *107 10912 *105 109 *105 109 *105 109
Do pref
100 Jan 4 105 Mch 22
8518 Feb
*52
54
54 Aug 20 6814 Jan 8
54
54
*53
Colorado & Southern
*52
54
*52
55
*52
54
*52
21 Feb
581
81
81
*81
Do 1st preferred
82
82
82
82
*8112 8214 *81
82
82
86 May 1
5038Jan
.
j
Ta
an
980
8014 8014 *80
n 2 8412 Jan 7
Do 2d preferred
81
80
80
3934 Feb
*7934 8014 8014 8014 *7912 8012
167
73
190 191
54 jrFae,bi 24 200 May14 14112 Feb
18912 19112 19112 19278 191 19114 19112 19212 19212 19334 5,200 nelaware & Hudson
I elaware Lack dc West.
Ii 680 Apr 22 420 Jan
*550 560 *550 570 *550 660 *550 555 *550 560 *550 570
3 3
48
4734 48
4838 3,150 Denver & Rio Grande
4612 47
6 54 Apr 20 - 1914 Feb
4734 4814 • 48
4814 4734 48
53
75
9:
1 Jan
4,171
Do pref
Feb 13 90 Feb 10
85
3914 Alch
87
86
8534 8634 8612 8612 8658 8733 8612 8658 87
100 Detroit United
56 Jan 30 7134 Aug 13
*69 ___ *69
6944 6934
*6814
_ *6834 -- *6914 -3212 Apr
610 Duluth So Shore & Atlan 15 Aug30 21 Jan 15
1512 1514 1514
15
6 Feb
610
1
3612 Jan 15
Do pref
50 -5.0(
4 30 30 30 30 29 2034
3
26812 F
mcebh:3
1134 Feb
3514 36
39 J'ne 7
3434 3612 3514 -36 - -3538 3614 28,700
34
3478 3514 36
2258 Mch 11
12 Mch
E
563
rieDo
4
53
*53
5314
52
5214 5278 531. 53
Aug 9
1st pref
5318 5314 5378 3,500
2438 Mch
53,2
44
*4314 4412 4334 4334
44
600
4214 4214 44
434 4358 44
2812 Melillo
46 Aug 2
Do 2d pref
16 Mch
14934 15134 1521. 15318 15273 15312 15234 15338 15318 15312 15338 15414 26,115 Great Northern pref
13658 Feb 24 15778 Aug12 11334 Feb
z8012
8114
81
8112 8238
Iron Ore
8812Aug 12
8114 8178 82
7812 7912 7912
_ 6518 hich12
8312 15,640
4812 Jan
-___
*1514 ---- *1514 ---Green Bay &properties_W.deb ctfB 14 Feb 26 17 Jan 4
*1514
8 Jan
67
67
68
6512 67
"ii" 71 *71 "iE" 74 -70
avana Electric
74- - -1;i65
'20 Mel
39 Feb 1 74 Sep 3
*8312 90
8318 Feb 5 89 J'ne 12 470 Jan
*87 90 *87 00 *88 00
*8312 90
*8312 90
Do pre(
*_
*oi_ 12314 122 122 12218 12218 122 122 12218 12218 12214 12214
500 Hock Val JP & M COMB 97 May 11 126 Aug 14
62 Feb
0378 *92 9378 93 93 *92 93 592 92 *92 93
100 Hocking Valley pref.
9412 J'11c11
88 Apr 2i
69 Mch
15212 15312 15334 155
137 Feb 2:' 16218 Aug 12 12212 Feb
154 154
15434 155
155 15518 15512 15534 2,425 Illinois Central
1414 1412 1438 1473 1414 1458 *1412 15
1412 1412 1418 1433 3,650 nterboro-Metropolitan_
116s Mch 23 19 Jan 5
634 Jan
523
8
7,625
J'ne
46
3634 5fch23
Do pref
28
4678 4634 474 47
1718 Feb
4714 4658 4678 4634 4738 4558 47
29
27 Feb 21 36 Apr 15
29
2012 2934 2912 3034 *30
10 Feb
3012 3018 3038 301,1 3038 2,780 Iowa Central
5412 .Tan
Do pref
*53
62 Apr 15
5612 5614 5612 5614 5612 2,210
2712 Feb
50
*54
57
55
5612 56
700 VC Ft S & M tr cfs, pref 7434 Feb 2 80 Sop 2
*80
7914 80
67 Aue
80
7812 7812 7812 7812 79
79
79
46
4612 47
37 Feb 23 5014 Aug 18
.
18 Feb
4734 4714 4812 4712 4814 9814 4812 48 -4
81-4 10,125 mansas City Southern_ _
1
7512 Aug 18
Do pref
61977182 FebF b 28
46 Feb
7312 1,600
73
7312 *73
73
73
7312 7312 7312 7358 7312 7334
2912 Aug 2
*25
ake Erie & Western
*24
28
*24
27
27
*24
26
*24
26
*26
27
12 Jan
62
100 1. A Do pref
62
48
6134 6134
*55
*55
62
62
*55
an 23 6478 J'nel4
34 Alas
*55
62
*55
Long Island
*65
69
69
*65
*65
69
*65
69
*135
59 Jan 4 711$ May24
*67
70
30 Feb
70
z121 Jan 29 16212 Aug 12
152 15214 15134 152
1514 15212 7,000 Louisville & Nashville
8714 Feb
149 15034 15014 15112 151 153
*14112 143 *14112 145 *140 142 *140
mu
ch
g20
6 15312 Jan 4 1211 Jan
15
42
014 A
anhattan Elevated
*140 14312
*25-- 24 *20 24 *20 24 *20 24 *20 14312
LT etropolltan Street
18 J'ly 2 42 Jan 5
*20
24
15 Feb
24
5334 54
5412 5412 5414 5412 5412 5412 *5312 5412 1,900 Minneapolis (Sc St Louis,.,
*52
55
65 Jan 8
'20 Mch
*83
89
89
86
81 Mehl() 90 Jan 8
89
200
*83
61 Feb
*83
8634 *84
Dopref
*83
89
89
14318 14358 143 14378 *143 145
*142 145
13212 Jan 2 14912 Jan 8
1444 14473 1,300 Minn St P & S S Marie
144 144
7914 Jan
147 Apr 13 16412 Aug 9 12312 Feb
*151312 165 *155 165 *158 165 *155 165 *155 165 *155 165
Do pref
3512 Feb 23 4478 J an 22
1712 Melt
4014 4012 41
4113 41
4112 4158 4212 4212 4314 4234 43,4 32,850 Mo Kansas & Texas
757
8
Aug
23
753
4
Feb
24
*7412
*74
7512 7378 74
96
Feb
3,500
Do pref
71
7434 7538 7514 7512 7534 7534
73
65 Feb 24 7712 Aug 5
2812 Feb
7112 72
7334 73
7234 7333 6,010 Missouri Pacific
73
7378 7234 7314 73
9734 Jan
130 130 *130 139 11,130 135 *130 135 *130 135 *130 135
12212 Jan 6 13912 Aug 12
100
a
rtzliRCyhsaotft
5312 *5314 54
*5212 8312 53
Mci 1st pref 4412 Apr 5 55 J'ly 8
6334 54
5334 5412 5434 5434 3.100
2212 2273 2258 23
2312 2234 23
2212 Aug 16 265s May22
11,750
Do 2d pref
224 2258 23
2258 23
13518 137
401
812 Feb
m h'14
8 14134 Aug 18
9018Jan
13778 13914 13812 13912 13758 13834 138 139
13812 13914 67,060 N Y Central & Hudson_ 12
59 J'ne 7
*53
55
*53
5512 *53
2412 Jan
5612 *53
57
5734 1,300 N Y Chic & St Louis....
53
55
56
*100 105 0100 105 *100 105 *100 105 *100 109 *100 105
Feb 20 100 Feb 20
90 Jan
Do1st pref
7614 Apr
*83
80
*83
89
88 Aug 17
*85
Do 2d pref
60 Feb
*85
*85
88
88
88
88
*85
170 170 *170 171 *170 171 *169 171
360 NYNH & Hartford.- 157i3 Feb 24 17434 J'ne 14 12838Jan
_
17014 171
47
4712 48
5558 J'ne l2
4812 48
4811 4812 4812 98
2918 Feb
4814 4813 4812 4,200 N 1( Ontario & Western_
9658 Aug 7
9412 3,920 Norfolk & Western
58 Feb
9314 9334 9314 94
9334 9378 9312 9334 9334 9334 94
8
84'
14
8 ji.
h.a
Do adjustment pref
74 Mch
lecnbh 26
93
*9012 9312 *91
93
*9012 931. *91
64 9212 J'ly 28
15134 1E31-2. 155 1.5614 15514 15614 15518 15618 15534 156
15578 15673 34,550 Northern Pacinc
13314 Feb 24 15912 Aug 12 11673 Jan
200 Dacilic Coast Co
*97 100
*98 100
*95
06
*96 100
100 100
100 100
76 hieh 3 103 Aug 11
65 Sep
*98 110
300 L
*98 100
*98 100
*98 100
*98 110
105 105
Do 1st pref
100 Mch 30 105 Aug21
90 May
*98 108
*98 108
212
*98 108
*98 108
10212 10212
*98 108
88 Meh27 10012 Sep 3
Do 2d pref
79 Mch
12613 Feb '13 14378 Aug 12 10534 Jan
13818 13834 13913 14018 14013 14012 13978 14038 14038 14078 141 14214 41,025 Pennsylvania
*__ 91
92
92 *---- 92
02
*50
91
200 PIttsb Cin Chic & St L
91
91
8612 Jan 5 9473 Aug 3
59 Jan
*110 115 *110 115 *110 115 *110 115 *110 115 *110 115
Do pref
8113 Mch
104 Feb 10 116 Aug
118 Feb 23 166 Aug'?
9218 Feb
15518 15734 15878 16058 15912 16114 15818 16012 15914 16158 16113 162 558,000
*92
95
422
95
89 hich22 96 Aug23
*94
irgpref
78 Jan
94
94
49314 9314 9312 9:312
102
100 100
500
2d pref
10434 May13
*99 101
-i66 *99 102 *98
76 Jan
99
98
3812 3014 3918 3058 3918 4012 68,821 Rock Island Company_
9238 Aug 12
90
2078 Feb 29
1
1012 Feb
3714 3812 3838 3914 3913 40
8038 Aug 16
5758 Feb 24
7718 76/8 7634 7613 7814 16,200
Do pref
2034 Feb
_
7412 7514 7578 7638 7634 7718 76
*69
72
72
*69
42 J'ne
72
72
*70
& San Fr, 1st pref. 6614 Mch29 73 J'ly 15
7012 7214 1,500 Qt
*70
*70
72
5512 5578 55
36 Feb 23 5912 Sep 3
1914 Feb
5612 5612 5912 8,250 13 Do 2d pref
5414 55
5512 5578 554 56
2618 27
2.450 St Louis Southwestern.. 2012 Feb 25 2812'.1'ne 2
2634 27
*2634 27
10 Mch
254 2558 2558 2558 2578 26
5,700
'2412 Feb
Dopref
4712 Jan 6 7112 J'ne 2
6514 6514 6538 6633 6618 6678 6633 67
6434 6514 6453 55
12734 12878 12853 12958 12878 12934 221,980 Southern Pacific Co
11458 Feb 24 13918 Aug lb
6614 Feb
125 12634 12814 12078 12838 130
Do prcf
1.
18
234 P
F:e
eb 24 137 J'ne 8 1064 Jan
34 Aug 11
918 Jan
-5617;3 3012 -31- 311 -3034 3112 aofs 3012 -51554 11171 -3013 3114 WOK, Southern v tr cfs stmpd7113 6953 6958 6934 6934 71
do
Do pref
60 Jan 5 75 Aug 12
'2612 Mch
7114 1.250
6912 70
*7012 7112 7034 38
58 38
3914 3812 3018 :3812 3834 45,200 '13exas & Pacific
30 Feb 24 4012 Aug 23
1234 Feb
3512 37
3714 3838 3734
24
2312
2412
24
third
24
7,850
2314
1512 hieh
Avenue (N Y)
2213 23,2
21
16 J'ly •2 4215 Jan its
22
2314
22
*83,1 1012 *812 1012 *9
roledo Railways & Light
10
*9
1012 *812 10
43
7 hfay2
16
2 154 Jan 2
*814 10
612 Oct
5114 5178 5112 5214 52
5012 5214 5114 52
Feb
4914 50
5434 Apr 19
12 Feb
5212 5,900 Toledo St L & Western
7012
7012
7012 7034 7034 7113 3,775
Do pref
7414 Jan 4
6434 Feb 24
69
33 Feb
6954 6934 7034 7034 7078
2,505 Twin City Rapid Transit
110 110
*10612 108
11014 Aug 16
107 10712 108 10814 10812 10978 10912 110
Jan
7814 Feb
19412 19812 200 20234 20078 20314 19878 20112 20058 20234 20173 20278 527,532 Union Pacific
1972712 Feb 24
2 219 Aug 16 11012 Mch
10312 10414 10414 10518 10533 10614 10334 10514 10514 10612 10614 10734 20,150 •
Do pref
z94 Melt 1 11812 Aug 10
1914 Apr
42
4112 4158 41
*37
391; *37
3812 39
4133 4.800 Unit Rys Inv't of San Fr 30 Feb 25 42 Sep 1
3912 38
15 Jan
5913 6212 5233 6334 63
*5712 5812 *57
0,700
Do pref
1014 Feb 25 6334 Sep 2
59
2712 Jan
63
5812 59
*2058 21
2018 2014 2034 2114 2118 2118 2012 21
21
2.700
abash
21
15 Feb 23 2468 J'ne 15
634 Mch
6334 5318 6334 29,200
50
5278 5218 54
41
312 j
Fely
b3
20
3 6134 J'ne 15
13 Mch
5314 5373 524 5378 53
514 512 *212 6
518 512
*1
15,150 WesterD
6
518 512
284 May 7
5 Mch
n oMa
5
Prry
512
eltand
*812 012
912 10
101/1 1018 10
912 10
J'ly 13
1278 Jan 4
412 Mch
1078 3,300 Wheeling & Lake Erie_
978 1038
*19
19
21
*19
21
1514 J'iy 13 2578 Jan
19
*19
22
250
2078 2078 *19
1218 Apr
Do 1st prof
21
*10
12
1112 1134 *11
*10
12
1112 1112 *10
612 J'ly 13
Feb
1513 Jan 8
12
900
Do 2d prof
12
57
5418 541$ *54
*54
55
55
3578 Jan 6 6378 Apr 20
*54
700 Wisconstn Central
65
1312 Feb
65
55
65
*8912 9014 *8912 ____ *90
93
8614 1Tch31 9173 N1av20
Do pref Trust Co etfe
*90
*90 ..--- *90
9312

773b%

HI

N

100

6

Reals

W

BAN KS AN') Tit UST CO NIP ANI ES-BROKEitS
Eia




Ask

10114 Dec
109 Dec
11112 Dec
1178 Dec
94 Dec
6934 Dec
18018 Nov
68 Nov
229 Dec
5933 Dec
6878 Dec
79 Dec
1458 Nov
6814 Aug
/3 Dec
1713 Nov
15212 Dec
16434 Dec
18512 Dec
'224 Dec
160 Dec
174 Dec
718 Dec
18 Dec
70t2 Dec
4973 Dec
59 Dec
79 Dec
76 Dec
181381Dec
US Nov
401, Dec
8314 Dec
06 Nov
Nov
3334 Nov
36 Nov
5138 Dec
41 Dec
19514 Dec
7513 Nov
1712 Dec
40 Dec
84 Dec
104'2 Dec
93 Dec
44934 ov
20 Dec
4912 Dec
3212 Dec
57 Dec
7512 Dec
9238 Dec
7213 Dec
26 Dec
58 Dec
5638 Dee
12534 Dec
15434 Dec
4912 Dec
56)2 Dec
90 Dec
1:35 Nov
16112 Dec
4312 Dec
7512 Dec
6712 Dec
122 Nov
126 Dec
5712 Dec
105 Nov
85 Dec
161 Nov
47% Dec
8614 Nov
88 Dec
15734 Nov
2313 Jan
90 May
97 Jan
13214 Dec
8812 Dec
10834 Nov
14314 Dec
92 Dec
99 Dec
2514 Dec
6258 Dec
69 Dec
4214 Dec
29 Dec
5578 Dec
12212 Dec
12512 May
2714 Dec
6312 Dec
8714 Dec
47 Aug
1512 Dec
W Dec
7312 Dec
9638 Dec
18978 Nov
98 Nov
90 Dec
6912 Dec
2052 Dec
6214 Dec
24 Dec
13 Dec
2614 Dec
1514 Nov
3814 Dec

QUOTATIONS

Ask
Ask
B14
Bid
Banks
Ask
Banks
ind
Banks
dank t;
Banks
Bid
A"
_ __ Prod Each 11
- - Nassau 11_ 215
-- Fifth
300 350 Jefferson 11 .
Ch-lsea Ex li 20.
-- . First
5) 560. New Netta'd 200
180New Yor ,;
820 810
210 Reserve-Liberty--53
JhemIcal ___ 425
435
Aatna
.. Seaboard __
VewYorkCo 750
. Citizens' CU 15/12 15212 14th St11
115 Lincoln __ 420
155
343
America 11_
New York _ 325 335
576
230
--- Manhattant 335
-,.. Fourth
Second ____
t390
585- city
Mark't&Ful 258
263
N'ht &Dayl 220
250 Sherman __
Atnzr Exch. 250
255 Joat 63 Iron 140
150 Gallatin
340
350
Battery 11k 133
__ Garfield .._ ,. 290 300
Mechanics'_ 252 260 19th Ward_ - 420
State _1..,..,_
..... Colonial II__ 30i)
---- Northern _ 1-10
--__ 12th Ward_
Bowery 't -, 375
___ Columbia 11_ 375
4-2-5 Germ Am 1j 140
-- Mercantile.1140
. Commerce . 185
Bronxiiorol
189
--Pacific 1I
230
240 23d Ward 11
...... %lurch Such 160
Gerin'n Ex1, 450 .
Bryant Pk 1 300155
--Park
- Merchants'. 162
455
965
165
- - Copper ..,
- Germania 11 550
Union Sic _
Butch ea D 140
150 Awn Ex 11- 333
265-,.340 Greenwich 11 265
280
--- Metropolis li 375_-_-_-- People's 11.._ 280
295
Wash 11%, T
Century 11- 170
175
East River. 125
135
tianover
555
...... Aetroporn11 18712 195 Phenix
175
186
West Side li
300
Chase
____ Fidelity 11- 165
175 imp & Trati 560
--- At Morris11- 250,,,-- Plaza L..... eV) 625
Yorkville 1
Chatham
295
3‘15
__. Irving N Ex 195
Fifth Ave11 4000
..- Mutual II.-- '29) 31-0
13id anu aiued prices: no sates were made on this day.
ft-mots. § Less Man 100 snares. 'il State banks. a Si-dividend and Kato. 0
• Sale at Stock Exchange or at auction this week
h First installment paid. is Sold at private sale at this price.
Bank.:

Highest

Riti
17212
135
385
376
135
300
_
130
18712
270
500
498

Ask
18211
14211
375
.....
_.
_-„,.
180
-,..
1-911
--«
......
-......

New stook.
-•

[voL Lxxxix..

New Yor1 StOCK Record-Concluded-Page I

1678

Sairs 01

STOCKS,-111GIIEST AND LOWEST SALE PRICES
Saturday
Aug. 29.

lidondaq
Aug. 30.

Tuesday
Aug. 31.

Wednesday
Sept. 1.

Thursday
Sept. 2

Friday
Sept. 3

the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range sin,c Jrn. 19119
0. basis en 104-share lot;
Laval

Ramie MI Previous
Year i'1108)
11tonal

Meat

liyhest

Industria1&111scellaneous
08) Jan 20 5225 Aug20 169 Jan 1200 Aug
A dams Express
_ _ *226
*226
_ _ *226 _ _ *227
*226
*226
1633 Dec
b Met'
1078 Aug 3
J234 Feb 24
1514 - 2,650 ri Ills-Chalmers
1518 1518 15
1514 151
153.1 1578 *1512 -16
15
15
6234 Dec
MC11
14
38 Feb 24 5738 Aug 3
1.900
Do pref
*5112 53
53
5312 5314 5358 5438 *5312 5412 53
54
*53
8838 Nov
4518 Feb
(15 Feb 2)) 8918 Aug 12
_
Copper_
Amalgamated
84
92,000
843
4
8412
8314
84
4
3
84
82
843
8358 85
833
83
35 Nov
50 Aug 1.
13 Jan
4834 2,400 Amer Agricultural Chem. 3312.1311
4834 48
4814 48
48
49
49
4858 491
48
48
96 Nov
78I Jan
9512 Jan IS 163 Aug 3
Do pret
102 110 *102 110
,Apr
3411
*10234 108 *102 110 *102 110 *102 110
912 Feb
4912 Aug 2
2014
J:ma
13
Beet
7,200
46
American
4512
45
8
455
46
4514
465;
,i134 Dec
45
46
451
4612 46
97%8 (10 11
t-2 Jill 1
65 Jan
100
Do pref
9612 9612 9613
9612 *95
*95
961
*95
Nov
1014
Feb
Nia521
1418
23
4
713 Feb
8 1212 1212 1212 1212 1213 1234 1,950 American Can
-123121 -1i58
*12
7678 Nov
44 Jan
7112 Feb 23 86 .1'ue 4
83
Do pref
8334 8334 2,130
8234 838312 8334 8314 8314 83
Dec
8212 821
5034
4
Aug
7078
Feb
2512
24
Feb
9414
Foundry
&
14,525 American Car
6758 6818 6734 68
6834 6758 68
68
65
685
67
661
5414 Mch 109 Dec
10712 Feb 23 12434 Aug 3
600
120 120
Do pret
120 120
*119 12014 *119 12014 *11912 12014 120 120
2434 Feb
4434.Nov
7412 7412 7412 14,375 American Cotton OIL.... 4218 Jan 5 7713 Aug 9
72
721
731, 7312 7412 7378 7513 74
71
97 Nov
w613
480
,Jan
Mayll
7
Jan
118
102 102
300
Do pref
*101 1031 *101 1031 10212 10212 *101 103 *101 103
1205 Feb 5 23213 Anglo 170 Feb 224 May
Express
240
20
240
*222
American
*222
240
*222
2-10
*222
*225 240 5235
812 Dec
234 Feb
614 Feb 25 10 Sep 3
10,700 American Hide & Leather
95310
812 934
818 818
*814 834
812 83
*818 81
1212 Met) 3734 Dec
34 Feb 21 5178 Aug 3
5034 12,417
Do pre
4814 51
50
*4712 481
4812 483.,, 4712 4914 4612 48
al7s Aug
42i4 Apr IS
1212 Feb
1878 Jan
_
Securities_
Ice
3,300
3312
8
American
33
333
3318
33
33
3438
3312
3278 33
3313 391
iv, Dec
6 Men
.12 Feb 25 20 J'ne 14
1678 1712 1713 1814 8,200 American Linseed
1614 1718 1078 17
16
*15
3)314 Dec
1534 153
17 Niel
20 Jan 12 4731 J'neii
Do pref
44
4212 44
4412 4434 4514 4,200
4134 431
593,,) Aug
42
*40
42
*39
ug
3138 Feb
23 6914 Aug
Feb
49
16,200
Locomotive
59
60
5978
American
5912
6014
GO
GI
60
62
60
5814 591
8612 Jan 113 Dec
10914 Feb 21 122 Aug
Do pret
11558 11534 115 11512 1.010
115/2 116 5116 116
116 116
*116 118
1142
5
110
1
Alen
Sep
tir,;
•
:
16
.. 512 J'ly
300 American Malt Corp
9
9
*834 9
*812 9
9
*8
812 81
9
*8
581. o .ie 3
21 Jan
5 Is Sep
Jan I
54
900
54
Do pref
5358 *5212 54
53
5312 54
53
5234 5234 *52
8412 Aug
70 Jan
0 Jan 4 9238 Aug 27
91
9114 9112 9114 9113 1.900 Amer Smelters Sec pret B
9138 9138 91
01
91
0138 911
5512 Feb 107 Aug
Aug 12
10478
29
9912 100 116,300 Amer Smelting& Refining 7734 Feb
9012 10134 9838 10018 9858 100
10012 1011
1)8k.100
6
8734 Feb 11038,Aug
101 Jan 2 11634 Aug
650
11414 11414
Do prof
11414 11414
*113 1141 11438 114
226 •Alch 9 280 Aug 5 181) Aug 200 Apr
*250 300
American Snuff
*250 300 *250 300 *250 300 *250 300 *iio300
80 Met, 9712 Sep
95 Mis 1 105 May22
1041,
*101
Do
*101
pret
10412
10412
*101
1041
*101
1041
*101
100
*101
41 Nov
28 Sep
3478 Feb 24 6314 Aug 7
5912 1,283 Amer Steel Found (new)5812 5812 59
59
5934 5934 59
6812 581
57
57
Apr
l'51,
9834 Jan 13734 Aug
I7
Joe
121
129 13012 13014 13058 2,510 American Sugar Refining
13112 13112 *129 131
12912 1301 131 131
120 J'ne 16 131 Apr 8 W5 Feb 131 Nov
128
200
8126
pref
Do
128
*126
125
z125
128
*126
128
Aug 2
12614 1261 *121313
Jan 13:258 Nov
28,420 American Tcleph (!c Teleg 125 Feb 1 14332 ma,'6 101
142
9/12 J'ly
139 1393 13912 1401 14038 14214 141 14218 191 14114 14138
7213 Jan
10118 10112 2,506 American Tobac (new),pt 11012 Feb 6 104 Aug 27
1015* 1011 101 10118 10112 10112 10112 102
3233 Dec
101 101
1512 Feb
4012
1
Feb
26
40
3,300
40
Woolen
American
40
3913
40
3914
4014
39
3918 391
J'ne14
97 Nov
397
39
Feb
10734
7814
c,
Jan
4
9:33
Do pref
10614 1061 106 1061 10534 10534 10534 10578 *10514 10614 1.300
5312 Nov
105 106
32713 Feb
$52 May S
485; 4778 4814 4734 4838 4814 481, 3,640 dAnacondaCopper Par$25 53734 Feb 26
4734 481.. 48
4738 475
2 134 J'ne 25
Apr
•
105
pref
*109
1st
Merck
Assoc
-*109
-___
*109
____
0
*109 - *109 ____ *109
Feb
10413
Feb
10113
17
____
*10713
Do 2d pref
*10712 ____ *1071, ____ *1071, ____ *10712 -*10712
.(1103i)
3.5 Alch
*212 Jan
458 458 -1:605 dBatopilas Mining Par$20 $278 Jan 29 gbl, Sep 3
*458 5
*458 5
412 478 . *458 5
5
2714 Nov
*4
12 Jan
1834 NIch 11 3513
3334 32
3278 333s 3512 13.800 Dethlehem Steel
3212 32
3134 3213 32
57
Nov
3218 321
3
Sep
6912
Apr
35
24
Feb
6612
47
66
6913 2,500 I
Do pret
*65
66
65
65
65
65
64
66
*63
118 'Jan 28 15112 Sep 1 285 Feb 15214 Nov
800 Brooklyn Union Gas___
150 15112 *150 152 *150 152
*14612 150 *146 150 *147 151
17 Nov
no 15
21)",
fi Jan
13
Jan
13
&
Imp
C
2,200
Dock
1734
Brunswick
1812
1734
4
4
3
173 17
1734 1734 *17
1818 183 *1734 181
•13 el i 110 Feb 425 Jan
.237s Jan 2 348 Sep
250 flu tterlck Co
32
3214 *3014 3034
33
*32
*3134 33
*30
311 *3014 32
2
33 Dec
4412
1512 Feb
2512 Mott 2
1 55,100 lentral Leather
4218 4114 4218 4112 4412 433844,
40
3934,40
3918 391
ill Sep
7534 Jan 102 Dec
5
Apr
9934
V
pret
4
1,382
Do
111
1083
£10834
11018
110
110
110 110
*100 109 *107 110
Aug
8
42 Dec
483
Feb
8
155
23
Feb
29
4434 4518 4414 4412 4418 4434 4412 4534 11,900 Colorado Fuel & Iron__ _ _
2712 Dec
4213 4414 4434 45
Sep 2
1434 Alen
7518 11,350 Col & Hock Coal & Iron. 2138 Feb 23 7512 oan
7314 7338 7512 74
167 Deo
7014 7034 717238 7218 7234 72
4
165,4
Ski
Jan
4
Feb
11413
(N
Y1
Gas
Consolidated
146
16,095
4
3
14734
14534 14714 14614 14713
2
2012 Aug
.1'ne
11458 14513 14658 148' 14634 148
2612
Feb
1034
'21
Feb
1652
*2312 24 • 2313 2412 7.160 Corn Products Refining_
2438 2334 2414 2338 24
24
231
80 Aug
23
56 Jan
;314 Feb '24 9312 4110 1
89
Do pref
1,600
8834 8834 8878 8878 39
8838 8858 8813 89
8858 885
494 Oct
61
Oct
Ala.525
4713
5
9
Ja
45
61
Carpet
*55
Crex
60
*55
60
*55
60
*55
60
60
*55
*55
'414 Feb
'834 Dec
4112 Jan 25
3,920 Distillers Securities Corn :3212 Feb 23 9512
3814 38. 39
385s 3734 3858 3838 3838 38
38
94 Aug
371
37
7212 Nov
55 • leh '1
Smelt'g
8913
*81
&
*81
Mining
Federa:
8913
8913
*81
8912
*81
8913
Si) Nov
*81
86
*81
69 Feb
Feb 94 04 Aug 11
02
500
9034 91
Do pref
92
94
*89
6813 J'ne
13
*8814 941 *8814 93
04
J'ly
J'ly
*88
451
55
Federal Sugar Ref of N Y 545 Alch2O
7:312 Feb 100 J'ly
:.5 95 Aug 3
Jan
08)
pret
98
Do
;oil
98
76616234 Dec
;55- 98 ;oil- 9815018 Feb 23 17234 Aug 12 ill Jan
16712 -"aion Genera' Electric
10:113 J'ly
Jaii 4
105 166 - 168 113818 159 16918 168 16912 16818.16818 riai2
7834 Jan
91 Mch 12
300 Granby Cons Si S & P__
6783 Nov
100 100 *100 105 *100 105
100 100 s100 105
62 Joe
*98 104
8978 Aug 12
31)
Jan
62
ctfs
tr
stk
200
Harvester
nt
I
8812
89
8812
*8612
89
*84
88
*84
88
11014 Nov
J'ne
inc
88
*84
*84
123
99
16
Jan
10914
Do pref stk tr Ws_ _ _
600 1
12012 12034 119 121 *119 12034 12013 12034
Jan
9 May
6
Oct
U
*120 121 8_ _ 121
Las J'ly
612
800 Int Ater Marine stk tr ars
612 612
612
612
612
612
612
2678 Dec
634 673
1.11 Feb
613 61
1834 J'iy 9 '4758 Jul.
Do pref
200
2112 2112 2112
2112 *20
1314 Nov
Aug 24
Apr
211 *2018 2112 *20
*20
1914
8
*2014 21
13
912
Met)
8,800 International Paper
1814 1858 1812 1834 1834 19
1834 19
65 Jan
6934 Aug 3
1818 19
47 Oct
1713 18
4734 N1ch
Do pref
68
0878 5,650
68
3978 Dec
6614 6778 67
69
68
687
13 Jan
6534 661 4 67
331, Feb 25 4814 Sep 3
4714 4814 25,100 Internat Steam Pump
16
4414 Dec
01y
90
4338 4414 4414 4538 4518 4714 4634 48
65
Jan
433
43
30
Jan
8213
Do pref
8938 8938 8918 8912 3,250
78 Nov
8834 883. 8834 8914 8914 90
62 Feb
*8712 881
.70 Jail 21 6434 Aug 24
700 Mackay Companies
84
7134 Nov
83., 8212 8212 8238, 8238 *8112 8334 8334
J'ne
8334 *81
*81
7518
Feb
8
597
69i2
Jan
1
.)
7512
Do
pref
7518
840
*7412 7518
75
75
75
97 Dec
75
75
10858 Ja.1 16
75
68 Jan
*7412 75
961. Jan
200
107 107 *10734 108
107 1Q7 *10513 108 *10512 108
*10518 108
11812 Jan 11 12/ Aug 4 102 Jan 12012 Dec
200
127
127
127
*12414
127
1514 Dec
712 Feb
12518 12518 *12418 127 *12414 127 *12413
1258 Feb 24 20 Sep 2
14.075 Nat Enamerg & Stamp'g
1958 20
20
1813 1914 1812 1934 19
181
17
1/92 Sep 2
70 Feb 28214 Dec
*1612 17
2 Jan
500
Do pref
9913 9912 9912 9912
*96 100
*9513 98
02 Aug
9534 96
96
SO Feb
*93
25 94 Aug 13
Feb
7114
10,450
9178
92
Lead
National
9112
92
4
913
91
9178 9212
8934 9112 9134 921
8713 Jan 10614 Nov
10234 Apr 21 11334 Aug 12
Do pref
100
112 *11134 112
$97 Jan
gii
g438 Oct
*11214 114 *11218 11214 112 112 *11134 112 *11112
Newhouse M & S_Par $10 $113 J'ne 24
98 Nov
117 Aug 10
50 Jan
23
Feb
86
Brake
Air
400
New
York
89
89
89 •
9012 89
90
Nov
122
.
Aug
1421,
Feb
90
1
Jan
5113
NY &NJ Telephone
144
*1W fii5- 140 143 *140 143 *138 143 *155"
J lie 14
73 Nov
*15/
4218 Nich
700 North American Co. new 72 Jan 1.3 8712
8334 8334 8312 831,
84
4014 Dec
3634 Jan 14
Apr
84 '84
*8234 831
24
8313 3112
8313 *83
24
Feb
2918
!Mali
pacific
3,800
313
32
32
4
32
3312
32
3112
3134 313
31
16
31
80 Jan 10612 Dec
copies G L & C (Chic) 10112 Jan 13 20 Aug 21
8 11578 11638 8,125
178
155
512 12
11
12
11614 1161 11534 1104 11513 116
1458 Dec
2412 Aug
812 Mei)
11478 115
10 Apr 21
2118 2213 22,010 Pittsburgh Coal Co
2258 1912 2134
22
223
50 Dec
22
27
Aug
Feb
63
2018 221
3612
23
Feb
40
Do
pret
2,920
62
62
61
Deo
6213 6012 6012 *59
62
45
6014 62
..
Aug
56
60 ,63
Feb
1714
23
Feb
3012
6,88.5 Pressed Steel Car
4978 4914 5014 5013 51
4934 5014 49
4913 60
491
48
69 Jan 10214 Dec
96 Feb 26 11134 Aug 11
Do pref
10214 10312 *10313 10512 1,920
Aug 6 147 Jan 174 Nov
200
10234 1023 10314 10314 10314 10312 102 102 *192
311
Jan
169
Company
757
Pullman
*192
196
196
134 Dec
195 195 *192 196
12 Apr
195 195
938 J'ly 1,
19013 192
158 Jan 4
400 Quicksilver Mining
6
*514 612 *514 614
6
112 Jan
514 514
312 Dec
514 514
3 Nich29 10 May13
*514 61
Do pref
100
512 512 *412 613
*412 512
4914 Deo
*412 51
Aug 4
Feb
5412
2334
Ateh
*413 51
3212
Spring....
Steel
4
503
allway
2,000
4958 50
49
*
2 493814
103 Deo
41313
2 49
75' Jan
4934 4934 4973 50
493
*44
9778 Feb '24 109 Aug 11
800 IL Do pref
108 108 *108 109
29 Nov
;3972 Aug 1
107 10712 *107 109
1434 Feb
*107 109 *106 109
11,900 Republic Iron & Steel- 1658 Feb '23 11014 J'ly 28
3738 3778 3734 39
8912 Nov
3718 38
J'ne
63
3734 38
24
Feb
3678 3713 381
6718
36
Do pref
10512 10512 10534 10078 3,100
105
4
3
7
105
1s134 Nov
8.813
Aug
105
36
Jan
105
105
23
10413
Feb
68
10414
104
& Ir
11014 Dec
8414 8514 8414 8414 8512 8612 3,531 5a loss-Sheffield Steel
85
8713 Jan
85
85
8318 84
83
10738 Feb 2° i20 Sep 1
Do pref
623
11934 11934 *119 11934
J 3 4 $2513 Feb $5214 Nov
119 123 *11934 120
26
$49
119 123
Feb
$3434
*119 123
Par$25
3614 3712 *3614 3814 1,700 ITennesseeCopper Trust 8012 Feb 23 9378 J'ly lu
37
8412 Dec
45 Feb
3834 37
3812 37
*38
37
37
Texas Pacific Land
*8812 91
0,, Nov
4 Feb
1538 J'ne 18
*8812 8978 *8812 90
*8713 91
*8712 91
914 Feb 24
2 81
;
138
1414 1418 1418 1,400 I nion Bag & Paper
4473 Jan
8114 J'ne29
6634 Nov
1334 1334 1312 1312 *88
.'an
1314 135
133
8
*13
66
Do pret
%
78
*74
78
*74
6
Aug
78
11134
*75
78
*75
1
78
*75
78
*76
500 United Dry Goods 15( ctfs z109 Sep
10912
3512 J'ne
3073 Deo
1712 Feb
10934 10934 *10934 11038 z109 109 *108 109 *108
10934 110
3312
775 12 S Cast I Pipe & Foundr 2438 Feb 24
3338 33313 *32
7878 Aug
6658 Jan
3212 321 *3178 3212 3212 33
3112 311
70 Mob 2 8712 Aug 18
200 . Do pref
85
85
8434
*8312
90 Jan
70 Feb
8512
*84
8512
*84
84
84
82 Feb 10 599 Apr 30
Express
States
United
95
*89
95
*89
95
3814 Feb
8613 Mayll
95
*89
64 Nov
*89
23
95
Feb
*89
95
*89
64
Improvem't
&
S
500
U
Realty
8134 8234
82
*80
1712 j'ne 17
83
*81
4 Feb
1514 Aug
83
*81
82
*81
82
*81
200 U S Reduction ec Refin'g 10 Nick 12 3912 Aug 12
*1358 1614
10 Feb
1612 *1358 16
39 Aug
1512 *15
24 Feb 24
*1358 161 *1558 1612 15
Do prof
*35
38
38
*35
38
3712 Aug
6758 Aug 19
3813 *35
1734 Feb
*35
24
38
Fob
27
*32 .371 *32
Rubber
5312
States
6212
18,925 United
53
5218 5313 5214 5318 52
5213 531
5014 511
98 Jan 29 12312 Aug24 • 76 Feb 108 Dee
Do 1st pref
120 12012 4.110
92 Feb
11912 11934 11934 120
7511 Nov
6712 Feb 25 sul2 AugL3
12014 12038 11978 120
11812 120
Do 2d pref
400
8718 8718 8758 8758
*87
88
2534 Jan
MN Nov
87
8734 3,734 *87
87
88
4114 Feb '23 80,• Sep 3
8014
7878
784,385 United States Steel
8
5
78
7738
7738
4
7612
Aug
Wu%
9712
NOV
114%
Jan
7718
'23
7814
8
777
Feb
7658
751
74
107
Do pret
126 12778 20.300
*125 12512 12512 126
20 Jan 55234 Nov
$39'8 Feb 2. $5113 Aug12
12312 1241 12458 12512 12512 12578
$10
Copper_Par
2,930
dUtah
5034
5078
in 14
5118 6118 *50
16
Dec
5134 5034 5134
(4
4534
Feb
24
61
56
Feb
4978 5018 bl
4078
4838 3,210 Virginia-Carolina Chem4814 4818 4818 48
4812 48
4634 4712 4714 4713 48
114 Jan 19 1:318 Aug 23 r87 Jan 116 Nov
Do pret
100
1 122 123 *122 123
43 Jan
68 Nov
Feb .23 68 Sep 3
57
122 122 *122 123 *122 123 *122 123 ,
Coke
&
Coal
Iron
Virginia
1,100
6778
68
67
67
*63
67
67
*63
67
*62
*--- 61
300 Jan 5 330 May28 '250 Feb 326 Nov
ells Fargo & Co
*315
*310
*310
91 Feb
7134 Nov
--- *310 ___ *310
*310
64 Feb 24 7812 May 1
estern Union Teleg
7512 75 7512 7414 7414 4,620
38 Mch
94 Nov
7412 75 7612 75
74
73 73
74 Feb 24 Ou Aug 7
fg
Al
assen
de
estingh'seEl
1,V
4.620
8612 85
8513 8614
54 Mch 126 Nov
12
Aug
8612 8512 86
3
130
‘1,11
86
8514 87
ill)
8414 85
Do 1st nref_
100
130 130 *130 140 *130 140 *130. 140
*130 140 *130 132

23

------

NatIgonalprBeitscult

BANKS

AND

TRUSI: CO $1['AM E4-13ANK ERS' QUOTA

noN

•

Ask
trust Co's Bid
Ask
I rust Co's Btu
I rust Co's uta
Ask
trust Co's Ma
Ash,
4314
Ask
Banks
Bid
11rOolayn
Banks
NV Life&Tr 1090 1110
Guar'ty Tr_ 690 710
N Y Cffy
Brooklyn
Tr 410
Irooklyn
-.
625
Brooklyn
TrustY
NI
___
160
Tr
145 Guardian
...... Caringle
...
,I
North Side 11 150
138
350
105
Tr
Borough 11., 00
Standard
---. 175
__
--- Central Tr. 31001
PeoP1-3.5=' ..,..• 155
Flatbush - 200
9111
Tr 495 506
Broadway 10 OW
TitieGu&
350
.
3
335
00
'290
KnIckerb'kr
Hudson
160 Columbia..
Prosp'ctYkll 160
....
1355
200
--.
Franklin
Am
Brooklyn 1 , -- 145
Coot
rr
2521,
2471
Law T I &Tr
196
_--- 130 Commeidal 145
11
___
280
First
Union Trust 1275 1300 rlamliton __ 265
170
___ 155
Lincoln Tr_ 165
105 Cont'wealth
11
1 nionil---- 1J
460
130 - t'erminal110
108
liome
Ilfilsidel,__
390
US Mtg ear 445
301
Manhattan 370
310
Empire __
_ -_ _ Kings Co __ 600
125
Home Bk 117 110
Unit States 1230
495
725 750
klercantile
Equit'ble Tr 475
frust Co's
1. Is! L & Tr 310
.. 260
Norden
Homesteads .100 , 125
Van
555
_
510
Metroportii
1...25
LoScrl
Faun
N Y City
410
Nassau ---- 150
Manulae'rs 410' 430
. Washington 37-5
2-0-7- ‘1,,rton Tr_ 500
Fidelity ___. 203
335 345
kstor
155
Penple's___ 285
MechanIcs'1, 240 '250
--- Westchostet i45
127
Mutual - -- 120
,„.. Fifth Av Tr 400 420
-. Bankers. T1 875
145 Queens Co__ 120
Montauk __ 145
Windsor .. 135
130
1:_0
All'nc,
Mut
____
'270
---Fulton.
1-65
145
13.WaY Tr
2i0
'241)
kVIlliamsbig 80
Nassau
..
•
at rIty•___ 290 310
per
Ex.r gilts. 72 New stock. c Ex-div. and rights, it Now quotea o
100 shares.
banks.
" Old Acid asked arlces; ni saws on tnis day. 4 Leas than
State
paragraph (111 arc
a
with
marked
Banks
II
co.
Trust
certificates.
s
week.
this
auction
1 Sate a: Stook Exchange or at




--175

-tizens'

Ask
420
146
221.1
...
2l54
.....
...1

31$
170
SOO
130
100.

New York Stock Exchange-Bond. Record, Friday, Weekly and Yearly
J.1 190:), the Raokawye method of quoting bonds was c
- hanged. awl twice, are now
BOND-.
N.Y. STOCK EXCIHA AMR
WEEK Exrit:In SEPT 3

°

t. t

Price
Friday
Sept 3

Week's
Range or
Last Sale

S

Range
Since
Januar?,

interest"---grIsp! /or income and defaulted bonds.

N. Y. STOCK EXCHANGE
WEER ENDING SEPT 3

Price
Prirlay
Sept 3

Week's
Range or
Last sate

9 Ranee
Since
.t January 1

Btu
Ask Low
1114/1 tic Low Jiigh Cent of Ga ER--(Con)
Ilia
As'. Lou
Loio Sign
Jituh
10034 101% 10114 Ply'09
1,1 pret 1110011213 g Os. ..p1#4! Oct
101,
2 102%
73 Sale 72
73
ii- 53
80
100% 101 4 101 Aug'0.
3d pref income g be stampe...
101 10
69
it.%
SO
7014 It 31
..*
101%102 102 Aug'01
Chan Div pur mon g 48.1931 J
101 103%
90%
8968 Feb41, .•.. ......
101%102 4
. 10134 HA%
1 100% 102
Mac & Nor Div 1st g 68.1046 J.J 110
10478.Pne'O8
10014 Nov'08
Mid Oa & Atl Div 5s....1144, J -J 10614109% 115 Nov'01
116141174 11634 11634
3 1161411914
Mobile Div 1st g be
1104 May'te. •.. J10141104
1940 J.J 11034
118 119 .18
II 118 121
)eu RR & 13 of tia col g bs 193;
118
1054 105
N 105
1194 100
100%10112 101 Diana.
101 101% :ent ot NJ gen'l gold 58.1987 J.J 127 12734 12714 12711,
127 129
12614
Registered
1264,
4198;
IS
126 12734
12634
Foreign 4:0Ver
Am Dock & Imp gn 58..1921 5-2
110 110 Ply'M. ..• 109 11034
Argentine-Internal 5s of 1909 11.s t 9534 Sale 954
99
9614 46 93
Le & Hud it gen gug 5s 192u J -J 101
tmperial Japanese uoyerion
Leh & Wilke B Coal 58..1912 11.N 100'y .
100% 100%
I 9934 101
1921 F A I 953s sale
95% 20 9038 go%
9534
'Sterling loan 4 124
Con ext guar 412s...419143 Q.:11 10018 101 100%
9978 100%
P.25 j j t 99 Sale 94
20 series 412s
14414 20 804 94.
N Y& Long Br gen g 4s 1941 ADS 100
Sterling loan 4s
P131 J.J t 874 87% 87%
87%
80% SS', cent Pacific S'ee So Pacific co
Renal)ot Cuba is ex ten debt.. M. t 103 103% 103
103%
2 10134 104% CentVermont 1st gu Pds.e11120 Q-F
89% 904 Augleo
804 90%
95
San Paulo(Brazil)5s tr rects'19 .i.Jt
95
95
95'4 Chas as say see Atl Coast Line
¶.92
U s 01 Al 011C0 8 1 a iS ol 1891. .)-J t 9912 Sale 99
99 7, 11 9734 101 ,
4 Chefs do Ohio gold Its
'102 is Aug'Ob
a1911 A-0 102
/0134 103 J.
1954 -D
Gold 48 of 1904
9334 95
9418
94 11. 92 9214 95
lot consol g 5.1
1144115%
114% 11414 13)11414117
1939 M.3
These are pr Ices on the b wits 0/ 65 to 2Registered
113 114 12 Feb'09
1939 VI-3
1134,114%
State and City Securities
Gen funding & impt 58 1929 J-J 100% Salt ri034 191
2. 10034 103'4
Dist of Columbia 3•658
1924 F.* 107
110 IN'ov'Ots
Lieuerati gold 4 493
51 1034,106%
11)92 0-5 104 Salt. 034 104
Louisiana new coulsol 48 1914 J •J
95
10514 1Jeo'04
Registered
105 .Apr'01.
11.192 'X 8 1113
105 105
New York CityBig sanny 1st 4s
e.
.)
89
1994 .1-1) 8834 89
1 883
. 91
. 4s when and as issued.1951. M.N 101¼ Sale 101% 101%
Craig Valley 1st g 5s
100%101%
1944' J -J
113 110 AI ay'01.
i 07 4, 110%
4% Corporate stock
1958 Al-N lul 101% 10114 .Aug'01Potts Creek Br 1st 4s 1946 5-2
101 103
90
90
8934 Uu Vail'09
4% assessment bonds -1915 M•N
1014 Dee'Oa
& A Div lat con g 48_11189 J.J
9934 99 J'Iy'01' ... 99 100%
.tt N 11034 III 11078 111 14
New 4 12s
241 consol g 4s
1107.112%
11189 J.J ..
9734 964 Apeuli
964
964
-N
New A148
10478J'ly'09
Warm Spr Val 1st g 58 1941 M-5 10714
104 104%
11314 e etP01
......
. 11078
4120/0 Corporate Stock _1957 M-3 110% salt 1107
93
1107.112 42
Greenbrier Hy let gu g As'40 M-N
95 I., 95 Sep '015
412% assessmt boa.8.....1917 .41•N 104%104% 104% Aug'01'
104 10414 Chic & Alt RR ref it 38_1949 A.0 * 77
77% 7734
7734 10 7714 1-10
4i3/2 Corporate
-1957 M-N 19114 sal. 11,4114 10114
Raitway 1st lien 3%s 1950 J•J
7534 Sale 7514
101 1034
7578 .Di 73% 77
Stock..
N Y State-Highway
443..1958 M.S
11338 J'ne'W)
73
Registered
41234 113.11
73 Feb V,.. ... , 73
1051) J.J
So Carolina 448 20.40
198. .) • J 101
102,4 Jan 'LW
904, Aug'u;.
10214 10214 Iltic Burl & Q-Denv 1)48 1922 F.A
9914
99%10034
U634
Tenn new settlement 3s.„191: J -2
9534 Feb119
9938 salt 11914
General 4s
95% 11534
994,
1958 M.S
118 101
92
93
Virginia fund dent 2•38 199i J -J
93
Himont Div 312s
UU
1.3
14 114 93
9014
1949 J -J
9014 11014
b 90
93
its deferred Brown Bros
424, 42%
4212
9134 Dec'ub
Registered.
3714 48
J.J
Ills Div 4s
101 Sale 100% 101
1949
J.J
21 1U0 1034
Itallrotte
lowa Div sink fund 5s 1910 A-0 10538
l.0534 Apr'llb __ 103%106
A latiama Cent See So Hy
Sinking fund 48
11934 Aug'in. .... 99% 10134
1911' A-0 0934 IOU
Ililaba Mull See At Coast Lint
Nebraska Extension 4s 192'4 M-3 99% 9978 10U Aug'01'.... 100 1024
Albany da Susa See Del& Hut.
Registered
101 18 3114.0.)v ..... 1014101%
1927 M.3
Allegheny Valley see Penn
99,
4
Southwestern Div
904.Ply'09 __ 99 10034
1921 ADS
Alleg & West Nee Bull 1t% 1
Joint bonds See Great
4s..-North
Ann Arbor let g 4a
41991 Q-J
84 J'ly'OD
SA
DeUenture 5s
6734
102
84
5 10134 1034
191$ M-N 102 1024 102
Atoll T & S Fe-Cien g 48.10111 A-0 100 41Sale 100
Han & St J os emie0168_1911 M.S 102%
10014 160 100 101%
10238 Aug'99
102%103%
Registered
5)14 6 85
19114, 100 Aug'01)••.• 99 1007
1995 A-0
. .;Ino& Etllref&impg4s1955 J.J
8714 Salt
8714
140
Adjustment g 45
9334
944 Aug'01. •
lst coueol g 6s
/61991 No%
954
92
1 129%137
1934 A.0 12914 130 129% 129%
Registered
4101/1 Nov
General consol 1st Os
9234 b eu'u9 ..•• 9214 924
113141144,/14% Ang'uv
114 115%
1937
Stanineti
114
Sale
lii
M-3
1111)5
94
114, mit)'ull .... 114 1144
94
Registered
92% 95%
1937 11-N
119 sate 115
119
Sub rects(full paid)cony 4s
Chic & 100 C Ity lst, 50 1936 J.J 113%
1134.Ply'l/V ....• 11314115
124 119-.
118% Sale 115
Cony g 44,
Chicago & Erie See Erie
ptito
1194 402 102'-, 120
119
116%
119 29z- l0534 120% Chic In & Louisv ref 6s 1'34'? J •4 12814
Salt
10-year cony g 5s
1917 J
12818 Aug'011
127 129
99%
99 T'ly'09
Debentures 4s Series H 1914, FA
Refunding gold Os
99.4 99%
11214 1147
1947 .4 113 113', 112 44.u..011.
.
9814
1%11
/
4 105 ,,, iL0
11113 F -A
Series K
Lomat' N A & Ch 1st 6s 1910 J.J 410
uv,
9814 rlY'Ob •
013, 1 J'
g'tii.
Aly
9812 96,2
1
,
01
% 105
4,20
24
4
97 14 97%
Autt'ul) ••.• 97
East Okla Div 1st g 4s 1928
Ct,3oMIl&St P term g 5s 1914
S
99
944 sale 933.
Short. Line 1st 4s g
1908 J -J
1031, 194 Aug'ul..
General g 46 series A. e1980 J.J
1)414 0 94
9614
10214104%
&LI Knox & N see L& N
., uet83
I:::sale 18
,
3%
Registered
0
0,b, 2 8102 1,234
e1989
9514 Sale 9514
Atlantic Coast let g 4s./i1952 AiGeneral g 312s series 13 e11/80 -J
97% $1 944 96% 25-yr
Charles & Say 1st g 7a 1930 J•J
94% salt 9414
deben 48(w i)
9414.161 944 95
1934 J.J
127 J'ne'09
Say ti & W let gold 68 1034 A•0 *1264
100%
units & L
127 127
'14)9', M8Y'00
10104 10934
11121 J.J
Div g 08
114 112.2J'Iy'un
1st gold 158
1934 A-0
Chic & Ato liav Div 5s 11.120 J.J
LI04 Aug'09
1 2,
111% 1134
•4114
Ala Mid 1st gu gold 68 192a .4-111 109
III
1/4)4
111
4,2 101% 101 4 J'ne'tn •-. 101% 101%
Chic & Pao Div Its
1 . Ws 111
1910 J -J 10
1/6
Brune& W 1st gu g 4s _11138 J -J
964 J'ne'01.
Chic & P W 1st g 5s
964 9614
1921 J.J 1U13' 109 4, 14)-.% 108% 25 106 131104
o1952 51-3 9134 dale 9112
L & N coll g 4s
104% Aug'08
Dak & 0150 g Os
9314
104%1067
1916 J.J
.
P. 44 86
97
9714 J'ne'01
Sil lIp Oca 3*0 gu g 4$ ..1919 J -J
Far & Sou asau g Its
97
9714
1921 J -J P20
&tlautio & Danv See South 1t3
lYg:Otn'
712j
4 10
A
i .... 101. 10234
'u
Haat & D Div 1st 78
31
1910 J -J 100%101,
Austin & N W SeeSou t'aeilie
101 Mar'09 .... 101 101
Darts
J -J 100
93% Sale 93%
ait & Oltio prior 1g 34243.1921 J -J
93% is 93
LaCrosse & 1) let 5s-219
95
911 J.J 1074 10838 107 Aug'0J .... 107 107
Registered
h11121 41-J
93 Alay'99 ..• 92
.Alti,'00 „.. 101410134
Mineral Point Div 5s
PS
11.110 J -J 1004 100% 1013
Gold 4s
100% bi 9934 101 11•
41948 A-0 1004 sale 190
So /*Jinn Div 1st 68
10(1% 10034 I. 10038102
1910 J.J 100%
es% Aug'01.. •
Registered
41048 12,1
Wits & Minn Div g5e
11).'
%
4 Aug'01) ..... 10934 110
10
(
9814100%
1921 J.J 10938
108
izo ye,'01
Pitts Juno 1st gold Os... 1112k 2.2
,1013 101% J'ly 09 .... 10134 101%
& No let
1910 4.1) 1007
L tis
88
81)
PJun &Al Div st g 312311125
1.9 J'13"th' ..•. 88
ION J'ile'01) .... 107%107%
let consol Os
SO's
J -D 106
PLE& W Vs Sys ref 4s1941 M•N
•
934 93% 93%
93% 10 93
;Inc & orthw COL18 7s
113 11434 116 Aug'm .... 1144 1164
96
1
19
91
15
3
91)7
.San, VON
. 11 90
907
South w Div lst g 34as-1921 J • J
10,414
100% J'ly'09 ...„ 19
917
00
. Extension 45
91
31
10
02
1
1886.1926
91 Apr'l/v
Registered
984
/i1925
Registered
91
91
1u].
105% FelPu • •
Motion itiv 1st gu g bs..1911)
1104 90 4, ill
ereY
90%
General gala 312i3 1886 198
9
12
0% 19
14
234
111-N
2
0
7
103 J'ne'lli)
Oen Ohio It 1st 0 g4 4s..11139 M-S 102%
934Apr'09 ... 9334 9314
Registered
103 103
p1987
113 Aug'01'
01 Lor & W con let g Os 1931, A-0
Sinking fund 6s-1879-19214 A-0 112
110%113N
113%
Ohio River RR 1st g 58 1930 .4-I) 113
Registered
10111234 eAug'01'eu11.... 10934 10934
1134113%
A-0 1104
1104 110 4, J'ne ut. •-•• 1084112
General gold Os
Sinking Itind 6s 187
193't A-0
0-1921 A-0 1091411014 110 Aug'01' ... 108 1104
879.19
in 4.3 mat'04 •
Pitts Clev Tot 1st g Its 1922 A-0 11034
Registered
11034 Jan'Ov .... 11034 11034
1879-1929 A.0
Pitts & West 1st g 4s 1917 J -J
98 Apr'01/ • 98ii 118
UV%
Debenture 5s
100% J'ne'09 •••• .9034101
11-N
Registered
100 Nov'thl •••
Stat 1st ity 1st gug 412s 1948 .1-1)
100% May'09 __ 10014100%
190
114 11•N
t: do it
Beech Creek see N
Debenture Os
1921
1192211 A-0 11/6 107% 10734 Aug'ut..... 107 10914
Bellev le Car see Illinous Cent
Registered
103 J'ne'07
A-0
Montauk Bee Long 1
Sinking tuna del) Call
Bklyu
111
1 111 113%
1933 M-3 111 sale 111
Bruns & West bee Atl Coast L
1
Registered
1933 N1-3
104::
2
Banal° N Y & Erie See bale
10/ 101
North Illinois 1st 53
04 j'lY
Apr.
11110 M-5 1
:1% .... lul 1014
Banal° lt & P geu g 58.-1937 M-S '116 116% 11634 Ang'09
Mil L 53* West let g 68 1921 M-5 118 1113% 1184 Aug'01.
1184 119%
116% 117%
Consol 412s
195-4 M•N 110 110% 11014 Ply'09
113 Aug'01'.... 113 115
Ext & Imp sfund g 5s 1929 F -A 113
109 1-"'
19212.oto'02
All as West. Vag 4s gu-i11118 A-0 IMO
10014 1004 lu 100 1...9
Ashland Div 1st g 64-1925
1234Apr'09
1114Z; J.J 110%
103 J'Iy'08
013* Mali 1st gu g 5s
Mich Div 1st g Its
122% 1231
.
1924 J.J 12114
102
Root,& Pitts 1st g 68 1921 F-A 117% Sale 117% 11734
1031.4 ‘11.8),.00
1032 10312
Incomes
11734 119
1 11
Aug'09
Congo' 1st g Os
.
1922 J -0 1201412014 1201
1134 11413
1l834 121 12 Chic Rock 151 3* Pao Us. 1917 J.J 11341134 113 12Aug'ut.
113
Buffalo & Southwest See Erie
114 113,
4 Aug'01.
113%113%
Registered
11,98187 J.J
97
Bull & Style 1st ref g 41341961 J.J
89% Disy'00 ••• 8712 90
994 9934 9942
9934
9 99.2 101.4
General gold 45
J •J
1i9
Bur It do N 8ee CRI&P
99
99
1 99 1004
Registered
111138 J.J
1053
4841e 10534 1053
, 4 1057.107
WI% sate 14114
tau So let ext 133
1913 J.J
1'014 94
Refunding g 45
1934 A-0
19114 10
102
Os
102, 103
Colt trust Seriesii 4ei. 191u
97 J'ly'04 .
2 101%103
191$ tvl.
4 M.1.7 98 .„
Registered
10214 10034 Illsy'07
97 14
97
97 Vue'VU
191$ vt•S
J 45
97
1012 M-N
Carb & Shawn See 111 Cent
91% Aug'01.
947.
9412 947
M.4s
.
1915 M-3
Carolina Cent See Iseab Air L
94,
4
9334 9334
93.
, b'eu'OV
N 48
10-3
Carthage& Ad See N Y U& 11
11342Aug'01'
9344
93,.. 95
04s
.V1-3
Ceti it la lf & N See e It.fa
93,2 93%
9342 Aug'0..
P 4s
1
119
991
11) M-3 934 95
Con Branch By s'ee Mo Pao
Chic B I & Pao 1114 45 2002 /4-N 1h/ 48ale 7913 80%1;Z 75% 82%
Cent ot Gil RR 1st g Os-p1941 F- A 116
116% Feb'09
Registered
11514116½
eu 80
80 J'ly'09
2002 It N
Consol gold Os
194
1,t .11.19 10934 110 1094 101134 14 1083
Coll trust gold 158
92% lo 87's 9412
1913 11-9 9134 Sale 924
.111%
Registered
113 Apr'06
Bur Ceti R & NorthernM-fl
...
1st put income g 68....p194f) Oct
86 Sale 84%
I35
6 79
Con let & col tr g 58-1934 A-0 114 116 115 May'09
907e
115 117
Stamped
90 J'ne'09
85
Registered
90
1934 A-0
80
12914 Mar'03
2n prei tilcome g bs....p11141 Oct
CRIY&N W lst gu 55 1921 A-0 104
76's 41 63
76 Sale 75
84
111 Nov'05
income
et
5$ stamped
241 pi
76 Sale 76
Ait & St List gu g 7s 1927 J-1
764. 5 60
84
410VVI•iiiiieta
I11•
U S 2s consul registered.d
c2-J
411931 4I•J
U 328 consol coupon
ic11.11 414
U 835 registered
k191.• 1I•F
U S 38 o0upon
U 838 con small tionds k19P• ‘t-it•
192: tt-F
U S 48 registered
1112. Q-F
U S 4s coupon
US Pan Cau 10-30 yr 28 k1931 Q•N

I-6.;

B

1.
i
.
.
i

.111SCELLANts.t lin HUN o --Continued on Next Fage.
Street itatiwitY
Street ttailwaY
Brooklyn Flap 'It g ba
1946 A-0
M.et St Ry gen Col tr g 5..1997 F-A
8214
107 10638J'ly'09. . 10214106
8134 92
82%
81% 84
87 saw 853.
87 374 61% 894
let refund couv g 43.-2002 J -J
Ref g 48
2002 A-0 48 ..... 48 I'ly'09 .... 43.3 03%
BkCity 1st emu 5:L1016.1941 J •j -10338
Bway JO 70.1.4.v lsto goo 1943 5-0
105 10413.1'1y'09 •••• 103 10534
1033erly'09.. 10214100
BkQ Co& con gu g 53.11141 .21-3 1,
10212 LOU J'ne'09 •••• 100 102%
Col& 9thAv 1st gn g 6s.1111/3 11-S
93
0i., 89112 99% Alar'09
1)9 4, 9114
Bklyn t) u Et lot g 4-56.1116t F -A
103
103% .83 100% 106
100 100 Aug'1)9
Lex Av& P Flat gn g bs 1993 M-S
100 10234
1960 F -A
Stamped guar 4.5s
Third Ave Hit con gu 48 2000 .1•J
68 J'ly'09
101 Aug'01..... 10212 1044
054 72%
67's
F•A
Kings Co El let g
87%
Cent Tr Co certfs stmpd... ... 69 Sale 69
/0
8713 874 J'ly '119 . 86
1041 F-A
Stamped guar 48
Third Ave Hy let g 5s-1937 J...1 109% 11012 109 42 J'ly'09
88
98
87
87
16
54
1
10
It, 85
87
88 % 18
1961 J -J
Nassau Eleo gu 48
N Onl ity & Lt gen 4428 _1935 J -J
864 8634 86% Aug'09
82
6 7814 84
82
82
Conn Hy& List& rid g 44061 J•J 10214
98 Nov'08
102 3'4'09 .... 102 102N St Jos Hy Lt 11 & P 1st g Os'37 lit-N 101
1951 J -J 10234
Stamped guar A',8
66.1937
J -J
10214 J'ly'01 • . 1011410214 -.I Paul city Cab con g
110 11012 Nov'013
Den Con Tr Co 1st g 68.--1
Tri•City Rya,I,t 1st s f 58.1923 A-0 97
115 J'ne'lli
99 Ply'011 ... 98
99
99
.9_
3$ A-0
Del United 1st con g 413.4-163
40
8 111.-N
u ntierground of Lou Os...1
192
98 Apr'011
;
2 J.J •
8414 82 .74134.0t) ... 8142 85
994
Havana Elea 0011301 g 53-10
A
914 Sate 91%
193-i J..1
111%
i 89
92
8434
85
4'38
85 .1'
'
2 F
1950 A•
Inter-Met coil 440
82% Sate 82
83
37%
Income 68
S3 4, 77, 76
35
10 22
35
35
35
Inter Rap T 3-yr cony 08 1911 11-3
84 Oct'08
11 103 104% U mon El(Chic) lst g 511-11345 Alb
10414 103% 104
Internal Trim colt tr 48_1941. J -j
794
72% 7178J'ly'OP ... 71% 7214 United RIts San Frei 443.1027 A-0 76% Sale
Ws
76% 247 79
Manila Klee 1st & eoll 16.1953 .v1- S
United itys St L let g 411.1934 J -J
..
98 Al a,'00
84% Ang'09 .... 3914 36
84
olio price Friday; latest this week. 11 Flat. al) is Jan a Due Avr o Due may 0 Due 4'ne ^Doe .. ly xoue ,i-u; °Das uot pl)ne,4ov a Option 641141.1
)




iii 634 72%

I
I . rit

580

New York Bond Record-continued-Page 2

[VoL. Lxxxrx

-

BO A 1)?.
N. Y.STOCK EXCH A NGE
Wity.K ENDING SEPT 3

Price
Friday
Sept 3

W461e8
Range or
Last Sate

Icange
Since
laniiary 1

BON IP*
N. Y. STOCK EXCH A NOB
WILICK ENDING SEM 3

z.
1,,(-

Price
brie.'ay
Sept 3

eee
Range or
Last .sale

Range
Since
It January I

•1:c
, Sc, Loso /icon
11. towhip'
ULU
iityS No tow litgh Erie--f Con)
Ask Low
Cu*
105'4 1074
Ohio Rock L & Pau-(con)
1054 Mar.)1)
N Y Sus & W 1st ref 53 1937 3-3 106 108%
102 Aug'0‘
4
/
Choc Ok & ti gen g 53.o19141 J •J 1041
1004 Deu'04.
F -A
1937
8
4
/
41
gold
Aug'09
2d
111.
1114
19
1
1
1103
M-N
1952
Consol gold 541
titi 92
90 Aug'09
88
A
1940
5s
gold
General
103
105
1923 A-0 105 106 105 3,1ar'01-•
Kook & Des Al lat5s
4 Dee'08
/
1141
Terminal 1st gold 53 1943 011-N .114
•
Chic St L & NO See IliCent
1943
each
$5,000
Regis
4 1021
/
4
/
1011
011ie St L & Pitts See Penn Cc
4 May'01.
1
1004 101 /
Mid RR of J Ist g 68 1910 A-0
419
1281
/
413078
/
4 Aug1
/
1
101 1064
Ohio St P M & 0 con 6s 1930 J -D 128 1294 1291
4 Aug'09
/
Wilk ifs Ea 1st g-ti g 58 1942 3-r) 1044 106 4 1041
93 Dec'03
43 1930 J•D 92
/
109.2 115
Cons 65 reduced to 31
112 114 114 Aug'u4
J -J
6s
g
1102t;
gu
con
lat
Ind
&
•tv
'284
129
's
12814
128
Ch St P & Minn lstg 6s 191,M•N 1284
12,081-210,- Erie & Pitts See Penn Co
129% MarcW
112 1154
Nor Wisconsin 1st 08-19300 J •J 128
115 1-9 J'ly '011
Evans & T ft 1st cons 65 1921 J • J 115
11514119
116; Aug'014
103 1041
4
/
St P & S City 1st g 68-1910 A•0 115
103 1034 Aug'Ut.
1942 A•O
'09
112
1st general gold Is
Apr
112¼
4
/
1121
05
Chic & West Ind gen g tis q1113',. Q-31
in
A
114
A•0
108
Mt Vernon 1st gold 68 11123
4 98
1
91/
4 Aug'09
/
944, 9579 941
11152
J
Congo!50•year 45
J'ne'0195
A-0
58
g
Still
1930
1st
Co
Branch
Chic & W Mica see Pere 3larq
L'argo 52 So See Ch M & St 1'
Choc%0& Gulf SeeCRI&P
I lint & Pero Ai See Pere Mat
113 Oct '0(
46_1937 J • J 101
/
Cm IL & D 2d gold 41
C& Penin See Sea Air Line
Aug'09
Fla
95
109'-.
109;
105
Oin D & 1 1st gu g 56 1941 m•N
105 Mar'ilt•
88
ort St 11 D Co 1st g 4 168.1941 J -.1
4 114',117',
C Find & Ft W 1st gu 4604.123 11-N
1154 (15'i
1921 3-0 111
i'tW&DenClstg6s
70 Aug'08
85
88
Cin 1 & W 1St wit g 48.1953 J J
86 J'ly 't)u
J -J
8534 87
4
/
'4.9
961
98,
g
Jan
Rio
1st
&
48_1928
GT
W
110
06',
105
Ind Dec & W 1st g 6s 1035 J •J
'0'2
Co
&
Deo
rac
A
Har
So
S
'al
See
4
/
......
1071
99
97
1st :guar gold 58
1935 J -J
'011
97
A-0
ial H & H of 1882 1st 58.1913
St. L & C 6te(10 & St L.
Georgia & Ala See sea A Line
OInS&O dee U C St L
Ga Car & Nor See sea A Line
Clearfield & Mali See Li 11 & P
4 for, uworgui Pacific bee So Hy
/
98
984 26 971
98
Clev Cin C& st L gen g 43 1993 J -t)
94% Aug''
43ila V G & Nor See 80 Pall Co
11
9,
4 97
/
4
/
1141
1939 J • J
Cairo Div 1st gold 46
94
94 .4. Aug'09
04ouv & Oswegat bee N I Cent
05
4 95
/
941
01n W& 31 Div lat g 43 1991
6 951
4
/
06
44rand
Rap & Ind see Penn RR
95%
975
.4
96
96%
41-N
48-1990
St L Div 1st col tr g
91 Oct '07
Gray's Pt Term See St L S NV
19900 %1•N
Registered
97-. 102 9714 994
4
/
971s Sale 971
92 Feb Ur
lAt Nor-C & Q coll tr 4s 1921 J J
96
99
1 97
Spr & Col Div 1st g 45 1940 31•S
91
U7
97 Sale
'06
Sep
h.
98
1-J
4
1
/
Registered.
1921
.....
1940
J
J
W W Val Div lat g 4s
106 106
106 AprO..
Greenbrier lty bee Lilies & 0
4
/
97
97%
'09
J'iy
01 St L & C °onset Os 1020 91•N 1041
9714
9'7
95
3-3
9858 Aug'09
ac 81 1st ref di t g 5s 81952
4 987
/
981
98%
k1930
lat gold 48
118
an c% St Jo See C & Q
98
k11130
Registered
1091.
100 May')))'
onsatome bee NINH& Ii
10014109¼
104 109
4
/
CunS,Clcon1stg5s..192)- -J
4J'ly
/
1111
46 11)99 J • J 105% sale 1054 1051
/
111.3 Ili /
4 Hock Val 1st consol g 41
1
111
1914 J
COCselconsoils
104 1004 Sep
Registered
1991 •J
34 May'09
1)8.9 9839
Como)l sink fund 78- 1914 3.1)
98
100
4
/
1)81
A•0
Novq)8
Col
H
&
130
V
43
1st
g
1948
ext
97
4
/
1/91
General consol gold 06 1934 J •J 126.2
4 lien'01,
1
99% 91)/
98
Col & Tol 1st ex 48
1953 F•A
1934 J -J
Registered
'08
W
J'ly
cgs
E
Tex
94
Roust
So
See
Pac
ho BL & W 1st pre( 45 1949 A-0
Cen
See So Pac Co
Roust& Tex
10358 104
0 Ind & W 1st pt 5s...411938 .4•41
104 Apr 09
4
/
924 961
4 93% Aug'09
/
951
llinois Central 1st g 48 1951 J -J 104
Peo & East 1st con 48 1910 A-0 94
107% Ain '0't
9 10
5LI
60 le I Registered
09 Sale 57
1951 •.1
1990 Ior
Income 48
98 4 1011
4
/
99
4
4
98
99
98',
3,1-N
1st ref 4s
1951
Clev & Marietta See Penn Bit
92', 94's
94 Aug'0,
93.4
1st gen, 3',s
1951 3-3
Clev & Pitts See Penn Co
up, Aug 08
94
J
-J
2
82%
80
82%
Registered
82%
1951
87',
194'i J J
Col Midland 1st g 48
4 9454
/
1)31
4 3tay'00,
/
931
4 52 374 99
/
981
Extended let g 3 hs
,Sale 97%
973
1951 A-0
Coloract,& Sou 1st g 48 192t0 F A
89
80
80 J'13"040
11U' 54 9634 1008
981
1st gokt 38 sterling
99
4
/
1951 M-S
1935 'A-N
4s
/
1004 1021
Rotund & ext 41
4
/
4 Aug 01)
/
1021
*1021
A-0
4
/
Trust
gold
Coll
48
1952
018
99
Coltun & ureenv See So ity
J'ne4)1)
A-0
Registered
1952
99 101%
Col & Hock Val bee Hook Va.
lul
101 101
M-N
O&
Tex
gold
N
4s
L
_1953
Val
Col & Tol bee Hock
97 3lay'07
Registered
1953 M-N
99'-i 1011
Col Conn & Term see N & W
100% luU Apr'011
Cairo Bridge gold 4s
1950 J •D
8914 92
Conn & Pas Rives 1st g 48.1943 Al,
4 J'ne'ut)
/
87.4 8e14 891
96
95
'09
Jan
95
g3
LouisvDiv&Term
1963
46
100
.).
1932
122 Al ay qh,
Cuba RR 1st 50-yr 5 g
F•
A
105
blithile
Div
reg
58
1921
79
79
79 Apr'09
lmak&UtSo bee CM&StP
Omaha Div 1st g 3s
1961 F• A
....
IJallas &I Waco b'ee M K & 1
7914 Dec'98
St Louis Div&torm g 38 1951 J -J
Del Lack & Western79
3.3
J'ly'011
Registered
1134
4
/
1951
11341145s
904 Deo'IM
Morris & Essex 1st 7s 1914 s+I-N 111 1131
884 89
Gold 34s
1951 J -J
11312 115¼ 11514 Aug'09
1154117%
1915
1st consol guar 76
uct
5839
Registered
127 .1'ne'05
1951 3,3 4.
1915 3-1)
4)9
/
Nov1
Registered
Wu
-J
J
Div
'09
Spring
1st g 34e 1951
1/834 94 Ply
04
933s 1(6'*
2000 100410059
48
/
1st ref gu g 31
10034 MaY'99
9914
F-A
119
Lines
Western
Aug'09
119
g
1st
4s
121
1951
1184
J
-J
L21 121
66-1921
N Y Lack & W lat
121 Fel)440
J-D 119
&
'04)
110411A%
13ellev
J'iy
Car
1st
111
Os
1923
111
110
98
1923 11'. A
Mai'010
98
Construction 58
98
M-S
4
/
991
MS
,Aug'09
Carb Jo Shaw let g 4s 1932
4
/
99% 10114 1093
119's 1t)U1
L1834 120
09
4
/
Aug1
4
Term & improve 48.-1923
l03
Chic St L & N 0 g 56_1951 3-1) 11934
......
1021. 9414.'03
93
118% 119
Warren 1st ref gu g 348.2000 F- A
11:334J'ne'09
J -D 117
120
Registered
May'09
120
1961
122
9
1207
90
90
00 FelPuit
Del & Hutt 1st Pa Div 74 1917 M-S 120',
92
Gold 312a
......
149 Aug'0.1
1961 J-1)
1 117 .11-S
,
4)
/
Registered
100 Mar1
101 103
blempli Div 1st g 4s 1951 J.0
4102 11314 1014
/
1913 M-N 1011
J'Iy'ur
98
1st &ref 4s
31-S
60
L
11/0
1st
St
gu
Sou
11.15
g
103
49
11131
1(115
8
106
1910 J-D 105
10-yr cony deb 4s
[01', 10338 Ind Bl& West See('(.1 & St L
1021s
96
48- 1922 J -J 102 103¼
1
1st lien equip g 4/
98 .1
984
, 98
98% 987
87 107
4/9
/
Ind Ill & la 1st g 48
1950 J-J
4 1(14 Aug1
/
11246 A-0 104 1051
Aug'01,
1119 112
Alb do Sus cony 3las
ut & Great Nor 1st g 6s 1919 31-N 100% 1194 109 13
c284 128 4
12514 J'1Y
1034
Aug'01)
85
Rens dc saratoga 1st 76 1921 'A-N 128.9
9
1003
31-S
2d gold 58
1909
48
50
Del Riv RR Bridge See Pa RR
47¼ 48 J'ne'01)
7 96
3d gold 48
4
/
97¼
1921 M-S
98',
974i Hale 971
10541114
Deny & It Ur 1st con g 45 1930 J -J 104
11)3 106
Iowa Central let gold 58 1938 -D 106% 108% 1.05.2Aug41/
104 J'ne'01)
1936 .3
71i
Consol gold 41
82
4s
/
711
713
'A-S
76 dale
1011
Gold 4s
4 103'-,
/
1112 12J'ly '01)
1951
4
/
Improvement gold 53-1928 J- I) 1021
9534 271 92% 183 12 1/ al A ch G It See LS&Ais
9539
05 1-2 Sale
1956 F-A
1st & refunding Is
LLan & Mich bee Tol & 00
......
98 Feb'08
Rio Gr J tine 1st gu g 58 1939 3.0 *96% 75
80
78
78 J'ne'4)1)
ICCFtS&bL •S'eeStl..8•SF
1940 J -J
Rio gr So 1st gold 4s
85 Mar'98
......
R0&M1t&13 See St L& S 10'
1940 J -J
Guaranteed
4 Aug'09
/
K JoT
WS 100', Kan C & Pacific See
94% 951
1931) 3-3
4
/
Rio Gr West 1st g 4s
7434
1 7134 751
7434
J'ly
4
/
83
851
Kan
City Sou let gold 35 1950 A•0 7434 Sale
87
4
843
A-0
19113
4841
Mge anti col trust
63 Out 'kit.
97 Jan 'UL:
Registereo
1.050, A-0
95
......
Utalicentlstgug4s a1917 A-0
8
4
10041013
1003
Or
WW1
Sale
4
/
1001
Ref & impt 55(wi)Apr 1950
& St
Des Dim c% Ft D b'ee
110 Sep '04
iteutucky cent bee L as N
Des blot (in By 1st g 59 1917
J'ly
Des
da
93
95
Mo
Keok
95
SeeCItl&P
Dot & Mack 1st lien g 43 1991 -1) 91
88
Knoxville & Ohio See So By
92 .Ply'LW
92
94
1995 J-1)
112% 1164
Gold 48
11439 Ang'01/
I ake Erie & W 1st g 58 1937 J -J 1143s
107 101312
Detroit Southern107 Aug'ut
1.A
gold
21
38
Aug'09
1941 J -J 10754
82
4
/
80
4 811
/
£311
4 1144
/
1121
'09
J'ly
Ohio Sou Div 1st g 4s 1941 M-S 112
113
4
1111
North Ohio 1st gu g 68 1945 0 1124 1145
4 116
/
4./9
/
41c1
/
111431
Dul& Iron /tango 1st5s 1937 A-0
LSho&MichS See N I Cent
4 106 16 Mar'ut
/
1121
10734 10714
2 10/419
1937
1061
Registered
4
1073
J
-J
N
Leh Val list gu g 4;8 1940
107 107
1916 J -J
107 Aug'uL.
20 Os
Registered
1940 J -J *19734
37
98
4
1
97/
Dul Short Line Se. Nor Pao
97¼ 97'2
97
M-N
Val
1101
2003
Lehigh
4
/
(Pa)
Feb'09
46
110¼
cons
g
1104
116% 118%
11534 3'ly '01.0
Dal So Shore & Atl g 06 1937 J -J
Loll V Ter By let gu g 56 1941 A-0 *11512
'99
Oct
4
/
1091
',last of Mimi beebtPM&M
Registered
1941 A-0
109 109
109 J'ly'99
11.:Jaat Ton Va & Ga See So By
Leh V Coal Co lat gu g 56 1933 3-3 10854
6 1124115
116
115 115
116
97
97 Aug'09
Elgin Jot & East 1st g 58 1941 m-N
Leh & N Y 1st guar g 46 1945 M-S 9654
Elm Cort & No See Leh& N
M-S
Registered
1945
May'08
994
101
M-N
1947
11379Jan Wu
Erie 1st ext gold 4s
102
A•0
C
El
&
1st
4
/
1051
lstpt6e
1063
1914
0
Ply
1064
1911) 31-S 106%
4Jan 'lib
/
1051
20 ext gold 58
Gold guar 58
4/8
/
1914 A-0 1014
4
/
104', 1041
1044 Apr1
103¼,
1923 M8d ext gold 4',s
106 1071
4 Leh & Mud R See Cent ot NJ
/
4)9
/
4 Aug1
1
107/
1920 A-0 107',
4th ext gold 56
97
&
Leh
Wilkesb
J
97
N
of
bee
09
Cent
97 Jan
98
1928 J
5th ext gold 48
1 1224125 4 Leroy cfs Caney Val see Mo P
125
1920 M-S 125 isle 125
1st consol gold 78
122 124
Long Dock See Erie
121 124 Aug'09
1920 .14-S
110 112
112 Aug'01
1st consol g fund Is
112%
85
lal'cl-lat
g 5s 51031
Long
con
91
88%
88% 8939 884
Erie 1st con g 48 prior 19116
1/838
1st cousol gohd4s
4 86 1/
861
1/1931
4 May'011
/
861
1990 J •J
271.,
116
4,1)
1
/tisgistered
97 4 J'ly /
98
97%
gold
111)1
General
4
/
48
80
Atig'01
11138
4
/
771
764
77%
.4 001
4 11.)01
/
1st consol gen lien g 4s 19:10 J -J
4
/
98 104 1004 Apr'U.
Ferry gold 4',s
1022 M-8
85;Fets'07
1996 3-3
Uut
Registered
.
994
....
90
97
Gold 45
1932 J-D
85% 874 Aug'09
S5
754 in)
1961 F-A
97
LW
Penn coil It g 48
96
964
98
S
4s
63
Unified
*old
42
1949
8914
87
86
87 bait
1953 A 50-year cony 43 A
10412 Deu'0r3
Debenture gold 58
Or 57% 80
1934 .1-1) 10634
44
76
Series 11_1953 A-0 76 bale
do
.97..991)8
971
4 954 9134 Aug'09
/
Guar ref gold 46
115 1164
1949 M-S
4 1104 Aug'02
/
116'4 1171
BntlN Y& Erie 1st 78 1916 J
1001
4
/
M-8
ctc
Mont
Bklyn
1133
g
1st
'09
66..1911
4.1'1y
/
9117;
Deo'Or
Chic & Erie 1st gold 5E4 1982 M-N 11679 1113 1151
8
1015
100
1st os
1911 M121 Dec'08
(her & Alalion Val g 53 1936 -J 1104
4)9
/
.
4 Nov1
/
1101
... 128'1
4)9
/
NIII&MBIstcon g 5s 1931) A-0 100
127 J'no1
4
/
Long Dock consol g 68_1935 A-0 *1261
411
/
131 Y & R 13 lat g 58
4120
/
09
4
/
1121
1927 M-S 103 108 105 Apr1
114 114 J'ne1
Coal& Rat lat cur gu 98.1922 M-N
Nov'Ou
109
4
/
10'21
Nor ShE 1st con g guins 31932 Q•J
106 110
10% 110 Apr'011
Dock S, Imp 1st cur 68 1913 J.J
.Uti...
4 96 Aug'09
/
4 981
/
Louisiana & Ark 1st g 58.1927 M-S 941
108 108
108 Mar'011
N 105
g 58.1946
N T& Green L

