Published every Saturday by WILLIAM VOL. 88. JANUARY Deneystec Sts., B. DANA COMPANY. Front, Pine and 9, 1909. NO. 2272. I N. Y. C. WIDIam B. Dana Frost.: Jacob :Seibert and 9ec., Arnold G. Jr.. VIce-Prest. Dana, Treas. Ad,tresses of ail, Office or the Company. CLEARINGS-FOR DECEMBER,SINCE AN U ARY A N D FOR WEEK EN DIN.G JANUARY 2 December. Clearings al- Twelve Months. Week ending January 2. Inc. or Inc. 1903. 1907. Dec. or 1908. 1907. De'. 1909. Inc. cr 1903. Dec. 1907. 1906. New York 8 9,266,286,510 5,349,926,947 +i3.2 79,275,890,256 90 S Philadelphia 87,132,168,381 -9.1 1,730.143,393 571.340.183 492,894,433 +15.9 5,937,754,106 7,161,060,440 1,335.387,844 +33.3 2,125,942,186 Pittsburgh 182,525,761 203,043,736 -17.1 129,505,632 2,392,770,430 Baltimore -10.1 2,064,632,960 2,743,570.484 -24.8 117.181,435 +10.5 156.237,758 158,398;541: 120,620,1)31 104,208,601 +15.8 1,240,904,390 :35,836,473 47,410,102 Buffalo 1,472.911,207 -15.7 29,341,094 -24.4 52,448,316 55,028,930. Albany 36,480,529 31,494,577 +15.8 409,086,607 434,689,13'15 -5.9 24,433,998 +20.1 32,013,695 25,902,931 19,646,527 +31.8 278,976,213 6,716,576 6,772,569 30.1319,555 Washington 338.582,960 -17.6 5.078,322 -0.8 8,521,209 7,982,586 26,766,731 20,736,729 +29.1 278,079,235 :302,108,404 4,278,701 +18.7 Rochester 16,370,602 14,770,637 -9.0 5,125,018 67201,817 5,714,940• Scranton +10.8 175,959,356 187,462,394 -6.1 4,689,377 +9.3 6,597,799 11,586.675 9,335,614 +24.1 116,268,804 3,827,202 4.967.709 5,876;453. Syracuse 118,079,523 -1.5 2,495,502 -22.9 5,082,703 5.398,834 8,767,549 8,152,982 +7.5 103,732.686 110,225;483 2,460,198 +1.5 Reading (4,095,375 5,364,323 +13.6 -5.4 1,955,998 2,163,796 2,488,115 2,460,776 Wilmington 64,652,121 71,002.252 -10.1 --14.2 2,344,671 5,464,:316 5,254,594 +4.0 61,727,836 1,208,026 1,429,482 --I5.5 2,446,061 Wilkes-Barre 0,539,210 4,859,695 +34.6 69,531.238 -11.1 1,087,461 1,228,475 1,679,667 1;268,4;75 Wheeling 61,699,409 62,028.660 -0.5 --II.5 1.387,633 1,416..591 6.489,740 5,658,164 +14.7 72,000,600 1.108,229 1,028,063 +7.8 Harrisburg 4,825,960 57,445,312 +25.3 1,235,483 1,058,442 1,270,906 4,217,035 +14.4 54.330,443 53.744.093 1,134,743 +8.9 992,725 Erie :4,276,823 2.749.844 +19.2 +1.1 941,544 1,165,078 920,239 Chester :31,496;175 36,058,525 -12.7 --19.2 1,404,005 2,130,694 2,165.276 --1.6 23,560,542 557,227 612,361 -79.0 Greensburg ",419,756 2,020,837 27,016,113 -12.8 434,466 754,468 622,271 +19.7 25,977,626 28,816,179 556,640 -21.9 610,522 Binghamton '2,119,600 1,889,300 +12.2 -10.0 407,898 500,000 --I8.4 59:3,218 Franklin 1,166,308 23,836,900 27,075,600 -12.0 374,600 525,000 497,733 '- 1,0:30,313 +13.2 13,725,683 14,103,293 430,900 --13.1 596,200 Frederick 950,504 916.552 +3.7 --2.7 247,500 225,000 +10.0 548.900 11,399.728 10.650,539 +7.0 280,924 288,912 Total Middle 10,308.125.927 6,290,3:36,710 +63.9 90,325,681,676 100,509,231.110 -10.1 Boston 719,724.930 2,007,529.548 1,558,757,771 +28.8 517.190,97, +39.2 7,338.0:35,825 8,135,210,165 2,407,157,850 2,674,124,306 Providence 32,867,700 28,031,70 --9.8 168,195,616 146,852,410 Hartford 0 +17.3 337,473,600 389,689,600 +14.5, 199,483,560 207,431.834 15,051,707 12,576,093 +19.7 --13.4 6,329,200 7,471.900 -15.3 New sloven 10,585.173 166,006,324 184,478,474 -9.6 9,474,200 9,355,800 9,533.790 +11.0 122,823,744 3,135.636 3,917,726 -20.0 4,476,201 Springfield 3,726,183 128.709,695 -4.6 2,282,614 2,686.771 4.718,123 Portland 5,898,171 +47.9 92,490,213 103,911,957 -15.0 2,890,183 3,161,643 7;606,0:31 7,576,810 +6.4 -11.0 1,970,106 2,268,310 -13.1 Worcester 7,311.564 91,908,65:1 101,478,830 --9.4 1,899,940 2,289,525 2,562,935 Fall River 5,796,812 +26.1 76,189,380 2,336,173 -18.7 2,526,487 5,538.798 8:3.472,403 --8.7 1,622.357 1,586,134 2,260,274 New Bedford 4.221,357 +:31.2 50,737,025 55,188,311 +22.7 1,747,321 1,802,890 4.200,144 3,099.209 +35.5 --8.0 1,228,163 1.069.905 +13.9 Lowell 2,097,359 40,876,795 39,409,443 +3.7 1,265,846 1,023,936, Holyoke 2,111,32:1 -0.7 24,180,450 892,105 638,129 +39.9 2,056.236 27,121.255 -10.8 469,937 937,421 709,053 2,062,060 -0.3 22.515.992 25.1)14.014 486,944 -3.5 578,555 Total New England 815,765,830 -13.1 507.280 533,650 -4.9 560.059 598,098;376 +36.4 8,364,197,001 9,274,583,137 646,621 616.797 Chicago 1,133,575,802 -9.8 188,532,954 169,848,752 +11.0 Cincinnati 814,801,056 +39.1 11,85:3,814,943 12,087,647,870 226,315,920 234,253,394, 113,788,600 90,995,000 -1.9 227,763,731 178,957,073 +27 Cleveiand 67,495.851 +25,0 1,2:30,180,300 1,361,879,950 ---9.7 .3 231,635,188 223,255,686 Detroit 63,784,626 +5.8 749,840,710 22,479,800 23,853,500 -5.8 59,907,914 897,170,784 --16.4 13.597,654 26,851,150 29,395,750 Milwaukee 54,867,940 +8.2 668.047,524 711,610,404 14,458,511 -6.0 20,540,116 17,838,551 52,205.114 44,364.56-1 --6.1 11,185,851 12,498,747 -10.5 Indianapolis 37,926,872 +17.7 547,569,295 562,34:3,848 --2.6 14,51)0,385 12,213„510 Columbus 25,224,324 +50.4 :180,372,085 399,269,144 9,099,609 10,171,846 -10.6 10,752,248 9,362,804 2:1,071,200 19,045,500 -4.7 7,000,000 6,550.546 Toledo +21.1 255,028,000 284,637,600 -10.4 +6.9 8,707.451 7,773,912 Peoria 17,031.770 17.113,12:3 -03.2 180,169,934 4,500,000 4,150,31)0 +8.0 5,584,000 13,975,859 216,000,756 -13.3 3,538,253 5,944300 Grand 9,457,641) +47.8 134.689,658 141,233,540 3,444,771 +27.3 3,997,242 :3,887,883 Rapids 9,622.213 8,522,400 -4.6 2,415,141 2,159,569 Dayton +12.9 106,903,258 121,943,343 -12.4 +11.9 2,873,233 3,292,211 7,854,953 6,059,51)5 +29.6 1,864,919 1,897,584 ---1.7 2,418,342 Evansville 9.050,273 81,2:35,277 100,460,444 -19.1 2,365,451 Kalamazoo 6,561,694 +37.9 93,965,446 105,436.094 1,445,454 1,225,078 +18.0 2,006,957 2,040,994 4,944,834 3,675,888 -10.9 1,812,555 2,540,746 Springfield, Ill +34.9 50,520,060 52,31:3,83:3 -3.4 -28.7 1,859,454 1,612.151 4,163,221 3,498,005 +19.0 43,082,990 998,394 844,046 +18.3 1,146,870 Youngstown 3,300,331 43,082,357 +0.0 950,000 909,836 Fort 2.710,0:36 +21.8 34,791,42:3 40.724,730 874,366 +8.7 901,674 932,446 kVavne 3,596,617 2,74:1,131 -14.6 510,898 406,778 Lexington +31.1 41,215,519 40,343,080 +2.2 +25.6 931,412 ' 941,925 2,973;433 2,925,786 +54.2 32,354.298 900,832 694,572 +29.7 Akron 2.748,769 33,622.661 -3.8 825,750 850,389 noel:Cord 1,923,450 +42.9 30,629,234 568,358 733.712 813,837 :3,173,054 34,364,297 -10.9 500,000 350,000 752,973 Canton 2,562,245 +23.9 10,576,274 33,427,799 -8.5 +42.9 715,716 ' 559,100 3,121.151 2,280,144 +36.9 24,458,954 570,836 478,687 +19.2 542,184 Bloomington 2,069,7110 27,896,197 -12.3 565,000 472,263 ' .451,063 South Bend 1.798,9:33 +15.1 24,784,427 24,462,290 +1.3 +19.7 533,322 "506,509 Quincy 1.767,938 1.424,231 +24.8 21.171,045 409.386 470,981 -13.1 545,632 2,275.718 25,241,429 -16.1 306,844 381,294 r 538,942 Springfield, Ohio 2.121,153 +7.3 25,696,054 24,102,246 +6.6 -19.5 594,251 - 1)583,538 1,939.884 1,692,599 +14.6 21.125,650 493.780 421,701 +17.1 Decatur 1,877,700 22,439,244 -5.9 500,000 636,344 t. :396,153 Mansfield 1,383,128 +35.7 20,645,244 19,830,328 474,512 +5.4 461,718 • 601,041. 1,458,59, 940,610 +5.5.1 +4.1 267,962 290.272 -7.7 Jackson 1,368,790 16.360.935 17,911,236 -8.7 226,680 387,730 ."' 377,004 Jacksonville, 1,149.216 +19.1 16,259.60:3 16.549,884 193,895 +16.9 378,920 00" 493,399 Ill 1,163,388 1,127.895 +:3.1 -1.8 275,000 253,315 +6.5 Ann Arbor 796721 12,937,920 1:3.376,335 -3.3 217,072 255,700 264.773 050,501 +22.5 7,494.123 7.307.897 241,660 -10.2 307,40:3 346;325 Total Middle West_ - +2.6 193,427 191,370 --4.2 1,588,30417:-119 1.195.301.338 +32.9 16.741,826,074 17,466,638,620 128.905 217,746 San Francisco 151.607,402 315,137,436 279,686,685 +12.7 Los 128.754.'0'0 +17.8 1,757,151,850 341,943.134 328,556.377 Angeles 53,036.0:15 28,234,150 2,133,883,626 --17.6 33,759,356 28.133,423 Seattle +87.8 505,588,756 581,802,982 +20.0 46,504,234 44,458,704 41,356,125 31,346,543 +32.0 9,244,341 7,256,000 +27.4 13,080,355 Portland 29,085,749 18,861,241) 429,499,252 488,591,471. --12.1 7,592,105 10,254,466 Spokane +54.2 310.656,514 :350.9:33.525 6,514.157 +16.5 8.486,033 5,427,027 31.019,100 21.626,536 --11.5 5,000.000 4,2:36,612 4-18.0 Salt Lake City +43.4 :307,791,482 301,419,017 +2.1 6,282.515 4,660,454 28,965,902 1:1,081,1123 4-121.4 5,58:3,570 4,559,238 +22.5 4,731,941 Tacoma 21.856,337 257,033,974 292,158,322 --I2.0 4,786,173 3,911,254 Oakland 20,717,570 +5.5 218,113,771 246,157,666 2,608.177 +8:3.5 6,447,212 7,842,465 7,338,031 0,928,658 4-23.8 --11.4 4,600,000 4,537,154 -13.9 Helena 4,702,346 76,499,911 140,416,039 --45.5 4,386,494 3,578,823 Fargo 3,326,578 +41.4 41.300,978 1,736.017 1,299,149 +:33.6 4,412,424 3,355.101 2.797,705 48.177,437 --14.3 900,000 Sioux Falls +19.9 30.894,939 28,677,746 641,798 +40.2 073,131 748,194. 2,836,506 2,480,855 4-14.3 +7.7 538,452 396,886 +35.8 San Jose 2.033.132 29,251,108 26,036,280 +12.3 548,8(38 773,913 1.654.669 +22.9 23.246,315 742,735 495,000 +54.1 '467,561 Total Pacific 25,352.924 --8.3 400.000 309,000 374,077 377,191,771 278,810,329 +35.3 1,087.028,850 +29.5 300,000 Kansas 4,603,606,930 -14.5 74,902,814 City 181,418.851 122,565,571 +48.0 60,986,594 +22.8 96,620,771 82,031.387 Minneapoli, 98.403,71)5 1,847,511,624 1,649,175,013 +12.0 Omaha 102,021.019 --:3.5 1,057,468,861) 37,677,248 27,188,393 +38.6 28,624,623 58,838,896 41,696,323 1,158,462,150 -8.7 16,294,440 19,774,247 23,812,602 St. Pail +41.1 602,525,3367 567,515,789 -17.6 19,600,14C 18,431,670 44,850.884 45.769,957 -2.0 +6.2 10,861,62:1 9,533,692 +13.9 Denver 40.743.689 483,976,978 484,891,668 -0.2 9,803,037 8,831.389 St. 30;636,844 +33.0 409,996,642 8,80(1,000 8,753.407 +0.5 Joseph 24.880,868 15,904,317 407,80:3,850 +0.5 6,600,000 8,609,850 6.631,372 Des Moines +56.4 259,340,258 6,702,828 -1.5 7,0.30,624 13,750.311 11,045,782 +24.5 275,601,79:3 5,627,021 3.798,170 6.86:1,425 Sioux City 147,256,894 156,112,019 -5.7 +48.2 5,176,582 5.077,805. 11,718.339 8,197,012 +93.0 2,665,821 2,900,390 --8.1 3,247,226 Wichita 7,368,543 113,472,005 109,808,992 +3.3 2,325,177 2,848,493 Lincoln 4,629,141 +59.2 72,948,070 1,799,546 +29.2 2,179.916 1,873,293 6,379,367 5,376.941 69,234,782 +6.9 1,326,480 992,745 Davenport +18.7 61,370,018 67,556,566 -9.2 4-33.6 1,052,396 1,056.844 Topeka 4,907,195 3,787,907 +29.6 1,250,1)00 1,232,158 +1.4 55.520,161 57.11:3,758 -2.8 1.111.943 1,259,032 Colorado 6,264,227 4,055,366 +54.5 55,370,990 977,843 +13.7 1,451,326 1,479,844 Springs 3.104.814 2,724.15:3 50,176,751 +11.3 1,220,264 805.644 Cedar Rapids 4-13.9 33,593,494 35,935,128 -6.5 +51.5 873,987 839,024 Pueblo 3,687,302 :1,100.338 +18.0 41,120,142 7)5,000 650,000 +10.0 856,690 2,712,423 2,244,354 35,549,890 +15.7 850,000 706,611' Fremont +20.9 26,236,186 29.851,412 -12.1 847,578 +0.3 794,048 864.740 1.782,545 1,331.871 16.792,954 482.048 464.356 +3.8 477,191 Total other West 17.531,322 -4.2 304.092 289,131 393,084 510,781,959 4115,086,908 +26.1 5,285,002,043 +5.2 273.382 2431.9114. St. Louis 5,171,321,383 +2.2 98,101,162 New Orleans 297,607,429 246.193,506 +20.9 86,710,128 +1:3.1 11.310.106 70,974,114 93,127,269 95,609,307 3,074,806,759 3,165,619,327 -2.9 60,098,874 Louisville -2.13 786,067,353 956,538,295 -17.8 58,235,634 +3.2 63,032,371 59,109,316 Houston 63,5:11,000 36,941,377 +72.0 15,106,275 20,372,956 -25.9 24,502,597 60,058,716 579,863,327 645,285,614 -10.1 12.398.317 24,178.73 Galveston 37,277,977 +61.1 531,957,3306 563,123,456 9.178,042 +35.0 14,202.5)57 15,1)37,281) 34,218,000 20,543,000 4-15.8 -5.5 13,509,325 9,018,569 +49.8 Richmond :30,180,740 348.451,000 350,231,020 -0.5 9,915,836 10,228,415 Savannah 27,353,341 +10.3 298,532,561 4,827,000 6,591,000 -26.8 7,099,500 19,835.889 23.196,577 :322,442,414 -7.4 5.257,03:3 5.597,709 5,850,000 Memphis -14.5 194,180,378 224,750,538 -1:3.6 --6.1 6,762,962 8,084,301 Atlanta 26.750,333 26,972,593 -0.8 3,239,290 3,971,719 -18.4 25,378,112 252,991,082 248,971,040 +1.6 4,300,476 4,509,607 4,687,2:35 Ft. Worth 21,3319,439 +16.3 230.067,793 254,965,804 4,943,950 -13.0 5,929,239 27,127.543 13,360,658 +47.7 4,920,88,8 :3,895,793 +26.3 6,200,213 14.451,399 254,245,760 197,968,274 +28.4 5,437,464 5,400,920 16,537,237 -12.7 159,675.90:f 4,500,000 3,817.908 +17.9 Norfolk 14,447,035 206,608,405 -22.7 3,660,171 3,234,755 :3,512.322 3.177,194 Birmingham 11,029,981 +31.0 111,078,240 138,032,419 +1:3.2 :3,300,000 6,207.114 9,533,807 8.055,536 +19.0 -19.5 2,154,098 1,957,776 +9.5 Augusta 9,088,64, 93,943,498 113,769,357 -17.4 2,544,053 2,339.7/6 9,844,458 ---7.7 83,8:38,141 1,712,222 1.355,069 ---7.7 Mobile 6,285,675 94,358,781 -11.2 1,550,000 2.300.001; 2,341,528 1,960,041 Knoxville 6,425,406 6,436,574 65,162,895 81,393,600 -20.4 +3.22 2,034,030 1,096,120 5,604,874 71,054,430' 1,290,000 1.433,042 -10.4 1,709,:331 Jacksonville 7,146,219 81,294,644 -11.9 1,308,405 1,351,595 1,423,525 Chattanooga 5,735,560 +24.5 73,194,125 76,046,041: 1,712,145 1,000,900 6,944,517 5,229,765 -1-32.8 -3.7 1,245,612 1,2713,971 , Charleston 7,005,264 • 69,766,035 73,270.190 --2.6 1,440,606 1,380,700 5,717,973 +22.5 67,674,899 1,158,326 946,255 +22.4 1,240.510 Little Rock 7,475,193 6,030,427 71,704,817 900,000 1.375.000 1,172,144'. Oklahoma +24.0 71,022,890 70,856,487 -34.5 1,122,313 5,857,097 2,890,149 +102.7 +0.3 1.220,386 1,331.627 1,669,265 Macon 4,834,877 52,635,053 49,573,605 +6.2 1,200,000 1,371,909 1,285,613. Beaumont 3,327,233 +44.9 36,237,694 584,500 +105.3 867,870 2,466,957 2,264.431 35,466,01)9 +2.2 539,379 536,349 Wilmington, +8.9 27,625.136 26,046,584 +6.1 +0.6 735,000 752,0911 N. C.__ 1,791,722 1,915,288 -6.5 352.683 328.000 +7.5 Columbus. (la 1,657.212 1.555.254 15,828,01 23.534 ,105 -32.9 325,000 361,397' 4-6.5 17,870.459 17.995.795 Total Southern 783,277.26.5 -0.7 655,457,525 +19.5 7,568,331,768 Total all 14.383.443.971 8,090,352.312 -6.4 146,448.757 144,153,63.: 9.423.094.192 4.52.6 132.272.067.412 +10 165,794,426 164,648,::38 Outside New 145.175.73:3.49:1 2,830,652.671 2.300.143.169 York.. 5,117,157,352 4,073,167,245 +25.6 +23.1 2.329.142.211 1.563.587,766 52,996,187,156 577293,565,112 -8.6 1,050,509,278 264.775.225 +8.9 1,203.200,026 1,170,817,336 NrIabie Clear:rigs by Telegrapl and Canadian Clearings on )'age 8i. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis [VoL. LX XXVIII . 70 THE CHRONICLE requires a certain pressure of gas, an increase which THE FINANCIAL SITUATION. the present mains would not stand, and to renew them cost as to place the rate beyond The holiday season was signalized on our Stock would so augment the and also is unconstitutional Exchange Monday by a general setback in values the line of confiscation; prescribed by the law are held arising from an adverse decision of the Supreme Court because the penalties and defects seem hardly against the Consolidated Gas Co. annulling the injunc- to be void; these findings constitutional law. They are tion granted against the enforcement of the 80-cent compatible with a the first of the two, which gas law. That injunction was issued by the United defects, and especially gravamen of the law, the States Circuit Court for the Southern District of New would seem to go to the the ground or essence of York in an action begun by the Gas Co. praying for special clause of the statute, readers will find on a subsequent an order restraining the enforcement of the law,on the complaint. Our respecting this Consolidated Gas de- the ground that by its terms it was confiscatory. page an article length we have sought From this injunction order an appeal was taken to cision in which at much greater conclusions of fact and issues of law the Supreme Court, and in that proceeding the order to disclose the us from the opinions of the Court of the Circuit Court was reversed. The opinion in the as they appear to decision of this week was written by Justice Peckham as they have defined them. and it was concurred in by the whole bench. It has in the public journals of the not been filed as yet, but is to be filed later. It is We see long discussions Wall Street has overdrawn, noteworthy that as soon as the Wall Street market day, striving to show that the supply of floating capi- opened Monday there was great irregularity in prices. and has hereby exhausted, this monetary centre. In The first movement seemed to be an upward turn, tal seeking investment at floating capital has been which was material in some investment stocks, but other words, that New York's there is a dearth in later, when the public became knowing to the gas so far turned into fixed forms that left. That is not the exact form in decision, at first the idea prevailed on the Street that the free supply put the question. We the Gas Co. had lost its case wholly; there was a sharp which some of these writers to the situation who call drop in the price of that stock from 1653 to 138, or have seen several referring an over-draft on the bank of prosperity. about 27 points, with the effect of a general break the condition for the latter charge,if we understand along almost the entire list, with a decided fall in The basis taken on the Exchange have risen many leading properties—in fact a sort of panicky it, is that prices of stocks since the of October 1907 that the condition ruled for a time. Soon thereafter it appeared so materially panic has over-draft on future that the decision in the Consolidated Gas case was less recovery shown an excessive cannot be said to be true sweeping than was at first assumed, and the stock prosperity. Certainly that of securities. We need recovered, ruling at 141 at the close. This better with regard to the better classes those classes we have re- feeling was helped by the announcement in the after- not mention individuals of one of them that investors noon of a decision in the Standard Oil case favorable ferred to. There is not even higher values than they to that company. Since then the lowest price has would hesitate to buy at not that all confidence in been 123, but to-day the stock reached 13043 are now ruling at, were it of affairs was being con- closing at 127. the future of the surroundings litigations wholly unprovoked, It is a little difficult at this time to determine just stantly undermined by to weaken properties, so what the outcome as to the Gas Co. will be, notwith- and without reason,in;efforts at a constant boil. See standing Judge Peckham filed a memorandum which, that general business is kept of the past few weeks. it was stated, covered the conclusions reached. The what has been the experience fair—yes, good—promise Supreme Court, it seems, finds that the valuation of There was certainly a very of developing activity. the plant and franchises as fixed by the lower court is of an approaching term but was contribu- erroneous in certain particulars, and that, based on Hardly an industrial department earnings showed, in face of the actual value,the 80-cent rate would yield probably tory to it. Even railroad suffering from, in- or more with the natural increase in consump- the persecutions the roads were hopes of further divi- tion under the stimulant of lower prices—a result creased gross and net, giving To-day where are which would not be confiscatory. The decision, how- dends in the not remote future. our legislative halls, ever, finds that the provision of the law requiring the we? Never in so short a time in exceptions, has such a company to maintain a certain pressure of gas is and in the public marts with few sway as now. Talk unconstitutional because the present mains would not discouraging outlook obtained of prosperity—the stand the increase, and to renew them would so aug- about overdrawing on the bank drawing on the vital ment the cost as to place the rate beyond the line of truth is, we are exposing and organism—throttling the confiscation. The penalties prescribed by the law energies of our industrial of nourishing and are also held void, but Judge Peckham, as we under- renewed growth of life instead Even the Standard stand his statement, claims that the entire Act is not cultivating and stimulating it. martyr when it void for either one or both of those reasons. Oil may in public estimate get to be a public prosecu- The foregoing seems to indicate that nothing is fully realiz9d that the answer of the week by the com- of fact as to valuation among the findings was to be tor to the new victory gained this attack. We protest considered final. Moreover, that while the present pany is a preparation for another on the bank of suit was against the company, it was dismissed "with- against calling such results over-drafts who has seen years out prejudice," which permits another suit along the prosperity. So will every man in evenings under same lines if the new rate should prove to yield less than enough to remember the time when, whale-oil lamp, he a fair return on the investment. Two other findings the light of the tallow dip and the and has lived long seem, likewise, to be quite remarkable; one of these is used to study to-morrow's lessons, petroleum that although the law is unconstitutional because it enough since to bless the producer of refined

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.] THE CHRONICLE 71 and the builder of pipe-lines, making the product The U. S. Geological Survey at Washington has nearly as cheap as water and as free almost as air and given out advance figures of the copper production sunlight. of the United States during the late calendar year. Necessarily the figures are in part estimated, since It is noteworthy that while contributions by the only a few days, have elapsed since the close of the Government and by States, municipalities and indi- year, but they are interesting as showing the condition viduals in this country for the relief of the sufferers of an important industry during a trying period. The by the terrible earthquake disaster in Italy have compilers have complete returns for the eleven months been large, as indicated by the reports of associations to Nov.30 and, with pretty close estimates by the pro- through which such contributions have been for- ducers themselves for December, the production of warded, there is no evidence of any transfers of funds copper in 1908 from ores mined in the United States or of the extension of relief of a similar kind by Euro- is placed at 50,000,000 lbs. larger than the output of pean governments to Italy except that which has 1907, which was 868,996,491 lbs. No detailed sta- been effected through the concentration of naval tistics are yet available for the different States, but as vessels at the scene of the disaster. Had there been far as the three great copper-producing States are insurance upon the property destroyed which would concerned, it is pointed out that Arizona and Montana have covered losses by fire, the fact would doubtless record large gains over 1907, while Michigan shows have been stated in the news cables; if losses were little change. With these results as a basis, the not collectible by reason of exemption of those that Geological Survey makes the statement that to the were caused by earthquake, such fact would, it seems, copper industry of the United States the year was a have been disclosed. The financial relations existing period of gradual recovery from the severe depression between Italy and France are intimate, and therefore in the last part of 1907. This statement is of course any relief that was needed by the Government of the true when regard is had simply to the extent of the former country would most likely have been obtained output and to the fact that nearly all the important from Paris; there is no intimation, however, that producers were in operation throughout most of 1908 requisitions have been made by Italy upon Paris even and a few new companies began producing copper for balances with French institutions to reinforce the during the year. In other respects, however,the Italian banks. Evidently there has been no financial statement is subject to important qualifications. In disturbance at Rome as the result of the disaster, the first place, the price ruled low throughout the though it is of unparalleled magnitude; such a terrible whole of the twelve months, though being somewhat shock, involving enormous financial losses to property, better at the close of the year than at the beginning, should, it would seem, have caused widespread dis- and in the second place the consumption of copper turbance and apprehension of its more or less perman- at home was far below the normal. ent continuance. The absence of any shock of a The bulletin of the Geological Survey tells us that financial character may, it is suggested, be due to while it is not yet possible to give the production of the fact that the relief required was liberally contrib- refined new copper by works in this country, the uted in the form of food and clothing for the sufferers amount will hardly equal the output of 1907, which by the Italian Government and people; other supplies was 1,032,516,247 lbs. This is one bit of evidence were obtained from the merchant and naval vessels going to show a diminished consumption of copper, that were assembled from near-by localities. When and further corroboration is found in the definite reconstruction of the devastated cities shall be under- statement that the domestic consumption of new cop- taken, extensive borrowing by the Italian Government per will show a decline from the 485,000,000 lbs. of will doubtless become necessary. 1907 and that stocks of refined copper are still un- An engagement of $500,000 gold coin on Thursday doubtedly very large. Thus it appears that it was for shipment from New York to Argentina was an- possible to maintain a high rate of copper production nounced this week; later $1,000,000 gold coin was solely because of the large shipments of the metal to engaged for export to Paris. The London cables re- foreign countries. The exports for the twelve months ported a withdrawal of $5,000,000 for shipment to of metallic copper are estimated at about 660,000,000 Argentina, which had the effect of imparting a firm lbs., the largest ever recorded, and an increase of tone to the London discount market. It appears that about 30% over the 508,929,401 lbs. exported in an Argentina bond issue of 173/ million dollars is pend- 1907. The average quoted price of electrolytic copper ing in London, as the result of which, and also of at New York for 1908 is given as only 13.20 cents, London's participation in the Russian loan, discounts with the price at the close of the year 14.18 cents. may possibly be advanced next week at least The average price for the twelve months of 1907, not- to 3%. withstanding the great drop in values the latter part It is announced by London and Paris cables that the of the year, had been in the neighborhood of 20 cents, protracted negotiations over the new Russian loan and the reduction of 7 cents per pound in the average have resulted in an agreement to effect the emission price received, when applied to the 920,000,000 lbs. on or about Jan. 22 of a loan for 240 million dollars of copper produced, affords evidence of the unsatis- 432% bonds at an issue price of 89.90. A recent report factory and unfortunate character of the year from was that the negotiations were retarded because of the standpoint of the shareholders in copper-mining fear of a recrudescence of disturbances in the Balkans, companies. which report stated that apprehensions of such dis- turbance were aroused by a speech by the Servian Last year's experience in the copper trade, as here Minister of Foreign Affairs; Irthelinfluence r'of this recorded, appears to be finding its duplicate just now in speech has, apparently, _been'sinceallayed. the condition of the iron trade. Iron production has considerably recovered of late from the extreme point of

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depression reached during 1908, but experts in the trade brought about had not capitalists been encouraged are beginning to have misgivings as to whether the in- to invest in mines and industries. creased output is being met by a corresponding expansion Concerning the coal supply, Governor Stuart said: in consumptive requirements. The "Iron Age" of this "Experts can determine with reasonable certainty city has this week made up its usual monthly figures the period when the large deposits of coal will be ex- and finds that in December the make of pig iron was hausted. It is exceedingly proper that some steps no less than 1,740,912 tons, against 1,577,854 tons in should be taken to conserve these deposits. The coal November and only 1,092,131 tons in June. This, it output in Pennsylvania for 1907 was 235,615,415 tons, will be observed, shows an increase in the rate of output which represents a tonnage almost as large as that of during the six months of, roughly, 60%—that is, from Great Britain and about five times as large as that of the nadir of depression reached last June. Even any other State in the Union. Pennsylvania is the after this recovery, however, the December product greatest coal-producing territory in the world; coal is at 1,740,912 tons was half a million tons below the mined in thirty-seven counties; the anthracite field monthly average of production during the best comprising ten counties and the bituminous twenty- months of 1907. Including the increased make of iron seven. More than 50% of the total production of during the closing months of 1908, the "Iron Age" figures coal in the United States, from 1814 to the close of the output of iron for the twelve months at only 15,873,- 1907—or about 3,786,000,000 tons—was mined in 004 tons, as against 25,781,361 tons during the twelve Pennsylvania. This condition compels the serious months of 1907 and 25,307,191 tons in 1906. In other conclusion that it is vitally important to conserve words, iron production in 1908 was reduced, roughly, not only the timber, but also the fuel supply." 10,000,000 tons;as compared with either of thetwo years immediately preceding, and from this one gets an idea The statement of the New York Associated Banks of the severity of the depression experienced in the iron last week showed, as the most notable feature, wide and steel trades. differences between loans and deposits as reported The recovery now taking place is, of course, a gratifying by the average and those shown by the returns of development, although, as already stated, a qualifying actual conditions. The averages indicated a decrease feature is that the trade journals are expressing doubts of 33/ millions in loans and of 13 millions in deposits, as to whether the rapid increase in production which while actual conditions disclosed an increase of has latterly taken place is fully justified. The "Age's" $28,885,200 in the former and of $37,968,400 in the figures show that on Jan. 1 1909 the productive capacity latter. As the result of the changes in loans, deposits of the furnaces actually in blast figured up 400,894 tons and cash, the average reserve increased $4,033,975,to per week, being at the rate of 20,800,000 tons for the $20,957,300, and actual reserve decreased $3,565,300, year. This leads our contemporary to say that the to $14,704,375; computed upon the basis of deposits expansion in output does not appear to harmonize well less those of $8,699,400 public funds, the surplus was with the reports of the lack of activity in the finishing $16,879,225. The above-noted differences in loans industry. If it were possible to collect statistics of the and deposits represented largely the cashing of January stocks of pig iron at the furnaces, the "Age" says, we coupons on securities and also changes in trust com- would have a better means of judging whether optimism pany reserves preparatory to compliance with the has got the better of the iron-makers, and whether they requirement of an additional reserve by Feb. 1. are not in danger of over-doing the resumption to normal. In another part of its report, the "Age" says the feeling The market for money was extremely easy this week, is gaining ground that new business in finished iron and reflecting the loaning of funds that had been returned steel is not coming up to expectations, moderate though to the banks as deposits after the January settlements these expectations were. The railroad orders particu- had been effected. Liquidation on the Stock Ex- larly,the "Age"tells us, are lacking, and in other channels change tended to lessen the inquiry for money, and of consumption there is a lack of snap. We would par- apparently balances of the lending institutions were ticularly direct the reader's attention to the statement pressed for employment, thus establishing lower rates, that railroad orders are lacking. That shows where the especially for call loans. Contracts for short fixed rub is. To avoid bankruptcy the railroads are being periods were in small request, a prolonged period of obliged to curtail their disbursements in a most drastic ease in day-to-day money being looked for as the way, as their monthly returns, published in large num- result of inactivity in speculation, at least until after bers on succeeding pages, so clearly show. Evidently the inauguration of Mr. Taft. It is expected, too, the railroads must be helped to their feet again if there is that there will be a movement hither from the interior to be enduring recovery in the iron and steel trades, and of larger sums than usual now that the requirements for that matter in most other trades. for crop distribution seem to have been satisfied. Money on call, representing bank and trust com- It must be somewhat consoling to capitalists who pany balances, loaned on the Stock Exchange during are interested in investments in the State of Pennsyl- the week at 3% and at 1 2%, averaging about 24%; vania to find in the message of Governor Stuart to the all lending institutions quoted 13/2% as the minimum. Legislature of the Keystone State an entire absence Time loans on good mixed Stock Exchange collateral of attacks upon corporations. Pennsylvania's natural were nominally quoted at 23/2@29% for sixty to resources have made that State teem with busy in- ninety days, 3@33% for four and 33@33/2% for dustries, most of which are conducted by corporations, five to six months. Money for ninety days to four and it is in that State that the United States Steel months was offered at 2%@3%, both on mixed and Corporation has more plants than in any other. Gov- industrial security, but .the demand therefor was so ernor Stuart evidently realizes that the great develop- small that in some cases recessions from these rates ment in Pennsylvania could not possibly have been failed to attract business. Some transactions were

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reported at 33470 for six to seven months on mixed there was a noticeable dearth of commercial accept- collateral. One feature was the paying off of January ances. While the del-nand kir reinittance was not maturities, and there was no inclination to renew specially urgent, it was sufficient to keep the market them, even at the low rates, for equally long periods. sensitive to slight influences. The tone was firm on Commercial paper was in good supply with a revival in Thursday, and one feature was the engagement of the inquiry, especially from the West. New York $500,000 gold for shipment fo Argentina on London buyers are in the market for the best names and those account. This was followed on Friday by the pro- classed as good found ready sale. Quotations are curement of $1,000,000 gold coin for export to Paris. 3M@4% for sixty to ninety-day endorsed bills receiv- Compared with Saturday of last week,the market able, 3%@4% for prime and 4@43"2% for good four on Monday was 10 points lower for long at 4 8495@ to six months' single names. New York City tffected 4.8510, 20 points for short at 4 8690@48695, and a loan for $10,000,000 for ten months on revenue 35 points for cables at 4 8710@4 8715. On Tuesday, bonds at 3h70,and the securities were promptly sold. long fell 10 points to 4 8485'@4 85, short 10 points to 4 8680@4 8685 and cables 5 points to 4 8705@ The Bank of England rate of discount remains un- 4 8710. On Wednesday long rose 15 points to 4 8510 changed at 23'%. The cable reports discounts of @4 8515, short 10 points to 4 8690@4 8695 arid sixty to ninety-day bank bills in London cables 15 points to 4 8720@4 8725. On Thursday The open market rate at Paris is 2475 0 and at long fell 30 points to 4 8490@4 8510, short rose Berlin and Frankfort it is 231%. According to our 5 points to 4 8690@4 87 and cables 5 points to special cable from England, the Bank of England ,4‘872564 8730. On Friday long fell 10 points while gained £440,234 bullion during the week and held short rose 30 and cables 20 points. £31,172,636 at the close of the week. Our correspond- The following shows daily posted rates for sterling ent further advises us that the gain was due wholly exchange by some of the leading drawers: to receipts from the interior of Great Britain, exports Thvrs., Mon., Plea., • Wed., Thurs., Fl-i., having exceeded imports by £69,000. The details of Dec. 31. Jan.4. Jan.5. Jan. 6. Jan.7. Jan. 8. movement into and follows: Brown J64days 4 86 86 86 86 86 86 the out of the Bank were as Brothers & Co 1SIght::. 4 88 88 88 88 88 88 Kidder, f60 days 4 86 86 86 86 86 86 Imports, £6,000 from Australia; exports, £75,000 Peabody & Co 1 Sfght.,: 488 88 88 88 88 88 Bank British 560 days 4 86' 86* 86 86 86 88 (wholly to South America), and receipts of £509,000 North America' _ _ _ _ISight:. 4 88 88 88 88 88 88 Bank (.f 560 days 4 86 83 86 86 86 86 net from the interior of Great Britian. Monrral 1Sight.... 4 88 88 88 88 88 88 Canadian Bank 560 days 4 86 86 86 86 86 of Commerce 1Sight..... 4 88 88 88 88 88 88 tIeldelbach‘, Iekel- 560 days 4 86 86 86 86 86 86 The foreign though heimer & Co 1Sight__ 4 88 88 88 88 88 88 exchange market was irregular, Lazard 160 days 4'86 80 86 86 86 86 Freres 1Sight_ 4 88 88 88 88 88 88 generally strong, this week. There was a good Merchants' Bank 160 days 4 86 86 86 86 86 86 demand for sterling early in the week, it being ex- of Canada ISIgbt__ 4 88 88 88 88 88 88 pected that there would be a large inquiry to remit The rtiarket closed on Friday at 4'8490@485 the proceeds of interest and dividends on American for long,4 8720@4 8725 for short and'4 8740@4 8750 securities held abroad, and also to cover speculative for cable's. Cdihmercial oti banks 4.8455@4 8465 and sales that had been effected in the previous week. doeuments fbr payment 4g4@'4 85%. Cotton for These expectations were, however, not realized, the payment 4 84@4 844; cotton for aeeeptance 4 8455 demand for remittances was easily satisfied, indicating @4 8465 and grain fdr payment 4 853@ 4 8594. that requirements had been largely anticipated, and there was no special urgency to cover oversold ex- The following gives the week's movement of money change, because, as was reported, the majority of the to and from the interior by the New York banks. contracts had been privately closed. Speculative I I selling was then resumed, operators taking advantage Net Interior Week ending Jan. 8 1909. NReC irl eidaZs.'N. Y. Movement. high of the comparatively rates that had been tem- Currency ' $12,867,000 $5,349,000 Gain $7,518,000 porarily established, and the market yielded to the Gold 3,324,000, 784,000 Gain 2,540,000 pressure of offerings and became weak, with the Total gold and legal tenders 1 $16,191,000 $6,132,000 Gain $10,058,000 greatest decline in cables. The fall was so precipitate With the Sub-Treasury operations and gold exports that a covering movement soon developed and the the result is as follows: market closed on Monday with a firmer tone, though the improvement in rates was only Into Out of Net Change in fractional. The Week ending Jan. 8 1909. Banks. Banks Bank Holdings. ease in money and the maintenance of comparatively Banks' Interior movement, as aboNe- $16,191,000 $6,133,000 Gain $10,058,000 high discounts at Paris were factors that attracted Sub-Trees omr. and gold exports __ 30,611,0-0, 23,471,000 Gain 7,140,000 attention on Tuesday, largely because of the con- Total gold and legal tenders $46,802,0001 $29,604,000 Gain $17,198,000 tinued absorption by Paris of the South African gold The following table indicates the amount of bullion that was offered in the London bullion market, indi- in the principal European banks. cating that French requirements for the metal had been January 7 1909. January 9 1908. not satisfied. The exchange market opened Banks of lower, reflecting renewed speculative selling, which I Gold. Total. I Gold. Silver. I Total. 1 .8 I £ £ I .£ was traced to a large house that has recently been England_ .., 31172,6361 31,172,6361 34,771,408 34,771,408 France _ _ 140,727,4401 35,320,800 176,048,240 106,973,389 36,621,387 143,594,776 Conspicuous in market manipulation. The selling Germany. 33,732,0001 13,977,000 47,709,000' 26,819,00C 11,115,000 37,934,000 ItussIN___ 121.088,0001 6.870,000 127,958,000,117,235,000 5,443,0001122,678,000 soon became general, but suddenly the market sharply Aus.1iun. 49,265,0001 12,225,000 61,490,000, 45,808,000 11,729,000 57,537,000 Spain _ — 15,812,00 32,396,000 48,208,0001 15,663, 25,692,000 41,355,000 recovered on re-buying, which was partly influenced Italy 37,593,0001 4,550,000 42,143,004 36,457,000 4,700,000 41,157,000 Netherrds 84k7.8001 4,110,300 12,528,104 7,650,000 4,463,400 12,113,400 Nat.13e1g.. 4,233,333 2,116,667 6,350,000 3,616,000 1,808,000 5,424,0(10 by offering of securities by London; and there was Sweden _ 4,344,000 4,344,000 3,00,000 3,006,000 SWItzerrd. 4,707,000 4,707,000 3,075,000 3,075,000 a partial reaction by the close, with cables and guilders Norway — 1,747,0001_ 1,747,000 1,652,00 1,652,000 in good request. The tone was strong on Wednesday, Total week 452,839,2091111,565.767 564,404.976 403.625,797 101,571,787 505,197,584 chiefly because of light offerings of bankers' bills, and Prey. week 455,094,4891113,121,818 568,216,3071400,453,866 100,822,482501,276,348 •

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 74 THE CHRONICLE [VoL. Lxxxvm. ieF thorough reform, it has already become evident that THE NEW YEAR IN EUROPE. the enormous and undoubtedly increasing outlay In looking forward to the year 1909 in other countries for old-age pensions, combined with the heavy appro- than our own, the first question of interest which priations for new warships, cannot fail to create a arises is that which perhaps most largely occupies position more difficult than that which existed even in the minds of people here as well—the question of the days of financial recuperation after the Transvaal financial and industrial recovery. It is probable War. Under such circumstances, it is scarcely to be that this question presents itself to Europe as a more wondered at that financial circles in London are puzzling problem than it does to our own people. expressing nervousness as to the next move of the Such recuperation as has already occurred in Europe Government. Their apprehension bases itself appar- since 1907—and there has been a very considerable ently On the feeling that when a ministry with just recovery—has probably been slower there than here, this record is confronted with the double problem of a and it has, at any rate, been obvious throughout the struggle to retain power and the danger of a public year that the undertone of buoyant confidence in deficit, it will be tempted to kill two birds with one speedy restoration of good times has not prevailed stone by imposing excessive taxes on the well-to-do. on the European markets in anything like the degree In this it may be hoped that Lombard Street's opinion with which it has displayed itself in America. does wrong to Mr. Asquith. The year 1909 will give Yet, on the other hand, there is much to argue some sure evidence as to what the position actually is. from the fact that Germany, which even a year ago Germany is the second of the European States where was regarded as the conspicuously insecure part of the events of 1909 may be epoch-making. It is already the European financial organism, has regained evident that the remarkable uprising of the Reichstag, economic strength by unexpectedly rapid strides. against the impulsive and unconstitutional excursions That it should have done so is itself a witness to of the Emperor into the field of international politics, underlying strength on Europe's financial and com- has not accomplished all that was at first assumed. mercial markets as a whole. And back of all stands That his powers are curtailed to the extent that he the powerful position of financial Paris. The enor- may not hereafter meddle in diplomacy, unless through mous accumulation of gold at the Bank of France is his Ministerial representatives, is plain enough, and is now universally recognized as a tribute to the strength a substantial gain to public tranquillity. But full of France in the market for international capital. constitutional government, according to the English That this gold should have rushed back to the French and American ideas, has not yet been established. market at a time when the use of money in trade Parliament is not to nominate the Ministry, and the had been immensely curtailed among all the other executive government remains a curious mixture of nations of the world is no more strange than the Anglo-Saxon ideas of the present time with those which fact that surplus bank reserves at the financial me- prevailed at the time of the Stuarts, when Ministers tropolis of this country should have reached last were chosen by the King at his own pleasure, and year almost unprecedented heights. The real problem, when the most the Parliament could do was to hold as Europe unquestionably now sees it, is howi soon this them strictly responsible for the actions of the sover- huge reserve of capital and gold at Paris will once eign. It remains to be seen whether the Reichstag more be drawn upon by reviving trade. The fact incident .in the last month of 1908 means further that such a reservoir of credit is available for in- development of constitutional ideas in Germany or stantaneous use is a matter of reassurance. not. Perhaps this question may interweave itself When we turn to the broader questions of politics with the Ministry's proposed measures for new taxa- and diplomacy, four of the European nations present tion to support an increase of $125,000,000 in the interesting problems, to the solution of which the year public outlay. It is impossible that so drastic a now beginning must largely contribute. The first measure should pass without criticism or resistance, is England. Rarely in the history of that country and the discussion may have important bearing on the has the political position been so singular as at the future relations of the Crown and the Legislature. present time. The Liberal Party, which came into No country in Europe has before it a more inter- power in 1906 with an astounding majority, has esting year of test than Turkey. With the hopes and discovered, in accordance with the predictions of all difficulties surrounding the new constitutional legis- experienced critics at that time, the embarrassment lature which convened last month,every one is familiar. of such majorities, and particularly the serious handi- That the elections should have occurred in orderly cap placed upon a government which relies for its fashion, and that the new Parliament should have popular support so largely on what may be called convened under circumstances of great pomp and the semi-socialistic vote. It was, to be sure, argued patriotic display, was to have been expected. What at the time that the majority, even outside of the the new legislature has before it may be judged by labor vote, was so great that deference to the extreme the following extract from reports of the Sultan's ideas of that faction might be safely refused. But speech to the parliament on its opening day: this does not appear to have been the feeling of Mr. surprising events caused us profound Premier's general policy will "Two most Asquith. The have regret. In consequence thereof it is now the task of been measured in the public mind by the attitude our Council of Ministers to choose what measures which he has taken on two highly important questions should be taken to safeguard the rights of the nation, —his actual legislation regarding old-age pensions and and it is our desire that they should obtain the support his rather extraordinary personal attitude regarding of Parliament in this task. (Cheers.) of the existing between woman suffrage. "In view amicable relations the Powers and the Ottoman Empire, we hope that. we Even in the matter of the budget, which the Liberal shall find a satisfactory solution of these political Ministry was expected to handle on the lines o questions with the aid of the Great Powers. It is our

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909,1 THE CHRONICLE 75 desire that the national finances should be reorganized, vestments in this species of property are not threatened the budget properly balanced, the resources of the by the decision. country prosperity developed, and its , people's as- That varying views sured; that arts and education should be widely spread should prevail as to the signifi- among the population and that the army and navy cance of the action of the Court does not appear• should be brought to a high degree of efficiency. We strange considering the complicated character of the therefore hope you will study the legislative proposals case, and the many and the intricate problems in- submitted by the Ministers to the Chamber of Depu- volved in it. Few cases have ever come before the ties, the Deputies will succeed in elaborating and that Court, we should judge, raising laws worthy of acceptance by the Senate." so many vexed ques- tions and embodying so many novel propositions, This is a program whose actual fulfilment would never previously passed upon, and as to some of which point unerringly to a new and better era in Turkish there were few, if any, precedents or authorities for history. The problem which remains for 1909 to the guidance of the Court. In an article in our issue settle, however, is whether so heterogeneous a body of of Dec.28 1907, reviewing Judge Hough's decision, we legislators can discuss and agree upon these numerous enumerated some of the difficult points that had to delicate questions, without degenerating into factions be determined. Admitting that the company was or developing a powerful and sullen opposition which entitled to a fair and reasonable return, the first might,as happened in the case of the Russian Douma, question which necessarily came up was, What is a bring matters into legislative chaos. That the new fair and reasonable return? Assuming that question Parliament will not, as was at first apprehended, force answered, the next point was,upon what aggregate of Government the hand of the in the matter of war to investment or of capitalization should this return be recover the Balkan provinces, the Sultan's speech computed. A third question was as to the cost to itself intimates, and there is fortunately good ground the Consolidated Gas Co. of manufacturing its product on general principles to expect it. and what items of expenses should be allowed the Russia has passed through what may be called an company in measuring or computing its income. The uneventful year; it remains for the new year to show share capital of the company furnishes no guide as to how far the peaceable attitude of the Douma during the amount employed in the manufacture of gas, since 1908 can be indefinitely continued, while still pre- the company has very extensive investments in the serving the independent powers of Parliament and stocks of other companies, both those engaged in gas people. Recent dispatches have indicated that a lighting and heating, and in other pursuits. It was stormy opposition still exists, which has found voice therefore necessary to establish by evidence the amount in protests against the Government's financial meas- actually invested in the gas business and also the in- ures and in angry discussion of the punishment in- come derived from that business. This last in turn flicted by the Government on individuals. Yet it is involved determination of the question of the cost to evident that so long as the Crown preserves the power the company of producing the gas. It willreadily be over the public purse and the public credit, just so seen how numerous were the items to be passed upon long will it be able to hold the Legislature in subjection. under each head; and with so much chance for con- The apparent nearness of the flotation of the Russian flicting evidence on many of the items and with loan at Paris will be another step in fortifying the po- no clear rules for guidance as to what should be sition of the Czar and his Ministers. accepted and what rejected, it does not seem at all Elsewhere in Europe there is little to challenge at- surprising that the conclusions of the Supreme Court tention in a forecast of the coming year. It is not should on some points be at variance with the con- impossible that in the case of Italy, at any rate, some- clusions of the lower Court. more thing may be heard of the financial and The matter in the first instance went before the commercial after-effects of the earthquake at Special Master, Arthur H. Masten, who had been Messina. But this is mainly a matter of curious appointed by Judge Lacombe. He had the case conjecture. under consideration for nearly a year, and, as we pointed out on a previous occasion, the testimony taken by him and the various exhibits which he SUPREME THE COURT DECISION REGARDING prepared made up one of the most voluminous court EIGHTY -CENT GAS. records ever presented in a case of that kind. The While the effect of the decision this week of the report of Mr. Masten was reviewed by us in our issue United States Supreme Court reversing the decree of of June 29 1907. Judge Hough subjected the Master's Judge Hough, declaring the 80-cent gas order and figures to extensive revisions and alterations and the gas law unconstitutional, has been to create a dis- final result was that he put the valuation of the tinctly unfavorable impression, there are nevertheless property employed by the company in the gas some very reassuring features in it. When we say business at $59,000,000, whereas the figure "reassuring," we have reference of course to the arrived at by the Master was no less than protection of investments in the gas business and in $83,357,000. public service corporations generally. The opinion Judge Hough found after detailed analysis and of the Supreme Court has not yet been handed down, examination that with a total valuation of $59,000,000 but Justice Peckham has furnished a synopsis of the there was the probability of an income of $3,030,000. points on which the judgment of reversal is based, and He thought that a prudent man would have just and while study of these does not make it entirely clear legal right to expect a return of 6% upon his invest- why a law, vulnerable in so many particulars, should ment, and as the $3,030,000 would yield considerably have been upheld in its main feature, we yet feel war- less than 6% upon the $59,000,000 of capital employed ranted in saying that, whatever the outcome as far in the business, he reached the conclusion that the as the Consolidated Gas Co. is concerned, general in- gas statute was unconstitutional for that reason. But

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he also found two other grounds of unconstitu- features, where all the different parts are so clearly inter- tionality: (1) by reason of the excessive penalties related. ,We assume it correct ,to say that the action imposed, and (2) by reason of the fact' that the of the Court furnishes another illustration going to gas pressure required by the law is commercially show how reluctant the courts are to invalidate a law impossible. of any kind if any decent or reasonable excuse can be The Supreme Court sustains him in the last two of found for saving it. these contentions, but not in the first, and, curiously It is pleasing now to turn to the favorable aspects enough, refuses to condemn the whole law even though of the decision. As already stated, there are some it contains the two unconstitutional provisions referred decidedly reassuring features in the enumeration of to. The Court does not mince Matters in declaring the two points made by Justice ,Peckham. The nature and provisions in question unconstitutional, and yet it importance of these features can only be understood extends a saving hand and upholds the price-reduction by considering them in. connection with the reasoning, feature of the law—on the rather dubious ground,too, the arguments and contentions made at the time of that there is a bare possibility that the reduced price, the trial of the case. In the newspaper discussions if given a trial, may show a bare return of 6% upon of the case this week the bearing of some of the rules the assumed value of the property employed in the laid down by Justice Peckham seems to have been gas business. overlooked. For instance, in his seventh proposition, Here is what Justice Peckham says concerning the Justice Peckham says: "The rate proposed must be requirement of an increased gas pressure: with reference to the value of the property at the time rate takes effect. The company is entitled The provision in the Acts requiring a certain pressure is when the unconstitutional. The proof unquestionably shows great to the benefit of any increase in value at that time." possible if not probable danger of explosion in the mains or This was precisely the view taken by Judge Hough other pipes if the pressure demanded were applied to them and really involves one of the points of largest import- as they now are. To eliminate such danger would require ance in the whole controversy. all the mains and other pipes, which would strengthening Consider the bearing of that rule on the value of the involve an expenditure of many millions of dollars upon which no return could be obtained at the rates prescribed realty owned by the Gas Co. and used by it in its by the Acts. The provision can be separated, however, business of manufacturing gas. The Master in his from the rest of the statute, and the balance thereof made appraisement of this realty followed the plan of taking valid. The pressure must be sufficient to produce a light the value ruling at the time of inquiry, which Justice in the Acts. of the candle-power mentioned Peckham now says is correct. But when the Master's With reference to the penalty provisions, Justice report was up before Judge Hough, the proposition Peckham says: "If the Court below is right in its was disputed. It was objected that such a rule construction of the penalties, as to their amount, &c., conferred upon the company the right of earning a such penalties are void, but are separable from the return upon land values representing no original in- rest of the Acts and the balance can be effectually vestment by it, as the land had greatly appreciated in carried out." This is by all odds the most remarkable value since it was bought. Judge Hough upheld the part of the decision. Consider the nature and vicious Master in this course and said it was not to be inferred character of these penalties. Judge Hough did not that any American Government intended when grant- find it necessary to go into this part of thb case at all, ing a franchise, not only to regulate the business trans- the Master's report in that particular being so abso- acted thereunder and reasonably to limit the profits lutely conclusive. The Master showed that as the thereof, but to prevent the valuation of purely private Consolidated Gas Co. has about 390,000 customers in property in the ordinary economic manner; and he the City of New York to whom bills are sent monthly, regarded the property under consideration as being and as a penalty of $1,000 is imposed for each charge as much the private property of the Consolidated Gas for gas in excess of 80 cents, the penalties accruing Co. as are the belongings of any private citizen. He against the company, if it charged more than 80 cents, showed that a part of the land owned by the company would amount in the aggregate to about $390,000,000 had been continuously employed in the gas business per month and to $4,680,000,000 per year. Further- for more than two generations, during which time more, the law provides as an additional penalty that the value of land upon Manhattan Island has in- where a price in excess of the statutory rate is de- creased even more rapidly than its population. He also manded, that fact shall constitute a complete defense pointed out that in like manner the construction ex- to an action for a recovery for the amount of gas pense, not only of buildings but of pipe systems under delivered. The law also provides a penalty for each streets now consisting of continuous sheets of asphalt offense on a violation of the provision with reference over granite, has enormously advanced. If it be true, to the pressure of gas, which the Supreme Court, no he argued, that a pipe line under the New York of less than Judge Hough, condemns as impossible. This 1907 is worth more than was a pipe line under the city penalty would aggregate $5,000 per day upon evidence in 1827, then the owner thereof owns that value. recorded at each of the five city testing stations of This view, apparently, the Supreme Court endorses, only a single violation per diem of said laws, or at and it is a great point gained to have that fact the rate of $1,800,000 per year under the company's settled. distributing system as now existing and in operation, The matter of the valuation of the company's fran- and these amounts would be increased by additional chises involved another phase of the controversy. or more frequent tests. Here, toot the Supreme Court lays clown rules tending We dwell thus at length upon these penalty and to reassure the investor, though it does not go quite pressure provisions because it seems really remarkable so far as Judge Hough in that regard. It had been that the Court should have upheld one part of a law contended on behalf of the city and State that the embodying so many extraordinary and abhorrent company was not entitled to have a value put upon its

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909. THE CHRONICLE 77 franchise at all. That contention Judge Hough would sustain him and that appears to be the only substantial not uphold, nor does the Supreme Court. Judge particular in which he is overruled. Justice Peckham Hough showed that when the Consolidated Co. was says that the estimated increase in the franchises "is organized in 1884, under a statute which in terms per- only an estimate and is not based upon evidence mitted it to acquire the property and franchises of the sufficient to warrant the finding of any increase what- old gas companies, it issued stock of the par value of ever over the amount agreed upon at the consolida- $7,781,000 representing the franchises it then acquired, tion." and nothing else. This stock, he reasoned, is still out- It is this refusal of the higher Court to sanction an standing and has since 1884 been in the hands of increase in the value of the franchise, in the absence purchasers who have a right to rely upon legal protec- of evidence establishing the increase, that has led to tion for legally issued stock. This position the Su- the reversal of the judgment of the lower Court preme Court in express terms endorses. Justice Peck- declaring the 80-cent rate confiscatory. Justice Peck- ham says that the State has never questioned the ham points out that after reducing the franchises by validity or fairness of the valuation, and this being so, the amount of the assume d increase the result gives the State should not now be heard to dispute it. He a return of almost 532%. A reduction in the value .of speaks guardedly and qualifiedly, as courts always the real estate, plants, &c., of a small amount only do, and says the present case is decided upon its own would bring the return to 6%. Furthermore, a peculiar facts. "The method of arriving at the value possible increased consumption of gas would probably of these kinds of franchises, and how they should increase the earnings of the company, he assumes, generally be tested in the fixing of rates, are without a corresponding increase of cost. Accordingly questions not now before the Court, and are left un- it is held, that "under all the circumstances the decided." complainant has failed to make out its case with that Another important point in the consideration of this degree of clearness necessary to warrant the inter- and similar cases, is whether in an estimate of valua- ference of a court of equity before an actual and bona tion good will can be taken into account as a valuable fide test has been made under the practical operation asset. In this particulaf case, according to Justice of supplying gas at the rates mentioned in the statute." Peckham, it cannot. But he shows that there is a But the Court even here proceeds with great circum- special reason for the Court's conclusion in the present spection, and considering the possibility that practical instance. He says: "This is not a case for the valua- experience may, after all, demonstrate that the 80-cent tion of good will. The complainant has in fact a rate does not allow a fair and just return upon the substantial monopoly of the gas business in the City property used by the company in its business of supply- of New York, and those who wish to use gas must ing gas, the decree of the lower Court is reversed with take it from the complainant. In this case, as there is directions to dismiss the bill without prejudice. This no possibility of competition, there should be no means that after the 80-cent rate has had a reasonable allowance for good will." The fair inference from this trial the company can bring a new action and demon- language would appear to be that in cases where there strate that the rate is not duly remunerative. The is competition,and where superiority of service counts attorneys for the company have already announced in favor of a company by reason of that fact, occasions that this will be done. may arise where a public service corporation would There is one other point to which it seems desirable be entitled to include good will among its property to allude, namely the fixing of the interest or dividend values. return at 6%. It can readily be seen that if this were Judge Hough also would appear to .have taken the the maximum rate to be allowed on money invested in view that the Gas Co. could not include an allowance the manufacture of gas or in any public service for good will in its valuations. Good will in the ordin- business, the effect might be to repel capital from that ary sense, he declared, the company did not possess. class of investments. That would most assuredly be What induces a customer to remain with the company, true in new communities and the newer sections of the he asked, and then furnished the answer by saying country, where the risks attending enterprises of that "Nothing except the fact that there is no opposition." sort are very much greater than in New York City, He argued, however, that probably what was meant and where, therefore, a higher rate of return must by good will was the organization of the company, be offered in order to induce capital to come in. In long established and doubtless well manned and that regard also the Supreme Court ruling, as declared equipped. Yet the organization itself, he reasoned, by Justice Peckham, has a reassuring aspect. The was really dependent for its existence and continu- Court does not fix 6% as an undeviating rule. On the ance, upon the franchise, without which there could contrary, Justice Peckham takes particular pains to be no useful organization. He accordingly thought it state that "there is no rule as to any particular rate proper to put a liberal estimate upon the value of the which any corporation subject to legislative control in franchise. The company,w e have seen,in 1884 at the the matter has a right to obtain without legislative time of consolidation, apparently put the value of the interference." He says: "It depends upon circum- franchise at $7,781,000. To Judge Hough it seemed stances and locality." In this particular case, with that at the present date the franchise must have a reference to the risk attending the business and the larger valuation, seeing that in the twenty-three years locality where it is carried on, the complainant, we are from 1884 to 1907 the company's sales had quadrupled. told, is entitled to a return, if it is possible, of 6% In default of any other method of arriving at the upon'the fair value of its property actually used inthe present value, he increased the franchise valuation in business of supplying gas. On the whole, therefore, the same ratio that the company's tangible property are we not justified in saying that there is much in .had increased, raising the amount from $7,781,000 to this latest decision safeguarding investments in public $12,000,000. In this the Supreme Court refuses to service enterprises?

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uniformity of values, but greatly assist the department of this State, as It necessity of a change in such values when its statement is BANKS, BANKERS AND TRUST CO.'S. will obviate the ITEMS ABOUT audited for the department report. The advantages of this arrangement co-operation. • —The public sales of bank stocks this week aggregate 131 I trust will meet with approval and the reserves of shares, of which 51 shares were sold at the Stock Exchange —The new Massachusetts law affecting on the 1st inst. As we and 80 shares at auction. The transactions in trust company trust companies became operative it fixes the reserves stocks reach a total of 35 shares. Ten shares of stock of the noted in an editorial article on Aug. 29, trust companies ,National Park Bank were sold at 475—an advance of 373/i of Boston institutions at 20% and those of exclusive of points over the price paid at the last previous sale, which elsewhere in the Commonwealth at 15%, had called for a was made in Nov. 1908. A sale of 10 shares of stock of the savings and time deposits. The old law one-third Lincoln Trust Co. at 19241 was the first public transaction in reserve of 15% for all trust companies in the State, two-fifths of the stock of that company since April 1908, when the price of which had to be cash. Under the new law, consist of was 101. The table below, given in our usual form, shows the reserve is to consist of cash, one-fifth may Massachusetts, the actual sales of New York City bank stocks made during bonds of the United States or of the State of balances the week at auction and at the Stock Exchange. Extensive while the remainder of the reserve may consist of with tables showing the bid and asked quotations, deposits, sur- with trust companies acting as reserve agents, or plus, &c., of banks and trust companies in all important national banks in Massachusetts or the cities of New York, cities of the United States are published monthly in the Philadelphia, Chicago or Albany. The cash reserve must at "Bank and Quotation" Section, the January issue of which all times be equal to at least 5% of the aggregate of all depos- accompanies to-day's "Chronicle." Bid and asked quota- its, both time and demand, exclusive of deposits in the sav- tions for all New York City bank and trust company stocks ings department. The law provides that any Boston trust are also published weekly in another department of the company, with the approval of the Bank Commissioner, paper, and will be found to-day on pages 86 and 87. may act as reserve agent for other,companies in the State, required to maintain a Shares. BANKS—New York. Low. High. Close. Last previous sale. such reserve agent, however, being *41 Commerce, National Bank of 194 196 196 Dec. 1908-197 cash reserve of 10%. In the case of trust companies acting 475 475 Nov. 1908-43736 *10 Park Bank, National 475 as reserve agent, there is likewise a modification in the re- BANK—Brooklyn. the remainder of the 20% reserve shall 80 First National Bank 251 251 251 Nov. 1908-250 quirement as to how TRUST COMPANIES—New York. be kept. This remainder may consist "of balances payable 18736 18736 Dec. 1908-181 25 Carnegie Trust Co 18736 on demand, due from any trust company in the city of Bos- 110 Lincoln Trust Co 192U 1923i, 1923i April 1908-101 ton authorized to act as reserve agent, or from any national Exchange. , *Sold at the Stock banking association doing business either in this Common- in interest-paying bonds under the —Rules for dealing wealth or in the cities of New York, Philadelphia, Chicago these securities on the New York new method of quoting or Albany." in a circular issued by George Stock Exchange are set out The Old Colony Trust Co., which announces that it has the Exchange. As we have here- W. Ely, Secretary of kept an average reserve in cash and bank deposits during its the old practice prices were quoted tofore pointed out, under entire existence of over 32%, has been authorized to hold the interest was included in the price. flat, that is accrued reserves of other Massachusetts companies. The New Eng- taken of the interest, and all prices are Now no account is land Trust Co. of Boston, it is stated,will also serve in that the buyer paying the accrued interest in "and interest," capacity. addition to the price. The change went into effect on the —A plan to unite the Boston Chamber of Commerce 1st inst. The following is the circular referred to: the Boston Merchants' Association was ratified by both Interest-Paying Bonds dealt in "and interest" under resolution of the and Governing Committee adopted December 9 1908. organizations at meetings on Tuesday the 5th inst. The RULES FOR DEALING consolidation will be effected under the name of the Boston After January 1 1909 application will be made to the Committee on Securities December 23 1908 Chamber of Commerce, and Adopted by corpora- In settlement of Contracts in interest-paying bonds the interest shall Legislature for a special charter for the consolidated be computed to the day of maturity of contract on regular sales or on tion. in the bond; and on time option sales at three days, at the rate specified member of the New York Interest specified in the bond shall be computed to include —The suspension of another contracts, the the day of sale, and thereafter at the rate of interest agreed upon. Stock Exchange, resulting from the failure last April of interest, and during con- Contracts made after default in payment of firm of Coster, Knapp & Co., was announced on Thursday. tinuance of default, shall be "flat." the firm of Grannis & Law- Bonds upon which the interest is In default shall carry all unpaid coupons. Arthur E. Grannis, formerly of Registered Bonds will not sell ex-interest on the day the books close for rence, now dissolved, is the latest to be thus disciplined, payment of interest. and his suspension is for a period of three years. Charges in Interest-paying registered. bonds, interest In settlement of contracts against Thomas W. Moorehead must be added to the date of the maturity of contract, and a due bill similar to those preferred signed by the party in whose name the bond stands, for the full amount and William H. Martin, of the firm of Marshall, Spader & of the interest to be paid by the company must accompany the bond were for a like period because of transac- must be paid Co., who suspended until Interest is paid; the due bill issued by a non-member were filed against Mr. when due by the Exchange member or firm guaranteeing it. tions with Coster, Knapp & Co., On a contract in interest-paying bonds "seller's or buyer's option" at a Grannis. The announcement made by the Stock Exchange in rate agreed upon (as seller or buyer 20, 2%), the interest specified the in the case of the latter is as follows: bond shall be computed to and including the day of sale; and thereafter During the investigation of the affairs of the late firm of Coster, Knapp Interest at the agreed rate shall be computed on the contract price, plus between said firm & Co it was ascertained that many transactions were had accrued Interest. An agreed rate of interest must be computed for actual and the late firm of Grannis & Lawrence. The Governing Committee elapsed days. appointed a special committee to investigate the matter, with the result Interest at the rate specified in an interest-paying bond must be computed that the Secretary of the Exchange was Instructed to prefer charges against on a basis of a 360-day year, I. e.: Arthur E. Grannis, a member of the Exchange, and also a member of the Every calendar month Is 1-12 of 360 days=,-30 days; said firm of Grannis & Lawrence, under Section 6 of Article XVII. of the Every period from a date in one month to the same date in the following Constitution of the Exchange, that on numerous occasions, but more par- •month is 30 days. ticularly on or about the dates mentioned in the specification of said charge, Income bonds must be dealt in "flat." said Arthur E. Grannis had been guilty of conduct and proceedings GEORGE W. ELY, Secretary. the Inconsistent with just and equitable principles of trade. —The appraisals of stocks and bonds in the reports Arthur E. Grannis appeared before the Governing Committee at a special of the Insurance Departments of Massachusetts and New meeting held yesterday, and was permitted, in person, to examine and cross- witnesses before the committee, and also presented be uniform, according examine all produced York for the year just closed are to such testimony, defense or explanation as he deemed proper. to the following announcement made by Frank C. Hardison, The Governing Committee determined that he was guilty of the speci- Massachusetts Commissioner of Insurance: fication of said charge, and of the charge itself, and suspended said Arthur from yesterday. used in its printed report E. Grannis for a period of three years, commencing The Massachusetts insurance department has since for the last three years the values of stocks and bonds furnished by its Mr. Grannis has been a member of the Exchange experts, these values being based on market rates as of Dec. 31. It is the August 1904. The firm of Grannis & Lawrence was dis- but with an improvement purpose to continue this plan for the next report, solved, it is stated, shortly after the assignment of Coster, suggested by experience. An arrangement has been made with the New York department, by virtue of which the same expert will furnish values Knapp & Co. of stocks and bonds to both the New York and the Massachusetts depart- committee which has been delegated by Gov. will be sent to the companies in —The ments These values, it is expected, the facts relating pamphlet form by January 15, or perhaps, in part, on an earlier date. Hughes to institute an investigation into Such companies as are operating in both States will receive a copy from the to speculation in securities and commodities, decided at New York department. its meeting on Dec. 26 to start its proceedings with an in- values in its annual statement A company which makes use of these Cotton exchanges, in to Massachusetts will thereby not only take a step in the direction of quiry into the New York Produce and

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line with the suggestion of its Committee on Plan and Scope. late Gov. Roswell P. Flower, died at his home at Watertown, The investigation into d'ealings on the New York Stock and N. Y., on the 3rd inst. Mr. Flower was born in Theresa, Consolidated exchanges will follow that of the other bodies. Jefferson County, N. Y., on June 20 1843. He came to It was also agreed, in accordance with the recommendation New York in 1877 and with his brother founded the firm ,of the Committere on Ways and Means, that the expenses of Flower & Co. In 1900 following the death of Gov. Flower, attendant to the investigation be paid by the members of the firm was reorganized, Anson R. Flower becoming and the committee, who will endeavor to have the Legisla- since continuing as special partner. Mr. Flower hail been ture authorize an appropriation for their reimbursement. a member of the Exchange since 1878. At his death he was A bill authorizing an appropriation of $10,000 ifor the com- a director in the Corn Exchange Bank of this city, the mission's expenses and empowering it to subpoena witnesses Trust Company of America, the International Paper Co., the and employ counsel was introduced in the Senate this week. Amalgamated Copper Co., the Brooklyn Rapid Transit Co. While the sessions of the committee are to be secret, Chair- and several other organizations. man Horace White has been authorized to make public such —The annual statement of the Fifth Avenue Trust Co., information -as the committee may think it best to give out. located at Fifth Ave. and 43d St., this city, shows a note- Another meeting of the committee was held on Monday last, worthy gain in business during the past year, as will appear when the following four sub-committees were appointed: by the following: Stock Exchange—Willard V. King and Samuel H. Ordway; Surplus Aggregate Commodities—Edward D. Page and John B. Clark; Foreign Capital. & Profits. Deposits. Resources, Experience—David Leventritt and Charles Sprague Smith; Dec. 31 190731 $1,000,000 $1,271,488 $10,466,740 $12,928,225 June 20 1008 1,000,000 1,547,016 13,654,714 16,225,641 Investment and Speculation Outside of the Exchanges— Dec. 31 1908 1,000,000 1,816,287 14,058,152 17,786,690 Clark Williams and Charles A. Schieren. Horace White is It will be noted that deposits increased during the twelve a member of each of the sub-committees by reason of the months from $10,466,740 to $14,958,152, or in amount of fact that he is Chairman of the general committee. Mr. 43/ million dollars. Surplus and profits have risen from White is quoted as saying that it is doubtful whether the $1,271,488 to $1,816,267 and aggregate rescources from Exchange will be affairs of the Coffee inquired into, but that $12,928,228 to $17,786,690. As is known, Levi P. Morton investigation of the Mercantile likely. an Exchange is is at the head of the institution with William D. Sloane of the committee is not expected for The report to be ready and Cecil D. Landale as Vice-Presidents, James M. Pratt, submission to Governor Hughes until some time in March. Secretary, and Walter Meacham, Assistant Secretary. Maurice L. Muhleman, formerly Deputy Assistant U. S. —The death of Louis A. Heinsheimer, a Treasurer at New York, is Secretary of the committee. member of the firm of Kuhn, Loeb & Co., of this city, occurred on the —One of the gratifying features of the returns made by 1st inst. He was 49 years of age. Mr. Heinsheimer entered ithe trust companies of this city to the Banking Department the employ of Kuhn, Loeb & Co. at the age of 17 as clerk at the close of business Dec. 31 1908 is the gain of $6,252,457 and sixteen years ago became a partner. He was a nephew in the deposits of the Trust Company Aug. of America since of Solomon Loeb, one of the founders of the firm. 311908. The progress this institution is making after the —Owing to his recent election as President trying ordeal of the past fifteen months, when it successfully of the First National Bank of Jersey City, George T. Smith bore the hardest run in history, must be very encouraging to has resigned as General Agent in New York of the Pennsylvania its friends and officials. Four months ago, on Aug. 31, its RR. Co. In the presidency of the bank Mr. Smith succeeds deposits were $20,659,417, increasing by Nov. 27 to $23,- his father- in-law, the late E. F. C. Young. 027,878 and at the end of 1908 reaching $26,911,874, nearly $4,000,000 of this gain occurring in December. The —Owing to the increased demand for safe deposit boxes, company now has surplus and undivided profits of $6,326,251 the Hudson Trust Co. is installing additional vaults in its in addition to $2,000,000 capital stock, an increase of main building, corner of Newark and Hudson streets, $64,700 in profits since Aug. 31, after paying out a dividend Hoboken, N. J. The opening of the new Hudson tunnel last Saturday. Its cash holdings, $7,776,912, are over (the entrance to which is about a block from its banking $1,000,000 in excess of a 25% cash reserve. Total resources rooms) is no doubt a large factor in the growth of this insti- are now 135,324,172. tution. Deposits on Dec. 31 were reported at $12,605,916, while aggregate resources were —The 181st Street Branch of the Corn Exchange Bank $14,364,127. The company has a capital of $500,000 and surplus of this city opened for business on the 2d inst. at the north- and profits of $1,248,- 511. Myles Tierney is President, west corner of 181st Street and St. Nicholas Ave., Washing- Jas. R. Ferens Treasurer and J. H. P. Reilly Secretary. ton Heights, under the direction of G. A. Schultze as Manager. This latest addition to the Corn Exchange —The First National Bank, Paterson, N. J., has just Branch Bank system is the northernmost bank on Manhattan paid its 104th shareholders' dividend of 33.%, completing a Island, its nearest neighbor being the Bank of Washington total of dividend payments from 1864 to 1908 amounting Heights, at 155 St. and Amsterdam Ave. The 181st Street to $1,899,500. This notable dividend payer has capital, district is in the midst of a real estate boom and the street surplus and undivided profits of $1,142,500, deposits of may become in the course of future development one of $2,957,259 and aggregate resources $4,787,257. Edward the city's great thoroughfares. T. Bell is President. —The statement of condition published this week by the —The City Bank of Bayonne, N. J., recently organized Carnegie Trust Co., Trinity Buildings, 115 Broadway, shows with $50,000 capital, began business on Monday in temporary further growth in the company's business. The institution quarters at 474 Broadway. The bank will later erect a .was organized by its President, Charles C. Dickinson, and building of its own. Its officers are William H. Vreeland, began operations Jan. 2 1907. At the end of the first quar- President, Julius G. Hocke, Vice-President and Emmett S. ter, April 11907, it had 565 accounts and resources of $4,- Hamilton, Cashier. 185,000; on Jan. 2 1908, at the close of the first year, its —The German-American'Bank of Buffalo was authorized accounts had increased to 1,490 and its resources to $10,- on the 26th ult. by the State Banking Department to increase 201,000. Now, on Jan. 1 1909, the accounts have risen to its capital from $200,000 to $300,000. 3,014 and the resources to $15,946,000. After a payment —The increase in the capital of the National Bank of of the yearly dividend of $90,000, the company's undivided Commerce of Rochester, N. Y., authorized in October last, profits at the present time are $257,031. became effective on the 1st inst. The new stock, 2,500 shares —Receiver John H. Edwards of the New Amsterdam (par $100 each), was sold at $150 per share, thereby increas- National Bank of this city was authorized on Tuesday by ing the capital from $500,000 to $750,000 and the surplus Judge Lacombe in the U. S. Circuit Court to sell certain from $250,000 to $375,000. The bank began business in securities and the furniture and fixtures of the bank in the March 1906 with $500,000 capital and $50,000 surplus. winding up of its affairs. The institution closed its doors In addition to paying 6% to its stockholders, it has accumu- on January 27 1908. Total dividends of 95% have thus far lated in the interval $200,000, which has been carried to been paid to the depositors. surplus. —Anson R. Flower, special partner in the New York —The Hartford Trust Company of Hartford, Conn., has Stock Exchange firm of Flower & Co., and brother of the increased the payments on its stock from 9% to 10% yearly,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis VOL.[ Lxxxviri. 80 THE CHRONICLE of a candle-holder, containing a remnant of a with the declaration of a semi-annual dividend of 5% (as board form, of the old year, accompanied by a new compared with 4370 last July), payable Jan. 2. The in- candle, symbolic in the socket with the advent of the stitution has a capital of $300,000. candle for insertion new year, and extended the wish that its warm glow of —Qontrol of the National Exchange Bank of Providence, renewed life might envelop and light the way of the recipi- R. I., has passed from the Union Trust Co. of that city to ent to health, happiness and prosperity, and the accomplish- Michael F. Dooley, President of the bank, the latter thereby of his loftiest aims. becoming independent of outside interests. Shares to the ment on the 1st inst as Assistant mumber of 3,883 of the bank's capital of $500,000 were —David S. Ludlum resigned Bank of Philadelphia. concerned in the transaction, the purchase being effected Cashier of the Philadelphia National identified with mer- at $255 per $100 share. The controlling interest in the It is stated that he will become bank was acquired in 1905 by the Manufacturer's Trust Co. cantile interests. The following year the Manufacturers' and the Union Trust —T. H. Given, President of the Farmers' Deposit National Co. consolidated, and the control of the bank accordingly Bank of Pittsburgh, caused the issuance of the subjoined lodged with the Union Trust Co. statement on December 23, following a hearing in the case arrest on —Schedules in bankruptcy of Burnham, Bennett & Co., of the councilmen and the two bankers, whose to on the of Boston filed on the 28th ult. show total liabilities of charges of bribery and conspiracy was referred $430,370 and assets of $279,090, There are eight secured 26th ult. their claims aggregating $137,634. The firm "My attention has been called to a statement made to-day at the hearing creditors, had in the Councilmanic cases by one of the witnesses that J. C. Wasson assigned on November 9, and was adjudged bankrupt on city stated that I contributed money for the Farmers'Bank's share of the December 15. Guy W. Cox is the Receiver. deposits, or, as he expressed it, that I had manipulated the Farmers' Bank this as an unqualified falsehood, both as it —J. J. Oldfield has been elected Treasurer of the American end of the deal. I denounce refers to me and to the bank." Trust Company of Boston to succeed the late E. A. Coffin. —Two indictments charging bribery are said to have been Bank of Stockbridge, Mass., —The Housatonic National returned by the Grand Jury on the 4th inst. against W. W. its from $200,000 to $100,000, and has reduced capital Ramsey and A. A.Vilsack, who recently resigned as Presi- of their holdings, representing the retired checks for 50% dent and Cashier, respectively, of the German National Bank been among the shareholders. It stock, have distributed of Pittsburgh. The indictments, it is understood, concern that during its forty-three years as a national bank is stated the payment by the accused of the sum of $17,500 made, of the institution on its capital the net earnings and profits it is alleged, to secure the selection of the bank as a city while its dividends of $200,000 have been over $1,000,000, depositary. have aggregated about $850,000. —Herbert W. Tiers, a former discount clerk of the First Girard Trust Company —The 1,000 shares of stock of the National Bank of Pittsburgh, was sentenced on the 23rd by ;the Mutual Life of Philadelphia owned for some years ult. to five years imprisonment on the charge of embezzle- have been purchased Insurance Company of New York ing $51,000 of the institution's funds. It appears that Tiers has for years been a by Isaac H. Clothier. Mr. Clothier abstracted the funds in 1906, but was not prosecuted by purchase is an increase director of the trust company and the the bank, being discharged after promising to pay back the originally paid $548,444 .of his holdings. The Mutual Life amount of his defalcation. The first public announcement carrying it on its books for the stock and has latterly been of the discrepancy for which partial restitution is understood that the price at a valuation of $750,000. We understand to have been made, was issued in June last, at which time this latter figure. The Ex- realized was a substantial advance on Tiers was arrested at the instance of National Bank disposes of the stock in Mutual Life Insurance Company aminer Folds. compliance with the New York law prohibiting investments —A consolidation has been effected between the Real insurance companies in the stocks of other corporations in by Estate Title & Trust Co. of Altoona, Pa., and the Security the future and requiring them within a certain term of years Title & Trust Co. of Braddock, Pa., under the name of the dispose of their existing holdings. to Blair County Title & Trust Co. Stockholders of the uniting —The Central National Bank of Philadelphia began companies have been given stock in the consolidated com- in the Lafayette Building at The business in its new quarters pany, which has a capital of $375,000 in $50 shares. 28. Its new home is Title Fifth and Chestnut Streets on Dec. officers are the same as those who served the Real Estate vacated at 109 and 111 J. A. in every way superior to that just & Trust Co., namely: E. J. Lomnitz, President; South Fourth Street, one of the principal improvements Schwab and F. Bendheim, Vice-Presidents, and George and being more adequate accommodations for its employees Harpham, Secretary and Treasurer. the new quarters being double the size patrons, —The First National Bank of Cleveland, Ohio, recently old. At the time of the opening of the bank on of the moved into its new building, designed exclusively for its 13 1865 it located at 109 South Fourth Street. February own needs. The bank's new home is on Euclid Ave. and obliged to enlarge its offices, taking in adjoining It was later adjoins its former quarters. The exterior of the building is at 111 South Fourth Street. In the report of the quarters of Milford granite, adorned with four massive columns. for the year ending October 31 1908 its net for institution The various departments of the institution are well cared were given as $268,986, of which $120,000 was ap- of profits in the new quarters. The bank's deposits at the time in dividends and $148,986 was carried to surplus and plied the issuance of the November statement were $26,365,424, The amount of the surplus and profits in the capital profits. while its total resources were $32,932,619. It has a to the Comptroller of the Currency on November statement of $2,500,000 and surplus and undivided profits of $1,174,763. 27 was $2,992,205. The paid-in capital is $750,000. The M. L. Sternberger of the Provident Sav- bank has paid dividends since the year of its opening (1865), —Vice-President Trust Co. of is reported to have dis- starting with 6%. The following year it paid 11%; from ings Bank & Cincinnati entire (960 shares) in the institution 1867 to 1873 inclusive it paid 10%; in 1874, 11%; from 1875 posed of his holdings B. H. and E. V. Willburn. The com- to and including 1905, 12% was paid; in 1906, 13%; in 1907, to President Kroger of 15%, and for 1908 the distribution was 16%. The institution pany has a capital $1,000,000. is under the management of William T. Elliott, President; —Fifty per cent of the subscription price of the $500,000 William Post, Cashier; William Y. Conrad and Antrim H. new stock of the Second National Bank of Cincinnati, Ohio, Jones, Assistant Cashiers. authorized on December 21, was due on the 1st inst and stock is not to participate —King's Booklet of Philadelphia's Historical Pageant the balance on February 1. The until full payment, the first quar- held during Founders' Week in October is being distributed in any dividends after its dividend in which it will share being that payable on to the friends of the Corn Exchange National Bank of terly the additional stock is Philadelphia. As an .exhibit of one of the most notable May 1 1909. Sixty per cent of to existing shareholders at $150 per share and of the country's historical parades, the book is worthy allotted to new interests at $275 per share. The par value is of preservation. 40% $100. —The Bank of North America of Philadelphia has issued First Savings & Banking Co. of Dayton, Ohio, has a leather-bound vest pocket memorandum book for 1909. The —The the payment of dividends at the rate of 6% per bank last week also sent out a New Year's greeting, in card- oommenced

