The. fin3litint romde,

Pubilshed every Saturday by WILLIAM B. DANA COMPANY,Front, Pine and VOL. 88. MARCH 6 NO. 2.280. ll:Neyste!a Ste. N. William B. DAavr, Preses tc;ii Jacob SeibertJr.,ti VIT fi paresnyt.. 1909. G. Dana, Tress.

CLEARINGS-FOR FEBRUARY,FOR FOUR YEARS AND FOR WEEK ENDING FEBRUARY 27

February. Two Months. Clearings at- Week ending February 27. Inc. or Inc. or 1909. Inc. or 1908. Dec. 1909. 1908. Dec. 1909. 1908. Dec. 1907. 1906. $ $ $ $ New York 6,887,705,324 4,896,030,828 +10.7 15,772.005,019 11,646a,3 s $ $ 05,785 +15.4 1,699,836,747 1,225,513,981 +18.7 1,987,464.012'2,206,686,226 Philadelphia 471,952,935 429,480,956 +9.9 1,046,423,498 957,316,583 +9.3 110,904,922 114.844,016 Pittsburgh 151,158,514 156,596,303 -3.5 331,995,894 -3.4 169,739,740 171,105,124 356,348,511 -6.6 39,233.229 44,931,577 -12.7 64,168,847 58.348.048 Baltimore 101,829,064 90,142,290 +13.0 227,822,700 204,299.022 +11.5 22,054,098 22,726,282 Buffalo 31,931,617 32,034.158 -0.3 72,584,452 -3.0 35,654,575 30,633,696 67,121,469 +8.1 7,286,678 6,749,525 +8.0 7,653,186 7,916,317 Washington 24,601,765 20.297,572 +21.2 52,420,393 43,061,632 +21.7 5,625,691 4.837,407 Albany 19.830,768 18,697.337 +6.1 43,673,463 +16.3 6.073.577 6.105,235 40,007,290 +9.2 4,585,200 4,912,935 -6.7 8,474,45. 5,567,492 Rochester 14,111,767 14,066,659 +0.3 31,156,579 30,329,770 +2.7 2,732,002 2,842,824 Scranton 8,787,476 8,193,326 +7.2 -3.9 3,777,034' 4,483,914 20,656,164 18,301,750 +12.9 2,206,967 2,253,122 -2.1 2,719,345 Syracuse 7,916,864 5,286.349 -4.5 17,227,977 18,020,134 -4.4 1,700,827 2.197,452 Reading 4,292,652 +21.1 1,899,160 -10.5 1,915,750 1,645,111 5,197,338 10,967,899 9,786,833 +12.1 1,322,273 1,239,793 +6.7 1,575,599 Wilmington 4,695,656 4,437.495 -2.9 10,393,342 10,194,448 +1.9 ,,277,647 Wilkes-Barre 4,535,101 4,408,871 +2.9 1,097,681 1,624,929 -32.2 1,537,979 1,573,328 9,827,202 9,820,058 +0.1 1,005,403 1,080,786 -7.0 1.111,605 Wheeling 5,640,290 4,832,430 +16.7 11,708,317 10,381,529 +12.8 1,359,331 Harrisburg 4,354,629 3,701,839 1,351,938 1,225,961 +10.3 1,118,684 1,372,451 +17.6 9,434,875 8,191,378 +15.2 1,033,664 962,031 +7.4 York 2,760,739 2,531,266 +9.0 5,901,297 5,647,784 1,117,230 2,261.469 2,279,546 +4.5 621,169 664,233 -6.5 Erie -0.8 4,948,926 4,876,654 +1.5 519,376 586,264 -8.3 Chester 1,708,897 1,773,430 -3.7 3,858,253 4,090,066 811,816 625,453 Binghamton 1.771,900 1,757.900 -5.7 402,116 465,892 -13.7 540,341 638,358 +0.8 4,034,700 3,955,000 +2.0 407,300 358,100 +13.7 Greensburg 1,730,814 2,142,247 -19.2 3,859,681 4,301,362 512,400 552,500 1,329,499 -10.3 435,145 549,834 -20.7 596,927 503,017 Altoona 1,576,385 -15.7 2,906,458 3,496,285 -16.9 294,089 Franklin 1,013,082 1,051,699 -3.7 2,157,001 443,776 -33.6 2,328,838 -7.3 204.109 264,693 -22.9 269,997 283,809 Frederick 728,718 722,880 +0.8 1,842,944 1,808,383 +1.9 Trenton 5,285,619 Not Included In total 12,451,393 Not Included in total 1,124,200 Not included in total Total Middle 7,757.554,125 5,709,734,418 +35.9 17,697,807.034 13,458,990,564 +31.5 1,904,860.624 1,440,957,121 +32.2 2,296.833,099 2,502.874,515 Boston 621,797,743 524,133,454 +18.7 1,403,116,922 Providence 28,604,400 1,209,354,885 +16.0 139,318,063 124,334,616 +12.1 167,729,802 162,867,907 26,535,800 +7.8 61,919,700 59,233,200 +4.5 5,910,000 Hartford 13,659,333 11,636,060 +17.4 5,745,100 +28.7 8,355,900 7,700,800 New Haven 29,551,427 28,908,935 +2.2 3,037,01.5 3,192,174 -4.9 3,890,047 3,745,694 10,147,112 8,853,697 +14.6 22,339,650 21,380,869 +4.5 Springfield 7,476,882 6,809,394 2,344,459 2,138,690 +9.6 2,513,351 2,257,775 +9.8 16,842,211 15,763,640 +6.9 1,767,950 1,703,268 +3.8 Portland 6,335,184 6,160,033 +2.9 13,930,724 14,574,033 1,969,708 1,888,078 Worcester 5,970,095 5,213,048 -4.4 1,451,072 1,389,219 +4.4 1,731,036 1,822,144 +14.5 13,386,343 12,033,848 +11.2 1,292,210 1,226,056 +5.4 Fall River 5,232,004 3,854,793 +35.8 10,359,234 8,758,284 1,618,151 1,527,709 New Bedford 3,403,854 +18.5 1,118,063 800,137 +39.8 1,376.898 938,379 2,600,873 +30.9 6,880,668 5,957,410 +15.5 688,150 Holyoke 1,803,798 1,781,572 +1.2 583,228 +18.0 737,823 592,233 Lowell 3,977,009 3,893,185 +2.2 432,634 497,317 -13.1 602,736 474,614 1,765,647 1,774,576 -0.5 3,705.895 4,032,051 -8.1 370,513 Total New England 374.963 -1.2 966.738 440,898 706,195,852 599,353,300 +17.8 1,586,008,784 1,383,890,340 +14.7 157,730,129 Chicago 141,984.768 +11.1 190,992,188 184,256,231 1,004,039,352 856,915,600 +16.8 2,126,628,049 1,804,902,105 +17.8 237,319,368 230,765,572 Cincinnati 101,605,700 94,491,650 +7.5 +2.8 262,298,236 239,747,773 Cleveland 230,323,250 209,337,650 +10.0 22,210.200 25,121,550 -11.6 29,653,300 26,827,400 59,541,723 53,465,480 +11.4 130,162,880 125,643,423 +3.6 11,869,306 11,137,707 Detroit 48,636,979 47,847,750 106,560,477 +6.6 17,237,927 16,170,434 Milwaukee +1.7 105,126,107 +1.4 10,684,359 12,313,858 -13.2 13,860,832 12,869,646 48,175,569 44,586,744 +8.1 97,526,146 91,125,049 +7.0 9,793,966 10,437,135 -6.2 Indianapolis 29,022,448 29,462,082 -1.5 67,669,871 12,502.310 10,426,920 Columbus 59,546,155 +13.6 6,595,194 7,797,967 -15.4 8,635,744 6,960,091 19,952,700 17,748,700 +12.4 44,593,100 39,329,900 +13.4 4,935,600 4,454,800 +10.8 Toledo 15,452,123 13,257,926 +16.6 32,263,159 30,463,283 6,315,100 5,872,000 Peoria +5.9 4,808,501 2,706,478 +7.8 5,238,783 4,115,259 11,328,181 10,990,357 +3.1 23,843,778 23,094,896 +3.6 2,912,044 2,897,371 +0.5 Grand Rapids 8,088,140 8,908,176 -9.2 17,900,862 3,654,471 3,818,335 Dayton 17,909,519 +0.0 1,833,972 1,980,713 -7.4 2,450,234 2,242,241 6,527,592 5,482,697 +19.1 14,510,470 12,382,135 +17.2 1,361,369 1,101,434 +32.7 2,292,749 Evansville 7,029,344 6,696,926 +5.0 16,096,325 15,463,184 +4.1 1,593,096 2,104,964 Kalamazoo 4,348,380 3,384,992 1,634,078 -2.5 1,910,101 1,550,584 +28.5 9,274,094 7,594,126 +22.1 929,360 713,304 +30.3 945,092 Springfield, Ill 3,701,027 3,352,484 +10.4 7,897,176 6,996,797 936,440 Lexington +12.9 838,286 649,752 +29.1 761,305 1,026,182 2,197,201 3,018,431 -27.2 5,121,477 6,805,898 -24.7 497,208 852,138 -41.7 823,332 Fort Wayne 2,942,151 2,791,773 +5.4 7,005,324 5,953,132 +17.1 908,993 Youngstown 2,890,024 709,820 717,036 -1.0 836,119 783,064 2,249,130 +28.5 6,187,202 5,245,010 +18.0 639,110 488,124 +30.9 551,305 Rockford 2,525,131 2,199,099 +14.8 5,053,254 4,601,852 +9.8 760,429 Bloomington 1,826,468 773,175 473,933 +63.1 531,209 495,891 2,070,997 -11.8 3,824,318 4,150,182 -7.8 536,800 687,389 -22.0 1,029,502 Quincy 2,028,871 1,995,407 +1.7 4,258,628 4,079,447 +4.4 1,469,017 Akron 2,500,800 502,900 541,280 -7.1 607,839 632,421 1,941,829 +28.8 5,530,356 4,280,253 +29.2 590,000 410,000 +43.9 741,000 Canton 2,521,062 1,613,609 +56.3 5,461,116 3,454,343 +58.1 520,100 Springfield, Ohio 2,392,598 1,705,466 492,476 518,445 -5.0 790,655 595,102 +40.3 4,534,092 3,418,730 +32.6 475,140 425,043 +11.8 462,464 Decatur 1,470.429 1,562,614 -5.9 3,152,740 3,424,730 -8.0 496,547 South Bend 1,241,724 1,428,500 -13.1 385,163 346,485 +11.8 436,173 272,986 3,247,486 3,267,491 -0.6 343,054 370,141 -7.3 468,697 Mansfield 1,306,128 1,158,272 +12.8 2,757,967 2,353,220 +17.2 370,705 Jacksonville, Ill 909,576 1,100,190 -17.4 351,226 223,335 +57.3 329,809 352,813 2,079,953 2,220,112 -8.3 225,087 306,859 -26.4 467,024 Jackson 1,217,410 996,613 +22.2 2,648,855 2,265,560 +16.9 576,501 Ann Arbor 690,868 498,187 +18.5 320,213 260,000 +23.1 286,236 230,153 1,331,831 1,191,182 +11.7 122,860 111,355 +10.3 131,113 Adrian 80,675 89,852 -10.2 198,863 210,880 143,721 Danville 1,321,216 1,142,009 -5.7 12,540 18,000 -30.3 14,000 +15.7 2,803.842 2,438.404 +15.0 300,335 252,725 +18.8 Total Middle West. 1,397.411,580 1,224,152.442 +14.2 2,990,445,940 2,608,184,755 +14.7 324,961,728 320,716,007 +1.3 376,261,661 343,277,212 Details of Pacific on p age 604, Total Pacific 322,302,309 284,311,204 +13.2 688,574,304 605,308,065 +13.7 76,103,131 Kansas 72.671,779 +4.7 109,540,657 93.055,154 City 169,333,758 124,805,991 +35.7 358,287,235 272,431,115 +31.5 Minneapolis 60,288,718 73,059,670 -17.5 39.804,656 31,649,370 +25.8 31,994,646 25,658,130 130,990,124 166,291,513 -21.2 14.172,036 20,184,796 -29.8 19,789,030 Omaha 47,972,733 41,811,803 +14.7 105,166,501 92,985,700 18,221,946 St. Paul 34,431,057 +13.1 12,247.019 12.087,824 +1.3 12,356,208 11,701,849 31,107,636 -9.7 72,546,659 74,956,204 -3.2 7,713,912 10,172,113 -24.2 Denver 33,534,007 27,567,631 +21.7 71,516,503 9,918.285 8,019,965 St. Joseph 60,497,278 +18.2 7,866,234 7,093,837 +10.9 8,017,399 7,401,765 22,009,065 19,220,063 +14.5 49,844,906 42,264,787 +17.9 5,376,971 Des Moines 12,331,746 10,218,533 +20.7 25,665,001 5,362,104 +0.3 7,448,337 6,785,450 Sioux City 22,165,677 +15.8 2,947,682 2,995,967 -1.6 4.063,567 3,644,464 8,704,393 8,223,030 +5.8 19,376,178 17,469,214 +10.9 2.014,707 Wichita 7,141,631 5,121,661 +39.4 14,628,399 2,016,550 -0.1 2,482,452 1,967,575 Lincoln 10.838,435 +35.0 1,700,000 1,199,459 +41.7 1,128,186 1,101,807 5,697,657 4,045,002 +38.4 11,520,151 9,331,414 +23.5 1,195,506 Topeka 5,235,405 4,093,286 +27.9 11,119,626 1,069,989 +11.8 1,722,191 Davenport 8,271,189 +34.4 1,104,468 813,714 +35.8 923.394 835,801 4.508,071 3,975,565 +13.6 9,776,553 8,186,486 +19.4 1,156,236 Cedar Rapids 3,380,381 2,813,298 +20.2 7,633,368 1,141.219 +1.3 1,420.585 1,773,662 Colorado Springs _ 6.279,299 +21.4 836,227 724,541 +15.4 914,440 814,894 2,797,791 2,044,404 +36.8 6,844,264 4,830,845 +21.0 678.436 600,000 Pueblo 2,155,642 2,053,207 +5.0 4,617,634 -3.6 750,000 715,293 Fremont 4,549,050 +1.5 438.906 384.397 +14.1 617,898 584,602 1,514.014 931,803 +62.6 3,028,137 2,386,905 +28.9 377,637 Tota other West 182.078 +107.4 346,960 331,419 417,612,648 364,406,004 -+14.6 901,541,139 803,734,111 +12.2 99,530,633 St. Louis 97,677,958 +1.9 103,379,157 89,558.622 243,967,458 239.266,667 +5.9 542,450,505 502,496,009 +8.0 New Orleans 66,064,107 66,508,450 -0.7 150,602,833 55,437,768 58,363,776 -5.0 65,598,190 59,287,996 Louisville 158,422,590 -4.9 12,947,439 17,703,249 -26.9 23,080,363 57,711,779 48,165,696 +19.8 121,231,831 98,507,854 +23.1 19,483,775 Houston 56,367,700 41,072,491 +37.2 11,447,177 11,693,685 -2.1 15,041,063 14.018,411 116,477,360 81,625,085 +42.7 14,179,028 10,353,400 +3.7 Galveston 27,550,000 30,011,600 -8.2 58,880,000 63,013,500 12,500,000 8,236,237 Richmond 28,257,159 -6.6 6,145.000 7.988,000 -24.3 6,725,500 4,471,000 22,416,253 +17.1 58,160,088 49,166,854 +18.3 5,728,870 5,599,078 Atlanta 20,801,233 17,775,813 +17. 45,840,827 +2.3 6,018,054 6,086.007 Memphis 0 39,957,278 +14.7 4,355,332 4,296.444 +1.4 5,411,111 4,574,503 20,613,923 21,119,039 -2.4 47,352,156 46,162,338 +2.6 4,373,907 Savannah 14,485,607 12,765,308 +13.5 33,550,607 5,659,266 -22.7 5,570,416 5,574,879 Nashville 31,834,792 +5.4 2,744,666 3,092,523 -11.3 4.357,391 3.946,604 14.173,876 18,376,036 -22.9 31,821,261 36,171,924 -12.0 3,278,095 Fort Worth 25,129,675 15,047,149 +67.0 54,110,113 3,437,738 -4.6 3,568,052 2,689,078 Norfolk 35,106,725 +54.1 5,634,257 3,437,756 +63.9 3,210,424 4,240,998 0,476,730 8,166,145 +16.0 21,537,408 17,998,113 +19.7 2,160,036 Birmingham 7,763,651 7,164,733 +8.4 1,678,570 +28.7 2,622,545 2,324,155 17,530,173 15,903,208 +10.3 1,967,073 1,728,647 +13.8 2,765,618 Augusta 6,836,256 6,201,144 +10.2 15,538,001 15,322,680 +1.4 1,362,505 1.869,032 Knoxville 5,898,593 6,521,814 +6.8 12,909,950 1,540,389 -11.6 1,931,067 1,368,545 Little 12.131,121 +6.4 1,443.161 1,542,518 -6.4 1,846,185 Rock 6,115,943 5.549,475 +19.2 13,416.494 12,305,616 +9.0 1,331,780 1,583,354 Jacksonville 7,235,410 6,628,478 +30.9 1,268,095 +5.0 1,646,528 1,136,191 Mobile 14,637,826 11,643,243 +25.7 1,640,007 1,461,056 +12.3 1,585,140 5,010,476 4,991,614 +0.4 11,400,747 11,316,914 +0.7 1,090,081 1,318.430 Chattanooga 5,934,099 5.442,508 +9.0 12,487,106 1,341,582 -18.7 2,126,068 1,288,918 Charleston 5,733,703 11,466,492 +8.9 1,400,000 1,350,000 +3.7 1,554,073 1,400,000 5,411,341 +5.9 12,850,754 12,114,313 +6.1 1,165,125 1.300,000 Oklahoma 5,800,671 3,326,663 +74.4 11,462,594 -10.4 1,395,000 1,667,850 Macon 3,107,565 6,660,929 +72.1 1,290,588 910,298 +41.8 981,871 600,000 2,833,952 +9.7 7,185,366 6,280,098 +14.4 577,564 548,699 Beaumont 2,685,050 2,534,036 +6.0 5,251,465 /+5.3 827,470 579,395 Columbia 5,174,161 +1.5 481,028 550,000 -12.5 520,000 325,000 2,744,031 2,151,389 +27.6 6,110,076 4,823,178 +28.7 Austin 2,660,842 1,819,954 +48.2 5,236,871 4.354,819 Vicksburg 1,602,535 1,706,698 +20.3 606,146 399,492 +51.7 -6.1 3,746,110 4,056,248 -7.6 294,951 404,814 -27.1 Columbus, Ga 1,289,303 1,333,355 -3.3 3,111,212 3,272,756 -5.0 300,000 Wilmington, N. C.-- 1,456,400 1,086 694 +34.1 317,736 -5.6 320,000 281,660 3,172,670 2,339,144 +35.6 303,125 260,000 +16.7 300.000 500,000 Total Southern_ 654,4.73,77-5 594,294,276 +10.1 1,438,071,413 1,299,626,90 +10.7 143,684,909 148,226,809 -3.1 171,502,129 148,842,027 Total all 11,255.550 249 8 776 251,644 +28.2 25,302,448,614 20,159.734,818 +25.5 2,706,871.154 3,222,234,442 +21.8 3,248,508,89k 3,362,863,862 Outside New York 4,367,844,965 3,880,220,815 +12.6 9,530,443,695 8,513,429,033 +11.9 1,007,034,407 996,720,461 +1.0 1,261,044,879 1,156,177,635 rap- Table Clear ngs by Telegraph and Canadian Clear ngs on Page 604.

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grand total for the last week of February was 12)350 in- THE FINANCIAL SITUATION. dividuals. The Fabre line officials said that their Stock market conditions for a considerable time bookings covering the next few weeks would land have been of such a character as to keep the Stock at least 30,000 immigrants at this port, while all other. Exchange public constantly on the alert. Encour- lines report likewise heavy bookings. Of course, the agement and disappointment as to the course and body of arrivals now reaching America is from Italy prospect of business have followed alternately one and Austria-Hungary, and can have very little in- another, and in so quick succession that there has of fluence on the skilled labor market here. late been scarcely any interim between a jump to the right and a jump to the left, being more than anything Three events of this week have a more or less general else like a refreshing reminder of the old story of Jack bearing upon one another. These are the New York and Jill. Now,however, a new Administration has come City bond sale, the report of the Cassidy-Merritt Joint upon the stage; one affording much more of promise— Legislative Committee against changing the constitu- a chance, it is hoped, for men of enterprise to use their tional limit of indebtedness of the city, and the brains and capital more freely. Added confidence report of the Special Committee of the Chamber of is consequently felt in the future attitude of our courts Commerce which has been investigating the subject and our officials towards investors, capitalists and of rapid transit conditions in this city. The City men of large property and big brain. This, if realized, bond sale was perhaps fully as satisfactory as could be ought, at least after a few weeks, to help impart steadi- expected under existing circumstances. The City ness to the course of our markets and give a fresh start offered $10,000,000 50-year gold 4% bonds and to business. received 136 bids for an aggregate amount of $43,068,- After so prolonged dulness and so many flutterings 130. The award of the bonds was made at an average in the metal markets, a reaction was due. The start price of 101.57, showing an interest basis of 3.93%. was a cut in iron and steel. Then came a reported This is not as good as the terms upon which the City throwing open of those markets. This was met by a borrowed money last November, when $12,000,000 cut in wages, made, as said above, by the Lackawanna 50-year 4s were disposed of at an average price of Steel Company, which was looked on variously as 102.385%, the interest basis being 3.89%. This to its outcome. If a general decline in wages has be- relatively small change in an adverse direction would come inevitable on account of tariff reduction and not possess much significance except that it comes at other causes, the quicker it comes the sooner will trade a time when there are so many and such varied propo- begin to adjust itself to the new functions and condi- sitions for adding still further to the City's indebted- tions. By no means, however, are all manufacturers ness. of steel and iron agreed upon the existence of any such All these propositions rest on the theory that necessity at present, or any excuse for a lot of misera- the City's needs for improvements and more particu- ble forebodings, the product in large part of over-vivid larly for the building of additional rapid transit lines imagination. are so urgent that if under present constitutional limi- An important development in the iron and steel tations there is not sufficient margin left for the issue market, Wednesday of the current week, would go of more bonds to carry on such undertakings, then far to strengthen that assumption—that is, that the the limit should be removed or extended. There is a cut in wages will not be general among steel manufac- great diversity of opinion as to just what the margin turers. Some say the disturbance in wages will go no of debt is at the present time. But be the margin further than it has. The development we refer to as large or small, the idea of those who favor the needed likely to prove a corrective is the large order (101,000 construction of additional subways is to extend it in tons of rails) put out Wednesday by the New York Cen- such a manner that some further very considerable tral people, to be delivered before Aug. 1—which was amounts of bonds could, at once, be legally put out. placed as follows: Lackawanna Steel Co., 51,000 tons; That is the purpose of the constitutional amendment United States Steel Corporation, 42,600; Algoma Steel which has already passed one Legislature and is now Co., 5,400; Bethlehem Steel Corporation, 2,000. The to be considered by the present Legislature, and which Algoma Steel Company is a Canadian concern, and provides for the exclusion from the debt computation the rails secured from it will be laid on the lines of the of all bonds issued for what are termed self-supporting Michigan Central in Canada. Aside from this rail properties.While the Cassidy-Merritt Committee advises order, it is said that other steel orders have been ne- against the re-passage of the constitutional amendment gotiated, and that the steel business is getting better. enlarging the City's borrowing capacity in the way The "Iron Trade Review" reports that, while only a mentioned, a minority of the Committee does not join moderate amount of business has been developed re- in the recommendation adverse to the amendment. cently, manufacturers are not showing the eagerness This minority urges that in the event of the adoption of past years to take orders. of the amendment the City would have at its command Increase in the supply of labor, due to the very large $125,000,000 additional for the building of new sub- addition to the immigration movement, may possibly ways. have more bearing on the decline of wages here than All the various suggestions for creating a larger has been hitherto acknowledged. We referred to the borrowing capacity do not, it seems to us, give suffi- extreme activity of the movement last week, the re- cient consideration to the effect on the city's credit port being, however, that the number disclosed would of further large additions to the debt. Even supposing likely be much greater the current month, when offi- that the City could profitably invest $100,000,000 to cially compiled. Indeed, so great activity in the land- $200,000,000 in further subway construction, it would ing of immigrants as is now in progress has not been yet be a serious question whether the municipality should witnessed in New York for a long period. The undertake the work and issue the bonds. The mere

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size of a municipality's debt plays an important part 000 of 4s on a basis of 3.853%; Rye., N. Y., in Febru- in influencing the judgment of an investor in the matter ary borrowed $400,000 on a basis of 3.84%; Utica of the price he should pay for the bonds or whether placed some bonds at 3.838% interest; Montclair, he should buy them at all. The debt now is of huge N. J., some at 3.809%; Trenton some at 3.786%; volume and the City is adding to it in a striking way Philadelphia floated $1,500,000 at 3.785%; Kansas from year to year. These increases will continue in City and St. Paul some at 3.776 and 3.775, respectively, the future even if the City does not lend additional and Buffalo obtained $500,000 last month on a basis aid in the building of subways. Hence, ordinary of 3.63%. Indianapolis in January was able to float prudence suggests that the yearly additions should not $600,000 of 3325 at a slight premium, making the cost be increased through the undertaking by the City of of the money 3.496%. Two Massachusetts cities in work that should more properly be left to the private the list, whose credit is unusually high, have also re- capitalist under such safeguards and restrictions as cently floated 33/2% bond issues, one on a basis of would protect the interests of the public. Up to date 3.329% and the other at 3.245%. $54,864,050 of City bonds have been issued for rapid Is there any good reason, other than the causes transit purposes and the total of the City debt is just enumerated above, why, in the present glut of funds that much larger •than it would be if private capital at the monetary centres,this city, the financial centre had been called upon to provide the means. of the Western Continent should not be able to float The original venture of the City in that direction its bond issues upon as favorable terms as the best was doubtless fully justified because at that time there situated of other municipalities? Under these circum- was serious question whether private capital could be stances it is matter for gratification and relief that a got to assume the full risk, and furthermore the City majority of the Joint Legislative Committee should ad- was able to raise the money on much more advan- vise against extending the city's borrowing capacity tageous terms than any combination of capitalists. through the pending constitutional amendment. The It should not be forgotten that at first the City was recommendation should carry the more weight as the able to place 33% bonds; no less than $43,700,000 Chamber of Commerce of this city recently adopted of rapid transit bonds issued by the municipality bear a resolution also declaring against the amendment. that rate of interest, and there are even $1,166,050 of 3/01 and $1,500,000 of 3s. Later borrowings of At this juncture comes the report of the Special the City, however, in that way have been on 4% and Committee of the Chamber of Commerce, which was 432% bond issues. To whatever we ascribe the cause, appointed at the November meeting of the Chamber the City's credit is not as good as it used to be, and to investigate the conditions surrounding the question this fact alone imposes caution in putting out further of the construction of rapid transit lines in New York municipal issues. Disregarding entirely temporary City. Obviously, if it be unwise for the city to extend bond issues made in anticipation of the collection of any further aid to subway building, some other means taxes,the City in 1908 put out $62,500,000 of corporate should be provided for giving the municipality the stock and assessment bonds (bearing 4 or 43% inter- additional rapid transit routes of which it stands in est); in 1907 it similarly placed at public sale $72,- such sore need. Private capital should be allowed to 421,325 of new issues, bearing 4 or 43/2% interest, and come in, but in what manner and upon what terms? in 1906 it placed $45,329,100 of 4% issues at public The Chamber of Commerce Committee makes a num-' sale. There is obviously a limit to the amount of ber of helpful suggestions on this point. As the re- bonds which the investment world will absorb even in port is quite long and covers every phase of the ques- the case of the best municipality and that these tion, it is impossible to furnish even an outline of continued large issues year by year are operating its contents. We will refer here only to one sugges- against the price of New York City bonds does not tion, which strikes us as eminently wise as well as seem open to question. Not only is the City's credit feasible. The Committee points out that there is no not as good as it was, but it is not as good as that of other city on the globe which shows such pressing most substantial municipalities in various parts of the need, and therefore such brilliant opportunities, for country. To bring out this fact, we have had the rapid transit; that there is no other city on the globe following statement prepared, showing the interest showing such spirit of enterprise and such ability in basis upon which twelve other municipalities have handling large financial propositions. Accordingly, been able to place larger or smaller bond issues within it is argued that if, in spite of this, New York finds the last two months. The sales in every case have it difficult, if not impossible, to secure additional ade- been made since the first of January, and thus would quate transportation facilities, it is evident that we seem to afford a correct guide to present conditions. must have created conditions which are fundamentally wrong and which must be radically reformed. The Date of Int. Interest Place Issuing Bonds— Sale. Rate. Maturity. Amount. Basis. committee ___---- affirms that present laws make these under- Worcester, Mass Meh. 2 33. % 10-year $325,000 3.245% basis takings Chelsea, Mass Jan 26 3%% 50-year 500,000 3.329% basis unwise, either for municipal effort or private Indianapolis, Ind Jan. 12 33 % 30-year 600,000 3,496% basis Buffalo, N Y Feb. 5 4% 50-year 500,000 3.63% basis enterprise. St. Paul, Minn Feb. 23 451 30-year 400,000 3.775% basis Kansas City, Mo Jan. 11 4% 15-year 250,000 3.776% basis The recommendation which appeals particularly Philadelphia, Pa Jan. 11 4% 30-year 1,500,000 3.785% basis Trenton, N. J Feb. 2 4% 30-year. 200,000 3.786% basis to us is that construction, equipment and operation Montclair, N. J Feb. 20 4% 30-year 266,750 3.809% basis Utica, N. Y Feb. 25 4% 103 -year (ay.) 186,000 3.838% basis of future subways be by private capital, with the Rye, N Y Feb. 24 3.85% 293 -year (ay.) 400,000 3.84% basis Jersey City, N. J Jan. 15 4% 40-year 1,300,000 3.853% basis option of the city to purchase, New York City Mch. 2 4% 50-year 10,000,000 3.93% basis operation to be con- ducted upon specific terms of profit-sharing with the The foregoing shows that New York City, with its city in lieu of taxes and payment for franchise rights. $10,000,000 issue of this week, stands at the foot of The committee well says that the principle here advo- the list. It obtained its money on an interest basis cated has accomplished the settlement of the aggra- of 3.93%, while Jersey City in January placed $1,300,- vated conditions formerly existing between the sur-