•

H1

to

i1liSUEL1,ANEOU1)
4 HONDS-Continned on Next Page.
1
/
Gas and Electric Light
•
Ulna and Electric Lialit
N IN/ EL 11,8 P g 5s...1948 J-D 103 1084 103; 1034 1 100%104%
Atlanta
L Co 1st g 5s...1947 J
102
86
86
4 861
/
2 851
86 Sale
4
/
Purchase
money g 4s...1949
107'• 108
107% Aug'09
liklyn U Gas 1st con g 56 11143 M-N 107%
4 J'ly'09
/
,1001
1003
4
/
1004 1001
Ed El 111 Lit cony g 56..1910 M-8
'JO
79
Bunalo Gas 1st g 35
70
1947 A-0 09
'09
110
4
112
1113
consol
gold
1st
Os
Aug'09
1995
J
J•
I
101
City
Detroit
Gas g5s
1923 J -J 101
10000410742'4 L.1 y&QE1
95',MaY'09
127
98%
L&P 1st con g 581930 F-A
955 sop '08
Del Gas Co con 1st g 516 1918 F -A 100 102
..
97 J'13"09
4 971
/
100
971
4
/
N Y cts Rich Gas 1st g 58.1921 M-N
96 3Iar'08
BqG LB I 1st con g 56 1932 'A-S
Nov'05
4
1043
&
Past*
E
&
con
M-S
58.1949
g
Pat
'01
Oct
61.3
/Sas& Eleo Berg Co c g58 1949 J-1)
4/9
/
119 121.
..80 ..... Peo Ga-s & C 1st con g 68 1943 A•0 11934 120 120 i8J'ne1
81
8314 83 Aug'00
Gen Electric deb g 348 1942 F.A
Aug'09
10238 104
10414 104
Refunding gold 56
1947 M-S
loll
136 1651
4
/
1917 J-D 152.3 Sale 151
10-yr g deb 5s
4
/
103 1041
Ch 01.-L& Cke 1st gu g 68 1937 J -J 10354 104 44 1044 Aug'09
101 10734 Dec'00
lir RapId L Co 1st g fis 1915 F -A
944 Aug'09
94
8634 9478
Ind Nat Gas& 01130-yr 68'30 111-N
105
4 105 J'ly'09
/
Hudson Co Gas 1st g 58 19410 M-N 104.4 1061
102 May'Op
103
4
/
1011
Ch
102%103
Cool
J
let
•D
g
gu
56.'36
G
May'013
0
Con
100
581921
g
100
lat
Gas
A-0 96
Kau City(Mo)
10134 J'ly
410134
/
1011
Mu Fuel Gullet gu g 58.1947 M-N 10114
Kluge Co El L& P g 53-1937 A-0 104%
994 J'ne'09
99% 991
4
/
Syracuse Lighting 1st a 58.'51 J -D
4
/
991
110 118
/997 A-0
117¼ Ill', Aug'09
Purchase money 68
May'06
110
1949
ti
clic
Trenton
M-8
El
1st
53
g
Sep
88
19310
4a
g
41-.)
Itti El 11 lign 1st cou
438
1
96 Jan /
..
,105
Union Eloo Lc% P lstg 68 1932 11 8 100
Lac Gas Lot tit List g 58.e19110(4-F 103 103¼ 1034 103', 4 1023
100 101.4 Utica El Lc% P lots tg 58 1930 • J 102
1934 A-0 1004 101 100 Ply'09
Het and ext 1st g Is
4
/
1024 Mar'09
102¼ 1021
g 56 1950 J -D 1034
1 91
91
91
924 Westchester
92
M-N
91
Milwaukee (clas L 1st
"No price e'rutay; latest Ind and asked this week.. a Dile Jan 5 Due c. etc 44. Due Apr e Due .3/ay a Line J'iy is Due <Lag •Due Oct q Due Lona i Option 8611...




lie

SEPT. 4 1919.1

New York Bond Record-continued-Page 8

Range
ill.F.
Etta,
Week's
Friday
--> t
Range or S ,P
Since
g •.
Last Sale 311 - January I
Sept 3
-.9
lite
deli bow
Rign No Low Rion
2 0 115 1.1 1171.2
/
4 1151
/
2 1161
/
1161
Antes,& Nashv gen g 65 1930 J -D
110 117
1037 M-N 116
117 MaY949
Gold 5s
997 36 9934 102's
993 &De 9934
1940 .1- .1
Unified gold 45
100 May'09
100 100 4/
1940 J -J
Registered
105 J'ne'08
1910 A-0 102
Sink fund gold 6s
2
108%110,
2111 1101
/
2 11042
/
1931 .%l-N 1101
Coll trust gold 5s
111 4, Aug'.94 ......111 111'E I-I & Nash 1st a 68- 1919 J -0 1114
....
09
.pne
107.4
1094
2
/
1031
107's
M-N
1931
106's
412s
weld
Lex
L Cin &
125
125
1 1243 12538
1930 J •J 125
N 0& M 1st gold 6a
20 120
120 Jan '011
1930 J •J 118
N 0 & M 20 gold Os
1074 A ug'00
Pensacola Div gold 68 1921) M-8
117 May'07
1921 NI- S 11414
St L Div 1st gold Os
71
71
71 May'09
75
1091 M.S
20 gold 38
961.2
2 95% Aug'09 .... 95
/
Atl Knox & Cin div 4s 1955 M-N ..... 951
116 116 J'iy 06
AU Knox & Nor 1st g 5s1941; J • D
110 Jan '09
110 110
Mender Bilge lsts f g 68.1931 M-S
9834
4Ang9)9 .... 98
/
974 971
97
Kentucky Cent gold 48 1987 J • J
103 Deo'US .
4
/
2s1945 M-S 1051
/
L&N& M& M lstg41
140
90
1 88
91 14
4 90
/
b91
L& N-South M ioint 48.1952 J .J
113 I 13,, J'ly'09 .... 112%1154
N Fla & 8 1st isu a 58. .1937 F-A
N&C'Mtge gen gu g 4 1..
28 1945 J -J 104 1061
109 1.094
4 ,i,...,01)
/
1091
Pens & All 1st gu g 63 1921 F- A 108
2
1
2115/
/
1121
2 115's Feb '911
/
1141
S & N Ala con gu g 5s 1936 F-A
9512 May'01)
94
95¼
..% Jell lidge Co gu g 48 1046 M-S
Oh
&
L
&
I
C
See
4N A
kil ahon Coal See L S & M 8
2 100
/
99 Aug'09 .... 921
2 99
1
Tianliattan Ry consol 48 1990 A-0 97/
104 Apr 915 ....
1990 A-0
Registered
99%
99's 100%
Stmpd tax exeinpt 1990 A-0 996 sale 9914
foli'pt & 11 V See N I Cent
so
89 Maroll .--- 82
Lex Cent C0118 g 4s trust recta
2
/
2 281
/
27 4799'09 ..•• 211
27
1st COns 1110 g 38 trust recta .... 25
2 Apr'09 .... 20% 251
/
251
2
/
2 24
/
20 cons inc g 3s trust roots.. ... 221
J'1'09
b0
....
80
80
M.'S
Lex Internet lat con g 48.11477
b0 Feb'08
1977 M-S
Stamped guaranteed
1008 Illay'UO .... 190/
2101
1
Lex North 1st gold 68.-1010 J -D
Doh Cent See N Y Cent
[idol NJ See Erie
Lil L 8 & W See Chic)& N W
Ell & North See Ch M & St V
2J'ne'09 ...• 1321
/
1321
2
/
21331
/
Linn & 5th lat gold 7s 1927 J -I) 133
118 Jan '07
Pacific Ex lat gold 6s 1921 A-0 108%
101% 1ay'09 .... 10134 1031
2
/
South West Ex 1st g 78 1910 J -D
2Ply'09 .... 109 111 /
/
1031
2
1
1934 M-N 108%
lat consol gold 68
....
Aug'ou
4
851
844
874
86¼
M-S
1949
48
1st and refund gold
97 Apr'06 .
94
91
Des M & Ft D 1st gu 4s...'35 J -J
Linn & St L gu See 11 0 It & N
1004 2 99 1004
2100 100
/
991
[SLY& S8 AL con g 4intgu'38 J•J
99 J'ly NM
99
99
2
/
981
188 M & A 1st g 4 int gu 1926 J -J
[inn Un See St I' SI &M
J -I) 100% Sale 100% 100% 17 98%101 4
.1
to Kan & T
Tex 1st g 4s..990
3
88
19 8634 8834
88
lims 88
g t990 F-A
2d gold 4s
106
t 104¼ 1091
2
/
1044 M-N 106 sale 106
1st eat gold 5s
4 25 83% 8768
/
651
2Sale 85
/
2004 11-9 851
let & refund 4s
9034 12 904 93%
2
/
2 9034 901
/
901
1936 J -J
2s
/
Gen a I 41
2
/
891
88 Apr'01) .... 88
86
2001 A-0 63
St L Div let ref g 4s
2 Mar'0$3 .... 10312 110
/
2 1091
/
Dal & Wa 1st gu g 5s 1940 hi-N 106 1071
93
03 Apr'09 .... 113
95
92
Kan 0 & Pao 1st g 48 19110 F-A
2
/
113 Aug'09 .... 113 1141
Mo K & Il let gu g 5s 1942 A-0 113 114
1942 M-N L084 1983, 109¼ Aug 01) .... 108 112
bi K & Ok lst. gu 58
110
Bale
1084
106
1
108¼
198'4
hl•S
1942
69
g
M. K & Tor T lst gu
2 11014 Apr'UP
1
111/
11014 110%
Sher Sli & So 1st gu g 5s 11443 J -D
2 108 J'1y '014 .... 108 111%
/
Tex & Okla 1st gu g 58_1943 Si-S 107 1081
113
1134
1124
J'Iy1)11....
110
113
M-N
1920
63
g
con
1st
lo Pa,c1tic
2 102 101 12 Aug'044 .... 1001
/
2102%
/
Trust gold 58 stamped.a1917 li-S 1011
2 Feb'07
104,
a1917 M-8.
Registered
1920 F-A 101¼102's 102 Ang'91.1 .... 101 103%
18t coil gold 58
c2', 24 783 854
1940 M-S 82% Sale 824
40-year gold loan 48
1304.7'124909„ . 964 961
2
/
95%
1938 ll-N
3d 78 ex ttl at 4%
95
95
5 89
95
.
2
/
941
4
/
1951
-A
9
1919
Br
Ity 1st gu g 48
Cent
91
89 lifar'09
89
Oen Branch U P 1st g 48 1948 J-1)
110 Mar9)6
Leroy&C VA Llstg 5s 1926 J -J
10034 rly'09
91)34 100%
Pao It of Sao 1st ex g 4s.1938 F-A 100
1 112¼ 115
116
115
2t1 extended gold 5e 1938 J • J 114
110% 110% Atig'01)
11014 112
St Lir SI& Sgen con g 5)41931 A-0
111 119% sia)'09 .... 11044 111%
Gen con stamp gtd g 581931 A-0
88+, 3 86
884
90%
Unified & ref gold 48 1929 J-.'
89's lb 881e 91
2 89% 89.8
80,
Itiy & 0 Div 1st g 48 1933 M-N
2Apr'Oti
107,
Verdi V 1 & W 1st g 5s 1926 M-S
98 Dec'06 . ..
.
Lob J & K 0lat cons g5s 1953 J -J
Lob & Ohio new gold 68 1927 J -D 121 122% 12214 Aug'01) .... 119 42 125
let extension gold 6a..h1927 1.7•J 117% 1184 11734 J'ne'1411 .... 117 118
90 Ply'99
86/2 91
11)38 11-5 89
General gold 4.0
Moutgont Div 1st g 58-1947 F-A 112% 113 112% Aug'01) .... 112 4, 11234
75 May9)6
2 85
/
Elt L & Uairo colt g 48..e11439 14-F 931
ins wi Nov'04
1931 J-J
Guaranteed g 48
M & 0 coll 4s See Southern
Lohawk & Mal See N I C & li
Lonongaliela lily See 13 .Y0 u
Lout Cent bee St P M & hi
[organ's La & T See 6 1' Co
!orris & Essex See Del L & W
4 J'ly'09 .... 110%1124
/
\lash (Iliat & St List 76 1913 J -J 1103e 110% 1111
1926 A•0 112%113 112% Aug'09 .... 112% 113%
•I 1st coneol gold 5s
120
117
2 Slay'07
/
1161
-9
J
1923
Jaaper Branch let g 68
11714 Mar'05
Mal M W 84 Al 1st 68 1917 J -J
113 Ply'04
T & P Branch 1st tie.t. 1917 J •J
.& N
rash Floc 4f4 Shot See L
102 Ang'01,
102 103
iat of Alex prior lien 4126 1920 J •J 102
86
831
2 84
/
95
SO
1951 A-0 84
let consol 4s
95 Sale 9434
96 103 192% 1)(3
-a 1957 J -J
fat Rya of Slexpr 14,
89
2 88
/
17, 86
1977 A-0 88 Sale 871
Guar gen 48
Few kJ & D SeeN IN. Hcf. Ii
r J Juno 11.11, See N I Cent
f I 13kIn & Man Bch See I. I
91% 66 914 94 14
2Sale 914
/
911
I Y Cent & 11 Ely g 31
2,4 1997 J -J
/
1)0's
2 San.
/
9111
901
2 3 142's 93%
/
Regletered
19147 J -J
115', 11 93% 961
2
/
2 1154
/
951
115
Deben g 4s
11434 M.I7
8234 83'i 83
83¼ 10 83
8534
Lake Shore coil g 3,
2s 199b F.A
2 82 Aug'09 .... 811
/
821
2
/
2 841
/
Registered
1998 F-A
2 84%
/
8312 83% 83 1-2 Aug'00 .... 821
Mich Cent coil g 3128
10148 F -A
2J'ne'011
/
8338 821
82
82¼
itegietered
1998 F-A
10034 J'ne129 .... 100%100%
Beech Creek 1st gu g 48 1938 J•.1 1004
102 Mar'04
Registered
11)36 J -J 100
20 gu gold 58
1930 J -J 107
Beech Cr Ext Lit g 312851:151 A-0 841
2
/
9712 Apr'09
2
/
2 971
/
971
Cart & Ad 1st gu g 48 1981 .1 -0
Gouv & °awe lat Ern ir ISs 1942 J AI

N. Y. STOOK EXCH A NGE
WEEK 114111181(, SEPT 3

-EON D94
;4'•,..°
N. Y. STOCK EXCHANGE•9„ t
3.-7,9,
WEEK ENDING sgpT 3

581

Fruit
Friday
Sept 3

1iaWeic's nge
.stnce
Range or 5 a
Last Sate 4 4, January I

Ilion Ay Low litoli.
Bia
dish Low
N Y Cent & II It-(Conftnusa ,
4
/
10014 Ang'09 .... 100 1001
4
/
Moll & Mal lat tru g 48..1991 M-S 1001
105 , al 02
NJ Junc it wit 1st 4s...1986 F-• 9468
90's Oct'0 N Y & Harlem g 31
28...2000 MN
/
91
2 Aug'09
/
N Y& North 1st g 5s...1927 A-0 109 113 1071
100 sep 'Us
N Y& Pu 18t con gu 4:48 1993 A-0
Nor & Mont lstgu g 58.1916 A•0
2 Jan '09 ... 1811
/
2 131 12
/
9111e Creek reg guar 68.1932 JO 124 130, 1311
R W &()con latext5s.h1922 A-0 109 11. 110 .Aitg'09 ... .10 111
105 Jan 'OOswe & It 20 gu g 5s...e1915 F-A
It W&0T It 1st gag 54).1918 M-N 106% 110
103 Sep 0Rutland let con g 4/
2s..1941 J -J
1
9312
2 Aug'09 .... 91
/
931
94
Og&LCham 1st gn 45 g1946 J.•J,
2 92 J'ne'ot, .... 90% 92
/
911
Rut-Canad lat gu g4s.19414 J -J
115 Fen'01) ... 115 115
St Law & Atilt- 1st g 5s 1990 J • J
125 FetPut,
20 9°10 1;,4
1991; A-0
1034 Deo'Us
Utica & Elk ROT gu g48 1922 J -J 101
26 91
91
2
/
951
Lake Shore gold 3128.-1997 J-1) 91% 934 91
2
/
2 941
/
UO ,2 Ang'09 -". I-01
92
1097 J-D
Registered
94% 2 9434 97
9434 Sale 94%
Debenture g 4s
1928 M-S
94% • 0s 93
94% Sale 94%
1031 M-N
2
/
971
25.year g 4s
Ka A &G It 1st gn o 58 1938 J -J 112
2 116 109 oct '07
/
Mahon C'1 RR 1st 5s-1934 J -.2 1131
100 May Us
Pitts & L Erie 20g 52.a11.128 A_ •0 102
13012Jan 949 .... 130 1.213012
Pitts McK & I 1st gu 66 1932 J -J 127
241 guards
4
/
1934 J -J 1261
Mckees& B V Ditg(38 1918 *J9 J ,
4
1
1/
1„
1,
101 Feb•09 .... 101 101
Mich Cent 1st consul 68 1909 ....-S .
4 9
58
1931 m-S 113%116 11434 Oot 08
i ue'uti
119
Registered
1931 1411 112
2 1004 Apr'09 .... 100410014
/
9934 1001
48
•9
194
2 Nov'eu
/
1061
Heristered
1940 J -J
92% 10 9268 951
4
/
92% 9268
20-year deb 4s
1929 A 0
90 Tne klb
J L& 8 1st g 31/28
1951 31-S
4 931
/
931.2J'Iy 948 .... 911
91
4
/
hit g 312s
1952 A.19..‘i
Bat 0& Stnr lat go,g 36.1989
2 10214
1
N Y Chic St L 1st g 4a 1937 A-0 11)0% 101 10114 Aug'09 .... .09/
2 100 Aug 09 .. 100 1001
/
1001
2
/
1937 A-0
Registered
0 91% 94
.
111.4 1
91.4
1931 M-N 88
Debentures 4s
2
/
2 1 101 1041
/
2 1021
/
2 103 1021
/
West Shore 1st 45 go 2361 J -J 11221
lo WU 1031
2
/
2 1004 101
/
21011
/
2361 J -J 1001
Registered
N Y OS Greenw Lake See En.
N I& liar See N Y C & Hud
NY Lack & W See D L& W
N Y L E& W Bee Erie
N Y4% Long Br See Cent of N J
4 133% 97 133% 139
/
N I N H & ii-Cony 68-1948 J-J 138%138% 1331
2 3u 9'71
/
2109%
/
1956 J -J 107% sale 19634 1071
Cony deben 3lus
_
.
lls,9 Dee'u ....
4
/
Housatonic R con g 5a 1937 M.N 1161
.... liii iiii
Aug'09
107
N It & Derby con cy 58 1918 alN I & North SeeNYCdok1 _
al 98 99%
9834
98% 98%
N Y 0& W ref 1st g 4s..g1992 31-9 98
21'ne'UP .... ...... ...101,
Regis 65,000 only
91992 M'S
N Y& Put Nee .N I C& H
N I& R B See Long Island
N Y 8 & W Sea Erie
N Y Tex & M See 8o Pao Co ..
104 rne'01) .... 104 104
Nor & South lat g5e
1941 m-N 103
127 J'ne'09 .... 127 128
Nor!& West gen g 6.
1931 M-N 125
129 liar'99 .... 129 129
Improvem't & eat g 63 1934 F-A 125
2
/
1281
New River 1st gt3s
1932 A•0 128 129 1284 J'ne'00 .... 127 1004
139% 11) 148
N& W Ry 18t con g 48 1996 A-O 99 Sale 09
97
964.
J'ly
97
..
137
A-0
1996
Registered
95
Dly'l lat l& gen g 4a 1944 J - J
9 12 93
93'
93it dale 9319 1(12
23 931
2
/
2
/
4 1031
/
102 Sate 1011
1(1.25 year cony 46-1932 J1)
91%
- tioen 93
91%
91
Pocali 0 & 0 Joint 48 1941 J-D„
feetP06
4
4
109
106
C C& T 1st 64 g 58
1922 ..J-..4
n,,
Solo V & N h let gu g 4a 1989 •-•-^
)•"" 99L.; 9813,
99-4 97¼ 97 Am
"
North Illinois See Chi & N W
North Ohio See L Erie & W
4}, 1024 104
._
Nor Pac-Prior lien g 48 1997 ,/ J 102% Sale 102% 103
102% J'ly '01) .... 101 103
1997 9-J 101
Registered
75
73
13
74%
74%
General lien gold 3s....a2047(.1-F 74% Sale
73 J'ly '9i., .... 7234 74%
72's
Registered
a2047 9-ii
7s
....
J'ne't)i,
96
97
97
2
1
/
97
St Paul•Dul Div g 4a....199699_1"
Dul Short L 1st gu 58..1918 ...40
C B& (4 coil tr 48 See Gt Nor
2Ang'011 .... 120 121
/
1201
tSt P & .N P gen g 611...J923 F-A 120
4
/
Registered certific's..1923 4-F 119 12U 115 May1.49.... 115 1201
1174
J'1Y'
97 •
St Paula Dul 1st 5e.1931 I -...A ,
1„14„
2 Aug09 ..; 1444 10434
/
1041
1917 A-42 1V4 1
2d5s
1st consol gold 48
1968 J -1) 971
4 98
/
4
1
9/
92
2 9
2
'1
2/
u 97
809 .....
'
2Janu
/
91
1)2
9
2
/
941
Wash Cent 1st g 44
1948 19-M
2
/
115 rly'09 .... 116 1161
Nor Pao Ter Co let g 68 1933 J -J
Nor Ry Cal See So Pao
Nor Win See()St PM & 0
Nor & Mont See N Y Cent
i i Ind & W See C C c 8.StL
k_Jhio Riv RR See Balt &0
Ore & Cal bee So Pao Co
Ore Short Line See tin Pail
Oswego & Rome See N 10
OCF&StP SeeedoNW
2109 110 Aug'09 .... 10912112
/
[Jac Coast Co let g 5s....1946 J-D 1081
l ac of Missouri See Mo Pao
103 J'ly'09 .... 103 105
Penn ER 1st real est g 43.1923 M-N
21091e
/
2Jan'99 . .. 1091
/
1091
Contiol gold 518
1911) 11-5 109¼
2
/
4 May'Ui, .... 1024 1041
1
102/
1943 85-14 100
0011801 gout 4s
1948 MN 104 Sale 103% 1044 45 103%105%
Conaol gold 48
le
104
07'.
2
/
1021
11.42
Sale
4
/
.9-N 1021
2a
/
1912
Convertible g 31
1915 j..1) usis bale 97%
98's 284 9434 100
Convertible g 31/2a
99 J'ne'97 .
Alleg Val gen gu g 4s 1942 85-8 100
li It It It& Bge 1st gu 48 g936 F-A
96
2104
/
194 J'ne'09 .... 1031
Phila.Hal & W let g 48 1943 M.N 1034
...
102 Jan '03 ..
Sod Bay eib Ho 1st g 5s 1924 J -J 100
4
/
1045 10ps.7.1.r011... 104 1061
UN J RR &Can gen 42) 1944 AS-S
4
/
2 104 1061
.
101
Penn Co-Guar 1st g 41
28 1921 J -J 104% 106 106
/
104'2
194'2
...
Isr09
,
23
/
4
1
/
103
11441
4
1053
J-J
1921
Registered
90 hi J'ne'08.
2a coiltrust reg 1937 M-29 91
1
Guar 3/
2 171. J'ly'09 .... 904 914
/
2 1301
/
13 uar 31.28 coll tr ser 13 11)41 F.A 891
9734 Aug'09. .... 148¼ 97%
974 98
24 1916 M-N
Tr Co certlf's gu g 3,
90 Ang'01.1 .... 59¼ 90
2
/
1942 J -19 891
GE 312str etre 0
2 90%
/
1)34 9034 5leY'01) .... 91)1
90
1944 J -D
Uu 3 142a tr ctfs D
2 99%
/
2 Angl)u .... 981
/
981
1110
1931 A•0
Guar 15-25 year g 4s
110 Jan '06
Cl & Mar let gu g 4½s..1938 M-N 19934
110% Jan'09 .... 11034 11068
2a tier A.142 J -J 109',
/
C1& P gen gu g 41
109% Ply'09 .... 10934 109%
2
1
1942 A-0 109/
Series B
96
96 Aug'013.... 98
96
1948 11•N
2s
/
Serie),0 31
90 Slav9)8 .... .........-4
95%
1950 F-A
Series D31214

MISCE1121. kNEOUS lIONDS--Continued on Next Page
Coal and Iron
98% Aug'09
98
Col F Js 1 Co gen a t g 58..1943 F-A
96
2 87 J'ly'09
/
971
Convertible deb g 63.-1911 F- A
109% Apr'06
Or Ely Coal & 0 let g 661919 A-0
95 Apr'02
Cleart lilt Coal DAM f 4a...1949 J -J
82
82
89
Col Indu let& colItis gu..11134 F-A
107% Dec'04
9.11152 F-A
Contin'tal0 late f gu
107 May'97
Jell & Clear C & list 1 .,4.11126 3-1)
1051
2 Dec'06
/
Kan 31,11 C &01st s t .,4.1951 J -J 100
105 Oct '00
-)4.1132)) J -J
Pleas Val Coal lat g
88% 88% Ply'09
Pocah Con Collier let si 68.'57 J -J
88
78 Feb'07
Sunday Creok Co g o _11144 J
1951 J
2 1031
/
4 1031
/
2
/
1031
2 1031
/
Tenn Coal gen be
a1917 A-0
108 108 Aug'09
renn Div 1st g Us
2 Aug'09
/
108 1071
Blrm Div latconsol 08..1917 J
110 Jan '01)
Cali (.1 10 Co let gu g 68.11122 •13 106
103 Nov'08
De Bar 031, 1 Co gag 68.1910 F-A
99% 100
VaIron Coal &Colet g 58 11)49 M.8 9934 100
1953 J
87 Aug'09
87
Victor Fuel 1st s 1158

Telegraph and Telephone
94 1004 Am Telep & Tel coil tr 48 1929 x.3
1936 M-S
Convertible 49
8714
87
Mich. State Telep. 1st 68.1924 F-A
1937 J.3
Pao Tel& Tel let 58
84¼ West Union col tr cur 63.1938 J -J
b 71
I'd and real eat g 41
2s. .1950 M-N
/
1036 M-N
Cony 441, Series A
Mat Un Tel s fund 6s. 1911 M-N
11nnulticinrnix ek Industrial
1936'-3
Allis-uhalmers let 5e
89
86
1928 A-0
Am Ag Chem let c 5s
1915 4-9
2 Am Cot Oil ext 4,28
/
21031
1 101,
S
Am Hide & L let a f g 6a 1919
1064 109
Amer Ice Secur deb g 6s..1925 A-0
1013,610S
Am Spirits Mfg lat. g 66..1915 11-13
110 110
Mn Tobacco 40.yr g 68-.1944 A-0
1961 F- A
4a
4 95 100
Am Thread lfit cot tr 43 1919 J -J
87
87

*No prioe Friday; latest bal anti aaked. aDne Jan °Due Feb °Due ..tar 49i1RApr &Due „a 'ly icl.me Aug




934 2
934
2 84
1
93/
106 Sale 103
1054 90
1
98% Sale LE%
9838
2 68
/
981
974
9738
994 sate 991
2 991
/
4
/
94% 19
94
94
2 95¼ 509
/
95 Sale 921
100 Ifar'149 ....
100

91% 96
92%108%
98 100
2 981
/
9131
4
/
21021
/
981
4
/
93% 96%
4
/
961
84
95 100

884
86
93 80
84% 85¼ 84
2 27 96 102%
/
102 Sale 10134 1021
96
2
1
Aug'09
98/
9814
2
/
981
4
/
981
2 9634 103
:
1"
103 Sale 1024 103 •.
80
67
74% 75 Ang'09
71
2100
/
951
99% Aug'09
99
96
2 1I13 I 104',i12½
111 111 111,
81
74
80% Sale 804
80% 9
90% 92%
92 Aug'09
92

o Due uo

pDeNov g Dueuee s Optima &WI

Torlontx,

New York Bond ReCord-Concluded.-Page 4

582
I$0. £)N. Y. STOCK EXcli A NOE
WEEK Esnino SEPT 3

Pries
Pridag
Sept 3

Wee/c'
Range or
Last Sale

I

Range
Since
January 1

RON W8
N. Y. STOCK EXCHANGE
WERE N.:NDINO SEPT 3

Price
Pr2das
Sept 3

Week's
Range or
Last -S-ale

Range
Mince
fel °) January 1

44ItLa
lity No Low IIig
Ash Lo•w
84a
483 Low
Iligh No Low Hign Southern Pao Co-(Uontinue(t)
Penn Co--( continnea,
92 Apr'07
93
Aforgan'8 La & T let 78 1918 AU 1171.1120 1224 Aug'08
Erie & Pitts gu g 34a B 1940 J J
J.J 115
116 Nov'06
93
96
1940 J -J
984 Apr'04
1st gold (Is
Series(
112 Febitr.
19
193
28
1) A-0
104 ..... 106 4 Deo'08
No of Cal guar g 5s
Gr R & I ex 1st gu g 91-is 1941 J 104 104
104 31ar09
1278 Oct '02
Ore & Cal 1st guar g 58 1927 J -1 103 .
Pitts Ft W & C 1st 7s 1912 .1-J 107
.0141014
101 4 Jan 'oil
1912 J .J 107 110 110 blay'09
1091
/
4 110
So Pao of Ariz 1st gu g 6s.elt) J
2d 7s
104162'ne'0,
107 Oct '08
-6) Pao of Cal-63 11.5 F. 1912 A-0
h1912 A-0 107
3078
1144 1160'
04
1912 4.0
III) 110
110 Feb'09
1st gold 6s
Pitts Y& Ash 1st con 58.1927 51-N 1104
116 31111.'0".
1937 3I-N 112
10776 1011 4
l071 J'ly'09
1st con guar g 5s
PCC& St L gu 9123A...194u A-0
Al
104
3-3
1st
g
68
1911
108
Ply
'u9
ti
Pao
of
N
Mex
5-0
108
1942
109
Series B guar
88)9. ..
90 J'ly (49
92
SoPao Coast 1st gu 48 g 1937 J J
1942 M-N 197)9
11241'
Series C guar
'
91 05
102,
4 1024
105 102 Li J'ue'09
Tex&NOSabDivlst g6s 1912 31-S
100 102
100 Aug'09
91)88
11195 31-N
Series 1) 48 guar
'08
Apt
-J
102
J
98',,
951
Apeui.
1943
53
Con
gold
94
95
1941. F -A
series E 34 guar g
944
934
. 964
9434 salt 94%
95
J -J
o Pac RR 1st ref 4s
Series F 43 guar
994
1053 J -D
i 00 1131
/
4
J -J
.. 112 II.% 11'2
Southern-lst con g 5s....19%
11
114 116
114 J'ly'09
C St L& P 1st con g 5s 1932 A-0 1134
109 1105.
110 May'09
Registered
1994 J -J 16.9
Pensacola & Atl bee L 86 Nash
82
6,, 76
85
/
4
Develop & gen 4s SerA 1956 A•0 82 bait 811
Peo & East See C C & St L
901,,
854 1104
904 Salo '30)9
116 Aug'09
Mob & Ohio coil It g 48 1938 31-S
116 116
1921 Q•F 116
Peo & Pek Cu 1st g 6s
/
4
113 1131
10034 Dec'03
Mom Div 1st g 412-5s 1996 J.J 1111 112 113 ApetA,
2u gold 4123
61921 NI-N
87% 91
674 88% 61)14 Aug'ui
105
2 105 106
St L01118 d1V 1st g 4s
1951
10551- 105
Pere Marq-Ch& W M 5s 1921 J -0
1104
108 ..,1311 '0a
112 115
Ala Cen R 1st g 68
1918
Flint & PM g 6s... .....1921) A-0 111%1134 112 Aug'Ob
924 924
924 Aug'09
924 94
Atl & Danv 1st g 4s
1948 J
107 107 4,, Aug'o9
let cousol gold 5s
1939
10434 109 L
874 87% 92 J
107 108)9
Pt Huron Div 1st g 53 1939 A-0 107 111 107 Aug'09
81)9
66
4•0
At
2
Iif4
d48
Yail
1st
4
48
9
H
g
guar
481
9
SagTus&
1st gum 98 1931 F-A
109 J'ne'U ...: 109 1194
Col & iireenv 1st 63
1916 J -J 11)9)4
Phil B & W See Penn RR
109% 111
1154 Mar'06
T Va & Ga Div g 53 1930 J -J 110 111 14 111 J'ne'te.
Phila & Rearang eons 78.1911 J.D 10314
1 110 41144
11441 114)4
1141
/
4114'6
May'09
II•N
93
Con
let
gold
58
93
93
1950
Philippine Ry 181 30-yr si 48'37 J
90
95
105 107
100
107 Apr'0'
E Ten root lien g Os
1938 M.
Pitts Cie 4:5 St L See Penn Co
69
68
08 Aug'09
68
Ga Midland 1st 3s
1946 A-I) (35
Pitts Cleve & Tot bee B &
11434 117
1.634 Aug't)
Gs Pao Ity.lst g Os
1922 J -J 116%
Pitts Ft W & Ch See Penn Co
11814118)4
Knox .5 Ohio 1st g 6s 1925 .J- J 115 118 1184 Ms)'09
Pitta McKees & V See N YCen
115% Apete,
ROD& Bit prior lieu g Os 1945 J -J 105
116 J'ly'09
116 116'.
Pitts Sit & L E 1st g 5s 1940 A-0 1154,
82 .Nov'Oa
'3378 J'iy'97
Mortgage gold 48
1943 J -J
1943 .1- 1 115
let conam gold 58
1,08)4 111
1.1018J'ne*te,
Rich & Dan con gtis
1915 J-J 1094
Pitts & West •ee B &
....
104
94 rne'te995
4
10018
57
5-0
Deb
68
100
Sale
stamped
11127
99%
101
1997
J -1
I)°ailing Co gen g 481
75 Oct 'Oa
Rich & Meek 1st g 4s 1.114a M-N
100 May'09
9874
98 4 100
1097 J .J
Xi) Registered
1 10119103)9
105%105 1033$ 103%
So Car & Ga let g 6s
98
98
11. 064 984
98
1919
1951 A 0 97
Jersey Cent colt g
...... .......
112 Oct 'et,
Virginia Mid set C 6s 1910 M-N 1064
98..
D& H
Rensitemer & bar ,See
1081
/
4 Dee '0(.,
Series D 4-58
1
,
921
6 M-S 106
Rich & Dan See South Hy
109 109
109 J'ly'09
Series IL 58
M-S 1074
Rich & Meek See Southern
07 1111%
109 Aug'09
General 5a
1930 M-N 109
Rio Or West See Den & Rio Gr
1994 mat'09
107)9 109)9
......
Guar stamped
1936
Hoch & Pate See B H & P
964 Jan '1);
91
W 0.5 W 1st ay gu 46 1924 F-A
Rome Wat & Og See N Y Cent
108)4 Aug'09
106)4 10914
West N 0 1st con g 6s 1914 J • J 1064
Cent
Rutland See .N
N Ala See .L N
-5
'Ins & H See Pere Marq
117 J'ly'00
96
8pok Falls & Nor 1st g 68.1939 J
96
954 96
92
91
o ea (Jr tat let g 4s.1947 J-J
108
107 4 109
•er A of St L 1st g 44s 1939 A-0 108 109 108
St L & Cairo bee Mot) & uluo
116
6 115 117
110
1 1st con gold 55-.1894-1949 1f-A 115%
P
St L & Iron Mount bee
uN
Aug
97
98
00
98
3-3
refund
s
I
g
45
98
Gen
1933
Wabash
See
LEC&N
8t
1104 1104
110)4 rue'uo
St L 51 Bge Ter gu g 55 1930 A-0 109%
St L M Br Seel' Hit A at St L
122)9724)9 rex & N 0 See So Pao Co
St Louis & S If-long 68.1931 J -J 123%124 l237$ 12378
112% 119
113 114 112% Aug'"
rl'ex & Pao let gold 5s 00
200
00 J
1931 J -J 11014 11013 1104 110)4
110 111
General gold 63
83
2, 05
75
50
Mai
9014 232 88
89 100
20 gold Inc 58
110' Sale
i)0
91%
Gen 15-20. yr 3s .... • -192". M-N
105 Jan'MI
10312105
La Div 13 L 1st g fet
95 Apr'09 •... 91
1931 J.J 103
91
92
KR cons g4s..'99 J • J
96 4
b
1061
/
4
N..004
101)
NV/15N
09
F-A
Min
W
Aug
W
1004
1004
latgu5s'JO
8outlaw Div 1st g 53 1947 A-0
1004101
i11 J'ly'69
iii 112%
8038 53 847$ 89
86 Sale 8534
1935 J -J 11).
1951 J -1
Refunding W.15
112 112
n1D
stiv
g5
09
18
st g 5s 1933 A-0 112 112 112 J'ne'09
VITtst(u
9934 Apr'09
1/934 9939 "1
StL & So East gu 44g1909 J
/
4 May 09
11)319105
General
gold
Apr'09
58
/
4 1031
1935 J•11 193's 1041
116%1204
EC Ft S& u con Us 192a M-N 1194 12134 1194
03 Aug'uv ..•. 92% 95
1st gu g 9a
Kan &
83% 5:s 8234 80
93
11)1M) A•
83% 8314
KO Ft S & 51 Rs'ref g 4.4 11136 A-0 83
904 Aug'09 .•.. 664 94
1917 3•
9438 93
101 P.5 W 1st gold 48
KC& M 11.5 it 1st gu 53.1929 A-0 190
9(1,k
4 894 91%
904 salt. 90
Vol StL& W pr lien g 343 11125 3-3
117% U8
/
4 98 Aug'09
Oz'rk& Ch(1 1st gu 58 g.11/13 A-0 97% 981
4 8234 884
83
50-year gold 4s
190(1 A-0 8254 Bale 82.4
St Lotus So See Illinois Cent
Apr'99
...•
9134 914
91%
Ham&
Bull
-1)
lot
lstg
1
i
48.h1
1
94(
i1
5
924
95
941
/
4
944
94% 95
St L S W let g 45 00 ctfs.1.989 m-N
107 1084
It18 Aug'09
H'stets& Del let con g Os 1928 J -11 107
Si
79
94)9 84 Aug'09
85
2tig 4s mo bond afs...p.11389 J -J
1 69
89
1st refund g 4s
89
80
1952 A-0 884
7&i
78
781-. 78
81'4
1113. J •D
Cousin gold 4s
102 104%
Un Pao RR & 1 gr g 44- 1947 3-4 1927$ 81166 10274 703)4
1014 Apr Vi
Gray's PtTer 1st gu g 53 1947 J -0 97
19034 103
Registered
10212 J'ly'09
1997 .1-J 102,,
8t Paul.5 But See Nor Pacific
3634 100
98
90`. 10
9634 Sate
1st .30 ref 4s
g2008 21-S
10014J'ne'09
100%104
St Paul M & Mau 20 6s 11109 A-0
20-yr cony 48
1 131. 13-2%
1927 J-J 115 Sale 111% 115)4 22)3 ..02 1244
131
1933 J • J 131 Sale 131
let consul gold Us
/
4
1/1114 47 98
994
ore ity & Nay con g 46 1946 .1-1) 994 Mtloo 931
.39 13.4
132% 132 Apr'09
Registered
1933 J • J
Aug'93
,
11841204
Ore Short Line 1st g 68-1922 F-A 1185
lOS Ill
Reduced to gold 44a-11133 J -J 108 108)9 108 Auteui)
119 Aug 09
114 118
lat coultol g 58
1990 J -1
108N 10634
10834 J'ne'09
Registered
1933 J • J 107
41 91
Guar rotund 4s
94.548ale
964
1920 J •D
1924103
191.9 51-N 102 1024 1024 Aug'09
Dakota ext gold th)
94 Jan '(.11.
94
Registered
94
1920 J -D
99 100',, 10034 Aug'09
99)4101
Mont ext 1st gold 48.-1937 J•D
99% Aug'09
Utah & Nor gold 5s 11/20 4-4 10634
11938 1004
1004 out'00
Registered
1937 3-1)
101 4•Ply
1.111 101 4 Uni .61 J ll14&CCoSegPalIlt
Muth Nor Div lat g 48194a, A-0 99
Utah Central See Rio Or Wes
124 May'05
1922 J • J 112
&Linn Union 1st g 6s
13134 Aug'1)3
131/4 1824 Utah 50 North See On
1133'. J -1 131/4
Mont(1 1st gu g 68
1361
Utica & Black It dee N Y Cent
/
4 ma)'00
193 J -J
Registered
98 Nov'Oa
autlalia consol g 48 .1955 F•A
115 AugU9
11444 117
193'. J -1 1144
1st guar gold Os
V era Cruz 55P1st gu 4431934 J-J
98 Sep'00
116 J'ne'09
116 1164
1st gold 6a 1933 .1-1) 115
Will.5 S
Val
Ind
Vet
&
W
See
Mo
P
Pao
Nor
See
St P.5 Nor Pao
Virginia Mid See South Ry
dtP & S's City see ti st P 51 &t.)
110 1174
89% 8934 Aug'09
92% Va 65 Southw't let gu 56.2003 J -J 1084110 110 J'ly'99
89
8 A& A Pa.selstgug4s 1993 J-J
1184 Aug'u.
let cons 50-year Os
117
05)9100
98
1958 4-0
110)9112', 111 4 J'ne'l)i)
1114113
Fe .Prea & Ph 1st g
113
1111
/
4 1144
aliash 1st gold Os
102 106 110 Oct '05
1939 .64-N 113 113' i3
SF& NP 1st sulk t g53.1919 J
VT 211 gold 5.3
i024105
F -A
1034 L024 103
Say db West See Ail Coast L
1904Jan WU
10i/41004
Debenture series A
1131 3-4
N L See Nor Se W
Scioto Va.1
'ly
'UV
86
101
100 101 J
90
4
4 04 91
1939 J -1
90
1959 4.0
Seaboard Air Line g 45
1024 May'ut.
H1241024
95
let Lien equips fdg 58 1921 M.
190
100
6 95 44 10076
1911 M-N 100
Coll tr refund gOs
May'Ut.
874
67
87
lieu
1st
60
J
•J
yr
g
term 4s 1954
85
86
85
10 86
85
At1-13um 30-yrIst g 46 e11333 1I,U',
/
4
7134 801
75% Sale 74%
let ref and ext g 48 .....1956 J-J
934
85 J'ly'08
Car Cent 1st con g 98...1949 J -J
108 1114
1104 -111E'00
Let & (1h Ext 1st g 68 1941 J -1 11/04
10714 Aug'06
Fla Cen 65 Pen lat g 53.1916 J -J 100
1'ne't).
805
s
111
,
4
91L,
Mom
Des
Div
-J
86
let g 9a 1931/ J
lat laud gr °EL g 5s-1930 J-J
78
80
78 J'ly'99
D1V 1st g 134s
A-0 754 84
1094 Mar'013
Consul gold Os
1943 J•J
90
9112
111 May'iht
Tol & Ch Div 1st g 4a 1
91.)
19
1024 196 4
941 M-8 85
107 100)9 J'ne'09
Ga & Ala Ity let con 68 o1943 J -J
4't
504
964 Aug'99
Pitts
J.1)
Term 1st g 48 11159
95
Wat)
105 106
109 105
Ga Car & No .1.st gu g ba 1929 J • J
364
4154 5539
Trust Co certfs
45 Sale 95
19634 10734
10734 J'ne4/9
19-lo J -J 106
deal)& hos 1st Os
84
85,
144
11
8
20 gold 48
1954 J-D
K & '1:
Sher Shr & So See
Warren See Del Lac & West
8116p Oca & U bee Atl Coast L
Cent
Wash
bee
Nor
Pao
Us
See
Southern
Bo Oar.5
Wash 045 W See Southern
Southern Pacific Co924 9334
9212 J'ne'011
92
9274 29 90
927$ Sale 924
95% Wash Ternal lat gu ha 1945 F -A
9010 48(Cent Pao coll.).k1949 J -D
86 .4;; 82% 88
West
Maryland 1st g 48 1962 A-0 85.4 Sale 85
Aug'09
933
4
Registered
85
933
86
4
k1949 J
69
6 61
60
Uen&Convg4s
734
1052 A-0
g1921/ 11-8 10334 Sale 1.02 14 103.4 18451 974107
20-year cony 43
102 J'ly'09
102 102
W Va Cent'S P 1st g da 1911 3.3
97% Bali 974
i)714 17 1167$ 98%
Cent rue 1st ret gu g 961999 b'-4
110 117
116
9634 96 XIV())
97% West N 145 Pa 1st g 64-1931 J -J 112 1144 1134 Aug'te)
Registered
1943 F-A
92
1
87
92
Uen gold 4s
95%
93
1943 4-0 112
894 93's
Mort guar gold 34s..1d921) J -1) 894 894 8912J'ly '1/1/
34 Feb'07
Income 58
41943 Nov
943$ J'Iy'l/k)
934 95
94
Through St L let gu 48'54 A-0 93
101)9 Apr'09
101.4101 14 Went No Car See South Ry
Gal liar & S A 1st g 68 1911) F
Feb'09
107 109
Wheerg & L E let g Os..J920 A-0 1074 107% 105
1.10 112
112 111 4 Aprith
Mex & Pac let g 58
1931 M-N
95 J'ly qits
Wheel Div let gold 5s..192a J -J 104
104 104
104 Mar'09
Gila V U & N let gu g 58 1924 M-N 1044
1034 Dee'Oa
Exteu Jit Imp gold 6s...193u F-A
103 1054
Ilona S. & W T 1st g 66 1933 M-N 104)9109 106)4 May'09
87
RR 1st consul 48........111411 A-S
91)
874 67
8.7
11/3 1034
1034 Apr'011
let guar 58 red
1933 81-N 1047$
99 Deo'Ob
20-year equip a f Os .1922 J -J
98
99
100% Aug'09
1011)9110',
H de C lat g bs int gu 11137 J -1 110%
Wilkes & East See Erie
107%Nov'07
Cousol g Os int guar 191t A-0 109
WU & Sioux b' See St P 51 & 31
95
9512 06 J•ly'09
90
Gen gold 4s int guar 1921 4-0
95i., 74 894 967$
Wis Cent 50-yr let gen .1(4 11141 J -J
93% Sale 95%
Waco& N W tliv 1st g 6a'39 M-11 116 116 110 Dee'06
933$ 14: 92% 95
Sup& Duidiv& term 1st43'3(I M-N
93, 93
93
107 4.lan 09 W. 107419 74
A & N W let zu g 5s
194t J -J

S

•••

-•

.•.

.83 4

ANEOUs liONDa-Couctuded.
Haim metering A:. Induetrull
Armour &Co lat real eat4 43'39 J-D
Beth steei let ext 81 53..1926 J
Cent Leather 20-year g 58.1925 4-0
Distil See Cor cony 1st g 68.'27 A-0
Int Paper Co 1st con g 68 1918 F
Consol cony a t g 6s
1935 J-J
hut St Pump 10-yr cony. Os '13 J •
Lackaw Steel 1st g 3s
1923 4.0
N 1: Air Brake let cony 68'28 M-N
Bepubl&S 1st& coltr 5s.1934 A-0
Umon Bag 'S P let el 58 1936 J-J
US Leath Co s!deb gt38-11113 m-N
U 8 1tealty & I cony deb g 58'24 •
U S Rubber 10-yr coil tr 63.'16 J •D
U S steel Corp-tcoup .41963 31-N
81 10430 yr 68. reg _41903 M-1.1
Va-Car Chem 1st 5-yr 6s 1923 J-D
Westinghouse E & Mal 6a '31 J.J

934Sale 93%
89 Sale 8834
1001
/
4Sale 1004
751
,Sale 757$
105 106 105
874
874
105 105)9105
981
/
4 98% 984
115 116 115
102 Sale 101%
la
964 97
106% 106 1054
884
884 90
104 41054 105
1078$ Sale 11/13%
1074 8a1$ 106
99 Sale 984
944 Sale 944

price Fridays latesi bid and asked this week.




93% 119
89
26
10014 26
704 19
101)9 17
88
29
15
105
9838 4
8
115
102
27
3
97
10534 12
92
1
10514 41
107 696
1074 '1
668e 61
94% 99
4DUO Jan

Miscellaneous
Adams Ex col tr g 4a
1948 M-S
13'krn b'erryCo istcons g 56'48 1?- A
Bush Terminal 1st 40
11)54 A-0
Consol 5s
1956 J-3
ClucJo & t Yard col g 53 11116 J -J
Bet 31.45 M Id gr Incomes 1911 A-0
institution for Irrig Wks
& Bevel of Agricul a f
4125 (.3tfs)
1943 11-N
Int Meroan Marine 448 1922 A-0
oat Navigation let f 58 1'229 F -A
Newp No Ship & D D 5a 41990 J -J
N Y Dock 50-yr 1st g 48 1951
Providence sec deb 48
1957
Provident Loan Soo 948 1921 SL-S
St Joseph Stk Fits 1st4 43 1930 -J
Yuba Wat Co con g 68 11123 J•J
us Red& Ref 1st s g 68 1931 J0 Doe Vett 4 Due Apr •Doe May g Due J'a0

98
964
77
1)0
964101
78'9 787k
101 1061
/
4
85
884
100 106
991
93
108 1164
98 102
9134 98
104)91003,,
8434 92
102(4106
1024108
10158 1081*
9354 100
904 115',,

9234 Aug'09
41 Oct '00
911
/
4 90% rly'09
954 J'ly'09
100 Jan'06
47 Apr'08

93
95

••••

92

94

90
934
914 954

054 Aug'09
92% 95%
684
69
61 084 77
85 J'ly '09
84% 884
96 Aus'Oti
...........•
9514 7 91
1)5)9
954
90
90 Jan '09
90
95 J'ly'09
96
05
1004 bey '03
......
112 J'ly'04
93
92
92
1 89
9114 92
h Due Xis p Dee Ziert eOptuat

9514
684 Sale
85
'15
9434
87,11

CBTO A Of) STOOK E KO FIANA.}-]-3took Iecord-Dailv, Weekly and Yearly
STOCK -.HIGHEST AND LOWEST SAL!. PlICEE
.saturrtaii
Aug.28

Mouths',
Aug.30

Tuesaag
Aug.31

wean esaay
Sept. 1

1,ursaay
Sept.2

2,rtaay
Sept. 3

:,ates
of ill,
Week
Shares

Range uncJan. 1 1909

.31OCKS
CHICAGO STOCK
EXCHANGE

hangc

Lowest

Pcnitlyirolszycis
Last Sate 180 Apr'09 ...... Chicago
100 180 Mr.h s • 190 Feb
---- ---- ---- ---- ---- ---- ---- ---Last Sale 214 July'09
*212 3
*212 3
*212 3
*212 3
214 J'iy 21
Chicafro & Oak Park _100
4 Jan 22
*10
12
Last Sale 10
12
*10
July'09
12 *10
12 *10
Do pref
9 :an 21
100
15 Jai 22
*108 110 *108 110 *108 110 *108 110 *107 112
110
110
Chic Rys part ctr -1--- - 107 J'ne 4 11912 J'ly 2b
38
*3712 38
10 Chic itys part ctf "2"--- 36 J'ne23 4534 Jan '2
*3714 38
3712 3712 *37
*3714 38 *3714 38
25
*24
25 Chic Ilys part ctf "3"--- 2412 Aug 17 30 .
*24
25
2412 2419 *24
25
25
*24
*24
25
*91* 10 - *912 10
__ Chic Rys part ctf "4"166
Last Sale 12 July'09
*912 10
*911? 10
9 May 3 1312Jan 2
2012 191 2012 1878 1034 1734 19
-18
1834 3,150 Chicago Subway
20
20
20
16 J'ly 21
2914 Jan 2
48
48
49
*47
*47
*47
40
49
*47
49
49
150 Kai% Coirtc
*47
35 Feb 24
yt Fly & Lt..
52 J'ly 7
8134 *80
*8134 8214 *8134 8214 *80
8134
Last Sale 8112 Aug'09
79 JIn
1612 Ma3:11'
*1518 18 *151g 18
Last Salt 1734 Aug'09
*151g 11
NIe)
*1518 18
itroo pProfV S Elev-1
10
00 1512 Aug 11
19 Mch
*48
50
*48
49
50
*49
49
50
*49
50
*49
00
50
100 47 Jan 14
54 .I'ne
20
*19
20
*19
20
Aug'09 - Northwestern Elev.-100 .20 Aug 11
Last Sate 20
*19
20
*19
25 Afay
*68
70 *68
70
70
Last Sale 70
*68
Aug'09 -__
70
*68
100 63 . an n
73 May 7
*55
*55
56
*55
56
56
56
Last Sale 56
*55
Aug'09
South Side Elevated_ _ 100 50 Jar. 25 61 May /
44
4412 4412 444 4412 4434 4438 4434 445s 4458 4412 4434 1.25 Streets W Stable C L_100 2914 Apr 13 5134 'tie 10
104
104 104 *103 104 *103 104 *103 104 *102 104 *102
Do prof
100 97 Feb 15 10712 J'ne 18
--

1212 1212 1258 1258 1238 1212 1238 1212 1233 1238
8234 83
8334 8334 8338 8312 8318 8318 8338 831g
*208 __ *208 . -- *208
- Last Sale 210 Aug'09
132 132 *130 135 *130 135 *130
1-35 *130 135
135
*62
64
*63
65
66
*63
60
*62
64
*62
64
110 *108 110 *108 110 *108 110
11012 11012 *110
111
14178 142
1394 13978 13973 141 141
141 14118 14118 142
Last Sale Is
June'09
_---_-.. ---- - - --___
June'09
Last Sale 14
20 -23
*2214 -23- *2212 /314 *22
22 -22
23
23
24
60
6012 5934 5034 60
*59
60
5934 60
60
6012 6012
*54
*54
55
55
*54
*54
55
55
Aug'09
Last Sale 55
118 *1
1Ig *1
*1
118
118 *1
July'09
Last Sale 1
*2
3
*2
3
*2
3
*2
3
Last Sate 218 July'09
*3112 32
*3012 3112 *30
3134 3134 3114 32 *3012 31
32
13512 13512 13518 1351* 13534 13534 13534 136 *13512 136
13512 136
Mch'08
Last Sale 214
*138 140 *138 141) *138 140 *138 140
Last Sale 142 Aug'09
*12012 121
121 121
12012 121 *120 121
121
12012 121 *120
2314 2314 2414 2438 24
2414 2338 2312 2334 2378 24
241s
Last Sale 881. May'09
Ho" fir Hsi" fir *iiir, Ili- H521171
4 127 127 *12'7
1271 2
51
*5012 5112 51
504 51
5012 5078 5078 55
5412 5612
*43
45
*43
45
*43
45
June'09
*43
45
Last Sale 44
Last Sale 213 June'07
---- ------ -- --- -- ..... ......
---- ---- ---- ---- ---- -_-_-- -_June'09
Last Sale 21
*106 107 *106 107
100 106
107 108
10714 108
10778 108
*125 126
125 125 *125 126 *125 126 *125 127 *125
127
*95
97
*95
97
*95
Aug'09
Last Sale 95
97
*95
97
*119 120 *119 120 *119 120 *119 120
Last Sale 119 Aug'09
11538 11538 *116 11634 11638 11612 11512 11534 11512 116
116
11614
Last Sale 11-16 Mch'09
--_-- ---- ---- ---- ---- ---- ---1.57
2i4 10212 103 10314 101 103
10134 10212 10214 10234 10212 10318
114
114 11414 011414 115
115 115
114 11414 *11414 1143,1 114
10934 110
110 11014 110 11033 11013 11012 11038 11034 11073 11114
Feb'09
Last Sale 7
_ - _-- --- -_---.-----146 146 *146
*141 146 *141 14-6 *146 1-50 *146 150
150
*102 10278 102 10234 10234 10234 10278 103 *10212 103
102
102
_-- --__-_ --- ----- .Apr'09
Last Sale 112
------_ ----- --- ..-Last Sale 3
Apr'09
- --_ __ ___ ---. ---- -- -Apr'09
Last Sale 734
;1334 1414 1334 1378 *1334 14
1312 1334 1334 1334 1314 14
1214
8234
*208
*130
65
*108
13918

1214
83

Miscellaneous
820 American Can

100
100
100
3
100
10., Amer Shipbuilding_100
55
Do ore!'
100
1,:.00 Amer Telep & Teleg_
__. (both
B
165
(A) & Co
Do pref
no
Booth Fisheries com --O.
Do pre(
-- Cal & Chic 0..nal &D.100
---- Chic Brew'g & Mait'g
Do pref
65 Chic Pneumatic Tool_100
61 Chicago Telephone. 100
_...
Do rights
Chic Title & Trust. 100
"iii Commonw'th- Edison _100
1.:,000 Corn Prod Ref Co Corn...
Do
Pref_
"N.!
Y. Diamond MatchDo
156
3,634 Illinois Brick
100
_- Masonic Temple
-- Mllw & Chic Brewing
Do pref
"aio National Biscuit
100
I
Do pref
100
National Carbon
100
Do pref
100
-ii.
': People sGasL&Coke_100
-__
Do rights
3,o30 Sears-Roebuck com__100
165
Do pref
100
2,332 Swift & Co
100
--Do rights
1- 7, The Quake Oats Co100
55
Do pre
100
Unit Box Bd & P Co_100
Do Full paid:::
Do pref
100
Do Fuil pa d_
-_ W^stern '3t,''3t,'100
D rizp
American
arnet Radiator

"i41)

-aao

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Sept. 3

Interest
Period

Price
Friday
Sept. 3

Week's
Range or
Last Sale

778 Jan 30
7134 Jan 6
200 Jan ii
126 Jan 21
5418 Apr 21
101 Feb 24
139 Aug 7
Is J'ne
14 May22
10 "t24
48 J'ne
5114 Jan •••
1 Apr 2;
21g Apr 27
20 Ale1124
127 Jan

1418 May2i
85 J'ne 4
210 Augl
132 J'ly 21
604 Aug 7
11012 Sep 2
14253 Aug 12
1 „',.. -•
5 Jan 5
27 Aug '.16
611* Aug 26
58 Ap. lb
1 Apr 27
218 A nr
34 Aug 24
136 Aug 19

117 Jan ly• 151 Xis,2/
107 Jai'. 21 1'2112 J'ly 1
251s Aug 3
1712 Feb 25
7014 Mch25 881. Ma yi9
13034 Aug 13
117 Jan
38 Jan 26 5.12 Sep 3
43 Jan 5
45 t eo •
2012 Apr 21
wig Jan 2
11814 Feb 15
82 Jan 14
110 Jan lb
102 Jr.it 5
19 Feb 25
55 Jan 5
101 Jan b
10013 Jr.
9
8 Feb 5
119 Jan 5
9812 Jan 2
5s Feb L214 Feb 213
334 Mehl()
1012 \Teti
.5 Feb 14

MOUS

Yew'

(1908)

21 .P11028
109 .'.'lflib
127 J'iy 20
69 Aug 13
120 Apr I
11978 Aug 16
•
111414 Aug ,4
11ii33 Amax
11414 Aug 6
20 Jan is
153 i'ly 28
10312 Aug 12
.+Ieli2t.;
31g Nich
912Jan 4
1638 J'ne

Lowest

righest

160 Jan
15,Feb
619Dec
8434
38 Oct
20
934Sen
15 Feb
30 Oct
68 Sep
1214 No
42 Jan
1334 Any
46 An ,
42 Am
.2612 Api
85 Apr

185 "Dec
312 Aug
10 Aug
119 IN ov
47 -rue
214 Dec
1312 Dec
3012 Dec
4•13.1
/612 N ,,y
19 Jan
54 May
22 Dec
6215 Dec
/1 Jan
34 Auv
111J•