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909d THE CHRONICLE 81

annum, having declared an initial semi-annual distribution from will Inure to the Stockholders of the Mercantile Trust Company. The of 3%, payable Jan. 1 on its capital of $100,000. business of the Mercantile Trust Company, as It has been conducted during the nine years of Its existence, will In no way be disturbed by the organiza- -The Dayton National Bank has placed its stock ($300,- tion of the Mercantile National Bank. 000) on a 7% basis, against 6% heretofore. The formation of the Mercantile National Bank of St. Louis will not In- terfere with the business of the Mercantile Trust Company, which by reason -A block of stock of the Union Trust Co. of Indianapolis, of its safe and prudent management since its organization has gained and amounting to 1,095 shares, is reported to have been sold enjoyed the confidence and patronage of the people. On the contrary, the customers to Arthur V. Brown, a director and large stockholder in the of the Mercantile Trust Company will find the additional facili- ties for the transaction of business which will be afforded by the Mercantile Indiana National Bank. The price paid is said to exceed National Bank a great advantage and substantial gain. the The trust company has a capital public bid price of 202. In its statement for Nov. 27 the company's surplus and of agreement was entered into two years ago $600,000. An profits were given as $6,600,717, so that even with the trans- by a its stockholders placing the voting power of majority of fer of $2,000,000 to the capital requirements of the bank, it in the hands of seven trustees for a period ten their stock of will still have surplus and Profits of over 43 million dollars. years. The action was taken to prevent any radical change The paid-in capital of the trust company is $3,000,000, its in the management or policy of the company. The Citizens' deposits amount to $20,400,963 and its resources aggregate Trust Co. was consolidated with the Union Trust in No- $30,006,529. vember last. -The directors of the Commonwealth Trust Co. of St. -The directors of the Northern Trust Company Bank Louis have elected Albert N. Edwards, President, to succeed of Chicago have transferred $500,000 from undivided profits Tom Randolph, who has been elected Vice-President. The to the surplus fund, increasing- that item to $1,500,000 and Commonwealth Trust Co. recently transferred its com- making it equal tO the capital. mercial banking business to the National Bank of Commerce, -John W. Knight has been appointed an additional and at the time of the transfer President Randolph and Assistant Cashier of the Illinois Trust & Bank of Savings Vice-President W. L. McDonald of the Commonwealth Chicago. Trust Co. were elected /ice-Presidents of the National Bank has resigned -Richard J. Street as Manager of Division of Commerce. Mr. Edwards was formerly Vice-President National Bank of "D" of the. First Chicago, owing to advanc- of the trust company. He is a brother of B. F. Edwards, ing age. Air. Street had been associated with the insti- President of the National Bank of Commerce. tution for forty-four years, and had been its Cashier prior to the arrangement of the official force into divisions, which Canadian Bank Clearings.-The clearings 1005. Henry of the Canadian was adopted in Charles Street, a brother, banks for the month of December 1908 show an increase over who for twenty-seven years had been connected with the the same month of 1907 of 16.8% and for the twelve months bank in various capacities, died on Dec. 28*. the loss reaches 4.2%. -Henry' C; Potter Jr., a - Vice-President director and December. Twelve Months. of the Peoples' State Bank of Detroit, committed suicide 'Clearings at- Inc .or Inc .or on the 4th inst. Mr. Potter had been in ill health for some 1908. 1907. Dec. 1908. 1907. Dec. time past. Canada- ' $ $ Montreal 140,666,048 125,877,033 +11.8 1,467,275,998 1,556,027,370 -5.7 -It is reported that the Second Ward Savings Bank Toronto 123,219,609 98,909,859 +24.6 1,166,902.436 1,228,905,517 -5.0 of Milwaukee has Winnipeg 75,601,239 59,182,117 +27.7 614,111,801 599,667,576 +2.4 increased its capital from $200,000 to Vancouver___ - 18,320,900 15,693,712 +16.7 183,083,447 191,734,480'-4.5 $1,000,000 through the conversion of portion of its surplus, Ottawa 13,140,5678,193,126 13,941,018 -5.7 154,367,756 156;487,801 -1.3 a Quebec 10,394,0981 9,951,32 +4.5 111-,812,551 107,460,897 +4.0 which had reached the. sum of $900,0Ci0. Besides the Halifax 7,355,647 +11.4 90,232,247 - 93,587138 -3.6 Hamilton 7,039,864' 7,144,172 -1.5 72,329,688 88,104,108 -17.9 surplus of $100,000 which still remains, the bank has undi- Calgary 7,595,116 5,821,664 +3.1 64,815,227 69,745,006 -7 1 St. John 5,276,301 5,397,775 -2.2 66,435,636 66,150,414 +0.4 vided profits of $181,000. London 5,405,061 5,618,885 -3.8 56,875,041 65,760,473 -13.5 Victoria 4,939,071 4,361,242 +13.3 55,356,013 55,330,588 +0.05 -An adjunct of the Mercantile Trust Co. of St. Louis is Edmonton_ 4,100,320 3,707,516 +10.6 38,496,510 45,716,793 -15.8 to be opened in a few weeks, interests in that institution Total Canada 423,891,319 362,961,968 +16.8 4,142,094,351 4,324,678,161 -4.2 having brought about the formation of the Mercantile Na- clearings tional Bank, whose organization was approved at Washing- The for the week ending January 2 in com- ton parison with the same week of 1908 show an increase in the on Dec. 24. The bank will start with $1,500,000 capital aggregate of 11.6%. and $500,000 surplus, the entire $2,000,000 being taken from the surplus of the trust company. We learn from Week ending January 2. the St. Clearings at- Louis "Globe-Democrat" that the stock of the bank is to Inc. or 1909. be held by the company through trustees, in trust for the 1908: Dee. 1907. 1906. stockholders, and all the earnings of Canada- % $ the bank will be divided Montreal 30,000,000 27,526,300 +9.0 29,766,221 26,148,043 among the trust company's shareholders as a dividend on the Toronto 25,485,875 21,437,480 +18.9 27,738,165 25,395,212 Winnipeg • 13,000,000 10,747,118 +20.9 12,518,212 .9,133,646 stock of the latter institution. Festus J. Wade, President of Vancouver 2,800,000i 2,752,758 +1.7 3,136,061 2,063,412 Ottawa 2,159,7641 2,323,726 -7.1 2,773,832 2,307,994 the trust company, has been elected as presiding officer of Quebec 2,100,0001 2,024,341 +3.8 2,016,322 1,793,367 Halifax 1,550,000, 1,566,571 -1.1 2,538;249 2,133,525 the bank'. The management Will otherwise be made up of Hamilton 1,242,5481 1,533,989 -19.0 1,629,356 1,626,604 George W. Wilson, Vice-President, Calgary 1,426,502; 1,099,767 +29.8 1,481,971 and Edward Buder, St. John 1,223,953, 1,100,530 +11.3 1,261,969 1,064,951 Cashier, both of whom are officials of the trust company. London _ 1,200,000, 1,451,041 -17.2 1,577,894 1,573,279 Victoria 850,0001 791,897 +7.3 800,204 667,011 An announcement by President Wade, with regard to the Edmonton 600,0001 574,649 +40.6 745,681 object of the proposed bank, says: Total Canada 83,638,642 74,931,167 +11.6 87,984,142 1 73,857,044 a he management of the Mercantile Trust Co., after due consideration of the subject, has decided to organize a national bank, and has applied Clearings by Telegraph-Sales of Stocks, Bondi, &O.. for and received from the Comptroller of the Currency a charter under the The subjoined table, covering clearings for the current week, name of the Mercantile National Bank. The chief reasons for this action usually appears on the first page of each issue, but on account are the following: of the length of the other tables is crowded out once a month. 1. As banks of deposit and discount, national banks enjoy rights and The figures are received by telegraph from other leading cities. privileges which trust companies do not enjoy. National banks can be- It will be observed that, as compared with the come depositories of the national corresponding the funds of government and of the funds week of 1908, there is an increase in the aggregate of 53.7%. of the State and city and county governments of the State. So individual 2. They can far as the cities are concerned, New York ex- receive commercial deposits and discount commercial paper hibits a gain of 83.4%; Boston, 33.7%; and so aid in the development of the commercial and manufacturing in- Philadelphia, 28.0%; terests and enterprises Chicago 44.5%; St. Louis, 25.8%; Baltimore 38.2%, and of our city. New Orleans 25.5%. 3. National banks may become depositories of the reserve and other funds of other national banks and so increase their own usefulness to the Clearings-Returns by Telegraph Jan. 9. 1909. community In which their business is carried on: 1908. % 4. They have the power to Issue, undet the absolute safeguards of the Ndw York $2,069,266,167 51,128,200,585 +83.9 Boston law, circulating currency which passes for money, and in case of great pub_ 158,249,288 118,365,419 +33.7 Philadelphia 122,396,498 95,607,661 Ile financial stiingency may, for the relief commerce, +28.0 of trade and Issue Baltimore 28,108,631 20,344,004 +38.2 emergency currency under safegaards of equal protection. Chicago 252,615,419 179,765,845 +44.5 St; Louis 5. Being organized under the national banking law, their powers and 66,233,252 52,651,672 +25.8 New Orleans 19,989,785 15,927,531 +25.5 privileges are well defined and understood throughout the financial world. 6. National banks are not subject to the continual attacks of the State Seven cities, 5 days $2,716,859,040 $1,605,862,718 +69.2 Other cities, 5 days legislatures. Their welfare as well as the welfare and protection of the 425,416,923 384.014,987 +10.8 Congress, people are protected by which is more generally guided by the Total all cities, 5 days $3,142,275,963 $1,989,877,705 +57.9 maxim,"Let well enough alone." than are our State legislatures. All cities, 1 day 594.287,698 441,819,776 +34.5 7. The Mercantile National Bank will be under the control of the same Total all cities for week $3,736,563,661 $2,431,697,481 +53.7 management as the Mercantile Trust Company, and all profits arising there-

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 82 THE CHRONICLE [VOL. Our usual monthly detailed statement of transactions on inonetarni Ciro mmerciaMnaltSitRCUIS the various New York exchanges is appended. The results for the twelve months of 1908 and 1907 are given below. English Financial Markets-Per Cable. The daily closing quotations for securities, &c., at London, Twelve Months 1908. Twelve Months 1907. as reported by cable, have been as follows the past week: Descrip- London. lion. Par Value Actual lAcer. Par Value Actual !Aver. Sat. Mon. Tues. Wed. Thurs. Fri. Quantity Value. Price. or Week ending Jan. 8. or Quantity. Value. 'Price. Silver, per oz d 233-16 233% 23 5-16 233% 23 13-16 2311-16 Consols, new, 23% percents.. 833% 833% 8311-16 83 11-16.833% 833% St'lzfShs.. 197,206,346 196,438,824 83 13-16 83 13-16 833% 833% 517694,247,800 For account 833% 833% 1Val $15319,491,797 86.6517006,377,125$14757,802,189 86.8 French Rentes (in Paris). jr. 96.723% 96.723% 06.773% 96.80 96.773% 96.85 RR.bonds $999,025,800 $885.406,197 88.1 $456,116,300 $396,464,512 86.9 Amalgamated Copper Co_ _ _ _ 863% 86% 86%3 85 85% 863% Govt.bds. $521,820 $573.491 109.9 $858.050 $948,626110.6 Co 10% 10% 10% 103 10% bds. $81,713,500 $66,173,334 95.6 bAnaconda Mining 103% State $85,123,684 104.2 $69,196.100 Atchison Topeka & Santa Fe.1033% 103% 103% 102% 103 103 Bank stks $226,500 $455.583200.3 $418,700 $813,153194.2 Preferred 1043% 104% 104% 1043% 104% 104% 113 113% 114% _ _ $18775,735,420 Baltimore & Ohio 114 1143% s 113% Total 516291,050,752 86.8317532,966,275515222,201,814 86.8 Preferred 953. 95g - 953% 95 95 953% Grain,bu. 450,443,750 466,165,160103.5 645,353,800 636,964,28798.7c Canadian Pacific 182 181M 181% 180% 1807 182 val. Chesapeake & Ohio 583% 59 58 573% 57% 593% Total $16757,215,912 515859,166,101 Chicago Great Western 11% 11% 113% 11 84.5 Chicago Milw. de St. Paul _ _155% 155 154 152 1523% 154 Denver & Rio Grande, com_ 403% 40% 40 40 39 403% The volume of transactions in share properties on the Preferred 833% 83 823% 82 82 83 New York Stock Exchange each month since Jan. 1 in 1908 Erie, common 353% 353% 34% 34 33% 33% is following. First Preferred 523% 52 51 503% 50M 50 and 1907 indicated in the Second Preferred 413% 41% 40% 40 40M 40 SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE. Illinois Central 152 152% 1513% 149% 150 150% Louisville & Nashville 129 130 128% 128 . 127% 128% 1908. 1907. Mexican Central 243% 24% 243% 24% 24% 243% Mo. Kansas & Texas, com 433% 44 44 42 42% 433% M'th. 75 Number Values. Number Values. Preferred 75 75M 743% 74% 75 of National RR. of Mexico 45 45 44 44 44 44 Shares. Par. Actual. Shares. Par. Actual, N. Y. Central & Hudson Riv.1293% 133 133% 132 129 131 N. Y. Ontario & Western.... 473% 49% 49% 48% 48% 49 Norfolk az Western, com 88 883% 87% 87% 87% 89 $ 5 90 90 Jan - 16,594,895 1,396,403,800 1,015,764,111 22,702,760 1,948,477,925 1,854,950,930 Preferred 90 90 90 90 Feb _ 9,839,706 833,190,900 609.986,418 16,470,072 1,318.394,800 1,241,478,649 Northern Pacific 1463% 147 145% 1443% 144% 146% Mch 15,939,255 1.387,712,725 1,014.698.43732,208,5252.787,043,450 2,609,820,422 Pennsylvania 673% 68% 69 68% 68% 68% aReadng Company 733% 73% 73% 71% 72% 72% 2.640,448,96671,382,257 6,053,916,175 aFirst Preferred 473% 47% 47% 47% 47 47 lstqr 42,373,8563,617,316,425 5,706,250,001 48 April 11,648,123 1,024,180,450 782,948.479 19,235,6521.686,695.950 1,508,967,413 aSecond Preferred 48 48% 48% 48 47 May 20,975,022 1.855,881,050 1.470,479,816 15,827,245 1,346,719.474 1,204,698,417 Rock Island Company 253% 25% 243% 24% 243% 253% June 9,652,437 857.496,500 771,664,685 9,749,415 826,398,975 740.089,460 Southern Pacific 1243% 123% 122% 121% 122% 122% Southern Railway, common_ 273% 27% 26% 26% 20% 27 62 64 63 2d qr42,275,5823,737,558,000 3,025.092,98044.812,312 3,859.814.4003,453,755.290 Preferred 633% 64 64 Union Pacific, common 1883% 187% 186 184% 184% 185% 5,665,541 946 116194 5699.913,730,575 Preferred 98 973% 97 97 983% 99 6 m's 84,649,4387,354,874,425 9,160,005,291 54% July_ 13,857,563 1,249,522,675 964,269,481 12.811,354 1,141,219,600 990,094,600 U. S. Steel Corp., common._ 55 543% 54 533% 53% 1.390,644,625 116 1153% 115% 1153% 115% 116 Aug_ 18,881.285 1,899,430,1001,584.406.183 15.561.583 1.180,470,609 Preferred 19% 19% Sept. 17,582,4991,557.670.875 1.485,649,298 12.223,5411.088.393.826 902,471,817 Wabash 10% 103% 193% Preferred 51 51 50% 51% 51% 51% 75 3d qr50.321,3274,506.623,6504,034,324.962 t40.596,478 3,620,258,050 3,073.937,026 Extended 48 773% 753% 75 74 753% 9 m's 134970,78511881498.075 9,899.866,908156791 047 13533,988,625 12233,942.317 a Price per share. b £ sterling. Oct ;14,266,901 1,302,230,375 1,252,695,988 17,333,793 1,650,957.0501,127,476,980 Nov_ 24.966,3262,389,941.5502,306.950,487 9,677,494 849,293,525 617,436,014 Dec _13,002,3542,140,577,8002,059,978,414 12,636,4901,072,137,925 778,046,878 (Commercial and TO iscellaneous ews 4thqr 62,235,581 5.832,749,7255,619,624,889139.647,7773.472,388,5002.523,859,872 Auction Sales.-Among other securities the following, not Year 197206 346 17694,247,80015319,491,7971196438 82417006,377,125114757,802,189 regularly dealt in at the Board, were recently sold at auction: By Messrs. Adrian H. Muller & Son: The compilation covers the clearings by months Stocks. Bonds. following 10 Ord. shares Bartholomay $3,000 Hudson RIv. Elec. Pow. since Jan. 11908. Brew, Co., Ltd., of Roch- Co. Ist 5s 1944. F. & A_ __ _ 26 MONTHLY CLEARINGS. ester, $50 each $55 lot $5,000 Pittsb. Shaw. & Nor. 10 Pref. shares Bartholomay Ry. 1st 48, Serles A, 1952_ _ 50 Jones, Jewell Clearings, Total All. Clearings Outside New York. Brew. Co., Ltd., of Roch- $10,000 Hecker, ester, $50 each $200 lot Milling Co. 10-yr. 6s 1916. Month. J. & J 90-903% 1908. 1907. 1908. 1907. 524 Bklyn. City RR. Co. (ex- div.) 1903% $15,000 Ohio Copper Co. 1st 6s 80 First Nat. Bk. of Bklyn_ _ _251 cony. 1917. M. & S 953% $55,000 East. RR. of Cuba Jan - - 11,359,308,232 15,054.655,406 -24.5 4,609,033,277 5,416,984.522 -14.9 500 Dominion Securities Co, 11,823,958,740 -25.9 3,860.671.029 4.492,448,964 -14.1 $1 each $250 lot 1st ref. bonds Feb -. 8,756,701.857 550 Eastern RR. of Cuba_ _ _ Mch . 9,777.937,943 14.657,900,282-33.3 4,276,897.604 5,095,622,479 -16.1 20 Phenix Ins. Co. of Bklyn_ 2623%_ 25 Carnegie Trust Co 187 M $10,000 Santa Cecilia Sugar -28 0 12,746,601,908 15,005,055,965 873% Federal Knitting Co_ _ 25 Co. 6s 1st qr.. 29,893,948.032 41.536,514.428 -15.1 130 Santa Cecilia Sugar Co_ April. 9,764,431.744 12,661,631,615-22.8 4,276,857,436 4,994.103.001 -14.4 15 Old Dominion SS. Co 1083% 4,188.873.348 5.071.850,921 100 Union Ferry Co 283% 275 Am. Silk Co., preferred_ May 10,858,707,179 12,406,704.867 -12.5 -17.4 275 Am. Silk Co. common_ _ $15,000 June 9,825,771.157 11,159,390.575 -12.0 4,171,911,240 4,790,217,610 -12.9 10 Lincoln Trust Co 1923% 7 Nat. Lt., Ht. & Pow. Co., 78 North River Imp. Co.__ lot. 12,637,642,024 14,856,171,532 preferred 46 40 Fidelity Coml. & Trad- 2d qu_ 30,448.910,080 36,227,727.057 -15.9 -15.0 ing Co., preferred_ 80 Fidelity Coml. do Trad. 0 mos. 60,342,858,112 77,764.241,485-22.4 25.384,243,932 29,861,227,497-15.0 Bonds. 65.060,255,679 $3,000 Superior Water, Lt. & Co., common July- _ 11,071,981.347 12,372.028.084 -10.5 4.453.893,588 -12.0 Havana Post Pub. Co.. _ -11.3 4,023,581.641 4,668.225.399-13.8 Pow. Co. 1st 551931. M &N.. 72 64 Aug 10.218.695,249 11,558.715.889 Lt. & 40 Reliance Leather Co..Pf Sept__ 11,112,581,447 10,573,022,063 +5.0 4.330,097,831 4,542,793,316 -5.0 $750 Superior Water, Pow. Co. income bonds_ _$80 lot 40 Reliance Leath.Co.,com 3d qr_ 32,433,258,043 34,503,766.036 -6.0 12,808.573,061 14,271.284,394-10.3 20 H. H. Warner Co., Ltd., 110 each $48 lot 9 mos 92,776,116.155 112268,007.521 -17.4 38.191.816.393 44,132,511.891 -13,5 $110 Promissory note of L. Oct ... 12,136,130,544 13„804,896,282-12.1 4,901,858,771 5,608,892,641 -12.6 Willard Butler Nov _ _ 12,976,376,842 9,679,735,498 +34.1 4,785,354,040 4,178,993,335 +14.5 Dec 14,383,443,871 9,423,094,192 +52.6 5,117,157,352 4,073,167,245 +25.6 STOCK OF MONEY IN THE COUNTRY.-The follow- generalistock of moneYin the country, as 4th qr. 39,495,951,257 32,907,725,972 +20.0 14,804,370,163 13,861,053,221 +6.8 ing table shows the well as the holdings by the Treasury, and the amount in Year _ 132272,067,412 145175,733,493 -8.9 52,096,187,156 57,993,565,112 -8.6 circulation, on the dates given. The statement for Jan. 1 1098 will be found in our issue of Jan. 111908, page 89. The course of bank clearings at leading cities of the coun- -Stock of Money Jan. 1 '09- -Money In Circulation- In United Held in Jan. 1 Jan. 1 try for the month of December and since Jan. 1 in each of Stales. Treasury.d 1909. 1908. the last four years is shown in the subjoined statement. $ $ $ 1,653.881,807 17566:249121:03 611) 217,841 648,573, 173 BANK CLEARINGS AT LEADING CITIES FOR DECEMBER AND THE YEAR Gold coin and bullion Gold certificates .a 0670 801,860,509 706,612,349 December Jan. 1 to Dec.31- 563,663,812 4,219 72,443,593 91,312,428 1906. Standard silver dollars (000.0005 1908. 1907. 1906 1905. 1908. 1907. 1905 Silver certificates_a 20,378,201 470,837,799 467,731,347 omitted.) $ $ $ $ $ $ $ $ 153,226,112 18,162,747 1354:056839:316805 1345:948 809:058569 87.182 Subsidiary silver New York 9,266 5,350 9,228 9,690 79,276 104,676 93,822 Treuryas notes of 1890._ _ _ 4,596,000 Chic ago 1,134 815 1,007 995 11,854 12,088 11,047 10,142 346.681,016 10,2586:018471 336,422,969 345,275,422 8,135 8,335 United States notes Boston 720 517 719 712 7,339 7,655 National bank notes 677,068,165 25,287,727 651,780,438 679,034,664 Philadelphia 571 493 668 623 5,938 7,161 7,687 6,929 St. Louis 298 246 272 261 3,075 3,166 2,973 2,890 3,399,116,912 306,801,209 3,092,315,703 3,078,989,298 228 2.065 2,744 2,641 2,506 Total Pittsburgh 183 203 230 United States Jan. 2 1909, estimated at 88,209,000. San Francisco 152 129 203 170 1,757 2,134 1,098 1,835 Population of the circulation 1,473 pert* cAapreitavisied35e 0st6i Baltimore 121 104 131 131 1,241 1,445 1,290 the Mint of 111 1,230 1,362 1.310 1,205 'mate by the Director of the stock of gold coin was Cincinnati 114 91 111 for Aug. 1 1907. There was a reduction Kansas City 181 123 128 110 1,848 1,649 1,332 1,198 adopted in the statement of $135,000,000. 750 897 838 775 a For redemption of outstanding certificates an exact equivalent In amount of the Cleveland 67 64 75 70 in the Treasury, and is New Orleans 93 96 114 114 786 957 1,020 963 appropriate kinds of money Is held not included in the ac- 1,057 1,158 991 914 count of money held as assets of the Government. Minneapolis 98 102 102 97 the Treasury as does Louisville 64 37 56 55 580 645 650 602 d This statement of money held in assets of the Government 712 670 598 not include deposits of public money in national bank depositaries to the credit of Detroit 60 55 57 56 668 amounting Milwaukee 52 44 45 43 548 562 493 430 the Treasurer of the United States, to $112,126,477 57. Providence 33 28 38 37 337 390 397 381 Omaha 59 42 46 40 602 568 504 443 following information regarding Buffalo 36 32 36 32 409 445 396 351 National Banks.-The 58. Paul 45 46 41 34 484 485 419 343 nationgl banks is from the office of the Comptroller of the Indianapolis 38 25 35 33 380 899 366 345 Treasury Department. Denver 41 31 35 30 410 408 350 328 Currency, Richmond 30 27 27 28 299 322 303 260 APPLICATION TO CONVERT INTO NATIONAL BANK APPROVED. Metnphls 27 27 28 32 253 249 248 273 The Tremont Bank, Tremont, Ill., Into "The Tremont National Bank," Seattle 41 31 43 29 429 489 486 302 Capital, $25.000. Hantford 15 13 16 14 187 184 183 162 NATIONAL BANKS ORGANIZED. Salt Lake City 29 13 33 25 257 292 288 212 Certificates Issued from Dec 24 to Jan. 2. 9,297-The Mercantile National Bank of St. Louis. Missouri. Capital, Total 13.588 8,784 13,524 13,798 124,039 136,256 152,046 137,154 $1,500,000, Festus J. Wade, President; George W. Wilson, Other cities 815 639 761 655 8,233 8,920 7,874 6.755 Vice-President; Edward Buder, Cashier 9,298-The Milford National Bank, Milford, Iowa. Capital, $25,000. Total all 14,383 9,423 14,285 14,453 132,372 145,176 160,020 143,909 Milton S. Dewey, Pres.; H. H.Overocker, Vice-Pres.; H. S. Ab- Outside New York_ 5,117 4,073 5,057 4,763 52.296 57,994 55,344 50,087 bott, Cashier; F. A. Heldridge, Asst. Cashier.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.) THE CHRONICLE 83

9,299-The First National Bank of Fortville, Ind. Capital, $25,000. John Per G. McCord, Pres.; Morrow, When Books Closed. William R. Rash, Vice-Pres.; 0. L. Name of Company. Cent. Payable. Days Cashier; W. S. Todd and John A. McComas, Asst. Cashiers. Con- Inclusive. verston of the Citizens' State Bank of FortyIlle. Miscellaneous-Concluded 9,300-The First National Bank of Portsmouth, Va. Capital, $100,000. Internatienal Paper, preferred (guar.)._ _ 34 Jan. 15 Holders of rec. Jan. 5a Jno. L. Watson, Pres.; V. Garland Weaver, Cashier. Internat. Stearn Pump, pl. (qu.) (No. 39) 9,301-The 154 Feb. 1 Jan. 21 to Feb. 1 Whitbeck National Bank of Chamberlain, S. D. Capital, $50,- Knickerbocker Ice, preferred (No. 20)____ Jan. 000. Wm. M. Pratt, Pres.; N. W. Egleston, Vice-Pres.; A.C. Whit- 20 Jan. 10 to Jan. 20 La Rose Consolidated Mines (quar.)___ 3 Jan. 20 Jan. 3 to Jan. 20 beck, Cashier; S. F. Rosencrance, Asst. Cashier. Extra Jan. 9,302-The First National Bank of Thomson, Ga. Capital, $90,000. 20 Jan. 3 to Jan. 20 Massachusetts Lighting (guar.) 134 Jan. 15 Holders of rec. J. H. Boyd, President; B. F. Johnson, Vice-Pres.; Paul A. Bowden, Mexican Light Jan. Is de Power, Ltd., common 154 Jan. 15 Jan. 10 to Jan. 15 Cashier; J. 0, Shields, Asst. Cashier. Conversion of the Farmers' & Mexican Telegraph (guar.) 24 Jan. Merchants' Bank of Thomson. 15 Holders of rec. Dec. 31 Michigan State Tel., pref.(guar.) (No. 20) Feb. 1 Jan. 17 to Feb. 1 9,303-The National Bank of Bloomfield, Iowa. Capital, $55,000. Henry Minneap. Gen. Elec., corn. (No. 2 Standley, Vice-Pres.; S. F. McConnell, 7)-._.. Feb. 1 Holders of rec. Jan. 11 C. Taylor, President; S. S. Preferred (No. 20) 3 Feb. 1 Cashier; S. E. Rowe, Asst. Cashier.. Holders of rec. Jan. 11 Monongahela Riv. Cons. Coal & Coke, pt.. 131 Jan. 25 Jan. 13 to Jan. 24 9,304-The Citizens' National Bank of Stoughton, Wis. Capital, $50,000, National Biscuit, corn. (guar.)(No. Vice-Pres.; McCook, 41)_ _ 131 Jan. 15 Holders of rec. Dec.28a F. B. Hyland, Pres.; Walter Atkinson, It. D. National Carbon, common (guar.) Jan. Cashier, Conversion of the Citizens' State Bank of Stoughton. 15 Jan. 6 to Jan. 15 National Licorice, common Jan. 7 Holders of rec. Jan. 6 9,305-The City National Bank of Gloversville, N. Y. Capital, $200,000. New Eng. Teiep. & Teieg. (guar.).- Vice-Pres.; Chas. N. 114 Jan. 15 Jan. 1 to Jan. 14 Wm. H. Place, Pres.; W. E. Whitney, Harris, New Orleans Gas Light $3 Jan. 15 Cashier; Conversion of the Manufacturers' & Merchants' Bank of Holders of rec. Dec. 31 New York Mutual Gas Light 3 Jan. 9 Holders of rec. Dec. 28 Gloversville. N. Y. & N. J. Teiep. (guar.)(No. 101)._ iq Jan. 15 9,306-The City National Bank of Council Bluffs, Iowa. Capital, $120,000. Holders of rec. Jan. 5 Nipissing Mines (guar.) 3 Jan. 20 Jan. 1 to Jan. 20 T. G. Turner, President; Oscar Keeline and J. G. Wadsworth, Vice- Extra Cashier. 2 Jan. 20 Jan. 1 to Jan. 20 Presidents; Charles R. Hannan Jr., Nova Scotia Steel & Coal, Ltd.,pf.(guar.) 2 Jan. 9,307-The Farmers' National Bank of ClaysvIlle, Pa. Capital, $50,000. 15 Jan. 1 to Jan. 5 Omaha Electric Light d; Power, preferred... 24 Feb. 1 Holders of rec. Jan.20a D. W. Rasel, Pres.; John T. Carter, Vice-Pres.; Burns Darsle, Cash- Osceola Mining ier; Benj. Anderson, Asst. Cashier. $4 Jan. 29 Holders of rec. Jan. 8 Otis Elevator, preferred (guar.) 154 Jan. 15 Holders of rec. Dec. 31 9,308-The First National Bank of Sanger, Cal. Capital, $25,000. D. L. Pacific Snodgrass, Pres.; W. D. Mitchell, Vice-Pres.; Coast Co., common (guar.) 1 Feb. 1 Jan. 17 to Feb. 1 W. M. Barr,Cashier; First preferred (guar.) 131 O.J. Hudson, Asst. Cashier. Conversion of the Sanger State Bank. Feb. 1 Jan. 17 to Feb. 1 Second preferred 1 Feb. 1 Jan. 17 to Feb. 1 LIQUIDATIONS. Pacific Coast Power (No. 2) 2 Jan. 16 Holders of rec. Jan. 6 7;499-The Bokchito National Bank, Bokchlto, Oklahoma, was placed Procter & Gamble, preferred (guar.)._ 2 Jan. 15 Holders of rec. Dec.31a in voluntary liquidation December 16 1908. Quaker Oats, common (quar.) 154 Jan. 15 Holders of rec. Jan. 4a 8,126-The First National Bank of Eldorado, Oklahoma, was placed in Common (extra) 34 Jan. 15 Holders of rec. Jan. 4a voluntary liquidation Dec. 1 1908. Reece Button Hole Mach.(guar.) (No. 91) 2 Jan. 15 Holders of rec. Jan. 5, 6,400-The Alva National Bank, Alva, Okla., was placed in voluntary Rhode Isl. l'erkins Florseshoe, pref. (guar.) 151, Jan. 15 Holders of rec. Jan. 4 liquidation Dec. 22 1008. Securities Company 234 Jan. 15 Jan. 1 to Jan. 15 3,975-The Merchants & Farmers' National Bank of Weatherford, Tex, Shawinigan Water & Power (guar.) Jan. 20 Jan. 20 to Jan. 25 was placed in voluntary liquidation Dec. 311908. Standard Underground Cable 3 Jan. 9 Holders of rec. Jan. 4 6,578-The First National Bank of MannsvIlle, Okla., was placed in volun- Extra 10 Jan. 9 Holders of rec. Jan. 4 tary liquidation Dec. 31 1008. Stetson (John B.), common 15 Jan. 15 Jan. 10 to Jan. 15 Preferred 4 Jan. 15 Jan. 10 to Jan. 15 Street's West. Stable-Car Line, corn.(qu.) Jan. 25 Jan. 15 to Jan.,.25. DIVIDENDS. Union bag dr Paper, pref. (auar.)(No.39) 1 Jan. 15 Holders of rec. Dec "31 The following shows all the dividends announced for the Union Switch & Signal, corn. & pf. (qu.) 3 Jan. 11 Jan. 2 to Jan. 11 important United Cigar, common (No. 1) 1 Feb. 1 Holders of rec. Jan. 27 future by all large or corporations: United Cigar Stores, preferred (annual)._ 7 Jan. 20 Jan. 3 to Jan. 20 Dividends announced this week are printed in italics. United Fruit (guar.) (No. 38) 2 Jan. 15 Holders of rec. Dec. 28 • United Gas Improvement (guar.) 2 Jan. 15 Holders of rec. Dec. 31 United States Rubber, first pref. (guar.)._ 2 Jan. 30 Holders of rec. Jan. 15a Per When Books Closed. Second preferred (guar.) Name of Company. Cent. Payable, 154 Jan. 30 Holders of rec. Jan. 15a Days inclusive. U. S. Smelt. Ref & Mining, corn. (guar.) 1 Jan. 15 Holders of rec. Dec. 31 Prefetred (guar.) Railroads 131 Jan. 15 Holders of rec. Dec. 31 (Steam). U. S. Telephone, pref. (guar.) 154 Feb. Atch. Topeka & Santa Fe, pref.(No. 21)_ Feb. 1 15 Holders of rec. Jan. 30 234 Holders of rec. Dec.30a Utah Consolidated Mining 50c. Jan. 15 Dec. 22 to Dec. 30 Atlantic Coast Line RR.. common 234 Jan. 11 Dec. 19 to Jan. 11 Virginia-Carolina AllanItc & North Carolina Chem.,pf.(qu.)(No.53). 2 Jan. 15 Jan. 1 to Jan. 15 134 Vulcan Detinning, pref. (guar.) 15( Jan. 20 Holders of ree. Jan. 9s Canada Southern Feb. 1 Holders of rec. Dec. 31 Wells, Fargo & Central RR. Co 5 Tan, 15 Jan. 1 to Jan. 11 of New Jersey (guar.) Feb. 1 Holders of rec. Jan. 20 Western Union Telegraph (qu.)(No. 159) Jan. Chic. & Alton pref. & prior lien dr partic. 2 Jan. II 15 Holders of rec. Dec.19a 15 Holders of rec. Dec.31a Westinghouse Air Brake (quar.) 24 Jan. 9 Dec. 31 to Jan. Cleve. Cinc. Chic. & St. L., pref. (quar.) 13( Jan. 20 Holders of rec. Dec. 29 8 Delaware & Hudson (guar.) 251 Mch. 20 Holders of rec. Feb. 27 a Transfer books not closed. Delaware Lackawanna & Western (guar.) 24 Jan. 20 Holders of rec. Jan. 4 Denver & Rio Grande, preferred 254 Jan. 15 Dec. 27 to Jan. 3 Georgia Railroad & Banking (guar.) 231 Jan. 15 Jan. 1 to Jan. 14 Imports and Exports for the Week.-The Great Northern (guar.) 131 Feb. 1 Holders of rec. Jan.12a following are Hocking Valley, common and preferred_ Jan. 18 Holffers of rec. Dec. 28 the imports at New York for the week ending Jan. 2; also Kansas City Southern, preferred (guar.). 1 Jan. 15 Holders of rec. Dec. 31 totals since the beginning of the first week in January: Lake Shore dr Michigan Southern 6 Jan. 29 Holders of rec. Dec. 31 Guaranteed (Mich. So. & No.Ind.) _ _ Feb. 1 Jan. 1 to Feb. 1 FOREIGN IMPORTS AT NEW YORK. Lehigh Valley, common 2 Jan. 9 Holders of rec. Dec. 26 Common (extra) 1 Jan. 9 Holders of rec. Dec. 26 For week. 1909. 1908. 1907, Preferred __ 5 Jan. 9 Holders of rec. Dec. 26 1906. Little Schuylkill Nav. RR. & Coal 234 Jan. 15 Dec. 24 to Jan. 14 Dry Goods Nashville $3,710,104 $3,591,357 $3,827,756 $3,712,594 Louisville dr 24 Feb. 10 Jan. 21 to Feb. 10 General merchandise 11,657,492 9,081,842 11,939,471 Mahoning Coal RR., common 6 Feb. 1 Holders of rec. Jan. 15 10,996,013 Michigan Central 3 Jan. 29 Holders of rec. Dec. 31 Total $15,367,596 $12,673,199 $15,767,227 $14,708,302 Mine Hill & Schuylkill Haven 254 Jan. 15 Dec. 22 to Jan. 14 Since Louis, Jan. 1.4 Minneapolis & St. preferred 24 Jan. 15 Holders of rec. Dec. 31 Dry Goods $133,665,244 N. Y. Central & Hudson River (guar.)._ $189,001,122 $168,792,473 $146,430,248 Jan 15 Holders of rec. Dec. 22 General Merchandise 511,401,018 653,214.088 631,911,627 Norfolk & Western, preferred 2 Feb. 18 Holders of rec. Feb. 3 576,591,334 North Carolina 34 Feb. Total 53 weeks $645,066,262 $842,215,210 $800,704,100 Northern Central (No. 88) 4 Jan. 15 Holders of rec. Dec. 31 $723,021,582 Northern Paciftc (guar.) 131 Feb. 1 Jan. 13 to Feb. 1 Northern Securities Jan. 11 Dee. 31 to Jan. 11 * Totals since Jan. 1 are for years 1908, 1907, 1906 and 1905. Pittsb. Cinc. Chic. & St. Louis, common 2 Feb. 15 Holders of -cc. Feb. 5 The following is a statement of the Preferred 254 Jan. 15 Holders of rec. Jan. 6 exports (exclusive of Pittsburgh & Lake Erie 5 Feb. 1 Holders of rec. Jan. 2 specie) from the port of New York to foreign ports for the Reading Company, common 2 Feb. 1 Holders of rec. Jan. 15 week ending Jan. 2 and from Jan. 1 to date: St. Louis di San Fran., 1st pref. (quar.) 1 Feb. 2 Holders of rec. Jan.16a Southern Pacific, preferred (No. 9) 34 Jan. 15 Holders of rec. Dec. 31 EXPORTS FROM NEW YORK FOR THE WEEK. Texas Central, preferred 234 Jan. 15 Jan. 6 to Jan. 15 Vandalla 254 Feb. 15 Holders of rec. Feb. 5 1909. 1908. 1907. 1906. White Pass & Yukon 2 Jan. 15 Holders of rec. Jan. 1 Street & Electric Railways. For the week $9,054,628 $10,451,853 $11,231,310 $12,458,650 Aurora Elgin dr Chicago, common (guar.) 31 Jan. 11 Dec. 25 to Jan. 11 Previously reported 630,900,387 655,358,294 625,063,031 558,947,662 Preferred (quar.) 151 Jan. 11 Dec. 25 to Jan. 11 Boston Suburban Elec. Cos., Pref. (guar.) 75c. Jan, 15 Holders of rec. Dec. 31 Total 53 weeks* $639,955,015 $665,810,147 $636,294,341 $571,406,312 Brooklyn City RR. (guar.) 254 Jan. 15 Jan. 8 to Jan. 17 Cinc. Newport Covington, com.(guar.) Jan. 15 & Jan. 1 to Jan. 15 * Totals for 1908, 1907, 1906 Preferred (guar.) 114 Jan. 15 Jan. 1 to Jan. 15 and 1905. Consolidated Traction of N. J Jan. 15 Jan. 1 to Jan. 16 The following table shows the exports and imports El Paso Electric Co., pref.(No. 13) 3 Jan. 11 Holders of rec. Dec. 30 of Green de Coates Sts., Phila., Pass.Ry.(gu.) $1.50 Jan. 7 specie at the Port of New York for the week ending Jan. a Manchester(N. II.) Tr., L. & P.(guar.). _ 2 Jan. 15 Holders of rec. Jan. 1 and since January 1, 1908, and for the corresponding New Orleans City RR., common 1 Jan. 11 Jan. 2 to Jan. 10 Preferred 24 Jan. 11 Tan. 2 to Jan. 10 periods jn 1907 and 1906 Philadelphia Company, common (quar.)_ 134 Feb. 1 Holders of rec. Jan. 2 EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Seattle Electric Co., common (No. 2)_ 254 Jan. 15 Holders of rec. Jan. 1 United Rys. of St. Louts, pref.(quar.)_ _ 151 Jan. 11 Dec. 24 to Jan. 10 United Traction, Pittsburgh, preferred_ 24 Jan. 20 Holders of rec. Jan. 9 Exports. Imports. Miscellaneous. Week. Since American Cement (No. 19) 3 Jan. 22 Jan. 10 to Jan. 22 Jan.] Week. Since Jan.l. American Chicle, common (monthly) 1 Jan. 20 Dec. 29 to Jan. 20 Great Britain Common (extra) 1 Jan, 20 Dec. 29 to Jan. 20 $2,524,737 $3,720,329 France 29,844,414 1,087,055 Preferred (quarterly) 14 ran. 20 Dec. 29 to Jan. 20 Germany American Glue, preferred $4 Feb. 19,017,343 36,183 1 Jan. 20 to Feb. 2 West Indies $8,000 1,355,400 American Light & Traction, common 2 Feb. 1 Jan. 21 to Jan. 31 $12,573 5,249,872 Mexico 4,000 6,340 531,179 Preferred (guar.) Feb. 1 Ian. 21 to Jan. 31 South America preferred Jan. 23,000 2,176,436 23,526 2,999,748 American Locomotive, (guar.). 21 Jan. 5 to Jan. 21 All other countries 250 Amer. Smelt. & Ref..com.( qu.)(No. 21) 1 Jan. 15 Dec. 25 to Jan. 1 10,485 35,173 3,538,705 American Telephone & Telegraph (guar.) 2 Jan. 15 Holders of rec. Dec. 31 Total 1908 American Type Founders, 1 Jan. $31,250 $54,932,815 $77,612 $17,163,071 common (qu.) 15 Holders of rec. Jan. 11 Total 1907 14,030 36,788,802 Preferred (guar.) 131 Jan. 15 Holders of rec. Jan. 11 5,311,901 104,534,394 Total 1906 6,000 6,828,146 109,247 16,429,238 American Woolen, pref. (qu.) (No. 39)._ 1.54 Jan. lb Dec. 27 to Jan. 4 Silver. Anaconda Copper Mining (qu.)(No. 33). 50c. Jan. 20 Holders of rec. Jan. 9 Great Britain $723,380 $37,603,974 174,751 Associated lferchants, Mgt preferred (quay.) 151 Jan. 15 Jan. 8 to Jan. 15 France Second preferred (guar.) 14 Jan. 15 4,914,000 68,514 Jan. 8 to Jan. 15 Germany 41,900 Bell Telephone of Canada (guar.) 2 Jan. 15 Holders of rec. Dec. 24 West 118,785 Bell Philadelphia (quar.)_ Indies 416 268,009 10,726 199,060 Telephone of 154 Jan. 15 Jan. 6 to Jan. 15 Mexico ' Central Coal & Coke, common (guar.).- 14 Jan. 15 Jan. 1 to Jan. 15 39,451 1,962,434 South America $3,870 1.592 1,374,319 Preferred (guar.) 151 Jan. 15 Jan. 1 to Jan. 15 All other countries Cent. Dist. & Print. Telegraph (guar.)._ 2 Jan. 30 Jan. 24 to Jan. 31 350 38,992 808,891 Clallin (H.B.), common (guar.) 2 Jan. 15 Holders of rec. Jan. 13 Total 1908 $723,796 $42,832,103 690,761 $4,606,704 Corn Products Refining, pref.(guar.)._ 1 Jan. 11 Holders of rec. Dec. 31 Total Distilling Co. 1907 973,510 49,583,251 88,545 4.042,850 of America, pref.(quar.)- - 1 Jan. 29 Holders of rec. Jan. 9 Total 1908 531,981 Distillers' Securities Corp. (au.)(No. 25) 14 Jan. 30 Holders of rec. Jan. Oa 39,324,147 100,384 2,889,210 du Pont (E.I.)de Nem,mrs Powd .pr.(qr.) 131 Jan. 25 Holders of rec. Jan. 15 Federal Mining & Smelting, common.... 154 Jan. 15 Holders of rec. Dee. 31 -Of the above imports for the week in 1909. 314 100 were General Electric (guar.) 2 Jan. 15 Holders of rec. Dec. 3 American Harbison-Walker Rerfactories, pref. (quar.) 154 Jan. 20 Holders of rec. Jan. 10 gold coin and $10,600 American silver coin. Of Int. Button Hole Sew. Mach.(qu.)(No.45) 1 Jan. 15 Holders of rec. Jan. 5 the exports during the same time, $31.250 were AMP- International Nickel. preferred (quar.) 154 Feb. 1 Jan. 10 to Feb. I eau geld coin and $ were American silver oils.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis [VOL. Lxxxvm. 84 THE CHRONICLE -House Banks.-The $8,699,400, a decrease of $93,500 from last week; averages include United States Statement of New York City Clearing deposits of 88,772,000, a decrease of $493,500 from last week. below shows the condition of the New "Reserve on deposits" Includes, for both trust companies and State banks, not detailed statement only cash items but amounts due from reserve agents. In addition the Trust York City Clearing-House banks for the week• ending Jan. Companies also on January 2 held a bond reserve of $27,197,600. Trust Com- panies in New York State are required by law to keep a reserve proportionate to The figures for the separate banks are the averages of their deposits, the ratio varying according to location as shown below. The per- 2. required is computed on theaggregate of deposits, exclusive of centage of reserve of the daily results. In the case of the totals, the actual fig- moneys held in trust and not payable within 30 days, and also exclusive time payable within 30 days, represented by certificates, and also exclusive deposits not The State ures at the end of the week are also given. of deposits secured by bonds of the State of New York. Banks are to keep a reserve varying according to location, but in this case We omit two ciphers (00) in all cases. likewise required exclusive of the reserve is computed on the whole amount of deposits, deposits secured by bonds of the State of New York. Legals. Banks. Capital: Surplus. Loans. Specie. Depostts. Re- REQUIRED FOR TRUST COMPANIES & STATE BANKS Average. Average. Average. Average. s've. RESERVE 00s omitted. -Trust Companies- -State Banks-- Total 01 which In Cash. Total Of which In Cash. Reserve 19,823,0 3,687,0 1,201,0 18,243,0 26.9 Reserve Bank of N. 2,000,0 3,382,8 Feb.l. Required. Now. By Feb.i Co_ 2,050,0 3,479,7 35,700,0 8,073,0 1,686,0 41,450,0 23.5 Location- RRequired. Now. By Manhattan 15% Merchants' _ _ 2,000,0 1,645,0 19,115,0 3,417,0 1,736,0 19,893,0 26.1 Manhattan Borough 15% 10% 15% *25% 113i% ___ _ 3,000,0 3,716,3 28,342,0 6,110,0 2,228,0 30,147,0 27.6 73 10% *20% 8E%4% % 10% Mechanics' Brooklyn Borough 15% % America 1,500,0 5,032,4 26,141,8 4,027,6 3,085,8 27,809,1 25.5 Other Boroughs 15% % 10% 15% % Phenix 1,000,0 620,1 7,828,0 1,995,0 311,0 7,635,0 30.8 Elsewhere in State 10% 4% 5% 15% 53.4% 0 25,531,3 184,261,1 45,969,7 8,593,0 189,901,1 29.0 According to City 25,000,0 * This is the aggregate reserve required on and after Feb. 11909. Chemical 3,000,0 5,832,2 29,920,6 6,127,1 1,794,6 29,613.6 26.7 reserve requirement for Man- 1,212,4 425,1 the State Banking Department, the present aggregate Merchants' Ex_ 600,0 533,0 6,386,6 6,540,6 25.5 %, for other boroughs, 15%, and for the rest of 2,418,9 9,483,0 1,325,0 748,4 7,685,6 27.3 hattan is 20%; for Brooklyn, 173.4 Gallatin 1,000,0 the State, 123.4%. Butch.&Drove. 300,0 150,3 2,232,0 642,6 64,8 2,476,6 28.5 Greenwich ___ _ 500,0 733,7 6,697,3 1,795,3 200,0 7,605,7 262 Reports of Non-Member Banks.-The following is the Amer. Exch 5,000,0 4,968,0 31,326,9 5,373,9 1,449,1 25,560,4 26,9 Commerce 25,000,0 15,546,3 155,471,1 24,219,0 11,478,7 136,907,8 26.2 statement of condition of the non-member banks for the Mercantile _ 3,000,0 2,521,7 12,481,0 1,513,5 854,4 8,801,1 27.3 Pacific 500,0 852,4 3,360,5 902,0 502,2 3,648,5 40.9 week ending Jan. 2, based on average daily results: 6,838,0 836,5 1,185,2 7,365,5 27.6 Chatham 450,0 1,009,1 lye omit two ciphers (00) In all cases. People's 200,0 466,5 1,816,0 682,8 60,6 2,390,9 31.0 Hanover 3,000,0 9,989,6 66,130,4 9,124,6 10,862,6 77,094,0 26.2 Citizens' Cent'l. 2,550,0 1,400,7 22,891,9 5,589,3 321,9 23,042,4 25.9 Loans, Legal Deposit with Nassau 500,0 392,3 4,817,6 640,6 698,1 5,181,3 25.8 Disc'ts Tender 1,870,3 1,046,7 Market & Fult'n 1,000,0 1,619,9 7,868,1 8,266,0 29.4 Banks. Copt- Sur- and Specie. and Clear-Other Net Metropolitan _ 2,000,0 1,207,5 11,644,1 3,206,0 187,4 12,204,9 27.7 plus. Invest- Bank tag Banks. Deposits. Corn Exchange 3,000,0 5,241,2 42,680,0 7,214,0 5,689,0 50,250,0 25.6 Notes. Agent. &c. Imp.•& Traders' 1,500,0 7,416,4 28,021,0 4,560,0 1,700,0 25.881,0 24.3 Park' 3,000,0 9,584,6 87,604,0 25,279,0 1,403,0 101,253,0 26.4 . 342;3 179,1 N. Y. City. East - River_ 250,0 100,3 1,341,0 1,639,5 31.7 Boroughs of Fourth 3,000,0 3,363,1 24,817,0 . 4,293,0 2,380,0 25,402,0 26.3 5 2,843,0 292,0 Man..*Brx Second 1,000,0 1,753,0 10,980,0 11,952,0 26.2 Wash H'g'ts 100,0 214,3 1,086,0 91,0 36,0 113,0 1,036,0 First 10,000,0 17,072,2 128,861,6 33,744,6 1,340;1 132.738,4 26:6 200,0 154,3 1,649,4 39,2 231,2 121,6 274,2 1,975,9 967,0 Century Irving Exch.- _ 2,000,0 1,375,2 19,120,1 4,395,1 20,470,9 26.3 Colonial 400,0 231,3 4,416,7 502,0 285,0 558,0 , 242,8 5,429,6 250,0 792,1 2,304,3 754,0 67,0 3,205,0 25.1 430,9 6,075,0 049,0 601,0 725,0 7,504,0 BOwerY 740,8 Columbia __ 300,0 N. Y. County_ _ 500,0 1,137,4 7,404,3 1,481,7 8,302,2 27.5 Fidelity ___ k00,0 174,7 903,4 73,5 23,4 132,9 853,4 German-Amer_ 750,0 655,0 4,000,3 781,2 197,6 3,780,4 25.8 Jefferson.,. 500,0 685,3 3,184,9 28,5 318,0 326,7 341,0 3,431,2 5,378,8 Chase 5,000,0 5,617,5 72,561,8 15,488,9 79,591,8 26.3 Mt. Morris_ 250,0 265,3 2,300,7 344,7 32,6 385,7 70,8 2,950,0 Fifth Avenue 100,0 2,108,1 13,119,8 . 2,700,6 996,5 14,503,0 25.4 __- 200,0 319,6 3,491,0 39,6 422,0 529,7 5,1 /4,034,6 654,2 Mutual 1,060,6 German Exch_ _ 200,0 892,5 I 3,335,1 376,1 4,092,8 25.1 19th Ward_ 300.0 478,9 3,888,9 78,8 457,4 281,6 5,306,6 Germania 200,0 993,6 4,672,6 822,9 681,5 5,541,4 27.1 100,0 397,4 3,910,0 230,0 338,0 347,0 4,295,0 1,088,5 Plaza Lincoln 1,000,0 1,278,2 16,242,3 3,589,1 17,88,8 26.3 23d Ward__ 200,0 92,0 1,586,6 166,9 63,8 245,2 1,880,4 1,000,0 1,137,4 7,206,8 1,600.9 424,6 7,318,1 28.0 750,0 828,0 7,555.9 913,2 600,0 633.4 8,118,5 Garfield 333,0 Union Exch Fifth' 250,0 464,4 3,181,9 459,4 3,208,4 25.0 Yorkville __ 100,0 420,6 3,381,0 59,2 743,6 185,2 4,239,8 Metropolis _ _ 1,000,0 1%,000,3 12,223,4 2,122,0 1,072,6 12,692,7 25.0 Iron 500,0 705,5 4,316,0 811,0 229,0 728,0 50,0 4,570,0 951,0 268,0 Coal & 15,0 West Side 200,0 929,5 4,111,0 4,548,0 26.8 New Neth _ 200,0 236,4 1,721,0 148,0 50,0 226,0 1,737,0 1,000,0 1,665,1 20,285,0 5,019,0 1,448,0 24,295,0 28.7 200,0 144,4 1,095,4 182,9 34,4 39,4 885,4 Seaboard 311,6 Batt.Pk.Nat Liberty. 1,000,0 2,512,0 15,394,3 3,893,7 15,040,7 28.0 Borouah 01 N.Y.Prod. Ex, 1,000,0 670,6 7,047,1 2,036,1 139,7 8,355,3 26.0 Brooklyn. 1,000,0 827,7 10,675,0 3,476,0 248,0 13,952.0 26.6 _ 150,0 462,2 2,864,9 18,6 402,2 213,9 120,7 3,285,7 State Broadway '6,461,1 14th Street_ 1,000,0 319,8 4,995,5 789,3 593,7 5,552,7 24.9 Mfrs.' Nat_ 252,0 782,1 5,874,1 628,7 , 157,0 697,2 183,5 2,000,0 2,490.8 20,419,5 4,683,0 233,2 19,881,4 24.9 1,000,0 948,1 9,465,7 283,5 1,626,2 1,370,7 150,6 12,618,9 Copper Mechanics'_ 0,355,0 Nassau Nat. 750,0 946,3 6,387,0 282,0 564,0 939,0 Aver 126.350,0 165,447,7 1273,220,7 271,626,1 79,548,1 1320,867,6 26.7 300,0 591,0 105.0 643,0 962,0 Y51:13 5,990,0 Totals, Nat. City- 4,366,0 190,4 1,931,2 North Side_ 200,0 132,7 1,503,4 150,0 104,6 172,2 J an. 2_ 1293,502,0- 269,916,1 80,922,01344,534,9 26.2 Actual figures Jersey City. 1,607,0 7,216,0 First Nat.. 400,0 1,228,2 3,847,8 199,4 374,1 3,038,4 178,0 28,9' 361,4 297,7 2,580,2 amounted to $50,360,900 and United States Hud.Co.Nat 250,0 770,7 2,515,5 On the basis of averages, circulation 200,0 365,7 59,9 125,4 510,9 ' 40,8 2,576,5 to $8,772,000; actual figures Jan. 2: circulation, Third Nat. 2,040,5 deposits (included in deposits) Hoboken. United States deposits, $8,699,400. 128,6 132,2 2,137,7 $50,554,200; First Nat_. 220,0 608,4 2,513,8 127,3 23,6 65,6 152,0 340,0 2,473,1 The State Banking Department also now furnishes weekly 2d National 125,0 224,5 1,974,5 59,3 8,347,0 93,975,1 6,449,2 8,540,0 14,130,7 5,373,4 111872,8 State banks and trust companies under its Tot. Jan. 2_ 12,838,8 4,873,1 110387,6 returns of the 28 8,347,0 12,838,8 94,237,5 6,506,9 8,509,5 12,706,3 Tot.Dee. 16,568,4 5,422,6 114472,7 (large. These returns cover all the institutions of this class Tot. Dec.19 8,347,0 12,838,8 93,513,8 6,586,4 8,694,7 in the whole State, but the figures are compiled so as to York and Philadelphia Banks.-Below is distinguish between the results for New York City (Greater New City,Boston a summary of the weekly totals of the Clearing-House banks of New York) and those for the rest of the State. Further- The York City, and Philadelphia. New York more, in the case of this city, besides reporting the results for New Boston do not results for non-member banks. the State banks and for the trust companies,separate figures figures include We omit two ciphers in all these figures. are presented to indicate the totals for the State banks and Capital the Greater New York not in the Clearing and Specie. Legals. Deposits. a Ctrcu- Clearings. trust companies in Banks. Loans. latton. House. In the following we give all the different sets of Surplus. $ $ S. (-)sign the Dec.Ne w York5 $ $ 2,100,116,9 figures, indicating by plus (+)or minus changes .290,0 70,1 1347,145,3 296,706,8 79,498,1 1424,132,5 45,059,7 1408,597,9 46,489,0 2,004,408,5 the previous week. To make the statement as com- Dec. 12__ 291,672,7 1339,547,4 289,966,8 79,082,3 2,142,183,8 from Dec. 19- 291,797,7 1315,980,1 272,848,2 79,389,6 1368,912,4 46,612,1 291,797.7 78,262,7 1322,151,9 49,129,6 1,838,256,7 prehensive as possible, we start with the totals of the Clearing Dec. 26- 1276,745,3 269,198,6 1,780,143,4 Jan. 2._ 291,797,7 1273,220,7 271,626,1 79,548,1 1320,867,0 50,360,9 House banks as contained in the above, giving both the Boston. 25,327.0 4,330,0 261,588,0 8,795,0 170,323,0 Dec. 12.- 41,790,0 214,761,0 165,336,7 averages for the week and the actual figures at the end of Dec. 19__ 41,790,0 216,489.0 24,673,0 4,151,0 259,473,0 8,756.0 4,431,0 . 247,035,0 8,945,0 12(1,564,6 Dec. 26- 41,790,0 212,378,0 22,814,0 168,195,6 the week. Jan. 2__ 41,790,0 207,079,0 24,064,0 4,567,0 252,527,0 0,163,0 CITY BANKS AND TRUST COMPANIES. Phila. NEW YORK 304,504,0 13,461,0 121,531,4 ending January 2 1909. Dec. 12- 54,390,0 247,543,0 80,860,0 Week 54,390,0 249,348,0 75,486,0 301,959,0 13,614,0 135,870,1 Loans and Reserve on P. c. Dec. 19- 13,904,0 107,004,4 Deposits. Dec. 26- 54,390,0 250,526,0 69,778,0 295,598,0 00.1 ornUted. InvestineiUs. Specie. Legals. Deposits. of Re- 300,579,0 14,093,0 129,505,6 S serve. Jan. 2_ 54,390,0 251,101,0 72,876,0 and Philadelphia the item Clearing-House/1 a Including Government deposits, and for Boston 269,916,1 80,922,0 1,344,534,9 350.838,1 26.25 other banks." At New York Government deposits amounted to $8,772,000 Banks-Actual 1,293,502,0 "due to $1,553,000 on Jan. 2 and +28,885,2 +2,338,5 +3,588,3 +37,968,4 +5,926,8 on Jan. 2, against $9,265,500 on Dec. 26; at Boston to Clearing-House- $1,554,000 on Dec. 26. Banks-Aver__1,273,220,7 271,626,1 79,548,1 1,320,867,6 351,174,2 26.76 -3,524,6 +2,427,5 +1,285,4 -1,284,3 +3,712,9 State Banks- Average 293,511,6 47,577,0 a25,219,5 338;299,6 92,186,0 27.8 Aavating and Etnanciat -2,066,4 -2,040,3 -37,2 -4,149,8 -1,807,5 Trust Companies- 1,018;260,5 254,396,9 Average 967,293,8 86,058,5 a9,396,7 27.3 and investors copies +4,071,5 +883,8 +253,2 +12,418,1 +4,889,0 We shall be pleased to. furnish to institutions of our special circular describing State Banks and RAILROAD BONDS Trust Co's-not 43 Exchange in Clear.-Mmise.1,061,461,4 92,228,6 a17,512,2 81,128,588,3 283,876,2 27.3 Listed upon the New York Stock +4,412,2 +961,6 +377,4 +13,561,7 +5,411,8 STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK. Spencer Trask & Co Week ending January 2 1900. . % of WILLIAM AND PINE STS.. - NEW YORK Reserve. Reg. . Loans. Deposits. Chicago, III.. and Albany. N. V State Banks $81,599,100- $86,122,300 $18,012,700 21.6 Branch offices: -544;000 -820,300 =108,900 Trust Companies 125,336,900- 134,152,600 22,883,700 17.6 +301,900- +1,053,900 +508,800 + Inerease over last week. -Decrease from last week. MOFFAT & -WHITE a Includes ,bank notes. I) After eliminating the Item ."Due from reserve deposi- Members New York Stock Exchange. and other banks and trust companies in York City," deposits amount tories New HANOVER BANK BUILDING. to $980,579,600, an increase of $8,639,000 over last week's figures. 5 NASSAU STREET. Note.-In the case of the Clearing-House banks, the deposits are "net" both for DEALERS IN INVESTMENT SECURITIES. figures; In all deposits are shown. the average and the actual other eases "gross" Cash The Clearing-Houseactual figures Included United States deposits amounting to Commission Orders Executed for only.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.1 THE CHRONICLE 85

buying 50c. per $1,000 discount; selling 75c. per $1,000 Vanking an financial. premium. Charleston selling $1 per $1,000 premium. New Orleans bank 7.5c. per $1,000 discount; commercial $1 Wall Street, Friday Night, Jan. 8 1909. per $1,000 discount. Chicago 10c. per $1,000. premium.. The Money Market and Financial Situation.—An event of St. Louis $15c. per $1,000 premium. San Francisco 60c. the week having a widely depressing influence in the stock per. $1,000 premium. market was the United States Supreme Court decision in the State and Railroad Ronds.—Sales of State bonds at the well-known Consolidated Gas case, in which the decision of Board inc;ude $3,000 Tennessee settlement 3s at 953- and the lower Court was reversed. As a result of this decision $15,000 Virginia 6s deferred trust receipts at 45 to 47. Consolidated Gas shares, which sold on Monday above The market for railway and industrial bonds has been 165, dropped to 123, and the stock market as a whole was fairly active, the transactions averaging 6% millions daily. greatly depressed. United States Bonds.—No sales of Government bonds Another decision, also by the United States Supreme Court, have been reported at the Board this week. The following and of perhaps greater importance as to the principles in- are the daily closing quotations: for yearly range see third volved, was that denying the Government's petition for a page following. review of the famous Standard Oil case, wherein a fine of ,Over $29,000,000 was imposed by the United States District Interest Jan. Jan. Jan. Jan. Jan. Jan. Court, but which the Court of Appeals had reversed. This Periods 2 4 5 6 7 8 had little, if any, effect in the security markets, the decision 25, 1930 registered Q—Jan *103 *103 *103 *103 *103 *103 very generally expected. 2s, 1930 coupon Q—Jan *Ica *103 *103 *103 *103 *103 having been 3s, 1908-18 registered Q—Feb *100% *100% *1003% *1003, *100%8 *100%8 The other developments of the week have been of minor 3s, 1908-18 coupon_!Q—Feb *1003%.4.100% *looy,, *100% *100% *1008% comparison with those mentioned above. 3s, 1908-18____small coupon Q—Feb *100 *100 *100 *100 *100 *100 importance in 4s, 1925 registered!Q—Feb *119% *119% *119% *119% *119% *119% Information given out relating to the iron and steel industry 4s, 1925 coupon'Q—Feb *120% *120% *120% *120% *120% *120% is somewhat disappointing. 2s, 1936.Panama Canal coup1Q—Nov *102 *102 *102 *102 *102 *102 Railway earnings show an increase in some cases; that is, maintenance expenses until they have * This is the price bid at the morning board; no sale was made. they have squeezed Miscellaneous which they call net earnings. In. gerieral Railroad and StockS.—The stock market gotten a balance opened on Monday With the same buoyant business there is somewhat less doing than has been in some tendency which to. he money market continues had characterized it for some time past. Later in the day, quarters looked forward' T an important for the time of year and rates have on the announcement of judicial decision, as unusually easy noted above, was a sharp decline in the stock directly shown a downward tendency; $1,500,000 gold has been there export—$1,000,000 going to. Paris and $500,000 affected and a' sympathetic weakness throughout the list. engaged for The downward movement which followed continued until to Argentina. from 2 to 4 market rates for call loans at the Stock Exchange Wednesday, when a decline averaging points The open Consolidated Gas sold 4134 week on stock and bond collaterals have ranged* had been recorded. At this, during the points lower than on Menday, when the general expectation from 13'% to • 3%. To-day's rates on call were 2@23.%. paper quoted at 3%®4% for 60' to 90 day was that the decision would be a favorable one. North. West Commercial was over 9 points lower, Union Pacific 63/2 and Delaware endorsements, 39@4% for prime, 4@4Y2% for 4' to 6 single names. Hudson and. Reading between'5 and 6. Months, On Thursday there Was a substantial rally from these low The Bank of England weekly statement, on Thursday increase in bullion of £440,234 and the percentage prices and, although to-day's were generally weak, closing showed an quotations are, in most cases, well above the lowest. A. of reserve to liabilities was 36.42; against 31.60 last week. rate of discount. remains unchanged at 2 as fixed few issues have been strong throughout the week; including The 2 Colorado Southern, Missouri Pacific and the May.28. The Bank.of France shows an increase%, of 29950,- & "Soo Line" gold and. 150,000 francs silver. common and preferred. The last-named are up 144'3 and 000 francs respectively, and Colorado & YORK CITY 7 points Southern issues are NEW CLEARING-HOUSE BANKS. from 8 to'10 points higher than last week 1909. 1908. 1907. For daily volume of business see page 93. Averages for Differences Averages for Averages for The following sales have oecurred this week of shares'not week'ending from week ending week ending Jan. 2. previous week. Jan. 4. Jan. 5. represented in our detailed list on the pages which follow:

STOCKS. Sales Range for Week. Range Year 108. Capital 126,350,000 129,100,000 123,150,000 Week ending Jan. 7. for Surplus 165,447,700 163,396,900 156,632,300 Week. Lowest. Highest. Lowest. Highest. Loans and discounts_ _ 1,273,220,700 Dec. 3,524,600 1,132,871,800 1,049,667,500 Cireulation 50,360,900 Inc. 1,231,300 72,316,300 53,664,200 Colorado Fuel & Iron, pf 100 75 Jan 7 75 Jan '7j 35 May 75 Nov Net deposits 1,320,867,600 Dec. 1,284,300 1,048,465,800 1,000,578,300 Des Moines & Ft Dodge_ 200 15% Jan 7 16% Jan 5 Itch 19% Dec U. S. dep. (Incl. above) 8,772,000 Dec. 493,500 76,` 10,800 16,401,600 General Chemical 200 63 Jan 4 63 Jan 4 50 Feb 65 May Specie 271,626,100 Inc. 2,427,500 192,120,900 172,951,400 Preferred 130 98% Jan 6 100 Jan 8 89 May 99% June Legal tenders 79,548,100 Inc. 1,285,400 58,486,000 77,341,000 Hock Val pt J P 11 rects_ 1001 92 . Jan 7 92 Jan 7 70 Jan 91 Dec Homestake Mining 20 90 Jan 6 90 Jan 6 67 Jan 96% Nov Reserve held 351,174,200 Inc. 3,712,900 250,606,900 250,292,400 Kanawha & Mich tr rects 200 53% Jan 4 53% Jan 7 29 Jan 56, Dec 25% of deposits 330,216,900 Dec. 321,075 262,116,450 250,144,575 Keokuk & Des Moines_ 100, 8 Jan 4 8 Jan 4 3% July 10 April Knickerbocker Ice, pref _ 200 60 Jan 2 61K Jan Surplus reserve __ _ 20,957,300 Inc. 4,033,975 dt.11,509,550 147,825 Nat Max 2d pret tr rects 300 25% Jan 4 25% Jan 4 17% Sept 25% Dec NY &NJ Telephone_ _ 501113 Jan 7 113 Jan 7 90 Feb 122 Nov Surplus excl. U.S. dep.. 23,150,300 Inc. 3,910,600 7,568,150 4,248,225 Rights 2,000 2% Jan 2 2% Jan 8 2% Dec 3 Dec Philadelphia Rap Tram. 500 52 Jan 6 53% Jan 7 Note.—The Clearing Mouse now issues a statement weekly showing the total Quicksilver Mining 7.700 1% Jan 4 23,4 Jan 6 % April I% Dec of the actual figures on Saturday morning. These figures, together with the returns Preferred' 700 4 Jan 6 4% Jan 7 1% Jan 3% Dec of separate banks, also the summary issued by the State Banking Department RR Securities—Ill Cent showing the condition of State banks and trust companies not reporting to the stock trust certificates 50 89% Jan 5 89% Jan 4 79 Mch 94 Sept Clearing House, appear on the preceding page. St L & S F—C,& E Ill new stock trust certs_ 121 65% Jan 5 67 Jan 4 50 April 67 Dec Foreign Exchange.—The. market, though generally strong, Sears, Roebuck & Co, pt 1 101 Jan 6 101 Jan 6 Si% May 9754 Nov was irregular this week, with comparatively wide fluctua- S Leather, pret 100119 Jan 71119 Jan 7 95 Jan 120 . Dec Vulcan. Detinning 100 8% Jan 4 8% Jan 4 3 Mch. 10% Nov tions, influenced' largely by speculative manipulation; the Preferred 355 50% Jan 51% Jan 8 25 April 50% . Dec tone was strong at the close.G old exports $500,000 to Argen- tina and $1,000,000 to Paris. Outside Market.—The weakness on the Exchange in the To-day's (Friday's) nominal rates for sterling exchange first part of the week was reflected on the "curb" in a lower were 4 86 for sixty-day and 4 88 for sight. To-day's (Fri- trend to prices, though the course was irregular and fluctua- day's) actual rates for sterling exchange were 4 8490g4 85 tions small. The market showed an improved tone towards for long, 4 8720®4 8725 for short and 4 8740®4 8750 for the close of the week. In copper stocks, United Copper cables. Commercial on banks 4 8455®4'8465 and docu- common led in point of activity, the price moving up from ments for payment 4 84Q4 85%. Cotton for payment 14%3 to 153/2, then weakening to 13 8,followed by a recovery 4 84®4 843's, cotton for acceptance 4 8455@4 8465 and of the loss. To-day it reached 163% and closed at the high grain for payment 4 853<®4 85%; figure. Ohio Copper was also active, advancing from 5% actual rates for To-day's (Friday's) Paris bankers' francs to 7. It weakened to 63% but reacted to-day to 6%. Bos- were 5 173a®5 173' for long and 5 1540 15a for short. ton Consolidated rose from 1643 to 17 and fell to 169'. Germany bankers' marks were 94%()9415-16 for long and Butte Coalition dropped from 27 to 263%, advancing finally 95 3-16d®95 3-16 for short. Amsterdam bankers' guilders' to 263%. Cumberland Ely from 8%3 rose to 83%, receded to were 40 37®40 39 for short. 8, but subsequently recovered to 83%. Greene Cananea went Exchange at Paris on London to-day 251. 103c.; week's up from ,12% to 124,3 reacted to 12% and closed to-day at range 25f. 113-e. high'and 25f. 103'c. low. 1p x. Nevada Consolidated dropped from 193 to 18%. The week's rdrigb for exchange-rates follows: Goldfield Consolidated rose from 8 15-16 to 93-18 but weak- pv,• Long Short —Cables Sterling, Actual— ened to 8_7716. . The. bond department attracted attention. High 4 8510 04 8515 14 8720 04 3725.: 14 87.45 04 8750 Denver & Rio Grande 5s sold for the first time at from 923/2 Low 4 8483 64 85 14 8680 64 8685 14 8705 04 8710 Parts Bankers' Francs—, to 92% and back to 923/2. U. S. Rubber 6s from 1023,4 sold Ilfgh 5 17qa 045 17% 15- 155 (745 15a 1 down to 101% and up finally to 102%.5 St. Louis & San Low 5 18 05 17% 15 15%a 05 15% 1 903%, Gernigny Bankers' Marks— Francisco 5s started at moved up to 903/2 and off to 90. High 04%' (5.94 15-101 95 3-16d 0 053-16 Chesapeake & Ohio 5s were traded in up from 100% to 1003% Low 94% 0'948% 1 958% 0 95 3-161 Amsterdam Bankers' Gudders— and down to 99%. Consolidated S. S. 4s, receipts, ad- High 1 40 3$ 40 40 1 vanced from 18 to 183/2 and sold finally at 18. Atlantic Low 1 40 36 0' 40 38 1 Gulf & W. I. 5s receded a point to 62, regained the loss and Less: a 1-16 of 1%. 1-32 of 1%. h 3-39 of 1%, 'sold finally at 62%.3 In industrials, Standard Oil dropped Plus: k 1-16 et 1%. x 1-32 of 1%. si 3-32 of 1%. from 694 to 677. Chicago Subway rose from 29 to 29%,5 Th'e• following were the rates for domestic exchange on sold off to 27 and closed at 28%.:

New York at the undermentioned cities to-day: Savannah Outside quotations win be found on page 93. .1. a

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis New York Stock Exchange-Stock Record, Daily, Weekly and Yearly 41(.101U1'YI74. TWO t.A44E..