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face railway corporations in the City of Chicago and millions, nearly 60 millions are pledged for circulation. the citizens and their representatives in the city gov- The 2% consols have also been attractive to banks as ernment. Under the agreements arrived at in that pledges for public deposits; there are now held for this city, it is pointed out, the corporations have been purpose 42 millions and 11 millions of Panama twos. enabled to obtain large amounts of new capital for The circular says that "the use to which low interest the reconstruction and extension of their lines, and bonds have been put in the past naturally stimulated provision has been made for the future construction of the market for them, and now that such use,so far as subway lines, while the city has received in the first depository accounts are concerned, is largely at an year of operation about $1,600,000 as its share of the end for the time being,the artificial value so attached profits, without having incurred any obligations. The to them has almost disappeared." committee does not enter into the details of the ar- Since the panic of 1907 circulation has been re- rangement, but particulars will be found in our "Elec- dundant and the Treasury has been compelled to tric Railway" Sectioit in the statements of the Chicago maintain a large force with which to care for current City Railway Co. and the Chicago Railways Co. In redemptions. "This is a condition," says the circular, brief, the city is allowed the right to purchase the lines "which will pass away,and a more active and profitable upon certain terms and at certain figures; provision use for bank notes may be expected. There is still a is also made for special compensation to the City of margin for the use of 300 millions in circulation ac- Chicago, this compensation, however, being payable counts to be secured by bonds." But the considera- only out of the surplus earnings of the companies after tion which might have a contrary effect relates to the paying or providing for all operating expenses, includ- means which Congress may employ to restore Treasury ing charges for maintenance and depreciation and 5% finances. The Government will probably face a de- upon the valuation of the property at which it may ficiency of 135 millions at the close of the fiscal year; be purchased by the city for municipal operation. a large deficit will be shown in the succeeding year Of the surplus earnings so remaining, the City of Chi- unless Treasury cash shall be replenished by the pro- cago receives 55% and the companies 45%. Why ceeds of bond sales. There may be issued under could not a somewhat similar arrangement be effected existing authorizations 45 millions of Panama bonds in this city? Of course, it would be an indispensable and possibly the authorized limit may be increased by preliminary that the Public Service Commission Law 30 millions. Such prices, therefore, as were obtained be changed and that legal provision be made (in the for old issues are out of the question so long as present words of the committee) "by which the security of market conditions continue. the investment and a stated degree of return thereon cannot be jeopardized by changes to be made on the The rise this week in the rate for exchange at Paris simple order of any Commissioners who may then hap- on London to 25 francs 243/ centimes indicates the pen to be in office." increasing demand, since such rate began to advance, by French bankers for investment in the British mar- Owing to recent declines in market quotations of ket. Moreover, these bankers are seeking investments Government bonds the future of such issues is re- in Germany, which seems to reflect the improvement garded by bank holders thereof with misgivings. in the relations between France and that country that As the result of recalls of public deposits, for which has been manifested since the signing of the Franco- such bonds were pledged, the Aales of the released German agreement. Not only are French bankers securities have caused these declines to unprece- investing in Germany but they are financing Berlin. dentedly low figures—the 2%s of 1930 to 101, while This is regarded as an important movement for the the Panama Canal 2%s were marketed by the Govern- reason that it will aid Germany in developing her ment at 13/2 to 33' points higher than the prices now resources, which have expanded so greatly as to obtainable. The effect upon banks, holders of these cause her available capital to be barely sufficient to bonds, of their market depreciation may be judged by meet all her requirements. The establishment of the fact that there are pledged for circulation and pub- cordial political relations between France and Ger- lic deposit over 600 millions of 2%s which have cost the many and contributions by the former of financial aid banks that own them from 20 to 25 millions in excess seems to be a guaranty of peace in Europe. The of current prices. "Whether the future," says a influence of the German Emperor will doubtless be recently issued bank circular, "will witness a restora- exerted to prevent a collision between Germany's tion of the quotations which have prevailed for a ally, Austria, and Servia, and thus the menacing situa- number of years is a question of moment to those who tion which has been so disturbing will be dispelled. invested at the higher prices and also one which con The Bank of England secured the whole of the 5 cerns the Treasury in its bearing upon a favorable million dollars of Cape gold that was offered in London market for future issues." on Monday and though the price of the metal is main- The maximum of public deposits was recorded tained at the minimum of 77 shillings 9 pence per ounce, Dec. 27 1907, when the amount of such funds in de- it seems probable that the bulk of future consignments positories was 260 millions; in the last fourteen months will be obtained. The Bank and the market, however, the deposits have been reduced by surrenders to nearly have use for all the gold that is procurable. After the 60 millions. The large decrease in deposits has nat- experience of last year, when London was respond- urally adversely affected the price of bonds pledged ing to the demands of almost every other nation for for such deposits. The popularity of the 2%s of 1930 gold, British bankers are more or less inclined to be con- for circulation and deposits is shown by the fact that servative in their operations in securities. Hence they out of an issue of 646 millions, more than 555 1-5 are are selling instead of buying Americans and seeking held by the Treasury for circulation, while of the investments elsewhere. Panama bonds, the issue of which aggregates 85

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The general business situation as measured by the 5.9%. Outside of New York the exhibit is not volume of mercantile transactions in February, or quite so decidedly favorable, but at the same time the by the financial operations, such as dealings in bonds gain recorded, as contrasted with 1908, is 12.6% or speculation in stocks, continues much more favora- for the month and 11.9% for the two months, with ble than at the same time a year ago, but not as satis- the decreases from 1907 reaching 2.8% and 3.8% re- factory as for the corresponding period of 1907. Our spectively. So many individual ities exhibit con- compilation of bank clearings for February and the spicuous gains that special reference to them seems two months since Jan. 1 1909, to be found on the first superfluous, therefore we shall merely advert in pass- page of this issue, warrants that statement. By ing to the various sections into which our compilation studying the compilation one quickly discerns how is divided. It will be observed that, due largely to the very general have been the gains compared with a year important gain at New York, the greatest percentage ago, only 25 of the 125 cities there represented re- of increases over 1908 for both the month and since cording any losses, and those, on the whole, unimpor- January 1 are found to be in the middle section, they tant. In fact, the declines, where shown, are due in being 35.9% and 31.5% respectively. The new Eng- a number of instances to the loss of one business day land group recorded an excess of 17.8% for the month this year compared with last year, or other locally- and 14.7% for the two months, the increases in the operating causes. The January statement exhibited Middle West were 14.2% and 14.7% respectively, and a gain in the aggregate of 23.4% over the same period on the Pacific Slope were 13.2% for February and of 1908; that for February is more satisfactory, the 13.7% for the period since January 1. The "Other increase being 28.2%, notwithstanding the loss of Western" Section showed a gain of 14.7% for the one business day. month and 12.2% for the two months, and for the 10.1% Stock and bond transactions have been an important South the percentages of augmentation were element this year in the making of bank exchanges, and 10.7%. the greater activity prevailing on the New York Stock Canadian bank clearings also make a very favorable Exchange now than in 1908 in particular being re- showing for the month, which is shared in quite gen- flected in the clearings. Not only does the demand for erally. In fact, only one city exhibits a decrease and bonds continue active, and this has been a feature for that in great measure accounted for by the one less some months, but the dealings in stocks have latterly business day. The aggregate for February, at $331,- shown important augmentation as compared with 058,588, records a gain over the corresponding month a year ago. But at times increase in activity has been of 1908 of 22.0% and for the two months the gain at the expense of values; this was notably so in the reaches 17.3%. closing week of February, when, on quite important transactions, there was a pretty general decline in Continental cotton manufacturers, in common with prices, with many issues of both stocks and bonds those in Great Britain, experienced in 1908 a season reaching the lowest point since the opening of the year. of considerably reduced profits. At least that is the Since then, however, the losses have been in great conclusion forced upon us by a study of the reports measure recovered, but the market has been less active of a number of leading German and Austrian corpora- as a rule. On the New York Stock Exchange the tions. Almost without exception the returns we have February transactions in stocks reached a total of received show a marked diminution in profits and a 12,337,199 shares, and for the two months of 1909 were consequent decrease in the rate of dividend distribu- 29,612,699 shares; in 1908, the result for the month tion, and in some instances actual loss from operations was 9,839,706 shares, and for the two months 26,434,- is indicated. We have no general compilation cover- 601 shares. In 1907, 1906 or 1905, and even as far ing a large number of establishments in either country back as 1901, however, there was greater activity, and to refer specifically to each return at hand would and consequently a larger volume of transactions than require too much space. So we shall make reference now. Bond dealings, on the contrary, are of decidedly to only a few of the important companies, taking their record proportions. They reached in February 111 results as indicative of the industry as a whole. The millions of dollars, as against 57 millions in the month Augsburg Power Spinning and Weaving Co. reports a year ago, and for the two months were respectively a net profit for 1908 of 1,491,803 marks ($373,000), 249 millions and 148 millions. As indicating the greater against 1,787,668 marks ($447,000) in 1907, and the effect of stock and bond transactions on clearings this further statement is made that orders on hand are year than last at this city, we have merely to state sufficient to keep the mills running until June next. that the approximate actual value of all the securities But as prices are not very good, profits will be much dealt in at the Exchange was for the two months of less than in 1908. The exhibits by other establish- 1909 about 1 billion dollars more than for the same ments are quite in line with the foregoing, the showing time in 1908. At Boston 1,251,741 shares were dealt by a few being as follows: Kempten Spinning & in this year in February, and the total for the two Weaving Co., net profit in 1908 having been 576,816 months was 2,278,939 shares; these compare with marks, against 674,459 marks in 1907; Augsburg 628,992 shares and 1,806,143 shares respectively in Worsted Co., 497,701 marks, against 769,401 marks; 1908. 'Bonds were very much more largely dealt in Kolbermoor Spinning Co., Munich, 402,982 marks, this year than in 1908. against 402,280 marks; Power Weaving Co., Muhl- As remarked above, the aggregate of clearings for bad', 157,018 marks, against 432,319 marks, and the whole country for February shows an increase of Saxony Worsted Spinning Co., Hathau, 310,364 marks, 28.2% over the month of 1908, but compared with against 533,930 marks. On the other hand, and, of the similar period of 1907 there is a loss of 4.8%. course, very much the exception, the Bayreuth For the two months this year's total exceeds that of Spinning & Weaving Co. showed increased profits in last by 25.5%, and the decline from two years ago is 1908, the comparison being between 630,164 marks

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and 507,758 marks in 1907. But in some cases actual as compared with 795 and debts of $22,278,462 in losses were recorded, as for. instance the Moritz 1908; 1,982 trading failures with liabilities of $13,607,- Ribbert Co., Hohenlimburg, with a loss of 481,374 425 in 1909, against 2,643 and $22,156,150 a year ago, marks in 1908, against a profit of 107,604 marks in and other bankruptcies numbering 69 with liabilities 1907, and the Power Weaving Co., Augsburg, a loss of of $3,171,356 this year, contrasted with 132 and 72,225 marks, against a profit of 111,058 marks. $9,729,473 in 1908. Among banks and other financial As regards the current year, advices are quite generally institutions the casualties in the two months of 1909 to the effect that orders booked will cover nearly six were only 15, involving $1,000,000, whereas in the months' operations, but they are not on a very profit- like period of 1908 the number reached 52, with in- able price basis. debtedness of $63,221,259. It should be stated, how- ever, that in many instances last year the embarrass- Commercial failures exhibits continue clearly to ment of the banks was only temporary, business being reflect improvement in mercantile and industrial resumed within a very short time. Yet the com- affairs this year as compared with a year ago. At parison as presented above quite clearly and forcibly the same time the disasters, both as regards number depicts the relative situation in the two years. and aggregate of liabilities, are yet rather above the normal. The February 1909 showing, moreover, in That railroad earnings are improving as compared the matter of liabilities covered is less favorable than with the small totals of a year ago is evident by the that for the preceding month, clue entirely, however, return of the Pennsylvania Railroad Co. for the month to one large failure at the South. That failure, in of January, submitted the present week. This shows fact—we refer to the placing of the Birmingham Coal & an increase on the lines directly operated East of Pitts- Iron Co. in receiver's hands—accounts for one-third burgh and Erie of $657,500 in gross and of $252,400 of the month's total indebtedness. And if with that in net and on the lines West of Pittsburgh and Erie 53/ millions of dollars we include the 13 million lia- of $600,400 in gross and $208,800 in net. In other bilities of a large Western brokerage house (Lamprecht words, for the combined Eastern and Western lines Bros. & Co., Cleveland) and the upwards of 2 millions the gross is $1,257,900 better than in January last represented by two failures in the shoe trade, we have year and the net $461,200 better. Lest, however, four disasters covering approximately 9 millions of the the mistake be made of thinking that there has been February 1909 failed indebtedness. Thus there is left a full recovery of what was lost last year, it seems de- only 743 millions as representing the liabilities of the sirable to point out that the return for January 1908 remaining 1,101 failures, or an average of only $7,029 showed for the combined lines a falling off of no less per failure. And this low average, which is below the than $3,673,200 in gross and of $1,248,500 in net. normal of former years, is a feature of the February In the following we furnish a six-year comparison of 1909 returns, indicating as it does a large preponder- the earnings of the lines East of Pittsburgh, being the ance of small merchants or traders among those who only portion of the system for which we have the data have been forced into bankruptcy. for such a comparison. Comparing February of this year with the same Lines East 01 month of 1908, the showing is of course very favor- Pittsburgh. 1909. 1908. 1007. 1906. 1905. 1904. able. As against failures to the number of January. $ $ $ $ $ 1,621, Gross earnings__ 11,220,812 10,563,312 12,583,712 12,902,512 9,263,112 8,473,874 with liabilities of $27,064,471,in the month of last year, ()per. expenses__ 8,692,813 8,287,713 9,641,313 8,864,413 7,558,813 7,329,240 Messrs. R. G. Dun & Co. make the current February Net earnhags__ 2,527,099 2,275,590 2,942,309 3,138,009 1,704,299 1,144,634 totals 1,105 and $16,734,813. The bulk of the failures as regards amount of liabilities in the month this year The bank statement of last week reflected the was in manufacturing branches, but notwithstanding derangements incident to the surrender of public the large iron failure at the South, referred to above, deposits and the preparations for the disbursement the total indebtedness represented was only $8,161,384, of March interest and dividends, though such events against $12,011,375 in February 1908. A somewhat were less disturbing than had been expected. Aver- similar comparison is to be found in trading branches, age loans were contracted $3,139,700—those of trust the $6,410,597 liabilities in February of the current companies and State banks not reporting to the year contrasting with $8,672,143 for the same period Clearing House, however, decreased $17,736,700. The a year ago. Among brokers, transporters, &c., more- actual reduction in bank loans was $5,360,700. over, the 1909 exhibit is distinctly satisfactory when Average deposits decreased $4,791,200; actual deposits placed alongside of that for February 1908, debts of fell off $10,663,100. The average cash loss was failed concerns aggregating but $2,162,832, against $862,900; die actual decrease was $4,967,800. Aver- $6,381,053. The showing this year is, of course, age reserves were increased $334,900; there was an especially satisfactory as regards suspensions of bank- actual decrease of $2,302,025, to $13,345,850. Com- ing institutions. After the very heavy liabilities rep- puted upon the basis of deposits less those of $2,487,- resented by the suspensions in January 1908, the 600 public funds, the surplus was $13,967,750. $1,654,824 involved by the failures in February of that year seemed a distinctly unimportant amount. The market for money was easy last week. Though But even compared with that small total,the financial the payments of about 80 millions for dividends and bankruptcies of February this year were insignificant. interest began on Monday, perhaps necessitating some For the two months of 1909 the mercantile disasters calling of loans, the supply of funds appeared to be numbered 2,576, with liabilities of $30,742,898, against ample and day-to-day money was only fractionally 3,570 and $54,164,085 in the like period of 1908. higher than the maximum recorded in the previous These totals were made up of 525, with liabilities of week. There seems to have been brought into the $13,964,117 in the manufacturing industry this year, market trust company and near-by interior funds

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which were freely offered during the remainder of the of higher exchange. On Friday there was a sharp week, and, presumedly, considerable amounts of advance to the best figures of the week and year, money that was disbursed for interest was promptly caused by a demand for remittance and a paucity of re-deposited, thus contributing to the easy tone. bills for Saturday's and next week's mails; though Fixed-date funds were also easier and especially for rates were at the gold-export point to London, it was long maturities; one notable feature was the loaning regarded as unlikely that the metal would be shipped. of twelve months' money at 34%,3 a concession of IA Compared with Friday of last week there was a of 1% compared with previous rates. Four to six decline on Saturday of 20 points for long sterling to• months' loans were negotiated at 3% and offerings 4 8520@4 8525 and an advance of 5 points in cables were quite liberal. Commercial paper continues to to 4 8790@4 8795, while short was unchanged. On be sought for investment by banks and other institu- Monday long rose 35 points to 4 8555@4 8560,short 10 tions and the supply is below the normal. points to 4 8755@4 8760 and cables 5 points to 4 8795 Money on call, representing bank and trust company @4 88. On Tuesday long was 5 points higher at funds, loaned at the Stock Exchange during the week 4 8560@4 8565, short 5 points at 4 8760@4 8765 and at 23/2% and at averaging about 2%; the above cables were unchanged. On Wednesday long fell 10 minimum was quoted by all lenders. Time loans on points to 4 8550@4 8555 and cables 5 points to 4 8790 good mixed Stock Exchange collateral were procurable @4 8795, while short was unaltered. On Thursday at 2% for sixty and 2%@3% for ninety days, long advanced 20 points to 4 8565@4 8575, short though recorded business was small; some loans were 10 points to 4 8765@4 8775 and cables 10 points to placed for four to six months at 3@34%,1 but the in- 4 8795@4 8805. On Friday long rose 15 points, 25 quiry was chiefly for contracts maturing at the end for short and 30 points for cables. and over the year, which were quoted at 332@4%. The following shows daily posted rates for sterling Commercial paper ruled at 332@3%% for sixty to exchange by some of the leading drawers. ninety-day endorsed bills receivable, 39@4% for Frt., Mon., Tues., Wed., Thurs., Frt., choice and 4@432% for good four to six months' single Feb. 26. MM. 1. Mch. 2. Mch. 3. Mch. 4. Mch. 5. Brown 560 days 4 86 86 86 • 86 86 8634 names. Bros. & Co 1Sight-- 4 8834 8834 8834 8834 8834 89 Kidder, Pea- 160 days 4 86 86 86 86 86 8634 body & Co 1Sight„ 4 8834 8834 8834 8834 8834 89 Bank British 160 days 4 86 86 86 86 86 86 The Bank of England rate of discount remains un- North Amerlca 1SIght__ 4 8834 8834 8834 8834 8834 8834 Bank of 560 days 4 86 86 86 86 86 86 changed at 3%. The cable reports discounts of sixty Montreal 1SIght__ 4 8834 8834 8834 8834 8834 8834 Canadian Bank 160 days 4 86 86 86 86 86 86 to ninety-day bank bills in London 23/8@234,%. The of Commerce 1Sight__ 4 8834 8834 8834 883-4 8834 8834 Heidelbach, Ickel- 560 days 4 86 86 86 86 86 8634 heimer & Co 1Sight__ 4 8834 8834 8834 8834 8834 89 open market rate at Paris is 13.1% and at Berlin Lazard k 560 days 4 86 86 86 86 86 8634 Freres Wight 4 8834 8834 8834 8834 8834 89 and Frankfort it is 23/2%. According to our special Merchants Bank 160 days 4 86 86 86 86 86 86 cable from England, the Bank of England gained of Canada 1Sight„ 4 8834 8834 8834 8834 8834 8834 £333,649 bullion during the week and held £38,211,311 Rates for exchange on Friday were 4 8580@4 8590 at the close of the week. Our correspondent further for long, 4 8790@4 88 for short and 4 8825@4 8835 advises us that the gain was due wholly to purchases for cables. Commercial on banks 4 8550@4 8560 and in the open market, the shipments to the interior of documents for payment 4 849@4 85%. Cotton for Great Britain exceeding the imports. The details payment 4 84%@4 85, cotton for acceptance 4 8550 of the movement into and out of the Bank were as @4 8560 and grain for payment 4 853/2@,4 85%. follows: Imports, £979,000 (of which £668,000 bought in the open market, £200,000 imported from Germany The following gives the week's movement of money and £111,000 from miscellaneous sources); exports, to and from the interior by the New York banks. nil, and shipments of £645,000 net to the interior of Received by Shipped by Net Interior Great Britain. Week ending March 5 1909. N. Y. Banks. N. Y. Banks. Movement. Currency $6,575,000 $3,193,000 Gain $3,382,000 The foreign exchange market was strong this week, Gold 1,646,000 1,109,000 Gain 537,000 especially for short sterling. The tone was influenced Total gold and legal tenders _. $8,221,000 $4,302,000 Gain 83,919,000 by selling of American securities in London, much of With the Sub-Treasury operations the result is as which, however, was traced to operations directed by follows. local bankers through the cable. Part of the advance organ- Into Out of Net Change in in rates was attributed to efforts by the recently Week ending March 5 1909. Banks. Banks. Bank Holdings. ized combination dealing in exchange to cover oversold Banks' Interior movement, as above_ $8,221,000 $4,302,000 Gain $3,919,000 bills that had been drawn during the previous week in Sub-Treasury operations 30,607,000 31,009,000 Loss 402,000 order to effect manipulation of the market. After the Total gold and legal tenders $38,828,000 $35,311,000 Gain $3,517.000 desired cover had been obtained, the tone became The following table indicates the amount of bullion quiet, though firm. Speculative operations in ex- in the principal European banks. change diminished in volume towards the middle of March 4 1909. March 5 1908. the week, but expectations of their resumption had a Banks of deterrent influence upon legitimate business. London Gold. Silver. Total. Gold. Total. z • £ continued to be a seller of active American stocks, England__ 38,211,311 38,211,311 39,279,574 39,279,574 France __ 144,903,543 35,526,228 180,429,771 110,348,260 36,155,886 146,504,146 thus contributing to the demand for remittance. Com- Germany _ 41,808,150 11,999,400 53,807,550 34,011,000 12,580,000 46,591,000 Russia -__ 121,771,000 7,788,000 129,559,000 116,072,000 6,169,000 122,241,000 mercial bills were promptly absorbed and the market Aus.-Hun. 51,392.000 12,804,000 64,196,000 46,475,000 12,622,000 59,097,000 Spain ____ 15,860,000 32,602,000 48,462,000 15,726,000 26,086,000 41,812 000 bankers' drafts, causing the Italy __ 37,901,000 4,634,000 42,535,001 36,591,000 4,600,000 41,191,000 was kept bare of naturally Netlflands 9,579,000 4,087,800 13,666,800 7,692,000 4,370,500 12,062,500 Nat.Beig.d 4,148,000 2,074,000 6,222,000 3,966,667 1,983,333 5,950,000 maintenance of a firm tone. Discounts abroad, ex- Sweden __ 4,342,800 4,342,800 3,903,000 3,903,000 Switeland 4,863,500 4,863,500 3,334,000 3,334,000 cept at Paris, are somewhat higher than are money Norway __ 1,528,000 1,528,000 1,500,000 1,500,000 rates for corresponding periods here, and this relative Total week 476,308,304 111,515,428587,823,732418,898,501 104,566 ,719 523,465,220 478,780,568 591,948,099420,198,446 105,091,488525,289,929 monetary condition is an important factor promotive Prey .week 113,167,531

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undertaken with practical common sense,and on sound THE TREASURY. economic lines, such taxes may be made immensely To the financial community, the selection of a new more productive. The trouble with the Wilson Bill Secretary of the Treasury is in many respects the was that it did not adequately keep in mind this matter of first importance in the appointments of a function of the tariff as a revenue producer. To strike new Administration. Our experience of recent years off duties which are not prohibitive, necessarily in- has shown that no period is exempt from the peculiar volves a loss, not a gain, in revenue; but it is equally difficulties and troublesome problems which surround true, as was shown in the first experience with the that office; it has also shown that much of the welfare Dingley law, that to raise a duty from a mildly pro- •of financial markets depends on the qualities of the tective to a prohibitory basis equally dries up that man at the head of the Treasury Department. Mr. much of the sources of public revenue. MacVeagh,Mr. Taft's selection for his finance minister, This part of the problem will devolve, not on the new has the prestige of a practical and successful business finance minister, but on Congress. The opportunities Career, and a reputation for public spirit and broad- of the new Secretary will arise in a larger field. He mindedness. He is not a lawyer, like most of the ought, for one thing, particularly under present cir- other nominees for Cabinet positions, and he is not, cumstances, to demand insistently and plainly an like so many of our recent Treasury Secretaries, a intelligent provision for the meeting of public deficits. banker. Experience has not taught, however, that a The United States is, at the present hour, the only im- Secretary of the Treasury is handicapped by the mere portant Government in the world which allows its fact of not having been engaged professionally in exchequer no standing power to meet a shortage, tem- financial administration. It is a curious fact that the porary or otherwise, in Government revenue. The greatest of our Treasury Secretaries, those who sur- result of such a lack has been that at one time we have mounted most brilliantly the exacting problems of piled up indebtedness for years ahead to relieve what their day, were not professional bankers. Mr. Hamil- proved to be a temporary shortage, and that at an- ton was a lawyer; Mr. Gallatin a college professor; Mr. other we have instantly clapped on such heavy new Walker and Mr. Chase both lawyers, and Mr. Sherman taxation that the deficit was turned, in the course had practically been in politics all his life. These are of a few years, into an overflowing surplus, manage- the five names which would be mentioned as the great ment of which presented difficulties quite as great as successes of our history in Treasury administration. the financing of the deficit. We should be gratified That the situation with which Mr. MacVeagh will if Mr. MacVeagh were able to impress on Congress and have to grapple presents a number of more or less on the people a statesmanlike consideration of the awkward problems, every one is aware. The Treasury whole problem of our growing expenditure. Europe statement shows an excess of expenditure,for the eight is learning that this problem is to-day a consideration completed months of the • fiscal year, amounting to which its responsible finance ministers cannot neglect, $86,361,980. This, it may be observed, is larger than even if they wish to do so. the deficit of the full twelve months in any previous We can conceive a Secretary, endowed with suffi- year of our Treasury's history save in time of war. cient intelligence and force to accomplish much in the Nor is the deficit likely to decrease with the progress way of compelling improvement in another direction— of the fiscal year. The Chairman of the Appropria- our loose and haphazard system of adjusting public tions Committee, speaking in Congress on the question revenue to public expenditure. Finally, the new nve or six weeks ago, declared that by the end of the Secretary's views will have an important bearing in fiscal year, which runs to the 30th of June, the the matter of a reorganization of the currency. That deficit will have mounted up to $125,000,000; this the Monetary Commission has entered on the prelimi- week he raised his estimate to $150,000,000. The nary work of its great problem with real enthusiasm, Secretary of the Treasury has figured out, on the basis and with genuine purpose of effecting permanent and of existing revenue laws, a deficit of $143,000,000 radical reform, every one who has kept in touch with for the fiscal year 1910. its proceedings is aware. Senator Aldrich, the head If this second prediction were to be fulfilled, the of the Commission, is credited with the ambition to surplus funds in the Treasurer's hands would mani- make his achievement in this regard rank with the festly be exhausted before very many months, and epoch-making work of Sir Robert Peel in reforming recourse to public loans to meet the shortage would the British currency. With the strong support which become inevitable. Fortunately, neither the condi- can be thus reckoned on in Congress, it would be tions in Congress nor the condition of the statutes is strange if a vigorous and aggressive Secretary of the such as to create the formidable difficulties which Treasury should not see the enactment of such legis- arose, under similar circumstances, during Mr. Car- lation either accomplished or brought within easy lisle's Treasury administration of 1894. We have, at reach. all events, the continuing authority for 3% certificates of indebtedness under the Spanish War Act, and it is THE INAUGURAL ADDRESS. reasonable to suppose that other and better facilities In its length and the ground covered, Mr. Taft's would be granted the Treasury by Congress in case of inaugural address resembles a special message. The actual necessity. expected extra session is announced for the 15th, and There are, doubtless, troublesome possibilities in confining it to the single subject of the tariff is sug- such a situation, but it is easy to exaggerate them. gested for the sake of making the least disturbance of We are not among those, for instance, who believe business by uncertainty. It is a new statement, to that an income tax will be seriously urged in any form which only one class of thinkers on the subject will give during the extra session. On the other hand, we ready assent, that in making a tariff "the prime believe that if the readjustment of tariff duties is motive is taxation and the securing thereby of a reve-

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909J THE CHRONICLE 597 the experienced jurist, unshaken by all flue." Inasmuch as taxation has been used, in several to be speaking years. The boycott he calls notable instances, for purposes which had nothing to the agitations of recent tyranny; and his declaration that do with revenue and were inconsistent with that, this an instrument of which can be protected by suggests whether the indirect purpose of protection business is a property that the change demanded ought not, for the sake of popular information, to be equitable injunction and of them a privileged class expressed in the law. by labor unions would make Mr. Taft seems to confidently expect juster dealing could not be put in stronger terms. Administration is to be with the Filipinos, for he says that "the direct effect The beginning of the new the tumultuousness and of free trade between this country and the Philippines judged in connection with four years. Time and sober and South America will be marked upon our sale of radicalism of the past and lead to a reaction cottons, agricultural machinery and other manu- reflection must qualify that, natural and therefore healthy. We must be factures"; but in another paragraph is a mention of which is for it, and to expect that such a "the new tariff bill permitting free trade between the content to wait and serious training in affairs United States and the Archipelago, with such limita- judicial temperament conservative action. Certainly Mr. Taft tions in sugar and tobacco as shall prevent injury to will tend to of serious questions, and the earnest good- the domestic interests in these products," &c. Re- is legatee sober-minded folk will go with him as he calling the opposition, in the past, from the beet sugar will of ful- them. interest, the practical difficulties in honestly grapples with filling the first task to which the new Administration AND REALIZATION. counts itself committed are evident. ANTICIPATION there was a serious disagree- Economy is urged, together with increased outlays Early in the year 1908 of the United States and which further extension of Government work involves. ment between the President Commission and the Com- One direction is in navy enlargement, as the sole the Inter-State Commerce of the House of Represen- effectual guarantor of peace. But although the rest mittee on Appropriations of money which ought to of the world keeps on a war footing, how can we "be tatives as to the amount funds for the inspection ourselves in a similar condition" to theirs, since Provi- be provided out of the public year ending with dence has given us the defense of isolation which is of railway accounts during the fiscal 1909 inclusive). denied to them? For example, the exigencies of war June 30 1909 (July 1 1908 to June 30 date of carried us politically into the East eleven years ago; Professor Adams, for the Commission, under it is untimely to inquire whether a wise practical Jan. 31 1908, thought that an adequate performance of 285 inspectors statesmanship could be better employed than in seeking of this work would require a force cost would be $750,000. some feasible and honorable way of withdrawal from and clerks and that the annual on the other hand, suggested the colonial possessions and policy which were once Commissioner Harlan, inevitable delay in the deemed so foreign to the genius of democratic govern- that in view of probably an appropriation of $500,000 ment? inauguration of the work, be adequate. Subse- The remarks concerning race prejudice are some- for the twelve months would gave tacit consent to the what unusual, although natural after Mr. Taft has quently the Commission for the first year to spent so much time in the South and has given so further reduction of the total much attention to Southern problems. His indirect $350,000. after a careful reference to the Charleston Collectorship case and his The Committee on Appropriations, of formulation distinct expectations from industrial progress of the investigation of the plans in progress to attend their colored men will be accepted as sound and timely; for and a study of the conditions likely all these estiniates were the work of Booker Washington and others laboring operation, concluded that of $50,000 would be along the same line have shown that when the black excessive and that an allowance execution of its duty this man has won his industrial position and has thus made entirely adequate. In the that only the himself necessary, the problems of social and political committee, therefore, recommended The suggestion status will quietly solve themselves. last-named sum be appropriated. the Commission be The promise to maintain and enforce alleged re- that the minimum estimate of protest forms initiated during the past Administration had cut down raised an immediate and vehement views of the been foreshadowed, and it is placed at the beginning of from the radical regulationists. The Knapp the address. But it should be read in connection with Commission itself were expressed by Chairman terms. the declaration immediately following that some fur- in moderate and dignified but unequivocal that in ther action is needed to free from alarm "those pur- Writing to Representative Townsend he stated suing proper and progressive business methods." the belief of the Commission $350,000 was the smallest work during The old admission that there may be some good com- sum that would enable it to carry on this binations is made now by Mr. Taft, probably more the year. seriously, in the remark that the desired plan "must The ardor of the opposition to the Committee's by the President include the right of the people to avail themselves of action was much more fully expressed took up the those methods of combining capital and effort deemed of the United States, who promptly His letter necessary to reach the highest degree of economic contest for the maximum appropriation. writ- efficiency." to the Speaker of the House of Representatives, Mr. Taft goes far in desiring, in respect to employers' ten under date of April 30 1908, is a model of unstinted It was liability, to substitute a new and easier thing for the denunciation which should be printed in full. common-law rule of contributory negligence. If this as follows: seems like a sop to labor unions, it is followed by the "There is one matter connected with the Sundry most positive statement as to injunctions, upon which Civil bill to which I should call your special attention, asked he says "my convictions are fixed." Here there seems and that is the cutting down of the appropriation