Feb
4112 Jan
125 Jan
116 Apr
37 )1e,
91 Jan

103
/67F
2ix.)
1281.:
03
11:4

\'ov
Dee
Dec
Noy
Nov
Nov

is Dec
3 Dec

30 Jan
100 Nlay

40 vet,
1 Oct
2 No,
20 1)cc
106 Jan
34 Feb
100 Jan
80 Jan

elk; Dec
'Aug
4 Apr
3012 ‘00
153 Sep
z4 Feb
116 Dee
110 Oct

113 Jan
30 Jan
kS J

13,' Alm
4-212 Dec
46 J'iy

19 J'ne
70 Jan
10134 Jan
51 Ms'(
91 Met.
8012 Jan

20
97
120
87
116
106

y
Dec
Aug
Dec
Nov
Dec

24 Jan
72 Jan
8812 Jan

56 DeC
102 Dec
10534 Sep

11434 Jan
87 Jan
14 J'1Y

134 Jan
Ito
13, Jan

112 J'iy

12

Jan

Chiugo Banks and Trust Comp-nies
13'ds
Sold

Range
for
Year 1009

NAME

Outstandjag
Stock
1

Surplus
and
Profits
1

Dividend Record
In
1907

In Per- Last Paid
1908 tor/
%

Bid
I Bankers' National__ $2,000,000 $1,284,770
Ask Low
High No. Low High
8 Q-M June '09, 2
8
Amer Strawb'd 1st 68_1011 P - A
100 Meh'07
Calumet National
An. Dec '08,6
100,000
6
36,276
6
Armour & Co 4 Ms___1939 J -D
WI; 9t.-7g Chicago City
J-J July '09,5
500,000
9312 Aug'09
10
196,740 10
Aurora Elgin&ChIc 5s 1941 A -0
Q-J July '09, 3
-- I Commercial National_ 3,000,000 4,344,640
12
12
Fly
Co
Cal & So Chic
Continental National
a4,000,000 3,952.849
8
Q-J July '09, 2
8
1927 F - A
1st 51 5s
102 rne'09
50,000
6
6,270
102 10212 Cook Co State Savings
6 Q-M July '09, 112
Cass Av & F G (St L)55 '12
10114 Feb'09
Q-J July '09, 3
101 10114 Corn Exchange National 3,000,000 5,189,968 12
12
Chic Board of Trade 451927
-D
100 May'07
Drexel State
200,000
37,245
A-0 Apr '09, 212
6
4 WI; 10313 10314 54 10318 161" Drovers' Dep National_ 600,000 413.275 6
Chicago City fly 5s_ _ _1927 F - A 108
934 Q-J July '09, 212
- J
Chic Consol Br & Mit
103 Apr'04
200,000
Englewood State
33,900
6
Q-J July '09, 112
6
Chic Consol Trac 4 s 1939 J -D
50 Apr'09
8,000,000 8,227,368 12
12 Q-M J'ne30'09,4
16 16" First National
Chic Auditoriumlst 581929 F - A
165.042 10
150,000
9634 Jan'06
First Nat Englewood.._
10 Q-M J'ne 30'09212
555,098
Chic Dock Co let 48_1929 A Priv ate Bank
Foreman Bros B'k'g Co_ 1,000,000
436,965
Chic Jc RR 1st MgSs.A943 51- S
8
Fort Dearborn National 1,000,000
Q-J July '09, 2
8
'Wf" Fela-'0;
Chic No Shore Elec 6s.1912 A 500,000
5
160,567
Hamilton National....
J-J July '09, 212
5
7834 79
793, Hibernian B'k'g Ass'n__ 1,500,000
79
8
806,641
io
72
79
Chic Poe Tool 1st 5s_a1921
8
Q-J July '09, 2
Sale 101
1927 F - A 101
118,250 10
200,000
10
Chic By 5s
J-J July '09,5
10114 22 10078 10234 Kaspar State Bank__
95'14 91
12
0312 9614 Live Stock Exch'ge Nat 1,250,000
9534
96
Chic Rys 4-5s series "A" A 396,836 -- 10+2 Q-M rne30'09,212
4
Q-I,Aug 1 '09,1
Chic Rys 4-53 series "11"• - D 8512 8014 8534
5
300,000
63,178
8434 8912 Monroe National
4
614
92
Nat flank of Republic
8914 rne'09
91
Chic Rys 4-58 series "C"• - A 91
89
8
Q-J July '09, 2
2,000,000 1,184,839
8
1913 F - A 10112 _
10112 Aug'09
10118 10238 National City
Chic Rys coil 6s
3
520,474 ---.
Q-J July '09, 112
1,500,000
10112 10238 National Produce
Chic Rys Fund 6s 1913 P - A 210114 1013250,000
66,685 -.. --- --July '09, 1
4 10112 July'09
101 Salt 101
101 ,
Chic Rys Tem Ctfs 1st 5s
101 10212 North Avenue State
200,000
234 Q-J July '09, 113
67,729 _N
6612 Aug'08
North Side State Savis
Chic It I & P RR 4s_2002
50,000
12,102
CI-J July '09, 112
8
6
1913 M- S
6612 July'08
_
Collat trust g 5s
North West State
'3,162 ..... __ __ July '09, 112
200,000
D
103
103
11 10234 1033.4 Prairie National
Chic Telephone 55.-1923 J
250,000
72,664
10212 10238 40 101 10314 Oral tie State
Commonw- Edison 55_1943 31 S
500,000
8
45,546
8 Q-M June '09. 112
100 Jne'08
J
Chic Edison deb 6s.1913 J
Itallway Exchange
250,000
4
2-..Jan '08, 2
6,141
101 Aug'09
1st g 5s____July 1026 A 1664 11111 Security
300,000
146,102 ____ July '09, 112
S
10218
Aug'09
8
Debenture 5s_ __ _1926 51no5
omit Chicago Savings_
200,000
6
78,176
10033
4:1 July '09, 112
i "
10234 Aug'09
Commonw Elect 5551942 M- S
10234 10358 State Bank of Chicago
y1,000,000 1,414,754 9+1
Q-J July '09, 3
11
Illinois Tunnel 55
80 Dec'08
250.000
179,358
Stock Yards Savings
6
1028 J -D
7
J-D rne30.09,2
Kan City Fly & Light
Union Bank of Chicago_
200,000 . 42,726
6
6 M-N May '09,3
Co 58
9834 UnionStock Yards State
98
1913 M - N
9834 rne'09
6
65,624
200,000
Q-J July '09, 112
6
Knick'b'ker Ice 1st 58.1928 A 96 Mch'09
96
95
8
8
Q-J July '09, 2
American Trust & Says_ 3,000,000 2,709,594
Lake St El-lst 55_1028 ▪ - J
91
73
90 July'09
7
90
794,826
Central Trust Co of Ill
Q-J July '09, 134
2,000,000
7
Income 5s
1925 Feb
16 May'05
80,508 ---n500,000
134 Q-J July '09. 113
'hicago Say Elk & Tr
Metr W Side El6
6
Q-J July '09, 112
5,000,000 r1,208,619
Chicago Title & Trust
8312
1st 4s
1938 F - A 8312 8412 8312
4
A-0 Apr '09, 2
9
8612 Citizens Trust & Savings
83
50,000 . 8,453
3
Extension g 4s
1938 J .
8+2 Q-J July '09, 213
8212 8414 Colonial Trust & Savings
500,471 10
8134 8378 J'ne'09
600,000
North \Vest El 1st 45_1911 • S 9534 0512 9518
9512
6
98,370
9214 9612 Drovers Trust & Savings
200,000
73i Q-J July '09, 2
1
No W G-L & Coke Co 58'28 Q -M
99
218,081 ....... .- Q-J July '09, 112
1,500,000
98
9814
904
Farwell Trust Co
1045 M- N 13-1;
Ogden Gas 5s
Q-M July '09, 4
" 9512 9512 1 93 98 First Trust & Savings_ 2,000,000 2,665,234
1916
Pearsons-Taft 5s
200,000
7,409 Incorp ()rated 1908 V.87,p.1138
If10
10014 10012 Guarantee Trust & Say_
10038 Mch'09
D
M S , 9834
9634 98
8
4.405
Q-J July '09, 212
97 Mch'09
Harris Trust & Savings_ 1,250,000 1,051,962 ___
51- N 98
9978 Illinois Truit 63 Savings 5,000,000 8,386,842 16+4 16+4
98
4.605 Series E
q Aug20'09, 1
98 rne'09
SE - N 99 ____ 100 Mch'09
44,669
100 10018 Kenwood Trust&Savgs_
200,000
8
6
Q-J July '09. 134
4.80s Series F
34,889 , 2
120 122
200,000
Peo Gas Lee° 1st 68-1943 A --.. 12012 12134 May'09
LakeView Trust&Savgs
'fli Q-J July '09, 114
103 109
Refunding g 58.-1947 M S 103 104
10338 10138
12
Merchants' Loan & TrCo 3,000,000 4,983,232 12
Q-J July '09, 3
J 10412 10412 104,8 1041s
750,000
239,385
104 105
3
Chic Gas L&C 1st 581937 J
6
Metropolitan Trust&Say
Q-J roe '09, 112
1,500,000 2,138,833
102 10234 Northern Trust Co
8
Consum Gas 1st 58_1936• - D 10214
10214 July'09
8
Q-J July '09, 2
51,656
10112 102
200,000
6
North-Western Tr &Say.
Mut'l Fuel Gas ist5e1947 M - N :102 10214 102 Aug'09
6
J-J July '09,3
J 9412 Sale
200,000
98,577
9412 9634 People's Trust & Savgs_
6
9412 -s")
6 Q-J July '09, 2
South Side Elev 4 48-192'1 J
9414
Swift & Co 1st g 58_1914 J -J 9972 10078 100
1 100 102 Pullman Trust & Saygs_ 500,000 177,743 k8
100
Q-J July '09, 2
8
200,000
20,000 Beg, b us.rly 12'0 9 V.89,0.141
90
Union El (Loop) 55_1945 A 92
95 .1%0)0
Sheridan Tr & Say Bank
200,000
114 Nov'04
Union Pacific conY 4s-1911 fl- N
Stockmen's Trust & Say
28,363
J-J July '09, 212
5
5
1,000,000 1,188,514 __.
75
United Box Board col 63'26
79
8 Q-M J'ne30'09, 2
14 "70- 161; Union Trust Co
▪
7014 81
J 179
Aug'09
General mtge 6s
80
204,973
6
Western Trust&Savings 1,000,000
6
Q-J July '09, 115
8512 July'08
200,000
Western Stone Co 58_1900 A 59,329 Began businc ss Se pt 5 1908
West Side Tr&SayBank
200,000
6
Woodlawn Tr&Sayliank
35,920
Q-J July '09, 112
6
Note.-A CCM ed Interest must be added to all Chicago b ond prices.
• But an , asked prices, 10 sale, were 'nude on this day. 1 June 23 (close of business) for national uanks and June 24 opening of business) for state
nstItut'ons
I No price Friday: latest price this week. a Dud Dec. 31, 5 Due June. k Also stock dividend 0. 33 1-3%. n Capital and surplus to
• Dividends are paid Q-J. With extra payments Q.F. r As of date Dec. 31 1008.
be Increased.
a Bankers an:1 Commercial National banks lobe
merged under name of Commercial National; V.89; p. 16, 140. y Capital Increased to $1.500.000. V.88. p. 1477.




y
BOSTON STOCK EXCHANGE-Stock Record, Daily. Weekly and Yearl
slIARE PRICES-NOT PER CENTUM PRICEN
Saturday
Aug.28

Monday
Aug.30

Tuesday
Aug.31

WairtesdaY
Sept.1

Thursday
Sept. 2

Friday
Sent. 3

Sales
0/ the
1Veek
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range stn,, Jan. 1
1909.
Lowest

II went

,anye /or P-evious Year
.1908)
Lowest

IfIghest

Railroads
10114 Deo
,Fel
67,
Aug 12
666 Atch Top & Santa Fe_100 98 Jan 13 12034
I
8:32 Mei 10414 Deo
100 10034 Ja.'. 15 106 inc,
Do pref
Dec
'230
Jan
181,3
Apr
23914
1
J..215
-158 i3oston & Albany.. 100 225
1211. Dec 140 Jan
100 12414 Jan ; 1324 Apr 2'2
238 Boston Elevated
'228 Dec
19
90014
Feb
Mch
235
12
Jan
224
100
1 Boston & Lowell
114 Oct 140 Jan
100 13213.--an 1. 150 J'ne
604 Boston & Maine
136 Feb 156 Jan
100 151 Feb 26 160 Apr a
Do pref
---_
301 Nov
.4
Jan
Jan
784
301
2t1
Apr
297
100
e_
---- Boston & Providenc
13 Mch
9 Mei
1134 Jan 2 22 Feb st
---- Boston Suburban El Cos_
38 Nov
45 Jan
lb Feb 4
5
Jan
(1012
pref
Do
---Jan
17
Nov
813
McI412
1412
Ntaylu
10
Cos
---- Boston& Wor Elec
6012
Jan
5312
Dec
Apr
474
52 Jan
Do prel
90
15114 Dec
126 Jan
162 J'ne 23
20 Chic June Ry ee USY..100 143 :an 2' 123 J'ly
12012 Deo
102 J 4r4
100 116 Mehl!)
Do pre
19
Dec 165 Mch
163 sell
173
--- Con & Mont, Class 4_100 170 Ja:'. '26
138 Apr
14212 Mch.2:- 13314
2
Jan
139
_100
pre!
Riv
Pass
&
Conn
---263 Dec
244 Jan
15 175 Mehl
---- Connecticut River...100 '267 Jan
133 Nov
100 129 J'ly 29 136 Feb 5 117 Jan
57 Fitchbur3:, pref
86 Dec
6/ Apr
100 .75 Jan , 05 Sep 3
16 (la Fly & Elect'''.
85 Dec
31 Oct
J'ne2.
88
14
Jan
79
100
Do pref
70
193
Nov
,3
Nov
193
Jan
100 19514 Ja 13 9512
--- Maine Central
1334 Nov
Jan
1734 Sep 2
814
12
Jan
1114
.300
Cos
Electric
3:265 Mass
64 Nov
2
Jan
40
Sep
19
1-,
Jan
581.
100
Do pref
1,697
161 Nov
74'3 j 11 e 1
198 Jan
473 N Y N H & Hartford_100 157 ,Ian V 149 Aug
146 Apr
140 Jne
100 146 Feb 1
Northern N El
05 Feb
An;
100
2
Sep
215
13
Apr
0642
43 Norwich & Wor pref _100 200
Dec
,
Ja)
175
10') 194 Jan 5 :0018 Ja
Old Colony
34 Dec
'5 Jan
40 J 'tic .5
27
Apr
26
_100
pre
-177 Rutland
145 Dec
Feb
11712
1
Aug
70
'..
100 11014 filch
45 ;cattle Electric
8838 Jan 102 Dec
100 9712 Apr 5 107 Aug31 11012
Do pref
10
Mch 18553 Nov
100 217278 Feb 26 21834 Aug 1,
9733 Nov
1,720 Union Pacific
16
Aug
11714
7834 Ap,
100 334 Mch 2
Do pref
165
161 Nov
150 Jan
100 165 Jan 20 175 Apt I/
Vermont & Mass
9112 Sep
Jan
2.,
Apr
76
9818
"
Jan
88
50
-55 West End St
il0 Deo
96 Jan
50 103 J'ne25 412 Apr 2;
Do pref
7
, 133 J'ly 140 Mch
146 Mayl.
--- Wore Nash & Roch100 144 Mch12
Miscellaneous
35 Nov
13 Jan
334 Jan 2 5014 Aug 12
915 Nov
4873 4833 4853 4812 4812 1,960 Amer Agricul Chem 100
48
49
77 Mc)
48
49
48
4714 48
100 94 Jan 18 105 J'ly 2.,
Do pre
527
103 10314 10314 10312
12 Dec
4
4
103
1033
4
Feb
Feb
'Jig
103
10312
10334
'2i,
10334
553Jan
103
50
10278
834 1,485 Amer Pneu Service
834
Dec
834
812
23
14
Feb
J'ne
812
912
22
512
814 812
814 814
814 814
50 13 Jan 1 '
Do pref
2012
2012 20
815
13728 Nov
Apr a
2014 *1934 2012 20
9914 Jan
136
20
J'ne22
12113
0
*1912 2012 195g 20
Reln-10
Sugar
585 Amer
129 13012 13013 13013
ha Apr 1., 196 Feb 132 Nov
129
129
12914
x12914
131
13012
13034
J'ne26
120
12978
100
Do pref
156
12512 12512
13212 Nov
12514 12534 12512 127
Aug
90 Jan
128 128
127 128
127 127
12,536 Amer Telep de Tele):3_100 12514 Feb 1 14312
141 14112 14138 142
3233 Dec
16 Jan
4013 Aug 27
2712 Feb 1
139 13912 13933 14014 14014 14214 141 14214
*3910 40
155 American Woolen.,,,_.,100 9313
9012 Nov
*3934 40
40
40
.1
ne
108
II
7734
40
Feb
40
3912
15
3912
Jan
39
39
100
Do pref
783
4
105
3
106
10634
10512
412 Dec
10612
105
10
Aug
4
3
73
Jan
10612
106
334 Apr 1
10
10534 10614 10512 106
200 Boston Land
713 71.2 _
9612 J841 128 Nov
J13, 29
712 734
734 734 *714 ---*714 712
E
4
180 Cumb Telep & Teleg..100 125 Jan 26 14512
Dec
145
145
2114
*144
2
Jan
145
Sep
*144
14414
4
,
143
44.
143
144
1812
Jan 11
*142
25 Dominion Iron & Steel__
4613 4613 *;i712 4814
838 Nov
414 MCII
1378 J 'lie 9
*4412 4514 *4458 4514 *4478 4534 4512 4512 1012 1012 10
7 Jan 4
350 East Boston Land
10
Apr , 201 Meh 253 Nov
1.60
104 1012 1012 1012 1012
2
Jan
245
1012 1012 *10
00
Illum_1
Elec
255
112 Edison
256
162 Dec
254 254 *254
111 Jan
254 254
254 254
254 254
100 15038 Feb 24 173 Aug /
216712 16712
576 General Electric
60 Dec
49 N14.1
6112 Apr 17
*165 16612 16712 16712 169 16912 169 169
90 Nov
6553 -(C5.5-3 6558 6558 1,362 hlassachusettsGasCos 100 59 Jan 1
Jan
2.
77
Apr
97
i
Jan
89
6514 6514 6538 6534 6434 6514 6514 651. 9114 9114 92
00
1
Do pref
92
499
Nov
215
Apr
9113
192
17
9113
Feb
9114
9114
220
0034
9118 9034
91
100 20213 hIch12
Lino
ler
Mergentha
213
213
4
3 Oct
213
*21212
Mei)
1
3 Mch 29
2 Jan 6
*212 21331 *213 21334 *213 21334 21312 21312
10
464 Mexican Telephone
212
214 214 *214
Mch, 78 Nov
J'neli
40
98
214 238 *24 234 *214 212
24
Apr
68
*214 234
100
N E Cotton Yarn
Aug'09
93 Dec
Last Sale 95
75 Mch
96
*94
96
*94
96
*94
95
100 93 Jan '. 110 J'ney)
*94
Do pref
10713 10712 --io
107 107
Jan 128 Nov
100 12614 Jan 5 138 Aug 12 105
*107 10712 *107 10712 *107 10712 107 107
94 N E Telephone
136 13612
79 Dec
5112 .Pne
136 137 *136 137
Aug26
1002
137 137
*__ _ 137 *136 137
100
_ Pacific Coast Power
Last Sale 1004 Aug'09
_147 Jan 17412 Nov
*98 ---_
6 193 Aug
Peb 30
_ _ *98
5 Jan
78
100 16
193
193
60 Pullman Co
1012 Nov
194 194
9 Apr
196
*981112 Joel)
934 Jan 11
10
195 195 *192 196 *194 195 *194
*9g89 Recce Button-Hole
10812 J'ly
*11
8812 Jan
11
6
11412
Aug
11
11
11
9
1112
Jan
11
100
100
*11
1112
Swift & Co
11034
11114
484
Oct
24
11073
11013
Jan
20
13
11034
Aug
11014
26
8
110 1101 10934 1103
10978 110
48 Torrington, Class A.._ 25 2012 May21
2612 Deo
25
*24
23 May
2714 Aug 1
*24
26
25
2434 243.i 25
25 2414 Jan 29
25
*24
Do pref
Au-g-155
213 Jan
Sale
Last
'1
Mch
114
Apr
2
2712
*2612
2712
*2612
2712
26
1
Jan
*2612 2712 *2612
Union Cop L'ci 414 M'g_ 25
Aug'09
J'ly
Last Sale 134
100 12612 Jan 13 15012 Aug 16 11412 Jan 148
148
14913 -8ii United Fruit
6238 Nov
6614 Jan 14
3S2 Jan
14814 14912 148 14-6- 14814 14814 6434 65
14714 118.- 148 149
2,596 Un Shoe Mach Carp_ 25 x54 Mehl" 3684 \len 6
6512
Nov
6533
2:0
2473
Jan
6514
65
6512
4
643
Jan
11
25 2812
64
6412 6434
64
Do pre
228
3018 3012 30% 3010
5834 Nov
26 Jan
_
100 4134 Feb 21 8013 Sep 3
3034 3034 3012 3034 3013 3012 77% 78% 7878 8018 20,412 U S Steel Corp
8712 Jan 114 Nov
Aug 2
129%
7813 7612 7712
23
Feb
107
100
7658 7734 77
7414 7514
*3014pref
Do
127
127
412
912 Nov
125 126
4 Feb
1234 May
493 Jan 11
125 12512 12512 12618 *125 12512 1112 1112 *11.
12333 124
1112 1,260 West Telep & Teleg_ _10
8014 Dec
59 Jan
1112
1112 11
11
11
100 76 Mch 3 90 J'ly 15
1133 11
Do pre.
*11
90
*89
20
90
*89
89
89
90
*89
90
9012 *89
*89
1214 Aug
,
14 Feb
6 J'ly 14 101, Niny2
25
678
678
100 Adventure Con
*634 714
7
4112 Nov
7
24 Apr
7
7
*634 7
*612 7
25 34 Jan '29 554 Sep 3
53
5518 4.055 Alloucz
4914 50
8318 Nov
50
45 Feb
8878 Aug 12
4714 4712 49
47
26
Feb
65
4612 4612 47
100
Copper
ted
8312 84% 8414 8434 12,995 Amalgama
30 J'ne
2034 Jan
8334 8473 8273 84
3234 Aug 3
843
3358 84
83
3014 31
3,800 Am Zinc Lead & Sm... 3g Its kui gAnacod
31
53 Nov
3114 31
'28 Feb
5158 J'ne 4
3014 3013 3114 31
3014 3014 30
.._
Last Sale 4834 Aug'09
4058 Dec
8
Jan
14
May
4614
2u
Feb
30
25
l
4312 4414 8,195 Arizona Commercia
4234
4312
4414
44
.90
3
Aug
.
4
433
-421
Feb
.40
17
Feb
_
1
4212 4213 4213 -49125 45 Feb 17
July'09
-__ Arnold
Last Sale 34
1912 Nov
*12 1
*12 1
8 Apr
Jan 2
*12 1
18
16
J'ly
*12 1
8
25
lc
tza
ann
11
Agna
B
1110
Nov
,75
Oct
1014 1014 iota 1014 1014 11 .50 Aug'09 2:345
.25
May
up
.80
16
Feb
45
*1012 1012 *10
10
(Dev Co)
Last Salt
184 Nov
1014 Apr
1714 May S
*.55 .65 *.55 .65 *.55 .65 *.50 .55
*1478 1514 -gig BostonCon C&G (rcts) 11
15
25 Nov
'2
1114 Apr
Jan
1514 1512 1513 1513 15
'2253
15
14
M
J'ly
4
7
03
1
5
1473 1473 15
g
Cop&SIIM
Bos&Corb
2112 22
6,815
21
21
30 Aug
1612 Jan
2114 2112 2053 21
2013 2034 2012 213,
15 2138 Feb 24 28 May 8
2553 2514 2512 2512 2558 2,621 13utte Coalition
93 Feb 130 Aug
254 2513 2533 2613 2512 2534 2513 10614
10 9.314 May 3 119 Jan 4 4.065
105
459 Calumet & Arizona
10412 10612 x103
Mch 700 Jan
10412 10512 106
Aug 13
695
26
Feb
585
26
105 10612 105 105
&
Hecht
Calumet
687
94
687
3634 Nov
680 690
680 680
21 Feb
680 680
680 680
*680 685
25 29 Feb 1 4412 Sep 3
4412 12,149 Centennial
25 M ch ,45 J'ne
374 3834 3812 4112 3934 4112 42
37
1 .10 J'ne26 .35 'ail 15
3612 3612 37
900 Cons hiercur Gold
.25
.25
.24
3618 Feb
8378 Nov
.24 .24
24
.24
Aug 12
.24 *.22
6514
26
Feb
6812
100
Co
Con
Range
Copper
477
1178 Nov
8312 X8218 8214
83
7 Jan
8112 8212 8213 825
82
713 May28 12 Men 19
8114 811- 82
20
est
Daly-W
912
*812
16.5
10 Dec
Dec
10
*8
20
Apr
4
8
83
8
812 812
1658
8
813 8
712 Feb 1
8
1112 12
366 East Butte Cop Min_ 10
234 Nov
12
.99 filch
12
Jan 16
1218 12
212
6
Aug
12
133
1134 1134 1113 1134 1112 12
..
Elm RiverAug'09
138
1912 Nov
Apr
Sale
Last
612
178
3
Aug
*112
19
8
17
*112
25
17
Feb
*112
*112 178
^5 13
kxl1n
u
n
o
a
r
r
i
1610
1618
-gig
16
1614
2
Aug
1614
1612
1612
738 J'ne 16 1014
1514 1514 1613 1612 1612
Consolidated_ 5
953 1,895 P
G
912
ill) J'ly
80 Jan
912 934
973 10
10
912 078
Feb 26 110 Jan 4
978 078 10
101
102
210 Granby Consolidated- 100 90 Feb
134 Aug
678 Jan
*99 100
100 100
100 100
243 1234 Jai 2
99 101
9
20
*99 100
Cananea
Greene
3.662
8
5
9
912
912
10
912
'ne
J
912 94
912 .1 'ii 29 1214
913 934
912 912
912 912
90 Hancoek Consolidated 25
712 Aug
8
5
97
*914
Ks
*914
953
6
914
*
21
9
J'17
25
912
912 912
853
7
2,688 Helvetia Copper
2614 Jan
7
7
1734 Feb
634 7
Apr 27 3314 Feb V634 7
634 718
634 7
2914 2934 4,341 Isle Royale (Copper) _ 25 2218
938 Aug 19
28
2734 2838 2814 29
712 Apr 30
5
2712 2710 28
27
27
425 Kerr Lake
2414 Dec
16
Sep
10
Aug
39
834 834 *812 834 3434
0
13
3
h
n
t
ie
878 873 x858 873
J
878 878
414
16
5
25
2
16,938 Lake Copper
37
1714 Jan
1214 Jan
3712 34
3534 3612
3312 34
' 10 1634 Feb iti
3134 33
1034 Jig
31
1,536 La Salle Copper
1512 16
838 Aug
214 Mch
1412 15
15
1814 NI FIN'28
15
*1412 15
14
*14
1434 14
Consol
Mass
910
2,559
834
,75 J'ly
813 838
J'ly 2 .25 Jan
.70
a
818 838
pr29
*714 734
A
A
778 8
734 734
Mayflower
Aug'09
.70
Dec
Sale
310
Last
*.50
.60
May10
8 Jan
.60
*.50
514
3_12 _pr 1_
*.,50 .60 4.50 .60
5 -30
10
2
"i.ii Mexico Cons M & S
934 Sep
*412 5
1512 Dec
*412 5
*412 5
1714 Aug 5
5
5
Feb
412 412
-1853 -1(i7g 3,475 Miami Copper
714 Feb
1658
4
1512
1613
Mch
Nov
1634
1314
4
163
163
1653
4
163
*1612
Sep
3
157
1534
733
3
„
8
1.566 hilehlgan
734
73 Nov
8
46 Feb
8
8
8
8
818 812
813
8
814
*8
2255 17
5
10 701g Jan
23412 JliY 26
x5
64
0 Mohawk
64
!
_.
64
.27 Dec
138Jan
64
63
6312 64
63
11 AO Apr
62
Fob
62
.19
10
&
C
C
Consol
Montana
Aug'09
Last Sale .35
833 Jan
7034 Nov
.35 *.25 .35 *.25 .35
17 251R Aug 12
*62l2
4).30 .35 *.30
2413 2478 3,485 Nevada Consolldated_ 15 111 Feb
2433 2413 2433 2414 2433 2414 25
2334 2331 24
5
01 Aug17 1132 J'ly 20
1078 1.365 NIpissing Mines
1078
4034 Feb
2
8934 Nov
1038 1038 1014 1014 1014 1012 1012 1012 1012 1078 6114 6153 15.262 North Butte
15 4714 J'ly 10 654
6010 6034 6112 6118 6134 6058 6158 6034 6114
60
412 Mc1i22 1178 Aug 9
914 6,054 North Lake($8 paid)_ 25
94 914
834
Jan
918 938
1 J'ly
912
9
94
9
91i
9
25 .40 J'ne21 .75 Aug 6 .50
Aug'09
--- Old Colony
Last Salt .75
28 Jan
4.60
6012 Dec
*.60
3.60
_
Feb 24 50 Aug 11
4714
25
5713 5718 1,590 Old Dominion
5712
25713
57
Feb
77
5612
Aug11
Dec
13512
57
149
5612
5633
56
26
56*55
*.6025 122 Feb
347 Osceola
1012 Jan
147 147 *144 14612 14612 147
3614 J'ne 10
3118 Dec
146 146
144 144
144 145
3312 1.470 Parrott (Silver & Cop) 10 26 Feb 1
4
17 Feb 100 Aug
Jan
vu
3234 3234 3314 3314 3312 *3234 3312 3318
32
1
32
32
Feb
85
25
91
90
22 Quincy
92
91
*89
*89
15 Apr
90
338 Nov
90
278 Jan 8
*9012 92
*89
90
2 Feb 25
275 Santa Fe (Gold & Cop) 10
214
214
934 Feb
1914 Nov
24 *218 238 *213 238 *218 212
2
214
*2
1778 Jan 4
10 1312 Feb 26
1614 1614 1,565 Shannon
16
16
16
14
16
3
Apr
364
Aug
16
624
1633 16
Nov
1514 1514 16
6
Jan
34
25
6014 6112 5.655 Superior
61
593( 5914 5073 60
5812 5812 59
58
57
14 hich24 1812 Ma 26
1512 1558 1,581 Superior&Bosten Mln 10
1418 Oct
204 Nov
1812 J'ly 6
1553 1573 1534 1578 1553 1534 1573 1578
27
1534 16
Apr
1278
10
Copp..
&Pitts
Superior
1612
1,979
1633 1614 1614 1614
56 Mel 88 Nov
1633 16
*1614 1638 1614 1633 16
25 62 J'ly 16 90 Fob 25
72
72
158 Tamarack
71
70
70
70
70
25 Aug
1218 Feb
*65
70
*65
__ 69
1733 Jan '23
25 1012 J'ne 21
1212 13
348 Trinity
13
13
1214 13
453 Mel) 1612 Nov
1614 Jan
22
1212 1212 1212 1212 1214 13
J'ne
814
100
Last Salt 1012 Aug'09
*1012 11
9
12
Aug
3034 Nov
Mch
38
_ *1012 11
12
Jan
tatpepsCoal&011 25 28
nilted SC°er
Un
3378 3234 3314 3212 3334 13-,10g U
28 Mch
5758 Aug3 I
4673 Nov
.3534 34 - -535s -3-438 3333 3378 32
5673 5714 27,038 U S Smelt Ref & Mln.. 50 39 Feb 25 5312 Aug 13
37 Feb
5758 5634 5738 5613 57
47 Nov
5512 5612 5612 5713 57
8
Jan
44
60
pref
Do
52
3,681
5214 52
5212 5213 8258 5213 5212 52
7 Nov
52
034 Jan 26
52
438 Sop
62
414 Aug 17
5
-Apex Mining
434
Utah
2,180
413
453
433
412
412
2913
50 Aug
Jan
412 453
412 412
24 4812 Aug 11
453 434
Feb
ted
3714
5
Consolida
Utah
4
2,349
443
463
4
45
45
4514
45
2878
Nov
12
58
4412 4434 45
Aug
May
54
44
4412 44
25
Feb
3981
Co
10
5114
362 Utah Copper
5112 5112 5178 5178 51
51
5 Nov
51
213 Apr
512 May 0
51
5013 5012 51
414
445 Victoria
414
*334 4
413 Jan
4
334 334
4
412
412 *4
*4
634 Aug 14
t13 Nov
6
30
n
434
Apr
ap
A
j
3'
5
2
Winona
400
634
634
*534 614
534 534
Nov
534 6
612
633 *6
*6
5 139 Mch 18 )58 Aug 12 11512 Jan 155
'21.
158
70 Wolverine
154
156 158
156 156
156 158
40 May 333 Oct
156 156
*156
4 Jan 16
Vs Apr 23
390 W yandot
212 212 *213 234
212 212
212 _-212 *212 3
0
Ex-dtv.
riehte•
and
Ex-rights.
Ex-stock dlv. 8
stock. a Ass't paid.
Bab:3re pay't of assess'ts called in 1900. • Bid and asked prices. 4 New

11812 11812 11834 120
11812 117 117
*11653 11673 11734 1181g 11812 10512
Last Sale 105 Ang'09
*10412 10512
*10312 10412 *10378 10473 *10412
230
230
230
230
*229
232
*22912
233
23112 232
*232 233
12918
12812 124312 12812 12914 12914 12914 129 1294 12913 12913 12918
- 228
*____
228
*-----"28
228
__
*_
228
_
228
228
150
150
150
148
148
147
147
*145 147 *145 146 *146
Last Sale 152 July'09
300 Aug'09
Sale
Last
*298
*igg*ioi*Nig
Aug'09
Last Sale 18
*---- 18 *__-- 18
--1-8
Aug'09
Last Sale 72
7212 *---- 7212 *---- 7212
*__ 7212
Aug'09
12
Salt
Last
*_13
13
*---13
13
54
54 *____
54
*.32i4 55
*5212 55
53
*____ 54
---- 158 158 *---- 159
117
ffi
*117
120
*117
------Hi- 118
Last Sale 170 July'09
---Last Sale 13912 June'09
Last Sale 270 June'09
131
131
131 131
155- 1-3-3-- *i5iT2 134 *155- 133
95
9412 95
*93
93
9112
93
*93
9312
9312
if;6588
88
88
88
*____ 88
Last Sale 19514 Ja-n-'05
17
1614 1734 17
701,-1.
12 15
-514 -111-2 -1512 1614
lo
15
78
78
7412 7412 7434 7434 7512 7534 79
7412 7410 *74
170
17012 1701. 170
. 16934 16973 17013 17034 17012 171
16978 16973
Last Sale 149 Aug'09
215 215
200
i66200 *200 _
200 200
200
*:::: 200
3513 3510 3612 3612
f 3612 3612 3612
52
11412
11412
115
*____
*____
11612
11612 115 115
1-1-64-2
107 107 *107
107 107
_- *10614
20078 i6i17i 20258 i6i3-8
201
20014
20114
4
2023
2001320213
19534 1963-4
*16614*10512 10612
10312 10312 10473 10473 10513 10553 *10412 10512
-0.0
'
Last Sale 172 Au-g
96
97
*96 ____
97
W6i;5;
*95
97
10612
10613
___
*106
108
10612 10612 *106
108 *106 108
Last Sale 145 July'09

-96- -5a.-




ie17,

Boston Bond Record

SEPT. 4 1909.1
t',.2
BOSTON STOCK EXCIPO K 2_., 4
c
WEEK ENDING, SEPT 3....‘,4-

Price
Friday
Sept 8

Range
Week's
Since
Range or 'a Jit
Last Sale ':I- January i

.litgh 1%., tow Hwy
Aes Low
//to
9314 Sale 93%
932 3' 91% 964
Am Toler.& Tel coil tr 431.1929 .1.2
46 924 1067
1936 M-6 104 14 1043
.10414 105
Convertible 4s.
.
83
83 Mar'W. . 83
Am Writ Paver 1st s 158 a 1910 j.j
Ariz corn Cop 1st cony 68 1918 11-8 ISO 190 1.3 Ang'09 .... (30 190
4s.-1995
100
Le
100%
100%
100%
100
A.0
101%
&teal op& 6 Fe gen g
927 Pne'09 .... 923
94
. 948w
A8Ittetinent g 43.....Ply 1995 Nov
13
93 J'ly'09 - -- 93
94
Ply 1995 11-N
94 %
93
Stamped
1107
1167
.
:
1.02%
1167
.
1916
48
J-D
cony
50-year
1917 .1.1) 117 118 12014 Aug'013 .-. 107% 12014
10-year cony 5+3
73 .
8, 69
71
71 Said 70
Atl Gulf 51W 188 Lines 311.'59 J -J
110 1('eb'04 ....
doston Elect Leonetti 58.1924 M-S
1910 J -J
111014 Mar'09 .... 10041004
Boston & Lowell 4s
104% Oct '0. ....
1944 J -J
Boston ez Maine 4.ss
1121s Jan '03 ....
Boston Terminal 1st 3%8.1947 F -A
1918 3.2
104 Oct '07 ....
Bur .5 Mo Riv ex Os
102 Sep '05 ..
1918 J -J
Non-exempt 6s
1910 2-,J
9914 Jan 'OP
Sinking fund 48
.100 J'ne'01 .
Butte & Boston 1st,08.-1917 A•0
117 J'ne'08 ...
Cedar Rap & Mo R let 73.1916 M-N
1909 J-1). -111%.Ply'03 ....
2d 78
89'-, 89 L4Aug'09
SI
90%
Cent Vermt 1st g 4...May1920 4-14
11103 Let.'07
0 13 & Q Iowa Div 1st 15(2.1919 A-0
9a'14 Ply 011 ... 99%100.
1919 A-0
Iowa Div 1st 48
IOU Apr'Ob ..
1913 M-N
Debenture 58
1922 F -A ............9914Poe 01,. - 0914100
Denver Exton 48
192 May'39 .. • o114 102
1927 ,41-N
Nebraska Exton 48
1921 M-li
983
.Web'01) •
B& SW 8 I 48
1.183
. 9-3,
1949 J •3
00% Ply '01.1
Illinois Div 3'28
VU 4 92
Joint bonus See or Northern
Ohio.)a Ry & Stk Yoe 5s.1915 J -J 102 1021410214 102% '
4 102 104
94
94 J'ly 'tn.
91
Coll trust refunding g 481940 A-0 9214
1184 Feb'00
1184 1184
Ch Mil & St P Dub 1) 6s..1112., J -J
120 1'00'05
Oh M & St P Wie V div 681920 3.3
101 102%
1023
.Aug'09
Chic & No Mien 1st go 68.1931 M-N 30214
. 106 Ply'oe.
102 106'4
Ohio & W Mich gen 5s....1921 3.0 10414
Concord & Mont cons 48..19213 J -D
91 Dee'07 ... ............
Conn & Pass 11 1st g 4a...194% a•0
1124 Jan '03.
14; A-0
Current River 1st 58
96
96 Feb'09 .... 96
92,
0014 J'ly'00
1
Del Cr hap & W 1st 45-1946 A-() 90
87
Dominion Coal 1st 58 58..1940 9I•N
06 % Aug'0 .
9614 97-.
Fact]burg 46
1915 M-S
10-114 Apt'05.
192i 31-5
48
96 Apr'0,.
Fremt Elk &Lilo V ist 68..1933 A-0
.33 133
133 31ar'011 .
Unstampeti 1st 6.
1933 A-0
140 Aor'03 .
(it Nor 0 13 & Q coll tr 48 1921 .1 •3
t• 9714 99
9714
9714 Sale 97%
Registered 4s
11121 Q-J
9778 J'Ly'09 .... 97114 9814
97

585

Z.S.F.
BOSTON STOCK It XC FPGE •L +.
WEEK ENDINO SEPT 3
!".'s.

PriCe
Friday
Sept 3

Week's
Range or
Last Sale

Ranee
Since
January 1

-

Btu
As,
. tow
.11 iy, Ay tow nigh
Illinois Steel deben 58-.1910 3-3 10014
10131.
10014
. 1004 1004
Non-convert deben 5s...1913 A-0 10014101 .01
1 ol
1 001410114
la Falls &sioux Clst 78..1917 A-0
117 Apr'0Kan C Olin & Spr let 58...1921 A-0
• 6 Aug'..
94
13614
Kan C Ft S& Gull ext 5s..1911 2 -1)
101 Ply'09 . 10014101
Kan C' Ft Scott & M 60.-1928 M-N
11914 119, 1 11614 12014
Kan C M & li gen 48
1934 M-8
93
93 Aute0, .. AI
93
1934 M.6 0214
Assented income 5s
..
91 Ang'in, ..
86'-, 91
Kan C & 31 IV & Br 1st 581929 A-0 105
104 Pile 09 .... 10314 104
'lathe Cent cons 1st 7s...1912 A-0
113% Nov'Ut•
Cons 1st 48
1912 A-0
1014 Sep '10'
Maro Hough &Ont ist 68.1925 A-0
115 Pne'ob
Mass Gam 414s (recta)
149',, 21 9814 1(30
.Sale 119
11129.. . 991
Mexican Central cons 48 1911 J-.
./
.6 Manes .... 8414 86
lst cons Inc 38
Jan 1939 Ply
'16 Apr'il
2.1 cons inc Is
Jan 1939 Ply
(15 4 A let)
‘I ich Teleplst 5s
1917 J - J
Minna Gen Elec con g Is 1929 J -.I
10214 Aek'114
New Eng Cot Yarn 58-1929 F -A 104 104% 104
104%
:. 102%10134
New Bug Teleph 66
102 Petro' .... t02 102
1915 A-0
68
1004 sep 'Or•
1916 A-0
New England cons g 5s...1945 J -J
Boston Term 1st 4s
1931' A-0
NY N H & II con deb 31451950 J-.1
108,4 Aug'09 . 973 10814
Cony deb Os (ctis)
VW. J J
1 .34 1384
13614 13814
Old Colony gold 48
101 Aprue .. 101 101
1024 F -A
dreg Ry & Nay con g 48..1946 J.1)'9014 J'IY'o'
dreg Sh Line 1st g 6s
i187..tiaPo. .... tt87811911
1022 F-A
Itepub Valley 1st sr 6s...1919 J • J
103 Dec'O.Rutland 1st con gen 4148.1941 J -J
10714 •,-; et'03
It utland-Canadian lst 48194N J -J
102 NI at 02
savannah Elec 1st cons 58.1952 J -J
9814 May'ue
Seattle Eke let g 58
,05% 106%
1930 F -A 105% 106% 106 Aug'ue
t•erre Haute Mee t: 5s. 1920 2 .J
97 A pr'o.
Torrington 1st g be
1918 M.S
102 Aug'109 .. (02 102
Union Pac RR & I gr g 48.1947 J -J ........... 13323
.A pi '00 .... 1.0214 10314
20-year cony ha
.110%
1927 J -J
11014 J'ne'011 ... .0.3
Unite(' Fruit gen. 14¼s.1923 J -J
1-6
it 05% 97
96% 96% 963
U 8 Coal & Oil 1st s f 6s..1938 M.8
142
1 120 135
142
US Steel Corp 10-60 yr 58.1963 31-N
.Aug 00 .... i0214 1084
0157
West End Street Hy
54s. .191 F- A
10044Apr'ob .. i.00 4 100¼
Gold 448
1914 M-S
101 34 J'ne'10 .... Jolt% 102¼
Gold deuenture 48
1910 M-N
99.4 100¼
9034 J'137'41
tiold 48
9314
1917 F -A
9914
1 994 100%
Western Telepli & Tel 58.1932 J -J
,- 1,6 1u0¼
98%
0814
96.
4 99
WIsconsin,Cent let gen 481941+ 3-3
...... ('5's A or'11 .
0378 931

Nark-Buyer pays accrued intereat in addition to the purchase price for all Boston Bonds.

No price b'runty: latest 0141 5101

4PIK4'1

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Vrices--Not l'er Cement l'rices
Saturday
. August 28

Monads
August 31)

luesday
August 31

87
105
*104
IS
20
*17
.
174
39
.35
39 I *35
.35
*1234 1314 *13
.124 13
•3814 40
47
*46
43% 43 4,
.12% 1214
60
60
'2'3' 22¼
68
6814
*12% 13%
.2714 '274
•11614118
84 4 ens.
694 60716
*474 97,4
1214 124
30
30
7734 7814
639 5151
*534 54
89',, 894

87
103
Ill
40

Weanesday
Sept 1

Ask

firiday
bept 3

Sates
ACTIVE STOCKS
of the
Week (For Bonds and Inactire
Stocks see below)
Shares

37%
.35
87
*80% 87%
87
106 105 •
105 .104 105
19
.18% 19%
19
19
19
*.... . 3842
384 38% 3114 39%
*1234
134 13%

3934 393
39% 40.4
3934 40
46
.4614 47
464 *45
46
444 4414 934 4334
44 1
44
. 3.214 1214 *12
1214
.1214 123
614 6178 614 62
61
00
227 '2274 22.4 22.4
2234 2234
69
69
0914
68% 08% 69
7 13%
.127
1314 1314 .12.
. 1314
28% 2734 28
28
1.834 28
11714118
117 117
113%118
8614 87
tel 43
87
8'3% 87
70',, 70 7031.
70
694 70
474 4714 43•4
474 47
47
12% 12%
1214 125
12
12
3014 3014
30
304 3014 30'
81/44 7914 8014
7988 8011e 80
678 Vs
.
Vs 67
5711 616
,l153.4 54
537 54
5414
54
904
904
OU
90
89% 90,
Bid

Thursday
Sept

Baltimore
Con. Gas El. L. & Pow
50
Do pref
76 Northern Central
300 Seaboard(new)
200
Do 28 pref
80(1 United Ry Sr Electric

Range butee
Jan 1 110,9
Lowest

100 30 Mar
100 76 Mar16
50 100 Jan 4
100 1134 Feb25
100 22% Feb24
50 934 Feb 3

Higheal

P11 1-113A IDELPI1IA

Rid

Ask

1 1111.ADR1.1411A
Ph& Read 2d be '33.A.0
Con M 7a 1911
3-1)
Ex Imp 31 48 g'47 A-0
Terminal Is g 1941 Q.F
P W Sr B col tr 48'21 J.J
Portland By 1st 58 1930.
[loch By& L con 58'54J-J
Spanish-Am 1r 613'27 J-J
U True Intl gen 58'19.J-J
Un Rya Tr ett8 48'49J&J
United Rye Inv 1st coil tr
815s 1926
31.-N
U Trao Pit gen 58 '07 J-.1
Welsbach s f5s 1930..I.D
Wlks-B(I&Econ5s'53J-J
BALTIMORE
Inactive Stocks
Ala Cone Coal& Iron 100
Pret
100
Atlanta & Charlotte 101)
Atlau Coast1.(Conn)101
Canton Co
100
CODS Cot Duck Corp .50
50
Preferred
Georgia Sou & l'Ia. .100
let prof
100
26 prof
100
61-B-S Brewing
100
Bonds
Prices are alt" and
interest."
Anacostia Sr Pot Is
Atl & Ck ext 41,8 '10..7.4
Athol C L 14114.195231.5
Atl Coast L(Ct)ctfe 58 J-D
MN of indebt
5-20 yr 48 1925
J-J
Bait C Pass 1st 54'11 31.N
Bait Fundg 58.1910 M-N
Exchange 3148 1030 J-J
Balt& P 1st Os in Pll A-0
BSP&C 1st 4¼a'53F.A.
Salt Trao lat58-'29 M-N
No Bait Div 581942 J-D
Cent'l sty coube1932 111-N
Ext& Imp 58.1932 M.S

Bid

Ask

10214

100
104¼ 105

854 86
80
102

86(7

25
69
320
92
21

335
100
7
22

97
95
72
78
23
.

103 101
100
95% 96
106 108
87% 88%
92% 94
101 101%
109 108
99
13914
1027
,103%
951.4
193
1102 1114.
1124 114
108
111 11.1%

totoes(

42% May i
89 May18
111 Jan I.
21% J'nel4
41 1tss17
143.Anglt

Philadelphia
286 American Cement.
40
3934 40
40
50 377
.Apr13 43 Jan 3.
11) American
*45
.464 4634
46
50 44%
b 4634 e eu 1+5,0113 Cambria Steel
4334 4374 43% 45
50 327
.Fen23 484 Aug
313 Electric Co of America 10 X10'. Jan 20 127,J'Iyli
124 1214 .124 12%
62
62
62
63% 3,721 Eleo Storage Battery 100 43 Jan 30 63% J'iy 33
630 Gen Asphalt tr cue
28% *23
23
10U 15 12Jan 5 2334 Feb .
'23'-.
100 53 Jan b 71 Aug .(
6934 70
(1914 60% 1,012
Do pref tr ctfs
645 Keystone Telephone
•1274 1314 12% 1314
50 9%.1an'cl 16 Ain P
. 27% 27% 1,906 Lake Superior Corp
'27'-., 277
10u 14% Jan b 33%May +,
117 119
816 Lehigh 0 & Navtr ctfs 60 96 Jan 6 1214 Aug 1 .
117 42 118
87
93% 92
83% 61,049 Lehigh Valley
50 67 Feb23 93% sep
703i. 70% 70516 7111ie 1,402 Pennsylvania RR
50 63% Feb24 71% Aegl'c
484 48% .48
48', 1,312
(Pittsu) 50 40% Feb24 49% A oi;
12%
12%
1214 1'234 12,065 Philadelphia Nlectrict 25 114 Feb23 1234 Sep 13
30
30% 30% 30', 2,248 Philo Rapid Transit
60 24% Jan 5 36', aid
79111. 8115 bli5ie 81 17,404 Reading
60 59% Feb235215te
680 Tonopah Mining
*6% 7
1 634 J 81:1 16 7132. Mani
*6% 7
•May 4
*53% 54
5334 537
50 50%Jan 5 557
, 1,551 U mon Traction
904 9034
51 84% Nlay13 94', weo
90'.) 9114 1L374 United Gas Impt

B011(14
Inactive Stock,.
Prices are all "and
Allegheny Val pret....50
interest."
5() 3934, 40.4
American Cement
Al Val Ii ext 78 1010 A.0
100
Amer Pipe Mfg
Alt &LVElec 4428'33.I.A
Bell Telephone (Pa).100 121
Ain ltys cony 58 1911.J.D
50 48
Cambria Iron
Atl City 1st Is g'19.51.N
Central Coal & Coke.100
774 Borg& ERrw let66'21 J-J
100
°onset Tree of N J...100 77
Betide Steel 68 1998.14-F
Diamond State Steel..10
117
Choc& Me 1st58 19493-3 1124
Preferred
10
Easton Con Electric 5.50
Ch Ok & G gen 56'19 J-J 105% 1057
,
Eleo storage Batt...JOU
02
634 Col St Hy 1st con 58 1932
Preferred
Con Trite of N J 1st 58.'33
100
Ft Wayne &W V
11:& A 1st M.58 1920 111.N
100
Germantown Pass
Eiec Sr Peo Tr stk tr ctfs 133
50
934
Indianapolis St
Eq 11 Gas-L 1st g 58 1928 DA%
109
Indiana Union Tr....100
Indianapolis My 48.1933
Insurance Co of N A..10 22
Interstate 48 11143 if-A
56
55
Inter Sni Pow & Chein.50
Lehigh Nay 4148 '14.Q-J
Keystone Telephone ..50
ItRs 48 g
12in 13%
1914.Q-F
Preferred
(len M 4'7,e g 1924.Q-F
40 924
KeystoneWatchCase.100
Leh V C let 58 g '33. J-J 1094 110
10 16
Lit Brothers
DPs Leh V eat 48 1st 1948.J-D
50
Little Schuylkill
26 78 1910
.51-6
C01180168 1923
bilnehill & Schuyl 11..50
121
J-1)
Annuity 6s
J
1494 150
N Haven Iron & Stee1.5
cons
50
48
Central
Con
Northern
97
2(103.31-N
Leh V Trau con 48'33J.1)
North Penn8ylvalda..50
50 111
Pennsylvania Salt
New Con Gas Is 1948 3.1)
Newark Pass con 58 19:30
Pennsylvania bteel..1001
100
NY Ph& No 1st48'39 J-J 1004
Preferred
Income 45
Phila Co(Pa(s) prof...50 4414 45
.31-N
:7°01'141'2ra° cou5s'1.9.J-J
1939..
Phil German Sa IN orris.50
var
50 90(7 914 Penn gen tie 1010
Phila. Traction
1.1%
Consol Is 1019
10
Railways General
Var
Penn Sr 3Id Steel con 6s.
8usquen Iron & Steel..6
10
Tidewater Steel
4
Pa &I NY Can Is '39.A.0
1939
Pr-[erred
10
Con 48
A-0
63
Tonopah Mining of Nevl
Penn Steel 1st 58'17 M-N
7
100
Union Tr (A Ind
People's Tr tr certs 4s'43 th34
United N J RR & C..1110
Co 1st& col tr 58'49 M-6 109 105
971 984
Unit Tree Pitts pref..60
Con& cot tr 58 195151-54
9% 93
Warwick Iron& Stee1.10
. PIU b:leo gold trust etre 10234 103
West Jersey & Sea Sh.50
Trust certif8 48
57
76¼
76
P Sr E gen. MS g
Westmoreland Coal....50
109
Wilkes Gas tI, Eloc..E/0
Gen It 4s g 1920..A&O

Highest

20
65

Jan
Mat
Jan
4 Fee
10 Fe)
10 Jan

30 Dee
81% Dec
102 Dec
15 Dec
26 Dec
12 Nov

324 Mai
42% Mal
267
.Feb
814 Jan
'24 % Feb
3% Jan
197
.Jai.
411,an
3% Feb
7814 Jan
52% Feb
14'4 Jan
34% Mill
54 Feb
al2
96.14 Feb
37 Jan
r44 J'u
73's Jan

43 Dee
46¼ Nov
404 Dec
114 Deo
474 Dec
19% Dec
591.2 Dee
9 May
17 Dee
97% De(3
7634 Dec
116114 1/ea
44% Dee
12% Nov
25 %Deo
71112.Deo
9%Apr
504 Apr
104% Deo

BALTI.Hott
Chas CityRy let 6s'23J-J
Chas Ity (.4 & El 54'99 31.13
Charl Cob A '2(1781U A-0
City& Sub let fis..'22J-D
City & Sub( Was)let6.'48
Coal & 1 Hy 1st 58'20E-A
Col &Grnv let68.1916.1.J
Ocatisol Gas 68-1910 J-1Y
55
..1939 J-D
Ga & Ala let con Is'45.1-3
GaCar&N 1st 58 g'29J-.1
Georgia P let 6s...'2'2 J -J
LiaSo Sr Fla 1st Is 19453-3
ti-B-S Brew 3-48 195131.8
26 income Is 1951 61-N
KnoxvTrao 1st 58'28A-O
Lakelt El let.0158'4231-S
Maconliy&Ltlet58'53J-J
Memphis St [at 58'45 J-J
.11 et...St( Wa8h)lst58'25F A
Mt Ver Cot Duck 1st 58.
Npt.N.130 P Dit 58'38 M-N
Norfolk St let 58'44..J.J
North Cent41481925 A-0
Series A be 1926. .J -J
Series. B be
Pitt Un 'Frac Is 1997.J.J
Polo Val let be 1941...J4
Say Fla &West58'34 A.0
Seaboard A L 48 1950 A-0
Saab Sr Roan be 1926.J.J
South Bound let be.
UE1 L&P 1st 41-28'29 M-N
Un Hy& El list 48'49 M.S
Income 48 1949
JD
Funding be 1936...J-D
Vu Mid 2d ser 68 '11.51-8
3d series 68 1916...31-b
4th ser 3-4-58 1921.51.8
5th aeries Sc 1926.31-8
Va (State) 38 new '32.J-J
Fund debt 2-3e 1991.J.J
West ,
'17 C con 68 1914 J-J
WeaVa C&P lst 6g'11 J-J
Wil Sr Weld Its..1936.J4

.131d and asked; no sales on this day. 11Ex.righte. U 37.50 paid.. t12¼uai.1. t 1331 Paid- •435
Pak'. a Receipts. 6g26 paid.




.ange /or Previous
Year(1908.3

Rid

Ask

100
91
93
102(7
108 109
1(33', 103%
102 103%
110 112
10114 101%
111%
105'-, 106
105% 106
110 114
109 1094
46
464
13
144
105,
,
110
95
100
108
5134 82
92
106
104
112
112 114
109
104
110 113
89
90
1074 1084
107 108
92
94
88
88%
68% 58%
85% 8534
103
106
105
107
90
92
.95
22
107 109
102', 10234
11311

330 paid. 4$4214 paid.

[VoL. Lxxxix.

THE CHRONICLE

586

Bid

Ask

82
114
110
65
40
100
lc Exc
108
70
90

83/2
117
120
75
95
115
list
114
78
100

Bid Ask
Industra and Al.sce .
5
Consul Rubber Tire_ 100
"ii - 26
Preferred
35
0 1 30
0
2
,Debenture 4819. 1 A1
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Con Steamship Lincs_ 100
DAILY, WEEKLY AND YEARLY.
23
Coll tr 4s 1937 rcts .1 Sc.1
list
Corn Prod Ref-See Stock
1373
100
a Crucible Steel
Stocks.
Railroad
;2
100
e Preferred
U. S.
State
&c.
Week ending
714
Copper.5
Cumberiand-E1;,
Bonds.
Bonds.
Par value.
Bonds.
Shares.
Sept. 3 1909.
139
e Diamond Match Co_100
10
Copper
Dominion
$82,000
568,945 652,752,000 $1,786,500
Saturday
15s
5
Douglas Copper
Ferry Companies
49,000
3,125,000
7135,586 70,250,600
Monday
$500 B & N Y 1st Os 191.1_J-J 88 92 Econ'y Lt & P (Jollet, Ill) 94 98
91,000
2,927,000
631,689 57,841,400
Tuesday
5s
g
f
38
s
51
34
1st
1956_3-D
_100
stk
Ferry
&ER
3,000 NY
102,500
2,779,500
Wednesday
537,315 48,399,000
25
100 2()
M-N 55 65 Electric Boat
1st Os 1922
76,000
11,000
2,086,000
546,346 49,508,500
Thursday
60 65
Preferred
NY&Hob 5s May '46_J-D 961, 970,
25,000
3,284,500
544,844 50,239,850
-Friday
10
0
1100
100
106
Steel
Empire
M-N
1946
5s
1st
HolsFy
75
100 70
95
J-J
$425,500 $14,500 NYeeNJ 5s 1946
Total
3,594,825 8328.991,150 $15,988,500
40 eFederal Sugar of NY-See Stir E rust
10th & 235 Sts Ferry _100 34
100
93
65
70
Chemleal_100
eGeneral
J-D
1919
Os
1st mtge
106
Jan. 1 to Sept. 3.
Week ending Sept. 3.
Sales at
100 102 613i
e Preferred
e Union Ferry stock_100 2712 29
,
New York Stock
M-N 95 99 Goldfield Consol Mines_10
e 1st 5s 1920
*12 1
1908.
1909.
1908.
Exclia zge.
1009.
G Id Hill Copper
1
8
*93
4
91
90
Greene-Cananea
Notes
119,943,569 Am Short-Term
138,209,425
3,479,746
Stocks-No. shares_
3,594,525
Cig ser A 4s '11 M-S 9814 99 Guggenheim Explor'n 100 210 220
Par value
$328,901,150 $316,499,800 $12,678,882,975 $10,344,316,450
98
9712
elfackensack Water Co
Ser 13 4s Mch 15'12 M-S
$49,400
$144,900 Am
$5,000
Bank shares, par
Ref g 4s '52 op '12.J &J 89 91
Tel & Tel g 55 '10_J-J 10018 10038
Bonds.
100 50 55
Atlan Coast L 5s '10_M-S 10019 10071, Hall Signal Co
$352,200
$459,620 Cm
13
$14,500
Government bonds_
64
67 Havana Tobacco Co..100 10
3,5s '08_M-S
Ham&D4
n
26,731,200
67,872,000
26
$682,500
State bonds
425,500
100 20
9738 98
Preferred
4s
g
tr
_
Col
1913_
__J-J
562,528,700 C C C & St L 5s, June '11 10118 10112
915,694,600
70
RR.and misc. bonds
15,988,500 27,235,000
1st g 5s June 1 '22..J-D 60
Hecker-Jones-Jewell Mill
Erie 65, Apr 8 1911_ A-0
$942,778,000
$630,860,320 Interb
Total bonds
$16,428,540 $27,917,500
1st 6s 1922
M-S 10612 10812
H T g Os 1911 M-N 1-03-1i 1941;
45
O 35
1N
,0
KC Ry&LIght Os '12-M-S 9934 10014 Her'g-Hall-Mar, newii:11
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
oboken Land &Imp_ 100
Lack Steel 5s g 1910_111-S
9934
EXCHANGES.
e 53 1910
4 1°
14
90314
°12
00
Lake Sh&I$1 So 5s '10 F-A 100
812 9
100
Lou & Nash g 58 '10_M-S 100 10078 Houston OIL
100 37
Preferred
Philadelphia.
Mex Cent Ss July 1 1910 100 10012
Boston.
100 110
100
10014
Realty
100Hudson
Cent
5s
Mich
F-A
1910
Week ending
Minn & St L g 5s '11_ F-A 9912 997g e Ingersoll-Rand com_100 55
Unlisted
Bond
Listed
Listed Unlisted I Bond
Sept. 3 1909,
100 90
e Preferred
shares.
F-A 10014 10012
shares.
sales.
N Y Cent Os 1910
sales.
shares. shares.
14212 11
2
/1N Y C Lines 1,:qp 5s '10-27 3414% 3% Internat'l Bank'g Co.100 tk Si list
S
10014
102
Mar-See
Mer
5,498
Internat'l
8,299
$3,300 NYNH&I-1 53'10-'12
$11,500
11,608
8,485
Saturday
14,160
11,325
39,500 Nod & West 5s 1910 M-N 10012 10075 International Nickel_100 105 114
23,500
21,368
23,108
Monday
100 87 90
6,394
Preferred
13,681
59,800 Pa RR 5s Mch 15 '10 M-S 10012 10034
31,000
25,414
23,386
Tuesday
1st g 5s 1932
Asa) 00 91
2,875
13,769
145,000 Public Service Corp Os See St Rys
47,200
23,975
21,165
Wednesday
14
10,379
35,927
57,400 St L & San Fr g 5s '11 J &J 99 9912 International Salt....-.100 11
74,000
14,093
25,381
Thursday
1st g 5s 1951
A-0 / 53 60
20,757
26,590
56,900
4 34%g notes'12op F&A 96 97
27,500
19,173
32,796
Friday
712
1003
8
International Silver 100
South Fly g 55 1910 F-A 100
100 95 100
Preferred
60,063 $361,900 Southern By Os 1911..M-N 10014 10012
134,321 115,631 $214,700 107,591
Total
J-D 109 111
1st 68 1948
Tidewater 6s, 1913, guar 10214 10234
Westingh'e El&M 8s 1910 10012 101 Inter at Smelt & Refg100 124 130
Jones Ss Laughlin Steel Co
1st s f g 53 1939-M-N 1021. 10275
Railroad
Lackawanna Steel...100 50 55
"f."
where
marked
except
"and
interest"
All bond prices are now
20 *1712 1812
Langton Monotype
Atch Top & Santa Fe250
Cony 45 (w 1)-See Stk lac list Lawyers' Mtge Co_..100 24212
30 'Leh & WIlkes-B Coal 50 120
Bid Ask Chic Gt West com(w 1)100 29
Bid Ask
Street Railways
Street Railways
100 ico
67
58
100
Taylor
&
Lord
(w
(Con)
Preferred
j
Corp
N
Pub
Serv
1)___-100
New Y,rk City
100 98 103
Preferred
Rapid Tran St fly.,.100 240 250 Chic Peo & St L pref_100
Bleeck St & Ful stk 100 15 30
eLorillard (P) pref_100 130 -4-0
Deposited stock
A-0 106
1st 55 1921
e 1st mtge 4s 1950_J-J 60 85
25
100
Garden
Sq
Madison
---_
__
Undeposited
stock_
Paterson
&
Hob
C
155
e B'y & 7th Ave stk__100 140
M-N 80 100
2d 65 1919
Prior lien g4 348'30M &S /
M-N 7712 7912
45 g 1949
/100 101
e 2d mt ”e 55 1914__
214
*2
So J Gas El&Trao_100 129 131
Con mtg g 53 1930_J&J / 47 -6-3-- M• anhattan Trarult..... 20 Con Os 1943-See :Welt Exc at
10
6 Mitchell Mining
Income 5s, July 11)30_ _
M-S 99 10014
Gu g 58 1953
B'way Surf 1st 5s gu 1924 102 104
.14
7
7
*
59
100 1712 1812 Monongahela Ft Coal
No Hud Co Ry 6s'14 J-J 106 .108 Chicago Subway
e Cent'l Crosst'n stk__100
26
50
Preferred
J-J 106 108 Ft W & Den Cy std _100
58 1928
e 1st mtge Os 1922..M-N 7-7_ 95
115
Mortgage Bond Co-100 0iii"
Kansas City Sou 5s Apr 1
Ext Os 1924___M-N 103
o Cen Pk N & E R stk_100 30 35
103
106
100
120 122 1950 (w I)-See Stock Exo list Nat Bank of Cuba
Pat City con 65
e Chr't'r & 10th St stk 100 80 90
Nat'l Surety (new)..„100 185 2434
Nat Rys of Mexico-See S tk Ex list
2d 65 opt 1914__A-0 100
Col SaIth Ave 5s See Stock Exc list
So Side El (Chic) See Ch !cage list - North'n Securities Stubs_ 125 150 Nevada Cons'd Copper 5 *2412
DryDEB&B50 *33 3612 Nev-Utah Min & Sm- 10 *134
e 1st gold Os 1932__J-D 95 100 Syracuse H T Os '46..M &S 104 105 Pitts Bess Ss L E
20 40
Preferred
50 *68 72 eNew Central Coal
e Scrip Os 1914____F-A /45 50 Trent P Ss 11 Os 1943_J-D 95 100
NY Air Brake 6s-See Stk Sac list
eFtallroad Securities CoEighth Avenue stock..100 250 300 United Rys of St LN Y Biscuit Os 1911_M-S /100
ll! C stk tr cfs ser A '52 90
100 22 23
Corn vot tr ctfs
e Scrip 6s 1914___F-A / 95 100
47
e New York Dock -1O0 40
100 6934 7014 Seaboard Companye Preferred
e 42d & Gr St F'y stk_100 200 250
100 82 8515
ed
PNrfetfgeerr&
1st preferred
100 E75,1
Gen 4s 1934-See Stock Exc list
42d St M & St N Ave.,100
list
Secu rity_ 100 23212
Corn & 2d pref-See Bal
e 1st mtge as 1910..M-S "E" Rio- UnitRys San Fran See Stk Exc list
20 *4
N Y Transportation
46 Seaboard Air Line100 44
Wash fly Ss El Co
2d income Os 1915_J-J t 60
Niles-Bern-Pond cm 100 103 108
Coll 5s ext May '11 M-S 9914 100
100 90 9S
Preferred
Inter-Met-See Stk Each snge list
Exc list
5 *10N 1078
Mines
Niptssing
Stk
4s
See
Union
Pacific
4
3
88
J-D
4s1951
4
list
73
8
Exc
Stk
Lex Av &PavF Is See
313
3
100
West Pac 1st 5s '33 M-S 9865 9834 e Ontario Silver
Metropol St ity-See Stir Exc list
Otis Elevator corn_ _100 58 60
Industrial and Miscel.
Oas Securit'es
Ninth Avenue stock...100 150 170
10012 102
50
100
Brewing._
Preferred
rre
Sap
J-D
45
g
1947
Adams
York
20
New
16
Second Avenue st ,ck_100
2314
*23
90
312 2910412 P• ittsburgh
25 1520
81st mtge 5s 1909_M-N 96 100 Cent Un Gas 5s '27....J-J 102 10312 Ah meek Mining
43
50
Preferred
100 115 120
77 Con Gas (N Y)-See Stk Exc list AllianctRealty
Consol 55 1948____.F-A 174
Exc list
Stk
Coal-See
Pittsburgh
144
mtg
100
153
Gas
120
Mutual
e
1st
Co
110
Allis-Chalmers
Sixth Avenue stock_100
48
s f 5s 1936-See Stock Este list PopeMfgCo com(new) 100 44
Sou Boulev 5s 1945-14 60 85 New Amsterdam Gas100 85 93
Preferred (new)
100 150 155
1st consol Os 1948 J-J 1011- 103 American Book
So Fer 1st 5s 1919_A-0 90 95
95 105
100
113
pref..
Whitney
116
&
104
Pratt
American
J-J
'44
105
5s
NY
1st
Brass
ScERGas
100
list
Exc
Third Avenue-See Stock
140
J-J 98 100 American Chicle cona_100 222 228 Realty Assoc (Bklyn)_100 135
Consol 5s 1945
Tarry W P & M 55 192? /50 80
100
Preferred
100 103 105 Royal Bak Powd com_100 109 110
YkersStRFt5s 1946 A-0 85 95 N Y & Richmond Gas 100 40 45
100
10
corn
97
Graphophone
/
100
100
Un
25
Am
1st
Nor
1927...M-N
5s
28th&29th Sts 5s '96A-0 f 20
Canm negat & Lt_ 100 129 131
Preferred
70
100 27
Twenty-third St stk_100 200 250 e Standard Gas corn..100
25 *57
ila
a Mining
erneertc
eyferred
100 132 3
100 75 90 Amer Hardware
e Preferred
Union Fly 1st 5s 191%F-A 99
100 455 485
Mfg Co
101
104
Singer
102
108
85
Malting
Am
M-N
1914-J-D
1st 55 1930
20
Westchest 1st 53'93 J-J 60 7519
1).100
com(w
S
&
I
South
Amer Press Assoc'n 100 95 ---Other Cities
Brooklyn
100 5368 55
Preferred (w I)
1
Atlan Ave 5s 1909___A-0 190 101 km Gas & Sloe corn- 50 *4512 4612 Am Soda Fount com_100 3015
12
00
Cordage...-1
Standard
*43
preferred
lit
100
45
50
Preferred
26
Con 5s g 1031
A-0 97 101
6
1st 54 g Os '31 red_ A-0 24
2
2d preferred
100
4
BB &WE Os 1935.-A-0 95 100 kmer Light & Tract_100 234 240
2
55 Apr 1 1031
M
list
Adjust
Ex
tk
Found
105
new-See
St
S
107
Am
100
196
193
Prererred
Brooklyn City Stock_ 10
100 20 30
6s1935
A &O 102 105 Standard Coupler corn 100
50 13se Pis
Con 5s-See StIc Each arm list Bay State Gas
100 110
Preferred
Deb 45 1923
F&A 70 7112
19
BkInHgts 1st 5s 1941 A-0 99 101 13Inghl'h (NY) Gas Wks
_100 16
Co.
Milling
Standard
210
216
95
Surety
American
99
50
A
&O
1st g Os 1038
Bkln Queens Co & Sub55 58
100
*412
Preferred
514
86
e 1st g 5: '41 op '16_J-J 97 103 Brooklyn Un Gas-SeeStk Exc list American Thread pref 5 455 460
83
51-N
1st 55 1930
6
7 Am Tobacco Co corn_100
Con guar Os-See Stock Exc list Buffalo City Gas stk .100
Oil of N J__100 700 702
1st 5s 1947-See Stock Exo lkt Amer Typetclers com_100 40 43 StandardCo
Bklyn Rap Tran-See Stk Exc list
Elm list
Preferred
100 96 100 Swift & -See Bost Stk 9978 10075
Coney 181 & Bklyn....100 80 95 Con Gas of N 5s '36..J-J 89 93
1st 55 1910-1014-J-J
4
3
Amer
100
Paper
Writing
85
Pow
&
75
H
L
Consumers'
4s
g
1918__J-J
1st cons
90 100
Coal-100
Pa.cifle
&
24
26
eTexas
106
Preferred
100
D
JOs
Brie C & N 5s 1939 J-J 97 100
155 160
1st s f g 5s'19 op '09_J-J 88 90 Title Ins Co of N Y-100
Denver Gas & Elec_100 138 140
Gr'p't&LorSt 1st es 1116eN
Tonopah Mln (Nevada) 1 *034 7
1112
1012
_100
op_111-N
AtIGt&WIndSSLines
list
Gen
f:
Exc
5s
9612
1949
9612
Kings C El 4s-See Stock
4
7
31 Trenton Potteries corn 100
100 29
Preferred
Elizabeth Gas Lt Co-100 275
100
Nassau Mee pref
00 80 60
Preferred, new -.10
72
Col tr g 5s 1959
J-J / 70
Essex & Hudson Gas_100 132 135
55 1944
A-0 100 3281
Directory
Trow
41
30
&
76
Smith
Car
100
Barney
0
77
Gas
El
Ss
Co-10
11W:Exc
Bergen
1st 4s 1951-See Stock
0 67
Preferred
100 100 120 Union Typewriter com11(40
N W'bg&Flat 1st ex 4 Yis 90 95 a Or Rap 1st 5s '15.F-A 98 10.1
116 1
1st preferred
100 132 134 Bethi'm Steel Corp-See S tk Ex list
Steinway 1st 68 1922-5-.1 105 108 Hudson Co Ga^
100 115 111
preferred
25
118
123
50
corn
Company
30
Bliss
_100
33
Indiana
Co.
Lighting
Other Cities
2
*521,
0
5
CorpNote
Bk
United
123
130
Preferred
50
F-A 70 72
4s 1958 op
Buffalo Street fly*5219
Preferred
50 25 40 Bond & Mtge Guar_ -100 r270 27712
1st consol 55 1931_F-A 10712 10812 Indianapolis Gas
76 78
Mfrs--100
Cigar
United
125
120
Cond
Borden's'
80
Milk_100
90
A-0
1st g 5s 1952
Deb 8s 1917
A-0 107 108
100 108 111
Preferred
100 108 109 e Preferred
Jackson Gas Os g' 37_ A-0 95
Columbus(0) St Ity_100 97
100 1038 1034
British Col Copper_
5 *612 , 75 United Copper
100 104
100 104 10512 e Laclede Gas
Preferred
100 30 33
Preferred
*2518
2512
15
Coalition
Mining
Butte
_100
98
96
e Preferred
Colum•Ry con 5s-SeePhi la list
415 220
100
Casualty
4
S
U
212
A-0 103 108 Casein Co of Am com-100
138
Crosst'wn 1st Os '33 J-D 103 106 Madison Gas ..----S Envelope com-100 49 82
U
65
55
Preferred
100
131
133
Gas
Newark
65
78
1944-Q4
74
_100
corn
e Conn Fly & Ltg
110 117
100
Preferred
140
125
Co
Amer
of
100
Casualty
100
9934
10012
100 80 85 Newark Consol Gas_
e Preferred
100 110
100 130 133 U S Finishing
10838 Celluloid Co
e Con g 53 1048-J-D
1st & ref 4 34s-See Stk Erre list
100 110 115
Preferred
9
7
Fireworks
Cent
com_100
Pow
Se
H
L
No
Hudson
103
106
100
Grand Rapids Ry
11
7
opttiO n70 U S Steel Corporation
Preferred
100 60
A &O 106
5s 1938
100 88 90
Preferred
11434 11515
Col tr s f Si
213 314
212
100
o Louisv St Os 1930_J&J 107 108 Pacific Gas & E,com_100 6212 6315 Central Foundry
Col tr s f Os '51 not opt 11434 11515
18
18
Preferred
100
88
89
100
f
Pr,
erred
106
1.)?
Lynn & Dos 1st Os'24 J-D
60
&
Gu
Indem-100
Tit
S
U
72
68
1919
op
133
Deb
'Ol-M-N
e New On Rys & Lgt_100 1918 20 Pat & Pas GasdeElec_100 90 95
-See Stk Ere list
Con g Os 1949__M-S 102 104 Chesebrough Mfg Co 100 520 570 eUtah Copper Co
e Preferred
100 48
com-100
Co
Waterbury
17014
65
Co
Investing
97
100
93
City
1937..J-J
Joseph
St
5s
Gas
ii!a"
Gen M g 4 %s'35 SeeS tk Ex
100
Preferred
Preferred
100 08 103
Pub Serv Corp of N J_100 10612 10811,
_ Westchester & Bronx T1t
eClaflin (H B) com_100 10
Ile'-tric Companies
Tr ctfs 2% to 6%perpet 9212 94
Guar
155
Mtge
100
&
9096
preferred
•
*1st
100
C
e
oust
Ic692
Coll 5s g notes '09_M-N 100 10014 Chicago Edison Co-Se
WestIngh'se Air Brake_50 *119 fir
100 90
e2d preferred
e Kings Co El L&P Co 100 127 130
North Jersey St Ry_100 40
Coal &I pf 100 78 95 - W• est El & Mfg 5s-SeeStk Ere mist
1st 4s 1048
M-N 78 -A Narraan(Prov) El Co_50 *9112 93 Col & Hock
White Knob Min.--- 10
J-.1 90 95
1st g 53 1917
Cons Tract of N J...100 7612 77 NY& El L&PowCo_ 100 32 37
10
Preferred
Col tr 65 Oct 1955_ J-J 98 104
100 7012 72
Preferred
1st 55 1933
J-D 106 107
Pump pref_100 106 fir
Now'kPasRy 56 '30 J-J 108 110 United Elec of N J-100 70 75 Consol Car Heating_100 25 30 Worthing
fly
76
Cons
J-D
Lcrt&Refrig_100
7812
1st g 45 1949
• • Per share. a Er-rights. 3 Basis. •Sells on Stk. Sr., but not very active I Flat price. n Nom. s Sate price. z Ex-div. v Ex-lights. $ New StOOk•

Volume of Husiness at Stock

Excliarmes

Outside Securities




Telegraph ire Te ephone
e Amer Teleg & Cable_ 100
Central & So Amer_ _100
Commq Un Tel(NY)_ 25
Emp & Bay State Tel_100
100
Franklin
e Gold Se Stock Teleg_100
NY &NJ Teleph-See St
e Northwestern Teleg_ 50
25
Pacific & Atlantic_ _
25
Southern & Atlantic

THE CHRONICLE

SEPT. 4 1909,1

587

$rwestzurxit anti 4.1tailroad Intriliqeuce.
RAILROAD GrtOSS EARNINGS.
The following table shows the gross earnings of every srEAm 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 .1u.y, but covers some other
period. The re.urns of the street railways are brought together separately on a subsequent page.
Latest Gross Earn-ince.
ROADS.