NTOCK ESI AN D LO Ir...sT SALE PRICEs .ares o STOCKS tuznye for pear 1908. Itarure yir Previous 1114 NEW YORK STOCK tin basts 100-shase to. Fear 519071 Saturday onda.; 2 uesday W eanesday Thursday Friday W eat EXCHANGE Jan. 2. Jan. 4. Jan. 5. Jan. 6. Jan. 7. Jan. 8. Snares Lases+ fliohest Lowest Highest Railroads,aeilircoa 9954 10118 9933 10118 9914 10014 10078 9999773 10073 70,850 A tch Topeka ds SantaFe 589612 Fmeebh 10214 Dec 26 6638No% 1084 Jan 10038 101 10034 Lt. 10153 10158 10112 10134 10112 10153 10112 1011* 10112 10117 10114 10158 1,643 Ix Do prof 104 Dec 78 Nov 10158 Jan, 11014 11073 10812 111 10914 110 10813 109 10952 110 10934 11012 3,350 Atlantic Coast Line RR_ _ 11112 Dec 1 78 Nov 13318 Jan 11058 11114 10958 11212 11018 11112 11012 11138 11012 11138 11012 11114 77.250 il_laitimore & Ohio 31178 Dec 14 7533N os, 122 Jan *92 94 *92 95 *92 93 9213 93 93 93 *93 94 600 IP Do pret 714063123 JFFa een bb 11; 94 Dec 29 75 Nov 9412 Jan 6734 7213 6714 7214 6812 7078 6933 7158 7058 7134 6918 7112 175.285 Brooklyn Rapid Transit_ i31.144 FeOcbt 21,3 6734 Dec 8 7634No% 8352 Jan 64 *.._- 64 64 64 *---- 64 Buffalo & Susque, prof_ _ 644i Alen 2i 7412Nov 8534 Feb, 177 177 176 17814 17414 17612 17514 17614 iia- 177 177 17778 21,350 / , anadian Pacific 140 Feb 1. 180684 N0ov i18, 138 Nov 19517 Jan 6514 6514 *63 65 *64 6514 *62 66 *132 65 *62 65 100 x anada Southern 54 Mch 52 No,, 6312 Jan 229 231 232 23312 23034 23034 230 231 *228 232 230 235 3,260 Central of New Jersey...... 160 Feb 11 229 Dec 1, 144 Nov 220 Jan 5714 5734 5614 5778 5534 5634 5553 5612 56 5818 57355878 33,130 Chesapeake do Ohio 251, Feb 1. 6938 Dec 22314Nov 16 Jan 6734 6814 68 70 64 6834 6514 68 68 7014 89 6913 11.900 Chicago & Alton REL.__ 3103311; F1%FeoFebat 1;1.5 6873 Dec 31 818Nov 2712 Jan *70 7412 *73 7412 *69 76 74 74 7418 7413 7814 7614 400 Do pret 47 Mch24 79 Dec 11. 48 Sep 69 Jan 1114 1112 11 1112 1012 11 1014 11 712 1053 814 9 38,950 Chicago Great Western 1. 61845314 NAo%u 673 Nov 13 Jan *58 65 *60 66 *55 56 *59 66 *56 66 *57 86 Do 4% debentures___ 46 Dec 79 Feb *35 38 37 37 *34 37 3678 3678 31 34 3318 3318 1,400 Do 5% pret "A" 35512 .reb 21 Dec 713. Feb 1312 1418 1273 1378 1212 13 1134 1234 912 1134 1014 1078 31,400 Do 4% pref "13" 11 1)14 Dec 261i Jan 15014 15153 14814 15134 14714 15012 14713 14918 14813 151 14913 15014 114,100 Chicago Milw & St Paul_ 10312 Jan 2 9312N ov 15712 Jan 16473 16478 *163 165 164 16414 16414 165 16512 166 166 166 2,260 Do pret 138,81. Jaann 130 Nov 16512 Jam *14512 14712 414453 145 146 146 *144 146 146 14614 *145 14612 1,155 Do corn instailm't ctfs 111465417327413: DDDNDec eeo°cc?' 22112'1; -85 Nov 141 Jan *15934 16012 160 160 181 16114 160 18012 16012 16114 161 16112 9,025 Do pret Installm't ctfs 12553 Jan 9 1604 Dec I 111 Oct 149 Jan 184 185 180 185 179 18112 17573 17912 176 179 17818 17938 16,770 Chicago & North Western 13512 Jan '- 18512 Dec 29 116 Oct 205 Jan *215 225 *215 225 4225 225 *215 225 *215 225 *215 225 10 Do pref 4185 Jan 11 224 Dec 185 Oct 234 Jan *157 160 *157 160 156 158 *155 160 *165 160 *153 168 100 Chic St P Minn & Omaha 114 Feb 25 160 Dec .5, 108 Oct 170 Jan *170 175 *170 175 *170 175 *168 175 *168 175 *168 170 Do pret 14012Jan 3 174 Dec 29 i3712Dec 185 Jan 658 631 633 7 613 012 6 633 618 614 614 614 3,100 Chic Un Trac Ws stmpd 58 Apr 3 Dec 134 Oct 334 May' 1733 1712 16 NI. 1512 1734 1553 1534 1512 16 16 1618 2,400 Do pref ctfs stmpd 4 Apr 1 87 11 :c e 24 8 Dec 17 J'ly 70 7113 70 7134 69 70 6813 69 6812 70-38 7018 71 8,150 Cleve Cln Chic & St L_ 471., J'nel, 48 Nov 9278 Jan *98 100 100 100 .1001 14-- *99 102 -- *101 105 120 Do pref 851i Feb it 3973 Dec 33 86 Dec 1081. Jan 5712 5717 5758 58 5718 -5814 5773 6012 *10014-603.5 6534 - 6539 6814 32,510 Colorado & Southern 21 Feb li• 17 Nov 3873 Jan 7612 7678 78 81 80 8034 8034 85 8313 85 8414 8512 29,255 Do 1st preferred 5033 Jan 6979 Decec 22U 41 Nov 691., Jan 7314 75 7712 8014 7838 7912 7914 8312 82 8412 83 8412 41,200 Do 2d preferred 134931124 1F,eeb 70 Dec 23 29I2Nov 5812 Jan 18114 18133 180 182 17812 18012 17714 180 17812 180 179 180 8,150 elaware & Hudson_ _ 18138 Dec 29 123580ct 7271, Jan *550 660 x550 550 *545 600 *536 550 *545 550 *545 550 100 I felaware Lack & West_ 420 Jan f 575 Not 1, 389120ct 610 - Jan 3912 40 3812 40 38 3913 3753 3812 3814 3973 3812 3034 20,280 Denver & Rio Grande 1414 Feb it 4012 Dec 30 16 Nov 4278 Jan 81 81 8018 8114 7934 8012 7913 7912 7912 8134 8034 82 3,810 Do pret 3914 Mch 7 586314 NovDec 170 53 Nov 8378 Jan *54 5112 *5334 -___ *5334 5814 *5334, *5334 57 *54 Detroit United 3212 Apr 15 3134Dec 8013 Jan 1612 17 1612 1813 1614 16;53 1514 1614- 416 1678 1634 1712 - 2,-7790 Duluth So Shore & Attar- Feb 11 78z4 Nov1.6 014001 1912 Jan 3112 3217 32 33 32 32 31 • 3114 31 3134 32 33 3,310 Do pref 12134' Feb0ch 1 3334 Nov L. 10 Nov 39 Jan ' 3412 3434 3312 3434 33 34 33 3334 3212 3358 32 3234 69,200 14 36 Nov11 214 Nov 4414 Jan 50.1 5117 4914 5114 49 50 4853 4917 4812 4912 4853 4913 11,200 A.:-'rie1 Do 1st prof 2438 Mch 4 5138 Dec 31 28 Nov 7578 Jan *3934 4034 3912 4012 39 3914 39 3938 39 39 13812 3812 1,480 Do 2d pref 16 Mch 6 41 Dec 1, 20 Nov 67 Jan 147 14773 145 14814 14513 14714 14334 14678 14513 1463.1 14512 14673 87,680 Great Northern wet 11334 Feb 1, 14314 Dec 25 10712001 18934 Jan 73 7312 7258 7334 7112 73 7112 7212 7134 7212 71737234 8,530 Iron Ore properties 4812 Jan 7 7513 Nov13 37 Oct 85 Jan Green Bay & W,deb ctfA 14 Novi. 75 Oct 75 Oct 17 17 *17 -I612 -161; 1613 1612 -iai, "if- 56 Do deb ctt B 718 Janaen1 11'4 140712 Deec 32t4 5340ct 1412 Jan "io 40 3953 4013 *39 41 3213 3912 *38 4014 40 40 800 111 avana Electric 20 Mci,24 34120ct 47 Jan *85 86 *80 88 *80 88 *80 88 *80 88 *8412 88 100 8 A Do pret 84 Dec .. 72 Apr 8612 Jan *___ 104 103 103 * 104 *104 *104- 104 104 100 Hocking Valley tr rcts_ 47602 Febn 19412 Dec 14 63 Nov 114 Mch *9112 95 *9112 94 *9113 96 *9112 93 49112 -911-2 9117 9112 110 Do met 69 Mch it 93 Dec 74 64 Nov 94 Jan 14858 14878 14718 149 14513 14712 14478 14612 14512 14812 *14512 14634 9,610 I Illnols Central 1221. Feb ii 14934 Nov] ill; Nov 172 Jan 1712 1812 1753 1817 1734 19 18 19 1812 1834 1673 1838 42,885 I nterboro-Metropolitan. 634 Jan .4 20 Dec 2- 4780ct 39 Jan 4534 4714 46 475, 4612 .4913 4734 4933 4838 4834 4534 4858 78.710 Do pref 1713 Feb ,4201122 DDeec: 2,8 14 Nov 7514 Jan 3133 3112 3034 313.1 30 3113 30 3034 30 31 3078 32121 3,450 Iowa Central 10 Feb II: ut2Nov 2878 Jan 5614 5634 5413 5634 5412 5534 65 55 5412 5614 50 59 9,125 Do pref 2712 Feb 11., 57 Dec :8 29 Dec 51 Jan *74 76 *74 76 47513 7512 *74 76 *74 76 *74 76 31 WO Ft S & M tr cts.pre 57 Aug It 7512 Dec 23 60 Oct 80 Jan 4012 4117 40 4112 3913 4012 39 4014 3934 4034 41 421., 57,875 Ix ansas City Southern 18 Feb 21 47223188 Deiecc 288 18 Mch 3034 Jan 7034 7114 7034 7134 6933 71 6912 7053 7014 71 7112 743i 18,200 Do pref 98 Feb 19 45 Mch 6134 Jan 24 24 2373 2378 *22 24 *22 24 *22 24 23 23 400 I ake Erie & Western 12 Jan 4 26 Dec 11 11 Nov 2812 Jan *52 65 52 52 *50 56 *48 54 *49 51 5214 5272 390 LA Do pret 34 May 2 58 Dec 7 3934 Nov 6712 Apr 455 55 59 61 60 60 *60 65 60 60 *60 63 1,540 Long Island 31) Feb 6 5638 Dec 351 26 Dec 6712 Jan 12613 12713 12414 12734 12412 12534 12314 126 12514 12514 125 12614 10,050 Louisville & Nashville JFaenb 194 12534 Dec 31 85I2N ov 14513 Jan 153 153 152 16712 15138 152 150 15012 150 150 150 15012 2.495 lir0haptotifittna nE tiiraeteetd: ...... 1820211145)7141 11432 15434 Dec 28 10078Oct 146 Feb *36 43 *38 45 42 42 *40 45 40 40 *38 43 240 NI: FJNareanby2,LII, 4412 Dec 2.8 23 Dec 107 Jan Mexican Central 2012 Jan 2' 1234N ov 2753 Jan 2334 2413 24 254 2334 2412 -2512 2453 -25E3 14.- -2 333 -i4.1-4 "Zia Do Trust Co certts 2412 Dec 23 31 5414 56 56 5734 56 5614 456456 56 57 58 s913 65 4,835 Minneapolis & St Louis Mch 7 5612 Dec 23l2Dec *87 91 *87 89 *85 90 *85 00 *85 90 90 90 200 Do pref 1283113 FFeeb 21/1 90 Dec t. x621:Dec 90 Jan 13212 13634 13514 139 135 13612 136 13812 13812 145 145 14912 31,645 Minn St P & S SMarie 7914 Jan 13 Novi Oil Oct 15134 152 15314 15412 153 153 15312 154 15334 159 158 159 3,010 Do prof 165711122 cc19 5 110 Oct 4238 43 4034 4314 4012 42 4012 4112 4188 4212 4212 4412 136,070 Mo Kansas & Texas 1713 Mob 2 743511 2 Deecc 22;:,3 2034 Nov *73 74 7314 7314 72 7234 7112 7313 73 7312 74 75 4,100 Do Ora 46 Feb 19 53 Nov 7214 6813 71 68 7014 6913 7033 7038 7278 115.380 Missouri Pacific 2812 Feb 19 Dec 44I8Dec 6713 6814 69 :ci :Unaa/n b- $118 125 *118 125 12212 12234 *119 12.5 *118 125 124 124 400‘1,, ash Chatt & St Lows_ 122 Nov2 97 Dec 4444444444444444444444444444444444444 aJjjjjjjj:alaaaaaaa ce 3241 Dec 12633 131 12634 13234 12712 13038 123 12938 12434 12812 12638 12918 237,975 I 1 Y Central & Hudson_ 1652712 DDee x89 5634 5684 56 57 5314 5314 53 54 5513 68 5614 5614 1.800 N Y Chic & St Louis 00291)074311 33 4 Jejjaaa no .'1'2 4 19340ct *103 108 *103 110 *103 110 *109 110 *102 110 *102 110 Do 1st pref Jan 10555 .NDeoev i4i 86 Nov :1890 *84 88 8412 8412 84 84 84 84 *81 87 *80 87 400 Do 2d prof 60 Feb 8 41 Oct 160 162 160 161 16012 161 161 16134 162 163 N Y N If & Hartford 12833 Jan ti 164378 DNeocy109 12738Nov Jan 16173 162 34 3,400 nn • 4673 4814 4738 4914 4718 4812 4718 4818 4714 4778 47 48 42.720 N Y Ontario & Western_ 2912 Feb 19 78 Oct 18949281%124 • 86 86 8513 8634 8434 86l 8414 8638 8514 8613 8614 8714 24,365 Norfolk & Western 58 Feb 19 86988014 DIN e0o v 32;1. 58 Oct 88 87 87 *88 90 *86 90 *86 Do adjustment pref 74 Mch 24 70 Oct *8512 8812 *87 90 200 Jan 14233 14314 141 143 140 14213 13953 14138 14013 14214 14158 14258 61,215 Northern Pacific 11678 Jan 15734 Nmoavy 100120ct 14034 2 14014 14014 13914 140 14038 14034 *141 Do subscrlp rcts 103 145 Nov 1,, 9112Nov ::3:973804183 }'jjjaaaeartab 14212 14234 1421 34 14214 1.600 Feb 10 an *85 86 *85 88 *80 88 *80 86 83 83 *80 8314 100 pacific Coast Co 65 Sep 22 935., Jan 14 58 Nov 12418 J *90 100 *00 100 *90 100 *90 100 *90 100 *90 100 L Do 1st pref 9079 Mmact227 6 65 Nov 78 Nov *85 95 *85 95 *84 05 *80 85 *80 95 *80 95 Do 2d pref 85 Dec 125 Mch, 13173 13212 13112 136 133 13478 13218 13438 13333 13414 13338 13412 279,980 Pennsylvania 10834 Jan 7 15367821 42 .DDraeeonc 310:i7 ,10312Nov 38 Jan- *87 88 *87 88 8612 8713 *88 88 88 8934 89 8978 5,900 Pittsb Cln Chic & St L 51 Oct *103 106 *103 105 105 105 *104 108 Do pref 856118 an 37 10834 Nov ; 69120ct 10512 Jan. *104 109 *104 108 100 jMch 1394 an 14253 14312 13953 14438 13913 1423.1 13834 14114 13973 14114 14038 14178 775,880 Deeding 9212 Feb 17 14314 Dec 11 7012001 *90 93 9234 93 *90 93 *90 93 92 9210 IA, 1st pref 78 Jan 92 Dec 5 73 Oct 92 Jail. *90 93 650 '.: 94 Jan *94 95 *94 9458 9313 9312 91 91 *91 9312 *92 93 - 300 2d pref Jan 19 Dec 5 67 Nov 2434 25 24 25 2373 2433 2312 2473 2414 2514 2473 2838 91,000 Rock Island Company 170612 nb 1514 Dec : iii4Nov 6114 62 60 62 59 61 5873 6078 5934 61;4 61 6334 73,550 Do pret 2034 Feb 3 6258 Dec 18 2612Nov *67 70 *67 70 *66 70 *66 70 *68 70 St L & San Fr, 1st pret_ 421914 FebJ'nt 2104 89 Dec 21, 58 Oct 42 42 4012 41 40 4114 3834 40 40 163-8 4013 42 4,881 Do 2d pref 24 Nov *23 23 2333 2234 2234 2134 23 22 22 2213 2314 1,800 St Louis Southwestern 10 Mch 7 5244527184 DDee.36 3191: Nov 14 24 Nov 54 54 5314 5414 *52 54 4712 5314 *50 53 5213 5234 1.300 Do pret 2412 Feb 19 Dec 25 • 12012 12114 11813 12113 11758 12014 11733 11914 11812 11958 11853 120 238,300 Southern Pacific Co 66Faeb 172 11=2512 Dme ac), 31:0, 63140ct 12013 12 12078 121 121 Do pref 1093%4 100 Oct 11102:393769624.310883874862541111382348222 JJJJJJJanJjjjjjFaaaaaaaunt 12212 12253 12213 12212 121 12114 120 12138 3,770 Jan Jan 2718 2678 25 2512 26 2534 2613 2578 2713 34.230 Southern v Sr cfs stmpd_ 913 Jan 10 6327111441, DDD c 234295) 10 Nov 2613 2573 14 2614 17 2912Nov 9413 6233 6212 62 63 80 62 604 62 61 6134 ,,,,,8611 833s 14.250 Do pret do 2517 Mch 3613 3612 3434 361. 3414 3534 3413 36 3533 3614 60'4 3673 38,570 '1'exas & Pacific 1234.- Feb 29 1712Nov 3913 4053 40 4034 3858 4078 30,455 8 bird Avenue (N Y) 1512 Mch 23 10 16 Nov 3814 3973 38 4134 3814 4034 Dec Jan 1434 1533 1418 1478 13 1418 13 14 1213 1338 12 1212 3,340 Toledo Railways & Light 1415135712 DAeUe3' 9 4912 47 47 47 47 48 4878 4813 4873 4,400 Toledo St L & Western 16212 OFecbt Dec 31 1634Dec Jan 49 4912 4834 Nov 35433784 r 7112 7158 7134 7414 7084 73 7034 7134 7114 7214 72 7234 18,750 Do pret 33 Feb 3 7312 Dec 2 2934 9734 9773 97 97 58 9713 98 98 1.522 Twin City Rapid Transit_ 7814 Feb 7 9633 Dec 29 61)34 Nov 97 97 97 9713 9712 1083 Jan 18333 1841g 17873 184 17812 18134 17712 18017 17914 18112 17978 18112 631.690 I !Won Pacific 11012 Mch 2 18478 Nov27 100 Oct 0 may *9514 9614 96 97 ) Do pref 98194 NDoeov1107 t, Aug 95$3 9533 95 9553 9614 8612 9614 9614 3550, t-- 62 Jan *3612 38 3653 37 37 37 3612 8673 *36 3834 *35 3812 700 Unit Rys Inv't of San Fr 315214 JAL'''. 24' 40 Dec 12 1018Nov 58 57 6312 5412 5413 53 55 55 960 Do pret 2037143 Jmacrth 232 20 Nov *55 5712 *5413 *54 8 Oct 7181'182 Jan 1914 1934 1834 1983 1813 1933 1853 19 19 1914 19 1912 11,900 W abash 2058 Dec 22 34 4934 5012 4934 52 VT Do prat 135 AilmIcehi:41 5234 Dec 22 1418Nov 4914 50 4712 5073 4918 &Oat 4933 50 118.200 301, Jan 21 211•1 2012 22 2017 2133 2114 22 2134 2212 22 2312 13 600 Western Maryland 29 Dec 23 6 Oct

RANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS EU! Ask Banks but Ask Banks Bid Ask Bank., Bid Ask Banks Bid Ask Banks Bid Ask Banks ChAsesEx 1 200 ...._ Fifth Avet.3800 _ frying N Ex 175 185 Mutual iff___ 290 310 Plaza A- _-,... 810 325 New Fort Chemical __ 420 430 Fifth ,39_9. :fa Jatier3On I - 175 185 Nassau 1....,_ 200 ___ l'rod Excil 11 155 185 Seaboard .. 350 370 Aetna 170 17712 Citizens' CV 155 165 First "' Liberty-- 800 ,„. New Neth'd .-_ '105 America I_ 550 570 City 358 360 14th St 1 -- 150 ,,,,,-200 Lincoln ....r. 400 450 New YorkCo 750 __ Second.... 350 ..-... Amer Each_ 250 253 coal & iron 230 250 Fourth 205 :10 ‘fanhattanT 320 330 New York _ 320 --_ _ Sherman - 135 ---- Battety Pk. 430 _ . colonial IL b265 2.__ Gallatin 350 385 Ntark't&Ful 260 270 Nlit &Davi] 200 2-20- State II....- 250 _ Ward Bowery V 's7.0 33-5- Oolumbia 11- 400 E00 Garfield , - 290 Mechanics'_ 255 280 10th Ward 11 -- 475 12th T --- 250 - Bronalloro1 300 -- - Commerce .1104 --- Germ Am 11 13-6 145 Mercantile. 170 . . Northern .._ --- 135 2311 Ward 11 1-00 , li Bryant P911 150 160- ConsolTd_ 125 _ _ Germ'n Ex11 475 500 Merch Each 160 17-0- Oriental 11- ,...,-, _. anion Eat :00 21-0 - Butch & Dr 15212 1571. Copper 230 23-5- Germania I 525 --- Merchants%. 182 185 Pacific 11___ 230 - 2-50 A'ash trtz 111 230 Century V 165 175 Corn Ex V 335 395 Greenwich 11 280 2-85 Metropolis li 375 -rest,- Park 1475 _ A Side 11 500 Chase 290 ,-- East River_ 125 135 Hanover- 540 „ &letropor nit 170 175 People's _ 300 31-0 YorkVine 11 400 Chatham _ 365 316 Fidelity I_ 160 1/.5 imp & Trar; 555 A5- - qt Morr1.11 _ 220 Phenix -12- 165 175 _ ."...... t Bid and.... asked _ _pric_es: no sails were made on this day. X Ex-ngtits. I Leos than 100 snares. 1State banua. a gm-dividend and richt& 0 Now stock. 1 11 Co or at anetton this week. it First.installment nal n sold at ?21V141113 Sae at tbl3DrtQO,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909. BOW York Stook iteaora----Conciuded-Page 2 87

STOCKS-HIGHES2' AND LOWEST SALE PRICES .`.ate 01 ll'OC hemp: lor .1'..ar 1908 • he NEW YORK STOCK m ba,ts o7 JOU-$73 71 105' 1." a7 (1071 Saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE Jan. 2. Jan. 4. Jan. 5. Jan. 6. Jan.7. Jan 8. Share:: Lowest ti Lowest H1ohest 1218 1218 1214 1273 12 12 1213 1213 *12 1212 12 1234 2,600 Wheeling & Lake Erie..... 412 Mch 7 13 Dec Oct 1634 Jan *24 2512 2414 2513 24 2412 2414 2414 2413 25 25 2578 2.400 Do lot pref 3213 Apr 16 614 Dec 23 13 Oct 3734 Jan *13 1412 1414 1414 *13 15 1438 1433 14 14 1414 1518 1.600 Do 2d pref 6 Feb 27 1534 Non,' 8 Oct 2134 Jan 3712 3838 3658 3818 3613 3713 3578 3713 3673 3778 3673 3714 18,933 Wisconsin Central 1312 Feb 28 3814 Dec 3 11 Nov 2573 Jan 7112 723g 6934 7212 6934 7112 6912 7114 71 7212. 7134 7238 31,400 Do pref 33 Feb 19 7213 Dec 31 28 Oct 5112 Jan indu stria I& Si i scene neo u s *187 200 *187 200 *187 200 *187 200 *187 200 *187 200 A dams Express 164 Jan 2 4200 Alia 150 Aug •330 J'ne 1512 1512 1513 1514 1473 1513 1473 1514 1514 1514 *1514 1534 1.300( I-Ills-Chalmers 5 Mch 6 1638 Dec :4 Aug 1678 Jan 50 50 4933 4978 48 4813 48 4812 48 48 48 49 2,600 Do pref 14 Mch 6 5234 Dec 11 14 Nov 4334 Jan 8418 8434 8218 8412 8134 8312 82 8334 8313 8412 8314 8412 133,695 Amalgamated Copper...-. 9513 Feb 19 8838 Nov , '4134 Oct 12173 Jan ' 3378 34 3378 3373 3312 34 3334 3373 34 34 34 3512 5,515 Amer Agricultural Chem_ 13 Jan 4 35 Nov25 10 Oct 2538 Jan *90 96 49558 *94 95 *9414 95 *9414 95 *9414 95 25 Do pret 7812Jan 4 66 NON 23 75 Oct ti5 Feb 9553 2112 2112 2214 21 2112 2012 2114 *2034 2114 2118 2112 2158 2,400 American Beet Sugar.-- 912 Feb 10 244, 734Nov 231, Jan *70 82 482 82 *81 82 *81 82 82 82 8312 3312 425 Do pret 65 Jan 23 8134 Dec .1 75 Mch 80 - Jan 9 938 914 912 873 914 878 9 9 9 9 9 2,570 American Can 4 Feb 20 1014 No% 1, 3 Oct 71, Apr 7334 7334 73 7334 7212 73 7134 7212 72 7212 7234 7334 4,300 Do pref 99 Jan 4 7473 Nov 2, 34 Nov 601-3 Apr 4934 5014 49 5018 4834 4934 4858 4912 4914 50 498 5014 21,850 American Car & Foundry 2512 Feb 13 5034 Dec 24330ct 4514 Jan 110 110 110 110 11058 11058 410712 10712 *108 110 109 10914 540 Do pret 8414 Mch 4 i09 Dec 6 78 Oct 103 Jan 43 . 4358 43 44 4213 4234 4214 4234 4212 4338 4312 4412 12,300 American Cotton 011 2434 Feb 19 4434 Nov23 21 Nov 3612 J'11 *0614 98 *9512 98 *95 98 *95 98 98 98 99 99 352 Do pref 480 Jan 16 97 Nov18 70 Nov 90 Jan 420813 20878 *205 210 206 206 *205 210 *205 210 210 210 315 American Express :170 Feb 26 1224 Mayi 175 Oct 247 Jan 712 712 712 734 714 714 7 7 678 678 7 7 1,500 American Hide & Leather 234 Feb 21 81, Dec e 212Nov 614 Jan 3612 3612 3678 3712 3634 3634 3612 37,8 3612 3738 3634 37 5,300 Do pref 1212 Mch 4 3734 Dec 26 10 Oct 301. Jan 2313 2338 2134 2314 22 2212 2178 2212 1933 2212 1873 20 13,770 American lee Securities_ 1212 Feb 8 3173 Allf2 8,180et 88 Jan *13 1412 1414 1414 1414 1412 *13 1412 *13 1412 1314 1413 1,100 American Linseed 6 Mch 1712 Dec 4 (135 Oct 1914 Jan *28 34 *28 35 *26 35 *25 35 *26 34 *28 84 Do pref 17 Mch 5 3614 Dec , 161,0et 36 Jan 5714 5773 56 5734 5614 57 5658 5634 5718 5814 5634 58 9,050 American Locomotive 3138 Feb 25 5953 Aug e. 3214Nov 7534 Feb 114 114 *111 ____ 112 112 4112 112 *110 113 112 112 350 Do pref 8613 Jan 3 113 Dec 31 83 Oct 1111. Jan *6 7 *6 7 *512 7 *512 7 7 712 *7 712 200 American Matt Corp 3 filch 2 853 Sep It. 212J'ne §712 Apr *42 44 *42 45 443 43 43 43 42 42 *41 46 210 Do pref 21 Jan 13 553 Sep 1, 17 Nov 90 Feb 8038 8033 80 8012 8012 8012 8038 81 81 8134 81 8158 4.200 Amer Smelters Sec pret B 70 Jan 17 8413 Aug 00 Oct 9318 Jan 8273 8334 8053 84 8134 84 8312 8575 8514 89 8758 8938 329,460 AmerSmeit'ng & Refining 5512 Feb 17 107 Aug , 581i Nov 2155 Jan 101 10112 10112 103 10212 10334 104 10412 10373 10414 104 10412 9.840 Do pref 8734 Feb 20 11038 Aug 5 81340ct 11738 Jan *200 ---- ,1 200 ___ *200 ____ *200 _ *200 ____ *200 208 American Snuff 180 Aug 24 200 Apr 30 150 Oct 205 Jan *90 9712 *90 9712 *90 9712 *90 9712 *90 9712 *90 9712 Do pref 80 Mch23 9712 Sep 1, '70 Nov 102 J'ne *3613 3912 3814 39 39 39 *3812 3912 *38 39 3814 3814 700 Amer Steel Found (new)- 28 Sep 29 41 Nov *45 50 *45 60 *45 50 *45 50 *45 60 x45 60 Do old pret 2618 Feb 14 4712 Dec 20 Nov 4712 ELY 131 131 *131 133 130 130 128 12973 12834 129 129 129 1.532 American Sugar Refining 9834 Jan 2 13734 Aug 31 9234Dec 13712 Feb *129 130 *129 130 *127 130 *125 130 *128 130 *128 130 Do pref 105 Feb 18 131 Nov24 /1116 Nov 131 Jan 12713 12753 127 12753 12614 12714 12613 127 12634 12714 12634 12714 11.292 American Teieph & Telei 101 Jan 6 13258 Nov24 Oct 133 Jan *93 94 94 94 9258 9334 9212 9312 9314 9314 93 93% 1,350 American Tobac (new).P• 7212 Jan 2 9712 J'ly 14 60 Oct 9834 Jan • 2914 3014 3018 3012 3014 3012 2914 3034 31 31 3012 3058 2,400 Amer:can Woolen 1512 Feb 17 3233 Dec 9 11 Oct 3612 Jan 95 95 9434 95 9413 9413 9334 9334 *9314 05 *9334 95 600 Do pref 7814 Feb 19 97 Nov14 68 Nov 10278 Jan 5013 5058 4938 5012 49 4934 49 4933 4913 50 249 4912 17,325 dAnacondaCopper Par$25 52713 Feb 19 $5312 Nov1.8 $25130ct 30234 Feb *3 338 318 314 318 314 *3 313 *3 3313 *3 338 1,500 dBatopilasMin'ng Par$20 2212Jan 23 $5 Mch t $3 Oct .1,918 May , 2434 2434 2312 2412 2212 2313 2234 2273 2333 2412 2413 2514 4,120 Rethlehem Steel 12 Jan 13 2714 Nov26 8 Nov 2012 Jan *50 53 50 50 50 50 *4913 53 51 5134 52 64 800 I do pref 35 Apr 8 57 Novls 23 Nov 65 Jan *147 148 *147 148 *135 145 *120 140 130 130 130 130 200 Brooklyn Union Gas_ r85 Feb 21 15214 Nov2 80 Nov 125 May 16 1633 1534 16 1512 1512 51412 1412 1473 1478 1473 15 2,070 Brunswick Dock&C Imp 6 Jan 17 Nov25 6 Oct 1412 Jan 2378 2373 *23 24 24 24 25 25 42734 2734 27 28 1,010 Butterick Co 510 Feb 7 425 Jan 10 27 Oct 4918 Jan 3134 3212 3153 33 3118 32 3073 3112 3114 3234 3178 3253 16,300( ientral Leather 1512 Feb 10 33 Dec 2. 1178Nov 90 Feb 10114 10112 10114 10134 *10034 10134 4101 10112 101 10138 410112 10112 1,105 Do pret 7534 Jan 2 102 Dec 29 68 Nov 102 Feb • 40 4034 3834 4138 3934 4138 3958 411 4034 4512 4234 4512 128,575 Colorado Fuel & Iron_ _ 1553 Feb 11 42 Dec 5 14 Nov 5778 Jan 2534 2534 2512 2512 2512 2512 2512 2558 2512 2512 2573 2714 4,825 Col & Hock Coal & Iron. 1434 Mch 6 2712 Dec 3 14 Dec 2833 Ape 164 165 138 16514 12614 140 123 127 12634 130 127 13034 230,875 Consolidated Gas (N Fl _ 96 Jan 3 167 Dec 1'2 74 Oct 140'14 Le" 1773 18 18 1812 1818 1838 1838 1838 1818 19 1834 1914 21,000 Corn Products Refining_ _ 1034 Feb 10 2013 Aug.1 8 Oct 2934 Jan *72 7412 7312 7312 *72 74 74 7414 74 7512 7412 7512 5,600 Do pret 66 Jan 2 60 Aug ti 46 Oct 88 Jan *45 50 *45 60 45 45 *44 49 *44 49 *44 49 100 Crex Carp...a 9712 Oct 16 4s14 Oct 20 3712 3713 3713 38 3612 3758 37 37 37 3712 23713 38 6,125 Distillers' Securities Corp 2714 Feb 19 834 Dec 16 26 Dec 'Yr Feb *7012 80 *71 82 *71 80 *71 80 *71 SO Federal Mining & SmelPg 7213 Nov21 94 Aug 10 50 Oct 163 Jan 81 81 gi 81 *80 83 *80 83 *80 83 *80 83 200 Do pref 59 Feb 10 89 NoL. 47 Oct 97 Jan ...... Federal Sugar Ref oh N Y 55 J'ly 28 6812.1 •ne2u 42 Feb 6213 J'n• iiAo" 'VO" ;85- -91:1" ;g:5" 95 Do pret 7312 Feb 3 100 J'ly 76 Feb 100 May *157 150 155 158 156 15712 15512 157 156 157 15612 167 6,300 General Electric 111 Jan 2 16234 Dec 2 891,0ct 163 J ail 109 109 110 110 *105 110 106 106 *105 110 10112 10612 400 Granby Cons M S & P • 7834 Jan 2 10912 J'ly 3s; 60 Oct 152 Feb 85 6512 6412 65 6412 65 *64 66 64 64 *64 65 800 nt Harvester stk tr ars- 62 J'nell 67% Nov2. •4, 110 110 10934 10978 10958 10034 10934 10934 110 110 10934 10973 1,520 I Do pret stk tr etts. _ 99 J'neli 11014 Nov11 .171;(7, 834 9 812 9 814 834 812 834 834 8713 858 878 17,600 Int Mer Marine stk tr cas 0 Oct 26 9 Mayll "(WC 818 2614 2714 25 2.534 2538 2714 2534 2612 32,250 Do pref 16 Feb 25 2673 Dec 31 10 Nov 24 Apr 2758 2512 2618 2658 Jan *12 13 1214 1212 121g 1212 *1213 1234 1214 1214 1214 1214 1.700 Internat1onal Paper 8 Apr 1 1314 Nov18 712Nov 1812 *56 67 5634 5634 *5512 5712 5558 5538 *5512 56'2 *56 57 200 Do pret 97 Oct 1 65 Jan le 51 Nov 81 Feb 3933 421 3912 42 3918 4014 3918 4012 3914 41 4014 4112 31,000 Internet Steam Pump 13 Jan 2 3978 Dec 31 8 Oct 41 Jan 2 81 Jan 8334 8478 8412 8634 85 8612 85 8.5511 85 8534 85 8614 12,025 Do pret 65 Jan 10 8414 Dec 31 50 Oct *76 77 76 76 75 75 *7334 78 7334 7414 7512 751:2 1,000 Mackay Companies 52 Feb 25 78 Novi 40 Oct 7514 Jan *6834 7038 70 7033 7012 7112 70 7138 70 70 §70 70 1,610 Do pref 5978 Feb 25 7434 Nov31 50 Oct 71 Jan 9612 99 98 9973 98 9834 9778 9878 9878 09 99 101 5,940 National Biscuit 68 Jan 3 la Dec 28 6612Oct 8614 Jan *11712 120 11914 11914 *118 121 *118 120 411934 11934 *118 120 240 Do pref 102 Jan 2 12012 Dec 2, 90 Nov 11733 ivich 1412 1438 1413 1434 14 14 14 14 *1314 1414 14 1434 1,800 Nat Enamel'g & Stamp'g 712 Feb 14 1514 Dec 2. 61 Nov 1538 Jan *82 00 *82 87 82 82 *80 88 *81 87 83 83 200 Do pret 570 Feb 25 28214 Dec 11 875 Sep 87 Feb 7712 7778 7612 7838 7534 78 77 7713 7712 7914 7853 7958 9,700 National Lead 36 Feb 10 92 Aug 7 33 Nov 7614 Jan *10513 107 10558 10334 *10512 106 10612 10634 410512 10612 10634 10634 650 Do pref 3712 Jan d 10614 Nov18 80 Oct 103 Jan 534 6 558 578 512 534 658 634 634 334 512 534 4,000 Newhouse M & S_Par$10 $438 Oct 22 $978 Jan 2to $5 Dec 22034 Apr *87 93 91 91 87 8812 8614 8614 8812 8812 9112 92 1,525 New York Air Brake 50 Jan 2 98 Nov25 9712Dec 14112 Jan 74 74 7312 741.2 74 7534 73 7458 7358 7438 7412 75 2,500 North American Co, new 42113 Mch 5 78 Nov3u 37 Nov 89:4 JaLl. 36 3614 3558 3634 3431 36 35 35 3412 35 3433 3512 3,900 Pacific Mall 24 Apr 20 4014 Dec 8 19 Nov 4112 Jan 105 10514 10234 10434 10214 10314 10212 103 103 104 103 10412 9,300 eople's G L & C (Chic) 80 Jan 2 10612 Dec 23 70140ct 9858 Jan Jan • *1234 1334 41212 1312 *12 1312 *1214 13 13 13 13 13 200 Pittsburgh Coal Co 813 Mehl? 1453 Dec 10 7 Nov 1678 *48 60 *47 49 *47 49 *47 48 447 47 *47 49 57 Do pret 3613 Feb 14 50 Dec 4 37 Nov 6058 Jan 67 Jan• *43 44 42 42 §42 42 4134 43 4212 4234 4273 4278 1,225 Pressed Steel Car 1714 Feb 10 45 Dec 1 1558Nov *10112 103 10112 10112 10134 10134 10112 10112 *101 10212 *101 102 310 Do pref 69 Jan 3 10214 Dec 29 69 Nov 9978 Jan *168 173 *168 173 §171 171 *168 172 170 170 *169 173 176 Pullman Company 147 Jan 3 174 Nov16 13514Nov 18118 Jan Jan 4834 4834 4712 4812 47 4712 47 4712 47 4734 4734 48 3,500 P allway Steel Spring 2334 Feb 8 4914 Dec 28 21120ct 6712 *102 10212 10212 10212 *101 10212 10212 10212 *9812 10212 10134 10212 428 1- Do pret 75 Jan 29 103 Dec 2 72 Nov 991, Feb 2534 2534 2514 2553 25 2512 25 2533 2512 2614 2512 2612 7,010 Republic Iron & Steel 1434 Feb 11 29 Nov13 12 Oct 41 - Jan *8514 86 8514 8613 *8534 8612 8612 8673 87 8718 8612 8634 2,300 Do pref 63 J'ne 19 8912 Nov13 50120ct 100 Jan , *7612 78 7612 7612 76 7612 7614 7614 78 7814 7812 7812 1.100 Qloss-Shetfield Steel & Ir 36 Jan 2 8134 Nov17 26 • Oct 7734 Jan *109 _ _ *109 ___ *108 *108 110 *108 *107 Do prel 8712Jan I 11014 Dec 7 80 Oct 4107 Jan 4534 4878 4612 49 47 48 9632 4734 4612 4712 47 -4-g1-4 -31,425 dTennesseeCopper Par$25 52513 Feb 17 $5214 Nov16 217 Oct $6312 Mob *83 8412 83 83 *8312 84 *81 84 84 8418 *82 85 300 Texas Pacific Land Trust 45 Feb 11 8412 Dec 7 42 Dec 85 Jan 818 Jan *873 912 958 958 *834 912 *812 912 *9 912 912 934 1,000 I Tnion Bag & Paper 4 Feb 21 Nov23 4 Oct *64 68 *64 66 *65 06 *64 66 *6412 66 66 66 100 • Do pref 4475 Jan 6 6634 Nov2:- 3934 Nov 61 Jail *2914 30 2834 2914 28 28 28 28 28 2814 29 3012 4,070 U S Cast I Pipe & Foundr 1712 Feb 26 3078 Dec 14 17 Oct 4912 Jan ; *74 75 *74 77 74 7513 474 74 *70 75 7434 77 1.370 Do pref 565,q Jan 2 7873 Aug lu 49 Nov 89 Jan *80 00 *80 • 90 *80 90 *80 90 *80 90 *75 89 United States Express__ _ 70 Feb 18 90 Jan 6 70 Nov 5117 Jan ' *6012 6212 62 62 61 01 60 60 60 60 6113 6112 700 U S Realty ec Improvema 3614 Feb 5 64 Nov17 36 Nov 9012 Jan ' *913 1312 *1112 14 *11 1312 *12 14 13 1338 *1212 1312 200 U 8 Reduction & Refin'g 4 Feb 21 1514 Aug 8 512Nov 3014 Jan ' *28 32 *28 30 *28 32 *28 33 *28 33 *28 34 Do pref 16 Feb 10 39 Aug 1814Den 68 Jan ' 3412 3412 3412 3412 3313 3312 3314 3312 3314 3438 3418 3418 1,500 United States Rubber...... 1834 Feb 10 3712 Aug 7 1312Nov 5212 Feb ';10634 10634 10618 10678 105 106 10512 106 10512 106 §10634 10634 2,555 Do 1st pref 7 Feb 19 108 Dec 2 82 Oct 1097a Jan *71 74 7314 7312 7334 7334 *70 74 *70 7312 *73 74 700 Do 2d pret 42 Feb 21 7512 Nov27 39 Nov Vils Jan ' 531g 5334 5214 5312 5158 5278 5112 5258 5214 5312 5234 5338 411,121 United States Steel 2534 Jan 2 5.834 Nov13 2173Oct wag Jan 11273 113 11234 11312 11258 11318 1127g 11318 113 11358 11318 11312 15,366 Do pref 871. Jan 2 11453 Nov 4 7918Nov 10734 Jan 47 47 4612 4778 46 4618 4512 48 46 4614 45 46 3,000 &Utah Copper Par $10 .220 Jan 2 $6234 Nov 9 513 Oct :3913 Mcb 4414 4434 4312 4438 4234 4312 4312 44 *44 45 4413 45 4,200 Virginia-Carolina Chem_ _ 16 Feb 27 4534 Dec 29 123sNov 39,38 Jan *112 11212 ¢112 112 3115 115 *11212 115 *113 11312 *11212 115 50 Do pret 287 Jan 2 115 Nov14 75 Nov 108 Jan *63 66 62 62 *62 66 64 64 564 64 *62 66 240 Viglnia Iron Coal & Coke 43 Jan 7 18 Nov 9 31 Oct 97 Jan *290 325 *290 325 300 300 *290 325 *290 325 *290 325 100 ells Fargo & Co 4250 Feb 13 325 Nov16 260 May 300 J'ne 6912 7012 6812 7012 6812 0912 68 69 6838 6812 6814 6814 4,700 estern Union Teleg 91 Feb 19 7134 Nov30 64 Dec 85 Jan 8512 8512 85 86114 85 85 84 85 85 8513 85 86 3,200 Westingh'scEl &Mfg assen 38 Mch 11 94 Nov17 32 Nov 154 Jan *115 125 120 120 *115 125 *115 120 *115 120 *118 120 100 Do 1st met 58 M.-I'24 125 Nov24 60 Dec 5160 May BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS I Banks Bid Ask Banks Bid Ask Trust Co's Bid Ask I Trust Co's Bid Ask Trust Co's Bid Ask trust Co's Bid Ask Brooklyn Brooklyn N Y City I Guardian Tr 170 180 NY Life&Tr 1100 1125 Brookyln Borough 11_ -_ 110 North Side11 - 175 Carnegie __ 118712 ...... - Hudson ___ 130 ___ N Y Trust_ 560 575 Brooklyn Tr 400 410 Brooklyn 1,- _____ 145 People's_ _ lib _ __ Central Tr_ 1825 __ KnIckerb'kr 3ao 325 Standard Tr 325 - Citizens' 120 125 Broadway 1, 39 ) _-__ Prosp'ctPk11 140 155 Columbia .... 23212 240..- Certs A_ 73 80 TitleGu& Tr 430 435- Flatbush ----- 0200 _,,,.. `First 1251 . rerminal 11----- 130 Commercial ____ 150 Law T I &Tr- 233 242 Tr Co of Am 300 ---- Franklin -- 193 205 •Hillside11- - 110 C3-6. Unionll ______150 Com'wealth ___ S5i Lincoln Tr.. 119214 __ Union Trust 1100 - Hamilton -- 260 275 1 'Home Bki. 110 125 Empire _ _. 6240 --.4 Manhattan_ 350 400 US lag &Tr 305 380- Home 100 110 ' Romesteadli 80) 125 Trust Co's Eqult blo Tr 400 .....I Mercantile - 725 ___ Unit States.. t125 1175 Kings Co.... 455 ,,... Manufae'rs 40) 425 N Y City Farm Lo&T 1200 125 Metroportn 540 -___ VanN'd'nTr 250 260 L. lei L & Tr 290 310 Mechanics'11 230 250 Astor 300 315 Fidelity ___ 195 205 Morton Tr_ 425 __ Washington 400....-. gassau 160 170 I Montauk 140 145 Bankers' Tx 500 525 Fifth Av Tr _ __ 425 Mutual ____ au fib Westchester 190 150 People's _ _ 275 ..... Nassau-. 240 270 flowrg Gr'n 335 _. Fulton ___ 27- _ -5 - Mut All'nce -_ 190 Windsor __ 135 140 Williamsbg- 85 100 , Nat City 280 320 Irway Tr 130 133- Guar'ty Tr_ 515 565 4 • Bid and asked prices: no sales on this day. I Less than 100 shares. I Ex-rights. New stock. c Ex-dly. and rights. d Now quoted dollars per abates , 1 Sale at Stock Exchange or at auction this week. a Trust Co. certincates 'II Banks marked with a paragraph (11) arc State banks..

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -New York-hick Exchange—Bond Record. Friday. Weekly and Yearlv Ileginning Jan. I 1909, the Stock Exchange method of quoting bonds has been changed, and al/ prices now are quoted—"and interest."

BON Ds Price Week's Range 11-Ic,' Week's 5'- litt1109 Y. STOCK EXCHANGE Friday Range or Year N. Y. STOCK EXCHANGE - hrtaas Range or Year N. .t• Jan 8 Last sate 1908 WEEK ENDING JAN 8 Jan 8 Last Sate A° 1908 WEEK ENDING JAN 8 lita aim Low 21 to h No Goverlllll eta Btu Ari) Low High Low _High Cent of Ga RR—(Con) Low 21144 63 Dec'08 •..• 44 63 U S 2s consolregistered.d1931, -J 103 103's 10314 Nov'08 10.1 12 104 iv 20 pi of income g Os stamped • 60 65 52 Dee'ub •..• 27 57 U S Is CO11801 coupon-41930 •J 103 104 J'ly 'Ob 104 10418 3d prat income g 68....p1945 Oct 100% 101/14 101 Dec'08 3d pref income g bs starupe.. 60 65 5214 Dec'08 • 27 52'4 U S 3s registered /c1018 100 101% 891 Feb'08 S as coupon 10034 101 /14 10034 Dec'08 10034 102 Chatt Div pur inon g 43.1951 89% 89% 107 J'ne'02 Mac & Nor Div 1st g 58.1946 J-J 103 104/14I'ne'08 •..• 100/14104/14 U 38 tog small boads 51918 115 Novq/b U S 3s cou small bonds k101b Q-F 100 10014 Nov'08 100/14 10114 Mitt Ca & Atl Div 15s. .1041 J -J 106/1410819 110/1412014 12013 Nov'08 Mobile Div 1st g 5s 11146 J-J 108 105 bec'07 U S 43 registered 1926 Q1 F 118/14 12214 Dec'08 .... 92 1925 g-F 12012 122 liov'OS 12034 123/14 Jen RR de B of tia col g 53 1937 41-N 10719 107/14 U S 4s coupon Sale 127 117 12 117 130/14 U S P.tn Can 10-30 yr 2s.k11/30 Q-N 102 103 103/14 Mar'08 013/14 103'i Cent of N J gen'l gold 53.11/87 J -J 127 Registered 51987 Q-J 126 Sale 126 117 13 120/14124/14 Foreign Government Am Dock A Imp gu 66..1921 J -J 109/14 109 109 t 107 111 Le & kiud R gen gug 5s 1920 J -J 104/14 Imperial Japanese Governra-t 4128 ; 90/14 Sale 9Q8 9l38 Os 86 92 Leh & Wilks 13 Coal 58..1912 SI-N 9934 10012Dec'08 1.18 101 sterling loan 1925 F -A 0819 101 2i1 series 412.3 1925 J 1.89/14 9014 8914 1/04 8378 91% Con ext guar 4/148 g1010 Q-.11 99/14 Sale 0978 1)9% Sterling loan 4s 1931 J -J 151 82 81/14 82 75 8234 N PA Long Br gen g 48 1941 11-S 9714 Repub ol Cuba 58 exten debt.. 11-S 1103 Sale 102/14 104 30 100/14 105/14 Cent Pacific See So Pacific Co U •-$ or Mexico a g Ss of 18119 Q-J 9934 .100 10139 96 101 CentVermont 1st gu 048.e11i20 Q-F 88 Gold 45 of 1904 1964 J 93 92/14 Dec'Ob 90/14 94/14 Chas & say see All Coast Line -D 102 Dec'08 105/14 t hese are Pr ices on the 6 5;6 of $5 to B. Cheri A Ohio gold 6s al911 A-0 103/14 102 State and City Securities 1st consol g 53 193'i M-N 116 Sale 114% 115 5 107/14116/14 Alauaina curr lund 48 J -J 97 111 Mar'02 Registered 1939 M-N 11312 Sale 11319 113/14 1 105 6ale Dist of Columbia 3'658...J929 F-A 109 110 Nov'Ob 110 110 General gold 4193 1992 M-8 104% 105 22 96 1137% 96 105/141100'04 Registered 1092 M-8 104 blny'06 Louisiana new consol 48 1914 J -J 110/14 901,, New York City- Big sandy lst 4s 1049 .1-1) 9018 90%, 21 89/14 92/14 103 Sale 103 103 Craig Valley 1st g J -J 107 112 Feb'00 4' e Corporate Stock 1958 10278103'4 9814 492 assessment bonds 1918 11-N 1013;Dee 'OS 10134 101'1 RA A Div 1st con g 4s 1989 J -J 100 Dec'ub 91/ 14 101 111% ban, 1113; 112 538 2d consol g 4s 1.081, J-J 34/14 93/14J'ly 'thb 80 93/14 .7.NT e w 4/ 14 s 1957 m-el 105 11234 10538 104/14 Dec'08 101,4 Warm Spr Val 1st g 5s 1041 M-8 113/14 Feu'l/b ...... New 4's 1917 11-N 104% 95 Sep 4194,0 Corporate Stock 1957 M-N 111/14 112 11134 11134 10513112% Greenbrier By lstgu g Is '40 51-11 'o5 95 95 101 104% 10114 Chic & Alt RR ref g 38 1049 A-0 78% Sato 78/14 79 131 6734 79% 44 0 assessint at-N 104'i 73 77 Dee'llz.- 4% Corporate Stock. 1957 M-N 103 10234 103 15 101%103/14 Railway 1st lien 3198_1050 J -J 60 77% Registered 1960 J J 8018 May,u3 ...... Now Yorestate—Highway 99/14100 101 Dec'tif, Improvenet ....1958 M- S 110 110 Ang'08 109 110 01110 Burl& Q—DenvD 48 11122 F -A 97 101 101 120 Mar'OU General 4s 1958 M-S 100/14 10034 10934 97 10314 8o Carolina 4,2d 20-40 11)3:, J -J 91 Sale `31 tr-i 52 93% Tenn new settlement 3s 191:; J • J 94 97 95/14 9512 3 94 9(3 Illinois Div 3/143 1940 J -J 86 91 01;3 Lec'ub • 8t334 9134 Virginia fund dent 2.3s 1991 J • J 92 93 98/14 Nov't/t 90 9319 Registered------1949 -J Sale 46 47 15 Ills DIY 4s 11/49 J -J 102 103 105 Dec'ub •. 97/14105 68 deferred Brown Bros ctfs. 45 22/14 47 Oct 'Us Iowa Div sink fund 68-1019 A-0 105% 1.0434 -• 10434 106 /14 Nov'08 Unlit sinkuig fund 4s 1911/ A-0 1/1134 IOU 100 -• 96 101 -oat: 101 101% 101/14 Dec'08, A lemma Cent see So By Nebraska Extension 48 1927 9818102', Registered 100 101% Oct '08 101/14101% .0.1aba Mull bee At Coast Lint 116 110 Oct '07 Albany & Suso See Del& Hui, Southwestern Div 48 192702111-S A4-N Allegheny Valley see Penn itki Joint bonds See Great North Debenture Os 102 10134 Nov'08 9714103', •Alleg & West See Bull hA 103% 103% 103% 10414 105% Ann Arbor 1st g 4s 51995 ti-J 84/14 Sale. 84/14 8419 1 78 56 Han & StJos e,onsol 68 19111113 N1-8AA-1.4 100/14 Sale 10018 10()14 elm& E ref A imp g 48 1955 J-J 135¼ 87 85 bia 82', 88 Atch T (Ye S Pe—Geu g 48.1995 A-0 95% 101% 120 12934 12934 4 122 122 ' Registered 1995 A-0 100 98% Deo'08 95/14 100 1st consol g Os 02; 19 11314114', 114/14 114¼ 1 106/14116/14 a.djustment g 48 51995 Nov 92 92 83 9518 General consollst bs 11/371934 86 Apr'07 Registered 113 11514 Feb'09 Registered 511195 No, 113/14 114 114 14 107 109% Stamped 51995 11-N 9234 Sale 9212 2234 82/14 94 Chic A Ind C IV lot 56 13719,3c 1.4 Sale 103/14 104 041 & See Cony g 43 11/55 J 103 8534 106 Chicago Erie Erie 1'27% 107 Sale 10614 1.1/7 131; Clue In A Louisv tel tia 1041 J • J 127/14 127/14 11714 130% 10-year cony g 5s 1917 J-1/ 1)418108 106 108 98/14 libu'08, 9619 Refunding gold 5s 1947 J -J 11/9 108 Sol)'06 ...• Debentures 48 Serie3H 1916 F -A 98 96/14 HA% Nov'vb •.. luU 10138 1011 F -A 9634 /14 N,,,•'09 Lotusy A & Ch 1st 63 1910 J -J Serie:- 1 Nov'th HA% 105 105 10314 106/14 Series K 1913 F -A 94 94 Chic Alll & St P term g 53 1919 2.2 97 Sale 07 97 1 General g 48 series A..61089 J 10269 102/14 10,34 1(90 104;1 East Okla Div 1st g 4s 1928 M- 9514 9819 103/14 Oct 'Oa 103/14 103 95 97 Dec'08 1/5 18 Registered el081/ ct 4 ...• /14 Short Line 1st 4s J PM rects 97% 9'2 91/14 92 55 85/14 95 Atl Knox ite N see L & N General g 319s series 13 611439 J 95/14 94% 1)5.4 59 L Su.Dly J -J 10942 115/14 Oct '05 tlantic Coast 1st g 48./61952 94% 80 96/14 Chic & g 58....1921 '08 130 Chic & Mo Riv Div 58...1926 J -J 112/14 112 Sep •. 110 112 Charles & Say 1st g 78 193o J -J j34 104/14 Dec'08 104 1043 125 12313 J'ne'08 Chic & Pac Div 68 10 ; Say P & W 1st golt168 1939 A-0 111/14 124 1U9' 109¼ 112 108% 11268Jan '04 Chic P W lstgos 1'/29112• 2 :1 109/14 Salo 108% 1st gold 58 1034 A-0 103/14 51))¼ ts 104/14 108 11-N 107/14 11468 Nai'00 Dak Gt So g bs 191(32-2 105/14 106 Ala Mid 1st gn gold Gs —192 90/14 12218 137/14J'ly'91' ...... go. g 40, J -J 94 Alar'06 Far.& Sou assu g 68 1924 1-2 Bruns& W 1st 45 102%1(1314 10719 10,/1 4 10218105', L it, N call g 4s 0195211-N 86/14 86% 86 86', 74 8878 liast & D Div 1st 78 1910 J -J 96 93/14 SeP 10034 10134 Ain-U6 101% 101% Sil Sp Om db(.4 gug 4s ..191b J -J 93/14 93/14 109/14 .Nov- 08 tty LaCrosse & D 1st fis 1991109 Jj"1-,1 108/14 106% 1019 Atlantic A Danv S'ee South 101 101 18 101/14 100%102% Austin & N W See Sou Pacific Mineral Point Div 53 1910 J -J 94 Sale 93 94 15 101%102 101/14 101/14 10014 104% alt & Ohio prior 1 g 3/148.1925 J • J 90 95% So Minn Div 1st 68 Dee WS 93 90 Apr'08 Southwest Div lat 1999019 .12 -j-J 10068 103/14 101 103/14 B Registered 51925 Q•J 89/14 9u tis /14 11/ Nov'ub 100% Sale l00 4 100% 76 96/14 102 & Minn Div g6s 11/21 J -J 109 108 111 Gold 48 51048 A-0 Wis 10238 LOWS IN ov'llb 10518105', Registered 411148 Q-J 08 Dec'08 95 98 Mll & No lstM L 68— 1910 120 Oct '01 107 is 10713 Dec'va 10718110's Pitts Juno 1st gold Os ..1921 J • J 1st cense). Os /14 Dec'tla •89 18 13014 8914 Dec'08 & N orthw cons 78 199 153 115% 117 51538 118% Pjun & 31 Div 1st g 3/1481925 11-N 83 90 Chic 08 104 03 J'ne'Un 99 119 PLEA W Va Sys ref 461941 11.N 951e 05% 115/14 95/14 87 97 Extension 48 188(3•11/20 11-A 91/14 104 08/14 Apr'vb 98/14 98% 8outhw Div 1st g 3198 .11125 J J 9114 Sale 90% 41:,1 8334 93/14 Registered 935 91', 89 Oct '01i General gola 3198 1886-2,1920 93 89 96 Registered 51925 80 Aug'ut 89 89 g 53-1911, 104 50578 Feb'07 sthRkillegisgteturen,di gg:27 Motion Riv 1st gu -A 11119 1071811118 Oen Oluo It 1st c g4123-1113t, 119/14 109 Apr'05 6s..1579-19219 A-0 J'ue'07 110 Aug'va 108/14 110 UI Lot & W con 1st g Os 11135 A-0 108 10013 sinRRegisteredkeingglsteturen lus 111 08 d :11091299 108 108 109/14 Ohio River RR 1st g 58.1930 .1-1) 111 Sol)' 110 151 511 1878709 104 Nov'07 be 1031 A-0 110/14 108/14 100% Registered 1879%0%9 BA• :ON General gold 108'6 109 10138 Dec'08 10018 10234 Pitts Clev A 'jot 1st g Os 1922 A-0 108 11919 Mar'04 Debenture us 101 Nov'08 101 Dec'U6 '39', 101/14 Pitts & West 1st g 4s 1017 J -J 97 tuill 101 • Registered 1909 11-N Deo'ub 101/ Nov'04 Us 100 108 -• 105 108% (Rat Isl RI 1st gug 419s 104:1 J -D Debenture 103 J'ne'u7 Bat Creek A S See Mich Cent 111% 11,1% 111% YC&kl SinRkeingisgtefiriendd deb 53 131 12 MA---1°°;1 Beech Creek See N 109 J'ly 'Us .h 10987 41019338 Bellev & Car See Illinois Cent Registered Dec'Oa North Illinois 1st 61, 1993103 PANI:NS 10078 10214 10134 102/14 Bklyn A Montauk See Long 1 100 101 Oct 101 Coast L Ott CT St Paul 1st Os 11.109 A/kb 101% Brims A West See At' 111112 12014 11934 11104 118 12068 & Erie See Erie MilLS& West Sat g 6s 1921 M•N Banal° N P F -A 113,,,, sal(' 113/14 113/14 '2 110 113/14 11 & P gen g 6s 1937 S 110/14 Sale 116/14 11816 108 116 klxt& Imp stand g bs 11/29 Banal° 'Oa MS 123 142/14 Fcl.,'02 Consol 4185 1057 M-N 108/14 106 Dec 1014 106 Ashland Div 1st g 63 1025 Fel.e00 98 Dee'01 Div 1st g Os 112 123 12819 All A West 1st g 48 gu 11/11b A-0 9834 Mich 102 103 Sep '0J CI & Mali 1st gu g 53.-1943 J -J 110 103 J'1Y 'Ob 103 103 Incomes Dee'08 Sep '08. 11.9)921 a 113% 116 112 11619 Hoch ito Pitts 1st g tis 1021 F -A 119 119; 114 11919 Ohio Rock led &Pac 68 Tj 19J'ly'08 11ti% Registered 1917 J -J 112/14 .... • 112 11214115 Cousol 1st g Os 1922 J •D 121 118% 117 121% 10014 Sale 9978 10014 Eric General gold 40 14 1/4 102/14 Banal° A Southwest See 97¼. 9734 Dee'08 1/6/14 3 ref g 4s41961 J -J 90 89 Oct '08 8719 91 Registered gra I .i•J 1.17; Bull & Susg 1st 11139 A-0 91% Sale 1/008 U134 i•c;11 83/14 92 BuxClt&N See 0 R I & Refunding g 4s 07 '09 18 106/14 38 trust Series/i 48. u M N J'ly .... (Ian So 1st ext 6s 1913 J-J 106/14 Sale 106 106% 111 Coll 132', Nov'00 102 102/14 103/14 Dec'Oa 98 J 45 1912 6,11-N k-J2d 53 .11313 1,9- /14 105 1)0', Jun '07 Registered 1.1.11 NI.S 1004 blny'01 31.8 N 4s lie):! IF :11:611 -I1 May'ut Garb & Shawn See 111 Ceui 90 Nov'08 Carolina Cent See Seab Air L 0 4s 911 90 P 4s 84 Aug't/i Carthage 8, Ad See N 5((3.4. II 9 14 Chic It I & Pao 1111 4s 2002 771 sale 71.1 78 91.5 5539 79 Ced it la PAN See B R & 65 By See Alo Registered 002 N Aug'Ob 62/14 65 Con Branch Pao 21913 90 Sale 88 90 Cent of Ca RR 1st g ba..p1945 F.A 114% 117 1164 Dec'08 112 116% Coll trust gold Ss 2033 59/14 9112 108 108% 108% 25 110/14 Bur Cod It A Norther—Northern— Consol gold 58 1945 31-14 38 Salt 0/14 11SA- 112/14 Registered 11/45 11•N 113 Apr'00 Con lst & col tr g 116/14 115/14 Dec'08 100 116% 1st prof income g Oct 79 70 70 5 55 81 Registered 121119 Mar'03 78 Dec'08 (35 78 ORLI& N W lstgu 58.1193021• A -0 107% 111 Nov'05 Stamped J•D pret income g 58.....p1945 Oct 60 61 61/14 Dec'08 44% 64 MA St L 1st gu g 7s 1027 set eage. '-1 18C'E13LAALIIIJz6 110A1,-.-4jontinued oil Street Railway Street Itallway Brooklyn Rap Tr g 6s 1946 A-0 103 Sale 10112 103 6 91 10219 hot St Ity gen col tr g 58 1097 F-A 80 88 87/14 88 29 68 89 1st refund cony g 4s 2002 J-J 83% Sale 8268 84181312 6612 86', Ref g 4s 2002 A-0 84/14 Sale 83% 81/14 40 68/14 103 Dec'Ob .... 997 ?MAY lstog 68 104:3 J -D 102/14 „ Dec'08 93 105 Bk.City 1st con 53.1916 1941 100N 91 oe, 8 104 Bway& 104 Ilk Q Co & S eon gug 53 11/41 M-N ios ...... : 9801i. 98:21 Col& ilth Av 1st gu g 63.11393 M-S 99% 9838 Dec'08 0419 09 • Bklyn Cu El 1st g 4-53 11/50 F -A 101 Sala 10034 101 19 148 1)31810s LexAvA P 1st gu 081993 100 Sale 100 100 05 102 Stamped guar 4-38 1950 F -A 100/14 Nov'00 98 1021/4 Third Ave RR con g-ti 4s200() J -J 75 73 Dee'l/E, 4912 75 Kings Co El 1st g 4s 19413 F-A 83 81/14 Sep'08 Cent Tr Co cents atonal... 011'4 8118 09 71 31.33 50 73 Stamped guar 45 1941 F-A 8369 85/14 87 Dec'08 •••• 77 80 L., Third Ave By 1st g 68 1037 F-11 10639 110 109/14 109% 41/ 101 111 Nassau Elec gu g 4s 10b1 J -J 80 sale 79 80 7 76 82 Met W S El(Chic) 1st g 43 193e F -A 93/14 J'1Y ' 06 Conn Ry& List& ref g 4128'51 J-J 100/14 95 Mar'08 95 95 N Orl Ry & Lt gen 412s —1935 J-J 7034 90/14 Sep '06 Stamped guar 4148 1951 J -J 100/14 100/14 Oct '08 ...• 03/14100; St Jos RyLtH & P lat g 58'37 11-N 911 98 Nov'08 98 98 Den Con Tr Co 1st g bs 1933 A-0 95 J'ne'00 •—• ...... St Paul City Cab con g 6s.1933 J -J 11019 Nov'013 Del United 1st con g 4/148 1931 J -J 704 8112 Dec'08 .... 69 83 Underground of Lou bs 1920 .11-N 40 Aug'08 40 4114 Havana Elec consol g 68 1951 F -A * 80 80 Oct 'OS 50 94 4198 11/33 J-J 73/14 Sale 73/14 73/14 21 70 78,1 Inter-Met coil 4/14s 1956 A-0 7712 Sate 77/14 80 t, 2027 9978 82% Income 68 1048 22 22/14 22 22 20 20 23 Inter Rap T 3.yr cony Els 1911 MN 10334 Sale 10219 104 134 100 104 Union El (Chic) 1st g bs 1946 84 Oct 'uE, 84 101 Internal Trac coil tr 4s 1091, J -J 70 Dec'08 .... 60 70 United Hits San Fr s f 48 11127 A-0 7214 Sale 72/14 73 22 59 7514 Elec 1st it; coll 53 1963 ,(1- 98 11 sy'06 ..•• ...... United Itys St L let g 45 1934 J -J b278 8434 Dec'08 •- - • 76 85 ' .No price Friday; latest price tau, week. aDue Jan a Due ,tnr s Due .,isy I/ Due a'no isDue .I'ly 'curio ‘‘.0g °Due Oct p Due Nov s Option. dale ,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.1 New York Bond itecord- Continued--Ygge 2 89

OON .3 Price W ee lc's Rano, 1st)?.iii', Price N. Y. STOCK 1A.E. WeeK's Pantie EXCHANGE rid as Itan ye or S • Year N. Y. STOCK EXCHANGE lruia Ranije or Year WEEK 8 Last Sate ENuiNG AN 8 213: Jan 29O8t Vsek.ENDINu JAN 8 :tiz• Jan 8 Last Sale 2908 ohio Big/. A'o Rock f & Pac-((.0ii) kSW A V. Low Low Itigh Erie--{Con) Btu ASK Low limg Choo Aug'te- At Low _High Ok & ti gen g 58.01919 J -J 102/12 10'2 102 104% Y Stia & W 1st ref 58 1937 J •J 10558 104 Dec'08 ...• 104 107 • Consol gold 5s 1952 M-14 10584109% 107% Nov'08 107%109 2d gold 412e 19373A.--A t' 1004 Dec'Oe Keok 5 & Des lst 58.. 1923 A-0 101 10334 103 103 9814104 1., General gold 59 93 85 Dec'08 Ohio & 85 95/12 51 See Ill-Cent Terminal 1st gold 5s...1943 M-N 1134 11484 Deo 418 ...• 110 114% Ohio St L& Pitts See.L'eun Co Regi 23 $5,000 each..9.119441 ' M-N s Ohio St P.M & 0 con 6s 1930 J 130 Sale 129% 130 121 132 Mid ItRof NJ 68.191d A-0 101% 1024 1024 92% 93 Dee'03 Dag 101 103 Cons 6s reduced to 349 1930 J-D Wilk & Ea 100 102 Oct'98 - 129% 5 1st gu g 53.11)42 J • 100 102 tMiStP& Minn lstg tis 1918 M•N 12834 129% t24 130 & Ind 1st con gn g 109 10984 126% 12934 Mar'04 68_1926 J-J 108 1134 Nor Wisconsin 1st 68 1913t) •,1 Erie & Pitts See Penn Co St P & S City 1st g 68 1911. A-0 L16%11678 118 Dec'01- 11512 118 Evans & PH let 111 112 Jan '08 Dec'08 cons 63.1921 J-J 112 112 Clue& Weetind gen.g tis q193•4 Q-31 11234 112 113 1st general gold 58 1942 A-0 101 102¼ Ply'08 1/6 103 ,•• 27 97 974 15 Consol 50-year 49 1952 J. J 91 100 ME Vet-non 1st gold 611_1923 100 114 Apr'05 Pero Marq A-0 Clue & W Mich dee Still Co Branch let g 513.1930 A-0 • 9634 95 J'ne'Oe •- • . 95 85' Choc U & Gulf dee C R P Ijiargo & So Oct '00 See Ch 31 6, St P Oin I-1 et, D litt gold 443-1937 J J ...... 113 I lint& Pere 31 See Pere 96 Dec'08 Mar '.'Cin D.& 1 1st gag 5s 1941 M-5 96 96 Fla C& Penn,. See Sea Air Line Find & W gu 4s g.'23 M-N St C Fort U D Co let g 4%s-1041 J-J 105 Mar'98 .OIni& iV let gu g 48.1953 J 70 70 Aug.08 70 '70 Ft.W Sb ben C J 115% * 96 1st g 6e 11121 -D 114%116 11538 16 104 1154 Ind Dec do•W 1St g 5s 1935 J -J 9612 Dec'08 90 96% Ft W & Edo Gr lst g 44 J-J 85 137 Dee'th, 1074 Dec'02 1928 74 88 let guar gold 5s 1935 J -J j al Har dc'S A See So Poe Co CI StLsbc beoUCC&StL 181 11 & Hof1882 1st 50.1913 A-0 99 96 Sep '08 96 96 CinSebt; deeUCCStl, Georgia & Ala Bee Sea A Line Clearnelu & 31ah Bee B R &P Ga•Car & Nor See Sea A Line Clev Cm C & St L gene 48 19/13 J-D 9734 Sale 9734 9778 31 92 99% Ueotgia Pachie 'ice So By Cairo Div 1st gold 4s 1931/ .J 95 96 96 May'08 96 96 Gila V (,} & 5for See 92 So Pao Co 'Cin W db 31 Div lst g 48 1991 J • J 95 9514 Oct'08 954 954 tionv & Oswegat See N Y Cent "St L Div 1st col tr g 42-1990 M-N 9734 Sale 9734 0734 2 90 9634 Grand Rap & Ind See Penn KR Registered 1990 8-N 91 Oct 'WE Gray's Pt Term Bee St L S W 5-5 92 •Feb'08 2 1)2 Gt Nor-C 13 & Q coil tr 4s 1921 9734.Sale' 98 9234 .7 -J 9784 ' 52i 928410084. 7rY‘71(A)11 Lig iWgg4468...... ilitt J -J 98 Sep '06 Registere4t.h 1921 Q•J 9714 974 2 92% 98 01 St 14/ibie COUSOI 68-1920 M-14 102 105 Jen '04 Greenbrier By See Cites & 0 984 991 let geld 413 /411136 Q-11 21sTov'08 954 99% Gulf & I Ditref&t g be 61952 * 100 96 Oct'08 95 95 • Registered k1936 Q-F 97 uct '08 97 97 stneo See C B 41, Q Cm & Cl con.lst g 5s..11128 J -J 1US 110 Dec'08 106%110 H e See 2( Y.N Hain C 0 di, 1 consol 7s, 1914 J-D 11434 Sep '03 114 11434 Hock Val lstconaolg4128 1999 J-J 105 105 105 b CO11801 sink fund 78.-1914 9841074 J Registered 1991' 10012Sol) '08 10084 10012 General eonsol gold 69.1934 J-J 12678 130 Nov'Oe 120 130 Col & H V 1st ext g 48 A-0 98 96 Dec'Ot Registered 4 1948 96 96 1934 J -J Col & Tol 1st ex 4s 1955 F-A 1)7 97 97 1 96 100 lud 131 & W let pre( 48.1940 A-0 11:f 94 J'Iy'08 4 95 Houst E & W Tex see SoPac1 0-Did & W 1st pf 58 i11938 Q-J tionst es Tex Cen See East 1st eon 94 So Pao CO Peo & 4s...11)41, A-0 9384 Dec'08 • - 85 95 .1 Illnous Central 1st g4s 1951 J-J 102 101 Dec'08 101 10312 income 48 1911u Apr 544 Salt 644 66 21 35 60 1 'Registered J-J 1014 10788 Apr'07 &Marietta 1951 CIer See Penn Rh let ref 48(When Lse) 1956 M-N 9934 Sale 99% 9934 3t, 11984100½ & Pitts see Penn Co let gold 3.2e .914 9384 Deo'uts 91 Midland let g 48 19" 34 93% 1701. 194, J 81 Sale 80 81 166 554 81 Registered -41 9014 9134 Aug'Obi 9114 9134 Co/orne-i & Sod 1st g 4s 1921. F 9814 Sale 974 984 108 82 99% EVended 1st A-0 93% 89 Nov'ui Refund & ext 4 g 312e 195951 • 12s 1935 til-N 98/12 bait 9644 9884 3477 73 97% let gold 3ssterling • 1951 M-S •70 Oct '04 Comm JG OrCtIIIY See So lty coil Trust gold 45 1952 A-0 1111 101 Deo'll8 97 102 Col & hock Val See Hock Va.. Registered A-0 98 May't). • Col di, Tot See Hock Vat L '31 0 & Tex gold 4s _11995523 M-N 99 101% 9912 Dec'08 98.4 102 I COL Conn & Term SeeN&W Registered M-N 97 Sterol 0011118,, Pas„Rive lst g 413.1943 A-0 Cairo Bridge gold -PL.-1195511 J -D 99 10234 Jan '07 Cuba Rif. 1st 50-yr 5 g 1952 J-J 96 95 6 91 91 LoutsvDtv&Term J 8914 92 9034 Nov'08 • I Iak&Ctt3o g348:1953 85 91./ dee CM o's St k Middle Div tea 5338 1 1929611F-A 101 123 Alay'91, allas& Waco !See K dal °Moho Div lst g F-A 7884 Apr'Uti ! Del Lack & ,Western- St Louis Div&term J -J 7878 79/4 Dec'08 Morris g 38 1051 764 '79.4 & Essex let 79-1914 .V1-.11 11.334 114% 114% 6 11484118½ Registered 1951 J -J 7714 lst consol guar is 1915 J-1.1 11638119% 12010.Wov'0b 1184120% Gold 312a J-J 904 Dec'1 18 79% 9034 Registered 1915 J 115% • 127 • • J'ne'06 Registered -3 874 10184 Oct 'Ift, lst ref gu g 3.2s 200t J -D 93 Spring Div 1st g 3 J-J 8834 1110 Noit'ud N 121 4.9.-111999555111 Y Lack W lst 6s 1921 J -J Sale 121 121 1164 125 Western Lines let g 413 1951 F-A 984 100% 10034 Deo'09 10034 10084 Construction Os 1923 Le-A 112 Oct•'08 108%11214 Bellev & Car 1st 6s 1923 3-Li 116 122 Dec'OD , Term & improve 4s 1923 8-5 •100 1004 Dec'08 9718 102 Curb & Shaw let g 44.-1932 M-S 118¼ 97 Sep 'Lle 97 190 Warren let ref gu g 3129 2000 F-A 92 102 Chic St L &.N 0 g 5s 1951 3-1) 118 117 Oct'08 t1212 117 • ; Del & Ifuti let Pa ply 78 1911 A•S 12034 1214 Apr'Oti 123 Registered -1) 11934 Mai'04 Registered 1'117 m-S 11938 149 Ang'01 GOld 34s 1951191'1 J-D 584 Feb'07 1st &ref 48 1943 MN 1014 Sale 101 101 7k 80 98 14 102% blempli Div let g 48. 1961 J-D 100 Mar'Ot tut1 100 • 10-yr cony deb 4s 191t 102 10212 102 94% J -D 10284 '17 105 St L Son let gu g 4e. 1931 31-S as J'15“01 98 98 let hen equip g 4 LA 1021 J *10134 • 104 Dec'08 96 104% Ind B1 & -J 9544 Worn SeelJCC&StL Alb & Sus cony 3.2s 194u A-0 9938 9918 99% 4 9134 100 InttIU&Ialstg4a 1950 J-J 95 Apr'Or 95 95 liens SO sarawita let ?s 1921 M-5 128'2 129 NOY'ilb 1284129 Lot'S Great Nor 1st g tie 1919 31-N 1074 11312 110 Dee'Ot 101 110 Del Itiv I1l11iridge • See Pa lilt 2d gold Os 1909 -11-S 88 85 Nov'ut 70 90% ; Denv & it Ur 1st con g 48 1930 J 98 Sale 9734 98% 114 89 9914 3d gold 46 1921 -11-S 30 41) 60 Oct '1/ Consol gold 445 1930 J-J 10212 10334 Dec'08 93 10334 Iowa Central let gold .1-1) 10912 10884 Dee'ut improvement 58-1938 100;1 1124 ,1 , gold 5s 11323 J -0 10134 102,3 103 • Dee'OS 94 103 Gold 4s 1951 M-S 82 sate 814 82 85 70 82% itto Or J tine 1st gu g 58 1931. J D 104% 98 97 98 Jetterson RR S443 Erie Rio gr So let gold 49- 1940 J J 76 Dec'05 k atA&Git Bee Guaranteed .L /3 & S 1949 3 -j 85 Mar'08 5 55. Mau db Mich. See Tot & 0(1 Rio or West let g 48 1939 J -J 95 Sale 95 100% 8312 98 KCIftS&M SeeStLdisSlf Mge autic,o1 trust 4sA 1941) A-0 804 ...... 80 Dec'08 70 80 KedbMit&B SeeStL&SI Utalt Ceti t let gn g4s al917 A-0 97 Jan '01. ... Kan C & Pacific' See M K & '1 Des Mot & 11 dee M & st Kan City Sou let gold 38 1950 A-0 7234 Sale 7234 734 13r 69 74 Des Mot Uu Ity 1st g 58-1917 M-N 110 Sep '04 .. Registered 63 Oct 'lib 95 1950 A-0 ,Pet & Slack 1st lieu g 48.1995 J-D 92 Mar't/7. • Kentucky Cent See L & N Gold 48 1995 3-Li 88 90 90 9i) 80 tie Keok & Dee Mo See U 14 l&P Detroit southern- Knoxville & 011lo See So 8178 83 ity Ohio Sou Div 1st g 4s 1941 M-8 84 Dec'08 7734 84 I Ake Erie & W 1st go/1 1937 .1 112%114 112% 112% 1064 11412 Dul & Iron Range lst5s 1037 A-0 11534 11634 3 102 116 1-, 20 gold 5s 1941 3-3 107% 106 • Dee'08 WO 106 Registered , 1931 A-0 106/12 31ar'Ut 10684106¼ North Ohio let gug 58 1945 A-0 11418 sale 112% 11484 s7 105 110 2d (is 101b J -J LSho&MichS S'es N I Cent Dul Short Line Sea Nor l'ao Leh Val N Y 1st gu g448.1940 J -J 10578103 1064 106% 5 102%1093e Dui So Shore & At! g 58 193 J-J 107 108 Mar'08 10778109 Registered • 198 Oct '08 31inu EtieStP31& 10)3 108 I:ast of Lehigh Val(Pa) cons13 . g4.21009403 -13M--31 974 974 974 87% 95 1.11ast Ten Va & Oa See So Ry LOA V Ter Ey let gu,g 5s.1d41 A-0 11155%4 11634 11654 108 117% Elgin Jot & East let g 58.1941 M-5 110 1064 1.111)''08 106%1064 Registered 100 L., Oct "J Elm Cort & No dee Leh& .N Leh V Coal Co let gu g 531993431 'IA %J'ly M-$ 10018 107 L06 10734 rie1stextgold4s 1941 99% Mny'OS • 99 105 Leh & N Y let guar g4s 11/45 11-S 9384 97 May'ut• 1154 2clext gold 58 1911 31-5 (06 104% 97 Apr't)b • 101410418 Registered 1945 M•S 3d ext gold 4128 1923 fe.:8 10312 104 Dee'08 9334 104 C & N 106 let pf 63 1914 A-0 100 11384 Jan 'Ut, • 4th ext gold Ent 1920 A-0 10584 Nov'08 104 106% Gold guar 58 1914 A-0 984 10514 Jan'Ub • 5th ex t gold 4s 1928 -D 133 148 uct,'Ws 98 98 Leh & Ilud R 124 See Cent of J ,•lst oonsol'gold 7s 1920 M-S 34 1213 Dec'08 117 127 Leh & Wilkesb See Cent 31-6 of N J let commit g fund 713 1921! 121 Oct '08 120 121 Leroy & Caney Val See Mo P Erie let cola g 48 prior-191lb J -J 88/12 Sale 884 88% 24 80 9012 Long Dock See Erie • Registered 199i J -J 79 jau'08 • 71) 79 Long U1'41-1st con 73 g 5s.h1931 ); -.1 109 110 110 j 1 105 112½: let meow gen hen g 4s 109t, J -2 74 73% 74 35 764 lst oonsol old 48 h1931 Registered 1911e J 85% Feb'07 071 4 General gold 4s 193t 9684 .314 Dec'08 8314 97% Penn cell tr g 48 1951 F -A • 85's 86 8514 85'4 '4 6734 5738 Ferry gold 11322 50-year 77 Sale 4413 M-S 1004 102 Dec't18 t01 102 cony 4.A 1953 •A- 77 774 36 43 80'9 Gold 48 11994312, 90 994 Oct '00 do Series 13 1951 A-0 66,4 Sale 66 68% 111, 40 70 Unified MS Butt., gold 4s 95115 1.14% Dec'08 Si 944 Y& Erie let 7s 191t 3•1, 116% 110 Aug'Ot 115 118 Debenture old 1934 '08 Chic & Erte 181 Os -D 10412 Dee 1044104%, gold 5s-1982 WS 11634 *ale 11634 115% 108.4 11534 Guar ref go d 4s. 1949 M-S Dec'08 90 , (Bey & Mahon Vat k 68.193, 121 97 98 us 984 i 107% Dec'08 •... /21 121 Eklyn&Iontletgths 191l MA.-- 08 11000'44 Jett RR 1st gu g 58.-01901, 106 Dec'08 A-0 9812 106 let 5s • 1911 M-8 100 10184 Dee'03 101)4 10158 • Long Dook consol g 68_1935 A-0 /211 128 Dee'08 121 128 N Y.13& 311318tcong Coal & RR let cur 581930 110141'iov'uL, gu 68.1922 M-N 110 112 Sep '00 N Y & It 13 1st g 5s 1112; ,-1S Dock & Imp let cur 9938 105 Apr'0'. 68-1913 3.3 *100 106 Dec'08 1011 106 Nor sh.13 let con ggu5so1113- kt-J 102 109 Nov'Oi N Se Green L gu g 58.1114t. MS 102 112 100 Feb'08 .... 100 100 Louudana & Ark lst g 58.1927 31-S 100 98 Apr'08 98 98 - ittltiCELLANEOLIN 130N0 -,-Contintseat on Next eage. Electric Gas and Light t-la,i and Electric Light Atlanta 1* L Owlet g 5s..•1947 I Lac Gas LotSt List g 58.61919 10234 1034 1024 Blayn U Gas let con g 58 11146 M-5 104% 104'. 92%107 10284 3 99 103, 1044 20 Ref and ext let g 58 1934 A-0 100 10012 1004 Nov'08 100%101j Cony debeli tie 1901 M-5 120 135 14678 Dee'08 119 Milwaukee let be 150 Gas L 43 1927 191-5 914 95 Oct '08 8912 95' Buffalo Use let g 1947 A-0 61% 63 63 Dec'08 51 63 NIGEL R&Pg 58-194/3 Conitol(3 -seemly deb 6s 190b J -J J -D 101 Sale 101 101 26 88 104 • 165 Dec'08 103 1111).,1 Purchase money g 4s 1949 F-A 84 Detroit City 0118 g bs 1921 J.,i 10038 100% Salt. 81 84 4 75 88 100% 1 93%10:3 Ed El Ill let cony g 58 1910 100 10084 100 100 0884130 Dot Gait Co con let g 11111- F -A Sep 'Oe 1 9584 95% so% let consul gold 53 1995 J- J 110 112 Dec'08 1078411284- EdItili eee5 YU& ELH &I' NY&QE1L&P let cola 53_11132 g 631930 F-A 92 95 Dec'08 89 95 BqU L N list con g M-S 10084 96 Mar'Oe 96 96 N Y & Rich Gas let g 5s1921 Gab& Elec g 58.1941. J-1) M-14 100 Dee'th- 90 1004 berg(Joe 6112Oct '01 Pat & Pas O'S E con g58.11149 M- S Gen Electric itch g 348_1942 F A 84 104% .Nov'03 84 Dee 'te• .7 71;.. 84 Peo Gas & 0 let con g 6s 1943 A-0 11834 119 119 it 10741204.! 10-yr g deb 68 1917 -1) 140 sale 131134 140 18 10612141 Refunding gold Os Or 1947 M-S 10284 104 Dec'05 94 1044- Ital. .L Co let g 5s 11116 F -A 10734 Dec'00 0110.-L & eke 1st gu g 58 Hndson Co Ga8 let g Os 11)41'V-5 1937 J J 103 105'18 98 10534 102 J'ly'08 10184102 Con G Coot eh list go.g 58.'3t, J-D 10184104 103 103 95 103 Ran city(31o)Gas lstg 581922 A-0 99 Dets'00 Mn Fuel Kings co Gas let gu g 513.1947 M-18 101 101 Nov'08 92 101 El L & P g bs 1937 A-0 104 Syracuse Lighting 1st g 68.'51 , Purchase money (Is 1997 A-0 110 Dec'08 103 1114 Trenton 0 & El let g 58-1949 M-S 110 ;Ad El11,13kii 1st eon g 4s 193:- J -J 88 300'05 Sep '08 83 90 Westchester Lioht'g g 56.1950 J-D 103 I'ly 1/.1 4 104 • '14u pm° Friday; latmst. 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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 90 New York Bond Record-Continued-Page 8 [VoL. Lxxx yin.