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for by the Inter-State Commerce Commission,to carry although they had afterwards on consideration recom- into effect the twentieth section of the Hepburn law, mended $500,000, to their credit, when they had in to only $50,000. In accordance with the request of their hands $350,000, proceeded in a logical and sen- the Committee on Appropriations, in carrying out the sible manner, as the Committee on Appropriations the leaders desire of of the House, the Inter-State had supposed, when they reported the bill a year ago, Commerce Commission, instead of asking, as they the Commission would proceed. originally asked, for $500,000, which was the amount "It would seem that the Committee on Appropria- necessary in order to do the best work in carrying out tions in reporting the bill a year ago had better knowl- the twentieth section, cut down the request to $350,- edge of what the Inter-State Commerce Commission 000, the very minimum under which the work can be could do in this fiscal year than the Commission done effectively itself at all. had. But the Commission, although their pride might "To provide only $50,000 really amounts to making have led them to expend this money in order a sham appropriation. that they It would be better to repeal the could say that it had been expended; although they twentieth section or suspend its operation for a year, for might have expended it with a wish simply such a course would of justify- have the merit of frankness. I ing their opinion, yet the Commission have not use- regard this twentieth section as containing one of the lessly expended the money. . . . most important provisions of the Hepburn Act, and "There was no disposition, I take it, on the to refuse to provide part of means for carrying it on is equival- the Committee on Appropriations a year ago to ham- ent to repealing for this year that section, and it would per the Commission in the enforcement of that undoubtedly section. be so understood by the country at large. . . . It often happens that executive branches of I feel that the Hepburn Act was one of the great pieces the Government think they can expend more money. legislation of for which Congress, under your direction It is the duty of the Committee on Appropriations to and guidance, has been responsible, and for which it ascertain what they think can be expended. . . . has received such deserved credit. That committee and its members have the confidence "It would be from every standpoint a very real of the House, . . . and I hope that after this misfortune now to nullify one of the important provisions proof of their correct prophesying they will have the of that Act. The only people benefited would be the very confidence of the Chief Executive, who was wrong worst of the big railroad men whose misdeeds we are about the expenditures a year ago, and who ought. to trying to prevent or correct. The Commission has been acknowledge now that the Committee on Appropria- at work with the railroads for two years preparing to tions knew more about the subject even than he did, put this section into execution through the means of a although he accused them of 'sham recommenda- board of examiners. To refuse to give them $350,000 tions.'" (for to appropriate $50,000 serves no purpose whatever) is to nullify completely these two years' work." The fact most significant of all in this veracious history is that through unwarranted clamor and base- In re-printing the foregoing we have ventured to less imputations of bad faith put in italics certain phrases expressed in plainly a majority of Congress italic was induced to language. overrule its responsible committee and to place at the disposal of executive officers a fund The difference of opinion made evident by the fore- very much greater than could profitably or properly going speedily resulted in a debate in Congress and be expended in the public interest. In view of the the press in which the more violent regulationists current deficit in revenue the possibility of such an repeatedly echoed the suggestions of bad faith on the occurrence is fraught with grave potentialities. part of their opponents which had originated with the President's letter. Eventually Congress overruled the HOW Committee on Appropriations and gave the Commission BUSINESS DEPRESSION AFFECTED THE the entire $350,000 for which it had asked. PENNSYLVANIA RAILROAD. It is Now for the sequel to this tempestuous episode. In characteristic of the Pennsylvania RR. that it should be phenomenal seven months of the twelve for which $350,000 was distinguished for results whether asked and appropriated the Commission has expended in a period of trade activity and advance or in a period retroaction. out of it but $41,534 14. In other words, after char- of trade depression and In point of traffic largest railroad acterizing those who thought the smaller sum sufficient and earnings it is the system in the lines as working to benefit "the very worst of the big rail- country. Furthermore its gridiron the transition road men," as advocates of a "sham appropriation," coal and iron districts, where the from prosperity reverse, is as willing "to nullify" a fundamental part of a recently to adversity, or the apt to be most sudden and pronounced. At the same enacted statute, and as pursuing a course which had time, in its general Pennsylvania is in not "the merit of frankness," the extreme regulation- traffic the many respects typical of country's trade and ists proved themselves wrong and their opponents the industries. For all these reasons traffic and income right by spending little, if any, more than the latter its results reflect had wished to provide. and reveal in a pretty unerring way the course and changes in conditions from This contrast between anticipation and realization business year to year. If trade is progressing notable fashion, affords an excellent illustration of the pitfalls which in a the Pennsyl- vania is certain register corresponding await those who habitually resort to the use of intem- to expansion, and vice versa. perate language and attempt to batter down all oppo- In the years preceding 1908 sition by denouncing the motives of those with whom things were on an ascending nowhere they disagree. The situation, was excellently sum- scale, and was that fact more evident than returns marized in the discussion in the House of Representa- in the of the Pennsylvania RR. The gains tives to which it led, on Feb. 23 1909, by Representa- recorded year by year in this period were of marvelous prodigious tive Mann, a member of the Committee on Inter-State and extent. In 1908, on the and Foreign Commerce. In part, Mr. Mann said: other hand, as shown by the report submitted this week for the calendar year, the experience "It was unfortunate that the President was was the precise led to reverse of believe by some one in his confidence that the Inter- this. That period of twelve months covers St ate Commerce Commission could expend $350,000 a period marked by paralysis and prostration of a kind in this work during this fiscal year. The Commission, and to an extent which has had few, if any, parallels in although they had first recommended over $700,000, history. This is tantamount to saying that where

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909.1 THE CHRONICLE 599 whole remarkably previously the Pennsylvania RR., furnishing such an all things considered, was on the we find that on the excellent barometer of industrial conditions, had well maintained, yet even here were carried shown enormous gains, it now suffered equally striking combined lines 10,885,192 less passengers while the number of losses. Every one conversant with the part played by than in the preceding year, 300,606,845. the system in the country's economic fabric was, of passengers moved one mile was reduced the freight move- course, prepared for a falling off of great magnitude. It is not, however, until we come to enormous We doubt that any one imagined that the shrinkage in ment that we get a real idea of the perfectly The Pennsyl- traffic and revenues would reach the proportions it shrinkage in business which occurred. 103 million tons in its actually did or that the setback would assume such vania RR.suffered a loss of over of tons moved one extraordinary dimensions. freight traffic, while in the number of the transportation As a measure of the business reverses through which mile, which is the real measure a falling off in the gigantic the country was obliged to pass in 1908, owing to the service rendered, there was miles—in exact figures, a unfortunate condition of our railroad transportation amount of 89 billion ton tons. In ratio this last lines, the figures to be found in the present report contraction of 8,621,631,494 25%. of the Pennsylvania RR. deserve to be placed on represents a decline of almost of this unparalleled record and to be kept constantly in mind. With When one considers the causes was occasioned by political the idea that the country is entering on a new era shrinkage—the fact that it and on corporations generally, of prosperity, and that trade depression is a thing of assaults on the railroads brought to a halt and new the past, a great many persons are already forgetting so that enterprise was obtained to carry on the that there was a relapse and collapse. To such the capital could no longer be to the country's ad- Pennsylvania figures should prove a source of'enlight- reproductive work so essential is not surprising that we enment. As already pointed out,the Pennsylvania sys- vance and development—it in the in the Pennsylvania report tem is of vast earning capacity and hence the changes should find remarks the state of things also are necessarily of great magnitude. Neverthe- a dignified but forceful reference to of all the trouble. It is less the extent of the falling off in income sustained which has been the source to note that a by this system during 1908 will to most persons, we gratifying, says President McCrea, both in the national are sure, appear astounding. The company's general more conservative spirit prevails undue regulation income account deals only with the lines of the system and State legislatures in regard to the is to further directly operated east of Pittsburgh and Erie, com- of railroads, and that the tendency defer to prising 3,862 miles of road. On this portion of the legislation until an opportunity has been afforded laws now in system the shrinkage in gross earnings was certainly ascertain the practical effect of the force. to be wise in very heavy, reaching no less than $28,515,954. But This, he urges, would certainly appear since those who in the whole Pennsylvania RR. system east and west the interest of the general public, and from whom of Pittsburgh, including the lines controlled as well as good faith invest in such enterprises, obtained to enable the operated, consists of over 11,000 miles (11,292 miles), the necessary capital mist be required for the and on this entire mileage the earnings for the twelve railroads to furnish the facilities cannot be expected to months of 1908 fell below the earnings for the twelve accommodation of the public, investment unless they receive months of 1907 in the extraordinary amount of continue to make such extended to the owners $52,446,722. In other words, the lines of the Penn- the same protection that is McCrea is entirely accurate in sylvania RR. earned only $274,338,803' in 1908, as of other property. Mr. and the investor will not against $326,785,525 in 1907. his statement. The capitalist undertakings unless they can If any one at the beginning of the year had ventured put money in railroad adequate protection and be per- to predict that the system would be called upon to have assurance of upon it, the same as in- endure a loss in income during 1908 of 52% million mitted to earn a fair return of property. dollars, he would have found no one inclined to give vestments in other classes is concerned, the report lodgment to the thought. We may go further and As far as the Pennsylvania the tremendous losses assert that if such a prediction could have found makes it evident that, despite this very trying period in acceptance, very few persons would have believed it sustained, it passed through McCrea points out that possible that the Pennsylvania RR. in that event a most creditable way. Mr. necessitated a could pass through the period without serious em- the falling off in traffic and revenues in all departments and barrassment, notwithstanding its wonderful resources drastic reduction in expenses of the and strength. Yet, precisely this is what has hap- compelled the discharge of many thousands in the pened in both particulars. We have alluded to the company's employees and a material decrease in the service. Pennsylvania's previous expansion in revenues. The hours of labor of many of those retained dollars in gross gains were of notable extent, and yet, large though Obviously, with a loss of 523/ million must have ensued if they were, the increase in 1907 did not quite reach earnings, speedy bankruptcy to meet $31,000,000, and the increase in 1906 was only about expenses had not been most rigidly curtailed It appears that against 29%3 millions. Because of the tremendous contraction the loss in traffic and income. in there was a curtail- in 1908, the road has now been set back to about the $52,446,722 decrease gross -pf $45,010,424,1eaving where it was in 1905. ment in expenditures in amount the reduced net for Such results are certainly impressive and speak the loss in net $7,436,297. How with the net for eloquently of the task with which the management 1908 on the combined lines compares be stated, as taxes was confronted of carrying the property through the years preceding 1907 cannot where previously a period of such trying conditions with strength are now included in the expenditures omitted. Of course the unimpaired. Yet the figures given pale into insig- they appear to have been cut. There are nificance alongside those recording the shrinkage maintenance outlays were severely whole 11,292 miles in the traffic movements. The passenger business, no figures on this point for the

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of road, but taking the lines directly operated east provision for the $60,000,000 of short-term notes which of Pittsburgh and Erie, where a loss of $28,515,954 in mature March 15 1910, as well as for the $20,000,000 gross earnings was met by a decrease of $22,195,332 in of general mortgage bonds which mature July 1 of expenses, it appears that $10,372,544 of the saving in that year. The shareholders have already authorized followed expenses from a reduction in the cost of the board of directors of the company to increase the transportation and $11,696,689 from a decrease in the capital stock when in their judgment it may be advis- maintenance expenditures. able. Like authority is to be asked as to the indebted- Considering now the general income account of the ness at the annual meeting to the extent of $80,000,000 company, the showing is in the highest degree gratify- in order that the company may be in a position, as ing. A good part of the rentals paid by the Pennsyl- Mr. McCrea says, to meet its maturing obligations vania is on a basis of net earnings, which means that through the issue at the proper time of either stock as net earnings fall off the rental payments diminish. or bonds, or both, as may be to its best interests. It follows, therefore, that a portion at least of the loss in net income was offset by a diminution in the THE CONTRACTION IN STEEL PRODUCTION rental requirements. The company also had a further IN 1908. offset in an increase in its income from investments. With the publication the present week by Mr. James Nevertheless, after allowing for all these things, and M. Swank, of the American Iron & Steel Association, deducting fixed charges, &c., the available net income of his compilations showing the output of open-hearth for 1908 was only $28,207,660, as against $33,575,056 steel during the calendar year 1908, we are able to for the calendar year 1907. The company, as will be approximate very closely the country's total steel remembered, reduced its semi-annual dividends from production in that notable period of depression. As 3M% to 3%, making the year's dividend payments was expected, the open-hearth product makes a much only 6%, as against 7% in 1907, and involving a better comparison with previous years than does the saving 33/i of, roughly, million dollars. This reduc- Bessemer steel product. Nevertheless the falling off tion of 1% in the dividends was adequate to all require- in the make of even this kind of steel has been large; ments. The company was able to make about the and added to the still heavier loss in Bessemer steel same contributions to the sinking fund and for extra- we get a record of shrinkage in the steel output of the ordinary expenditures as in other years. The sinking country which for mere magnitude has never been fund payments and payments on account of maturing equaled on any previous occasion. principal of car trusts aggregated altogether $4,133,867, It appears that the production of open-hearth steel besides which $3,538,981 was allowed for extraordinary ingots and direct castings in the United States in 1908 expenditures in revision of grades and for additional was only 7,780,872 tons, against 11,549,736 tons in tracks, yards, &c., and a further amount of $1,000,000 the calendar year 1907, the decrease, therefore, being was applied towards construction of the New York tun- 3,768,864 tons, or over 32%. This is the first occasion nel extension. Over and above these contributions and in the history of the open-hearth steel industry in the the requirements for the 6% dividend, asurplus of United States that there has been a falling off in the $659,131 remains on the operations of the 12 months. make of this kind of steel. As has been many times Speaking of the tunnel extension,it is worth noting pointed out by us, the growth and advance in open- that out of the account of the Pennsylvania Company hearth steel production in this country during the last (operating the Western lines) $10,000,000 has been ten years has been perfectly marvelous. In 1897 the contributed towards the cost of this extension. In make of open-hearth steel, which even then had been explanation of this action the report tells us that, steadily increasing year by year, still amounted to owing to the fact that this important terminal is for only 1,608,671 tons. In the ten years from 1897 to the benefit of the entire Pennsylvania RR. system and 1907 the total was increased nearly tenfold, the that the lines west of Pittsburgh will reap a direct product for 1907 being no less than 11,549,736 tons. advantage therefrom, it has been deemed proper that And during the whole of this decade there was not a the Pennsylvania Company should participate in the single year that failed to record advance on its prede- cost therefor. Accordingly, $10,000,000 has been cessor. Even in 1903 and 1904, when depression in contributed for that purpose and charged against the the steel industry was very marked, and when, as a Pennsylvania Company's profit and loss account. consequence, the Bessemer product suffered note- As is known, the Pennsylvania RR. last May put worthy contraction, the open-hearth output continued out $39,400,000 of its consolidated mortgage bonds to expand, though of course only in a small way. In bearing 4% interest and great success attended the great measure open-hearth steel goes into general and floating of this bond issue. As a result of this new miscellaneous uses. On the other hand, Bessemer bond issue and the wise way in which the property steel goes largely into the production of rails and into has been managed in other respects, the company is railroad work generally; and the railroad industry able to make an unexampled showing of financial during 1908, as every one knows, was depressed be- strength. It appears from the balance sheet that on yond all others. Dec. 31 1908 the company had no less than $56,025,897 In reviewing twelve months ago the large open- of cash on hand or special on deposit. The Western hearth figures for 1907, we pointed out that the course lines are also well situated as regards cash, the balance of open-hearth production during 1908 was not easy sheet of the Pennsylvania Company showing over to foreshadow. We stated that while theretofore the $11,000,000 of actual cash on Dec. 31 1908. All this make of open-hearth steel had kept on increasing even lends force to President McCrea's remarks that the in dull times, it would be taking too sanguine a view cash holdings will probability in all be sufficient to to expect a similar outcome in 1908, since the country meet the capital requirements of the current year. It had never had any such severe period of business de- will be necessary, however, he says, to make timely pression as it was then experiencing. It seemed rea-

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 601 MAR. 6 1909.1 THE CHRONICLE to the Bessemer steel-rail product, this sonable to look for a substantial decrease in the open- with reference the smallest since 1896. As we showed hearth output during 1908. It appeared equally safe having been ago, only 1,354,236 tons of Bessemer rails to assume that, whatever the decrease, it would be four weeks 1908, against 3,380,425 tons in 1907 smaller than the decrease in the Bessemer production. were made in in 1906. Admiting this, it followed that in 1908 the Bessemer and 3,791,459 tons little crucible steel made in the United product would have to yield first place to the open- There is also a steel in miscellaneous forms. No hearth output, especially as the open-hearth producers States and a little kinds of steel for 1908 are yet i d come near to wresting control from the Bessemer exact data for these 120,000 tons would be a fair interests in 1907, when the open-hearth total available, but probably miscellaneous descriptions of ounted to 11,549,736 tons and the Bessemer out- allowance for all these the Bessemer and the open- put to 11,667,549 tons. steel. Adding this to at the grand total of steel What seemed so clearly foreshadowed from the hearth figures, we arrive States. In the following course of events is precisely what has actually hap- production in the United total for 1908 with the corre- pened. In other words, while the open-hearth product we compare this grand tons to 7,780,872 tons, sponding totals for preceding years. was reduced from 11,549,736 GROSS TONS. STEEL PRODUCTION IN UNITED STATESZIIN Ingots fell away from 11,667,549 Bessemerj , Open- All Other Total the Bessemer steel output Calendar and Castings. Year— Steel. , Hearth. Steel. ratio of shrinkage in V, 2,947,316 106,187 10,639,857 tons to 6,116,755 tons. The 1899 17,586,354 10,188,329 1900 6,684,770Mil 3,398,135 105,424 over 32%, but 3,302_, 4,656,309 103,984 13,473,595 was, we have seen, 1901 8,7 14,947,250 open-hearth steel 1902 9,138,313 5,687,729 121,158 592.829 5,829,911 112,238 14,534,978 Bessemer steel was almost 50%. 1903 8 13,859,887 that in the case of 1904 7,859,140 5,908,166 92,581 10,941,375 8,971,376 111,196 20,023,947 that the output of open- 1905 23,398,136 It has thus come to pass 1906 12,275,830 10,980,413 141,893_ 11,667,549 11,549,736 145,309 23,362,594 that of Bessemer steel 1907 14,017,627 hearth steel in 1908 exceeded 1908 6,116,755 7,780,872 *120,000 almost super- by 1,664,117 tons, or over 27%. It is •Approximate. of the fluous to add that this is the first occasion that the The foregoing furnishes a graphic illustration steel industry production of open-hearth steel has run ahead of that tremendous reverse experienced by the the railroads of Bessemer steel. In the following we show the in 1908 as a result of the plight to which of all open-hearth product for each of the last fifteen years. were reduced. Only 14,017,627 tons of steel tons in It is proper to say that of the total of 7,780,872 tons kinds were made in 1908, against 23,362,594 in for 1908, 311,777 tons were direct castings, as against. 1907, 23,398,136 tons in 1906 and 20,023,947 tons 746,525 tons in 1907, and 7,469,095 tons were ingots; 1905. As compared with either of the two preceding and of the whole amount 7,084,568 tons were made years, it will be seen the loss was 9 1-3 million tons, in. by the basic process and 696,304 tons were made by and in the sudden descent all the advance gained to be the acid process. the previous three years was lost. There ought Year. Tons. Year. Tons. the depression. Year. Tons. 5,908,166 a lesson in this to those responsible for 1894 784,036 1899 2,047,316 1904 1900 3,308,135 1905 8,971,376 1893 1,137,182 10,980,413 1896 1,298,700 1901 4,656,309 1906 5.687,729 1907 11,549,736 CO. S. 1897 1,608,671 1902 7,780,872 ITEMS ABOUT BANKS, BANKERS AND TRUST 1898 2,230,292 1903 5,829,911 1908 The foregoing makes it plain that the setback ex- • —The public sales of bank stocks this week aggregate 35 shares were sold at auction and 10 perienced in 1908 was very material, the product 45 shares, of which Stock Exchange. The transactions in trust not only that of 1907 but also below that shares at the falling below stocks reach a total of 50 shares. Forty shares shrinkage would have company of 1906 and even 1905. The of stock of the Farmers' Loan & Trust Co. were sold at 1310, been still larger except that there was a noteworthy an advance of 80 points over the price paid at the last pre- The expansion in the make of open-hearth steel rails in vious sale, which was made early in December 1908. depression table below, given in our usual form, shows the actual sales 1908, notwithstanding the tremendous at of New York City bank stocks made during the week experienced by the railroad carrying industry. This tables auction and at the Stock Exchange. Extensive from a special demand for open- expansion resulted showing the bid and asked quotations, deposits, surplus, of hearth rails, due to a growing belief that this kind of &c., of banks and trust companies in all important cities and rail is superior to Bessemer rails. In our issue of the United States are published monthly in the "Bank issue of which accompanies Feb. 6, in reviewing the rail figures, we showed that Quotation Section," the March "Chronicle." Bid and asked quotations for all the output of open-hearth rails in 1908 had been to-day's New York City bank and trust company stocks are also pub- 252,704 tons in 1907. The will 567,304 tons, against only lished weekly in another department of the paper, and great drop in the open-hearth steel product occurred be found to-day on pages 000 and 000. Last previous sale. for open-hearth steel Shares. BANKS—New York. Low. High. Close. in face of this special demand Jan. 1909— 351 5 City Bank. National 347 347 347 Feb. 1909— 188 for rolling into rails. •35 Commerce, Nat. Bank of 1863 188 1863i 260 Feb. 1909— 256 The fact that Bessemer steel goes so largely into 5 Mechanics' Nat. Bank 260 260 TRUST COMPANIES—New York. Dec. 1908— 1230 is responsible for the circum- 40 Farmers Loan & Trust Co_ _1310 1310 1310 railroad work of course 1909— 238 St Title Ins. & Tr. Co. 2353i 235% 23534 Feb. stance that the falling off in the Bessemer output has 10 Lawyers' shares were sold at the Stock Exchange. than the decline in the • Of this amount 10 been so very much heavier nomination of George S. Terry as Assistant Treas- off in Bessemer —The open-hearth steel. And this falling urer of the United States at New York was confirmed by steel during 1908 is the more noteworthy as some the U. S. Senate on the 1st inst., having on that date been on Finance. falling off had already occurred in 1907, reflecting the favorably reported by the Senate Committee by President Roosevelt to succeed unfavorable condition of the railroad industry in that Mr. Terry was named Hamilton Fish as Assistant Treasurer in November last. year. As compared with the Bessemer steel output for the continuance of the present National which amounted to 12,275,830 tons, the —Provision for 1906, Commission, until the completion of its report, is tons shows a Monetary Bessemer product for 1908 at 6,116,755 said to be embodied in a paragraph in the General Deficiency shrinkage of more than one-half. The output of Bill passed by Congress this week. - Bessemer steel in 1908 was, in fact, the smallest since —A decision upholding the right of the Atlanta Clearing 1897, eleven years before, when 5,475,315 tons were House Association to retain $295,000 collateral deposited (now in liquidation) as made. But a still stronger statement may be made with it by the Neal Bank of Atlanta