IV me or
Month.

Curren!
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

Lalest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

July 1 to Lates; Date

Pr.r.ous
Year.

current
Year.

Previous
Year.

$

S
Ala N 0 de Tex Pa •
N 0 & N East _r ad wk Aug
56.000
45,000
298,106
349,815
Ala & Vicksb___r ld wk Aug
26,000
22,000
163,611
175,332
Vicks Shr & Pae_r 3d wk Aug
22.000
23,000
153,300
148,298
Ala Tenn & North
une
4,047
45,664
3,552
61,715
Jr Atch Top do S Fe_ i tily
7,730,596 3,985,401 7,730,596 6,985,401
Atlanta IIIrm & Aul Id wk Aug
42,616
236,018
31,410
304,382
Atlantic Coast Lint July
1,883,040 1,742,338 1,863,040 1,742,338
Baltimore & Ohio_ _ July
3,950,872 5,149,557 6,950,872 6,149,557
Bangor & Aroostook fitly
181.335
219,043 181,335
219,043
Bellefonte Central _ _ July
4,189
4,053
4,953
4,189
Boston & Maine__ _r July
3,722,366 3,275,122 3,722,366 3,275,122
Bridgeton & Saco 11 June
4,600
52,999
6,265
48,511
Buff Roch & Pitts_ _ hi wk. Awr 183,439 144,053 1,387,061 1,104,788
Buffalo & Susq__ t May
185,938 119.300 2,094,398 1,925.018
Canadian Northern _ Id wit Awe 175,100 162,500 1,397,000 1,233,000
Canadian Pacific_ _ _ id wk Aug 1,555,000 1,356,000 11,908,030 10,538,881
Central of Georgia. Id wit Aug 200,000 185,800 1,465,338 1,492,462
Central. of N j-- --r June
1,855,131 1,775,708 22,068,279 23,177,556
Central Vermont- _r June
295,240 273,694 3,197,274 3,391,731
Chattanooga South. .3(1 wk Aug
14,586
1,640
9,504
1,612
Chesapeake dc Ohio. hl wk Aug 627,860 527,593 4,156,880 3,677,911
Chesterfield & Lan, June
62,552
3.083
3,302
51,246
Chicago & Alton 10 Id wk Aufr 332,167 279,529 1,902,053 1.866,739
Chic Burl de Quincyr July
3,825,880 3,271,235 6,825,880 6,271,235
Chicago Great Wes, Id wit Aug 164,303 180,072 1,127,904 1,165,075
Chic Ind & Lotilsv_ Id wk Aug 119,346 105,524
763,674
844,325
Chic Ind & Souther. -.-4ec New eork Cen tral.
Chic Milw So St Paul lune
1,984,635 1,391,265 59,897,463 56,932,620
Chic & Nor West_ _r July
3,896,270 3,215,185 5,896,270 5,215,185
Chic St P M & 0.-t July
998,487
1,123,975 998,487 1,123,975
Chic Term Tra ni it, Lt./
77,523 1,000,133 1,009,436
07,186
Cin Ham & Dayr June
642,428 660,757 7,897,048 8.011,484
Clev Cin Chic & st
-tee New Zork Con tral.
Colorado Midland
193.348
July
• 200,071 193,348
200,071
h Colorado & Souti Id wk Aug 296,729 286.420 2,096,162 2,085,612
Colum Newb de Lau lure
16,756
15,864
282,581
279,231
Copper Range
78,526
74,919
June
807,322
766,021
Cornwall
12,873
4,830
12,873
4,820
July
Cornwall & Leban_r June
29,027
22,067
308,104
329,913
Cuba Railroad
196 704 145,567 2,157,165 2,039,468
June
1 Delaware & Huth July
1,586,138 1,486,028 1,586,138 1,486,028
Del Lack & West_r July
3,168,226 3,859,240 3,168,226 2,859,240
Deny & Rio Grande Id wk Aug 430;200 396,600 3,361,016 2.835,224
Dot Tol & Iront Sys 3d wk Aug
29,179
212,763
33,165
200,955
Ann Arbor
35.028
3d wk Aug
40,657
260,679
272,816
Detroit de Mackinac 3d wk Aug
24,980
25,618
174,037
174,991
Dot & Iron Range.' June
1.048.688 559,750 6,847,572 6,207,509
Dul Sou Sh & Att. 3d wk Aug
387,543
51,574
68,595
503,608
El Paso & S W ----r July
550,277
606,234 550,277
606,234
Erie
1,299,728 3,851,252 46,243,207 15,670.370
May
Evansville & L'erri
1 i ute-See Rock Is and Syst em.
Fairchild & Nor E_ July
1,504
1,564
1,784
1,784
Fonda Johns & Clot; July
78,250
85,207
78,250
85,207
Georgia Railroad __ July
201,693 218,074
218,074
201,693
Georgia South 450 Fla -:ie:.: Soul 'tern Rail way.
Grand Trunk Syst_ 3c1 wit Aug 857,003 798,254 6,049,064 5,691,866
Cr Trunk West_ _ 3d wk Aug 130,763 117,516
826,564
863,326
f bet Gr Hay & Mit 3d wk Aug
42,098
266,691
33,822
251,653
Canada Atlantic_ 3d wk Aug
45,307
315,216
279,375
44,168
Great Northern syst tily
3,314,938 1,450,493 5,314,938 4,450,493
Gulf & Ship Island_ June
140,390 126,912 1,873,196 2,066,878
Hocking Valley____ July
531,266 530,521
530,521
531,266
Illinois Central ____ July
4,569,344 4,253,257 4,569,344 4,253,257
lnternat de Gt Nor_ 4th wit Aug 222,000 222,000 1,152,000 1,083,000
a Interoceanic Mex_ 3d wk Aug 122,464 119,267
896,288
928,022
Iowa Central
83,784
3d wk Aug
61,831
045,506
427,820
155,917 177,440 2,127,637 2,022,938
Kanawha & Mich
June
666,028 744,334
Kansas City South_ July
666,028
744,334
35,004
18,500
K 0 Mex & Orient_ 3d wk Aug
135,341
251,250
-:-,ee New York Con tral.
Lake Erie & West
2.754.398 2,526,451 2,754,398 2,520,451
July
Lehigh Valley
36,366
35,065
Lexington & East__ June
412,625
497,933
Inc.11 7,617
July
Long Island
Inc.11 7,617
92,412
97,604 1,186,401 1,144,522
Louisiana & Arkan_ June
75 056 1,023,737
84,215
Loulsv Hend & St L June
992,652
Louisville de Nashv_ 3d wit Aug 903,540 835,170 6,571,142 6;178,563
11,184
11,387
Macon & Birming'm July
11,387
11,184
793,835 722,309
Maine Central ___ _r July
722,309
793,835
3,193
7,408
Manistique
July
'7,408
3.193
31,693
Maryland & Penn_ July
29,529
29,529
31,693
a Mexican Internat. 3d wit Aug 135,234 144,469
959,608
997,912
a Mexican Railway_ 3d wk Aug 136,000 128,700 1,117,500
998,200
a Mexican Southern Jd wk Aug
23,534
25,258
176,213
179,497
Michigan Contra - see New Y ork Centr IL
Mineral Range__ 3d wk Aug
17,646
16,014
116,320
125,331
73.837
78.249
Minneap & St Louis 3d wit Aug
531,434
595,857
Minn St P &SSM_ 3d wk Aug 247,153 214,538 1,736,708 1,571,871
Chicago Division _ 3d wk Aug 165,788 146,190 1,207,116 1,083,594
Missouri Kan & Tex July
1,913,863 1,868,267 1,913,863 1,868,267
Mo Pac & Iron Mtn 3d wk Aug 988,000 849,000 6,756,000 5,928,000
Central Branch_ _ 3d wk Aug
36,000
37,000
228,000
230,000
Total system___ _ 3d wk Aug 1.025,000 885,000 6,986.000 6,156,000
b Mobile Jack & K C vVic Aug 14
23,938
28,104
164,114
176,100
Nashv Chat & St L_ July
910,984 880,299
910,984
880,299
a Nat Rys of Mexico 3d wk Aug 895.415 884,997 6,588.300 6,266,528
Nevada-Cal-Oregon. 3d wk Aug
7,628
9.819
56,889
74,581
Nevada Central__ _ June
6,893
7,385
75,388
75,472

eNYCde Hud Riv_ July
7,915,195 7,093,798 7.915.19.5 7,093.798
Lake Shore & M S July
3,938,349 3,264.389 3,938,349 3,264,389
nLake Erie&West July
390,676 390,408
390.676
390,108
Chic Ind & South July
268,229 191,869
268.229
191,869
Michigan Central. July
2,266,662 1,941,188 2,266,662 1,941,188
Cleve C C & St L. July
,
,297,704 2,088,956 2,297,704 2,088,956
Peoria & Eastern July
239,794 216,887
239,794
216,887
Cincinnati North_ July
88,331
82,195
82,195
88,331
Pitts & Lake Erie July
1,449,479 995,731 1,449,479
995,731
Rutland
July
280,507 246,410
280,507
246,410
N Y Chic & St L. July
833,807 602,741
833,807
692,741
Total all lines_
July
20008733 17204572 20,008,733 17,204,572
N Y Ont de Western July
861,086 822,007
861,086
822,907
NYNH& Hart_ _r June
1,827,267 1,357,26.1 34,347,630 53,030,145
N Y Susq & West_ May
251,679 261,322 3.026,080 3,038,755,
Norfolk & South_ _r July
216,468 183,913
216,468
183,913
Norfolk & Western_ July
2,581,300 2,369,825 2,581,300 2,369,825
Northern Central __ July
975,315 869,115
975,315
869,115
Northern Pacific_ _r June
6 147,697 1.240,698 68,460.747 338,220,677
Pacific Coast Co
June
662,376 1392,286 6,580,50/ 7,272,958
Pennsylvania Co_ _r July
1,406.417 3,590,020 4,406,417 3,590.020
d Penn-E of P & E July
12915765 11282065 12,915,765 11,282,065
d West of P & la July
Inc.1,05 3,200
inc.1,05 5,200
Pere Marquette.- -r July
1,215,396 1,057,216 1,215,396 1,057,216
Phila Bait de Wash_ July
1,517,878 1,428,678 1,517,878 1,428,678
Pitts Cin chic& St[, July
•,439,388 2,227,904 2,439,388 2,227,904
Raleigh & Southp't July
11,438
9,703
11.488
9,703
Reading Company_
Phila & Reading_ July
3,092,399 2,971,471 3,092,399 2,917,471
Coal & Iron Co_ July
1,597,095 1,954,763 1,597.095 1,954,763
Total both cos_ July
1,689,494 1,872,234 4.689,494 4,872,234
Rich Freds & Pot_ June
193,952 178,060 2,026,325 2,003,114
Rio Grande June_
June
84,049
62,167
881,489
811,697
Rio Grande South__ 3d wk Aug
13,894
11,919
79,883
84,414
Rock Island System July
5,416,601 4,679.107 5,416,601 4,679,107
St L & San Fran_ July
3,305,369 2,850,653 3,305,369 2,850,653
Chic & East Ill_ July
853,129 774,764
853,129
774,764
I Evansv & Ter H July
191,253 185,709
191,253
185,709
Total of all lines_ July
9,766,354 8,490,235 9,766,354 8,490,235
St Jos de Grand Isl. June
105,340 118.479 1,562.113 1,609,617
St Louis Southwest 3d wk Aug 184,816 194,699 1,364.719 1,318,717
San Ped LA & S L..r June
755,283 605,760 7,450,462 7,518,512
Seaboard Air Line_ June
1,290.510 1,163,379 16,451,677 15,675,449
Atlanta & Birm__ June
69,203
68,466
042,870
888.893
Florida West Sh_ June
7,814
9,816
153,539
124,011
Southern Indiana_r July
104,327 102,433
104,327
102,433
c Southern Pee Co_ Jhly
10814569 9,720.405 10.814,569 9.720,405
Southern Railway-- 3d wk Aug 1,012,543 043,875 7,376,361 6,803,107
Mobile & Ohio_ __ 3d wk Aug 180,374 171,467 1,320,581 1,215,723
Cin N 0 & Tex P. 3d wk Aug 151,393 144,360 1,110,567 1.061,975
68,945
72,955
Ala Great South_ 3d wk Aug
477.949
408,197
35,353
268,413
33,469
Georgia So & Fla_ 3d wk Aug
240,367
120,166
18,519
3d wk Aug
17,362
Texas Central
135,004
Texas & Pacific_ _ _ _ 3d wk Aug 246,973 224,980 1,722,332 1,668,073
6,517
5,956
6,517
Tidewater & West _r July
5,956
311,738 355,709 4,089,607 4,191,999
Toledo dc Ohio Cent Tune
149,564
24,312
23,888
155,022
Toledo Peor & West 3d wk Aug
544,635
92,845
Toledo St L & West 3d wk Aug
73,391
527,012
81,320
6,589
6,160
Tombigbee Valley__ June
62,158
Union Pacific Syst_ July
7,534,854 3,749,684 7,534,854 6,749,684
721,916
704,926
Vandalla
721,916 704,926
July
102,116
102,116
92,573
92,573
Virginia &Sou West July
Wabash
8th wk Aug 813,469 772,701 4,809,651 4,454,957
496,446 429,232 5,952,696 5,648,278
Western Maryland.r June
West Jers & Seash_ July
762,581 696.181
762,581
696,181
Wheeling & L E_ -r July
590,565 527,212
590,565
527,212
White Riv(V02 wits end July 31
801
1,335
Wrightsville & Tenn July
15,84:3
15,864
15,864
15,843
Yazoo'& Miss Vail. July
655,815 584,551
655,815
584,551
Various Fiscal Years.

Current
Year.

Period.

Bellefonte Central
Tan
1 Delaware & Hudson
Jan
Manistique
Jan
a Mexican Railway
Jan
a Mexican Southern
Jan
e N Y Central & Hudson River_ Jan
Lake Shore & Michigan South Jan
n Lake Erie & Western
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Cin Chicago & St Louis Jan
Peoria de Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Rutland
Jan
New York Chicago & St Louts Jan
Total all lines
Jan
Northern Central
Jan
d Penn-East of MUM)& Erie__ Jan
d West of Pittsburgh & Erie__ Jan
Phila Baltimore & Washington_ Jan
Pitts Cin Chicago & St Louis__ Jan
Rio Grande Junction
Dec
Jan
Texas & Pacific
Jan
West Jersey & Seashore

1 to
1 to
to
1 to
1 to
1 to
1 to
1
1

1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

July
July
July
Aug
Aug
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
Aug
July

Previous
Year.

31
$33,441
$33,494
31 10,810,814 10.303.491
31
24,458
35,254
21 9,838,400 4,940,100
868,938
21
815,261
31 50,528,965 45,404,394
31 24,183,457 21,090,979
31 2,558,018 2,346,525
$1 1.694,912 1,477,274
31 14.857.031 13,272,097
31 14,805,726 12,939,681
31 1,576,145 1.480.911
612,961
31
978,109
31 7.232,121 5,083.446
31 1,650,562 1,979,901
31 5,505,280 5,201,760
31 125205184 110255077
31 6,686,409 6,300,409
31 83.058,714 75,305,214
31
fnc.5,85 6,300
31 9,983,089 9,168,789
31 16,081,147 14,452,447
30
415.095
497,889
21 8.340.499 7,666,532
31 3.161,033 2,968,533

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Id
4th
let
Id
Id
4th
1st
td
Id
3d

week June (44 roads)---week June (45 roads)..,.-week July (40 roads)._
week July (44 roads).week July (44 roads).week July (49 roads).week Aug (44 roads)--week Aug (46 roads)--week Aug (33 roads)._
week Aug (47 roads)____

Cuent Year Prep's Year

a
10,668,619
14,425,835
10,347,605
10,447,146
10,795,980
18,580,173
11,311,290
11.565,764
10,920,086
11,780,990

$

Inc. or Dec.
$

%

9,763,404
+905,216 9.27
13.390,131 +1,035,704 7.73
9,517,546
+830,059 8.72
10,052,818
+394,328 3.92
10,228,187
+567.793 5.55
15,075,834 +1,504,339 9.98
10,235,361 +1.075.929 10.51
10,600,774
+964,990 9.10
+988,877 9.96
9,931,209
10,795,592 +1,035,398 9.63

Monthly Summaries.

Cuent Year Prev's Year Inc.or Dec.

i

$

Month Oct 1908 (796 roads). 231,615,129 249.932.145
Month Nov 1908 (804 roads). 210,971,123 218.967,731
Month Dec 1908 (798 roads). 205,216.481 193.791.645
Month Jan 1909 (780 roads). 182,347.842 172.275.946
Month Feb 1909 (792 roads). 173,857,206 159.982.896
Month Mch 1900 (715 roads). 202,167,425 180.889. 95
Month April 1909 (815 roads). 191,119,035 169,912,827
Month May 1909 (849 roads). 201,143,840 174.105,001
Month J une 1909 (729 roads)._ 189,563.318 164,794,786
Month July 1909( 52 roads). 53,904,004 49,721,071

%

a
-18.317,016 7.41
-7.996,608 3.61
+11,424,836 5.91
+ 10.071,895 5.8,6
+13,884,310 8.6;
+21.278,330 11.71
+21,203.208 12.4,
+27.038.839 15.4,
+24.768.532 15.0;
+ 4,182,933 8.4

a Mexlean currency. 6 Includes earnings of Gulf & Chicago Div slon. c Includes the Houston & Texas Central and ts subsidiary lines in both years,
d Covers lines directly operated. e Includes the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York fly., the latter Of
which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. I Includes Evansville & Indiana RR. h Includes
earnings of Colorado & Southern. Fort Worth & Denver City and all affiliated lines, excepting Trinity & Brazos Valley RR. k Includes in both years
earnings of Denver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott & Phoenix By. 1 These figures do not include receipts from sale of
coal
n Includes the Northern Ohio RR. o Figures here are on the old basis of accounting-not the new or Inter-State Commerce Commission method
/ These figures are on the new basis prescribed by the Inter-State Commerce Commission.




[VoL.

THE CHRONICLE

588

Latest Gross Earnings by Weeks.-For the third week of
August our final statement covers 47 roads and shows 9.63%
increase in the aggregate over the same week last year.
Third Week of August.

1909.

$
Previously reported (33 roads) _ 10,920,086
68,945
Alabama Great Southern
42,616
Atlanta Birmingham & Atlantic
164,303
Chicago Great Western
151,393
Cin New Orleans de Texas Pac
29,179
Detroit Toledo & Ironton
40,657
Ann Arbor
35,353
Georgia Southern & Florida_ _ _ _
35,004
Kansas City Mexico & Orient__
136,000
Mexican Railway
23,534
Mexican Southern
9,819
Nevada-California-Oregon
13,894
Rio Grande Southern
17,362
Texas Central
92,845
Toledo St Louis & Western_ _:._
Total (47 roads)
Net increase (9.63%)

1908.

Increase. Decrease.
$
$
$
9,931,209 1,010,372
21,495
72,955
4,010
31,410
11,206
15,769
180,072
144,369
7,024
3,986
33,165
5,629
35,028
1,884
33,469
16,504
18,500
7,300
128,700
1,724
25,258
2.191
7,628
1,975
11,919
1,157
18,519
19,454
73,391

11,780,990 10,745,592 1,083,539
1,035,398

48,141

Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroad
and of industrial companies reported this week:
It4xids.

--Net Earnings
-Gross Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.

377,236
321,291
Atlantic Coast Line_a_ _July 1,863,040 1.742,338
81,892
50,295
181,335
Bangor & Aroostook_ b_ _July 219,043
1,320,744
989,990
3,275,122
July 3,722,366
Boston de Maine_ b
July 7,140,030 6,292,881 2,479,871 2,274,573
Canadian Pacifica
975,188
830,452
Chesapeake & Ohio_ bJuly 2,410,007 2,095,132
x Chic & Nor West_ b_ _ _July 5,896,270 5,215,185 1,924,841 1,864,422
x Chic Burl & Quincy_ b_July 6,825,880 6,271,235 2,037,488 2,033,620
337,758
998,488
331,937
xChic St Paul Minn &O bJ'ly 1,123,975
35,500
50,959
193,348
200,071
July
Colorado Midland_ a
6,083
299
4,820
12,873
July
Cornwall is
Delaware & Hudson_ b_ _July 1,586,138 1,486,028 r612.793 r588,284
10,810,814 10,303,491 r4,011,227 r3,794,985
Jan 1 to July 31
zDel Lack & Western_ b_July 3,168,226 2,859,240 1,577,234 1,242,534
704,006
601,160
Denver do Rio Grande_a July 1,990,516 1,684,824
81,945
226,115
61,751
285,234
Duluth So Sh & Ati_ b_ _July
def3,147
1,564
1,784
354
Fairchild & Northe'n_b_July
28,243
218,074
July
201,693
15,293
Georgia RR- b
July 5,314,938 4,450,493 2,247,758 1,410,440
x Great Northern_ b
201,385
530,521
531,266
209,537
July
Hocking Valley b
422,662
678,807
July 4,569,344 4,253,257
Illinois Central_a
188,790
544,441
157,479
570,247
(Ante roceanic of Mexico_July
Long Island- b715,874
2,315,779 2,751,021
898,613
Apr 1 to June 30
Inc. 105,402
Inc. 117,617
July
Inc. 416,782
Inc. 468,609
Jan 1 to July 31
Louisville & Nashville b_July 3,865,980 3,680,352 1,465,798 1,309,403
279,553
556,590
196,571
gMexican International_July 607,312
10,815
73,827
12,929
73,665
July
Mineral Range- b
533,932
416,394
Missouri Kan & Texas_ bJuly 1,913,863 1,868,267
221,414
207,645
880,299
910,984
_July
b_
L_
St
&
Chatt
Nashv
yNational Rys of Mex_ _July 3,874,979 3,641,019 1,500,438 1,116,311
295,186
822,907
321.217
N Y Ont & Western_a July 861,086
cNYC & Hud Riv_ b_ _July 7,955,195 7,093,798 2,457,712 1,876,163
50,528,965 45,404,394 14,503,091 10,651,780
Jan 1 to July 31
Lake Shore & M S_b_ _July 3,938,349 3,264,389 1,570,664 1,240,277
24,183,457 21,090,979 8,677,124 6,842,655
Jan 1 to July 31
62,615
390,408
96,307
e Lake Erie & West_ b.July 390,676
349,879
2,558,018 2,346,525
240,967
Jan 1 to July 31
58,588
191,869
288,229
8,541
Chic Ind & South_ b_ _July
344,565
1,694,912 1,477,274
239,088
Jan 1 to July 31
715,368
638,191
Michigan Central_ b_ _July 2,266,662 1,941,188
14,857,031 13,272,097 4,400,403 3,872,942
Jan 1 to July 31
736,673
669,086
Clev
& St L_ b_ _ _ _July 2,297,704 2,088,956
14,805,726 12,939,681 3,806,293 2,926,276
Jan 1 to July 31
75,379
216.887
239,794
65,691
Peoria de Eastern_b__July
394,596
1,576,145 1,480,911
346,614
Jan 1 to July 31
20,193
82,195
88,331
_July
b_
21,775
North_
Cincinnati
103,824
478.109
612,961
75,840
Jan 1 to July 31
890,236
995,731
538,104
Pitts & Lake Erie_ b_ _July 1,449,479
7,232,121 5,083,446 3,788,161 2,227,892
Jan 1 to July 31
93,480
246,410
280,507
74,619
July
Rutland_ b
415,118
1,650,562 1,479,901
364,610
Jan 1 to July 31
294,451
692,741
205,525
N Y Chic de St Lb _ _ _July 833,807
5,505,280. 5,201,760 1,557,741 1,324,242
Jan 1 to July 31
Total all lines
b July20,008,733 17,204,572 6,975,359 5,434,279
125205184110,255,077 38,340,795 29,112,006
Jan 1 to July 31
958,854
Norfolk de Western_ b_ _July 2.581,300 2.369,825 1,009,744
194,432
869,115
268,332
Northern Central_ b-_ __July 975,315
6,686,409 6,300,400 1,201,816 1,353,616
Jan 1 to July 31
xPenna Company_ b__ _ _July 4,406,417 3,590,020 1,807,649 1,489,350
Pennsylvania-Lines directly operatedEast of Pitts de Erie b_July 12,915,765 11,282,065 4,066,808 3,599,808
83.058,714 75,305,214 22,455,854 19,864.554
Jan 1 to July 31
Inc. 328,300
Inc. 1,055,200
West of Pitts do Erie_ _July
Inc. 1,501,400
Inc. 5,856,300
Jan 1 to July 31_ _ _ _
430,334
397,034
Phila Bait de Wash_ b_ _July 1,517,878 1,428,678
9,983,089 9,168,789 2,356,594 1,950,794
Jan 1 to July 31
Reading CompanyPhila & Reading_ b_ _ _July 3,092,399 2,917,471 1,095,001 1,101,086
59,822
Coal & Iron Co_ b_ _ _ _July 1,597,095 1,954,783 def94,240
Total both companiesbJuly 4,689,494 4,872,234 1,000,761 1,160,908
145,508
131.114
Reading Company_ _ _July
1,146.269 1,292,022
Total all companies_ _July
n25,213
Rio Grande Junction__ _June
n18,650
62,167
84,049
415,095 n149,366 n124,528
Dec 1 to June 30
497,889
Rock Island_ b
July 5,416,601 4,679,107 1,756,885 1,152,728
St Louis & San Fr_ b_July 3,305,369 2,850,653 1,052,820
806,239
300,000
Chicago & E Illinois b July 853,129
774,764
234,510
77,218
Evansv & Ter H_b July
185,709
74,403
191,253
3,186,924
Total of all lines_b__ _July 9,766,354 8,490,235
2,267,881
4,016,908
Southern Pacific_ a
3,641,598
July10,814,569 9,720,405
Southern Railway_ b__ -July 4,360,497 4,086,061 1,375,435 1,354,658
241,866
July 783,566
727,166
206,585
Mobile & Ohio- b
1,467
363
5,956
6,517
Tidewater & Western b July
Ulster & Delaware_ b86,473
255,803
78,410
276,207
April 1 to June 30
120,570
390,534
Jan Ito June 30
460,449
66,888
314,664
936,749
July Ito June 30
1,024,438
203,182




Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.

Roads.

July 7,534,854 6,749,684 3,843,566 3,363,374
Union Pacifica
178,116
153,289
704,926
721,916
July
xVandalia b
301,962
374,662
696,181
762,581
West Jersey & Seash_ b_July
464,594
700,294
3,161,033 2,968,533
Jan 1 to July 31
Western N Y & Penns- bdef760
396,826
1,794,992 1,622,427
Aprill to June 30
457,068 def30,799
3,452,771 3,263,694
Jan 1 to June 30
def134,693
def83,636
584,551
Yazoo do Miss Valley_a_July 655,815
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings-Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
Abington & Rockland Elec
Light & Power Co_ __ _July
Jan 1 to July 31
July
Demerara Elect Co
Jan 1 to July 31
Edison El Co (Brockton)July
Jan 1 to July 31
Houghton Co Elec Light.July
Jan 1 to July 31
Lowell Electric Corp_ _ _ _July
Jan 1 to July 31
Minneapolis Gen El Co_ _July
Jan 1 to July 31

5,692
36,519
10,455
74,929
18,526
146,865
16,752
143,112
26,227
199,704
77,544
619,952

3,562
31,488
9,494
68,952
14,603
119,145
15,691
131,251
25,316
191,48273,889
556,417

2,874
13,004
4,493
34,155
6,613
63,735
6,889
69,937
11,494
80.171
40,280
349,996

1,088
12,254
3,853
28,949
6,130
52,413
6,603
62,862
10,199
79,832
41,864
310,262

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c Includes the New York & Ottawa, the St. Lawrence & Adirondack and
the Ottawa & New York Ry., the latter of which, being a Canadian road,
does not make returns to the Inter-State Commerce Commission.
e Includes the Northern Ohio RR.
g These results are in Mexican currency.
n These figures represent 30% of gross earnings.
r For July 1909 net from Coal Department was $25,543, against $41,969
last year, and from Jan. 1 to July 31 was $558,856 in 1909, against $526,548.

Interest Charges and Surplus.
-Int., Rentals, &c.- --Bal. of Net E'ngs.Previous
Current
Previous
Current
Year.
Roads.
Year.
Year.
Year.
x14,172 xelef18,285
79,768
80,251
Bangor & Aroostook_ __ _July
July
Colorado Midland
31,350 cdef8.348
31,350
cl 1.696
d380,868
Denver & Rio Grande_ _July 404,474
315,266 d382,100
94,641
Duluth Sou Shore & AtI_July
88,159 xtief.9,839 xdef 17,778
July
55,364 xdef24,789 xdef31,875
60,363
Georgia RR
x138,982
July
x131,251
Hocking Valley
118,228
114,363
Island
Long
y260.119
April 1 to June 30
y305,361
695,720
746,754
x151
July
Mineral Range
12,778 xdef.2,428
13,263
Missouri Kan do Texas_ _July 8555,794 8547,872 xdef17,701xdcf123,255
234,275
199,624
ec
Ontario
80,942
Western_July
95,562
NY
519,794
546,284
July
439,060
463,460
Norfolk & Western
-118,481
266,269
July
873,541
Reading Company
880,000
10,317
16,882
8,333
8,333
Rio Grande Junction__ _June
436,195
91,033
Dec 1 to June 30
58,333
58,333
Ulster 6: Delawarey29,450
y30,242
April 1 to June 30
45,669
40,227
y10,243 xdef30,875
Jan 1 to June 30
81,577
89,417
y1,654
y101,300
July 1 to June 30
175,310
182,307
Western N Y & PennaApril 1 to June 30
51,065 def368,208
367,448
345,761
717,600 de1248,992 def748,399
706,060
Jan 1 to June 30
INDUSTRIAL COMPANIES.
-lid., Rentals, &c.- -Bal. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
Abington & Rockland Elec
Light & Power Co_ _ _ _July
Jan 1 to July 31
Edison El Co(Brockton).July
Jan 1 to July 31
Houghton Co Elec Lt__ _July
Jan 1 to July 31
Lowell Electric Corp__ _ _July
Jan 1 to July 31
Minneap Gen Elec Co__ _July
Jan 1 to July 31

376
2,453
3,558
22,871
4,490
31,828
4,133
29,349
29,563
209,764

354
2,161
2,852
17.729
4,251
28,378
4,200
33,294
32,400
218,577

2,498
10,551
3,055
40,864
,399
,
38,100
7.361
50,822
10,717
140,232

734
10,093
3,278
34,684
2,352
34,484
5,999
46,538
9,464
91.685

c After allowing for net miscellaneous debit to income.
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 Is deducted every month from surplus and
Placed to the credit of the renewal fund.
h Fixed charges include taxes amounting to $80,100 for July 1909,against
$64,652 in 1908, and additions and betterments of $13,000 this year, against
$28,987. Prior to July 1907 it was the practice to include these items in
the expenses.
x After allowing for other income received.
y After allowing for taxes net revenue from outside operations and for
other Income.

STREET RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

TVeek or
Month.

American Rys Co__ July
cAur Elgin & Chic Ry July
Binghamton St Ry_ liay
firm By Lt & Power July
Brockton & Ply St By May
July
Camaguey Co
Cape Breton Flee Co_ July
Central Penn Trac__ _ July
Chariest Con Ry G&E. July
Chicago Railways Co_ klay
Cleve Painesv & East July
Dallas Electric Corp_ July
Detroit United Ry_ _ 3d wk Aug
Duluth Street By _ _ July
East St Louis & Sub June
July
El Paso Electric
Fair & Clarksb Tr Co July
Ft Wayne & Wabash
Valley Traction Co June
Galv-Hous Flee Co_ _ July
Grand Rapids By Co_ June
Havana Electric Ry.. Wk Aug 29
Honolulu Rapid Tran
July
& Land Co
Houghton Co Trac Co July
Illinois Traction Co_ _ July
acksonville Elec Co_ July

Current Previous
Year.
Year.
290,669
167,014
28,823
183,186
12,088
11,445
21,872
73,630
71,112
1055,160
38,026
103,340
168,017
91,658
164.888
46,362
39,899

3
271.613
148,748
26,638
170,261
10,643
10,429
21,334
68,273
68.988
902,482
34,176
101,397
143,204
81,568
466,729
40,821
35.462

Jan. 110 latest date.
Current
Year.

Previous
Year.

1,661,702 1,596,481
845,567
766,633
129,703
115,506
1,276,482 1,232,307
42,579
38,980
76,085
63,944
126,383
136,880
431.737
403,414
441,603
442,968
4,855,011
174,456
164,120
725,784
633,772
4,880,255 4,362,578
544,149
493,418
957,216
977,996
329,927
301,292
231,048
210,081

615,201
648,655
115,981 110,034
599,156
682,473
109,747 93,372
437,865
479,809
91,764 85,324
35,680 32,485 1,352,123 1,282,522
219,513
232,209
34,525 36,637
147,613
26,300
180,768
30,652
362,729 342,273 2,416,947 2,255.790
248,192
273,429
39,299 35.559

589

THE CHRONICLE

SEPT. 4 1909.3

-Int., Rentals, &c.- -Bat. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Current Previous
Week or
$
$
$
$
Year.
Year.
Month.
7.353
13,453
8,103
Cleve Painesv & 1.3ast'n_July
8,324
16,490
27,959
56,155
58,493
1
Jan
to
31
July
$
$
a
$
7,873
8,718
20,449
135,215
25,413
126.153 Cleve Southw & Col_ _ _ _July
33,247 30,148
Kansas City-Western May
def1,776
14,631
563,462
140,745
Jan 1 to July 31
168,532
595,861
121,185 110,428
Lake Shore Elec Ry_ July
269,048 Dallas
266,513
51,373 54,143
Lox & Inter Rys Co_ _ June
437
6,829
28,404
29,831
__July
_
Corp_
Electric
356,906 333,274 2,372,759 2,193,781
Milw Elec Ry & Lt Co July
59,065 def.22,809
207,738
Jan 1 to July 31
201,438
461,003
499,314
113,336 100,532
Milw Lt Ht & Trite Co July
4,260
8,085
7,209
9,073
July
Montreal Street Ry-- Wk Aug 28 80,013 71,335 2,515,325 2,382,757 El Paso Electric Co
72,333
36,194
50,303
55,554
Jan 1 to July 31
882,280
967,301
140,887 127,937
Nashville Ry & Light July
227,012 200,392 .1,200,959 1,038,136 Fairm & Clarksb Tr Co_July
z13,976
x17.923
11,487
12,309
North Ohio Tr & Lt_ July
589,856
x63,405
695,868
80,431
109,212 98,983
x79,456
Jan 1 to July 31
86,183
North Texas Elec Co_ July
162,424 155,484 1,354,212 1,249,933
Northwestern Elea_ August
21,284
26,082
20,085
21,596
923,527 4875,620 Galv-Houston Elec Co_ _July 150,865
164,511 d164.527
Nonf & Portsm Tr Co June
97,459
142,809
126,292
to
1
Jan
July
31
148,384
41,468
26,781
228,194
Oklahoma City Ry_ _ July
x11,149
z11,995
6,144
6,122
Tr
R
Co_July
Ld
&
Honolulu
131,503
127,799
19,152
18,776
July
Paducah Tr & Lt Co_
x56,570
x61,865
43,088
Jan 1 to July 31
43,001
116,397
140,196
23,461
19,630
Pensacola Electric Co July
424,815 384,170 2,697,593 2,982,966 Houghton Co Trac Co__July
Portl'd(Or)RyL&PCo July
4,634
9,709
6,242
8,953
Tram
Rio de Janeiro
27,199
33,043
37,329
91,356
Jan 1 to July 31
655,665 614,089 4,291,544 3,954,004
Light & Power_ _ _ _ July
7,580
5,564
9,304
Jacksonville Electric Co_July
9,367
St Joseph (Mo) Ry Lt
27,322
48,010
65,334
Jan 1 to July 31
65.620
493,796
85,392 80,739
543,997
Heat & Power Co_ _ July
31,748
21,306
33,389
33,786
194,402 178,965 1,382,572 1,321,373 Lake Shore Elect Ry_ _ _July
Sao Paulo Tr Lt & P_ July
8,405
282,394
21,399
Jan 1 to July 31
219,957
240,436
52,134
50,006
292,552
Savannah Electric Co June
592,586 366,481 3,197,360 2,534,443 Milw Elect By & Lt Co_July
Seattle Electric Co_ _ _ July
x76,016
z86,889
106,013
99,989
88,994
92,883
15,409
15,512
Sou Wisconsin By Co July
July
x369,954
31
Jan 1 to
691,706 x486,784
730,059
317,150
340,677
47,172 45,192
Tampa Electric Co.._ July
x47,133
z50,690
70,617 '64,388
Toledo Rys & Light_ July
226,564 199,287 1,528,054 1,429,612 Milw Lt Ht & Tract Co_July
Jan 1 to July 31
410,482 z157,355 x157,901
440,913
Toronto Railway_ _ Wk Aug 28
77,430 68,596 2,399,205 2,203,072
16,620
22,316
33,023
33,101
Twin City Rap Tram. 3d wk Aug 145,089 129,305 4,320,440 3,977,443 Nashville By & Lt Co_ _July
Underground El By
18,033
Northern Ohio Elec Co_ _July
32,188
• 22,163
17,190
of London31
Jan
July
to
1
120,305
111,606
181,230
117,103
Three tube lines_ _ _ Wk Aug 21 £10,430
£9,915 1419,700 1380,810
Metropolitan Dist_ Wk Aug 21
£8,475
£8,131 £325,133 £294,807 Ogdensburg Street Rydef1,629
3,795
Apr 1 to June 30
3,468
427
United Tramways_ Wk Aug 21
17,371
£8,131 £202,901 £223.869
948,240 898,210 6,339,810 6,061.765 Orange Co Traction CoUnited Rys of St L._ July
United Rits of San Fr June
597,484 551,193 3,568,904 3,341,453
9,610
Apr 1 to June 30
9,407
1,512
clef 490
956,396
Virginia By & Pow Co June
179,625 174,858 1,014,105
6,624
6,843
936
530
202,372 Paducah Trac & Lt Co_ _July
Whatcom Co By .5: Lt July
223,513
34,484
29,123
48,457
98,842
1,405
2,078
Jan 1 to July 31
4,305
4,269
6,553
July
3,302
Pensacola Electric Co_
c These figures are for consolidated company. 4 Includes earnings of
30,391
29,509
30,326
def.496
Jan 1 to July 31
the Norfolk County Ferrles.
Plattsburg Traction Co219
def 233
1,802
2,086
Apr 1 to June 30
Street Railway Net Earnings.-The following table gives Schuylkill & Dauphin Tr Co2,417
1,153
May 1 to July 31
the returns of STREET railway gross and net earnings
94,859
178,857
61,672
July
108,701
reported this week. A full detailed statement, including all Seattle Electric Co
404,726
717,069
612,873
583,537
Jan 1 to July 31
roads from which monthly returns can be obtained, is given
10,302
2,427
4,700
12,069
July
Electric Co
once a month in these columns, and the latest statement of Tampa
32,722
16,092
105,777
83,829
Jan 1 to July 31
this kind will be found in the issue of Aug. 28 1909. The Twin City Rap Trans Co_July 140,251
199,874
128,361
222,272
897,705
968,009
877,789 1,022,098
Jan 1 to July 31
next will appear in the issue of Sept. 25 1909.
Co
Electric
Westchester
Earnings
Earnings-Net
-Gross
11,371
9,819 zdef2,865 zdef16,037
Apr 1 to June 30
Previous
Previous
Current
Current
3,761
Year.
8,060
Year.
Year.
8,061
Roads.
8,166
Year.
Whatcom Co By & Lt_ _July
30,321
35,801
$
38,157
56,035
$
Jan 1 to July 31
$
$
9,455 Yonkers RR21,334
21,872
8,862
Cape Breton Elec Co_ __July
54,519
126,383
136,880
43,491
Jan 1 to July 31
20,308 zdef2,367 xdef3,498
18,551
Apr 1 to June 30
15,254
73,630
68,273
23,037
Central Penna Tr Co_ __ _July
76,874
431,737
903.919
108,789
x After allowing for other income received.
Jan 1 to July 31
15,456
38,026
39,176
21.777
Cleve Painesv & East_a_July
72.645
174,456
164.120
86.452
Jan 1 to July 31
28,322
87.959
72.924
34.131
Cleve Southw & Col_ b_ _July
138,969
488.908
421,717
183,163
Jan 1 to July 31
30,268
103,340
101,397
Dallas Electric Corp_ __July
35,233
184,929
Jan 1 to July 31
725,784
260,503
633,772
11,469
July
Denver & Rio Grande Railroad.
El Paso Electric Co
46,362
90,821
17,158
Jan 1 to July 31
86,497
329,927
301,292
127,887
(Report for Fiscal Year ending June 30 1909.)
Fairm & Clarksb Tr Co b July
23,147
39,899
35,462
26,543
126,945
Jan 1 to July 31
231,048
210,081
The annual report has been issued in pamphlet form for
140,806
Galv-Houston Elec Co_ _July
41,369 the year ending June 30 1908. The remarks of President
109,747
93,374
47,678
Jan 1 to July 31
599,156
277,157
240,268 E. T. Jeffery will be found in full, together with valuable
682,473
Honolulu R T ec L Cob July
36,637
16,656
17,447
34,525
Jan 1 to July 31
95,030 tables, on subsequent pages of this issue.
232,209
219,513
110,506
The comparative statistics below have been compiled for
Houghton Co Trac Co.. _July
13,587
30,652
26,300
15,951
Jan 1 to July 31
60,242 the "Chromcle." For the purpose of comparison the results
78,685
180,768
147,613
Illinois Traction Co_a_ _July 362,729
392,273
146,907
150.993 of operating revenue, expenses and income account for the
Jan 1 to July 31
925.917
963.610
2,416.947 2,255,790
year ending June 30 1908 have again been revised to conform
Jacksonville Electric Co_July
14,868
16,997
35,559
39,299
Jan 1 to July 31
92,655 to the supplemental requirements of the Inter-State Corn.
113,630
273,429
246,192
Lake Shore Elect Ry_a_July
54,695 merce Commission.
65,534
121.185
110,428
Jan 1 to July 31
228,362
595,861
563,462
261,835
OPERATIONS. EARNINGS, ETC.
Milw Elm By & L Co_ b_July 356,906
172,391
187,888
333,274
1905-06.
1906-07.
1907-08.
1908-09.
Jan 1 to July 31
2,372,759 2,193,781 1,189,181 1,028,133 Average miles operated_
2,477
2,500
2,499
2,534
100,532
Milw Lt Ht ec Tr Co_ b_ _July
76,011
66,295
113,336
Equipment486
282,419
Jan 1 to July 31
499,314
961,003
250,398 Loco.(stan.&nar .gaugc)
533
533
550
10,537
10,287
11,941
11,961
55,339
140,887
127,937
49,721 "Fr't cars (sten. gauge)
Nashville Ry & Lt Co_a_July
3,708
3,707
3,665
_
gauge)
3,665
(nar.
cars
*Fr't
882,280
470,179
Jan 1 to July 31
967,301
409,206
226
241
241
296
Pass. cars (stan. gauge) _
99,378
109,212
98,983
Northern Texas Elec Co_July
40,196 Pass. cars (nar. gauge)_
127
126
126
125
301,535
589,856
695,868
228,709
Jan 1 to July 31
Operations1,836,776
2,068,273
2,037,697
Ogdensburg Street Ry_bRev, pass. carried_ _ _No. 1,934,188
4,223
9.787
8,821
Apr 1 to June 30
1,839 Rev, pass. carried 1 mile 239,556,448 256,189,857 252.613,614 254,599,363
1.92 cts.
2.00 cts.
2.00 cts.
Rate per pass, per mile_
Orange Co Traction Co_ b8,539,471
8,788,819
9,251,380
Rev. fr't carried (tons) _ 10,714,331
41,258
11,122
8,917
30
41,172
Apr 1 to Juno
1078347946
1131113993
1082599384
1161236025
m.(tons)
1
car.
Rev.fr't
7,560
7,373 Rate per ton per mile__ _
19,152
18,776
1.34 cts.
Paducah Trac & Lt Co_ _July
1.33 cts.
1.31 cts.
220
127,799
131,503
49,862
50,920 Av. rev. tr. load (tons) _
236
..r, Jan 1 to July 31
247
249
$316
$327
33 25
7,574 Earns, per fr't tr. mile__
19,630
10,858
23,461
Pensacola Electric Co__ _July
$141
$1 46
$154
116,397
60,667
29,013 Earns, per pass. tr. mile
140,196
Jan 1 to July 31
$7,948
$8,371
$8,238
$8,158
Earns, per mile of road_
Plattsburg Traction Co_ b5,575
1,853
6,030
2,021
Apr 1 to June 30
EARNINGS, EXPENSES, etc.-INTER-STATE COMMERCE
614,089
235,909
COMMISSION CLASSIFICATION.
265,161
Rio de Janeiro TrLt&P a July 655,665
Inc.(+)
Jan 1 to July 31
4,291,544 3,959,009 1,660,992 1,942,610
1907-08. or Dec.
1908-09.
178,965
Sao Paulo Tram Lt & P_July
110,600
194,402
115,782
$
$
$
fromEarnings
Jan 1 to July 31
867,718
848,490
1,382,572 1,321.373
+793,687
15,163,254 14,369,567
Freight
Schuylkill & Dauphin Tr Co5,119,190 -334,772
4,784,418
Passenger
May 1 to July 31
3,570
10,333
+38,840
821,759
860,599
Express, mail, &c
-7,615
75,915
68,300
Seattle Electric Co
366,481
July
287,558
156,531 Other operating revenue_ _ ___._____ _
592,586
Jan 1 to July 31
3,197,360 2,534,443 1,300,606 1,017,1)99
+490,140
20,386,931
20,876,571
revenue
operating
Total
Tampa Electric Co
45,192
July
12,729
47,172
16,769
Expenses forJan 1 to July 31
317,150
340.677
99,921 Nfalnt.
138,499
+355.192
2.174,917
2,530,109
of way and structures
606,379
Twin City Rap Tr Cob July 640,094
+523,870
3,048,456
362,523
3,572,326
328,235 Maintenance of equipment
Jan 1 to July 31
3,589,223
3,890,160
+22,681
1,990,107 1,775,494 Traffic expenses
444,588
467,269
+565,362
8,728,869
7,294,231
Transportation expenses
Westchester Elect Co_ b+60,164
588,639
528,475
97,747
107,843
def6,355 General expenses
Apr 1 to June 30
8,308
34,484
29,123
11,927
Whatcom Co By & Lt-July
16,121
14,452,574 12,925,305 +1,527,269
Total operating expenses
223,513
202,372
86,356 Per cent of expenses to earnings
93,958
Jan 1 to July 31
(+5.83)
(63.40)
(69.23)
6,423,997
7,961,126 -1,037,129
Yonkers RRNet operating revenue
132,881
+685
140,996
16,596 Net revenue outside operations
a43,538
a42,853
16,004
Apr 1 to June 30
_
7,503.979 -1,036,444
6,467,535
a Net earnings here given are after deducting taxes.
Total net revenue
+12,352
750,471
762,823
b Net earnings here given are before deducting taxes.
Taxes
Latest Gross Earnings,

Name of
Road.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

Roads.

ANNUAL REPORTS.

(-)

Interest Charges and Surplus.
-Int., Rentals, &c.- '-Bat, of Net E'ngs.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
5,079
4,976
3,783
Cape Brcton Electric Co_July
4,479
36,021
35,200
19,319
7,470
Jan 1 to July 31




Operating income

5,704,712

6,753,508 -1,048,796

• Includes maintenance of way equipment.
a Outside operations in 1908-09 consist of income from hotels, restaurants,
dining cars and gas plant, $470,199, against $483,366 in 1907-08; total
expenses were $420,661, against $440,513, leaving net revenue, as above,
$43,538, against $42,853.

INOOME

Net Income
Other IncomeRevenue from securities owned
Interest and discount_ _,.
Miscellaneous
Total receipts
DisbursementsInterest on funded debt
Rental of road, yards, terminals, &c_
Hire of equipment
Div. on preferred stock (5%)
Renewal fund
Appropriations for betterments
Appropriations for ntw equipment_ _ _

INCOME ACCO U N7'

ACCOUNT.
1908-09.
5,704,712

Inc.(+)
or Dec.(-)

1907-08.
$
6,753,508 -1.048,796
494,426
41,468
18,402

+403,567
+7,691
+16,485

6,686,751

7,307,804

-621,053

3,301.051
39,452
289,300
2,288,990
120,000
156,360
204,884

3,293,928
47,303
430,737
2,288,070
120,000
231,393
_

+7,123
-7,851
-141,437
+920

897,993
49,159
34,887

-75,033
+204,884

6,411,431
--11,394
6,400,037
Total
896,373 -609.659
286,714
Surplus
COMPARATIVE RESULTS FOR PREVIOUS YEARS-OLD BASIS.
1905-06.
1904-05.
1906-07.
Yrs. end. June 301907-08.
2,420
2,477
2,398
2,500
Average miles operated_
$21,409,042 $19,686,115 $17,031,507 $16,446,434
Gross earnings
6,862,547
6,387.991
7,581,943
8,156,930
Net earnings
192,133
262,124
214,345
.243,379
Other income
$7,844,067

$7,054,680

$6,602,336

$3,191,907
737,502
1,150,000
202,185
120,000
2,285,635

$3,182,573
761,038
283,915
178,617
120,000
2,250,000

83,170,802
671,470

$278.537
$244,944
$156,839
BALANCE SHEET JUNE 30.
1908.
1909.

$234,413

Total net income.__ _ $8,400,309
Deduct$3.210,584
Interest on bonds
758,908
Taxes and insurance._ _
Betterm'ts & new equip. 1,525,000
Rental of leased lines_
254,020
120,000
Renewal fund
Div. on pref. stock (5%) 2,286,853
Balance,surplus

VOL. Lxxxix.

THE CHRONICLE

590

185,651
120,000
2,220,000

1907.
$
$
Assets145,082,392 117.914,575 117,846,803
Cost of road and st.ructures
20,750,000 20,750,000
Rio Grande Western stock
12,226,685 12,526,685 11,285,678
Equipment
416,870
•196,566
309,364
Other real estate and property
957,388
1.296,381
1,116.206
Materials and supplies
Proceeds of first and refunding 5%
4,250,000
bonds with trustee
Proceeds of property with Central
250,000
Trust Co., trustee ,
74,598
25,688
76,347
U. S. Government
424,284
255,364
461,996
Agents. conductors & foreign roads_ _
1,450,438
1,250,585
1,471,960
Individuals and companies
6,321,267
__ 1,819,367
3,013,267'
Bonds in treasury
3,509,194
2,428,394
. __ ____ 2,462,787
General investments
9.768,063
22,851,131 10,118,064
Securities in Trust Co
1,039,564
908,624
958,724
Loans and bills receivable
334,564
333,925
334,026
Special renewal fund
3,197
20,178
3,197
Miscellaneous
1,802,576
3,319,793
2,098,419
Cash
196,349,467
Total
Liabilities38,000,000
Capital stock, common
45,779,800
Capital stock, preferred
Bonds (see "Ry. & Ind." Section) _ _ _102,379,000
333,925
Renewal fund
Betterment fund
772,706
Vouchers
889,871
Pay-rolls
1,824,274
Interest on bonds
Equipment renewal fund
43,081
Special equipment fund
428,001
Equipment replacement fund
94,419
Insurance, &c., funds
327,829
Accrued taxes
161,673
Accrued rentals, &c
1,149,279
Dividends
4,165,609
Balance to profit and loss
TAM

177,643,272 172,012,444
38,000,000
45,761,400
84,137,900
334,564

38,000.000
45,781,400
78,816,900
334,026
332.644
317,483
500,574
695,656
886,114
1,395,292
1,348,717
62,906
118,372
56,017
795,790
251.328
100,966
101,322
336,184
328,043
120,898
73,075
1,146,165
1,145,950
4,926,512
3,469,516

196,349,467 177,643,272 172,012,444

• Includes: Real estate, Colorado, $24,477; Utah, $172,089.-V. • 89,
p. 348.

Norfolk & Western Railway.
ifeeport for Fiscal Year ending June 30 1909.)
On subsequent pages will be found the report of Mr. L. E.
Johnson, the President, and also the balance sheet. Below
we publish comparative tables and statistics for several
years:

Net earnings
Interest, general account
Rents.
Hire of equipment
Other income

1908-09.
$
11,597,345
459,475
54,373
467,265

Increase( -f), or
1907-08. Decrease(-)
$
$
10,197,503 +1,399,842
137,925
+321,550
51,207
+3,166
709,567 -242,302
22,265
-22,265

12,578,453 11.118,467 +1,459,991
Total
Deduct+200,507
3,785.013
3,985,520
Interest on bonds
-64,000
442,667
378,667
Interest on car trusts
+316,546
62,500
379,046
Int. on 5% gold notes
-12,000
1,020,800
1,008,800
Taxes
Def. int. on Pocahontas Coal & Coke
-42,000
192,000
150,000
Co. bonds
+12
919,656
919,668
•4% dividends on preferred
(4)2,578,768(4 Y02,901,114 -322,346
Dividends on common
+370,580
1,360,000
1.730.580
Betterment fund
Advances to subsidiary companies.
+8,175
8,175
branch lines & miscellaneous
+65,446
87,371
152,817
Rents
Total
Surplus for year
Discount & com'sion on bonds sold
Surplus

11,292,041
1,286,417
800,000

10,771,121
347,346
346,980

+520,920
+939,071
+453,020

486,417

366

+486,051

'The method of charging preferred dividends is somewhat different
from that employed by the company, but is used for the sake of simplicity
-see remarks on a subsequent page.
COMPARATIVE RESULTS FOR PREVIOUS YEARS-OLD BASIS.
1904-05.
1905-06.
Year ending June 301907-08. 1906-07.
1,833
1,861
1,876
1,920
Miles June 30
Gross earnings
$28,962,217 $31,164,381 $28,487,766 $24,089,260
$10,402,730 $11,649,845 $11,423,143 $9,474,826
Net earnings
210,573
165,345
88,946
707,029
Other Income
Total net income_ __ _511,109,759 $11,738.791 $11,588,488 $9,685,399
DeductInt., taxes, rentals, &c. $5,581.643 $5,003,685 $4,379,897 $4,136,797
919,656
919,530
919,644
919,644
Divs. on pref. (4%)___
Divs. on common_ __(4 W2,901,114 (5)3,223,460 (4)2,578,768 (3)1,934,076
2,250,000
2.950.000
Betterment fund
1,246,652
1,360,000
$444.996
$760,179
Balance, surplus _- _
3347.346 $1.345,350
GENERAL BALANCE SHEET JUNE 30.
1907.
1908.
1909.
$
$
Assets5
171,640,672 170,141,834 164,004.234
Cost of road and equipment
48.568
51.182
Blackstone & Lunenburg RR.
51.184
205,264
19,1,987
Guyandot ec Tug River RR
216.259
313,291
411.524
Pocahontas & Western RR
413,823
10,538
156.328
210,598
Big Stony By
1,381,143
Concord & Forest branches
55,000
314,730
593,455
Interior & West Virginia RR
151,655
151,655
West Virginia South Western RR_ _ _
10,386
Advances to other cos
Winston-Salem South Bend Ry
105,835
Equipment leased
12,876,585 14,476,585 15,400.000
1.552,700
Co's stock and bonds in treasury.. __ .. 1,552,100 11,552,100
3,600,000
3,200,000
Equipt. trust certs. owned
1,108,236
3,861,738
Investment in other companies
3,872,315
956,034
567,018
563,639
Station agents
899,949
663,401
942,492
Traffic balances
4,076,000
Proceeds convertible bonds
172,713
Virginia Company
69,173
72,265
24,651
U.S. Government
975,162
823,654
Individuals and companies
884,960
246.000
5% 2-year coll. notes purchased
Cash with trustee to redeem 5% notes 6,386,000
3,452,687
2,778,176
2,576,612
Materials and supplies
4,413,267
6,019,352
7,555,842
Cash
925,000
906,000
Pocahontas Coal & Coke Co.advances 1,059,000
46,427
33,869
57,777
Miscellaneous
.215,029,799 216,797,061 200,206,764
Total assets
Liabilities23,000,000 23,000,000 23,000,000
Adjustment preferred stock
66,000,000 66,000,000 66,000,000
Common stock
97,865,500 87,865,500
&
Section)
"Ry.
(see
Ind."
97,865,500
Bonds
11,900,000 13,900,000 11,900,000
Equipt. trust certfs. (per contra)
7,500,000
5% 2-year collateral notes
6,386,000
1,120,452
1,186,227
Int. accrued on bonds. notes, &c
842,458
229,596
Lynchb. Belt Line & Conn. By.constr.
209,311
1,2-7-4,65-6
822,594
1,027,707
Pay-rolls
Audited vouchers
1,364,843
2, f
(I
Traffic balances
66,906
128,536
309,289
688,207
Individuals and companies
459,834
Div. on pref. pay. Aug. 18 1909
452,062
489,860
497,005
Taxes accrued
477,233
222,673
Reserve funds for equip., rails, &c......
1,204,649
283,254
Betterment fund
4,472,406
4,472,772
4,490,354
Profit and loss, surplus

NN

Total liabilities

111:74/

215,029,799 216,797,061 200,206,764

'Includes $4,000,000 of special deposits on interest-bearing short-time
certificates.-V. 89, p. 529, 408.
•
OPERATIONS, EARNINGS, &C.
Chicago Milwaukee & St. Paul Ry.
1906-07.
1907-08.
1908-00.
1905-06.
1,877
1,920
1,861
1,941
Miles operated June 30..
(Report for Fiscal Year ending June 30 1909.)
734
Equipment843
946
946
Locomotives
President A. J. Earling, Aug. 1909, writes in substance:
383
350
397
395
Passenger cars
Operating Revenues.-The total operating revenues for the year were
36,910
37,276
Freight cars
31,017
35,882
-an increase of $2,964,843 as compared with the previous year.
$59,897,463
301
1,007
583
1.031
Maint.-of-way cars
$1,914,771, or 4.74%, and the
10
9
7 The revenue from freight traffic increased 1,309,851 tons, or 5%.
Barges
10
tons
of
of freight carried increased
number
Operationscarried during the year
products
number
of
tons of all agricultural
The
4,250,905
4,824,650
3,805,668
Passengers carried
4,919,535
with the previous year of 4.04%.
Passengers carried 1 mile171,270,331 209,279,408 176,082,609 154,860,312 was 5,868,017 tons-an increase compared of
total tonnage carried, as
the
Agricultural
products
21.34%
comprised
Rate per pass. per mile
2.127 cts. .1.900 cts.
year. The number of tons
Tons freight carried_ _ _ _ 20,049,203 18,608,190 20,183,218 19,266,534 compared with 21.54% of the total tonnage last carried increased
1,082,204
Tons fr't carried 1 mile_ a5,377,021 a4.985,916 a5,252,561 05,011,466 of commodities other than agricultural products
freight carried one mile
revenue
5.27%.
or
of
The
tons,
tons
of
number
0.495 cts.
Rate per ton per mile_
0.481 eta.
0.481 cts.
0.460 cts.
per mile was 8.382
569
571
Av. rev. tr. load (tons)..
579 increased 71,040.758, or 1.43%. The revenue per ton
616
$2.8378
Earns. per fr't tr. mile
$2.7681
52.8042 cents-an increase of 3.26%.
$2.8516
The revenue from passenger traffic increased 8891,457, or 7.50%, and
$1.3874
Earns, per pass. tr. mile
$1.2072
$1.2142
51.1812
54,603,938, or 8.81%.
$16,612
Gross earns, per mile
$15,374 .the number of passengers carried one mile increased
$15,235
$15,397
The revenue per passenger per mile was 1.895 cents-a decrease of 1.20%.
EARNINGS, EXPENSES, &C,-INTER-STATE COMMERCE COMMISSION
Operating Expenses.-The operating expenses, excluding taxes, increased
$1,567,870, as f Bows: Maintenance of way anti structures, 8837,015:
CLASSIFICATION.
Increase( +), or maintenance of equipment, $191,345; traffic expenses, $52,323; transporEarningsDecrease(-) tation expenses, $417,922, and general expenses $69,265.
During the year 28 steel bridges, aggregating 4,267 feet in length, were
11,977,482 -334.645
Passenger
3,642,837
Freight _
'4,710,591 23,990,630
+719,061 built, replacing 1,484 feet of wooden bridges, 1,505 feet of iron bridges
Mall
290,578
+3,875 and 1,278 feet of embankment; and 470 wooden culverts were replaced with
294,453
Express
449,324
-23,277 iron. About 1.70 miles of pile bridges were filled with earth, 51 bridges
426,047
254,203
Miscellaneous
-1,030 having been completely filled and 53 reduced in length by filling.
253,173
Improvements at the company's shops have been made at an aggregate
cost of $81,731, of which $58,930 has been charged to capital account and
28,962,217
+364,884
Total
29,327,101
$22,802 to renewal and improvement account.
, ExpensesChicago Milwaukee & Puget Sound Rib-Since the date of the last report,
3,384,709
MaInt. of way, &c
-52,821
3,331,888
4,910,242
4,019,435
+9.193 the corporate title of the Chicago Milwaukee ec St. Paul Hallway Co. of
Maint. of equipment
0,324,276 -077,284 Washington has been changed to the Chicago Milwaukee & Puget Sound
Conducting transportation
8.346,992
669,900
644,335
-25,574 By. Co., and the last-named company has acquired tile railroad, property
General
475,578
487,106
+11,528 and franchises of the Chicago Milwaukee & St. Paul Railway Companies of
Traffic
South Dakota, Idaho and Montana-which companies were constructing
18,764,714
a line of railway from the Missouri River to the Washington State Line
17,729,756
-1,034,958
Total
11,597,345 10,197,503 +1,309,842 and the Montana RR. Co.
Net earnings
Track-laying on the line from the Missouri River to Tacoma and Seattle
was completed May 14 1909 and the.line was opened for the transportation
,. a Three oiphers (000) omitted.




SEPT. 4 1909.1

THE CHRONICLE

591

x Out of the surplus ($13,112,201) for the late fiscal year, the company
of freight July 1 1909. During the present month the facilities for a local
passenger service will be extended to cover the entire line. About 520 miles paid its arch and Sept. 1909 dividends of 334% on common and preferred
of branch lines arc being constructed by the Chicago Milwaukee & Puget stocks, these making the 7% above shown paid on both stocks from the
Sound By. Co., of which 160 miles are in the State of South Dakota, 120 earnings of the year.
miles 11 the State i ,f N rth Dak ta,70 miles in the State of Idaho and 170
miles in the State of Washington.
GENERAL BALANCE SHEET JUNE 30.
Improvements.-A second main track on the River division, a distance of
1907.
1909,
1908,
37.29 miles, was constructed during the year. There has been expended
Assets3
$
$
for reduction of grades and improvement of alignment at sundry points
Road and equipment
274,468,163 264,860,733 259,148,727
the sum of $497,277, which has been charged to capital account.
4,612,448
105,470,166 20,020,423
Rolling Stock.-During the year 426 cars of various classes were destroyed Bonds and stocks owned
1,688,246
1,699,768
by wreck or fire, sold or taken down on account of small capacity. The Due from agents and conductors_ __ _ 1,901,997
original cost of these cars and a certain percentage of the total cost of Due from transportation compa flies
and miscellaneous balances _.......... 2,543,377
3,053,500
2,847,838
equipment, aggregating $997,469, has been credited to the replacement
424,786
424,261
142,885
accounts. To these accounts there has been charged the cost ($121,490) Due from U. S. Government
6,127,702
6,325,634
5,989,939
of the rolling stock purchased or built during the year. The balance to the Materials and fuel
Bills receivable
61,060,369
credit of equipment replacement account June 30 1909 is $1,123,137.
Advances to other railway companies 20,232,355
2,554,355 32,339,271
Capital Expend's Aggregating $8,149,634 (from which deduct credits $74,539). Bonds of company on hand
26,739,000
7,512,000
7,187,000
$94,229 Const'n 3d&4th main track *145,224 Preferred stock in treasury unsold
Additional equipment
343,000
Common stock in t-easury unsold.. _ _
Constr'n of sundry lines__ _ 322,647 Reducing grade and im402,200
270,800
273,900
5,337,123 Mil. & Northern bonds in treasury__ _ 1,089,000
proving line
Construction of second main
1,089,000
1,089,000
509,934 Other add'ns & betterm'ts_1,740,476 Renewal and improvement fund
track
1,532,055
2,250,335
Sinking
430,164
funds
407,577
531,446
Expenditures Aggregating $6,721,026 Charged to Renewal & Improv't Account.
U. S. Trust Co., trustee
63,000
550)00
$2,301,216 Cash
Elevation of tracks
1,869,470
8,393,551 18,786,945
234,803 Insurance department
Improvements at Western Ave., Chicago
1,740,325
10,000
10,000
55,030
Transfer house and tracks at Galewood, Ill
1,277,612
Escanaba docks and terminal facilities
Total assets
443,499,804 379,060.367 337,451,540
418,838
Change of gauge, Preston and Wabasha divisions
Liabilities125,093 Stock, common
Repairs of damage caused by Kansas City flood
116,348,200 83,377,900 83,183.900
1,526,126 Stock, preferred
Replacement of bridges
116,274,900 49,976,400 49.808,400
362,936 Funded debt
Improvements at Milwaukee shops
143,593,500 125,679,500 125,817.500
115,631 Subscriptions to capital stock
Additional weight of rails
65,179,006 24,692,016
83,446 Sinking funds
Additional ties
407,577 • 531,446
430,164
190,295 Equipment replacement fund
Miscellaneous
1,990,060
247,158
1,123,137
The unexpended balance of the renewal and improvement fund on June Insurance department
1,740,325
Renewals
30 1909 amounted ;o $5,807,199.
and improvement fund_._ 5,807,199
1,532,055
2,250,335
Capital Stock.-The share capital has been increased during the fiscal Pay-r lis, vouchers, due transportation companies and miscellaneous_ 7,573,476
year by $66,298,500 of preferred stock and $32,970,300 of common stock,
7,604,864
7,323,256
Issued during the year. The total amount of capital stock June 30 1909 Interest accrued, not due
2,710,558
2,695,542
2,648,009
is $232,623,160. Of this amount $09,492,800 was issued for the acquisition Income account
47,960,895 *42,641,973 38,862,461
of the securities of the Chicago Milwaukee & Puget Sound Ry. Co. and
Total liabilities
$277,200 of stock, the Issue of which was previously authorized, is held in
443,499,804 379,060,367 337,451,540
the treasury of the company. The remainder is $132,853,100, an average
• After crediting income account with ;510,270 credited to slaking fund
of $18,207 66 per mile of road.
n 1895 and 1896.-V. 88, p. 1559.
Funded Debt.-The funded debt has been increased during this fiscal
year by $19,227,000 of general mortgage bonds, and it has been decreased
$1,313,000 by underlying bonds retired and canceled. The amount of
bonds at the close of the year is $143,593,500. Of this amount $27,828,000
American Locomotive Co.
Is the amount of bonds in the treasury or due from trustees. The remainder
outstanding is $115,765,500, an average of $15,865 79 per mile of road.
(Report
for
Fiscal Year ending June 30 1909.)
The amount of stock and bonds outstanding at the close of the year,
pser$A137.3f
. road, exclusive of the $99,492,800 of stock referred to above,
President W. H.

Marshall, Aug. 1 1909, says in substance:

At the close of the last fiscal year the amount of bonds in the treasury
and due from trustees was $8,601,000. This has been Increased during this
fiscal year by $1,313,000 general mortgage bonds for underlying bonds
paid and canceled and $17,914,000 for additions and improvements to
property to June 30 1908.
Bonds in the treasury or due from trustees June 30 1909 $27,828,000,
represent actual expenditures for extensions, improvements, additional
property and underlying bonds paid and canceled.
OPERATIONS.
Note.-Owing to the changes in classification,the comparisons with previous years are inaccurate, especially as to "other income," and deductions
from net income (sec foot-notes below). The figures for gross earnings
and operating expenses In 1907-08 are given in this year's report.
1908-09.
1905-06.
1906-07.
1907-08.
Miles operated, average_
7,512
7,499
7,267
Equipment-a-Locomotives
1,149
1,016
1,017
1,151
Passenger equiptnent_
1,111
1,034
1,109
1,074
Freight & miscel. cars_ _
46,474
40,120
44,803
46,648
OperationsPassengers carried
15,261,5:51 14,234,127 12,246,478 11,190,021
Pass'gers carried 1 m11e_674,072,186 619,468,248 549,597,987 498,461,791
Rate per pass. per mile_ 1.895 cts.
2.232 cts.
2.202 eta.
1.018 cts.
c Freight (tons) carried_ 27,499,704 26,189,853 28,596,041 26,201,941
c Fr't (tons) carried 1 m. 55,051,527 54,980,486 55,155,662 54,663,808
Rate per ton per mile
0.838 cts.
0.862 cts.
0.856 cts.
0.812 cts.
Av. rev, train load (tons)
274
274
279
Earns, per pass. train m.
$0.8909
$0.9235
$0.8823
Earns, per freight tr. m_
$2.2929
$2.3485
$2.2208
Earns, per mile of road..
$7,974
$8,332
$7,592

General ResuUs.-As a result of the extreme business depression in this
and foreign countries, the output of l000motives was the lowest of any
year in the history of the company, the effect of which is shown in the
following comparison of gross earnings:
1908-09 __ $19,008,63411905-06 ___ 142,547,87611902-03 ___ $33,105,725
1907-08 ___ 37,484,417 1904-05 ___ 24,150,201 1901-02 ___ 26,398,394
1906-07 ___ 49,515,486 1903-04 ___ 33,068,751
Orders were taken on small margin of profit in an effort to keep the
plants running and preserve, as far as possible, the organization. The
small margin of profit and the fact that production at its lowest was only
about 17% of normal, explains the large percentage of expenses to gross
earnings and the deficit after the payment of the preferred dividend.
A fund of $500,000 was set aside last year for the maintenance of the
plants. This sum has been so spent and the maintenance charges in excess
thereof included In operating expenses.
Outlook.-While the business of the country is rapidly resuming normal
proportions, the locomotive business, because of its nature, will be among
the last to enjoy complete restoration.
Additions and Improvements.-Advantage was taken of the period of
inactivity in the shops to install additions to and betterments of plant
equipment and methods, which, with the purchase of land at Gary, Indiana,
amounted to $816,588, thereby reducing the balance last year in the
extraordinary additions and betterment fund from $1,989,085 to $1,172,497.
With the full belief In the future prosperity of the country and the resulting growth in the business of the company, as well as to take advantage
of the prevailing low prices of material, plans have been prepared and
contracts made for extensive improvements at the larger works, which are
located at Schenectady, Dunkirk, Pittsburgh and Richmond. This will
result in a largely increased capacity even after the permanent shut down
of the smaller and less economical plants which is contemplated. A
reduction in the manufacturing costs Is expected as a result of this policy
a Includes narrow-gauge equipment. b Three ciphers (000) omitted. of concentration in a few large plants of the entire locomotive output of
the company.
C Revenue freight only.
This plan also includes the transfer to the Rogers Works at Paterson, N.J.,
EARNINGS AND EXPENSES.
of the manufacture of steam shovels and small contractors' locomotives
heretofore built at Richmond, Va., and Scranton, Pa., respectively.
1908-09.
1905-06.
1907-08.
1906-07.
The Rogers Works is being re-arranged and equipped solely for the manuEarnings$
$
$
$
Passenger
12,774,852 11,883,395 12,102,196 11,123,545 facture of such product.
It is estimated that an expenditure of $3,500,060 will be required to
42,341,651 40,426,880 44,115,059 40,187,710
Freight
4,780,960
Mall, express, &o
4,111,798 carry out the improvements outlined above. Financial arrangements
4,622,346
4,331,299
are being made to reimburse the treasury for this amount and to provide
59,897,463 56,932,621 60,548,554 55,423,053 additional working capital necessary to oonduct the greater volume of
Total earnings
business made possible by the increased facilities. (See sale of notes
ExpensesMaint. of way & struct_ 7,288,603
5,830,968
6,451,588
5,955,432 mentioned on a subsequent page.-Ed.)
Maint. of equipment__ _ 7,270,774
The company has purchased 130 acres of land at Gary, Indiana, from
5,598,046
8,589,757
7,079,429
the Gary Land Co., preparatory to the building of a new plant in this
1,334,006
Traffic expenses
1,281,683
Conducting transporta'n
22,782,468 19,699,381 desirable location.
"Transportation exp." 21,764,471 21,346,549
Automobiles.-During the year the sales of automobiles have greatly
1,073,385
General expenses
1,004,120
1,236,654 increased and the results in the operation of the automobile department
1,250,349
Taxes
2,428,676
1,730,729 have been so satisfactory as to warrant a further increase in the capacity
2,286,097
2,304,963
Renewals & impet acct_
1,511,758 of the Providence factory, which has been accomplished largely by reAdditions to property
712,331 modeling a number of adjacent buildings abandoned by the locomotive
946,868
plant when it was shut down last year.
Total ear elses
41,159,914 30,468,331 41,686,507 30,444,331
Equipment Notes.-The balance sheet Includes a charge of $2,407,604
P.c. °per. exp. to earns_
(69.33)
(68.70)
(68.85)
(65.76) representing equipment trust notes discounted by this company in advance
Net earnings
18,737,549 17,464,290 18,802,048 18,978,722 of maturity, and, as there is a possible obligation, in the event of any
default In payment, a like amount is also shown as a contingent liability.
INCOME ACCO UNT.
These notes represent the balance of the purchase price of locomotives
1907-08.
1908-09.
1906-07.
1905-06.
sold by the company, upon which substantial cash payments were made
Receipts
$
-$
$
$
at the time of purchase. The notes are secured by a lien upon the locoNet earnings
18,737,549 17,464,290 18,862,048 18,978,721 motives and the security is ample. Since the formation of the company
Other income
1,052,662
a2,717,055
258,359 It has lost nothing upon equipment notes.
1,008,730
Payment of Gold Notes.-On Oct. 1 1909 the third installment of $1,. Total net Income__ _ _ 21,454,604 18,516,952 19,930,784 19,237,081
000,000 of short-term gold coupon notes will be paid, leaving a balance
Net rentals, &e
622,909
outstanding
of $2,000,000.
Interest on fund. debt_ _ 5,855,717
5,916,760
5,913,850
5,942,140
For new equipment, &c_
498,831
2,540,467
RESULTS FOR FISCAL YEAR ENDING JUNE 30.
Hire of eq'pt, rentals,&e. c2,480,682
See foot-notes below.
1908-09.
1906-07.
1907-08.
1905-06.
Balance for dividends 13.112,205 12,577,283 13,489,813 10,782,764 Gross earnings
$19,008,634 $37,484,417 $49,515,486 $42,547,876
DividendsMfg., maint. & adm.exp 17,665,962 32,497,627 42,744,381 36,085,371
x Common,7%
6,980,820
5,810,598
5,817.381
4,072,872
z Preferred, 7%
5,818,795
$1,342,672 $4,986,790 $6,771,105 $6,462,505
3,474,338
3,485,503
3,495,373
Net earnings
Int. on bonds of constit.
Total
12,799,615
460,042
9,312,754
cos., bills payable, &c.
7,547,210
9,296,101
355,533
412,898
281,812
Balance, surplus
312,590
3,235,554
4,193,712
3,264,529
$987,139 $4,526,748 $6,358,207 $6,180,693
Available for dividend
a "Other" Income in 1908-09 Includes income from other sources, $1,- Div. on pref. stock (7%) 1,750,000
1,760,000
1,750,000
1,750,000
090,245; rents received, $228,228; revenue from operation of sleeping,
parlor and dining cars, elevators, hotels and restaurants, $1,398,578. In
def.$762,861 12,776,748 14,608,207 $4,430,693
Surplus
the preceding year these items were given as net items after deducting Additions & betterments
1,001,564
(a)
expenses from Income.
Res, for replace.& maint
500.000
S Net rentals, &c., in 1907-08 are derived as follows: Hire of equipment. Extraord. improv't and
paid,
$425,776, making a total of $694,706; from which is
$268,930, rents
'
betterment fund
2,000,000
2,000,000
deducted rents received, $225,826; net revenue from operation of sleeping, Dividend on coin. stock_
(5)1,250,000 (5)1,250,000(1 ))312,500
parlor, &c., cavs, $373,956; miscellaneous income, $72,015, leaving a balance of $22,909.
def.$762,861 $1,026,748 21,358,207 $1,116,629
Balance
c Hire of equipment, &c., in 1908-09 consists of hire of equipment, 1811,
979; rents paid, $455,808; revenue from operation of sleeping, parlor and
a In 1906-07 $1,692,858 was expended for additions and improvements
dining cars, &c.
and charged against the fund of 12.000,000 (treated June 30 1906.