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STOCK EXCHANGE 94 Friday Range or Year 10EK ENDIN6 AN 8 Jan 6 Last Sate /tou6 WEEK ENDLN0 JAN 8 Jan 8 Last Sate 1908 Sic A an tow BIgn No Low iizgi N Y Cent & H Ista 4481, Low B tg A A Low BtgA Louisv & Nosily' gen g 65 1930 J 117/14 117% Deo'Os 11288 12u Gony & Oswe 1st fru g 50 1942 J Gold 55 193 M-N 11434 11074 J 'utY08 • 11014 114478 Itoh & Mal 1st gu g 48 1991 9834 98 Mar'08 98 98 Unified gold 48 1941 J -J 10014 Sale 100/14 1004 41 95 103 NJ Juno R au 1st 4s 198t, F. 94%, 105 Oct '02 • Registered 1041 J -J 99 101/14.1'1y'06 • • N 1 & Harlem g 34s 2000 M.N 9614 Oct 0614 1164 Sink fund gold 08 1910 A-0 10034 105 J'ue'l/s. 106 105 N Y & North let g 58 1927 A-0 104% 107/14 Aug'06 1071410714 Coll trust gold 5s' 1931 m-N 108 11 I 101134 Dec'08 102 109% N Y & Pu 1st eon gu g4s 1998 A.-0 100 Sep '03 100 100 '5-20-yr col tr deed g 48 1923 A•0 96% 0712 Dee '1)2, - 88 98 Nor & Mont 1st gu g 53.1916 At) E H & Nash 1st g 60 191: J -D 1l0' 111 Noy'07 Pine Creek reg gnar 60.1932 JO 118/14 107 Nov'07 ,L Cin & Lex gold 412s 1931 107 104 Mar'08 10314 104 R W&0 con let ext5s.h1922 A-0 1104 112 Dec'08 L0872 11.2 IN 0 & M 1st gold 83 1934 J 122 122 Oct '08 115% 122 Oswe & it 20 gu g 5s...e191& F-A 10238 105 Jan 'Us 105 105 N 0 & 141 2d gold 68 1930 J •J 1154 [2214 Mar'0a3 • W&OTR1st gug 56.1918 M-N Pensacola Inv gold 65.-1920 M.S 10714 Aug'06 Rutland 1st con g 412s 11/41 .1-J 103 Sep 'us 103 103 • St L Div 1st gold Os 1921 M.S 11014 117 May'07 Oft&I.Cham 1st gu 48 g1949 J -J 91/14 93 Dee'lls 82 93 Aug'06 85 90 " 26 gold 38 • 1984 M.S 03 62/14 Ang'07 Ent-Canad 1st aug 48-1941' J -J 140 At! Knox & 0th div 48 11165 M-N 94/14 9514 95' 95l 86 95/14 St Law & Adir 1st tr Is 1996 1. J 112 Noy'06 112 112 AD. Knox & Nor 1st g 681941; .1 0 10338 110 J'ly '041 • 20 gold Os A.0 125 Feb'08 125 125 1/934 103% . Sender lidge lat a f g 6/4.1931 NI•S 110 110 5 Utica & Elk itivgu g 48 11119212 J • J 10132 10314 Dec'08 Kentucky Cent gold 48 1987 J 97 96 116/14 4 88 9734 Lake Shore gold 812s 1997 J-D 8472 145% 94% 94% Si 8934 96 *L&N &Id &M lat g 41281945 M-S 102 14 103 Dec'08 •... 0712 103 Registered 1997 J-D 93 93/14 Dec'us 90 113/14 L& N-South M joint 48.1962 J -J 87% 87 Dec'U 79/14 88/14 Debenture g 48 t028 m-S 115 14 Sale 95 9514 119 8878 97% N Fla & lat gu g 58. .1937 F.A 111/14 113 Dec'08 11014 113 25•year g 4s 1931 1V1-/s 0536 bale 95 1)5 148 88% 96 N&C Bdge gen gu g 41;51945 J -J 9534 Ka A & G R letgn c 58 1938 J -J 108/14 • Pens & 1st fru g 6s 1921 91-A 108% 109 li19 5 113 113 Mahon C'l RR 1st 58 1934 J -J 113/14 109 Oct '07 S & N Ala con gu g 58-1930 F-A 112 Dec'08 112 112/14 Pitts & L Erie 20 g 5s.a1926 A-0 102 100 May'06 jilt;.. lou Jell` Bdge Co Ku g 40 1945 341-S 141 32 9112Jan'08 91/14 91 12 Pitts McK & Y 1st gu 68 1032 J-J 124 130/14 130 Jan '03 L & 124 L N A & Ch See C 1 & L 2d guar Off 1934 J -J 144 ahon Coal Sec LS&MS McKees& BY 1st g 6s 1918 J -J 1104 Manhattan Ry oonsol 48 1990 A.0 99 Sale 98 99 35 92 99/14 Mich Cent 1st consol 08 1909 M-S 99/14 104 DeCliti Registered 1990 A-0 104 Apr'05 5s 1931 IA-S 112/14 114% Oct '08 1i4 4 114 119 a Stmpd tax exempt. 1990 A-0 1/934 Sale 894 993* 11'; U634 10034 Registered 103) Mc1i'pt & 13 V See A I Cent 4s 1940 V--11 1)0 10034 Jan '07 Mex Cent °cum! gold 40 1911 J • J 8634 Sale 86 87 614 7414 5934 Registered J -J 10612 Nov'Ou 1st C01180l income g 3s.a1999 Ply 24/14 25/14 2512 26 13 14/14 24% J L & S 1st g 312s Si•S 90 J'ne'08 110 90 2d consol income g 30-a1939 18 Dec'08 10 18/14 1st g 31.2s 11191915542°1 IA-N 91 92 02 92 2 88 92/14 Mex Internal 1st con g 48.1977 NI •S Bat C & Stur 1st gu g313 1980 J D Stamped guaranteed....1977 SI-S 890958 'IF:et:9081 80 80 N Y Clue & St List g4s 1037 A-0 100 102 101 Dec'us 95%102 gold tis 1910 J -0 1.19,4 105 May'00 Registered A-0 100 Sep 'Lis IOU 100 Mex North 1st 93 Oct 'us •Mich Cent See N Y Cent Debentures 4s 11093731 M-N 01 93 West Shore let 4s gu 2361 -J 103/14 103 103% 118 106 Mid of N J See Erie 11)138 102 25 MULS&W See Chin& N W Registered 2361 J.J 10138 9614 103 Mil & North See Ch & St 11 N Y & Greenw Lake See Eine Minn & St L 1st gold 74 1927 J-D 12712 Oct'08 12514 128 NY & Ear See N I C& liud Iowa Ex 1st gold Is 19011 J-1) 101 Dec'Us 101 103 N Y Lack & W See D L & W 1054 118 Jan '07 N YLE&W See Erie • Pacific Ex 1st gold 6s 1921 A-0 Mar'05 • South West Ex 1st g 78 1910 J •ID 1134 N Y & Long Br See Cent of N J 10834 109/14 • 109/14 2 100 110 NINE& IL-Cony 68 J.J 135/14 Sale i344 13311 4.` 1154 137/14 1st consol gold 5s 1934 si-N 841, :1 1948 100 al, 1949 M.8 844 Sale 841/4 1., 78 86 Cony deben 340 1956 J -J 100 Salo 98 85 100/14 '1st and refund gold 48 L1812Dec'u- 112 118/14 Des M & Ft D 1st gu 48-'35 J -J 97 Apr'06 Housatonic it eon g 58 1937 .11-N 11738 SeeBOB&N N if & Derby con cy 58 1918 ,V141 1(1634 Minn & St gu Dec'08 51 StP & SS M con g 4 int gu'38 J -J 100 10034 96%100% N Y & North See NYC&H 102 'ne'07 N Y 0 & W ref lat g S 9814 Sale 9814 9111/4 '.121410014 ti/SSM&A latg 4 intgu 1926 .1-J 4s..g1992 J'ne'Ut, 31 &M. Regis /165,000 only g1992 II. S 10111 Kinn Un See St P Sale 55 &to Kan & Tex 1st g 4s 1990 J .1) 9914 08 9914 94 101 N Y & Put See N Y C& 0.990 F-A 8814 sale 8778 884 77/14 90 N Y & R B See Long Island 26 gold 48 105 Sale 14 106 let ext gold 5s 1944 .‘1-N 104 95 106/14 NYS&W See Erie 2004 85 Sale 83% 85 51 74% & So • 1st & refund 4s 51-S 10 87 N Y Tex M See Pao Co 11436 -J 9314 Sale 904 9314 71 96 Nor & South 1st g 53 1941 IA-N 105 09/14 J'ne'OS 9912 994 Gen s I 445 86 Dec'08 /14 Salt' 127/14 127/14 120 12834 'St L Div 1st ref g 4s 2001 A-0 80/14 813 Norf & West gen g Lis 1931 M-N 127 10411 103 Oct'08 ••• 129/14 Dec'06 117412912 :Dal & Wa 1st gu g 58-1040 10214105 Improvem't & ext g 68-1034 F -A 125/14 04 95 Dec'08 •-•• 1254126/14 126 Noyqis 1241 126 'Kan (.) & Pao 1st g 4s 1990 F-A 8658 95 New River 1st g 6a 1932 A-0 109 Dee'06 • 8 1111 024 9934 &to K & it, lat gu g 5s 1942 A-0 12 112 10J38 112 N & W By 1st con g 40 1991/9,0 A-0 98/14 1183 107/14 Deo'Ob ...• 91 Sep '0, " K Ok lat gu 5s 1942 10914 102 loll% Registeredt&I A-0 1942 -S l0534 Hid 108 Dec'08 9712 108 gen g 4s J -J 94 04 65 11 84'4 WS 'MK,f4TotTlatgug68 • lstrl 1944 So 1st gu g 58 1943 J •1:14 1054 10018 J'ne'08 ... 1.0018 14/0/14 10-25 year cony 4a 1932 .L 93% Sale 143/14 93% 78 95% 'Sher Sh & 106 .••. 77 92 Tex& Okla 1st gu g 5s 1943 St-S 38 108 Dec'03 1024 108114 Pocah & C joint 48-1041 J -D 89% VW% 89% 91) 1st eon g Os 1920 11434 Sale 1134 116 44 1044115 C C& T 1st gu g 5s 1922 J -J 103 1094 Feb'05 blo Pacific 101% 2 87/14 99 'Trust gold 5s stamped.a1917 100% 100% 88 102/14 Solo V & N E 1st gag 48 1989 M-N 07 9714 97 97 Registered a1917 id- 104/14 Feb'07 North Illinois See Chi & N W gold 5s 1920 Ns-A 101 Sale 101 101 8778 103/14 Ohio See L Erie & W lat cell 134 North 103% 23 99 1044 . 40-year gold loan 4s 1945 51- 80% bale 7834 80% 68 8014 Nor Pac-Prior lien g 48 1997 J 102/14103 1024 1938 • 92% 95 Mar'08 05 96 *102% Lul/ 14 103 9734 103 3c1 7s extd at 4% Registered 1997 7374 34 Cent Br My 1st gu g 48 1919 9 -A 884 89 89 85 81 General lien gold 3a....a2047 ‘2•F 73% Salt 73 68 74/14 'us •••• 71 Aug'08 Can Branch U P lat g 48 194s a -14 • 95 8914 Sep 83/14 8914 ..tie),r d g a2047 34-14. 684 71 ••-• 88 0612Jan 08 89 12 4Leroy&CVA Llstg5s 1926 J -J 10114 110 Mar'05 St11Peagg Div J -0 945 'Pao R of 510 1st ex g 48.1938 F- A 9914 Feb'08 994 99'. Dul short L 1st gu 543_1916 extended gold 6s 1038 J 109-4 111 Dec'08 111 111 Q colitr 48 See Ot Nor 2d C B& 12318 Dec'08 12314 • St L Ir M&Sgen con g 501931 A-0 112 111/14 112 "Ii 103 1144 St P & N P gen g Os. 1923 F-A 120% 116 con stamp gtd g 581931 A-0 110 Oct'US 100 110/14 Registered certiflo's 1923 Q.F 120 120 Oct '08 116 120 Gen 110 11714 Ply '0/ Unified & ref gold 43 1929 J -J 87 8814 Dec'Us 68 89/14 St Paul & Dul 1st 5a 1931 F-A Riv & G Div lat g 43 1933 M-N 88/14 86% 5914 Dec'08 •••• 76 8912 205s 1917 A.0 10114 105 103/ 14 J'ly'08 102 103/14 •••• 100 J'ly'08 Verdi V I & W 1st g 50 1926 N. 10742 Apr'Uti 1st consol gold 4s 1968 J -1) 100 100 K C 1st cons g 58 11153 J•J 08 Dec'06 Wash Cent 1st g 4s 1048 1.011 03 92/14 02'-, Blob J & 117 Aug'ub Mob & Ohio new gold 00 1027 J.0 120 1194 121/14 113 124 Nor Pac Ter Co 1st g 60 1933 • 112 117 let extension gold 65-h1927 11512 117 105/14 Jan 1118 105/14 105/ 14 Nor My Cal See So Pao •Generai gold 48 1938 -s 86/14 88 Dec'08 82/14 68 Nor Wu) See C St P & 0 Montgom Div 1st g 58 1947 F -A 112 4Dec'08 1024112/14 Nor & Mont See N Y Cent St L& Cairo coil g 48..81930 75 May'tles 76 75 Ind & W See C C C & St Guaranteed g 4s 1931 -JF 101 Nov'04 Whio Ray' RR See Balt & M & 0 coil 45 See Southern Ore L.tv Cal See SoPac Co Mohawk & Mal See N I C& 11 ore short Line See tin Pao Monongahela Ely See B & 0 Oswego & Rome See N 10 See St P M & 111 OOF&iltP Seise& N W Mont Cent 10912 10912 6 i014 .Morgan's La & T See S P Co Dac Coast Co 1st g 58.-1946 J-D 1004 Sale 111 Morris & Essex See Del L& 1 ac of Missouri See Mo Pao St Llat 70.1013 J -J 11214 11312 115% Dec'08 1104116 Penn RR 1st real est g 48 1923 ,V1-N 103 J'ne'Os 102 106 AI ash Chat & lull/ 14 11014 Dec'08 110 I. 1st consol gold Is 1928 A-0 1124 112 Dec'06 10514112¼ COU801 gold 5s 1014 sl-S 108,4 14 110% g 60 1923 J-.1 116/14 May'07 Cousoi gold 4s net.ti 103% 106 Oct '08 1014106 •Jasper Branch 1st 10.1/14 1443 • MoM Si W & Al 1st 68 1917 J -J 11714 Mar'05 Consol gold 45 11994483 MN 104/14 sale LOU 10512 09 Sale 118 119 13/ 9114 T & P Branch 1st 60.. 1917 J -J 113 J'ly'04 ..... Convertible g 3125 11991152 99 Nash Hier & Sher See L.& N Convertible g 34s .).1) 1/5 Side U434 95 339 88 9612 Nato( Mex prior lien 4128 1026 J -J 10034 103 1004 Nov'08 99 10034 Alleg Val gen gu g 4s 1942 M-8 1194 99 J'ne'1/7 1st consol 48 1951 A-0 80 8014 8018 804 77 834, DRRR& Bge let gu 48 g.'36 b"-A 9314 New H & D SeeN YNIi&11 Philo Bal & W let g 40 1943 M•131 1074 Oct 'Os N J Juno RR See N Y Cent Sod Bay db So 1st g 5s 1924 J • J 95 12 102 Jan '03 New & Cin Bdge Bed Lou & N UNJ EH& Can gen 43 1944 ▪ S 10314 11012Sep '04 J-J 104'. 104 104 2 10234 106-1 N Y BkIn & Man Bch See LI Penn Co-Guar 1st g 4128 1921 7 ; N Y Cent & it Rly g 348 1997 93% Sale 9314 9414 32 87/14 96 Registered 1021 J -J 103 Ply'07 Registered 1097 .j.J 92 91 Oct'08 88/14 91 Guar 3128 cull trust reg 1937 sl-S 89 4 90 9014 J'ne'00 • Deben g 4s 1934 M-N 9334 sale 9334 9472 24 91 95% Guar 3los coll tr ser B. 1941 F -A 974 91 Dec'08 86'. 9414 • Lake Shore coil g 312a-1998 F -A 844 Sale 84 85 75 86 Tr Co certif's gu g 3125 1916 d-N 894 984 Oct '06 92/14 98/14 - Registered 1998 F -A 81 84 84 Dec'08 73 85/14 Gu 34a tr ate C 19441942 J • 8704 Sep'0 844 8734 • bitch Cent g 3128- 1998 F -A 85 85/14 Dec'Ur, 7410 8611 Gu 3 120 tr etfa D J -0 904 Mari° ...... • Registered 1998 F -A 8212 Nov'08 -- 76 3214 Guar 15-25 year g 4s. 11/31 A •0 100 100 12 Doc'0 90 1004 Beech Creek let gu g 48 1936 J -J 9811 99 Oct'08 .... 99 99 Cl & Mar let gu g 4120 1935 N-N 9812 110 Jan '06 • Registered 1036 J 102 Mar'04 ...... CI & P gen gu g 412a ser A.'42 J -J 110'4 10814 Ang'03 . • 24 gu gold Is 1936 J -J 1024 Series B 1942 A.0 110/14 -Beech Cr Ext 1st g 34a 61951 A-0 Serial) 345 1948119,58051-N 9312 0812 Dec'05 ...... Cart & Ad let gu g 4a 1981 J •O Series D 312a F-A 9312 130 May'08 90 94) iniscELL kNEOUS BONDS--Continued on Next Page Coal and Iron Telegraph and Telephone 001 F & I Co gen g F 96 96 4 7912 96 55..1943 -A Am Telep & Tel coil tr 4s 1929 ▪ J 9138 91% 91% 20 75/14 934 Convertible deb g 58....1911 F.A 77 Ang'08 56 77 Cbnvertible 48. 1936 93% Sale 99% 94( 154 844 9614 Col Fuel Co gen gold 88.1910 M-N 107/14 Oct '04 .... 97 92/14 94 Instalment certificates --- 9334 9314 04 3 Gr Ely Coal & C 1st g 651919 A-0 10214 Apr'06 ...... Comm Cable Co 1st g 414-2397 85% Mar'08 ...• 55 8534 Otearf Bit Coal lat 0 4s...1940 J -J 95 Apr'02 Mich. State Telep. tat 50.1024 08 99's Nov'08 ...• 924 997 Col Indu 1st& coil 5s gu..1934 F-A 75/14 Sale 73/14 7714 267 38% 77 West Union col tr cur 58.1938 J-J 97/14 98 084 99/14 4 84 100 Contin'tel C lstst gu6sg.1952 F -A 107% Dec'04 ...... I'd anti real eat g 44s 1950 IA-N 9534 Sale 95 95', 32 81 97 Jell & Clear() & I 1st g 55.1926 J.3) 107 May'97 Cony 48, Series A 1036 MN 84% 854 85/14 9 76 86/14 Kan &II C & 01st 0 tg 58.1051 J-J 97 1054 Dee'06 Mut Un Tel 8 fund 138-1911 M-N 1)4 06 95 1 100 100 Pleas Val Coal 1st g s f 58.1928 J-J 105 Oct '00 •-• Ilauniactiaring 62 Industrial Sunday CreeK. Co g 5s....1944 • a 78 Feb'07 ...... Allis-,;halmers 1st 58 11136 82 Sale 81. 83% 92 78 88 Tenn Coal gen Is 1951 J-J 103 'tale 10218 103 20 81/14106 Am Ag (them 1st c Is(ret0)'28 97 Salo 96 974 112 94 97% Tenn Div 1st g 68 a1917 A.0 106/14 107 Nov'08 190 107/14 Am Cut Oil ext 4',a 1915 34-F 954 06 96 96 86 98 Birm Div 1st consol 68..1917 J -J 10618 1104 109/14 Dec'08 ••-• 99 110 Am Hide & 1.. lst t g 68-1910 11.8 117% Sale 9734 98 18 764 100 Cah C M Co 1st gu g 65.1922 J-D 105 108 Ot,t '08 •-.• 102 108 Amer Ice Secur deb g 6s 1925 11.0 6512 69 70 Dec-08 .... 581478 De Bar C & I Co gu g 68.1810 F -A 102/14 103 Nov'08 ...• 100 10314 Am Spirits Mfg 1st g Us 1915 M-9 91 10014 95 Nov'08 .... 91 100 Vairon Coal &Colst g 58 1949 M.S 05 98/14 954 0514 80 100', Ara Tobacco 40-yr g 6s 1944 A-0 107 Sale 108% 1073e 76 9614 111/14 Victor Fuel 1st 8 t 5s 1933 -J 87 9312 Feb'07 48. 1951 F- A 78/14 Sale 7734 7834 257 604 80 *No price Friday; Latest bid and.asgetL aline Jan 8 Due eel) c Due •lar a Due Apr It Due '1,y k Due A.og o Due act p Dae Nov q Dne Deo sOption Sale

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.1 New York Bond Record-concluded-Page 4 91

1311N lir- Price Week's Rance 130N Ds N. Y. Price eefes 071.06 STOCK EXCHANGE Pridav Range or Year N. Y. STOCK EXCHANGE Fridav WEEK Range or Year. END1m4 JAN 8 Jan 8 Last Sate •xlz. 190S WErtg ENDING JAN 8 Jan 8 Last Sale 1908 Penn Co-(Colittnue8) No BLU ASS Low "Rah Low High southern Pan Co-(Conttnued) Ria Aiui Low Riot, H Erie & Pitts g 3/12 Apr'07 tow 414 s B 1940 J J 9114 92 Morgan's La & T let 78 1918 A 12114123¼ 12214 Aug'08 12118122's Series C 1940 J-J 91 14 9834 Apr'04 let gold 68 1920 )14 Gr It J-J 116 Nov'06 & I ex 1st gu gal-01941 J J 105% 106% Dec418 1.04;1063., No of Cal guar g 5s 1938 A-0 112 Feb4r; Pitts Ft W & C 1st 78 1912 .1-J 108.8 127% Oct '02 Ore & Cal 1st guar g 58 1927 J-J 2d7s J'ne'06 106 Nov'OE 102 1073s 1912 J .J 10858 119 So P of Ar gu lstg 68...c1909 J -J 10018 sale 10014 10014 3d 7s 107 Oct '08 107 107 98/12103 h1912 A-0 let guar g 65 c1910 J-J 101 10314 Sep '08 10214 103/121 Pitts Yob Ash 1st con 58.1927 31-N 10938 116 May'05 80 Pan of Cal-Os K & F. .1912 A-0 103¼ 10878 /12Den'08 10412 J'ne'Or 104/12 104's PCC&StLgu4/128A...1940 A-0 109 106/1210'91 1st gold Os 1912 A-0 114/12 Dec'04 Series B guar 1942 A.0 108/12 109 Dec'08 107%109 1st con guar g 6s 1937 M-N 111 110 May'07 Series C guar 1942 11-N 108/12 112/12 J'lle'05 S Paco( N Met 1st g 68 1911 J-J 104 Apr'Ur 104 104 Series D 4s guar 1845 31-N 100/12 94) Aug'08 99 99 So Pan Coast 1st gu 48 g 1937 J-J Series E 3/12 guar g 1949 F -A 93/12 96/12 95 Dec'08 00 98 Tex&NOSabDivlst g6s 1912 M-S /12 107', Fet)'01 Series F 4s guar 1953 J -D 100 Con gold 38 1943 J -J 97/12 98/12 115 116 11 Nov'08 Apr'08 95-4 98/12 C St L & P 1st con g 513 1932 A-0 109 11634 o Pac R it 1st ref 48 1933 J -J 9510 Sale 135 95¼ 17i Pensacola & Atl See L & Nash 87'-, 97/12 southern-lst con g 5s 1994 2.J 106', Sale 106 107 0t, 82/12 110/12 Peo & East S'ee C & St 1, Registered 1894 J -J 106 107 114 Nov'00 Peo & Pek Un 1st g 68.-1921 0- F 109 12318Jan '05 Develop & gen 45 Ser A.1036 A-0 77 salt 76 77/12 2d 81921 M-N 10034 Dec'03 70 'ib/12 gold 4/12a Mob& Ohio coil tr g 48 1938 31-S 86/12 Sale 8018 87 25 75 88 Pere Marq-Ch& W 11 55 1921 J -0 109 Apr'02 Stein Div 1st g 4/12-5s 1996 J.J 107 107 Nov'ur 1920 A-0 112 112 Dee'08 96 10734 Flint & I'M g 6s...... 110 112 St Louis thy 1st g 48.. 1951 J -J 88 Nov'ur 69 88 1st consol gold 55 1939 M-N 104/12 106 10434 10434 104/12105 Ala Cen B let g 68 1918 107 108 Sep '08 1939 106 Noy'08 108 108 Pt Huron Div 1st g 58 A• 106 100/12 106 Atl & Danv 1st g 45 1948 J -J 89 91 Deo'ur 87 91 Sag Tus & H 1st gu g 48 1931 F- A 2d 4i) 1948 J -J 92 J'ue'lit: Ph11-13 & W See Penn RR Atl & lad 1st g guar 43 1949 A.0 oh Phila & Reading cons 78.1911 J .D 115/12 Mar'06 Col & Greeny 1st 65 1916 108 Ill Feb'07 Philippine Ry 1st 30-yr s f 48'37 J -J 1 95 05 8 95 10 96 977s E T Va & Ga DIY g 58 1930 J -J 10734110/12 109 Nor'ilr 100 109 Pitts um & St L See Penn Co Con 1st gold 58 1956 31-N 112 112/12 Dec'ur Cleve& Tot See B & 0 102 113 Pitts E Ten reor lien g 58 1938 M-S 103 104/12 Dec'Or 97 103 Pitts Ft W & Ch See Penn Co Ga Midland let 3s 1046 A-0 61% 68 68 Dec'08 Pats McKees & Y SeeN Y Ceti 62 68 Ga PaC By 1st g Os 1422 2-J 112% 115/12Uct 'Or 100 117 Pitts Sli & L E 1st g 58-1940 A-0 114 Oct 'Or 10918114 Knox & Ohio let 1925 J • J 115 115 118 Dec'Ur oonsol gold 5s 1943 J J g 6s /12 107 118 1st 11378 J 'ly '97 3i.ob & Bir prior lien g 581945 J -J 11338 Apr'oo Pitts& West See B &0 Mortgage gold 48 1945 J -J 82 Nov'Or D eading Co gen g 48 1997 J.J 100 78 82 Salt 9978 100/12 201 93 102/12 Rich & Dan con g 0s 1915 J-J 108 ...... 10814 li,814 11 108 IA, Registered 1997 Aug'08 103 95 90 97/12 Deb 5s stamped 1927 A-0 1311 92 J'ne'u8 92 92 Jersey Cent coil g 4s. 1051 AO 97'4 08 18 Dec'08 86 Rich & Meek 73 Oct 'Or Rensselaer & Sat See 1;& Ii 99/12 1st g 4s 1948 31-N 73 73 South ity So Car & Ga let g 55.-1919 M-N 101/12 Nov'ur 95/12 98 Rich & Dan bee Virginia M-1; 106 112 Oct '00 Rich oti, Heck See Southern Mid aer C Os. 191t Series D 4-5s 1921 M-S 105/12 108/12 Dec'Ou Rao Or West See Den & Rio Gr 113 Dec8), Pitts B P Series E 5s 1926 M-S 105/12 Koch & See It & General 58 105% Nov'ut Rome Wat & Og See N Y Cent 1936 M-N 10538 107 10118105', Guar stamped 1936 M-N 108 10%Deo'Or 103 105% Rutland See N V Cent W 0 11 See Pere & W 1st cy gu 45 1924 F -A 83 921/12 an '07 Qag Tus & Marq West N C 1st 108 Deo'Or 84 Ur 181 1st g 48-1947 con g 6a 1914 J -J 105 106/12100 to j-J 92/14 9418 Dec'08 82 94,2 N Ala See L & N St L & Cairo See Mob & Ohio Stok Iron Mount Falls & Nor let g 68.1931, J 117 Ply 'la- St L & See Al P "er A of St L 1st g 4/128 1939 A-0 105 108/12 Dee'llr St 1, K & N See Wabash /12 102 10878 let con gold 5s....1894-1944 F-A 114/12 116', Dee't): t 0914110', St L M Br See T RR A of St 1_ Gen refund Louis San s t g as 1933 J • J 9334 9734 Deu'or 90/12 9734 St & Francisco- St L H Bge Ter gu g 58 1930 A-0 111 liee4it General gold 6s 1031 J J 121/12 115 J'ly Tex & N 0 General gold 113 115 S'ee So Pao Co 38 1931 J • J 10734 11138 Dee'08 103 111% Tex & Pao 1st gold 58 2001' J-11 118 Sale 117 118 lu St L& S Ii' RR eons g 48_816 99 118 J -J 89% 92% Den'08 90 923, 2d gold Inc 5s 82000 Mal 70 Sale 68 70 '7 85 65 Southw Div 1st g 58-1947 A-0 95/12 100 May'Ob La Dry B L US Is Refunding 100 100 1st g 58 1931 J • J 110 Mar'OL g 4s 1951 J. J 8514 Sale 8478 86/12 4352 6414 88 W Min W tib N W 1st g-u 5s'JO FA 106/12 Nov')-1 5-year gold notes 4/12 190r J • D 98 Nov'06 'Poi & 00 1st 1935 2-2 11012 109/12 St g 50 Aug'08 • .• 102 109/12 L H & So East gu 4/12 0909 J -D 100 Western Div 1st g 5s 11335 A-0 10014 111 may'v, K C Ft 8 & Al con g 68 102b 110/12 113 blar'Or M-N 111. 114/12 General gold 5s 1935 J 103 101 Nov'ut• -• .. 05/12 KO FtS& M By ref g 4s 1936 /12 104 A-0 83'4 sale 83 83 32 8634 85 Fan & H 1st gu g 4s 191)0 A-0 9234 v4 Dec'08 84 94 KC&INIR80 13 lat gu 58.1021/ A •0 i'534 rol P & W let gold 48.. 1917 2-2 84 88 Dec'Us Oz'rk& Ch 704 88 C 1st gu 5s g.1913 A-0 91.4 95 Noy'08 93 03 Tol St L& W prlien g 3/128 1925 2-2 01 Sale 01 11 811 St Louis So See Illinois 92/12 Cent 50-year gold 48 19511 A-0 83'i Sale 83% 83% 4 67 84/12 St L S W 1st g 45 1st ett8.1989 M-N 93 Sale 9234 93 32 84/12 93/12 ror Ham de Butt let g 48.51946 J 2/5 Dec 28 g4s me bond ctts...81989 J•J 80 79% 80/12 31 65 82/12 ister& Del let con g 55 1926 J -D 10814 1u9 Noy'08 •..• 103 109 Consol gold 48 1932 J •D 70'4 Sale 7814 80 7: 56 80 U let refund g 48 1952 A-0 81 Nov'Ur .• .. bl 81 Gray's PtTerlstgu 1947 g 5s J • D 101 18 Apr'0/ Uu Pac RR & lgrg4s 1947 .1 • J 102'8 Salt lob 102", . 99 105 St Paul & But See Nor Pacific Registered .1- J 101 14 1941 101 118 102/12 St Paul AI & Mau 28 6s 1909 A-0 101 102 102 10214 106/14 let & ref 4s(w g2008 31-S 07/12 Sale 0675 1)7', 943 1st °onset gold 6s 1933 J J 4 9818 13034 131 131 120/12 1317, 20-yr cony 4s 1927 J-J 11/4`z4 Salt 104 106 4,0.12 83 108/12 Registered 1933 J -J 12934 134 Dec416 Ore By & Nay con g 48 1946 JJj 99 Sale 0834 99/12 £4 Reduced to gold 4/128 1933 91 101/12 J -J 10934 1l14 Deo'Or 102 111% ore Short Line lstg 68 1922 F -A 120% Sale 120% 120% 115 122 Registered 1938 J - J 10734 116.8 Apr411 let consol g 5s 194u J -J 113 .• 113 118 Dakota est gold Os 1910 106 118/12 31•14 10338 10414 Dec'ob 103/12107'4 Guar refund 48 19214 J-0 945s Sale 111 94% Ayr 85/12 97 Mont ext 1st gold 43.-1937 J •D 99/12 100°, 101 Dee'Or 94 101 Registered 1929 J -D 8734 Mat'u Registered 193/ J 100/12 Oct '00 Utah & Nor 1st 7s 190r 2-2 100 Oct '07 E Minn Nor Div 1st g 481414r A-0 02/12 Gold Os 1922, J -J 100 107/12 Sep 'Ur 10718107', Minn Union 1st g 68.-1022 J -J 110 124 May'03 Um. N J Bht21CCoSeePaRlt Mont C 1st gu g es 1037 J • J 132 130 Apr'or 128 130 Utah Central See Rio (Sr Wee Registered 1937 J • J 130/12 31a)'06 Utah & North See On Pactlic 1st guar gold 58 193/ J -J 115 113/12 Oct 'Or 111/ 12 114 Utica & Black it See N V Cent Will & S b' 1st gold 5s 1113: J -1, 116/ 12 110/12 Dec'00 ...... V andalia consul g 48 ....1955 F -A 03/12 98 Noy'Or 98 98 St P & Nor Pao See N or Pao V era Cruz &Plat gu 4/1281934 J-J 118 Sep '021 StP & S'x City See C, St P &t, Vet Val lud & W See Xto P SA & A Pass 1st gu g4s 1943 J -J 89/12 897, 9114 Deo'08 78 92 Virginia Ititi See South By 3 JJ'e Pros & Ph 1st g 110 . 109/12 Dec'08 101112 10912 Va 21 Southw't 1st gu 58 2003 117/12 108 Oct 'Or 8 If Jo N 1st sink 99 110 P I g os.1919 J J 110 Oct '03 V abash 1st gold 58 1939 112% Sale 112', 113 102 Say & West bee Atl Coast L 114 N V 2,1 gold Os 1932 102°4 10314 03 Dec'or 84,2 105 Scioto Val & N E See Nor & Debenture series A 1931 90 J'ne8/7 Seaboard Air Lino g 4s 1900 A.0 65°8 Sale 65 66 22 4312 66 Series B 1939 110 IA) Dec'08 Coll GT refund g Os 1911 37 90 9034 Oct 'Or 86'4 90'4 let hen equip 8 Id g 5s 1'321 100 Deo'lit 100 102 30-yrIst g 48.81933 Al- S 88 Jan '07 ... 1st lien 30 yr g term 40 11154 '33 Mcm'iJ Car Cent let con g 4s 1049 J -J 85 J .1y 'ut3 85 85 let ref and ext g 4s 1950 737s Sale 71.4 74,4 3;11 37', 3 Fla Ceu & Pen let g 515 19Ir J • J 100 107 77 4 14 Aug'06 Dot & Ch Ext let g 58 1941 1u8 110 .2 100 11012 let land gr ext g 58 _1930 J -J Des Mein Div 1st g 4s 19311 86/ 12 97 Nov'0 Consul gold 58 1141 J -J 100 100.2 Mar'08 On, Div 1st g 3/128 1941 77 80 Dec'or 60 83 Ga & Ala lty 1st con 56011345 J • J 10.5 Dec'08 92 105 Tot .30 Ch Div let g 4e 1941 Deo'or Ga Car & No 1st gu g Os 1929 J J 90 91,2 193 Deo818 102 103 Wab Pitts Term let g 45 1954 05 Sale 55 65 iu 41 56 Seab & hoc 1st 5s 192u J • J 100 Mar'07 ...... Trust Co coats 46 54 Sher Stir & So See 31 K & T Sale 55.4 34 48 5614 ',I gold 45 1934 13"; 1374 14, 7/12 19 8116p Oca & U See Atl Coast I. Warren see Del Lac Jo West So Car & Oa See Southern Wash Cent See Nor Pao Southern Pacific Co- Wash 0 & W See Southern Gold 48(Cent Pao cell).k1941. J -D 9114 Salt 00 91/12 5o 8334 94 Wash Terml 1st gu 3148 1945 F -A 93 93)'-, Aug'08 90/12 90/12 Registered k1949 J -D 84 I'ne'07 ...... West Maryland 1st g 44-1952 A-0 8412 Cent Pao 1st Sale 6232 84 11 49 8438 ref gu g 48 1949 F-A 97% Sale 9738 9734 2.82 94 9938 (Sen & cony g 4s 1052 A-0 6418 Sale 61 64;1 Registered 1942' 1f-A 29 30 65 94/12 Oct 'Os 94's 95 W Va Cent & P 1st g 66 1911 J tO5 Dec'or 105 Mort guar gold 3Iss.. k1929 J -D 90 89/12 105 89% 80 89 West N Y & Pa 1st g 66 1937 2-2 112/12 116 Oct 'or 108/12 116% Through St L 1st gu 4s '34 A-0 93/12 94 Oct '08 88 93'4 lien gold 3-4s 1943 A-0 94 1133 Gal liar Dec'ut 87/12 96 & 8 A let g 61) 1919 F -A 101/14 10134 Aug'08 10134 10134 Inebine Os d1943 No, 25 30 34 Feb'U7 Mex & Pao 1st g 5s 19131 M-N 11234 Des'015 107 112% West No Car See South Sty Gila V(I& N lstgu g 58 1924 M-14 104/14 10314 Dec'ur 101/12 105 Wheerg & L it let g 5e...1926 A-0 107 Dec'Ob Mous E & W 12 100 107,2 T 1st g 5a 1939 M-N 101 101 Jan'08 100 101 Wheel Div 1st gold 5s..1928 J -J 95 J 'us 95 103 1st guar 5s red 1939 P71-14 100/14 104 Aug'06 Exton & Imp gold 5s. .1930 F -A Dec408 11 & TO let 103/12 1051410512 g Os int gu 1037 J -J 10834 112/12 Dee'or 10914112¼ RR 1st coutiol 4$.... -.1949 11-S 82 83 1,4 84/12 20 COD801 g 68 int guar 1912 60 83.4 A-0 12/8 10714 Nov'07 20-year equip 8 I 56 .1922 J -J 119 Deo'U8 95 99 Gen gold 4s int guar 1921 A-0 113/12 94/14 Deo'u8 87 95 Wilkes ce East See Erie Waco& N W ttiv let g 68'30 M-N 116 Dee'Ob Wil & Sioux le See St P &Ai A & N W 1st CU J..) 107, 109/12 Dee'Ob 1091410914 WO;Cent 50-yr 1st gen 4s 1949 J.J 8934 Sale 89% 90.1 259 80 92/14 .111311,10,1,ANEOUS 1101,D81 --Concluded. .38 Industrial Miscellaneous Am Thread 'at col tr 4s...1910 J•J 9018 9212 Dec'08 83 92/12 Adams Ex col tr gas 1948 M-S 92/12 Sale 92 92,4 3 83.. 96 Beth Steel let ext st 55..11)26 J -J 84 Sale 84 85/12 59 85 95 13'kl'n b'erryCo 1st,cons g 55'48 F-A Cent Leather 20-year g 55.1925 41 Oct '06 A-0 9878 Sale 9634 97 76 85/12 99 ClucJ & t Yard col g 58.1915 J-J 100 Jan ConsolTobacco 50-yr g 48.1651 F- A '08 iik; 100 77/12 77/12 3 62 7914 Dot M & It Mgr incomes 1911 A-0 47 Apr'08 42/14 47 DlstIlSecCor cony 1st g 58.'27 A-0 77 Sale 77 78 27 64 80 institution for Irrig Wits Lnt Paper Co let coo g 03 1918 F -A 103,21011 10534 Deo 9914100 & Bevel of Agrleul a Consol cony s f g 58 1935 J -J 88 85 88 '7 78 90 4148 (c418) 1943 31-N hut St Pump 10-yr cony.68 '13 J-J 92 92 4 92/14 93 4113 100', 103 Dec'08 90 103 Emit Mercan Marine 4/128 1922 A-0 74/12 salt 7234 '77 d2/14 77/14 Lackaw Steel let g 0s 1923 A •0 95 05/12 95/12 1 04 98 lilt Navigation lets t 55 1929 F-A 86 87/12 Y Air Drake 87 87 76 89 N let cony Os '28 M-N 113 Sal., 113 113/12 43 87 115 Man Beh ki & L gen g 48 1940 00 Feb'O'' llepubl&S lat& coltr 56.1934 A-0 119 kiale 99 09 10 92/12 100 Newp Ne Ship & D D 5s 81990 J-J Aug'08 11 3 Leath Co a deb g6s 1919 M-N 96 96 96 103 105/12 Dec'08 .... 101 107 N Y Dock 60-yr 1st g 44 1951 F-A 91/12 Sale 91/12 91/14 86 93 US Realty & I cony deb g 56'24 J-J 8534 Salt 0434 86', 09 64', S9' Providence See deb 4a 1957 M-N 83/12 Steel Corp- .819339 85 Oct '07 U S coup 31-N 10238 nate 102'8 10234 1138 86/12 10314 Provident Loan Soo 4/128 1921 Nt-S 92 95 90% Deo'08 86 a6% St 10-60 yr 56.1 reg M-14 10218 sale 102 10214 21 8534 103 St Joseph Stk Yds 1st 4/128 1930 J -J 100 Is se),'03 Va-Car Chem col tr 5s g 1912 A-0 104/12 Nov'06 89 105/12 23 ...... ••••••••11 105/12 Yuba Wat Co con g 68 11123 J-J 112 J'ly'04 ...... ••••••••• 1st 15-year 55 1929 J •0 93% Sale 9334 94 196 94/14 95/12 Sp Val Wat Works 1st 05 1900 td-S Westinghouse 18 & 113/12.1'11 100 Its 1 5s '31 J -J 93/12 Agit 90/12 93/12 '357 67 0414 US Red & Ref lat a g 68 1931 89 89 89 15 411.-"vr *No price Friday; latest bid and asked thI5 weak.. a Du* Jan °Due n 80 d Due Apr 'allne rd ay g Duo J'no A Due Jely p Do• erov SWAIM Vale.

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Name Year STOCKS-111CH 552' AND LOW EST SALE PRICES Sales OCKS . Rano, hor VI Psnlous 01 Ore CHICAGO STOCK Year 1908 (1907) • Tuesday Wednesday Thursday Friday Week EXCHANGE . Saturday Monday Lowest Highest Lowe& Highest Jan 2 Jan 4 Jan 5 Jan 6 Jan 7 Jan 8 Shares - Railreads 160 Jan 24 185 Dec ,1 150 Arch 205 Apr 183 133 *180 190 *180 190 *180 190 *180 190 *180 190 4 Chicago City By 100 3 *214 3 LaSt Sale 2 Dec'08 Chicago & Oak Park-100 .F,), Feb 3 312 Aug31 134 Nov 5 Jan *214 3 *214 3 *214 4 10' Aug23 10 Oct 16 Apr *7 10 *7 10 *7 10 *7 10 Last Sale 7 Dec'08 Do prof 100 612Dec Rys part etf" _ _ 8434 •I'lie:3() 110 Nov25 -- *115. 116 1115 116 *115 116 11534 1153.1 *115 116 1115 115 11 ohlc :1 45 4512 45 . 45 4438 295 Chic Itys part est "2"___ 38 Oct 3 47 .121,- 45,14 4.5.4 *45. 4534 4518 4512 45 Dec 22 *29• __ *29 __ Last Sale 27 Dec'08 - Chic Rys part ctf 20 Nov 0 23 Sep 22 1312 Dec 11 1312 -1312 *13 1312, *13 -1-312 *13 -1-312 1314 1314 *1212 1312 55 Chic Ryi part elf 4"___ 934 2834 27 2834 27 2733 . 2714 3,730 Chicago Subway 100 15 Feb 10 3012 Dec 18 11 Oct 9612 Jan 29 2914 22314 2914 281.2 28 4 Dec Last Sate 7 Dec'08 Chic Union TractIon.100 • 21251eh27 7 Dec 2 - 21 614 Apr _ Last 18 prat 10(3 14 Apr 1914 Jan Sale July'07 •Do Jan ..ii. >341- ii- Tu:ii" ii Last Sale 13 .Dee108 ---- sans City Ry & Lt 100 30 Oct 9 4734 Nov13 23 Nov 65 ,;ii- "Iii- ::‘,ii- 08 28 8612 Nov 11 11834 Nov 87 Jan *79 80 813 80 *79' 80 *79 80 *79 81 79 79 75 Do pref 100 Sep 18 *1612 18 Elev...,_100 1214 Nov 2 19 Jan 2'2 17 Dec 28 Jan *17 18 17 17 *17 18 *17 *1612 18 50 Metropol W S Not 72 Jan *48 52 *43 52 Last Sal: 53 Do pref 100 42 Jan 6 54 Mayl, 93 *43 52 *43 54 Dec'08 3412 Apr 47 J'1Y --- North Chicago Street-100 44 May 1 47 V2.'12' Jan 1334 Aug 6 22 Dec 17 20 Sep 2,512 ;:16- -.11. i:_i5- -ii- ,T;i1- -ii- -;i- -if- *2t)"'2"122120 Ma3'227 )8 21 Northwestern 51ev-100 66 • .Fly 65 63 63 *91 65 50 Do 100 46 Aug 1, 6212 Dec.11 58 Apr *60 65 *50 65 *61.1 *63 a , pref 60 Nov 00 Jan *55 59 *5)5 (10 *55 (10 Lett Salt 59 Dee'08 South Side Elevated 100 42 Aug2) 11 Jan I:- *55 59 16 31 Nov17 26 Oct :14 Jan 39 3012 30 30 ',-; 30 3012 80 ::033 3013 3014 3018 3014 952 Streets W Stable C L-100 '2612 Arn• 93 08 *98 100 100 • 85 Apr20 102 .1'nel,, 95 Apr 99 May *98 99 *98 09 93 0312 98 . 98 62 Do pref Mel, 35 Apr Last Sale 28 June'08 ---- %Vest Chicago Street-100 25 Apr 13 31 May 4 'A Miscellaneous 714 Apr 9 9 9 9 9 878 878 Can 100 4 Feb 13 103s Nov 13 :; Oct - 872 914 9 • 914 0 1,350 American Not ' 60 Apr 4 731, 7212 7271 7134 7212 72. 72 7273 1,530 Do pref _._100 41i Jan 2 7672 Dec 2 3412 7318 7314 723 7114 120 Dec. 14012 Sep - :‘200 __. ...200 ___ *200 ._ _ Last Sal: 200 Dee'08 AinerIcan Radiator-100 125 Jan It) 200 Dec 13 *200-..... Apr 22 12314 Nov1,, 112 Nov 130 . Apr *125 130 *125 130- 4125 130- *125 13--0 Last Sal, 125 Dec'08 Do pref 100 . 110 58 59 50 5812 59 58 58 610 Amer Shipbuilding-100 . 37 Mehl!) 63 Nov11 0 Nov 8012./49 *57 59 5714 5714 53 Nov. 109 Jan *103 105 *103 105 1103 105 105 105 *101 107 8 Do pref • 100 91 Jan 2 194 Nov17 86 *103 105 10 J'ly I 42 Jan 9 30 Jan 40 Mal Juirp8 Amer Straw Board J'ne 1-- 'last Sr ") 1 (A) & Co 165 78 Dee 24 30 Jan 11 24, pee 40 -- 4 -1- i" --1-- --i- --f- --i- . -- 545 I3ooth Feb a *2. 4 3 312 3 695 Do prof 100 3 Dee 23 100 May12 90 Dec 111 *3 334 *3 334 3 3,14 20 Dec 2 45 54 Jan *54 54 *52 54 ______521± 5212 *52 53 5112 5214 233 Cal & Chic Canal &D_100 40 Feb 5714 Oct _ Last Sale 117 MaY'08 -- Central Trust Bank.,_100 147 May . 147! May 6 105 Feb 165 Feb -3 -;i- -II) Laq sat: I Chic Brew'g & 1 Oct 6 11s Aug22 1 Jan 1 Jan -714.- --ft:, -;i- --fii -;i- --11 Dec'08 --_ 12 3 *2 3 Last Sal, 2 Dec'08 Do pref 2 Nov20 4 Apr 5 Atig 612 .111° *2 3 *2 3 *2 20 Dec 23 3012 Aug s 21 Dec 51 Feb 26 2738 2612 27 *26 27 *26 27 *24 28 390 Chic Pneumatic Tool-100 *26 2712 -100 106 Jan 3 153 Sep 11 . 15 Oct' 13412 Apr 12734 128 127 127 12714 123 128 128 '128 128 123 ,128 167 Chicago Telephone. '84 Do rights 34 Feb 25 Feb '21 Trust-100 100 Jan 4 110 Dec 29 t15 Oct 11212 MaY *HS- 1-1-6-1; liW. 11-- iiV 11,4- ii4- 1-1-iii; 11V3Yir11418 Illtr182 252 Chic Title, & 10712 108 10712 1014 Commonw'th,Ed !son _ 100 80 Jan 3 110 Oct 1 , 77 Oct 8782 Oct 10712 1011; 11)73 10$ 108 108 1013.4 108 - 395 108 11878 120 118 - 890 Diamond Match 100 113 Jan 2 137 Ancii 12 Not 12912 May 12173 12172 120 .1 12214 119 12.1 11942 120 1181s 4212 Dec 16 34 Nov 57 •11 41 *41 42 *4)1s4212 160 Minot, Brick • 100 30 Jan 22 May 40 40 41 41 41 41 38 J 'ne 1.-• 411 J'ly 41 Aug 96 Jan 43 4:5 135 Masonic Teple_...,‘m ---- Last Sale 18 Milw & Chic Brewing 212 Jail 212 Jan Jun'07 .1'ly 24 25 Feb 27 1\1011 Last Sale :0 July'08 Do pref • 19 J'ne 23 20 Biscuit 100 70 Jan 3 97 Deo 28 5812 Oct 86 Jan -iw -1-A- -thii; -ow' -0-i- 99 9912 *9834 101 1,045 Nationa 1 -i753 -66-.- 1-64- Do pref 100 10134 Jan 2 120 Aug ,-- 91 Nov 11734 Jan 11914 11914 119 119 '419 120 11912 11912 11934 11034 11912 11934 360 50 Nov 3.414'Jan 85 8512 8134 8434 227 National Carbon 100 51 filch 3 87 Dec 11 8512 86 *86 87 8534 8534 3434. 85 Nov ' 9734 Nov 120., Jan '..11112 112 112 112 ',E1 112 197 Do pref 100 91 Mch23 115 *112 115 112 112 112 112 Jan 3 106 Dec 23 72 Nov 9232 Apr 103 10212 103 10314 10334 10314 104 2,354 People'sGasL&Coke--1013 80)2 10434 10513 103 105 102 66 Roebuck cont.-100 24 ' Jan 24 50 Dec 30 20 Nov 57 Jan 56 65 55 *55 56 *55 56 *55 200 Scars• 95 Jan 5512 56 *5512 Do pref 100 72 Jan 10 102 Dec 14 117 . Nov *10032 10012 10112 109 101 102. 102 102 410112 10212 102 102 262 7512 Nov 11:312 Jan 13 19073 1011.1 10034 10114 2,626 Swift & Co 100 8019 Jan 2 10534 Sep li 10118 1011.; 10113 10114 101 101.12 101 101 134 Jan. 211 100 Nov 17312 May 12i) 121 121 120 120 .,120 122 350 The Quaker Oats Co..100 11434.Jan 3 *122 123 :,122 123 119 peer _100 87 Jan 3 110 J'ly 30 85 Oct 10234 Jan 01.1 439 99 99 99. 9912 99 9918 872 Do '214 Apr 9812 0334 0812 99 Ds Box Be) 4c P.Co_100 14 J'ly 17 134 Jan 4 34 Nov I 11,3 *72 112 *78 112 *I 114 *34 58 Unit ti• Jan 1234 Apr 1. 1 6 912 0 1) *512 6 850Do firer 100 112 J'ly 17 12 ,Ian 15 512 ot.„ 534 9i,, 573 57, 1134 17 Apr 11 16 Dec 30 Feb ______Last Sate II Dee'03 1c/.estere Sorinnieng luO Oct 31) 32)2 Jan 3212 Jan Last &lie 1215 Jan'07 131112.11am Con Mining 50 10 Nev,06 131.ack Mountain ------__ -__ -___ Last. Sale 1614 Apr '20 Jan --- --__ Last Sale 133 Mar07 Daly-West 20 lcis, Sale 4 No,'00 Hobbit,' Plitorr Ohioan Bond Record Chicago Banks and Trust Companies .er0?4 OULS12nd .!ittrpul Dt,zaend BON DS lay (:;!A ST OCK Oiler- Price Week's (r d) Ran'ae NAME. in Last Patel CHIQAG0 or soul- Stock P701il; la EXCHANGE es) Friday Range jor 1907 1908 Week etulum Jan. 8. "ertod Jan. 8 Last Sate Year 1908 ,282.051 8 Dee '08, 2 11)0 Ask Low High .V0 low 11014 13ankers National 32,000,011U El Dec '07; 6 National 100,000 38,112 (?) 1st 6s_1911 J - 3 ------103 NIcti'07 Calumet 10 Dec '08, 5 Amer Strilwbrd -11:, Chicago City 500,000 182,623 10 & 'N. G (St L1 5s'12 .1 - 3 ------10012 Sep'08 ---- 0;)2 114 12 Jan '09, 3 Cass Av 101). May'07 ._ Commercial N ationat_ 3,000,000 4,318,182 12 Chic Board ot. Trade 4s1927 J - D ------8 8 Jan '00. 2 A 1093 Sale 10438 10432 56 f)-4,8 11i4-7-8 Continental National... 4,000,000 3,329,24'4 Sept '08,- 112 Chlea,ro 0ty lty 5 s_-_1927 I' - 50,000 . 5,956 6 - J ------1031 Apr214•__ -... -- Cook (4o State Savings Jan '09, 3 Chic Cons(s) lir&M1t(is-. 1 Exchange NatIona, 3,000,000 5,018,606 12 12 Trac 43,0-1930 .1 ,D ---___ 55 Atig'07 Corn Jan '09, 112 Chle Consol 4 ------Dr.;xel Stare 200,00 50,35), 6 Chic Auditorium lot 5319211 F A _------903 3:11)06---- 9;•6 fan '09, 212 Drovers Derr N ational 600',0110 390,583 112 Chic Dock Co 1st 4s_1920 A - • 34,927 Ii Ian '09. ----- 87 Peo'tn, .___ Englewocm State 200,000 Q-51 Dee 31 '03. 3 Chic ,No Shore Elec 6s_1912 A - 0 -1' Natlonai 8,000,000 8,029,283 12 12 Tool- First 10 Q-M Dec '08, 212 Chic ,Pnetim 7212 74 41. First Nat Englewood 150,000 159,381 10 lot Is a1921 .1 - J 74 Sale 643 7512 Priv ate 13a nit 11 Sale 102" 10214 34 9514 10212 Foreman Bros 1.3'k'g Co_ 1.000,000 544,406 Chlt, ity Its • _19'17 41 - A 102 950,553 8 8 Q-J Jan 830, 2 14334 Sale 9312 04 26 5078 0414 Fort Dearborn Nstional_ I.0t10,000 Ian '09, 212 Chi- Itsis 4.5s series "A" NtAlonal 500,000 160,520 6 5 .1-.1 "B" .__ 8514 sale 8473 851.2 68 78 8012 Hamilton Jan '09: 2 Chic Flys 4-5s series -lbernlan B'k'g Assn_ 1,500,000 855,01, 8 8 Chic Rya 4-58 serkes "C" 8653 00 8912Dee'03 ...., 75. 90 10 .1-.1 July '08, 5 10134 Sale 10112 11)134 23 1714 OP; Kaspar State Bank 200,000 117,631 '08, 412 Chic Rya C011 as.-: 1913 1,250,000 920,202 10+2 .3-51 De:, _.,_ 10114Nov 08 ..--„ 10014 10114 Live Stock Ey.eltange Nat Nov '08, 1 Chic Ry:- Fund 61____1913 3 113nroe National 300,000 61,0•14 4 - .. _. 2102 Sale 102 102 Ws 10212 434 .1an Jan 'US, 412 Chle Rys Tern Ctrs lot 5s- 2 Mutual Bank 250,000 86,251 RR 4s_2002 11- - -N ---_ -.. 66t2Aug'08 ---- 64 661 8 (4-1 inn '00, 2 Chic II I & P 6612,Ply'08 ---- 62 74 Nat Bank oh' Republic. 2,000,000 1,2/2,636 .Colta'; Trust g 5s_1913 11 - 8 ------12 3' Jan '09, 112 National City o1,500,000 484,545 1907 Com mon w'al th - Edison- 250,000 60,033 ha-mar si Aug 26 J - 3 100 101 Itlit June'08 --, 100 1001; National Produce Ian 114 Chle P:Olson deb 6s1013 North Avenue State 200,000 65,325 24.4 Q-J 1926 A - 0 10012 101 101 191 3 07 . 101 6 Jan '00, 112 1St ts, Its _ _July 101 North Skit State Savings 50,000 10,646 Debenture5s...... 1926_- 11 - S 10012 --- 101 2 9334 100; 6 Jan 'CO, 112 10234 103 Dec'08 .___ 93 103,, Oakland National 100,000 41,021 Commonw Elect 5s019,13 It - S ---- 250,000 85,587 ---- 89 Dec'08 -- -- 80 80 Prairie National -NI Ian '09, 2 Illinois. Tunnel 5s____1028 J - D ---- State• 500,000 69,094 -- Prairie -- ,,,,,- 96 OeM4 -- 93 93 2 lan '08. 2 Kan City lity4LtCo 55 1913 11 - N- Railway Exchange' 250,001) 7,010 4 5s,.1928 A - 0 9-6 Sale 96 96 10 '.4.512 921,, Organ iced Oct 12 1006 KnIelett'ker lee hat 7134Dee'08 -- 881i Security 300,000 129,809 Lake Si 1,3...-181 51 _3923 4 . j 72 80 70 79,232 Ii 6 Jan '09, 112 ---- 16 May'05 South Chicago SavIng3- 200,00U Income,5s 1923 Feb ---- Chicago .__ 1,000,000 1,338,910 9.1_I 11 Q-1 Jan 219, 3 State Bank or 7 Dec '08. 4 Metr W Side El- Stock Yards Savings.._ _ 250,009 175,587 4s , 1933 F' - A 22434 85 8434 85 '20 861p 881, 11 Nov '08, 3 1st 84 8314 831., 16 7512 85 Union Bank of Chicago_ _ 200,009 39,90.. EXtension g 4s 1933 J • .1 83 : 00,976 6 Ian '09. 112 ut) Dee'06 ____ .____ Union Steele Yards State 200,0M) 8 Dec '08, 2 North Ch c St 1st 59-1909 J - J ------American Trust & Savo_ 3,00(1,000 2,471,410 8 1st 5s -111_ 869,970 7 Ian '09, 134 ------70 Ati6,,06 ____ jentral Trust Co of 2,000,000 133 Jan '09, 112 Refunding g 430_1931 A - 0 Chicago Sax 13k & Tr n500,000 95,310 _, No Chle Clty11-y4)is1927 fit- N -,,,- --:-- 75 Feb"--::.7 -- - - 6 all 2.49, 112 e 9214 03 do Chicago Title & Trust 5.0(10,000 ;1,426,335 Monti West F,1 1st 4s1911 51 86- 0-2,- 60,960 4 Jet '08, 2 94 95 93 94 8014 9512 CRIzens Trust & Savings 50,00() :an 0gd en Gas 55 1045 Al - N 0 99 Trust & Savings 600,000 499,083 10 8+2 '09, 212 - D 99 __ vu A ug'0,- _ 9,j Colonial fan '09, 2 Pearsons-Taft 5s 1916 J Sep'08 __ 94 us Drovers Trust & Sayings 200,0UU 92,570 • 6 4.404 11 - S 94 -__ 94 Organ ized Apr. 13 1907 06. Nov'08 ---- 86 36 ifarwell Trust Co 1,500,000 163,101 4.603 Series E If - N 90 & Saving's_ 2,000,001) • 2.16..,6:,0 - N 97 97t28ep'08 9714 97i2 First Trust V. 87.p.1138 4.80s Series F II 11814 Guarantee Trust & Say_ 200,000 782 more gated Peo. Gas L&C 1st.6s_1043 A - 0 t---- 129 11314Dec'08 ---- 101)12 6 •, 1n '00, 2 2 18 0 04 Harris Trust & Savings_ 1,250,001.1 713,570 Refunding g _1947 11 - 8 --- 103 1031 . 103 10314 8,317,985 1-674 16+4 lice '08. 4 Sale 91412 10438 8 9712 10414 Illinois Trust & Savings_ 5,000,000 '09, 112 Chic Gas L&C5s_- 1st 5s 1937 J - J 10453 200,0001 46,232 6 , fan - I) 102 103 10212Dee08 .--- 9434 103 Kenwood Trust &•Savgs Jan '09. 114 Consum Gril 1st 5s.1936 .1. ....___ 98 View Trust & Savo 200,000 32,470 2 433 Alut'l Fuel (as 15t5s1947 11 - N ____ _.:.... 100 Sep'08 100 Lake Ian '09, 3 0412 9512 30 92 9012 Merchants' Loan & 'Fr Co 3,000,000 4,869,740 12 12 south Side Elev. 4;0_11124 J - J 9512 Sale 255,658 Dee '08, 112 10912 ____ 10012 10012 5 93 1001; Metropolitan Trust & Say 750,000 Swill & Co•ist g 5s___1014 J - .1 Co 1,500,000 1,865,592 8 Jan '09. 2 El A - 0 92 Sae 02 92 2 IS6 92 Northern Trust Jan '09. 3 Union (Loop) 5s_1945 North-Western 'Jr & Say 200,000 52,421 6 Union Pacific) cony 4s_1011 AI - N ------.--114 Nov'04 ---- _ _ 6 Jan '09, 4 00'08 ---- 4'7- 68 People's Trust & Saving-2 200,000 90,086 United Box Board col 6826 __ 47 k8 8 Jan '09, 2 -- __ 00 May'07 ------_..-- Pullman Trust & Sayings A500,000 163,485 WestChic St 1st 5s-_/928 :111 - N 300,21ri 8 8 Nov '08, 2 1st 55 1000 F - A6812Sep'05 -- Royal Trust Co 500,000 Tunnel Trust &Say- 200,000 24,167 6 5 an '00. 212 Debenture 6s 1014 J - D ------73. June'07 --- Stockmen's 8 Dec '08, 2 NI - N _--- -__ 8014 Jae'08 ---- ii1-2 -t74114 Unlon Trust Co 1,000,000 1,194,720 ConSol g 5s retS_ _1036 219,480 6 Jan '09, 112 - -Hst032 .1 - J -- ____ 87 Dee'06 -- ____ _ IVestern Trust & Sayings 1,0(10,000 WesDivCityRy4 Tr & Say Bank 200,000 65,83'4 t3egan husine Sept 5 1905 Western Stone Co 5s.._1(H)9 A - 0 s512 Jty'0/3 .--- 70 -86-1: West Side Jan '09. llhinstwo -bon (1 nrirp. - Tr&Say Bank 200,00t) 30,789 6 112 AI 0.te .-Aennied Interegt. most hmarideli-to all Woodinwn (0 /01.1,111; 0t isaleaS) for sales were made on this (lay. I Nov. 27 4c oso ot buStne,0 30r national hangs. arm Nay. 28 , Bid and asked prices* no Iron), $300.1100: clock diVidend price Friday: latest PrI00 this week- a Due Dec, n 0 Due June. it Capital increased State Institutions. 2 No Q-J., with extra payments Q-5'. ,of 33 1-3% being declared in earl payment therefor. n Capital and surplus Co' bs increased. q Dividends are pald As of tlatelept. 1 1908.- sAs of Sept. 231908,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.1 THE CIIRONICLE .03

, Volume Liectrtc 4.omptinies ctla 'As, • Jr/Oust-nat. Ina :Iiiseet- bid' AIX' of Business at Stock Exctian.ges Chicago Edison Co See Glb cagc :tar conso1 Can Heating_11), 20 25 e Kings Co El L&PC0 100 126 28 Cons Hy. Lgtesillefrig_10ti TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE NarragantProv) El Co_50 85 110 Consol Rubber Tire__10G DAILY, WEEKLY AND YEARLY. N Y L ecPowCu_io 37 40 Preterred _____ ..,._10i.. '20 2712 Preferred 100 65 10 Dellentura4s 1951A/sot. 391- 4112 United Elee of N 50 65 Cons Steamship Lines.10o le. 4e. Stocks. lianrocut. let g 4s 1949 Week J-D 47112 134 Coll tr 4s 1957 rctsJ&., 1')34 18 ending stc.. State U.S. ,:oni Prod Ref See Stock N.:xe Jan. 8 1009. Shares. Par vadic. Bonds. Bonds. Bonds Ferry Companies :1st -- eCrucible Steel 10i, 8 9 -- Brooklyn Ferry stock 100 2 ePreferred 106 Saturday 337,388 $35,501,050 $2,486,000 B & NY 5734 53 1st Se 1911.14 195 98 Ctinberiand Ely Copper.5 *8,3c 8/2 Monday 1,521./34 132,535,525 6,802,000 371,500 NY&ER Ferry stk_10u 30 50 -Diamond Tuesday 106,731,760 Match Co-10c 119 121 1,180,345 5,703,500 93,000 1st 5s 1922 11-1% 50 GO Donilnion Copper 1 Wednesday 1,049,385 05,563,500 6,556,000 110,500 N Y & *,. 5s Hob 54 5Iay•46 J-D 49312 95 Douglas Copper *212 278 Thursday 033,481 87,80:3,100 6,452,000 209,000 Bob Fy 1st 58 1046M2N 110612 )07 Econ'y Friday 071,349 92,961,400 7,246,000 Lt & P (Joliet, Ill) 127,500 NY &NJ 5s 1946-__J-J 114 1st Al s Op .5s 1956_J-L , 021. 95 10th & 230 Sts Ferry_10() 25 -3-5-- Electric. Boat Total 6,040,582 $551,096,325 635,305,500 $611,500 10, 26 33 let mtge 55 1910„. J-D 150 Preterred 10, 60 /5 rUnion Ferry stock_100 30 5 Electric . Vehicle 10, ___. 3 Sates at Week ending Jan. 8. Jan. 1 to Jan. 8. elst 5s 1920 M-N 97 HO Preferred__i _ 7 _ 5 .r:cupire Steel New York. ,Stoct Short-Term Notes 12 Exchange. 1909. 1903. 11469. 1908 Preferred 10,. 48 62 Am Gig ser A 48 '11 M-S 19714 93 : Federal Sugarof N y se. 81k I- x list Stockl-No. shares-__ 6,049,682 3,754,749 6,049,682 4,899,1377 Ser B 4s Mott 15 12M 10612 97 eGeneral Chemical__ _10, 60 63 Par vaiu $551,096,325 5315,635,250 6551,006,625 $407,770,006 killer Light & Tr Gs-See Gas Sea, ePreferred . 100 1.8. 102 . Am Tel & Tel 31004, GoAtield Bank shares, par *2,500 *3,500 21,500 - $4,500 g 5s '10 J-J 1 11, Consot Mines_14 *8144 812 Bonds: A,tlan Coast L Sc §1iJOi 1078 Gold,/1111 Copper 1 Balt *14 13 Government bonds $34,000 $34,000 & Ohio 5s 1909_M-S 5400 1!'"8 Greene Cananea 21.. lI't 1214 State bonds $011,500 1,573,500 8611,500 1,939,500 Ches &Ohio 8s Jlel '10J-J 131v23.4 1031: Uuggenheim Explor'n 10‘ 175 19) RR, and misc. bonds_ 35,305,500 19,330,400 35,305,500 23,545,400 Chic & Alton 5s 1912,-J-J 49812 1111 eltackensack ,Water Co . Chic R I & Pao 6s '09A-K) Le) 001._ Rel g 45 '52 op '12...-J-,, 86 89 dal' Total bonds 335,917,000 $20.937,000 535.917,000 825,518,900 Chic ea W Ind 58 10..F&A il 0 10014 Signal Co UR 34 38 ' in kiain&D454s '08 31-1 60 70 davana Tobacco Co-/(n, 9 11. DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA C C & St L Is, June '11 it 4),.3 1111 Preferred 106 . 18 20 • Consol Gas 63 1904_ 10,114 1st g 5s EXCHANGES. _ F-A 100 June 1 22.-J-L 50 55 Erie 6s, Apr 8 1911-A-0 decker-Jones-Jewell MIL Interb H 'Fe 6s 1911 M'S CUT" 1st Os 1922 M's 100 _... 5s Mch IMIs Her'g-Hall- Boston. Philadelphia. 1910 111-S 13'i Mar, new_luu 35 4_5 Week ending K C Ry &Light Cis'12M-8 4961,2 97 Hoboken Land & InaVOu ---- Jan. 8 1009. Kan C So g 5s Apr 12-J-J )9812 -9 e5s 1910 ,,,._ ff-lr. Listed U misted Bond Listed Unlisted Bond Lack -hares. ?hares. sales. shar,r. shares. Steel g Os 1900-61-S WO 10014 Houston Oil 1- 1\i/ -8;0 4 912, 5s g1910 M'S 596 7 Preferred 100 35 45 Saturday 14,324 Lake Sh & Al so 5s'10 F A 410034 101 Hudson Realty 100 100 110 10,601 $105,000 22,211 2,548 $20,400 Lou & Nash e Monday 29,885 22,511 203,500 37,157 10,721 84,400 g 5s '10-51-S 5101 I 114 In'gersoll-liand corn 100 55 ---- Ilex Cent bs July 1 191 198 100 elleferred lle) ta _ Tueeday 23,726 18,500 168,500 28,830 6,407 41,200 Mich Cent Weeeesday 25,746 16,252 125,000 40,222 6,86$ Os 1910.....F-A ;10078 1 . 11, baternat'l Bank'g Co 10.; 90 90 42,500 Minn & St L 3s Weill Thursday 23,670 22,800 157,000 29,636 7,892 91,980 e '11_F-A 396 98 Men Mar See Stk. Exo eat ,lissouri Pacific- internat'l Nickel-__10u Friday 19,755 16,043 154,500 23,410 7.309 75,600 Gs 98 102 Febl ll'l c..uivop F-A 11001” 1 112 Preterred 100 85 38 NatuflIfex 58 ext to'00 A-0 19934 10012 let g Is 1932-___A&U 85 Total 136,506 105,720 $913,500 181,472 ' 41,745 $362,080 N Y Cent 58 Os 1910 F-A 1100,8 1211. international Salt_ -10 15 1612 N Y C Lines Eqp3s '10-t7 54.35 3.75 1st g bs, 1951 N IN A-ti 50 58 H & Ii 5s '10-'1L 5434,, 3.40 in ternat'l Silver 100 8 12 Outside Securities •Norf & West Is 1910M-N 110234 101 PPreferred ltlu 61 05 Pa RR 68 Moll 15 '10 M-S 5101 101i* 1st (is 1948 tnitsule Al Public J., 1107 110 A weekly review or the arket will be round an a proce flno taaoo Serv:ce Corp 5s- See St Hy, Lackawanna Steel 1(10 46 50._ StLMS'east 454s '01)..J-1) §100 1001, Laustou Mouotype-__;.0 $1212 1253 soutifn cell tr 5s '09-A-0 4994 100, Lawyers' 5itge Street Ran ways Bid Ask Street RailwaysBut Co 1(iii 235 _40 Ask South By g Sc 1910_1--A 49412 au Leh & Wilkes-B Coal 50 00 New York Gill) Pub Serv Corp N J Southern 106 ,(0010 1W (is 1011-M-N Os 99 LoprdreftterreTadylor Wu 100 115 Bleeek St & Fiji F stic_100 14 20 J C Hob & Paterson- Tidewater Os, 1913, 1050-1-U c5 guar 111/034 10114 1(a.) 10) 103 e 1st mtge 4s 75 4s g 1940 31-IN §7134 7214 U S Rubber g 5s '09..:41-6 114018 110!' .1.orttlard (P1, e try .& 7011Ave stIc_100 128 148 So J Gas pref luu 125 135 El& Trac_100 x119 121 Wabash Is, May 10 1909 1 9914 10.1, Alaillson Sq Garden 10/ e 20 mtgelis 1914__J-4 93 102 Gu g 5s 1053.: 30 40 M-S 98 WesUngh El&I'd Os 1910 ilt),) 101 Zd 68 1919 M-A n80 NO Con 551943 See Stock Hxe list No Mud Co 1ty6s'14 J-J 11051: 107 ellanhat 13'way 53 Railroad Beach co-leu n2 ei burl 1st gtf 1024 199 104 Os 1928 J-J 110412 iIll Chic Peo & St L pref-100 Manhattan Transit____Zu e Cent'l Ciossen stk.._1(10 80 120 Ext 178 218 5s 1924____M.,N 1101 iu2 Deposited stock 1., 11: Mitchell Mining 1J 18 0 let mtge OS 1022.31-N 95 110 Pat 38 City con 68 '31..J-D 1118 _,, 1: 11. Al OplIrOelltegrrahelaed R Coal_50 his e Con Pk N & E H stk 100 30 60 2d 68_1914 opt A-0 5100 PrforUndepositedstock_- lien g4 Chr't'r 10th 543';50/0&S 5u';1 -1i3-4 26 & St stir 100 75 00 SO Side El (Chic) See Ch icago list Con mtg g Os 1930-J&J 1,g 95 .,fortgage Bond Co-100 Col & 9th Ave Os See Stock Exc list Syracuse 101 105 R T Os'46..M&S 1102 104 Income 5s, July 1930,, 5). Nat Bank of Cuba-100 1-5 s99 DryDEB 5:13- rrent P & H 58 1043.J -D 195 100 Chic Subway -2- - 18 Aational Surety e 1st gold 105 7 100 16.3 Os 1932...J-D 92 116 United Rys or St L- Ft W & Den Cy std_100 9712 __ :.vv.iiadctleCob idns'dift& Cospm.p.erius i $41263348 ies:80 e Scrip 5s 1014 .._1-A 55 60 Corn vol tr 22 ctfs 100' 21 Nat Ilys of Mexico- 2' Eighth Avenue stock_100 20 274 e Preferred 100 62 6,14 Pri lien 4 tis'57 (w 39112 eNew Central Coat, e Scrip I)J-J 921, .__Z0 42 5'.., (is 1914____F-A iJ5 102 • Gen 4s 1934_,See Stock Exe list ((en al 4511177(WI) A-0 183 8412 A J Ter Dock & inip_1(10 _ e 420 & Gr St ry stIc_100 206 EM Untalys San ---. Fran See Stk Exc list Nortlen Securities Stubs_ 100 125 A Y Air Bralie 6s see Stck Bic- list 42d St 13 & St N Ave_100 30 Wash Ry & El Co 100 38'2 3912 Pitts Bess & L H 51.1 N Y Biscuit Os 1911..A1 C 1st *34 36 -s it10 _ nitge 6s 1010_M-S 195 1,0 Preferred 100 84 651. Preferred 50 *65 70 eNew Yore Dock 100 27 73.1- 2d income Os 1015-J-3 50 60 4s 1051 J-D 8734 1812 ellailroad Securities Co- ePreferred Itlu 70 75 1nter-Met-5ee Stk Each Mtge list Ill (ins Securities C stk tr cfs ser A '52 88 9214 N Y Mtge & Seem'ty-10u 160 Lex Av &Pavr 5s See Stk Exc Us( Seaboard Company- N Y Trausportation__20 412 Metronol St Fly-See StIt Exc list New York 1st preferred lists5o t Niles-Beni-Pond stock....1011 150 100 F..45e coin -luu 99 102 Ninth Avenub 192 Cent Un Gas 5s g '27.J&J 100 102 Corn & 2d mei-See Bait Misses 3 Avenue stock_1011 2,) 4 Con Gas (N 4.918 10 SeC0111i 11-See Stk Exe llst :;eaboard Air Line- eNutPura i*?l og Silver Ulu 312 -114 e let nitge 5s, 11)00-111-N 95 100 e Mutual Gas 100 Coil Otis 83 5s ext May '11 M'S 9634 9/ Elevator corn...100411 44 Consol 55 1048_.-F-A St New Amsterdam Gas- Union Pacific as See Stk E'xch list Preferred Avenue -100 11.3 s123 101.) 94 07 e Sixth stock 1st consul 5s 1948-3-3 §102 0312 Pittsburgh Brewing-30 4 18 Sou Boulev 5s 1945-J-J 160s. NI &ERGas 1st Industrial and hliscel Os'44 J-J 1105 108 Preterred fit.. t 38 39- So For 1st Os 1919._ A-0 135 05 Consol 53 1945 J-J 1w) 100 Adam') Exp ;•• 1947 4s J-D §9 012 1.4112 PPittsburgh Coal.see.. stit .1 ....xc list Third Avenue-8ce Stock 14xe list •N Y & Richmond Gas 100 33 38 Ahmeek Mining 23 Pope Manulacturinr_103, Tarry W P & M Os 1928 70 90 Nor Un let 5s 1927 __M-N 1395 109 Alliance Realty WI) 1st preferred YkersStRR Si) i,5 e s 141 621: 115117'/412 100 23 30 1Ss 1046 A-0 Standard Gas corn...101) __-_ 60 Allis-Chalmers Lb 1st intg 24 prelerred 10() II: 28th & 29th Sts 1st Os 06 25 3.i e Preferred, 100 214 60 90 s I 58 1330-See Stock Each Est Pratt & Wh.tn pref_100 u5 10212 Twenty-Third St stk 100 200. 250 let Os 1930 1102 106 American'Book 100 Realty Assoc (13klyn) 1st lis 1042 -A 190 1)5 142 150 11/2 1,5 1511 Union Ry F Othcr Cities Am Brass 100erican 112 11(1 Royal Bak Powd cow 102 1,;° Westehest let Os '43 J-J WO so Amer Light & Tract-ANll-0i/ 1112185 127 165 12 American Calele coni.100 165 190 Preierrcd___ 10...... , .1:: 110 Brooklyn Preferred 100 9914 10014 Preferred 100 safety 5s1.900-__ A-0 101 Col tr g 95 .00 Car Heat & LLt-102 126 130 Atlan Ave 199 6% notes-A-0 Am Graphophone com100 121:). _ seneca Mining Con 5s g 1031 A-0 497 1,9 Bay State Gas 50 114 -14 Ani: er 65 refenrereidd ware 100 Oa 60 Singer Mfg Co 100 473 (90 BB&WE 5s 1933-A-0 95 102 Ilingh't'n (N Y) Gas Wks Standard stock___10 1110 100 124 130 Cordage 100 Ss 78 Brooklyn City 108 1st g 55 1038____A&0 AmMaltIng Os 1914 _-J-l) 1st M g 58511 red_ -See Stk Each Erre list Brooklyn Union 100 106 A-0 24 26 Con' Os Gas deb Amer l'ress Assoc'n_100 9212 100. AdJust ill 5s Apr 1 11131 3 Bkn HgtS 1st 33 1041 A-0 05 100 tea 11109 See. Stk Exch list Am Soda com-100 5 Fount _ standard Coupler com110000 10025 35 Elkin Q Co & Sub See SU( Exc '1St Burial° City Gas atock100 512 712 1st preferred 100 Preferred Bklyn Rap Tran -.See Stk Exc list 1st 55 1947-See 5 15. 110 Stock thelist 20 preferred 100 --- 2 Standard Milling e Coney Is' & 13Irlyn__100 85 lla) Con Gas of N J 6s '36_J-J 159 93 c Am St 1512 Found new _tut, . 9 Preferred Co.-11°090 414534 43 1st cons g _4s 1948__J-J 77 82 Consumers' L 11 & Pow- Gs 1035_. ____Alc0-- ; 1st 5s 19311 1939 -J 93 100 5s 1038 97 51-,". 84 86 Brit' C & N 5, -J J-D 1102 Deb 48 102314v1)..F&A...- 163 Standard 011 of N 3__100 580 Gent &LorSt 1st 6s_151&N _ Denver Gas E cc _100 65 690 ea ;6E" American Surety 50 200 21.0 swift & Co-See Bost Stu Esc Kings C El 48-80e Stock Exc list. Gen g Os 1049 op_M-N §2949708 .921 2 American list pret_-_100 Thread pref-5 *4 1st Is 11)10-1914,-.1-3 110012 Nassau Eicc Elizabeth Gas Lt Co-100 _ --AmAm T Go com_100 340 erexas& Pacific Coal-100 85 5s 1944 A-0 96 __Essex & Hudson Gas_100 100 126 127 Anpierref'le rrdypeefders corn-110000 36 39 Title Ins Coot N Y __WO 125 let 48 1051-See Stock the list Gas & HI Bergen Co.._luo 61 63 135: 94 98 Tonopah illu (Nevada)_1 *912 684 N Fiat 1st ex 4 05 101 e Cr Rap G 1st Os '15-F-A Amer Writing Paper-100 2 rrenton Potteries cutn100 Steinway 1st fla .1022-J-J 1105 Hudson G8.9 100 3 is 110 Co 11499__- 110 Preferred 100 1712 10 Preferred, Other Cities Indiana Ltg Co (w. I.) 20 65 25 1st s 1 g 5s 19 op'09-J-J 1,313 541: rrow Directory 106 30 40 Buffalo Street ily- 4s1058 op (W. I.) -E-A 62 65 Barney & Smith Car_100 cotisol 55 n52 15 Union Typewriter com1;)000 16003 (35 1St 1931__F-A 110612 108 Indianapolis Gas 50 25 30 Preferred 100 1st preferrednew----1 Deb Os 1017 A-0 n 9212 t3 I 10:U 15090 112 1106 108 1st g 5s 1952 A-0 18312 05 Bettol'm Stee1Corp-See S tk Ex Os( Zd preferred Columbus (0) St Ry-100 ijtc. Jackson Gas Os g '37-A-0 191 u6 Bils% 110 Preferred Coferrmepdany corn,, 118 125 United Bk Note Corp_50 *53 55 100 104 Hansas City Gas 100 Preferred 50 Preferred Colum 1W con bs--SeePh, In list Laclede 113 125 5t.) i-)6212 5412 e Gas 100 80 82 Bond & Mtge Guar___10() 390 100 ellnited Cigar Mfg.pf-1011 90 Crosst'wn 1st Ss '33 J-D 4310212 105 a Preferred - _ _100 85 95 Borden's Milk_100 United V8 Goad 125 130 Copper 1(10 1618 1614 *Conn 1W & Ltgcom_100 70 72 Madison Gas 8s-19-Z81A-0 §9712 105i, Preferred 100 Preferred ePreterred 10(1 104 107 10i00 f.. .2 40 80 84 Newark Gas Os )944- Q-J 1139 132 British Col Copper 5 *N38 87, Grand Rapids Ry 100 00 62 Newark Consol Gas 100 9234 9312 Butte 20t.) Coalition Mining 13 *2612 2712 U SS CasualtyveloEn 50 Preferred 100 83 86 e Con g 5s 1048_ J- D 510412 10614 Casein Cool0f Am com-10 ePreferred-p !e Lou:sv St VS 1030„J&J 4108 2 3 ewn-1130° 101 102 1081) No Hudson L H & Pow- Preferred 100 50 CO U SSteel Corporation- :Lynn & llos 1st 5s '24J-() 1104 1.06 5s 1938 A-0 1 95Casualty Co of Amer-100 Col tr a f 5s On Rys & Lgt-100 120 130 '51 opt '11 411312 114 Fts New 1712 19 Pat & Pas Gas& Elec-100 80 7E- Celluloid Co 100 Col tea f 52; '51 e Preferred 100 44 45 129 131 not opt 111312 114 e Con g 5s 1049 M S 3101 102 Cent Fireworksworks com 100 8 10 U S Tit Gu & Indem_100 50 Gen Mg 4 31s '35 See S tk Ex het St Joseph Gas 5s 1937 -J-J §93 ._60_ 16 100 53 70 caftan Copper Co-See Stk Exc list North Chic Street See Ch icago list 'clear tti telephone Central Foundry 100 Waterbury 'Pub Serv Corp of NJ .100 95 98 234 3 Co, com_100 eAmer Teleg do Cable_100 77 80 Preferred 100 1612 17 Preferred 100 Tr etfs Z % to 6 %,perpet 75 76 eCentral & So Ainer_100 105 109 Deb 8s 1910 081 70 59c12 op '01 M-N 3 Westchester & Bronx 'lit Coll 5s g notes N 1/912 Cornell Un Tel (NY)-25 110 120 Century Realty. 100 212 de M North Jersey St 100 10 40 81374005 3178905 tge Guar 100 ;;;- 165 fly Emp & Bay State Tel 100 60 70 Chesebrough Mfg Co-100 Western Ice 1st 4s 1948____..M-N 17212 74 Franklin 100 100 - 45 60 City investing Co 100 Westingh Air Brake_ 50 411012 Cons Tract of N J-100 72 74 sGold & Stock Teleg _100 105 112 eCiatlIn (II B), com Ors 53 1033 J-D 1103 100 95 105 West El & Mfg Os-Sec St Exc list 34 10414 Hudson River Teleph 100 65 e tg pr57:::1 100 95 White Newl:PasRy 55 '30 J-J 1108 -- ON Y & 91 Mln 10 4,148 le N J'releph 100 110 114 e2d preferred._ .__100 92 97 Preferred 10 *38 se Rapid Tran St Ry_100 245 eNorthwestern Teleir- 100 114 Col & Hock Conl&I 1st 58 1921 106 5 pf 100 65 75 Worthing Pump pref-100 108 113 A-0 1 Pacific & Atlantic 25 60 '10 lit J-J 482 95 Southern & A tlantio,._25 90 13 CI° tr Os Oct 1956 J-J 1 05 101 •Per share. Buyer pays accrued int. a 13 Ex-rignts. 0 Batas. a Sells on Stk. Ex., but not very active. is Nom. s Sale price. zEx-cliv.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BOSTON STOCK EXOHANGE1-7-ato-ck Record, Daily, Weekly and Yearly

SHARE PRICES-NOT PER CENTUM PRICES :Ales STOCKS Range /or Year Lange lor Previous real ol the BOSTON STOCK 1208 (1907' Saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE Jan. 2. Jan. 4. Jan. 5, Jan. 6. Jan 7 Jan 8 Shares Lowest Highest Lowest itiohest Railroads 9934 10118 9912 10014 9931 100 10033 10033 10031 10034 665 Atch Top & Santa Fe_106 6758 Feb 11 10114 Dec 2 6712 No'. 10712 Jan *1005g 10073 831 Dec 2 *10114 10214 *10112 10212 10114 10114 *10114 10214 10133 1013) 10178 10178 54 Do pret 101 3 Mch 3 10414 7634 No', 1013) Jan 225 225 226 226 226 230 229 230 228 230 352 Boston & Albany 101 18112 Jan 1 230 Dec It 180 Dec 240 Feb 226 226 Jan 21 12412 12614 12412 12634 125 126 12412 12514 12414 12612 12634 12812 6.527 Boston Elevated 101 312113 Dec 2b 140 11734 Nov 152 Jan *220 226 _- 226 *220 225 225 225 *220 225 41 Boston & Lowell 100 20614 Feb 11 228 Dec 200 J'nt, '231. Jan 225 225 Jan 22 13212 134 133 13413 13312 13514 13434 136 13514 136 136 136 ..!? Boston & Maine 100 114 Oct 21 140 129 No'. 170 May Last Sate 150 Dec'08 Do pret 100 136 Feb 12 156 Jan 22 150 Oct 165 Jan 555- 300 555- 165- *Z55- :::: 300 300 *301 22 Boston & Pro vidence_100 284 Jan 10 301 Novi.' 285 Oct 301 Feb. *10 11 12 12 14 14 14 15 14 14-- 870 Most Suburban El Cos..__ 9 Mch • 13 Melt:it 8 J'ly 15 Feb. 1134 -1-1-34 68 Nov17 50 Aug *56 59 *56 59 6012 6012 62 63 6212 63 63 63 270 Do prof 45 Jan 31 05 'Jan *10 *10 Boston &Wor Eiec _ 812 Nov13.- 17 Jan 2Z 16 No'. 2834 Jan! *10_-- _ *10_ *10 11 11 11 1012 1012 200 5212 -5212 52 5213 *52 5212 5212 5212 *5214 521. chDi coj „ n perent y Cos__598 9712 Dec 18 6012 Jan lt 55 NON SO Jan; 53 5312 Dec 11 Dec - Last Sale 148 Dec'08 & USY _100 126 Jan 1 15114 128 160 Jan: iio- 120 120 120 14 Do pret 10( 102 Jan iv 12012 Dec 25 9934 Oct 120 Jan L- ast Sale 163 Dec'08 _ Con & Mont. Class 4_101 163 Deo 18 105 Men 170 Oct 188 Feb, 21 i55- 139 *138 *i5i- 26 Conn & Pass It's( pret _10( 13314 Sep 2.5 138 Apr 152 J'ly 156 Mch *260 *264 273 L- ast Sale 255-- DW.55 Connecticut River_ _ _10( 244 Jan 14 203 Dec 294 Dec 280 Jan * -__ ---- Jan 260-132 132 13212 133 i55- 133 133 133 *132 133 133 133 -155 Fitchburg, pret 101 117 Jan 133 Nov2/ 110 No'. 135 82 82 79 81 75 76 77 78 7812 79 753 Ga By & Electric 101 (.,1 Apr 27 bt3 Dec 10 6912 Dec 114 Mch 82 83 85 Dec *82 85 *83 85 *81 85 *80 83 Last Salt 85 Dec'OS Do pret 100 81 Oct It' 10 73 Oct 88 Mch Last Sale 193 Nov'08 Maine Central 100 193 Nov27 193 Nov2 190 Aug, 198 Jan 1334 Jan 1134 12 12 12 12 121$ *12 -1212 *1134 12 *1112 12 -451 Mass Electric Co. 10, 814 Jan 2 Nov25 7 Dec 2013 59 60 59 59 5912 5912 59 59 59 5912 738 Do pret 100 40 Jan 2 64 Nov2c 27 Oct 7112 Jan, *5812- 161 Nov . Jan' 160 11612 160 161 160 161 16014 161 161 162 162 16313 1:12! itiartford-100 123 Jan 12713 Nov 19012 *144 Last Sale 144 Dec'08 P'YNHNcrrttiern 4tN 100 140 Jan 26 145 . Apr 145 Dec 160 Jan.; Last Sale 205 Norwich pre1-100 200 Apr 205 Feb 50 205 No', 226 Febi Oct'08 & Wor 19618 *: 1951 i51- 194 194- 114-- *194 19514 196 43 Old Colony 100 175 Jail 11 Deo It 175 Oct 20014 Jan, • 11;5'- 34 Dee b Jan 2912 2912 56 30 *____ 30 50 Rutland pret 100 25 Jan 15 25 Nov 45 93 9214 Seattle 100 70 Feb 17 95 Dec b 82 Aug 94 Jan., *9113 9134 *9118 93 -5i- 91 *91 91 ;51f2 9214 81 Electrc 1, 10112 *100 1011. 10112 10112 10013 10114 100 10012 *100 1001- 46Do pret 100 8838 Jan 2 102 Deo )334 Nov 103 Jan *100 1865 Nov24 16(31 18334 18334 18013 182 17918 1815, 17778 1805s 17914 18114 181 181 5,536 Union Pacific 100 11012 Mch '2 8 2 Oct 18212 Jan 7834 9733 Nov17 7834 Nov 1)3 Jan, *95.2 9612 *9514 9614 9538 953e *9633 97323 96 06 *9512 9612 11 Apr 4 *164 Last Sale 161 Nov'08 Ve1rIniontPreeeiMass _ 1002 160 Jan 13 101 Nov30 14518 No'. 170 Jan, - 8812 8812 West End 76 Jan '2 9112 Sep 15 /4 Dec 95 Jan 8888 88 -81- -55- -W- -88- W 88 88 -555 St 5u Dec $10512 107 *--- 107 10612 10613 10612 10613 10612 100:1 10612 10612 _122 WoreDo Natisr„et itoch_iu5u0 96 Jan '2 310 94 Nos' 110 Mch Last Sal, 140 Sep'CIS cc 138 J'ly 140 Mena 140 Aug 147 Jan Miscellaneous 35 Nov2 10 Oct 26 Jan. 3314 3313 3312 3334 3358 34 3312 3378 3378 34 34 351, 4,313 Amer Agricut Chem_100 13 Jan 3 3 95 95 95 9412 560 Do pret 100 77 Mch 17 90 Nov 2t 721, Nov 95 Feb.; 9512 9612 95 951 95 95 9414 95 i Jan 6 612 618 2,051 Amer Pneu Service 50 „4Feb12 Febk 2101 12 Dec 312 Nov 1434 6 6 6 638 6 633 618 6 614 Dec 7 912 Oct 33 Jan *1412 15 1458 1434 1412 1412 1453 1453 1414 141, 1412 1412 67380, A mDeor upgraert 513 '.3 12918 12912 _ I00 14 Jan 2 13758 Nov 1)3 Dec 13714 Feb 13134 13134 130 13112 13012 13013 129 13014 12834 12912 Renn- 99 Dec 129 129 129 123 129 100 106 Feb 18 132 Nov 105 13134 Jan, *121) 130 12914 12914 129 130 12934 13212 Nov 11 Nov 13412 Jan 12734 127 12714 12638 12718 12614 12714 127 12714 6,834298 Amer TePleprer & Teleg_100 99 Jan 2 8914 12712 12734 126/4 Dec 11 1214 Nov 3612 Jan' 3038 3033 3012 3012 30 3012 30 30 *2912 31 3038 3053 727 American Woolen___ 10(3 16 Jan 5 3238 9413 9012 A uV 69 Oct 10212 Jan 434 95 9912 95 9412 95 9418 94 9412 94 9434 577 Do pret 10C 7734 Feb 19 9 4 *4 (B,:toimstobnTLelaenpd 11 3 Jan 7 412 Dec 3 Mcl) 4 Jam *414 412 *414 412 *414 412 4 *4 414 414 508 Jan *125 ____ *125 ___- *125 12712 1271- Teleg_ 100 9612 Jan 11 128 Is us 2, 9312 Nov 115 *125 126 126 Dec Oct 25 Feb; *19 -20 *1812 1934 *1834 1134 *18 1912 Last Sale 21 Dec'08 Dominion Iron & Stee1-- 1443144Jan .a4bi3c 1, 2114 1213 8 East Boston Land 888 Nov 1, ;,,12 Oct 914 Jan, *714 8 7 8 *7 712 712 712 712 712 -5H Jan 248 24812 24612 24714 246 247 542 Ed,son Elec Illum 100 201 Mchli 263 No'. 2'. 115 Nos 230 245 247 246 251 247 24912 34 162 Jam ; 157 150 157 167 15534 157 156 15612 157 157 193 General Electric 106 114,1 Janivi,li 23'2 102 Dec 11 Oct 159 159 60 Dec 31 43 Oct 065g Jan 5912 60 5912 60 59 60 5912 6014 60 60 5978 6018 6,114 MassachusettsGaaCos 100 90 903, 100 77 Jan 1 50 A uV • 75 Nov 8612 Apr 8958 00 90 90 89 895, 8912 8934 8912 8934 2,36497 Metz- 209 209 209 208 208 205 205 207133 209 MeDrgoentPhraelfer Lino 100 192 Apr lb 215 Nov 185 Nov 215 *207 209 *207 Dec 4 Jan • *2 212 *2 21: 2 2 *2 212 *2 21- *2 21: 160 Mexican Telephone_ 10 1 Mch 2 3 Oct - 114 43 7212 72 7213 7212 7212 73 99 N E Cotton Yarn_ 100 40 bleb b 78 Nov5 40 J 75 7212 7212 7212 7212 72/2 73 13 Jan. 96 9612 9613 9712 9734 9812 *9712 9812 146 Do pref 100 75 Meta: 93 Dec 31 80 Oct 90 93 93 9414 95:1 0 Nov 126 Jan *12513 __ *12612 - 12614 127 12614 12712 12712 12712 128 12812 341 N B Telephone 100 105 Jan 4 128 1 *7512 77 *75 7712 Pach c (:(Jost Pywir 10t 5112 J'ne 2-3 19 Dec '24 *--- - -79 - *-- - 171 78 78 25 Jan 172 170 171 171 17112 171 171 17012 1701- 238 Pullman Co 100 '47 Jan 1 17412 Au'. 1 13/ No 182 *170 172 171 11 Jan 1034 1034 *1012 _ *10 ____ 101g 1018 *10 -- $10 10,8 10 Reece Button-Hole_ 10 9 Apr 10 1012 Nov25 9 Nos 10114 10114 10134 10034 10133 10034 101 1,1,171 100 8312 Jan 1 10812 J'ly 3. 1612 No% 113 Jan 10114 10112 101 1-0113 101 2212 Jan, 2313 2312 2312 2313 2312 23 23 *22 231. 2312 231, '81'worirft1n4C° gton, Class A 25 20 Jan :... 24 Oct 17 22002 J'Non.%,i *22 2612 J'ly ' *25 2612 *25 261r *25 2612 25 25 *25 2612 *25 2612 25 Do pret 25 Dec 1. 2712 25 '':3114 11N4 Jan Oct0et 678 Jan . *112 178 134 13.: *112 173 *__- 15f, *-_- 158 _- 10 Union Cop L'd & M'g_ 1131122:- 2)2 . 13012 131 13012 1301r 13014 393 United Fruit 100 11412 Jan 1 148 J'ly 14 101113 120 Dee' 13012 13034 13013 131 13013 131 *112-130 14 Jan 61 60 6012 60 6034 6013 601: 6014 6012 3,450 Un Shoe Mach Corp 25 4 62333Nov 1.) 36 Oct 69 60 61 6014 24 29 Jan 29 29 29 20 29 29 *29 2914 29 29 934 Do pret 25 Jan 5 Nov 29 2914 100 24,• Jan 5834 Nov 1, 722932:51 ONOct 5038 Jan 5314 5378 5214 5314 5158 5278 5113 5212 5233 5333, 5278 5358 15,39C U S Steel Corp ;,2 113 11234 113 113 11313 100 8712 Jan 2 114 NovI2 10734 Jan 112311253 11314 11278 113:1 11233 11338 11258 962 Jau 8 734 8 712 712 *734 8 162 WeDsot TePleretp & Teleg 100 512 Nov12 16414 NovNo 9 8 8 8 8 8 82 Jan *80 85 81 81 81 81 81 81 *80 85 8112 3112 127 Do pret 100 69 Jan i 804 Dec 12 00 Nov Westing El & Mfg 6( 8141/77: Febli:eb 11.2 40 A uv 7812 Jan ------____ Last Sale 4578 Nov'08 Last Salt 44 Sep'08 Do pret 51 4418 Sep 1. 76 Ma2 80 Feb - Mining Con 20 112 Feb 2] 1214 Aug h 53 Nov 613 Feb 9 912 912 034 914 912 912 958 912 1014 9333 934 5,060 Adventure 38 *3712 3812 30 Allouez 20 24 Apr 23 4112 Nov2: 20 Oct 7414 Jan *37 39 *37 30 *37 39 38 33 38 45 84 845g 8233 8453 82 8353 3814 8414 8338 8433 41,800 Amalgamated Copper 100 Feb 10 8813 Nov 4213 Dec 121 Jan 82 8338 Lead Fe Sm 25 2034 Jan l'.. 10 'ne 53 Jan 2634 27 2534 2634 2513 2613 253.1 20 2512 2818 2434 251: 3.260 Am Zinc 19 Nov 87g 4873 400 Anaconda 20 53 Nov1:. 26 Oct 75 Feb *3t3 ..)tl ------3 3 -;ais 312 -;5- 31 550 Arcadian 25 6 Jan 1. 234 Oct 153148 , 3 -.11; Commercial_ 20 .21,4384 1,JD'ilacelbci .11t):: 4 Dec I 2 Islay 3753 38 3612 3734 3534 3612 36 3612 3614 3634 3618 3012 3,856 Arizona 033 734 Oct 281 .60 Dec'08 _Arnold 25 .131) Aug .35 Sep 2 Jan • 4.50 1 * .50 1 * .50 1 *.30 1 Last Sale 8 17 1714 17 17 1,32070.5'BA otInaanntzic 25 Apr 22 1612 Nov .3 r3 pt s202 . 1734 18 1712 18 17 17 1712 1714 10 .25 Oct 7 ,/5 Nov Jan * .55 .60 *.55 .60 *.55 cc Bonanza (Dev Co) 1. Sep .55 .55 * .55 .65 * .55 .60 C&G (rets) £1 1014 Apr 11 1813 Nov11 Nocolv 33 Jan 1678 171g 17 17 1613 165, 1612 1612 1614 163s 1612 1.612 2,350 liostonCon 21 2218 2,510 Bos&CorbCop&SIIMg 5 1114 Apr 14 25 Nov' L 2238 2258 2134 2214 2112 2134 '12112 217. 2173 22 15 1512 Jan 2 30 3913 Jan 26 27 2614 2673 2678 2678 9.448 Butte Coalition Aug 4 108's 2733 2733 2034 2738 2618 27 Arizona_ 10 93 Feb 20 130 Aug 1 89 Oct 108 Feb 11814 11814 11814 110 11714 11812 11712 118 11714 11734 11712 118 641 Calumet & Hecla 21 r565 Mch 6 100 Jan h. Oct 1000 Feb *675 680 675 680 678 079 675 675 660 675 *660 30 Calumet & 535 Centennial 25 21 Feb 10 3034 Nov 16 Oct 47 Feb *33 3412 32 33 3212 3234 *32 33 3212 321: *3212 33 150 .25 Mch .35 .32 1,100 Cons Mercur Gold 1 6 .45 Joe .25 Oct .52 Jan .33 .33 * .33 .36 .33 .33 *_ _ .30 .33 .32 5518 Feb 18 8378 Nov 105 Jan 80 80 8012 81 3,56817 1 CopperWestper Range Con Co 100 I) 4914 Oct 82 . 8214 8078 82 8014 81 8014 8034 20 7 Jan 3 1173 Nov 1617122 DOO ccec tt 2012 Jan *10 1018 1013 1013 10 10 *10 1013 10 10 10 10 170 Elm River 12 .99 Mch € 134 Nov e2553:1DO(N)cceoctts. 413 Jan *2Ig 232 214 214 2 1-16 2 1-16 *2 ' 214 218 213 *2 214 012 Apr 22 1512 Nov28 2914 Mch r 1 1578 16 *1512 16 16 16 1,417 Franklin 25 1612 1612 1534 1612 Consolidated-100 80 Jan 2 1 10 J'ly 31, 151 Feb 10712 10812 109 110 10914 10912 108 109 10813 109 108 10934 1,458 Granby 8,813 Greene Cananen 20 67g Jan 2 1313 Aug 175s Apr 1212 1234 1238 1231 1214 1238 1213 1214 1218 1211 12 1-38 158 J'ly 1 273 Jan 22 6)4 Jan Last Sal 2 Dec'08 Guanajuato Consol.- 5 Royale (Copper) _ 25 1734 Feb 17 2614 Jan 23 3612 Jan -i3- -iit; -.27112 -26.- -ii- 14-1-4 -.21r2 W-2 241 241- 24 24 12 2:199 Isle .5 22 2414 Dec 2214 Lake Copper 10 Sep 5 23 2314 2214 2312 2214 22,(8 2214 2212 2233 221f. 2214 6,360 5 Jan • 2 1714 Jan 14 .1) 1418 1418 1418 335 La Salle Copper 1214 8 Oct Feb 1414 1414 14 1412 *1418 1412 141$3 1414 1414 833 Aug 1.. 233 Nov 914 Jan 534 534 G 1.340 sMiaasosowCeornsol 25 512 618 638 534 512 512 *512 534 534 25 .2325:,4 .DMInnI 10 ,75 J'lya. .90 Nov 134 Jan ; IP .55 .70 * .50 .70 * .50 .70 * .50 .75 Last Sale .60 Dec'08 Mexico Cons M & S 10 21:0 8 Jan 1, 034 Nov 1514 Jan • 414 414 414 414 *414 413 414 438 434 434 434 5 .7755 82 Dec 2, 1513 15 5,655 Miami Copper 5 72314-4 SFec)it) 22 1512 1513 153g 15 1514 15 1518 1434 15 15 1518 1513 Nov 14 13 13 1234 13 470 Michigan 25 Oct 2413 Jan *1212 13 13 13 13 13 1278 127s 25 95 Feb 19 73 Nov 7 3734 12 6813 6812 6812 6832 6812 63 70 70 7018 92 Mohawk c ' 69 69 68 Cons(s) & 0 10 .2"i Dec 30 13g Jan 29 1 Nov 313 May. .33 35 .34 .35 .30 .30 .30 .30 .25 .30 *.25 .35 3-5.44 >11,7118.08 2034 Novi., 1834 1813 1834 *185g 1834 *1812 13•311 1,375 Nevada Consolidated_ 5 534 Nov 2012 Jan 1914 1914 1873 19 1834 Fe 10 48.'8333(PA 22' May11 534 *512 6 538 538 *513 534 250 Newhouse Mines S., *512 6 6 6 534 15 4034 Feb 16 8934 Nov 1013 Octep 112: pan:: 84 85 8:3 8373 8212 84 83 8412 8312 8414 10,613 North Butte 8434 8514 .60 Colony 25 .50 Jan 15 1 J'ly 31 *.60 ___ *.60 ___ * .60 ---- * .60 *.60 .60 150 Old .5 6012 Dec 5012 -WA-, 5633 5634 501 5614 2,045 Old Dominion 28 Jan 2 18 Oct 63 Feb ; 5814 -5814 57 -5712 5612 5634 25 771, Fikicelnii 191 1 13513 Dec 3 Feb ! 13414 13414 13411 13534 13634 13534 13534 13534 726 Osceola 71 Oct 181 135 136 135 136 (Sliver & Cop) 10 100183 Jan 131 3118 Dec 1 30 3013 2912 30 2814 29 2834 2914 2914 2938 2934 2934 1,985 Parrott Last Salt .60 Dec'08 Phoenix Consolidated 20 P421(0 25 831.4 Dec 3r35 Jan ; *9312 94 94 94 124 Quincy 25 77 Feb 19 100 Aug 1 Oct Feb 518 518 Island 25 2 Mch 26 038 Nov58 12 *514 512 5 514 *5 512 5 5 225 Rhode OctT3., *6 512 214 214 234 278 Santa Fe (Gold & Cop) 10 338 Nov 1. 7,11; 247712142 Jann ;; 3 *213 23, 212 212 212 212 1,490 *213 1713 1714 1713 17 1718 2,523 Shannon 10 934 Feb 11) 1914 Nov u Oct 2433 1712 1734 1738 177;: 17 1738 17 14 Apr 3 341., 34 34 3412 3412 3412 3412 1,311 Superior 25 3612 Nov23 35 35 3412 34 3412 Copp_ 10 8,1413 is,Otect„2107 2013 1714 1773 1712 177i 1738 1738 1714 1714 1713 1714 1713 1714 2,614 Superlor&PItts Nov17 78 *78 80 80 80 Tamarack 25 28 Nov 51 Oct 170' Jan *81 82 80 80 80 80 78 140 4214 Jan 1613 1612 17 1638 161, 17 .17 966 Trinity 25 1218 Feb 19 25 Aug 11. 6731: 17 1714 17 17 1634 100 458 Mch 24 ent 7t,7114 Nmtealyi 1473 14733 *1414 1453 141g 15 1453 1434 1434 1518 1558 1614 1,833 United Copper 1612 Nov 11 272 Doc 100 23,34 Apmerb 31 36 Nov2( _ --- - Last Salt 36 Nov'08 Do pret Jan *2814 *29 2914 UnItedStatesCoal&011 25 3134 Nov 13 No'. 1314 • 28f4 2914 2914 -i5- -16- ;iii4 -ii1-4 50 470, Jaa n 4533 95 46 45 4512 45 45 12 9512 4653 45118 1618 181:434143 U SD0 SmetoiteR t et & Min- 50 20 Mch 6 4678 Novi 2247371 Oct0ct 45 50 37 46 4618 46 46 4613 4614 46 4614 46 4614 44 44 Feb 10 47 Nov 11 534 573 534 8 57g 578 57g 6 6 6 1,369 Utah-Apex Mining 5 438 Sep 10 7 Nov 7 6 6 29 Aug 2512 Oct 19 Jan 4634 4634 46 4f34 45 46 45 4514 4518 4512 4512 4512 1,958 Utah Consolidated.-- 12 Jan 3 50 47)3 4614 47 46 46 46 46 46 46 461g 4618 690 Utah Copper Co 10 2873 May 8 03 Nov 6 4712 25 213 Apr I Nov lb 3;3 Oct 115g Feb 414 414 373 4 *378 4 338 4 *353 4 4 4 805 V ctoria 14 Jan y'60*618 614 25 . 41 ‘734Nov 1, 3.2i2 No'. 613 6.1 614 612 *6 612 6 6 614 614 230 Winona .1;3y) Oct,c 19)4 :tiI) 152 152 151 15113 *151 152 *151 152 92 Wolverine 155 Nov 151 152 - 150 151 333 *214 213 23g 213 212 212 213 21, 258 VA 238 238 140 Wyandot 25 jj'Maatanv22h Oct 3 4x-rights. a P.;x-cliv, 2100 rtgets c 13etore pa t of assesala called In.11307. ,. (a.ksid and asked prtees. a New stozsc, e Ass't paid. to.Ex-19t0512291c dlv. II

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 19O:,, Boston Bond Record.