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 602 THE CHRONICLE [VOL. Lxxxvm. security for an issue of $200,000 Clearing-House certificates, after May 1 1909 they would decline to pay or accept drafts until the terms under which the latter were issued are against either "order" or "straight" bills of lading unless complied with and the certificates redeemed, was recently the bills conform to the following requirements: that in rendered by the Supreme Court of Georgia. The institution addition to the signature, they bear also the official stamp was placed in receiver's hands in Dec. 1907, and in an effort of the authorized issuing agent, such stamp giving the date to have the collateral held by the Clearing House as security of his signature; and that all writing on said bills ink for the certificates, turned over to the receiver be in for the benefit or indelible pencil, and the quantity receipted of the bank's creditors, suit for be written was instituted by A. Booth and in full in addition to the numerals. other depositors. According to the Atlanta "Constitution"an It is reported that the Southern Ry. injunction and a receiver and the Louisville & for the fund were asked,and denied Nashville RR. have decided to put by Judge Pendleton into operation on April 1 in Fulton Superior Court. The Supreme a "standard bill of lading." Court, This bill, it is stated, is modeled it states, sustains Judge Pendleton in every particu- after the uniform bill of lading, some of the provisions of lar, holding the contract to be a valid one, and one in which which have been modified in order to meet the the impending insolvency of the bank conditions was not involved. of water and rail transportation, and make The question as to the legality of the bill generally the issuance of the certifi- adaptable to the needs of the South. cates, it. is stated, is not passed upon by the Court. —Pierre Jay has tendered his resignation as Massachusetts —According to the Kansas City (Kan.) "Star," both the Savings Bank Commissioner, to become House and Senate have passed a deposit a Vice-President guaranty bill agreed of the Bank of the Manhattan upon in conference this week. Company of New York. Mr. Jay will retire from the commissionership about March —Comptroller of the Currency Lawrence 0. Murray 30. He has held the office for three years, or since the purposes to extend his quest for information relative to passage in 1906 of the law providing for a single Savings bank deposits, whereby he will endeavor to ascertain among Bank Commissioner. Theretofore the banking department other items the proportion of deposits paid in cash and had been under the supervision of a board composed of three otherwise, to State as well as to national institutions. He commissioners. Prior to his appointment as Commissioner has prepared the following letter on the matter, asking that Mr. Jay had been Vice-President of the Old Colony Trust the data desired be of date March 16, the communication Company of Boston. The Bank of Manhattan Company, being addressed to all classes of institutions. with which he is to affiliate himself, is one of the "The National Monetary Commission, largest created by an Act of Congress and oldest on May 30 1908, is seeking information financial institutions in the city. It has a concerning the bank deposits and the proportion of payments made, capital of $2,050,000; on an average throughout the country the surplus and profits on November 27 from day to day by means of checks and similar instruments of credit. 1908 were $3,479,712, the gross deposits on that date On several occasions in the past the Comptroller being has made requests of $55,793,340 and this kind, but the last such inquiry was the aggregate resources $89,350,647. The made thirteen years ago. It is desired on this occasion to institution was chartered obtain returns as complete and representative in 1799. The officials as at as possible and to get a response not only from the national banks but from present are Stephen Baker, President; State and private banking Henry K. McHarg institutions of all kinds. Similar inquiries Vice-President; are being made for thelMonetaty D. H. Pierson, Cashier, and James McNei Commissiongduring:the current year in England, France, Germany Assistant Cashier. and other European countries for purposes of comparison with the practice in our own country. For this reason and on account of the importance ofgthe —Both branches of the California Leigslature present investigation and of the have passe purpose for which it is to the bill regulating be used, it is earnestly requested that the recipients and defining the banking business in that of the blank will give it their best attention and return it promptly to State. The law will go into Comptroller. the effect July 1 1909. Information is desired —Frank as to the number and classification of depositors, W. Duryea, who was suspended from the New methods of paying wages, lecc., as indicated in the questions relating York Stock Exchange in June 1907 for thereto. The statistics asked for insolvency, has been will be published only in a general summary, the figures for reinstated to membership. Mr. Duryea's the individual banks being treated as confidential." difficulties were The said at the time to have arisen through his blank form on which the information is to be supplied inability to realize is as follows: on real estate investments. All his obligations, it is stated, Please fill out this blank after have since been paid. the close of business March 16 1909. March 18 1909. Lawrence 0. Murray, —George Barclay Moffat, of the banking firm of Moffat Comptroller of the Currency, & White, has been elected a director of the Columbia Trust Washington, D. C.: Company of this city, to succeed the late Arthur G. Sir—I submit herewith the Yates. information requested in your letter of March 1: —The Consolidated National Bank of this city, which (1) Deposits made in this bank on March 16 1909 (cents omitted). recently took over the assets of the Oriental Bank, assumed Paper Checks Deposits to Gold Silver Cur- its new title —the National Reserve Bank—on the 1st Credit of— Drafts, inst. Coin. Coin. rency. &c. Total. Beginning to-day the institution Retail dealers will be housed in the former Wholesale dealers quarters of the Oriental, at Broadway and John Street, All other depositors until its permanent offices in the City Investing Total Building, (2) Estimated 165 BroadwaY, are ready for occupancy. The officers amount of pay-rolls paid bygthe customers of this bank Reserve Bank in cash for the week ending March 13 1909 of the National are W. 0. Allison, President; (3) Estimated amount of pay-rolls paid by the customers of Erskine Hewitt, Chairman of the Board; bank this Thomas J. Lewis by check for the week ending March 13 1909 (4) Aggregate and R. W. Jones Jr., Vice-Presidents; George W. amount of individual deposits at close of business Adams, on March 16 1909 Cashier and Robert E. Minis, Assistant Cashier. (5) Aggregate amount of other deposits, including the balances —A statement announcing the of other banks and the deposits proposed reorganization of city, State or National of Governments on March 16 1909 the properties of E. D. Shepard & Co., of 31 Nassau St., (6) Total number of accounts, exclusive of bank and Government this city, was made public on Wednesday, accounts, on March following the 18, viz.: Number attachment of the funds of the firm Accounts with balances under 8500 in a suit brought by Accounts the Company with balances between $500 and $2,500 Seven Oaks of New Jersey to recover $39,000 Accounts with balances over $2,500 paid for $50,000 of bonds of the Yankee Fuel Co., stated Respectfully, , Cashier. to have been purchased from E. D. Shepard & Co. The —Governor Hughes this week signed the bill which attachment was subsequently, it is said, lifted through remedies alleged irregularities in the method of assessing the filing of a bond. The statement issued on behalf of bank stocks in New York City for the yearsT1901 to 1907 the firm is given on a subsequent page in our Railroad News inclusive. The bill was recently passed by the Legislature Department. and was approved by the Mayor last month, as noted in the —Colonel Edward Earle Britton "Chronicle" of February 20. It was printed in full and Quarantine Com- in the missioner Frederick H. Schroeder, issue of that date in our "State and City formerly President and Department." Second Vice-President, respectively, —The New of the Eagle Savings York Mercantile Exchange, at a special meeting & Loan Association Brooklyn on of Borough, were found guilty Monday, approved the resolutions prepared by the bill of of grand larceny in the first degree by a jury in the Supreme lading committee of the American Bankers' Association with Court, Brooklyn, on Wednesday. The accused had been a view to preventing the use of false bills of lading, and the tried on charges alleging the misappropriation of $4,000 of practice of filling out bills of lading in lead pencil. The the company's funds on Feb. 29 1908, the money, it was said, members of the Exchange agreed by a majority vote that having been used in the promotion of a mining company.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 603 MAR. 6 1909.] TIIE CHRONICLE original lost through mismanagement. According to Mr. Niles, the Justice Jaycox denied an application to continue the to the of the bank (which assigned April 16 1908) are bail at $40,000 each, and the prisoners were remanded liabilities while the good assets aggregate only $35,000; Raymond Street Jail until sentence is imposed on Monday. $100,000, seeks to recover from the original directors. Although the men were tried on the specific charge of the the deficiency he suit against the directors who served larceny of $4,000, they were indicted last July on the charge He has also instituted a at of the closing of the bank in the sum of $15,000, of taking $47,986 31 of the funds of the institution. In the time note given to cover an alleged shortage in statement issued by Elwin S. Piper, then First Vice-President, the amount of a ad- the It is charged that while the amount of capital it was said that responsibility for $9,981 72 had been capital. represented to be $25,000 the actual capital mitted by President Britton and for $38,004 59 by Vice- paid in was was but President Schroeder. President Britton, it was stated, had $10,000. chosen made restitution to the amount of $4,061 26. —Franklin MacVeagh, President Taft's newly Treasury, not only disposes of his large —Owing to the proposed erection of a Post Office building Secretary of the in the wholesale grocery house of which he has been on the site now occupied by the Union Trust Co. of Jersey interest the head for many years, but has decided also to resign his City, N. J., that institution, it is reported, has purchased on the board of directors of the Commercial National property at the southwest corner of Montgomery and Wash- position of greatly to the disappointment of the other ington streets, with the intention of erecting a "skyscraper" Bank Chicago, and of that institution. of from twelve to twenty stories high. The Union Trust officials stockholders of the Ameri- Co., which has a capital of $500,000, was organized in July —Joseph Lockey has resigned as President succeeded 1907 to succeed the Second National Bank of Jersey City. can National Bank of St. Paul, Minn., and has been C. J. Peo- In its lateststatement it reported surplus and profits of $145,- by Benjamin Baer, previously Vice-President. 'succeeds Mr. 450 and total deposits of $2,156,699. Samuel Ludlow Jr. ples, formerly an Assistant Bank Examiner, Cashier and H. B. is President. Baer as Vice-President. L. H. Ickler is Salem Assistant Cashier of the institution. —Compilations dealing with the returns of the Humason National (Mass.) national banks and the Salem Safe Deposit & Trust —W. F. Myers, Vice-President of the Capital President Co., prepared by William S. Felton & Co. of that city, Bank of St. Paul, Minn., has sold his holdings to and on April 1. show the combined capital of the national institutions John R. Mitchell and will retirefrom the institution surplus only the the trust company to be $1,225,000, with aggregate The bank will in the future have one Vice-President, the 'and undivided profits of $954,258. The deposits in office being filled by W. B. Geery. while national banks and trust company are $5,708,669, —A glance into the history of the Manufacturers' National The their aggregate resources are said to be $8,629,545. Bank of Racine, Wis., is offered through a booklet issued insti- two savings banks of the city have deposits of $15,819,627, with the close of its thirty-eighth year as a national their aggregate resources being $17,106,798. tution. The bank lays claim to the distinction of being the was —The organization of the Vermont State Bankers' Asso- oldest bank in the city. The first banking business was ciation was effected at Burlington at a meeting of over fifty established in 1845, and in 1853 the Bank of Racine bankers from all parts of the State on Feb. 25. The meeting chartered as successor to McCrea, Bell & Ullmann. Some was addressed by Fred. E. Farnsworth, Secretary of the years later the formation of the Manufacturers' Bank was American Bankers' Association, who outlined the various brought about through the merger of the Bank of Racine in 1859. classes of work taken up by the forty-six State organizations and the Bank of B. B. Northrup & Co., established a na- already in existence. A constitution and by-laws modeled In March 1871 the Manufacturers' was chartered as system after those of the Michigan Bankers' Association were tional bank, beginning business under the Federal adopted by the new organization, the officers of which are on the 20th of that month. The capital, originally $100,000, added President, H. L. Ward, Vice-President of the Burlington was increased $50,000 in 1873, and $100,000 more was the Trust Co.; Vice-President, C. F. Chapman, Treasurer of the in 1875, making it $250,000, the present figure. Out of a surplus Ottauquechee Savings Bank of Woodstock; Secretary, H. T. earnings of the first nine months as a national bank, this surplus Rutter, Cashier of the Howard National Bank of Burlington, fund of $5,000 was created on Dec. 31 1871 and also and Treasurer, D. L. Wells, Cashier of the First National has grown out of earnings to $200,000. The bank thirty- Bank of Orwell. In the evening a dinner was tendered to points to its unbroken dividend record during the been distributed forty-three of the members of the new association by the eight years, in all a total of $893,858 having 31 1908. The directors and officers of the Burlington Trust Co. to stockholders from Dec. 31 1871 to Dec. depositors in interest has aggregated —The retiring directors of the Investment Company of amount paid to its institution has deposits of $2,100,000 and Philadelphia were re-elected at the annual meeting on Wednes- $696,823. The The officers are E. J. Hueff- day. The election is said to have been merely a formality total resources of $2,797,685. H. McElwee and B. B.Northrup, Vice- in order to keep intact the organization of the company ner, President; R. the J. Davis, Cashier, and Ernest C. Hueff- pending the complete exchange of its stock for that of Presidents; Warren Independence Trust Co., its successor. ner, Assistant Cashier. has retired as President of the First —W. W. Ramsey, former President of the German --Z. G. Simmons Wis., and has been succeeded National Bank of Pittsburgh, who, with several city council- National Bank of Kenosha, Brown. Mr. Simmons had been men, was on trial on alleged charges of conspiring to defraud in the office by Charles C. 1871; his resignation is the city and conspiring to bribe members of Councils in at the head of the institution since demands upon his time of other the interest of proposed legislation for the pavement of said to have been due to the streets with wooden blocks, was acquitted this week of these interests. charges under direction of the Court. —The Nye & Ormsby County Bank of Tonopah, Nev., —The Traders' Bank, oiganized with an authorized capital with branches at Reno, Wonder and Manhattan, closed its the panic of $250,000, has opened for business in Baltimore. The in- doors on Feb. 23. The bank suspended during its former stitution has quarters at 114 Light Street, and is under the of 1907, but re-opened on Jan. 2 1908. Since then into management of George W. Moore as President and Clayton branches at Carson and Goldfield have been converted to the "Los Cannon as Cashier. national banks. A dispatch from Carson ult. stated that the First —According to the news dispatches, James G. Gibbs, Angeles Times" on the 24th (successor to the branch there) had former President, and J. F. Laning, former Vice-President, National Bank of Carson run following the announcement of the sus- of the defunct Ohio Trust Co. of Norwalk, Ohio, have been experienced a & banks; this, however, had later indicted on the alleged charge of embezzlement in connection pension of the Nye Ormsby in cash of the demands of its with the failure of the institution in January 1908. abated with the payment. —F. J. Reynolds has become President of the First Na- depositors. Station Bank, which began business in St. tional Bank of Toledo, Ohio, succeeding S. C. Schenck. —The Union 30, reported deposits in excess of $325,000 on J. M. Spencer, Cashier, replaces Mr. Reynolds as Vice-Presi- Louis on Jan. weeks after its opening. The bank has a dent. Feb. 25—three of $100,000 and surplus of $10,000, its stock having —C. F. M. Niles, assignee of the Dorr Street Savings capital $110 per share. It is located in the Union Rail- Bank Co. of Toledo, Ohio, has brought suit against former been sold at Station and its hours of business are from 9 a. m. until directors of the institution for $65,000, alleged to have been road

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 604 THE CHRONICLE [VOL. Lxxxvm. 10 p. m. The officers are Charles E. Lane, President; Clearings by Telegraph-Sales of Stocks, Bonds, &c.- Louis Renard and J. D. Abeles, Vice-President; Emison The subjoined table, covering clearings for tile current week, Chanslor, Cashier, and C. C.Collier, Assistant Cashier. usually appears on the first page of each issue, but on account -Under the call of Feb. 5 the Fourth of National Bank of the length of the other tables is crowded out once a month. Nashville reports deposits of $6,025,749, against The $5,532,633 figures are received by telegraph from other leading cities. on Nov. 27. The aggregate resources now, at $7,935,697, It will be observed that, as compared with the corresponding compare with $7,463,510 three months ago. J. week T. Howell, of 1908, there is an increase in the aggregate of 45.1%. previously Cashier, recently became a Vice-President So far of the as the individual cities are concerned, New York ex- institution, J. S. McHenry succeeding to the hibits cashiership. a gain of 70.5%; Boston, 36.8%; Philadelphia, 15.2%; The complete roster is as follows: S. J. Keith, President; Chicago, 15.5%; St. Louis, 16.4%; Baltimore, J. T. Howell, J 21.8%, and H. Fall, W. C. :Dibrell, Walter Keith and New Orleans, 21.1%. Watkins Crockett, Vice-Presidents; J. S. McHenry, Cashier, Clearings-Returns by 'telegraph and G. W. Pyle, Assistant Cashier. Melt. 6. 1909. 1908. New York -The Knoxville Savings Bank $1,687,075,522 8989,600,038 +70-5 recently began business Boston 198,195,472 in Knoxville Philadelphia 108,277,093 +36.8 with an authorized capital of 112,402,650 97,537,759 +15.2 $250,000, of which Baltimore 23,9,7,345 $50,000 is paid Chicago 19,685,705 +21.8 in. There is no surplus, the stock 269,269,697 233,169,941 having St. Louis 62,792,487 +15.5 been disposed of at par, namely $100. J. New Orleans 53,946,994 +16.4 W. Hope is Presi- 16,062,774 13,261,984 +21.1 dent; James R. Wooldridge is Seven - ---- Vice-President and Floyd cities, 5 days 82,310,7i5,097 $1,515,568,919 Other cities, 5 days +53.1 Haun is Cashier. 430,270,2,4 330,248,627 +27.6 Total all cities, 5 days 82,719,996,221 $1,845,817,541 -The Executive Committee of the Texas All cities, 1 day +49.0 State Bankers' 973,046,218 375,230,078 +26.3 Association has decided to hold the next annual convention Total all cities for week $3,223,992,430 82,221,047,619 at Houston on May +45.1 11 and 12. The annual tour of the bankers, which will take place in July, will include visits to Our usual monthly detailed statement of transactions on cities on the Pacific Coast and the Alaska -Yukon Pacific the various New York exchanges is appended. The results Exposition at Seattle, Wash. for the two months of 1909 and 1908 are given below. -The Fort Worth State Bank is the name of a new insti- tution reported to be in process of Two Months, 1909. Two Months, 1908. organization at Fort Descrip -,I Worth, Texas, with a capital Par Value Actual lAver.1 ParQuantity.!Aver. Value Actual of $100,000. The organizers or Quantity. include Value. Pr ice, or Value. Pr lee. Winfield Scott; J. B. Sikes, President of the , -' .....-.._ City St'ItiSh's_ 29,612,699 26,434,601 National Bank of Granbury, I Val Tex., and Marcus M. Bright, - $2,751,744,27542,632,484,982 95.7 32.229,603,700$1,625,750,529. 72.9 RR.bondsi $241,008,0001 $230,172,312 95.51 5126,312,900 $100,691,0111 79.7 formerly Cashier of the First National Gov't Bank of Mineral Wells, WSJ 3118,000 3119,9491101.71 3113,200 $124,276100.8 Tex. It is said that Mr. Sikes State bds_ $8,070,6001 88,288,080102,7' 821,433,000 $22,162,019i103.4 will be President and Mi. Bank st'ks $10,000 $.7,5461175.51 Bright Cashier $29,000 352,8951182.5 of the new institution, which expects to Total open _- $3,000,050,875$2,871,082,8641 95.7!$2,377,191,800$1,748,731,6301 73.3 about March 15. I 1 I -Lovell White has been elected President of the San The volume of transactions in share properties on the Francisco Savings Union of San Francisco, Cal., to succeed New York Stock Exchange each month since Jan. 1 in 1909 E. B. Pond,resigned. John S. Drum has been elected active and 1908 is indicated in the following: Vice-President of the institution and R. M. Welch moves SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE. up from the assistant cashiership to the cashiership to take the post made vacant by the promotion of Mr. 1900. • 1908. White. M'th. -The San Francisco offices Number Values, Number Values. of E. H. Rollins & Sons have of been removed from the Kohl Building to the First National Shares. Par. Actual. Shares. l'ar. Actual. Bank building. This branch of the well-known bond house was started in 1893 Jan _ 17,275,5001,609,551.575j1,550,409,801 16,594,8951,306,403,800 1,015,764,111 and is said to have been the first branch Feb _ 12,337,199 1,192,192,70011,082,075,181 9,839,706 833,139,000 609,986,418 office of any Eastern *bond house to be opened in San Fran- -- - cisco. The following compilation covers the clearings by months since Jan. 1: Canadian Bank Clearings.-The clearings of the Canadian MONTHLY CLEARINGS. banks for the month of February 1909 show an increase over the same month of 1908 of 22.0%, and for the two months Clearings, Total All. Clearings Outside New York. the gain reaches 17.3%. Month. 1909. 1908. 1009. 1008. February. Two MonIhs. $ Clearings at- Jan 14,016,898,325 11,383,48:3,175 +11.4 5,162,598,630 4,633,208,218 +11.4 Inc. or Inc. or Feb 11,255,665,520 8,776,251,643 +28.2 4,367,844,965 3,880,220,815 +12.0 1909. 1908. Dec. 1909. 1908. Dcc. Canada- Montreal 120,116,223 95,0:31,138 The course bank clearings leading +26.4 255,050,719 211,139,875 +20.8 of at cities of the country Toronto 90,703,835 77,288,063 +29.1 216,357,965 Winnipeg 175,261,580 +23.4 for the month February and since Jan. 41,211,683 37,665,201 +0.4 92,941,136 86,420,664 of 1 in each of the Vancouver_ _ _ 16,683,386 +7.6 12,718,891 +31.2 33,089,513 26,711,192 +23.9 last four years is shown in the subjoined statement: Ottawa 11,385,242 10,000,054 +13.7 25,385,008 Quebec 22,811,658 +11.3 7,641,339 7,608,814 +0.4 16,727,115 16,285,610 CLEARINGS LEADING Halifax 6,216,081 6,688,602 +2.7 BANK AT CITIES. -7.1 13,976,425 14,700,152 -4.9 Hamilton 5,513,280 5,332,587 +3.4 11,773,206 -February -Jan. 1 to Feb. 28----- 11,803,890 -0.3 (000,000s St. John 4,763,762 4,470,018 +6.3 10,503,234 1909. 1908. 1907. 1906. 1909. 1008. 1907. 1906. London 0,819,425 +7.1 omitted.) 4,324,752 3,952,704 +9.4 0,583,145 9,365,382 $ $ $ $ $ $ $ $ Calgary +2.3 New York 5,763,677 3,825,850 +50.7 11,324,973 8,581,842 +32.0 6,888 4,896 7,332 8,324 15,772 11,646 16,069 19,563 Victoria 4,321,379 4,272,712 +1.1 Chicago 8,556,855 8,663,807 -1.2 1,004 857 928 826 2,127 1,805 1,968 1,813 Edmonton..- 3,329,899 2,395,916 +38.8 6,904,921 5,647,542 Boston +22.3 622 524 602 651 1,403 1,209 1,568 1,499 Philadelphia Total Canada 331,058,588 472 429 529 556 1,046 057 1,203 1,268 271,268,496 +22.0 712,177,305 607,207,610 +17.3 St. Louis 244 230 243 230 542 502 533 514 Pittsburgh 151 157 213 207 332 355 455 458 The clearings for the week ending Feb. 27 make a very San Francisco 131 128 194 156 283 276 Cincinnati favorable comparison with the same week of 1908, 102 04 109 99 230 209 322401 322422 the in- Baltimore crease in the aggregate having been 32.5%. 102 90 115 108 228 204 252 245 Kansas City 169 125 119 98 358 272 258 214 Cleveland 60 53 63 56 130 126441921 112992 Week ending February 273 New Orleans 66 67 81 83 151 eleastngs at- 158 Minneapolis 60 73 70 65 131 Inc. 166 150 196 or Louisville 58 48 57 56 121 1909. 1908. Dec. 1907. 1006. 1095 111192 110139 Detroit 99 48 51 48 107 Canada Milwaukee - 48 45 45 39 93 91 05 82 Montreal 32,756,855 21,998,176 +52.4 25,513,713 Providence Toronto 29,282,207 99 27 30 32 62 59 70 70 23,276,766 18,409,459 +25.8 22,568,844 Omaha 48 42 91 37 Winnipeg 20,990,119 105 93 86 77 9,599,519 8,776,909 +8.4 9,142,723 6,439,285 Buftalo 32 32 34 28 73 72 63 Vancouver St. Paul 67 4,787,046 2,931,917 +63.3 3,362.145 1,912,858 31 34 31 27 73 75 (1t) 59 Ottawa 2,625,914 2,362,164 +11.2 2,218,735 Indianapolis 29 29 31 26 Quebec 1,824,178 68 60 71 59 1,522,469 1,702,932 -10.6 1,442,742 1,425,524 I)enver 33 28 28 25 72 60 64 56 Halifax 1,478,775 1,333,694 +10.9 1,406,081 Richmond 26 22 25 24 Hamilton 1,149,354 58 49 55 M 1*,271,552 1,166,729 +9.0 1,541,536 1,371,926 Memphis 21 21 21 22 47 46 47 50 St. John 1,186,822 1,010,968 +17.4 998,179 Seattle 34 27 35 30 London 058,103 69 58 73 72 1,022,441 871,352 +17.3 1,109,878 1,129,984 Hartford 14 12 14 13 31 31 Calgary 30 29 1,679,673 925,348 +8.1 1,285,183 Salt Lake City--- 19 16 22 22 45 33 52 54 Victoria 1,180,751 1,149,253 +3.2 1,017,873 Edmonton 686,939 702,016 474,829 +48.0 864,083 Total 10,542 8,154 11,123 11,897 23,761 18,809 25,348 27,550 Other cities 714 622 701 580 1,351 1,531 I Total Canada 1,541 1,235 P 83,097,499 62,703,730 +32.5 72,471,321 67,472,477 Total all 11,256 8,776 11,824 12,477 25,302 20,160 28,870 28,811 Outside N. Y 4,368 3,880 4,492 4,153 9,530 8,514 9,910 9,248

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MLR. 6 1909) THE CHRONICLE 605

Pacific Clearings brought forward from first page. all over Europe and on the strength of this the best opinion in London, Paris and Berlin is that we are about to see agreat February. Two Moults. increase of activity upon the stock exchanges and bourses Clearings at- and better prices. Against this a few object that new issues Inc. or Inc. or 1909. 1908. Dec. 1909. 1908. Dec. are coming out here so frequently and for such large amounts that there cannot be any very marked rise in the highest San Francisco _ 130,678,894 128,007,430 +2.1 283,298,193 275,769,542 +2.7 classes of securities and that until there is no great activity Los Angeles_ _ _ 47,619,247 36,677,215 +29.8 96,470,909 74,861,180 +28.9 can ensue. The objection does not seem very conclusive. Seattle 33,869,602 26,965,195 +25.6 69,170,850 57,886,079 +19.5 Portland 24,406,225 21,216,356 +15.0 50,115,524 42,913,160 +16,8 New issues are always numerous in times when money is Salt Lake City 19,084,137 16,250,682 +17 4 45,118,716 33,450,755 +34.9 exceedingly cheap and they never prevent activity upon Spokane 26,370,378 19,426,226 +35.7 55,261,236 40,951,853 +34.9 the Stock Exchange. In fact, the new issues usually Tacoma 16,395,965 14,546,524 +12.7 35,504,837 32,161,834 +10.4 Oakland 6,699,209 5,429,018 +23.4 14,529,368 11,953,986 +21.5 lead to the placing of orders in this country upon a consider- Helena 3,065,601 2,059,732 +48.4 7,133,999 4,886,209 +45.9 able scale, which helps to increase employment both for Sacramento 2,914,626 3,597,441 -19.0 6,780,035 7,550,656 -10.2 Fargo 2,032,478 1,940,075 +4.7 4,689,772 4,200,508 +11.6 capital and labor, and therefore creates new wealth for Stockton 1,645,293 1,624,774 +1.3 3,564,556 3,565,471 -0.03 investment. However that may be, the feeling everywhere Sioux Falls 2,174,952 1,755,740 +23.9 4,704,203 3,967,043 +18.6 San Jose 1,535,501 1,698,597 -9.6 3,485,787 3,608,785 -3.4 is very hopeful, and in spite of the setback of the past few Billings 635,441 561,781 +13.2 1,350,586 1,425,163 -5.3 days,everybody is looking forward to a much more prosperous San Diego 3,184,76 2,554,118 +24.7 7,395,734 8,155,841 +20.1 Fresno 2,059,348 Not lac!. in total 4,194,109 Not incl. In total year than we have had for a long time past. North Yakima.. 1,215,385 Not incl. in total 2,414,119 Not incl. In total The India Council offered for tender on Wednesday 75 lacs Total 284,311,204 +13.2 688,574,304 605,308,065 +13.7 of its bills and the applications nearly amounted to 79 lacs Pacific_ 322,302,309 at prices ranging from is. 3 29-32d. to is. 3 15-16d. per rupee. Applicants for bills at is. 3 29-32d. per rupee and Week ending February 27. for telegraphic transfers at is. 3 15-16d. per rupee were Clearings at Inc. or allotted about 95 per cent of the amounts applied for. 1909. 1908. Dec. 1907. 1906. The following return shows the position of the Bank of $ • $ England, the Bank rate of discount, the price of consols San Francisco_ _ - 31,699,465 33,198,194 -4.5 54,662,304 50,900,471 &C., compared with the last four years: Los Angeles 11,358,982 9,647,918 +17.7 14,418,800 11,950,86:3 Seattle 7,651,494 6,9:14,914 +10.3 10,251,851. 10,709,352 1909. 1908. 1907. 1906. 1905. Portland 5,354,922 5,548,594 -3.5 7,492,060 5,102,895 Feb. 17. Feb. 19. Feb 20. Feb. 21. Feb. 22. Salt Lake City_ 4,864,009 4,065,635 +19.9 5,770,452 5,210,836 . .£ .£ Spokane 5,984,256 4,650,309 +28.7 5,707,284 3,986,398 Circulation 28,507,120 27,580,035 27,621,095 27,908,280 26,986,870 Tacoma 4,009,778 :3,921,852 +22.4 4,840,717 3,501,301 Public deposits__ _ _ 12,062,803 15,337,662 14,694,369 16,809,530 16,430,403 Oakland 1,402,847 1,264,561 +10.9 4,360,075 Other deposits 41,156,961 39,987,542 42,490,417 42,533,221 38,612,289 Helena 752,438 508,802 +48.0 851,868 716,046 Governing securities 14,731,155 14,327,216 15,453,756 15,228,867 15,603,585 Sacramento 603,313 641,939 Other securities 29,591,613 29,588,870 32,503,718 35,836,784 27,308,787 Fargo 422,013 432,678 357,432 585,842 Reserve,notes&coln 26,948,041 29,611,097 27,505,143 26,559,691 30,316,353 Stockton 376,551 324,431 +16.1 Coln&bull.,both dep 37,005,161 38,741,132 36,676,238 36,012,971 38,853,223 Sioux Falls 440,000 400,000 +10.0 358,000 391,150 Prop. reserve to lia- San Jose 344,286 390,000 -11.7 467,810 bilities P. c. 50% 53% 48 44% 55 1-16 Billings 1:38,777 151,952 -8.7 Bank rate p. c. 3 4 5 4 San Diego 700,000 600,000 +16.7 Consols, 2% p. c_ _ _ 84 9-16 87% 86% 90% 91 4 Fresno ------443,339 Not included In total Sliver 23 7-166 25 15466. 31 13-166. . 27 15-166. North Yakima 260,429 Not included in total Clear.-house returns 272,448,000 252,897,000 279,824,000 213,118,800 199,865,000 The rates for money have been: 76,103,131 93,055,154 Total Paelfic-- 72,671,779 +4.7 109,549,657 Feb. 19. Feb. 12. Feb. 5. Jan. 29. Bank of England rate 3 3 3 3 Open Market rate- Bank bills-60 days 2%@2% 2%©2 5-16 2%@2 7-16 2 11-16 fillonetavire,ITouxuterciatEnglisixItenirst -3 months_ 2% 2 3-16 2 5-1602% 2% •••••/••••••••••••• -4 months_.. 2%02 3-16 2% 2%02 546 2 94602% London, Saturday, February 20 1909. -6 months__ _ 202% 202% 2 5-1602% 2% Trade bills-3 months _ _ _ 2%@2% 2%02% 2%03 3 After the rise of last week there has been somewhat of a -4 months 2% 2% 3 3 setback this week-nothing serious, but a falling off in Interest allowed for deposits- By joint-stock banks 1% 1% 1% 1% activity and a small shrinkage in quotations. Partly, this is By discount house '.', due to the desire of those who bought last week to take At call 1% 1% 1% 1% profits. Partly, it is the result of apprehensions excited 7 to 14 days 1% 1% 1%5 1% by the Austrian and Hungarian press, which is asserting , The Bank rate of discount and open market rates at the that Austria will have to occupy Servia. That Servia chief Continental cities have been as follows: herself will begin hostilities nobody belieyes. But whether Feb. 20. Feb. 13. Feb. 6. Jan. 30. Rates of Bank Opcn Bank Open Bank Open Bank Open the Austrian press has information justifying it in its pre- Interest al- Rate. Market. Rate. Market. Rate. Market. Rate. Market. dictions nobody knows. If Austria were to occupy Servia Paris 3 1 3 1% 3 17-16 3 2 Berlin 3% 2% 4 2% 4 1% 4 2 people are asking would Russian feeling flare up and if it Hamburg 3% 2% 4 2% 4 1% 4 2 did what would be the consequences? Over and above this, Frankfort 3% 2 3-16 4 2 3-16 4 2 4 2% beginning of the tariff inquiry in the United States Amsterdam 3 2% 3 2% 3 2% 3 2% the near Brussels 3 2 3 2 3 2% 3 2% is leading people to anticipate a shrinkage on the American Vienna 4 3% 4 3% 4 35-16 4 3% stock exchanges. St. Petersburg 3% nom. 5% nom. 5% nom. 5% nom. Madrid 5% 3 4% 3% 4% 316 416 3% The best opinion everywhere, however, is that the setback Copenhagen 5 4 5 4 5 4% 5 4% this week is very temporary and that we are about to see a Messrs. Pixley & Abell write as follows under date of great increase of activity not in London only, but all over February 18: Europe. The French banks, which took away so much GOLD,-In the absence of any foreign demand for gold, the Bank of England has again secured all the available supplies, amounting to nearly £700,000, after satis- gold from London during many months past are now bidding fying the Indian orders. During the week the Bank has purchased £613,000 In once more for bills. Their competition is, in fact, so keen bar gold and has received £122000 in sovereigns from Berlin and £9,000 from Aus- tralia, while £320,000 has been withdrawn for South America. Next week we that it accounts for the very low rate of discount in the open expect £372,030 from the Cape. Arrivals-Cape, £653,500; West Africa, £5,000: market here. Moreover, French investors are buying all Australia, £42,000; Bombay, £71,000; total, £771.500. Shipments-Bombay. £65,509; Madras, £15,000; Gibraltar, £1,000; total, .£81,500. sorts of securities here in London. They are likewise buying SILVER.-The course of silver has been downward, and with only two small German Government securities in Germany, not only the rallies the price is 5-16d. lower on the week at 23 9-166. The selling has chiefly Government, but also the securities come from China, but Indian speculators have sold, too, the dealers there taking securities of the Imperial a gloomy view of the view for March and April, stocks there now amounting to of Prussia and of the other Federated States of high credit. 7,300 bars. The amounts offering have been frequently large, and if it had not been The Franco-German agreement has completely reassurred for considerable covering by shorts, some orders for this mall to India and some Continental buying, the fall would have been much larger. To-day's shipments French investors, and,therefore, the best opinion in Paris is to India will probably not exceed £150,000. The future depends largely on China: that French investment will grow larger and larger in the any fresh selling from that quarter will undoubtedly put the market lower, as there are no signs at present of any Important buyer coming into the market. immediate future, and will have a very great influence in The market closes dull at 23 9-16d., with a downward tendency. £50,000 has been stimulating business, not only on the London Stock Ex- shipped from San Fmnclsco to China and £150,000 from London to China The price in India is Its. 60% per 100 tolahs. Arrivals-New York, £178,000. ShIP- change but on most of the stock exchanges of Europe. ments-Madras, £2,500; Shanghai, £150.000; total, £152,500. At the' beginning of this week the President of the Imperial The quotations for bullion are reported as follows: Bank of Germany, when moving the reduction of the Bank GOLD. Feb. 18. Feb. 11.1 SILVER. Feb. 18 Feb. 11. very statement, pointing out that London Standard. S. d. s. d. I London Standard. d. d. rate, made a optimistic Bar gold, flne, on 77 9 77 9 [Bar silver, fine, oz.__ _23 9-16 23% the Bank is gaining strength, and that although the foreign U. S. gold coin, oz. _ 76 4 76 4 1 " 2 mo. delivery__ _23 9-16 23% exchanges are against Germany, yet it is not likely that much German gold coin, on 76 4 76 4 'Cake silver, on 25 7-16 25% French gold coin, on.. 76 4 76 4 'Mexican dollars nom. nom gold will be taken from Germany while it is reasonably Japanese yen 76 4 76 4 1 certain that the Imperial Bank will be able to go on strength- The following shows the imports of cereal produce into ening its reserve. In consequence the rate was j]stit down the United Kingdom during the season to date, compared from 4 per cent to 33/i per cent. The best opinion is that with previous seasons: there will be a further reduction just before the-contemplated IMPORTS. Prussian loans come out. There has been a Twenty-four weeks. 1908-09. 1907-08. 1906-07. 1905-06. German and Imports of wheat cwt_38,298,700 40,839,600 37,430,400 37,653,500 rumor in Berlin this week that the Prussian loan would Barley 13,152,000 15,308,000 12,966,500 13,059,000 out almost immediately and that that accounted Oats 5,671,8005,671,800 4,745,800 5,396,800 5,603,400 come Peas 720,810 989,160 1,013,140 993,285 for the early reduction of the Bank rate. But there has as 774,740 654,650 541,110 452,140 yet been no official confirmation of the rumor. The best Indian corn 17,445,700 22,063,000 23,225,900 21,340,900 Flour. 6,712,1007 .400 opinion seems to• be that the two loans will be kept back Supplies available for consumption (exclusive of stock on until April and that just before then the Bank rate will be September 1): put down to 3 per cent and possibly even lower. 1908-09. 1907-08. 1906-07. 1905-06. Immediately following the action of the Imperial Bank of Wheat imported ______cwt_38,298,700 40,839,600 37,430,400 37,653,500 Imports of flour 6,190,700 7,402,000 6,712,100 5,671,400 Germany, the Bank of Sweden has put down its rate from Sales of home-grown 17.802,972 20,613,033 14,337,108 18,553,600 5 per cent to VA per cent and other movements in the same expected. It seems to be clear, therefore, Total 62,292,372 68,854,633 58,479,608 63,878.500 direction are Average price wheat, week 335. 831. 33s. ld. 26s. 66 28s. 106. that money has become exceedingly abundant and cheap Average price, season 32s. 0d. "!T 34s. 26 A! 26s. 36.111N28s 06.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 606 THE CHRONICLE [VOL.