592

THE CHRONICLE

CONDENSED BALANCE SHEET JUNE 30.
1909.
1908.
1908.
1909.
$
$
LtabtlUtes$
$
Assets25,000,000
25,000,000
stock
Common
49,583,388
property__49,757,746
of
Cost
Securities owned.._ x950,300 1,216,420 Preferred stock___25,000,000 25,000,000
4,672,041 4,744,928 Bonds of const.cos.y2,942,500 2,967,500
Cash
Accts. receivable 5,116,925 5,979,889 Gold coupon notes 3,000,000 4,000,000
1,313,494 2,948,612 Accounts payable_ 977,904 1,318,111
Bills receivable
85,896
73,187
. Accr.Int. on bonds
Materials and sup663
9,600
3,058,519 3,017,056 Unclaimed Interest
plies
750,000
25,520 Div.July and Aug. 437,500
11,490
Accrued Interest
1,042,216 2,204,085 Reserve, replaceContract work
500,000
ments & maint.
369,506
Steam shovels,&e_ 387,871
Notes discounted_ 2,407,604 1,392,615 Extraord. Improv.
& better't fund_ 1,172,497 1,989,085
Endorsements (per
2,407,604 1,392,615
contra)
Profit and loss_ __ _ 7,706,351 8,469,212

[VOL. Lxxxix.

been called by well-known financiers and real estate men to the everIncreasing value of good manufacturing and residence property, such as is
held by the company on the Monongahela River, and with the advent of
better lousiness conditions we believe the values placed upon it in our
annual report are very conservative.-V. 89, p. 527, 477.

68,718,206 71,482,019
68,718,206 71,482,019 Total
Total
Note.-This balance sheet is "prepared solely for the purposes of information, to
plants
controlled by the
ten
the
(10)
of
liabilities
and
assets
combined
the
show
American Locomotive Co. and the Montreal Locomotive Works, Ltd."
x Includes Richmond Locomotive & Machine Works Co. bonds, $118,000; sundry
securities, $832,300.
y Includes $550,000 Richmond Locomotive Works, $562,500 Dickson Mfg. co.,
$330,000 Rogers Locomotive Works and $1,500,000 Locomotive & Machine Co. of
Montreal.-V. 89, p. 530, 471.

American Hide & Leather Co.
(Report for Fiscal Year ending June 30 1909.)
President Thomas W. Hall says in substance:
General Results.-The operations of the year have resulted in a profit of
$1,404,212, as against a loss of $13,438 for the preceding year. Both results are after charging replacements, renewals and repairs, reserve for
bad and doubtful debts, interest and sinking fund appropriation,
Sinking Fund.-The bonds in the hands of the public at June 30 1909
amounted to 56,678,000, having been reduced during the year by the
acquisition of $261,000 for the sinking fund at a cost of $238,787. Of this
reduction, $150,000 represents the annual appropriation and $111,000 the
par value of bonds purchased out of interest accretions to the fund. The
bonds in the sinking fund are correspondingly increased to $1,847.000 and
the total amount in the sinking fund, including accrued Interest, stands
at $1,884,161.
The charge to profit and loss account for the past year in respect of the
appropriation for sinking fund,together with the interest on bonds in this
guild was $243,583. This charge, taken in conjunction with the outlay
for replacements and repairs,renders any further provision for depreciation
unnecessary in the opinion of the directors and Auditors.
Balance Sheet.-The amount standing against cost of property on
June 30 1909 was $26,413,068, an increase of $2,130 compared with June 30
1908, made up as follows: Additions, improvements and betterments,
including purchase of real estate, $103,115; less realization on sales of land,
machinery, &c.. $100.985; balance, $2,130.
The inventory of hides, skins and leather on hand and in process of manufacture, and general supplies, on June 30 1909 amountedl to $8,776,616,
being an increase of $2,075,478 over the corresponding amount of a year
ago. The valuation is made on the same basis as in previous years.
Bills and accounts receivable have been increased during the year by
$344,278, the total at June 30 1909 being $2,259,239. Full provision has
been made for bad and doubtful debts by the charge of $32,246 to profit
and loss account. The reserve for doubtful debts and discounts, after
writing off debts in respect of which provision had been previously made,
amounted at June 30 1909 to $154,150, which the management deems ample.
The total current assets on June 30 1909 amounted to $11,283,000, being
an increase of $2,338,558 over the previous year's figures. On the other
hand, the current liabilities have increased by $936,476 and amount to
$1,798.877 as per balance sheet. The excess of current assets over current
liabilities is therefore $9,484,143, being $2,806.143 more than the total
par value of bonds outstanding, leaving in addition the entire plant and
good-will standing against the capital stocks of the company.
INCOME ACCOUNT OF COMPANY AND ITS SUBSIDIARIES,
1907-08.
1908-09.
1906-07.
$893,815 $1,151,048
$2,311,444
Trading profits
Profit on bonds purchased for sink22,421
16,491
14,332
ing fund, &c

GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
Canadian Pacific Ry.-See Spokane International Ry.
below.-V. 89, p. 407
Central New England Ry.-First Payment 4% on Income
Bonds.-Notice is given to the holders of the $7,250,000 general mortgage 5% income bonds dated 1899 (of which $6,329,123 are owned by the N. Y. New Haven & Hartford
RR.)that the directors have declared $40(4%)as the installment of interest on each of said bonds for the year ending on
July 1 1909. Said interest will be paid by checks upon the
Fidelity Trust Co. of Philadelphia to owners of record as of
Sept. 30. This is the first distribution on these bonds.
Compare V. 89, p. 102.-V. 89, p. 469.
Central of Georgia Ry.-Master's Report in Income Litigation Affirmed.-Judge Charlton in the Superior Court at
Savannah, Ga. on Aug. 26 sustained the findings of Colonel
William Garrard, filed on May 31 last, holding the company
liable for the full 5% interest on the two classes of income
bonds out of the earnings of the fiscal year ending June 30
1907. Compare V. 88, p. 1436. It is expected that an
appeal will be taken to the Supreme Court. In the course
of the opinion Judge Charlton says:
What the directors did was not only meant to benefit the property but
doubtless actually did so. In the doing what seemed to them a laudable
thing, including the ultimate security of the principal of the indebtedness,
the money was deflected from the direction in which it is now held It should
have gone. But such diversion, while intentional in one sense, was not so
in any evil sense. It is now ascertained that the sum involved was the full
5%, and although the contentions of the defendants are held to be without
merit, they cannot be said to be frivolous. Interest on interest is disallowed.-V. 89, p. 537, 527, 469.

Chicago Aurora & DeKalb RR.-Bonds Offered to Equip
Steam Road with Electricity.-William Forkefl & Co., Chicago, are offering at par and interest $200,000 (closed mortgage) 1st M. 5% gold bonds, dated Sept. 1 1909 and due
Sept. 1 1929, but redeemable at par and interest on any
interest date. Interest payable M. & S. at American Trust
& Savings Bank, Chicago, trustee. Denomination $1,000c*.
A circular says:
These bonds are issued for the purpose of equipping electrically 31 miles
of railroad, now operated by steam power, connecting the cities of Aurora
and DeKalb. This line extends from the business center of Aurora into the
center of DeKalb, Ill., passing through some of the richest farming territory of the State, serving a population of 55,000 people; also through the
towns of Kaneville, Maple Park, Cortland and a number of rural stations.
An additional asset consists of 172 acres of gravel, 99 9-10 pure, worth
easily $92,000. Favorable terminal facilities, franchises and rights of way
have been secured, owing to the change from steam power to electric.
This mortgage is secured by all the property, franchises, &c., now held or
hereafter to be acquired. The property represents at present an investment of over $700,000, and with electrical equipment, now under construction and to be finished within 60 days, will represent over $000,000 in
actual investment. all of which is included under this mortgage.

Chicago Great Western RR.-New Company in Possession.
S. M. Felton, the new President of the reorganized company,
$207,429
$159,055 announces: "As of midnight, Aug. 31 1909, this company
13,488
8,422 has taken possession from the receivers of the property and
511,500
511,500 business formerly of the Chicago Great Western Ry. Co.
47,257
66,066
Until the
150,000
150,000 The general offices will be located in Chicago.
accounts of the old company and the receivers are adjusted,
$929,674
$923,723
$895,043
Total
offices, excepting those of the President and ViceBalance,surplus or deficit for year_sur.$1,404,212 def.$13,438 sur.$270,337 all
President, will remain temporarily in St. Paul. Until furin
1908-09 to ther notice, the Vice-President's office will be located at the
• Includes interest on bonds in sinking fund amounting
$106,530.
Building, Chicago, and the office of the President,
BALANCE SHEET OF COMPANY AND SUBSIDIARY CO'S JUNE 30. Harvester
General Counsel and Secretary at Room 1400 First National
1908,
1909.
1908.
1909.
$
$
5
AssetsLiabilities$
Bank Building."
13,000,000 13,000,000
Cost of properties a26,413,969a26,411,838 Pref. shares
The following' officers have been appointed: Joseph W.
11,500,000 11,500,000
b37,161
b32,365 Com.shares
Sinking fund
8,776,616 6,701,138 1st M. 6% bonds_d6,678,000 d6,939,000 Blabon, Vice-President, in charge of traffic; John Barton
Supplies
170,500
accrued__
170,500
Interest
Bills and accounts
Counsel; J. W. Newlean, Auditor; R. 0.
400,000 Payne, General
receivablec2,105,089 c1,780,076 Loans payable ___ 1,002,505
69,762 Barnard, Treas.; G. F. Philleo, Sec.-V. 89, p. 528.
Foreign exchange_ 296,357
Sundries, claims,
259,080
157,242
21,885 Trade accounts__ _
12,334
ate
Chicago Peoria & St. Louis Ry.-Interest Payment.-The
70,435
64,896
Wages, Ate
Insurance unes. 1,618,365 1,357,790 receivers announce that the coupons due Sept. 1 1909 from
55,174 Sink. fund 1st M.
71,848.
plred
317,133
386,189 Miscellaneous ____ 265,796
260,575
Cash
2,873,112 1,468,900 the prior lien 43% 30-year gold bonds will be paid on and
Surplus
after that date at the Liberty National Bank, 139 Broadway,
Total
37,734,150 35,388,665
37,734,150 35,388.665
Total
New York.-V. 89, p. 285, 41.
a Cost of properties includes 4,517 shares preferred and 2,259 shares
Chicago & Western Indiana RR.-BondsListed in London.
common stock of American Hide & Leather Co. held in trust.
is Includes only cash and accrued interest, the par value of bonds in sink- -William Salomon & Co.of this city announced on Wednesday
being
treated that the outstanding $32,669,000 consolidated mortgage 4%
ing fund ($1,847,000 in 1009, against $1,586,000 in 1908) not
as an asset-see foot-note d.
the London Stock Exchange.c After deducting reserves of $154,150 for doubtful debts in 1909 and bonds have been listed on
$134,885 in 1908.
V. 89, p. 469, 162.
d After deducting $475,000 bonds in treasury and $1,847,000 bonds in
Columbus Delaware & Marion (Electric) Ry.-Creditors'
sinking fund in 1909, against $1,586,000 in 1908-see foot-note b.-V,
87, p. 612,
Trust Agreement.-The creditors' committee, consisting of
Guy M. Walker, banker, N. Y. City; N.S. Keith, Secretary of
United States Glass Co., Pittsburgh.
the Cincinnati (0.) Trust Co., and W. H. Netherland, Vice(Report for Fiscal Year ending June 30 1909.)
Pres. of Commercial Bank & Trust Co., Louisville, has preComparative tables for four years were given in the pared a trust agreement under which the holders of claims
President
Daniel C. against the company and against John G. Webb, its Presi"Chronicle" last week on page 527.
Ripley, Aug. 18 1909, says:
dent, agree, in consideration of Mr. Webb's assignment of all
we
satisfactory,
think
we are to
While the net manufacturing gain is not
committee as trustees, to deposit their
be congratulated that an impairment of capital was not sustained. A care- his property to the
ful consideration of the report shows the company is in excellent financial claims with the Cincinnati Trust Co. as depositary, and
condition to take advantage of the very apparent revival of business
take at its discretion
the committee full authority to '
throughout the country. We have inventoried our stock with allowances give
and discounts which will no doubt market it. Business conditions over whatever action may be necessary to preserve the equities
which we have had no control brought about the keenest competition that in the railway.
we have ever been called upon to meet.
In a circular dated Cincinnati, Aug. 17 1909, the comIn my last report, dated Aug. 19 1908, we showed a decrease in sales from
1907 of 28%, with a loss 01 1-3 01 170 on account of bad debts. This year mittee say in brief:
sales over 1908 of 11%, with a loss of 3-10 of 1%
$2,327,935
Total
Deduct$209,693
Replacements, renewals and repairs_
Bad debts and reserve for doubtful
32,246
debts
511,500.
*Interest on bonds
33,231
All other interest
137,053
Sinking fund appropriations

$916,236

$1,165,380

shows an Increase in
on account of bad debts.
The Giassport Land Co. property must necessarily increase in value
as the town grows and snore improvements are added. Attention has




The methods of financing the railway, as set forth in the trust agreement,
viz.•. the use of his personal paper by John G. Webb, using the securities
of the railway company-as collateral thereto, has involved the finances 0

SEPT. 4 1909.1

THE CHRONICLE

Mr. Webb with those of the railway company. Mr. Webb's estate consists
of claims against the railway company and securities which he owns subject
to the loans made thereon, so that the only way of protecting his creditors
from severe loss Is the preservation and rehabilitation of the railway property. An attempt to enforce payment of the claims, either against Mr.
Webb or against the railway company would, we believe, result in the
wreck of the railway property, and the destruction of the very equities to
which the creditors of Mr. Webb must look for payment.
With the view of protecting his creditors as fully as possible, Mr. Webb
has made a complete assignment to the undersigned trustees, who have
been asked to act as such trustees by the largest creditors of Mr. Webb and
of the railway company, and we believe that with the co-operation of the
other creditors that the matter can be worked out to the best advantage
of all those interested in the property, either as original holders of the securities of the railway company or those holding them as creditors of
Mr. Webb. In view of the fact that the railway property is now in the
hands of receivers, who may ask the authority of the Court to issue receivers' certificates that will be a first lien on all the property of the railway
company, and in order to enable the trustees to represent the creditors and
those Interested in the railway property in such proceedings, and to enable
the trustees to prevent any larger issues of such certificates than may be
absolutely necessary for the protection of the property and its economical
operation, we request the creditors to sign the assents attached to the
agreement and to return the same without delay to the Cincinnati Trust
Co., Cincinnati, Ohio.

The trust agreement to which the creditors assent is
dated Aug. 17 1909, and is made between John G. Webb
of Springfield, 0., party of the first part, and the aforesaid
committee acting as trustees. The agreement says in
substance:
Whereas, the property of the company has been placed in the hands of a
receiver by action of the Common Pleas Court, Franklin County, Ohio, and,
Whereas, the construction of said road has been financed for the most
part by John G. Webb with his personal paper, using the securities of the
railway company as collateral thereto; and,
Whereas, the above-mentioned receivership has made the collateraattached to the obligations of said Webb unsalable under the present con
ditions, it has been determined that the best interests of the railway property and of those holding the securities of the railway company, either
directly or as collateral to the obligations of said Webb, will be best conserved by placing the affairs of said Webb, and (subject to the receivershipthe affairs of said railway property, in the hands of the said trustees, for
the purpose of preserving the equities in the railway properties, liquidating
the obligations of the railway company, and of said Webb: and for the purpose of realizing, for the benefit of the creditors of said Webb, and of said
railway company, to the greatest possible extent, the full value of said
property.
Now, therefore in consideration
eysoftethss
e ir
d,retm
ruis
sfe
sesantldil
ytho7
said John G. Webb hereby cons
his 1Proegii
whatsoever kind and description, together with all equities in the collateral
hypothecated with his several obligations, to be held, controlled, managed
and disposed of In the discretion of the said trustees, for the purpose of
carrying out this agreement.
The trustees shall have power to sell and purchase, and also to extend
credits, compromise claims or debts, borrow money, demand,'collect and
sue for any claim, and generally to do any and all acts which they may
deem necessary for tile purpose of conserving the property of said railway
company and the estate of said Webb, for the benefit and protection of the
creditors, and to take all proper means for so doing by legal proceedings
or otherwise; but, in the exercise of their discretion, the trustees shall be
liable only for bad faith.—V. 89, p. 528, 348.

593

Detroit Toledo & Ironton Ry.—Default on Ohio Southern
Bonds.—The Sept. 1 coupons of the $4,495,000 Ohio Southern Division bonds were not paid. It is expected that provision will be made for meeting the coupons prior to March 1
1910, when the six months' grace allowed under the mortgage, before foreclosure proceedings can be instituted, expires.
A reorganization plan is being considered.—V. 88, p. 528.
Farmington Street Ry., Hartford, Conn.—New Haven Acuires Control.—It is announced that on Sept. 1 the road
was taken over by the Connecticut Co., the trolley operating company of the New York New Haven & Hartford
RR.—V. 69, p. 283.
Galveston-Houston Electric Co.—First Dividend on Common Stock.—An initial dividend of 13/2% on the $2,930,300
common stock and the regular semi-annual dividend of 3%
on the $1,170,000 preferred stock have been declared, payable Sept. 15 to holders of record Sept. 4.—V. 85, p. 654.
Huntington (Electric) RR.,Long Island, N. Y.—Extension
Opened.—This company, controlled by the Long Island RR.
Co., opened on Aug. 25 its cross-island trolley line extending
from Huntington to Amityville, 15
miles, making the.
system 183/2 miles in length.
Interborough!Metropolitan Co.—Suit.—See Metropolitan
Securities Co. below.—V. 88, p. 1372.
Jamestown Franklin & Clearfield RR.—Trackage Rights.—
This company, whose property is leased to the Lake Shore
& Michigan Southern Ry.(New York Central Lines), has
entered into an agreement with the Pennsylvania RR. Co.,
lessee of the Allegheny Valley Ry., for use of track at Rose
Siding, near Brookville, to Falls Creek, Pa., 21.7 miles. A
further agreement is also contemplated between the J. F. &
C. Co. and the Buffalo Rochester & Pittsburgh Ry. Co. for
use of the track of the latter from Falls Creek to Clearfield,
a distance of 31.2 miles. The total mileage from Polk Junction to Clearfield is 114.3. The line will be opened about
Sept. 15.—V. 89, p. 528, 287.
Long Island Electric Ry.—Reduction of Stock.—The Public
Service Commission, First District, has sanctioned a reduction of the capital stock from $2,100,000 to $600,000 by
the cancellation of the company's holdings of $1,500,000
stock of the New York & North Shore Ry., one of the
original constituent companies, whose property by foreclosure
sale has since passed into the hands of the New York &
Queens County Ry. Co. (see p. 60 of "Electric Railway Section").—Compare V. 89, P. 42.
Marietta Columbus & Cleveland RR.—Receiver Discharged.--Joseph T. Blair, who was appointed receiver on
July 31 1908, was this week discharged as such, the company resuming possession. The "Ohio State Journal" says:

Interest Payment.—Judge Kinkead at Columbus, 0., on
Aug. 28 authorized the receivers to pay the interest due
Sept. 1 on the 5% bonds of the Columbus Northern Railway,
Power & Equipment Co. (authorized issue, $300,000, outstanding at last accounts, $285,000), and for that purpose
to borrow about $7,000.—V. 89, p. 528, 348.
Dallas Interurban Electric Ry.—Projected System.—Gen
, It Is understood that through H. H.. Isham of New York the bondholders
eral Manager J. Mercer Carter, 510 Scollard Building, Dallas, have succeeded in providing for a reorganization of the company. It is believed in railroad circles that the lifting of the receivership means the turnTexas, informs us that plans are well developed for the con- ing
over of the road to one of the stronger systems of the State and its restruction under this company's charter of not less than 60 habilitation.—V.
87, p. 346.
miles of interurban railway in connection with 23 miles local
Maryland Delaware & Virginia Ry.—Preferred Stock
lines in Dallas. It is the intention to equip ultimately with Offered.—Townsend Scott & Son, Baltimore, recently ofgasoline motor cars, if these prove satisfactory. The com- fered at $14 50 per share (par value $50) 2,900 shares of this
pany contemplates building from points on the city belt company's preferred voting trust stock, full paid and nona line to Greenville, Texas, via Terrell, 73 miles. A circu- assessable.—V. 84, p. 1303.
lar dated Aug. 2 says in substance:
Metropolitan Securities Co.—Receivership.—Judge Holt in
The authorized capital stock, common and preferred, amount to $40,000
per mile for 60 miles, or a total of $2,400,000, of which $600,000 is preferred the United States Circuit Court on Sept. 2, on application of
stock bearing 6%, but redeemable. The estimated actual cost of con- William W. Ladd as receiver for the New York City Ry.,
struction and equipment, including cost of franchise, charter, right of way,
&c. Is $30,000 per mile. The preferred stock ($600,000) will be held in re- appointed Sidney Smith, an attorney of this city, receiver
serve and issued, subject to redemption, only in case of emergency. The of the company. An application to make the receivership
actual permanent issue then will be $1,800,000, which is $30,000 per mile
for 60 miles. A fair estimate of the net earnings for the first year of opera- permanent will be heard on Sept. 14.

tion, based upon the experience of other lines, is $2,000 per mile, or 6 2-3%
on the investment. This company contemplates the issue of no bonds nor
mortgages.
The company owns franchises and rights of Way over 23 miles of the
streets of Dallas, a part of which constitutes a belt line passing through
the heart of the city, touching the most important points about the city
and connecting all with the business districts, as well as a line through
Oak Cliff. Has $15,000 on deposit in the city treasury as a guaranty of
construction. These franchises were granted before the 4% on gross receipts was adopted by tile city as a tax against such companies, and is
therefore not subject to such tax. These franchises are estimated to be
worth $500,000. The charter was granted under the old law, which gives
It a value in excess of one procured now of at least $50,000.
The company oontemplates the immediate construction of an interurban
line to Terrell and Greenville, as well as a line west from the city.

The letter furnishing the above facts gives certain data as
to the material required for construction and equipment
of the road. Mr. Carter adds:

This enterprise has been on foot for several years, but many things
occurred to hinder its completion; but all these hindrances are now out of
the way, the courts having aided us in making a clean sweep of the objectionable obstacles, which were bad management, watered stock, &c.

The receivership was obtained in proceedings supplementary to execution
on the judgment for $5,271,582 secured some time ago and affirmed in
February last by the United States Circuit Court of Appeals. U. S. Marshal Henkel made a return stating that he had been unable to find any
Receiver
property of
Ladd stated the
that on
with him $1,027,500
defendant
in cash, which.with interest to the date of the entry of the ordel,made the
total on hand $1,0.31,738, under a stipulation that proceedings, to enforce
the judgment would be stayed until a writ of error had been passed upon
by the Circuit Court of Appeals, and also as additional security for the same
purpose certain securities of practically no value and a few which had some
market value, and two promissory notes, one made by the Third Avenue
RR. for $107,100 and the other by the New York City Ry. to the Metropolitan Securities Co., on which the Metropolitan Securities Co. claimed
that $234,000 was advanced. Receiver Ladd states that the total value
of the additional securities does not exceed $500,000 at the most, and that
the amount due from the defendant after the application of all of said security upon the judgment exceeds $3,900,000. It was also stated that the
liabilities are over $7,000,000 In addition to the judgment referred to.
Mr. Ladd informed the Court that he had brought a suit on his own
behalf, as judgment creditor of the Metropolitan Securities Co., against the
Interborough-Metropolitan Co. asid other stockholders of the 'defendant
company, liable under the statutes of the State of New York to an amount
equal to that unpaid on the defendant company's capital stock, approximately $7,500,000.

Denver Laramie & Northwestern Ry.—Mortgage.--The
The Interborough-Metropolitan Co. issued a statement,
company has filed a mortgage to the International Trust Co.
of Denver, as trustee,to secure an issue of $3,300,000 bonds. saying:

The company was incorporated in 1906 to build a road from Denver,
Col. to Laramie, Wyo., about 450 miles, of which 20 miles were opened
on ;tug. 18. Charles S. Johnson of Denver is President. William E.
Green, formerly Vice-President and General Manager of the Trinity &
Brazos Valley RR., was recently elected to similar positions in the D. L.
& N. W.

Denver & Rio Grande RR.—Bonds Sold in Germany.—The
Deutsche Bank, Berlin, on the 2d inst. opened bids for the
$5,000,000 "first and refunding" 5% bonds recently purchased from Blair & Co., of New York, as managers of the
road's bond syndicate. The bonds, it is stated, were largely
oversubscribed. They are to be issued in small denominations and made payable in dollars or marks. It is also
understood that application has been made to list these
securities on the German exchanges. See Aug. 7 1909, p.
348.—V. 89, p. 348. '



The appointment of a receiver for the Metropolitan Securities Co. is
ancillary to the judgment recently affirmed by the United States Circuit
Court of Appeals in the suit of Ladd, receiver of the New York City Ity. Co
against the Metropolitan Securities Co., and has been expected. It does
not change the situation as far as the Inter-Met. Co. is concerned, or in
anywise affect the Interborough Rapid Transit Co., which operates the subway and elevated systems. The Metropolitan Securities Co. is simply the
holding company of the stock of the New York City Ry. Co. The InterMet, is a stockholder in the Metropolitan Securities Co. The question as
to whether further appeal will be granted from the judgment as a result of
which the present receiver of the Metropolitan Securities Co. has been appointed is one that will be shortly considered by the courts.—V. 88, p. 944

Missouri Pacific Ry.—Listed.—The New York Stock Exchange has listed $79,753,900 stock of the consolidated company in substitution for the stock of the old company, with
authority to add $3,597,100 additional stock as issued in exchange for stock of constituent companies, making the total
authorized to be listed $83,251,000.

594

THE CHRONICLE

Earnings.—The application to the Exchange furnishes a
statement of earnings for the year ending June 30 1909 of
the Missouri Pacific Ry.(consolidated company as now existing) and constituent companies, a total of 3,779 miles and
' we
of the St. Louis Iron Mountain & Southern Ry., which
compare with the earnings of the Missouri Pacific Ry. proper
(old company), having a mileage of 3,491 miles, and of the
St. Lotuis Iron Mountain & Southern, as given in annual report for the year ending June 30 1908.
Fiscal
Year.

Missouri Pacific Ry. (See Above.)
Dividends
Fixed
Operating Net Oper. Other
Paid.
Revenues. Revenues. Income. Charges.

Balance
Surplus.

1,037,908
1908-09_23,143,308 5,034,994 2,935,091 6,932,088
1907-08_20,946,611 5,265,600 3,578,729 6,097,266 (2;6) 1,935,210 811,861
St. Louis Iron Mountain & Southern.
26,512
1908-09_23,242,235 7,424,035 708,307 6,330,185 (4%)1,775,645
1907-08_21,793,294 6,797,606 1,505,557 5,945,011 (5%)2,219,556 138,596
—V. 69, p. 348, 104.

Exchange of Stock Certificates.—Notice is given by advertisement that the contract and articles of consolidation,
dated May 29 1909, having been approved by the stockholders and become operative, certificates for stock of
the Missouri Pacific Ry. Co. may now be exchanged at
the office, 195 Broadway, N. Y., for certificates of a like par
amount of stock in the new consolidated company of the
same name. All old certificates of stock mitst be endorsed
in form for transfer and the endorsement witnessed. New
certificates will be promptly forwarded in exchange.—
V. 89, p. 348, 104.
National Railways of Mexico.—Bonds Called.—Equipment
and collateral 5% gold bonds second series, issued by the
Mexican Central Ry. to the amount of $50,000, will be
paid at par and interest at either the Old Colony Trust Co.
of Boston, Manhattan Trust Co., New York, or Glyn, Mills,
Currie & Co., 67 Lombard St., London, E. C., on or after
Oct. 1 1909.—V. 88, p. 452.
New York New Haven & Hartford RR.—To Receive
$253,165 as Interest on Holdings of Income Bonds.—See Central New England Ry. above.—V. 89, p. 225, 163.
Acquisition.—See Farmington Street Ry. above.--7V. 89,
p. 225, 163.
Philadelphia & Suburban Elevated RR.—New Project.—
Application has been made to the Pennsylva,nia, authorities
for a charter for a company with this name and $1,000,000
capital (subject to increase), with a view to building 29 miles
of elevated railroad along 12th and 13th Sts., &c., at an estimated cost of $15,000,000. (See editorial columns.) The
incorporators are: S. S. Neff, President; Caspar Wistar
Haines, Vice-President; Coates Coleman, Treasurer, and
A. L. Phillips.
Porto Rico Railways, Ltd.—New Stock.—This company,
incorporated under the Canadian Corporation Act on Aug. 20,
filed a certificate increasing its.capital stock from $3,000,000
to $3,500,000, the increase to consist of $500,000 7% cumulative preference shares, par value $100 each. The 5% first
mortgage gold bonds to the amount of $2,971,500 have been
listed on the Toronto Stock Exchange.—V. 89, p. 226.
Public Service Corporation of New Jersey.—Holding Co.
for Gas Properties.—President McCarter announced this
week that, in pursuance of the policy of segregating its various interests as far as may be desirable, it has been determined to transfer control of all the gas companies owned and
controlled to one company, the Public Service Gas Co. (all
of whose stock is owned), having $10,000,000 authorized
stock, as a holding company. President McCarter says:

The facts in reference to the reorganization of the gas department are
the direct
simply these: The Public Service Corporation is at the time of
its conlessee of all its constituent gas companies, just as it is the lessee
properties
stituent electric properties. Some two years ago all the railway
the
Public
to
Service
leased
into
or
merged
either
were
controlled
in any way
Ry., a corporation the capital stock of which is nearly all held by Public
Service Corporation. Public Service By. Is therefore now the direct operator of all the railway lines.
One of the subsidiary gas corporations of Public Service Is Public Service
Gas Co., which last corporation is a gas company pure and simple. Of
This company
this corporation, Public Service owns every share of stock. be
issued from
has an authorized capital stock of $10,000,000, which will
time to time, at par, to Public Service Corporation only for cash or for imthereof.
provements at the actual cost
The experiment of separating the different departments of the company's business into a corporation formed for the express purpose of
carrying on such character of business has proven so successful in the case
of the railway department, from the standpoint of convenience and facility
of operation, that It has been deemed wise to follow the same practice in
connection with the gas department, and it is simply now proposed to
transfer, by appropriate legal documents, all the leases of gas properties
now held by Public Service to the Public Service Gas Co., of which, as above
stated, Public Service owns all the stock.
The same reasons do not exist for the transference of the electric properties to a separate corporation, and therefore, for the present at least,
those properties will continue to be directly operated by the present corporation. The result, in brief, therefore will be that the railway department
will continue to be operated by Public Service Ry. Co., and the gas department will be operated by Public Service Gas Co. Public Service will continue to directly operate the electric department, and will exist as a holding corporation as to both the railway company and the gas company.
The acquisition of gas properties other than those now controlled is in
no way contemplated in connection with the proposed change of organization.—V. 89, p. 349.

Lxxxix

ya on its $500,000 common stock. An extra dividend of
the same amount was paid last March. No such distributions were made in 1906 or 1908, while in 1905 and 1907 only
a single 32% extra was paid in each year. The dividends
9% on the
are payable, together with the customary 23/
$250,000 preferred stock, on Sept. 15 to holders of record
Sept. 10.—V. 85, p. 531.
Seaboard Air Line Ry.—Coupon Payment.—The committee of holders of Atlanta-Birmingham first mortgage 4%
30-year gold bonds, William Salomon, Chairman, announcesthat the amount of the Sept. 1 1909 coupon on the bonds
represented by the certificates of deposit issued under the
deposit agreement of Sept. 2 1908, will be paid on or after
Sept. 1 1909 at the Standard Trust Co., 25 Broad St., New
York, or the Bank of Scotland, London, on presentation of
their respective certificates of deposit.—V. 89, p. 470, 412.
Southern Colorado Power & Railway.—Receivership.—At
the instance of bondholders and stockholders of the company,
District Judge Henry Hunter on Aug. 26 appointed Frank
P. Read of Denver as receiver.
A special despatch to the "Denver Republican" states that the action is
In pursuance of a friendly agreement and that it is thought the receivership,
will last for 90 days, at the end of which time it is stated that the company
receiver, it is
will be reorganized with a capital stock of $5,000,000. Theonce
upon Imexpected, will, with the permission of the Court, begin at
provements to equipment and the local plant which has been badly hampered since the fire of last June.
The company is claimed to be solvent. Although its affairs are somewhat
tangled, no fears are entertained that all indebtedness will be paid.

The report that Brown Brothers & Co. of this city have
agreed to become identified with the property after reorganization is declared to be entirely without any basis of fact,
as no negotiations with that end in view have ever taken
place.—V. 88, p. 1374.
Spokane International Ry.—Listed—Agreement with Canadian Pacific Ry.—Option on Stock.—The New York Stock
Exchange has listed $4,200,000 first mortgage 50-year 5%
bonds, due 1955.
The entire issue of $4,200,000 of bonds has been sold, and they were
issued solely for the purpose of acquiring terminal and station property
and construction and equipment of the railroad. The Canadian Pacific
Ry. contributed one-eighth of the construction price and approved the
construction, all subject to a construction and traffic contract whichofprothe
vided that the Canadian Pacific By., upon the purchase of 12%
stock and bond issue, should have the right to supervise the construction
50-year
and have the option to purchase a further 52% of the stock. The
Spoexclusive traffic agreement guarantees double mileage rates to the
any act
kane International Ry. Co., and neither company can commit
The Canaprejudicial to the interest of the other in eastern Washington.
dian Pacific annually reserves, If requested, 10% of the grosS earnings
from all traffic originating or destined to points on the Spokane International for the payment of the interest on these bonds, provided a deficiency may exist in any year. Fifty-two per cent of the stock is held in
escrow, and the Canadian Pacific By. has the option of purchasing the
same at a price to be determined by agreement or arbitration on or before
10 years from Jan. 1 1907, and all stockholders have the privilege of selling
at the same price it the option is exercised.
The trustees are elected annually at the annual meeting held In Spokane.
Wash., on the 3d Saturday of July of each year.—V. 82, p. 101.

Staten Island Ry.—Additional Stock Acquired by Baltimore
& Ohio.—The Public Service Commission, First District, has
approved the application of the company for consent to
transfer on its books to the Baltimore & Ohio 227 shares
($17,025) of the capital stock of the company. The company on June 30 1908 owned $1,016,850 of the $1,050,000
capital stock.—V. 69, p. 182.
Third Avenue RR., New York.—Restitution Demanded.—
William N. Ainory, at one time an officer of the company,
has requested stockholders to join with him in taking legal
steps to recover for the company the amount (alleged to be
about $16,000,000) and forming part of the proceeds of the
sale of the $37,560,000 consolidated mortgage 4% bonds,
which it is claimed was misappropriated in connection with
the change from cable traction to underground trolley about
1899. It was reported this week that stockholders to the
amount of $531,600 of the $15,995,800 outstanding have
joined in the movement.—V. 89, p. 287.
Union Traction Co., Philadelphia.—Change in Lease.—At
the annual meeting on Sept. 15.
of the Lehigh Aveque Ry. Co.
Authority will be asked to re-form the lease
is owned by this company) by
of Philadelphia (all of the stock of which
stock. This stock is part of
the
of
value
par
the
on
6%
rental
the
making
Rapid Transit Co., as lessee, which
the collateral held by the Philadelphia stockholders
of tile Union Traction
was deposited with the consent of the of bonds negotiated
by the PhilaCo. as security for tile $5,000,000 issue
87,
p. 1161.
December.—V.
delphia Rapid Transit Co. last

United Railroads of Yucatan.—Payment of Series C Gold
Notes.—Ladenburg, Thalinann & Co., 25 Broad St., were
prepared to pay on Sept. 1 the principal of the $200,000
Series C 5% serial gold notes then due. Compare V.83, p.819.
Western Maryland RR.—Over 90% of Stock Deposited.—
Holders of over 90% of the stock have deposited their shares
with the Equitable Trust Co., New York, depositary, and
paid the first installment of 25% on account of the purchase
price of the stock of the reorganized company.—V. 89, p.
287, 164.
Yonkers (N. Y.) RR.--Receiver's Certificates.—The Public
Railways Company General.—Initial Dividend o/10%.—
District, has authorized Receiver
The directors have declared an initial dividend of 10% on the Service Commission, Second$65,000 6% 2-year
receiver's cer$500,000 capital stock, payable Sept. 15 to stockholders of Leslie Sutherland to issue
tificates, in order to discharge or refund the certificates
record Aug. 31. The following is officially announced:
88, p. 1199.
Believing that the company is now in a position to declare regular divi- issued in 1908.---V.
dends, the oommittee recommends to the hoard of directors that they deout of profits, and that they announce the
clare a cash dividend of 10
the quarter
policy of declarlwr quartmly divi(13nd3 or 1%, ILIginning with
ending Sept. 30 1909, with 3 further division at the end of each fiscal year
of such portion of the profits which seem advisable.-11. 88, p. 53.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Algiers Water Works & Electric Co., New Orleans.—PaySt. Joseph South Bend & Southern RR.—Second Extra
the
Dividend in 1909.—This company has declared, with the ment to Bondholdcrs.—President Lehigh Carroll gave
usual semi-annual dividend of 1%, an extra dividend of following notice on Aug. 11:




SEPT. 4 19001

THE CHRONICLE

Holders of the mortgage bonds are notified that the water-works property
has been expropriated by the Sewerage and Water Board of New Orleans,
through proceedings in the Civil District Court, under which proceedings
the property will be taken over by the board on Aug. 15 1909, at which
time the amount awarded by the decree will be paid into court for the
benefit of the bondholders, whose bonds will thereafter be paid off in principal and interest up to Aug. 15 1909 through the action of the court. In
order to avoid complications and delay, arrangements have been made for
the immediate payment of these bonds, principal and interest, up to
Aug. 15, at the Inter-State Trust & Banking Co.

American Hide & Leather Co.-Report.-See "Annual
Reports" on a preceding page.
New Director.-Willis Farrington has been elected a director to succeed Edward L. White, who resigned.-V. 87, p.
612.
American Locomotive Co.-Notes All Sold.-Harvey Fisk
& Sons, New York, it was announced on Aug. 28, have
purchased and sold all of the $5,000,000 5% coupon gold
notes, due $1,000,000 Oct. 1 1912, $2,000,000 Oct. 1 1913
and $2,000,000 Oct. 11914; interest A. & 0. The proceeds
are to be used largely for additions and improvements to
the company's plants, principally at Schenectady and
Dunkirk, N. Y. The company itself has no bonded debt.
Covenant on Face of the Note.
This company covenants that so long as this note is unpaid it will not
mortgage nor permit to be mortgaged any plant owned by it unless it shall
have deposited with a trust company in the City of New York, to be applied to the payment of this note...the full amount due and to become due
hereon.

Report.-See "Annual Reports" on a preceding page.V. 89, p. 530, 471.
Broad Exchange (Building) Co., New York.-Refunding
Bonds.-This company, controlled in the interest of the
United States Realty & Improvement Co., has made a mortgage to the Equitable Trust Co. of New York, trustee, to secure an issue of $3,450,000 4% bonds, due July 1 1929.
The issue is made wholly or chiefly for the purpose of refunding existing mortgage indebtedness.-V. 82, p. 494.
Calumet & Hecla Mining Co.-Dividend Increased.-The
directors on Thursday declared a quarterly dividend of $8
per share (32%) on the $2,500,000 stock, payable Sept. 29
to holders of record Sept. 3. This contrasts with $6 (24%)
paid three months ago and $5 (20%) paid quarterly from
March 1908 to March 1909, both inclusive, $10 (40%) in
Dec. 1907, $15(60%) in Sept. 1907 and $20(80%) in March
and June 1907 and Sept. 1906.

595

Economy Light & Power Co., Joliet,111.-Bonds Offered.Redmond & Co., New York and Philadelphia, are offering
at 98 and interest, by advertisement on another page. a
block of the first mortgage 5% gold bonds, dated Dec. 1 1906
and due Dec. 1 1956; total authorized issue, $3,000,000; outstanding, $1,546,000; remainder reserved for additions,
improvements, &c., at not to exceed 85% of cost. "These
bonds (V. 84, p. 1250) are secured by a first mortgage on all
the property of the company,which owns the entire electriclighting system of Joliet, Ill. The company likewise owns
an electrical transmission line to Chicago, and has a written
agreement with the Chicago Edison Co. (now the Commonwealth-Edison Co.) assuring it of an unlimited market there
in case more power is generated than can be sold in Joliet.
The demand in Joliet is now, however, so great that the
company has been buying power from the CommonwealthEdison Co." Redmond & Co. further say:
The company has now under way additional construction which will,
when completed, add materially to earnings. During the past year line
extensions have been made so that the company now operates through
approximately 150 square miles of area, containing a population of about
60,000. In four of the towns in this area it is furnishing the entire public
and private electrical service, and its lines will soon be extended to three
more. The company has a franchise which is unlimited as to time, and supplies the entire municipality of Joliet with its electric lighting under contract. In addition to its present plant, the company owns very valuable
undeveloped water powers which are covered by this mortgage. Joliet is
a prosperous manufacturing city of about 50,000 inhabitants, 37 miles from
the central part of Chicago. Many steel and iron plants are located there.
Earnings for the Year ended April 30,Showing Rapid Increase in Gross & Net.
1909.
1908.
1907.
1906.
1905.
1904.
Gross earnings_ _$310,402 $276,881 $230,882 $213,136 $192,551 $173,322
Operating exp's_ 138,739 119,892 108,912
94,780 101,009
88,195
Net earnings4171,663 $156,989 $121,970 $118,356
Interest charges.. 65,324
64,145
40,234
38,997

$91,542
35,891

$85,127
36,566

Net profits__$106,339
$i06.339 $92,844 $81,736 $79,359 $55,651 $48,561
The President of the company is also President of the CommonwealthEdison Co. of Chicago.-V.88, p. 161.

Empire District Electric Co.,Kansas-Missouri.-Prospectus and Report of Engineer.-Henry L. Doherty & Co., 60
Wall St., New York City, have received subscriptions for
more than the entire underwriting of $1,250,000 new 5% 40year gold bonds,$312,500 preferred stock and $500,000 common stock, on the basis of a $1,000 bond with $250 preferred stock and $400 common stock for $1,000 cash.

The company will be organized under the laws of Kansasand will acquire
the properties of the Consolidated Light, Power 6: Ice Co., the Joplin
Light, Power & Water Co., both of Joplin, Mo.: the Galena Light & Power
Co. of Galena, Kan., and a contract to purchase 57% of the stock of the
Dividend Record Prior to 1909-Stock Nowl$2,500,000 in $25 Shares.
Spring River Power Co. of Lowell, Kansas.
The Consolidated Light, Power & Ice Co. supplies electric current for
'97. '98. '99. '00. '01. '02. '03. '04. '05. '06. '07. '08. light
about the cities of Joplin, Webb City and CarterP
'ar
ercent
160 200 400 280 180 100 140 160 200 280 260 80 ville, and power in and
Mo.; the Galena Light & Power Co. furnishes light and power in and
Production.-The production of the company for August about the city of Galena, Kan., and the Spring River Power Co. supplies
limited amount of power to the mining districts adjacent to the above
was approximately 6,338,656 lbs. of copper, compared with acities.
The new company, therefore, controls all of the electric companies
in what is known as the Joplin or Empire District.
6,907,700 in July.-V. 89, p. 282.
It is planned to build a 16,000 h. p. modern steam turbine station to
Camp & Hinton Lumber Co.-Transfer of Property.-To supply further the demands of the district for electric power. The company will do the electric lighting for the cities and entire district, as well
complete our record it may be noted that a deed was filed as
continue to supply the street and interurban railways with current.

in the office of the Chancery Clerk of Forrest County, Miss.,
on or about June 15 between W. 0. Hudson, W. G. Day
and J. B. Fain, representing the creditors of this company,
and the Wells Lumber Co. of St. Louis, transferring t9 the
last-named company all of the property of the Camp &
Hinton Co. which was placed in the hands of a receiver some
time ago. A press report said:
By this deed the Wells Lumber Co. agrees to pay for all timber, standing
or down, at the rate of $4 per 1,000 minimum, but when the average sellingprice of lumber reaches $16 05 for three consecutive months, the price shall
be $4 50, and when the average selling price shall be $18 05 they shall ray
$5 per 1,000. The maximum price is $5. By the instrument the Wells
Lumber Co. agrees to cut 30,000,000 feet per year, and eight years is given
to cut the timber, the operations to begin June 1. This property consists
of 1,120 acres in Forrest, 20,872 acres in Lamar and ,3 287 acres in Pearl
River. This makes a total of 25,279 acres. Compare V. 80, p. 653; V. 84,
p. 53, 695.

Capitalization of Empire District Electric Co.
Authorized. Now Issuable.
40-year first mortgage 5% gold bonds dated 1909_ _$6,000,000 $1,250,000
6% cumulative non-voting preferred stock (par,
1v
at any time at 120 and accrued
dividends)
3,000,000
500,000
Common stock (par $100)
3,000,000
1,600,000
[The only underlying bonds in the hands of the public are $370,000 bonds
of the Consolidated Li h, Power & Ice Co. (V. 82, p. 103), $5,000 Galena
Light & Power Co. bon is and $830,000 Spring River Power Co. 1st M. 55
dated 1905, part of issue limited to $1,500,000, the remaining bonds being
issuable only for additions, betterments, extensions, &c.but to an amount
not exceeding 80% of the actual cost of the same (see V. 81, p. 1440;
V.87, p. 100)..-Ed.)
The stock issued at the present time is for the acquisition of existing
properties.
The bonds to be issued now are for the erection of a 16,000 h. p. modern
steam turbine plant, a 60-mile high-tension distribution system and for the
purchase of a 1,500 h. p. modern gas engine station which has just been
completed. Contracts for the new electric station have already been let,
and it is estimated that this station will be in operation not later than March'
1910.
Contracts are now being obtained for power, and the engineers of the
Doherty Operating Co. who have been on the ground for six months,
estimate that not less than
' 10,000 h. p. will be contracted for when this station is ready to operate, and that the full capacity of the station will be
contracted for shortly thereafter.
Estimated Net Returns, Including Said New Business, and Present Assured
Earnings.
Years ending Arra1911.
1912.
Net earnings
$225,000 $315,000
ILt ,rest on $1,250,000 bonds
62.500
62,500

Central Leather Co.-Merger.-A special meeting of the
company will be held on Sept. 24 to vote on the adoption
of a joint agreement for the merger of the United States
Leather Co. with the Central Leather Co.
Offer to Minority Interests.-The company, it is learned,
has offered to the minority .preferred stockholders of the
United States Leather Co., represented by James B. Colgate
& Co., an alternative plan whereby the latter shall exchange
their holdings for (1) 50% in the 5% bonds and 50% in the
preferred stock of the Central Leather Co. and an additional
$162,500 $252,500
amount in cash to be left to the determination of the courts 6%Available for dividends
dividend on $500,000 preferred stock
30,000
30,000
or (2) 50% in 5% bonds, 50% in the 7% preferred stock,
Available for common stock
$132,500 $222,500
233/
9% in common stock and $10 in cash for each share
It will be noted from the above that the net earnings, after the first year
exchanged. This offer is regarded as equivalent to about
of
will be approximately 3 Yi times the bond interest, and the
$125 per share. The minority stockholders, who look upon netoperation,
available for diVidends 5 times the dividends on the outstanding prethat the net from the second year's operation will be
the concessions offered as a substantial justification of their ferred stock. Also
approximately 5 times the bond interest, and the net available for dividends
position, will shortly apply for a new injunction pending 8
h times the dividends on the outstanding preferred stock.
Mr. Henry L. Doherty will be President of the company and the same
consideration of the offer.-V.87, p. 472, 227.
active efforts will be made to aoquire business that have been successful in
other
properties which Mr. Doherty has directed.
Dominion Iron & Steel Co.-34% on Account of Accumulated Dividends.-The directors on Sept. 1 declared a regular Report of Doherty Operating Co. by H. H. Scott, General Manager,
New York, Aug. 11 1909.
semi-annual dividend of 3
and a dividend of 33%
The existing companies to be acquired supply electric light and power to
against accumulated dividends unpaid on its $5,000,000 of
cities and townships:
7% cumulative preferred stock, leaving 28% still due to the following
1890. 1900.
1890. 1900.
shareholders. The dividends will be paid Oct. 1 to holders Galena Township (inShoal Creek Townsh'p_ 1,721 2,836
clud, city of Joplin) _14,303 32,976 Empire City
923 2,258
of record Sept. 15. Compare V. 88, p. 1064.
(incl. CarJoplin
Lowell

President Plummer is quoted as saying that the orders for the corn
pany's productare beyond its capacity, and that the extensions made at th
plant are being pushed as rapidly as possible; also that the company I
doing well in the matter of coal and is getting a fair amount from the
Dominion Coal Co., making up the deficiency by purchases in the United
States.
The dividend, it Is announced, is declared out of current earnings, no
further payment having been made by the Dominion Coal Co. on account
of the disputed coal claim since March 1909, when $2,750,000 was received from the coal oompany.-V. 89. p. 289, 106.




Twp.
Township
748 1,543
terville & Webb C'S') 9,731 18,499 Galena City
2,496 10,155
2,073
Oronogo City
Total population
29,922 70,340
The present population of the district supplied is not less than 100,000.
Capacity of the Plants Acquired, Based upon Norma Rating, Aggregating
11.875 horse-power.
5,000 h. p.1 Gas engines
Hydraulic (2 plants)
1.875 h. p.
Steam equipment
5,000 h. p. Total
11.875 h. p.

596

THE CHRONICLE

Of the above,the hydro-electric plants are in good condition. 3,000 h. p•
of the 5,000 h. p. steam equipment is in excellent condition and 1,500 h. p.
gas engine capacity Is new, having just been completed.
We believe that not to exceed $1,250,000 will build the 16,000 h. p.
modern steam turbine plant, and the necessary transmission lines and substations, to acquire the business estimated, namely, 10,000 h. p. the first
year and 5,000 h. p. additional in the succeeding six months.
Franchises, &c.-The franchise for the city of Joplin is unlimited as to
the other cities
time and contains no unusual features. The franchises inmain
market for
supplied are for 20 years and were granted In 1906. The
current is in mines adjacent to the cities, and the right to set poles and
distribute current in this territory has been granted by the County Commissioners in perpetuity.
Joplin is the largest city in this district and Is located in Jasper County;
it is the centre of a rich agricultural and stock-raising country, and also the
centre of the extensive zinc and lead-mining district of Missouri and south
eastern Kansas. Although a mining centre, Joplin would continue to grow
even if the mines ceased to operate.
The mining industry in this district has been carried on for about 50
years, and It is estimated that not to exceed 10% of the total acreage has
as yet been worked. There are 750 mines In the district, which employ
approximately 7,500 men. The average power used in a mine is 200 h. p.
and the total (exclusive of lighting and street railway power) in the mining
district, therefore, aggregates 150,000 h. p., which Is at this date provided
as follows: Coal-fired boilers, 46,545 h. p.; gas-fired boilers, 89,295 h. p.•,
gas engines, 8,041 h. p.; electric motors, 6,129 h. p. The present price of
natural gas is 1234 cents per 1,000 cublo feet, but on and after Jan. 1 1910
the price will be 25 cents per 1,000. Even at the present price of 1234 cents
per 1,000, electric power can compete and return handsome profits; but the
price of 25 cents will make natural gas for boiler purposes prohibitive.
The substitution of electric power in the mines is simplicity itself, and
contracts in excess of the capacity of the new station should be easy to
obtain and at attractive prices. During the past 8 years the production of
ore in the district has exceeded $10,000,000 per year, and for the current
year, under the protection of the new tariff Act, the estimate is placed at
not less than 33 1-3%
*15,000,000. Experienced operators tell us that
of the value of the ores is expended for power, or the average for the last
8 years for power alone was $3,333,000.
We confidently believe the above earnings (see foregoing prospectus)
will be made in the period stated, and we think should continue to grow
at a marked increase thereafter.-V.89, p. 473.

[VoL. Lxxxix.

plus earnings after paying all charges and dividends declared on stock were
$175,168. The financial results for the month of July were the best in the
company's history.
The net surplus earnings which have been expended in new construction
from Feb. 1904 to Aug. 1909 amount to $816,306. Compare V.88, n. 1556,

Monongahela River Consolidated Coal & Coke Co.Results.-For nine months ending July 31:
Balance ,
Deductions
9Mos.end. Gross
July31. earnings. Royalty. Deprec. Taxes. Acc. Int. Ins. Pd. surplus.
1908-09_$1,562,052 $308,093 $316,581 $90,000 $363,246 $223,312 $260,820
1907-08_ 2,012,820 349,626 318,160 90,000 377,835 276,423 600,776
Total production for the 9 months ending July 31 1909, 4,434,700 tons.
against 4,998,129 in the 9 months last year.-V. 89, p. 166.

Mutual Telephone Co., Des Moines.-Sale.--See Iowa
(Bell) Telephone Co. above.-V. 86, p. 1424.
Nernst Lamp Co., Pittsburgh.-Receiver Discharged.Judge James S. Young in the United States Circuit Court at
Pittsburgh on July 24 discharged the receivers.-V. 85,
la• 1084.
New York & Richmond Gas Co.-Earnings.-For the six
months ending June 30 1909:

General Motors Co., New York.-Stock Increase.-The
shareholders will meet at the office in Jersey City on Sept. 15
to vote on a proposed amendment of the amended certificate
of incorporation increasing the common capital stock from
$5,500,000 to $40,000,000 and the preferred capital stock
from $7,000,000 to $20,000,000.-V. 89, p. 228.
Great Western Power Co., California.-Sale of Bonds.The company has recently sold to E. H. Rollins & Sons,
Boston, Chicago, Denver and San Francisco, $2,100,000
first mortgage 5% bonds from the treasury, the proceeds
of which are to be used for additions and enlargements to
the plant as originally financed. This increases the amount
of bonds outstanding to $8,100,000. Compare Western
Power Co. in V. 83, p. 499; also see V. 83, p. 1414; V. 87,
p. 1240; V. 88, p. 689; V. 89, p. 531.
Huntingdon Valley Light & Power"Co., Wyncote, Pa.Status.-Secretary and Treasurer M. F. Maury (of Henry &
West), Philadelphia, has favored us with the following:

$51,969
$129,209 1 Net earnings
Total earnings
36,941
Interest on bonds
Operating exp. including
15,018
maint., taxes and insur__ 77,248 Balance, surplus
Owing to changes in the method of accounting, put into effect Jan. 1 1903
in accordance with the requirements of the Public Service Commission, a
comparison with the same period last year is Impracticable.-V.88, p. 568.

Pacific Coast Oil Co., Los Angeles.-Incorporated.--This
company, bearing the same name as a $6,000,000 concern
whose business and property was reported to have been
absorbed in 1906 by the Standard Oil Co. of California
(V.85, p. 217), has filed articles of incorporation in California
with $10,000,000 authorized capital stock. The directors
include C. N. Folton, L. D. Fisk and Geo. Loomis.
Philippine Transportation & Construction Co.-Sale of
Bonds.-At auction in this city on Aug. 5 $20,000 first mortgage 6% gold bonds, due Nov. 1 1911, with May 1902 and
subsequent coupons attached, were sold for $100 for the lot.
-V. 75, p. 1150.
Pittsburgh-Buffalo Co., Pittsburgh.-Bonds Offered.The $2,500,000 bonds offered by the Mellon National Bank,
Pittsburgh, are first mortgage 5% 20-year sinking fund gold
bonds, dated Aug. 2 1909, due Aug. 2 1929, but redeemable
at any interest period after Aug. 2 1912 at 105%. Coupons
payable Feb. 2 and Aug. 2, free of tax. Union Trust Co.
of Pittsburgh, trustee. A circular says:

The obligatory sinking fund for the redemption of the bonds (10 cents per
ton of coal mined and shipped), must never fall below $50,000 each six
months.
The mortgage securing these bonds is a first lien on the company's entire
railroad tracks, sidings,
The company was incorporated April 9 1909 under the laws-of Pennsyl- real property, consisting of landings, tipples, of Pittsburgh vein coal in
of
Abingtownship
Cheltenham,
for 607 families, &c., and 8,032 acres
the
in
dwellings
charters
perpetual
vania, and has
through the justly
all
operated
in
being
lighting
contracts
now
Washington and Green counties,
ton, Springfield and Moreland. It has streetresident
population of in world-famous Rachel mine at the model town of Mariana; the Hazel mine
boroughs in these townships, and supplies a
2,098 acres of
Burgettstown;
at
mine
the
and
Francis
at
Cannonsburg,
.
excess of 20,000.
sold. Kittanning vein coal in the Freeport district and 1,748 acres of the Freeport
The capital stock is $200,000, all of which have been issued and
bonds drawing vein in Allegheny and Armstrong counties, Pa., operated through the
The bonds are first mortgage sinking fund gold coupon
ec D. Philadelphia Johnetta mine at White Rock; 1,855 acres of surface land over the PittsInterest at 5%, due June 1 1947, interest payable J.subject
to call at 105 burgh vein and 464 acres of land over the Freeport vein.
Trust Safe Deposit & Insurance Co., trustee. Bonds
at the expiration
fund,
sinking
of
account
on
Nine million dollars is a very conservative estimate of the value of the
purchase
for
and
and interest
and
Bonds company's resources, and this bond issue is its only indebtedness, except
at
interest.
mortgage
10234
the
of three years from the date of
Directors: President. current monthly accounts. [While a large part of the $3,000,000 bond
are in denominations of $500 and $1,000 each.
of the
E. E. Mandeville; Sec. and Treas., M. F. Maury; Wm. West, H. C. Thayer issue of 1908 (V. 87, p. 43) was sold and distributed, the majority
bonds were In the hands of friends of the management, and at present
and W. W. Levering. Office, 900 Land Title Bldg., Philadelphia,
is outstanding, and that, it is expected, will be
bonds
one
of
the
only
International Steam Pump Co.-Notice of Redemption of retired within the next 10 days. The new issue of $2,500,000 is therefore
Ten-Year 6% Debentures.-The $3,500,000 10-year 6% de- absolutely a first mortgage.]

bentures, dated Jan. 2 1903, have been called for redemption
at 105 and interest on Oct. 28 1909 at the company's office,
No. 115 Broadway, New York City.-V. 89, p. 414, 352.
Iowa (Bell) Telephone Co.-Acquisition of Independent
Plant at Des Moines.-Des Moines "Register" recently said:

The Iowa Telephone Co. yesterday assumed control of the newly-purp.
chased Mutual Company (Mutual Telephone Co. of Des Moines; V. 86,out
sending
671, 1424; V. 78, p. 1552.-Ed."Chronicle.") and commenced
the two lines
letters to the subscribers asking their preferences as to whetheras
at present,
shall be merged or whether they shall continue to be operated
also the Bell interests have absorbed recently the independents in Du273.
p.
79,
V.
Maphalltown.and
Rapids
Cedar
buque,

Jones & Laughlin Steel Co., Pittsburgh.-Purchase of Coat
Property.-See Pittsburgh-Buffalo Co. below.
New Plant at Aliquippa.-Construction work on the
new Aliquippa plant is now progressing rapidly. The openhearth department will provide space for five large openhearth furnaces. Contracts were let last July covering the
buildings required by the open-hearth plant and blooming
and billet mills. The company will both make and erect
the structural material for the new tin-plate plant.-V. 89,
p. 106; V. 88, p. 1256.
Juniata Water & Water Power Co., Huntingdon, Pa.Default, &c.-Interest on the $750,000 first mortgage 5%
bonds being in default, a reorganization committee has been
formed, consisting of Secretary S. S. Garwood and Dane A.
Pearson. On Sept. 1 a bill in equity asking for a receivership
was filed in Common Pleas Court No. 1 at Philadelphia on
behalf of dissatisfied first mortgage bondholders, viz.: S. P.
Wetherill, Dr. Eugene Townsend, George B. Bissell, Pauline
B.Townsend and Mary M. Wyatt. The aforesaid committee
and the Trust Co. of North America, the mortgage trustee,
are named as co-defendants. The company's liabilities, it is
alleged, amount to $1,268,688. Of the $500,000 second
mortgage bonds of 1907, $256,000 are said to be outstanding.
-V. 85, p. 225.
Michigan State Telephone Co.-Results for Seven Months.
-An authoritative statement for the first seven months of
this year shows:
A net gain of 10,385 stations with a gross revenue of $2,162,115, being an
increase of *223,420 over the corresponding period of 1908. The net sur-




Sale of 5,500 Acres.-The property covered by the aforesaid bond issue includes all the property, real, personal and
mixed, now owned or hereafter acquired, "excepting certain
tracts approximating 5,500 acres of Pittsburgh River vein
coal, together with the mining rights, &c., including any
same, or any parts thereof, if any, as
surface overlying the same
11909, which the Pittsburghprovided in contract dated
Buffalo Co. has sold and agreed to convey to the Vesta Coal
Co." The Vesta Co.(V.81, p. 159) is owned by the Jones &
Laughlin Steel Co. and the aforesaid purchase is said to have
cost it $1,650,000, a check for $1,279,500, presumably the
final payment, having been given by the last-named company
the second week in August.-V. 89, p. 532.
Pope Manufacturing Co.-Termination of Voting Trust.Milton Ferguson Albert Rathbone and Walter Stabler,
voting trustees under the stock trust agreement dated Dec. 22
1908, announce under date of Aug. 31 that they have elected
to termnate said agreement and to make deliveries of the
shares, on preferred and common stock held thereunder.
the surrender of thr
Stockholders are notified that on and after Sept. 15 In
blank for transfer
outstanding stock trust certificates, properly endorsed
to receive therefor
entitled
be
will
they
to Central Trust Co. of New York,
certificates entitling them to the shares of stock represented thereby.
V. 88, p. 1376.

Public Service Gas Co., New jersey.-Te Be Holding
Company for Gas Properties of Public Service Corporation.See that company under "Railroads" above.
Shredded Wheat Co., Niagara Falls.-Bonds All Paid.The company recently canceled the remaining $100,000
bonds outstanding, leaving the capitalization $1,250,000 6%
cumulative preferred stock and $8,750,000 common stock,
paying a present dividend of 3%.-V. 88, p• 881.
Tacoma (Wash.) Gas Co., Chicago.-Consolidation.-This
company was incorporated under the laws of. Delaware on
Aug. 31, with $3,000,000 of authorized capital stock, as
successor, presumably, of the Tacoma Gas Light Co., control
of which was recently acquired by H. M. Byllesby & Co. of
Chicago. See V. 89, p. 108.
For other Investment News see page 605.

SEPT. 41909.1

THE CHRONICLE

597

*riaarts zulA :Pommel:as<
NORFOLK & WESTERN RAILWAY COMPANY.

THIRTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30TH 1909.
Philadelphia, August 26th 1909.
To the Stockholders of the Norfolk dc Western Railway Co.:
Your Board of Directors submits the following report of
the operations of your Company for the fiscal year ending
June 30 1909:
,
MILES OF ROAD OPERATED.
The length of line owned at the close of the fiscal year was
1,903.24 miles. Total operated was 1,941.58 miles, as follows:
Branches, Main Line,
•
Mites.
Miles.
Lambert's Point, Norfolk, to Columbus, Ohio
186.88
703.76
Big Sandy Low Grade Line, Naugatuck to Kenova,
a
59.16
Lynchburg to Durham
3.48
115.43
Roanoke to Hagerstown
6.05
238.11
Roanoke to Winston-Salem
.20
121.30
Walton Junction to Bristol
110.75
13.95
North Carolina Junction to Fries
48.96
43.49
Graham to Norton
100.40
22.97
Vera Junction to Cincinnati and Iyorydale
105.92
18.92
Columbus Connecting & Terminal Railroad
3.51
360.57

1,542.67
380.57

Total lines owned
Tracks of other Companies used jointly under trackage
rightsMiles.
Lynchburg Belt Line & Connecting Railway Company,
Phoebe, Va., to Forest, Va
24.36
Southern Railway, at Durham, N. C
.43
Cumberland Valley RR., at Hagerstown, Md
.63
Cincinnati Lebanon & Northern Ry., at Cincinnati, 0_ _ 3.62
Pittsburgh Cincinnati Chicago & St. Louis By., at Cincinnati, 0_
9.00
Baltimore & Ohio and Pittsburgh Cincinnati Chicago &
St. Louis By., at Columbus, 0
.30

1,903.24

Branches

38.34
Grand total operated

Brought forward
$150,000 00 $6,665,432 88
Dividends on adjustment preferred shares:
No. 24. 2 per cent, paid February 18th 1909
$459,834 00
No. 25. 2 per cent, payable
•
Aug. 18th 1909
459,834 00
919,668 00
Dividends on common shares:
No. 16. 2 per cent, paid Dec.
18th 1908
$1,289,384 00
No. 17. 2 per cent, paid June
18th 1909
1,289,384 00
2,578,768 00
Appropriations for betterments to property_ _ _ _ 1,730,580 35
5,379,016 35
Amount carried to Profit and Loss for the year
$1,288,416 53
Amount carried to Profit and Loss, June 30th 1908
4,472,771 86
$5,759.188 39
Dividend No. 23 on Adjustment Preferred shares
paid August 18th 1908
$459,834 00
Discount and commission on securities sold
800,000 00
1,259,834 00
Balance to credit of Profit and Loss June 30th 1909
$4,499,354 $9
Note A.-To facil tate comparison, the classification of the charges to the
sub-accounts "Equipment Borrowed and Loaned," "Work
Equipment,"
and "Insurance," in operating expenses for the year 1907-08
changed to conform to that of the year covered by this report. has been
Note B.-Heretofore the dividend on Adjustment
Stock declared in June, payable in August, was charged to thePreferred
income of the fiscal
year in which it was payable and not to that of the fiscal
year
in
which it
was earned. In this report adjustment has been made by charging
the
dividend payable in August 1909 to Income and the dividend paid
in
August
1908 to Profit and Loss: so that only two dividends on Adjustment
Preferred Stock appear as charged against the Income Account
of this year.

The gross earnings as reported include an additional sum of
$129,455 20 collected in the previous year, as more particularly described further on in this report. The following table
compares results of the two years after making the adjustments involved:

1,941.58

Second TrackLambert's Point to Gilmerton
Lynchburg-East and West of
Forest to 'Walton
Walton to Ripplemead (Sections)
Walton to Radford
Pearisburg to Vivian
Huger to East of Panther
Devon to Naugatuck
Kenova to West of Hanging Rock
Sciotoville to Davis
Higbys to Renick (Sections)
Valley Crossing to Columbus

Allies.
10.44
2.09
82.67
12.15
4.42
59.62
27.11
37.14
12.34
11.63
7.00
7.81

Total second track

274.42

Sidings

931.50

Gross Earnings per mile of road
Net Earnings per mile of road
Ratio of Expenses to Gross Earnings
Ratio of Taxes to Gross Earnings

1908-09.
1907-08.
$15,168 00 $15,466 00
5,957 00
5,590 00
60.72%
64.50%
3.46%
3.51%

CAPITAL STOCK.
The authorized capital stock of the Company is $100,000,000 common stock and $23,000,000 adjustment preferred
stock. The outstanding capital stock consists of660,000 shares of common stock
230,000 shares of adjustment preferred stock
Total.

$66,000,000 00
23,000,000 00
689,000,000 00

of which there was in the treasury of the Company $8,300
of adjustment preferred stock and $1,530,800 of common
The increase in mileage during the year was as followsBranches
21.35 stock.
Second Track
22.68
Sidings
FUNDED DEBT.
25.72
The aggregate funded debt outstanding on June 30 1909
The average mileage operated during the year was 1,925,
was $97,865,500, of which $13,000 was held in the treasury
as against 1,881 miles during the preceding year.
of the Company. The $10,000,000 Divisional First Lien
GENERAL INCOME ACCOUNT.
and General Mortgage bonds referred to in the previous
annual report as forming the security for the issue of $7,For the Year Ending June 301h 1909 and Comparison with Previous Year.
Increase(+) or 500,000 Five Per Cent Two-Year Collateral Gold notes were
1909.
Earnings1008.
Decrease (-)•
sold in January, and $7,500,000 of the proceeds was de_$24,710,591 12 $23,990,629 53
From freight
+$719.961 50
3,842,837 04
3,977,482 05
" passengers
-334,845 01 posited with the Trustee of the said notes as collateral in lieu
294,452
54
'290,57785
" mall
+3,874 69 of the bonds, the remainder of the proceeds being applied to
426,047 36
" express
449,324 36
-23,277 00 reimburse
the Company in part for its capital expenditures.
253,173 60
" miscellaneous
254,203 36
-1,02976
$29,327,101 66 $28,962,217 15
Total Earnings
ExpensesMaintenance of way and
$3,331,888 47 $3,384,709 39
structures
Maintenance of equipment_ 4,919,434 74
4,910,241 88
487,106 05
Traffic expenses
475,578 09
Conducting transportation 8,346,991 94
9,324.276 16
General expenses
844,335 23
689,908 58

+$364,884 51
-$52,820 92
4-0,193 06
+11,527 96
-977,284 22
-25,573 35

Operating Expenses_ _ _ _$17,729,758 43 $18,764,713 90 -$1,034,957 47
Net Earnings from Operation
-$11,597,345 23 $10,197,503 25 +$1,399,841 98
To which addInterest, General Account
$459,474 57
$137,924 80
+$321,549 77
Rents
54,373 03
51,207 12
+3,185 91
Hire of equipment
487,264 63
709,566 76
-242,302 13
Income from other sources_
22,264 87
-22,264 87
$981,112 23

$920,963 55

-1-$60,148 68

Total Income
$12,578,457 46 $11,118,466 80 +$1,459,990 66
From which deduct'Interest on funded debt
$3,985,520 00 $3,785,013 34
4.3200,506 66
Equipment
on
Interest
Trust obligations
378,666 66
442,666 66
-64,000 00
Interest on 2-year 5 per cent
Collateral Gold Notes
62,500 00
379,045 63
+316,545 63
Taxes
1,020,800 00
1,008,800 00
-12,000 00
Rents of tracks, yards, terminals and other property
152,818 96
87,370 51
+65,446 45
Miscellaneous
8,175 33
+8,175 33

Net Income

$5,913,024 58

$5,398,350 51

+$514,674 07

$8,685,432 88

$5,720,118 29

+8945,316 59

From this net income for the year ending June 30th 1909_ _ _$6,665,432 88
The following amounts have been deductedPayments to Pocahontas Coal & Coke Company
on account of deficiency of interest on Norfolk
Western-Pocahontas Joint Bonds
$150,000 00




COLLATERAL NOTES.
Under the provisions of the Collateral Note agreement,
the Trustee is authorized, upon the request of the Railway
Company, to purchase and pay for outstanding notes at par
out of the cash fund of $7,500,000 described in the preceding
paragraph. Up to June 30 1909 the Trustee had purchased
$1,114,000 of the said notes, leaving $6,386,000 outstanding
at the close of the fiscal year.
POCAHONTAS COAL & COKE-CO. MORTGAGE.
The sinking fund, provided for in the Pocahontas Coal &
Coke Company's Purchase Money First Mortgage, dated
December 2 1901, amounted in the calendar year 1908 to
$158,594 50, and through this and other sums paid to the
Trustee under the terms of the mortgage there were acquired
and canceled bonds secured thereby aggregating $237,000,
the amount of outstanding bonds of the Pocahontas Coal &
Coke Company being thus reduced to $19,302,000.
EQUIPMENT TRUST CERTIFICATES.
additional
No
Equipment Trusts have been created.
Matured Equipment Trust principal to the amount of
$2,000,000 (including $100,000 each of Series "L," "M,"
"N" and "0") was paid during the year. On June 30 1909
the aggregate of unmatured certificates was $11,900,000,
including the $3,200,000 of Series "L," "M,""N" and "0,"
held among the Company's treasury assets.
The statement following shows the details of all the Company's Equipment Trusts:

[VOL. Lxxxix.