BOND!. BON Ds - a , Po nae Price 11 ete J. on fos .-. Price Week's ' EXCH'GE BOSTON STOCK EXCH.G.E 12 t Ranger Year BOSTON STOCK Friday Salto or Year Friday 2fP.8 Wars Elmira, IAN 8 :4. Jan 8 Last Sale - 2908 Wicirx Ennui° JAN 8 Jan 8 Last isal, But Ask Low High A., Low .Hiyh ilia AsK Low _High tow II to h Am Telen & Tel coil tr 46.1929 J-J 92% Sale 914 924 I' I 78% 9.2.L, Illinois Steel deben 5a 1910 J-J 100% Sale 1004 100/14 9714 1004 Non 1913 A-0 95 100% Convertible 48. 1936 m.8 9378 Sale 933, 944 404 SO 7,4 1[66% -convert deben 6s 1004 Sale 100/14 100/14 1919 .1..1 Mar'08 ... 97834 i'783, la Falls &Sioux Clst 7s-1917 A-0 117 Apr'0 17 117 Am Writ Pauer 1st 51 5s a 117834 192:, 9514 Aria Com Cop 1st cony 68 1918 M.S 165 Deo'08. 112 170 Kan C Clin & Spr 1st 5s A-0 95 97 95 4 90 96 AtonTop& S Fe gen g 48..1995 A-0 100% Sale 100 1004 lb 9641021, Kan C Ft S& Gait ext 58 1911 J-D 100 Ang'0- 040 100 Adjustment g 4a J'ly 1995 Nov 92 92 Dec'08 ...- 85 923a Kan Ft Scott & K 6s..1928 M-N 1164 116 k. 1164 109%1164 Stamped Ply 1995 M-N 92 91 Sep '08 .... 91 91 Kan CM & B gen 4s 1934 M-S 90 140 90 rs'74 91 50-year cony 4s 1935 J-D 110678 Dec'08 .... 18376110676 Assented income 56 1934 M.S 85 864 nti/14 86 S8 10-year cony 5s 1917 J-1) 104'- 10514 Dec'08 .... 9588107/ 14 Kan C & K Ry& Br 1st 581929 A-0 10236 1024 Dec Or 1004 1024 $oston Elect L oonsol 58 1924 M-S 110 Feb'04 Maine Cent cons 1st 7s. 1912 A-0 113% Nov'06 Boston & Lowell 48 1916 J -J 101 Sep '06 .. Cons lst 4s 1912 A-0 1014 Sep' 05 Boston d4 Maine 44s 1944 J-J 104% Oct '08 -- 104 10416 Maro Hough & Out 1st 63 1925 A-0 115 J'ne'08 15 115 Boston Terminal 1st 3's 1947 F -A 1124Jan '03 Mexican Central cons 46 1911 J-J 1;82% Dec'0- 74 1,45 Our & Mo Riv ex 68 1918 .1-J 104 Oct '07 .... lat cons ino 3s Jan 1939 J'iy ¶116 Apr".)- .;161 1164 Non-exempt (is 1918 J • J 102 Sep '05 28 cons inc .3s Jan 1939 .J 'I 115¼ Apr'U . 15141154 Sinking fund 4s 1910 J. 984 Apr'08 .... 9'7 9S' Mich Teleplst 58 1917 J- 6s 1917 A-0 100 J'ne'01 .... Minne Can Elec con g 56 1929 J-J 1024 Aug'04 Butte & Boston 1st Bug Cedar Rap & alo R let 76 1916 M-N 117 J'ne'08 .... 117 117 New Cot Yarn 53.-1929 F -A 1024 Sale 1024 1024 t.3 102 287s 1909 J -D 1114Ply'05 ...... New Bug Teleph 58 1915 A-0 100 te Jan '07 48..May1920 Q.F 8134 8134 8134 5 76 824 Is. 1916 A-0 1004 Sep 'Or loo Cent Vermt 1st g New 0 B & Q Iowa Div 1st 56 1919 A.-0 ¶103 Oct'07 .... England cons g 58. 1945 J -J Iowa Div 1st 48 1919 A.0 100 De0'08 .... 963 1100 1 Boston Term 1st 48 1939 A-0 1918 M-N 100 Apr'08 . 100 100 NYN H & H con deb 31681956 J -J 11004 Dec'08 79411101 Debenture Is 8 Denver Exten 43 1922 F-A 99 11986 1 984 994 Conv deb (la (atts) 194S J-1 1134 Nov'08 11934 11344 Nebraska Exteu 45 1927 M-N 1004 Oct'0898 36100 4 Old Colony gold 45 1924 F -A 14812J'ly tie 98% 984 B & 8 W s f 4s 1921M-8 9716 May'07 ...... Oreg By & Nay con g 46 1948 J-D 1994 J'17'0. 1196% 1964 Illinois Div 348 1940 J -J 193 Dec'08 86i ¶93 Oreg 812 Line 1st g 68 1922 F-A 120 Oct'0, 103 120 Joint bonds See Gt Northern Repub Valley 1st a I 63 1919 J-J 104 05 Dec'08 105 00 Ohio Jo Ity & Stk Yds 56.1915 J -J 102 Sale 102 10234 6 99 1034 Rutland 1st con gen 4418 1941 J-J 1074 Nov'05 Coll trust refunding g 4131940 A-0 91 Sale 91 91 1 85 89 Rutland-Canadian 1st 481949 J -J 102 Mat'02 Oh Mil 125 St P Dub D 68 1920 J -J 118 3'4'08 118 118 Savannah lilac 1st cons 58 1952 J -J 9819 May'06 Oh NI & St P Wis V div 661920 J.J 126 Feb'05 Seattle Eleo 1st g Is 1930 F -A 105 106 104 Dec'08 1004 105 Chic & No Alienist gu 5s.1931 M-N 1004 101 101 2 95 100 i.'erre Haute Eleo g 58 1929 J 4 97 Apr'07 Ohio & W Mich gen 5s 1921 J-D 102 Sal. 102 102¼ 22 97 102 Torrington 1st g Is 1918 M•S 994 Nov'06 Concord1 Mont cons 48 1920 J-D 91 Deo'07 ...... Union Pao RR & 1 gr g 43 1947 J 102% 102% 99711103% Conn&PassR1stg4s i943 A-0 11214Jan'03 20-year cony 4s 1927 J. 1106% Nov'08 11843e 1106% Cons S SL coll tr g 48 ars 1957 J -.I 18 Sale 18 18'-. 193 114 18'4 United Fran cony gen 514 1911 11-3 116 Jan '08 116 117 Current Myer 1st 66 1027 A-0 95 104 Nov'06 ...... U SCoat& Oil 1st s f 65 1938 M.N 126 Dec'08 102%127 Det Gr Imp & W let 4a 1946 A-0 85 92 90 Dec'08 .... 80 90 US Steel Corp 10-60 yr 56 1963 M-N 10214 102 186 1034 Dommion Coal 1st a f 5a 1940 M.N 01 Novq.0390 192 West End Street By 4a.1915 F-A 964 Feh'08 964 964 Fitonburg 4s 11115 VI-8 1034 Api'05 ...... Gold 412a 1914 M-8 10116sep '08 1014101's 45 1927 bi-13 96 Apr'Oa ild 96 Coln deoenture 4s 1916 M-N 09% Deo'08 99% 99% Fremt Elk & Mo V lat 6s 1933 A-0 1284 Apr'08 128 1284 Gold 411 1917 F-A 98,4 Oct'0 984 994 Unstamped 1st 66 1933 A-0 140 Apr'05...... Western Telepla & Tel 58 1932 J -J 9334 994 9934 99 79 98 GIt Nor CB & Q coil tr 4 1921 J -.I 97% Salt 974 98 .34 9214199% Wisconsin Cent 18t gen 461949 J-J 1944 Sep'05 ...... Registered 48 1921 Q-J 973b Sale 973 973 1 92 983, Wisconsin Valley 1st, 70 19014 J 4 109% A ure05 Nara-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. No price Friday; latest bid and asked. 1 Flat price. Philadelphia and Baltimore Stook Exohanges-Stock Record, Daily, Weekly, Yearly

, PreviouS Share Prices---Not Per Contain Prices Sales ACTIVE STOCKS Bangs for Mange for of the Year 1908 year(1907) hriday Week (kor Sands and inactive . Saturday Monday Tuesday Wednesday Thursday Stocks see Jan 2 boil Jan 6 Jan q Jan 7 Jan 8 'Shares below) Lowest Highest Lowest Highest Baltimore .30 35 Con. Gas EL L. a, Pow 100 20 Jan 15 30 Dec 7 334Jan 35 Jan 83¼ 84 85 85 85 86 .80 82 277 Do prof 100 65 Mar25 814 Dec30 80 May 85 Jan 100 100 100 100 100 100 100 100¼ .100 100 315 Northern Central 50 80 Jan 2 102 Dec30 784 Nov 97 Jan 16 15 144 144 144 144 144 1406 *244 25 857 3eaboard(new) 100 4 Feb12 15 Deo29 10 Nov 2314Jan • 1434 Dec 48 Jan ' • 2534 254 254 * 264 254 254 *2514 .25 26 438 Do 20 prof 100 10 Feb 18 26 Deo20 24 104 104 .1034 11 415 United By & Electric 50 10 Jan 8 12 Novli 876 Oct 13 J'us *9'4 1034 104 104 .1014 11 104 104 Philadelphia 45 4534 .45 46 445 46 4516 454 454 454 91 American Railways 50 4234 Mar 9 464 Nov17 434 Dec 51 Um 46 .46 474Ja5 3934 3934 39 39' $8 3876 38/14 3878 384 304 38% 394 9,525 Cambria Steel 50 2678 Feb10 4016 Deo 14 22 Oct 114 114 •1116 114 '11 114 *11 11/14 11 11 .11 114 55 Electric Co of America 10 84 Jan 25 114 Dec14 776 Uot 1136Jaa . 174 1734 174 1744 154 174 16% 18 174 1814 184 18% 8,172 Lien A.sphalt tr ctIs 100 34 Jan 14 1944 Dec 2:, 3 Oct 8 Jan • lib% 16 65 55¼ 53 554 534 554 64 5516 55/14 50/14 4,660 Do pref tr etts 100 1978Jan 9 5912 Dec29 1334 Nov 36 Jan 164 164 154 16 143 15 1434 154 1538 16 1538 16 7,283 Lake Superior Corp 100 386 Feb211 17 Dec24 4 Dec 16 Jan •116 97 10334 97 96 96 961 904 6634 6634 478 Lehigh 0& Nay tr ctfs. 50 784 Jan 2 9744 Dec 11. 69 Oct 103 Jan 764 7634 7516 7644 744 79 744 754 '75 7614 76.4 76% 16,542 Lehigh Valley 50 52% Feb20 7634 Dec3; 481-60ct 7876Jan 2 21 e 2116 2116 2 2 114 2 2 2114 246 1,250 Marsden Co 100 1816 Jan 20 278 Apr24 44 Nov 24Jan I 66 06 66,6 674 66% 674 664 67 66% 67 664 674 6,940 Pennsylvania RR 50 5016 Jan2 66116 Dec30 z52 Nov 7011.1 Jan 43% 434 434 484 43 434 43 43 .424 43 43 45 48:4 Plulatielp'aeo(Pintas). 50 34/14 mar 3 4434 Dec 1.1 3334 Nov 48 ti, Jan ' 11% 117 11% 1176 11% 11% 11% 11% 11.3 1176 11% 11% 6,776 Philadelphia Electrict. 25 54 Feb27 1236 Nov 9 6316 Nov 11 Apr • 254 26 25% 26% 244 2538 25 264 264 26% 26 4 2034 59,974 Philo Rapid Transit 50 d124 J'ne 9 25 4 Deo31 812 Nov 026's MAY 71516 7134 70110 72 6078 7V4 69% 70916 70116 70% 70¼, 707b 39,610 Resoling 50 463.1 Feb17 711,16 Deo )4 35% Oat 6934Jan 46 46 45314 40 45 45 .454 464 88 Do lst pref 50 39 an 3 45 4 Deolii, 30 16Nov 4536Jan 4714 475 4716 47 464 4676 •46 47 47 47 *404 475 553 Do 2d piet 50 3712Jan 2 44,6 Dee 5 324 Oct 47 Jan 51a. 5176 514 524 51 517 61 62 51% 52% 524 52% 18,253 Union Traction 50z444J'nel0 5614 Apr23 4178 No, 60%Jita 734Jan I 9434 Dee 21, 13.34 93% 9234 944 92 93 924 92% 92 02% 02 927 9,222 United Gas Impt 50 664 Oct 964Jan .27 30 Welsbach Co 100 25 J'ne22 28 Nov18 25 May SO Feb

PHILADELPHIA 13141 Ask PHILADELPHIA Bid Ask PHILADELPHIA Bid Ask BA LTI al 4)lt Bid Ask inactive Stooks Bonds Ph & Read 2d Is'33.A-0 Chas By Cde Ells'91151-6 85 90 Allegheny Val pref. 50 Al Val E ext 78 1910 A-0 Con Iii 7s 1911 J-D 107 Charl & A ext 58.'09 J4 105 Cement 5 421- 43 Alt &LVEleo41213133.F-A 94 Ex Imp hi 4a g'47 A-0 '20 Is 1910 A-0 103 American 1094 Amer Pipe Mtg 10 Am Ilya °oily fis 1911.J-D 05 116 Terminal la g1941 Q-F City& Sub 1st 5s..'22J-D 119 Bell Telephone (Pa).100 £10144 All City 1st 5s g'19.3I -N P W & 13 cot tr 48'21 J4 99'-? City it, Sub(Was)lst 58'48 103 104 ' Iron 50 46 Balls Ter 1st 58 1926.1-1) Portland By let 58 1930. Coal & I By let 15s'20E -A 100 Cambria 100 Central Coal & Coke.10 Berg& EBrw 1st 64'21 J-J 102 Roch Ry& L con 58'54J4 914¼ Col&Grnv 1st63.1916J-1 VA"' Oonsol Trao ot N j...10 Betide Steel es 1998Q.F 117 Spanish-Am Ir tla '27 J-J 101 Consol Gas 6a 1910 J-D 102 102% Diamond State Steel..1 Choc& Me 1st Is 1949 J4 U Tree Ind gen 56'19.1'4 Is 1939 J-D 110% 1114 Preferred 11 Ch Ok & G gen 56'19 J-J 10334 Un Rys Tr ct/s 414'49.1&J 7654 Ga&Alalstcon 5s'45J 4 1112 103 Electric 6.5 Col St By 1st con Is 1932 United Rya Inv lat co/ltr Claes' tr 8,1%11st 5s g'29J4 10414 1011 'Easton Con 110 112 Elea Storage Batt....10 45/14 46 Con Trak!, of N J lat 58.'33 sibs 1926 84% 85 Georgia P 1st 68..222 J4 10 IL& A 1st hi 681920 31-N U Trao Pit gen 5a '97 J-J GaSods Fla 1st 66194514 108 109% • Preferred 45,4 ears Wayne (11,W V 10 Bloc & Peo Tr stk trot/ 9314 934 Welsbach s I 5a 1930.J-D 7614 G-B-S Brew 3-4s 195151- DI% 125 Eq II Ga,s-L lat g 58 1928 Wlks-B GAIL con5e'55.14 28 income Is 1951 .511-N 14 16 _Germantown Pass 50 104 Indianapolie St 10 It & B Top con 5s'25 A-0 BALTIMORE Knoxv 7.`rao 1st 53'28A-0 Indianapolis By 43.1933 LakeR El 1st gu5s'42/4i-81 110 Indiana Union Tr....100 Inactive Stocks ...... Insurance Coot N A..10 225 2234 Interstate 46 1943 ..If-A 40 41 Ala Cons Coal& Iron 100 4016 MaconRy&Ltlat5s'53J4 Lehigh Nay 448 '14.Q4 Memphis St let 56'45 J-J 96 Inter Sm Pow & Chem.5 Prof 100 75 etSt(Wash)list58'25F A 112 1134 Keystone Telephone ..5 1044 11 RRa 48 g 1914.Q- Atlanta & Charlotte 100 Gen 11 448 g 1924.Q. 103 Mt Ver Cot Duck lot Ia. 80 804 Preferred Allan Coast Line 1tR 100 P1at.513'38114-N 91 96 KeystoneWatchCaae.1050 32 Leh V C 1st 5s g Allan Coast L (005111)100 235 249 NptN&O Leh V ext General 5s 1941 2d-S Lit Brothers 1 48 let 1948.J- Canton Co 100 93 95 106 Little Solmylkill Ii 57 2d 7s 1910 M-13 10634 8 Norfolk St 1st 5s'44..J4 1064 Cons Cot Duck Corp...50 North Cent 44a 1925 A-0 104 Mine= As Behttyl H..5 61 Consol 6s 1923 J-D 119% Preferred 60 25 7 26 Haven Iron & Annuity Os J D Fla. 22 Series A 56 1926...... 14 112 115 Stee1.5 Georgia Son & 100 20 B Is 1926....J4 112 orthern Central 5 9946 Gen cons 4s 2003 M-N 98 98% lat prof 100 95 Series Pennsylvania 50 Lou V 'Tram con 4s'35J - 69 61 Pitt Un Trao 53 1997.14 108 orth 24 pref 100 66 68 1st tis 1941...J4 100 ennsylvania Salt.....5 /00 4 N ew Con Gail 56 1948 J-D G-B Brewing 100 ai 4 Poto Val 1 Pass 581930 Say Fla& West 53'34 A.0 104 •Pennsylvania steel..10 Newark con 10 104 NY Ph & No 1st4s '39 J..1 Bonds Seaboard A L 4a 1950 A-0 65 654 Preferred 1926.1-1 105 1064 Phila Co(Pate) prof...5 4314 4 Income 4s 1939 M-N Anacostia & Pot Is 101 103 Stab ,11) Roan Is Norria.5 At/ & Ch ext 4 Isa '10.J4 994 1004 South Bound let 5s..A..0 103 Phil German & NoOkioThuicon5s'19.J.,7 04 96 'Phila Traction 5 • 90/14 01 Penn gen Oa r 1910-Var 1044 Atian C L 10348195231-8 9614 9634 U LAP lat 444029 1 7/ 8% Commit Els r 1919. .Var 110 All Coast L(0t)otts 58J-D 100 Un Hy& El let 48'49 2.4-13 81 80% Railways General 151.1 52 kluaquell Iron 85 Steel Penn & Md Steel con Is. Otte of indebt 4a .J4 81 814s Income 4s 1940 J 58 5-20 yr 4.13 1925 J4 85 Funding Is 1936 J-D 70 00 Tidewater Steel 1 Pa & NY Can '39.A-0 104% 106 Preferred 1 Con 4s 1939 A-0 ------Bart CPass lat 6E-N 101 102 Va Mid 24 ser tis '11 M-S Nevi 04 Steel 1st 58'17 31-N Ball Funds 56.1916 bi.N 107 108 3d series 63 1916-M- 101 Tonopah Mining of 612 Penn 104 'Union Trot Ind. 10 People's Tr trcerts 4a '43 Exchange 346 1930.74 993,100 41.11 tier 3-4-54 1921.34-13 213¼ tr 58'49 kt-S 104 Balt& P 1/4681211'11 A.-0 102 5th series 5a 1926.34-8 106 tUnited N J RR & 0..10 P Co 1st& col 91 I 93 Unit Trao Pitts pref.. 45 Con& col tr 58 1951/11-N 98 985 Bait Traelst 55. '29 IL-N Ill's Va (State) Sc new '32..1.4 101.3 No Bait Div 081942 J-D 113 Fund debt 2.3111291,1-1 91 I 93 Warwick Iron & Stee1.1 8 84 Phil Klee gold trust Ws. 1014 1044 West Jersey & Sea kik. 49 Trust certif.» 48 74.4 76 Cent'l By oon561932 106 West N C oon 1014 J-J 11074 Ext& Imp 56.1932 M-8 11)7 WNW..CA, P J-J 101 1014 Westmoreland Coal.... 944 P & B gen at 6 or'20.A.0 108 hill Wilkes Gam & IGleo..1 Gen 61 4s ft 1920..AttO Chas city Ry lat as'23J4 10484 106% Wil & Weld 56..1935.1-J •$ad Wild. 4$'s VAL . •55 1 and llekedz20 Wesea tads day. 11 111x-righta. 1 67.50 said. I) al2 4 natti. t SL3). uaad. 4235 mailL .sAseeissts. 6326 said.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE CHRONICLE tnuestinent and -,Tqailroad intelligence.

.KAILROAD GHOSS EARNINGS.

The following table.shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns. Can be Obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last -two. columns the earnings for the period from July .1 to and including such latest week or month. We add a 511pplemelltary the fiscal year statement to show totals of those roads whose fiscal year does not begin with July, but covers some other period The returns ot the street raUwatis are brought 'together separate!, on a subsequent page.

Latest Gross Earninos. July 1 to La:es1 Dale. Latest Gross Harninos. July 1 t.• Latest f)ale. ROADS ,,.ek or current Pree.1..us Current Prmous ROADS. Wee: or .11 Uurreill Pre riOUs C. urrtml Prenacts oath. Year. Year. Year. Year. 31,inth. Year. Year. Year. Year. 5 Ala N 0 & Tex Pac. Nevlcia Central- - Ictober• 8,11: 51.1e 7. East....r Dec ,.19 38,031. N 0 & N 2d wk 62,000 58,000 1,343,646 1,400,997 N V C & Mud River November. 7,854,840 7,876,737 40,402,810 14,006098 Ala -& Vicks_..-7r 2d. wk Dec 36,000 20,000 718,134 737,727 Lake Shore& H S NOvOlt,Cr_ 3,452,160 & Pac_r 20 wk Dec 30.000 1,717,085 18,044;656 20,055,926. Vleks 5i 28,000 633,436 743.253 Lake Erie e.4 West November_ 3/34,752 391,671 2,090,260 2,280,977 Ala Tenn & North_ October _ 6,021 4,302 10,333 15,215 Chic &South November_ 272,349 Top & Fe_ November_ 8,387,270 Ind 243,492 1.234,964 8245,474 k Atch S 0,021,125 39,014,297 10,509,146 Michigan Central_ November_ 2,179,965 2,351,91)7 11.047,13‘1 12,601.398 Atlanta Birm & Ati 3d wk Dec 45,561 28,491 049,280 855,568 Cleve 0 41 L. November_ 2,188,989 2,208,060 Coast Line November_ 23247,322 C t 11,300202 11,040,374 • Atlantic 2,365,278 9,590,508 10,800,118 Peoria'& Eastern November_ 245,975 235,718 - 1,231;509 1.3137,076- Bo:tit/tore ea Ohio__ November_ 5,948,085 5,938,553 30,952.640 17,131) -191 Cincinnati North. November_ 80,166 Aroostook NovenTher_ 79,688 407,603 458;000 Bangor -ea 227,403 1,180,511 Pitts ec Lake Erie Novetaber_ 967,347 1,277,367 5,376,136 7,146,309 lic1iefonte Central__ November_ 6,/61 6,240 31,441 27,694 Rutland November_ 240 147 260,277 1,306,067 1,461,650 Boston & Maine__ _r Novenlber_ 3,238,298 3,43/3,282 17,283,373 18,018,909 N Y Chic & St L. November_ 804,585 809,803 3,036,010 4,376,400 Bridgeton & Saco it NoVeniber. '3,077 5,925 23,456 27,941 'total all lines November_ 18560275 10451085 36,433,557 Pitts_r 4th 106973577 Burt-Roch & wIt•Dee 187,740 185,825 3,763,666 4,513,525 Nevada-Cal-Oregon. 3d WI; Dec 7,1383 5,376 103,544 186,400. Buffalo & Susrl- October -.- 223,017 206,438 773,177 782,745 N Y Ont & Western November_ 640,988 634,058 3,705,237 3,752,798 Canadian Northern_ 4th wk Dee 254.400 235,900 5.635,100 5,307,900 N V N n & Hart_ Noverriber_ 4,611,170 1,747,660 23,293,704 15,314,838 Canadian Pacific_ _ _ 4th wk Dee -2,210,000 1,974,000 10,633,783 40.821,917 N.YSusa & lareSt_ _ November. 266,575 201,003 1,300,13C 1,469,024 Central of Georgia _ ith wIc Dec 320,700 301,600 5.798,633 8,354,890 Nrfolk ec' Western_ November. 2.411.208 2,800,639 12,323;591 14,775,45a Cen'ral crf N Jersey November_ 2,238,010 2,418,375 10,944,032 12,431,004 Northern Central _ _ November_ 1,004,337 1,118,937 4,978,114 6,011,714 • Chattanooga South 31 wk •Dec • 1,035 1,405 42,782 64,751 Northern Pacific_ _ _ November. 6,418,352 6,717,277 32,004,574 34,440,341 Chesapeake ec Ohio_ November, 2,118.133 2,45/3,019 11,147,327 12,833,958 PaCIfic Coast Co... November_ 489,809 (370,778 2,877,810 3,630,705, Chesterfield lc Lane November_ • 4,654 5,712 20,922 27,931 Pennsylva:nla co-r November_ 3,436,074 1,181.284 18,469,367 23,594,309 Chicago & Alton Ry 4th wk Dec 274,913 230,903 6,660,169 6,579,688 tt Penn-East P & E November_ 12199817 13825617 00,010,024 73,760,134 Chic fl'.0.4 Quincy November. 6,632,676 6,764,384 34,860,273 37,375./27 d West of P & E. November_ Dec.1,0 90,300 Dec.7,75 8,100 Chicago Great West 3d wk Dec 170,385 144,343 4,189,768 4,015,781 Pere Marquette-- _r October 1.381,244 1,357,082 4,908.494 5,032,499 Chic Ind & Loulsv. 4th Wk Dec 123,199 100,281 2.752,058 2,801,899 Phlia Balt 6s Wash_ November_ 1,307,139 1,475,359 7,050,135 7,794,533 Southern =See York Cen trot. Chic Ind & New Pitts Oin Cl/ &'St L November. 2,335,331 2,617,437 11,723,100 14,334.971 Chic Mllw & St Paul NoVenaber_ 5,129,361 5,004,691 27,573,007 26,770,8135 Raleigh & Southp't November_ 11,711 10,379 04,180 Chic ltc North Westr November_ 5,654,874 5,574,138 30,098,781 31,544,023 Reading Company_ November_ 3,524,507 3,878,055 16,553,330 10,884,248 Chic St•Paul M &I) November.. 1,3102,908 1,219,897 5,987,387 6,176,231 C044 Iron Co November. 3,657,764 4,097,049 13i761,804 17,263,583. Chic Term 'Fran RR 2c1 wk Oct 34,953 36,503 494,597 527,162 Total both cos November_ 7,182,271 7,976,004 30,315,133 37,147,800 Cinc Ham & Dayt_r October___ 735,022 821,804 2,837,176 3,310.536 Rich Fred & Potorn October 151,220 169.033 569.545 693,446 Cin N. O&Texas Pat -See Soot horn Rat. way. Rio Grande June October 82.504 82,324 304,303 311,147 Cincinnati -Northern =See New Yolk Ce n Eral. Rio Grande South_ _ Oen 4th wit Dec 14,269 13,265 320,652 335.942 Clev Cin Chic ec St L -See New York tral. Rock Island System N ovember_ 5,107,207 4,062,511 26,443 315 27,216,978 Colorado MIdlatIcEr NoVelnber_ ' 325,753 208,163 1,034,464 1,106,467 e St L & San Fran November_ 4,252,901 4,213,490 20,482:279 42,577,806 h Cot & South-Syst 4th wk Dec 366,021 380.074 8,067,103 7,843,752 f Evansv & Ter H November_ 173,973 196,872 951,953 1,060,395 Col Newb.& Laur__ October 23,616 31,987 91,657 97,328 Total of all lines_ November. 0,534,080 0,372.873 47,877,548 50,855,170 Copper Range September 74,700 77,144 221,729 253.102 St Jos & Grand Isl._ OetOber 166,118 140,408 604,15!: 618.990 Cornwall November_ 7,335 5,073 29,255 84,404 St Louis Southwest. 4th wk Dec 293,108 253,371 5,486,473 5,435,029 Cornwall.& Lebanon September 24,7913 36,281 71,330 119,836 San Ped LA & SL-r October -- 649,717 764,871 2,304,5717 2.767,720 Cuba Railroad November_ 117,210 142,034 673,261 719,607 Seaboard Air Line_r 3d wk Dec 338,134 310,511 5,146,912 5,210,583 1 Delaware & Hud_ November_ 1.634,274 1,674,165 8,045,677 9,230.818 Atlanta & Blrrn, 3d wk Dec 18,824 18,090 442,52 447,947 De: Lack & West..r November. 3,058,999 2,931,363 14,442,804 15,436,400 Florida West Sh_ 34:1 wk Dec 3,655 3,048 46,641 46,024 :Denver & Rio Gr..- 4th wk Dec 526,600 463,700 10,915,167 11,752,994 Southern Indlana Auctist -.- 129,211 160,005 345,5 0 297;273 Det Tot & Iront Sys 3d wk Dec 30,808 27,205 847,976 951,436 C Southern Pao Co.. November_ 11035203 11537370 52,188,105 3d wk. 34.767 57,322,889 Ann Arbor Dec 34,145 958,395 1,043,880 Southern Railway.. 4th wk Dec 1,499.958 1,248,380 26,090,265 28,824,052 . Detroit & Mackinac 4th wk Dec 27,797 27,267 556,224 632,558 Mobile & Ohio.. _ 4th wk Dec 331,288 206,619 4,921,102 5,398,592 Dul & Iron Ranger October _ 1.065.865 1.178,674 3,909.675 4,317,399 Cln N 0 & Tex P.3d wir Dec 148,533 135,056 3,668,030 4,231,232 Dul So Shore & Atl_ 4th wk Dec 69,013 71,769 1,394,300 1.744,978 Ala Great South_ 3d Wk Dec 72,317 66,436 1,698.309 1,925,653 El Paso & So West.r October __ 589,640 2,158,083 & Fla wk Dec 63,871 56,433 November_ Qeorgla Sou 4th 951.786 1,060,055 Erie 4,298,643 4,294,239 22,186,053 23,855,349 Texas Central 3d wk Dec 28,484 26,701 609,448 605,108 thransvilie & Ter 11 -See Rock Island S ystem. Texas & Pacific-- - 4th wk Dec 601,899 680,459 7,864,729 North November, 8,277,924 Fairchild & E 1,768 2,008 8,445 8,162 Tidewater & West. November, 5,368 8,145 29,451 41,673 Fonda Johns eo Gloy November_ 54,953 61,689 341,057 387,115 Toledo& Ohlo Cent November. 372,157 423,505 2,197,608 Railroad November_ 245,061 2,225,687 Georgia 265,611 1,232,760 1,345,248 Toledo Peor & West 4th wk Dec 33,3(10 36,570 578.970 635,812 Georgia South & Fla -See rout hern wax. Toledo St L ea West 4th wk Dec 69,910 67,034 Syst wk Dec 1,025,067 1,173,885 1,801,543 2,202,398 Grand Trunk 4th 20.931,443 23,861,002 Tombigbee Valley November_ 7,286 4,500 20,421 Gr Trunk VTOL_ 3d wk Dee 106,751 109,734 2,702,972 27,736 3,207,007 Tor Ham & Buffalo August _-- 61,659 79,500 128,145 153,8 SC. Det Gr ilav & MU Jd wk Dec 38.002 43,550 845,379 945,900 Union Pacific Syst_ November_ 7,241,813 7,406,654 36,057,368 Canada Atlantic_ 3d wk Dec 24,405 25,164 945,806 36,339,213 1,144,767 Vandalla November_ 760,886 814.257 3,849,404 4,467,017 Great Northern Syst December 4,080,032 4,586,223 30,740,943 34,502,808 Virginia, & Sou West November_ 105,741 98,941 529,949 Shin Island_ lilac 529,203 Gnif & 2,066.328 2,483,545 Wabash 4th wk Dec 652,410 508,812 13,395,361 14,143,185 Hocking ___ November_ 560,601 625 213 3,006,052 3,280,633 Western Marylandr October 541,804 500,733 Central ____ December _ 2,086,234 2,197,424 Illinois 5,127,945 5,076,506 29,159,588 31,913,206 W Jar ea Seashore November_ 324,763 383,563 2,730,532 3,083,432 Internat & Gt Nor_ 4th wk Dec 269,000 221,000 4,259,603 3,771,569 Wheel & Lake Erie r November_ 458,275 525,327 Alex_ 4th wk Dec 162,504 2,573,580 3,028,500 a Interoceanic 243,095 3,110,100 3,845.078 Wisconsin CentraLr November_ 590,459 603,030 3,308,816 3,528,353 Iowa Central • 4th wk Dec 84,018 82,523 1,506,483 1,610,085 Wrightsv & Tenn November. 24,608 27,375 110,775 126,414 Kanawha & Mieh_ . November_ 197,172 196,204 1,044.017 1,045,968 Yazoo ec Miss Vail_ December.. 1,120,417 1,068.380 5,292,350 5.352,708 Kansas City Smith- November_ 766,792 812,473 3,748,086 4,358,160 K C Mex & 0,1ent__ October 113,005 Previous West'n -See New Cen Current Lake Erie & York trai. Various Fiscal Years. Period. Year. Year. Lake Shore & 51•Sou -See New York Cen trot. Lehigh Valley.-__r November_ 2,001,678 3,202,789 14,416,341 16,739,974 Bellefonte Central Jan 550,982 359.0E14 November_ 23,536 to N5v 30 Lexington & East__ 40,325 164,817 252,272 1 Delaware & Hudson Jan to Nov 30 16,780,866 18,480,735 Long island November. Dec.33, 400 Dec.49 1,739 Manlstique Jan June to Nov 30 50,899 50,222 .LoUlsiana & At Ran 1,144,521 1,'16,837 Mexican Railway Jan to Dec 21 7,188,900 7,807,200 Loulsv & Nashville_ 4th wk Dec 1,128,645 934,529 23.391,087 24,561,225 Mexican Southern Jan 1,222,952 November_ to Dec 21 1,298,744 Macon & Birming'fn 11,337 12 901 58,327 69,804 Newf,York Central & Hud.Rivcr Jan to Nov 30 /31,065,417 90,036,005 Maine Central_ _r November. 654,307 731,5/7 3,722,982 4,126,646 Shore & Mich Southern 30,3.84,902 November_ Lake Jan 1 to Nov 30 41,645,463 Manistique 3,907 3,131 22,854 28,002 Lake Erie & Western Jan 1 to Nov 30 4,130,027 4,722,514 Maryland & Penn November_ 20,622 34,815 170,264 134,988 Chicago Indiana & Southern_ 2,629,281 Dec Jan to Nov 30 2,744,972 a Mexican -Central _ 4th wir 896,864 901,646 15,258,204 18,309,945 Michigan Central Jan 1 to Nov 30 22,782,415 26,438,378 a Mexican Internat. 4th wk Dec 148,749 227,427 3,361,973 4,419,740 Cleve Cin Chlc ec St Louis_ _ _ Jan to Nov 30 22,316,184 24,480,143 a Mealcan Railway_ 3d wit Dec 133,500 172,600 3,218,300 3,834.000 Peoria ec Eastern 2,502,283 Dec 25,252 .Jan 1 to Nov 30 2,770,899 a Mexican Southern 3d wit 25,009 569,845 595,755 Cincinnati Northern Jan 1 to Nov 30 894,774 937,804 Michigan Central- S.:e New A' ark Centr al. Pittsburgh & Lake Erie Jan 1 to Nov 30 0,471,874 14,188,353 MlneratIlange 4th wk Dec 20,759 17,435 430,911 421,233 Rutland Nov 30 2,534,113 Dee 108.753 93,272 Jan 1 to 2,848,146 MInneap & St Louis 4th wk 2,260,685 2,168,811 New York Chicago & St Louis Jan 1 to Nov 30 8,543,637 9,597,421 Minn St P & 5 S M. 4th wit Dec 239,166 230,796 7,005,715 6,589,252 Total all lines Nov 30 193257220 2,318,061 Jan to 221345103 Missouri Kan & Tex November_ 2,018,059 11,583,493 11,381,084 Northern Central Jan to Nov 30 10,409,208 Iron Dec 1,410,000 1.156,000 23,265.811 1 12,358,008 Mo Pac & 51t_o 4th wic 24.363,465 d Penn-East of Pitts & Erie Jan 1 to Nov 30 124030773 152901773 Central liranch_o 4th wk Dec 43,000 34,000 887,000 826,000 d West of Pittsburgh & to Nov 30 1,453,000 1,190,000 Erie Jan 1 Dec.18,9 72,300 Total system.. _o 4th wk Dec 24,152,811 25,180,465 Philo Baltimore & Washington_ Jan to Nov 30 14,790,446 15,072,748 5Mobile Jack & K C Wk fDec 26 38,062 30,564 771,332 805,600 Pitts Gin Chicago & St Louis 1 to Nov 30 930,237 901,128 Jan 23,947,431 30,159 848 Nashv Chatt & St L November_ 4,633,756 4,920,653 Rio Grande Junction.,. Dec) to Oct 31 710,598 775,538 a Nat BR of Nlex 4th wk Dec 389,109 428,757 6,959,759 8,113,359 Texas & Pacific Jan to Dec 31 IMMO° 20,845 25.566 13,862,286 16,671,665 & N B. 4th IvIc Dec 421.622 510.675 West Jersey & Seashore Jan to Nov 30 5,011,884 5,410,784

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.

IVeekly Sumniaries. Cuera Year Prees Year Inc. or Dec. % Monthly Summaries. client Year Prey's Year Inc. or Dec. % . S S S 5 3d week Oct (42 roads)._._ 10,838,445 11,358,244 s a -519,709 4.58 Month Feb 1908 (123 roads). 141,256,206 160,150,610 -18.894,404 11.71 ith week Oct (45 roa,ds)„--- 15,771,498 16,918,106 -1,146,608 10 675,178 11,032,992 8.77 Month Mch 1908 (126 roads). 162,495,089 187,435,350 -24.940.251 13.31 1st Week NOV (45 roads)._ -354.814 3.22 roads). -35,908.988 18.81 10 week Nov (44 roads)._ 10.965,461 11,088,062 Month Apr 1908 (119 154,137,168 100,046,156 -102,601 0.02 Month May 1008 (120 roads). 153,112,628 198146,871, -45,034,243 22.61 3d week Noy (39 roads).- 10 045,953 9,829,824 +216,129 2.20 _ 146 -33,128.964 Nov Month June 1908 (113 roads) .270,130 170,397,004 18.41 1th week (44 roads).- 13 469,911 14,188,503 -698.592 4.95 Month July 1908( 07 roads). -27,262,110 14.81 ist week (44 roads)._ 10,308,602 10,108.413 150,103,883 133,365,9J3 Dec +140,279 1.38 Month Aug 1908 (105 roads). 179,781,772 209,690,782 -29,900,010 16,6. 1d week Dec (41 roads)____ 10,418,634 9.908,443 +512,186 5.17 1908 (114 weelt Deo (46 Month Sept roads). 210,014,059 223,064,945 -13,950.886 6.2 Id roads)____ 11,037,636 10,428,083 +609,553 5.85 Month Oct 1908 (119 roads). 240,652,757 -16,721,466 6.9: ith week Dee (36 13.092,714 223,931,291 roads)-___ 13.877.644 +784,930 5.99 xr,,,,,,a, Art.., suns ( 51 rrinfiql no amn Mill as .is 772 -1.804.233 2.9- a Mexico:. currency. 0 Includes earnings of Gulf &Chicago Division. c Includes the Houston & Texas Central and Its subsl ilary lines in both years. COvers lines directly operated. e lncludo the Chicago & Eastern Illinois in both years. I Includes Evansville & Indiana RR. h Includes carkalturs of „Col. & South., EL Worth Denver City and all affiliated lines, excepting Trinity & Brazos Valley 1111. k Includes In both years earnings of Deliver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix Ry. 1 These figures do not Induct° receipts from sale of coal o Flgures here are on the old basis ot accounting-not the new or Inter-State Commerce Commission method. r These figures are on the new bads prescribed by the Inter-State Commerce CoMnalsslon.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.] THE CHRONICLE 97

Latest Gross Earnings by Weeks.-In the table which fol- --Gross Earnings- -Net Earnings- Current Previous Current Previous lows we sum up separately the earnings for the fourth week Year. Year. Year. Year. of December. The table covers 36 roads and shows 5.99% Roads. 3 increase in the over the same week last year. Mineral Range_ b Nov 66,326 68,873 11,600 15,423 aggregate July 1 to Nov 30 362,503 359,240 77,524 76,665 Minn St P do S S Mb, Nov 1,180,184 1,106,256 588,285 428.616 Increase. Decrease. Fourth Week of December. 1908.: 1907. July 1 to Nov 30 6,108,328 5,692,761 3020,620 2,316,386 Mo Kan & 3 Texas_b Nov 2,318,061 2,018,059 689,105 512,144 $ July 1 to Nov 30 11,583,493 11,381,084 3,850,244 4,204,854 Buffalo Rochester & Pittsburgh 187,740 185,825 1,015 Canadian Northern 254,600 235,900 18,700 Missouri PacifIc_b Nov 4,006,075 3,819,501 1,089,582 875,782 Canadian Pacific 2,210,000 1,974,000 236,000 July 1 to Nov 30 19,935,811 21,609,465 6,389,539 5,748.299 Central of Georgia 329,700 301,600 28,100 Nashj vulCyhatt&St l to Lb_s.0 _Nov 930,237 001,128 199.506 169,731 Chicago & Alton 274,913 239,902 35,011 Nov 4,633,756 4,929,653 1,027,587 1,078,950 Chicago Ind & Louisville 123,799 100,281 23,518 366,021 380,074 14,053 Neva l o v 31 _Nov 27,500 30,085 16,165 15,196 Colorado Fe Southern July 168,492 99,883 98,648 Denver dc Rio Grande 526,600 463,700 62,900 171,563 Detroit & Mackinac : 27,797 27,267 530 N Y &1 lVestto Noevrnioa_ _Nov 640,988 634,056 154,339 169,624 Duluth South Shore & Atlantic, • 69,013 71.769 2,756 July 3,705,237 3,752,798 1,221,531 1,313,678 Georgia Southern Fc Florida 63,871 56,433 7,438 Norfolk & Western_b_ _ _Nov 2.411,208 2,800,639 970,238 915,485 Grand Trunk of Canada July -1 to Nov 30 • 12,323,597 14,775,452 5,010,438 5,214,491 Western 1,025,967 1,173,885 147,918 Grand Trunk 1 N Y Cent Det Gr Hay & Milw do Hod Riv__ _Nov 7,854,840 7,876,737 2,330,721 1,330,138 1 Jan 1 to Nov 30 21,465,659 Canada Atlantic : 81,065,417 90,936,095 21,451,437 International & Great Northern 260,000 221,000 48,000 Lake Sh & Mich Sou_ _Nov 3,452,160 3,717,085 1,130,293 1,011,317 Interoccanic of Mexico • • ' . 162,504 243,995 81,491' Jan 1 to Nov 30 36,384,902 41;645,463 10,768,101 10,249,541 Iowa Central 84,018 82.523 1,495 Lake Erie & Western_Nov Nashville 1,128,645 934,529 194,116 384,752 391,671 61,569 52,446 Louisville & Jan 1 to Nov 30 4,130,927 4,722,514 668,789 1,164,007 Mexican Central • 896,864 901,046 94,782 Mexican International 148,749 227,457 78,678' Chic Ind & Sou Nov 272,349 243,492 115,386 83,105 Mineral Range • 20,759 17,435 3,324 Jan :1 to Nov 30 2,629,281 2,744,972 830,735 961,758 Minneap & St Louis 108,753 93,272 15,481 Michigan Central Nov 2,179,965 2,351.997 450,727 522,109 Minneap it Paul & S S M 239,166 230,796 8,370 Jan 1 to Nov 30 22,782,415 26,438,378 5,429,331 4,955,436 Missouri Pacific & Iron Mtn 1,410;000 1,156,000 254,000 Branch . 43,000 Clev Cinc Ch & St L_ _Nov 2,168,989 2,208,060 407,145 501,003 Central 34,000 9,000 Jan 1 to Nov 30 22,316,184 Mobile & Ohio 331,288 296,619 34,669 24,480,143 5,029,570 6,243,036 National RR. of Mexico 389,109 428,7:37 39,648 Peoria Fc Eastern__.__Nov 245,975 235,718 64,866 29,051 • Hidalgo & Northeastern 20,845 25,566 4,721 Jan 1 to Nov 30 2,502,283 2,779,899 458,896 662,068 Rio Grande Southern 14,269 13,269 1,000 Cincin Northern Nov 89,166 79,688 def13,954 12,9.85 St Louis Southwestern 293,108 253,371 39,737 • Jan 1 to Nov 30 894,774 937.804 125,148 146,650 SOuthern Railway ' 1,490,958 1,248,389 251,569 Texas do Pacific 601,890 680,459 78,560 Pitts & Lake Erie____Nov 067,347 1,277,367 213,515 324,545 Toledo Peoria & Western 33,360 38,579 3,219 Jan 1 to Nov 30 9,471,874 14,188,353 2,038,701 3,258,131 Toledo St Louis & Western_ 69,910 67,634 2,276 Rutland Nov 240,147 260,277 80,806 57,435 Wabash ' 652,419 598,812 53,607 Jan 1 to Nov 30 2,534,113 2,848,146 722,807 819,436 ------N Y Chic So St L Nov 804,585 809,893 233,979 170,065 Total (36 roads) 13,877,644 13,092,719 1,330,756 545,826, Jan 1 to Nov 30 8,543,637 9,597,421 2,079,261 2,376,241 Net increase (5.99%) 784,930 Total all lines Nov18,660,275 10,451,985 5,075,053 4,004,199 Jan 1 to Nov 30 193 257,229 221,345,103 40,713,847 52,152,710 For the month of December the returns of 35 roads show zNorthern PacIfIc_b- - __Nov 6,418,352 6,717,277 3,303,881 3,174,705 as follows: July 1 to Nov 30 32,004,574 34,440,341 15,743,812 15,348,039 Pacific Coast Nov 489,899 670,778 70.844 96,412 July 1 to Nov 30 2,877,808 3,699,702 462,545 649,318 Month of December. 1998. 1907. Increase. xPenna Company. b Nov 3,436,074 4,182,284 1,239,298 1,247,520 'July 1 to Nov 30 18,460,367 23,594,309 7,698,897 8,269,832 3 Rio Gross earnings Grande Southern_ b_Nov 53,694 59,731 21,424 26,484 (35 roads) 49,161,470 46,862,575 2,208,895 4.01 July 1 to Nov 30 269,152 287,123 113,510 106,862 Rock Island_a Nov 5,107,207 4,962,511 1,132,444 1,162.354 It will be seen that there is a gain on the roads reporting in July 1 to Nov 30 _26,443,315 27,216,978 7,232,003 7.251,115 St L & San Fran_a__ _Nov 4,252,901 4,213,490 1,064,761 1,136,908 the amount of $2,298,895, or 4.91%. July 1 to Nov 30 20,482,279 22,577,806 5,400,003 5,916,347 Evansv & T H'te_a_ _Nov 173,973 196,872 44,874 63,523 Net Earnings Monthly to Latest Dates.-The table fol- July 1 to Nov 30 951,953 1,060,395 317,572 319,008 lowing shows the gross and net earnings of STEAM railroads Total all lines a Nov 9,534,080 9,372,873 2,242,078 2,362,784 reported this week. A full detailed statement, including all July 1 to Nov 30 47,877,548 50,855,178 12.949,579 13,446,470 St Lonts Southwest_a__Nov 1,022,037 875,623 308,701 150,869 roads from which monthly returns can be obtained, is given July 1 to NOv 30 4,521,821 4,653,318 1,164,326 1,257,970 once a month in these.columns, and the latest statement of zSeaboard Air Line_bNov 1,379,396 1,340,075 403,226 318,585 this kind will be found in the issue of Dec. 26 1908. The July 1 to Nov 30 6,321,177 6,80-1,402 1,686,908 1,625,403 next will appear in the issue of Jan. 21 1,909. Southern Ry Co- Mobile do Ohlo_a Nov 878,989 858,494 244,416 223,888 -Gross Earnings- -Net Earnings- July 1 eo Nov 3 0 4,034,311 4,597,194 1,222,428 1,281,232 Current Previous Current Previous Year. Year. Year. Year. Cinc New Orl & T P_ a_ Nov 625,509 702,161 198,751 126,995 Roads. $ 3 5 July 1 to Nov 30 3,243,158 3,822,937 958,057 776,828 xBoston & Maine_b____Nov 3,238,298 3,438,282 949,798 845,156 Ala Great Southern _a_ Nov 205,712 323,636 71,679 35,782 July 1 to Nov 30 17,283,373 18,018,909 5,435.674 5,669,238 July 1 to Nov 30 1,494.784 1,741,539 370,931 274,536 Bridgeton So Saco Riv_-Nov 3,077 5,9250 2,982 Geor South & Fla b__Nov 156,677 169,586 e42,114 e26,883 July 1 to Nov 30 23,456 27,941 8,885 12,058 July 1 to Nov 30 774,547 899,754 e224,826 'e144,578 Chesapeake & Ohio_ b__Nov 2,118,133 2,458,019 775,311 811,691 zTexas & Pacific b Nov 1,517,794 1,386.370 589,252 378,749 July 1 to Nov 30 11,147,327 12,833,958 4,438,093 4,675,679 July 1 to NoV 30 6,283,702 6,650,022 2,056,789 1,906,756 Chicago & Alton-a Nov 1,036,842 1,523,378 s346,776 s246,674 Toledo & Ohio Cent_a__Nov 372,157 423,505 90,823 135,130 July 1 to Nov 30 5,620,801 5,605,786 s2,383,056 s1,784,258 July 1 to Nov 30 2,197,608 2,225,007 830,077 696,733 xChic Burl & Q b Nov 6,632,676 6,764,384 1,970,334 1,659,585 Toledo St I. & West_a__Nov 301,809 351,338 p105,993 p136,823 July 1 to Nov 30 34,860,273 37,375,127 12,140,900 12,884,704 July 1 to Nov 30____ _ 1,514,807 1,889,545 p501,972 p619,360 Chic MI1 SC St P_ b Nov 5,129,361 5 004,691 1,730,804 1,614,191 x Vandalla_ b Nov 760,886 814,257 202,0-10 166,958 July 1 to Nov 30 27.573,907 26,170,885 10,648,004 10,442,207 July 1 to Nov 30 3,849,404 4,467,017 1,081,841 1,170,101 Colorado Midland_a- __Nov 225,753 206,163 65,201 44,984 Wabash_ b Nov 2.081,345 2,127,609 501,671 472,786 July 1 to Nov 30 1,034,464 1,106,467 241,012 264,524 July 1 to Nov 30 11,219,909 12,134,961 3,593,174 3,981,839 Colorado & Southern_ b_ Nov 1,437,267 1,422,672 544,111 555,783 x Wheel & Lake Erie_b_Nov 458,275 525,327 49,955 03,486 July 1 to Nov 30 6,679,046 0,453,974 2,431,304 2,345,099 July 1 to Nov 30 2,573.580 3,028,500 681,355 7471115 Cuba RR Nov 117,210 142,034 33,477 40,745 Yazoo do Miss Valley_a_Nov 1,146,308 996,107 384,397 213,487 July 1 to Nov 30 673,261 719,607 248,430 200,327 July 1 to Nov 30 4,162,933 4,284,328 246,498 334,005 Delaware & Hudson_bNov 1,634,274 1,674,165 r754,798 r743,388 a Net earnings here given are after deducting taxes. Jan 1 to Nov 30 16,780,866 18,986,735 r6,703,025 r7,614,233 h Net earnings here given are before deducting taxes. xDcl Lack & West_ b___Nov 3,058,999 2,931,363 1,546,748 1,167,134 e After allowing for net revenue from outside operations and deducting July 1 to Nov 30 14,442.804 15,436,400 6,600,247 6,701,375 taxes, operating income is 533,508 In Nov. 1908, against $21,155 last year. Den & Rio Grande_a___Nov 1,836,889 1,858,378 482,347 600,196 and from July 1 to Nov. 30 Is 5191,842 in 1908 and 5117,720 in 1907. Nov 30 9,240,967 10,163,494 2,992,428 3,436,232 p For November miscellaneous charges and credits to Income was 59,572, July) to against $7,915 in 1907, and for period from July 1 to Nov. 30 was 539,103, Dul South Shore & Att. bNov 232,191 258,786 73,436 61,33.9 in 1908, against $49,448 in 1907. July 1 to Nov 30 1,170,629 1,519,836 346,705 415,545 r For November 1908 net from Coal Department was 3104,971, against Fairchild 80 N E_ b Nov 1,748 2,008 98 549 $71,464 last year, and front Jan. 1 to Nov. 30 was $989,577 In 1908. against July 1 to Nov 30 8,445 8,162 dell.248 01 31,052.669. s After allowing for miscellaneous charges and credits to income for the Grand Trunk of Canada- month of November 1908; total net earnings were 5320,070, against $238,- Grand Trunk By Nov 2,814,207 3,056,162 832,172 832,172 080 last year, and for period from July 1 to Nov. 30 were 52,172,161 this July 1 to Nov 30 13,870,984 15,566,059 4,330,699 4,476,693 year, against $1,805,437. Grand Trunk West'n_Nov 436,083 528,502 49,151 90,517 July 1 to Nov 30 2,370,059 2,867,828 443,095 482,756 Interest Charges and Surplus. Hay & Bet Or Milw__Nov 137,235 147,455 15,573 26,279 --Int.. Rentals, eve.- -Bal. of Net E'ngs.- July 1 to Nov 30 ' 731,433 820,978 160,837 161,568 Current Previous Current Previous Canada Atlantic Nov 167,894 202,446 43,798 13,140 Year. Year. Year. Year. July 1 to Nov 30 844,580 1,038,096 78,107 97,817 Roads. xGreat Northerri_b Nov 5,673,562 6,093,554 3,130,785 2,530.076 13rldgeton & Saco Riv_ _Nov 637 593 del 137 2.389 : July 1 to Nov 30 26.669,911 29,916,675, . 12,034,887 12,142,207 July 1 to NoV 30 3,104 2,967 4,90,1 9,091 Hocking Valley_a Nov 560,601 625,212 158,707 179,061 Colorado Al Idland Nov 31,350 30,647 c24,191 c3,911 July 1 to Nov 30 3,016,052 3,280,623 1,030,064 1,101,537 July 1 to Nov 30 156,750, 153,233 c37,658 c62,211 Illinois Central_a Nov 5,074,164 5,3./3,028 1,430,027 1,386,500 Colorado & Southern___Nov 276,852 234,751 c313,215 c336,852 • July 1 to Nov 30 : 24,031,643 26,836,790 4,875,023 5,808,870 July 1 to Nov 30 1,21)6,053 1,166,825 c1,313,119 c1,235,144 Kanawha& Mlehlgan_a_Nov 197,172 196,294 34,352 4,707 Cuba' RR Nov 32,496 28,329 981 12,416 July 1 to Nov 30 1,044,017 1,045,068 250,400 110,407 July 1 to Nov 30 161,771 141,645 86,659 58,682 Lehigh Valley-b Nov 2.901,678 3,202,789 1,055,044 1,105,452 Denver & Rio GrandeNov 323,057 362,643 d171,834 8254,423 . July 1 to -Nov 30 14,416,341 16,739,974 5,496,009 6,471,015 July 1 to Nov 30 1,550,.546 1,760,380 81,680,390 81,864,262 Lexington do E'nb____Nov 23.536 40,325 def5,010 8,365 Duluth So Sh & Atl____Nov 97.618 110,426 zdef15,518 xdef42,291 July 1 to Nov 30 ' 164,817 252,272 21,970 • 87,428 JUly 1 to Nov 30 468,390 406,293 zdef64,215 xdef37,282 Loulsv & Nashv_b Nov 3,863,382 3,912,611 1,312,839 745,110 Hocking Valley Nov 98,077 88,852 x124,682 z177,349 July 1 to Nov 30 19,471,617 21,202,911 6,088,456 5,653,027 July 1 to Nov 30 492,744 443,865 x851.904 x1,026,552 xMaIne Central b Nov 654,307 731,517 191,397 261,077 Kanatvha & Mlehlgan__Nov 24,667 22,932 x18,897 x6.379 July 1 to Nov 30 3,722,982 4,126,646 1,2,21,358 1,522,690 &fly 1 to-Nov 30 • 116,588 108,082 x180,131 x85.234 Maryland Fc Penna_a_ __Nov 29,622 34,815 7,968 12,755 Maryland & Penna____N.ov 3,979 3,986 3,989 8,769 July 1 to Nov 30 170,284 184,968 55,121 67,708 July 1 to Nov 30 19,897 19,897 35,229, 47,811

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 98 THE CHRONICLE [VOL. 5 -Int., Rentals, &c. -Bat, of Net E'ngs.- Interest Charges and Surplus. Current Previous Current Previous Year. Year. Year. Year. -Int., Rentals, &c.- -Bat, of Net E'ngs.- Roads. Current Previous Current Previous Year. Year. Year. Year. Mineral Range Nov 13,501 12,223 xdef480 x4,622 Roads. $ $ $ $ July 1 to Nov 30 65,472 60,677 x13,562 x18,911 Kingston Consolidated- Mo Kan & Texas Nov 8682,468 8573,011 x14,720 xdef54,388 Oct 1 to Dec 31 10,853 10,025 x1,251 xdef2,717 July 1 to Nov 30 83,090,076 82,773,478 x789.775 x1,556,390 July 1 to Dec 31 25,722 28,050 x9,375 xdef1,290 Jan 1 to Dec 31 46,262 48,100 x11,371 xclef3.294 Nashv Chatt & St L__ _ _Nov 150,995 153.293 48,511 16,438 July 1 to Nov 30 754,974 768,792 272,617 310,158 x After allowing for other Income received. , Nevada-Cal-Oregon _ _ _ _Nov 3,734 3,901 x13,486 x14,672 July 1 to Nov 30 19,918 19.498 x85,498 x88,002 6 N Y Ont & Western__ -_Nov 103,914 87,089 50,425 82,535 July 1 to Nov 30 463,517 396,019 758,014 917,659 REPORTS. Norfolk & Western Nov 431,427 442,060 538.811 473,425 ANNUAL July 1 to Nov 30 2,183,334 2,164,393 2,827,104 3,050,098 Rio Grande Southern.._ _Nov 19,640 18,174 x1,835 x14,209 Boston Elevated Railway. 99,819 July 1 to Nov 30 95,875 x23,379 x28,174 30 1908.) St Louis Southwestern_Nov 164,664 167,193 x178,443 x50,120 (Report for Fiscal Year ending Sept. July 1 to Nov 30 839,206 829,401 x516,533 x721,288 President William A. Bancroft, Boston, Dec. 31 1908, Tol & Ohio Central Nov 41,205 42,558 x70,555 x116,547 July 1 to Nov 30 201,075 206,331 x651,995 x588,058 writes in substance: General Results.-The company shows a surplus of $42,064 for the year c After allowing for miscellaneous charges and credits to income. after the payment of its fixed charges and dividends at the rate of 6% upon out of earnings d These figures are after allowing for other Income and for discount and its capital stock. The sum of $200,000 was also charged sum of $10,000 Is deducted every month from surplus and and credited to the depreciation fund, but, as the value of worn-out equip- exchange The no actual placed to the credit of the Renewal Fund. ment which was disposed of during the year offsets that amount, addition was made to the depreciation fund. h Fixed charges Include taxes amounting to $138,691 for Nov. 1908. Street Tunnel.-The Washington St. tunnel, which was and betterments at Washington against $52,000 In 1907. and additions $66,737 this opened for use on Nov. 30 1908, has diminished congestion and much In- year. against $70,672: from July 1 to Nov. 30 taxes were $556,640 in 1908, creased the facilities of the company for carrying its passengers. Together against $262,636: additions and betterments were $216,442 for the same and the Atlantic Ave. elevated line, the Washington St. to with the subway period, against $335.398 the previous year. Prior July 1907 it was the tunnel gives the company three double-track rapid transit routes through practice to include these items in the expenses. the business heart of Boston. This thoroughfare will cost, with Its ap- x After allowing for other Income received. proaches and equipment, not less than $9,000,000, and it has been leased to the company for 25 years at an annual rental of 43% upon its cost. STREET RAILWAY AND TRACTION COMPANIES. Compare V 87, p 1663, 1477. Elevated and Other Extensions.-The company is also committed to the completion of the elevated extension to Forest Hills, to the building of Latest Gross Earnings. Jan. 1 to latest date. the Cambridge subway, to the construction of an elevated connection Name of between the Park St. tunnel and the Cambridge Main St. subway, to the Road. Week or Current Previous Current Previous lease of the Park St. tunnel, to the building of the East Cambridge elevated Month. Year. Year. Year. Year. extension, to the building of an extension to Malden and Everett, and to a lease of the Riverbank subway. The completion of these various under- takings, together with the Washington St. tunnel and the normal additions years. Impose on this company American Rys Co__ November_ 219,502 231,317 2,560.677 2,7:9,002 to the surface lines, will, within the ext live 109,912 108,653 1,289,352 1,306,396 charges at least as heavy as it ought to meet. We believe that none of the C Aur Elgin & Chl By November_ we believe, also, Bangor Ry & Elec Co October _ _ 41,445 41,025 undertakings above recited could have been avoided, but 188,414 202,141 1,968,510 2,020,031 that we can, for the present, go no further in assuming additional burdens. Blrm Ry Lt & Power November_ grown up to the detri- Brockton & Ply StRy October _ _ 9,767 9,057 105,973 103,912 Transfer Abuses.-Our free transfer system has 11,284 6,962 97.424 62,975 ment of our revenue, so that we ought to get some relief from Its abuses. Camaguey Co October- _ to reasonable pros- Elec Co_ October _ _ 22,166 22,878 203,988 201,876 Efficient service can be supplied only when it is joined Cape Breton fact is pointed out because, in Central Penn Trac_ November_ 56,000 57,975 647,213 680,091 perity on the part of the company. This 63,912 62,550 689,461 zeal for new subways and other thoroughfares, the means necessary Chariest Con By G&E November_ 653,021 the dividends paid on the November_ 21,858 22,473 263,757 269,414 to supply them are frequently overlooked. The Cleve Painesv & East West End St. Ry. Co. and Dallas Electric Corp_ October _ _ 134,140 125.771 stooks and the interest paid on the bonds of the 192,363 171,173 7,067,484 7,068,112 Boston Elevated Ry. Co. make an average return to the capital Invested f Detroit United Ry_ 4th wk Dec the therefore, that "excessive Duluth Street Ry__ _ 4th wk Dec 26,577 23,569 888,365 845,738 of less than 5.12% per annum. It is not true, 187.955 1,837,237 dividends are paid by them on watered stock." East St Louis & Sub_ November_ 170,739 1,976,865 public during the _ _ _ October __ 44,913 46,473 431,432 409,469 Taxation, &c.-The company's contribution to the El Paso Electric_ (being 103i% of its gross revenue), Fair &Clarksb Tr Co_ October___ 34,655 33,264 322,387 • 301,726 last fiscal year amounted to *1,484,710 Ft Wayne & Wabasn made up as follows: 115,089 1,203,884 $298,327 Valley Traction Co November_ 111,794 1,167,594 Taxes assessed on real estate Elec Co_ October 94,348 89,940 887,002 873,484 on 569,804 Galv-Houst Taxes assessed capital stock 117,189 Grand Rapids Ry Co November_ 74,220 72,596 Compensation tax for use of streets under the Act of 1897 Electric Ry_ Wk Jan 3 36,035 37,484 of paving laid in streets by company 168,039 Havana Int. at 4% on $4,200,971, cost 66,645 Honolulu Rapid Tran Cost of maintaining street paving by company Land Co October __ 34,010 30,207 316,558 301,785 rental devoted to sinking fund 45,717 & 20,652 219,151 Amount of subway not Houghton Co Tr Co October __ 21,654 210,360 Moving snow removed from sidewalks and roofs (estimated) Illinois Traction Co November_ 360,679 335,889 3,712,953 3,427,210 7,500 354,989 less than Jacksonville Elec Co_ October 38,509 33,696 327,978 of subway rental 159,805 575,281 559.822 5,154,936 Balance 51 685 Kansas City Ry & Lt October _ 4,999,805 Rental of the East Boston tunnel Knoxville By & Lt Co November_ 47,968 50.713 522,149 549,745 stockholders of record Oct. 1 1908 Is Ry_ November_ 68,352 69,835 Stockholders.-The total number of Lake Shore Elec of stock; 87% of the stock is held in Massa- & Inter Rys Co October__ _ 53,731 52,538 520,320 473,321 3,657, holding 133,000 shares Lox chusetts. Little Rk Ry & El Co November_ 59,091 57,754 610,195 581,543 stockholders voted to issue 66,500 136,376 125,979 1,484,286 New Stock.-On Nov. 18 1908 the Memphis Street By.. November_ 1,471.071 This will Increase the capital stock from Side El December. 229,192 228,970 2,572,842 2,714,056 shares of stock at $110 per share. Metrop West shares. (Compare V. 87, p. 1662.) Mllw Elec Ry & Lt Co November_ 337,234 326,953 3,538,735 3,488,990 133,000 shares to 199,500 to employees under 63,295 63,933 790,472 Wages.-The aggregate sum of increased payments Milw Lt Ht & Trac Co November_ 766,632 amounted during the year to $210,562. 69,477 66,076 26,941 25,885 the provisions adopted five years ago Montreal Street Ry_ Wk Jan 3. the rate of wages increase this amount Nashville Ry & Light November_ 138,599 139,559 1,447,947 1,438,160 The provisions of last year raising $135,669, making a total of $346,231. NJ & FIR By &Fy Co November_ 41,307 36,901 499,250 448,822 by Egleston Square station will be 151,934 146,123 1,731,015 1,761,198 New Lines.-It is now expected that North Ohio Tr & Lt_ November_ soon thereafter the Forest Hills exten- Elec Co_ October 119,298 114,459 plated early next summer, and that North Texas for Norf & Portsm Tr Co November_ 156,732 202,006 1,708,762 2,437,818 sion will be opened use. upon the Cambridge 1,956,014 The company has not yet been able to begin work Northwestern Elev.. December. 189,197 164,235 1,755,035 relating to the number of stations 242,506 251,958 2,324,992 2,310,498 Main St. subway, owing to a question Oakland Traction Co_ October has been asked to determine. City Ry November.. 23,845 18,622 260,529 239,112 which the Railroad Commission has been carried on Oklahoma Work upon the East Cambridge elevated extension Portland Ry L & PCo November 370,378 347,598 3,964,885 3,641,839 the Boston subway, and of piers November_ 32,745 30,947 342,611 319,408 by the construction of ramps leading to Porto Rico Rys Co across the Charles River. Janeiro Tram for the viaduct to carry tracks our elevated lines to Rio de 6,519,384 Act of 1907, authorizing the extension of Light & Power_ _ _ _ November_ 627,640 540,128 5,721,993 Under applied to the Railroad Commission October 74,400 72,411 747,784 667,450 Everett and Malden, the company has San Fr Oak & San Jo_ proposed. Lt for approval of the routes company St Joseph (Mo) Ry tracks extended to the Stoneham line but the Heat & PowerCo_ November_ 75,963 72,498 828,705 796,112 Surface have been the insufficient strength 2,059,139 prevented from using these tracks because of Sao Pauli) Tr Lt & P_ November_ 194,993 182,794 1,897,338 Is Boston & Maine and the Boston & October 51,071 51,313 486,868 497,713 of the bridge over the tracks of the Savannah Electric Co Sullivan Square, Charlestown, Seattle Electric Co__ October _ 401,934 374,379 3,702,152 3,370,481 Albany railroads near December. 192,276 185,671 2,130,180 2,006,530' South Side Elevated_ YEARS ENDING SEPT. 30 1908. Sou Wisconsin Ry Co November.. 12,767 12,504 142,933 141,315 RESULTS FOR Springf'd(_111)R&L Co November_ 78,958 77,100 1907-08. 1906-07. 1905-06. 1904-05. Syracuse Rap Tr Ry_ September 119.110 119,078 962.598 933.122 52,061,569 50,280,786 48,273,622 47,354 45,572 453.333 429,548 Revenue miles run 51,857,889 Tampa Electric Co__ October __ pass. carried_273,132,584 271,084,815 262,267,240 246,941,771 Toledo Rys & Light_ November_ 219,761 220,019 2,302.658 2,328,255 Revenue 67,150 63,052 19,832 19,538 Toronto Railway_ _ _ _ Wk Jan 2. 14,074,696 13,952,966 13,527,186 12,689,675 3d wk Dec 124,588 115,787 6,211,338 3.891,581 Gross earnings Twin City Rap Trail_ Operating Expenses- k Underground El By General 947,967 983,996 982,729 1,007,655 of London- Maintenance- Three tube lines- _ Wk Dec 26 111,945 110,905 1607,755 /413,980 1,060,660 1,211,235 1,029,561 19,529 18,202 1477,255 1413,045 Road and buildings 782,846 Metropolitan Dist_ Wk Dec 26 1,144,750 1,011,634 1,219,426 853,261 Dec 26 15,996 18,202 1337,460 f334,938 Equipment United Tramways_ Wk Transportation 6.573.322 6,590,855 .5,893,561 5,727,165 United RRs of San Fr October 609,042 431,582 5,677,343 3,812,097 872,339 871,075 9,682,878 9,958,735 United Rys of St L__ November_ open expenses.. 9,454,385 9,647,145 9,306,951 8,617,653 Co Ry & Lt October 31,757 32,379 291,926 2870.31 Total 4,072,023 Whatcom Net earnings 4,620,311 4,305,821 4,220,235 Interest on deposits 58,201 107,427 51,893 company. f No earnings fer Detroit C These figures are for consoll dated for Jan. 1 907 Included in these figures. k Does not Total income 4,620,311 4,364,022 4,327,662 4,123.616 Jackson & Chicago Ry. for Include the Charing Cross Euston & Hampstead By. first six months Deductions- 668,280 650,319 653,680 854,751 01 1007 Int. on West End debt_ 579,226 Taxes, West End 574,113 525,509 573,204 following table gives 294,017 318,189 344 823 358,905 Street Railway Net Earn ings.-The Taxes, Boston Elevated 109,202 and net earnings Compensation tax 117,189 123,276 115,987 the returns of STREET railway gross x205,522 207,273 201,269 193,142 Rental of subway 1,190,241 reported this week. A full detailed statement, including all Divs. on West End stock 1,270,841 1,200,874 1,190,248 be obtained, is given Dividends on Somerville roads from which monthly re turns can 9,180 9,180 9,180 9,180 latest statement of Horse BY 37,783 33,772 once a month in these columns and the Rent. Old C. St.Ry., &c 41,283 40,362 1908. The debt y348,137 306,389 300,000 125,000 this kind will be found in the issue of Nov. 28 next Int.on Bos.El.fund 49,709 35,391 East Boston tunnel rent 51.685 51,371 will appear in the issue of Jan. 30 1909. Depreciation fund 200,000 100,000 -Net Earnings-- -Gross Earnings--- 3,475,883 3,288.831 Current Previous Current Previous Total deductions.... 3,780,247 3,532.743 Year. Year. 840,064 831,279 851,770 835,085 Year. Year. Balance 798,000 798,000 Roads. i i $ $ Dividends (6%) 798,000 798,000 SingstonrConsolidated_ b- for year 42,064 33,279 53,779 37,055 Oct 1 to Dec 31 31,043 31,207 11,979 7,183 .Surplus • 34,847 26,495 ti July 1 to Dec 31 75.098 79,432 collected from the Boston & Northern By. 57.133 44,274 x After deducting $17,795 6' Jan 1 to Dec 31 137.617 140,522 deducting accrued interest charged to construction account. .16-vlso fi After 173,216. b Net_earnings here given are before deducting taxes.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.j THE CHRONICLE 99