The following shows the quantities of wheat, flour and Per When Books Closed. maize afloat to the United Kingdom: Name of Company. Cent. Payable. Days Inclusive. m This week. Last week. 1908. 1907. Miscellaneous (Concluded). Wheat qrs.. 3,330,000 2775,000 4,050,000 2,865,000 Kodak, common (quar.) 234 April 1 qrs.. Eastman Holders of rec. Feb. 27 Flour, equal to 165,000 195,000 255,000 190,000 Common (extra) 5 April 1 qrs_ 430,000 Holders of rec. Mch. 2 Maize 385,000 355,000 590,000 Preferred (quar) 134 At ril 1 Holders of rec. Feb. 27 Federal Mining & Smelting, pref. (guar.) 1%5 Mch. 15 Holders of rec. Feb. 26 English Financial Markets-Per Cable. General Chemical, preferred (guar.) 134 April 1 Holders of rec. Mch. 22 The daily closing quotations for securities, &c., General Electric (guar.) 2 April 15 Holders of rec. Mch. 5a at London, Guggenheim Exploration (guar.)(No. 25)_ 234 April 1 Holders of rec. Mch. 19 as reported by cable, have been as follows the past week: International Silver, pref. (quar.) 134 April 1 Feb. 28 to April 1 Laclede Gas, common (guar.) 134 Mch. 15 Mch. 7 to Mch. 15 London, 1 ending March 5. Sat. Mon. Tues. Mackay Companies, corn. (guar.) (No. 15) April 1 Holders of rec. Mch 13a Week Wed. Thurs. Frt. (No. 21) 1 Aprii 1 Silver, per ounce d 23 5-16 2334 23 5 16 2334 Preferred (guar.) Holders of rec. Mch 13a 23 1-16 2334 Massachusetts Gas Companies, common_ _ _ 1 Apr11 1 Consols, new,234 per cents__ 8434 c84 84 83 83% 13-16 84 3-16 Michigan State Telephone, pref. (quar.). 134 May 1 April 18 to May 2 For account 84 11-16 c84 3-16 84 3-16 8334 83 15-16 84 5-16 Nat. Biscuit. corn. (quar.) (No. 42) 154 April 15 Holders of rec. Mch 29 French rentes (in Paris) 4r_ 97.95 98.10 97.95 97.8134 98.0234 98.0734 Amalgamated Copper Co_ __ _ 6934 73% 7234 National Enam. cfc Stamp., pref. (quar.).. 134 Mch. 31 Mch. 12 to Mch. 31 7014 7134 69% National Lead, common (quar.) (No.21) 154 Apr11 1 Mch. 13 to Mch. 16 S Anaconda Mining Co 834 8% . 8% 0736 34, Atchison Topeka & Santa Fe 105% 105% 1063% Preferred (quar.) (No. 69) Mch. 15 Feb 20 to Feb. 24 1053% 1064 106% -Bement-Pond, common (quar.) 13% Mch. 20 Mch. 14 to Mch. 21 Preferred 105 105 105 105 105 Niles 105 North American April 1 Holders of rec. Mch ha Baltimore & Ohio 109% 110 11034 11034 110% 110% 114 Preferred 9534 9534 9534 9534 Northern California Power (No. 3) 10c. Feb 20 Feb. 18 to Feb. 19 95% 95% Quaker Oats, common (guar.) 134 April 15 Holders of rec. April 5 Canadian Pacific 17234 172% 17134 1703% 170% 17134 Chesapeake & Ohio 67% 663 Common (extra) 34 April 15 Holders of rec. April 5 6734 67 66% 66% Mch. 22 Mch. 2 to Mch. 3 Chicago Great Western_ - 7 6 7 7 Quincy Mining (guar.) $1 7 7 1tailway Steel Spring, pref. (guar.) Melt. 20 Mch. 11 to Mch. 21 Chicago Milw. & St. Paul- _ _147 147 14734 14634 146% 145% 194 Denver & Rio Grande 4434 4434 45 46 Rubber Goods Mfg., pre/. (guar.) (No. 40) Mch. 15 Holders of rec. Mch. 8 4534 4535 Car Lighting (guar.)_ _ _ _ 2 April 1 Holders of rec. kich. 12 Preferred 34 8734 88 88 88 Safety Heating & 88 Sears, Roebuck & Co., preferred (guar.) April 1 Holders of rec. Mch. 18 Erie, common 2834 2854 2734 27% 27% 2634 134 First preferred 4334 4354 43 43 Standard 011 (guar.) $15 Mch. 15 Holders of rec. Feb. 19 4234 4134 Holders of rec. Second preferred 3334 3334 34 34 34 Swift & Co. (guar.) 145 April 5 Mch. 13 33 United 134 April 1 Mch. 18 to April 1 Illinois Central 144 144 14434 145 145 144% Bank Note Corp., pre/. (guar.)-- Louisville & Nashville 132 133% 133 132 United States Leather, pref. (quar.)_ _ _ _ 134 April 1 Holders of rec Mch. 10 13134 13134 Mch. 30 Mcb. 16 to April Mexican Central 20% 20% 21 21 21 U. S. Steel Corp., corn. (qu.)(No. 21).- 34 19 21 Mch. 31 Holders of tee Mch. 19 Missouri Kansas & Texas 40 40 41 4134 4034 4034 Utah Copper (quar.) 50c. Preferred 7434 7434 75 74% 7434 7434 National RR. of Mexico_- 4234 4234 4234 43 43 43 a Transfer books not closed. N. Y. Central & Htid. Riv-12634 12634 127 127 12734 126 N. Y. Ontario & Western..._ 4534 453 46 4634 46% 4534 Norfolk & Western 90 8934 8934 8934 89 89 Auction Sales.-Among other securities the following, not Preferred 88% 8834 8834 8834 8834 8834 regularly dealt in at the Board, were recently sold at auction. Northern Pacific 14134 140% 14134 141 141 14034 a Pennsylvania 66 66 6634 6634 6634 6634 By. Messrs. Adrian H. Muller & Son: a Reading Co 6334 6334 63%, 6334 6354 63 a First preferred 4634 4634 4634 Stocks. Stocks. 4634 4634 4634 50 N. Y. Susq. & West. Coal Phenix Ins.Co.of Bklyn..260% a Second preferred 4634 4634 4634 1(111 16 f3.6 • 31 Island 23 23% 24 Co., pf., $50 ca_$634 per sh. 250 Douglas Copper Co.. $5 Rock 8 Sixth Avenue RR. $2.50 per sh. Southern Pacific 12034 12034 12034 12034 12034 11934 Co_118% each 3,482 Brooklyn City RR. Co. N.Y. Net & Twine Co__ 75 Southern Railway 2434 2534 25 2434 2434 2434 4 65 64 65 65 190-19134 Bonds. Preferred 6434 64 Farmers'Loan & Tr. Co Peak & Union Pacific 17834 180 40 _1310 $5,000 Laramie Hahn's 18034 18034 18034 17834 10 Lawyers Title Ins. & Tr. ref. 68, 1932 97 Preferred 98 9834 96 9634 97 Pac. By. Co. 1st 11 97 Co 23534 $5,000 Delaware Co. of N. J. is, U. S. Steel Corporation 4554 46 4634 453% 45 34 45% 20 Germania Fire Ins. Co_ _260 1930, M. & N 9734 & int. Preferred 11234 113 11334 113 11334 11334 1834 20 N. Y. Mtge. & Secur. Co_190 $3,000 Ohio Copper Co. 1st Os, Wabash 18 1734 1734 18 1734 Metropolitan Preferred 45 45 4634 4634 46 137 Secur. Co. cony., 1917 0434 45% (75% paid in) _ _ _ _$135 lot Peak & Extended 4s 77 7634 77 7634 76 76 $5,000 Laramie Hahn's '5 Mechanics' Nat. Bank__ _260 Pae. By. Co. 1st Os, 1929._ 10154 5 National City Bank a Price per share. b X c Ex-dividend. 347 $1,000 State Line Telep. Co. 55 9034 sterling. 65 People's Security Co_$140 lot $5,000 Cairo & Norf. RR. Co. 55 87 1,000 Greene Gold Cons. Min. $4,000 Rex Carbon Coal Co. 1st Co., $10 each $120 lot 6s, 1926, J. & D 75 & Int. Tominevcial arid Vastrilantans4,ems 25 Nat. Bank of Commerce_186 3,4 _ • DIVIDENDS. Imports and Exports -The following are dividends for the Week. The following shows all the announced for the the imports at New York for the week ending Feb. 27; also future by all large or important corporations: totals since the beginning of the first week in January: Dividends announced this week are printed in italics. FOREIGN IMPORTS AT NEW YORK. Per When Books Closed, Name of Company. Cent. Payable. Days Inclusive, For week. 1909. 1908. 1907 1906. • Railroads (Steam). Dry goods $3,774,908 $3,055,297 $4,259,769 $4,267,248 Atlantic Coast Line Co. (Conn.) (quar.) 2 Mch. 10 Feb. 28 to Mch. 9 General merchandise 15,198,893 10,716,953 17,224,836 14,548,997 Boston & Albany (quar.) 2 Mch. 31 Holders of rec. Mch. 6a Canadian Pacific, common 3 Mch. 31 Mch 2 to Apr. 1 Total $18,973,801 $13,772,250 $21,484,605 $18,816,245 Common (extra) 34 Mch. 31 Mch. 2 to Apr. 1 Since January 1. Preferred 2 Apr. 1 Mch. 2 to Apr. 1 Dry goods $30,116,001 $24,442,597 $32,859,576 $29,409,830 Chicago Rock Island & Pacific (guar.)_ -- 1% April 1 Holders of rec. Mch 19a General merchandise 103,190,048 65,631,897 107,473,287 89,959,300 Delaware & Hudson (Oar.) 2% Mch. 20 Holders of rec. Feb. 27 Interborouyla Rapid Transit (guar.) 2% April 1 Mch. 20 to Mch. 31 Total 8 weeks $133,306,049 $90,074,494 $140,332,863 $119,369,130 N. Y. Central & Hudson River (guar.) 1% April 15 Mch. 27 to April 21 N. Y. Lack. & Western, guar. (guar _ 1% April 1 Holders of rec. Mch. 15 Reading Company, first preferred 2 Mch. 10 Holders of rec. Feb. 20 The following is a statement of the exports (exclusive of Rio Grande Junction 5 Mch. 10 Bich. 2 to Mch. 12 foreign ports for St. Joseph South Bend & Sou., corn 134 Mch. 15 Mch. 11 to Mch. 15 specie) from the port of New York to the Preferred 234 Mch. 15 Mch. 11 to Mch. 15 week ending Feb. 27 and from Jan. 1 to date: St. Louis & San Francisco- FOR THE WEEK. Chic. & E. lit. pre/. trust cats. (guar.)- 134 April 1Mch 18 to April I EXPORTS FROM NEW YORK K. C. Ft. S. & M. pref. trust cots. (qu.) 1 April Mch. 18 to April 1 (quar.)(No. 10) 1% April Southern Pacific, corn. 1909. 1908. 1907. 1006. Union Pacific, common (oar.) 234 April Holders of rec. Mch. la 2 Preferred April Holders of rec. Mch. la the week $20,352,462 $13,557,202 $12,342,472 2 April For $10,550,866 West Jersey & Seashore holders of rec. Mch. 15 Previously reported 86,201,706 118,070,045 86,620,660 87,301,662 Wisconsin Central, preferred (quar.)- - 1 Mch. 11 Mch. 2 to Mch. 11 Street and Electric Railways. Total 8 weeks $96,752,572 $139,322,507 $100,177,862 $99,644,134 American Railways (guar.) 1% Mch. 15 Feb. 28 to Mch. 2 Brooklyn Rapid Transit Co. (No. 1)- - - - 1 Apr. 1 Holders of rec. Mch. 10 Chicago City Ry. (guar.) Mch. 30 Mch. 7 to Mch. 16 The following shows the exports and imports of Chippewa Vail. Ky., L. & P.. pref. (guar.) 1% Mch. 1 Holders of rec. Mch. 1 table Galveston-Houston Elec. Co., pref.(No.4) 3 Mch. 15 Holders of rec klch 1 specie at the Port of New York for the week ending Feb. 27 Northern Ohio Trac. & Light (cmar.)- 3.4 Mch. 15 Mch. 2 to Mch. 15 and since Jan. 1 1909, and for the corresponding periods Traction $2 April 1 Holders of rec. Mch. 6 Portland Ry., L. & P., pref. WO (No. 11) 1% April 1 Holders of rec. Melt. 15 in 1908 and 1907: St. Jos.Ry., L.H.& P., pref.(qu.) (No.26) 134 April 1 Holders of rec. Mch. 15 EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Seattle Electric, pref. (No. 17) 3 April 1 Holders of rec. Mch 10 Trust Companies. Fifth Avenue (gull%) 3 Mch. 31 Holders of rec. Mch. 30 Exports. Imports. Miscellaneous. Gold. Amer. Beet Sugar. pref. (guar.) (No. 39). 1% April 1 Holders of rec. Mch. 20 Week. SinceJan. 1 Week. SinceJ an. 1 American Can, preferred (guar.) 1% April 1 Holders of rec. Mch I7a Amer. Car & Fdry., corn. (quar,)(No. 26) 34 April 1 Mch. 12 to Mch. 21 Great Britain $24,420 $24,420 $8,723 $31,641 Preferred (quar.)(No. 40) 1% April 1 Mch. 12 to Mch. 21 France 5,420,000 243,846 256,779 American Express (quar.) $3 April 1 Holders of rec. Feb. 27 Germany American Radiator, common (quar.). 134 Mch. 31 IvIch. 25 to bleb. 31 West Indies 245,000 253,000 675 105,820 Common (extra) 2 . Mch. 31 Mch. 25 to Mch 31 Mexico 2,000 2,902 87,921 Amer. Smelt. & Ref., corn.(guar.) (No. 22) 1 April 15 Mch. 27 to April 1 South America 790,000 8,052,000 86,134 433,830 Preferred (guar.) (No. 39) 1% April 1 Mch. 13 to Mch. 18 All other countries 9,800 9,925 8,773 428,563 America Snuff, common (guar.) 5 April 1 Holders of rec. Mch. 13 Preferred (quar.) 134 April 1 Holders of rec. Mch. 13 Total 1909 $1,069,220 $13,761,345 $351,053 $1,344,554 Am. Sugar Refg., corn. & pref. (quar.) 1% April 2 Holders of rec Mch. la Total 1908 42,000 702,080 320,819 6,443,920 American Tobacco, preferred (guar.) 134 April 1 Holders of rec. Mch. 15 Total 1907 2,956 1,398,311 41,903 1,514,874 American Type Founders', common (guar.) 1 April 15 Holders of rec. April 10 Silver. Preferred (guar.) 1% April 15 Holders of rec. April 10 Great Br tain $881,090 $7,102,289 $18,353 $37,087 Borden's Condensed Milk, pref. (quar.)- 1% Mch. 15 Mch. 6 to Mch 15 France 51,000 789,400 130 2,661 • Brooklyn Union Gas (No. 34) 3 April 1 Feb. 18 to Feb. 28 Germany 3,971 Calumet & Heels. Mining (guar.) $5 Mch. 19 Holders of rec. Feb. 19 West Indies 2,320 10,528 700 20,201 Cambr la Iron 2 April 1 Holders of rec. ?etch. 15 Mexico 7,470 345,152 Canadian General Elec., Ltd., corn. (guar.) 1%1 April 1 Mch. 15 to Mch. 31 South America 251 501 2,672 197,509 • Preferred 3% April 1 Mch. 15 to Mch. 31 All other countries 26,081 19,302 119,445 Celluloid Company (guar.) 1% April 1 Mch. 10 to April 1 Central Leather, pref. (guar.) 1% April 1 Holders of rec.iNich. 10 Total 1909 $934,661 $7,928,799 $48,627 $726,026 Chic. June. Rys. de U. Site. Yds., com.(gu) 2 April 1 Holders of rec. Mch. 11 Total 1908 1,023,526 6,753,124 68,999 741,044 Preferred (guar.) 134 April 1 [holders of rec. Mch. 11 Total 1907 1,476,963 6,656,327 26,665 411,620 Childs Company, common (quar.) 1% Mch. 10 Mch. 5 to Mch. 10 Preferred (guar.) Mch 10 Mch. 5 to Itch. 10 Consolidated Cotton Duck, preferred_ _ _ _ 1 April 1 Mch. 21 to April 1 Of the above imports for the week in 1909, $675 were Consolidated Gas, N. Y. (quar.) 1 Mch. 15 Holders of rec. Feb. 17 American gold coin and $__ __ American silver coin. Of Diamond Match 2 Mch. 15 Holders of rec. Feb. 26 duPont(E.T.)de Nemours Pow., corn.(qu. 1% Mch. 15 Holders of rec. Melt. 5 the exports during the same time, $798,000 were Ameri- P ef3rred (nuar.) 114 Anril 26 Holders of rec. April 15 can gold coin and $251 were American silver coin.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909. THE CHRONICLE 607

Banks.-The $2,487,600, a decrease of $381,800 from last week; averages include United States Statement of New York City Clearing-House deposits of $2,594,700, a decrease of $314,500 from last week. detailed statement below shows the condition of the New "Reserve on deposits" includes, for both trust companies and State banks, not only cash items but amounts due from reserve agents. Trust companies in New York City Clearing-House banks for the week ending Feb. York State are required by law to keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of re- 27. The figures for the separate banks are the averages of serve required is computed on the aggregate of deposits, exclusive of moneys held In trust and not payable within thirty days, and also exclusive of time deposits not the daily results. In the case of the totals, the actual fig- payable within 30 days, represented by certificates, and also exclusive of deposits secured by bonds of the State of New York. The State Banks are likewise required ures at the end of the week are also given. to keep a reserve varying according to location, but in this case the reserve is com- bonds of We omit two ciphers (00) in all cases. puted on the whole amount of deposits, exclusive of deposits secured by the State of New York. Banks. Capital. Surplus. Loans. Specie. Legate. Deposits. Re- RESERVE REQUIRED FOR TRUST COMPANIES & STATE BANKS. 00s omitted. Average. Average. Average. Average. s've. -Trust Co's- -Stale Banks- Total Of Total Of Reserve which Reserve which Bank of N. Y._ 2,000,0 3,305,6 20,358,0 4,018,0 1,193,0 19,038,0 27.3 Location- Required. in Cash. Required. in Cash. 1,546,0 39,900,0 26.1 Manhattan Co. ",050,0 3,479,7 33,300,0 8,890,0 15% 25% 15% Merchants' _ _ _ 2,000,0 1,588,2 20,317,0 3,084,0 2,441,0 21,849,0 25.3 Manhattan Borough 15% Mechanics' ___. 3,000,0 1,519,0 33,697,0 27.6 Brooklyn Borough (without branches In Manhat.)15% 10% 20% 10% 3,715,8 30,919,0 7,802,0 Other Boroughs 10% 15% 734% Americ 1,500,0 5,032,4 29,596,7 5,426,9 3,197,4 32,846,1 26.2 (without branches in Manhattsn).15% Phenix------408,0 6,910,0 26.4 Any Borough with branches in Manhattan 15% 15% 25% 15% 1,000,0 633,1 7,574,0 1,353,0 In 6% City 25,000,0 26,218,2 190,438,8 42,614,6 8,850,0 193,046,0 26.6 Elsewhere State 10% 5% 15% Chemical 3,000,0 5,887,0 29,407,4 5,077,9 2,234,0 28,678,6 25.7 Merchants' Ex_ 600,0 523,1 6,777,5 957,1 744,3 7,039,7 24.1 Reports of Non-Member Banks.-The following is the Gallatin 1,000,0 2,429,3 9,328,3 1,124,6 782,8 7,352,4 26.1 Butch.& Drov _ 300,0 146,1 2,226,3 473,4 83,5 2,157,5 25.8 statement of condition of the non-member banks for the Greenwich _ _ 500,0 733,7 6,768,3 1,914,6 200,0 7,761,1 27.2 results: American Exch, 5,000,0 5,163,1 29,215,9 4,078,4 1,866,9 22,430,9 26.8 week ending Feb. 27, based on average daily Commerce 25,000,0 15,394,4 169,474,7 26,979,1 13,287,2 156,107,8 25.8 Mercantile _ _ _ 3,000,0 2,483,3 13,067,7 1,536,4 929,2 9,475,9 26.0 We omit two ciphers (00) in all cases. Pacific _____ 500,0 852,4 3,756,8 413,1 591,1 3,571,5 28.1 Chatham 7,220,3 1,148,0 1,101,9 7,998,2 28.5 450,0 1,002,2 Loans, Deposit with People's 200,0 468,5 1,952,7 624,2 38,4 2,202,4 30.1 Legal 70,040,4 17,746,8 5,562,2 85,321,9 27.4 Disc'ts Tender Hanover 3,000,0 10,384,0 Sur- and Specie. and Clear- Other Net Citizens' Cent_ _ 2,550,0 1,416,6 22,224,8 5,433,0 321,6 22,214,9 26.0 Banks. Capi- 5,262,6 598,2 1,037,4 5,936,5 27.5 tal. plus. Invest- Bank leg Banks Deposits. Nassau 500,0 392.3 ments. Notes. Agent. cfcc. Market & Fult_ 1,000,0 1,607,3 8,157,6 1,001,4 1,382,4 8,498,7 28.0 1,207,5 11,273,1 2,570,9 191,1 11,215,0 24.4 Metropolitan _ _ 2,000,0 N. Y. City. Corn Exchange. 3,000,0 5,241,2 44,237,0 6,892,0 5,911,0 51,691,0 24.0 7,345,8 27,572,0 4,730,0 1,808,0 25,907,9 25.2 Boroughs of Imp.& Traders' 1,500,0 Man $ $ Park 3,000,0 9,568,9 87,009,0 23,198,0 1,736,0 99,020,0 25.1 .&Brx 1,398,9 208,9 185,9 1,568,8 25.1 Wash.Hgts. 100,0 214,3 1,106,0 102,0 67,0 146,0 East River. _ 250,0 100,1 242,6 122,5 3,000,0 3,319,9 26,604,0 4,551,0 2,830,0 28,439,0 25.9 Century _ 200,0 154,3 1,688,1 32,3 158,4 Fourth 4,376,1 613,9 340,9 466,6 403,1 • 511:,8609978551 Second 1,000,0 1,747,0 11,231,0 2,636,0 336,0 11.685,0 25.4 Colonial _ _ _ 400,0 231,3 18,368,6 132,272,3 32,093,4 4740,1 133,014,525 .4 Columbia _ _ 300,0 430,9 5,785,0 562,0 531,0 575,0 6,937,0 First 10,000,0 871,2 65,1 71,0 112,8 Irving Exch._ 2,000,0 1,409,5 19,878,0 4,261,4 1,189,1 .21,276,3 25.5 Fidelity --- 200,0 174,7 250,0 792,1 3,048,9 755,0 77,0 3,280,0 25.3 Jefferson_ _ _ 500,0 685,3 3,278,4 27,0 438,5 207,0 116,2 3,286560:21 Bowery 41,7 395,7 N. Y. County-- 500,0 1,285,6 7,811,8 1,344,8 672,3 8,292,0 25.0 Mt. Morris. 250,0 265,3 2,356,2 445,9 750,0 655,0 4,253,8 886,4 239,3 4,229,8 26.6 Mutual _ _ _ 200,0 319,6 3,786,1 22,0 687,2 600,6 German-Amer 232,8 77.. Chase 5,000,0 5,031,0 78,447,1 17,324,9 4,454,3 87,020,3 25.0 19th Ward. 300,0 478,9 4,326,6 62,4 739,2 51,:91 54.876731097.21 Fifth Avenue 100,0 2,108,1 12,953,1 2,745,6 1,094,5 14,706,1 26.1 Plaza 100,0 397,4 3,450,0 271,0 423,0 525,0 German Exch._ 200,0 892,5 3,449,5 425,7 575,8 4,002,8 25.0 23rd Ward_ 200,0 92,0 1,614,0 169,9 50,5 205,6 200,0 993,6 627,1 5,553,8 26.5 Union Exch 750,0 828,0 7,330,1 678,2 600,0 707,6 G erman la 4,727,5 850,0 -3-3-1:8: Line° n 1,000,0 1,309,5 16,340,8 3,404,9 1,200,4 17,996,0 25.6 Yorkville _ 100,0 420,6 3,396,0 46,9 687,4 278,6 1-5:63 742413,!:04441 :04223 916 ::,,,04 Garfield 1,000,0 1,135,1 7,771,3 1,875,6 527,0 8,250,0 20.0 Coal&l.Nat. 500,0 725,8 4,481,0 912,0 206,0 515,0 200,0 4,917.0 Fifth 250,0 462,0 3,253,9 533,7 376,2 3,556,9 25.6 New Neth'd 200,0 236,4 1,824,0 221,0 75,0 227,0 25,0 Metropolis _ 1,000,0 2,000,3 11,191,4 1,514,3 1,417,9 11,218,3 26.1 Batt.Pk.N at 200,0 145,8 1,106,2 203,6 37,2 10,4 ...... 910,4 West Side 200,0 929,5 4,381,0 1,060,0 221,0 4,900,0 26.1 Borough of Seaboard 1,000,0 1,682,2 20,132,0 4,585,0 2,026,0 24,332,0 27.2 Brooklyn. Liberty 1,000,0 2,505,2 16,459,3 3,736,5 464,2 16,129,5 20.1 Broadway. 150,0 462,2 2,846,3 25,7 340,8 268,9 221,1 3,329,8 N.Y. Prod. Ex. 1,000,0 670,6 7,108,7 2,024,6 196,7 8,439,7 26.3 Mfrs.' Nat_ 252,0 777,6 5,407,0 524,8 155,5 836,0 192,7 6,005,2 State 1,000,0 827,7 11,089,0 3,488,0 249,0 14,216,0 26.2 Mechanics'. 1,000,0 948,1 9,705,7 207,9 1,871,5 1,245,4 179.8 13,046,1 14th Street..._ 1,000,0 319,8 4,968,8 1,020,0 451,1 5,579,2 26.3 Nassau Nat 750,0 919,1 6,349,0 317,0 620,0 1,153,0 6,613,0 25.7 Nat. City.- 300,0 568,7 4,452,0 89,0 584,0 737,0 106,0 5,570,0 Copper 2,000,0 2,596,3 19,942,4 4,500,8 410,5 19,433.7 1,901,1 -- North Side_ 200,0 132,7 1,570,9 142,9 74,7 133,8 230,3 Totals, Average 126,350,0 168,258,9 1316,190,4 275,602,1 80,524,8 1368,987,7 26.0 Jersey City. First Nat- 400,0 1,210,8 4,101,3 272,9 387,5 2,040,4 962,0 6,896,1 27,6 468,0 2,548,2 Actual figures Feb. 27 1311,950,4 273,294,7 80,601,9 1362,203,0 26.0 Ilud.Co.Nat 250,0 721,1 2,479,3 179,3 224,7 Third Nat 200,0 374,0 1,717,4 67,0 151,1 862,6 67,4 2,694,4 Hoboken. On the basis of averages, circulation amounted to $48,591,500 and United S ates First Nat 220,0 612,5 2,643,6 103,0 24,4 203,4 201,5 2,368,4 deposits (Included in deposits) to $2,594,700; actual figures Feb. 27: circulation Second Nat 125,0 220,5 2,048,0 58,6 74,7 95,6 321,6 2,478,5 $48,559,600; United States deposits, $2,487,600. Tot. Feb.27 8.347.0 12,748,7 93,995,5 6,417,8 9,550,0 13,129,0 4,901,9 112661,2 The State Banking Department also now furnishes weekly Tot. Feb.20 8,347,0 12,748,7 94,819,2 6,425.7 9,479,7 13,024,7 5,839,7 113311,5 94,913,2 6,319,7 9,263,2 ;4,7982 6,281,6 114722,3 returns of the State banks and trust companies under its Tot Fe 13 8,347,0 12,838,0 These returns cover all the institutions of this class charge. New York City,Boston and Philadelphia Banks.-Below is State, but the figures are compiled so as to in the whole a summary of the weekly totals of the Clearing-House banks of between the results for New York City (Greater distinguish New York City, Boston and Philadelphia. The New York York) and those for the rest of the State. Further- New figures do not include results for non-member banks. more, in the case of this city, besides reporting the results for the State banks and for the trust companies,separate figures We omit two ciphers in all these figures. Capital are presented to indicate the totals for the State banks and Banks. and Loans. Specie. Legate. Deposits. a Circle- Clearings. trust companies in the Greater New York not in the Clearing Surplus. House. In the following we give all the different sets of New York $ Jan. 30.. 291,797,7 1341,960,6 301,202,2 82,200,2 1422,820,1 49,441,5 1,865,013,2 figures, indicating by plus(+) or minus(-) sign the changes Feb 6._ 291,797,7 1343,667,4 280,402,0 80,641,9 1402,828,4 49,201,3 1,968,479,5 Feb. 13__ 291,797,7 1326,315,4 273,893,1 80,208,1 1378,413,6 48,932,3 1,468,344,7 from the previous week. To make the statement as com- Feb. 20_ 204,608,0 1319,330,1 275,685,8 81,304.0 1373,778,9 48,770.0 1,751,044,3 Feb. 27.. 294,608,0 1316,190,4 275,602,1 80,524,8 1368,987,7 48,591,5 1,699,836.7 prehensive as possible, we start with the totals of the Clearing Boston, in the above, giving both the Feb. 6__ 41,790,0 210,837,0 26,894,0 3,927,0 262,347,0 9,451,0 180,065,0 House banks as contained Feb 13._ 41,790,0 212,684,0 26,578,0 3,865,0 254,693,0 9,429,0 144,345,2 averages for the week and the actual figures at the end of Feb 20._ 41,790,0 213,010,0 25,670,0 3,840,0 258,955,0 9,388,0 158,070,5 Feb. 27_ 41,790,0 212,632,0 22,743,0 4,373,0 253,066,0 8,199,0 139,318,1 the week. Phila. 79,988,0 305,190,0 15,252,0 138,842,9 AND TRUST Feb. 6.. 54,390,0 252,976.0 NEW YORK CITY BANKS COMPANIES. Feb. 13_ 54,390,0 257,984.0 75,537,0 304,637,0 15,354,0 99,647,4 Week ending Feb. 27 1909. Feb. 20__ 54,390,0, al,7 .0 78,841,0 311,947.0 15,435,0 132,557,7 110,904,9 Loans and Reserve on P.C. Feb. 27.. 54,390,01 258,389,0 74,989,0 306,132,0 15,457,0 00s omitted. Investments. Specie. Leads. Deposits. Deposits. of Re- item serve. a Including Government deposits, and for Boston and PI:113400 a the ”due to other banks." At New York Government deposits amounted to $2,- Clearing-lIouse Feb. 27 Banks-Actual 1,311,950,4 273,294,7 80,601,9 1,362,203,0 353,896,6 26.01 594,700 on Feb. 27, against $2,909,200 on Feb. 20; at Boston to $772,000 on -5,360,7 -3,610,9 -1,356,9 -10,663,1 -4,967,8 and $890,000 on Feb. 20. Clearing-House Banks-Aver._1,316,190,4 275,602,1 80,524,8 1,368,987,7 356,126,9 26.05 -3,139,7 -83,7 -7,792 -4,791,2 -862,9 State Banks- Average 296,382,5 48,490,6 27,160,2 344,327,4 94,550,4 28.0 Aanking and Financial. -386,5 +2,086,8 +260,5 +2,079,0 +2,190,3 Trust Companies- Average 993,991,8 127,051,5 11,881,2 1,104,490,9 146,870,5 17.8 -17,215,1 -1,046,5 -155,5 -15,577,0 -934,7 We shall be pleased to furnish to Institutions and InvestOrs copies State Banks and of our special .circular describing Trust Co's -not 43 RAILROAD BONDS In Clear.-House1,087,038,3 133,474,4 21,108,9 1,216,013,9 177,982,6 19.1 Listed upon the New York Stock Exchange -17,736,7 -987,8 -272,7 -16,023,7 -902,5 STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK. Spencer Trask & Co. Week ending Feb. 27 1908. PINE NEW YORK % of WILLIAM AND STS., - Loans. Deposits. Reserve, Res Branch offices: Chicago, III., and Albany, N. Y State banks $80,707,700 886,744,800 $19,239,600 22.9 +282,100 +544,200 -406,700 Trust companies 126,445,300 135,866,000 21,041,300 16.0 +133,500 -116.000 -444,600 -- MOFFAT & WHITE + Increase over last week. - Decrease from last week. a Includes bank notes. b After eliminating the Item "Due from reserve deposl. Members New York Stock Exchange. and trust companies in New York City." deposits tortes and other banks amount to NASSAU STREET. HANOVER BANK BUILDING. $1,042,467,500, a decrease of 826,522,400 from last week's figures. 5 Note.-In the case of the Clearing-House banks, the deposits are "net" both for DEALERS IN INVESTMENT SECURITIES. and the actual figures; in all other cases "gross" deposits are shown. the average Only. The Clearing-House actual figures Included United States deposits amounting to Commission Orders Executed for Cash

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 608 THE CHRONICLE [VOL. Lxxxvin.