THE CHRONICLE

598

STATEMENT OF EQUIPMENT TRUST CERTIFICATES JUNE 30TH 1909.
UNDER EQUIPMENT TRUSTS. SEE PAGES 56, 57 AND 58.)
(FOle DESCRIPTION OF EQUIPMENT FORMING SECURITY
Maturity of
Payable in Fiscal Year ending
Certificates
Total CertifiCertificates
Final
Outstanding
cafes Paid to
Paid During
Total Value of
Installment.
Amount.
Maturity.
Fiscal Year. June 30 1909. June 30 1909.
Equipment.
Series.
Date of Agreement.
Sept. 1 1911
$500,000
Sept. 1 1909
51,500,000
52,000,000
5500.000
$5,000,478 00
1902
Jan. 1 1913
March 1 1902
100.000
Jan. 1 1910
500,000
500,000
100,000
1,234,499 31
A.
Mch. 1 1913
100.000
April 1 1903
1
1910
Mch.
500,000
500.000
100,000
1,176,085 50
B.
Apr. 1 1915
200,000
June 1 1903
1910
1
Apr.
1,200,000
800,000
200,000
2,024,082 92
C.
Nov. 1 1915
April .3 1905
100,000
Nov. 1 1909
700,000
300,000
100,000
00
1,023,407
D.
Dec. 1 1915
Nov. 3 1905
100,000
Dec. 1 1909
700,000
300.000
100,000
1,027.055 40
B.
Fob. 1 1916
Dec. 4 1905
100,000
Feb. 1 1910
700,000
300,000
100,000
1,053,661 32
F.
May 1 1916
Feb. 3 1906
100,000
May 1 1910
700,000
300,000
100.000
20
1,024,415
G.
June 1 1916
May 3 1906
100,000
June 1 1910
700,000
300,000
100,000
1,033,131 72
H.
1 1916
July
June 5 1906
1
100,000
1910
July
700,000
300,000
100,000
1,043,295 43
J.
Aug. 1 1916
July 5 1906
100,000
Aug. 1 1909
800,000
200,000
100,000
1,037,567 02
K.
1 1916
Dec.
Aug. 3 1906
100,000
1909
1
Dec.
800,000
200,000
100,000
1,027,914 35
L.
Mch. 1 1917
'Dec. 3 1906
Mch. 1 1910
100.000
800,000
200,000
100.000
1,048,739 58
M.
1 1917
*March 4 1007
Apr.
1910
1
100,000
Apr.
800,000
200,000
100,000
1,047,075 00
N.
*Apr11 4 1907
June 1 1917
100.000
June 1 1910
800,000
200,000
100,000
1,052,856 10
0.
June 4 1907
$2,000,000
$11,900,000
$6,600,000
$2,000,000
$20,854,263 83
Totals
In treasury of Company,

Tug Fork Branch was extended above Pageton 3.70 miles
CONSTRUCTION, EQUIPMENT AND BETTERMENTS.
to No. 12 Plant of the United States Coal & Coke Company.
betterand
equipment
,
The expenditures for construction
SPICE CREEK BRANCH.
ments, summarized in the following table, aggregated $2,miles, has been completed and put into
4.54
branch,
This
to
property
charged
was
43
840,420 49, of which $1,498,838
W. Va., up Spice Creek to coal
from
Roderfield,
operation
.
betterments
accounts and $1,341,582 06 to
ahontas Collieries Company.
Premier-Poc
of
the
operations
to
Charged
Charged to
Total.
Property Accts. Betterments.
$430,653 82
$430,653 82
Branches and extensions
Right of way and station
$48,631 65
55,947 10 Cr.$7,315 45
grounds
Cr.161 00
Cr.161 00
Real Estate
24,984 87
24,984 87
Widening cuts and fills
2,884 64
64
2.884
banks
of
Protection
43
101,952
43
101,952
Grade revision and change of Has
7,117 73
7,117 73
Tunnel improvements
71
27
263,765
263,872
56
Cr.106
culverts_
and
trestles
Bridges,
623,038 55 1,503,306 95
880,268 40
Additional main tracks
36,308 42
8,941 36
27,367 06
Sidings and spur tracks
21,778 03
5,067 68
16,710 35
Terminal yards
14,388 86
14,388 86
Fencing right of way
Track elevation, elimination of
85
22,352 85
22,352
grade crossings, &c
Cr.4,763 86
Cr.4,763 86
Interlocking apparatus
95
95
106,676
106,676
apparatus
signal
other
and
Block
82,745 78
82,745 78
Telegraph and telephone lines..
22,787 68
5,955 48
16,832 20
Station buildings and fixtures_ _
Shops, enginehouses and turn320 83
3,898 83
3,578 00
tables
22,057 98
22,057 98
Shop machinery and tools
27
11
85,154
61,303
16
23,851
Water and fuel stations
Grain elevators and storage
823 92
823 92
warehouses
33,089 74
33,089 74
Miscellaneous structures..
Reconstruction of road pur9,984 24
24
9,984
chased
51,498.838 43 $1,341,582 06 $2,840,420 49
Add Principal of Equipment
672,252 74
672,252 74
Trusts
23
80
$3,512,673
$2,013,834
43
$1,498,838
Total

,/

POPLAR CREEK BRANCH.

This branch, 2.07 miles, has been completed and put into
operation from a point one mile east of Sands, W. Va., to
coal operations of the Majestic Collieries Company in Pike
County, Ky.
TOWN HILL BRANCH.

This branch, 1.42 miles, has been completed and put into
operation from near Richlands, Va., on the Clinch Valley
District to the coal operation of the Clinch Valley Mining
Corporation.
COMPANIES IN WHICH NORFOLK & WESTERN
RAILWAY COMPANY HAS AN INTEREST.
WINSTON-SALEM SOUTHBOUND RAILWAY.

Early in. 1909 your management commenced negotiations
which resulted in the approval by your Board of Directors
on June 24 of the purchase of a one-half interest in the
Winston-Salem Southbound Railway Company, a corporation chartered by the General Assembly of North Carolina
on January 31 1905, with power to construct, maintain and
operate a railroad southward from Winston-Salem, North
Carolina, the other one-half interest being owned by the
Atlantic Coast Line Railroad Company.
The Winston-Salem Southbound Railway Company has
contracts to build its line from a connection with
awarded
as
follows:
made
were
Advances for construction purposes
your Company's road at Winston-Salem, N. C., to a point of
00
$2
Blackstone & Lunenburg Railroad
20,284 92 connection with the Atlantic Coast Line Railroad at or near
Lynchburg Belt Line & Connecting Railway
54 270 41
Wadesboro, N. C., a distance of about ninety miles. The
Big Stony Railway
257,982 94
Interior & West Virginia Railroad
will be operated independently and impartially as beline
Potts
&
Virginia
account
Railroad,
Virginia
Interior ec West
20,742 04 tween your Company and the Atlantic Coast Line Railroad
Creek Railroad
2,300 00
Pocahontas & Western Railroad
2,107 63 Company. It will occupy a country not heretofore well supGuyandot & Tug River Railroad
2,977 50 plied with railroad facilities and will open a direct route
account Barker & Clarks Gap Railroad
5,910 22
account Clear Fork do Oceana Railroad
via the
105,834 66 between your lines and the South Atlantic seaboard
Winston-Salem Southbound Railway
Atlantic Coast Line Railroad.
$472,412 32
The total capital stock of the Winston-Salem Southbound
Railway
Company consists of 1,250 shares. Your Company
s
To meet the cost of extraordinary replacement and better- and the Atlantic Coast Line Railroad Company own 621
ments to your propertyshares each, the remaining 8 shares being owned by indi35
there has been appropriated from net income the sum of.. __ _$1,730,580
viduals, qualifying them to serve as Directors.
45
283,254
1908
30th
June
Fund
Betterment
in
Credit balance
To insure impartiality as between the two proprietary
$2.013,334 80
Total
companies,all their shares of stock have been assigned to and
deposited with the United States Trust Company of New
Against this amount the following expenditures
York, as Trustee, under an agreement adjusting the rehave been charged:
$1,341,582 06
rights of the two companies and furnishing to each
spective
Betterments, excluding rolling stock
74
672,252
covenants underPrincipal of Equipment•Trusto
$2,013,834 80 of them security for the performance of the
taken by the other.
The Norfolk & Western Railway Company and the Atlantic
Following is a statement of the Equipment Replacement
Coast Line Railroad Company have contracted to furnish
Account for the fiscal year:
equal shares of the total cost (estimated at $3,000,000) of
Credits to Equipment Replacementsconstructing and equipping the Winston-Salem Southbound
Equipment Depreciation for the year, charged in Operating
$1,172,802 71
Expenses
Railway and of the amounts required to pay taxes and
214,900
00
value
net
gold,
or
Equipment destroyed
108,728 93 governmental charges, interest charges, etc., accruing during
Salvage from Equipment destroyed
period of construction, receiving therefor interest..
$1.496,431 84 the
Total Credits
bearing certificates of indebtedness payable out of the proCharges$346,011 15
ceeds of an issue of First Mortgage Fifty-Year 4 per cent gold
New Equipment
927,747 26
Principal of Equipment Trusts
1,273,758 41 bonds of the Winston-Salem Southbound Railway Company,
the payment of the principal and interest of which will be
$222,673 23
Credit balance Juno 30th 1909
guaranteed by the two proprietary companies jointly and
severally.
LYNCHBURG BELT LINE & CONNECTING RAILWAY.

LUNENBURG RAILROAD.

BLACKSTONE &
The extensions during the year were 0.64 mile of connecThis line extends 5.52 miles southward from Blackstone to
of
mile
0.05
sidings;
and
Railway
Southern
the
with
tion
Dillard. Sidings, 0.35 mile.
making 22.33 miles of main line, 2.03 miles of connecting
BIG STONY RAILWAY AND CONNECTIONS.
branches and 7.68 miles of sidings.
The Big Stony Railway has been extended to the line
BRANCHES AND EXTENSIONS.
between Giles County, Virginia, and Monroe County, West
CATAWBA BRANCH.
Virginia. Total length in operation, 16.65 miles; sidings,
This line, formerly known as the Catawba Valley Railway, 0.79 miles. The old portion of this road has been improved
has been completed from Salem, Va., to the mines .of the during the year by relaying with 75-lb. section rail. Two
additional water tanks of 50,000 gallons capacity were
Cooper Silica & Glass Company, 9.39 miles.
TUG FORK BRANCHES.
erected.
The Interior & West Virginia Railroad has been completed
The extension of Sand Lick Branch up the Right Fork of
rom the terminus of the Big Stony Railway at the Virginia
Sand Lick, 2.12 miles, was completed.




THE CHRONICLE

SEPT. 4 1909.1

599

946 locomotives.

A dam on Mud Fork of Bluestone River was constructed
to store water collected during wet seasons for use in engine
service on line between Bluestone and North Fork supplied
by the Bluestone Pumping Plant.
Interlocking and signal apparatus was installed at St. Paul;
automatic signals at Bridges Nos. 5 and 7, at Durmid, between Thaxton and Montvale; between Roanoke and Elliston; at Cedar; between Coaldale and Switchback, and between Naugatuck and Webb. Interlocking plant was improved at Durham Junction.
2,558 lineal feet of wooden bridges and 13 lineal feet of
light iron bridges were replaced by masonry arches or culverts and embankments.
751 lineal feet of wooden bridges and 2,404 lineal feet of
light iron bridges were replaced by new standard steel structures. The latter includes a double-tracked lift-bridge with
approaches on new piers at South Branch of Elizabeth River,
near Norfolk; and a bridge over the Potomac River at Shepherdstown, with new masonry, on improved line and grade.
578 lineal feet of wooden bridges on branch lines were replaced by iron bridges released from the main line.
New overhead steel highway bridges were built at Mangum
Street, Durham and Kent's Crossing, Wytheville. A new
overhead steel foot bridge was built at Bedford. New undergrade road crossings were built at Groveport Pike, Ohio, and
Baldwin, Ohio.
The main tracks through Petersburg Yard were raised
above flood level.
The westbound track through western part of Portsmouth
was raised above flood level; and on the Cincinnati District
a similar improvement in main track was made for one-half
mile directly west of Scioto River Bridge.
400 lineal feet of Dingess Tunnel was lined with brick.
653,358 lineal feet (123.74 miles) of standard fencing
were erected.
TRAFFIC.
As compared with the preceding year, the number of
passengers carried increased 94,885, or 2.0 per cent; the average haul of passengers decreased 8.57 miles.
The total passenger revenue decreased $334,645 01, or 8.4
per cent; the average rate per passenger per mile increased
0.227 cents.
Tons of freight carried increased 1,441,013 tons, or 7.7 per
cent; the average haul of freight increased 0.25 mile.
The total freight revenue increased $719,961 59, or 3.0 per
cent; the average rate per ton per mile decreased 0.021 cents.
The freight train mileage decreased 4,037 miles, or 0.05 per
cent; the average tons per train mile increased 45 tons, or
7.9 per cent.
The coal shipments were 10,978,560 tons, an increase of
1,258,592 tons, or 12.9 per cent.
The lumber shipments were 1,523,518 tons, a decrease of
16,974 tons, or 1.1 per cent.
The shipments of other low-class commodities connected
with the iron and steel industries were as follows:
Coke shipments were 2,260,827 tons, an increase of 113,817 tons, or 5.3 per cent.
Ore shipments were 692,488 tons, an increase of 3,928 tons,
or 0.6 per cent.
Pig and bloom iron shipments were 333,762 tons, an increase of 17,937 tons, or 5.7 per cent.
The following statement gives the passenger and freight
statistics for the years 1909 and 1908:

There were in the shops undergoing and awaiting repairs
at the close of the year 80 locomotives, or 8.5 per cent (32
needing only light repairs), 24 passenger cars, or 6.1 per cent,
and 1,757 freight cars, or 4.9 per cent.
MAINTENANCE OF WAY AND STRUCTURES.
The cost of Maintenance of Way and Structures was
$3,331,888 47, or about $1,731 00 per mile of road, as compared with $1,799 00 per mile of road for the preceding year.
• 60.82 miles of main track were relaid with 85-pound steel
rails.
30 miles of Durham District were laid with re-sawed 75pound steel rail.
44.27 miles of Winston-Salem District were laid with resawed 85-pound steel rail.
35.48 miles of track were full ballasted.
Passenger stations and freight depots were built or enlarged at Myrtle, Goode, Berryville, Martinsville, Stoneville,
Dublin, Bluestone and Idlewild.
The two top floors and roof of the west wing of the General
Office Building at Roanoke having been destroyed by fire
February 10 1909, the entire interior of the wing was afterwards replaced with steel and concrete fire-proof construction.
One section foreman's house and one section men's house
were erected.
The Bluefield Inn property at Bluefield, formerly owned
by the Virginia Company, was purchased and remodeled for
use as offices for the General Superintendent of the Western
Division and the Superintendent of the Pocahontas Division.
At Williamson there were installed one and one-half million
gallons capacity pumps with filter in bed of Tug River for
use of shops and engine service and an electric power plant
for driving shops and pumps.
Standard 50,000-gallon tanks were erected at Moran,
Farmville, Claren and Grapevine. Claren is a new water
station; the balance were replacements of smaller tanks.

TRAFFIC AND MILEAGE STATISTICS.
Increase (+) or
Freight Traffic1908-09.
*1907-08.
Decrease (-).
Tons of freight carried__ __
20,049,203
+1,441,013
18,608,190
mile
Tons carried one
5,377,020,950 4.985,915,528
+391,105,422
Tons carried one mile per
mile of road
2,793,258
2,650,673
+142,585
Average distance carried
268.19
per ton (miles)
+0.25
267.94
Total revenue from freight_$24,710,591 12 *23,990,629 53
+$719,961 59
Average revenue per ton of
freight (cents) •
123.25
-5.68
128.93
Average revenue per ton
per mile (cents)..
-0.021
0.481
0.460
Total freight earnings
+$717,380 92
$24,881,320 48 $24,163,939 56
Freight earnings per mile of
road
+$79 04
$12,925 36
$12,846 32
Freight earnings per train
mile (cents)
285.16
+8.35
276.81
Passenger TrafficPassengers carried
4,919,535
4-94,885
4,824,650
Passengers carried one mile 171,270,331
-38,009,077
209,279,408
Passengers carried one mile
per mile of road
88,972
111,260
--22,288
Average distance carried
per passenger (miles)_ __
34.81
43.38
-8.57
Total passenger revenue_ _133,642,837 04 $3,977,482 05 --$334,645 01
Average revenue from passengers(cents).
74.05
82.44
-8.39
Average revenue per passenger per mile (cents)__
1.900
2.127
+0.227
Total passenger earnings__ $4445,781 18 $4,798,277 59 --$352,496 41
Passenger earnings per mile
of road
$2,309 50
$2,550 92
-$241 42
Passenger earnings per train
120.72
mile (cents)
118.12
-2.60
Total Traffic$29,327,101 66 $28,962,217 15
Gross earnings
+$364,884 51
Gross earnings per mile of
$15,234 86
road
$15,397 24
--$162,38
Gross earnings per train
234.82
mile (cents)
231.10
+3.72
expenses:
Operating
$14,838,663 59 $15,690,651 08 --$851:987 49
Freight
12,891,092 84 $3,074,062 82 --$182.969 98
Passenger
$17,729,756 43 $18,764,713 90 --$1,034,957 47
Total
$7,708 39
Per mile of road,freight_
$8,341 65
--$633 26
Per mile of road, passen$1,501 87
ger
$1,634 27
--$132 40
Per mile of road, Total
$9,210 26
$9,97592
--$765 66
* See Note A cn page 597. 1 Includes $129,455 20 collected in the preceding year, as explained in text of report.

*State line to a connection with the Virginia & Potts Creek
Railroad, a distance of 17.53 miles.
The Virginia & Potts Creek Railroad has been graded for
a distance of 4.20 miles from the terminus of the Interior &
West Virginia Railroad at the line of Craig County, Virginia,
to the iron ore mines near Paint Bank. Track will be completed in September 1909.
POCAHONTAS & WESTERN RAILROAD.

At date of June 30 1909 the operated length of the Pocahontas & Western Railroad was 3.29 miles of main line and
1.13 miles of sidings. Work upon the extension, which was
discontinued in 1907, has not yet been resumed.
GUYANDOT & TUG RIVER

RAILROAD AND CONNECTIONS

Further progress has been made in securing right of way
on this located line and branches. The length of the located
main line is 62.27 miles and of the branches 36.13 miles.
The Clear Fork & Oceana Railroad has been located from
the mouth of Clear Fork on Guyandot River up Clear Fork,
24.63 miles, with 17.92 miles of branches. Some right of
way has been secured and some grading done.
The Barker & Clarks Gap Railroad has been located from
a point near Low Gap in Micajah Ridge to the mouth of
Barker Creek, 10.76 miles, with 16.57 miles of branches.
Some right of way has been secured and some grading done.
WEST VIRGINIA SOUTHWESTERN RAILWAY.

Pursuant to authority given at the annual meeting of the
stockholders held October 8 1908, the railroad, property and
franchises of the West Virginia Southwestern Railway have
been conveyed to your Company, and the railroad is now
being operated as the Clear Fork Branch.
CARETTA RAILWAY.

Pursuant to authority given at the annual meeting of the
stockholders held October 8 1908, the railroad, property and
franchises of the Caretta Railway Company have been conveyed to your Company, and the railroad is now being operated as the Caretta Branch.
MAINTENANCE OF EQUIPMENT.
The standard of your Company's equipment has been
maintained. The cost of maintenance was $4,919,434 74,
an increase over the preceding year of $9,193 06.
Additions to the machinery at the various shops have been
made at a cost approximately as follows:
$19,634 00
7,058 00

Roanoke Shops
Bluefield Shops
Portsmouth Shops
Outlying Shops

24,287 00
$51,722 00

Total

The cost of engine repairs was $1,229,535 27, a decrease
from the preceding year of $181,240 01.
The following equipment was acquired through the Equipment Replacement Accounts, in replacement of equipment
previously destroyed:
309 drop-bottom gondola cars, 100,000 pounds capacity,
50 side dump cars,
1 steam shovel,
5 spreader cars,
5 locomotive cranes.

The total equipment owned and leased June 30 1909
consisted of:
102 passenger locomotives.
793 freight locomotives,
53 switching locomotives.




395 passenger cars,
35,882 freight cars,
1,031 work equipment cars,
10 barges.

'600

THE CHRONICLE

Increase(+) or
cperatIng expenses:
1908-09.
Decrease (-).
1907-08.
Per train mile, freight
170.06
(cents)
-9.68
179.74
Per train mile, passenger
(cents)
77.34
76.81
-0.53
Per train mile, Total
(cents)
147.70
141.96
-574
Per ton per m le (cents)0.315
0.276
-0.039
per passenger per mile
(cents)
1.469
1.688
+0.219
:Net earnings:
Freight
$10,042,656 89 $8,473,288 48 A-$1,569,368 41
Passenger
$1,554,688 34 $1,724,214 77 -5169,526 43
Total
$11,597,345 23 410,197,503 25 +$1.399,841 98
Per mile of road,freight..
$4,504 67
$5,216 97
+$712 30
Per mile of road, passenger
$916 65
$807 63
--$109 02
• Per mile of road, Total_
$5,421 32
$6,024 60
+$603 28
Per train mile, freight
(cents)
97.06
115.10
+18.14
Per train mile, passenger
(cents)
43.38
41.31
-2.07
Per train mile, Total
80.27
(cents)
92.86
+12.59
0.170
0.187
mile
Per ton per
+0.017
(cents)Per passenger per mile
0.824
0.908
+0.084
(cents)
Train Mileage8,557,450
8,548,948
.Of revenue freight trains_ _
--8,502
3,802,761
3,587,179
Of revenue passenger trains
--215,582
172,103
176,568
Of revenue mixed trains__ _
A-4,465
4,970
4,827
Of revenue special trains _ _
--143
475,845
506,757
Of non-revenue trains
--30,912
13,044,041
12,793,367
Made by all trains
--250,674
Locomotive Mileage12,401,584
12,733,573
--331,989
, Of revenue freight trains _ _
3,754,919
4,011,983
--257,064
Of revenue passenger trains
184,092
180,048
A-4,044
Of revenue mixed trains
6,485
6,185
A-300
« Of revenue special trains _ _
2,492,618
2,994,575
--501,957
Of switching locomotives_ _
536,632
567,977
--31,245
Of non-revenue trains __ _ _
19,376,330
20,494,341
--1,118,011
. Of all locomotives
Car MileageMileage of loaded freight cars:
98,750,697
99,336,054
--585,357
North and East
198,128,217
83,712,120
South and West
+9,416,097
Mileage of empty freight cars:
60,460,159
51.614,887
North and East
+8,845,272
63,008,681
63,033,431
South and West
-24,750
Mileage of caboose cars:
4,307,422
4,291,175
North and East
+15,247
4.237,093
4,247,355
West
and
South
•
-10,262
Average number freight
cars per train mile ca36.14
34.10
eluding caboose
+2.04
_ Average number loaded
20.97
21.99
freight cars per train mile
+1.02
Average number empty
freight cars per train
13.13
14.15
psi mile excluding caboose_
+1.02
tons
number
Average
571
616
freight per train mile
+45
tons
number
Average
freight per loaded car
27.24
28.02
mile
+0.78
21,842,100
19,709,897
Mileage of passenger cars.._
-2,132,203
Average number passenger
5.50
5.24
-0.26
cars per train mile
Average number of passen53
46
-7
gers per train mile
Mileage of cars in special
58,339
64,891
+6,552
service
. Average mileage operated
1,881
1.925
during year
+44
SUMMARY OF FREIGHT AND PASSENGER CAR MILEAGE.
-Year ending June 301909.
1908.
Mileage of Norfolk & Western freight cars on Norfolk ec Western Railway (Including caboose) _ _ _228,816.345 204,641,146
Mileage of foreign freight cars on Norfolk & West95,075,924 101,595,157
ern Railway
Percentage of freight car mileage made by foreign
29.35
cars
33.18
Mileage of Norfolk & Western.box cars on Norfolk
39,001,480 31,056,121
& Western Railway
Average number of box cars in service on Norfolk
4,126
3,747
& Western Railway
Average daily mileage of box cars on Norfolk 80
25.90
Western Railway
22.71
153.051,
Mileage of Norfolk & Western coal cars on Norfolk
982 140,229,117
& Western Railway
. Average number of coal, cars in service on Norfolk
15,268
15,219
& Western Railway
_ Average daily mileage of coal cars on Norfolk &
27.46
Western Raiwlay
25.24
Total Norfolk ec Western freight car mileage on
Norfolk ec Western Railway in transportation of
221,004,127 197,151,965
freight
Average number of Norfolk & Western freight cars
34,005
in service
35,184
. Average number of Norfolk & Western freight cars
23,065
22,787
in service on Norfolk & Western Railway
Average daily mileage on Norfolk ec Western Rail26.25
23.70
way
• Total passenger car mileage on Norfolk & Western
19,709,897 21,842,100
Railway
Mileage of Norfolk & Western passenger cars on
15,059,154 16,720,104
Norfolk & Western Railway
Mileage of Norfolk & Western passenger cars on
1,107,312
1,208,035
foreign lines
• Total mileage made by Norfolk & Western passen16,166,476 17,928,139
ger cars.
Mileage of foreign passenger cars (including Pull4,650,743
man) on Norfolk & Western Railway
5,121,996
Percentage of passenger car mileage made by for23.60
23.45
eign cars

GENERAL REMARKS.
Among the industries established on your lines during the
, year are the following:
13 manufactories of mineral and metal products.
8
" lumber products.
13
" farmimplements and farm products.
1 coal mine.

At the close of the year 159 coal and coke companies were
n operation; 13,931 coke ovens were completed, including
2,151 coke ovens of the United States Coal & Coke Company.
There were also in operation 7 iron furnaces, with an estimated aggregate capacity of 1,035 tons of pig iron per day;
17 furnaces with an aggregate capacity of 2,043 tons of pig
iron per day were out of blast.
The following work is under construction:
Double track from Hull, W. Va., to Wyoming, W. Va.,




[VOL. Lxxxxx.

7.0 miles, roadbed for which is approaching completion,
ill be in operation this fall.
Double track from Sheridan 0., to Coal Grove, 0., 3.0
miles, will be completed this fall.
Double track from Wheelersburg, 0., to Doty, 0., 3.7
miles, will be completed this fall.
Double track, Waverly, 0., to Higbys, 0., 8.0 miles. It
is expected that this section will be completed by December 31 1909.
Double track, Higbys, 0., to Renick, 0., partly built.
The remaining 4.2 miles will be completed before December 31 1909.
Double track, Cromley, 0., to Valley Crossing, 0., 13.0
miles. This work is well advanced and will be completed
by December 31 1909.
All sections of double track under construction in Ohio
include improvements of both line and grade, the maximum
grade against westbound traffic being 0.3 per cent.
From the commencement of its operations, October 1 1896
to June 30 1909, your Company has expended for railroad
lines, branches and extensions acquired and constructed,
for second track, sidings, yards, stations and other transportation facilities, for equipment, for betterments to property
necessary to maintain its earning power and for advances
to affiliated lines for construction purposes, the sum of
$63,942,251 20, of which the sum of $48,253,941 12 was
provided by the sale of capital obligations, and the remainder, $15,688,310 08, was provided from Surplus Income.
Additions to the equipment in use were also made through
the agency of Equipment Trusts, under which there had
been issued an aggregate of $18,500,000 Equipment Trust
Certificates, of which $6,600,000 matured and were paid
to June 30 1909.
These expenditures and trust agreements have added to
your Company's road 333.96 miles of main line and branches,
220.40 miles of second track and 492.52 miles of sidings;
and to the equipment 540 locomotives, 153 passenger cars,
19,709 freight cars and 874 maintenance of way cars.
The legal proceedings to protect your revenues in connection with the reduction of passenger rates in Virginia,
referred to in the two preceding annual reports, terminated
satisfactorily to your Company. After decision rendered
by the Supreme Court of the United States on November 30
1908, in the case of your Company and other railroad cornpanies of Virginia, and pending final action of the Circuit
Court of the United States for the Eastern District of Virginia under that decision, application was made by your
Company to the State Corporation Commission of Virginia
for relief from the then existing but unreasonable passenger
rate of two cents per mile, which had been in force during
the nineteen months from October 1 1907, and which had
involved a considerable loss of revenue. This application
resulted in an order of the Commission made March 16 1909
permitting your Company to put in effect from and after
April 1 1909 a maximum passenger rate of two and one-half
cents per mile. Report of this action having been made to
the Circuit Court of the United States for the Eastern District of Virginia, that Court on May 6 1909 entered a decree
declaring that there was no liability on your Company upon
the coupons, amounting to $129,455 20, issued under previous orders of the Court, for passenger fares collected in
Virginia during July, August and September 1907 in excess
of the rates of fare based upon the maximum rate prescribed
by the State Corporation Commission under its order of
April 27 1907, and that order having been superseded by the
order of March 16 1909, the cause was stricken from the
docket.
The gross earnings reported for the year ending June 30
1909 therefore include the sum of $129,455 20 referred to
in the foregoing paragraph. This sum had been held out
of the gross earnings of the year ending June 30 1908 and
carried in a suspense account pending the decision referred to.
The addition of this sum to your gross earnings increased
the net earnings in a like amount. Deducting it therefrom,
for the sake of comparison, there remains as the net earnings
from the business of the year $11,467,890 03, being the
greatest in the history of the Company, excepting the year
ending June 30 1907, when the net earnings aggregated
$11,649,845 52.
The fact that your Company was able to make these earnings and to keep its operating ratio at 60.72 per cent during
a period of business depression and at the same time maintain
the condition of your road and equipment, is principally
due to the road facilities and equipment provided in previous
years, which enabled your Operating Department to handle
the business economically and efficiently.
Recovery from the recent business depression has made
substantial progress and already indicates that the limit of
economical and efficient operation on parts of your line has
aga-in been reached. As rapidly as financial conditions warranted, the partially suspended work of double-tracking in
West Virginia and Ohio was resumed. Much of it has been
completed and is now in operation; the balance is progressing
rapidly. After the work now authorized is completed,there
will remain 64 miles of single track in Ohio and 21 miles in
West Virginia which must be converted into double track as
rapidly as possible to enable your management to meet the
requirements of business confronting your Company.,
In preceding annual reports,attention was directed to the
effect upon the revenues and credit of railways from - the en-

• SEPT. 4 1909.1

THE CHRONICLE

forcement of the policies then being injected into State and
national legislation. It is gratifying to note more conservative expressions in the press and from municipal and business organizations respecting future State and national
legislation affecting common carriers.
The Board records with regret the death on December 4
1908 of Mr. E. L. DuBarry, the Company's Superintendent
of Terminals at Norfolk. Mr. DuBarry had been an officer
of your lines for a period of twenty-four years and had performed his duties with ability and fidelity.
Effective January 1 1909, Captain N. M. Osborne, who
had for many years been the Company's General Agent at
Norfolk, was appointed Resident Assistant to the President
at Norfolk, and Mr. E. M. Graham was appointed General
Agent and Superintendent of Terminals at Norfolk.
The certificate of Messrs. Price, Waterhouse & Co. the
independent auditors elected by the stockholders of the
Company to audit the books and accounts of the Company,
is attached to the Balance Sheet. [See below.]
The officers and employees of the Company have faithfully
and efficiently discharged their duties during the year.
By order of the Board.
L. E. JOHNSON,
President.
CERTIFICATE OF INDEPENDENT AUDITORS.
PRICE, WATERHOUSE & CO.,
Chartered Accountants.

New York, August 26th 1909.
To the Shareholders of the Norfolk & Western Railway Co.:
We have examined the books and accounts of the Norfolk

601

& Western Railway Company at Roanoke and Philadelphia
for the year ending June 30 1909, and,
We Certify that the annexed General Balance Sheet is
properly drawn up therefrom so as to show the true financial
position of the Company at that date.
PRICE, WATERHOUSE & CO.,
Chartered Accountants.

COST OF ROAD JUNE 30 1909.
The cost of road June 30 1908 was
Add for:
Honaker Branch
Operation tracks U. S. C. & C. Co
Freeborn Branch
Spice Creek Branch
Town Hill Branch
Poplar Creek Branch
Catawba Branch
Petersburg Belt Line
Clear Fork Branch
Caretta Branch
Right of way and station grounds
Additional main track
Sidings and spur tracks
Terminal yards
Station buildings and fixtures
Shops, engine houses and turntables
Water and fuel stations
Grain elevators and storage warehouses__ _
Miscellaneous structures
Reconstruction of road purchased

$154,311,638 63
$13 00
74,009 61
2,222 99
28,545 16
8,016 13
11,272 43
52,474 00
92,008 84
151,705 07
10.386 59
55,947 10
880,268 40
27,367 06
16,710 35
16,832 20
3,578 00
23,851 16
823 92
33,089 74
9,984 24

$1,499,105 99
Less adjustment in respect of previous year
267 56
Cost of road June 30 1909

1,498,838 43

$155,810,477 06

COST OF EQUIPMENT JUNE 30 1909.

The cost of equipment June 30 1908 was
No additional charges

$15,830,194 88

Cost of equipment June 30 1909

$15,830,194 88

NORFOLK & WESTERN RAILWAY COMPANY-GENERAL BALANCE SHEET JUNE 30TH 1909.
COST OF ROAD AND EQUIPMENTRailroad franchises and other property
Rolling Stock

ASSETS.
$155,810,477 06
15,830,194 88

Comparison with
June 30 1908.
+$1,498,838 43

$171,640,671 94
ADVANCES FOR CONSTRUCTIONBLACKSTONF. & LUNENBITRG RAILROAD COMPANY
51,184 09
BIG STONY RAILWAY COMPANY
INTERIOR & WEST VIRGINIA RAILROAD COMPANY
POCAHONTAS & WESTERN RAILROAD COMPANY
4
413
2i2735 7
41
++2
+
7584
2i3
72+
0
720
0
42 0
9400
801
GUYANDOT & TUG RIVER RAILROAD COMPANY+10,9
216,259 34 9535
WEST VIRGINIA SOUTHWESTERN RAILWAY
-151,855 07
CARETTA RAILWAY COMPANY
-10,386 59
WINSTON-SALEM SOUTH BOUND RAILWAY COMPANY
105,834 66
+105,834 86
EQUIPMENT LEASED UNDER TRUST AGREEMENTS, LESS AMOUNTS PAID OUT OF INCOME
12,878.585 01
-1.600,000 00
COMPANY'S SECURITIES OWNEDAdjustment preferred stock
38,300 00
Common stock
1,530,800 00
First consolidated mortgage bonds
13,000 00
Divisional first lien and general mortgage bonds
-10,000,000 00
1,552.100 00
EQUIPMENT TRUST CERTIFICATES OWNED
3,200,000 00
-400,000 00
INVESTMENTS IN OTHER COMPANIES
3,872,314 59
+10,576 54
ACCOUNTS RECEIVABLEStation agents
$563,639 15
-3,379 20
Traffic balances
942,492 17
+279,091 00
United States Government
94,651 08
-47,613 88
Individuals and Companies
884,960 14
+61,306 43
Norfolk & Western Railway Company 5% Two-Year Collateral Notes Purchased (to be delivered to Trustee) - - 246,000 00
+248,000 00
2.661,742 54
INSURANCE PREMIUMS PAID IN ADVANCE
57,776 61
7145
MATERIAL AND SUPPLIES
2,576,611 77
-10213,950
67
3
POCAHONTAS COAL & COKE COMPANY-CASH ADVANCES FOR ADDITIONAL REAL ESTATE
1,059,000
00
+153,000
00
CASH DEPOSITED IN TRUST FOR REDEMPTION OF OUTSTANDING 5% TWO-YEAR COLLATERAL NOTES
6,386,000 00
+8,386,000 00
CASH
•7,555,841 76
+1,536,489 60
$215,029,798 79 -$1.787,281 95
• Includes $4,000,000 of special deposits on interest-bearing short-time certificates.
LIABILITIES.
CAPITAL STOCKAdjustment preferred
Common
FUNDED DEBTSouth Side Railroad Company,consolidated mortgage bonds
Virginia & Tennessee Railroad Company enlarged mortgage bonds
Norfolk & Western Railroad Co.
General mortgage 6% bonds
New River Division first mortgage 6% bonds
Improvement and Extension mortgage 6% bonds
Scioto Valley & New England RR. Co. first mortgage 4% bonds
Columbus Connecting & Terminal RR. Co. 5% mortgage bonds
Norfolk & Western Railway Co.:
First consolidated mortgage 4% bonds
Divisional first lien and general mortgage 4% bonds
Convertible 10-25-year 4% bonds

$23,000,000 00
66,000,000 00
$80,000,000 00
$1,000 00
5,000 00
7,283,000 00
2,000,000 00
5,000,000 00
5,000,000 00
600,000 00
40,400,500 00
23,000,000 00
14,576,000 00

OUTSTANDING EQUIPMENT TRUST CERTIFICATES FOR LEASED EQUIPMENT
NORFOLK & WESTERN RAILWAY CO. 5%, 2-YEAR COLLATERAL NOTES
INTEREST ON FUNDED DEBT. EQUIPMENT TRUST CERTIFICATES AND COLLATERAL NOTES ACCRUED BUT NOT MATURED
LYNCHBURG BELT LINE dc CONNECTING RAILWAY CO. CONSTRUCTION
ACCOUNTS PAYABLEPay rolls
$1,027,707 38
Audited vouchers
1,364,842 68'
Traffic balances
86,905 90
Individuals and companies
888,207 39
DIVIDEND NO. 25 ON ADJUSTMENT PREFERRED SHARES, PAYABLE AUG. 18 1909
TAXES ACCRUED
RESERVESEquipment replacements
Betterments _ _ ----------------PROFIT AND LOSS

97,865,500 00
11,900.000 00 -$2,000,000 00
6,386,000 00
--1,114,000 00
842,458 33
209,310 77

3,147,663 35
459,83400
‘197,004 72
222,673 23
4,499,354 39

-343,788 67
-20,284 92
+205,113 88
+674,600 48
+19,179 05
+378,918 03
+459,834 00
+7,144 89
+222.673 23
-283,254 45
+26,582 53

$215,029.798 79 -$1,767,261 95

-The new firm of Battles & Co., at 60 Broadway, New
York, and 131 South Fifth St., Philadelphia, has been formed
Co transact a banking, investment and brokerage business
with membership in the New York and Philadelphia stock
exchanges. Battles ez Co. has taken over the business
heretofore conducted by Battles, Heye & Harrison, which
dissolved Aug. 31st, and will be comprised of the members
of that firm, Frank Battles, George G. Heye and Hugh H.
Harrison, with the. addition of Pahud F. Thompson.




-Fisk & Robinson's monthly bulletin for September has
an excellent article on the Corporation and the Corporation
Tax.
-William L. McKenna, a member of the banking firm of
Plympton, Gardiner & Co., has just returned from a four
months' sojourn in Europe.
-Attention is called to the list of investment bonds advertised on another page by Plympton, Gardiner & Co.,
New York and Chicago.

THE DENVER & RIO GRANDE RAILROAD COMPANY.

TWENTY-THIRD ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1909.

To the Stockholders of The Denver & Rio Grande Railroad
Company:
The income of your consolidated Company for the fiscal
year ended June 30 1909, including $1,025,577 27 interest,
dividends and other receipts, was $21,902,148 54, an increase
of $918,568 16 as compared with the previous year.
The gross revenue from operation was $20,876,571 27,
being $490,139 88 more than the previous year; the operation
expenses were $14,452,574 11, being an increase of $1,527,268 59; and the net revenue was $6,423,997 16, a decrease
of $1,037,128 71. The percentage of increase in gross revenue was 2.40 per cent; in expenses, 11.82 per cent; and the
percentage of decrease in net operating revenue, 13.90 per
cent.
After providing for taxes and all charges against income,
including two semi-annual dividends of 23 per cent each
upon the preferred capital stock, and contributing $120,000
to the Renewal Fund, there remains a surplus from the year's
operation of
$647,957 88
From which appropriation was made for additions
and improvements to fixed plant _ _$156,360 57
And for Equipment
204,883 70 361,244 27
Leaving Surplus carried to Profit and Loss ---$286,713 61
For detailed information you are referred to the statements
and statistics prepared by the Comptroller and the General
Auditor and submitted herewith.
There are bonds and stocks belonging to the Company,
amounting to $98,569,948 63 par value, carried on the books
at $32,319,210 04. Of these, $78,501,150 par value, with a
book value of $22,851,130 97, are deposited with the Morton
Trust Company and the Bankers Trust Company, trustees,
as collateral for certain issues of mortgage bonds. A statement in detail covering these securities will be found below.
There were no unpaid vouchers at the close of the fiscal
year, except those which are payable in the ordinary course
of business during July.
Your Committee, appointed at the last annual meeting of
the stockholders, again selected Mr. E. B. Pryor, VicePresident of the Wabash Railroad Company, to examine the
books and accounts of your Company. His certificate will
be found below.
Under the terms of the Equipment Trust, Series "A,"
explained in former reports, and Series "B," explained in the
last annual report, semi-annual payments of principal and
interest were made, amounting to $401,437 50, of which
$138,500 was provided from the Special Renewal Fund, and
the balance, $262,937 50,from the General Fund and charged
to Profit and Loss.
There were purchased, paid for out of current Income, and
charged to Income Account for the year, 15 first-class standard gauge passenger locomotives, at a cost of $196,083 70,
and one standard gauge wrecking crane, 100 tons capacity,
was purchased for $12,936 21 and charged to Special Equipment Fund.
About 5,750 tons of new 85-lb. steel rails were used, the
greater portion replacing rails of lighter weight.
The operation expenses were abnormally high, as will be
seen by referring to the statistics accompanying this report.
The combined effects of retrenchment, following the panic of
October 1907 and of unsatisfactory labor conditions in the
repair shops throughout the System, with frequent shortages
of skilled labor, produced a deterioration in the average condition of the rolling stock, necessitating very high monthly
expenditures for labor and materials to restore locomotive
and car equipment to a proper standard of efficiency. A
recurrence of the severe winter weather in the mountain
districts, referred to a year ago as one of the reasons for high
operating expenses, again adversely affected them, and, to a
greater extent than in the previous year reduced the net
results. At times some of the mining districts in the narrow
gauge territory were practically isolated for two to three
weeks by unprecedented snow fall in the mountain passes,
and heavy snow slides in the canyons.
In the last annual report you were informed that a special
meeting of the stockholders had been called for Sept. 10
1908 to consider and vote upon the authorization of an issue
of $150,000,000 of First and Refunding Gold Bonds, of which
$90,000,000 would be reserved to protect then existing liens.
The plan was approved without a dissenting vote, and steps
were taken as soon as practicable thereafter to effectuate it.
In pursuance thereof your directors authorized the issue and
sale of $22,944,000 First and Refunding Mortgage 5% Gold
Bonds, of which $7,000,000 were to cover probable requirements of your Company, and the balance of the issue,
$15,944,000, were for the purpose of providing funds for
completing the main line of the Western Pacific Railway,
your Company receiving $17,130,000,face value, of Western
Pacific Second Mortgage Bonds in consideration of the funds
so used. The proceeds of the $7,000,000 will be applied to
enlargement of fixed and rolling plant, with a view to providing for the increased traffic that will follow the completion
and opening of the Western Pacific Railway. Contracts




have been let for 30 locomotives of different classes; 20 cars
for passenger train service, and nearly 4,000 cars for freight
service, deliveries of which will commence in the early autumn
and be completed about the time Western Pacific is in condition for commercial business.
It was intimated in the last annual report that the Western
Pacific Railway would be completed about the close of the
fiscal year, June 30 1909. Unforeseen conditions and causes,
in some respects beyond control, delayed the work, especially
in the Sierra Nevada Mountains and in the drainage of some
of the tributaries of the Sacramento River, where floods
above former records injured embankments and bridges and
retarded construction. Those in direct charge of the work
are of the opinion that track-laying will be completed by the
first of October or soon thereafter, and it is proposed to
commence commercial operations as soon as the newly laid
portions of the track can be made ready for through train
service.
By Order of the Board of Directors.
E. T. JEFFERY, President.
New York, August 24 1909.
Denver, Colorado, August 20 1909.
To the Stockholders of The Denver ct Rio Grande Railroad
Company:
In compliance with the request of the Committee appointed
at the last annual meeting, I have examined the Annual
Report for the year ended June 30 1909.
In accordance with Article 14 of the By-laws, I was given
access to all the books and accounts of the Company, was
furnished a copy of the General Balance Sheet,and examined
the same with all of the accounts and vouchers relating
thereto.
I find the Balance Sheet to be a true and complete statement of the affairs of the Company at the close of the fiscal
year. The details of the several accounts, as shown in the
General Balance Sheet, the Income Account, Statements of
Earnings and Expenses and other statistical information
given in the report, are complete and correct, and agree with
the records shown in the general books of the Company.
Every facility necessary to enable me to make the examination thorough and complete was given to me by the Officers
of the Company, and my thanks are due to them for their
valuable assistance.
Very respectfully,
E. B. PRYOR.
REPORT OF THE COMPTROLLER.
The Denver & Rio Grande Railroad Co.
New York, August 14 1909.
Mr. E. T. Jeffery, President.
Dear Sir.—I beg to present herewith my report of the
Company's financial condition June 30 1909, consisting of
the adjustments made in the General Profit and Loss and
Renewal Fund Accounts during the fiscal year then ended,
together with Comparative Balance Sheet, Summary of its
financial operations outside of its Income Account, based on
such comparison, and Tabular Statement of Securities owned
by the Company at that date, arranged in the order named.
In conjunction with the Balance Sheet, and immediately
following it, I have inserted a statement showing the adjustments made in the account of "Cost of Road" for the fiscal
year ended June 30 1909.
Annexed hereto is the report of the General Auditor, exhibiting in detail the Earnings and Expenses, and other
statistical information from the records of the Company, for
the same period.
Very respectfully,
STEPHEN LITTLE,
Comptroller,
GENERAL PROFIT AND LOSS ACCOUNT.
(Adjustments therein July 1 1908 to June 30 1909.)
Dr.

Cr.
—
$4,926,512 26

By Balance June 30 1908
By Surplus for the year ended June 30 1909,
as per Income Account (page 604)
By Proceeds of land and franchises at Salt
Lake City
By Adjustments during the year to
credit of Profit and Loss direct_ _ _ $13,951 74
Less adjustments for same period
to debit of Profit and Loss direct 4,432 32
To Carbon County By. Co. Capital Stock
written off
To Duchesne By. Co. Capital Stock written off_
To Utah Eastern By.Co. Capital Stock written
off
To Discount on Securities
To Equipment Trust series "A"
Bonds redeemed
$11,500 00
To Equipment Trust series "B"
Bonds redeemed
150,000 00
To Interest on Equipment Trust
Bonds
101,437 50

286,713 61
162,563 51

9,519 42
$2,000 00
5,110 20
6837
949,583 33

262,937 50
4,165,609 40

To Balance

514

$5,385,308 80 $5,385,308 80
By Balance at credit of Profit and Loss June 30
1009, see Comparative Balance Sheet

Jji

,$4,165,609 40

THE CHRONICLE

•StPT. 4 1909.]

603

COST OF ROAD.
Colo. Lines.

--

8158,377 67

" Betterments
" Bingham Branch Extension:
Cost to June 30 1909
Less previously charged "Cost of Road"

$115,957 16

$274,334 83

541 27

541 27

22,710 06

42,853 03

18,400 00

18,400 00

$801,559 36
801,018 09

" Crestone Branch Construction:
Cost to June 30 1909
Less amount carried as investment and charged "Cost of. Road" as below_
_____ _-_ ___ --_ _-___ -_ ___ _ _ _ ________ _
" Consolidation Expenses _ _ ___
_-for outstanding Preferred and Common Capital
" Preferred Capital Stock issued
Stock of the Rio Grande Western By. Co
" Book value of the following investments, as of July 31st 1908, transferred to this
account by reason of the consolidation of Aug. 1st 1908:
" Rio Grande & Santa Fe RR. Co. Capital Stock
" Rio Grande RR. Co. Capital Stock
" Rio Grande Pagosa do Northern RR. Co. Capital Stock
Rio Grande Sangre de Cristo RR. Co. (Crestone Branch), Capital Stock
" Rio Grande Pueblo & Southern RR. Co. Capital Stock
Howard Lime Stone Branch Construction
" Rio Grande Gunnison By. Co. 1st Mtge. Bond
" Rio Grande Western By. Co. Preferred and Common Stock
Castle Valley By. Co. Capital Stock
" Utah Central RR. Co. Capital Stock
" Copper Belt RR. Co. Capital Stock
" Tintic Range By. Co. Capital Stock
" Sevier By. Co. Capital Stock
" Tintlc Range By. Co. 1st Mtge. 5% Bonds
" Sevier Ry. Co. 1st Mtge. 5% Bonds
" San Pete Valley By. Co. Stock and Bonds
" Less amount transferred to Equipment

$44,167 58
43,988 82

178 76

178 6

20,142 97

$217,500 00
648,081 91
172,276 61
43,988 82
33,246 96
120,220 13
87,000 00

1,322,314 43

1,322,314 43

$20,750,000 00
91,000 00
2,745 72
200,000 00
1,350,071 15
121,100 00
1,360,682 56
642,395 72
$350,000 00
8,800 00

341,200 00

24,859,195 15

24,859,195 15

650,000 00

650,000 00

" Utah Central RR. Co. 1st Mtge. 4% Bonds, assumed and charged this account__

$1,501,013 83 $25,666,803 64 $27,167,817 47

Total Debits for the year
To Cost of Road June 30 1909

$105,452,723 72 $39,629,668 44 $145,082,392 16

RENEWAL FUND.
(Adjustments therein July 1 1908 to June 30 1909.)
Dr.
By Balance June 30 1908
By Receipts from Income
By Accretions to the fund during the year_ _ _ _
To Equipment Trust series "A"
Bonds redeemed
$150,000 00
Less amount charged Profit and
Loss
11,500 00
To Balance

Cr.
$334,564 25
120,000 00
17,860 63

By Balance at credit of Renewal Fund June 301909

$472,42488
$333,924 88

SUMMARY OF FINANCIAL OPERATIONS
OF THE DENVER & RIO GRANDE RAILROAD COMPANY FROM
JUNE 30 1908 TO JUNE 30 1909 OUTSIDE ITS INCOME ACCOUNT.

Resources to be accounted for, thus:
Decrease of Assets.
Equipment
$300,000 00
Loans and Bills Receivable
130,939 34
Individuals and Companies
199,853 17
Agents, Conductors and Foreign Roads
168,920 39
•
48,910 12
U. S. Government
87,000 00
Rio G. Gunnison By. Co. First Mtg.6% Bond in Treasury_ _
D. & R. G. RR.Co.First Cons. Mtge.4% Bonds in Treasury 1,853,000 00
D. & R. G. RR.Co. First Cons. Mtg.434% Bond in Treasury
500 00
Rio G. Western By.Co. First Cons. Mtge.4% Bonds in Treas. 2,501,400 00
Utah Central RR. Co. First Mtge. 4% Bonds in Treasury
260,000 00
Salt Lake City Depot Property
230,627 93
Cash (to be invested) Special Renewal Fund
639 37
Real Estate, Colorado
410 00
D. & R. G. RR. Co. Preferred Capital Stock
2,008 13
Stock
Capital
RR.
Co.
Rio Grande & Santa Fe
217,500 00
Rio Grande RR. Co. Capital Stock
580,000 00
172,276 61
Rio Grande Pagosa & Northern RR. Co. Capital Stock__ _ _
Duchesne Ry. Co. Capital Stock
5,110 20
2,000 00
Carbon County By. Co. Capital Stock
Tintic Range By. and Sevier By. Co.'s Capital Stock and
3,474,249 43
Bonds
200,000 00
Copper Belt RR. Co. Capital Stock
91,000 00
.
Castle Valley Ry. Co. Capital Stock
2,745 72
Utah Central RR. Co. Capital Stock
68 37
Utah Eastern By. Co. Capital Stock
350,000 00
San Pete Valley By. Co. Capital Stock and Bonds
Rio Grande Western By. Co. Preferred and Common Capital
20,750,000 00
Stock
Total Decrease of Assets
Increase of Liabilities.
1). & R. G. RR. Co. Preferred Capital Stock
Utah Central RR. Co. First Mortgage 4% Bonds
D. & R. G. RR. Co. First and Refunding Mtge. 5% Bonds
Vouchers
Pay Rolls
Bond Interest Accrued
Accrued Rental of Leased Lines
Dividends on Preferred Capital Stock
Total Increase of Liabilities
Increase of Provisional Accounts.
Equipment Replacement Fund
Grand Total to be accounted for

$31,629,158 78

$18,400 00
390,000 00
22,506,000 00
455,222 80
194,214 88
441,261 00
40,775 36
3,175 00
$24,049,049 04
$176,672 49
$55,854,880 31

This sum is accounted for as follows:
Increase of Assets.
$27,167,817 47
Cost of Road
16,981 48
Advance Surveys
1,517,216 94
Cash
Refunding
Mtge.
5%
hands
of
Bonds
in
and
Proceeds of First
4,250,000 00
Trustees
250,000 00
Proceeds of Property with Central Trust Co., Trustee
338,992 76
Materials and Supplies
10,725 00
Real Estate, Utah
______ -_-- - - - - - - - - - - - - -- - - -- ---- 3,900 00
Rio Grande Southern RR. Co. Capital Stock
1,000 00
Securities of Boca & Loyalton RR.Co. and Associated Co's
800 00
Pueblo Union Depot and RR. Co. Capital Stock
100,100 00
Salt Lake City Union Depot and RR. Co. Capital Stock
Western Pacific Ry. Co. Second Mtge. 5% Sinking Fund
,500 00
Bonds
12,847_
3,723,655 13
Western Pacific Ry. Co. Capital Stock
106,664 84
Rio Grande & Southwestern RR. Co. Capital Stock




Decrease of Liabilities.
D. & R. G. RR. Co. First Cons. Mtge. 4% Bonds
$1,853,000 00
D. & R. G. RR. Co. First Cons. Mtge.4% Bonds_ _ _
500 00
D. &R. G. RR. Co. Equipment 41,5% Bonds, Series "A"
150,000 00
D. & R. G. RR. Co. Equip. 5% Bonds, Series "B"
150,000 00
Rio G. W. Ry. Co. First Cons. Mtge. 4% Bonds
2,501,400 00
Bond Coupons matured,including those due July 1 1909_ __ _
12,278 75
Accrued Taxes
8,355 14
Dividends and Interest on Interim Certificates
61 05
Total Decrease of Liabilities

$138,500 00
333,924 88
$472,424 88

Total Increase of Assets

Total.

Utah Lines.

$103,951,709 89 $13,962,864 805117,914,574 69

To Balance, June 30 1908

$50,335,353 62

$4,675,594 94

Decrease of Provisional Accounts.
Equipment Renewal Fund
Special Equipment Fund
Insurance and Other Reserve Funds

$62,906 14
12,936 21
6,547 17

Total Decrease of Provisional Accounts

$82,389 52

Decrease in Renewal Fund.
(As per Comparative Balance Sheet.)
By Balance at Credit of Renewal Fund June 30
1908
$334,564 25
By Balance at Credit of Renewal Fund,June 30
1909
333,924 88
Decrease for the year

$639 37

Decrease in Profit and Loss.
(As per Comparative Balance Sheet.)
By Balance at Credit of Profit and Loss June 30
1908
$4,926,512 26
By Balance at Credit of Profit and Loss June 30
1909
4,165,609 40
Decrease for the year

$760,902 86

Grand Total accounted for

$55,854,880 31

SECURITIES OWNED JUNE 30 1909.
Shares
Par Value.
or Bonds. Capital Stocks.
35,797
The Rio Grande Southern RR.Co__ 3,579,737 50
30,000 The Globe Express Co
3,000,000 00
The Colorado Midland By. Co., onehalf interest in $4,954,800 par value,
preferred and one-half interest in
$3,420,200, par value, common_ _ _ _ 4,187,500 00
811-5 The Pueblo Union Depot & RR.Co.
8,120 00
800 The Union Depot & By. Co., Denver_
80,000 00
1,001 The Salt Lake City Union Depot &
100,100 00
RR Co
41 3-10 The Denver & Rio Grande RR.
Co. Preferred Stock
4,130 00
Securities of Boca & Loyalton RR.Co.
and Associated Companies
1,504,500 00
Mortgage Bonds.
1,411 The Rio Grande Southern RR.Co.4% 1,411,000 00
700 Utah Fuel Co. 5%
700,000 00
1,853 The Denver & Rio Grande RR.Co. 1st
Cons. Mtge. 4% Bonds
1,853,000 00
438 The Denver & Rio Grande RR.Co. 1st
438,000 00
and Refunding Mtge. 5% Bonds_ _ _
2,501 The Rio Grande Western By. Co. 1st
2,501,000 00
Cons. Mtge. 4% Bonds
260 Utah Central RR.Co. Mtge.4% Bonds 260,000 00
Total Val. of Securities in Treasury_19,627,087 50
Special Renewal Fund.
266 The Rio Grande Southern RR.Co.4%
Bonds
88 The Rio Grande Western Ry. Co. 1st
Cons. Mtge. 4% Bonds
83 The Denver & Rio Grande RR.Co. 1st
Con. Mtge.4% Bonds, 51 of $1,000
each, and 32 of $500 each_
Cash (to be invested)
Total

Book Value.
390,933 50
74.000 00

1,000,000 00
20,320 00
80,000 00
100,100 00
3,571 87
790,862 19
919,366 63
700,000 00
1,853,000 00
438.000 00
2,501,000 00
260,000 00
9,134,154 19

266,000 00

172,900 00

88,000 00

75,000 00

67,000 00
20,711 13

65,313 75
20,711 13

441,711 13

333,924 88

Securities Deposited with Morton
Trust Co. and Bankers Trust Co.,
Trustees.
12,211
The Rio Grande June. Ry.Co. Stock 1,221,150 00
173,311 00
1,500 The Rio Grande ec Southwestern RR.
108,684 84
150,000 00
Co. Stock
50,000,000 00 3,723,655 13
500,000 Western Pacific By. Co. Stock
17,130 Western Pacific By. Co. 2d Mtge. 5%
17,130,000 00 12,847,500 00
Sinking Fund Bonds
10,000,000 00 6,000,000 00
100,000 Utah Fuel Co. Stock
Total

78,501,150 00 22,851,130 97

Total Value of Securities Owned_ _98.569,948 63 32,319,210 04

604

THE CHRONICLE

[VOL. Lxxxix.

OPERATING REVENUE, EXPENSES AND TAXES
FOR THE FISCAL YEAR ENDED JUNE 30 1909
Compared with Year Ended June 30 1908.
Operating Revenue1908-09.
1907-08.
Transportation Revenue:
Freight
$15,163,254 04 $14,369,567 48
Passenger
4,784,418 08
5,119,190 18
Excess Baggage
74,868 03
70,598 45
Parlor and Chair Car
15,880 30
17,893 40
Mail
306,008 80
294,506 28
Express
311,901 71
295,599 38
Other Passenger Train
4,673 93
2,489 08
Switching
137,148 75
130,768 45
Special Service Train..._
10,088 75
9,902 92
Miscellaneous
28 35
Total
820,808.270 74 $20,310,515 63
Other Operating Revenue:
Station and Train Privileges
$15,162 99
815,184 74
Parcel Room Receipts
7,722 65
7,616 55
Storage Freight
4,905 93
5,880 95
Storage Baggage
4,858 41
5,616 00
Car Service
44,052 74
40,153 15
Telegraph and Telephone
Service
2,056 31
3,037 30
Rents, Buildings and
Property
1,482 35
429 96
Miscellaneous
6,999 64
9,071 88
Joint Facilities, Debit
13.080 52
17,741 77
Joint Facilities, Credit.._
806 13
Total

$68,300 53

Inc. or Dec.
+$793,686 56
-334,772 10
+4,269 58
-2,013 10
+11,502 52
+16,302 33
+2,184 85
+6,380 29
+185 83 •
+28 35

Operating Expenses1908-09.
Maintenance of Way and
Structures
$2,530,108 61
Maintenance of Equipment 3,572,328 50
Traffic
467,268 93
Transportation
7,294,230 74
General
588,639 33

69.23
$6,423,997 16

+8497,755 11

+980 99
1,052 39
+2,072 24
-4,661 25
+806 13

575,91576

--$7,615 23

Total Operating Revenue.$20,876,571 27 $20,386,431 39

+$490,139 88

Inc. Cr Dec.
+$355,191 29
+523,870 25
+22,681 34
+565,361 82
+60,163 89

Total Operating Expenses_$14,452,574 11 $12,925,305 52 +$1,527,268 59
Percentage of Operation
Net Operating Revenue

-$21 75
-106 10
-975 02
-758 49
-3,899 59

1907-08.
$2,174,917 32
3,048,456 25
444,587 59
6,728,868 92
528,475 44

Outside OperationsHotels, Restaurants, Dining
Cars and Gas Plant:
Total Revenue
Total Expenses
Net Revenue

$470,198 69
426,660 82
$43,537 87

63.40
$7,461,125 87 -81,037.128 71

$483,36569
440,512 66

--$13,167 00
--13,851 84

$42,853 03

+$684 84

Total Net Revenue
Less Taxes

$6,467,535 03
762,823 51

$7.503.978 90 --$1,036,443 87
750,470 57
+12,352 94

Operating Income

$5,704,711 52

$6,753,508 33 -$1,048,796 81

Note.-For the purpose of comparison the statement of last year has
again been revised to conform to the supplemental requirements of the
Inter-State Commerce Commission,

INCOME ACCOUNT FOR THE FISCAL YEARS ENDING JUNE 30 1909 AND 1908.
1908-09.
Operating Revenue
Operating Expenses
Net Operating Revenue
Add Outside Operations
Total Net Revenue
Less Taxes
Operating Income
Add Other Income:
Revenue from Securities Owned
Interest and Discount
Miscellaneous

1907-08.

$20,876,571 27
14,452,574 11

$20,386,431 39
12,925,30552

$6.423,997 16
43,53787

$7,461,12587
42,853 03

$6,467,53503
762,823 51

$7,503,978 90
750,470 57

$5.704,711 52
$897,993 50
49.158 94
34,886 96

Total Income
Deductions from Income:
Interest on Funded Debt
Rental of Road, Yards and Terminals
Hire of Equipment

982,03940

$6,753,508 33
$494,42600
41,468 00
18,401 96

$3,301,051 26
39,452 34
289,299 44

Surplus for the Year
Out of which were declared two dividends of 234 per cent each on the Preferred
Capital Stock
There was also set aside for Renewal Fund
Balance
Against which there was charged appropriation for Betterments
And an appropriation for new Equipment

3,629,803 04

$3,293,928 49
47,303 24
430,736 80

2,408,99000

$2,288,070 00
120,000 00

Remaining Surplus carried to the credit of Profit and Loss

2,408,070 00
$1,127,76576
231,392 91

$647,95788
$156,360 57
204,883 70

3,771,968 53
$3.535,83576

$3,056,94788
$2,288,990 00
120,000 00

554,295 96
$7,307,804 29

$6,686,750 92

361,244 27
$286,713 61

$896,372 85

Note.-For the purpose of comparison the statement of last year has again been revised to conform to the supplemental
requirements of the
Inter-State Commerce Commission.

CONDENSED BALANCE SHEET JUNE 30 1909.
ASSETS.
Cost of Road and Structures
Equipment
Advance Surveys
Real Estate, Colorado
Real Estate, Utah

$145,082,392 16
12,226,684 64
16,981 48
$24,477 26
172,088 99
196,566 25
Cash In Treasury
$3,000,797 29
Cash set aside for Payment of Coupons
307,000 00
Cash set aside for Special Building Fund__ _ _
11,995 87
3,319,793 16
Proceeds of First and Refunding Mtge. 5%
Bonds in hands of Trustees
$4,250,000 00
Proceeds of Property with Central Trust Co.,
Trustee
250,000 00
4,500,000 00
Loans and Bills Receivable
908,624 53
Materials and Supplies
1,296,380 80
Individuals and Companies
1,250,584 94
Agents, Conductors and Foreign Roads
255,364 09
U. S. Government
25,687 64
State and County Warrants
3,196 92
Rio Grande Southern RR. Co. Capital Stock_ $390,933 50
Globe Express Co. Capital Stock
74,000 00
Colorado Midland Ry. Co.. one-half interest
in $4,954,800 00, par value, preferred, and
one-half interest in $3,420,200 00, par
value, common Capital Stock
1,000,000 00
Pueblo Union Depot (fa RR. Co. Capital Stock
23,320 00
Union Depot & Ry. Co.. Denver, Capital Stock
80,000 00
Salt Lake City Union Depot & RR,. Co. Capital Stock
100,100 00
Denver & Rio Grande RR. Co. Preferred
Capital Stock
3.57187
Securities of Boca & Loyalton RR. Co. and
Associated Companies
790,862 19
Rio Grande Southern RR. Co. First Mtge.
4% Bonds
919,366 63
Utah Fuel Co. First Mtge. 5% Bonds
700,000 00
4,082,154 19
Securities Deposited with Trustees
22,851,130 97
Special Renewal Fund
333,924 88

LIABILITIES.
D. & R. G. RR. Co. Cap. Stock, Common_ _$38,000,000 00
D. & R. G. RR. Co. Cap. Stock, Preferred__ 45,779,800 00
D. & R. G. RR. Co. First Cons. Mtge. 4%
Bonds
$35,570,000 00
Less those in Treasury
1,853,000 00
$33,717,000 00
D. & R. G. RR. Co. First Cons. Mtge. 434%
Bonds
6.382,000 00
D. & R. G. RR.Co. Improvement Mtge. 5%
Bonds
8,335,000 00
D. & R. G. RR. Co. Equipment 4;4%
Bonds, Series "A"
600,000 00
D. & R. G. RR, Co. Equipment 5% Bonds,
Series "B"
1,275,000 00
Rio G. W. Ry. Co. First Trust Mtge. 4%
Bonds
15,190,000 00
D. & R. G. W. Ry. First Mtge.6% Bonds_ _
10,000 00
Rio G. W. Ry. Co. First Cons. Mtge. 4%
Bonds
$16,475,000 00
Less those in Treasury__ 2,501,000 00
13,974,000 00
Utah Central RR. Co. First
Mtge. 4% Bonds
$650,000 00
Less those in Treasury
260,000 00
390,000 00
D. & R. G. RR.Co. First and
Refunding Mtge.5%Bonds_$22,944,000 00
Less those in Treasury__
438,000 00
22,506,000 00
Vouchers
Pay Roils _________________
____________________
Bond Coupons Matured, Including those due July 1st
Bond Interest Accrued but not due
Accrued Taxes
Accrued Rental of Leased Lines
Dividends on Preferred Capital Stock
1,149,202 50
Dividends and Interest on Interim Certificates _________
38 03
Scrip Dividend No. 2 and Interest
38 91

$83,779,800 00

102,379,000 00
772,705 57
889,870 64
1,176,830 00
647,444 16
327,829 28
161,672 90

1,149,27944
Total Liabilities
Accounts to BalanceProvisional Accounts:
Equipment Replacement Fund
Special Equipment Fund
Insurance Fund
Ogden Gas Plant Fund
Renewal Fund
Profit and Loss
Total asset.,




$196,349,466 65

Total

$191,284,431 99
$428,000 85
43,080 60
82,226 85
12,192 08
565,500 38
333,924 88
4,185,609 40
$106,349,466 65

SEPT.41909.]THE

CHRONICLE

CURRENT ASSETS AND LIABILITIES JUNE 30 1909.
ASSETS.
Cash in Treasury
Cash set aside for Payment of Coupons

$3,012,793 16
307,000 00
$3,319,793 16

Proceeds of First and Refunding Mortgage 5%
Bonds, in hands of Trustees
$4,250,000 00
Proceeds of Property with Central Trust Co.,
Co., Trustee
250,000 00
Loans and Bills Receivable
Materials and Supplies
Agents, Conductors and Foreign Roads
Ti. S. Government
Individuals and Companies
State and County Warrants
Mortgage Bonds in Treasury:
Rio Grande Southern RR. Co. 4%
Utah Fuel Co. 5%
Special Renewal Fund:
Representing the Investment of Renewal
FundD. & R. G. RR. Co. Con. Mtge. 4% Bonds_
R. G. W. Ry. Co. Con. Mtge.4% Bonds_ _ _
R. G. So. RR. Co. 1st Mtge. 4% Bonds__
Cash (to be Invested)

4,500,000 00
908,624 53
1,296,380 80
255,364 09
25,687 64
1,250,584 94
3,196 92
$919,366 63
700,000 00
1,619,366 63

$65,313 75
75,000 00
172,900 00
20,711 13

$13,512,923 59
LIABILITIES.
$772,705 57
889,870 64

Vouchers
Pay Rolls

$1,662,576 21
Bond Coupons, including those due July 1:
D. & R. G. RR. Co. 1st Con. Mtge.
$690.680 00
D. & R. G. RR. Co. 1st Con. Mtge. 4
144,202 50
20,012 50
D. & R. G. RR. Co. Impt. Mtge. 5%
D. & R. G. RR. Co. 1st & Ref. Mtge. 5%....
2,575 00
309,780 00
R. G. W. Ry. Co. 1st Trust Mtge. 4%
9,300 00
R. G. W. By. Co. 1st Con. Mtge. 4%
280 00
Utah Cent. RR. Co. 1st Mtge.4%
Bond Interest Accrued but not due:
D. & R. G. RR. Co. Impmt. Mtge. 5%
D. & R. G. RR. Co. 1st & Ref. Mtge. 5%_ _
R. G. W. By. Co. 1st Cons. Mtge. 4%
D. & R. G. W. Ry. Co. 1st Mtge.6%
Utah Cent. RR. Co. 1st Mtge. 4%
Accrued Taxes
Accrued Rental of Leased Lines
Dividends on Preferred Capital Stock
Dividends and Interest on Interim Certificates
Scrip Dividend No. 2 and Interest
Total Current Liabilities
Balance, Current Assets in excess of Current
Liabilities
Total

Roadway Improvements:
Colorado Lines. Utah Lines.
New Castle to Rifle
$5,072 66
Rifle to DeBeque
1,141 78
___ _____
Bingham District, Utah
$52,895 50
_
Purchase of Land at West Denver_
55,799 85
Extension of Cuprum Yard
53,878 89
Stations and Other Buildings
72,256 91
15,585 29
Shop Machinery and Tools
30,494 05
38,820 26
Increased Weight of Rail
2,471 76
11,317 59
Telegraph and Telephone Lines
5,910 37
Additional Trackage Facilities:
Florence to Canyon City.
34,757 36
Minturn to Tennessee Pass
2,237 34
Sundry Places
14,184 24
34,071 55
Total Betterments for Year
Deduct amount charged Income

Total.
$5,072 66.
1,141 78
52,695 50
55,799 85
53,878 89
87,842 20'
69,314 31
13,789 35,
5,910 3'7
34,757 36
2,237 34
48,255 79•

$218,415 95 $212,279 45 $430,695 40'
60,038 28
96,322 29 156,360 57

Betterments charged Cost of Road.. -$158,377 67 $115,957 16 $274,334 8$.
1,176,830 00

$34,729 16
468,87500
139,740 00
200 00
3,900 00
647,444 16
327,829 28
161,672 90
1,149,202 50
38 03
38 91
$5,125,631 99
8,387,291 60
$13,512,923 59

OPERATING REVENUE, EXPENSES AND NET
REVENUE.
(From July 1 1892 to June 30 1909.)
Year1892-93
1893-94
1894-95
1895-96
1806-97
1897-98
1898-99
1899-1000
1900-1901
1901-1902
1902-1903
1903-1004
1904-1905
1905-1906
1906-1907
1907-1908
1908-1909

PER MILE OPERATED.
Average
Miles
Operating
Operating Net OpercttAng•
YearRevenue.
Operated.
Revenue.
Expenses.
1892-93
$2,281 00
2,160
$5,469 00
$3,188 00
1893-94
1,485 00
2,173
3,947 00
2,462 00
1894-95
1,685 00
2,177
4,183 00
2,498 00
1895-96
1,908 00'
2,181
4,589 00
2,681 00
1896-97
1,688 00
2,212
4,256 00
2,568 00
1897-98__.
2,069 00'
2,232
5,244 00
3,175 00
1898-99
2,142 00
2,254
5,600 00
3,458 00
1899-1900
2,294
2,422 006,433 00
4,011 00
1900-1901
2,330
2,580 00
7,021 00
4,441 00
1901-1902
2,857 002,347
7,259 00
4,402 00
1902-1903
2,378
4,470 00
2,807 00
7,277 00
1903-1004
2,664 00
2,398
4,194 00
6,858 00
1904-1905
2,420
4,202 00
2,836 00
7,038 00
1905-1906
2,477
4,887 00
3,061 00
7,948 00
1906-1907
2,500
5,217 00
3,154 00
8,371 00
1907-1908
2,499
5,172 00
2,986 00
8,158 00
1908-1909
2,534
2,535 00
5,703 00
8,238 00
Note.-For the purpose of comparison, the figures of last year have again
been revised to conform to the supplemental requirements of the InterState Commerce Commission.