BALANCE SHEET BOSTON ELEVATED RY. SEPT. 30. • California Gas & Electric Corporation.-Time Extended.- 1908. 1907. 1908. 1907. The agreement dated Jan. 20 1908 which provides for the Assets- $ $ Liabilities- C,onstruction,eqW p-, • 1Commotr strOc..._13 ,300,000 13.399,9Q11: -exchange of the "general mortgage and collateral trust.5% ment, &e -25,259,483 22,649,865 Fettled "debt' 13,300,006 8,500,000 'bonds" for the new issue of "unifying and refunding mort- Cash 2.517,692 1,404,726 Vouchers & accts_ 686,847 615,191 gage 5% bonds" of Bills and accounts Salaries and wages 144,485 160,358 30-y ear the California Gas & Electric receivable 1,455,428 89,248 Div. and coupons. 139,333. 78,0617 Corporation, with a bonus of an amount of common stock Bonds deposited Rentals un d , 389,205 353,824 in the Pacific Gas & Electric Corporation equal to 25% with State 500,000 506,000 do not ue_ 150,354 148,828 Materials and sup- Interest and taxes of the par value of bonds exchanged, has been extended to plies 1,208,254 1,472,381 not due 1,234,007 1,200,942 Feb. 1 1909. After that date no bonus of common stock Insur., &c., funds Tickets, checks;&c 32,651 )1,119 Investment 901,191 906,566 West End lease ac- Will be given.-(Compare V. 86, p. 980.)-V. 86, p. 1158. ' West End open ac- counts 1,207,202 1,207,202 Ry.-Meeting counts 789,629 792,731 Damage fund 792,671 778,892 Chesapeake & Ohio to Authorize $30,000,00.0 Property account_ 2,426,240 2,219,543 Insurance __ 633,907 615,421 General Funding and Improvement Bonds, of Which $11,000,- Stocks and bonds.. 208,011 208,011 Depreciationfund- fund. 700,000 700,000 000 Recently Sold.-The shareholders will Somerville Horse Premium from sale meet Feb. 9 to Railroad 102,851 102,851 of stock & bonds 2,007,315 2,036,900 authorize the issue of $30,000,000 5% 20-year "general Old Colony St. Ry. 59,865 57,418 Surplus 710,667 668,603 funding and improvement mortgage" bonds, callable at Total 35,428,644 30,398,340 Total 35,428,694 30,398,340 1073/9, of which $11,000,000 were recently sold to Kuhn, -V. 87, p. 1662, 1477. Loeb & Co. and J. P. Morgan & Co. Provision will be made for the cancellation of the $10,000,000 "general equipment GENERAL INVESTMENT NEWS. and improvement mortgage" bonds dated Aug. 1 1907, these bonds having been pledged to secure $7,500,000 6% RAILROADS, INCLUDING ELECTRIC ROADS. collateral notes due July 1 1910, which are to be called and paid off July 1 1909 from the proceeds of• the new issue. Atlanta Birmingham & Atlantic RR.-Default-Receiver- See official statement in V. 87, p. 1663. having ship.-Default occurred as to payment of interest Chicago Jan. 1 on the first mortgage 5% Railways.-Only $18,000 Bonds Not Deposited.- due bonds of the A. B. & A. Further Time $25,394,000 RR. due in 1936 (see offering, V. 84, p. also Allowed.-Of the underlying 1426), and bonds of the Chicago Union Traction Co. depositable under on the interest and maturing installment of principal ($86,- the 000) on the issue of $1,558,000 reorganization plan, all but $18,500 have been lodged equipment bonds (V. 85, p. with the Harris Trust & Savings Bank, Chicago, depositary. 39), Judge Don Pardee, in the United States Circuit Court, The on Jan. Chicago Railways Co. has authorized the acceptance at Atlanta, 2, on petition filed by officers of the com- by the appointed President H. depositary up to February 1 1909 of such additional pany, M. Atkinson and Vice-Presi- bonds, certificates dent P. S. Arkwright receivers for Birmingham of stock, certificates of indebtedness, the Atlanta &c., as may be presented.-V. 88, p. 52. & Atlantic RR. The failure of H. W. Poor & Co., who underwrote the first mortgage bonds, precipitated the re- Chicago & Alton RR.-Sale of Bonds-Retirement of Notes. ceivership. The petition declares that the system, if kept -The company on Thursday closed negotiations wth Kuhn, together, can easily, within a reasonable time, pay all run- Loeb & Co. covering the $8,000,000 of refunding mortgage ning expenses and all fixed charges. 3% bonds now pledged to secure the $6,000,000 5% notes The interest due Jan. 1 on the $4,090,000 Atlantic & (V. 84, p. 157). These notes are subject to call for redemp- Birmingham Ry. first mortgage 5s was paid promptly at the tion on July 1 1909, and the funding of these into 3% Old Colony Trust Co., Boston. There have been issued $14,- bonds will effect a saving to the company of $60,000 per 443,000 first mortgage bonds of the A. B. & A. RR., the annum in interest charges. issue in default, but $8,000,000 of these have been or were Common Stock Expected to Be Put on a Regular 4% Basis.- to be deposited as part collateral for the issue of $8,000,000 At the meeting of the board to be held next week, the $19,- collateral trust 5% notes (V. 84, p. 270; V. 83, p. 35) made 542,800 common stock, it is expected, will be placed on a jointly with the Atlantic & Birmingham Construction Co. regular 4% dividend basis by the declaration of a quarterly The equipment trust obligations outstanding are stated as payment of 1%, being dividend No. 2. The first dividend, aggregating $2,799,441, and there is also a floating debt. also 1%, was paid Aug. 15 1908.-V. 87, p. 1237. The "Boston News Bureau" of Jan. 5 said: Chicago Consolidated Traction Co.-Deposits of Bonds of There is one feature of the default and receivership that has caused no Underlying Companies.-See Chicago Electric Transit Co. little confusion. Interest was paid on Nov. 1 on the $8,000,000 5 % joint below.-V. 87, p. 1477. notes of the Atlantic & Birmingham Construction Co., but on Jan. 1 the Atlanta Birmingham & Atlantic RR. defaulted interest on its first mort- Chicago Electric Transit Co.-Time Extended until Feb. 1. gage 5% bonds of 1936 and defaulted both interest and a maturing install- ment of $86,000 of the $1,720,000 5% equipment bonds, both first liens, the -The bondholders' committee representing the first mort- bonds on the road and the notes on the equipment. gage 6% bonds of this and other dependencies of the Chicago Interest on the $8,000,000 Construction Co. joint notes was paid by agreement among the larger owners of its $5,200,000 stock, to protect the Consolidated Traction Co. makes this announcement: equity these bankers have in the property. If these notes were defaulted, A majority of the $2,925,000 first mortgage 6% bonds of the Chicago the collateral back of them would be sacrificed and the construction com- Electric Transit Co. North Chicago Electric By., North Side Electric pany, which has built and done considerable of the financing of the road, Street By., Chicago' North Shore Street Ry and the Evanston Electric would lose its entire equity. The funds for the payment of interest on the Ry. have been deposited under the bondholders' agreement dated Dec. 1 construction company notes were supplied by the individual stockholders 1908, and the time for further deposits has been extended to February 1. of that company, and were not derived from the railroad. This is the situ- Holders of said bonds are urged to deposit the same with the Harris Trust ation which has produced the rather anomalous condition allowing a first & Savings Bank. Chicago, depositary.-V.87, p. 1477, 1419. lien to default while a junior lien was protected. The Atlanta Birmingham & Atlantic is the conception of a Boston man, Chicago Indianapolis & Louisville Ry.-011ering of Guar- H. M. Atkinson, now President of the road. From the first, Boston capital anteed Bonds.-The American Trust has been back of the enterprise. Even yet there remain 13 miles of track & Savings Bank and to be built to get into Birmingham and give the road a through connection E. H. Rollins & Sons, both of Chicago, are offering, by ad- with the San Francisco lines, the design being to get through business from vertisement on another page, at 95 and interest, netting the San Francisco lines and route this traffic to the coast by a line 200 miles shorter than through Savannah. about 4370, $500,000 first mortgage 4% gold bonds of the Gross earnings are showing a rapid expansion, and the Chief Engineer of Indianapolis & Louisville Ry. Co. These bonds are dated the Lackawanna, who recently examined the entire property, estimated that by Jan. 1 1910 the road would be earning $6,000 per mile gross, and Jan. 1 1906 and mature Jan. 1 1956, being part of an issue would show its entire fixed charges fully earned. During the construction of $1,525,000 (compare Ind. & Louisv. Ry., V. 83, p. period fixed charges have been financed and would have continued to be, had not certain interests in the Construction Co. grown tired of carrying 1290). A circular says: their load. A first mortgage on about 60 miles of road completed in 1908 between We understand that it is probable that the receivers will shortly peti- Wallace Junction; on the Monon main line, and the towns of Shirley Hill tion the court for authority to issue receivers' certificates for an amount and Cass, at which latter point connection is made with the Indianapolis sufficient to provide for the accrued obligations on the equipment notes. & Southern RR.. opening up valuable agricultural land and extensive coal Interest on the first mortgage bonds may possibly be met in the same way.- fields owned by the Chicago Indianapolis & Louisville Railway Co. Compare report, V. 87, p• 1294. The Chicago Indianapolis & Louisville Ry. Co. owns the entire capital stock, and guarantees the payment of both principal and interest of the Protective Committee.-S. H. Fessenden, Philip Stockton bonds of the Indianapolis & Louisville Ry. Co., which road and equipment and F. H. Farrar, all of Boston, are acting as a protective is leased for ninety-nine years to the Chicago Indianapolis 63 Louisville committee for the first mortgage bonds due in 1936 and will Railway Co. Earnings of the Chicago Indianapolis Ct. Louisville for Piseal Tear ending, shortly call for deposits.-V. 87, p. 1294. June 30 1908. Boston & Albany RR.-Bond Offering.-Bond & Goodwin Gross earn ngs $5,167,160 Interest on funded debt_ _ _ _$772,100 and N. W. Harris & Co., both of qew York, are offering at Total net income 1,436,126 Rentals 301,663 1023 and interest the unsold 'portion ($1,500,000) of the Total deductions $1,073,763 Surplus applicable to int. ($61,000) on Ind. & Louis. By. bonds__$362,363 issue of $7,000,000 25-year 4% bonds dated May 1 1908 and See annual report in V. 87, p. 809. due May 1 to 1933; guaranteed as principal and interest by Chicago & Milwaukee Electric RR.-Coupon the New York Hudson River RR. Payment- Central & Co. Compare Default-DePosits.-Judge Grosscup in Chicago V. 86, p. 1528, 1466, on Dec. 31 1099. ordered the receivers to pay the tpemi-annual interest due Boston 86 Lowell RR.-Bonds Offered.-The shareholders Jaii: 1 on the $1,080,000 Chicago & Milwaukee Electric Rail- on Jan. 5 authorized the issue of $350,000 4% 20-year bonds way Oo. 5% bonds that mature in 1919. The interest due dated April 11909, to provide for refunding bonds maturing July 1 1908 and Jan. 1 1909 on the $4,000,000 Chicago & on that date, and the issue has been sold to James A. Hutchin-, Milwaukee Electric Railroad Co. 5s of 1922 remains unpaid, son of Boston, who is offering the bonds at 102.-V. 88, p. 52. and the committee,of which L. Goldman of Toronto is Chair- Boston & Maine RR.-See Fitchburg RR. below.-V. 88, man, urges the deposit of those bonds with the Northern. p. 52. Trust Co., Chicago, or the Toronto General Trusts Cor- Brooklyn Heights RR.-To Guarantee Bonds.-Brooklyn poration of Toronto as depositaries. See committee's circu- Union Elevated 4-5% bonds and Kings County Elevated lar, &c., in V. 87; p. 1663, 1604. 4% bonds will be guaranteed on two days in each month in Chicago Milwaukee & St. Paul Ry.-Consolidated Co. for 109 by the Brooklyn Heights RR. Co. at 85 Clinton St., Pacific Coast Extension.-The stockholders of the Chicago Brooklyn, N. Y., between 9 a. m. and 12 m., as follows: Milwaukee & St. Paul Ry. Co. of Washington, one of the Jan. 5 and 29 lAprIl 18 and 30 July 16 and 30 Oct. 15 and 29 companies organized to build the extension from the Missouri Feb. 15 and 28 May 14 and 28 August 16 and 30 Nov. 16 and 30 River to the Pacific Coast (see annual report, March 16 and 30 June 16 and 30 Sept. 16 and 30 Dec. 16 and 30 V. 87, p. 675) -V. 86, p. 51. have voted to increase its stock from $3,000,000 to $100,000,-

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to change the name of the company to the Chicago To retire underlying bonds $90,000,000 .000 and To enable the consolidated company to fulfill the agreement of Milwaukee & Puget Sound Ry. the Rio Grande Western By. Co. with the Western Pacific Company, all of whose stock will be owned, will take Ry. Co. for the purchase of so many Western Pacific By. 5% The Washington and be over the separate companies formed in Montana, Idaho and South Dakota, second mortgage bonds at 75% interest as shall neces- parts of the extension, thus placing the entire sary to complete, and provide stipulated equipment for, the to,build different extension under one corporate name. It is pointed out that the capital stock would main line of the Western Pacific Ry. Co 23,000,000 permit of a bond issue of $200,000,000 being placed on the Pacific ex- For extensions, betterments and (to the extent of not exceeding tension, as the Washington laws provide that a railroad may be bonded up $2,000,000 thereof) for other corporate purposes of the con- to twice the amount of Its capital stock.—V. 87, p. 1532. solidated company 37,000,000 No more bonds can, by the terms of this mortgage, be hereafter issued Chicago Peoria & St. Louis Ry.—New President.—John. under any underlying mortgage (save In a single case to the extent of P. Ramsey, formerly Vice-President, has been elected Presi- $10,000). The outstanding mortgage debt, including the present offering but excluding treasury bonds, amounts to only $37,863 per mile. This in dent to succeed Chas. E. Kimball, who resigned some time Part represents an investment in bonds of the Western Pacific By., which Ramsey also retains his position as after July 1 1909 will bear interest to an amount exceeding the addition ago. Mr. General Man- Rio Grande. ager, with office at St. Louis, Mo.—V.87, p. 1663, 1415. thus made to the fixed charges of The Denver & Security for Bond Issue.—The refunding mortgage is secured substantially Chicago Subway Co.—See Illinois Tunnel Co. below.— as follows: (a) A first lien on about 129 miles of constructed railway; (b) A lien upon about 2,400 miles additional of railway owned and operated by V. 87, p. 1357, 166. the consolidated company, subject to existing liens of about $82,500,000 Chicago Terminal Transfer RR.—Sale of Minority Stock.— (against which $90,000,000 of refunding bonds have been reserved, as stated above); (e) A pledge of all the bonds issued and to be issued under the The stockholders' protective committee announced on Satur- second mortgage of the Western Pacific By. Co. and of $50,000,000 (being day last that holders of about 75,000 of the 81,481 preferred two-thirds) of the stock of that company; (d) A lien on all betterments. additions and extensions against which refunding bonds shall be issued. stock represented by the committee have accepted the offer Western Pacific Ry.—Extension to Pacific Coast.—The Western Pacific, recently made. The committee will for the present permit now under construction from Salt Lake City to San Francisco, about 927 miles, is virtually an extension of the Denver & Rio Grande system. It the remaining stockholders to avail themselves of the offer, will furnish a Pacific Coast outlet for The Denver & Rio Grande, the although no extension of time has been granted, and it is Missouri Pacific and associated lines, having an aggregate mileage of about 18,000 miles. Satisfactory contracts insure a large passenger and freight understood the committee desires to cease its representation traffic to the Western Pacific. In addition, other important railway sys- of the preferred stock by February 1. Compare V. 87, tems which now exchange traffic with The Denver & Rio Grande at Denver, Colorado Springs and Pueblo, will undoubtedly continue to do so. p. 1663, 1419. and, using the Western Pacific as an outlet to the Coast, will make valuable Chicago & Western Indiana RR.—Offer to Noteholders-- contributions to its traffic and revenues. The road is being constructed so as to insure economical operation. It Status of Bonds.—William Salomon & Co., Moffat & White will have the lowest grades of any trans-continental line, never exceeding and the Equitable Trust Co. of New York, who recently 1%, and with a maximum of 4-10 of 1% for four-fifths of the mileage. It will be free from deep snows, and therefore from snow-sheds. In addition purchased $12:271,000 consolidated mortgage gold 4s, due to the large through traffic which It will receive, it is likely to profit by, the July 11952, give notice by advertisement on another page rapid growth of a large local traffic from the smelting and refining works or near Great Salt Lake, the mineral deposits of Nevada, and the rich but that, until and including Jan. 15 on any all of the largely undeveloped resources—mineral, timber, agricultural—of Cali- $8,000,000 5% collateral trust notes, which have been called fornia. It may be confidently expected that the Western Pacific will not exchanged for only easily meet its own obligations but will also contribute a large volume for payment on Feb. 1, will be the 4% of new traffic to The Denver & Rio Grande. (See also Western Pacific consols on the basis already announced. (See V. 87, p. bond offering below.—Ed.) 1663, 1604). A circular says: Fiscal Gross Net, after Other Total Net Interest, Balance, Income. Rentals,ecc. mortgage, subject to only $8,166,666 Year— Earnings. Taxes. Income. Surplus. The bonds are secured by a direct $ prior liens,upon the entire property, comprising 48 yi route miles of terminal 3,658,465 Dearborn 1907-08 ____20,386,431 6,597,151 597,149 7,194,300 3,535,835 railroad in Chicago (a large part elevated); the Terminal Station 1906-07 ____21,409,042 7,456,223 243,379 7,699,002 3,522,805 4,176,797 and a grain elevator having a capacity of 1,500,000 In the heart of Chicago, the fixed bushels. The railroad includes 134 miles of main tracks and 135 miles of The net income has for four years averaged over twice charges, yards and sidings. The bonds are additionally and the average surplus beyond charges has exceeded four times the interest freight and passenger years the secured upon several leases covering the use of the property, or parts of it. on the present offering of bonds. During the last twelve tonnage The terminal is used, under lease, by the Atchison Topeka & Santa Fe has increased about 242%.—V. 88, p. 52. By. Co. the Elgin Joliet & Eastern By. Co., the Belt Railway of Chicago and the' following five companies, these latter each owning one-fifth of the Detroit & Mackinac Ry.—New President.—Henry K. Mc- capital stock of the company and guaranteeing severally under the lease Harg has been elected President, with office at New York, its proportionate share of the principal and interest of these bonds: Chicago -President and dc Eastern Illinois RR. Co., Grand Trunk Western By. Co., Chicago & Erie to succeed J. D. Hawks, who becomes Vice RR. Co., Chicago Indianapolis & Louisville By. Co., abash RR. Co. retains his office of General Manager.—V. 87, p. 1233. The leases provide for sufficient revenue to meet all interest on bonded debt as well as payment of such debt at maturity, and leave a surplus for Detroit Toledo & Ironton Ry.—Sale Again Postponed.— dividends. For the year 1907 the surplus over fixed charges was $330,057. Dividends at the rate of 6% per annum have been regularly paid since 1892. The sale of the collateral securing the 5% gold notes has The Dearborn Street Station is in the very heart of Chicago and is of been again postponed until Jan. 21, the injunction recently Immense value to each of the roads concerned. The Chicago Indianapolis Compare V. 87, ik Louisville uses the terminal, In reaching the station, for a dista4ice of obtained having not yet been dissolved. 19.86 miles; the Chicago & Erie (Erie) for 19.09 miles, the Wabash for p. 1664, 1533, 1478. 19.8 miles, the Chicago & Eastern Illinois for 16.99 miles, the Grand Trunk • Western for 4.84 miles and the Atchison Topeka & Santa Fe for 1.43 miles. Erie RR.—Offering of Car Trusts.—William Salomon & The Belt Line division, all under this mortgage, is also of great Importance. are offering, by advertisement on another page, the It connects with all the railroads entering Chicago and consequently affords Co. an excellent means of interchange of business between Eastern and Western unsold portion of an issue of $1,819,000 5% car trust notes, roads. In the calendar year 1907 it handled 1,069,536 cars, or an average series L, at prices to yield 531%. This issue, which origin- of 2,930 per day. Its gross earnings amounted to $84,293 and its net earnings to $38,592 per route mile. The Belt Line division is leased for ally amounted to $2,140,000, is dated July 1 1907 and operation to the Belt Railway Co. and the lease is covered by the consoli- matures in semi-annual installments of $107,000 each to dated mortgage. The stock of the Belt By. Is owned by the same com- have already panies that own the stock of the Chicago & Western Indiana. and including July 1 1917; three installments The real estate in the private right of way and other parts of the property been paid, leaving the amount outstanding only $1,819,000, of the Chicago & Western Indiana amounts to about 1,200 acres. Prac- 100,000 lbs. capacity tically all of this is within the city limits of Chicago and a considerable por- whereas the 2,000 steel hopper cars of tion of it in the very heart of the city. each, upon which the notes are secured, cost $2,450,000. The authorized amount of consolidated 4s is $50,000,000, while the by this firm in November, amount outstanding, includingthe present issue, is $32,498,000. Of the Equipment notes, Series N,offered balance, $8,166,666 are held to provide for prior liens, and the remainder were quickly disposed of.—V. 87, p. 1300. of $9,335,334 is available for Improvements, additions, extensions, acqui- sitions, &c. Compare V. 87, p. 1663, 1604. Fitchburg RR.—To Issue 6,500 Shares of Stock.—The Cicero & Proviso Street Railway Co. of Ohicago.—Time company has applied to the Massachusetts Railroad Com- Extended.—Over $1,500,000 of the $1,948,000 outstanding mission for authority to issue 6,500 shares of additional consols having been deposited, the protective committee capital stock to reimburse the Boston & Maine for new has extended until Jan. 20 the time for depositing bonds construction paid for by the latter road.—V. 87, p. 873. Savings Bank of Chicago, de- with the Illinois Trust & Great Northern Ry.—Tax Decision.—The Supreme Court positary.—V. 87, p. 1478. of Minnesota, the State Court of last resort, on Dec. 24, re- Colorado & Southern Ry.—New Co. for Extension—The versing the lower Court, held that the law of 1904, increas- Stamford & Northern Ry. was incorporated in Texas on ing the gross earnings tax from 3% to 4%, was valid as to Dec. 29, the charter providing for the construction of a all the lines in the State, including those incorporated under line from Stamford to Plainview, Tex., 155 miles. Contracts territorial charters, by which it was claimed taxation was for the construction of a portion of the line, it is reported, perpetually limited to a lower rate. Compare V. 87: p. 166. have been let. A similar decision was handed down tin a suit against the The incorporators include M. J. Spoonts of Fort Worth, general attorney Great persons Identified with the Hill Chicago Western. of the Colorado & Southern In Texas, and in1gth20,7 a3t7thfnerl interests. The road will connect with the Wichita Valley division of the Attorney-General Young issued a statement say the Atchison Topeka & Santa annually on the Great Northern amounted to $ increase%1905, and Colorado & Southern at Stamford and with Western never paid Fe at Plainview. The Incorporation of the new company is the first step somewhat more each year since. The Great over 2% recent acquisition by the Bur- taxes, and the annual increase in its tax would be about $25,000. The toward an extension of the system since its aggregates lIngton.—V. 87, p 1663, 1604. total involved for the past three years, therefore, about $500,000, The Omaha road, though It had a territorial charter, paid the increased Denver & Rio Grande RR. Co.—Bonds Offered.—William tax. Annual payments hereafter from the 3 "territorial" roads will be Salomon & Co., Wm. A. Read & Co. and Blair & Co., all of about $250,000.—V. 87, p. 1664, 1553. New York, are offering at 92M and interest, by advertise- Hartford & Springfield Street Ry.—New Directors.—On ment on another page, the initial issue of $17,500,000 "first December 22 Thomas C. Perkins of Hartford was made and refunding mortgage" 5% gold bonds, dated Aug. 11908, Vice-President and six new directors were elected to increase due Aug. 1 1955, redeemable as a whole up to Aug. 1 1913 the local representation. The board now includes: at 105 and interest and thereafter at 110 and interest. New Directors—Thomas C. Perkins and Normand F. Allen of Hartford registered, $1,000, $5,000, Harold %V. Stevens, President of Hartford National Bank; Francis T. Denomination: coupon, $1,000; Maxwell of Rockville, Conn.; Charles A. Thompson of Ellington; Frederick $10,000 and multiples of $10,000; c*&r*. Bankers' Trust Harris of Springfield. Treasurer of Springfield Street fly. Co., and a diretcor New York, trustee. It was announced yesterday that of both the Holyoke and the Northampton Street By. companies. Co., Old Directors—William A. Tucker (President) and Chauncey Eldridge the loan would be greatly over-subscribed, the total sub- (Treasurer) of Tucker, Anthony do Co., Boston; Francis R. Cooley, Hart- scriptions here and abroad already exceeding the amount of ford.—V. 86, p. 1100. the offering. Illinois Tunnel 0o.—Time Granted for Telephone Installa- telephone Condensed Extracts from Letter of President E. T. Jeffery, New York, tion.—The company having agreed to report its Dec. 10 1908. earnings annually to the City Comptroller of Chicago, the First and Refunding Mortgage.—The Denver & Rio Grande RR. Co. Is vote of 38 to 8 in the result of the consolidation of the former company of that name and City Council of Chicago on Dec. 24, by a the Rio Grande Western By, Co., which such former company controlled. the Upper Chamber and 59 to 3 in the Lower Chamber,granted The consolidated company has authorized an Issue of $150,000,000 of "first an Feb. 8 1911 of the time within and refunding mortgage gold bonds." issuable for the following purposes: the company extension to

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which 20,000 telephones must be installed. The company succeeds Mr. Addison as Vice-President and Mr. Fuller as a gives a new bond of $100,000. Action was postponed by director.—V. 83, p. 818. the councils on a suggestion to grant permission to sell New York New Haven 81 Hartford RR.—Contract Ratified the telephone business to the Chicago Telephone Co.—V. 86, —Option Expired.—See New York Central & Hudson River p. 1467. RR. above.—V. 88, P. 53. Indianapolis & Louisville Ry.—Bonds Offered.—See Chi- North Jersey Street Ry.—Ordinance Held Invalid.—The cago Indianapolis & Louisville Ry. above and compare New Jersey Supreme Court on Dec. 31, in an opinion written V. 83, p. 1290, 751. by Justice Parker, sustained the contention of the city of Rapid Transit Co.—New President.— Newark that the ordinance passed by the Board of Works Interborough known as the "five-per Theodore P. Shonts, President of the Interborough-Metro- on Jan. 19 1905, -cent trolley ordi- politan Co., has been elected President of the Interborough nance," is invalid. and also of the Rapid Transit Subway The decision is based on the ruling that the ordinance was not publicly Rapid Transit Co., advertised, as required by the by-laws of the board, between the second Construction Co. to succeed E. P. Bryan, who resigned last and third readings or at any time before final passage. Prior to the passage October. of the ordinance the city had for many years required railroads using electr c Jan. 5 power to pay 5% of the gross earnings in addition to general taxes and Decision.—The Court of Appeals at Albany on existing license fees. The city objected to the "track mileage" method affirmed the decision of the Appellate Division of the Su- fixed by the ordinance held invalid on the ground that it was less advan- right of the company to tageous than any of several other methods which might have been em- preme Court, which upheld the ployed.—V. 85, p. 1271. electric current to the New York City Inter- deliver surplus of Ry. Compare V. 86, p. 981; V. 84, p. 1307.— Pennsylvania RR.—Proposed Increase $80,000,000 in borough for $60,000,000 5% Notes Due V. 87, p. 1610, 1605. Indebtedness to Provide March 15 1910, &c.—The directors on Jan. 4 decided to re- Kenosha (Wis.) Electric Ry.—Change in Control.—The quest the shareholders to vote at the annual meeting March Investment Registry Co. of London, England, already a 9 on a proposition to increase the corporation's indebt- small bondholder, has purchased the control of this com- edness by $80,000,000 in order to provide for the$60,000,000 pany from Albert C. Frost (the builder of the Chicago & of 5% notes which mature March 15 1910 and for other Milwaukee Electric Ry.) for a sum reported as $300,000. capital requirements. On July 1 1910 there will mature The new owners took over the management. on Jan. 4. $19,997,820 6% general mortgage bonds of 1867, but these —V. 84, p. 1052. can, if desired, be refunded by the sale of bonds reserved Long Island Electric Ry.-0flicers.—See New York & therefor under the $100,000,000 mortgage of 1873. An Long Island Traction Co. below.—V. 83, p. 818. official statement follows: The Pennsylvania RR. board took the necessary action this morning to Missouri Kansas & Texas Ry.—Sale of Bonds.—The com- provide for its $60,000,000 of short notes which mature next year, and for of the 4% "first other corporate needs, if It should so desire, through an increase of its in- pany has sold to Speyer & Co. $1,500,000 debtedness to the extent of $80,000,000. and refunding" bonds and also $3,170,000 4% general This authority will be asked of the stockholders at the annual meeting In held in the treasury, having March. It will be borne in mind that the company has power, under the mortgage bonds, which were action already taken by the stockholders, to increase its capital stock from been issued some time ago for improvements, betterments time to time in the sum of $100,000,000, so that, with authority given as bankers have disposed/of both blocks. above proposed, it will be equipped for some time to come, not only to and equipment. The meet its outstanding indebtedness, but also Its capital requirements through With this sale there are in the hands of the public $6,- the Issue of stocks or bonds, or both, as may be deemed best by the board of 682,000 "first and refunding" bonds and $13,170,000 directors from time to time. general mortgage bonds. There are still in the treasury It was recently rumored that the management contem- $3,310,000 1st and ref. 4s additional to the $6,682,000 out- plated placing a mortgage for a considerable amount on the standing.—V. 87, p. 1011, 737. New York terminal property, but if they plan to secure is no official Jersey & Pennsylvania Traction Co.—Creditors' Com- this new indebtedness in this way there intima- New p. 1605, 1534. mittee in Control.—We have the following authoritative tion to that effect.—V. 87, statement: Quebec Railway, Light & Power Co.—Listed in Montreal. The committee finally agreed upon to take over the management of the —The Montreal Stock Exchange has listed the company's New Jersey & Pennsylvania and the Trenton New Hope & Lambertville stock traction companies is James G. Cannon, Vice-President of the Fourth $2,500,000 common stock, $672,400 7% preferred and National Bank, New York, Chairman; F. H. Goff, President of The Cleve- $2,500,000 5% bonds.—V. 87, p. 1602, 1160. land Trust Co., Cleveland; and J. It. Nutt, Secretary of The Citizens Savings & Trust Co., Cleveland. The Secretary of the committee is E. W. Rapid Transit Subway Construction Co.—New President. Davenport, care Fourth National Bank, New York City. The creditors' agreement has been accepted by the ten creditors that represented the —See Interborough Rapid Transit Co. above.—V. 74, p. 989. $370,000 indebtedness. It merely provides for the extension of the in- debtedness until Jan. 1 1910 and places the property in the hands of the Rome (Ga.) Railway 8z Light Co.—Bonds.—The share- committee. The agreement does not provide for the actual deposit of the issue of $250,000 bonds securities.—V. 83, P. 272. holders on Dec. 30 authorized the for the purpose of extending the lines in West Rome and East Newton & Northwestern RR.—Sold.-----The property was Boozeville, subject to the ap- in foreclosure at 6 by the Old Rome and from Lindale to bid in sale Boone, Ia., on Jan. State Railroad Commission.—V. 83, 1591. Colony Trust Co., trustee, representing, presumably, the proval of the P. Fort Dodge Des Moines & Southern, which owned practi- Rutland (Vt.) Railway Light Power Co.—Bonds Of.. cally all of the bonds, the sale giving the latter clear title. ered.—Wm. A. Read & Co., Boston and New York; Red- See V. 87, p. 1420. mond & Co., Philadelphia and New York, and Warner, New York Central & Hudson River RR.—New President.— Tucker & Co., Boston, recently offered at 95 and interest, Senior Vice-President William C. Brown was on Wednesday yielding about 5.3%, the unsold portion of a block of $1,- elected President to succeed William H. Newman, who re- 500,000 first mortgage 5% sinking fund gold bonds dated cently resigned. Mr. Brown will take office on Feb. 1. March 1 1906 and due March 1 1946, but redeemable at 110% New Contract Ratified.—The directors of the New York and interest, as a whole or in amounts of not less than $50,000, & Harlem RR.and of the New York Central & Hudson River on any interest date after March 1 1916. Authorized, $2,- RR.on Jan. 6 ratified the new tripartite agreement,by which 000,000; outstanding, $1,500,000. the New York New Haven & Hartford RR. will use the Grand Nov Director.—Robert L. Warner has been elected to the Central terminal and the railroad tracks from Woodlawn to board, representing the bankers who are offering the bonds. 42d St., an" ill obtain electric power, &c. (Compare Abstract of Letter of President a. T. Rogers, Rutland. Dec. 15 1900i V. 88, p. .) The company owns its entire property directly and has no subsidiary on companies and no underlying bonds or obligations. The $500,000 reserved Contract Expires.—A press report from New Haven bonds may be issued at not to exceed 80% of the actual cash cost of addi- Jan. 4 stated that the option of the New York Central on tions, improvements and extensions, as certified to the trustee, but only out common when the net earnings for the preceding 12 months have equaled 1% times the majority stock ($29,160,000 of $58,113,982 the annual interest charge on all bonds outstanding and then applied for. and $2,000 out of $4,000 preferred) held by the New York The mortgage, by supplement dated Dec. 9 1908, provides a sinking Hartford RR. had expired, and it was thought fund for the redemption of these bonds as follows. Of the total bonthout- New Haven & standing each year, of 1% from March 1 1916 to March 1 1923; 1% would not again be extended. (V. 85, p. 41, 160; V. 86, 1923-1930; 1,t% 1930-1938, and 2% 1938-1946. Bonds purchased or 88, p. 53. redeemed are to be canceled. It is estimated that about one-third of the p. 229).—V. bonds will thus be retired by maturity. New York 86 Long Island RR.—Offer of Sale Declined.— The company operates under most favorable franchises, unlimited as to time. The ownership of the franchises and the consolidation proceedings The Public Service Commission on Tuesday,by a unanimous have been ratified by the Vermont Legislature. The properties include vote, declined the offer made by the Interborough Rapid (1) 243i miles of track (trolley), comprising belt lines in Rutland and an for $7,- Interurban line serving Centre Rutland, West Rutland, Castleton, Castle- Transit Co. dated Jan. 27 1908 to sell to the city ton Corners, Hydeville and Fair Haven, 16 miles from Rutland, with a 239,476 the company's tunnel road from 42d St. to Long branch to the company's amusement park and picnic grounds on Lake p. 669. Bomoseen. The road Is of steam railroad construction, 60-1b. steel rails. Island City. Compare V. 86, cinder and gravel ballast, long-radius curves and low grades. (2) Two The majority opinion, which Is lengthy, signed by all except Commis- large storage reservoirs (the company owns 3,000 acres of heavy timber sioner Bassett, is based largely on grounds in effect holding that the terms land, protecting its water shed), namely, "Chittenden Reservoir," at an of the offer would be disadvantageous to the city. The Commission says elevation of 1,000 feet above Rutland, holding upwards of 500,000,000 it "desires that the tunnel be put into operation at the earliest possible cubic feet of water, supplied by never-falling mountain streams and springs. moment and that any reasonable proposal which would require any action. and the "East Pitts ord Reservoir,' holding approximately 70,000,000 by this Commission to achieve this result will be given very careful considera- cubic feet of water. (3) 8,000 feet below the "East Pittsford Reservoir" tion by this Commission:" also, further, that there "is no insuperable dif- and operating under a head of 210 feet, a modern fireproof hydraulic gen- ficulty to private operation of the tunnel; it could be put in operation in erating station, present capacity 2,250 h. p., with foundations, connec- a few months under the present law or under new legislation. The com- tions, &c., for another 750 h. p. unit. The power Is transmitted by two pany built the tunnel It is incumbent upon the company, distinct 13,200 volt transmission lines to Rutland and thence to West and not upon the city, to see that the tunnel is put in operation." Rutland, Castleton Corners, &c., furnishing light. power, &c. (4) Two The company's chief engineer estimates that the work necessary to place emergency steam plants aggregating 2,000 h. p. and an electric storage the road in condition for operation would cost $310,000. The total amount battery. (5) Coal gas plant, entirely new, capacity of 120,000 cubic feet of the expenses and liabilities incurred by the company on account of the per day, and a water gas set, capacity of 150,000 cubic feet per day, with work, including $491,510 unpaid Sept. 30 1908, was, it is stated, $8,595,517. apparatus for saving by-products of tar, coke and ammonia. There are —V. 87, p. 873. 16 miles of mains in the city, ranging In size from 10 to 4 inches. The company has a 5-year contract, dated April 1908, with the City of New York & Long Island Traction 0o.—Officers.—C. L. Rutland for the electric lighting of the public buildings and streets. Con- Addison, Vice-President, has been elected President of this sidering the high standard of physical condition of the properties and the opportunities for profitable extensions of our business, we feet that the out- company, and also of the Long Island Electric Ry. Co. suc- look is most promising. Our rates are reasonable and the company Is la ceeding F. L. Fuller, who resigned. William 0. 'Wood good favor with the public.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 102 THE CHRONICLE LxxxvIir.

- Earnings for Years ending.Sept. io ("Net" After Deducting Taxes). heart Of the city, within stx.blocks of the City Hall. Other terminals WII rear— , Gross. , Net. J Year— Gross. Net. be located at suitable points in the road, such as Stockton and Sacramento. 1907-08 $213,447 $110,41011905-06 $185,179 $69.559 A large percentage of.„141p1wprk of construction is already,compted and 1000-07 ,.,,.-- 198,350 90,02211904-05...... , 163,662 51,108 it is expected the road Win be ready for commercial operation. the latter 1909. [Compare Ddnve& Rio As against the net earnings for the year 1907-08 of $110,410, a part of Grande RR. abOVe. Although the full year's' first imortgage bonds were,”ndorWritterLiseveral years ago interest charge on the $1,500,000 bonds.now ,qptstandIng is $75,000nleav- by a syndicate Ing*a. balance of $35,410.--V. 86, p. 1044. headed by William A. Read & Co.,, New york,,pils is the first public offering. We understand that the bonds in question were acquired in' 't he Open • St. ilgseph & Grand Island Ry.-2=-New Director H. market and are not offered for the syndicate.—Ed—V.87p. 13014 740: HarrimAn was some time since electdd a director to fill one Wisconsin Central Ry.—Line from Superior to Duluth of the two vacancies in the board; one caused by the resigna- Opened Jan. 4.—The line from.Ladysmith to Superior and tion of former President W. T. Van Brunt.—V. 87, P. 1416, Duluth, 115 miles, forming a part of the Superior & Duluth 1301. Division, extending from Owen to Superior and Duluth, St. Louis & San Francisco RR.—Subscription List Opened 160 miles, was opened for freight traffic on, Jan. 4. The and Closed Simultaneously.—The subscription lists for the terminals at Superior and Duluth are not yet completed.— 5% bonds were closed at the office of Speyer & Co. as soon AS Compare V. 83, p. 986.—V. 87,43. 1534. • they were opened on Jan. 5. While small investors will probably receive the full amount asked for, the larger appli- INDUSTRIAL, GAS AND MISCELLANEOUS. cations, it is stated, will have to be considerably reduced. Express On account of the Adams Co.—Earnings.—For year ending June 30 large number of applicatiQns the allot- 1908, (filed in Massachusetts): ment could not be made at once. See V. 87, p. 1480. Gross earnings $26,958,581 Total net $1,032,169 Southwestern Street Ry., Philadelphia.—Receivership Net earnings, deficit_ _ 102,019 Charges $51,168 Judge Holland in the United States Circuit Court at Phila- Other income 1,134,189 Dividends (8%) 960,000 delphia on Jan. 2 appointed Charles Henry Jones and John Total net Income $1,032,169 Surplus $21,001 W. Ellard receivers. The United Power & Transportation —V. 87, 13. 87.1• Co. owns 7,995 of the 8,000 shares. Alliance Realty Co.—Extra Dividend.—This company, a The company, It is stated, is Indebted to the Inter-State Railways in the large portion of whose stock is owned by the United States sum of $155,316 and to the United Power Co. to the amount of $157,638. Realty Sr Improvement Co., has declared, with the Compare "Electric regular Railway" Section for Sept. 1908, page 87. quarterly dividend of 14%,3 an extra 1%, payable Jan. 15 Tr -City Railway & Light Co., Davenport, Ia.—New Stock to stockholders of record Jan. 7. Issue by Subsidiary.—The subsidiary Tr -City Ry. Co. on Annual Dividend Record. Dec. 29 increased its capital stock from $2,500,000 to $3,- 1902. 1903. 1904. 1905. 1906; " 1907. 1908. 000,000.—V. 87, p. 168, 98. 6% 6% 6% 6% 7% 7% &1% extra 7% &1 % extra —V. 83, p. 819. Virginian Ry.—About Completed.—The first through train American Alkali Co.—Decisions.—Judge Holland in the was run from Norfolk to Roanoke, 243 miles, on Jan. 5. A United States Dec. 28 handed down press Circuit Court on three report says: decisions in test cases covering different classes of cases, The road is now completed from Roanoke to Norfolk, 243 mile's, and from maintaining Roanoke to Rich Creek on the west, 77 miles. The long bridge across New the right of Receiver Arthur K. Brown to collect River will be completed within two weeks, when trains can be operated unpaid assessments on the preferred stock. from Norfolk to Deepwater, WI. Va. the western terminus, a distance of 442 miles. and Industrial" The "Philadelphia Financial Bulletin" of Dec. 29 contains a long state See map of road in "Railway Section of Oct. ment of counsel for the 1908, page 139.—V. 87, p. 1480. receiver summarizing the litigation and expressing the opinion that the "decisions leave little ground for further litigation • West Chester & Wilmington Electric Railway.—Pros- and open the way for winding up the concern's affairs." They also say pectus.—An official pamphlet says in substance: "It is hoped that a sufficient sum will be realized from the present assess- ment to pay all debts of the company and the expenses of the receivership The company proposes to connect Delaware's metropolis—the City of obliging Chester, the without the preferred stockholders to pay a further assessment." Wilmington, and the Borough of West county seat of Chester Compare V. 85, p. 656; V. 83, p. 971. County, Pa., by means of an electric rallway,17 miles In length using private rights of way already secured. The road will run via Bethel, Concord, American Express Co.—Earnings.—For year ending June Birmingham, Thornbury, Westtown and West Goshen townships, Pa., 1908, (filed in the southern portion of the line passing through a thickly settled farming 30 Massachusetts): country dotted with several thriving villages. The population along this Carriage of prop.&mdse_$29,309,878 Interest and rentals_ _ _ _ $1,652,622 line Is about 122,000. Besides carrying through and local passenger Financial earnings______1,238,765 Charges $310,043 traffic,we shall run a freight car, making two round trips per day, carrying ------Dividends 2,160,000 fruits, vegetables, meats, fish, oysters, etc. Gross earnings $30,548,643 The road bed will be graded to a steam road surface as near as possible. Net earnings $476,372 Deficit $341,048 Standard railroad ties, 70-1b. T rails, continuous Joints, rock ballast. The Previous surplus, $15,451,060, less credits, $31,543 15,419,517 power house will he located at Brandywine Summit. The capitalization will be $500,000 stock (including, $50,000 5% pre- Total surplus $15,078,469 ferred—par of all shares $50.—Ed.)and $500,000 of 30-year 5% first mortgage gold bonds dated April 1 1908, covering all the belongings of the Reduced Rates.—On Jan. 1 the company reduced its mini- company; $400,000 bonds and $400,000 stock will be disposed of at once mum charge on small packages within a 50-mile radius of to construct and equip the road from Wilmington to West Chester, and from 25 cents and made other $100,000 bonds and $100,000 stock will he reserved to extend the railway Boston to 20 cents, changes to tide-water on the Delaware River and make improvements. The in its schedule to correspond.—V. 87, p. 933, 874. bonds are sub) ct to call aft, r fiv( y.:a's at 105. Intt r st )ayable April 1 and Oct. 1 at Security Trust & Safe Deposit Co., Wilmington, trustee. American Light & Traction Co.—Common Stock Dividend Annual sinking fund 20% of net earnings. The President of the Railway Again Increased.—The directors have declared, with the Co. Is Thomas E. O'Connell, Secretary and Treasurer, C. P. Faucett. Estimated earnings:Passengerrecelpts, $135,000; freight receipts $12,000, usual preferred dividend, a quarterly dividend of 2% upon total, $147,000. Net earnings, $58,800; 5% on bond Issue, $20,000; the $6,760,700 common stock, payable Feb. 1 to stock- State tax. $1,333; 2% on capital stock, $8,000; balance, surplus, $29,467. —V. 87, p. 40. holders of record Jan. 20, comparing with 14%3 paid Aug.l. West End Street Ry., Boston.—Deposits.—The Dividends on Common Stock. committee 1904. 1905. 1906. 1907 1908-- 1909 of stockholders (F. S. Mead, Chairman) which was appointed Nov. Total. Total. Feb. May. Aug. Nov. Feb. May. Aug. Nov. Feb. to investigate regarding the proposed merger with the 1% 3% 4% 13i, 1h 13'l 1% 1% 1% 1% 1% 2 Boston —•v, 87, p. 1000. Elevated Ry. has, it is announced, received the endorsement 131,209 shares of stock, of which American Locomotive Co.—New Plant at Gary, Ind.—The of holders of 72,555 is held acres institutions, trustees, executors or others company has purchased a plot of 130 of land at Gary, by acting in a property of the United States fiduciary capacity.—V. 87, p. 1534. Ind., adjoining the Steel Corporation, and plans are being drawn for a new plant Western Pacific Ry.—First Public Oftering .—E. H. Rollins which officers of the Locomotive Company say will be the & Sons, Boston, Chicago, Denver and San Francisco, are complete and best equipped locomotive works in the 943/b most offering at and interest, yielding 5.40% income, $1,- world. An official statement says: mortgage 5% 30-year gold bonds dated 000,000 first Sept. 1 The land purchased Is twice the extent of that occupied by the largest 1903, due Sept. 11933. Interest payableiMarch 1 and Sept. of the company's present plants and when fully occupied will give employ- 1 in New York or San Francisco. Bowling Green Trust Co. ment to from 12,000 to 15,000 workmen. At present there is no large locomotive plant west of Pittsburgh. The sin of the new plant will be of New York City, trustee. A circular says (see also letter sufficient to provide liberally for tile growing needs of the railroads for from President Jeffery under Denver & Rio Grande RR.): Years to come.—V. 87, p. 1161. 874. Capitalization. American Milling Co., Philadelphia.—Merger Plan.— Stock, authorized and issued (two-thirds of it owned by Denver See Marsden Company below.—V. 78, p. 770. & R o Grande RR.) i00 0 020 First mortgage bonds, authorized and issued American Piano Co.----Preferred Stock Offered.—Wolf Bros. Second mortgage bonds, authorized $25,000,000; issued 17,130,000 & Co., New York City and Philadelphia, offer by advertise- These bonds are secured by a closed mortgage which is a first lien on the page, at,$95 per share, par entire property of the company, consisting of a first-class standard-gauge ment on another $100, a block of steam railroad about 927 miles in length, the eastern terminus being at $1,000,000, part of the original underwriting of $3,858,000 Salt Lake City and the western terminus at Oakland and San Francisco. cumulative preferred stock. Authorized Deposited with the trustee as further security are agreements by which 7% share capital, the Denver & Rio Grande RR. Is obligated to provide funds for the com- $6,000,000 preferred and $6,000,000 common. This stock pletion and equipment of the 'Western Pacific By. In case the proceeds is preferred as to assets as well as to dividends; dividends from the first mortgage bonds are not sufficient. The financing for this purpose has already been arranged, the Denver & Rio Grande having sold payable quarterly. There are no bond obligations and none a sufficient number of its "first and refunding mortgage" 5% bonds to can be placed upon the properties, nor can the preferred carry out these agreements. The actual physical cost of the road Ivith its equipment, when completed, will be over 25% greater than the face value stock be increased without the consent of the holders of of Its first mortgage bonds. Also deposited with the trustee as further 85% of both the common and preferred stock. The ad- security for these bonds is a traffic agreement between the Denver & Rio Grande RR. and the Missouri Pacific By. Co., which Insures to the Western vertisement says: Pacific a large business from these systems. The company is a consolidation of the "Knabe," "Chickering," "Foster The guaranty of the Denver & Rio Grande RR. Co. will be endorsed on Armstrong" and other important makes of pianos, and Its net assets, as each first mortgage bond as to the payment of its interest. All of the appraised by the Audit Co. of New York March 31 1908, were $3,858,521. bonds issued ,under this mortgage, but no part thereof, are callable at 105 These figures do not include the value of good-will, patents, trade-mark and interest on any interest day. A sinking fund of $50,000 each year, and patterns, which are substantial assets. The average net earnings of beginning Sept. 1 1910, will be paid to the trustee each year until all of the constituent companies for five years previous to consolidation were the bonds shall be redeemed or paid. The bonds purchased through this $525,000 per annum, or over 13% on the outstanding preferred stock. sinking fund are canceled. After a liberal allowance for depreciation and the establishment of a Among the most valuable assets of this road are its terminals, which are substantial reserve it has been proven that the economies effected in buying, unsurpassed. In Oakland the terminals aggregate about 360 acres, with manufacturing and selling will be sufficient to double the present net earn- a water frontage of about two miles and ample room for freight and passen- ings. No dividend can be paid on the common stock unless there shall ger yards. The Oakland terminals will be connected with those at San at the same time be added to the surplus ou,t of the net profits not less than' Francisco by a system of ferry-boats and water transportation. In San one-third of the amount of such common stock dividend. Increased output Francisco there are two terminals, one on the water front aggregating about will largely increase net earnings. There has been nearly 20% increase In 215 acres and haVing a water frontage of nearly two miles, and this property output this year, resulting largely from the consolidation. See further Is connected by a tunnel with another terminal of about 50 acres In the particulars in V. 86, p. 1531; V. 87, p. 227, 417, 1535.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.1 THE CHRONICLE 103

American Pneumatic Service Co.-Government Report.- is located the gas plant, three storage holders and two oil storage tanks. The apparatus consists of two Lowe water gas sets with a daily capacity of Postmaster-General Meyer, who at the request of Congress 2251000 Cu. ft., and one coal gas set held in reserve. Supplies the city and examined the- company's pneumatic cu, be systems for mail the town of Blackstone.• "Franchises.-The franchises are without embarrassing restrictions and distribution , transmitted his report to'Congress on Dec. 15. without fixed termination. While he advise&s,gainst commending the wor15 of the tubes' Bush Terminal Co.-Application to List.-The company their purchase at the present time on the ground that the has applied to Contracts with the the New York Stock Exchange to list $6,- period (nearly 8 years) that the present 012,000 consolidated mortgage permit the company to perfect 5% bonds due in 1955 and Government have to run will $3,295,000 first mortgage 4% bonds due in 1952.4-V. 86, the system.-V. 86, p. 1464. p. 1040. American Telephone & Telegraph Co.-Increase in Limit Cocheco Manufacturing Co., Dover, N. H.-Offer to Pur- of Stock Issue.-The stockholders voted Jan. 7 1909 to in- chase.-The directors on Jan. 5 sent a circular to the share- crease the limit of issue of capital stock from $250,000,000 to holders saying: $300,000,000, in order to provide for the conversion of the The Pacific Mills (V. 84, p. 1185) has offered to purchase the entire prop- p. erty and assets of this company,and to assume all its outstanding obliga- entire $150,000,000 bond issue of 1905. (Compare V. 87, tions, for a price which, upon distribution,will net the shareholders of the 1665, 1535, 1607; V. 82, p. 571.) company $75 on each share of this company's stock, provided the net quick assets are found upon examination to be not less than as shown in the in- Blackstone Valley Gas & Electric Cot, &c.,o. (Pawtuck ventory of Oct. 31 1908. (The capital stock is $1,500,000; par of shares, Island).-Amalgamation-Bonds Offered.-Esta- $100: no bonds.) See V. 87. p. 349. Rhode Co.-Sale of Control. brook & Co., Boston and New York, are offering at 973i and Colt's Arms -Charles A. Morse dc Co., yielding 5.15%, the unsold portion of the present of New York, have sold to a Hartford, Conn., syndicate interest, Charles L. F. Robinson a issue of $1,750,000 collateral trust 30-year115% gold bonds headed by controlling interest 1909 and due Jan. 1939, but subject to redemp- in the stock. Charles A. Morse and J. F. A. Clark, who dated Jan. directors, tion, as a whole or in part, at 110 and interest on any interest retired from the board of were,it was expected, to date. Interest payable Jan. 1 and July 1. Amount of be succeeded by representatives of the new controlling issue, $5,000,000. Denominations: Coupon, $1,000; regis- interests to be named at a meeting in Hartford this week. tered, $1,000 and multiples (c*&r*). Slater Trust Co., -V. 87, p. 1535. Pawtucket, R. I. trustee. Annual sinking fund, 1% of the Columbia Gas & Electric 0o.-Purchase.----See Union Gas total bonds outstanding.' & Electric Co. of Cincinnati below.-V. 86, p. 1532. Commonwealth Edison Co., Chicago.-Called Bonds- Abstract of Letter from Stone & Webster. Managers. Dec. 31 1908. Offer of Exchange.-Under agreement with the banking ,Organization.-The company was organized in July 1908 under the laws week purchased $10,000,000 of its 5% of the State of Maine. Through the ownership of stock of subsidiary com- houses which last panies, It controls the entire gas and central station electric lighting and bonds, the company has called for redemption the following power business in the cities of Pawtucket, Woonsocket and Central Falls, debentures of the old Chicago Edison Co.and offers the hold- and the towns of Lincoln and Cumberland, Rhode Island, and other neighboring towns. ers thereof the option of exchanging the same not later than Capitalization of Blackstone Valley Gas de Electric Co. Jan. 18 on the basis named below: Chicago Edison Co. Amount. Called for Payment at- Authorized. Issued. 6% debentures of 1893_ _$1,483,000__ Par & Int.,July 1,Mer.L.& T.00.,ChIc. Collateral trust, 30-year gold bonds. The Issued 3-year gold deben., 5% _ _ 5,000,000_ _101 & Int.,Sept.1, ULT.& S.Bk.,Chic. bonds bear 5% Interest; the remainder, 5% or less The company offers the holders of the above-mentioned debentures Its as determined by the board. The $3,250,000 of first mortgage 5% Cold bonds of 1943 at 102 and interest in exchange for 'bonds reserved in the hands of the trustee may be said debentures, to be taken by the company at the following prices: Issued at par for not exceeding 100% of the cost of For each $1,000 6% debenture par and Interest plus $9 bonus shares of the present outstanding stock issues of For each $1,000 5% debenture 101 and interest plus $6 bonus 'subsidiary companies, and not exceeding 80% of The exchange may be made not later than Jan. 18 at the office of any the cost of permanent additions, extensions and one of the following Chicago bankers, who, it is understood, participated in improvements $5,000,000 $1,750,000 the purchase of the new bonds, viz.: First Trust ec Savings Bank, Harris Preferred stock, 6% cumulative (shares $100 par) ___ 1,000,000 1,000,000 Trust & Savings Bank, N. W. Halsey & Co.. Illinois Trust dc Savings Bank, Common stock (shares $100 par) • 750,000 750,000 Merchants' Loan & Trust Co., Northern Trust Co., Russell, Brewster & The company's outstanding stock and bonds as above represent either Co. Compare V. 88, p. 55. cash or securities of subsidiary companies at their market value. Cash in the company's treasury, approximately, $584,000, in addition to which Consolidated Gas, Electric Light & Power Co. of Baltimore. there will be in the treasuries of the subsidiary companies, after the pay- -Sale of Bonds.-The company has sold $2,475,000 4 ment of all floating debt. approximately $304,000,a total of, approxi- bonds held in the mately, $888,000, all of which will be available for working capital and general mortgage treasury, about $1,350,- new construction. 000 of these going to E. H. Rollins & Sons of Boston and Capitalization of Subsidiary Companies-Amounts of Stock owned and Drexel & Co. of Philadelphia, and the remainder, some $1,- Deposited as Security for These Bonds. 125,000, to investors. This sale, it is understood, makes Pref.. Corn. Owned by B.V .G.&E .Co.Underlging $5,200,000 of this 4M% issue outstanding.-V.88, p. 55. Stock. Stock. Prof. Stk. Corn. Stk. bonds. Int. Consolidated Gas Co. of New York.-United States Supreme Paw tucketElec- trio Co $200,000 $400,000 $110,000 $400,000 $1,250,000 5% Court Holds 80-Cent Gas Law Legal Until Found Non-Com- Pawt. Gas Co. pensatory after Trial.-Pressure, &c., Features of Law Un- of N. J 1,000,000 1,000,000 10,000 1,000,000 1,400,000 4% Woonsocket El. Constitutional.-See editorial remarks on a preceding page. •Mach.&P.Co. None 500,000 None 500,000 479,000 4% Deposits.-The amounts deposited by the company and Woons. Gas Co. (V.84,p.512) None 250,000 None 205,100 None its subsidiaries under order of Court to protect consumers, The stocks of the subsidiary companies owned by the Blackstone Valley representing the difference between the 80 cents per 1,000 Gas 44 Electric Co. are deposited with the Slater Trust Co., trustee. In- the law and the charged come derived from dividends on these stocks, and from such other securities feet of gas allowed by $1 per 1,000 as the company may own, constitute the earnings available for securities of by the company (to which, it is reported, some further the company as shown in the earnings statements following. amounts are to be added for late additions not recorded), [Note.-As regards the $3,129,000 underlying bonds sh.,wn above it is interesting to note that the Pawtucket Electric Co.(V.86, p.173) made in are as follows: January 1908 a consolidated mortgage to the City Trust Co. of Boston, Consolidated Gas co $4,988,0111Standard $1,005,287 trustee, to secure not exceeding $2,000,000 5% gold bonds of $1,000 each, Mutual 828,107 Central Union 711,369 due Jan. 1 1938, but subject to call at 105 on any interest date at 105%; New Amsterdam 1,236,559 Northern Union 274,292 of these bonds $750,000 are outstanding and $500,000 are reserved to retire $500,000 1st M. 55 of 1896, due June 1 1916. The Pawtucket Gas Co. of Total $9,038,629 N. J. (see V. 83, p. 276) has outstanding $1,400,000 1st collateral trust 4s, Commissioner John A. Shields on Wednesday gave the authorized Issue, $2,000,000. due May 1 1932, but subject to call at 110 on any Interest date. The Woonsocket Electric Machine & Power Co. various depositary banks notice to be ready to pay over the (V. 84, p. 512) has outstanding $200,000 first mortgage 430, due Jan. 1 moneys on demand within 30 days,if the Court should in its 1931, and $279,000 consolidated mortgage 431s, due April 1 1943, of an authorized issue of 8500,000.-Ed .1 mandate accompanying the full opinion, which is expected Income Account for Calendar Years. shortly, direct that the same be returned to the consumers. 1908. Presently The subsidiaries were not parties to the case in which the (Dec. est.). (est.). decision was rendered. Gross earnings $871,362 $1,150,000 Operating expenses, taxes and bond int. and divs. The company is accepting 80 cents per 1,000 cubic feet not applicable to securities of the Blackstone in payment of the December bills, which, however, are made Valley Gas 46 Electric Co_. ,-t 696,131 873,500 out on the basis of the former dollar rate.-V. 87, p. 1535. Balance $175,231 $276,500 1481. Interest on $1,750,000 5% bonds of I1laok5tone -100%. Valley Gas & Electric Co -1 87,500 87,500 Dartmouth Manufacturing Co., New Bedford. Dividend-Stock Increase.-The stockholders on Jan. 5 voted; Balance $87,731 $189,000 dividend of 100% ($100 per share), paya- In spite of the greatly depressed condition of business throughout the to declare a cash Blackstone Valley during 1908, earnings available for securities of the ble Feb. 14 to stockholders of record at 10 A. M. Jan. 5. company were over twice the interest requirements on the company's They also voted to increase the capital stock from $600,000 outstanding bonds. With the return of norrhal business conditions and with the added facilities that the subsidiary companies will have after the to $1,200,000. The stockholders have the right to use the expenditure, during the next year or two, of the cash now provided, we dividend until Feb. 24 in payment for the new stock, for estimate the results will presently be as above shown. The gross earnings for years ending Oct. 31 were: 1905-06, $609,757; 1006-07, $786,087; which they may subscribe prior to Feb 14. 1907-08, $873,365. Dividend Record for Last Three Years (Per Cent). Territory Served.-The territory covered is one of the most thickly EmaYrcehar 1906- Year 1907- Year 1908- settled parts of New England, and the population served by the company arch 4% March JuneMse aprtcehm be r 4% is conservatively estimated at 135,000, an Increase of 18% since 1900. June 4% May4% 50 ext. Plants on the Blackstone River and Equipment. Sept 4 & 10ext. June (1) Pawtucket Electric Co. owns three power stations in Pawtucket (esti- December 4% September 4% December_ _ _4 & 50 ext. mated population 47,000), with a combined rated capacity of 5,440 kilowatts. December 4% Station No. 1, capacity 3,000 k.w., is a steam plant; No. 2 is a combined Balance sheet of Dec. 31 1907 showed; Funded debt. $450,000; reserved steam and water-power plant, and No. 3 develops water power from valu- for bonds, $150,000; surplus, $802,106. able rights on the Blackstone River. In addition the company supplies Detroit City Gas Co.-Increase of Stock.-The $2,500,000 steam commercially. (2) Pawtucket Gas Company's plant consists of water-gas and coal-gas apparatus, combined daily capacity 1,750,000 new stock (the increase voted last month having been from cubic feet; holders, aggregate storage capacity, 930,000 Cu. ft. An addi- $5,000,000 to $7,500,000, not $7,000,000 as previously tional holder, with a capacity of 1,000,000 Cu. ft., is under construction. This company, as well as Pawtucket Electric Co., owns valuable real reported) has, it is stated, all been subscribed for by share- estate. (3) Woonsocket Electric Machine & Power Co. owns two power holders. Compare V. 87, p. 1666. stations in Woonsocket (est. population 34,000), with a generating capacity of 4,045 k.w., one a water and steam power station combined, the other General Railway Signal Co.-Bonds Called.-Twenty a water-power plant. Owns a dam across the river and valuable water ($20,000) first mortgage bonds, dated March 1 1902, of the rights; also income-producing real estate assessed at about $160,000. (4) Woonsocket Gas Co. owns 2;1 acres of land in Woonsocket, upon which Pneumatic Signal Co. have been drawn for redemption/on

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March 1 at par and accrued interest at the Rochester Trust companies other than that already owned by the Massachusetts Gas Cos. There are no bonds outstanding (other than those owned by the Massa- Jr Safe Deposit Co., Rochester, trustee.-V. 87, p. 874. chusetts Gas Cos.) against any of these companies except $250,000 first mortgage bonds of the Federal Coal & Coke Co. and $175,000 first mortgage Hudson River Power Transmission Co.-Coupon Pay- bonds of the Chelsea Gas Light Co. ment.-The Oct. 1 1908 coupons from the company's $500,- Since July 1 1905 the only securities issued by the operating companies controlled by the Massachusetts Gas Cos. have been $55,000 East Boston 000 first mortgage bonds due 1928, with interest at 6% to Gas Co. stock. During that time, however, the operating companies and Dec. 31, are being paid and canceled by the Mercantile the Massachusetts Gas Cos. have expended for additional property and construction, $6,459,424. From the sale of real estate the Boston Consoli- Trust Co., New York, trustee. Payment began Dec. 30. dated Gas Co. has received $1,527,677 and the New England Gas & Coke -V. 87, p. 1240, 874. Co. $100,000; total, $1,627,677, making the net outlays,as above,$ 4,831,- 747, or deducting $66,000 received for the $55,000 East Boston Gas Co. Illinois Brick Co.-No Dividend Declared.-The directors stock (sold at a premium), a net sum of $4,765,747. Money for im- at their regular quarterly meeting failed to declare a dividend provements has In the past been secured by borrowing by the sub- companies and by the Massachusetts Gas Cos. on the $4,000,000 capital stock. Three months ago a divi- The most Important improvements have recently been finished or will dend of 1% was paid. Compare V. 87, p. 874. be completed within the next two or three months, and It is anticipated that within the next three months the benefit of these improvements will Indiana & Michigan Electric Co.-New Plan.-The "En- be shown in a marked increase in net earnings. The Boston Consolidated gineering Record" of New York, in its issue of Dec. Gas Co.'s new plant was put into commission the latter part of the year 26, con- 1908, and January earnings should show a substantial benefit from same. tains an illustrated article regarding the low-head hydro- It is expected that the coal property which was secured by the Massachusetts electric development, capable of producing 7,200 K. W., Gas Cos. In the spring of 1908 will show a satisfactory net Income during the year 1900, as the improvements commenced some six months ago on which this company has recently placed in service on the that property will be completed by March 1 this year, by which time it is St. Joseph River at Berrien Springs, Mich.-V.85, p. 349. expected that the production of 1,000 tons per day will be doubled. The Citizens' Gas Light Co. of Quincy has been unprofitable up to July 1 Knickerbocker Ice Co., Chicago.-Dividends Resumed on 1908, but it is expected that that company can pay a dividend this year Preferred. $3,000,000 While the investment in the steam colliers has been satisfactory, there Is -Dividends on the cumulative pre- no reason why, during 1909, they should not do much better than they did ferred stock, which after a record of nineteen consecutive In 1908. The New England Coal & Coke Co. will be selling coal on or semi-annual payments at the rate of 6% per annum, before April 1 1909, and it is expected will prove to be a new source of were Income for the Massachusetts Gas Cos. Compare annual report In V. 87, suspended following the distribution of 3% last February, p. 1087, 1666. have been resumed with the declaration of a 6% payment Merchants' Heat & Light Co. of Indianapolis.-Stock and to be made Jan. 20 to stockholders of record Jan. 9, thus Bonds Increased.-The stockholders on Dec. 29- authorized covering the semi-annual installment deferred last June, an increase in the common stock to $500,000 and in the limit as well as that now due. of the bonded debt to $2,000,000. New Note Issue.-The company has arranged to retire the It is proposed to erect an additional plant in the western part of the collateral 5% gold notes due Feb. 1 (V. 83, p. 439), originally city, from which to supply the customers in that district. Compare V. 81. $1,500,000, by the sale of a new issue of $1,300,000 of 2-year p. 843; V. 79, p. 683. 6% notes. Of the new notes Lehman Bros. of New York National Licorice Co., Brooklyn, N. Y.-Dividend In- have taken two-thirds and the First Trust & Savings Bank creased.-The directors have declared a semi-annual divi- of Chicago and Central Trust Co.of New York the remainder. dend of 3% on the $1,000,000 common stock, payable Jan. 7 -V. 87, p. 1666, 1536. to stockholders of record Jan. 6. There is also $500,000 6% cumulative preferred. Par of shares, $100. Library Bureau, Boston.-New Stock.-Preferred stock- holders of record Dec. 9 1908 are offered the right on or New York Air Brake Co.-New Stock to Provide for Con- before Feb.1 to subscribe at par for $500,000 pref.. stock, ser . B, version of Bonds.-The shareholders, it is announced, will to the extent of 50% of their respective holdings. Subscrip- shortly be asked to increase the limit of capital stock from tions are payable either as a whole on April 10, or 50% on $10,000,000 to $13,000,000, to provide for the conversion of that date, and the remainder July 10. There is at present the $3,000,000 first mortgage 69' bonds. (V. 86, p. 725, outstanding $1,000,000 8% cumulative preferred and 1104.)-V. 86, p. 1347. $1,500,000 common stock. Par of shares $100. Business New York Transportation Co.-Decision.-The Court of established in 1876. Appeals at Albany on Jan.5 affirmed the decision of the lower Dividend.-The Library Bureau paid on Jan. 2 a regular courts which refused to restrain the city authorities by in- quarterly dividend of 2% on the preferred to stock of junction from interfering with advertising matter on the record Dec. 21 1908. The pref.. has received 8% per annum outside of the coaches of the Fifth Avenue Coach Co. (all of for over 20 years. whose stock is owned). Manitowoc Gas Co.-Earnings.-For year ending May It is claimed that the advertisements on the exterior of the coaches violate a city ordinance against advertising trucks or wagons running In the streets. 31 1908: -V. 88, p. 56. Gress earnings $51,401 Interest on $215,000 bonds_ _$10,750 Net earnings (after taxes) _ _ _ 20,856 Balance, surplus 10,106 Pacific Mills, Lawrence, Mass.-Proposed Purchase.-See Cocheco Mfg. Co. above.-V. 84, p. 1185. Philadelphia.-Plan /or Merger Marsden Company, and ctc.- Reduction.-This company, having outstanding Pawtucket (R. I.) Electric 90% Stock Co.-Amalgamation'Gas & Electric $34,944,700 common stock, in shares of $100 each, but only Outstanding Bonds.-See Blackstone Valley $28,300 6% cumulative and participating preferred stock Co. above.-V. 86, p. 173. ($1,518,700 of the preferred having been purchased by the Pawtucket (R. I.) Gas Co.-Amalgamation, &c.-See company with a view to cancellation upon consummation of Blackstone Valley Gas & Electric Co. above.-V. 83, p. 2 76. the present plan), has called a meeting of its shareholders Pittsburgh Wheeling & Lake Erie Coal Co.-Default.-No for Jan. 28 to vote on reducing the capitalization by about instructions have been received at the Mercantile Trust Co., 90% in connection with a merger of the company with its New York, to pay the January coupons from either the subsidiary, the American Milling Co., under the title of the $634,500 first 4s or the $200,000 prior lien 5s. Six months latter and pursuant to the laws of New Jersey. ago the coupons then due were paid July 3.-V. 87, p. 43. The American Milling Co. has issued $1,365,200 capital stock, all except $350 of which is owned by the Marsden Company. Rockland Light & Power Co., Rockland County, N. Y.- The new American Milling Company will have authorized issues of $3,- Boston, 500,000 common stock in shares of ten ($10) dollars each, and $1,500,000 Bonds Offered.-N. Iv. Harris & Co., New York and 6% cumulative preferred stock in shares of one hundred ($100) dollars each. and Perry, Coffin & Burr, Boston, recently offered at par The common stock will be exchanged, share for share ($10 new for $100 old) Nov. 2 for the existing common stock of the Marsden Co. Of the new preferred and interest $500,000 1st M. 5% gold bonds dated stock, $28,300 will be exchanged, dollar for dollar, for the outstanding 1908 and due Nov. 11938. Interest May 1 and Nov. 1 preferred stock of the Marsden Co., and the stock so issued will carry ac- Guaranty crued dividends from Jan. 1 1898 (not 1908) to represent the 66% accumu- in New York City. Denomination $1,000 (c*). lated dividends to Jan. 1 1909 on Marsden preferred. Every new preferred Trust Co., New York, trustee. Tax-exempt in the State share will be entitled to receive in addition to its 6% yearly "a dividend York. territory served edtueanl ains =mat so shalltha paide (i da asshareah of m sn stocke whensta andat as of New The southern part of the dividends declared commoncommon.' is only about five miles from Manhattan Island. without exchange. present American Milling Co. will be canceled Abstract of Letter from Vice Bradley Jr., NYack, N. Y.. The directors of the consolidated company will be as follows: A. G. -President S. R. Bldg., Philadelphia; E. S. Buckner Nov. 25 1908. Winter (President), 801 Drexel (Vice and power business President), Wilmington, Del.; W. W. Gibbs, Edward C. Lee, Edwards S. The company does practically the entire electric light of Rockland County, N. Y. Including Haverstraw, Nyack and a number Dunn and Clarence M. Brown of Philadelphia; James S. Beacom, Greens entire capital stock burg, Pa.; R. C. Patterson, Newcastle, Pa.; H. W. Stone, Benson, Minn., of smaller communities. Through the ownership of the and notes secured by a first mortgage of the Rockland Electric Co. of New and Henry F. Stockwell, 317 Market Street, Camden, N. J. The Secre- business In the be A. F. Seay, 77 Jackson Jersey, the company controls the electric light and power tary and Treasurer of the company will Bode- corner of ownership of the entire va 'd. Chicago, 111.-V. 85, p. 349. northeastern New Jersey; and through capital stock of the Nyack Gas Light & Fuel Co. also does the entire gas Massachusetts Gas Companies.-Bonds Offered.-Sub- business at Nyack. It Is propoted to merge the latter company In the near Monday from 10 a. m. till future. The total population served Is conservatively estimated at about seriptions will be received on 35,000. The territory embraced, roughly,forms a triangle with a base of 12 m. by Kidder, Peabody & Co., R. L. Day & Co. and about 24 miles along the west side of the Hudson River. Estabrook & Co., at their offices in New York and Boston, Capitalization. Common stock authorized, $400,000; Issued $200,000 at 96% and interest, yielding 49/%,f for the company's new 100,000 sinking fund, gold Preferred stock authorized, $100,000; Issued issue of $6,000,000 20-year 4M 0 bonds, Bonded debt-1st M. 5% gold bonds (total auth. Issue $1,000,000): due Jan. 1 1929, but subject o call at 105 and interest. Present issue, to retire underlying bonds and for imp'ts, &c_ _ _ _$500,000 Denominations, Reserved to retire a like amount of Nyack Gas Light & Fuel Co. Interest payable Jan. 1 and July 1. coupon 5% bonds 50,000 bonds, $1,000 each; registered bonds, $5,000 and $10,000 per annum Total bonds outstanding $550,000 each (c*&r*). Sinking fund, $120,000 for first 1908$.,000450 five years, thereafter. Old Colony Bonds reserved for extensions and improvements $180,000 per annum Earnings for Year Ended Sept. 30 Trust Co. of Boston, trustee. A circular says in part: Gross earnings $160,03411nt. on $550,000 bondS $3271:810500 The Indenture, subject to which these bonds are Issued, provides that Net earnings, after taxes__ _ 59,3101Balance, surplus the Massachusetts Gag Cos. shall not mortgage or pledge any of its assets, The company has paid 6% annual dividends for the past live years on Its without equally securing these bonds, and further provides that none of dividend of 3% was the sub-companies pledge their property preferred stock, and In the summer of 1908 an initial shall hereafter mortgage or unless common stock. the indebtedness to be secured is acquired and held by the Mass. Gas Cos. paid on the value of Gas Cos., based The remaining $450,000 bonds may be issued to pay for 75% of the cash The the equity of the Massachusetts on the permanent the net earnings for market value of Its shares, Is over $35,000,000. The report for the year cost of additions and improvements when the preceding twelve months are not less than twice the Interest on all ending June 30 1908 shows earnings equal to more than six times the annual issued. interest on these bonds. bonds outstanding, together with those proposed to be The electrical generating station Is located at Orangeburg, N. Y., being Extracts from Letter of President C. Minot Weld. Boston, Jan. 7 1909. a substantial brick building with generators having a present total capacity The proceeds of the $6,000,000 434% bonds will enable the Massachusetts of 1,300 kilowatts. An additional 700 K. W. turbo-generator is to be_pur Gas Cos. to pay all of Its floating indebtedness and a to that of the operating chased from the proceeds of theselbonds.stCurrentils distributedibMole

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leIns to sub-stations at Haverstraw, Nyack and Spring Valley, N. Y., and the stockholders of record Jan. 5 1909 are entitled to sub- Closter, N. J. The gas plant at Nyack Is modern and of sufficient capacity to supply gas to that community for many years to come. scribe at par. See particulars in V. 87, p. 1609. The company has contracts for the public lighting In thirteen of the mu- United Box of Coupons.- nicipalities served by it, including both Haverstraw and Nyack. The fran- Board & Paper Co.-Purchase chises are satisfactory; a majority of them are unlimited in time, the short- The reorganization committee Charles C. Adsit, Chairman, est expiring In 1941. announced on Jan. 2 that it had instructed the Trust Com- San Joaquin Light & Power Co., Fresno, &c., Cal.-N. W. pany of America of New York, trustee, to purchase the Halsey & Co., New York, Chicago, &c., are offering at a coupons of the United Box Board & Paper Co. general mort- price to yield about 5.15% $500,000 first mortgage 5% gage 6% bonds due Jan. 1 1909. bonds dated June 1 1905 and due June 1 1945 but redeema- Reorganization.-The reorganization committee is arrang- ble after Aug 1910 at 110 and accrued interest. Interest ing with some of the, leading creditors of the American payable June 1 and Dec. 1. Par $1,000 (c*). A circular Strawboard Co. to accept 90-day notes in exchange for says: . A ,111 their claims. The floating debt of the United Box Board Total Authorized Issue of $3,000,000 First Mortgage 5% Bonds Due 1945. & Paper Co. is being met from the assessment on the stock. Outstanding (Including present issue) $1,896,000 -V. 87, p. 1360, 1163. Reserved to retire underlying bonds 172,000 Reserved for betterments, &c $932,000 United Cigar Manufacturers Co.-Initial Dividend on These bonds are secured by first lien on the entire property, worth more Common Stock.-A dividend of 1% has been declared on than $3,000,000, subject only to $172,000 underlying bonds. The prop- erties include 2 hydraulic generating power plants and a steam power plant, the $15,000,000 common stock, payable Feb. 1 to holders of the present development and new installation aggregating about 12,500 record Jan. 27. Regular dividends of 14%3 quarterly have horse-power, with a reservoir to maintain the water supply the entire season. Two complete copper transmission lines run to a sub-station in Fresno. been paid on the $5,000,000 preferred stock from organiza- through which the current is transformed and distributed through an ex- tion of the company to date.-V. 86, p. 979. tensive distributing system in the city of Fresno (population 30,000). the towns of Fowler, Selma, Dinuba, Reedley, Laton, Hanford, Corcoran and United States Steel Corporation.-"The Greatest Steel Plant Madera and outlying districts. The company also possesses valuable New undeveloped water rights, bringing up the total water power which can be in the World."-The "Iron Age" of York and the "Iron developed to over 20,000 h. p. Trade Review" of Cleveland ,in their issues of Jan.7,give the A sinking fund will provide for the retirement before maturity of over first descriptive of the new Gary works one-half of the bond issue. $425,446 has been put back into the property of a series of articles from surplus earnings during the five years ending Nov.30 1907,for better- of this company's subsidiary-the Indiana Steel Co. See ments and new work. also Co. above. The company controls practically the entire electric light and power American Locomotive business of four counties located in the San Joaquin Valley, California, First Offer of Common Stock to Employees.-Employees namely, Madera, Fresno, Kings and Tulare. These counties had in 1900 under the profit-sharing plan of 1909 will be allowed to a population of 72,492. The demand is growing for power for pumping water for Irrigation, Ecc. subscribe for common as well as preferred stock, the former Year ending Nov. 30- 1908. 1907. 1906. 1905. at 50 and the latter at 110. Gross income $362,529 $301,753 $244,093 $206,650 The number of shares lobe ffered has not been announced ,but It Is expected EXpenses 116,721 100,821 76,400 62,700 they will be over-subscribed. Last year the preferred was offered at $87 50 Net income 245,808 200,932 167,694 143,950 a share; In 1907 at 102; In 1906 at $100; In 1905 at $87 50: In 1904 at $55; Interest •103,400 61,728 45,190 36,125 and In 1903 at 882 50. Since the plan became operative there has been Profit 142,408 139,203 122,503 107,824 distributed to employees In dividends and bonusts about $12,000,000.- V. 88, p. 56. • Interest charges are here figured on bonds heretofore Issued, and also on the present issue of $500,000. United States Sugar & Land Co., Colorado Springs.-Bond See further particulars in V. 82, p. 990; V. 85, p. 288.-V. 86, p. 1228. Issue, &c.-This company, having outstanding $2,424,900 Southern Steel Co.-Notice to Stockholders.-The reorgan- cumulative preferred stock which is paying 7% dividends, ization committee, James A. Woodward, Chairman, an- also $2,276,200 common stock, the par value of shares being nounces that after Jan. 18 1909 no further deposits of stock $100, has just sold to Hayden, Stone & Co., Boston and New will be received under the plan except upon payment of York, $1,500,000 of 20-year first mortgage 6% bonds, in- 50 cents per share for each share of preferred stock and 10 terest payable January and July. deposited. (See The company has a 1,000-ton beet sugar mill at Garden City. Kan., cents per share for each share of common which cost in the neighborhood of $1,400,000. It own,s 30,000 acres of plan, V. 86, p. 1288.)-V. 87, p. 551, 484. beet land and valuable water rights. The company has earned about $175,000 In the two years It has been in operation. The object of the bond Standard Cordage 0o.-New Director.-Geo. H. Squire Jr. Issue Is for working capital,so as to enable them to carry their own sugar has been elected a director. In the market without borrowing. and also to enlarge the capacity of the mill from 1,000 to 1,500 tons daily. Earnings.-The gross earnings for the year ending March A press dispatch to the Denver "Republican" on Dec. 22 said: "All the are currently reported as $1,008,- accumulated dividends on the preferred stock up to Jan. 1 1908, at the rate 31 1908 (not yet published) of 7% per share, were ordered paid at a meeting of the directors here to-day. 764, wilh "n TIpt loss of A57,070." This dividend, which amounts to $150,000, will be paid Feb. 1 1909. The about one year ago.-V.84. . printer and will be Issued in a first dividend, aggregating $120,000, was paid .p 1058. fewhi.. days. At the annual meeting held this week various propositions were made for disposing of the idle properties; among others that the Woonsocket Electric Machine & Power Co.-Amalgam- bondholders take them in exchange for their bonds; but none of the propo- Electric Co. above. sitions was approved. President Wilson, it is said, reports business as ation.-See Blackstone Valley Gas & steadily Improving, sales now averaging 1,000,000 lbs. a month and the -V. 86,'p. 486. company meeting expenses.-V. 86, p. 166. Woonsocket Gas Co.-Amalgamation, &c.-See Black- Standard Oil Co.-United States Supreme Court Denies stone Valley Gas & Electric Co. above.-V. 84, p. 512. Right to Government to Appeal.-The United States Supreme & Power -Notes Offered.- the York Haven (Pa.) Water Co. Court on Monday; without filing an opinion, denied Julius Christensen, Philadelphia, is offering at 9754 flat, application of the Government for a writ of certiorari to issue of $400,004 Court of to yield over 7%, the unsold portion of an review the decision of the United States Circuit 6% "three-year gold coupon notes," free of tax in Pennsyl- Appeals of the Seventh Circuit, which in July last reversed deposit with trustee (Germantown Trust Landis imposing a vania, secured by the decision of Judge fine of $29,240,000 Co. of Philadelphia), of $800,000 consolidated 5% sinking on the subsidiary Standard Oil Co. of Indiana (V. 87, p. of notes, $1,000; -General fund gold bonds, due 1957. Denomination 229, 192). Attorney Bonaparte on Tuesday an- payable Jan. and July at Philadelphia. the Government will re-try the case in the coupons nounced that Extracts from Letter of Pres. George Poole, York Haven, Pa.. Dec. 26 1908. lower court, but it is not anticipated by the company's These notes are dated Jan. 2 1909, due Jan. 2 1912, redeemable at the- counsel, in view of the rulings of the Court of Appeals, that pleasure of the company at 101 and Interest upon four weeks' notice, and are secured by deposit with the trustee of $800,000 of the consolidated 5% any fine which may be imposed, if the company is again sinking fund gold bonds due 1957. These bonds (see V. 86, p. 1105) are found guilty of granting rebates as charged, will be over a part of an authorized issue of $4,000,000 of bonds, of which $2,550,000 are reserved to retire prior liens (V. 77, p. 2103; V. 78, p. 2390) and the balance- small fraction of the amount named above fixed by the Court It was provided, should be issued only for extensions; $517,000 of these at the former trial.-V 87, p. 1303, 229. bonds have been issued and sold. During the unprecedented drought of this sumrher our plant has been Swift & CO, Ohicago.-New Stock.-The increase in the In continuous and successful operation. The company has Installed 10,000 h.p. and machinery for 10,000 additional h.p. Is now being installed. capital stock from $50,000,000 to $60,000,000 was ratified It is expected to have at least 5,000 additional h.p. In operation by Feb. 1 by the shareholders on January 7. Stockholders of record 1909 and the balance by July 1909. The proceeds of these notes will stated, will be permitted to subscribe and comllete the plant with 20,000 h.p., with no indebtedness against same January 18, it is except the bonds and notes outstanding. pay for the $10,000,000 new stock at par on or before Feb. 6 When the plant is completed and paid for, the following Is the final limit of their of securities that can then be outstanding, to wit: Bonds, $3,200,000; in amounts equal to 20% respective holdings. gold notes, $400,000. The total Interest requirements for the entire amount Business for Year.-Press reports state that the total sales of these securities will be $184,000 per annum. for the fiscal year ending Sept. 30 1908 were $240,000,000, Earnings-Fiscal Year ending June 30 1908, Month of November 1908 and $250,000,000" in 1906-07 and Estimate for an Entire Year with Plant Completed. contrasting with "over Year'07-08. Nov. 1908. Est. Year. "considerably over $200,000,000" in 1905-06. The net Horse-power In operation 10,000 10,000 20,000. earnings, it is $7,600,000 and depreciation $1,- Gross earnings $219,849 $22,105 $600,000. said, were est. 2,750 60,000 700,000. Dividends at the rate of 7% per annum called for Operating expenses 30,918 $3,500,000. Net earnings $188,931 $19,355 $540,000. The company has been paying interest on an Investment of at least New Director.-L. B. Brainerd, President of the Hartford $1,000,000, from which It will derive no revenue until the additional 10.000, Steam Boiler Insurance & Inspection Co., has been elected h.p. are In operation. The severe depression in business during 1907-08- Is necessarily reflected,in the earnings of that year. a director to succeed the late John R. Redfield.-V. 87, p. A majority of the stock of the company Is lodged with three trustees for 1483. a period of ten years from Nov. 1 1906, thus Insuring a fixed policy and stable management. Union Gas & Electric Co. of Cincinnati.-Sale of Stock.- We are delivering power In York, Harrisburg, Steelton, Middletown and York Haven, Pa., to street railways, lighting plants and a large number of Controlled by Columbia Company.-The Columbia Gas & manufacturing enterprises located In the cities named and the territory Electric Co. has, through the purchase of an additional adjacent thereto.-V. 87, p. 1609. amOunt of the stock from the former owners, acquired Youngstown Sheet & Tube 0o.-New Stock as Dividend, control or practical control. There are $10,000,000 common &c.-The "Iron Trade Review" of Cleveland says: preferred stock outstanding.-V.87, p.1303. The directors recommend to a vote of the stockholders that the capital and $5,000,000 stock of the company be increased from $6,000,000 to $10,000,000. The United Bank Note Corporation., New York.-Option to mprovements made within the past year, together with the additional construction already planned and the plant as It stood before, represent Subscribe.-In accordance with the circular letter sent to an investment of such magnitude that the increase is recommended to all the stockholders under date of Dec. 16 1908, assignable bring the capitalization nearer to the actual value of the plant. The new stock allotment willinclude $3,000,000 stock dividends and $1,000,000 cash. subscription warrants have been issued showing precisely (Inquiries regarding the new Issue meet with no response.-Ed.)-V. 88, the amount of the new preferred and common stock for which p. 56.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 106 THE CHRONICLE Lxxxviii.