$1 per $1,000 discount. Chicago, 15c. per $1,000 premium. kian1tiers7 (bazett. St. Louis, 35c. per $1,000 premium. San Francisco, par. State and Railroad Bonds.—Sales of at the Wall Street, Friday Night, State bonds March 5 1909. Board are limited to $10,000 Virginia 6s deferred trust re- The Money Market and Financial Situation.—So little has ceipts at 38. occurred this week affecting the security markets that the The market for railway and industrial bonds has been latter have been dull, narrow and generally uninteresting. moderately active and generally steady throughout the week. During the early part of the week there was smite progress A few issues have been somewhat conspicuous, but the list towards the level of prices which prevailed before the recent as a whole shows few exceptional features. Among the sharp decline, but the movement., which had practically spent latter are Western Maryland 4s, which have advanced 1/:1 its force last week,soon subsided,and the market lapsed into points, and Central Leather 5s, which declined in sympathy' a state of inactivity Which seemed to represent little more with the shares. Other changes in the active list are frac- than the professional operations of a few room traders. tional and unimportant. The inauguration of President Taft was an event which United States Bonds.—No sales of absorbed considerable interest in Wall Street, but Government bonds nothing have been reported at the Board this week. The following in the message was unexpected, and it therefore had little effect in financial circles. Tariff are the daily closing quotations; for yearly range see third revision and the labor situa- page following. tion, especially that in the coal rgeions, are matters which are likely to receive considerable attention from now on until Interest Feb. Mch. Mch. Mch. Mch. Nth. both are settled, and in the mean time business in various Periods 27 2 3 4 5 departments will doubtless be more or less restricted. 2s, 1930 registered Q—Jan *101 *101 *191 *101 *101 *101 Money market conditions at. this centre are reflected in 23, 1930 coupon 0--Jan *101% *10134 *19134 *10134 *10134 *1013 the subscriptions received for $10,000,000 3s, 1908-18 registered Q—Feb *100y, *10034 *10034 *10034 *10334 *10034 Argentina bonds 3s, 1908-18 coupon Q—Feb *101 *101 *101 *101 *101 *101 and a similar amount offered by New York City. For the 3s, 1908-18_ _ _ _small coupon Q.—Feb *100 *100 *100 *100 *1C0 *100 latter, bids for more than five times the amount of the 4s, 1925 registered Q—Feb *110 *119 *119 *119 *119 *119 issue 4s, 1925 coupon Q—Feb *120 *120 *120 *120 *113 *120 were received by the Comptroller, and the Argentina • of- 2s, 1936_Panama Canal regis Q—Fel) *100% *10034 *10034 *1001 *1003.4 *100'1 fering was largely over-subscribed. No gold has been shipped 25, 1938_Panaina Canal regis Q—Nov *100% *10034 *10034 *10034 *10034 *10034 from this port during the week. *This is the price bid at the board; no sale was The open market rates for call loans at the Stock morning made. Exchange Railroad and Miscellaneous Stocks.—Following the ac- during the week on stock and bond collaterals have ranged from 134% to To-day's rates on call tivity and partial recovery noted last week, the stock market 2V2%. were 14%@,3 been of 2%. Commercial paper quoted at 3%@33% for has irregular and the volume business largely re- 60 :to 90 duced. In most cases fluctuations have been narrow, how- . day endorsements, 3%@4% for prime 4 to 6 months' single names. ever, and net changes unimportant. The transactions dimin- ished day by day until they aggregated only 440,000 shares, The Bank of England weekly statement on Thursday showed an increase in bullion of £333,649 and the as against a maximum of 1,561,000 last week. percentage Among the of reserve to liabilities was 48.83, against 48.08 last exceptional features has been Wisconsin Cen- week. tral, which advanced 13% points on its closer The rate of discount remains unchanged at 3%, as alliance with fixed Canadian Pacific. Under the same influence Wisconsin Jan. 14. The Bank of France shows a decrease of 17,050,000 francs gold and an increase of 75,000 francs silver. Central preferred has advanced about 20 points within a few weeks. Reading recovered still further from YORK CITY CLEARING-HOUSE its recent NEW BANKS. sharp decline, and Atchison sold up to 104, its highest price since February 1907. 1909. loos. 1907. Averages for Differences Averages for Averages for The iron, steel and copper stocks have been irregular on week ending from week ending week ending the peculiar conditions prevailing in the metal Feb. 27. previous week. Feb. 29. Mch, trades. United 2. States Leather preferred advanced 8 points on the announce- 8 lb $ 8 ment of a judicial decision regarded as favorable to stock- Capital 126,350,000 124,350,000 126,150,000 Surplus 168,258,900 159,864,900 155,799,500 holders. On the same announcement Central Leather de- Loans nd discounts -- 1,316,190,400 Dec 3,139,700 1,161,057,700 1,079,185,600 clined. United States Steel common is 1 point higher than Circula ion 48,591,500 Dec. 178,500 64,133,600 52.787,200 13% Net dep°sits 1,368,987,700 Dec. 4,791,200 1,167,623,700 1,038,431,800 at the close last week and the preferred higher. U.S. d '1). (incl. above) 2,594,700 Dec. 314,500 55,350,100 14,352,900 For daily volume of business see page 618. Specie 275,602,100 Dec. 83,700 261,318,200 189,065,200 Legal tenders_— 80,524,800 Dec. 779,200 59,850,400 The following sales have occurred this \\ ;;A of shares not 74,401,400 represented in our detailed list on pages wli ch follow: Reserve held 356,126,900 Dec. 862,900 321,168,600 263,466,600 25% of leposits 342,246,925 Dec. 1,197,800 291,905,925 259,607,950 STOCKS. Sales Range for Week. Range since Jun. 1 — Surplas reserve 13,879,975 Inc. 334,900 29,262,675 Week ending Mch. 5. for 3,858,650 Week. Lowest. Highest. Lowest. Highest Surplus excl. U.S. dep 14,528,650 Inc. 256,275 43,100,200 7,446,875 Amer Teleg & Cable_ _ 123 75 Itch 4 70 Mch 3 75 Feb 73 Feb 445106M Meh 1 1901 Mch 3 106 Feb 1063% ---- Assoc Merchants, 1st pf_ Mch Nole.—The Clearing House now issues a statement weekly showing the Second preferred 100 10234 Mch 1 10234 'Itleh 1 101% Feb 104% Feb total 2 MO) 2 105 o the actual figures on Saturday morning. These figures, together with the returns Cent & South Amer TeL 10110 Mch 110 Jan 110 ch of separate banks, also the summary issued by the State Banking Chic Term Transfer, pre 200 1834 Mch 2 18% Itch 1 17% Jan 21) Jan Department Mch 2 28c. Mch 2 24e, Jan 30e, showing the condition of State banks and tnist companies not reporting to the Comstock Tunnel 100 28e. Jan Clearing House, appear on the preceding page. General Chemical 10 65 Mch 2 65 Mch 2 61 Jan 65 Feb Preferred 6010134 Mch 2101% Mch 2 08% Jan 102 Feb Foreign Exchange.—The market was strong this week, Homestake Mining 400 90 Mch 1 92% Mch 2 87 Jan 92% Feb Illinois Cent leased lines 2510034 Mch 4100% Mch 4 100U Mch 100% Mch closing at the highest of the week and year. It was in- New York Dock 50 3134 Mch 4 31% Mch 4 30 Feb 34 Feb fluenced by a demand to remit for securities that had been N YLIt NJ Telephone 80115 Mch 1 117 Mch 4 113 Jan 117 Itch People's 0 L & Coke rgts 4,963 14 Mch 1 % Mch 34 Feb 34 Feb sold abroad and to cover a speculatively created short inter- Quicksilver Mining 4,350 234 Mch 1 434 Mch 5 134 Jan 434 Jan est. Gold exports to Argentina, $250,000; these, however, Preferred 1,500 5 Itch 1 5% Itch 1 3y, Feb 634 Jan week. S Leather, pre( 1.390 121 Feb 27 128 Mch 1 117 Feb 128 Meh were effected on Saturday of last Vulain 100 634 Mch 5 6% Mch 5 6 eb 8% Jan To-day's (Friday's) notninal rates for sterling exchange Detinning were 4 86@4 86% for sixty-day and 4 89 for sight. To- Outside Market.—A higher range to values and an day's (Friday's) for sterling in- actual rates exchange were crease in the volume of business marked the week's opening 4 85S0@4 8590 for long, 4 8790@4 88 for short and 4 8825@ in "curb" securities, but after this the market reacted, price 4 8835 for cables. Commercial on banks 4 85500,4 8560 movetnents were irregular, with the tendency in the and documents for payment 4 84%04 main 85%. Cotton for downward, and trading relapsed into dulness. Boston Con- payment 4 849@4 85, cotton for acceptance 4 8550@4 8560 Copper from 115A advanced to and grain for 85%. solidated 1234, easing off payment 4 85@4 finally to 124.1 British Columbia improved from To clay's (Friday's) actual rates for Paris 6% to bankers' francs 73% but reacted to 73/s. Butte Coalition sold up from 22 to were 5 183d@5 18 % for long and 5 16 [email protected] 16% for short. back to 223%. Cumberland were 25 and dropped -Ely advanced Germany bankers' marks 94 13-16@94% for long and from 7% to 8 but weakened subsequently 95 3-16005 3-16 for short. Amsterdam to 7 15-16. bankers' guilders Greene-Cananea rose from 9 to 10%, sank to 93% and closed were 40.23040.25 for short. to Nevada Consolidated London 25 fr. -day at 9%. moved up from 1643 .Exchange at Paris on 243'c.; week's range to 17% and fell to 1734. United Copper 25 fr. and 25 fr. 23c. low. was active, the 244c. high common from 11%1 reaching 13%, 123% and The week's range for exchange rates follows: weakened to ends the week at 124.3 Giroux advanced from to 83%, Long Short-- cattes-- 79 Sterling. Actual— receded to 83%and closed to-day at 834. Goldfield Consoli- High 4 8580 04 8590 14 8790 @4 88 14 8825 04 8835 dated weakened from 8 3-16 to 7 0-16. Nipissing went Low 4 8520 O4 8525 14 8745 04 8750 14 8700 64 8795 941 and closed to Parts Bankers' Francs— down from 934 to -day at 934. There was High 5 18345 05 1834 15 1634d 05 1634 a broad market in bonds. Atlantic Coast Line new 4s Low 5 1834 05 1834 15 1734 @5 17345 first time at 97, transactions Germany Bankers' Mark4— sold for the while initial were High 94 13-16 094% 1 95 3-165 095 3-16 made in Southern Ry. new 4s from 78% to 79 and back to Low 94 9-16 00.1 11-16 1 95 1-16 09534 783%. Chic. Burl. & Quincy 45 traded in between Amsterdam Bankers' Guilders— were High 1 40 23 p40 25 100 3-16 and 10034 and at 10034 finally. Southern Pacific Low 1 40 21 @4023 4s from 97%3 reached 98, but sold down to 9734 and finally Less: 01-16 of 1%. 51-32 of 1%. ii 3-32 of 1% at 9734. Western Pacific 5s were off from 95 to 9534, Plus: k 1-16 ot 1%. x 1-32 01 1%. y 3-32 of 1%. but sold to-day at 9534. Transactions in the Argentine The following were the rates for domestic exchange on Government 5s, offered for subscription this week at 99, New York at the under-mentioned cities to-day: Savannah, were from 9934 to 99. American Tobacco gained 20 points buying, 50c. per $1,000 discount; selling, 75c. per 61,000 to 350 and were traded in to-day at 345. Standard Oil ad- premium. Charleston, selling, $1 per $1,000 premium. vanced from 642 to 6503%. New Orleans Bank, 75c. per $1,000 discount; commercial, Outside quotations will be found on page 618.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis New York Stock Exchange-Stock Record, Daily, Weekly and /early 1CCU N 1; MVO ()Ai;ES

flange tor Previous .c/ 0CAN-ti tthst AND Lyn, BST PHICE8 cues 0, STOCKS Hamm ,J1114.2 J,17: 1 1900 133 NEW YORK STOCK On Casts Of 100-353re tots Year (1908) 7'hursday Friday Week EXCHANGE Saturday Monday Tuesday Wednesday Highest teelf. 27 March 1 March 2 March 3 March 4 March 5 Shares Lowest lohese Lowest Raiiroa u s 34 79,750 A :eh Topeka & SantaFe 977g Jan 13 10438 Mch 2 66 Feb 10114 Deo 10214 10278 10238 10314 10253 104% 10338 10414 103 10414 102 10373 Dec 10218 10214 10214 10214 10214 102 102 102 1,605 rx. Do pre 10014 Jan 20 10214 Me), 1 8333Feb 104 10218 10214 10214 10214 14 5))71, 5912 Itch 1111: Dec 119 120 118 11913 118 113 11812 11812 11814 11f,1 1 118 118 1,800 Atlantic Cowt, Line RR_ Jan 14 12212 Feb 15 22.710 10312 Feb 23 11212 Jan 4 76t2 Feb 1173 Dec 10634 10712 10634 10818 10713 10814 10712 10778 10714 10618 1073/ 1071: paltimore & Oh:o 7373 nrct 02 Feb e 933.i Feb 16 8(1 Jan 94 Dec *9212 0312 *9212 931, *9212 9312 *9212 312 9312 49312 9312 166 Do 9312 49 117 9 7373 Men 3 3714 Feb Dec 7034 72 7112 7214 715; 7'35s 7212 7158 7332 7114 7212 120,825 Brooklyn Rapid Transit_ Jan 6334 pref_ 5414 Oct 0432 Men *___- 64 64 64 *____ 64 *---- 61 13uffalo & Susque, 18612 166 16773 13,825 anadlan Pacin- x165 Melt 3 17514 Jan 4 140 Feb 18018 Nov 17112 17214 x168 16878 16714 16712 165 166 16634 Nov *60 *62 65 *60 0434 *61 65 *61 6512 anada Southern 6014 Jan 11 68151.:4 JFaenb 152 54 Me(' 68 6434 *60 65 12 215 Feb 23 8 129 Dec *210 230 *210 225 *210 225 *212 230 *212 225 *212 225 Central of New Jersey 235 Jan IGO Feb 6334 6514 37,975 Chesapeake & Ohio 5558Jan 6 2512 Feb 591; Dec 65 6573 6478 6614 6514 66 6518 6534 0412 6E34 6878 Dec 61 111 6138 6112 60 *5813 6013 601) Chicago & Alton RR 5778 Feb 24 701.2Jan 7 10 Feb *58 63 *59 62 60 Feb ;A s Mel) 79 Dec *--- 75 *---- 75 75 _ 75 *__ 75 Do pref 71 7614 Jan .1 713 4,740 Chicago Great Western 6 Feb 2, 1112 Jan 2 318 Feb 1458 Nov 678 612 634 634 7 634 7 7 718 634 731? 6814 Au' *55 65 *55 65 Do 4% debentures_ 60 Jan 22 6113 Jan 20 _Melt *55 64 *55 64 *55 64 *55 65 30 25 13 Jan 4 )51, Feb t3 Dec 31 *30 31 *30 31 *30 31 *30 31 3012 200 Do 5% pref Jan :37 *3') 812 8.14 1,300 Do 4% met "B" 712 Jan 25 1418 Jan 2 Feb 1718 Nov *814 812 834 834 *813 9 9 918 812 812 15212 Dec 14212 144 14113 14212 29,399 Chicago Mllw & St Paul.. 141 Feb 2:1 15134 Jan 4 10312 Jan 143 14334 143 14412 14253 14:358 14234 14334 160 Feb 25 167 Jan 25 13$ Jan 16434 Deo *15912 16012 16114 162 161 16153 161 161 i160 160 *155 168 463 Do pref ...... Do ccon instailm't aft 14112 Feb 24 147 Jan 25 9812 Jan 14712 Dec *143 144 16114 Dec 12 162 Do pre( installm't ctt 1891. Feb 24 165 Jan 25 12553 Jan *159 17318 Feb 24 185 Jan 2 Jan 18512 Deo 177 177 ii;f2 177 171 177I 417t-112 11811; 17628 1-7-7- - 176 176 Chicago & North Western 135I2 Do °ref 4212 Feb 20 4,25 Jan 5 1185 Jan 224 Dec *210 215 *210 215 *210 215 *210 215 *210 215 *210 215 VA Dec 160 160 *1•60 160 Chic St P Minn & Omaha 155 Jan 25 156 Jan 5 119 Feb *150 160 *150 1613 *150 160 *150 *150 16613 Jan 30 109 Jan 25 14012 Jan 174 Deo *158 165 *158 165 *158 165 *158 163 *153 170 *153 170 Do pret *514 814 612 612 *514 612 Chic Un Trac stmpd 512Jan 13 7 Jan 4 53 Apr 718 Dec *514 *514 612 *5 *513 614 18 Dec 16 *1414 1513 200 Do pref etts strnpd- 1414 Feb 26 1814 Jan 27 4 Apr *1414 1573 1514 154, 1458 1453 *1414 1573 *1434 1e J'ne 7012 Dec 7712 *7512 78 *731. di 1,900 Cleve an Chic & St L_.._ 18 an 29 7912 Feb 4712 7512 713 76 7612 77 7314 7712 100 Jan 4 Feb 11 S518 Feb 972 Dec *101 *101 __ _ *101 -- *101 110 *161 110 *101 Dopre( 103 Colorado & Southern 5718 Jan 5 6814 Jan 8 21 Feb 59 Dec 6214 6214 63 6312 6314 6312 6312 6312 63 6312 63 .63-17t 79 Dec 82 8218 82 82 8112 82 1,808 Do 1st preferred 7612 Jan 2 8512 Jan 8 5I}; Jan 8114 8158 8134 8134 8112 32 2 3934 Feb 76 Dec 79 4 80 7912 7034 7033 7973 7812 7934 4,200 Do 2d preferred 7314 Jan 8412 Jan 7 78 7878 7853 781 16734 Feb 24 182 Jan 4 14112 Feb .t81331, Dec 172 17212 173 173 13 17313 17312 174 17434 174 174 17313 17313 1,600 rielaware & Hudson 100 /elaware Lack & West_ 535 Feb x550 Jan 4 420 Jan 875 Nov *540 550 647 54! *545 550 *130 545 *530 550 *545 550 401. Dec 4414 45 4418 4.134 4213 44 17.570 Denver & Rio Grande 3758 Jam' 487; Feb 6 1414 Feb 4273 4334 4312 4414 4414 45 791 Jan 6 80 Feb 10 ;i914 MC! 834 Dec 8538 80 8518 5638 86 861, 33614 8614 8534 86% 85 8514 3,746 Do pref *6058 64 140 Detroit United 56 Jan 30 6212 Feb 20 321. Apr 56 Nov *6012 6214 *6012 64 46134 6134 *61 62 62 52 :834 Nov 1612 1 17 1812 1,070 Duluth So Shore & Atlan 1514 Jan ti 21 Jan 16 6 - Feb 16 16 11313 1612 41634 163i *1612 18 16 2 1134 Feb Nov 3034 303.; *3034 :32 31 31 31 3314 1,730 _Do pref 28 Feb 23 3612 Jan 15 3334 *2812 30 2934 3034 2434 Mch 6 35413134 Jaann 22 12 Mel 36 Nov 2738 2773 2712 2314 27 28 2678 2733 2558 2634 2434 26 28,400 1.4`rie 4,100 Aj Do 1st pref 40 MO 5 2438 Mel] 5133 Deo 9212 4212 4134 4234 4112 421: 4112 415; 403.1 4114 40 4034 41 Dec 3314 31 31 900 Do 2d pref 31 Mch 13 40'2 Jan 4 16 Mch *3234 3314 33 33 *3214 33 33 3134 3134 Feb 14814 Dec 14134 141 1415s 141 14214 139% 141% 138/2 14038 20,204 Great Northern plot 1363; Feb 24 1748414 Jaan 274 11334 14014 141 140% Feb 23 4812 Jan 751; Nov 6053 671 6712 6914 6834 0914 6812 68:1 6814 6813 6712 6812 5,600 Iron Ore properties...._ 6514 Green Bay & W. deb ctfA 71 Mch 4 Nov 1712 Dec 14 14 Wir -141; ;512 1413 ;1312 1413 *1312 1413 ----- Do deb ctf B 14 Feb 26 17 Jan 4 8 Jan *3812 217 avana Electric 39 Feb 1 4012 Jan 11 20 Mel 40 Dec *37 3934 *37 3934 -igs 439 32) *3813 3912 3912 24 Dec *80 8412 3412 *84 *84 14 200 ILL Do pref 8318 Feb 5 8412 Meh 1 470 Jan *80 8412 8412 8412 8412 8514 85 4 62 10412 Dec *103 105 *103 108 *103 100 103 103 *100 106 *100 106 100 Hocking Valley tr rcta 103 Jan 108 Jan 12 Feb i)3 01 *87 100 Do pref 90 Feb 25 93 Jan 21 69 Mel) 93 Dec *91 03 *91 91 *87 03 03 *87 93 14934 Nov 140 141 14112 112 142 142 14134 142 14114 14112 11034 141 1,891 I Illnols Central 137 Feb 22 199 Jan 4 12212 Feb 1514 15,430 Lnterboro-Metropolltan_ 1312 Feb 24 19 Jan 5 (33 Jan '20 Deo 1453 117g 1478 1434 15% 1514 1553 1478 1518 1412 1478 4912 Dec 4133 4012 4134 4034 421.2 4131 43% 4153 43% 41% 4233 31,480 Do pref 34 Feb 24 4938 Jan 6 171s Feb 4018 Feb 24 18 10 Feb 3212 Dec 2833 2334 2831 29 2914 203!: 2918 2933 28 2914 28 2818 2.275 Iowa Central 27 3414 Jan Do prof 5412 Jan 4 6134 Jan 19 7712 Feb 67 Dec 53 63 59 59 5834 5834 5772 57743 5734 5818 5714 5712 1,440 7512 *72 76 *73 76 C Ft S & M tr cfs.pre! 7434 Feb 2 76 Feb b b7 Al's! Dec *74 77 *7412 7612 *74 77 *74 77 4233 Dec 4111 43 42 421: 4112 4334 4234 4673 95.437 Ivansas City Southern 37 Feb 23 4 '78 Hell 5 15 Feb 40 4034 4012 4114 6778 Feb 24 7434 •(; Feb 721; Dec 70 70% 7012 7112 7078 7212 7173 72% 71% 7314 72 7412 17.760 Do pref Jan *20 23 22 ake Erie & Western 1913 Feb 23 24 Jan 2 12 Jan '26 Dec *1918 2112 *1912 '2012 *1912 2212 420 23 *20 58 Dec 52.34 5234 *98 5234 *50 64 *40 53 *48 52 100 Li Do nref 98 . an 23 54 Feb 16 :4 May *48 53 59 Zan 4 6612 Jan 19 30 Feb 6633 Dec *53 04 61 61 13 61 63 *62 64 *61 64 *60 64 800 Long Island 12814 4 127% 34 9,400 Louisville & Nashville Z121 Jan 29 13 78 Feb 27 3714 Feb 12534 Dec 12938 13073 12912 13014 12953 12934 129 12012 1201 128 15434 Dec *145 148 *145 148 *145 148 jJ anhattan Elvated 145 Feb 25 15312Jan 4 120 Jan *146 14712 *145 148 *145 148 5 Feb 4412 Dec 25 25 23 23 ,,24 30 §25 25 *25 31 225 1*Letropolitan Street 25 Men i 42 Jan 15 Mexican Central 1413 Jan 51)),, Jan 2412 Dec ,V25" 21 -2013 21 -2(12 1612 2034 2034 - 2:5E15- Do Trust Co cert ts_ _ 191. Feb '23 25142..n 4 1412 Mt* *52 54 5213 5338 1,700 Minneapolis & St Louis- 5234 Mch 6 65 Jan 8 Mch 1.612 Dec 5414 5434 5434 5518 5513 5514 *53 65 90 Dec 82) *84 88 *84 88 100 Do pref 83 Mel' 2, 90 Jan 8 61 Feb *85 90 *85 90 *34 9,1 SI) Jan 135 Nov 140 14034 11012 14712 *1391, 141 141) 140 139 146 4,025 Minn St P & S S Marie,... 13212 Jan 2 14912 Jan 7914 139 14013 147, Feb 26 Jan 7 12313 Feb 15112 Dec 150 150 *145 152 14913 14912 *1471. 149 *143 15112 150 152 400 Dopoet 159 33 393,s 52,500 Mo Kansas & Texas 3512 Feb 23 9473 Jan 22 1712 Met, 4312 Dec 3312 30 39 40% 2953 4053 3914 3978 39 307s, 7512 Dec 73 73 73 7234 7234 73 73 1,000 Do pref 71 Feb 23 7614 Jan 21 46 Feb *72 73 73 7314 73 Feb 24 7338Feb 5 2812 Feb 6712 Dec 6712 68 6314 6873 6314 69 681, 59 6712 6834 6612 63 10,300 Missouri Pad tic 65 *122 130 IV ash Chatt & St Louis.. 12212 Jan 5 125 Jan 18 41734 Jan 122 Nov *122 130 *122 130 *122 130 *122 130 *122 130 126 Dec 12314 12413 123/3 12:334 12514 12212 125 12278 12334 30,81)0 Y Central & Hudson.. 12012 Feb 'A 13234 Jan 4 901; Jan 12213 1231: 12412 4 5712 Dec *49 51 *49 62 Att 52 449 52 *50 52 5012 5012 100 N Y Chic de St Louis 50 Jan 30 57 Jan '24)3 Jan Do 1st pref 100 Feb 20 100 Feb 20 90 Jan 105 .Nov *96 102 *95 102 *95 102 *05 102 *95 102 *95 102 Dec 82 81 78 *76 82 400 Do 2d poet 78 Meh 87 Feb 4 (10 Feb 85 *73 80 *72 *72 78 78 78 161 Nov 158 158 *153 1611 158 158 *15712 159 159 139 *158 16012 too NYNH& arttord 157/8 Feb 24 16334 Jan 8 12833 Jan 11,520 Ontario & Western.. 4214 Feb 24 4914 Jan 4 2918 Feb 4778 Dec 4414 4434 4412 4514 4434 4553 413., 4513 4412 4514 4312 4412 N Y 8614 Nov *8612 87 8634 871.2 86 8•!34 4,720 Norfolk & Western s414 Jan 9338 Jan 20 18 Feb *3, SS 8t3.1 8734 87 8712 3514 Meli 88 Deo 88 *85 88 *85 87 *85 86 *85 88 Do adjustment pref Jan 28 88 Jan 20 74 *85 13314 Feb 24 Jan 2 116 Jan 15734 Nov 704 fifig 13714 13312 13712 13514 13713 13778 13634 138 13553 13713 22,510 Northern Pacific 14314 Do subserlp rets 137 Feb 1 14234 Jan 2 103 Feb 145 Nov Coast Co 76 Mch 3 83 Jan 7 65 Sep 0312 Jan *78 W- *78 89 76 W - *76 -gY" *75 83 ---100 i)acIfic 00 100 *90 100 *90 101 *90 100 L Do 1st pref 90 May May *90 100 4,90 100 *90 79 lieh 97 Jan *78 88 *78 SS *78 8' *73 85 *78 35 *78 85 Do 243 pref 13018 12914 12833 12012 24,150 Pennsyivanla 12618 Feb •!3 135 Jan 4 10314 Jan 13214 Dec 128% 1293s 129 12973 .12934 13014 1293s 130 8812 Dec 8918 8013 *8914 91 8013 8912 *89 91 500 Plttsb Cin Chic & St L 8613 Jan 5 94 Feb 4 59 Jan 93 90 8953 8953 10813 28 8118 Mel) 102334 Nov *106 110 *106 110 *106 110 *106 110 *106 110 Do prof 104 Feb 10 Jan *106 110 118 Feb 23 Jan 4 9218 Feb 14314 Dec 11073 12314 12118 12612 12334 12578 12334 1253; 123 12514 12214 12378 503,713 1448 Iii"Vrpoet 90 Feb 24 93 Jan 5 78 Jan 92 Dec *8312 90 *8313 90 *8013 90 *88 0010 00 *88 90 69 Dec 0013 02 92 *90 92 *9112 93 300 2d 'wet 90 Feb 1 9312 Jan 5 76 Jan *88 94 *89 94 0018 1012 Feb 2514 Dec 2234 2314 2314 2358 2333 2333 2234 233; 2278 2:3 22 2213 11,475 Rock Island Company 2073 Feb 24 2638 Jan 8 6134 621s 6112 62 6034 6214 12,200 Do poet 5728 Feb 2.1 5514 Feb 2034 Feb 6258 Dec 6034 6158 6158 6234 6112 6234 16 42 J'ne 69 Dec *66 70 *65 60 *65 69 *65 69 *65 70 *66 69 St L & San Fr, 1st poet,.. 67 Jan 13 70 Feb 18 000 Do2d KO 36 Feb 23 42 Jan 2 1914 Feb 4214 Dec 3714 3712 *3734 39 3712 3712 *37 381* 33 3712 3712 Dec 2212 *2112 23 *21% 2234 2213 2212 400 St Louis Southwestern 2(113 Feb 25 24% Feb V) Men 24 2212 2212 22 2212 *2138 Feb 557;Dec 51 51 5114 52 *50 52 *50 52 *50 52 *50 52 500 Do pref 4712 Jan 6 5414 Jan 4 2412 11614 118 11614 11713 100,260 Southern Pacific Co 11453 Feb 24 12111 Jan 22 6614 Feb 12212 Dec 11634 11712 11713 11814 11738 11814 11678 1175; 1:.512 May *12014 121 12034 12114 12158 12134 *120 1217; 12112 1211. 121 122 2,235 Do pre) 11574 Feb 24 12312 Jan 27 10632Jan 22 2718 Jan 2 Jan 2714 Dec 2414 2434 241i 2458 2414 2412 2334 2413 2:33, 2418 2334 2413 12,600 Southern v tr Cl; strand. Feb 24 918 7,840 Do pref do 60 Jan 5 65 Feb 15 2512 Mch c31. Dec 62 6314 63 6314 6234 6312 63 6334 62/2 63 ti2 6212 371.i Dec 3114 3112 31% 3212 3134 321, 32 3213 3112 32 3133 3158 5,500 r rexas & Pacific 30 Feb 24 3734 Feb 6 1234 Feb 391k 3814 9,310 L bird Avenue (N Y)- - -3512 Feb 23 4212 Jan 18 1512 Meh 47 Aug 37 3834 3812 39 40 40 403t 3831 4038 3712 6:2 1512 Dec *1112 73 *1112 1312 1214 1213 13 13 1213 13 *1212 1412 400 Toledo Railways & Light 11 Jan 14 1538 Jan 2 Oct St L & Western 43 Feb 20 5314 Jan 14 12 Feb 511 Dec 4414 4512 45 4534 4434 40 45 4538 4513 4618 45 451, 5.500 Toledo Dec 3 68 4,700 Do lard 6434 Feb 24 7414 Jan 4 .13 Feb 7312 6714 03 63 6814 it77 6878 6812 6312 13 6878 6734 6812 983s Dec 1061, 10678 *105 10078 *10512 10612 10512 10513 610 Twin City Rapid Transit.. 97 Jan 2 107 Feb 15 7814 Feb 10534 10534 107 *105 24 11012 Mel‘ )8478 Nov 17633 17712 r17434 1.767s 17478 17612 17518 17614 174 17638 17312 175% 336,716 inlon Pacific 17212 Feb 18418 Jan 2 v./ Do pref 294 Mch 1 97 Jan ts 914 Apr 98 Noy 0533 96 xO4 94 9478 9473 9473 0475 95 95 9514 9514 2,750 40 Dec 35 *30 .35 35 Unit Rys Inv't of San Fr 30 Feb 25 37 Jan 4 15 Jan *3014 33 *30 *30 36 *31 35 *30 2712 Jan 5912 Deo 6013 5012 *4712 53 51 51 5014 52 *5013 52 *5113 63 600 Do pre 1014 Feb 26 55 Ja:-. 7 18 1734 17 3,813 abash 15 Feb 23 4934 Jan 2 034 Mel; 2668 Dec 1718 1738 1738 171s 173,3 1712 1712 17 1714 13 Mel, 5234 Dec 4414 4578 45 4534 45 4512 44% 45% 43 441, 12,615 W Do pref 91 Feb 23 62 Jan 44 4434 J.31 30 2578 Feb I Mel, 24 Dec 21 21 21 '21.1 *20 21 2034 22% 2018 22 2014 2114 17.000 Western Maryland 1934 BANKS AN D TRUST COMPAN I ES-BROKERS' QUOTATIONS