BETTERMENTS JULY 1 1908 TO JUNE 30 1909.
333,924 88

Total

605

Average
Miles
Operating
Operating
Net Operating
Operated.
Revenue.
Expenses.
Revenue.
2,160 *11,814,108 47 $6,885,231 34 $4,928,877 13
2,173
8,577,362 47
5,349,564 60
3,227,797 87
2,177
9,106,531 71
5,437,455 37
3,669,076 34
2,181
10,008,544 90
5,848,177 06
4,160,367 84
..__2,212
9,413,618 77
5,679,880 90
3,733,737 87
.2,232
11,705,213 82
7,086,775 70
4,618,438 12
2,254
12,623,235 56
7,794,875 46
4,828,360 10
2,294
14,756,683 16
9,201,848 56
5,554,834 60
2,330
16,359,610 34 10,347,136 51
6,012,473 83
2,347
17,036,828 48 10,331,542 43
6,705,286 05
2,378
17,304,559 86 10,629,850 38
6,674,709 48
2,398
16,446,435 10 10,058,443 78
6,387,991 32
2,420
17,031,507 33 10,168,960 61
6,862,546 72
2,477
10,686,114 79 12,104,172 16
7,581,942 63
2,500
20,926,690 49 31,042,333 26
7,884,357 23
2,499
20,386,431 39 12,925,305 52
7,461,125 87
2,534
20,876,571 27 14,452,574 11
6,423,997 15

FREIGHT AND PASSENGER STATISTICS
FOR THE FISCAL YEARS ENDED JUNE 30 1909 AND 1908.
Freight Statistics1907-1908.
1908-1909.
Freight Revenue
$15,163.254 04 $14,369,567 48.
Revenue Tons
9,251,380
10,714 331
"
Ton Miles
1,161,236 025
1,082,599,384
Non-Revenue Ton Miles
150,992,858
186,693,991
Revenue Ton Miles per Mile of Road Oper.
433,213
458,262
"
Train Miles
4,391,827
4,672,688
Loaded Car Miles
54.491,277
59,606,228
Empty Car Miles
30,913,979
32,830,645
Loaded and Empty Car Miles
85,405,256
92,436,873
Engine Miles (Exc.Switch & Work Train)
5,573,163
6,158,840
FrelEht Revenue per Mile of Road Oper_
$5,750 15
$5,983 82
Train Mile
$3 25
$3 27
Car Mile
16 83
16 40
Cts.
1 33
Ton Mile
Cts.
1 31
246 50
Aver. Revenue Tons per Train
248 52
" Non-Revenue Tons per Train
34 38
39 95
Tons per Train
280 88
288 47
Tons per Car
12 88
Revenue
12 56
.6
19 87
" per Loaded Car__ _
19 48
2 77
Non-Rev. Tons per Loaded Car
3 13
22 84
22 61
Tons pre Loaded Car
19 45
Cars per Train
19 78
1 27
Train Engines per Train
1 32
117 02
Haul of each Rev. Ton (in Mlles).
108 38
1907-1908.
1908-1909.
Passenger Statistics$5,119,190 18
$4,784,418 08
Passenger Revenue
$70,598 45
$74,868 03
Excess Baggage Revenue
$17,893 40
Parlor and Chair Car Revenue
$15,880 30
$590,105 66
Mail and Express Revenue
$617,910 51
$2,489 08
$4,673 93
Other Passenger Train Revenue
2,037,697
Revenue Passengers
1,934,188
256,189,857
239,556,448
Passenger Miles
102,517
94,537
"
Passenger Miles per Mile of Road
3,753,343
3,765,418
"
Train Miles
24,608,280
Car Miles
24,111,272
4,785,553
Engine Miles
4,684,278
$2,321 04
Passenger Train Rev. per Mile of Road.._
$2,169 59
$1 54
Passenger Train Rev. per Train Mile__ _ _
$1 46
2 00
Passenger Rev. per Passenger Mile
Cts.
2 00 Cts.
68 04
Aver. Revenue Passengers per Train..
63 82
6 54
" Cars per Train
6 42
1 27
" Train Engines per Train
1 25
125 7$
" Haul of Each Passenger (In Miles)
123 85

Tennessee Copper Co.-Sale of Notes.-The company has
Vesta Coal Co.-Purchase.-See Pittsburgh-Buffalo Co.
sold to William Salomon & Co., New York, $600,000 3-year above.-V. 81, p. 159.
6% notes. Part of the proceeds, it is said, will be utilized
Vulcan Detinning Co.-Possibility of Payment of Accumuto complete the sulphuric acid plant, the rest being taken
lated Dividends.-Touching the report that the company will
out of the earnings.
probably make a payment on or before Jan. 1 next on account
It is said that the contract for furnishing sulphuric acid to the new for
tilizing combination has not been closed, but negotiations are still going on of unpaid accumulated dividends on the $1,500,000 of 7%
toward that end.-V.88, P• 569.
cumulative preferred stock (18y% as of July last), we learn
Tonopah United Water Co.-First Dividend.-The Tono- that while the amount necessary to pay all of such accumulapah Mining Co. on July 1 sold its interest in this company's tion is on hand and earnings are very satisfactory, the paycapital stock to E. G. Wheeler of San Francisco and Ids ment will depend somewhat on the earnings for the remainder
Philadelphia associates, who were already interested in the of the year, but chiefly on the determination of the directors
water company. The new management recently paid out as to how much of the money on hand, if any, shall be deof surplus earnings a first dividend of 2% on the capital voted to improvements. The matter has not been officially
stock, $2,000,000; par of shares, $1.
is known to be the opinion of most of the
The company was incorporated in Delaware in 1905 as a consolidation taken up, but it
of the Tonopah Water Co. (V. 79, p. 2090) and the Tonopah Crystal Water directors, at least, that the stockholders are entitled to greater
Co. There are outstanding only $268,000 bonds (first mortgage 6s; total participation in the earnings after provision has been made
authorised $500,000), viz.: Series A, $203,000 (being $270,000 less $67,000
retired by sinking fund); B bonds, *65,000. The bonds are dated Jan. 1 for such extensions and improvements as may be deemed
1906 and due Jan. 1 1921, but subject to call since July 1 1907 in any necessary.-V. 88, p. 1626.
amounts at 102%; interest
& J. at Central Trust Co. of California, San
Francisco, trustee. Sinking fund, 1-15 of issue early. Par $1,000.
Western Power Co.-See Great Western Power Co. above.
President, E. G. Wheeler; Secretary and Treasurer, H
Henry F. Stitzell, 461
Drexel Building, Philadelphia.-V. 86, p. 173.
-V. 88, p. 690.
Tonopah (New) Water Co.-Consolidation.-See Tonopah
Wilkes-Barre (Pa.) Gas & Electric Co.-Earnings.-For
United Water Co. above.-V. 79, p. 2090.
six months ending June 30:
Gross
Net (after
Interest
Six
Bar nce.
Union Gas Co. of Spokane, Wash.-Change in Control.earnings.
taxes,&c.)
on bonds.
Months.
surplus.
The control of this company, with its ownership of over 1909
$219,566
$123,106
$82,184
$60,922
197,677
92,167
99% of the stock of the Spokane Falls Gas Light Co., was 1908
recently acquired by Henry L. Doherty.& Co. of New York -V. 89, p. 230.
from N. W. Halsey & Co. and associates. The successor • Wilmington (Del.) Gas & Electric Co.-Bonds Purchased.
company may be known as the Spokane Gas & Fuel Co. -Brown Brothers & Co. and Drexel & Co. have jointly purThere are now outstanding $1,250,000 common stock, ,chased $2,000,000 "first and refunding" sinking fund mort$300,000 cumulative preferred stock and $550,000 bonds. gage 5% 40-year gold bonds, to be dated Sept.. 1 1909.
Compare V. 81, p. 1854.
Compare V. 89, p. 165, 49.




[VOL. Lxxxix.

THE CHRONICLE

_606

COTTON.

Toinntertiat pmts.

Friday Night, Sept. 3 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
COMMERCIAL EPITOME.
week ending this evening the total receipts have reached
81,420 bales, against 34,162 bales last week and 14,396
Friday Night, Sept. 3 1909.
previous week, making the total receipts since
The big, manufacturing interests are gradually feeling the bales the
Sept. 1 1909 43,604 bales, against 52,231 bales for
stirrings of .new life. The crops are beginning to move. the same period of 1908, showing a decrease since Sept. 1
Trade is expanding and the outlook is considered promising. 1909 of 8,627 bales.
Stocks of Merchandise.
Cocoa
Coffee, Brazil
Coffee. Java
Coffee,.others
Sugar
Hides
Cotton
Saltpetre
Manila hemp
Sisal hemp
Flour

Sept. 1 '09

.1 '09. Sept. 1 '08.

90,000
95,000
47,794
3,130,060 3,154,392 2,916,721
64,740
56,661
44,661
377,850
418,787
255,016
54,158
54,114
None.
32,000
10,700
27,700
57,535
93,929
55,906
None
None
None
4,169
3,665
4,110
410
486
1.030
39,100
21,600
27,900

Receipts at-

Sat.

Mon.

Tues.

Wed.

Thurs.

Total.

Fri.

Galveston
4,790 3,607 10,143 7,717 4,534 4,885 35,676
Port Axthur
---------------------298
Corp. Christi, &c
298
.
167
a 2-,604
New Orleans_ _ _ _
i
56
275 3,110
Gulfport
Mobile
--H
--a -215 -ioi -iii -iii
831
Pensacola
Jacksonville, doe.
Savannah
3,77
75 2,88
.77 7-,,-1776 5,5,-Iti
13-,ii 9-,;156 35,270
Brunswick
1,450 1,450
Charleston __ ._ _
74
-iii -i5i -ai -iii
693 1,790
Georgetown
____
____
_iii _iii
___
_ _5i
Wilmington
148
215
25
-729
80
829
Norfolk
316
48
56
452 1,781
Newport N., &c
____
147
147
New York
Boston
30
____
5
-- _
79
77
- 101
Baltimore147
147
Philadelphia_ _ _ _
__--

LARD.-Business continues slow because of light offerings
and high cost. Prime Western 12.80c., Middle West 12.70c.,
refined Continent 13c., prime City steam 12c., South America
13.25c., Brazil, in kegs, 14.25c. Speculative prices have
Totals this week_
8,965 7,127 21,724 14,173 11,314 18,117 81,420
advanced on short covering and buying by packers, prompted
by the strong hog situation.
The following shows the week's total receipts, the total
• PORK.-The scarcity makes holders firm and checks since Sept. 1 1909, and the stocks to-night, compared with
business. • Mess $22 25@n2 75, family $22(3$22 50, clear last year:
$23. Beef steady and inactive; family $14®$14 50, packet
Stock.
1909.
1908.
Receipts to
$12®$12 50, mess $11®$11 75, extra India mess $20 50(4)
Sept. 3.
This Since Sep This Since Sep
Week. 11909. Week. 1 1908.
1908.
1909.
$21. Pickled hams dull and lower; l2©12c. Bellies
17,136 51,289
35,676
34,831
37,190
37,419
scarce and firm, 13c. Tallow dull, city 51Nc. Stearines Galveston
Port Arthur
quiet and steady; oleo 12c.,lard 12 ©13c. Butter higher Corp. Christi, &c_
298
298
New Orleans_ _ _ _
307 4,799
3,110
1,332
33,440
25,073
with fine grades scarce; creamery extras 2932c. Cheese Gulfport
•
1,560
Mobile
534
913
3,150
831
5,720
quiet and unsettled; State, f. c., small or large, colored or Pensacola
26
26
&c.
white, 1534c. Eggs firm on higher grades; Western firsts Jacksonville,
14,651
37,462
21,135 18,723
29,526
Savannah
35,270
1,423
1,561
Brunswick
1,450
1,450
22@23c.
286
2,517
321
6,725
Charleston
1,353
1,790
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon.
Sat.
Tues.
Wed.• Thurs.
Fri.
September delivery____12.20
12.17% 12.273. 12.22% 12.273
12.20
October delivery
12.25
12.175 12-173 12.15
12.223 12.275
January delivery
10.50
10.42% 10.42% 10.50
10.52% 10.60

Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia

729
1,781
147

341
824
147

32
53
285

32
45

901
6,045

4,552
3,058

191

79

99

99

65,282
2,992

65,600
3,421

16
1,280
1,749
16
147
OIL.-Linseed quiet but firm; city, raw, American seed,
1,025
1,143
57@58c.; boiled 58@59c.; Calcutta, raw, 750. Cotton-seed
---52,231 192,724 185,180
43,604 77,203
Total
81,420
strong; winter 6@6 49c., Summer white g.93@6.50c. Olive
$1@$1 20. Lard firm but quiet; prime 92@95c., extra
In order that comparison may be made with other years,
No. 1, 56c. Cocoanut steady but inactive; Cochin 8
Ceylon 7%(4)8c., Palm Lagos 5%©6c. Peanut, yellow, we give below the totals at leading ports for six seasons:
65()70c.; cod quiet; domestic 38c., Newfoundland 40c.
1908.
Rece pts at1907.
1909.
1006.
1905.
1904.
COFFEE.-An ordinary spot business has been done
26,582
51,289
Galve
35,676
ston
___
47,649
59,082
65,753
Rio
No. 7 714(0)7%c., Santos Pt.A thur,&c.
with prices held steadily;
298
137
124
268
%c., fair to good Cucuta 85
No. 4 8/
4,799
5 s©83
3,110
1,324
5,966
7,455
7,707
/s@93/2c• Specu- New Orleans_
mooll
e
831
1,560
2,849
231
3,877
2,613
are
slightly
lower, especially on the remote de- Sava Lnah
lative prices
18,723
13,241
57,904
35,270
13,973
43,081
liveries. Selling pressure has not been urgent, but support Brun ;wick_ _ _
1,450
659
4,280
327
Charl
3
,
ston,&c
321
1,790
1,227
1,091
4,749
9,485
because
withheld
of
the
enormous
continued
is
movement. Wilm lngton
32
729
131
167
1,727
7,044
Closing prices were as follows:
Norfolk
1,781
920
1,184
2,898
6,660
53
September _ _ 5.40@5.451January _ _ _ _ 5.25@ 5.30
5.25@ 5.301February _5.25@5.35
October
November _ _5.25 ® 5.301March
5.30@5.35
December _ _ 5.25@ 5.301April
5.30@5.40

May
June
July
August

5.35®5.4o
5 35@540
5.40@5.45
5.40@5.45

SUGAR.-Holders of Cubas are extremely firm, a sale of
75,000 bags at top prices practically exhausting the supply.
Centrifugal, 96-degrees test, 4.17c.; muscovado, 89-degrees
test, 3.67c.; molasses, 89-degrees test, 3.43c. Refined has
been firm but slow as regards new business, though fair withdrawals have been made; granulated 4.95c. Spices firm
but quiet. Teas strong with brisk country demand. Wool
strong but less active.
PETROLEUM.-Trade has been quiet but improvement
is looked for. Refined, barrels, 8.25c; bulk 4.75c.; cases
10.65c. Gasoline, 86-degrees test, in 100-gallon drums,
183
4c.; drums $7 50 extra. Naphtha, 73 to 76-degrees test,
in 100-gallon drums, 163
/0.; drums $7 50 extra.
TOBACCO.-While.trade is still far from brisk, it is not
entirely stagnant, and while most manufacturers still complain that the improvement in business is slow, many of
them appear optimistic regarding the prospects for additional
enlargement. As noted a few weeks ago, the attention of
buyers is concentrated largely on broad-leaf Connecticuts.
The market for Havanas is brisk and the outlook is hopeful.
Sumatras have been pretty well cleaned up. The prospects
seem better for a normal crop, marked improvement being
reported as a rule, barring certain Pennsylvania districts.
High prices are still reported in Wisconsin and markets in
Connecticut have noted similar sales.
COPPER.-Prices have declined under rather heavy
selling pressure. Lake 133' ®13Ytc., electrolytic 12%©
%c. Lead quiet but steady; spot
13c., casting 123/
2@123
car-lots 4.354)4.40c. Spelter quiet and easier; spot car-lots
5.65@5.75c. Iron has continued strong and active at all
centers. Foreign iron has shared in the increased activity.
The great activity in steel has also been maintained, notably
along the lines of railway equipment. The tone continues
strong, especially on bars, plates and shapes.




N'po t N., &c
All ot hers_ _ _ _

147
338

285
141

80

76
133

98
1,651

52
373

Total this wk_

81,420

77,202

44,559

73,061

154,103

133,105

Atli
1'71 A R1
1
OR,
Since
The exports for the week ending this evening reach a total
of 45,477 bales, of which 5,026 were to Great Britain,
11,034 to France and 29,417 to the rest of the Continent.
Below are the exports for the week and since Sept. 11909:

Week ending Sept. 3 1909.
Exported toExports
from-

Great
ContiContiGreat
BrUain.Fence. nent. Total. Britain. France. neat.

Galveston ____ 3,02110,415 11,310 24,746
Port Arthur_
Corp.Chris.,&c.
New Orleans__ 1,470 143 9,523 11,138
Mobile
Pensacola
Fernandina __
Savannah
Brunswick__
Charleston__
Wilmington_
Norfolk
Newport News
New York____
159 478 6,234 6,869
376
Boston
376
2,350 2,350
Baltimore
Philadelphia
Portland, Me__
San Francisco_
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit
-5,02611,034 29,417 45,477
Total
Total 1908

Front Sept. 11000 to Sept. 3 1909.
Exported to-

17,553 14,599 38,987 71,139

Total.

3,021 10,415

2,660

16,096

1,470

4,450

5,920

5,383

5,383

•
•

4,491 10,415

12,493

27,399

4,497

36,717

50,383

9,169

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
New York.

THE CHRONICLE

SEPT. 4 1909
On Shipboard, Not Cleared forSept. 3 at-

Other CoastGerGreat
Britain. France many. Foreign wise.

700
600

Total 1909_ _
Total 1908_ _
Total 1907_ _

3,856
12,462
11,597

3-,goo

159
9,087
3,655

4,244
6,419

300

"goo

1;66

300

200

Total.

103 4,968
549 21,949
3,655
4,493
2,800
1,100

28,472
15,470
33,807
2,167
3,150
1,552
62,482
6,659

4,100 14,001 11,863 5,145 38,965
2,073 10,736 7,826 4,359 37,456
4,403 5,813 4,301 12,347 38,463

153,759
147,724
241,620

4;i55

NEW YORK QUOTATIONS FOR 32 YEARS.
1909_c
1908
1907
1906
1905
1904
1903
1902

12.85
9.30
13.55
9.80
10.95
11.10
12.50
9.12

1901_c
1900
1899
1898
1897
1896
1895
1894

8.62
9.62
6.25
5.75
7.62
8.50
8.25
6.88

1893C
1892
1891
1890
1889
1888
1887
1886

7.88
7.06
8.62
11.00
11.50
10.88
10.00
9.19

1885_c
1884
1883
1882
1881
1880
1879
1878

10.12
10.88
10.12
12.88
12.38
11.68
12.12
12.12

MARKET AND SALES AT NEW YORK.
Spot Market
Closed,
Saturday_ _
Monday_ _ _
Tuesday _ _
Wednesday
Thursday _
Friday.. _ _ _

Quiet, 5 pts. adv_ _ _
Quiet
Quiet, 10 pts. dec_ _
quiet, 10 pts. dec_ _
uict, 10 pts. adv__
uiet, 5 pts. adv

Total




Futures
Market
Closed.

Sales of Spot and Contract.

Con- ConSpot. sum'n. tract. Total.
-Steady
275 - 275
Steady
400
400
- ---Barely steady
800
800
Steady
100
100
Steady
30
30
Firm
429
-06 1,229
-734
2,100 2,834

NONN

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Thursday,
Sept. 2.

Mon. Tues. Wed. Thurs. Fri.
12.90 12.80 12.70 12.80 12.85

00

II

Wednesday,
Sept. 1.

Sat.
12.90

04
I® 10 I®- -V@ r0
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Tuesday,
Aug. 31.

Aug. 28 to Sept. 3Middling uplands

II II ;,-;',.", rd ',7,1:, ;7,1 r,r, 17,7; r.I ts;;:; rd ;,1 1: .
;...,t ;.. ;,..t i.. ,,
-. . ....it 6 6::

Monday,
Aug. 30.

Speculation in cotton for future delivery has been on the
whole of only moderate proportions, but prices much of the
time have shown an upward tendency, owing to bad crop
reports from unofficial sources early in the week and the unprecedentedly low condition given by the Government on
Thursday. Various private reports put the condition at
from 64.1 to 68.7%; but the Government report exceeded
them all in bullishness, giving it as 63.7, against 71.9 last
month, showing a deterioration during August of 8.2%.
The September condition given this year is the lowest ever
known, and contrasts with 76.1 last year, 72.7 in 1907,
77.3 in 1906 and 72.1 in 1905. Crops exceeding 133/b million
bales were raised in 1906-07 and 1908-09, with September conditions ranging from 76.1 to 77.3. This year's condition is so far below these figures that a decreased crop is
very generally expected, some claiming that it cannot exceed 10,000,000 to 10,250,000 bales. It is supposed that
the effect of the bad crop reports would have been much
greater but for a number of things. In the first place, a
large visible supply has been brought over into the new season. Some spinners, too, are supposed to be pretty well
supplied. Before long, under the stimulus of existing prices,
it is believed by not a few that the crop movement will be
of liberal volume. The question is whether spinners will buy
with freedom. They complain in some cases that raw cotton
has advanced more rapidly in price than cotton goods.
Moreover, speculation has lagged. The outside public is
indifferent. Prices have recently advanced about $4 a
bale, and some think a reaction in any case is due. Some of
the crop news, especially from the Atlantic States, has been
favorable. Many believe that the yield in that section will
be much larger than was at one time expected, and that
with the liberal surplus carried over from last year it will
largely offset any deficiency in the Southwest. Spinners,
for the time being at least, are buying rather sparingly. On
the other hand, there is a widespread belief that the present
crop is to be a relatively small one, and that even allowing
for a good surplus remaining from last season the world's
consumption will be so large as to cause higher prices than
have yet been seen this season. Roughly, some estimate a
crop of 1,500,000 bales or more under the demands of the
world's consumption, some extremists making the deficiency
fully 2,500,000 bales. Some such idea accounts for the recent quiet but persistent buying for a rise by Western and
Southern interests. The bear element displayed little aggressiveness early in the week; but following the issuance of
the Bureau report they made one of the fiercest raids on the
market ever witnessed, pouring out such a vast amount of
cotton on the advance as to cause a recession after some
ten or twelve points had been gained. To-day prices gained
from 8 to 12 points because of considerable alarm among
shorts, coupled with good buying orders from interests in
Memphis and New, Orleans. Liverpool bought also, and
it was said that Fall River mills were doing likewise. For a
time the demand was supplied by Wall Street houses and
by the same powerful clique which checked Thursday's rise.
News regarding spot sales in the South was stimulating, as
was the news cabled from Liverpool regarding trade in Lancashire. In addition, Liverpool displayed a stronger tone
than many had counted on. Weather reports were of continued dry and hot weather west of the Mississippi River,
while from the east of that river as well complaints of
drought were received.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:

owZaw6,-cozzow,nw• nw. c•4• oz:-Ov c4n-nz2
§-:47g1 6g1W6c° a6P15g1 6°1.6 1 6°I
4-PA
514 ri g I gi rs'n 0°53 rin a iii Fg I
gq
gq
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ay
r°
oq
frq
09
g9
Cti

Saturdati,
Aug. 28.

462
2,094

FUTURES.-The highest, lowest and. closing prices at
New York the past week have been as follows:

•

New Orleans_ _
Galveston
Savannah _ _ _ _
Charleston_ _ _ _
Mobile
Norfolk
New York..__ _
Other ports_ _ _

Leaving
Stock.

607

Wm

I®

..
. ..
. .. ..
. .. ..
NN
N
00 N
NN
NN 0
NN
NN
.
21

ti
) tl

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1 66

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tt

tt

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!
.'
2.
L

I®

THE VISIBLE SUPPLY OF COTTON 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 are brought 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.
Sept. 3Stock at Liverpool
Stock at London
Stock at Manchester

1909.
bales. 836.000
17,000
50,000

1908.
371,000
15,000
39,000

1907.
705,000
21,000
53,000

1906.
361,000
16,000
41,000

903,000
12,000
125,000
155,000
3,000
22,000
18,000
5,000

425,000
25,000
159,000
73,000
4,000
19,000
13,000
18,000

779,000
18,000
115,000
118,000
3,000
16,000
18,000
38,000

418,000
22,000
62,000
53,000
4,000
7,000
13,000
6.000

311,000

326,000

167,000

736,000 1,105,000
53,000 131,000
130.616
45,810
22,000
15,000
60,000
23,000
384,000
509,000
185,180 280,083
117,358
87,945
12,398
3,367

585,000
52,000
140,784
12,000
29,000
596,000
207,747
100,711
9,447

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

340,000

Total European stocks
1,243,000
India cotton afloat for Europe__ _
54,000
Amer. cotton afloat for Europe
82,374
Egypt,Brazil,&c.,aflt.for Europe_
25,000
Stock in Alexandria, Egypt
45,000
Stock in Bombay, India
174,000
Stock In U. S. ports
192,724
Stock in U. S. interior towns_ __ _
83,449
U. S. exports to-day
1,780

Total visible supply
1,901,327 1,700,552 2,200,205 1,732,689
Of the above, totals of American and other descriptions arc as follows:
AmericanLiverpool stock
bales. 743,000
268,000
596,000 261,000
Manchester stock
26,000
35,000
28,000
4 ,000
Continental stock
108,000
302,000 237,000 229,000
American afloat for Europe
82,374
130,616
45,810
140,784
U. S. port stocks
192,724
185,180 280,083 207,747
U. S. Interior stocks
83,449 117,358
87,945
100,711
U. S. exports to-day
1,780
3,367
12,398
9,447
Ili Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Ind a afloat for Europe__ __.._
FOTO, Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

1,440,327
93,000
17,000
15,000
38,000
54,000
25,000
45,000
174,000
461.000
1,440,327

978,552 1,285,205

863,689

103,000
15,000
11,000
74,000
53,000
22,000
60,000
384,000

109,000
21,000
10,000
97,000
131,000
15,000
23,000
509,000

100,000
16,000
5,000
59,000
52,000
12,000
29,000
596,000

722,000 915,000
978,552 1,285,205

869,000
863,689

Total visible supply
1.901.367 1,700.552 2,200,205 1.732,689
Middling Upland, Liverpool
6.88d.
5.25d.
7.51d.
5.45d.
Middling Upland, New York..
I2.85c.
9.30c.
13.00c.
9.80c.
Egypt, Good Brown, Liverpool
10d.
851d.
113id.
iod.
Peruvian, Rough Good, Liverpool - 8.35d.
8.80d.
8.50d.
12.00d.
Broach, Fine, Liverpool
6 Md. 4 15-16d. 6 5-16d. 5 1-16d.
Tinnevelly, Good, Liverpool_ _ _ _
8d. 4 11-16d. 5 13-16d.
5d.

Continental imports for the past week have been 30,000
bales.
The above figures for 1909 show a decrease from last week
of 43,696 bales, a gain of 200,795 bales over 1908,
a decrease of 298,878 bales from 1907, and a gain of 168,638
bales over 1906.

THE CHRONICLE

608

Movement to September 4 1908.

AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
in detail below.
0..cqoo.ro0,-,coominool0000,iool0000No000- .uo
c,t0000nooemcooNcv.--,roc,No.,-IoNoovoncoroNo .00

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AugustRange
Closing
erbe
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am
Re
Sept
CloAing
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
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is
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•

1.04405.40.1.0.?.40-40
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,
.0.1.44401
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Range
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Options
Nominal.

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ISO

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rvann

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Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Aug. 28. Aug. 30. Aug. 31. Sept. 1. Sept. 2. Sept. 3.

0000,00000 55',..o.n 0.0 IN

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The above totals show that the interior stocks have increased during the week 468 bales and are to-night 33,909
bales less than at the same time last year. The receipts
at all the towns have been 15,427 bales less 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:
- 1909
Week.
1,638
1,060

Since
Sept. 1.
139
760

138
101
276
159

3,372
Total gross overland
Deduct shipments338
Overland to N. Y., Boston, &c_ _ _
Between interior towns
892
Inland, &c., from South

Sep ember 3ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

Total to be deducted
Leaving total net overland •

908

55
40
100
78

Week.
1,951
1,493
184
881
191
25
128

Since
Sept. 1.
1,342
1,024
184
529
178
25
100

1,172

4,853

3,382

79

115

115

483

1,050

1,050

1,230

562

1,165

1,165

2,142

610

3,688

2,217

• Including movement by rail to Canada.

The foregoing shows the week's net ovelrand movement
has been 2,142 bales, against 3,688 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 1,607 bales.
In Sight and Spinners'
Week.
Takings.
81,420
Receipts at ports to Sept. 3
Net overland to Sept. 3
2,142
Southern consumption to Sept. 3.. 52,000

1909-- --1908
Since
Since
Week.
Sept. 1.
Sept. 1.
77,203
52,231
43,604
3,688
2,217
610
35,000
20,000
26,000

135,562
468

70,214
894

Came into sight during week_ _136,030
Total in sight Sept. 3

71,108

Total marketed
Interior stocks in excess

North. spinners' takings to Sept. 3

115,891
23

74,448
2,163

115,914
9,945

76,611
25,099

25596

Movement into sight in previous years:
Week1907-Sept. 6
1906-Sept. 7'
1905-Sept. 8
1904-Sept. 9

Bales.
103,389
127,506
220,938
184,761

Since Sept. 11907-Sept. 6
1908-Sept. 7
1905-Sept. 8
1904-Sept. 9

Bales,
90,736
127,506
245,863
214,623

NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:




-- ® - ® -12.26
12.25 •
-- 12.41
12.35 - 12.31 • 12.36 • 12.21

-

--

-

®
12.30 • 12.38 •

12.35-.42 12.37-.48 12.37-.51 12.29-.42 12.31-.50 12.35-.45
12.38-.39 12.41-.42 12.39-.40 12.31-.32 12.33-.34 12.41-.42
- 12.46-.50- 12.42- 12.43- ® -12.45-.46
12.38-.40 12.41 • 12.39 • 12.34-.36 12.36
12.36-.44 12.38-.51 12.40-.54 12.34-.47 12.44-.63 12.41-.55
12.39-.40 12.45-.46 12.43-.44 12.39-.40 12.41-.42 12.50-.51
12.40-.45 12.42-.55 12.45-.59 12.39-.53- 12.46-.58
12.42-.43 12.49-.50 12.48-.49 12.43-.44 12.45-.46 12.55-.56
-- ® --12.5-.61
-12.48-.50 12.53-.56 12.52-.54 12.47-.49 12.49-.51
12.55-.59 12.58-.69 12.59-.74 12.55-.65 12.60-.76 12.62-.74
12.56-.58 12.64-.65 12.63-.64 12.58-.59 12.61-.62 12.71-.72
12.64 12.64-.71 12.66-.71 12.62 - 12.68-.80 12.73-.78
12.62-.64 12.68-.70 12.68-.70 12.65-.67 12.68-.70 12.78-.79
Firm. Steady. Steady.
Firm.
Steady. Firm.
Steady. Steady. Steady. Steady. Steady. Steady.

WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices from the South this evening indicate that
while rain has fallen in most sections during the week, the
precipitation has been light as a rule. At a number of points
however, dry weather has prevailed, and it is claimed that
the crop is deteriorating as a result of lack of moisture'.
Picking is making good progress in earlier sections and will
soon be general.
Galveston, Texas.-We have had light rain on one day
during the week, the rainfall being eight hundredths of an
inch. The thermometer has averaged 86, ranging from
78 to 94. August rainfall 4.04 inches.
Abilene, Texas.--It has rained lightly on one day of the
week, the precipitation reaching one hundredth of an inch.
The thermometer has ranged from 68 to 96, averaging 82.
Month's rainfall sixty-two hundredths of an inch.
Brenham, Texas.-We have had light rain on one day of
the week, the precipitation being six hundredths of an inch.
Average thermometer 85, highest 98, lowest 72. August
rainfall sixty-four hundredths of an inch.
Corpus Christi, Texas.-There has been rain on four days
during the week, the precipitation being one inch and fortysix hundredths. The thermometer has averaged 83, the
highest being 92 and the lowest 74. Month's rainfall 3.66
inches.
Cuero, Texas.-Rain has fallen lightly on five days of the
week, the rainfall being eighty-five hundredths of an inch.
The thermometer has averaged 85, ranging from 70 to 100.
August rainfall 1.73 inches.
Dallas, Texas.-We have had no rain the past week. The
thermometer has ranged from 69 to 104, averaging 87.
Month's rainfall 1.97 inches.
Fort Worth, Texas.-It has rained on one day of the week
to an inappreciable extent. Average thermometer 86, highest 98, lowest 74. Month's rainfall 1.54 inches.
Huntsville, Texas.-There has been light rain on one day
of the past week, the rainfall reaching twenty-five hundredths
of an inch. The thermometer has averaged 84, ranging from
70 to 98. Month's rainfall sixty-four hundredths of an inch.
Kerrville, Texas.-We have had light rain on one day of the
past week, to the extent of thirty-one hundredths of an inch.
The therinometer has ranged from 60 to 98, averaging 79.
August rainfall ninety-five hundredths of an inch.
Longview, Texas.-There has been rain on one day during
the week, the precipitation reaching ninety-one hundredths
of an inch. The thermometer has averaged 85, the highest
being 99 and the lowest 70. August rainfall 2.57 inches.
Luling, Texas.-Rain has fallen on one day of the week,
the precipitation being twenty-eight hundredths of an inch.
The thermometer has averaged 85, ranging from 71 to 99.
August rainfall fifty-five hundredths of an inch.
Nacogdoches, Texas.-There has been rain on one day
during the week, to the extent of seventy-five hundredths of
an inch. The thermometer has ranged from 69 to 101,
averaging 85. Month's rainfall 1.15 inches.
Paris, Texas.-There has been rain on two days during the
week, the precipitation reaching sixty-six hundredths of an
inch. The thermometer has averaged 86, the highest being
103 and the lowest 69. Month's rainfall 2.01 inches.
San Antonio, Texas.-We have had light rain on three
days during the week, to the extent of forty-six hundredths
of an inch. The thermometer has averaged 85, ranging from
72 to 98. August rainfall 1.60 inches.
Weatherford, Texas.-There has been rain on one day of
the week, the rainfall reaching nineteen hundredths of an
inch. Average thermometer 86, highest 100, lowest 71.
August rainfall 2.76 inches.
Memphis, Tennessee.-The crop is deteriorating; moisture
is needed. There has been no rain since August 18. The
thermometer has ranged from 63.2 to 96.1, averaging 79.3.
•
August rainfall 2.08 inches.
Nashville, Tennessee.-There has been no rain.during the
week. Average thermometer 76, highest 96, lowest 56.
Mobile, Alabama.-Hot and dry in the interior and crop
reports very irregular; complaints of excessive heat and
shedding coming from niost ectiofis. Boll worms Ain

THE CHRONICLE

SEPT. 4 1909.1

Southeastern Alabama. Cotton picking is making some
progress and will be general by the 15th. We have had
rain on four days during the week, the precipitation reaching
forty-three hundredths of an inch. The thermometer has
averaged 84, the highest being 84 and the lowest 70.
Montgomery, Alabama.-There has been rain on two days
during the week, to the extent of sixteen hundredths of an
inch. The thermometer has averaged 83, ranging from
68 to 98. August rainfall 3.17 inches.
Selma, Alabama.-Rain has fallen on one day during the
week, the rainfall being twenty hundredths of an inch.
The thermometer has ranged from 70 to 100, averaging 84.
New Orleans, Louisiana.-We have had rain on one day
the past week, the rainfall being fifty-six hundredths of an
inch. The thermometer has averaged 85.
Shreveport, Louisiana.-Dry all the week. The thermometer has averaged 84, ranging from 70 to 98.
Vicksburg, Mississippi.-We have had rain on one day
during the week, to the extent of thirty-one hundredths of
an inch. The thermometer has ranged from 71 to 96, averaging 83.
Helena, Arkansas.-Most crops are suffering for moisture.
We have had no rain since August 11th. The thermometer
has averaged 78.3, the highest being 94 and the lowest 62.
August rainfall twenty-four hundredths of an inch.
Savannah, Georgia.-There has been rain on two days
during the week, the precipitation being eighty-eight hundredths of an inch. The thermometer has averaged 79,
ranging from 70 to 94.
Charleston, South Carolina.-It has rained on two days
during the week, the rainfall being two inches and twenty-one
hundredths. The thermometer has ranged from 69 to 90,
averaging 79.
Charlotte, North Carolina.-The crop is deteriorating some.
The week's rainfall has been thirty-one hundredths of an inch.
Average thermometer 75, highest 95, lowest 54.
Madison, Florida.-Ram on one day of the week. Average thermometer 81, highest 94, lowest 71.

609

WORLD'S SUPPLY AND TAKINGS OF COTTON.
1908.

1909.

Cotton Takings.
Week and Season.
Week.

Season.

Week.

Season.

Visible supply to Aug. 27
1,945,023
1,713,541
Visible supply Sept. 1
1,714,982
1,930,414
American in sight to Sept. 3_ _ _
76,611
136,030
71,108 115,914
Bombay receipts to Sept. 2_ __ _
2,000
2,000
4,000
Other India ship'ts to Sept. 2_ _
9,000
3,000
2,000
21,000
Alexandria receipts to Sept. 1_ _
1,000
Other supply to Sept. La
3,000
1,000
1,000
1,000
Total supply

2,096,053 2,004.522 1,855,455 1,797,593

DeductVisible supply Sept. 3

1,901,327 1,901,327 1,700,552 1,700,552

Total takings to Sept. 3
Of which American
Of which other

194,726
151.726
43,000

103,195
84,195
19,000

154,903
106,903
48,000

97,041
75,041
22,000

a Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.

MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues firm for yarns and steady for shirtings. Merchants
are not willing to pay present prices. We give the. prices
for to-day below and leave those for previous weeks of this
and last year for comparison.
1909.
32s Cop
Twist.

1908.

83 lbs. Shirt- Corn
MO,common Mid.
to finest.
Upl's

d.
s. d. s. d.
July
23 8%
9% 4 10 09 2
30 9%
9% 4 10% 09 3
Aug.
69
@ 9% 4 10 09 2
13 9
Co
9% 4 10 09 2
209%
0 9% 4 10%09 3
27 93-16 @ 9%, 411 @94
Sept
3 9 5-16 0 10 5 0 09 5

8% lbs. Shirt- Corn
ings. common Mid.
Upl's
to finest.

32s Cop
Twist:

o
0

93 4 11
9% 4 11

d.

s. d.

d. s. d.

d. d.
6.48 8%
6.73 8%

5.98
6.02

08 1
08 1

6.26
5.92
5.59
5.25

6.69 8%
6.72 8%
6.67 8
6.73 7%

0
0
0

9% 4
9% 4
94
8% 4

6.83 7%

0

8% 4 9 07 10% 5.25

11 08 0
10% 08 0
10 07 10%
9 ®7 10

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
THE AGRICULTURAL DEPARTMENT'S AUGUST reached 45,477 bales. The shipments in detail, as made
REPORT.-The following statement, showing the condition up from mail and telegraphic returns, are as follows:
Total bales.
of cotton on Aug. 25, was issued by the Department of NEW YORK-To Liverpool-Aug. 27-Caronia, 43_ _ _Aug. 28
Celtic, 116
159
Agriculture Sept. 1:

To Havre-Aug. 28-Mexico, 425 upland, 51 foreign
476
The Crop Reporting Board of the Bureau of Statistics of the United States
To Bremen-Sept. 1-Kurfurst, 4,783
4,783
Department of Agriculture estimates,from the reports of the correspondents
To Genoa-Aug. 27-Prinzess Irene, 351Sept. 1-Carpathia,
and agents of the Bureau, that the average condition of the cotton crop
100
451
on Aug. 25 was 63.7% of a normal, as compared with 71.9 on July 25 1909,
To Naples-Aug. 27-Prinzess Irene, 400
400
76.1 on Aug. 25 1908, 72.7 on Aug. 25 1907 and 73.6 the average of the
To Trieste-Aug. 31-Argentina, 100
100
past 10 years on Aug. 25. Comparisons of conditions by States follow:
To Fiume-Sept. 1-Carpathia, 500
500
Aug. 25
July 25
Aug. 25
Aug. 25
10-year GALVESTON-To Liverpool-Aug. 30-Albanian, 3,021
3,021
1909.
Stales1909.
1908.
1907.
average.
To Havre-Aug. 30-Monomoy, 10,415
10,415
73
71
Virginia
81
87
77
To Bremen-Aug. 28-Breslau,8,650
8,650
North Carolina
73
71
76
80
78
To Hamburg-Aug. 31-Constantia, 510
510
South Carolina
74
77
To Antwerp-Aug. 31-Thurland Castle, 1,660
1,650
76
83
75
Georgia
73
78
76
To Ghent-Aug. 31-Thurland Castle, 500
500
77
81
Florida
75
84
78
NEW ORLEANS-To Liverpool-Aug. 31-William Cliff, 200_ __ _
200
80
80
Alabama
66
1,270
68
73
To Belfast-Sept. 3-Howth Head, 1,270
73
77
Mississippi
To Marseilles-Aug. 27-Frt. 125_ __Aug. 30-Eugenia, 18_
143
61
64
79
72
77
Louisiana
48
3,254
58
74
To Bremen-Aug. 31-Jamaican, 3,254
63
69
Texas
59
To Hamburg Sept. 1-Hoerde, 1,196
1,196
67
69
70
75
Arkansas
60
74
1,950
65
To Barcelona-Aug. 30-Brasileno, 50; Eugenia. 1,900
83
76
Tennessee
75
1,823
81
80
88
78
To Genoa Aug. 27-Fert, 1,523..
Missouri
80
75
200
81
To Naples-Aug.30-Eugenia, 200
85
90
Oklahoma
56
450
79
75
To Venice-Aug. 30-Eugenla, 450
70
71
-450
--To Trieste-Aug.30-Eugenia, 450
United States
63.7
71.9
200
76.1
72.7
73.6
To Flume-Aug. 30-Eugenia, 200
BOSTON-To Liverpool-Aug.27-Michigan. 303 foreign__ _Aug.31
The Aug. 25-Sept. 1 averages in earlier years for all the
376
-Canadian, 73
2,350
States were, according to the Agricultural Department, as BALTIMORE-To Bremen-Aug. 31-Chemnita, 2.350

follows: 77.3 in 1906; 72.1 in 1905; 84.1 in 1904; 81.2 in 1903;
45,477
Total
64 in 1902; 71.4 in 1901; 68.2 in 1900; 68.5 in 1899; 79.8 in
LIVERPOOL.-By cable from Liverpool we have the fol1898; 78.3 in 1897; 64.2 in 1896; 70.8 in 1895; 85.9 in 1894; lowing statement of the week's sales, stocks, tire., at that port:
Aug. 20.
Aug. 27.
Sept. 3.
13.
73.4 in 1893; 76.8 in 1892.
COTTON CROP CIRCULAR.-Our Annual Cotton Crop
Review will appear in the "Chronicle" in the issue of September 11, but will be ready in circular form about Wednesday September 8. Parties desiring the circular in quantities
with their business cards printed thereon should send in
their orders as soon as possible to ensure early delivery.
INDIA COTTON MOVEMENT FROM ALL PORTS.
September 2.

1909.

Receipts at-

Since
Week. I Sept. 1.

Bombay

Exports
fromBombay1909._
1908___
1907- --Calcutta1909---1908---1907Madras1909_
1908_ ..1907All others'1909____
1908_ 1907_ Total all1909.._
1908_ _

2,00011
For the Week.

1908.

Since September 1.

Great Conti-Japan
Great
Rritain. nent. &Chin Total. Britain.
9,00
11,000
26,00

3,000
6,000
26,000

1,000
2,000

1,000
1,000
2,000

2,000

2,66

2,000

8,000
16,000
5,00

8,000
18,000
6,000

1,000

2:656

Continent.

12,000
12,000
31,000

3,00
1,00
5,00

18,000
2,000 30,00
33,00




3,0
1,00
5,0

1907.

Since
Since
Week. Sept. 1. Week. Sept. 1.
-- -4.000
2,000 7,000
7,000

21,000
33,000
38,000 '

Japan
& China. Total.

1,000
5,000

3,000
7,000
31,000

2,000

41,000
73,000
59,000
Sales of the week
A.
37,000
________
Of which speculators took
1.000
2,60o
1,000
1,000
Of which exporters took_ _ _ 3,000
63,000
37,000
51,000
Sales, American
33,000
5,000
7,000
2,000
Actual export
4,000
52,000
54,000
45,000
Forwarded
44,000
836,000
850,000
Total stock-Estimated
879,000
911,000
754,000
743,000
Of which Americ,an-Est_ _818,000
791 ,000
34,000
15,000
Total Imports of the week_ _ _ _ 26,000
18,000
Of which American
7,000
10,000
16,000
15,000
41,000
31,000
Amount afloat
53,000
57,000
Of which American
10,000
5,000
17,000
21,000
LIVERPOOL STOCK TAKING.
in26,892;
Peruvian
American increase,
Egyptian increase, 3,998;
32,002
crease, 358; African increase, 754; total increases
Brazilian decrease, 1,137; West Indian decrease, 2,688; East Indian
6,174
decrease, 2,349; total decreases
Net increase

26,828

The tone of the Liverpo ol market for spots and futures
each day of the pa4t week and the daily closing prices of
spot cotton have been as follows:
Saturday.

Monday.

Tuesday. Wednesday. Thursday.

Friday.

Market, 1
12:15
P.M. J

Quiet.

Fair
business.
doing.

Quiet.

Fair
business
doing.

Fair
business
doing.

Mid. Upl'ds

6.80

6.79

6.85

6.80

6.83

6.88

Sales
Spec.&exp.

15,000
500

8,000
500

8,000
300

10,000
300

10,000

12,000
300

Spot.

Futures. Steady at Steady at
Market 1 203% pts. 1 point
decline.
opened
f advance.
2,000
3,000
5,000
5,000
11,000,
33,000

_
1,000
5,000

-

Steady at
1 point
advance.

Fair
business
doing.

Quiet at Steady at
Steady,
304 pts. 3% points unch. to
decline. 2 pts. dec.
decline.

2,000
3,000
5,000

Firm at Barely sty. Steady at Quiet at Barely sty.
sty.
Market
I Very
at 506% 304% pts. at 1 pt dec. 1% 03 pts. 135 05% at 3- 9t.dec.
4
pta. adv. to 1 pt.adv.
P.M. J pts. adv. advance. to 4 pts.adv decline.

5,000
12,000
38,000

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.

The prices are given in pence and 100ths.
Mon.

Sat.

Tues.

Thus, 6 71 means 6 71-100d.
Thurs.

Wed.

Fri.

Aug. 28
12 A 123% 4 123% 4 123% 4 123% 6 123% 4
to
Sept. 3. 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.
August _ _
Aug.-Sep
Sep.-Oct _
Oct.-Nov..
Nov.- Dec.
Dec.-Jan..
Jan.-Feb..
Feb.- Mch.
Mch.-Apr.
Apr.-May
May-June
June-July
July-Aug_

[VOL. Lxxxix.

THE CHRONICLE

610

d.
d.
d.
a.
d.
d.
d.
a. d. d. d.
6 71 % 88;i 74 A 76
6 61 A 58 A 643% 653% 64 60 6134 633% 67 683% 68
6 563% 55 61
62.3% 60 57 583% 593% 613% 63 623%
6 54 A 5334 59 62 593% 563% 573% 58 60 61
60
6 533% 523% 58 61
593% 56
573% 58 60 603% 60
8 53% 52 A 58 61
593% 56 5731 58 60 803% 60 •
6 53 A 52% 58 61
60 563% 58 583% 803% 61
603%
653 52 573% 61
60 583% 58 583% 603% 61
603%
653 52 5731 6034 603% 563% 58 583% 61
61
603%
6 523,4,51% 57 60 603% 56 573% 58 603% 60 60
6 52 A151 A 563% 5934 60 56 5734 58 5934 60 5934
6 52 151
56 59.3% 60 5534 57 56 59 5934 59
6 50 A149 A 5454 58 58 54 56 5654 5734 58 57

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
September 1.

1909.

ReceiptsThis week
Since Sept. 1

1908.

1907.

1,400
400

5,500
500

6,000
6,000

This I Since
This Since
Week. Sept. 1. Week. Sept. 1.

Exports (bales)-

2,250

1,000

2,000

2,000

500

2,300

2,500
500

3-,666

400

3,000
400

7,550

5,250

1,500

5,400

5,400

2,500
2,750

To Liverpool
To Manchester
To Continent
To America
Total exports

This Since
Week. Sept. 1.

BREADSTUFFS.
Friday Night, Sept. 3 1909.
Flour has weakened, but especially spring-wheat flour
and hard winter. In fact, soft-winter flour has ruled comparatively firm, as it was offered less freely than the other
descriptions. Thus far receipts of soft-winter flour have
been disappointing, and it was said that the quantity in
transit was light. It was asserted in explanation that many
farmers in soft-winter-wheat States were unwilling to sell.,
as their crop was disappointing. On the other hand, receipts of hard wheat, both spring and winter, were fairly
large, and hence millers have been willing to sell flour more
freely. This has led to a slight decline and a fairly active
business, both for domestic and foreign account.
Wheat was slightly lower at one time, but there were numerous rallies. Temporarily early in the week there was a
decided pressure to sell, but, all things considered, prices
held up remarkably well. In other words, there was such a
great preponderance of bearish influences that nearly all
speculators and prospective buyers had confidently predicted a far greater decline than actually occurred. It
must be admitted that there were numerous influences that
seemed well calculated to cause weakness. For one thing
the weather in the Northwest was almost perfect, and consequently harvesting and threshing made rapid and gratifying
progress. It was, therefore, assumed that receipts of spring
wheat at primary points would speedily show great enlargement, and as a matter of fact they were fairly large temporarily, but afterwards diminished, much to the surprise of
almost every one, and particularly buyers. Then, too, cable
advices were of a discouraging tenor much of the time, there
having been numerous declines and notably in Liverpool and
Berlin. The break in Berlin was ascribed largely to better
weather and crop reports in Germany and to fairly heavy
world's shipments to the Continent. Furthermore there
were somewhat heavy offerings of cheap Russian wheat for
forward shipment. In some quarters it was imagined that
the sharp decline in Liverpool had been partly caused by
manipulation on behalf of certain bigChicago operators, while
other dealers attributed the weakness there partly to large
exports from Russia and partly to additional big offerings
of cheap Russian and Canadian wheat for distant deliveries.
Afterwards the decline abroad was partly traceable to the
favorable report issued by the Hungarian Minister of Agriculture, who estimated the world's crop at 3,456,696,000
bushels, against 3,194,050,000 a year ago. It was declared
that this, together with other influences, induced numerous
importers to sell futures in our markets, and also to cancel
purchases of cash wheat for forward shipments, not only here
but in Canada. This was used as a club by bear traders.
Their aggressiveness was also partly attributed and with
some significance, to a singularly favorable priva:te crop report, which estimated our total at 725,000,000 bushels300,000,000 spring and 425,000,000 winter-or at least 25,000,000 more than generally estimated. To-day there was
more firmness. Offerings were smaller and there was less
selling pressure. Nearby deliveries were particularly strong,
owing mainly to the light primary receipts and higher cash
prices West. September closed 1 cent higher

NEW YORK.

DAILY CLOSING PRICES OF WHEAT FUTU EMS IN
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red winter, f. o. b
108 A 108
108
10894 10934
110
September delivery in elevator_ __ _106
105% 1063% 10594 106
10734,
December delivery in elevator__ _ _102 %
101 N 102 N 1023% 10254 102 %
3
May delivery in elevator
104
104 V 1043%
104 % 10394 104
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_
98 A 9754 98 A 97
98% 0894
December delivery in elevator..._9394 93'/s 943% 93 N 9434 9454
May delivery in elevator
97% 97 N 98 A 9754 98
97 N

N

A

CHICAGO.

Corn was a fraction lower temporarily but quickly ad-




vanced somewhat sharply and particularly in Western.
markets. The initial weakness was largely ascribed to more
favorable weather West, the temperature being lower, while
there was beneficial rainfall where moisture had been badly
needed. The sudden change to buoyancy was mainly caused
by the receipt of additional and more emphatic advices as to
the serious deterioration consequent upon the recent great
heat and protracted drought. Many of these reports came
from sources that were considered trustworthy, and consequently some of the more conservative estimates of the
damage done were generally credited. Some of these
asserted that the loss would be at least 200,000,000 bushels,
and possibly might reach 300,000,000, and as a result sellers
for the decline became badly frightened, and naturally their
covering, together with other buying, led to a sharp upturn;
but sensational estimates that the crop had been reduced
500,000,000 to 600,000,000 bushels were mainly ignored.
Nevertheless they did not make the shorts any more comfortable. To-day there was a strong undertone. Shorts
were nervous and September closed
higher.

NEW YORK.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
7754 7734 7734 7754 7754 79
September delivery in elevator_
74 N 743i 74 N 75
753% 7594
December delivery in elevaor_ _ 65 % 83'% 66 N 66
673%
67
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ __ _ 6531 64 N 64 N 653% 66 A 666
/
8
December delivery in elevator_ __ _ 5594 558/s 5634 57
57
57
May delivery in elevator
56 % 57
5794 58 N 58 N 5834

Yt
CHICAGO.

Oats were weaker temporarily but subsequently became
stronger. The early decline was partly attributed to rains
and cooler weather in the corn belt and partly to the continued large primary receipts, %N, hich brought about a big
increase in the visible supply. The rising trend subsequently developed was partly chargeable to a falling off in
the receipts and a better cash demand, but largely to the
sharp rise in corn, owing to the growing conviction that the
crop had been injured to an important extent by the late
extreme heat and long drought. To-day the market was
somewhat narrow with little or no decided trend either way,
although September contracts rallied about half from the
bottom, as shorts were inclined to cover; but the remote
deliveries were comparatively weak.

NEW YORK.

DAILY CLOSING PRICES OF OATS IN
Fri.
Sat. Mon. Tues. Wed. Thurs.
No. 2 white
49
49
49
49
49
49
White, clipped, 34 to 36 lbs_46-47 46-47 46-47 46-47 4234-4434 4234-4434
DAILY CLOSING PRICES OF OATS
IN
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_ _ _ _ 363% 3694 37
373% 38
3851
December delivery in elevator..... 363% 363% 37
3754 3731 38
May delivery in elevator
3951 393% 393% 4031 403% 4094

FUTURES

CHICAGO.

The following are closing quotations:
FLOUR.
Winter, low grades_ _ _ _$4 25 $4 50 Kansas straights, sacks_$4 85 $5 25,
Winter patents, new...
6
10
_ _ 5 25
50
0
6
4 60
75
5 75 Kansas clears, sacks__ _ ,
Winter straights, new__ 4 90
5 25 City patents
Winter clear, new
4 25
4 50 ® 4 90 Rye flour, bbis
4 50
Spring patents
5 75® 6 25 Graham flour
4 15® 4 40
Spring straights
4 75
5 25 Corn meal, kiln dried__ ___ ® 3 70
Spring clears
4 75@ 5 25
GRAIN.
Wheat, per bushelCents. Corn, per
g bushelCents.
Duluth, No. 1, new
No.
107
mixed
Duluth, No. 2
105
No. 2 yellow
etv•
v.
Red winter, No.2 new_f.o.b. 109
No. 2 white
elev. _ _
" new
111
Rye, per busheler ‘bushel‘
Oats, per
No. 2 Western, new_ ..f.o.b. 76
Nat. white, 26 to 28 lbs. 39 ® 40
Nominal
State and Jersey
Mixed, 26 to 32 lbs_ _ 39®40
Nominal
Barley-Malting
White clip. 34 10 36 lbs.42
Feeding, c. 1., N. Y_
A ® 44 A
5034

N.
N.

The statements of the movement of breadstuffs to market
indicated 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 August 1 for each of the last three years have been:
Receipts at-

Flour, I

Corn.

Wheat.

Oats.

I Barley.

Rye.

bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48153. bu.56 lbs.
Chicago ___ _
82,500
686,400 1,561,100 4,055,900
17,000
215,089
158,600
183,000
51,700
Milwaukee_
119,900
15,000
58,450
25,835
Duluth
93,439
47,598
28,951
18,670
95,500
336,990
122,640
Minneapolis..
462,480
1,826,290
71,820
Toledo
62,700
487,500
244,000
11,000
141,802
35,102
Detroit
55,912
9,240
108,299
Cleveland
37,273
24,487
1,447
St. Louls
5,200
458,000
195,295
964,156
75,030
3,027
Peoria
8,000
267,000
286,994
49,000
4,000
36,500
123,000
Kansas City.
171,600
1,612,800
810,219
6,187,326
4,263,482 2,255,909
7,150,141
785,592

150,798
225,792
113,888

Since Aug. 1
1909
1,699,334 23,988,808 11,533,797 20,911,9281 1,780,542
1908
1,556,039 22,890,186 10,122,247 16,338,475 4,089,185
1907
1,670,874 28,974,468 13,526,736 22,970,224 1,639,861
1

423,360
570,153
398,441

Tot.wk.'09
Same wk.'08
Same wk.'07

491,256
390,159
279,776

5,601,615
5,511,945
4,467,674

2,572,002
3,447,524
2,638,132

Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 28 1909 follow:
Receipts atNew York
Boston
Philadelphia
Baltimore
Richmond
New Orleans *
Newport News_
Galveston
Mobile
Montreal

Flour,
bids,
142,041
40,410
71,777
33,486
5,369
20,110
6,750
47,539

Wheat,
bush.
454,000
199,791
119,181
212,891
85,908
381,000
88,645
366,000
964,116

Corn,
bush,
46,125
9,000
24,000
44,824
55,414
103,200

Oats,
bush,
888,875
121,985
187,720
193,492
81,040
96,500

4,000
49,133
51,000

278,939

Barley,
bush.
1,275

-2:66

bush.
60,200
1,440
14,660
7,812

386,696 1,848,551
Total week
367,482 2,911,524
3,275 84,117
203,060 1,045,879 21,600
Week 1908
361,801 4,110,659
15,929
Since Jan. 11909_ 9,538,088 47.542,180 29,850,060 29,830,383 4231,139 646,609
Jan.
Since
11908_10,752.298 82,462,667 27,138,042 28,371,004 3087,992 1235,138
* Receipts do not include grain passing through Now Orleans for foreign ports on
through bills of lading.

GEE

THE CHRONICLE

SEPT. 4 19O9.1

a moderate extent, but even such interests have appeared
The exports from the several seaboard ports for the week to
to take orders for delivery much beyond a month or
unwilling
statement:
annexed
the
in
shown
are
1909
ending Aug. 28
two.
The
unusually low cotton condition report of the GovernPeas,
Barley,
Rye,
Oats,
Corn, Flour,
Wheat,
bush. ment caused buyers to give more attention to the demands of
bush.
bush.
bush.
bile.
bush.
bush.
Exports from437 mills for higher prices for goods to be made from new-crop
600 57,111 10,077
4,862 48,976
283,655
New York
2,417
60,024
162,852
Boston
cotton; at the same time merchants as a rule are still hesi32,948
24,000
Philadelphia
tating to meet producers' views, and show a disposition not
13,367 25,756
140,000
Baltimore
125
390
19,928 8,500
108,800
New Orleans
to pay the higher prices until they are obliged to. Indica88,645
Newport News._
tions, therefore, point to a curtailment of production on the
6,324
3,200
80,000
Galveston
6,750
49,133
part of some mills unless they can secure cotton on more
Mobile
17,000
209,500
34,209
51,000
1,287,473
Montreal
favorable terms than the present basis, or until buyers are
562
210,490 57,111 27,077
will mean a reasonTotal week_ _ _2,175,425 201,514 165,880
1,902 ready to place contracts at figures that
74,612
12,485
56,465 135.085
3.971,046
Week 1908
able profit, and not a loss, to the mills. In some lines other
since than cotton goods there is also some uncertainty as to the
The destination of these exports for the week and
future notably in skein-dyed silk fabrics and in dress goods;
July 1 1909 is as below:
in the'
former the demand for fall needs has been on a rather
Wheat
Flour
Since small scale and the
Since
Stnce
conservatism of buyers has greatly
1
July
Week
1
July
Week
1
July
Week
1909. handicapped manufacturers, while fancy dress goods for
1909. Aug. 28.
Aug. 28.
Exports for week and A uq.28. 1909.
bush. spring have moved very slowly. AmonT jobbing houses
bush.
bush.
bush.
bbls.
bbts.
since July 1 to292,167
60,000
the
United Kingdom_ _ _ 97,403 538,334 1,525,746 6,026,231
317,503 trade during the week has been fairly active, owing to
63,857
96,634 566,879 3,791,511
21,348
Continent
39,444 presence of many out-of-town merchants,who have steadily,
978
115,006
82,800
16,006 104,704
So. & Cent. Amer
354,253
75,493
19,473 174,298
domestic
West Indies
5,314 though conservatively, applied themselves on
24
12,188
Brit. No. Am. Cols_ 3,710
5,084 cottons and other lines available for prompt shipment,
1,162
21,328
Other Countries_ _ 7,940
especially on goods offered at prices below those asked by
165,880 947,484 2,175,425 9,932,748 201,514 1,013,765
Total
While buyers are not doing
812,251 agents for distant delivery.
167,580 781,604 2,290,080 7,757,323 162,705
Total 1909
much in the way of covering prospective requirements, it is
week
the
for
corn
and
wheat
of
shipments
The world's
noteworthy that deliveries of goods on order are readily
ending Aug. 28 1909 and since July 1 1909 and 1908 are accepted. The special offering of 10,000 pieces of broadfollowing:
shown in the
cloths by a prominent. jobbing house was a conspicuous
feature of the week; the price named, 61 7,c., was lower
Corn.
Wheal.
than the trade had expected; the initial sales were excep1908.
1009.
1908.
tionally heavy and the demand was well maintained on other
1909.
Exports.
days of the offering. Business in the export division has
Since
Since
Week
Since
Since
Week
July 1.
continued dull; scarcely any inquiry has come forward from
July 1. Aug. 28. July 1.
Aug. 28. July 1.
Far Eastern markets, and trade with miscellaneous ports
Bushels.
Bushels. Bushels. Bushels.
Bushels. Bushels.
551,400 has been generally small. Spring lines of men's wear are
994,000
89,000
North Amer. 2,860,000 15,836,000 27,470,700
3,134,500
4,665,000
60,000
2,552,000 18,664,000 4,680,000
Russian ._
quiet, but fair duplicate orders for fall are being received.
5,760,000 4,622,500
Danubian _ 448,000 5,056,000 4,376,000
16,705,500
Argentine -- 376,000 10,360,000 15,182,000 3,459,000 30,002,000
DOMESTIC COTTON GOODS.-The exports of cotton
960,000
Australian _
272,000 1,960,000
goods from this port for the week ending Aug. 28 were 23,074
Indian
448,000 16,784,000 } 3,440,000
0th. countr's 152,000 1,392,000
packages, valued at $510,592, their destination being to the
25,013,900 points specified in the tables below:
7,108,000 70,052,000 56,108,700 3,608,000 41,421,000
Total _
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
Untied
Kingdom. Continent.

Total.

Bushels. Bushels. Bushels.
Aug. 28 1909... 15,560,000 10,160,000 26,720,000
Aug. 21 1909_ 18,320,000 10,960,000 29,280,000
Aug. 29 1908_ 15,440,000 12,400,000 27,840,000
Aug. 31 1907_ 17,280,000 8,880,000 26,160,000

Untied
Kingdom. Continent.

Total.

Bushels. Bushels. Bushels.
7,735,000 10,370,000 18,105,000
6,715,000 10,285,000 17,000,000
6,035,000 3,910,000 9,045,000
6,360,000 4,720,000 11,080,000

If- The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug. 28 1909, was as follows:
AMERICAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
303,000
78,000
412,000
New York
9,000
13,000
34,000
Boston
57,000
110,000
Philadelphia
213,000
59,000
628,000
Baltimore
152,000
174,000
377,000
New Orleans
12,000
398,000
Galveston
102.000
209,000
164,000
Buffalo
20,000
426,000
945,000
Toledo
159,000
107,000
202,000
Detroit
457,000
1,970,000
571,000
Chicago
33,000
26,000
113,000
Milwaukee
15,000
12,000
56,000
Duluth
4,000
100,000
184,000
Minneapolis
46,000
205,000
1,624,000
St. Louis
166,000
214,000
1,513,000
Kansas City
19,000
896,000
31,000
Peoria
82,000
211,000
619,000
Indianapolis
401,000
45,000
On Lakes
8,000
336,000
On Canal and River_
1,774,000
5,184,000
Total Aug. 28 1909_ 8,362,000
2,243,000
3,413,000
Total Aug. 21 1909_ 858,000

Montreal
Fort William
Port Arthur
Other Canadian
Total Aug. 28 1909_
Total Aug. 21 1909._

CANADIAN GRAIN STOCKS.
Oats;
Corn,
Wheat,
bush.
bush.
bush.
328,000
67,000
364,000
116,000
116,000
175,000
771,000
823,000
Wheat,
bush.
8,362,000
771,000

American
Canadian

Total Aug.28 1909_ 9,133,000
Total Aug.211909 9,407,000
Total Aug.29 1908 16,297,000
Total Aug.31 1907_ _49,530,000
Total Sept. 1 1906-30,054,000
Total Sept. 2 1905_ _12,140,000
Total Sept. 3 1904.-12,814,000

67,000
76,000

Rye,
bush.
8,000
1,000
55,000
8,000
25,000
24,000
4,000
1,000
67,000
4,000
4,000

2,000
1,000
1,000
9,000
87,000
55,000
15,000

1,000
24,000
202,000
173,000

217,000
108,000

Rye,
bush.

Barley,
bush.
65,000

65,000
84,000

328,000
514,000

SUMMARY.
Oats,
Corn,
bush.
hush.
5,184,000
1,774,000
328,000
67,000

Barley,
bush.
22,000
1,000

Rye,
bush.
202,000

Barley,
bush.
217,000
65,000

202,000
5,512,000
1,841,000
173,000
2,319,000 3,927,000
261,000
1,955,000 3,325,000
384,000
1,993,000
3,895,000
2,258,000 7,042,000 1,431,000
848,000
4,615,000 11,946,000
3,987,000 9,506,000 1,036,000

282,000
192,000
839,000
452,000
831,000
942,000
908,000

THE DRY GOODS TRADE.
New York, Friday Night, Sept. 3 1909.
Primary cotton goods markets have continued generally
quiet but firm, with trading largely of a filling-in nature.
Some mills having cotton on hand have accepted contracts




Netv York to Aug. 28Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total

1909-Week. Jan. 1.
1,109
32
758
3
19,466 148,339
11,173
_ _
20,206
535 10,754
456 27,981
11
1,106
170 '9,440
2,063 35,464
338 12,504

-----1908----Week. Jan. 1.
580
34
743
23
- - - - 17,461
6,688
2
21,258
--78
6,369
893 16,459
1,148
20
299 10,745
1,145 27,089
515 13,515

23,074 278,834

3,001 122,055

The value of these New York exports since January 1 has
been $14,869,503 in 1909, against $7,832,964 in 1908.
Among jobbers some lines of bleached goods, sheetings
and brown cottons have continued to move steadily, but in
moderate volume, when offered at attractive prices. Bids
tendered for contracts, especially on drills, sheetings denims,
duck and heavy cotton goods generally are still below the
parity of raw material, and such business is therefore being
declined by agents. Staple prints have not shown much
activity; business on spring lines, particularly, has been
slow,with the exception of certain specialties. In ginghams,
well-known brands have sold steadily, but other lines have
been hard to move except at concessions; increased competition is reported in Southern gingham. Cutters have been
re-ordering fleeced cottons quite freely, and supplies of the
best qualities available for prompt delivery are said to be
light. In sympathy with the strength of gray goods, leading
lining houses have advanced prices about 5%; demand from
out-of-town cutters has been fairly active but rather quiet
locally. Trading in print cloths is reported as moderate;
regulars are quoted unchanged at 3rAc., though standard
wide goods are slightly firmer at 5%c.
WOOLEN GOODS.-Most of the business done in the
dress goods market during the week consisted of duplicate
orders for fall, broadcloths leading in the demand, which
called for deliveries that could not in all cases be supplied.
There has also been fair duplicating on diagonals, panamas,
serges, &c., but not to the extent as on broadcloths. As
already noted, the feature of the week in the jobbing trade
was the sale of 10,000 pieces of broadcloths offered by the
H. B. Claflin Co.; the sale was largely attended and the
results were considered highly satisfactory. Semi-fancy
and fancy dress goods offered for spring have not met with
the response expected by leading producers and the latter
show no disposition to push sales at the moment. In men's
wear lines for spring business has also been quiet, but
satisfactory duplicate orders for overcoatings and other
fabrics for fall have been received.
FOREIGN DRY GOODS.-A heavy business has been
done in fine English and French broadcloths for fall and
winter, and it is said that importers are unable to make full
deliveries in all cases within the time requested; outside of
the call for broadcloths, imported woolens have been rather
quiet, as the demand has run largely to worsteds, both
finished and unfinished. Linens have continued active with
a firmer tendency. Burlaps have ruled about steady, with
a fair business done, mostly in stock goods; prices remain
unchanged, although futures are reported slightly easier.

•

612

THE CHRONICLE

CITY

[VOL. lax=

Brunswick School District (P. 0. Brunswick), Antelope
County, Neb.-Bond Sale.-G. H. Rogers of Lincoln has
bought $4,300 school bonds of this district.
Buffalo, N. Y.-Bond Offering.-Proposals will be received
News Items.
Hennepin County (P. 0. Minneapolis), Minn.-Bonds until 12 m. Sept. 10 by George M. Zimmerman, City CompDeclared Valid.-Judge H. Dickinson of the District Court, troller, for the following 4% registered bonds:
water refunding bonds mentioned in V. 88, p. 1634. Authority
in a decision filed Aug. 26, upholds the validity of the $145,000 Chapter
24, Consolidated Laws. Maturity one-twentieth yearly
$1,000,000 road bond issue of which $100,000 was awarded
beginning Oct. 1 1910.
tax loan bonds mentioned in V. 89, p. 299. Authority Secin June to the First National Bank of Minneapolis. The 176,806 91
tion 113, Chapter 105, Laws of 1891, as amended by Chapter 45,
decision is the result of a friendly suit instituted on behalf
Laws of 1903. Maturity on Oct. 1 as follows: $26,806 91 in
1910 and $50,000 in each of the years 1911, 1913 and 1914.
of the Automobile Club, which, it is said, was primarily
Date Oct. 1 1909. Interest semi-annually at the City Comptroller's
responsible for the issue and desired to establish its legality in office
or at the Gallatin National Bank in New York at the purchaser's
order that the work of improving the roads might not be option. Certified check on an incorporated
bank
trust company for
of bonds bid for, payable to the Comptroller, is or
required. Bonds are
delayed. It is understood that the case will be appealed to 2%
non-taxable.
the Supreme Court. See V. 89, p. 424.
Bond Sales for truly.-The following 4% bonds, aggregating $130,354.55, were disposed of during the month of July
Bond Proposals and Nedotlatlons this week to the various sinking funds at par:
$39,145 00 temporary-loan bonds dated July 1 1909 and due
July 11010.
Nave heap as follows:
37,148 06 city and county-hall and electric-light-plant bonds
dated July 1
1909 and due part yearly on July 1 from
to 1919 inclusive.
Ahoskie Graded School District(P.0. Ahoskie), No. Caro.
9,619 88 monthly local work bonds dated July 151910
1909
and
due July 15
-Bond Sale.-The $8,000 5%.coupon school bonds offered
1910.
1,03700 temporary-loan bonds dated July 11009 and due July
without success on July 1 (V. 89, p. 115) have been bought
11910.
668 97 temporary-loan bonds dated July 1 1909 and due
by S. A. Kean & Co. of Chicago.
37,862 56 temporary-loan bonds dated July, 1 1909 and due July 1 1910.
.11910.
4.873 28 temporary-loan bonds dated July 1 1909 and due July
Alamitos School District, Imperial County, Cal.-Bond
The above list includes sales already reported in theseJuly 1 1910.
columns and
Election.-It is reported that an election will be held on Sept. re-printed here in order that our record may be kept complete.
11 to vote upon a proposition to issue $4,000 bonds.
Caldwell, Sumner County, Kan.-Bonds Voted.-The elecArkansas City, Cowley County, Kan.-Bond Offering.- tion held Aug. 30(V. 89, p. 485) resulted in favor of the propProposals will be received until 5 p. m. Sept. 7 by (). Inger- osition to issue $30,0004% 30-year water and light bonds.
The vote was 203 "for" to 112 "against."
soll, City Clerk, for $6,000 bonds.
Canton, Ohio.-Bond Sale.-The City Auditor informs us
Bay City, Bay County, Mich.-Bond Sale.-On Aug. 30
the $13,000 5% coupon local-improvement bonds described that the amount of 4% street-improvement and sewer
in V. 89, p. 549, were awarded to C. E. Dennison & Co. of bonds awarded on Aug. 23 to Hayden, Miller & Co. of CleveCleveland at 102.792 and accrued interest. The bids were land was $76,600 and not $76,000 as reported in V.89, p. 549.
as follows:
The price paid was $77,190, or 100.77. Date March 11909.
Interest semi-annual.
C. E. Dennison&Co., Clev.$13,360 00 First Nat. Bank, Cleverd.$13,289
00
Seasongood ec Mayer. Cin_ 13,300 50 IL Kleybolte & Co., Chic_
13,275 60
Carden Bottom Levee District; No. 2 (P. 0. Carden
Lumbermen's State Bank,
S. A. Kean Fc Co., Chicago 13,208 00
Bay City
13,300 00
Bottom), Yell County, Ark.-Bond Sale.-This district has
Maturity on Sept. 15 as follows: $6,000 in 1912; $4,000 in 1914 and
$3,000
awarded $25,000 6% 5-10-year (optional) levee-construction
n 1917.
Bellaire School District (P. 0. Bellaire), Belmont bonds to the Dardanelle Bank & Trust Co. of Dardanelle at
County, Ohio.-Bond Sale.-On Aug. 30 the $9,000 4% 7-- par. Denomination $500. Date June 1 1909. Interest
year coupon improvement bonds described in V. 89, p. 549, annual.
Carlton School District, Santa Cruz County, Cal.-Bond
were awarded to the Dollar Bank of Bellaire at par and accrued interest. A bid was also received from Weil, Roth & Sale.-Reports state that $3,000 5% 6 2-3-year (average)
Co. of Cincinnati, offering par and accrued interest, less bonds have been bought by Charles B. Younger of Santa
Cruz for $3,080-the price thus being 102.666.
$112 50 for attorneys' fees.
Cheltenham Township, Pa.-Bond Sale.-Edward V.
Belleville, St. Clare County,Ill.-Bonds Awarded in Part.Bond Offering.-Of an issue of $95,000 4% 1-19-year (serial) Kane & Co. of Philadelphia, offering 101.29 and accrued
refunding bonds, $65,000 was disposed of at par on Aug. 30 interest, were the successful bidders on Aug. 21 for $75,000
as follows: $32,500 to the First National Bank and $32,500 4% refunding and improvement bonds.
Denomination $1,000. Date Oct. 1 1909. Interest semi-annual. Mato the Belleville Savings Bank, both of Belleville. Proposals
turity Oct. 1 1939, part being subject to call in each of the years 1920,
at par and accrued interest will be received at any time up to 1930
and 1935.
Jan. 1 1910 for the remaining $30,000 bonds, which will be
Cleveland, Bolivar County, Miss.--Bond Offering.-Proissued to refund a like amount of bonds due on that day. posals
will be received until 12 in. Sept. 7 by A. Faries,
Denomination $1,000. Date Sept. 2 1909. Interest semiMayor, for the $15,000 5% gold coupon water-works bonds
annual.
voted on July 31 (V. 89, p. 425).
Bellevue, Allegheny County, Pa.-Bond Offering.-ProAuthority Sections 3415,3416 and 3419, Annotated Code of 1906.
Deposals will be received until 6:30 p. m. Sept. 7 by James M. nomination $500. Date Oct. 1 1909. Interest
semi-annually, payable at
place to suit buyer. Maturity 20 years. Bonds arc exempt from
taxes in
Simeral, Borough Clerk, for $25,000 5% borough-hall and Mississippi.
Certified check for 10% payable to the Mayor, is required.
Bonded debt, including this Issue, $27,000. No floating debt. Assessed
fire-engine-house construction bonds.