-Lyman A. Walton who since 1890 has been officially connected (as Cashier,' Secretary, Treasurer and Vice-Presi- Whe Tomfurrtiat Wint,c2E. deht) with the Equitable Trust Co. of Chicago, has nearly complet0 the liquidation of that company,and has embarked; COMMERCIAL EPITOME. . in an individual enterprise, viz. the establishing of a bond' • . ) 1 house for-The purchase and sale of locdl corporation and inib, Friday Night, Jan. 8 1909.,1 lie service securities, at Room 418, New York Life Bldg., Though the holiday quiet still lingers here and there, the 171 La §fIlie St. Mr. Walton has long been on the board of tone in trade circles continues pod, despite a certain hesita- the Chicagb South Park Commission, and in other prominent tion' in some quarters growing out of the question of tariff public positions, and is eminently qualified for dealing in reviiion. local securities. -A leather desk calendar-one of Stocks of Merchandise. Jan. 1 Dec. 1 Jan. 1 the most attractive 1900. 1908. 1908. that has thus far come to us-has been issued by the banking house of E. W. Clark & Co. of Philadelphia. Aside Lard tlel'ees 5,625 5,640 from the Cocoa bags 32,000 28,750 7,250 name of the institution and its location, there is no other Coffee. Brazil bags 3,171,291 3,028,027 3,367.067 advertising matter on the calendar, and as this is in Coffee, Java mats 52.782 41,275 48,500 gilt let- Coffee, other bags 291,390 289,233 209,586 tering, it adds to rather than detracts from its appearance. Sugar tons 7,200 17,100 5,800 The calendar is in the form of a holder for monthly cards, Sugar bags, &c. is available Hides No. 41,500 32,500 7,900 and for use for the next two years, cards being Cotton _bales 187,033 99,860 140,438 supplied for 1909 and 1910. Saltpetre bags 3,750 4,560 6,550 Manila hemp bales 1,472 3,416 20,400 -N. W. Halsey & Co., bankers, are distributing to in- Sisal hemp bales 1,244 2,294 1,460 vestors a very complete list of high-grade investment Flour .barrels and sacks 79,400 64,500 24,500 bonds. The circular comprises over 20 different issues of municipal bonds and 25 of railroad bonds, together LARD on the spot has ruled firm. Trade has been quiet with limited the several detailed statements of public service bonds. Quite and for most part to jobbing purchases, but offer- a number of the bonds are legal investments for savings ings have been light. The arrivals of live hogs have shown banks and trust funds in New York, New Jersey, some decrease, while a strong market for corn, has also had a Connecticut bracing and Massachusetts. The bonds yield from about 3.70% effect on provisions. Prime Western 9.85c. and to 5.15%. City 93/8@9Mc. Refined lard has advanced. DAILY CLOSING PRICES OF LARD FUTURES -Alexander Smith and James L. Houghteling Jr. were on IN CHICAGO. Jan. 1 admitted Sat. Mon. Tues. Wed. Thurs. Fri, to partnership in the prominent Chicago January delivery 9.473i 9.55 9.47 9.47 9.4734 9.47 mortgage bond and banking firm of Peabody, May delivery 9.72 9.77 9.70 9.72 9.70 9.72 Houghteling July delivery 9.82% 9.90 9.80 9.85 & Co., which was organized in 1865. Mr. Smith has for 9.82;i 9.823 several years been manager of this firm's very PORK on the spot has been quiet, with mess higher and successful other grades unchanged. Offerings bond department, and at present is abroad looking after its have been light. De- extensive foreign interests. creasing receipts of hogs have had a strengthening influence. -Westling, Mess $16 75@$17 25, clear $19 50©$23 and family $17 50© Emmett & Co., ankers Lafayette Building, $18 50. Beef Fifth and Chestnut streets, Philadelphia, are has ruled dull but firm on small supplies. offering irriga- Mess $12 50@$13, packet $14@$14 50, family $16@$16 50 tion bonds which pay the investor 6%. These bonds are stated to and extra India mess $24 50@$25. Cut meats have been be a first mortgage on property worth over $2,000,- firm. There has 000, located 23 miles from a city with 200,000 been a moderate trade in small lots. Pick- population led hams 9c. and pickled bellies, 14@10 lbs., [email protected] and 21 railroads, and mature 1913 to 1921. Full descriptive Stearines "circular and price upon request. have been fairly active and firm; oleo 113c. and lard 11c. Tallow dull but strong; City 52@6e. Butter -Vor January investment demand, A. M. Kidder & Co. quiet and steady; creamery extras 32M@33c. Cheese in members N. Y. Stock Exchange, 18 Wall St., to-day ad- fair demand and firmer. vertise four special issues of high-grade railroad bonds to 'OIL.-Cottonseed has been firm in the main on specu- yield the investor 4.20 to 5%, and six first-class guaranteed lative buying. • Winter 44@47c. and summer white 41© stocks which are exempt from tax, returning 3.84 to 5.70%. 414c.3 Linseed has advanced, owing to a further rise in the The reader is referred to the firm's advertisement on another price seed. account full particulars. of Trade has been dull on of colder page for weather. City, raw, American seed, 51@52c.; boiled 52@ -The banking house of N. W. Harris & Co., Pine St. cor- 53c. and Calcutta, raw, 75c. Lard has been firm. Trade ner William, advertise in to-day's issue, in anticipation of has been moderately active, though purchases as a rule tax day,six bonds which are legal investments for savings have been confined to small lots. Prime 75(0)78c. and No. 1 banks and trust funds and exempt from tax in New York extra 51(4)53c. Olive has been quiet but strong at $1 15© State. The prices, details, &c., appear in the advertis- $1 40 on small supplies. Cocoanut has been firm. Trade ment. Circular will be sent upon request. has been quiet but stocks continue light. Cochin [email protected] -Arthur H. Scoville, formerly connected with Plympton. and Ceylon 7c. Peanut has been quiet and steady at 65@ Gardiner & Co. as a bond salesman, now represents Fisk & 80c. Cod has been moderately active and steady. Robinson's Chicago office in the Ohio and Indiana field, with COFFEE has been more active and firmer. Rio No. 7 headquarters at Cincinnati. Lewis W. Thompson, formerly 7@73ic. and Santos No. 4 8@83-ic. West India growths with August Schafiy & Sons, will represent Fisk & Robinson have advanced, with a larger jobbing trade. Fair to good in St. Louis. Cucuta 9@)10c. The speculation in future contracts has -The new January circular issued by the banking house been more active and prices have advanced moderately, of Plympton, Gardiner & Co., New York, Chicago and owing to higher European and Brazilian markets and buying Boston, contains a choice list of investment securities, made by commission houses on the idea that the price is unduly up of municipal, railroad and public service corporation low and that there is a large short interest among spot houses. bonds and tax-exempt guaranteed stocks. The circular will Reports have been in circulation that there is the possibility be mailed upon request. of an import duty being imposed and this has caused some -Wurts, Dulles & Co., bankers and brokers, of 125 South buying. The closing prices were as follows: Fourth St. Philadelphia, have prepared a January invest- January 5.65c. May 5.80c. September 5.55c. ment February 5.70c. June 5.70c. October 5.50c. circular' of municipal, railroad, public service and cor- March 5.80c., July 5.60o. November _ . _ - 5.50c. poration bonds which they own and offer for sale. Copies April 5.80e. I August 5.55c. December 5.50c. of this circular will be mailed to all applicants. SUGAR.-Raw has been more active and firmer. Cen- -Winthrop E. Scarritt, for a number of years manager trifugal, 96-degrees test, [email protected].; muscovado, 89- of the bond department of J. & W. Seligman & Co., and degrees test, 3.20©3.23e., and molasses, 89-degrees test, `liter President of the Commonwealth Trust Co. of this city, 2.95©2.98c. Refined has been dull and steady. Granu- has opened offices at 115 Broadway for the purpose of lated [email protected]. Teas have been fairly activeand strong, handling entire issues of investment bonds. with supplies light. Spices have been moderately active -Headed by an article on "The Investment Problem," and steady. Hops have been quiet and steady. the January 1909 circular from the office of D. Arthur Bow- PETROLEUM.-Refined has been firm, with a good de- man, Third National Bank Bldg., St. Louis, has been issued. mand for foreign and domestic account. Refined, barrels, A number of attractive equipment, railroad, municipal and 8.50c., bulk 5c. and cases 10.90e. Gasoline has been active county bonds are described. and firm; 86-degrees, in 100-gallon drums, 19c.; drums $8 50 -Foster & Adams, 2 Wall St., and Chandler extra. Naphtha has been moderately active and firm; Bros.,New 73@76 York and Philadelphia, are offering $250,000 Pere Marquette -degrees, in 100-gallon drums, 16c.; drums $8 50 RR. consolidated mortgage gold 4s dated Jan. 2 1901, extra. Spirits of turpentine have been in fair demand and due firmer Jan. 1 1954. A circular giving full particulars will be mailed at 42 Mc. Rosin has been quiet and steady. upon request. TOBACCO.-There has been no essential change in the general situation. Manufacturers hold supplies of the -The bond house of C. E. Denison & Co., with offices in light Boston and Cleveland, raw material, but they show no disposition to buy except are offering to investors on another for immediate page a selected list of municipal corporation needs, despite reports that the consumption and bonds. A of cigars has shown a noticeable Sumatra eomplete list with full particulars will be sent upon request. increase of late. and Havana have been quiet. Prices have ruled steady. -Louis Crawford Clark Jr. and J. Ellis Postlethwaite were admitted as COPPER has been quiet and steady; Lake 143A ®14Mc. members of the firm of Clark, Dodge & Co. and electrolytic 143©14 quiet but firm of this city on the first inst. %c.3 Lead has been at [email protected] Mc. Spelter has been quiet and steady at -The Boston Safe Deposit & Trust Co., 87 Milk St., [email protected].. Tin has been] quiet and easy; Straits Boston, has issued the 1909 edition of its annual booklet- 28.60c. Iron has been quiet and steady; No. 1 Northern "Coupons, Where Paid." $17@$17 50; No. 2 Southern $17 25(4417 50.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.1 THE CHRONICLE 107

C T TAN . On Shipboard •, Not Cleared for- , Frida0Night, Jan. 8 1909. Great Ger- Other Coast- Leaving Jan. 8 at- Britain. France many. Foreign wise. Total. Stock. ' THE-MOYEMENT OF THE;Q Z,a,s indicated by our! the to-hight *On below. For thel N evi Orleans_ _ 9,164 6,166 22,705 7,942 '44;967 304,591 telegrams fritirn Skiuth t Galveston _ _ _ _ 52,429 11,720 14,986 16,261 3,046 98,352 63,269 week _ending,I this evening,; the total receipts have reachedt Savannah _ _ _ _ 5,152 4,651 15,978 500 26,281 164,343 266,772 bales last week and 351,.736 Ch6,rleston 500 500 16,724 2, 05,371,440, against Mobile 6,000 •'4,436 4,875 1,200 16,511 53,512 Dales the ;previous week, making the -total receipts since Norfolk 1,000 _ 9,348 10,348 21,311 the 1st of September 1908v6,549,529 bales, against 5,395,337 New York_ _ _ _ 1,900 800 1,200 4,300 8,200 180,562 showing an increase • Other ports_.. _ 25,000 i2,000 19.000 1.000 47,000 34,385 bales for the same period of 1907-08, -- since Sept. 1 1908 of 1,154,192 bales. Total 1909_ _ 99,635 29,773 78,654 29,503 14,594 252,159 808,697 Total 1908_ _ 135,730 32,324 106,520 40,911 40,194 355,679 691.546 107,359 56,412 960,359 Wed. Thurs. Fri. Total. Total 1907_- 108,426 45,305 49,597 367,099 Receipts at- Sat.' Mon. Tues. 1 108,349 Galveston -- 9,610 21,980 22,903 19,442 13,850 20,549 Port Arthur_ - - 29,045 7,800 36,845 Speculation in cotton for future delivery has still kept Corp .Christi,&c. 3,692 3,692 it is New Orleans__ - - 626 14.017 10,789 15.264 10,058 10,488 61,242 within restricted bounds, but quite as obvious that the Gulfport undertone is firm. A small net advance has occurred in 052 1,064 1,110 11-,599. Mobile 1,232 3.758 3-,tiii futures during the week. The receipts at interior towns Pensacola 1 Jacksonville, &c. -ioi -68 89 317 903 and the ports have latterly shown a tendency to decrease. Savannah 3.201 6,095 o-,ioi 3,072 5-.56i 4,650 28,585 Manchester has sent more cheerful reports, encouraged Brunswick 23,262 23,262 Charleston 89 245 109 62 72 537 1,114 partly, it is supposed, by a sharp advance in silver and an Georgetown __ 123 123 increased Far Eastern demand for goods. Liverpool's Wilmington _ 810 315 598 040 aii 580 3,557 Norfolk 1,846 3,298 1,015 2,645 1,732 1,578 12,114 spot sales have most of the time been large. New England N'port News. &c 1,188 1,186 spinners are supposed to be buying quite freely at the New York 116 80 -68 291 Boston 241 50 200 210 149 850 South, and Europe has also bought, it is stated, on a liberal Baltimore 1,691 1,691 scale. Some of the Southern spinners talk in a very cheerful Philadelphia_ _ _ _ 79 50 25 25 179 -- strain. Not a few of them are supposed to have sold their Totals this wk_ 46,777 50,129 45,192 42,761 40,700 69,815 295,374 goods ahead for a considerable time to come. Many of them are -buying the actual cotton freely and some are The following shows the week's total receipts, the total purchasing the fall months at.the current discounts. It is since Sept. 1 1908, and the stocks to-night, compared with said that the bulk of the spinning industry in this country last year: is now in operation. The local stock, too, is decreasing and not a little of it is being shipped to New England and to 1908-09. 1907-08. Stock. the recent prompt stoppage Receipts to Europe. The moral effect of Jarman/ 8. This Since Sep This Since Sep of notices for some 123,000 bales in a single day has un- week. 1 1908. week. 1 1907. 1908. 1907. large and ------doubtedly been good. Spinners' takings continue Galveston 108,349 2,502,296 111,779 1,510,638 161,621 263,53 the prediction is quite frequently heard that spinners will Port Arthur $6,845 73,356 6,193 66,752 buy a good deal more cotton this season than they actually Corp. Christi, &c. 3,692 39,619 1,388 12,527 New Orleans__ 61,242 1,260,555 79,788 1,169,295 349,558 328,86 need. They are said to be attracted not only by the relative Gulfport 9,052 cheapness of the price but also by the excellent quality Mobile 11.390 256,220 14,216 235,152 70,023 84,56 Pensacola 1 91,687 5,500 94,446 of the cotton. Some pronounce it the best on the whole Jacksonville. &c_ 903 23,317 68 5,830 . that they have ever known. This demand for the actual Savannah 28,585 1,115,009 30,547 1,173,008 160,624 134.15 Brunswick 23,262 240,238 7,248 162,712 29,848 32,796 cotton has been the real bulwark of the market. Another Charleston 1,114 149,012 3,090 168,757 17,224 19,783 sustaining factor has been the liquidation of stradldes Georgetown -_ 123 1,416 16 176 Wilmington ____ 3,557 208,076 7,380 377,959 16,807 13,567 between New York and Liverpool by purchasing March and Norfolk 12,114 390,307 12,815 368,061 31,659 39,288 May here. The strength of January has also attracted N'port News. &e_ 1,186 3,917 5,372 14 and predictions are heard of premiums for New York 291 13,521 716 2,979 188,762 128,293 some attention Boston 850 10,207 785 4,056 6,454 6,824 each month as it comes round. Baltimore 1,691 62,406 2,311 33,545 27,372 14,102 though some of the spot interests have been Philadelphia 179 2,326 177 4,072 904 1,44 Furthermore, selling the summer months, they have bought March and Total 295,374 6,540,520 284,017 5,395,337 1,060,856 1,047,225 May heavily. Wall Street houses, which have long been bullish on the market, have continued to buy on slight In order that comparison may be made with other years, recessions, imbued with the idea that the consumption is we give below the totals at leading ports for six seasons: to be very large, that the actual purchases by spinners will much exceed even a consumption considerably larger Receipts at- 1909. 1908. 1907. 1906. 1905. 1904. cheap. --- than that of last year, and, finally, that cotton is Galveston _ 108,149 111,779 125,316 42,188 36,405 49,896 Reports are rife that some of the farmers and spot holders Pt.Arthur,&e._- 40,537 7,581 498 7,003 12,180 5,794 are disposed New Orleans_ 61,242 79,788 91,616 40,337 84,158 67,264 at the South, dissatisfied with current prices, Mobile 11,390 14,216 7.000 6,549 5,177 4,276 to hold back, particularly as the South is supposed to be Savannah _ _ 28,586 30,547 46,589 16,086 18,047 22,548 funds, having sold considerable of its cotton. Brunswick_ _ _ 23,262 7,248 5,286 5,157 4,036 8,641 fairly well in Charleston,&c 1,237 3,106 1,254 1,893 1,609 1,362 Wall Street is the chief exponent of the bull side. Specu- Wilmington_ _ 3,557 7,380 5,785 3,731 1,471 3,001 at the South still suffers from hostile laws. Some Norfolk 12,114 12,815 17,991 10,163 10,305 10,552 lation N'port N., &c 1.186 875 1,187 818 1,648 leading interests here, moreover are inimical to an advance, All others- - 3,915 9,557 9,826 25,822 6,860 4,477 even Wall Street houses sell' from time to time in accept- - - and Total this wk_ 295,374 284,017 312,936 160,116 181,154 179,459 ing moderate profits. To-day prices advanced, partly in - with unexpectedly strong Liverpool prices. 5,395,337 6,382,024 5,654,412 sympathy Since Sept. 1.. 6,549,529 5,360,056 6,224,582 Besides, large spot interests bought largely, some of the Wall were again buying, and spot markets at exports for the week ending this evening reach a total Street contingent The the South were as strong as ever. Liverpool, too, continued of 274,059 bales, of which 140,056 were to Great Britain, Smaller receipts are and to undo straddles by buying here. 16,142 to France 117,861 to the rest of the Continent. The for Houston, Galveston are the exports for the week and since Sept. 1 1908: expected shortly. estimates Below and New Orleans were noticeably light. There was also Week ending Jan. 8 1909. From Sept. 1 1908 to Jan. 8 1909. some fear among shorts of a bullish Census Bureau report on Expor ed to- Exported to- the ginning tomorrow. Spot cotton here has been quiet. Exports closed at 9.40c.,an advance for the week from Great Conti- Great Conti- Middling uplands :rualoe. 'r' nent. Total. Britain. France. neat. Total. of 5 points. Galveston _ ___ 40,65613,987 56,488111,1311,012,254333,682 780,3132,126,249 official quotation for middling upland cotton in the Port Arthur_ _ 20,079 ___ 16,766 36,845 35,596 37,760 73,356 17,The Corp.Chris.,&e.3,131- 3,131 New York market each day for the past week has been: New Orleans_ 18,508 ..___ 32,013 50,521 1 448,105118,903 324,638 891,646 0,438' Jan. 2 to Jan. 8- Sat. Mon. Tues. Wed. Thurs. Fri. Mobile 0,438 49,478 53,526 42,046 145,050 uplands H. 9.35 9.25 9.25 9.25 9.40 Pensacola _ 1 _ 1 ‘ 21,146 29,288 42,406 92,930 Middling Gulfport 4,132 4,920 9,052 Savannah _ 2,150 2150.'100,907 69,310 426,748 596,965 NEW YORK QUOTATIONS FOR 32 YEARS. Brunswick__ - 35,552 35,552, ,118,954 67,909 186,863 Charleston_ 5,725 50,239 55,964 1909_ 9.40 1901_c 10.25 1893c 9.94 1885c-----11.12 Wilmington_ 72,373 8,731 201,215 282,319 1908------11.30 1900 7.56 1892 7.44 1884 10.62 Norfolk'22,600 1,393 23,993 1007------10.85 1899 5.94 1891 9.31 1883 10.12 Newport New 1906 _ _11.75 1898------5.04 1890 10.31 1882 11.88 New York_ .__ 4,065 2,15 3,200 9,420 90,468 23,881 85,378 199,727 1905 ___ __ 7.30 1897 • 7.19 1844/ 9.81 1881 12.00 BOston 5,688 100 6,788 58,721 7,468 66,189 1904 13.40 1896 8.31 1888 10.50 1880 12.81 Baltimore ____ 3,669 3,669 19,337 2,8i i 43,915 66,052 1903 8.90 1895 5.68 1887 9.56 1879 9.38 Philadelphia _ 2,400 ____ 200 2,600 25,001 4,674 29,675 1002 8.19 1894 8.19 1886 9.19 1878 11.25 Portland, Me_ 650 650 San Francisco 300 300 28,301 28,301 MARKET AND SALES AT NEW YORK. Seattle - 6,644 6,644 40,392 40,392 Tacoma 7,265 7,265 Portland, Ore_ Futures Sales of Spot and Contract. Pembina Spot Market Market Detroit 945 945 Closed. Closed. Con- Con- Export sum'n. tract. Total. Total 140,05616,142117,861274,0592,086,392645,0412,195,2814,926,714 Saturday HOLIDAY-- Total 1907-08_ 115,097135,693126,939277,7291,776,123522,6321,902,8454,201,600 Monday- - - Quiet Steady iii600 12166 Tuesday - Quiet, 10 pts. dec_ _ Steady Wednesday ulet Firm 600 6150 In addition to above exports, our telegrams to-night also Thursday _ Quiet steady 2,000 2,000 give us the following amounts of cotton on shipboard, not Friday- - -- Wet 15 pta. adv Very SteadY- 100 1.400 1,500 cleared at the ports named. We add similar figures for Total_ 100 126900 127000 New York.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 108 THE CHRONICLE [VoL. Lxxxvni.

FUTURES.-The highest, lowest and closing prices at AT THE INTERIOR TOWNS the movement-that is, New York the past week have been as follows: the receipts for the week and since Sept. 1, the shipments 0 0 for the week and the stocks to-night, and the same items for 21 c,21 001 .21 11 09 I 1 1 '1t the corresponding period for the previous year-is set out 0 0 00 00 00 .00 in detal below. 01 @I @I @I @I @I @I @I @I 01 ®j @I IhN0V00000V000040000000h.00000h0000'N 00 N h 0 0 00 h 0 0 . .i. '.0000..1000000NV00.000.VOOVN0MVMOOWh 0 00 cc 0 0. 0 0 R cc: R 7 R 0 uVO) "1.9"°C:nnnq9090009 " ** I II 001 w l w I w I w I *0 1 w I II 00 1 ° ''''. 00410.1001V0;0-.V0..00, 00V0101N00Nh0 N0hVNN. 00 0; .CO N N N O...... N.. . . 0 0 00 NN 00 00 00 w cc . 0 1(:44 10 : 1'4 00 g 0000 0-0-:7 It'. 0 hON0000000000000000200000,00..0i0000V0 0 8 88 0 88 0 88 m mm mm m '-I'0;,,i 0001,V0000010V00000N000,1014N0.0.000NV0 0 88 mm 0 0N '0000CO 0 N09 tee-..' 9-'1".' " lel l ."n . q: '.." q° ". '•C ,..,b,„ 0i.NN 4n . .n ..c400 c o @I @1,. el @I @I @4@ I4 @ @I @I @I ts cop. . N h 0 00 0000 0000'1'0 (0, 0 0N 4 . °°. RR 0. • E;0 g0 0-00 000- 0 • °" =0 08 10 000 mm mm ...... =. 8= m8 com 0006.0 4 . ,...... ,....,..-...,. 00 . 9. O8 g ... • ., .u;0000.V0000N.Md00.N00,1,00000.;0000N. h "RR-I I".R RO Ig• ... Igg. .To.r. M• ';•,. @I @I @I @I @I @I @I @I @I @I @I @I ...0 m 000 t.t.... 00 n ow 00,c1, CO nn o NO i 4 2=8217ti=g74====g445g7i;% :0c' 0 , mma- wovq. ol. Jan. cm= ° 0. RR Rc! R RR "" " "" " "" cr...mmc..cono,cnmo..,0 Thursday, oo IO aco oo oco lo ow ow iw ow 100 Woo i 12 88 12 22 12 22 1% M 82 gg 12 '12 . i 0M00.00000000. 0000 00000.0000.000 0 h 00 V V ...... 0000000000hNN000000NVO.h010h0040000V0 V. 6. m• 't 81qn...". °.°A.'A°.:"19.°..."Wn".".4SW4 °. @I @I @I @I @I @I @I @I @I @I @I @I V402400.42&1,1=1 00040N.000 0000. .440 0-. V 0N h 00 Nh CO 010 0 Cn ..N.NN0101". . 0 " •0 ., ,.. ,,,, . . 0 Jan. C'i'' R RR R RR R RR o_R R RR R (0R 00 . 'O 10V0000000000100-0.00.0000N100001N0VM. Wednesday, woo loo co= loo co= loo con woo In noo In woo igl%228;'g28'gg=g27=2422i 4gg40,8 8,=.42 g ,..,.. IV ni In on. lo NO ON 10 ow 1. 0)09 ,,.. .,... ..4,... ,,,..4.4 - -.* ,4,.. .44,; i R 1 R 1 R R" ""' 1 "" "1 '' '0000)0)1R 2 ,,g. '2 2 0. *DO 0000 o Ow o ow ow O Ow O ow

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Jan. ZP d - Saturday, 5 a ca••g- E .'5=-“...51u). 041 40* .; ,A .t4 tog .g 0.... og og ofl00= . P bk.. b.o.„. III= to- .gta.... ao_. .g,.t.to._3 1 .g .g .g .g '4cDOE-1 H V;c2,,S, %LS.,.1 L8.1 ggYgg 1 ,5F,L6,1g F.1 i 2 t:4o4got4P4u*Zgo,ruf:4c.05,goo.!,fgo;;gu c;X(..) :. it 4 4 6 ...0 E. .4 .; n o --;-14 4 n INITHE VISIBLE SUPPLY OF COTTON to-night, as made -g ‘1,-4,s,1 :i -Wzt.; 72.8.,;60 cl - up by cable and telegraph, is as follows. Foreign stocks, 41 ?14, 4C gIf;41.g$4."5 °12,Uo-gfog- 37 glii e".91°Icl?aoegVGItinill2415'gV44f 4W; ° as well as the afloat, are this week's returns, and conse- oo-'02.".4., o'cidoo,6"752E,PosQ4.7ocleo2.37400t;3 El quently all foreign figures are brought down to Thursday [.1 c)3Z4.74,4 1P4m000%5>iMC4c-304=c-3P=714 evening. But to make the total the complete figures The above totals show that the interior stocks have de- for to-night (Friday), we add the item of exports from creased during the week 30,458 bales and are to-night 346,456 the United States, including in it the exports of Friday bales more than at the same time last year. The receipts only. at all the towns has been 13,928 bales less than the same week last year. January 8- 1909. 1908. 1907. 1906. Stock at Liverpool bales.1,024,000 855,000 745,000 1.137,000 OVERLAND MOVEMENT FOR THE WEEK AND Stock at London 10,000 14,000 11,000 15,000 Stock at Manchester 48,000 55,000 52.000 51,000 SINCE SEPT. 1.-We give below a statement showing the overland movement for the week and since Sept. 1, as Total Great Britain stock 1,082,000 924,000 808,000 1,203,000 from Stock at Hamburg 15,000 18,000 11,000 11,000 made up telegraphic reports Friday night. The Stock at Bremen 402,000 281,000 339,000 408,000 results for the week and since Sept. 1 in the last two years Stock at Havre 3 6,000 197,000 178,000 264,000 follows: Stock at Marseilles- _ - -_ 4,000 4,000 3,000 2,000 are as Stock at Barcelona 34,000 25,000 19,000 11,000 1908-00-- --1907-08---- Stock at Genoa 25,000 32,000 121:82 5gos January 8- Since Since Stock at Trieste 3,000 25,000 Shipped- Week. Sept. 1. Week. Sept. 1. Via St Louis 13,776 366,241 16,874 189,578 Total Continental stocks 789,000 582,000 672,000 754,000 Via Cairo 6,479 204,916 via Rock Island 1,179 11,348 MOT 8,3:2'41 1,506,000 1,480,000 Via Louisville 853 45,140 Total European stocks 1,871,000 1,957,000 Cincinnati India cotton afloat for Europe_ _ _ 113,000 71,000 141,000 148,000 Via 1,013 29,472 UN B:g287 885,187 Via Virginia points 3,548 95,593 2,087 39,934 Amer. cotton afloat for Europe 959,714 959,223 547,000 &c 114,337 Egypt,Brazil,&c.,aflt.for Europe_ 63,000 77,000 89,000 68,000 Via other routes, 13,874 150,522 16,492 250,000 252,000 Stock In Alexandria, Egypt 291,000 204,000 overland 47,527 487,434 Stock In Bombay, India 292,000 450,000 463,000 726,000 Total gross 40,722 903,232 Stock In U. S. ports _ _1,060,856 1,047,225 1,327,458 1,014,513 Deduct shipments- Overland to New York, Boston,(&c3,011 88,460 3,989 44,652 . Stock in U. S. Interior towns_ _ _ _ 904,644 358,188 695,864 728,749 44,066 29,886 56,055 Between interior towns 784 28,163 2,810 U. S. exports to-day 11,621 38,726 . &c., from South 33,014 - Inland, 1,033 18,519 1,976 5,431,988 Total visible supply 5,566,855 4,948,522 5,389,564 be deducted 121,732 Of the above, totals of American and other descriptions are as follows: Total to 4,828 135,142 8,775 American- net 365,702 Liverpool stock bales. 918,000 738,000 643,000 999,000 Leaving total overland* 35,894 768,090 38,752 Manchester stock 37,000 42,000 41,000 43,000 - 'Continental stock 745,000 504,000 633,000 733,000 * Including movement by rail to Canada. American afloat for Europe 959,714 959,223 885,187 547,000 The foregoing shows the week's net overland movement U. S. port stocks 1,060,856 1,047,225 1,327,458 1,014,513 has been 35,894 bales, against 38,752 bales for the week U. S. Interior stocks 904,664 558,188 895,864 728,749 U. S. exports to-day 11,621 . 29,886 56,055 38,726 last year, and that for the season to date the aggregate -- net overland exhibits an increase over a year ago of 402,388 Total American 4,636,855 3,878,522 4,281,564 4,103,988 East Indian, Brazil, &c. bales. Liverpool stock 106,000 117,000 102,000 138,000 ---1908-09--- -4907-08-- London stock 10,000 14,000 11,000 15,000 In Sight and Spinners' Since Since Manchester stock 11,000 13,000 11,000 8,000 Takings. TVeek. Sept. 1. Week. Sept. 1. 'Continental stock 44,000 78,000 39,000 21,000 Receipts at ports to Jan. 8 295,374 6,549,529 284,017 5,395,337 India afloat for Europe 113,000 71,000 141,000 148,000 Net overland to Jan. 8 35,894 768,090 38,752 365,702 Egypt, Brazil, &c., afloat 63,000 77,000 89,000 68,000 Southern consumption to Jan. 8-._ 48,000 822,000 47,000 913,000 - Stock in Alexandria, Egypt 291,000 250,000 252,000 204,000 Stock In Bombay, India 292,000 450,000 463,000 726,000 Total marketed 379,268 8,159,619 369,769 6,674,039 Interior stokes In excess *30,548 789,629 93 477,605 Total East India, &c 930,000 1,070,000 1,108,000 1,328,000 Total American 4,636,855 3,878,522 4,281,564 4,103,988 Came Into sight during week 348,720 369,862 Total in sight Jan. 8 8,929,248 7,151,644 Total visible supply 5,566,855 4,948,522 5,389,564 5,431,988 Middling Upland, Liverpool 5.07d. 6.22d. 5.96d. 6.00d. North'n spinn's takings to Jan. 8_ _ _ 57,129 1,480,217 44,911 775,581 Middling Upland, New -York_ _ _ _ 9.40c. 11.45c. 10.80c. 11.80c. Egypt, Good Brown, Liverpool 8 Md.Md.103.1d. 1011-16d. 8d. Peruvian, Rough Good, Liverpool 7.75d. 11.50d. 9.20d. 9.00d. * Decrease during week. Broach, Fine, Liverpool 4%d.3 5 11-16d. 5'%d. 5 Md. Movement into sight in previous years: Tinnevelly, Good, Liverpool_ _ _ 4%d. 5 Md. 5 9-16d. 5 7-16d. Week- Bales. 1 Since Sept. 1- Bales. 1907-Jan. 11 405,91211906-07 Jan. 11 8,578,469 Continental imports for the past week have been 201,000 1906-Jan. 12 216,13211905-06 Jan, 12 7,313,428 bales. 1905-Jan. 13 240,986 1904-05 Jan. 13 8,327,093 The above figures for 1908 show an increase over last QUOTATIONS FOR MIDDLING COTTON AT OTHER week of 107,506 bales, a gain of 618,333 bales over 1907, MARKETS.-Below are the closing quotationsiof 'middling an increase of 177,291 bales over 1906, and again of 134,867 cotton at Southern and other principal cotton markets for bales over 1905. each day of the week.311

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JAN. 9 1909.] THE CHRONICLE 109

Closing Quotations for Middling Cotton on- lightly on two days of the week. the precipitation reaching Week ending- nine hundredths of an inch. The thermometer has averaged January 8. Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday. 51, ranging from 31 to 66. Galveston _ _ _ _ _ 9 9 9 9 1-16 Selma, Alabama.-We have had rain on two days during New Orleans.._ _ 8% 8% 8% 8 15-16 8 15-16 an inch. Mobile 8% 8% 8% 8 15-16 9 the week, the rainfall being five hundredths of Savannah 8 13-16 8g 8% 8 13-16 8 13-16 The thermometer has ranged from 29 to 67, averaging 49.5. Charleston _ _ _ _ 8j 8'% 81 8'% 8% Madison Florida.-It has rained on one day of the week, Wilmington. _ _ _ 8% 8% 8% 8% 8% Norfolk HOLI- 9 9 9 9 the precipitation reaching ninety hundredths of an inch. Boston DAY. 0.35 9.35 9.25 9.25 9.25 Average thermometer 61, highest 74 and lowest 41. Baltimore 93 9 9% 934 Philadelphia _- - 9.60 9.50 9.50 9.50 9 65 Augusta, Georgia.-It has rained on two days of the week, Augusta 9% 9 3-16 9% the rainfall reaching thirty-three hundredths of an inch. Memphis 9 9 9 1-16 9 1-16 9 9% 9 9% 03. The thermometer has averaged 52, the highest being 69 St. Louis 9 1-16 Houston 8 15-16 8 15-16 9 9 8% 8% and the lowest 32. Little Rock- - 8% 8% Savannah, Georgia.-We have had rain on three days during the week, to the extent of fifty-one hundredths of an NEW ORLEANS OPTION MARKET.-The highest, inch. The thermometer has averaged 55, ranging from lowest and closing quotations for leading options in the New 36 to 74. Orleans cotton market for the past week have been as follows: Charleston, South Carolina.-There has been rain on three days of the past week, the rainfall reaching forty-seven Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday. hundredths of an inch. The thermometer has averaged Jan. 2. Jan. 4. Jan. 5. Jan. 6. Jan. 7. Jan. 8. 50, ranging from 32 to 68. ------January- Greenwood, South Carolina.-We have had rain on one day Range 8.96-.07 8.89-.94 8.96-.04 9.03-.09 the past week, the rainfall reaching thirty-four hundredths of Closing 8.95-.96 8.94-.96 9.03-.04 9.07-.08 has ranged from February- an inch. The thermometer 37 to 56, Range - @ ---- @ ------a) -- @ --- averaging 46. Closing 8.96-.98 8.95-.97 9.02-.04 9.06-.08 Carolina.-We have had rain on one day March- Charlotte, North Range 8.98-.10 8.91-.99 8.98-.04 9.03-.09 during the week, the rainfall being twenty-four hundredths Closing 8.98-.99 8.97-.98 9.04-.05 0.07-.08 thermometer 45, highest 64, lowest 23. April- of an inch. Average Range - 0 -- @ -- @ -- @ --- The following statement we have also received by tele- Closing 9.00-.02 9.01-.03 9.06-.08 9.09-.11 height of rivers at the points named at Way- graph, showing the Range HOLI- 9.06-.18 8.99-.08 9.07-.13 9.10-.16 HOLI- 8 a. m. of the dates given: Closing DAY. 9.06-.07 9.06-.07 9.12-.13 9.15-.16 DAY. Jan. 8 1909. Jan. 10 1908. June- Feet. Feet. Range - @ -- @ -- @ -- @ --- New Orleans Above zero of gauge_ 4.7 7.9 Closlng 9.10 * 9.10-.12 9.16-.18 9.10-.21 Memphis Above zero of gauge_ 8.0 21.3 July- Nashville bove zero of gauge_ 11.0 19.6 Range 9.14-.25 9.07-.16 9.14-.20 0.17-.24 Shreveport ------Above zero of gauge.. 1.3 12.5 Closing 9.14-.15 9.13-.14 9.20-.21 9.23-.24 Vicksburg Above zero of gauge. 8.4 25.2 October-- Range 8.70-.78 8.63-.70 8.64-.70 8.66-.71 Closing 8.70-.71 8.66-.67 8.60-.70 8.69-.70 INDIA COTTON MOVEMENT FROM ALL PORTS. Tone- Spot Steady. Quiet. Quiet. Steady. Steady. January 7. 1908-09. 1907-08. 1906-07. Options Steady. Steady. Steady. Steady. Receipts at- Since Since Since Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. *Nominal. Bombay 95,000 547,000 77,000 620,000 84,000 768,000 WEATHER REPORTS BY TELEGRAPH.-Our tele- graphic advices this evening from the South denote that For the Week. Since September 1. where rain has fallen the precipitation has been light or Exports from- Great Conti- Great Conti- moderate and that in Texas the weather has been dry as a Britain. nent. Total. Britain. nent. Total. rule. At the close lower temperature is reported. Bombay- have had a trace of rain on two 1908-09 1,000 32,000 33,000 5,000 165,000 170,000 Galveston Texas.-We 1907-08 3,000 16,000 19,000 8,000 172,000 180,000 days of the past week. The thermometer has averaged 1906-07 1,000 40,000 41,000 11,000 313,000 324,000 highest being 68 and the lowest 46. December Calcutta- 57, the 1908-09 4,000 11,000 15,000 rainfall two inches and seventy-four hundredths. 1907-08 1,000 1.000 1,000 0,000 10,000 Abilene, Texas.-Dry all the week. The thermometer 1006.07 1,000 1,000 2,000 18,000 20,000 Madras- has averaged 43, ranging from 16 to 70. Month's rainfall nil. 1908-09 1,000 1,000 1,000 9,000 12,000 Corpus Christi, Texas.-We have had no rain during the 1907-08 1,000 1,000 8,000 17,000 25,000 80, aver- 1906-07 1,000 1,000 1,000 8,000 9,000 week. The thermometer has ranged from 50 to All others- aging 65. December rainfall one inch and ninety-seven 1908-09 5,000 60.000 65,000 1907-08 5,000 5,000 7,000 60,000 67,000 hundredths. 1906-07 1:666 1,000 5,000 44,000 49,000 Fort Worth, Texas.-We have had a trace of rain on two during the past week. Average thermometer 47, Total all- days 1908-09 1,000 34,000 35,000 17,000 245,000 262,000 highest 74, lowest 20. Month's rainfall three hundredths of 1907-08 3,000 23,000 26,000 24,000 258,000 282,000 an inch. 1906-07 2,000 42,000 44,000 19,000 383,000 402,000 Palestine, Texas.-Rain has fallen on one day of the week, to the extent of two hundredths of an inch. The ther- ALEXANDRIA RECEIPTS AND SHIPMENTS. mometer has averaged 50, the highest being 72 and the 28. December rainfall one inch and seventy-five lowest Alexandria, Egypt, hundr,dths. January 6. 1908-09. 1007-08. 1006-07. San Antonio, Texas.-It has been dry all the week. The Receipts (cantars)- thermometer has averaged 55, ranging from 34 to 76. . This week 240,000 280,000 I 340,000 Month's rainfall 1.61 inches. Since Sept. 1 4,433,920 5,138,582 5,183,881 Taylor, Texas.-We have had no rain during the week. The thermometer has ranged from 26 to 74, averaging 50. 4.25 inches. This Since This I Since This Sin Month's rainfall Sept. 1. Memphis, Tennessee.-There has been rain on two days Export (bales)- week. Sept. 1. week. Sept. 1. week. during the week, to the extent of fifty hundredths of an inch. To Liverpool 1,500 88.061 6,750 136,020 5,250 132,'86 18.4 to 61, averaging 42. To Manchester 9,750 88,936 7,750 116,270 9,000 111.1 60 The thermometer has ranged from To Continent 18,000 131,683 18,250 161,901 16,000 166,,04 New Orleans, Louisiana.-There has been rain on two days To America 1,500 26,883 1,750 31,797 5,250 51,: 78 week, the precipitation reaching fifty-six hun- -- during the exports 28,750 335,563 34.500 445,988 35,500 461.i 28 dredths of an inch. Average thermometer 56. Total rain on one day Shreveport, Louisiana.-We have had Note -A cantar is 99 lbs. Egyptian bales weigh about 750 lbs. during the week, the precipitation being twenty-three hun- dredths of an inch. The thermometer has averaged 51, the MANCHESTER MARKET.-Our report received by highest being 71 and cable to-night from Manchester states that the market con- the lowest 30. The Vicksburg, Mississippi.-It has rained on two days of the tinues firm for both yarns and shirting. demand for week, the precipitation fifty-nine hundredths of both India and China is improving. We give the prices reaching previous weeks of an inch. Average thermometer 50, highest 68, lowest 31. for to-day below and leave those for Helena, Arkansas.-There has been rain on one day of the this and last year for comparison. week, the precipitation reaching sixty-four hundredths of an inch. The thermometer has averaged 42.8, the highest 1909. 1908. being 64 and the lowest 22. 83j lbs. Shill- Cot'n 84 lbs. 8/lin- Coen Arkansas.-We have rain on one day dur- 32s Cop ings, common Mid. 32s Cop ings. comnion .51Id. Little Rock, had Twist. to finest. Upt's Twist. to finest. Up!: ing the week, the rainfall reaching six hundredths of an inch. The thermometer has averaged 43, ranging from 20 to 66. d. d. s. d. e. d. d. d. d.s. d. s. d. d. Nov Mobile, Alabama.-Reduction of cotton acreage and 27 7% 08H 4 10 08 6 8.08 10% 0 11% 6 1%09 7% 6.18 diversification of .crops is being considerably agitated. Dee 4 7% @ 4 9 08 4% 4.97 10% 0 11% 6 1%09 6 6.35 There has been rain on two days the past week,to the extent 11 7 9-16 8% 4 7%08 4% 4.86 10% 0 11% 6 1%09 6 6.38 of eight hundreths of an inch. The thermometer has aver- 18 74 0 8% 4 6 08 3 4.82 107 160 11% 6 0 09 4% 6.10 24 7% (is 8% 4 6 08 3% 4.92 10% 11% 6 0 09 3 6.08 aged 54, the highest being 69 and the lowest 32. 31 7% 08 3-16 4 6%08 4% 4.99 10% 0 11% 6 0 09 3 6 13 UMontgomery, Alabama.-Good grades are scarce and are Jan selling proportionately higher than others. Rain has fallen 734 0 8% 4 7 08 5 5.07 107-16011W 6 0 09 3 6.22

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WORLD'S SUPPLY AND TAKINGS OF COTTON.- TOW: bales. MOBILE-To Liverpool-Sept. 5-Castano, 9,438 ", 9,438 The following brief but comprehensive statement indicates PENSACOLA-To Manchestsr--Sept. 5-Manchester Merchant, 1_ 1 at a glance the world's supply of cotton for the week and since SAVANNAH-To Trieste----.Jani10--Herminie, 900 J.W.' 900 To Flume-Jan. 6--Hermine, 1,200 -I-' -004 1,200 Sept. 1,fbrthe last two seasons, from ,a,11 sources from which To Syra-Jan. 6--. Hemline, 50 50 statistics are obtainable, also the takings, or amounts gone BMINSWICK-To LiVerpool-Dec. 31-L.-An-leo-Canadian,'12,117 ....Van. 2-Burrsfield, 12,246_ _ _Jan. 6-Luzon, 11439- ,1,_ 35,552 out- of sight, for the like periods BOSTON-To, Liverpook-Dec. 29-Devonian, 2,350- sachem, 664...... Jai. 5-Bohemian, 1,552 Manchester _Jan. 2-Bostonian, 1008-09. 1907-08, To -Dec.28 -Iberian, 1;022.. Cotton Takings. 100 1,122 Week and Season. 100 Week. Season. Week. To Yarmouth-Dec. 31-Boston, 100 Season. BALTIMORE-To Liverpool-Jan. 2-Quernmore, 3,669 3,669 5,459,349 PHILADELPHIA-To Liverpool-Jan. 5-Dominion, 1,100 1,100 Visible supply Jan. 1 4,873,468 1,300 Sept. 1 1,714,982 To Manchester-Dec. 31-Manchester Exchange, 1,300 Visible supply 2,291,844 Rotterdam 200 nin sight to Jan. 8_ 348,720 8,929,248 369,862 7,151,644 ' To -Dec. 15-Canadia, 200 America FRANCISCO-To Maru, 300 300 Bombay receipts to Jan. 7 95,000 547,000 77,000 620,000 SAN Manila-Jan. 2-Nippon _ _ 2,000 92,000 SEATTLE-To Japan-Jan. 5-Iyo Maru, 6,644 6,644 Other India ship'ts to Jan. 7_ 7,000 102,000 --- receipts to Jan. 6.. _ 32,000 591,000 37,000 Alexandria 635,000 Total ______. ______._ _274,059 Other supply to Jan. 6* 5,000 131,000 8,000 164,000 Last Friday's shipments not included (Wove- GALVESTON-To 4,658 Total supply 5,942,069 12,005,230 5,372,230 11,014,488 Liverpool-Dec. 30-Texan, 4,658 To Havre-Dec. 30-Masconomo, 7,168 7,168 To Bremen-Dec. 30-Industry, 10,272; Wittenberg, 7,522 17,794 Deduct- 889 Visible supply Jan.8 5,566,855 5,566,855 4,948,522 4,048,522 To Hamburg-Dec. 30-Trident, 889 NEW ORLEANS-To Antwerp-Dec. 31-Imogen, 981 981 - 10,643 takings to Jan. 8 375,214 6,438,375 423,808 SAVANNAH-To Bremen-Dec. 31-Border Knight, 10,643_ __ _ Total 6,065,966 To Rotterdam-Dec. 125 Of which American 314,214 5,269,375 321,808 4,608,966 31-General Consul Pallesen, 125 Of which other 61,000 1,169,000 102,000 1,457,000 LIVERPOOL.-By cable from Liverpool we have the fol- lowing statement of the week's sales, stocks, &c., at that port: * Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c. Dec. 18. Dec. 24. Dec. 31. Jan. 8. AND Sales of the week bales_ 38,000 30,000 37,000 72.000 COTTON CONSUMPTION OVERLAND MOVE- Of which speculators took__ 1,000 100 1,000 MENT TO JAN. 1.-Below we present a synopsis of the crop Of which exporters took_ _ _ _ 1,000 400 " iiiii 1,000 movement for the month of December and the four Sales, American 33,000 26,000 33,000 64,000 months Actual export 9,000 4,000 17,000 10,000 ended Dec. 31 for three years: Forwarded 101,000 62,000 113,000 102,000 Total stock-Estimated 713,000 769,000 937,000 1,024,000 Of which American-Est...... 603,000 663,000 831,000 918,000 1908 1907 1906 Total imports of the week-.. _187,000 121,000 297,000 199,000 Of which American 157,000 110,000 260,000 174,000 Gross overland for December bales 322,609 164,525 347,523 Amount afloat 561,000 561,000 376.000 500,000 Gross overland for 4 months 861,046 422,720 705,300 Of which American 501,000 495,000 331,000 445,000 Net overland for December 271,024 123,939 300,311 Net overland for 4 months 730,480 313,957 602,129 The tone of the Liverpool market for spots and futures Port receipts in December 1,689,382 1,594,036 1,601,284 each day of the past week and the daily closing prices of Port receipts in 4 months 6,230,355 4,975,906 5,866,481 Exports in December 1,459,970 1,303,475 1,240,127 spot cotton have been as follows: Exports in 4 months 4,610,392 3,803,793 4,126,210 Port stocks on Dec. 31 1,087,348 1,051,889 1,333,239 Spot. Saturday. Monday. Tuesday. Wednesday. Thursday. Friday. Northern spinners' takings to Jan. 1.. _ _ _ 1,414,446 697,228 1,174,607 Southern consumption to Jan. 1 766,000 832,000 815,000 Market, 1 Overland to Canada for 4 months (In- . 12:15 Good Good Good Good Quieter. cluded in net overland) 50,730 33,070 54,326 P.M. 1 demand. demand. demand. demand. Burnt, North and South, in 4 months.. Stock at North. Interior markets Jan. 1.. _ 19,458 11,952 10,795 Mid.Upi'ds. 5.07 5.04 5.05 5.04 5.07 Came in sight during December 2,280,139 2,003,975 2,219,638 Amount of crop in sight Jan. 1 8,545,568 6,601;863 7,908,610 Sales HOLI- 15,000 12,000 15,000 12,000 7,000 Came in sight balance season 4,979,966 5,642,150 Spec.&exp. DAY. 1,000 500 1,000 1,000 300 Total crop 11,582,829 13,550,760 Average gross weight of bales 519.28 515.01 521.46 Futures. Steady at Quiet at Steady at Steady at Steady at Average net weight of bales 496.28 492.01 498.96 Market I 3%64 pts. 3 points 1 pt. dec.to 2(43 pts. 1% points! opened pts. adv. decline. 1 pt. adv. advance. advance. COTTON STATISTCIS FOR WEEKS ENDING DEC. 25 Market, 1 Steady at Steady at Quiet at Quiet at Quiet at Fridays having been 4 3@6% pts. 2@4% pts. 1%pts.dec. 134@3 pta.2©4% pts. AND JAN. 1.-The last two holidays P.M. advance. decline. to% pt.adv advance. advance. (Christmas and New Year), we went to press on Thursday therefore covered night, and our cotton statistics imperfect The prices of futures at Liverpool for each day are given weeks. We have this week, however, revised all the results Prices are on the upland, good ordinary ending below. basis of so as to make them cover the full weeks Friday, Dec. clause, unless otherwise stated. 25, and Jan. 1, and they are as follows: a The prices are given in pence and 100ths. Thus; 4 85 means 4 85-100d. Week Since Week Since Dec. 25. Sept. 1. Jan. 1. Sept. I. Sat. Mon. Tues, Wed, Thurs. I Fri. -- - Net receipts 351,736 5.987,383 286,772 6,254,155 j a tno. 2 12%112% lui, _L. 12u1 4 12% 4 12% 4 112% 4 Stock at U. S. ports 1,109,193 1,070,700 Jan. 8. P•rn• P•m• P•In• pin. _P•111•LP•rn• P•m• p.m1. ._•rn. p•In• p.m. P.'n• Foreign exports 357,534 4,370,757 280,019 4,650,776 --- Visible supply 5,277,356 5,459,349 d. I d. d. d. d. 1 d. d. d. d ---cl- ----cl S. American visible 4,480,356 4,602,349 January _ 4 86% 87% 84% 85% 86% 8434 86 • 86 • 18ll • 9036 Interior town receipts 226,022 4,733,395 175,137 4,908,532 Jan.-Feb_ 4 85 86 83 183% 84 82 85 84%18734 8834 Interior town shipments 194,527 154,688 Feb.-Mch. 4 83 84 81 !81% 8236 8034 8334 83 86 82234 Interior town stocks 914,653 935,102 4 8234 8334 803481 82 80 83 8234 8536 ao Receipts from plantations 383,231 6,787,111 287,221 7,074,332 Apr..--MAapyr• 4 82% 83 80 80 81 79% 82 82 184% 8534 Net overland 60,011 691,536 40,660 732,196 May-June HOLT- 4 82% 83 80 7934 80 79 81 81 83% 8434 Southern consumption 48,000 726,000 48,000 774,000 June-July DAY. 4 82% 83 80 79% 80 79 81 81 83% 8434 Interior stock Increase 31,495 799,728 20,449 820,177 July-Aug_ 4 82 82 79 78;.6 70 78 8034 8034 83 84 Into sight 491,242 8,204,647 375,881 8,580,528 Aug.-Sept 4 73% 74 71 69% 71 69 72 72 74% 75 Northern spinners' takings 77,392 1,360,886 62,202 1,423,088 Sept.-Oct. 4 68 6734 65 64 85 84 6634 6634,69 69 4 World's takings 460,889 5,742,273 320,888 6,063,161 Oct.-Nov_ 6812 8630i% 61 60 61% 6034 63 63 '65 65 American takings 356,889 4,701,273 253,888 4,955,161 Nov.-Dec. 59 58 59% 58 A 61 61 63 63 Other takings 104,000 1,041,000 67,000 1,108,000 Dec.-Jan.. Jan.-Feb_ 44 6821% 6801%"58 557734 5589% 587% 8509% 8590%168213i 6621% SHIPPING NEWS.-As shown on a previous page, the exports of cotton from the United States the past week have reached 274,059 bales. The shipments in detail, as made BREADSTUFFS. up from mail and telegraphic returns, are as follows: Friday, Jan. 8th 1909: Total bales. Prices for wheat flour have shown more or less irregularity NEW YORK-To Liverpool-Dec.31 -Slavonia, 2,600.... _Jan. 2- Boyle, 1,375 upland, 75 Sea Island, 15 foreign 4,065 during the week, but the changes as a rule have been unim- To Havre-Jan. 5-Texas, 2,103 upland, 52 Sea Island 2,155 portant. It has been reported of late, however, that the To Barcelona-Jan, 5-Montevideo, 400 400 order To Genoa-Jan.2-Barbarossa, 500.... _Jan. 5-Hamburg,900_ 1,400 mills in some cases are disposed to make concessions in To Naples-Jan. 2-Barbarossa, 1,400 1,400 to stimulate business.. In the aggregate, however, sales GALVESTON-To Liverpool-Dec. 31-Jura, 4,690._ _Jan. 4- immediate Basil, 4,956; Indore, 13,799; Merdan, 11,417 34,862 have been light and confined to small quantities for To Manchester-Dec. 31-DomIra, 15,794 5,794 use. Export trade has; , been quiet. At the Northwest To Havre-Jan. 2-Monadnock, 13,987 closed down. To Bremen-Dec. 31-St. Michael, 8,089.... _Jan. 4-WhatelcY 13'987 business has been quiet. „Many of the mills are Hall, 9,660.... _Jan. 6-Alconda, 13,587 31,336 Corn meal has been quiet and easier. Rye flour has been To Hamburg-Jan. 2-Eger, 1,470_ _ _Jan. 7-Iolanthe, 505-.. 1,975 steady. To Rotterdam-Dec. 31-Therapia, 150 150 quiet and • To Antwerp-Dec. 31-Therapia, 1,442_ _Dec. 31-Penrith Wheat has got into a sort of deadlock. Bullish arguments Castle, 3,095 4,537 may be sound enough, viewed from a certain standpoint, To Barcelona-Dec.31 -Ida,3,125 3,125 To Trieste-Dec. 31-Ida, 1,984 21:927854 but the fact remains that a good many peope consider the To Genoa-Dec. 31-Luigi Ciampa, 8,863 8,863 price of wheat high and there is no doubt that if events To Flume-Dec. 31-Ida, 2,275 To Venice-Dec. 31-Ida, 2,243 2,243 afford the bears encouragement they will attack the market PORT ARTHUR-To Liverpool-Dec.31-Nessfleld, 9,454; South with vigor. The cash trade is dull. Export limits seem to wait, 10,625 20,079 ship- To Bremen-Dec. 30-Rokeby, 8,966___Jan. 6-Winifred be far below the current level of prices. Argentine's 7,800 ______16,766 ments, too, are increasing.i Its exports for the first week NEW ORLEANS-To Liverpool-Jan, 4-Capella, 4,629..„Jan. bushels, 5-Barrister, 7.861.... Jan. 6-William Cliff, 5,218 17,708 of the cereal year amount to no less than 952,000 To Manchester-Jan. 7-Thespis, 300 300 against 654,000 in the previous week and only 408,000. for To Glasgow-Jan. 6-Kassala, 500 500 Argentina, To Bremen-Jan. 8-Aldgate, 1,894 1,894 the same week last year. The cereal year with To Hamburg-Jan. 4-Cycle, 1,366 1,366 needless to say, begins with the calendar year, and its first • To Antwerp-Jan. 7-Chaucer, 1,339 1,339 week's exports, it is of interest to obserte, are the largest r: To Oporto-Jan. 6-Conde Wilfredo, 2,700 2,700 To Barcelona-Jan. 6-Conde Wilfredo, 3,609___Jan. 7- ever known for that period of the year. And although it is Atlanta, 4,200_ _Jan. 8-Jenny, 2,050 9,859 some of the estimates export surplus To Trieste-Jan. 7-Atlanta, 3,400..._Jan. 8-Jenny, 100_ __ _ 3,500 true that of Argentine's To Genoa-Jan. 4-11 Piemonte, 8,855 8,855 for 1909 are as low as 104,000,000 bushels, there are others, '. • To Naples-Jan.7 -Atlanta,450 450 seemingly just as likely to turn out to be correct, which put it t'... To Mexico-Jan. 5-Molina, 200_ 200 1.._. To Venice-Jan. 8-Jenny, 1,850 Ell1,850 as high as 134,000,000, or practically the same as that for

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estimates were in GRAIN. the year 1908. Yet, some time back Wheat, per bush.- a. Cora per.bush.- c. I r circulation in* the height of speculatiye excitement of RS low, , N. Duluth, No. 1 119 No. 2 mixed 68 . as 80,000,000 to 90,000,000 bushels.7) 1Meantime the foreign N. Duluth, No. 2 11,734 No. 2 yellow 6734 froXn;:Argentin,,ii, in:, AO , Red winter, No. 2 f.o.b.,09 % No, 2 White . Nominal; Crop news:,r even aside ,from that ruHtsa.rpder 116 Rye, per bush.- 175 a ''l'Iiat tall( events, is the tenor ..bbush. -" No. 2 Western few instatICes favorable. white 54 *554 State and Jetsey Nominal of reports'ficYm the U4ited Kingdom, ,F,f,ance, Spain, Italg - No. 2 mixed 64 e54 4 Barley-Maltinr _ _ _. _.- 73 478 and Bulgaria'. Speculation, moreover, is lacking. The "lateral white clipped 564 ,s 584 Feeding f. o. b. N. I" _ 690070 market at times acts tire*, like an over-driven and jaded The statement of the movement of breadsfuffs tc; Aiarket as horse. The belief of many is that the market has been over- indicated below are prepared by us from figures collected by bulled, over-bought, and therefore in a nerveless coiritli- the New York Produce Exchange. The receipts at Western tion, at least for the time being. Nevertheless, there are lake and river ports for the week ending last Saturday and prominent interests which are 'supposed to be heavily corti. since August 1 for each of the last three years have been: Mitted to the bull side. Some of these interests are credited .--- - with carrying lines of from 15,000,000 to 20,000,000 bushels. Receipts at- Flour. Wheat. Corn. Oats. _ Barley. Rye. that, taking the wheat country of the It is a fact, too, bbs. 1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs. United States as a whole, it has a rather scanty covering of Chicago ____ 190,538 124,200 2,507,990 1,518,185 621,536 31,000 there has been a decided fall in teniperature Milwaukee__ 36,950 136,000 315,000 288,000 366,000 33,300 snow, and of late Duluth 163,711 20,730 84,908 52,001 7,951 and exceedingly cold weather throughout the West. The Minneapolis_ 1,457,403 246,660 289,290 351,120 32,220 receipts, too, are comparatively small. Snow is needed over Toledo 22,000 54,800 27,000 500 Detroit 4,200 21,900 50,624 34,680 a large portion of the wheat territory and in India rain would Cleveland 99 16,000 29,806 beneficial. Germany reports its supplies of native wheat St. Louls 65,000 201,000 857,760 507,200 110,500 5,000 be Peoria _ 24,400 8,000 225,500 127,500 47.000 6,000 rather small, while its wheat fields have only a fair covering Kansas Ct y. 264,200 235,400 87,000 of snow. Hungary, according to present predictions, will Tot.wk.'09 321,187 2,398,414 4,530,464 2,993,563 1,548,157 115,971 have to import wheat. Roumania's weather conditions Same wk.'08 257,429 2,652,964 3,247,717 3,388,608 1,130,405 102,945 have not been, favorable. In Russia the weather has been Same wk.'07 288,898 4,835,784 5,579,682 3,369,142 1,707,399 242.207 milder and supplies of wheat are only moderate and, are Since Aug. 1 firmly held. Of late, too, some slight signs of an increased 1908-09_ _ 10,182,824 154,033,050 61,059,821 86,988,014 50,107,875 4,062,408 noticed at the 1907-08_ _ _ 8,584,031 126,791,284 84,481,077 92,807,489 40,022,625 4,149,345 domestic demand for cash wheat have .been 1906-07 10.651,364 137,106,110 83,987,188 103,443,172 39,888,072 4,432,067 West. The European markets, on the whole, have been firm. Two draw- steady, and Liverpool prices have- been receipts of flour and grain at the seaboard ports for • ignored; first, the Total backs, however, exist which cannot be the week ended Jan. 2 1909 follow: for the actual wheat from both sluggishness of the demand Flour. Wheat, Corn, Oats, Barley, Rye, home and foreign buyers, and also the paralysis of specula- Receipts at- bbls. bush. bush. bush. bush. bush. tion aside from the transactions of a few large professional New York 117,229 156,000 242,975 510,200 151,200 2,925 Boston 46,082 153,099 39,170 92,808 .18,535 operators at Chicago. To-day prices declined early on large Portland, Me 2,493 270,049 2,856 Argentine shipments warmer weather at the Southwest,and Philadelphia 87,305 528.890 341,289 119,005 reports of Baltimore 36,955 7,271 526,804 44,760 9,357 5,340 liquidation, but rallied later on small receipts, Richmond 2,023 13,962 8,368 12,778 a larger cash demand, bull support and covering. New Orleans *_ 16,813 7,700 193,000 103,000 Newport News _ 18,672 111,129 DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Norfolk 8,571 Sat. Mon. Tees Wed, Thurs. Fri. Galveston 13,000 220,000 No. 2 red winter Holl- 1073'( 10731 10731 108 1094 Mobile 2,399 12,100 May delivery in elevator day. 112 110% 111 11034 1104 Montreal 2,956 61,223 4,280 42,414 7,196 July delivery In elevator 1064 10534 10531 10534 10534 St. John 59,431 175,794 25,609 ',DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Total week 400,929 1,386,988 1,701,971 • 924,765. 211,897 8,265 Sat. Mon. Tues. Wed. Thurs. Fri. Week 1907-08_ ___ 354,042 2,314,953 1,851,651 871.508 78,396 81,175 In elevator 10734 10834 10734 107% 1074 10734 Since Jan. 1 1908_19,217,319 121405,489 46,683,808 44,375,761 7016.582 2917,679 May delivery 2545,58 July delivery In elevator 9931 9934 9834 984 98 98 34 Since Jan. 11907_20,133,230 133110,193 90,088,405 54,358,102 4931,876 September delivery In elevator_ _ _ 9534 95% 95 94% 9431 9434 * Receipts do not Include grain passing through New Orleans for foreign poets .Indian corn futures, though more or less irregular on oc- on through bills of lading. casions, owing to depression in wheat, has on the whole The exports from the several seaboard -ports for the week shown an upward tendency. • In fact, the tone has been ending Jan. 2 1909 are shown in the annexed statement: strong at times, owing to decreased receipts and a larger Wheat, Corn, Flour, Oats, Rye, Batley. Peas, cash demand here and at the West, partly for export. Cash Exports from- bush. bush. bbls. bush. bush. bush. believed to hold the New York 360,787 460,345 67.772 14,257 12,653 1,635 prices have been strong. The farmer is Portland, Me_ _ _ _ 270,049 2,856 2,493 9,360 key to the situation. On all recessions in prices he refuses Boston 229,879 42,161 Chicago have covered freely of late, Philadelphia ____ 289,000 308,965 33,273 to sell. Large shorts at Baltimore 16,000 52,429 17,392 but there is still believed to be a considerable short interest New Orleans 247,921 16,965 261 129 Some cash interests have Sold but others Newport News.. 111,129 18,672 outstanding. Galveston 81.120 400,145 1,780 200 have bought and there has been more or less commission- Mobile 12,100 2,399 _ - buying. Liverpool has showli noteworthy strength Norfolk 8,571 house 59,431 25,609 and this has had some influence here. To-day prices were St. John, N. B.- 175,794 irregular but in the main firmer on small receipts and Total week_ _ _1,422,629 1,595,890 270,909 14,718 38,262 11,124 Covering. Week 1907 3,287,517 848,836 251,688 30,457 25.737 29,200 162 of these exports for the week and since DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. The destination Sat. Mon. Tues. Wed. Thurs. Fri. July 1 1908 is as below: Cash corn Holl- 65 6634 65'% 65%5 66 Flour -Wheal --Corn May delivery In elevator day. 6834 6834 6834 68 6834 Since Since Since July delivery in elevator es% es% es% 68 34 68 34 Week July 1 Week July 1 Week July 1 DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Exports for week and Jan. 2. 1908. Jan. 2. 1908. Jan. 2. 1908. bbls. bush. bush. bush. bush. Sat. Mon. Tues. Wed. Thurs. Fri. since July 1 to-- bbls. United Kingdom_ _ _150,138 3,182,603 1,165,750 38,348,340 852,915 5,567,130 May delivery In elevatOr 61% 61 34 61 4 61 4 61 6134 715,531 5,431,475 61 62 62 Continent 63,296 1,470,818 256,879 38,667,400 July delivery In elevator 34 61% 61 4 61 345,085 183,859 204 20,659 September delivery in elevator- _ _ _ 61 3.4 62 61 61 34 6234 623ie So. & Cent. Amer.._ 6,856 West Indies 20,214 752,464 150 27,240 626,799 Oats for future delivery in the Western market have been Brit. No. Am. Cols_ 59,536 6.400 firmer, Owing chiefly to the strength of corn and light re- Other Countries... _ 30,405 189,110 51,488 12,672 ceipts.' Cash prices have been strong despite a falling off in Total 270,909 5,999,616 1,422,620 77,251,235 1,595,890 11,665,13 the demand. Cash interests have been good buyers of Total 1907-08 251,688 6,105,104 3,287,517 72,706,246 848,836 24,584,728 futures and commission houses show a disposition to purchase The world's shipments of wheat and corn for the week on the setbacks. No material iperease is expected in the ending Jan. 2 1909 and since July 1 in 1908 and 1907 are receipts and this makes many feel friendly to the long side. shown in the following: certain amount 'of short selling at times, There' has been a Wheat. Corn. hoi,Veirer, by some who believe that a decline in wheat is only a matter of a short time and that weakness in that cereal Exports. 1908-09. 1907-08. 1908-09. 1907-08. Would probably find reflection' in''Oats. To-day prices were Week Since Since Week. Since Since firmer on small receipts, a strong cash market and general Jan. 2. July 1. July 1. Jan. 2. July 1. July 1. buying, the trading being active. Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. DAILY CLOSIN GPRICES bF OATS IN NEW YORK. North Amer. 2,854,000 113,433,700 103,752,000 866,000 10,525,400 22,254,000 Titers. Fri. RUSSIall - - 856,000 38,064,000 50,424,000 .306,000 8,155,500 13,944,000 Mon.Sat.Tu4s.' ' Wed. 30,520,000 No. 2 Danubian __ 696,000 25,384,000 19,600,000 671,000 13,033,500 mixed_ 54-54 54-5434 54-544 54-54 84-543.4 Argentina __ 644.000 29,563,000 10,280,000 160,000 42,104,500 34,376,000 White HOLI- Australian__ 640,000 8,760,000 5,136,000 clipped, DAY. 0th. countr's 120,000 7,618,000 18.296,000 34 to 36 2,003,000 73,818,900 101,094,400 lbs - 564-584 5634-5834 564-58 5634-583.4 564-5834 Total 5,810,000 222,822,700 207,188,000 DAILY CLOSING PRICES OF OATS IN CHICAGO. Europe on dates • Sat. Mon. Tues. Wed, Thurs. Fri. The quantity of wheat and corn afloat for May delivery in elevator 51 51 51 % 51 4 51 52 mentioned was as follows: July delivery In elevator 464 4634 46 4634 4634 46'% September delivery in elevator- _ 393.1 3934 3931 3931 39% 395% Wheat. Corn. The following are closing quotations: United I United LO UR. Kingdom, Continent. Total. Kingdom. Continent. Total. Low grades 63 15@$: 50 1Cansas straights 34 75,1-034 90 Second clears :1 25@ 3 40 Itlended clears 5 300 --- Bushels. Bushels. Bushels, Bushels. . Bushels. Bushels. 4 25 6 10") 0 40 Clears 3 85V City patents Jan. 2 1909._ 14.080,000 6,080,000 20,160,000 3,400,000 5,100,000 8,500,000 Straights 4 80'6 4 90 Rye flour 3 60@ 4 50 26!1908- 15,072.000 8,160,000 23,232,000, 4,420,000 5,780.000 10,200,000 5 85 2 35 0 2 50 Dec. Patent, spring 5 50'h Buckwheat flour Jan. -11908.. 18.480,000 7,840,000 26,320,0001 3,480,000 5,360,000 8,840,000 Patent, winter 4 90 a 5 15 Graham flour 3 90 44 ,I 10 gain as citrus 4 10( 460 Corn meal 3 40@ 3 90

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 112 THE CHRONICLE [VOL. Lxxxvni.

The visible supply of grain, comprising the stocks in are expected to be ready for the inspection of buyers shortly. granary at the principal points of accumulation at lake and During the week jobbers opened new lines of wash fabrics seaboard ports Jan. 2 1909, was as follows: and other goods for spring and report fair-sized orders. AMERICAN GRAIN STOCKS. There has been a steady call for drills, some descriptions of Wheat, Corn, Oats, Rye, Barley, which are reported as rather scarce and somewhat firmer. bush. bush. bush, bush. bush. In linings current business is light; there is an increased New York 2,628,000 541,000 833,000 92,000 464,000 Boston 681,000 49,000 35,000 6,000 demand for black linings and requests from manufacturers Philadelphia 1,116,000 207,000 92,000 26,000 and jobbers to anticipate deliveries are numerous. Large Baltimore 529,000 981,000 171,000 196,000 11,000 New Orleans 420,000 677,000 136,000 sales of narrow print cloths have been made to printers for Galveston 400,000 453,000 delivery in the second quarter, and prices of both narrow Buffalo 3,569,000 36,000 1,772,000 199,000 1,115,000 and wide goods are firm; in mills as a rule do not afloat 7,952,000 247,000 79,000 fact appear Toledo 515,000 257,000 203,000 61,000 disposed to book further large orders for wide goods for late afloat 70,000 delivery at current levels. Regulars are quoted at 3 7-16c. Detroit 769,000 310,000 175,000 74,000 • Chicago 5,324,000 1,770,000 860,000 55,000 1,016,000 and standard wide goods at 4%c. As already noted, Milwaukee 518,000 393,000 245,000 37,000 341,000 several thousand bales of sheetings and drills have been Duluth 6,170,000 34,000 1,090,000 33,000 555,000 Minneapolis 14,426,000 309,000 2,424,000 117,000 1,363,000 sold to China on the basis of about 6c. for the 3-yard sheetings St. Louis 2,557,000 606,000 788,000 31,000 205,000 and 44c.3 for the 4-yard, while the drills brought prices Kansas City 3,862,000 331,000 321,000 Peoria 2,000 117,000 825,000 22,000 6,000 fully up to the market here. Indianapolis 311,000 94,000 412,000 WOOLEN GOODS.-In dress goods preparations are Total Jan. 2 1909...51,759,000 7,165,000 10,629,000 1,022,000 5,082,000 now being made to open additional lines for fall; some Total Dec. 26 1908_31,676,000 6,994,000 10,248,000 1,080,000 5,396,000. have already been displayed at prices unchanged from last CANADIAN GRAIN STOCKS. season, but others will be offered about the middle of this Wheat, Corn, Oats, Rye, Barley, month, and are expected to show advances of about 5 per bush, bush. bush. bush. bush. cent. The tariff agitation is causing some uneasiness and Montreal 54,000 26,000 219,000 64,000 Fort William 3,151,000 more or less conservatism in forward purchasing, with the Port Arthur 1,701,000 exception of staple fabrics, although stocks Other Canadian generally are 1,509,000 reported as small. One of the leading lines of domestic Total Jan. 2 1909__ 6,415,000 26,000 219,000 64,000 broadcloths recenly opened for the fall 1909 season has been Total Dec. 26 1908__ 5,755,000 25,000 206,000 51,000 sold up and withdrawn. Worsted fabrics for spring have SUMMARY. been taken in large quantity and most mills are reported Wheat, Corn. Oats, Rye Barley, as well provided with orders for some time bush. bush. push, bush. ahead. Men's bush. wear heavy-weight lines for fall 1909 have sold well, es- . American 51,759,000 7,165,000 10,629,000 1,022,000 5,082,000 Canadian 6,415,000 26,000 219,000 64,000 pecially fancy overcoatings and kerseys and producers of these are now stated to be well situated. New lines of Total Jan. 2 1909_ -58,174,000 7,191,000 10,848,000 1,022,000 5,146,000 Total Dec. 26 1908__57,431,000 7,019,000 10,454,000 1,080,000 5,447,000 light-weight fabrics for fall will probably be opened within Total Jan. 4 1908...48,481,000 4,482,000 8,450,000 1,065,000 5,895,000 the next week or so. Total Jan. 5 1907_ _45,768,000 5,823,000 12,855,000 1,658,000 2,838,000 Total Jan. 6 1906__45,226,000 1,282,000 27,519,000 2,399,000 6,200,000 FOREIGN DRY GOODS.-Demand for imported smooth Total Jan. 7 1905_ _40,266,000 10,919,000 21,202,000 2,038,000 6,754,000 finished dress fabrics for spring has been exceedingly good, and importers state that they could have booked a larger business had the goods been available. Light-weight fine THE DRY GOODS TRADE. yarn dress goods for spring have been taken in large volume New York, Friday Night, Jan. 8 1909. and are reported as well sold up. Orders for broadcloths are that satin- satisfactory volume of for fall are coming in freely and indications In most quarters a business has faced goods will lead in the demand. Imported silks have been put through during the first week of the new year and extensive demand lessening; generally are much had an sale, with no signs of the selling interests encouraged over the prices are strong, owing largely to the high cost of raw outlook. The market, as a whole, has shown a broadening with numerous improved demand in silk. Linens continue active and strong, tendency, with an many lines, while of Mc. per Burlaps have been quiet and urgent requests for early shipments of goods advances yard. under order unchanged. have continued a feature; as a result of these conditions, with the fact that mills generally are together pretty well Importations and Withdrawals of Dry Goods. sold ahead, prices in not a few directions have Warehouse displayed withdrawals of signs of strengthening. In the cotton goods division there The importations and warehouse dry goods has been a larger inquiry, especially from converters at this port for the week ending Jan. 2 1909 and since and periods of last year, printers, and substantial orders have been placed; more Jan. 11908, and for the corresponding activity is also noted in various lines of domestic cottons, are as follows: 0hh00 00004000 N00 0 woo IN the amount of business done for near-by and forward ship- hio,rnm 0'14'1 0 13 Ca 0,-, ni ment larger than for some 424gg 00 being in the aggregate time past. 40400.00- MO ION .g oh ..lhoo 0040004040 .01 on Requests to hasten deliveries have been particularly numer- 0.1 1907, woOtSder 4040404040 00 no 00 ous in this quarter, and a heavy movement of merchandise 00 01 neP oo from mills is reported. A noteworthy and encouraging 145,232,128 n00.10 AND Oef..WN oino0h C\1 40 development during the week has been the material im- 00.0,p 00 0N0.3 0)00 N..00. oo 05 0000.00. provement in export trade with the Far East, between qtqq" 01'1 .74:k On0h4 NO cn O. 00‘1.00N 41; 12,000 and 15,000 bales of drills 1908 C0 0.1 nnwoon 40 NO 03 .esinON no 0 sheetings and being taken 40 on on for China account. Jobbers report trade as satisfactory 1 ON 000,P0 nO and much better than the preceding week or two, demand 00 OW 00 Onn..P0 NW N00. 40 N.".°."19 00. 40

for dress goods, prints with border JAN. effects, wash fabrics, 40 on 000h.co 4000000 nn 0 &c., showing a steady increase. Silk dress goods have 1 .n.. On. 0 continued to move in good volume, especially satin-faced 40 .N fabrics and satin crepes. Leading producers of men's ...hh .4,0,1$,Vh h c‘i o.h.. N 00 0'O4040Cs 0000N0 NO 0.1,0hco 00 0 wear have booked substantial orders on certain lines of 'SC'I 4000 Cl 40 w 400140 401 40 °."qq". heavyweights for fall 1909, which will keep their looms 00 4c5 40 0,1 4000 w busy for several months; lightweight goods for next fall <4 1=4 0.00Tr NoCinia. are expected to be opened shortly. In dress goods more Onhom n. or less uneven distribution of business is still in hI o00. 0.."0 evidence, N0040.0° on but the market generally shows some improvement. o.00h 00 i01 '1.4 °.N.°N.0 0140 -The .N Pt DOMESTIC COTTON GOODS. exports of cotton 01 050 136,746,221 goods from this port for the week ending Jan. 2 were 5,968 El 102,395,710 133,665,244 N packages, 040 valued at $239,296. et -----1908------1907----- 010 Since Since hn New York to Jan. 2- Week. Jan. 1 Week. Jan. 1. 455,464 Great Britain 10 915 8 0 1,601 ON 04000 00,1 ncq Other European 1,540 11 2,483 • p.,P0030 40 01040040 .N 0 Cl))) China 25,214 24,152 54 •L+ 0...1'1".'I 0 in. India 5 15,589 -iiiii 6,194 c;if; en co co re,; 0 .48Z c°4421 .0 00 Arabia 1,909 35.830 1,143 27,568 N no. Africa 10,517 124 ci) 314 4,203 r=4, r-I 0 05 05 West Indies 261 20,747 145 23,479 Mexico 1,803 1 2,509 0 • o 000.000 N'S'eP -4 040400 I 04 1 'S onn.nellor Central America 566 16,180 119 12,693 00 '04040 30 po C..0 0 0 CU 0 C. .1 in 0 c0 00 -1 oa 'N 0 South America 2,298 43,652 370 44,374 gj oq c°.°.°.". Other Countries 605 22,502 208 25,016 o ONNet, 40 tg .2 40 .0 0 CO _ _ Fr< •-• Total. 5,968 203,489 2,220 174,252 The value of these New York exports since Jan. 1 has been $12,386,123 in 1908, against $10,798,715 in 1907. Bleached sheetings have been in better demand, buyers 1 generally being anxious to get deliveries as early as possible. J.. Shirtings for fall and colored cottons for spring are being ordered quite freely, and more interest is being shown in 0 04.9 napped fabrics, new lines of which will be opened in the 0 4'61 HM near future. An advance showing of blankets has already 0c3go.05N.gMt; '5811e.l.- been made, and lines of flannelettes and other fleeced fabrics A.A A

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -111IL AL,111-11IMIL

JAN. 9 1909.1 THE CHRONICLE 113 STATE ;INt) CITY ptfiiivrENT, DECEZIBER BOND SALES. Page. Name. Rate. Maturity. Amount. Price. 1674_ _ Aberdeen Sch. Dist., So. Dak_ 4 % 1928 $50,000 102.50 1674_ _ Adrian Special Sch. Dist., Ohio 5 1909-1918 5,000 103.30 1674_ _ Agawam, Mass 4 1922-1925 4,000 104.539 The ThymicIt. 1558_ _ Alamane.e County, N. C 5 1958 200,000 110.13 1558_ _ Alliance, Ohio 5 2,850 100.228 PUBLISHED WEEKLY. 1558_ _Alliance, Ohio 4 % 1,500 100.566 Terms of Subscription-Payable in Advance 1674_ _ Altamont, N. Y 4 N 1913-1924 6,000 100.418 $10 00 1674_ _ Analy Union High S. D., Cal 5 1928 30,000 104.06 For One Year 1619_ _Angleton Drainage Dist., Tex_ 5 d1928-1948 100,000 100 0 00 For Six Months 13 00 1619_ _ Anniston, Ala 5 1918 4,500 European Subscription (including postage) 1619_ _ Anniston, Ala 8 1918 11,000 Subscription six months (including postage) 7 50 European 12 14s. 63_ _Applecreek, Ohio 4% 1910-1929 7,000 Annual Subscription in London (including postage) 1619_ _ Ashland, Ky 6 9,000 100 Subscription in London (including postage) 21 118. Six Months $11 50 114_ _ Ashland, Ohio 5 1909-1914 1,500 103.466 Canadian Subscription (including postage) 114_ _ Ashland. Ohio 5 1909-1919 6,400 106.164 Subscription includes following Supplements- 63_ _Ashtabula, Ohio 4 1909-1928 60,000 100.936 1674_ _ Auglaize County, Ohio 5 1910-1923 70,000 107.431 BANK AND QUOTATION(monthly)STATE AND CITY (semi-annually) 1558_ _Bainbridge, N Y 15 1 1918 11,6001 100 RAILWAY AND INDUSTRIAL (quarterly) I ELECTRIC RAILWAY(3 times yearly) 14% J 1 4001 1491_ _Baldwin, Kan 4% 1933 35,000 100 Terms of Advertising-Per Inch Space 1558_ _Baltimore, Md 3% 1980 1,000,000 92 Transient matter per inch space(14 agate lines) $4 20 1558_ Beaufort, N. C 5 1938 20,000 100 Two Months (8 times 22 00 115_ • 131andford Spec. F re Dist.,Mass 4 25,000 g 29 00 63_ _Blue Earth County, Minn__ 5 1909-1918 42,500 100.611 Business Cards T4ihxre4owinlpisths meess Standing (26 50 00 1674_ Bristol County. Mass 4 1913 40,000 102.161 Twelve Months(52 times) 87 00 1491_ Brunswick, Ga 5 1921 64,000 104.84

OFFICE-P. Block; Tel. Harrison 4012. 1674_ _Buda, Ill 10,000 CHICAGO Bartlett,513 Monadnock 1619_ _Burlington, Col 6 d1918-1923 11,000 LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C. 1674_ _Caldwell, N. J. (2 issues) 4 1929 10,000 101.15 WILLIAM 11. DANA COMPANY, Publishers, 115_ _Cambridge, Mass 3% 1928 40,000 101.097 1619_ _Canton Un. S. D., 0.(2 issues) 4 1928 60,000 102.30 P.O. Box 058. Front. Fine and Depeyster Sta., New York. 1558_ _Carter Co. S Ds., Okla (6 iss.) 6 Varlous 27,300 1674_ _Centralia, Ill 4% 1914-1918 10,000 492_ _Charleston, S. C 4 1938 492,500 Various , MUNICIPAL BOND SALES IN DECEMBER AND 1492„Chester, Pa. (3 issues) 4 d1918-1938 70,000 101.587 1559_ _Chicago Sanitary District, Ill_ 4 1910-1927 1,000,000 101.08 THE YEAR 1908. 1559_ _Chickasha, Okla 5 1928 90,000 1619_ _Clinton, Mass 4 1910-1929 120,000 104.44 During the last month of the old year sales of municipal 1674_ _Cllnton County, Ill 4 16,000 We do not include in this 1559_ _ColtsvIlle Township, Ohio_ _ _ _ 4% 1932-1933 20,000 102.50 bonds aggregated $23,366,131. 115_ _Colbert County, Ala 5 1919-1929 25,000 total of temporary loans, $962,770 of Canadian 1619_ _Covington Sch. Dist., Ky 4 75,000 101.25 $773,458 115_ _Coweta, Okla 30,000 loans and $14,500,000 general fund bonds of New York City. 1559_ _Craig Co. S. D. No. 43, Okla_ 6 1919 3,000 101 1674_ _Cuyahoga County, Ohio 5 1909-1918 29,710 104.679 The sale of $30,000,000 Panama Canal bonds by the U. S. 1674_ _Cuyahoga County, Ohio 5 1909-1928 130,500 1674.. _Cuyahoga County, Ohio 5 a1914 60,000 104.678 Government also took place last month. As these, however, 1674_ _Cuyahoga County, Ohio 5 (41914 17,850 from 1620_ _ Decatur, Ala 5 1928 58,000 cannot be termed "municipal" bonds, they are omitted 1492__Delta, Ohio 4 % 1910-1934 25.000 104.74 and most important issues placed 1559_ _Detroit, Mich 33 1938 75,000 x100 our table. The largest 1675_ _Detroit, Mich 3% 1938 1250,000 103.86 December were: $5,000,000 4s of New York State 1 50,000 104 during 115_ _Dougherty, Iowa 6 d1910-1923 2,250 sold on a basis of about 3.507%, $1,050,000 4s of Los 1559_ _Douglas, Ga. (2 issues) 5 1938 35,000 100.458 1675_ _Douglas County, Wis 4 % 1909-1928 35,000 104.65 Angeles County, Cal., on a basis of about 4.176%, $1,000,000 115_ _Doylestown School Dist.. Pa 4,000 1675_ _Dubois County, Ind 43. 1918 3,600 100 3s of Baltimore, Md., at 92 and interest, and $1,000,000 1620_ _Dunmore School District, Pa 4% 1909-1932 80,000 on a basis 115_ _Eastchester, N Y 4% 5,000 102.53 4s sold by the Chicago, Ill., Sanitary District 1559_ _ East Chicago. Ind 5 1919-1928 40,000 107.78 The aggregate for December as well as 1675_ _ Easthampton, Mass 3 N 1909-1920 32,000 100.11 of about 3.874%. 1675_ _East Rochester, N. Y 4 1914-1938 102,500 100.066 the twelve months for a series of years is shown in the follow- 1675_ _ East Rochester, N. Y 4.10 1914-1938 35,000 100.108 1675_ _ East Rochester, N. Y 4.10 1914-1938 6,500 100.13 ing table: 115_ _Eddy County, N. M.(3 issues) 6 d1919-1929 24,500 110.51 Month of For the Month of For the 1620_ _El Centro, Cal 5 1909-1928 40,000 100 December. Twelve Mos. December. Twelve Mos. 63_ _ Ellendale, No. Dak 6 1924&1929 6,000 105.75 Elmwood Place, Ohio 5 1928 25,000 110.80 1908 $23,366,131 $309,806,252 1899.. $4,981,225 $118,113,005 1492_ 7,306,343 103,084,793 1620_ Emporia, Kan 4% 1928 10,000 100 1907 13,718,505 227,643,208 1898 5 1948 300,000 100 1897 17,855,473 137,9114,004 1675_ _ Eugene, Ore 1906 21,260,174 201,743,346 1559_ Cal 15,000 100.066 1905 8,254,593 183,080,023 1896 10,664,287 106,496,060 Eureka, 8,545404 114,021,633 1620.. _Fairmont S. D. No. 19, Neb__ 5 27,500 104 1904 9,935,785 250,754,946 1895 5 1928 10,000 1903 13,491,797 152,281,050 1894 13,486,374 117,176,225 1620_ Florala, Ala 77,421,273 1559 Forest County, Wis 6 1910-1920 55,000 1902 11,567,812 152,846,335 1893 17,306,564 9,000 1892 3,297,249 83,823,515 115_ Frazee, Minn 4 1014-1922 1901 15,450,958 149,498,689 1620.__Frazee School District, Minn__ 5 1918 12,000 102.675 1900 22,160,751 145,733,062 63__Gary, Ind 4% 1919 45,000 104.09 total of the 1675__Gaston County, N C 4 1938 200,0004K% has It will be seen from the foregoing that the 1559_ _Glendive, Mont 6 15,000 101.583 1908 was largely in excess of that of any 1620__Glen Rock, N J 5 35,000 sales for the year 1559_ _Grady Co. S. D. No. 33, Okla_ 7 1928 1,000 101 other year. The next largest total, reported in 1904, is 1620_ _Granite, Okla 6 1928 20,000 101.25 63_ _Green Bay, Wis 43 1915-1928 150,000 105.40 exceeded by more than 59 millions, while the increase over 1559Guayandotte, W. Va 5 1918 26,000 102 1675_ _Haddonfield, N. J 4% 100,000 100 the amount for 1007 is more than 82 millions. New York 1675_ _Harris County, Tex 4 d1918-1948 500,000 100 1620.. _Harrison County, Miss 5 d1913-1933 10,000 100 City's output for the year was $73,340,859, as compared 1559_ _Hartwell, Ohio 4 1934 35,000 102.20: 1907, $57,052,175 in 1906 and $41,- 1675_ _Haverhill, Mass 4 1918 39,000 with $79,100,195 in 1559_ _Haverstraw, N Y 4.12 1910-1937 70,000 100 210,934 in 1905. This does not include any of the revenue 1675_ _Hays City, Kan 5 1928 18,000 101.8133 1620 ..Highland County, Ohio 5 3,780 bonds, which, being temporary obligations in the nature of 63__Hoboken, N. J. (2 issues) _ _ _ _ 4 1938 110,500 102.3 N 115.._ Hollywood, Cal 43 1913-1921 61,000 102.1pa floating debt, we disregard, nor does it include "general 116__Hope, Ark. (2 issues) 6 155,000 95 1020_ Hot Springs Sch. Dist., Ark 6 d1918-1923 10,000 94 fund" bonds. 1620....Huntington Union Free School District No. 3, N Y 43,1 1915-1939 98,500 103.03 The amount of the sales for 1908 is $309,806,252, as against 63_ _Hyde Park, Mass 4 1909-1918 26,000 102.311 in 1907, $201,743,346 in 1906, $183,080,023 in 116_ _Indianapolis. Ind 3% 1909-1912 80,000 100.20 $227,643,208 1559_ _Irondequoit Sch. Dist., N. Y 5 1909-1918 10,000 100.033 1905, $250,754,946 in 1904, $152,281,050 in 1903, $152,- 1620_ _Irvington, N. J 43 1939 55,000 107.14 l675 ..Itasca County, Minn 5 13,546 846,335 in 1902, $149,498,689 in 1901 and $145,733,062 in 1621__Ithaca, N. Y d1913-1938 14,000 1621__Iva Sch. Dist. No. 44, S. C__.. 6 1929 10,000 105.62 1900. It is important to bear in mind that temporary 1676_ _Jefferson County, W Va 4 d1918-1938 40,000 100 1559_ _Johnston Co. S. Ds., Okla.(2 is) 6 1928 3,000 loans, New York City revenue or "general fund" bonds, 1678_ Kansas City Sch. Dist., Kan_ 44 1929 250,000 104.68 not located in the United States, 63_ _ Knoxville, Tenn 6 60,000 or sales made by places 1621_ _ Lackawanna County, Pa 4 1938 180,000 104.08 are incorporated in our totals. We reported during 64_ _Laramie Valley Irr.Dist.,Wyo_ 6 1919-1928 541,000 never 1559_ _Latonia, Ky 8 d1913-1918 11,300 100 the year $161,828,347 of temporary loans, $85,834,473 of 1621_ _Latonia, Ky 5 1928 50,000 104.486 116_ _Latrobe, Pa 43 1912-1939 57,000 105.68 Canadian loans, a $30,000,000 Panama Canal loan and $14,- 1676 _Latrobe School District, Pa 4% 1909-1931 34,500 104.27 1676_ _Lawrence, Mass 4 1909-1918 150,000 102.518 500,000 general fund bonds of New York City, all of which 1621__Lawton School District, Okla_ 5 1929 100,000 102.808 1560_ _Lexington, Ky 43-i 1948 25,000 108.44 have been excluded. With all of these incorporated the 1621_ _Los Angeles County, Cal 4% 1914-1948 1,050,000 104.775 increased to $601,969,072. 1621_ _Madison County, 0.(4 issues)._ 5 1914 13,200 101.977 1908 total would be 1676.._Mahnomen County, Minn 5 1928 10,000 106.90 The following table shows the monthly output in each of 1560__Mamaroneck, N Y 4 1914-1933 10,000 100.43 116_ _Marceline, Mo 5 1929 50,000 the years 1908 and 1907: 1621_ _Maricopa Co. S. D. No. 41, Ariz 7 1928 3,000 104.166 1676__Marion, N C 5 1938 20,000 100 1908. 1907. 1908. 1907. 116__Marion, Ohio (2 Issues)- 40,900

January _ _ _$10,945,968 $10,160,146 July $21,214,678 $16,352,457 116_ Marlow School District, Okla 6 1929 35,000 __ 60,914,174 37,545,720 August 18,623,046 20,075,541 1021.. _Marshall, Tex 5 d1917-1947 40,000 February _ Sch. Dist., W. Va. 5 d1919-1943 50,000 104.934 Marc __ __ 18,933,083 10,620,197 September _ 34,496,814 47,947,077 1621_ Martinsburg ----21,451,859 19,909,004 October 14,077,029 9,793,358 1676_ _Martinsville, Ind 5 a1912 J 4,000 April - 103.87 May 25,557,331 15,722,336 November _ 28,580,075 4,408,381 110,000 31,646,064 21,390,486 December_ 23,366,131 13,718,505 1621_ _Maywood S. D. No. 46, Neb 5 10,000434% bas June 1678_ _Medford, Mass 4 1928 36,000 108.15 $309,806,252 .T227,643.208 1560 Mercer County, N. J 4 1938 71,000 100 Total 64_ _Merrill. Wis. (2 issues) 50,000 __ Average per month $25,817,188 $18,970,267 1560_ _Mem County, Tex 4 1948 53,072 100 1493 _Mill Creek Sch. Dist., Okla 6 1928 10,000 100 In the following table we give a list of December loans to 84_ _Milton, Ore 5 d1918-1923 15,000 100 amount of $23,366,131 issued by 230 municipalities. 116_ _Milwaukee, Wls 4 1909-1928 200,000 .. the 1676_ _Minneapolis, Minn 4 1938 100,000 103.04 In the case of each loan reference is made to the page in the 1676_ _Minneapolis, Minn 4 1939 46,000 103.07 "Chronicle" where an account of the sale is given. 1560.._Minneapolls; Minn 4 1038 87,000 102.84

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 114 THE CHRONICLE Lxxxvin.

