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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 NW NN 00 [Vt..' II It 431 0 NN 0 NN 0 II II r * ai l tl t . . C . 1 kl II rON .;,1 17;i7,' ,-.,1 ,7,',7,' r,i1 ;7;1 ',7•...,' iz,'r, IZ 8 48 . .6t .t..t. kk k.t. k kL' h' 'co" I®. 10 .. I® .. I®. 10 .. 10 . 10 .. 10 .. 10 .. 10 10 10 1 . t1 hl 0 NN 0 It tt 00;1 ; 00 NN NN ' tit ist. tt, 0 4.50 1 II 00 0 WN 0 NW 0 NN 00 NN kk 0000 L'k II II 6: r,r,cit 4.td -. "&i ;7..1 m.: i;11 II ; :i.'t :,=.t1 ,.t. , 6 6E4.66 l' g I® .. T0. 100 .. Te. re .. I®. T.@ .. 0100 .. I@ .. I 10 kl *Lti4 kl :tk ki!: kl '.3k 05045 II II II r.r.' .'I rs.'r. r..1 ..‘,-. 0*7. r..1 ilr, ,7., II ON ,4 ..c-!:k ...t, kk .4.0k i.; :tt,.' .4000': 10 10 .. 10. I® .. 10. I® .. I® . 10. 10 .. 10 .. I® 10' 11 II It II II II kl . tt Ir , II rs;r,;' W1 [73;,; ' COtI 27C C .: 00 0 CO : I.II :&t 00 0 00 N0 0 NN igl ..tt NW 0 WN NW 0 0 ON 00 :' ' t 00 0 CO CO kl ' isIt ' ll[72 ' i7;r, ' W74 . [ 7 ;117 ' 3' 17; .' G: II rt ' l7; II 660005 4,,, 64 6 6. . T4.4 .. le le le ie ie le e I® I® kk II M' II Ir.' II Ir.4. Iil.09 Itl Its,' Iil Ir, I',1 M' 6 4. 4 6 6 6 ' le le le l'et II It' 11 It Of 1:2 it at al i'ot 1,8 t 66 CO 0,,,W I® ee II II tt I® (6® I® N. , .10 WW OW. - 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 r0 .. I® .. Te .. te .. Te. Te ., Te -. kk kk.kk C9 4I" hi. II IIilr,;zris.'; • CO .s:; ‘k '.J. .0.4 k '.2:t: k ktf, t:lig :e...' I(0 I(0 .. I®. 1(0 .. I® I® . '0. I® .. le .. le .I® .. le 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 gq gq 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 1® 1 66 I® tt tt I® I® t1 .. ! .' 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 • IN II 00 *00 .. ? ) . R IN :q .. " . " h N nN4o 00I'00 N I 0 . .g.""SCTC"'"'"A . W " . " NN-0on.. .n t/341 ....0,4000..1,1.N00ci i00 NI. o ..000t4..0 el 50 Iv. I0000...000 .; 1, N ,1 )=SQ 5050 N 000000-4000-0 00 N, roToTroonN0000.-.04100 onm.nooNmonn oo. 00000044 403 . 0 n. .voco 1. , ,0 100 00010.V.04, ..ONN0 OCOCNO . 00.400 N. 00 co N 03. NI.-' 14 , CO t".. " 5 6 nm.onnooNNnerommonn.p.o.l.nwoo No.vnoonoon IONONOV..ONNOMM 0 4 r°4 . .04 W. gOWN c‘i 0.0.4. .0. I. IN ISIS PO 00 IN IN 190 AugustRange Closing erbe ng am Re Sept CloAing OctoberRange Closing NovemberRange Closing DecemberRange Closing JanuaryRange Closing FebruaryRange Closing is MarchRange • 1.04405.40.1.0.?.40-40 ..40. , .0.1.44401 0000NNM404..1.4N0400.1.44h0. 4.1.44N Range Closing ToneSpot Options Nominal. .0 ISO . rvann 00M .-1 00 . 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 15"O00U00..00004, 010 .04N , 2.0, 10NOIOTPOr41 k ••, . 1.000 1004 0 . "" 4 ,-. 40 Ce 4..00 CI ' mi. Oen 10 ...i. 1 "7 4 0 5-.4404. N 0. N 000 1...1.005. 4.1.° oc,t,,a; o n.n o SO 15*0 11' .41 eS 00000005-0040000.1.0.5-0400.5'. I I103 h nno NW. 440.1.00.4.4005-0000.er .4. . n no.otno h 0 0.0 hhh SOO 0 2 2 . . a aia,ra . oci 4 -.440 =2,000,40.4 -cc' E40,A-tAi 0 ,=0.09g,804to..v..A zzg za,e1 .7d. oe..2e.474.2gt1 E-4 82Et%.2 .0411. 5 9v0. . =073--4. )00Az››.z:40zmualxx 6 r=limx<4.4<4.1m, 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