c b la 45k Bid Ask Banks LW Ask Bank- Iltd Ask Banks Bid Ask Banks Bid Ask Hank Banks _ 619 525 11 Avol.4000 _-. Irvine N Ex 183 18.5 Mutual 11___ '290 319 Plaza II__ ChaseaEx 190 200 Fifth ...... Prod Each 1 16212 NOW 'nee Chemical _ _ 4221., 130 Fifth 300 350 Jefferson 11 . 18212 ____ Nassau 11_ 205 780 ..... Liberty...... 525 .550 New Neth'd -- 205 Reserve... __ 130 Aetna 16.5 175 Citizens' Cti 155 - 165 First 380 City 53)1 _ 14th -- 150 180 Lincoln ___ 420 435 NewYorkCo 750 ---- Sea.boaro __ 365 America 11_ _ 575 590 St 11 Second..___ 350 ...... Amer Exch. 260 260 Coal & Iron 245 250 Fourth...... 211 217 Manhattan11 320 330 New York.. 325 33212 Colonial 5300 - 355 385 Maric't&Ful 260 267 N'ht &Day,: 200 215 Sherman_ 135 -- Hattety Pk. 130 -_. 11-. CallatIn 11____ 250 320 336 Columbia 11.. 376 425 Garlield - __. 290 Mechanics'_ 1263 ___ 19th Ward 1: 465 475 State Bowery i _ _ 12th Ward 1 150 175 BronxBoro1 300 ..... Commerc, - 11861. 5188 Germ Am 'I! 1413 __ Mercantile _ _ 1921. Northern ... --- 150 450 ___ Nferch Exch 163 170" Pacific li___ 230 245 2343 Ward 1 100 ---- Bryant Pk 1 155 186 copper...... '230 - 235 Germ'n ExT 190 100 & Corn Ex 11 330 ...... Germania 11 523 ___ Merchants'. 160 164 Park 475 985 Union Exc.', Butch D. 140 150 'lasts 11't,' 23)_- Century 11 170 175 East River_ 125 135 Greenwich 1; 265 280 Metropolis 1, 375 _- People's T._ 280 295 ___ ‘tetropornl, 175 ____ Phenix 170 177 .1iest Side' FM.% -- Phase 300 __ Fidelity 11 163 175 Hanover _ 640 ,, 42 & Toad 555 560 Mt Morris11_ 250 270 itnrkvtit *Witham - 300 310 Imp ' Bid anti asked Igloos; no sails Were tna.le on thla day. 2h:x.rilnit.3. 5 thin 100 514v-es. Ilatats: a 14.%-utviacuu anu • Sala at Stock Exchange or at auction 1333 Ft •rt tltitnent tin d. N Sold rit In vat; sit oh.; nr!22.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 610 Dew 'York Stock Record-Concluded--Page 2 Lxxxvin.

STD( A .,-111(.;H BST AND LOIVBST SALE PR1CB8 ales r), STOCKS ban') 100 amaa. 701 1-7eviou3 - do NEW YORK sTcolr. 9a213 ol 100-sharc kts Foam OJOS) Saturday Monday 2'uc3day 1Valn csdya 2'h1t3'sda7, Frida'1 IV eelc EXCHANGE Feb. 27 March 1 March 2 March 3 March 4 March 5 Shard. LOWSSI Honest Lowest ettohest *9 10 9..2 912 10 10 *9 10 912 912 *9 10 300 Wheeling & Lake Erie__ 813 Feb 6 12/g ja:1 4 213 Mel 1:1 Dec 21 2112 22 23 23 23 2112 2238 *21 2212 *21 22 1,110 Do 1st pref 30 *10 13 11 12 1173 12 Feb 21 1573 Jan 8 1218 Apr ',al Dec 1112 1112 *10 12 *11 12 1,400 Do 2d KO 161s Feb 2,3 43 4-34 4613 4934 4333 5112 4834 5114 483 1518 Jan 5 Feb 15.34 Nov 3 5012 4834 5013 67.525 Iscons1n asentrat ;:578 Jan 6 5113 Arch 2 8614 813 x8a18 88 8734 8914 8712 8878 8614 8814 87 88 29,930 1312 Feb 3.814 Dec Do pref (3912 Jan 13 23314 Mch 2 33 Feb Dec Inaustrial&Miscenaneous /213 *191 200 I*100 200 *190 200 *290 200 *190 200 *190 200 A darns Express 190 Jan 20 191 *13 1312 1313 1372 514 14 *1312 14 *12 1312 Feb 53 164 Jan 5200 Air-r *1312 14 250 aillls-Chalmers 1234 Feb'24 1558 Jan 27 41 41 42 44 44 45 *4312 45 *4312 45 431 5 Al eh 16;; Dec 6814 3 4312 1,800 Do pref 38 Feb 24 50 Jan 2 12 Arch 5234 6714 6834 7112 7014 7158 6953 7012 6718 7033 6653 6873 309,550 Amalgamated Copper__ Dec *35 _ 65 Feb 26 1424 Jan 2 4518 Feb 8338 Nov 7s 304 36 3612 3612 3812 *36 37 3614 3614 3612 3613 500 Amer Agricultural Chem_ 331. Jan 5 *90 9975 *90 100 *97 100 *97 100 9078 Jan 23 13 Jan 16 Nov *98 100 *97 100 Do pret 9512 Jan 13 31 Feb 2 2314 2373 24 2.133 24 2438 24 2412 24 24 7812 Jan 90 Nov 4,83 87 *83 24 2414 1,910 American Beet Sugar 2014 Jan 13 261. Jan 25 86 *8312 87 *83 87 *84 88 *84 56 012 Feb 5472 Apr 8 8 Do pre 82 Jan 7 3672- Feb 11 65 Jan 8134 Dec 81.1 314 814 814 814 814 813 812 813 813 American Can 712 Feb 73 7338 7373 7414 7478 I,52 ,9 23 Ps Feb 2 4 Feb 3014 Nov 7512 76 7558 74 75 74 74 3,700 Do met 71 Feb 33 77 4714 4818 4734 4878 4814 5012 4918 4973 4318 1.1 Feb 2 44 Jan 7.172 Nov 4912 4734 4914 24,250 American Car & Foundry 4414 Feb 24 5112 Feb 15 *109 11014 11013 11013 111112 11012 110 110 */10 11012 11012 7512 Feb 5034 Dec 4 52 11012 500 Do pre! 10712 Feb 23 11158 Feb 3 8414 Dec 5234 531 34 53/2 1213 6312 5212 53 5234 53 52 5234 9,000 American Cotton 011 Itich 109 *98 10313 *98 10313 *93 10312 4218 Jan 5 66 jan 25 2434 Feb 4434 Nov *98 10313 *98 103 110312 10313 50 Do pret 93 *200 208 *200 208 *200 208 *200 Jan 7 10312 Feb 19 480 Jan 07 Nov *612 203 *200 203 §205 295 20 American Express 5205 Feb 5 210 7 *812 7 *012 7 *812 - *612 71i *612 7 Jan 8 170 Feb 5224 May American Hide & Leather 614 Feb 25 81 Jan 21 234 Feb 812 3714 38 3712 33 38 3814 *3713 3312 37 37 17 371. Do pref Dec 2318 2338 2312 2613 21 2,025 34 Feb 24 4258Jan 23 1212 Mch :2732 Dec 2578 25 2534 26 2718 2634 28 - 18,320 American Ice Securities_ 1878 Jan 6 28 1234 1314 1312 14 *13 1413 *13 1412 *13 arch b 121; Feb 3172 Aug *29 1412 *11 14 600 American Linseed Feb 26 16 Jan 25 6 32 *29 33 *20 33 *28 33 *29 34 29 Mell (71., Dec 5012 5112 21.1 200 Do twee iii Jan 12 3518 Feb 5 17 Areii 2612 5134 53 5213 5278 5214 5212 5218 6238 61 5214- American Locomotive 49 Feb Dee *110 111 11078 11073 *110 112 5,510 73 531.1 Jan 7 1138 Feb 6022 Aug 112 112 *112 113 11134 112 600 Do pref 10014 Feb 24 114 *7 8 734 3 *734 8 Jan 2 3612Jan 113 Dec 734 734 *713 3 712 112 900 American Malt Corp 7 Jan 7 918 Feb 3 47 47 4714 49 *43 49 *47 49 *47 : aie0 sZ4 Sep 49 *17 49 700 Do pret 2 Jan 7 5238 Feb 3 21- Jan 5;18 *82 8334 82 8324 84 84 8312 8312 8312 8312 Sep 84 34 1,150 Amer Smelters Sec pret B )4) Jan 4 5658 Feb 15 71) Jan 5413 Aug 803s 8134 8034 8114 8278 8412 8234 8353 E034 8332 31 8224 103,210 AmerSmelt'ng Relining 7734 Feb 24 102 10212 10234 103 103 dc 8933 Jan s 5512 Feb 107 Aug 10314 10312 10312 10314 10353 10318 10318 2,010 Do prof 101 Jan 2 10613 Feb 11 *200-2 *200 *200 _ *200 250 - 8724 Feb 11033 Aug *200 250 *200 American Snuff 180 Aug ',00 *90 -97 05 -95 *90 17 *90 07 *90 97 ------Apr *35 • 597 35'6 Do ore 95 .••eli 1 597 Feb 11 80 Meh 3712 Sep 3512 *35 3512 3512 3512 *35 30 36 36 *35 36 Amer Steel Found 3478 Feb 2_ -___ 450 (new)- 21 39 Jan 4 28 Sep 41 Nov Do old pret 2613 Feb 4712 Dec ii938 1- 334 x128 129 12873 129 129 12312 129 120 12834 *128 129 2,110 American Sugar Refining 12638 Feb 24 1:2 Jan 22 9834 Jan 13/34 Aug 130 2123 128 *127 128 *129 130 *129 130 *328 1:10 pref 12838 12812 12814 12838 100 Do x128 Mch 1 12978 Feb 105 Feb 131 Nov 12812 12834 12833 12834 12818 12833 12814 12612 6,915 American Teleph & Telea 125 Feb 1 12034 *91 0158 91 91 Feb 16 101 Jan 13258 Nov 12 91 0114 9114 9138 *9112 92 *9113 3218 1,000 American Tobac (new).1) 9012 Feb 6 '34 *2714 2S 2753 23 *2734 2834 28 Jan 4 7212 Jan 9712 J'IY 2812 2838 2873 2333 2838 1,600 Amer:can Woolen 51 Feb 4 31 Jan 7 1512 323$ Dec 9614 9614 *9534 0614 0614 9614 9612 9612 9012 Feb 9634 *0578 97 1,200 Do prof 9314 Jan 0 9714 Feb 17 7614 Feb 97 Nov 3958 4012 4078 4214 4134 4214 4178 4212 4012 42 3924 4112 dAnacondaCopper Par$22 3 3 3 17,910,910 .13734 Feb 26 $.50z3 Jan 2 $2712 Feb $5312 Nov 318 313 313 *3 318 3 3 *278 3 700 dBatopllasMinarg Par220 $273 Jan 29 *22 23 *2212 23 22 2218 22 2214 $:11; Jan 4 1112Jan 55 Mch *20 2234 *20 2234 500 Pethiebem Steel 203 Feb 23 2014 Jan 25 2714 *47 50 44912 4912*-- 5112 *___ 53 49 49 .i 12 Jan Nov *____ 52 125 LI no pret 47 Feb 24 14 Jan 8 35 Apr 57 Nov 012212 125 *12212 125 125 125 *1231-2 126 *120 327 *120 130 Brooklyn Union Gas_ *1212 14 *13 1412 *13 100 118 .:ac 28 110 .fan 1. r85 Feb 15214 Nov 14112 *1318 1412 *1318 412 *1313 1912 Brunswick Dock &C Imp 13 .,an 13 2912 2912 *27 31 _, ... *29 11313 Jail 2 6 Jan 17 Nov 31 530 30 31 31 260 Butterick Co. 2378 Jan 3 :1313 Feb 4 2912 2978 28 30 2613 -2/7-s 2734 2834 2734 2313 28 510 Feb 125 Jan 14 2814 25,300 f •entral Leather 2512 Mch 2 33 Jan 4 1512 Feb 32 Dec 103 10312 103 104 100 101 102 102 102 102 102 102 2,095 area 3178 3213 32 1011 Mell 2 104 Mch 1 7524 Jan 102 Dec 14 34 33 34 3273 3358 31 13 31138 1233 17,750 Colorado Fuel do Iron..__ _ 23 Feb 2418 2412 24 2458 2412 2434 251 2:3 2113J50 7 1553 Feb 42 Dec 4 2778 2738 2314 27.1 2814 13,215 Col & Hock Coal & Iron_ 2133 Feb113 3814 12812 12712 12612 12714 12,234 12713 12013 127 12613 1231: 12673- Arch 4 1434 Arch 2712 Dec 128 12,500 Consolidated Gas (N YL 11412 Feb 4 10514 Jan 4 96 167 Dec 1734 1778 1734 1818 *1734 18 1734 18 *17a1 IS 1734 Refining_ Jan 1734 2,750 (Sum Products 1612 Feb 24 2012.1511 27 1034 Feb 2012 Allg *7312 7512 7412 '7434 75 75 7414 7414 74 7414 *74 Do 75 950 pret /314 Feb 24 7678 Feb 10 50 Jan NO Aug *45 49 - ___ *45 49 ___ __a *45 49 *15 49 3418 45 .faa 5 4,12 Feb 23 4713 Oct 4S14 Oct 3413 33 -3512 3513 3538 3512 -355s 3512 3614 3514 3514 4,300 .:Jexa')''tDistillers' Securities Corp 2.11. 02_2., 70 *__., 65 55 *5(3 Feb 23 0:13 151) 21 3714 Feb 3334 Dee 56 70 *51) 70 *55 70 200 Federal Mining & Smelt' 15 arch 2 /114 Jan *7638 83 *7638 83 *76 83 *7623 S3 *74 83 28 7212 Noy 94 Aug *74 83 Do pref 10 Feb 24 14 Jan 15 53 Feb 89 Nov Federal Sugar Ref or N 65 J'Iv 6612 J Ale :...... 7=- 7 ---: ;83- ;;:: ;§g------'- - -.:-; .:;:;: z;r 22,7: 100 Jan 35 590 Jan Jay ibui4 ilf 155 155 15434 15212 155 17)12 to.2 ioo x152 - -_ 25 7312Feb 100 15213 2-.000 General Electric 15013 Feb23 158 Jan 4 111 Jan 16234 Dec *91 95 94 94 *94 93 *91 06 *91 96 *90 35 100 GrIa)nob37Cons.et M S & P.. _ 6513 _ 34 Mch 1 110 Jan 4 7834 Jan 10313 Jay 66 6612 67 6712 6712 68 68 63 63 68112 6513 1,400 I nt Harvester stir tr 62 Jan 30 6813 07% 111 111 111 11214 112 112 *111 112 Mch 5 52 J'ne Nov 11173 112 11133135 3,000 Do pref stk tr _ 10914 Jan 10 113.12 Feb 11 99 Jaw 11014 Nov *712 778 *712 8 *712 8 712 712 712 712 *712 8 110 lot Mer Marine stketts.- tr ctts 23 2312 2234 2334 2 Feb 22 9 .Jun. 5 11 Oct (3 May *2234 2414 2273 2278 *22 2312 22 2317 2,000 Do pref 2673 Dec *1012 1112 11 11 11 11 *30 1034 1018 21 Feb 53 2734 Jan 2 16 Feb *10 *10 1012 700 I nternatonal Paper 10 Feb 25 1333 Jan 4 8 Apr 1314 Nov 5134 53 52 52 5218 5214 52 5212 5012 5512 5012 552. 1,310 *34 36 5014 Feb 25 46371 Jan 4 47 Oct 9.5 Jan 34 3513 37 *35 37 *35 37 *3512 2612 3418 .1..1 1,400 InternalnatPref Steam Pump,.... 3:112 Feb 25 Jail 2 13 2978 Dec 83 8334 a33 84 8414 8114 *83 85 58414 841,1 42(3 Jan 8213 333.1 714 Do pret 86:2:0114 JJFa anebb 30)i 8334 Jan 4 65 Jan 5414 Deo *72 15 *72 76 *72 75 *72 73 7213 7212 *7212 7312 200 Mackay Companies 70 Jan 21 76 .1an *70 71 *7038 $7114 *711 7114 135 4 52 Feb 78 Nov 7033 7022 *703s 7114 1114 7114 8 Do 72 Feb 11 6978 Feb 7134 Nov 100 102 102 102 102 102 *10114 102 5101 102 *100 102 SOO Vatiortrnaelf Biscuit 37 Dec ,1118 120 120 9612, Jan 2 1082s jan 16 (24 Jan 120 *11613 120 *156.2 11378 *116.1 120 *11613 120 209 Do wet Feb 15 102 Jan 15013 Deo 1273 1278 *1234 13 127.3. 1278 11512Jan 11 xI21 12 *1278 1378 *1273 1378 *1278 1358 300 Nat Enamel`g & Statniag 12% Feb 24 1514 Jan 27 71. Feb 1514 Dec *81 83 *81 83 *81. 83 *82 84 584 84 *82 .84 34 Do pref x8214 Dec 7313 7413 7414 7614 7618 82 Jan 5 85 :Lan 21 5210 - Feb 75 70 7514 73 75 7413 7514 11.050 National Lead 53 36 Feb 92 Aug 107 *105 7114 23 /1.12 Jan 0104 108 *105 108 *105 103 *103 103 *106 108 Feb 2 8712 Jan 10614 Nov 458 458 413 452 412 412 1053 Jan 4 111914 4 412 4 414 338 418 11,092 NeDw0lionurset All & S_Paral,) $358 Jan 2 $438 (let 8918 Jan *82 86 83 83 *83 88 85 85 *8312 85 8312 8312 300 Mch 5 VI *79 New York Air Brake 829,/13 Feb 2234 92 Jan 8 50 Jan 98 Nov 80 7934 8112 8014 8158 80 8112 8012 8073 *80 81 6,600 North American 3012 Co, new 72 Jan 13 8:,,,4131.;2 Jaaan 2171 4218 Aleh 78 Nov 32 33 3213 3253 33 3414 30 3134 31 *3014 3112 5.110 24 Apr 4014 Dec 011012 no34 not nys no34 ini2 noi2 no34 no 11012 10034 11038 6,440"11- CtoCinplee'sMCallL & (Chic) 10112 Jan 13 114 Feb 15 80 Jan 10612 Dec *10 12 *1012 12 *10 12 *1012 12 *1012 12 *10 12 Pittsburgh Coal Co ra 107 813 Melt 34% Deo *4012 45 *4012 43 *40 45 41 Feb 25 41:7313 4118 *41 45 *40 45 200 Do pret 40 Feb 25 Jan 3612 Feb 50 Deo 3334 3334 8414 35 3434 37 3814 37 2512 3634 3413 3512 4,205 Pressed Steel Car 22 3714 Feb 45 Deo *96 *95 97 *96 98 3012 Feb 23 4314 Jan 97 98 98 *93 100 *96 99 280 Do pret 96 Feb 26 103 Feb 2 Jan 10214 Dec mi6g 172 *169 172 *169 17114 *169 17112 *169 171 *168 171 Pullman Company 4314 169 .Tan 30 172 Jan 19 147 Jan 174 Nov *41 4312 *41 4313 43 4134 42 41 4112 3934 41 1,300 Eta I zoa ypa retr1 Spring _ _ 4834 Jan 2 2334 Feb 4314 Dee *99 101 *99 10112 *90 10112 *99 10112 100 3912 Feb 24 10012 *99 10112 200 9i78 Feb 24 103 Jan 9 75 Jan 103 Dec 1918 20 9013 '2034 2033 2012 2014 2014 2,) 2014 18 1034 5,300 Republic Iron 6: Steel Jan 8 L31,434 JFeb 29 7438 1658 Feb 23 2612 Nov 72 73 7412 7134 7412 7108 7312 7212 73 71 72 2,035 Do pref. 8814 Jan 32 t3:3 J'ne 6913 Nov 72 7131 7273 *72 73 6718 Feb24 72 7134 7213 7013 71 7112 7112 1,800 lossI0)-13herneld Steel 63 Ir (38 Feb 23 8118 Feb 9 8134 Nov 010714 10914 *10714 10914 *10714 109 5110 110 *1071. ___ *10714 109 07 pret 8712 Jail 3718 10733 Feb 20 10973 Jan 27 11014 Deo 3712 3712 38 12 38 3712 3338 373-4 -3818 3734 375s 4,410 fen nesseeCopper Par$25 $3434 Feb 20 $49 Jan 4 $2513 Feb $6214 Nov *7978 81 *7978 8012 *78 81 *78 81 *30 81 *80 81 100 Texas Pactile Land Trust 8912 Feb 23 8518 Jan 19 45 Feb 5912 Dec 1038 1012 10 10 *934 1012 *912 10 *913 10 *913 10 5352 & *6212 500 nkm Paper 014 Feb 24 1112 Jan 12 .1 Feb 1112, Nov 68 68 08 6814 6314 169 69 *68 ag *08 60 285 U Do pret 6034Jan 22 4478 Jan *25 2534 60 Jan 8 6634 Nov *2314 2334 2534 2534 2014 2614 *251 _ _ 26 2613 1525 US Cast 1 Pipe & Foundr 2438 Feb 24 3034 Jan 9 1712 Feb 3078 Dec *70 73 *66 73 70 70 069 12 *674-73 *66 73 Do pret *80 200 70 Arch 2 ,,751 Jaili 281 7106531,11tenb 7878 Aug 85 *80 86 *82 85 *82 85 *82 85 *32 f:5 _ UnItea States Express__ _ 6612 0513 6612 67 82 Feb 10 90 Jan 6712 6912 6812 .0834 68/2 6812 *6612 6812 - 2-1700 S Realty & Improvem't 64 Feb 23 27112 Jan 26 1614 Feb 64 Nov *5 3212 *0 13 *7 12 *7 13 *113 13 *312 121. U S Reduction RetIn'g Jan 7 *24 • & 1212 Jan 16 1338 4 Feb 15 14 Aug 32 *26 32 *26 32 *26 31 *26 30 *26 10 24 32 Jan 19 16 Feb 2958 2934 291 24 Feb 39 Aug 3 30 2913 2912 *2312 30 *20 30 *29 30 630 UnDIteociPLetaf ten Rubber..,.. 27 Feb 24 3412 Jan 2 1734 Feb 3712 Aug 102 10212 102 10212 10212 10212 103 *102 103 30212 10:?12 1,150 Do1st pref 107 Jan 11 76 Feb 56614 6514 *65 70 108 Deo *6 70 -102127 .2, _ *67 70 *67 70 10 Do 2d pref 698712 j"nFaeb 2295 7334 Jan 5 42 Feb 7512 Nov 4418 4434 4434 4618 4458 45 34 -44.8 -4814 4414 4533 4373 45 500,250 United States Steel 4114 23 Jan 22 2534 110 11053 11014 Feb 5514 Jan 5834 Nov 11034 11033 11114 11034 11114 11034 11118 11033 111 18,430 prof 107 Feb r3 113 Jan 22 571', Jan 11458 Nov 4118 42 4018 4218 41 4238 4112 42. 41 41 4034 1 9034 3,280 dUptaoh per_ ..Par 310 83918 Feb 30 $4773 Jan 4 220 Jan $5234 Nov *4212 43 3 4414 4412 *4314 45 4378 44 4373 44 4318 4334 2,800 Virelnla-Carolida Chem.. 4878 Jan 25 16 Feb 411213 .... - 4078 Feb 24 4534 Dec 2 *11213 ..2- *11212 --*113_ __ *11212 -*114 12o pre 114 Jan 19 115 Jan 19 2'87 Jan 115 Nov *5634 -60 *56 -60 *5634 -60 *5634 60 *5712 -60 *5713 60 Virginia Iron Coal & Coke 57 Feb 23 64 Jan 43 Jan (38 Nov 190 335 *290 335 *290 335 *290 335 *290 335 *290 335 I ells Fargo & Co 300 Jan 5 5250 66 66 300 Jan 5 Feb 325 Nov 60 6612 66 66 6513 66 6512 6512 6512 6512 1,600 estern Union Teieg_ 84 Feb 24 7012 Jan 2 41 Feb 7134 Nov 75 76 76 78 78 7834 7834 79 7812 79 78 78 5,000 WestinglaaseElFe Artg assen Feb 24 8618 Jan 4 18 Arch 94 ono 120 *101) 120 *105 115 110 74 Nov 110 *100 115 *108 190 2an 1)o 1st nref 110 Arch 3 120 Jan 4 58 Meh 125 Nov BANKS AND TRUST COMPANIES--BANKERS' QUOTATIONS Bid AV: Banks Bid Azk Banks Trust Co's Bid Ask Trust Co's Bid Ask Trust Co's Bid Ask [rust Co's Bid Ask Braoktrn Brooklyn N Y City Guar'ty Tr_ 66 1 .,. NY LifeasTr 1100 1130 Brookytn Borough 1i _ _ .. 110 North side a -.. . 160 Carnegie _- 185 195 Guardian Tr 160 175 N Y Trust_ 16) 670 Brooklyn '12 400 415 Broadway a 937&5 400 People's-2 15.- __ Central Tr_ 2000 __ Hudson-.._ 140 3'25 .._.. Brooklyn 130 Standard Tr Citizens' __ 125 130 'E.. _ 145 Prosp'ctPk1i 150 160 Columbia... 235 2-4-0 Kutclierb'kr 310 ____ TitieGu& Tr 459 - ..a. Flatintsh rim 245 160 _ 110 __ 200 Commelaial 135 140 Law T I Rar 12.721. .._ Tr Coot An' 105 315 Franklin __ 195 Itiustdot- 110 130- Unionli____Cerminal11--85 _- 110 com'weaitli 150 ___. fir Home Bk. Lincoln Tr- 19,/ ------Union Trust 1200 ____ Hamilton -. 260 '275 11_ 11) 125 Empire ... 290 _. Manhattan- 353 375 --- Homesteads. 100 125 4.00 US Aftg &Tr Home 104 110 Trust Co's EquIt'ille Tr 430 40 Mercantile . 725 _. (Jolt States. 1140 1175 Kings Co Manufac'ra 403 925 N y City Farm Loaal 111110 465 Mechanical 235 Atetroportn (90 :,-- V an,af'd'nTr 255 263 1.. 1st L & T 295 306- 250 Astor 300- :315 Fidelity __ 200 --- Morton Tr_ 425 140 145 ____ Washington 40').-.. Nassau _ 160 170 , Montauk Bankers"n 1420 -- Firth Av 'Jrr 326 __ . 125 . 140 150 Nassau.._ 240 270 3/5. :3--85 Fulton _ Westchester People's__- __ 275 286 Bowakg Gr'n ___ 270 - SlutMutual-- All'nc:. 125 13i- Windsor __ 131) 135 Nat City- 290 310 13'way Tr 13212 _ iVIllinmsb-g 80 109 ' * aid and askea prices* no sales on this day. 5 Less than 100 shares. Ex-rights. b New stock. c Ex-dly. and rPrhts. , I Sale at Stock Each ans.: or at auction week. 3 Trust ,1 Now quoted dollars per shave. this Co. certificates 11 Banks marked with a paragraph On are Stat, banks.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis New York Stock Exchange-Bond Record, Friday, Weekly and. Yearly are now a7.-"an2 interest"--except /or income and clefauLtedond50 J'an. 1 1909, the Exchange method of quoting bonds was changed, and prices