Page. Name. Rate. Maturity. Amount. Price. Page. Name. Rate. MaturSty. Amount. Price ' 1676.. _Minneapolis, Minn 4 1939 $110,000 103.07 67_ _Ne,,v Liskeard, Ont 5 $15,000 1676_ _Minneapolis, Minn 4 1938 250,000 103.07 1563_ _Noble View S.D.No.2120,Sask.. 754 1918 7,305 1676_ _Minneapolis, Minn 4 1928 116,200 102.215 1624.. _North Toronto, out5,000_,.. .. 5 1909-1038 , 110_ _MocksvIlle, N. C 5 120...North Toronto, Ont 5 1909-1938 13,000 106.253 , • 1621__Montgomery County, Ohio__ 4 1624__Oakwood S. D. No. 439, Mall_ 5 4,0,00 94.875 ' /560_ _Morrow Co., Ohio (3 issues)._ 4 % 2,51,7E 182.055 1624....Portage La Prairie, Man__ ,___ 5 55,000 ,1493.._Mount Vernon, N. Y , 434 1948-1940 40,000 67.. St. Mary's, Ont 1909-1918 6,824 _Mount Vernon, N.Y 1934 434 ' 1621_ 434 30000 109..19 0412 120_ _Seaforth S. D. No. 2129, Sask_ 654 1918 1,300 100.769 1676_ _Napa High School Dist. Cal 5 1910-1929 30,000 104.603 120_ _Selkirk, Man 5 1956 80,000 1677_ _Napa Sch. Dist. No.4, dal_ _ _ _ 5 1910-1934 120. -Selkirk, Man 70,000 1621_ _Nashwauk S. D. No. 9, Minn.._ 6 1919 88:888 101 1563_ _Shawiands S. D. No, 2161 636 1,200 100.50 1622_ _New Albany, Miss 5 1909-1928 10,000 100 1680.._Souris, Man 5 6,798 Bedford, Mass 4 1493_ _New 1909-1918 30,000 101.215 1624__Southampton, Ont. (2 issues).. 5 1909-1928 243:04509 1622_ _Newburgh Heights, Ohio 5 1928 5,000 110.56 1563 _Strathroy, Ont 5 1909-1918 116__ Newcomb Union Free School 1563_ _Sudbury, Ont 5 1909-1928 :000195 000 District No. 2, N. Y8,0001909-1916 1624_ _Sudbury, Ont 5 1909-1938 1677_ New Orleans, La1911 75,000 1563_ _Tamarisk, Sch. Dist., Man_ _ _ _ 6 1909-1918 51:060000 1560__New Rochelle, N. Y g 1920-1931 107,500 112.571 1624.._Teeswater, Ont 5 1918 1622_ _New York State 4 1958 5,000,000 111.6035 1624_ _Uxbridge, Ont 5 1909-1938 23,500 1560_ _Niagara Fails, N. Y 4 70,500 101.628 1624„Westville, N. S 4;4 7,000 1560_ _Niles, Ohio55 1V8a1r51171.8 8,000 106.888 120_ _Wiarton, Ont 3,056 _Niles, Ohio (3 issues) 5 64_ 7,000 106.118 1624_ Windsor, Ont 5 11992288 1622_ _Norfolk, Va 41938 491,000 95.04 120_ _Windsor, Ont 09 105.20 _ North Arlington, N. J 434 1928 15,0909 1622_ 1933 25,000 100.25 1680Winnipeg„ S. D. No. 1, Man 45 1991)-1943 200, 000 1677_ _Northumberland County, Pa 4 118,000 100 1680_ Yorkton, Sask 6 20,000 104 1677_ _Norwood, Ohio (11 issues) 434 1909-1918 29:5g4 Various _Norwood, Ohio 1677_ 4% 1933 5 0 0 110.01 Total $962,770 64_ _Norwood, Ohio 434 1909-1918 2,394 102.299 64_ _Norwood, Ohio 4 1934 90,000 103.04 REVISED TOTALS FOR PREVIOUS MONTHS. 64_ _Norwood, Ohio 4 % 1909-1918 10,002 102.30 1677_ _Ogdensburg, N. y 4 1920-1922 5,000 100 The following items included in our totals for previous 1494_ _Omaha, Neb 434 1916 252,500 101.719 months should be eliminated from the same, as the sales 1560_ _Orchard Mesa Irr. Dist., Col. (2 issues) 900,000 have not been carried to completion. We give the page 1622_ _Painesville, Ohio 4 1922-1923 4,0001 100.97 number of the issue of our paper in which the reason for 1622_ _Painesville, Ohio 4 1914 1,000] failure to consummate the sale 1622_ _Painesville, Ohio 4 1917-1921 15,000 100.775 the may be found. 1677_ _Pascagoula, Miss 6 1910-1929 12,000 102.50 Page. Name of Municipality. Amount. 1677 _Passaic, N J 4 1928 256,000 115_ Forest County, Wis. (October list) 187455 00000 1560_ _Patoka Township, Ind 3,600 100 116_ Hope, Ark. (April, 2 issues) 1677_ _Pawnee, Okla 6 1933 50,000 64_ _Merrill, Wis. (September list, 2 issues) 50,:000 1560_ _Pitman School District, N. J__ 5 1911-1934 242:008001 101001. .058687 1622__Poland, Ohio 5 1910-1914 We have also learned of the following additional sales for 1622_ _Poland, Ohio 5 1910-1919 1.500] months: 1622_ _Pontiac, Mich 5 19094918 10,000 103.51 previous 64_ _Port Huron, Mich 5 1918 20,500 106.448 Page. Name. Rate. Maturity. Amount. Price. 1677_ _Portland, Ore 6 a1912 266,000 100to102 1619_ Anadarko, Okla 5% 1929 $14002 117_ _Portland, Ore 4 1933 1558_ Britton, So. Dak 5 d1919-1929 1622_Portsmouth, Ohio 4 1909-1918 52?:288 188.438 1558_ Brown County, Wis. 434 a1918 40,000 10103.33751873.31785 1677_ _Presho, So. Dak 6,000 1619_ _Carroll County, Ind. (3 issues) 434 1909-1918 13,360 100 64_ _Pueblo County, Col 4 d1919-1929 350,000 100 1674_ _Cheboygan, Mich. (2 issues).._ 5 1917-1931 21,000 100.523 1560__Redfleld, So. Dak 5 1929 $18,000 101.666 1619.. _Chicopee, Mass. (Sept.) 4 13,000 1678_Richmond, Ind 3.65 1910-1914 25,000 1619__Clinton County, Ind. (4 issues) 434 1909-1918 12,240 100 84_ _Rockland, Mass 4 1909-1928 60,000 104.370 1619_ _Concordia Parish School Dists. 1494__Rockport, Ohio 434 1938 9,000 107.25 Nos. 1 & 2, La. (2 Is. Mch.) _ 5 1909-1910 1,500 95 1623_ _ Rolla School District, Mo 5 d1919-1929 7,500 1619__Covington, Tenn. (June)__. 6 1918,'28&'38 15,000 106 1623_ _Rose City, Mich. (2 issues) _ _ _ _ 6 1928 4,800 100 1620_ _Decatur Township, Ind 434 1909-1918 4,720 100 85_ _ Russell County, Va 50,000 63_ _Decorah, Iowa (October) 5 19144916 5,000 65_ _St. Clair, Pa 5 a1920 10,000 1675_ _ East Rutherford, N. J. (Oct.).. 454 1938 105,000 100 1561__Sampson County, N. C 5 1919 10,000 100.10 1559_ _ Elmore County, Idaho 5% 42,000 102 1623.._San Diego, Cal 65,000 1559. Florence, Col 5 d1919-1929 85,000 1678__San Diego, Cal 434 1918-1922 2550:0000 1620_ Forrest, Ill 6 1914-1915 2,200 65_ _Sandusky, Ohio 4 1917 1620_ Franklin, Neb. (June) 5 d1913-1928 17,000 1561_ _Saratoga County, N. Y 5 1914-1918 100,000 107.427 1620__Grant County, Ind 434 1909-1918 0,225 100 118__Saranac, N. Y 5 3,000 1620„Hamilton Co., Ind. (2 issues) _ 454 1909-1918 5,000 100 118_ _Seattle S. D. No. 1, Wash__ _ _ 4 1928 200,000 100.13 1620_ _ Hampton,Iowa190 108-118918 9,250 5% basis 1561_ _Seneca, S. C 5 d1928-1948 25,000 1620_ _High Landing Twp., Minn.._ _ _ 6 3,000 100 65_ _Shelby County, Ohio 434 1909-1914 24000 11000.0.79207 1620_ Howard County, Ind 454 1909-1915 4,500 100 1623_ _Snyder, Neb 5 d1913-1928 9,000 1620_ _Idaho Irr. Dist. Idaho (Sept.) _ 6 330,000 100 1561_ _Spirit Lake, Iowa 5 1912-1922 22 :000000 116_ Lebanon, Tenn. (July) 5 Various 10,000 100 1561_ _Spirit Lake, Iowa 5 1920-1923 1676_ Leola Drainage District, Wis.... 6 54,515 1561_ _Springfield, Ohio 5 1909-1918 4,079 103.677 1676.. Lucedale, Miss. (Sept.) 6 10,000 1561_ _Starke, Fla 6 1928 6,000 100 1621__Madison County, Ind. (3 iss.) _ 454 1900-1918 20,260 100 1623_ _Steubenville, Ohio 434 1913 14,000 102.507 1621_ _Muskogee Sch. Dist., Okla...... _ 454 1928 200,000 100 1495_ _Summit, N. J 434 1938 70,000 107.41 1677_ _North Dakota (Oct., 38 issues) 4 Various 95,250 100 65_ _Sussex County, N. J 4 1938 20,000 104 117_ _ Overpeck Twp. S. D., N. J 5 50,000 85_ _Syracuse, N. Y 4 1909-1928 2700:0000 1021..25730 1560_ _ Portland; Ore 3205:05000 101.383 1561_ _Terre Haute, Ind 4 1678_ _Sparta Sch. Dist. No. 1, Wis__ 5 1910-1912 1623__Troy, N. Y 4,54 1909-1928 45,000 105.27 118__Sunrise, Minn. (Jan.) 4 1918-1927 4,000 1623__Troy, N. Y 434 1909-1928 10,936 105.25 1623_ Tipton County, Ind 4 ;4 1909-1918 2,940 100 1623__Troy, N. Y 434 1909-1028 20983 110015.26 1623_ _Washington County, Ind 454 1909-1918 2,168 100 1561_ _Tulsa Co. S. D., Okla (2 issues) 6 1923&1928 4,250 1678_ _Twin Falls County, Idaho_..__ 5 d1919-1929 150,000 104.25 All the above sales (except as indicated) are for November. 65_ _Urbana, III 43j 1912-1928 2205:00000 1001..71351 These additional November issues will make the total sales 1678_ _Ventnor City, N.Y 5 1939 $28,580,075. 1678.. _Visalia, Cal 5 1909-1948 445:5 00000 110060.222 (not including temporary loans) for that month 1623_ _Vogler Ind. Sch. Dist., Iowa_ 5 1561_ _Wagoner Co.S.Ds.,Okla.(3 iss.) 6 1928 4,300 101 1678_ _Waltham, Mass 4 1910-1918 241:50000 11002.810 66_ _Watab Township, Minn 6 1913-1918 118_ _Waterloo, Ia 6 116,000 Negotiations this week 1562_ _Weehawken Township, N.J_ _ 434 1909-1928 136,000 101.939 Bond Proposals and 1495_ _Westchester County, N. Y 434 1914-1937 240000 1108.8700 Wive hoop as follows: 118_ _West End, Ala. (2 Issues) _ __ 5 1928 35.000 1678_ _Western Clay Drain. Dist.,Ari. 6 1918-1933 100,000 118_ _Westfield, N. J 5 1911-1918 16,000 104.17 Agawam, Mass.--Notes Authorized.-According to re- 1562._West Grove, Pa 4 10,000 100 ports, the issuance of $5,000 4% water-system-construction 1678_West Homestead, Pa 436 1910-1934 25,000 1496_ _West Seneca, N. Y 1909-1918 30,000 notes has been authorized. Denomination $1,000. Inter- 66 White Plains Union Free Sch. est semi-annual. Maturity $1,000 yearly on Jan. 1 from Dist. No. 1, N. Y 4 1910-1029 35,500 100.411 66__Wichita Falls, Tex. (2 Issues)_ 5 d1918-1948 15,500 1922 to 1926 inclusive. Bonds are exempt from taxation. 1623_Wileox S. D. No. 62, Neb 6 1929 9,973 Asbury Park, N. J. Ofiering.-Proposals will 1678_ _Williams County, No. Dak_ 50,000 -Certificate 1562__Wilmington, N. C 434 1948 400,000 103.318 be received until 2 p. m. Jan. 11 by William C. Burroughs, 1562.._Winthrop, Mass 4 1909-1928 40,000 City Clerk, for the following assessment certificates: 1678.. _Wood County, Ohio 5 1909-1913 50,000 102.155 5% 1623_ _Wright County, Iowa 35,000 $24,812 30 Cookman Avenue certificates. Denominations $500, $392 30 66_ _ Wyoming, Ohio 4 1938 2,000 102.81 and $420. Maturity $5,000 yearly for four years and $4,812 30 1623_ _Yoakum County, Tex 5 d1913-1928 1,5004.10%bas in five years. 1623_ _Yonkers, N. Y 434 1009-1928 50,000 104.555 10,152 28 Mattison Avenue certificates. Denomination $500, except one 1623__Yonkers, N. Y 434 1909-1918 100,000 102.333 certificate of $152 28. Maturity $2.000 yearly for four years 1679_ _ Youngstown, Ohio 5 1910-1914 8,230 103.007 and $2,152 28 In five years. 1679_ _ Youngstown, Ohio 5 1911 750 101.133 7,373 90 Bond Street certificates. Denomination $500. except one 1679_ _ Youngstown, Ohio 5 1910&1911 2,000 101.625 certificate of $373 0(). Maturity $1,500 yearly for four years 66__Yuma Co. S. D. No. 1, Ariz 6 d1918-1928 10,000 107 and 51,373 90 in five years. 1623_ _Zavalla Co. Com. S. D., Tex 434 1928 5,500 Interest semi-annual. Official circular states there has Total bond sales for December 1908 (230 municipali- never been any default in the payment of principal or in- ties, covering 294 separate issues) k$23,366,131 terest of any certificates; also that there is no controversy or a Average date of maturity. d Subject to call in and after the earlier litigation pending or threatened concerning the validity of year and mature in the later year. k Not including $773,458 of temporary issues, the existence or boundaries of the loans reported, and which do not belong in the list: also does not include these corporate $962.770 of Canadian loans, $30,000,000 Panama Canal bonds and $14,500,- municipality or the title of the present officers to their re- 000 "general fund" bonds issued by New York City. ziTaken by sinking offices. considerations. spective fund as an investment. I/ And other Bonds Proposed.-Philadelphia papers state that the City BONDS SOLD BY'CANADIAN MUNICIPALITIES. following purposes: Page. Name. Rate. Maturity. Amount. Price. Council proposes to issue bonds for the 67_ _ Aberdeen S. D. No. 1610, Sask. 8 19094918 $3,000 103.166 $75,000 for beach improvements, $35,000 for a septic sewer 67_ Aberdeen S. D. No. 1610,Sask. 8 1910-1919 1,500 106.666 $15,000 for the department. 1679_ _ Alliston, Ont 4 1928 3,526 plant and fire 1623- _Berlin, Ont. (2 issues) 5 1909-1928 8,762 Ashland, Ashland County, Ohio.-Bond Sale.-The two 1563_ _Camrose, Alberta 7 8,000 98.10 1623-- East Missouri Township, Ont_ 4 19094028 20,000 issues of 5% bonds described in V. 87, p. 1619, were disposed 13133_ _Fairmount S. D. No. 1651, Alt. 8 1,200 100 of on Dec. 21 1908 as follows: 1623_ _Gait, Ont 454 1928 7,000 _Lethbridge, 121,500 $1,500 Carroll Street Improvement bonds awarded to the Fanners' Bank 67_ Alberta 5 1929 Maturity 67__Lipton S. D. No. 1347, Sask 6 1,000 100 of Ashland for 51,552-the price thus being 103.466. _Littleville S. D. 1,200 $150 each six months from Sept. 1 1909 to March 1 1914 inclusive. 67_ No. 2077,Sask. 7 1919 100.583 First 1623_ _MacLeod, Alta 5 1948 55,000 6,400 Church Street improvement bonds awarded to the National 1680_ _MacLeod, Alta 5 1948 35,000 Bank of Ashland for 56,795-the price thus being 106.164. Ma- 1623_ _Moose Jaw, Saalc 5 1948 105,000 102.83 turity $320 each six months from Sept. 1909 to March 11910 in- 1680_ _Moose Jaw S.ID.INo. 1, Sask 5 1909-1918 6,000 100.11 clusive.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis JAN. 9 1909.1 THE CHRONICLE 115

Auburn, Lee County, Ala.-Bond Election.-The Town gold water-works bonds. Authority Chapter 5493, Laws of Council has called an election for Jan. 12 to vote on the Florida. Denominations $1,000 and $500. Date Jan. 1 question of issuing $12,000 bonds for water-works and a 1909. Interest semi-annually in Daytona. Maturity Jan. 1 sewerage system. 1939. Cashier's or certified check for 1% of the bonds bid Auglaize County (P. 0. Wapakoneta), Ohio.-Bids.-The for, payable to the City Treasurer, is required. following bids were received for the $70,000 5% infirmary- Deshler, Henry County, Ohio.-Bond Offering.-Proposals rebuilding'bonds awarded on Dec. 18 1908 to Seasongood will be received until 12 m. Jan. 11 by H. F. Thompson, Mayer of Cincinnati at 107.431 (V. 87, p. 1674): Village Clerk, for $2,000 4% coupon sewer-construction Seasongood & Mayer, Cin_$75,201 75 New 1st Nat. Bk ,Colum474,350 00 bonds. Denomination $400. Date Dec. 1 1908. Interest Central Tr. &S. D. Co ,Cin 75,110 00 Cleveland Tr. Co., Cleve.._ 74,319 00 semi-annual. Maturity $400 yearly on Hayden,Miller & Co.,Clev. 75,097 00 First Nat.Bk., Wapakon_ 74,000 00 Dec. 1 from 1909 Otis & Hough, Cleveland.. 74,906 16 Alb.Kleybolte & Co., Ctn. 73.598 00 to 1913 inclusive. Purchaser to pay accrued interest. Breed & Harrison, Cin___ 74,781 00 S. A. Kean, Chicago 73,535 00 C.E.Dentson & Co., Clev__ 74,767 25 Union S. B. & Tr. Co.,C1n. 73,525 00 Dougherty, Cerro Gordo County, Iowa.-Bond Sale.- First Nat. Bk., Cleveland. 74,647 00 First N. B., New Bremen_ 72,205 00 The First National Bank of Dougherty purchased $2,250 Western-German Bk., Cin. 74,606 00 First Nat, Bk., St.Mary's_ 72,205 00 People's N. B., Wapakon.. 74,375 00 6% 2-15-year (optional) bonds on Dec. 1 1908. Denomina- tion $150. 1 1908. Interest Austin, Texas.-Commission Form of Government Adopted. Date Dec. semi-annual. -On Dec. 29 1908 the electors of this city voted in favor Doylestown School District (P. 0. Doylestown), Bucks of a new charter providing for a commission form of govern- County, Pa.-Bond Sale.-This district recently disposed ment. of $4,000 bonds. Bemidji Independent School District (P. 0. Bermidji), Eastchester (P. 0. Tuckahoe), N. Y.-Bond Sale.-On Beltrami County, Minn.-Bond Ofiering.-Proposals will be Dec. 23 1908 $5,000 432% registered highway-improvement received until 7:30 p. rn. Jan. 15 by Graham M. Torrance, bonds were awarded to Geo. M. Hahn of New York City at District Clerk, for $35,000 5% school-building bonds. 102.53 and accrued interest. Denomination $1,000. Date Authority vote of 248 to 41 at election held Dec. 23 1908. Dec. 1 1908. Interest semi-annually at the Mt. Vernon also Chapter 272, Laws of 1905. Denomination $1,000. Trust Co. of Mt. Vernon.- Maturity $1,000 yearly from Date day of issuance. Interest semi-annually at place to 1916 to 1920 inclusive. suit purchaser. Maturity fifteen years. Certified check for Easton School District (P. 0. Easton), Northampton $500, payable to T. J. Andrews District Treasurer, is re- County, Pa.-Bond Offering.-Proposals will be received quired. Official circular states there is no litigation pending until 12 m. to-day (Jan. 9) by John J. Seip, Secretary of or threatened affecting the validity of the election at which Board of Control, for $65,000 33% coupon school-improve- these bonds was authorized, or the title of the school officers ment bonds mentioned in V. 87, p. 1675. Denomination to their respective offices, alsolhat there has never been any $1,000, $500 and $200. Date Jan. 1 1909. Interest semi- default in the payment of principal or interest. annually at the office of the City Treasurer. Maturity Blandford Special Fire District (P. 0. Blandford), Hamp- twenty years, subject to call after ten years. Bonds are den County, Mass.-Bond Sale.-We are informed that the free from taxes. Certified check (or cash) for 2%, payable $25,000 4% water bonds voted on Nov. 7 1908 (V. 87, p. to the District, is required. 1372) have been bought by Jose Parker Sz Co. of Boston. East Point, Fulton County, Ga.-Bond Sale.-On Jan. 4 Buffalo, N. Y.-Bond Sales for December.-During the the three issues of 5% gold bonds, aggregating $85,000, month of December 1908 the following 4% bonds, aggre- described in V. 88, p. 63, were awarded to the American gating $18,468 26, were awarded to the various sinking funds National Bank of Atlanta for $88,425-the price thus being at par: 104.029-a basis of about 4.747%. Maturity 1938. $5,160 13 temporary loan bonds dated Dec. 14 1908. Maturity July 1 1909. Eddy County (P. 0. Carlsbad), N. Mex.-Bond Sale.- 12,358 13 monthly local work bonds dated Dec. 15 1908. Maturity Dec. 15 1009. On Dec. 26 1908 the three issues of 637 10-20-year (optional) 95,000 00 temporary loan bonds dated Dec. 21 1908. Maturity July 1 1909. coupon bridge bonds, aggregating $24,500, described in Bullock County (P. 0. Union Springs), Ala.-Bond Offer- V. 87, p. 1675, were awarded to Mason, Leech dr Co., for ing.-Proposals will be received until 12 m. Jan. 16 by $27,075 (110.51) and accrued interest-a basis of about the Commissioners' Court for $100,000 gold coupon road- 4.673% to the optional date and about 5.145% to full improvement bonds at not exceeding 5% interest and voted maturity. on Nov. 3. Maturity thirty years. Interest annually at Elko County (P. 0. Elko), Nev.-Bond 0fering.-Pro- place to suit successful bidder. Denomination to suit posals will be received until 12 m. Jan. 16 by the Board of purchaser. Bonds are free from all taxes. Certified check County Commissioners, A. G. Dawley, Clerk, for $100,000 for $1,000, payable to A. E. Singleton, Probate Judge, is re- 6% gold court-house and jail construction and site-purchase quired. This county has no debt at present. Assessed bonds. Authority election held Nov. 3 1908; also an Act valuation $5,000,000. of the Legislature approved March 28 1907. Denomination Cambridge, Mass.-Description of Bonds.-The $40,000 $1,000. Date Feb. 1 1909. Interest annually at the 3M% 20-year bonds awarded to E. H. Rollins Sc Sons of County Treasurer's office. Maturity $5,000 yearly from Boston on Dec. 22 1908 at 101.097 (V. 87, p. 1674) were Jan. 1910 to Jan. 1929, inclusive. Certified check for issued for the purpose of building a school-house. Securities $5,000, payable to the Chairman Board of County Com- are dated Dec. 1 1908. Interest semi-annual. missioners, is required. Total debt, this issue. Assessed Chelsea, Washtenaw County, Mich.-Bond Offering.- valuation $11,051,000. Proposals will be received until 7:30 p. m. January 11 by Ennis, Ellis County, Tex.-Bond Election.-We are ad- Albert Winans, Village Treasurer, for the following 5% vised that the $13,000 water-works bonds voted on Oct. 12 coupon bonds: (V. 87, p. 1314) will have to be re-submitted to a vote of $6,500 refunding water-works bonds. Maturity $500 yearly on Sept. 21 the people, as the original election was not in compliance from 1910 to 1922 Inclusive. with the law. 6,500 bonds to pay off outstanding judgments. Maturity on Sept. 21 as follows: $2,000 in each of the years 1919, 1920 and 1921 and $500 Faribault, Rice County, Minn.-Bond Offering.-Proposals in 1922. will be received until 8 p. m. Jan. 11 by D. F. MacKenzie, 7,000 refunding electric-light-plant bonds. Maturity on Sept. 21 as follows: $500 yearly from 1910 to 1921 Inclusive and $1,000 In 1922. City Recorder, for $80,000 4% gold coupon water-works Denomination $250. Date Dec. 21 1908. Interest bonds. Denomination $1,000. Date Jan. 2 1909. Interest annually at the Village Treasurer's office. semi-annually at the Chase State Bank of Fairbault. Ma- Jan. 1 from County (P. 0. Tuscumbia), Ala.-Purchaser of turity $5,000 on 1917 to 1926 inculsive and $10,- Colbert 000 on Jan. 1 in each of the years 1927, 1928 and 1929. Bonds.-The purchaser of the $25,000 5% jail bonds dis- posed of on Dec. 14 (V. 87, p. 1674),was the Bank of Com- Forest County (P. 0. Crandon), Wis.-Bond Sale Not merce ez Trust Co. of Memphis. Denomination $500. Date Consummated.-The $55,000 6% coupon court-house bonds Jan. 1 1909. Interest_semi-annual. Maturity part yearly awarded last October to the Thos. J. Bolger Co. of Chicago from 1919 to 1929. (V. 87, p. 1559) take the place of the $45,000 5% court-house bonds disposed of (V. 86, p. 872) to MacDonald, McCoy dr Cook County (P. 0. Chicago), Ill.-Bond Sale.-The Clerk $100,000 bonds Co. of Chicago on March 16 1908; The County informs 4% infirmary Series "J" described in V. 88, resolution providing for the original issue was p. 63, were Jan. 4 as follows: us that the disposed of on rescinded. Amount. Maturity. Price. Amount. Maturity. Price. $5,000____June 1 1909 a$5,000 00 $5,000____June 1 1919 a$5,087 50 Frazee, Becker County, Minn.-Bonds Voted and Sold.- 5,000__June 1 1910 a5,006 30 i,000____June 1 1920 a5,118 80 5,000_ __June 1 1911 a5,012 50 5,000_ __June 1 1921 a5,125 00 Of a total of 117 votes cast at an election held Dec. 30 1908 5,000.-June 1 1912 a5,0I8 80 5,000____June 1 1922 a5,131 30 only 14 were against the issuance of $9,000 4% funding 5,000____June 1 1913 a5,031 30 5,000.._- _June 1 1923 a5,137 50 Maturity $1,000 yearly from 1914 to 1922 inclusive. 5,000___ _June 1 1914 a5,050 00 5,000..... _June 1 1924 a5,143 80 bonds. 5,000____June 1 1915 a5,056 30 5,000__ June 1 1925 a5,150 00 These bonds have been sold to the State of Minnesota. 5,000____June 1 1916 a5,062 50 5,000.....June 1 1926 a5,156 30 5,000____June 1 1917 a5,075 00 5,000____June 1 1927 a5,168 80 Greenfield, Saratoga County, N. Y.-Bond Offering.-Pro- 5,000_ ___June 1 1918 a5,081 30 5,000____June 1 1928 a5,175 00 posals will be received until 11 a. m. Jan. 15 by Charles E. 04I 14v 4.,44MW...4.1 Supervisor, at a And accrued interest. G ' .11 'i '1 r; Jones, Town the Citizens' National Bank in 0oweta, Wagoner County, Okla.-Bond Sale.-This Saratoga Springs, for $3,000 5% coupon State road-improve- city has sold $30,000 water bonds. ment bonds. Denomination $500. Date Feb. 1 1909. Crockett, Houston County, Texas.-Bond Offering.- Interest annually at the Citizens' National Bank in Saratoga Proposals will be received by C. L. Edmuston, Mayor, Springs, N. Y. Maturity $1,000 yearly on Feb. 1 from for $25,000 531 water-works bonds.t*Denomination $500. 1913 to 1915 inclusive. Delivery Feb. 1 1909. Interest annually on March 1 in Crockett. _Maturity forty Hollywood, Los Angeles County, Cal.-Description of years, subject to call after twenty years. Bonds.-We are advised that the $61,000 43/2% street- Daytona, Volusia County, Fla.-Bond Offering.-Propos- improvement bonds awarded on Dec. 16 1908 to E. H. Rollins als will be received until 2 p. m. Jan. 11 by F. N. & Sons of San Francisco (V. 87, p. 1675) are dated July Conrad, .Secretary,Board of Public.tWorks,Nfor $50,000 5% 21..1907. The price paid was $62,318 (102.16) andlaccrued

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interest-a basis of about 4.222%. Interest semi-annual. City, Mo. Denomination $1,000. Date Jan. 1 1909. Maturity ;5,000 in 1913 and $7,000 yearly from 1914 to Interest semi-annual. 1921 inclusive. Marion, Ohio.-Bonds Awarded in Part-Bond Offering.- Hope, Hempstead County, Ark.-Bond Sale.-In addition Of an issue of $39,900 refunding bonds, $14,900 have been to the $75,000 6% sewer bonds recently sold to the Thomas bought by the Sinking Fund Trustees. Proposals for the .Bolger Co. of Chicago (V. 88, P. 63), that firm was also remaining $25,000 will be received until Feb. 5. awarded $80,000 6% water bonds. These issues, which Bond Sale.-The Sinking Fund Trustees are also reported were both sold at 95, take the place of the $80,000 water as being the successful bidders for $1,000 cross-walk bonds. andlthe $95,000 sewer 6% bonds awarded on April 15 1908 totFarson, Son & Co. of Chicago (V. 86, p. 1055). The Marion County (P. 0. Indianapolis), Ind.-Bond Offering. original sale was never consummated. -Proposals will be received until 12 m. Jan. 15 by Albert coupon County, N. Y. Sahm, County Auditor, for $100,000 3% bridge r Hudson, Columbia -Bond Sale.-The fol- 5594U1, 5594V1 lowing award was made on January 5 of the bonds. Authority Sections 5594T1, and two issues of 5594W1, Second Denominations 4% coupon bonds described in last week's issue: Revised Statutes of 1901. $1,000. Date Feb. 1 1909. Interest semi-annually at the $5,000 9-year refunding school bonds dated Feb. 1 1909 awarded to E. D. Shepard & Co. of New York City at 100.81. banking house of Winslow, Lanier & Co., in New York City. 5,000 10-year refunding street-improvement bonds dated April 1 1909 Maturity Feb. 1 1929. Bid to be made on a printed form awarded to the Hudson City Savings Institution of Hudson at 100.71. furnished by the County Auditor and be accompanied by a Hyde Park, Norfolk County, Mass.-Bids.-The $26,000 certified check for 3% of bonds bid for, drawn on some 4% coupon street bonds disposed of on Dec. 29 1908 to reliable bank in Indianapolis, and made payable to the Board Kountze Bros. of New York City (V. 88, p. 63) attracted of County Commissioners. Bidder must file with his pro- the following list of bidders: posal an affidavit of non-collusion. Purchaser to pay ac- Kountze Bros., New York _102.311 C. E. Denison & Co., Boston_101.547 crued interest. E. H. Rollins & Sons, Bos__ _102.015 Moffat & White, Boston ____101.527 Blake Bros. & Co., Boston_ _ _101.88 Blodget, Merritt & Co., Bos_101.40 Marlow School District (P. 0. Marlow), Stephens County, G. A. Fernald & Co., Boston 101.846 A. B. Leach & Co., Boston_ _101.33 Okla.-Bonds Voted and Sold.-An election Merrill,OldhamecCo., Boston 101.679 Amer. Banking Co., Boston_101.239 held Dec. 29 Chandler Bros. do Co., Boston101.601 1908 resulted in favor of a proposition to issue $35,000 6% Indianapolis, Ind.-Bond Offering.-Proposals will be re- school-building bonds. Vote was 259 "for" to 42 "against." ceived until 12 m. Jan. 12 by George T. Breunig, City Maturity 1929. We are informed that these bonds have Comptroller, for $600,000 33% coupon city-hall bonds. already been disposed of. Denomination $1,000. Date Jan. 15 1909. Interest semi- Mattoon, Coles County, Ill.-Bond Offering.-Proposals annually at the office of Winslow, Lanier & Co. of New York will be received until Jan. 15 by the Mayor for $3,600 5% City. Maturity Jan. 1 1939. Bonds are tax-exempt. Cer- coupon Fifteenth Street opening and extending bonds. tified check for 2370 of the bonds bid for, on a bank in Denomination $100. Date Nov. 27 1908. Interest is pay- Indianapolis, payable to Edward J. Robison, City Treas able at the City Treasurer's office. Maturity $900 yearly urer, is required. Delivery Jan. 15 1909. Purchaser to pay on July 1 from 1910 to 1913 inclusive. Frank R. Jones is accrued interest. Bid to be made on blank forms furnished City Comptroller. by the city. Middletown, Butler County,Ohio. -Bond Sale.-On Jan. 4 Bond Sale.-We see it stated that $80,000 33% refunding $1,203 70 4 2% coupon street-paving (city's portion) bonds were disposed of on Dec. 24 1908 to J. F. Wild & Co. bonds, offered on that day, were sold to the Oglesby & oVeIndianapolis at 100.20. Maturity $20,000 yearly on Barnitz Co. of Middletown for $1,206 20 (100.207) and July 1 from 1909 to 1912 inclusive. accrued interest. Authority Section 2835, Revised Statutes. Jersey City, N. J.-Bond Offering.-Proposals will be Denomination $120 37. Date Dec. 1 1908. Interest semi- received until 3 p. m. Jan. 15 by Francis Gormley, City annually at the National Park Bank in New York City. Ma- turity $120 37 yearly on 1909 to 1918 inclusive. Comptroller, for $1,300,000 4% gold coupon refunding Dec. 1 from Milwaukee, Wis.-Bond Sale. Dec. 8 1908 the Wm. Date Feb. 1 1909. Interest semi-annual. -On bonds. Ma- R. Compton Bond & Mortgage Co. of St. Louis was awarded turity Feb. 1 1949. Bonds are tax-exempt. Certified check $200,000 4% bonds. Denomination $1,000. Date July 1 for 2% of bonds bid for, payable to the City Treasurer, is 1908. Interest semi-annual. Maturity part yearly for required. Bonds will be delivered Feb. 1 1909.. Accrued twenty years. interest, if any, to be paid by purchaser. Mocksville, Davie County, N. C.-Bonds Awarded in Part. Offering.-We under date of Jan. 2, The official notice of this bond offering will be found among -Bond are informed, that $900 of the $5,000 5% coupon graded-school bonds the advertisements elsewhere in this Department. offered without success on Nov. 25 1907 (V. 85, p. 1417) Latrobe, Westmoreland County, Pa.-Bond Sale.-On have been disposed of. Proposals for the remaining $4,100 Dec. 30 1908 the $57,000 43'% coupon funding bonds bonds of this issue will be received at any time. A. M. described in V. 87, p. 1676, were bought by Kountze Bros. McGlamery is Mayor. of New York City at 105.68 and accrued interest. Maturity Montgomery County," N. Y.-Bond Offering.-Proposals $2,000 yearly on January 1 from 1912 to 1938 inclusive and will be received until 10 p. m. Jan. 10 by E. Eugene Deven- $3,000 on Jan. 1 1939. dorf, Chairman Board of Supervisors Lebanon, Wilson County, Tenn.-Bond Sale.-We have Finance Committee, just been informed that the $10,000 5% water-supply bonds (P. 0. Amsterdam), for $33,000 4% highway-improvement described in V. 85, p. 1417, have been sold to the Lebanon bonds. Denomination $1,000. Interest semi-annual. Ma- National Bank, the American National Bank and the Wilson turity $3,000 yearly on Feb. 1 from 1913 to 1923 inclusive. Bank, all of Lebanon, at par. County Denomination $100. Bonds will be Feb. 11909. Interest January and July. Maturity $1,000-in five years, delivered on or before $1,000 in ten years; $1,000 in fifteen years; $2,000 in twenty The official notice of this bond offering will be found among years; $2,000 in twenty-five years and $3,000 in thirty years. the advertisements elsewhere in this Department. Lima, Allen County, Ohio.-Bond Sale.-On Jan. 7 the Moundridge, McPherson County, Kan.-Bond Offering.- $6,000 432% coupon park bonds described in V. 88, ip. 64, Proposals will be received until 12 m. Jan. 16 by A. Ring- were awarded to the Central Trust.& Safe Deposit Co. of wald, City Clerk, for the $17,500 water-works and $11,000 Cincinnati at 101.75 and accrued interest. The bids re- electric-light-works 4 coupon bonds voted on Sept. 1 ceived were as follows: 1908. Authority vote of 90 'for" and 67 "against" the Cent. Tr. & S. D. Co., Cin_$6,105 00 Barto, Scott & Co., Col___$6,061 80 water bonds and 86 "for" and 68 "against" the light bonds. W.R. Todd & Co., Cin____a6,088 00 Well, Roth & Co., Cin 6,055 25 Sec. Say. Bk. ec Tr. Co.,Tol. 6,085 25 First Nat. Bank, Cleve 6,045 00 Denomination $500. Date Feb. 1 1909. Interest semi- Hayden, Miller & Co., Clev. 6,083 00 R. Kleybolte Co., Inc., Cin. 6,039 00 annually at the Fiscal Agency of the State of Kansas and in Hoehler & Cummings, Tol_ 6,069 75 Otis & Hough, Cleveland 6,031 00 Seasongood ec Mayer, Cin__ 6,067 50 W.J. Hayes & Sons, Clev 6,015 00 the city of New York. Maturity twenty years,. subject to Davies & Bertram Co., Ctn.. 6,066 00 call after five years. Certified check for $500 is required. a Bid said to be irregular. The city has no debt at present. Assessed valuation 1908, Maturity $1,000 yearly on April 1 from 1910 to 1915 $454,700. inclusive. Mt. Vernon, Knox County, Ohio.-Bond ffering.-Pro- Madison County (P. 0. Jackson), Tenn.-Bond Sale.- posals will be received until 12 m. Jan. 11 by Stephen J. The $200,000 4% road bonds offered on Jan. 4 (V. 87, p. Drogan, City Auditor, for thie following bonds: Bank & Trust 1676) were awarded to the Union Co. of 41,000 4% High Street paving assessment bonds. Denomination Jackson at par and accrued interest less $3,000 for expenses. $1,000. Maturity $3,000 on April 1 1909 and $2,000 each Four other bids received, among which was one six months from October 1 1909 to October 1 1918 inclusive. were also 8,000 4% ness sSitoreo.et Street Paying assessment bonds. De from Seasongood & Mayer of Cincinnati and John Nuveen no & Co. of Chicago. The above bonds are dated Oct. 11908. Interest semi- Mamaroneck, Westchester County, N. Y.-Bids.-The annual. Certified check for 2% of bonds bid for, payable $10,000 5-24-year (serial) road and bridge bonds awarded to the City Treasurer, is required. Purchaser to pay accrued on Dec. 9 to E. H. Rollins & Sons of Boston (V. 87, p. 1560) interest. attracted the following list of bids: Newcomb Union Free School District No. 2 (P. 0. New- E. H. Rollins & Sons, Boston (for 4s) 100.43 Essex O'Connor ec Kahler, New York (for 4.105) 100.00 comb), County, N. Y.-Bond Sale.-O'Connor & W. N. Coler ec Co., New York (for 4.15s) 100.00 Kahler of New York City were recently awarded $8,000 5% Geo. M. Hahn, New York (for 4.20s) 100.03 registered school $500. Date Adams & Co., New York (for 4.30s) 100.39 -building bonds. Denomination W. J. Hayes & Sons, Cleveland (for 4.30s) 100.04 Dec. 1 1908. Interest annually in New York exchange. Marceline, Linn County, Mo.-Bond Sale.-The $50,000 Maturity $1,000 yearly on Dec. 1 from 1909 to 1916 inclusive. 5% 20-year water-works bonds mentioned in V. 87, p. 1437, New York City.-Bond Sales-During December 1908 have been disposed of to the Fidelity Trust Co. of Kansas this city disposed of 8426,990 4% special revenue bonds

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$14,500,000 3% general fund bonds due in 1930 were also Bonds are exempt from all Ohio taxes. George Dettmer is sold during the month to the sinking fund. Clerk Board of Education. Revenue Bond Sale.-During the latter part of the past Pleasant Ridge School District, Hamilton County, Ohio.- week $10,000,000 34% revenue bonds maturing in about Bond Sale.-On Jan. 2 the $50,000 432% coupon school ten months were purchased by Kuhn, Loeb & Co., the building bonds described in V. 87, p. 1677, were awarded. Guaranty Trust Co. and William Salomon & Co., all of this to Seasongood & Mayer of Cincinnati at 108.815 and ac- city. crued interest. Following are the bids: Station Lawrence), Essex Seasongood & Mayer, C1n_854,407 50 Well. Roth & Co., Cincin_$53.537 00 North Andover (P. 0. Ind. German Nat. Bank, Cln__ 54,337 50 Atlas Nat. Bank, Cin-_ -- 53,190 25 County, Mass.-Bond Sale.-Reports state that the follow- S. Kuhn & Sons, Cincin__ 53,650 00 New First Nat. Bk., Col-_ 52,718 00 ing disposed of: $17,300 for an engine- Prov. Say. Bk. & Tr. Co.. W. R. Todd & Co., 52,306 00 4% bonds have been Cincinnati 53,625 00 C. C. Murray & Co., Cin__ 50.382 68 house to N. W. Harris & Co. of Boston at 101.38 and $2,700 Field, Longstreth dc Co., par. Cincinnati 53,610 00 to local investors at Western German Bk., Cin. 53,560 00 North Sterling Irrigation District (P. 0. Sterling), Logan Maturity on Jan. 2 as follows: $1,500 yearly from 1919 to County, Colo.-Bonds Voted-Bond Offering.-The election 1942 inclusive and $2,000 yearly from 1943 to 1949 inclusive. resulted in favor of the held Dec. 19 1908 (V. 87, p. 1494) Pontiac, Oakland County, Mich.-Bond Offering.-Pro- issuance of the $2,030,000 6% bonds for ditches and reser- posals will be received until 7:30 p. m. for Jan. 11 by Jos. H. voirs. The vote was twenty-nine to one. Proposals Thorpe, City Clerk, for $8,000 5% armory bonds. Denomi- these bonds will be received until Jan. 12. Interest semi- nation $500. Date Jan. 1 1909. Interest semi-annual. annual. Maturity from eleven to twenty years. Maturity $1,000 yearly on Jan. 1 from 1914 to 1921 inclu- Orleans Levee District, La.-Bond Offering.-Proposals sive. Certified check for $400, payable to Ire. E. Dunlap, will be received until 2 p. m. Jan. 15 by Jules C. Koenig, City Treasurer, is required. Successful bidder to furnish President of the Board of Commissioners, Room 15, Masonic blank bonds. Temple, New Orleans, for $2,756,000 of the $3,000,000 5% Portland, Ore.-Bond Sale.-The $500,000 4% 25-year coupon bonds authorized by the last Legislature for improve- gold park bonds offered on Dec. 28 1908 and described in ments and for refunding purposes (V. 87, p. 118). Denomi- V. 87, p. 1438, have been awarded to O'Connor & Kahler nation $1,000. Interest Jan. 1 and July 1. Bonds will be of New York City at 102 and accrued interest-a basis of delivered $2,000,000 on Feb. 1 1909 and $756,000 on May 1. about 3.875%. 1909. Certified check for 2%,payable to the "Board of Com- missioners of the Orleans Levee District," is required. Port of New Orleans (P. 0. New Orleans), La.-Bond received until 2 p. m. Bonds are free from taxation. Offering.-Proposals will be Feb. 1 by the Board of Commissioners, W. H. Byrnes, Secretary, Otero Irrigation District (P. 0. La Juanta), Otero County, for $2,750,000 5% coupon bonds. The securities will Colo.-Bond Offering.-Proposals will be received until draw interest from their date of delivery, which is as follows: 10 a. m. Jan. 12 by Geo. A. Kilgore, District Secretary, for $1,000,000 to be delivered on July 1 1909; $1,000,000 on $40,000 6% bonds to complete the construction of a reservoir. July 1 1910, and $750,000 on July 1 1911. They are part of Interest June 1 and Dec. 1 at the County Treasurer's office an issue of $3,500,000 5% bonds authorized by Act. No. 180 or at the Merchants' National Bank in New York City. of the Legislature of 1908; $750,000 of which has been Maturity part yearly from eleven to twenty years inclusive. retained by the Board for the purpose of exchanging the Overpeck Township School District, Bergen County, N. J. same for outstanding obligations. Certified check for $50,- -Bond Sale.-The $50,000 5% school bonds offered without 000, payable to the Board of Commissioners, is required. success on Dec. 30 1907 (V. 86, p. 124) have been bought, Port of Portland, Ore.-Bond Offering.-Proposals will be we are informed, by an investor of New York City. received until 4 p. m. Jan. 14 at the office of the Port of Parsons, Tucker County, W. Va.-Bond Offering.-Pro- Portland in Portland for $50,000 6% gold coupon bonds. posals will be received until 1 p. m. to -day(Jan. 9) by Cunning- Denomination $1,000. Date July 1 1908. Interest semi- ham & Stallings, City Solicitors, for $30,000 5% coupon annually in Portland. Maturity July 1 1909. Certified• water and fire-department bonds. Denomination $2,000. check on a Portland banking house for 5% of bid, payable Date Dec. 1 1908. Interest annually at the office of the to the "Port of Portland," is required. Purchaser to pay City Treasurer. Maturity $2,000 yearly on Dec. 1 from accrued interest. As stated in V. 87, p. 1491, the State Su- 1910 to 1924 inclusive. Certified check for 2% of the preme Court on Nov. 24 declared valid the charter amend- bonds bid for, payable to the City Treasurer, is required. ment providing for the issuance of not exceeding $500,000 Bids to be made on blank forms furnished by the city. De- bonds for the purpose of establishing and maintaining an livery Jan. 15 1909. Purchaser to pay accrued interest. efficient towage and pilotage service on the Columbia River The city has no debt at present. Assessed valuation, $1,- Bar and upon the Columbia and Willamette rivers between 200,000. the corporate limits of the Port of Portland and the sea. Pelham Union Free School District No. 1 (P. 0. Pelham), Rainier, Ore.-Bond Sale.-On Dec. 28 1908 the $5,000 Westchester County, N. Y.-Bond Sale.-On Jan. 7 the water bonds described in V. 87, p. 1677, were awarded $50,000 building and the $20,000 school-site bonds described to Giebish & Joplin. Maturity Dec. 1 1928, subject to call in V. 88, p. 64, were awarded to N. W. Harris & Co. of after ten years. These securities take the place of a like New York City at 100.65 and accrued interest for 4s. amount of bonds disposed of to the same people on Nov.45 Philadelphia, Pa.-Certificate Offering.-Further details 1907 at par for 6s. See V. 87, p. 1375. We are advised are at hand relative to the offering on Jan. 11 of the $1,500,- that the bonds were re-advertised for sale in order to comply 000 registered certificates mentioned in V. 87, p. 1560. with the requirements of the attorneys for the purchasers. Proposals will be received until 12 m.on that day by John E. Rensselaer County (P. 0. Troy), N. Y.-Bond Offering.- Reyburn, Mayor. Denomination $100 or multiples thereof Proposals will be received until 12 m. Jan. 15 by Arthur to suit purchaser. Interest (rate not to exceed 4%)payable MacArthur, County Treasurer, for $50,000 4% registered Jan. 1 and July 1 at the fiscal agency in Philadelphia. Ma- highway-improvement bonds. Authority Chapter 347, turity thirty years. Bid to be made on blank form furnished Laws of 1904 and Chapter 115 Laws of 1898. Denomination by the Mayor and be accompanied by a certified check or cer- $2,000. Date Feb. 1 1909. Interest semi-annually at the tificate of deposit for 5% of loan bid for, made payable to County Treasurer's office. Maturity $2,000 yearly on Feb. 1 the Mayor. Delivery Jan. 12 1909. Certificates are free from 1910 to 1934 inclusive. Bid to be made on printed from all taxes. form furnished by the United States Mortgage & Trust Co. Piedmont School District, Alameda County, Cal.-Bond of New York City and be accompanied by a certified check Offering.-Proposals will be received until 10 a. m. Jan. 11 for $1,000, drawn on a State or national bank in New by John P. Cook, County Clerk (P. 0. Oakland), for $50,000 York State and made payable to the County Treasurer. 5% building bonds. Denomination $1,000. Interest Jan. The genuineness of these bonds will be certified to by the 15 and July 15. Maturity on Jan. 15 as follows: $1,000 United States Mortgage & Trust Co. of New York City'and yearly from 1911 to 1918 inclusive and $2,000 yearly from their legality approved by J. H. Caldwell of New York City, 1919 to 1939 inclusive. Certified check for 2% of bid, a copy of whose opinion will be delivered to the purchaser. payable to the Chairman Board of County SuperVisors, is Bonds will be delivered on Feb. 11909. required. Rosebud, Falls County, Tex.-Bond Offering.-Proposals Pierce County (P. 0. Rugby), N. D.-Bond Offering.- will be received until 4 p. in. Jan. 15 by S. J. Ward, Mayor, Proposals will be received until 2 p. m. Jan. 12 by John for $23,500 5% coupon water bonds voted on Nov. 17,$:men- Kellesvig, County Auditor, for $75,000 court-house and tioned in V. 87, p. 1438. Denomination $500. Date Feb. 1 jail-construction bonds at not exceeding 4% interest. De- 1909. Interest annually at Austin, Rosebud or New York nomination $1,000 and $500. Interest semi-annual. Ma- City. Maturity forty years, subject to call after ten years. turity twenty years. Authority Sections 2563 to 2576, Re- Certified cehck for $1,000, payable to the City Treasurer, vised Code of 1905. is required. Bonds are exempt from taxation. Total debt, Pike County (P. 0. Petersburg), Ind.-Note Sale.-On this issue. Assessed valuation 1908 $720,000. CrAtV.,1 Dec. 30 1908 the $15,000 6% temporary-loan notes offered Rosemary School District, (P. 0. Rosemary) Georgetown. on that day (V. 87, p. 1677) were awarded to Geo. D. County, So. Car.-Bond Offering.-Proposals will befre- Martin, Joseph L. McBay and the Citizens' State Bank of ceived until 12 m. Jan. 15 by Board of Trustees for $5,000 Petersburg. Maturity Dec. 311909. 6% coupon school-building bonds. Date Jan. 1%1909. Piqua School District (P. 0. Piqua), Ohio.-Bond Offer- Interest semi-annually at Georgetown. Maturitft twenty ing.-This district is offering for sale $11,000 432% coupon years. Certified check for $150, payable to H. C. Tallevast, school-building bonds mentioned in V. 87, p. 1114. Au- Chairman, is required. The district has no:debt aelpresent. thority Section 3994, School Laws. Denomination $500. St. Henry, Mercer County, Ohio.-BondiSale.-The $13,- Date Dec. 1 1908. Interest semi-annually at the Importers' 000 432% water-works bonds described in V. 88,p. 65 were & Traders' National Bank in New York City. Maturity awarded on Jan. 5 to the Citizens' National Bank;of4Wooster $1,000 in 1910 and $5,000 in each of the years 1911 and 1912. at 102.13 and accrued interest.1/Followinglarejthe,bids:

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Citizens'Nat.Bk.,Wooster $13,276 00 W.J. Hayes & Sons, Clev.$13,237 Barto,Scott&Co.,Columb 00 cess on Dec. 15 1907 (V. 85, p. . 13,275 00 First Nat. Bank, Celina__ 13,224 25 1602) were subsequently Otis & Hough. Cleveland.. 13,255 00 Commercial Bank, Celina_ 13,080 66 awarded to the State of Minnesota as 4s. New First National Bank, Security Savings Bank & Columbus 13,253 00 Trust Co., Toledo *13,000 00 Teague Independent School District (P. 0. Teague), *Less $125 for attorneys' fees and blank bonds. Freestone County, Tex.-Bonds Not Yet Sold.-No sale has yet been made of the 815,000 5% school-house bonds Maturity $500 each six months from March 1 1911 to offered Sept. 1 1923 inclusive. without success (V. 86, p. 185) on Jan. 7 1908. Saranac, N. Y.-Bond Sale.-The Plattsburg Terrell, Kaufman County, Tex.-Bond Election.-A National resolution has been adopted Bank of Plattsburg bought $3,0005% bonds on Dec.31 1908. by the City Council calling for an election Jan. 12 so as to enable the voters to Schenectady County (P. 0. Schenectady), N. Y.-Bond pass -Proposals upon a proposition to issue $45,000 bonds for street-paving Offering. will be received until 10 a. m. Jan. 11 purposes. by A. J. McMillan, County Treasurer, for $200,000 4% Tippecanoe coupon (with privilege of registration) funding bonds. County (P. 0. Lafayette), Ind.-Bonds Denomination $1,000. Date Feb. 1 1909. Awarded in Part.-Local reports state that of an issue of Interest semi- $22,100 annually at the County Treasurer's office. Maturity $10,000 Wabash Township free gravel road bonds offered yearly on Feb. 1 from 1910 to 1929 inclusive. on January 5, $1,600 were awarded to the Tippecanoe Loan Certified $3z Trust • check for 2%,payable to the County Treasurer, is required. Co. of Lafayette. Seattle School District No. 1 (P.0. Seattle), Topeka, Kan.-Bond Offerin,g.-Proposals will be re- King County, ceived Wash.-Bonds Voted.-The voters of this district until 5 p. m. Jan. 15 by C. B. Burge, City Clerk, for on Dec. 5 $40,000 437 authorized the issuance of the $400,000 20-year coupon 0 20-year electric-light-plant-construction bonds. school-house bonds mentioned in V. 87, p. 1316. These securities are part of an issue of $60,000 bonds re- The vote cently voted. was 1880 "for" to 245 "against." The District Secretary Certified check for 10% of bid is required. advises us that these securities will probably be placed on Travis County (P. 0. Austin), Tex.-Bond Offering.- the market about April 1909. Proposals will be received until 12 m. Jan. 10 (this date Price Paid for Bonds.-The price paid for the $200,000 falls on Sunday but is so given in the official advertisement) 20-year coupon school-building and site-purchase bonds by the Commissioner's Court for $103,200 4% 10-40-year awarded on Dec. 15 1908 to E. H. Rollins & Sons of San road bonds. Denomination $1,000, except one bond for Francisco (V. 87, p. 1678) was 100.13 and accrued interest $200. Date Oct. 10 1908. Interest semi-annual. R. E. for 4s. Bonds are dated May 11908. White is County Judge. Solon Township]School District (P. 0. Solon), Cuyahoga Urbana, Champaign County, Ohio.-Bids.---A number of County, Ohio.-Bond Offering.-Proposals will be received bids with the premiums offered, ranging from $200 to $656, until 2 p. m. to-day (Jan. 9) by J. H. Brown, Clerk of Board were received on Dec. 19 for $10,000 43% coupon water- of Education, for the $4,000 4M% coupon building bonds works plant construction bonds offered on that day. No voted on Nov. 28 1908. Denomination $500. Date, day award was made. Authority Section 2835, Revised Statutes. of sale. Interest April 1 and Oct. 1 at the Superior Savings Walla Walla School District No. 1 (P. 0. Walla Walla), SLITrust Co. of Cleveland. Maturity $500 yearly on Oct. 1 Wash.-Description of Bonds.-We are advised that the from 1910 to 1917 inclusive. Certified check on some bank, $167,000 4% refunding bonds the sale of which was reported other than that making the bid, for 10% of bonds bid for, in V. 87, p. 1495, mature in twenty years, but are subject payable to the District Treasurer, is required. Purchaser to call at any time. They were sold on Nov. 20 to the to pay accrued interest. Bonds are tax-exempt. State of Washington at par. Denomination $1,000. In- Spokane, Wash.-Bond Offering.-Proposals will be re- terest annual. ceived until 10:30 a. m. Feb. 18 by the Sinking Fund Com- Washington C. H., Ohio.-Bond Sale.-On Jan. 2 the 5% Paint mission at the office of Robert Fairley, City Comptroller, $1,125 Street improvement bonds described in V. 87, p. 1678, were for $70,000 432% coupon bonds issued for awarded to the Commercial Bank of the payment of Washington C. H. for $1,150 03 (102.224) and accrued outstanding Crematory Fund warrants. Denomination interest. Maturity $112 50 each six months from April 15 $1,000. Date Feb. 1 1909. Interest semi-annually at the 1909 to Oct. 15 1933 inclusive. fiscal agency of the State of Washington in New York City. Waterbury, New HaveniCounty, Conn.-Bond Offering.- $100,000 4% offered Maturity Feb. 1 1929. Certified check for 2% of bid, The water bonds to be on Jan. 11 pay- certified as genuineness by the able to the City Comptroller, is required. will be to their Columbia Official circular Trust Co. of New York City. Bids must be made on printed states that the city has never had any controversy or litiga- forms furnished by the city. For further details of bonds tion in the matter of the sale of its bonds and that default and terms of offering see V.,87, p. 1562. has never been made in the payment of principal or interest. Waterloo, Iowa.-Bond Sal8.-W. N. Dearborn, Contrac- Cedar The official notice of this bond offering will be given tors of Rapids, have taken $116,000 6% sewer bonds next par in payment for Denomination week among the advertisements in this at work performed. $500. Department. Date Nov. 1 1908. Interest semi-annual. Maturity part Springfield, Mass.-Bond Offering.-Proposals will be re- yearly on Nov. 1 from 1911 to 1919 inclusive, subject to ceived until 12 m. Jan. 13 by Eliphalet T. Tifft, City Treas- call at any interest-paying period. urer, for $1,080,000 332% gpld Westfield Little River Water Watertown Independent School District (P. 0. Water- town), So. will Loan bonds. Bidder may designate whether he wishes Dak.-Bond Offering.-Proposals be re- the ceived until 12 m. Clerk of Board of bonds issued in coupon form in Jan. 15 by H. D. Rice, $1,000 denominations or in Education, for $60,000 of the $65,000 43'% school-building registered form in denomination of $1,000 or any multiple bonds mentioned in V. 87, p. 1376. Denomination $1,000. thereof. Interest will be payable semi-annually on coupon Date April 1 1909. Interest semi-annually at the office bonds at the First National Bank of Boston and on of the District Treasurer. Maturity $3,000 yearly on April 1 registered from 1910 to 3% of bonds 1929 inclusive. Certified check for at the City Treasurer's office in Springfield. The bonds bid for is required. coupon bonds may at any tme, more than one year before Westchester County (P. 0. White Plains), N. Y.-B ond maturity, be exchanged for registered bonds. Date Jan. 1 Sale.-On Jan. 5 Joseph Walker St Son of New York City 1909. Maturity $40,000 yearly on January 1 from 1912 were awarded the $1,250,000 4% 24-73-year (serial) conpon to 1938 inclusive. Securities are free from (with privilege of registration)Sanitary Sewer District bonds, taxation. described in V. 87, p. 1562, at 104.5178-a basis of about Certified check for 1% of bonds bid for, made payable to the 3.797%. "City of Springfield," is required. The legality of this issue West End (P. 0. Birmingham), Ala.-Bond Sale.-The has been. approved by Storey, Thorndike, Palmer Sr Thayer $25,000 school and $10,000 city-hall and fire-department of Boston, a copy of whose opinion will be delivered to 5% 20-year coupon bonds, bids for which were rejected on the on Dec..15 successful bidder. Accrued interest to be paid by ov. 24 1908 (V. 87, p. 1623), were sold 1908 to purchaser. Steiner Bros. of Birmingham at par and accrued interest. The official notice offering will of this bond be found among Westfield, -Bond Sale.-The the Un'on County, N. J. $16,000 advertisements elsewhere in this Department. 5% coupon sewer, sidewalk and road bonds described in Stamford, Fairfield County, Conn.-Bond Offering.-Pro- . 87, p. 1678, were awarded on Dec. 31 1908 to John D. posals will be received until 12 m. Feb. 19 by Wm. N. Travis, Everitt & Co. of New York City at 104.17 and accrued were City Treasurer, at the Stamford National Bank of interest-a basis of about 4.259%. Ten bids received Stamford, ranging in price 104.17. The bonds are for $50,000 from 100.81 to 4% public park bonds. Interest semi-annually dated Dec. 31 1908 and mature $2,000 yearly on Dec. 31 in New York City. Maturity March 1 1939. Certified check from 1911 to 19181inclusive. r,1 or bank draft for 2% of bonds bid for is required. Bonds Proposed.-This city is considering the advisability of issuing $75,000 town-hall bonds. The official notice of this bond offering will appear among will be the advertisements in this Department beginning Wheeling, W. Va.-Bond Bids.-No action taken the week 12, it is received Jan. 5 for of January 30. until Jan. stated, on the bids the following 4% coupon improvement bonds mentioned in Summit, N. J.-Bonds to Be Sold at Private Sale.-The V. 87, p. 1496: Treasurer City informs us that the "new issue of $60,000 $45,000 bonds. Denomination $100. Maturity $1,800 yearly from 1918 school bonds will be disposed of at private sale." to 1942 inclusive. 250,000 bonds. Denomination $500. Maturity $10,000 yearly from 1918 Sunrise, Chisago County, Minn.-Bond Sale.-The $4,000 to 1942 inclusive. 10-19-year (serial) 400,000 bonds. Denomination $1,000. Maturitya$16,000 yearly from coupon bridge bonds offered without suc- 11918 to 1942 inclusive.

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Authority election held May 12 1908. Date July 11908. from George Mixter of Boston at 3.19% discount. Maturity Interest annually at the Dollar Savings & Trust Co. in nine months. Wheeling. Bonds are exempt from taxation. Yonkers, N. Y.—Bids.—The following bids were received Willow Marsh Drainage District, Jefferson County, Tex. on Dec. 15 for the $50,000 city-hall and $100,000 assessment —Bonds Not Sold.—Up to Dec. 30 1908 no award had yet 4% bonds awarded, as stated in V. 87, p. 1623, to E. H. een made of the $60,000 5% 20-40-year (optional) registered Rollins & Sons of Boston: drainage bonds offered on Nov. 14 1908 and described in $50,000 $100,000 V. city-hail bonds. assessment bonds 87, p. 1259. E. H. Rollins & Sons, Boston 104.555 102.233 Wilton, N. Y.—Bond Offering.—Propos- O'Connor & Kahler, New York 104.438 101.837 Saratoga County, Kountze Bros., New York 104.14 101.833 als will be received until 11 a. m. Jan. 15 by William C. Geo. M Hahn, New York 103.97 102.23 Hodges, the Citizens' National Bank in R. M. Grant & Co., New York 103.85 101.37 Town Supervisor, at Ferris & White, New York Saratoga Springs, for $4,584 21 5% State road-improvement 103.511 101.447 bonds. Denomination $500, except one bond of $584 21. Date Feb. 1 1909. Interest annually at the Citizens' Na- Canada,its Provinces and Municipalities. tional Bank of Saratoga Springs, N. Y. Maturity on Feb. 1 Barrie, Ont.—Debentures Voted.—The election held Jan. 4 as follows: $1,000 yearly from 1920 to 1923 inclusive and resulted in a vote of 616 to 229 in favor of the issuance of $584 21 in 1924. Delivery Feb. 1 1909. the $12,000 VA% electric-light-plant-extension debentures Winthrop, Mass.—Bond Sale.—Reports state that $60,000 mentioned in V.87, p.1563. Maturity part yearly for twenty 4% water bonds have been disposed of at private sale at years. We are informed that these debentures will probably 106.52. Date Jan. 15 1909. Maturity part yearly from be placed on the market next April. 1910 to 1939 inclusive. Debentures Deleated.—On Jan. 4 the voters defeated the proposition to issue the $11,000 43% park debentures men- Woodland School District No. 102 (P. 0. Woodland), tioned in V. 87, p. 1563. Cowlitz County, Wash.—Bonds Withdrawn from the Market. —The District Clerk informs us that the $16,000 bonds voted Brandon, Man.—Debentures Authorized.—According to on Oct. 24 1908 (V. 87, p. 1319) have been withdrawn from local papers,the issuance of the following debentures was re- the market. He adds that with the bonds voted the debt cently authorized: of the district would exceed the constitutional limit. It is $25,000 5% 30-year bridge debentures. 55,000 6% 20-year debentures to guarantee the payment of certain necessary, therefore, to ascertain the new assessed valuation debentures of the Western Agricultural and Arts Association. before any bonds can be issued. 10,000 5% 20-year debentures for buildings in the public cemetery. Woodridge, Bergen County, N. J.—Bond Sale.—On Jan. 6 Brantford, Ont.—Debentures Defeated.—The voters of this $10,000 5% 20-year gold coupon macadam and storm-sewer city on Jan. 4 defeated the proposition to issue the $5,000 4 20 debentures mentioned bonds were purchased by H. L. Crawford & Co. of New York -year hospital ix V. 87, p. City at 104.293 and accrued interest—a basis of about 1679. 4.668%. Following are the bids: Brickbum School District, Man.—Debenture Offering.— H.L.Crawford & Co.,N.Y_$10,429 301R. M. Grant & Co., N. Y_$10,301 00 According to reports proposals will be received until Feb. 1 O'Connor & Kohler, N. Y_ 10,387 001N. W.Halsey & Co., N.Y. 10,130 00 for $15,000 6% 20-year school debentures. Walter Walker is Denomination $1,000. Date Jan. 1 1909. Interest semi- Secretary-Treasurer. annually at the Carlstadt National Bank of Carlstadt. Didsbury, Alberta.—Debentures Defeated.—Ai election Worcester, Worcester County, Mass.—Temporary Loan.— held Dec. 21 1908 resulted;in the defeat of a proposition to According to reports this city borrowed $200,000 on Jan. 6 issue debentures. NEW LOANS. NEW LOANS. NEW LOANS. $1,080,000 $1,300,000 $1,000,000 SPRINGFIELD, MASSACHUSETTS, Refunding Gold Bonds STATE OF MARYLAND OF WESTFI ELD, LITTLE RIVER WATER LOAN Treasury Departaseat, JERSEY Annapolis, January lit, 1909. Coupon or Registered 3% Gold Bonds CITY, N. J. 4 Per Cent Per Annum THE STATE ROADS LOAN Maturing $40,000 a Year from 1912 to 1938 Exempt from Taxation. The undersigned. Governor, Comptroller and Treasurer of the State of Maryland, in pursuance City Treasurer's Office, January 4, 1909. SEALED PROPOSALS will be received by the of an Act of the General Assembly of Maryland In pursuance of an order of the City Council, Board of Finance of Jersey City at Its meeting to be of 1908, Chapter 141, will receive proposals for approved by the Mayor, the undersigned, Treas- held in the City Hall, Friday, $1,000,000, Series "B," of the said Loan. urer of the City of Springfield, will receive until - JANUARY 115th, 1909. "The State Roads Loan" will be dated February twelve o'clock M., WEDNESDAY, JANUARY at 3 o'clock P. M., when they will be publicly 1, 1909, bear interest from said date at the rate of 13, 1909, sealed proposals for opened, for the whole or any part of $1,300,000 three and one-half per centum per annum, pay- tefunding Bonds (Coupon Bonds) to refund Ma- One Million Eighty Thousand Dollars ($1,080,000) able semi-annually on the first day of August and turing Bonds of Jersey City; said bonds are issued February in each and every year, and the prin- City of Springfield Westfield Little River, under and by virtue of an Act entitled "An Act, cipal will be redeemable at the pleasure of the Water Loan Bonds. to authorize Cities in this State to issue and dis- State after the first day of February In the year pose of bonds, to take up and pay off other bonds bonds for this loan will be dated 1919, and the whole debt will be payable on the The January about to mature, to pay which no funds have first day of February, 1924. The debt is 1st, 1909, and will be payable in annual pro- been otherwise provided." exempted portionate payments of Forty Thousand from State, county and municipal taxation and Dollars The principal of said bonds is payable on the will be issued in bond form, with coupons at- ($40,000) each, beginning with January 1st, 1912, First day of February, one thousand nine hun- payment shall be tached. when the first due,untilJanuary dre(i and forty-nine, in gold coin of the United Said proposals must be delivered, sealed, to 1st, 1938, when the last payment shall be made. States of America of the present standard of will bear interest, the Treasurer of the State, at Annapolis, ON OR Said bonds payable semi- weight and fineness, and the interest at the rate of BEFORE 12 O'CLOCK NOON OF THE FIRST annually on the first days of January and July 4% per annum is payable in said coin semi-annu- of the rate DAY OF FEBRUARY, 1909, and must have each year, at of three and one-half ally on the first day of February and August of endorsed back of envelope "Proposals per cent (3 5%) per annum. each year. on the the will for the State Roads Loan." Each bid must be ThLs loan be issued In either coupon bonds Proposals should be enclosed in a sealed en- accompanied with a certified check on some of One Thousand Dollars ($1,000) each, with velope and endorsed "Proposals for Refunding Interest warrants attached, responsible banking institution for 10 per cent both principal and Bonds of Jersey City," and handed to the Clerk of the amount of such bid, and the same will be Interest being made payable at the First National of the Board of Finance in open meeting to be Bank, Boston, opened in the office of the State Treasurer, in the Massachusetts; or in registered held Friday, January fifteenth, one thousand city of Annapolis, at 12 o'clock noon. February bonds of One Thousand Dollars ($1,000) each or nine hundred and nine, at 3 o'clock P. M., In the 1st, 1909, any multiple thereof, the principal and Interest City Hall. in the presence of the undersigned. being must On the opening of such proposals so many of made payable at the City Treasurer's office. Each bid be accompanied by a certified said coupon bonds as have been bid for, not Holders of coupon bonds may at any time, check to the order of the City Treasurer of Jersey more cent of exceeding, however, the amount for which pro- than one year before maturity, exchange City for 2 per the par value of the bonds bid posals are invited, may be awarded same for registered bonds. for, the amount of said check to be credited upon by said The City accepted, and Governor, Comptroller of the Treasury and Treas- Treasurer now transmits by mall said laid if will be returned forth- urer, or a majority of them, to the highest re- Interest on all registered bonds. with if not accepted. No interest will be allowed Both the principal and sponsible bidder or bidders for cash: and when interest will be payable on deposits, whether bid is accepted or not. two or more bidders have made the same bid, In gold coin of the United States of America of Said bonds shall bear date of February first, one the present standard of which bids are the highest, and if the amounts so weight and fineness or thousand nine hundred and nine, and shall be bid for by the highest responsible bidders are In its equivalent. delivered on February first, one thousand nine These bonds are exempt from taxation excess of the whole amount of the said bonds so In hundred and nine, the purchaser paying any ac- offered for sale, then such bonds may be awarded Massachusetts, and the opinion of Messrs. Storey crued interest on the bonds to the day of delivery. Thorndike, Palmer & Thayer of Boston to such highest responsible bidders bidding the as to By resolution passed by the Board of Finance same price in the proportion which the amount their legality will be furnished. January 4th, 11)09, authorizing the issue of these Proposals must Include accrued interest each has bid for bears to the whole amount of to date bonds, a Sinking Fund was also created for the said bonds so offered for sale. of delivery of bonds, and must be accompanied purpose of paying the principal of said bonds when certified bank check for one per cent due. These bonds will be issued in the denomination by a (1%) of $1,000 and subject to registration as to prin- of amount of loan bid for, made payable to the The Board reserves the right to reject any or all Springfield. bids cipal, and no bid for less than par will be accepted. City of if deemed for the best Interest of Jersey City. right is reserved to any and all bids. All proposals will be opened in the Mayor's By order of the Board of Finance, The reject Wednesday, January 13, 1909, at AUSI IN L. CROTHERS. office, twelve FRANCIS GORMLEY, Governor. 9 o'clock M. and the right Is reserved to reject any City Comptroller. Dated J. W. HERING, and all bids. January 4th, 1909. Comptroller of the 1 reasury. Address proposals to the undersigned, Indorsed MURRAY VANDIVER, "Proposals for Westfield Little River Loan." Treasurer. ELIPHALET P. TIFFT, City Treasurer, Springfield, Mass. MacDonald, McCoy & Co., Established UM. NUNICIPAL AND CORPORATION H. C. Speer & Sons Co. R. T. Wilson & Co. BONDS. First Nat. Bank Binding,Ckleage Bankers & Commission Merchants CITY COUNTY 33 WALL STREET - - NEW YORK 113i La Salle Stret, Chicago AND TOWNSHIP BONDS.

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London, Ont.-Debentures Voted.-The election held Jan. 4 St. John, N. B.-Debenture Offering.-Proposals will be resulted in a vote of 2,447 to 1,405 in favor of the proposition received until Jan. 10 by the Secretary Board of School Trus- to issue the $5,000 44%1 debentures mentioned in V. 87, tees for the following debentures: p. 1623, for a hospital for consumptives. Maturity June 30 $9,500 4% redemption school debentures dated Nov. 1 1906, Maturity 1939. Nov. 1 1946. 9,500 4% redemption school debentures dated Nov. 1 1906, Maturity Debentures Defeated.-The propositions to issue the follow- Nov. 1 1931. 6,500 4% redemption school debentures dated Nov. 1 1906. Maturity ing debentures mentioned in V. 87, p. 1623, met with defeat Nov. I 1931. at the Jan. 4 election: 53,000 431% redemption school debentures dated Nov. 1 1908. Maturity $6,000 4 5 % debentures for the erection and equipment of free public Nov. 1 1933. swimming baths. Interest payable in St. John. 4,000 4 % public play-grounds debentures. 441,000 434% water-works debentures. Saskatoon, Sask.-Debenture Election.-According to Niagara Falls, Ont.-Debentures Voted.-The election held reports an election will be held Jan. 12 to vote on the question Jan. 4 resulted in favor of the propositions to issue the three of issuing $30,000 5% 30-year bonds to purchase land and issues of 5% debentures described in V. 88, p. 67. erect buildings thereon for fair purposes. 597 "for" to 199 "against" the issuance of $2,850 armory debentures. Seaforth School District No. 2129, Sask.-Debenture 474 "for" to 301 "against" the issuance of 8,300 fire-hail debentures. Sale.-On Dec. 28 1908 $1,300 63'% debentures, issued for 381 "for" to 377 "against" the issuance of 3,000 library debentures. purpose of building and North Toronto, Ont.-Debenture Sale.,-An the furnishing a school, were awarded issue of $13,000 to J. Addison Reid for 81,310-the price thus being 5% debentures has been disposed of to Wood, 100.769. Gundy & Co. Denomination $130. Date Dec. 15 1908. Interest annual. of Toronto for $13,813-the price •thus being 106.253. Maturity Dec. 15 1918. Maturity part yearly for thirty years. Selkirk, Man.-Debenture Sale. Ottawa, Ont.-Debentures Defeated.-The -Wood, Gundy & Co. of election held Toronto were recently awarded $80,000 5% Jan. 4 resulted in the defeat of propositions to sewer debentures issue the due part yearly until 1956. This firm has also purchased following debentures: $70,000 water-works debentures. 660,000 4% 30-year playground debentures mentioned in V. 87, p. 1680. Vote 1,664 "for" to 2,831 "against." Shelburne, Ont.-Debenture Offering 60,000 city-hall-extension debentures. Vote 1,132 "for" to 3,357 .-Proposals will be "against." received until Jan. 14, it is stated, for $4,661 5% 20-year Debentures Voted.-The question of issuing local-improvement debentures. W. A. Hillhouse is Clerk. $16,000 4% Ont.-Debenture 30-year paving debentures was favorably voted upon Jan. 4. Wiarton, Sale.-A. E. Ames & Co. of The vote was 2,471 to 2,102. These debentures will not Toronto have been awarded $3,056 60 5% 20-year sidewalk be offered for sale at present. debentures. Windsor, Ont.-Debenture Sale.-On Dec. 30 1908 $15,000 Quebec (Province of).-Debenture Offering.-Proposals water-works debentures were awarded the 5% to A. E. Ames will be received until Jan. 26 by Provincial Treasurer, Co. of Toronto at 105.20. The following bids were 4% 50-year & received: it is reported, for $750,000 debentures dated A. E. Ames & Co., Toron_$15,780 00 G. A. Stimson & Co., Tor_$15,512 50 Dec. 1 1908. Stimer, Dunlap & Co 15,677 00 W.A. MacKenzie&Co.,Tor.15,511 00 Wm.C. Brent, Toronto_ _ _ 15,669 00 Aemilius Jarvis & Co.,Tor, 15,503 00 Sarnia, Ont.-Debentures Voted.-The election held Jan. 4 Wood,Gundy&Co., Toron. 15,565 00 H. O'Hara & Co., Toronto 15,402 00 issuing the. $5,500 5% Dominion Securities Corp., Mercantile Trust Co 15,322 50 to vote on the question of town-hall- Ltd., Toronto 15,551 00 Brouse, Mitchell .53 Co., improvement debentures mentioned in V. 87, p. 1624, re- Ont. Secur. Co., Toronto_ 15,527 00 Toronto 15,165 00 sulted in a vote of 701 to 435 in favor of.the same. Interest Date Sept. 27 1908. Interest semi-annually at the City annually at the Town Treasurer's office. Maturity part Treasurer's office. Maturity part yearly on Sept. 27 from yearly on Dec. 31 from 1909 to 1918 inclusive. 1909 to 1928 inclusive. NEW LOANS. NEW LOANS. INVESTMENTS. $966,940.90 $33,000 Cuban Securities CITY OFOTTAWA,ONTARIO Montgomery County, New York BONDS FOR SALE. A SPECIALTY DEBENTURES FOR SALE Montgomery County (New York) bonds, to the amount of $33,000, in the sum of $1,000 Tenders addressed to "The Chairman Board of each, interest payable semi-annually at the rate FRANCKEI THOMPSON & ROBB of four per bonds being due Control", and marked "Tender for Debentures." cent, $3,000 of such Members N. Y. Stook Exchange will be received by the Corporation of the City and payable on February 1st, 1913, and $3,000 of Ottawa until 12 o'clock. noon, on Thursday, each and every year thereafter to and including the 28th January, 1909, for the purchase of February 1st, 1923, are offered for sale, the issue 43 Exchange Place debentures amounting to $966,940.90. being authorized by the board of supervisors These debentures are all a liability of City at in payment for State improvement of highways. Telephone 6444 Hanover large, and bear 4% interest, which is payable Bids will be received by the undersigned. half-yearly on 1st January and 1st July. Chairman of the Finance Committee, until 10 for 20 years, about $417,000 P. M. on 1909; bonds will be About $445;000 are January 10th, OFFICE for 30 years and about $105,000 for 40 years. issued immediately thereafter, and must be taken BRANCH on the official form and must 1supt,by190su9.ccessful or before February All tenders must be bidders on irist01 Building, 5th Ave. and 49d Mt. be accompanied with a marked cheque for $5,000. Accrued interest will be added to the rate E. EUGENE DEVENDORF, Telephone1658 Bryant tendered. Chairman Finance Committee, The bonds can be made payable In Ottawa. Board of Supervisors,. New York, or London, at the option of the pur- Amsterdam, N. Y. chaser; and in denominations to suit. Delivery will be made at Ottawa by 31st March, 1909. The highest or any tender not necessarily Muller & Son accepted Albert Kleybolte & Co., Adrian H. Full particulars, together with further con- ditions, and official form of tender, can be ob- AUCTIONEERS. tained on application to the City Treasurer, 409 Walnut Street, Ottawa. NAPOLEON CHAMPAGNE, CINCINNATI, 0. Weekly Sales Mayor. Regular Ottawa, 12th December, 1908. OB. Municipal, BONDS County, State, STOCKS and EVERY WEDNESDAY. Co. and High.Grade Public Service Blodget, Merritt & Securities °Ince, No. 55 WILLIAIII STREET, Street. BANKERS Correspondence Solicited. Corner Pine STATE, CITY AND JULIUS MERKEL Perry, Coffin & Burr, OTTO RAILROAD BONDS BROKER INVESTMENT BONDS. 44 AND its WALL ST., NEW YORK. 6o State Street, - Boston INVESTMENT SECURITIES. 60 State Street, correspond..noIiiVIt44l 30 Pine Street, - New York BOSTON.

MUNICIPAL AND RAILROAD BLACKSTAFF & CO, HUNT, SALTO NSTALL & CO., BONDS. INVESTMENTS Members of New York Stock Exchange LIST ON APPLICATION. 1332 Walnut Street Investment Securities SEASONGOOD & MAYER, PHILADELPHIA STREET nereautile Library Building 00 STATE CINCINNATI. LIST OF SPECIALTIES ON REQUEST BOSTON

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