AND

tpiorrmENT,

Date Sept. 1 1909. Interest semi-annual. Maturity $5,000 yearly on
ept. 1 from 1935 to 1939 inclusive. Bonds are tax-exempt. These
securities were offered without success as 4s on Aug. 10.

Belmar School District (P. 0. Belmar), Monmouth
County, N. j.-Bond Oftering.-Proposals will be received
until 3 p. in. Sept. 8 by the Board of Education for $57,000
4% coupon school-building-extension bonds.
Denomination $1,000. Date Sept. 1 1909. Interest semi-annually at
the First National Bank of Belmar. Certified check for 5% of bid, payable to the Board of Education, is required. William M. Bergen is District
Clerk.

Blackford County (P. 0. Hartford City), Ind.-Bond Sale.
-We have just been advised that $8,000 4/% gravel-roadconstruction bonds were disposed of on April 15 to the
Blackford County Bank of Hartford City at par.
Denomination $400. Date April 15 1909.
Maturity Nov. 15 1919.

Interest May 15 and Nov. 15.

Blaine County (P. 0. Hailey), Ida.-Bond Sale.-The
$14,000 6% 10-19-year (serial) gold coupon refunding bonds
proposals for which were asked until April 14 (V. 88, p. 957)
were purchased by the Trowbridge & Niver Co. of Chicago.
Boston, Mass.-Temporary Loan.-During August this
city borrowed $1,000,000. The loan is dated Aug. 20 1909
and is due Nov. 1 1909.
Breckenridge, Wilkin County, Minn.-Bond Offering.Proposals will be received until 8 p. m. Sept. 11 by D. J.
Jones, City Clerk, for the following 5% coupon bonds voted
on Aug. 24 (V. 89, p. 549):

valuation $335.950.

Clinton, Custer County, Okla.-Bond Offering.-Proposals
will be received until 8:30 p. m. Sept. 7 by C. C. Smith, City
Clerk for the following 6% 25-year coupon bonds voted on
Aug. 13(V. 89, p. 549):
$20,000 for water, $15,000 for funding purposes, $40,000 for electrio
light and $25,000 for sewers. Denomination $1,000. Date Sept. 15 1909
Interest semi-annually at the fiscal agency of Oklahoma in Now York City.
Bank draft or New York exchange for $100, payable to the 'City of Clinton," must accompany each bid. Bonded debt, including hese issues,
$140,000. No floating debt. Assessed valuation 1900, $1,173,222.

Clovis School District (P. 0. Clovis), Roosevelt County,
N. Mex.-Bond Sale.-The Commerce Trust Co. of Kansas
City purchased $18,000 5% 10-30-year (optional) schoolbuilding bonds on Aug. 7 at 102-a basis of about 4.747%
to the optional date and about 4.873% to full maturity.
Denomination $500. Date July 1 1909. Interest semiannual.
Colegrove School District, Los Angeles County, Cal.Bond Offering.-Reports state that proposals will be received
until 2 p. m. Sept. 7 by the County Supervisors for $18,000
4% bonds.
Date Sept. 7 1909. Interest annual.
Sept. 7 from 1910 to 1927 inclusive.

Maturity one bond yearly on

Corona, Riverside County, Cal.-Bond Sale.-On Aug. 24
the three issues of 5% 1-40-year (serial) gold bonds, aggregating $135,500, described in V. 89, p. 425, were awarded
to James H. Adams & Co. of Los Angeles for $141,789 50
(104.641) and accrued interest. Bids were also received
$5,000 permanent improvement revolving fund bonds. Denomination
$500. Maturity 10 years, subject to call on any interest-paying from Barroll & Co. of Los Angeles for $141,258 and William
date.
R. Staats & Co. of Los Angeles for $141,753.
35,000 water and light bonds. Denomination $1,000. Maturity 15 years,
Crescent, Logan County, Okla.-Bonds Voted.-It is stated
subject to call on any Interest-paying date.
Date July 1 1909. Interest semi-annually at place to suit purchaser. that an election held Aug.
24 resulted in a vote of 268 to 19 in
Certified check on a bank in Minnesota for 10% of amount of 13onds bid,
favor of a proposition to issue $30,000 water-works and
payable to the City of Breckenridge, is required. Bonded debt at
$51,699. No floating debt. Assessed valuation 1908, $407,268. present light-plant bonds.
Brewer, Penobscot County, Me.-Bond Sale.-Dispatches
Cuyahoga County (P. 0. Cleveland), Ohio.-Bond
state that the $30,000 4% 20-year coupon funding bonds ing.-Proposals will be received until 11 a. m. Sept. Offerdescribed in V. 89, p. 549, were sold on Sept. 1 to Merrill, the County Commissioners for $23,000 Oi% coupon 11 by
IndeOldham & Co. of Boston at 104.573.
pendence Road (county's portion) improvement bonds.




SEPT. 4 1909.]

THE CHRONICLE

DenominaAuthority, Sections 22b and 4637-9, Revised Statutes.Oct.
1 at the
tion $1,000. Date Sept. 1 1909. Interest on April 1 and
six months
County Treasurer's office. Maturity as follows: $1,000 each six months
each
$2,000
and
inclusive
1918
1
April
to
1910
1
April
from
Certified check for 1% of bonds
from Oct. 1 1918 to Oct. 1 1919 inclusive. is
required. William F. Black
bid for, payable to the County Treasurer,
to pay accrued interest
Purchaser
Commissioners.
County
the
is Clerk of

Bond Sale.-The following award was made on Aug. 28 of
the four issues of 43i% coupon road-improvement bonds described in V. 89, p. 486:

&
$24,762 South Woodland Road (assessment) bonds sold to the Davies
porBertram Co. of Cincinnati: $134,250 South Woodland Road (county's
assessment
&
of
$11,560
Co.
Miller
Cleveland:
Hayden,
to
sold
tion) bonds
to Hayand $67.375 county's portion Center Road No. 3 bonds disposed of
six
den, Miller & Co. of Cleveland. Part of each issue matures every
1919,
1
Oct.
to
inclusive.
1910
1
April
months from

Reports state that the following award was made on
Sept. 1 of the four issues of 4M% coupon improvement bonds
described in V. 89, p. 486:
$12,921 Irish Road assessment bonds awarded to Otis & Hough of Cleveland for $13,178 (101.989) and to Field, Longstreth & Co. of Cincinnati
$45,282 Irish Road (county's portion) bonds for $46,192 (102.009), $22,423
East Lake Road assessment bonds for $22,864 (101.966) and the $62,500
East Lake Road (county's portion) bonds at 101.784. Part of each issue
matures every six months from April 1 1910 to Oct. 1 1919 inclusive.

Dallas Township, Crawford County, Ohio.-Bond Sale.On Aug. 31 the $5,000 432% road-improvement bonds
described in V. 89, p. 549, were bought by the Second National Bank of Bucyrus at 103.15. Following are the bids:

Denomination $500. Date July 1 1909.
First National Bank of Chicago.

613
Interest semi-annually at the

Hancock, Houghton County, Mich.-Bond Sale.-On July
19 John H. Sonntag & Co. of Chicago purchased $32,000
43% 10-year water-works-extension bonds at 101.50 and
accrued interest-a basis of about 4.314%. Denomination
$1,000. Date July 1 1909. Interest semi-annually at the
First National Bank in Hancock.
Hart Township (P.0. Hart), Oceana County, Mich.-Bond
Sale.-On Sept. 1 the $8,000 5% coupon bridge bonds described in V. 89, p. 487, were awarded to the Farwell Trust
Cp. of Chicago at 101.50 and accrued interest. Maturity
$1,000 yearly on March 1 from 1911 to 1918 inclusive.
Hawley, Clay County, Minn -Bond Offering.-Proposals
will be received until Sept. 10 for $8,000 electric-light-plant
and $8,000 water-works coupon bonds voted on Aug. 23.
These bonds were to have been sold July 12 (V. 89, p. 60),
but owing to the discovery of "a small technicality" were
again submitted to a vote of the people.
Hillsborough County (P. 0. Manchester), N. H.-Bond
15-year coupon House
Sale.-On Aug. 30 the $100,000 3
of Correction bonds described in V. 89, p. 302, were sold
to E. M. Farnsworth & Co. of Boston at 100.516 and
accrued interest. The following proposals were submitted:

Second Nat. Bk.,Bucyrus_$5,157 501Seasongood & Mayer, Cin__ $5,151 00
Hayden,Miller&Co.,Cleve__ 5,156 00 First Nat. Bank, Cleveland 5,058 00
Maturity $1,000 yearly on Sept. 1 from 1921 to 1925 inclusive.

A. B. Leach & Co., Boston__ 99.51
E. M.Farnsworth & Co., Bos100.5161E. H. Rollins & Sons, Boston 99.30
ton

$4,500 5% water-course bond. Date June 15 1909. Maturity June 15
1911. Certified check for $225 required.
20,000 4% general street-improvement bonds. Denomination $1,000.
Date July 1 1909. Maturity $2,000 yearly on July 1 from 1911
to 1920, Inclusive.
Interest semi-annually in New York City. Certified checks to be drawn
on national banks and made payable to the Auditor. Bonds will be delivered to purchaser on Sept. 9 in Dayton.

Denomination $400. Date April 15 1909. Interest May 15 and Nov. 15.
Maturity part each six months beginning May 15 1910.

Holly Beach City, Cape May County, N. J.-Bond Offering.
Darke County (P. 0. Greenville), Ohio.-Bond Offering.- -Proposals will be received until 8 p. m. Sept. 14 by Harry
Proposals will be received until 1 p. m. Sept. 18 by Frank
Clerk, for $52,000 5% funding bonds.
Snyder, County Auditor, for $52,000 4% road-improve- S. Hewitt, Borough
Maturity 30 years. Certified check for $500 is required.
ment bonds.
The official notice of this bond offering will be found among
Authority. Section 4670-14 to 20, Bates Annotated Statutes. Denomination $500. Date Aug. 21 1909. Interest semi-annually at the County
Treasurer's office. Maturity on Aug. 21 as follows: $2,000 in 1910 and the advertisements elsewhere in this Department.
$10,000 yearly from 1911 to 1915, inclusive. Purchaser to pay accrued
International Falls, Boochiching County, Minn -Bond
interest.
Dawson County (P. 0. Lexington), Neb.-Bond Election. Sale.-On Aug. 27 the $20,000 6% 20-year sewer-construc-It is stated that a $100,000 court-house bond election will tion bonds described in V. 89, p. 551, were sold to the First
National Bank and the First State Bank of International
be held Oct. 1.
Falls at their joint bid of par.
Dayton, Montgomery County, Ohio.-Bond Offering.Jay County (P. 0. Portland), Ind.-Bond Sale.-On Aug.
Proposals will be received until 12 in. Sept. 9 by Edward
Phillipps, City Auditor, for the following coupon improve- 12 Weil, Roth & Co. of Cincinnati were awarded $8,000 4%%
gravel-road-construction bonds at par.
ment bonds.
Johnson County (P. 0. Tishomingo), Okla.-Bonds Voted.
-An election held here recently resulted, it is stated, in favor of a proposition to issue bridge bonds.
Saysville, Davis County, Utah.-Bond Offering.-Furdetails are at hand relative to the offering on Sept. 7
Dennison, Tuscarawas County, Ohio.-Bond Offering.- ther
the $25,000 5% gold coupon water-works-system bonds
Proposals will be received until 12 m. Sept. 4 by Chas. B. of
mentioned in last week's issue. Proposals for these bonds
Jeffries, Village Clerk, for $3,000 43% coupon Stillwater will
be received until 2 p. m. on that day by H. J. Sheffield
bonds.
Avenue improvement
Recorder.
City
Jr.,
Date
$300.
Denomination
Statutes.
Revised

Authority Section 2835,
Sept. 1 1909. Interest annual. Maturity $300 yearly on Sept. 1 from
1911 to 1920 inclusive. Certified check for 10% of bonds bid for, payable
to the Village Treasurer, is required. Purchaser to pay accrued interest.

Authority, vote of 80 to 10 at election held Aug. 3. Denomination $1,000. Date Sept. 1 1909. Interest semi-annually at the Utah National
Bank in Ogden. Maturity Sept. 1 1929, subject to call after ten years.
Certified check for 5%, payable to the "City of Kaysville," is required
Bonded debt, this issue.

Diamond Hill School District (P. 0. Fort Worth), Tarrant
County, Tex.-Bond Offering.-Proposals will be received
King County School District No. 49, Wash.-Bond Sale.until Sept. 10 by T. E. Carson for a $20,000 5% coupon On Aug. 24 the $4,000 1-5-year (optional) coupon schoolpublic-school-building bond.
building bonds described in V. 89, p. 364, were awarded to
Date Aug. 1 1909. Maturity 40 years, subject to call after 15 years.
Certified check for $500, payable to T. E. Carson, is required. No bonded the State Bank of Washington at par for 5s. A bid of
debt at present. Floating debt $250. Assessed valuation 1909, $3,300,- $4,011 60 for 6s was also received from the First National
000. D. T. Richardson is Secretary of the Board of Education.
Bank of Barnesville, Ohio.
Douglas, Ariz.-Bond Sale.-An issue of $325,000 5%
Leakesville, Greene County, Miss.-Bond Offering.-Prowater-works bonds was sold on Aug. 25 to the Commerce
posals will be received until 4 p. m. Sept. 7 by A. M. McTrust Co. at 100.04.
for $7,000 6% coupon school bonds.
Denomination $1,000. Interest Jan. and July. Maturity part yearly Leod, Town Clerk,
for 30 years.

Denominations 20 bonds of $100 each and 10 bonds of $500 each.

Date

1 1909. Interest annually at the Town Treasurer's office. Maturity
East Rutherford School District (P. 0. Rutherford), Sept.
$100 yearly from 1910 to 1928 inclusive and $5,100 In 1929. No debt at
Bergen County, N. J.-Bids Rejected.-All bids received on present. Assessed valuation, $200,000.
Aug. 26 for the $16,000 432% coupon school-building
Leslie Special School District (P. 0. Leslie), Searcy
bonds described in V. 89, p. 487, were rejected.
Ark.-Bond Sale.-We see it reported that the
County,
In
$3,000
Maturity
Interest payable at the Rutherford National Bank.
State National Bank of Little Rock has bought $20,000
1913, $2,000 yearly from 1914 to 1919 inclusive and $1,000 in 1920.
high-school-building bonds at 95 and accrued interest.
Elkhart Township (P.0. Goshen), Elkhart County,Ind.4
Lexington, Dawson County, Neb.-Bonds Voted.-Papers
In.
p.
until
received
be
will
.-Ptoposals
Bond Offering
Sept. 7 by A. R. Bemenderfer, Trustee, for $7,500 432% report that $40,000 high-school and $10,000 grade-school
building bonds were authorized at an election held Aug. 30.
coupon funding bonds.
Denomination $500. Date Sept. 15 1909. Interest in Jan. and July
Linn County School District No. 16, Ore.-Bonds Offered
each
six
from
months
$500
Maturity
Goshen.
in
Bank
State
at the
are exempt from taxation. by Bankers.-An issue of $19,000 5% 20-year bonds is being
July 1 1910 to July 1 1917 inclusive. Bonds
Certified check for $150, payable to A. R. Bemenderfer, is required.
offered to investors by John H. Sonntag & Co. of Chicago.
Denomination $1,000. Date Oct. 1 1909. Interest semi-annually
El Paso County Common School District, Tex.-Bond
the Northern Trust Co. in Chicago. Total debt, this issue. Assessed
Sale.-During July the $8,000 5% 15-20-year (optional) at
$398,740. Real valuation (estimated) $900,000.
valuation
schoolhouse bonds registered by the State Comptroller on
Montgomery County, Ill.-Bonds Offered by
Litchfield,
of
to
El
funds
sold
Paso
County
were
59)
p.
89,
(V.
June 24
-Francis Bros. & Co. of St. Louis are offering for
Bankers.
at 101.25.
sale $18,000 5% coupon street-improvement bonds.
Denomination $1,000. Date April 10 1909. Interest annual.
Denomination $100. Date June 1 1909. Maturity part on June 1 in
Elsinore Union High School District, Riverside County, 1910
and yearly from 1914 to 1919 Inclusive.
Cal.-Bond Sale.-On Aug. 25 $10,000 5% school-building
Little Mountain High School District (P. 0. Little Mounbond was awarded to N. W. Halsey & Co. of San Francisco tain), Newberry County, So. Caro.-Bond Sale.-The Farmat 108.06.
ers' & Merchants' Bank of Little Mountain has bought
Date Aug. 4 1909. Interest annual. Maturity 11 to 20 years.
6% bonds.
Fayette County (P.0. Connersville), Ind.-Bond Offering. $2,500
Los Angeles, Cal.-Bond Election Proposed.-According
-Proposals will be received until 4 p. m. Sept. 8 by S. E.
coupon gravel- to local papers it is proposed to submit to the voters in the
De Haven, County Treasurer,for $5,605 4
near future the question of issuing $10,000,000 bonds to
road bonds.
Denomination $280 25. Date June 10 1909. Interest payable at the carry on work at the harbor and make certain improvements
County Treasurer's office. Maturity part each six months on May 15 and
at San Pedro and Wilmington under the terms of consolidNov. 15. Assessed valuation $485,000.
ation.
Minn.
by
County,
Offered
-Bonds
Grand Rapids, Itasca
Los Angeles City School District, Los Angeles County,
Bankers.-John H. Sonntag & Co. of Chicago are offering to
Cal.-Bond Offering.-Advertisernents state that proposals
investors $20,000 5% 15-year bonds.




614

THE CHRONICLE

[VOL. Lxxxix.

for the $240,000 4% gold school bonds to be offered on
Nashua, Hillsboro County, N. H.
Sept. 13(V. 89, p. 551) will be received until 2 p. in. on that $21,000 funding, $15,000 high-school-Bond Sale.-Issues of
and $10,000 refunding
day by the Board of Supervisors.
4% bonds will be purchased, we are informed, by the SinkDenomination $1,000. Date April 1 1909. Interest semi-annually at ing Fund at par.
the County Treasurer's office.

Maturity $6,000 yearly on April 1 from
1910 to 1949 inclusive. Certified or cashier's check on a bank in Los Angeles
County, for 3% of the bonds, payable to the Chairman of the
is
required. Purchaser to pay accrued interest. The opinion of Board,
Dillon &
Hubbard of New York City as to the validity of the issue will be delivered
to the successful bidder.

Los Angeles City High School District, Los Angeles
County, Cal.-Bond Offering.-Further details are at hand
relative to the offering on Sept. 13 of the $480,000 4%. gold
school bonds mentioned in V. 89, p. 551. Proposals will be
received until 2 p. m. on that day by the Board of Supervisors, C. G. Keyes, ex-officio Clerk (P. 0. Los Angeles).
Denomination $1,000. Date April 1 1909. Interest semi-annually at
the County Treasurer's office. Maturity $12,000 yearly on April 1 from
1910 to 1949 inclusive. Certified or Cashier's check on a bank in
Los
Angeles County, payable to the Chairman of the Board, for
of the
bonds, is required. Purchaser to pay accrued interest. The 3%
opinion of
Dillon & Hubbard of New York City as to the validity of these
bonds
will be delivered to the buyer.

Lovelocks, Humboldt County, Nev.-Bond Sale.-An
issue of $20,000 6% 1-20-year (serial) sewer bonds was
disposed of on Aug. 5 to the First National Bank of Winnemucca at 102.50.
Denomination $500.

Date April 6 1909.

Interest annually in January.

Madison, Dane County, Wis.-Bond Offering.-Proposals
will be received until 3 p. m. Sept. 10 for the $65,000 4%
coupon storm-water-sewer bonds mentioned in V. 89, p. 364.

Authority Sections 926-11 and 943, Revised Statutes. Denomination
$1,000. Date Oct. 1 1909. Interest annually at the First National Bank
In Madison. Maturity Oct. 1 1929. Certified check for $500 Is required.
0. S. Norsman is City Clerk.

Denomination $1,000.
Maturity Sept. 1 1929.

Date Sept. 1 1909. Interest semi-annual.

Nashville, Tenn.-Bonds Proposed.-A bill has been
passed to its first reading providing for the issuance of
$500,000 25-year park bonds dated July 11910.
National City, San Diego County, Cal.-Bond Offering.Proposals will be received until Sept. 7, it is stated, for
17,000 bonds.
New Britain, Hartford County, Conn.-Loan Authorized.A resolution has been passed providing for the issuance of
$250,000 4% 30-year water-supply-improvement bonds,
notes, scrip or certificates. Interest Feb. 15 and Aug. 15
at the New Britain National Bank in New Britain.
New Hampshire.-Temporary Loan.-A loan of $150,000
has been negotiated with the Liberty National Bank of New
York City at 2%% discount. The loan is dated Sept. 1
1909 and is due Oct. 20 1909.
New Hartford, Oneida County, N. Y.-Bonds Voted.-The
proposition to issue the $3,900 5-14-year (serial) Genesee
Street improvement bonds mentioned in V. 89, p. 489,
carried by a vote of 53 to 38 at the election held Aug. 27.
New York City.-Bond Sales.-The following bonds were
issued by this city during the month of August and were
purchased by the Sinking Fund at par:
Purpose-

Rate of Int. Maturity. Amount.

3
1958
$28,653
Mamaroneck, N. Y.-Bond Sale.-An issue of $5,000 Various municipal purposes
The following revenue bonds (temporary securities) were
5-14-year (serial) fire-alarm-system bonds was disposed of
on Sept. 1 to Adams & Co. of New York City at 100.22 for also issued during August:
4.30s. Following are the bids:
Interest. Amount.
Revenue bonds, current
Adams & Co., N. Y.(4.30s) _ _100.221First Nat. Bk., Cleve. (4 Ms)_100.00
Geo. M. Hahn, N.Y. (4.50s) _100.971John J. Hart, Albany (4.40s).
par
Denomination $500. Date Oct. 1 1909. Interest semi-annual.

Marble Falls Independent School District (P. 0. Marble
Falls, Burnet County, Tex.-Bond Sale.-The $8,000 5%
coupon school-building and repair bonds, proposals for
which were asked until August 1 (V. 89, p. 242) have been
purchased by John H. Sonntag & Co. of Chicago.
Maricopa County School District No. 48, Ariz.-Bond
Offering.-Proposals will be received until 11 a. m. Sept. 7
by Wm. E. Thomas, Clerk of the Board of Supervisors
(P. 0. Phoenix), for $5,000 6% gold coupon building bonds.
Authority, Revised

expenses
Revelue bonds, current expenses
Revenue bonds, special
Revenue bonds, special
Total

2'%
2M
3M
3h

$1,575,000
1,000,000
200,000
200,000

$2,975,000

North Platte, Neb.-Bonds Voted.-The election held
Aug. 24 resulted in favor of the proposition to issue $100,000
4% water-works-construction bonds mentioned in V. 89,
p. 303. The vote is reported as being 714 "for" to 143
"against"; a two-thirds majority was required.
North Zulch Independent School District (P. 0. North
Zulch), Madison County, Tex.-Bonds Registered.-The
Statutes of 1901, Title 19. Denomination $500. $3,675 5% 10-20-year (optional) school-building bonds voted
July 6 (V. 89, p. 242) were registered by the State CompDate Sept. 7 1909. Interest annually at the County Treasurer's office.
Maturity Sept. 7 1929. Bonds are exempt from all taxes. Certified check troller on
Aug. 24.
for 10% of the amount bid, payable to the Clerk, is required.
Norwood, Hamilton County, Ohio.-Bond 011ering.-ProMarion County (P. 0. Marion), Ohio.-Bond Sale.-According to reports,$6,000 5% 5-year Beers Free Turnpike posals will be received until 12 In. October 4 by L. H. Gebbonds were sold on Aug. 28 to the Caledonia Deposit Bank hart, City Auditor, for $18,695 04 432% 1-10-year (serial)
Cleneay Ave. improvement assessment bonds.
of Caledonia for $6,130-the price thus being 102.166.
Datl Sept. 28 1909. Interest annual. Certified check for 5% of
Bonds Not Sold.-It is further reported that no bids were payable
bonds,
to the City Treasurer, is required. Purchaser to pay accrued
received for $3,000 5% 4-year road bonds offered on the interest. The amount
of bonds to be sold Is subject to reduction by the
amount of assessments paid in cash prior to date of sale.'
same day.
Oak Harbor, Ottawa County, Ohio.-Description of Bonds.
Maywood and Melrose Park School District (P. 0. Melrose Park), Cook County, Ill.-Bond Sale.-John Nuveen & -The $4,500 5% street-paving bonds disposed of on Aug. 23
Co. of Chicago bought $10,000 43'% 6-7-year (serial) bonds to the Colonial Bank of Fremont at 102 (V. 89, p. 552) are
on Aug. 27 at 101.30-a basis of about 4.269%. Denomina- in denomination of $300 and are dated June 20 1909. Interest annually in March.
tion $1,000. Date Sept. 1 1909. Interest semi-annual.
Oakley (P.0. Cincinnati), Hamilton County, Ohio.-Bond
Melissa Independent School District (P. 0. Melissa),
Collin County, Tex.-Bonds Registered.-The $10,000 5% Ofiering.-Proposals will be received until 12 in. Sept. 7
15-40-year (optional) school-house bonds voted in June by Oscar Kosche, Village Clerk, for the following 43'%
(V. 88, p. 1638) were registered on Aug. 20 by the State 30-year bonds.
$3,000 for water-works improvements, $5,500 for street improvements
Comptroller.
$2,000 for sewer construction and $2,500 for sidewalk construction.
Authority, Sections 2835, 2835b, 2836 and 2837, Revised Statutes.
Memphis, Tenn.-Bond Sale.-On Aug. 31 the $260,000
Denomination $500. Date Aug. 2 1909. Interest annually at the Oakley
4% 40-year coupon police-station bonds described in V. 89, Bank.
Certified check for 5% of bonds bid for, payable to the Village
p. 364, were sold to H. L. Armstrong of Metnphis at par and Treasurer, is required. Purchaser to pay accrued Interest.
accrued interest less a brokerage commission of M of 1%.
Proposals will also be received at the same time and place
Mercer County (P. 0. Celina), Ohio.-Bond Sale.-On for the following 5% 1-10-year (serial) assessment bonds:
f yior1 1Av
909
e.
. sidewalk bonds. Denomination $48 92. Date
Aug. 28 the $6,500 Sutter Road and the $2,500 Schmitz $489 19'a
Aug.
Road 432% coupon pike-improvement bonds described in 923 00 sewer
bonds. Denomination $92 30. Date June 15 1909.
Authority Section 95, Municipal Code, 1902. Interest annually at the
V. 89, p. 551, were sold, the former issue to the Citizens'
Oakley Bank. Certified check for 5 % of amount of bonds bid for, payable
Bank of Celina for $6,550 (100.768) and the latter issue to to
the Village Treasurer, Is required. Successful bidder to pay accrued
the Commercial National Bank of Celina at 100.72. Part interest.
of each issue matures yearly on Sept. 15 from 1910 to 1914
Olean, Oattaraugus County, N. Y.-Bond Sale.-The Exinclusive.
change National Bank of Olean was the successful and only
Bonds Not Sold.-No sale was made of the nine issues of bidder on Sept. 1 for the $40,000 4% 6-25-year (serial)
4% bonds, aggregating $75,500, offered on the same day coupon water-main bonds described in V. 89, p. 489. The
(Aug. 28).
price paid was par.
Middletown, Middlesex County, Conn.-Bonds to Be RePacific County (P. 0. South Bend), Wash.-Bonds Voted.
Offered.-We are advised that this town intends to re-offer -Early returns indicate that the question of issuing the
for sale the $340,000 332% 20-year bonds bids for which $150,000 court-house and bridge-construction bonds menwere rejected (V. 89, p. 242) on July 19.
tioned in V.89, p. 243, was favorably voted upon Aug. 24.
Middletown, Butler County, Ohio.-Bond Sale.-On
Palmer School District No. 49 (P. 0. Palmer), Merrick
1 9% 1-10-year (serial) coupon Fourth County, Neb.-Bond Sale.-We have just been
Aug.30 the $18,165 4/
advised
Street and Middle Alley paving (city's portion) bonds that the $5,000 5% 4-10-year (optional) school-house bonds
described in V. 89, p. 551, were awarded to Weil, Roth & described in V. 88, p. 1156, were awarded on May 1 to W.E.
Co. of Cincinnati at 102.01 and accrued interest. The bids Barkley Jr. of Lincoln at 102.
were as follows:
Peniel Independent School District (P. 0. Peniel), Hunt
Well, Roth & Co., Cin___$18,530 15 I Seasongood & Mayer, Cin418,448
37 County, Tex.-Bonds Registered.-The State
Davies-Bertram Co., Cin. 18,528 00 First Nat. Bank, Cleve___ 18,412 00
Comptroller
Western German Bk., Cin. 18,475 16 Breed & Harrison, Cin__ _ 18,395
69 on Aug. 26 registered $2,600 5% 10-20-year (optional)
Montgomery, Montgomery County, Ala.-Bond Sale.- bonds of this district.
On Aug. 30 the $50,000 5% paving bonds offered on Aug. 16
Piqua, Miami
and described in V. 89, p. 427, were awarded to Hunt & that on Sept. 2 County, Ohio.-Bond Sale.-Reports state
Cushman of New York City at 100.83. Maturity 10 years, bonds described the $50,000 4% 20-year coupon refunding
in V. 89, p. 552,were awarded to the Dayton
subject to call at any interest-paying date.
Savings & Trust Co. of Dayton at 100.798.




SEPT. 4 1909.1

THE CHRONICLE

615

Pittsburg Independent School District (P. 0. Pittsburg),
(lamp County, Tex.-Bond Sale.-John H. Sonntag & Co.
of Chicago have purchased the $30,000 43v% high-school
bonds registered by the State Comptroller (V. 89, p. 243)
on July 12.

Pottsboro Independent School District (P. 0. Pottsboro),
Grayson County, Tex.-Bond Sale.-The $6,000 5% 10-40year (optional) building bonds voted on June 12 (V. 88, p.
1639) were disposed of on Aug. 14 to funds of Grayson County
at 100.50. Denomination $150. Date Aug. 10 1909.
Denomination $1,000. Date July 10 1909. Interest semi-annually at Interest April 10.
the Hanover National Bank in New York City or at the State Treasury in
Pottstown, Montgomery County, Pa.-Bond Offering.Austin. Total debt, including this issue. $37,500. Assessed valuation
41.083,687. Real valuation $2,000,000.
Proposals will be received until 6 p. m. Sept. 6 by the
Portland, Me.-Bond Sale.-The $245,000 4% 20-year Finance Committee, C. Edgar Lewis, Chairman, for $15,000
gold coupon funding, bonds described in V. 89, p. 552, were 4% street-improvement bonds.
Denomination $1,000. Interest on March 1 and Sept. 1. Maturity on
sold on Aug. 30 to N. W. Harris & Co. of Boston at 105.279- Sept.
1 as follows: $3,000 in 1919, $5,000 in 1924, ;5,000 in 1929 and
$2,000 in 1934. Bonds are free from taxation.
a basis of about 3.627%.
received
bids
follows:
the
A list of
Ralston, Pawnee County, Okla.-Bond Offering.-Proposals will be received at any time by T. E. Bryant, City
N. W. Harris & Co., Boston_105.279 R. L. Day & Co., Boston___ _103.19
G. A. Fernald & Co., Boston_105.26 Wm Edmunds & Coroston102.52
Clerk, for $25,000 6% coupon water and light bonds.
A. B. Leach & Co., Boston _104.63 J. A. Hutchinson&Co

104.62
0. H. Gilman, Portland
Perry,Coffin &Burr'Boston_ A04.59
Lee,Higginson&Cof
E. H. Rollins & Sons, Boston 104.546
Merrill, Oldham &Co.,Boston 103.837
Biodget, Merritt&Co.,Boston103.297

C. E. Denison & Co.. oston_102.477
Blake Bros. & Co. Boston_ _101.17
Lawrence Barnum,&Co.,Bos_101.077
Wm. A. Read & Co., Boston_100.819
Hunt, Saltonstall & Co.,
Boston
100.751

Note Sale.-On the same day (Aug. 30) Hunt, Saltonstall
& Co. of Boston were awarded the $100,000 notes described
in last week's issue at 2.91% discount. Maturity Oct.1909.
Portland, Ore.-Bond Sale.-We are advised that the
amount of 6% improvement bonds disposed of on Aug.9 was
$158,085 31. They were awarded as follows: 675,000 to the
Water Board ($50,000 at 103.50 and $25,000 at 103) and
$83,085 31 to A. H. Maegly at 103. Purchaser to pay
accrued interest. A list of the bids received follows:
f$50,000
103.50 P. L Willis (for $30,000)
Par
Henry Teal ($22.500)
Water Board{ 25,000 _____ __103
102.50
20,000
102.75 Tyler Woodward ($5,000)...._ _102.25
103
R. L. Durham ($5,000)
102.25
A. H. Maegiy (all)
102.56
W.P. White(all)
Security Savings & Trust Co.,
Portland (all)
102.42
Ladd & Tilton ($100,000) 102.50
AU bidders offered accrued interest in addition to their bids.

Portsmouth, Scioto County, Ohio.-Bids Rejected.-Bond
Offering.-The City Council rejected all bids received on
Sept. 1 for the $300,000 4% 6-45-year (serial) coupon waterworks-extension bonds described in V. 89, p. 365. They
are now being offered at private sale.

Authority, vote of 69 to 1 at erection held July 19 1909. Denomination
$500. Date Aug. 1909. Interest Jan. and July. Maturity 1934. Bonds
are free from all taxes. This town has no debt at present. Assessed
valuation 1908, $293,000. These bonds were offered on Aug. 12 and the
bids received were rejected. See V. 89, p. 490.

Ridgefield Township, Huron County, Ohio.-Bond Sale.On Sept. 1 the $15,000 5% coupon road bonds described in
V. 89, p. 553, were awarded to the Toledo Fire & Marine
Insurance Co. of Sandusky at 105.276. Following are the
bids:
Toledo Fire & Marine InFirst Nat. Bank, Cleve_ __$15,591 00
surance Co., Sandusky_$15,791 50 Farmers' & Citizens'BankSeasongood & Mayer, Cin.. 15,726 00
ing Co., Monroeville_ _ _ 15,000 00
Maturity $500 each six months from March 1 19/1 to Sept. I 1925
inclusive.

Sagerton Independent School District (P. 0. Sagerton),
Kaskell County, Tex.-Bond Offering.-Proposals will be
received until 1 p. m. Sept. 10 by J. E. McCord, Secretary
School Board, for $9,000 5% gold coupon building bonds.

Authority Chapter 124, Sections 149 to 152, General Laws of 29th
Legislature. Denomination $500. Date May 15 1909. Interest annually
in Austin or New York. Maturity May 15 1949. subject to call after 20
years. The district at present has no debt. Assessed valuation 1402.000.

St. Albans, Franklin County, Vt.-Bond Sale.-On Aug.
28 the $40,000 sewer and $35,000 street 4% coupon bonds
described in V. 89, p. 553, were awarded to the Welden
National Bank and the People's Trust Co., both of St. Albans
for $75,533 30 (100.711) and accrued interest. Bids of
$74,082 75 from E. H. Rollins & Sons of Boston and 100.167
from N. W. Harris & Co. of Boston were also received.

NEW LOANS.

NEW LOANS.

$500,000

CITY OF SPOKANE
25-Year 4%
Water Extension Bonds
Sealed proposals will be received by the Sinking
Fund Commission of the City of Spokane, Washington, at the office of the City Comptroller of
said city, up to 11 o'clock a. m. of the 15th day of
September, 1909, for the purchase of all or any
portion of a $500,000 bond issue of said city.
Said bonds are issued by said city for the purpose of paying oil outstanding warrants issued
against the Water Extension Fund and constructing a force main to be used In the general water
system, and bear date of July 1, 1909, payable
25 years after said date, and bear interest at the
rate of 4% annually, payable send-annually
at the fiscal agency of the State of Washington in
New York City.
Said Commission reserves the right to reject any
and all bids, and each offer must be accompanied
with a certified check for 2% of the amount of
the bid, and must be for at least par and accrued
Interest.
ROBERT FAIRLEY,
City Comptroller.

$52 000
Borough of Holly Beach City,
Cape May County, N. J,
5% FUNDING BONDS
NOTICE is hereby given that the Borough
Council of the Borough of Holly Beach City, Cape
May County, N. J., will receive sealed bids for
the sale of Fifty-Two Thousand Dollars ($52,000)
5% thirty (30) year funding bonds, according to
Ordinance No. 73.
Each bid will be accompanied by a certified
check for the sum of Five Hundred Dollars ($500)
and to be marked proposal for the sale of Bonds,
and addressed to Harry S. Hewitt, Borough Clerk.
Bids will be opened Tuesday. September 14.
1909, at eight o'clock p. m., in the Borough Hall.
Council reserves the right to reject one or all
bids which is to the best interest of the said
Borough of Holly Beach City, N. J.
H. S. HEWITT, Borough Clerk.

Charles M. Smith St Co.
CORPORATION AND
MUNICIPAL BONDS

$4,700,000

CITY OF ST. LOUIS
Public Buildings and Public Improvement
4% TWENTY-YEAR GOLD BONDS
ST. LOUIS, August 16, 1909.
By virtue of Ordinance No. 22,674, the undersigned are authorised to Issue and sell for the City
of St. Louis four million seven hundred thousand dollars ($4,700.000) of St. Louis Public Buildings
and Public Improvement Bonds, and sealed proposals for the purchase of said bonds, Issued for the
following purposes, and hereinafter described, will be received at the Mayor's Office In the City of
St. Louis, until 12:00 o'clock noon, of the 17th day of September. 1909, and publicly opened by the
undersigned at said place and hour:
MUNICIPAL BRIDGE.and purchase of land for approaches
$3,000.000 00
FIRE DEPARTMENT (Engine Houses and Lots)
100,000 00
BRIDGES AND VIADUCTS and purchase of land
600.000 00
PUBLIC SEWERS and purchase of land
1,000.000 00
Total
$4,700,000 00
Said bonds will be dated October 1st, 1909, and will each be of the denomination of $1,000 United
States Gold Coin, payable twenty (20) years after their date, and will bear interest from their date
at the rate of four (4) per cent per annum. Semi-annual interest coupons, payable on the 1st day of
April and October, respectively, will be attached to each bond, and both bonds and coupons will be
payable to bearer, as he may elect, either at the National Bank of Commerce. In New York, in United
States Gold Coln, or at the National Bank of Scotland, Limited, 37 Nicholas Lane, London, England,
in pounds Sterling, at the rate of four dollars, eighty-six cents, six and one-half mills (14.8665) per
pound Sterling. The bonds will contain the condition that in payment of principal and interest,
the United States Gold Dollar and the Pound Sterling will be calculated at the present standard of
weight and fineness. The bonds may be exchanged for registered bonds at any time.
Bidders are requested to state in their proposals the price offered per bond. the par and premium
to be stated as one amount.
No bid will be considered that is not made on blank furnished by the Comptroller.
Proposals must be accompanied by a cashier's or certified check, payable to the order of the
Comptroller (and subject to his approval) equal to five (5) per cent of the nominal amount of the bonds
bid for; said deposit to be returned immediately if the proposal Is not accepted, otherwise to be retained by the City as liquidated damages in event of failure on the part of the bidder to comply with
his proposal, or, in case of compliance, to be retained as part of the purchase money. A deposit in the
required amount to the credit of the City of St. Louis, in the National Bank of Commerce, in New
York, on or before Thursday, September 16th, 1909, will be accepted as full compliance with the requirements relating to deposits. No interest will be allowed on earnest money deposited.
Proposals will be subject to all the conditions and reservations of this advertisement, and must
refer to same as a portion of the agreement on the part of the bidder.
Proposals should be enclosed and addressed to the undersigned and endorsed "Proposal for Puschase of St. Louis City Bonds."
The undersigned reserve the right to reject any or all bids.
The Bonds will be delivered against payment therefor in current funds, at the office of the Comptroller in the City of St. Louis, or, if the bidder so elects in his proposal, at the National Bankhof
Commerce in Now York, on the 1st day of October. 1909.
The opinion of Messrs. Dillon & Hubbard, Attorneys and Counselors at Law. New York City,
as to the validity of the bonds, will be furnished the successful bidders by the City.
A sample bond can be seen and further information obtained at the office of the Comptroller.
FREDERICK H. KREISMANN, Mayor.
B. J. TAUSSIG, Comptroller.
ESTABLIBTIED 1885

JOHN H. WATKINS

H. C. Speer & Sons Co.

MUNICIPAL

First Nat. Bank Bldg.,Chicago
FIRST NATIONAL BANS BUILDING CITY, COUNTY
CHICAGO
AND SCHOOL




BONDS

AND

RAILROAD BONDS
No. 2 WALL SAIIENT

NNW YORK

[VOL. Lxxxtx.

THE CHRONICLE

616E

San Marcos, Hays County, Tex.-Bonds Voted.-According to reports an election held Aug. 24 resulted in a vote of
152 to 9 in favor of a proposition to issue $25,000 high-schoolbuilding bonds.
Saundersville, Jones County, Miss.-Description of Bonds.
-The $5,000 6% 20-year school bonds sold on Aug. 17 to
C. H. Coffin of Chicago at 101.02 (V. 89, p. 553) are in denominations of $500. Date Aug. 11909. Interest annual.
Smith Township (P.0. Sebring), Mahoning County, Ohio.
-Bond Sale.-An issue of $25,000 4% road improvement
bonds offered Sept. 1 was awarded to Well, Roth & Co. of
Cincinnati at par.
Denomination $1,500.

Date Sept. 15 1909.

Interest semi-annual.

Denomination $500. Date July 1 1909.
to call after ten years.

Maturity 40 years, subjest

Tahlequah, Cherokee County, , Okla.-Bonds Voted.This city has voted to issue $85,000 improvement bonds.
Temple, Bell County, Tex.-Bond Sale.-The $100,000
5% 20-40-year (optional) coupon water-works-improvement
bonds described in V. 89, p. 429, were sold on Aug. 24 to
E. H. Rollins & Sons of Chicago at 104.21 and accruedjinterest. A list of the bidders follows:
E. H. Rollins & Sons,
Chicago_
$104,210 00
Spitzer & Co., Toledo_ _ _103,548 00
Texas Trust Co
103,310 00
A. B. Leach & Co., Chic_ 103,250 00
Woodin, McNear & Moore
Chicago
103,210 00
S. A. Kean 8: Co., Chic_ 102,750 00

Western-German Bank,
Cincinnati
$102,636 00
Well, Roth & Co., Chi_ 102,631 15
A. J. Hood & Co., Det
102,250 00
McCoy & Co., Chicago
101,525 00
Farson,Son & Co., Chic _ 101,027 50

Solano County (P. 0. Fairfield), Cal.-Bond Election.The propositions to issue the $250,000 court-house and
Topeka, Kan.-Bonds Voted.-An election held Aug. 24
$50,000 branch-county-jail 5% bonds to be voted upon resulted, it is stated, as follows:
Sept. 18 (V. 89, p. 491) must receive a 2-3 majority of the Melan Bridge bOnds. Vote 962 "for" to 839 "against.,'
Garbage plant bonds. Vote 945 "for" to 719 'against."
votes cast in order to carry.
Fillmore Bridge

Denomination $1,000. Interest annual.
of each issue yearly.

bonds.

Maturity one twenty-filth

South Greensburg (P. 0. Greensburg), Westmoreland
County, Pa.-Bonds Voted.-An election held Aug. 27 resulted in favor of a proposition to issue $25,000 street paving
bonds. The vote was 71 "for" to 7 "against."
Spiro, Le Fiore County, Okla.-Bids Rejected.-All bids
received on Aug. 26 for the $50,000 6% 25-year coupon water
and light bonds described in V. 89, p. 428, were rejected.
Sprmgfield, Mass.-Bonds Authorized.-Local papers
report that the City Council on Aug. 23 passed ordinances
providing for the issuance of the following bonds: $200,000
to purchase the land necessary for the extension of North
Street and $100,000 to build the Lincoln School.
Sullivan County (P. 0. Blountville), Tenn.-Bond Sale.The Western-German Bank of Cincinnati was the successful
bidder on Sept. 2 for the $200,000 43/2% coupon roadbuilding bonds described in V. 89, p. 491. Maturity
$100,000 on August 1 in each of the years 1929 and 1939.
Sunset Independent School District (P. 0. Sunset),
Montague County, Tex.-Description of Bonds.-We are
informed that the $7,000 school-building bonds voted June
21 (V. 89, p. 64) carry 5% interest, payable annually.

4% GOLD BONDS
Proposals will be received by the Commissioners
of Fairfield County at their office in the County
Court House,at Bridgero:t. Conn., until Sept.8th
1909 at 12:00 o'clock noon, for the purchase, in
whole or in part, of one hundred and forty-five
one thousand dollar gold bonds of said County.
to be issued under a resolution of the General Assembly of the State of Connecticut passed at its
January Session, 1909, and approved June 29th,
1909. Said bonds will be dated Oct. 1st, 1909,
bearing interest at four per cent per annum, payable April 1st and Oct. 1st of each year.. Said
bonds will be payable Oct. 1st, 1939, and will be
redeemable at any time after Oct. 1st, 1929, at
the option of the County Commissioners, and will
be ready for delivery at the Connecticut National
Bank of Bridgeport Oct. 1st, 1909, when the
money for same must be paid.
All proposals must be sealed, marked proposals
for bonds, directed to the County Commissioners
of Fairfield County, and accompanied by a certified check for two per cent of the amount bid.
The purpose of this bond issue is to pay up all
the outstanding Indebtedness of said County, so
that said bonds when issued will represent the
total indebtedness of said County. A sinking
fund provides for the payment of the bonds at
maturity. Bonds will have coupons attached
and may be registered.
The County Commissioners reserve the right to
reject any or all bids. For further particulars
address the County Commissioners at their office.
WHITMAN J. MEAD,
SIMEON PEASE.
JOHN BROPHY,
Commissioners for Fairfield County.

Date July 1 1909. Interest annual.

Venango County (P. 0. Franklin), Pa.-Bond Sale.-On.
Aug. 28 the $85,000 4% coupon bridge-building bonds described in V. 89, p. 492, were awarded to R. E. Robinson &
Co. at 100.341 and accrued interest. Following are the bids:

R. E. Robinson & Co ____$85,289 85 Oil City Trust Co
$85,108 50
E. Lober Stokes
85,235 45 Hayden, Miller & Co., Clev 85,066 00
Franklin Tr. Co., Franklin 85,108 50 J. S. de W.S. Kuhn, Phila. 85,017 00
Maturity $17,000 yearly on March 1 from 1915 to 1919 inclusive.

Victor Union Free School Dist. No.1(P.O.Victor),Ontario
County, N. Y.-Bond Offering.-Proposals will be received.
until 12 m. Sept. 15 by C. A. Moore, Clerk Board of Education,for $3,500 4
coupon school-addition-building bonds

$100,000

$145.000

County of Fairfield, Conn.

Denomination $500.

NEW LOANS.

NEW LOANS

Vote 858 "for" to 779 "against."

Troy, N. Y.-Temporary Loan.-The $100,000 4% loan
described in V. 89, p. 553, was awarded, on Aug. 30, to
Kountze Brothers of New York at 100.1276 and accrued
interest. Bids were also received from the Manufacturers'
National Bank of Troy for $100,083 and Bond & Goodwin
of New York for $100,026. Loan matures Oct. 30 1909.
Van Alstyne School District (P.O. Van Alstyne), Grayson
County, Tex.-Bonds Not Sold.-No sale has yet been made
of the $12,500 5% 10-40-year (optional) school-building
bonds mentioned in V. 88, p. 1459.

CITY OF' PITTSTON, PA.,
43i% Improvement Bonds

NEW LOANS.

$500.000

CITY OF SPOKANE
25-Year 4%

Bridge Construction & Repair Bonds
Selaed proposals will be receivcd by a Joint
Session of Councils of the City of Pittston, at the
Sealed proposals will be received by the Sinking
City Hall, in the City of Pittston, Pennsylvania,
on SEPTEMBER 9, 1909, at 8 o'clock p. m. for Fund Commission of the City of Spokane, Washthe purchase of $100,000 43-% 4-29-year Serial ington, at the office of the City Comptroller, of
City Improvement Bonds of the City of Pittston, said city, up to 11 O'clock A. M. of the 15th Day
Penn. Bonds to be of the denomination of September. 1909, for the purchase of all or any
$500 each, to be dated September 1,1909, and to portion of a $500,000 bond issue of said city.
Said bonds are issued by the said city to pay
be payable at the office of the City Treasurer of I
said City, In numerical order, as follows: $12,500 for the construction and repair of bridges across
September 1, 1913; $3,500 September 1 1914, the Spokane River, and bear date of July 1, 1909,
and each year thereafter to and including Septem- and payable 25 years after said date, and draw
ber 1, 1938. Interest payable semi-annually interest at the rate of 4% annually, payable semion the first days of March and September at the annually at the fiscal agency of the State ot
office of the City Treasurer. The bonds to be Washington in New York City.
sold will be delivered to the purchaser as follows:
Said Commission reserves the right to rejeot
$10,000 October 15, 1909; $10,000 December 1. any and all bids, and each offer must be accom1909; $10,000 January 1, 1910; $20,000 June 1. panied by a certified cehck for 2% of the amount
1910: $20,000 July 15. 1910; $30,000 September 1. of the bid, and must be for at least par and
1910, and will be sold at the price bid (not less accrued interest.
ROBERT FAIRLEY.
than par) together with accrued interest to date
City Comptroller.
of delivery. Proposals to be indorsed "Proposals for Bonds" and addressed to Thomas
English Jr., City Clerk, who will furnish all
information relative to the same. Each proposal must be accompanied by a certified bank
check for $1,000 properly indorsed and made
payable to the Treasurer of said city as a guaranty that the bonds will be taken and paid for at
the price bid. The right is reserved to accept or
BANKERS
reject any or all bids.
THOS. ENGLISH JR.,
City Clerk.

Blodget, Merritt & Co.
STATE, CITY

CI

It

S9r St CC).

AND

RAILROAD BONDS

BANKERS

Perry, Coffin & Burr,

INVESTMENT BONDS,
60 State Street,

Municipal Bonds
421 CHESTNUT ST.,

PHILADELPHIA. PA,

McCOY
8c COMPANY
Formerly MacDonald, McCoy & Co.

BOSTON.

6o State Street, - Boston
30 Pine Street, - New York

CANADIAN

Municipal and
MUNICIPAL BONDS
Corporation Bonds
MUNICIPAL AND RAILROAD 181 La Salle Street, - Chicago W. A. MACKENZIE &
TORONTO. CANADA
BONDS.
LIST ON APPLICATION

Bank and Trust Company Stocks

SEAS° N GOOD & MAYER

NEW YORK AND BROOKLYN
11011011T AND SOLD

Mercantile Library Building

;CINCINNATI




CLINTON C1LBERT,
2 WALL ST., NEW YORK.

B. W. Strassburger
3OUTHERN INVESTMENT bEOURITIE8.
MONTGOILEBY, ALA.

SEPT. 4 1909

THE CHRONICLE

Authority, Section 10 Title 8 Consolidated School Law. Denomination
$700. Date Sept. 1 1909. Interest annually on Nov. 1 at the bank of
W. A. Higinsbotham in Victor in New York exchange. Maturity $700
Yearly on Nov. 1 from 1910 to 1914 inclusive. Cash or certified check for
10% of amount bid, payable to M. A. Wilber, Treasurer, is required.
Assessed valuation, 1908, $690,935.

Uehling, Dodge County, Neb.—Bond Offering.—Proposals
will be received until Sept. 20 for $7,000 5% 5-20-year
(optional) water-works bonds. Authority vote of 53 to 10
on August 17.
Wagoner, Wagoner County, Okla.—Bond Offering.—
Proposals will be received until 8 p. in. Sept. 6 by W. Frank
Davis, City Clerk for $105,000 5% coupon water, light, cityhall and jail bonds.
Authority, Article 10, Section 26, Oklahoma Constitution. Denomination $1,000. Date Sept.1 1909. Interest semi-annual. Maturity Sept.1
1934. Certified check for 2%, payable to the City Clerk, is required.

Waverly, Pike County, Ohio.—Bond Sale.—Dispatches
state that the $5,000 4% coupon electric-wire-repair bonds
described in V. 89, p. 554, were sold on Sept. 1 to Philip
Lorbach, a local investor, at 101.02. Maturity part yearly
on Sept. 15 from 1917 to 1921 inclusive.
Weatherford, Okla.—Bonds Voted.—Papers report that
the issuance of $100,000 water, sewer and city-hall bonds
was authorized at a recent election.
Westchester County (P. 0. White Plains), N. Y.—Bond
Sale.—On Aug. 30 the $70,000 4% 25-31-year (serial) registered Almshouse extension bonds described in V. 89. p.
430, were awarded to Kountze Bros. of New York City at
100.91 and accrued interest. The bids were as follows:
N. W.Halsey & Co., N. York 100.61 A. B. Leach & Co., N. York 100.279
J. H. Watkins, New York_ _ 100.285IN. W. Harris & Co., N. York00.187
_1

Franklin County, Ohio.—Bid.—In addition
'Westerville,
to
$9,101 11 (101.123) and accrued

the successful bid of
interest submitted on Aug. 25 by the Bank of Somerset, for
the $9,000 432% coupon Walnut Street improvement assessment bonds (V. 89, p. 554), an offer of $9,010 was also received from the First National Bank of Westerville.'
Offered
Will County School District No. 90,
by Bankers.--An issue of $14,500 5% bonds is being offered
to investors by the Trowbridge & Niver Co. of Chicago.

m.—Bonds

Denomination $500. Date June 1 1909. Interest semi-annually at
the First National Bank of Lockport. Maturity part yearly on June 1
from 1914 to 1927 inclusive. Total debt, this issue. Assessed valuation
for 1908 $292,837. Real valuation (estimated) $1,000,000.

NEW LOANS.

617

Winchell Independent School District (P. 0. Winchell),
Brown County, Tex.—Bonds Registered.—An issue of $5,000
5% 10-40-year (optional) bonds was registered by the State
Comptroller on Aug. 24.
Wirt, Itasca County, Minn.—Bond Sale.--On Aug. 14,
the $10,000 6% 20-year coupon road and bridge bonds described in V. 89, p. 367, were awarded to the Commercial
Investment Co. of Duluth at par and accrued interest. No
other bids were received.
Yakima County School District No. 81, Wash.—Bond
Offering.—Proposals will be received until 10 a. m. Sept. 18,
by Frank Bond, County Treasurer (P. 0. North Yakima),
for $6,000 coupon school-building bonds at not, exceeding
6% interest.
Authority, page 357 et seq., Laws of 1897: also election held July 16 1909.
Date, day of issue or the first of some month, at the option of the bidder.
Interest semi-annually at the County Treasurer's office. Maturity 20 years,
subject to call after 5 yen's. Total debt at present $8,749 06. Assessed
and equalized valuation for 1908, $725,180.

Canada,its Provinces and Municipalities.
Arnprior, Ont.—Debenture Sale.—G. A. Stimson & Co.
of Toronto recently purchased $2,506.72 5% 20-year debentures.
Berry Water School District No. 1,968, Alberta.—Debenture Sale.—The $1,800 10-year school-building debentures
offered on Aug. 16 (V. 89, p. 431) were sold to parties of
2s. Date •
High River, Alberta for $1,815 (100.833) for 53/
Oct. 1 1909. Interest annual.
Birtle, Man.—Debenture Offering.—Further details are
at hand relative to the offering on Sept. 14 of the $18,800
432% refunding and town-hall-construction debentures
mentioned in V. 89, p. 493. Proposals will be received
until 6 p. m. on that day by J. C. Dudley, Town Clerk.
Date Oct. 1 1909. Interest annual. Maturity $200 yearly on Oct. 1
from 1910 to 1928 inclusive and $15,000 on Oct. 1 1929. Debentures are
not taxable. Total debt, including this issue, $20,000. Assessed valuation, $219,000.

Blyth, Ont.—Debenture Election.—An election will be held
Sept. 14 to vote on the question of issuing $4,000 5% 30-year
water-works and fire-protection debentures.

INVESTMENTS.

NEW LOANS.

$500,000
$300.000
$47,500
CITY OF NATCHEZ, MISS., WILKES-BARRE, PA., CITY OF CHARLESTON,S.C.
Refunding Bonds
Public notice is hereby given that the City of
Natchez offers for sale Its Refunding Bonds to the
amount of $47,500. These bonds are in denominations of $500, are payable to bearer, and
mature twenty years from date of issuance—
September 15th, 1909. They bear five per cent
interest, payable annually. Persons desiring
to purchase will please Me with the City Clerk
their sealed bids, either for the whole series or
part of same, before 5 o'clock p. m. on WEDNESDAY. SEPTEMBER 15th, 1909. Bids for less
than the entire series should be made in multiples
of $500. The bids will be opened and disposed
of at the regular meeting of the Mayor and the
Board of Aldermen on September 15th, 1909.
No bids for less than par will be considered.
Certified check for $100 must accompany each
bid.
W. G. BENBROOK. Mayor.
lbw 4 4;i

T. W. STEPHENS & CO

City School District

SEWER BONDS

4% BONDS

TREASURY DEPARTMENT.

The Wilkes-Barre (Pa.) City School District
offers $500,000 4% semi-annual coupon bonds in
denominations of $1,000 each. Bids must be in
by noon September 27th. Bonds ready November 1st. For full information address
A. W. MOSS,
Clerk of the Board.

'Sealed bids will be received by the undersigned
until 12 o'clock M. Wednesday, September 15.
1909, for Three Hundred Thousand Dollars,
or any part thereof, City of Charleston Sewerage
Bonds, bearing interest at the rate of 4 per cent
per annum, payable April 1 and October 1 in
each year.
The Bonds are to be of the denomination of
$1,000 and $500, and will run for 20 years from
October 1, 1909. A Sinking Fund is provided by
Ordinance for the Redemption of these Bonds.
The right to reject any or all bids is reserved.
Bids should be forwarded to
J. 0. LEA,
City Treasurer, Charleston. S. C.

BLACKSTAFF 8c CO.
INVESTMENTS
1332 Walnut Street
PHILADELPHIA

LIST OF SPECIALTIES ON REOUES1

NATIONAL LICHT,
HEAT 86 POWER CO.
GUARANTEED

WEBB & CO.,

Investment Bonds

BONDS

All Issues

H. Bickmore Sc Co.,

INVESTMENT SECURITIES.

A.

74 BROADWAY, NEW YORK

BANKERS
30 Pine Street,
New York

2 WALL STREET, NEW YORK.

Albert Kleybolte & Co.,
P. J. GOODHART & CO.,
Bankers
37 BROADWAY
NEW YORK
Telephone 2240 Rector
3'26 Wolnut St., Cincinnati

Bank and Trust Co. Stocks

409 Walnut Street,

CINCINNATI, 0.

Municipal,
County, State,
and High-Grade Public Service
Securities
Correspondence Solicited

HUNT, SALTONSTALL & CO.,

WE OWN AND OFFER

Member. New York Stock Exchange

MUNICIPAL BONDS

Investment Securities

Tax Exempt Anywhi re In the United States
Write for Particulars

60 STATE STREET
BOSTON




ULU SUTHERLIN" & CO.
617 First Nat. Bank Bldg,CHI CAGO,ILL

1909

1850

The United States Life
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts.

JOHN P. MUNN, M.D., President
Finance Committee
Leather
JAMES R. PLUM
CLARENCE ILK ELSBY,Pres.TItle Gu. di Tr. Oa.
Wit. H.PORTER. Pres. Chemloa National Beak
Good men, whether experienced in life inenranoe
may make direct contracts wth this Company, for a limited territory If desired, and secure
tor themselves. In addition to iirst year's commission, a renewal interest insuring an income for the
future. Address the Company at its Home WWII
No 277 Broadway. New York City.
OT 00t,

618

•

THE CHRONICLE

[VOL. Lxxxix.

Eyebrow, Sask.-Loan Authorized.-This village has debentures offered on that day'(V. 89, p. 494) were awaraed
been authorized to borrow $4,000 for permanent improve- to G. A. Stimson & Co. of Toronto at 101.071 and accrued
nxents.
interest. Following are the bids:
A. Stimson & Co. Toronto_13,7351 W. A. MacKenzie & Co., Tor.$3,690
Grimsby, Ont.-Debenture Sale.-On Aug. 26 the $15,000 G.
Brent, Noxon & Co. Toronto_ 3,721 Dominion Sec. Corp. Ltd., Tor 3,603
43,6% school-building debentures mentioned in V.89, p. 493, Aemilius Jarvis & CO.. Toron_ 3,697 G. U. Smith, Hamilton
par.
The debentures are dated Sept. 13 1909 and are free from taxation. Mawere awarded to Brent, Noxon & Co. of Toronto at 100.393.
turity part yearly for 10 years.
rot The bids were as follows:
Notre Dame de Grace, Que.-Debenture Offering.-ProBrent, Noxon & Co., Tor _115,059 00 IA. Jarvis & Co., Toronto_$14,555 00
Steiner Dunlop & Co., Tor 14,737 50 Wood, Gundy & Co., Tor 14,551 00 posals will be received until 12 m. Sept. 7 by L. Des Carries,
Hamilton.
Hamil.
14,700 00 1G. A. Stimson & Co., Tor. 14,537 00
Bank of
Mer. Tr. Co. of Can., Ham. 14,700 00 Dom. Sec. Corp. Ltd., Tor 14,216 00 Secretary-Treasurer, for $50,000 43/2% 40-year streetDate Sept. 15 1909. Interest annually on Sept. 20. Maturity Sept. 15 improvement debentures. Interest semi-annual.
1920.
St. Boniface, Man.-Debenture Offering.-Proposals will
Haileybury, Ont.-Debenture Election.-Propositions to be received until 5 p. m. Sept. 24 by J. B. Cote,
City Clerk,
issue $30,000 road and $25,000 town-hall 5% 20-year deben- for $100,000 5% coupon debentures for the purchase of
tures will be submitted to a vote of the people on Sept. 13. bridges between St. Boniface and Winnipeg.
Hull, Ont.-Debentures Voted.-The election held Aug. 30
Denomination $1,000. Date July 2 1909. Interest semi-annually at
Banque d' Hocheiaga in St. Boniface or in Montreal, at the Canadian
(V. 89, p. 555) resulted in favor of the proposition to issue the
Bank of Commerce in Toronto or the Clydesdale Bank Ltd., in London,
$115,000 50-year debentures at not exceeding 5% interest. Eng.
Maturity 20 years. Purchaser to pay accrued interest.
Manitou, Man.-Debenture Offering.-Proposals will be
Shelbourne, Ont.-Debentures Voted.-The election held
received until Oct. 1 for $14,000 to $15,000 432% 20-year Aug. 27 (V. 89, p. 494) resulted in favor of the proposition
debentures. G. T. Armstrong is Municipal Clerk.
to issue the $6,000 4% 30-year water-improvement debenMaple Leaf School District No.83,(P.0. Norden), Man.
- tures. The vote was 111 "for" to 4 "against."
Debenture Sale.-On Aug. 21 the $4,930 5% debentures
United Counties of Prescott and Russell, Ont.-Debentures
offered on Aug. 15 and described in V. 89, p. 431, were Authorized.-A by-law has been passed, it is stated, providing
awarded to the Manufacturers Life Assurance Co. of Tor- for the issuance of $13,000 bridge debentures.
onto at 100.101 and accrued interest. The bids were as
Windsor, Ont.-Debenture Sale.-The $20,000 4% 20follows:
year macadam-pavement debentures proposals for which
Alfgrs Life Assur Co.. Tor_a$4,935 00 J. G. McIntosh, Winnipeg./ 4,842 00 were asked
until Aug. 26(V.89, p. 432), were sold on Aug. 30
Canada Land & Nat. Co__ 4,940 00 James Noble, Brandon___ 4,823 00
Brent, Noxon & Co., Tor_ a4,885 00,J. Addison Reid, Regina_ b4,802 00 to Aemilius Jarvis & Co. of Toronto at 95.03 and accrued
a4,880 701H, O'Hara & Co., Winni_ b4,741 00 interest. A list
Bank of Hamilton
of the bidders follows:
Dom. Secur. Co. Toronto_ab4,874 001Aemillus Jarvis & Co __ a4,73 80
Nay & James, Regina
G.A.Stimson & Son., Tor_

4,852 00 Ontario Securities Co____
4,851 001

4,701 20

a And accrued interest. b Free of charges.
Maturity part yearly on Dec. 1 from 1910 to 1926 inclusive.

Markdale, Ont.-Debenture Election.-The question of
issuing $3,000 10-year fire-hall and $7,000 30-year waterworks debentures will be decided at an election to be held
Sept. 13.
North Easthope Township (P. 0. Amubree), Ont.-Debenture Sale.-On Aug.27 the $3,695.40 5% coupon drainage

Aemilius Jarvis&Co., Tor.. a$19,006
Brent. Noxon&Co., Toronto_a18,961
Ontario Securities Co., Tor_ _a18,827
Wood, Gundy & Co., Tor___a18,808
G. A. Stimson & Co., Tor
a18,742
W.A. MacKenzie & Co.,Tor-a18,686
a And accrued interest.

R. C. Matthews & Co
a$18,640
A. E. Ames & Co., Toronto_ _a18,584
Steiner,Dunlop &Co. Tor _a18,430
H. O'Hara & Co., Toronto __a18,290
Dominion Sec. Corp., Ltd.,Tor17,210

nipeg School District (P. 0. Winnipeg), Man.Loan Election.-Reports state that an election will be held
the latter part of this month to vote on a by-law authorizing
a loln of $600,000 to erect two collegiate institutes and public
schools.

MISCELLANEOUS.

ACCOUNTANTS.

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 21st, 1909.
The Trustees. in conformitu with the Charter of the Company. submit the followiny statement°, Us affairs
on the 31st of December. 1908.
$3,307,807 24
Premiums on Marine Risks from 1st January, 1908, to 31st December. 1908
743.389 01
Premiums on Policies not marked off 1st January. 1908

Arthur Young & Co.
Certified Public Accountants

Total Marine Premiums

$4.051,196 25

(ILLINOIS)

Premiums marked off from 1st January, 1908. to 31st December, 1908

$3,333.483 61

New York, 31) Pine Street
Milwaukee. 633 ‘8
,
Bldg
Chicago, 1315 Monadoock Block
Kansas City, 1106 Commerce Bldg.

Interest received during the year
Rent less Taxes and Expenses

$307,823 39
142,032 22

$449,85561

Losses paid during the year which were estimated in 1907
$420,655 46
and previous years
1,274.822 22 $1,695,47768
Losses occurred, estimated and paid in 1908
Less Salvages
Re-insurances

$279,988 33
199,555 37

479.543 70
11,215.933 98

Returns, of Premiums_________________________________________
Expenses. including officers' salaries and clerks' compensation, stationery,
newspapers, advertisements. etc

$51,930 45
1344,266 85

LIABILITIES.
Estimated Losses and Losses Unsettled_____________ $2,310,433 00
Premiums on Unterminated Risks717,712 70
Certificates of Profits and Interest
Unpaid
260,822 35
Return Premiums Unpaid
121,473 65
Certificates of Profits Ordered Redeemed, Withheld for Unpaid
Premiums
22,339 35
Certificates of Profits Outstanding
_____________
7,363,410 00
Premium notes and Bills Receivable 1,377,905 06
Real Estate Reserve Fund---270,000 00
Cash in the hands of European
Bankers to pay losses under poli399,031 95
cies payable in foreign countries_
429,950 18
Cash in Bank

ASSETS.
United States & State of New York
Stock, City. Bank and other Se$5,442,792 00
curities
Special deposits in Banks &TrustCos. 800,000 00
Real Estate con Wall & WilliamSts..
& Exchange Place_$4.299.426 04
Other Real Estate &
claims due the com75,000 00 4,374,426 04
pany

LYBRAND9
ROSS BROS &
MONTOOMERY
Public Accountants
Certified (Pennsylvania)
Land Title Building
PHILADELPHIA.
City Investing Bldg., 165 Broadway
NEW
Union flank Building
PITTSBURGH

JAMES PARK & 00.
CERTIFIED PUBLIC ACCOUNTANTS

New York,Chicago, Cincinnati and
London, England.

FINANCIAL INSTITUAUDITORS FOR
TIONS. INDUSTRIAL AND
MINING COMPANIES
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the Investigations, Financial Stitt, merits,
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
Periodical Audits and Accounting.
The outstanding certificates of the issue of 1903 will be redeemed and paid to the holders thereof.
or their legal representatives, on and after Tuesday the second of February next,from which date all
interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the net earned premiums of the Company for the year
ending 31st December, 1908, for which, upon application, certificates will be issued on and after
CERTIFIED PUBLIC ACCOUNTANTS
By order of the Board.
Tuesday the fourth of May next.
(I. STANTON FLOYD-JONES. Secretary,
56 Pine Street, - NEW YORK
TRUSTEES.
•
Telephone 4261 John.
GRIGGS,
GUSTAV AMSINCK,
NICHOLAS F. PALMER.
HERBERT L.
FRANCIS M. BACON.
HENRY PARISH,
CLEMENT A. GRISCOM,
JOHN N. BEACH,
DALLAS B. PRATT,
ANSON W. HARD.
WILLIAM B. BOULTON
GEORGE W. QUINTARD,
LEWIS CASS LEDYARD,
CERTIFIED PUBLIC ACCOUNTANTS
VERNON H. BROWN,
A. A. RAVEN.
FRANCIS H. LEGGETT,
WALDRON P. BROWN,
JOHN L. RIICER,
CHARLES D. LEVERICH.
30 Broad Street, New York
DOUGLAS ROBINSON.
LEANDER N. LOVELL,
JOHN CLAFLIN,
Tel...MS- Broad.
GEORGE H. MACY,
GUSTAV H. SCHWAB.
GEORGE C. CLARK,
I...EVELAND H. DODGE,
CHARLES H. MARSHALL.
WILLIAM SLOANE.
ISAAC STERN,
ORNELIUS ELDERT,
W. H. H. MOORE.
WILLIAM A. STREET,
RICHARD H. EWART
II R11 K ER
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
44 AND 46 WALL STREET. NEW yomi„
SANFORD E. COBB, 2d Vice-President.
INVESTMENT SECURITIES
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEWART, 4th Vice-President.
Correspondence Invited.
Aggregating




112,824,105 23

Aggregating

$11,066,191 05

ALFRED ROSE & CO.,

LOOMIS, CONANT & CO.
OTTO JULIUS MERKEL