BONDts Price eeies itange BONDS .% Price Week's -4 Range Since N. Y. STOCK EXCHANGE r.nt. Friday Range or STOOK EXCHANGE Pridav Range or Since Last Sale January 1 N. Y. January WEEK 1LNDINO MARCH 5 ."'1i1 Mar.:it 5 Emus° /..:Anem 5 g Q. March 5 Last Sale : WEEK ich Cent of Ga RIt-(Con) btu AV( Lou to/. U. E. L,overnmeut Ma Ask Low MO No Low _High 53 59 Feb101, 53 (94 10112 Feb'00 101% 102% 30 prat income g 5s....p1945 ()et U S2s coning registered./11930 j 101 10112 stampo8. . 53 54 .Feu'09 51 66 103 Jan '01! 103 103 3d prof income g bs Feb'oe- U S 25 consol coupon-011930 Chau Inv pur mou g 46.1051 .1-1. 89% .... U S 35 registered k1916 100% 101/12 103.8Jan '09 103%103% 105/12 t0478J'neue 101 102 10118 Feb'09 10034 1014 Mac & Nor Div 1st g 68.1946 J-J U 6 3s coupon Idols Mid (la di AU Div 58-.1947 J-J 106/ 12 115 Nov'uo ...... •••••••••• kl918 107 J'ne'02 bee'07 Il 6 as regsmall bouds.„ Mobile Div 1st g 5s 1946 J-J 109 105 CI 6 38 eon small bonds 1c1918 Q-F 100 10014 Nov'Ob 105 105 105 105 3 106 106 119 1194 1206, Nov'025 den RR & 13 of lia col g 681937 81•5 U 8 4s registered 1925 Cent of N J gen'l gold 53.1987 J • J 128 12814 12638 126% 117 12858 48 coupon 1025 120 122 Nov108 127%128/12 127% Feb'uv 120 127% r.gQ.N 1004102 101% Feb'Ob 19118 10118 Registered 41985 (1-J U SPan Can 10-30 yr 215.k1939 Ain Dock & Imp gu 58-1921 J.J % 110 110 109 110 Le & ..... Foreign Government Hud R gen gag 58 19211 J-J '0 Leh & Wilke 13 Coal 58_1912 Ai.N luu 99% Jan 99% 99% Imperial Japanese Governm1t 10014 109.8 1008 99%100% 58 Hale 924 02.4 145 90% 93% Con ext guar 4128. .g1911) Q-M Sterling loan 4128 11125 F-A 92 1lW ...... •••••••••• •••••• 58 92'4 141) 894 93 N Y& Long Br gen g 40 1941 11-13 2d series 4128 11125 J f 024 bile 01 Co . j•J t 834 Sale 5034 8314 Cent Pacific Bee So Pacific May10", Sterling loan 48 11)31 CentVermont 1st gut thts.01921) Q.F 83 85 88 Repub 01 Cuba 50 exten debt.. 51.6 *101.410214 10"82 18026414 7174 10214 1(14 93 Salg 34 93 *4 42 1)92% 03% Chas & say See AU Coast Line Feb'09 San Paulo(Brazil) 58 tr rects119 j-j ii 1192 Chas 103 103% I 101344110173% 1890 0..) 98 9834 9937.34 Feb,310,96 97% 101/12 di Ohio gold 68 (41911 A-0 U siii mein:0 81 g 58 01 ..11. 1st consol g 5s 1939 M-N 116 115% 116 Gold 40 of 1904 1954 S-0 9314 0334 9214 94 114% Feb'Ulf. t13/12114% hese are pr ices on dives CLIPili of $6 to S. Registered 103 lu ti Gen funding di 53.1693268 4IJ -IN 10212.Saie 10218 /4105 State and City Securities unpt 105/12 sale 1054 108% 1. 104 1013% 110 Nov108 .... kleueral gold 4'28 1992 .s.S Ale)'09 Dist of Columbia 3•658....1924 81-A 19,3.'2 Registered 1992 M-8, 102 105% 104 GOtilsiana new consol 48..1914 J-J 1,1" 105% Dee'1111 8078 u()% Feb 109 t4/;.1 Big sandy 1st 4,13 1944 J -D u0 New' York City- ; -: J -J 100 109 Feb i 07/1 211034 101% Sale 1110011::::: D e1c0:2 08 .1..C 10112103 Craig Valley 1st g 6s 1940 Jan 'ut 90 4% Corporate Stock ....1958 31-N Potts Creek. Br 1st 45 1946 j- J 91 90 90 16Io assessruent bonds -1918 51-N 1004 10014 i00 1 1.00 100% 112 sale 111/12 112 562 111 1811214 it di A Div 1st eon g4s 1989 J •J New 41a5 1957 Ni•N .... 2t1 94/1 2 113 4,/ Sale 104 Feb 105 104 1041 consol g 4s 1989 J-J N'eu'u5 New 4/128 1917 M-N ITAI 111% 50 Warm Spr Vai 181. g 56 1941 /1-S 1071s 1134 .... M-N 111 121124 90 95 :••ei,'ub 4/12% Corporate Stock 1957 1044 104 1- 1, 104 104.2 Greenbrier Hy 1st gug Is'40 M-N ...... 4¼4. asaestimt, bontts 1917 m-N 76% 794 79 Feb109 784 80 1004134 10134 102's 45 101/12 103 4 Chic & Alt RR ref g 35-1949 A-0 75 45,0 Corporate Stock -.1057 M-N Aug'08 .... ilaitway let lien 312a 19511 J -J 754 76 '1358 708 M.S 11214 112% 110 73 Ifeb 10., '19 73 N Y State-Highway 48..1958 14 Jan'011 . .• 1;1 Registered 1950 J-J 75 ,4 1933 J •J 102 ----•• 102 .1. ;1 1( 0. Sale *4 10U' 1. 100 13o Carolina 4/128 20•40 Feb109 ..• 1a Chic Burl di Q-Denv D441922 F-A 100/12 100 100% 1913 J -J 056, 98 95% 95 95% 100% Sale 10018 100/12 6: 99%101 Tenn new settlement 3s 90 95 93 jan '09 .... 93 93 General 45 • 195b M.S 2-3s 1991 J 924 9218 924 11 01 ga Virginia fund dent -J* 3S 42% 323 38 10 38 48 Illinois Div .2s 1941) J -J 1)1% 65 deferred Brown Bros ctes. .... Registered------194o J -.1 90/12 92 L4 1.34 Lee'lib Ills Div 4s 102 1024 10214 1024 I [016,103% itailroatt Iowa Div sum fund 55-1169t.61. L• I JAM% 101/12 104,14 Oct 'On A laoama Cent See So Ity 100 1011 Feb101; 139% 100 Line Sinking fund 44 1919 A-0 ni-laba Midi Nee At Coast Nebraska Extension 48 1927 ,v1-N DIM bale 102 1u2 di 1014 102 Albany di Sinso See Del& Rue 101% t01 58 Oct 'Or ..... RR Registered 1927 141-N Allegiieny Valley see Penn Div 40 1921 51-S 994 99 J au'09 99 99 it & 11 Southwestern Liles & West See Bull Joint bonds See Great North g 4s 41995 Q-J 86% 87¼ 86 871. 7 84 574 102% 102/12 2, 102 1034 Ann Arbor 1st 1014 101 100%10112 Debenture 5s 1913 M-N 102% Sale & S Fe-Gen g 48.1095 A-0 100% Sale 10034 103% 104¼ 103-4 Feb 101, 103% 103% Mali 10114 100/12 100% 1008 6 99 1006, Han & LitJos commit 68 1911 Ai- S Registered 199' A-0 & itnpg 4s 1955 J-J bS bale Sri 88 65 90 41905 Nov 9434 95 95 981. 12 92 05/12 Chic& E Illref 1 Adjustment g15 lat consol g tis 1934 A-0 139%131/12 139 Feb101. 120%131) k1995 Nov 024 924 Feb 109. 924 924 1154 Feb 109 1.141 Registered 12 General consol 1st 58.-1937 11-N 1154115/12 211514 Stanthed 41995 M-N 1)5 9414 1/5 72 92/12 05 113% 116 1144 Jan 109 1144 1144 105.8 sale 10578 699 102.2 103% Registered.. 1937 Si.N Cony g 4a 1955 J-D 104% 58.1936 J-2 114.2 116 b'eb.u., 114 115 1017 J .1) 107% Sale 10796, 1,8 m 1 a0007%e 3u8 106%107% Chic & Ind C ity 1st 10-year cony g 58 & Erie See Erie Debeutures 4s Serles11 191u F -A . Chicago 128/12 129 Feb1.19 127 04 . Chic In & Louisv ret 68. .1947 J..; 129 Series I. 1011 F -A 98/12 Nov1 113¼ 114% i 113 11478 94 Nov100 Refunding gold Os 1947 J-J Series ti 1.113 F -A Cli lat6s 1910 J-J 10218 10214 Feli108 [0214 11.1214 g 48_1928 M- 98 07.4 9734 1 97 09 Loamy N A & 105 East Okla Div 1st 0' 1. 09/12 Mil & St P term Os 1914 J..1 1044 100 104%10514 Line let 48 g 1958 J -J 96 9578 9538 05% 102 94/12 Chic 103/12 bale 103/1 2 103/12 12 Short 97,„ Gettneegrthaltegrti series A..e11)811 J •J 102'2103 All Knox di .511 ;See Ia 80 0„53 07k. 96,-3 117 4, 4 944 101 103/12 Oct 'MS 91% 94 92 Feb'ou 1) Atlantic Coast 1st g 48./41052 51-6 312s series .13.eS666809 Q4J• -J 144 11234 1st g 76_1936 J-J 130% Generals 110,.8 11104 Oct 108 Charles & Say Chic & L Su Div g ba. .1921 J-J 1281/2 112358 J'ne'08 ..... Sep '08 Bay le 4:7 W lat gold 6s 1034 A-0 Mo Ely Div 158-11.126 J-J 112%113/12 112 1934 A-0 112%1115 11258Jan '04 Chic & 10178 Jan '0'.' 1st gold 58.1 Chic & Pao Div Os 1910 J-J 11)14 102% Mid 1st gu gold 5s -1928 M-N 1094 11458 Noi'05 1104110% 110% i IA)% Ala 89/ 12 Mar'06 . Chic & P W 1st g 5s 1921 J-J Bruns & W 1st gu g 4s 1038 J-J 964 105%106/12 UM% Feleuv 91)14 sale 9014 90/12 28 88 93/12 Dak & lit bo g 5s 1916 J-J 61. L & N col' g 4a 01052 51-5 1924 J-J 122% 137 1.2 J • ly 1 J • J 96 93/12 SeP 415 bar & Sou assu g 6s SU Sp Oca & gu g 4s ..191e. Bast & D Div 1st 7s 1910 J-J 102% 102% FelPOJ Atlantic di Deny See South Ity 10034 101.4 Apr'Ut •lst58 1910 J-J Pacific Nov 'lib • Austin & N W See Sou 44 93 9414 LaCrosse & 1) 1st 58 1919 J -J 10b34 109/12 Ohio prior 1g 3128.1925 J.J 94 Sale 9312 94 11)1% 10138J an 'Ida Dalt di Jan'09 93 Mineral Point Div 58 11110 J-J 101%101.8 1-3 Registered /41920 92 tg 93/12 09 93 Jul/ 12102/12 11)14 101/12 102 100% bale 1006, 1.0 I 49 100%101/12 So Minn Div lates 1910 J -J Gold 48 //1948 A-0 1909 J -J 111012 DM% 100-14 di 1.00% 1004 91) 111134 99 Feb 11” 99 10034 Southwest Div let 6s. Jan '01 Registered 41948 Q-J Wis & Minn Div g5s....1921 J-J 11018 110 i0934 110 gold 68-1922 J -J 105 12U uet'01 11.1238 1054 Nov'Ob ..... Pitts June 1st '00 89 4, 89. 2 MU & No let X L 68.-1910 J-1.) Pjundi 2,1 Div Istg 3%81925 Ni•N 89 89'2 Jan 111734 1076,Deo 106 -N 04.4 Sale 9414 95 Is 944 1)13 let comiol 6s PLE&W Va Sys ref 4011141 If 7s....1191111 116% 116 Feb'09 115%116 J -J 914 saio 91 1)1% 59 91)% 917 8 CIA°& Northw cons 53 1-Ffji--p 100/12 Oil J'ne'Os South w Div lat g312a...11)25 Extension 48 1886-1926 I! -A 103 Registered h1925 111 89 Oct '06 1004 1004 10014 9934 1004 Feb 107 Registered 18.ststa.) t'-t, Mouou itiv let gu g 55-1910'"1-A 101 10578 92% Sale 92/12 93 25 82% 9434 It M-S 102 109 A KW General gold 312s 109 Oen Ohio lat og41-0-111130 Registered p1987 Q-F 934 93% Feb 93% 93% 01 Lor & W con 1st g Sa 103:i A-0 113% 113 Feb 101) 110.-1113 11//12 111 1./ Maylk 113 113¼ Feb 109 113%1131,, Sinking fund 6s.157-1929 A-0 Ohio River RR 1st g 53 1936 ./ 1094 1.01034 ..• We% 109% 4 Feb 1011 108%112 Registered General gold fis 1937 A-0 111 ',I• CS toil 106.s .•.. LOS 108% A-0 il..0.4 119/12 Mar'04 ... Sinking mud 55...V3711=7 Pitta Clev Tol 1st g Os 1022 1879-11.1Z ti-: 1054 110% Jan 10i •... 11034 1104 West 1st g 48_1915 J -J 97 11)). Nov106 Registered 100/12 Pitta di Debenture 58 Wu% 1011/12 4 ,00% 100,2 Stat 181 Ry 1st gu g 4%it 11143 J 100 Nov104 101 Dee'Ob & S See Mich Cent Registered Jan'08 108 Bat Creek Debenture Ss in tA -it) 109% 108 108 Beech Creek See N 103 J 1ne107 •• • • See Illinois Cent Registered Feb'uti Bellev & Car Sinking lund deb Os 113231 MA.-N° 113% 113 iii7e Montauk See Long I 109 J 11y 1tib • Bklyn & Registered ..... Bruns & West See At'Coast L 10018 10214 Dec100 Erie North Illinois 1st 5s 11963131)' It Buffalo :1 V& Erie See 119% 1111/12 b-el.Pub •- •- 119%11934 M.3 117%117/12 117¼ Feb'011 116% 117% Mil L IS & West let g 68 1921 M-S Bullalo it & P gen g 158-1937 F-A 113% 115 Jan 109 • - 1134116 1957 M-N 100 h 1110% Feb109 109 109,, Ext & Imp a mild g 56 10211 Conseil 4 12t3 Div 1st g 65..1925 M-S 123/1 2 14,2% g 4s gu 191123 A-0 100 100 Jan'1)11Ashland 100 11/0 Jan 'Ott .1713.. AU & West 1st J'iy '08 Mich Div 1st g 6s 1924 J -J 122% 123 1-28 01 di Mali 1st g 53 1943 J -J 11658 103 101 109 Sep 14)3 F -A 118% Feb 109 11834 115% Incomes 1911 M-5 Rot% & Pitts 1st g 68 1021 J -J 114 114/12 1144 114% 111)6,114% 1922 J-D 121111 4 121% Feli110 1181. 121/ 12 Chile Back 1st di Pito 6s 1917 jny rob Consoi 1st g Os Registered 1917 J -J 112% 112¼ Bunalo & southwest See Erie lut.N ao 104).. 26 awe nil; J -J 87 12 Sale 87 *4 88 11 8712 90 General gold 48 1956 J -J Bull & Subot 1st ref g 4541951 1966 J:J :00,4 ilU 9104 15 9934 INA It & N See 0 it I & P Registered 92% 121 Bur 106% Refunding g 4a 1934 A-0 1) 34 sale 93 90% 94 f lan So let ex t 68 1913 .14 10614 100% 1061s 1006%2 107 117 J'ly'04 1024 Sale t024 16 2 102 102¼ Coll trust Sermon 48. 1910 M-N 93% V2d 55 J1)13 An-Is NI-5 904 91:% Nov'uo 10034 hilky'O'i J 4i) 1912 Registered 1913 1915 M-N 94/12 90/12 94/12 i'el.V09 -• - 94.; 94% Shawn See Itt Ai 40 Garb & Cent N 40 1,91168 :.4.91-: 93% 974 934 Feb109 •. 9334 93% Carolina Cent See Scab Air L 93% 95 Feb1011 95 96 di Ad 0 45 Carthage See N V C & Ii 4s 112% 96/12 84 Aug'1)7 Ceti it la b'& N SeeBORSelsi •P Chio R 1 & Pao RR 48 21090127 5144-N-N 78% Sale 7512 79/12 271 75;1 8114 Cen Rumen lty See Mo Pa,o 65 Aug'ik 116 109 115/12 Registered 2002 MN Cent oi Ga ER 1st g 58_731045 F-A 115 /12 Feb 118% 1104 dale 90 91 1.05 871; 93 gold 50 110 11078 110% 110% 14 108.8 111 CoU trust gold 53 191311-S Consol 1943 51-14 Northern- Registered 1945 51-fl 113 Apr'06 Bur Ced It & Con lat & col tr g 5s. .1934 A-0 113 116 Feb109 116 117 1st prof income g Ss...p11145 Oct 79% 70 Felr11ii79 80 12012 Mar'03 Stamped 78 Dec108 Registered 1693241 A.-0° 10778 111 Nov105 ••••••• income g Oct 63 65 63/12 6312 10 63 664 CRIF&NW Ditgu 58. 2(1 pm bs....p1945 M di St List gu g 78..1927 J -I) 125 2d pl et income g 58 stamped 00 65 6(1 Jan '09 60 60 MISCELLANEOUS 130,N I)"-Continued on Next l'age. Railway Street Railway Street Feb10:. 8412 88 1044 105 12 10414 105 Met 81 117 gen col In g 68 1997 F-A 83 84 85 Brooklyn Rap Tr g 5s 1946 A-0 10414 Sale 2002 A-0 5(3 57 68 Feb 101.1 58 63% cony g 4s 2002 J.J 8358 Sale 83% 64,1 589 81% 116 *4 Ref g 48 let refund Av late g 54 1943 J •D 101 107 105 Feb101) 103 105 Bit(iity let con 54.1916 1041 J 102/12104% 102% 102% 1 102%105 Bway& 7th Col& MI Ay lat gu g 55.1003 51-S 107 101 LUI 2 101 10212 Biz Q Co & S con gu g 55 1941 M-N 93 100 91 Oct 'Os 12 1950 102/12 1004 103 Lex Av & P 111stgu g 58 1993 M-S 101 101 101 3 100 102 Bklyn Un El 1st g 4.5,1 F -A 102% sale 102 2u 70 71 1115(1 F -A 10012 Nov106. . Third Ave RR con gu 4s2000 J -J "lid 70 68 68% Stamped guar 4-50- 102% atmpd... 68% Sale 6712 69 369 67 71/12 4s 1941) 13-A 80¼ 86 Feb109 86 80 Cent Tr Co coals Kings co El let g 853e By 1st g158-1937 109. 4 110% 110 Feb 101, 109%11512 Stamped guar 45 1940 F•A 864 8612 86 a07t, 3 85 87 Third Ave (Chic)let g 43.1938 F -A 93% J'iy'06 •0.00 Nassau Elec gu g 48.-1951 J -J 7734 81% 81% Feb 419 78% 82 Met W S El Lt gen 4%s 1933 J-J 79 90/12 Sep '06 -• •..... •00.11. Connity& L hit& ref g 412s'51 J •J 10134 10238 Feb1011 10238 102% N Orl Ry & 1951 .1•J 101% 101% 101% 101%102 St Jos Ry Lt IL dip 1st g 5.137 3I-N moo 98 Nov108 •. • ...... Stamped guar 4 %a con g 55.1937 J -J 105 110% Nov106 Den Con Tr Co let g 58 1933 A-0 98 95 J'ne'00 St Paul City Cali 1932 J 84/12 Feb109 81/12 841, Underground of Lon 5s. .1925 M-N 40 Ang'Oti Dot United 1st eon g 4126 85 11)33 4 713;7 81 53 1952 F -A 89 86 412s J-J 79/12 79% 7934 Havana Elea consol g 1948 2912 28% 28% 1 22 31 Inter-Met coil 4 12s 1056 A-0 78% Sale 784 7914 'AN 81% Income Os 103'4 104 Union El(Chic) let g 55-1945 A-0 84 Oct Pub Inter _Rap '2 3.yr cony 98.1911 5/1-11 1034 103/1 2 10314 103/12 54 74 1049 72'-, 70 Deo'03 United RRs San Ira f 48.1927 A-0 73 74 73 73 1 '72 Intermit Trac colt tr 48 let g 48.11.34 J-J 86 90 85 Feb109 8414 85 Manila Sloe 1st & coll 58 1953 M-8 98 Al av'06 United Rys St L ne hDae 117 guile °Das out pUneov sOutloa Sale ''Isfo pried, may: tateSt thIS week. %Flat am) le Jan a Due Apr e Dna may pone J,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 612 New York Bond Record—Continued—Page 2 , [VoL. Lxxxvin.

HON Price B(3NI), Heeeles Range Price Week's Range N. Y. STOCK. E X et! A NGE ftrigiav Range or Since N. Y. STOCK EXCH A NOE. 1- Frig av W March 5 Range or S'a Sinee 4ga ENniNo MAncri 5 Last Sate Jam tar pi 1 NVKICK Esnuin NfAircu 5 zi& March, 5 Last Sai4 Januar:I I Chic Rock 1 Pae—(Lou) diii 48A Lois & High No Low _High Erie—(Con) Low it iga No 4740,& Choo Ok & G gen g 5s .ol 011 -J 10212 102 Ang'01- Y Sus & W 1st ref 58.1,11:E. J-J 11)7 5s 110/14112 Feb'06 IU / 107/14 Comm& gold 18',` 1,41-N 107 Nov'08 2d gold 4/14 F -A 100/14 Dec'M Keok Des M 1st 5s 192: A-C 103 103 s & Jan'06 103 103 General gold Os le-A 90,1/4 90,k, 00,4 1/2 Ohio st i & N 0 See 111 Cent 'Pernitital 1st gold bs...1943 114/14 Dec'Or Chic 8t L & Pitts See Penn c. Regis 85,000 eacit...1941' (41-1, Chic 8t P M es 0 eon 65 1931 J 130 130 130 129%130% Mal Rita lstg6s.19it A-0 109 402 1934. 93/14 N J 102 101,42 102/14 Cons Os reduced to 3/148 41 93 Dec'02 Wilk & Ea 1st go gOs.194: J 10218 102 Jan '01 Cli St V & Minn 1st g 6s l M.N 1341 129/14 Jan '06 ****** 12938 .01 102 42144.2 ,e,s-,48 Ind 1st con gu g 6s..102, J -J 112 112/14 Feb'th 109/14112% Nor Wisconsin let (is..... 4--I 1202 121)34 Alar'04 Erie & Pitts See Penn (Jo St P .4.5 S City 1st g tis 191:' A -4, L1612 118 Dee'04- Evans & '1' J J Ind H 1st cons 6s 1921 11212Jan 'W- Chic& West gong 6s q193'.. 9.6( 112'4 1)ee'08 1st general gold 5s 1041. A•t) 102 W2/14 .Ply'08 Consol 50-year 4s 1952 1. J 1.471.; 6714 9714 1)0; 98 Mt Vernon 1st gold 6..4 192: A-0 108 114 A pr'0(, Chic & Mich see Pere Mare CoSuLL Branch 1st g 53 1931. A-0 06,4 05 J'ne'Or Choc0 & Gulf See 0 R I & P kargo 65 So See Cli St di St 1' Olu It & 241 gold 4/14s 193; .1-4 113 Oct '00 L. lint& Pere At See Pero Mat Ciii D & 1 1st gag 5s 11/41 102% 95 Jan '00 1)5 115 Eta C& Penin See Sea Air 1,111v C Eind & Ft W 1st go 4sg.'2:. 78 Fort St J-J 103 78 11 1) Co 1st g 4/14s1941 Nlar'Di• Cin i & W 1st en g 48.195:, •J 70 .A ug'08 W & Den 0 let g 68.-1021 4-0 110/14117 11634 11034 Ind Dec & W 1st g 5s 134 00/14 Jan'00 111)15 117'4 1931 J•J ."13"6 1.;'96 ;1 Ft W & Rio Gr let g 48 1928 J 83 :Salo 88 88 1 86 88 1st guar gold 5s 1936 J-J 107/14 Dec'02 ... 4a1 Har & 8 A SeeSoiacth OlStL&U See (1 U .31, St 1. 'Ja.1 H & H of 1882 1st 53.191t: A-U 974 99 110 Sep Ot Oin (1151.) See (1 0 St L Georgia di Ala Clearfield See Sea A Lilo & Mali See B it & Oa Car & Nor See Sea A Lint Clev Cm C & st L gen g 48 1993 J-1) 93 Sale 98 98/14 02 9738 98% Georgia Pacific 96 See So IV Cairo Div let gold 4s 1931 4-4 9534 Feb'01, 95/14 96 Gila V Gel, Nor See So Pao C4. Cin W & A Div 1st g 4s 199i J -J 93/14 1)5/14 Oct '4):• Gonv 9534 & Oswegat See N Y Cent St L Div 1st col tr g4s 1991. 11•N 13712 116 Feb'uP 95' 147.4 Grand Rap& Ind Venn Registered 1916 11-N 91 See Rh Oct NI, Gray's Pt Term See St L S 1A 81pr es Col Div 1st g 4s 1944 90 92 Feb -U; ut Nor—C It J J 98's Sale P81.1 091., Val Div 11441. Sep '04 di Q coil tr 4s 1921 72.4, 07/14 0914 W W lst g43 J -J 138 Registeredit VS DU 09 97', 00 C 1 St J.& C consol 11.5 105 105 Jan '04 1021 Greenbrier lty See Clues & U let gold 4s ../31934, Q-9 98'- 99/14 Nov1) Gulf di S 100 1)6 Oct V- Registered 97i 1 1st ref & t g Os 51952 J-J k11,34, 1(7 uet 'O- 1_1 an & St Jo b'eeCBdiQ Cm & Ci con 1st g 5s..1928 1-- JF 114538 110 Dec'08 ...... ousatonio See 14 Y N 1-1 di II 0 C C & 1 00118017s 1914 J-14 100 11434 Sep '1)8...... Hock Val 10814 1081„ Consol latconisol g 4/14 s.1990 J -J lusta Salt I 10434 1084 sink fund 7s 1914 J•1) Registered J-J 10012 Sep '01 General consol gold 04) 1934 -J 12812 130 Nov'08 1996 J Col & II V 1st ext g 4s 11148 A-0 148/14 98.8 Etto'm 98/14 1)81, Registered 1934 J -J Col ut414 94, & Vol let ex 4s 195:: 8' A 1111% kel)'01. 9914 Ind BL & W 1st prof 40 1944, A-0 04 J'ly '08 !Joust E & W 0 Ind& W 1st pf 6s....011138 Tex See So Pat 1,41-41 lioitst & Tex Cen See So Pace() Poo & East let con 48 1941 A•0 93/14 0434 94 Fob'00 9.1 94% I 11111018 45 Salt Central 1st g 48 1951 4-4 103% 10338 Feb '01 1.0338 10338 Income 4s 1991, A pi 15 45 Li 40 56 I. Registered 4-.l 10134 Clay& Marietta 11)61 107% A61'0, See Penn R11 1st ref 4s(when tee) NI•N 100'.,('ale. 0 100,, 011%101 Clev es Pitts see Penn Co 11)51 t007 1: 42 let golo 3/14a 1951 4-4 0308 93448 Dee'ur Col Midland 1st g 4:4 194'1 J 83 80 85% 8614 111 80 984.2 87 Registered J-J 9134 Aug 08 CO1011116) di boil1st g 4s 1920 F • A 118/14 93,14 0z,N 97/14 1.49 Extended 9434 1)3/14 bale let g 3/14s 9111 A- u Jail '0., 94'4 1)434 Relnini & ext 4/14s 1936 6/1-N 1u0 14L 0634 100/14 1st gold 3s sterling rVI- 011 '44, Colum di Greenv ties So tty 1051 '70 Coll Trost gold 48 4952 A-0 10014 100/14 10014 .11;6.; 1005 Col es Lock Val See Hock Va, Registered 98 Mayo, Col & Tot See Flock -Val L N 0 & Tex go:d 841--°N 100 101. Col Conn & Ternt See N & W 4s 1191155:t; /14 101 WU 101 Registered May'1.1"...... Conn & Pas Rigs 1st g 4s.194;', Cairo Bridge gold 4.0 Cuba lilt 1st 95 Jan 'led 48. ..1101156u3 9938 10234 Jan 't).‘ 50-yr 3 g 1952 05 95 Lowurilliv&Terin g3.123.196:,-. 89./14 02 Du lake:tit 84) .ceCM (lb St! 1)(1 90 92 Middle Div reg 5s 1921 V- A 123 May'91 I /alias & Waco See M K & Omaha Div 1st g 35 1051 kf•A 714 78/14 Apr'04 Del Lack & Western— St Louis Div&term 4-4 Dee'08, 114 g 38 1951 79 79/14 Morris & Essex lat 7s 191.4 11414 Feb'02 11•114 11458 Registered 77 4 lst consol gnarls 4.1, 11038 117% 117 lb Ifeb'06 1916 117 1)7/14 Gold 3/14s 1095511 JJ.• - 4-14 8'4 90/14 Dett'08 Registered 1911 113/14 127 .hi03't)5 Registered .88 114.14 94 Feb 1961 844ct 1 at ref gli g 3413 20()1 J -D 1)614 9338 011 Spring Div 1st g 3/14 804 100 Nov'm N 120 12038 Ifeu'011 s. .11461 3,- J Y Lack es W 1st 6s 1921 J -J Western Lines 1st g 4s 1951 100 41)018Jan ConetructIon 6s 111/14112/14 112/14 11214 15 '14 .11 10018 11)0/14 11423 Bellev & Car let Os 1.112::, 118 121 144.4b'ui 121 121 Term & improve 48— 1023 100 10014 Feb'09 Carb S'en'og ea Shaw 1st g 48 1932 M- b * 68/1 4 US 43 08 08 Warren lst ref go g 3/14 44 2000 934 102 Chio St I.& NO 41-0 118/14121 11041 Ifeb'00 12112 121/14 Apr'Ob g 58 1951 1101211912 Del .VJ HUAI lst, Pa Div 743 191, 11. Registered 11151 41 110 Feb't), 119 119 Registered 1917 3(-S 11.1.81 149 Aug'01 3125 90 1)0 .14'eliqe, 101/14 102 10134 1951 I-1, 00 110 1st &ref 48 1943 M-N /14 10212 31 6611oeitnd 1411 Div 1st g4s 4-0 100 Atarql*:. 10-yr IOU 101 l00' 101 11)51 cony deb 4:4 1910 4-1) St L Sou 1st gu g 4s 1931 95 j'iy'ut 1st hen equip g 4 12s 192:. J -J 102/14 104 104 Deu'vb Ind Dl 98 di West bee(I C C& St L & Sus cony 3/14 3 1946 A-0 148 FeLi'th, Ind Il & Ia 1st 1)9 99 Feb'll: 120 18 129 Nov'06 g 4s 1950" 96 98 Rens es 8uratoint 1st 744 11421 M-N hut & Great Nor 1st g 6s 1916 110/14 110/14 1114/14 1.10 11012 Del Riv RIC Bridge See Pa Ric 20 gold 5s 1N1. 87 85 85 1 85 85 Dens* & RUe 1st con g 4s 1930 J • J 97 Li Sale 97 97 /14 1, 96 PS/14 3(1 gold 4s 41) 60 Oct 10312100 103¼ Feb'01 , 1921 -•:"f Consol gold 412s 1931 J -4 103/14 106 Iowa Central 1st gold 514_11438 110 111/14 111.4 F0'00 109/14111/14 Improvement gold 6s 11128 -1, 102/14 11)3/14 103 10312"Yi 101 94i 34 1035 etilitoelrdeo4ns 1951 N1-8 81 Sale 80% 8/ 2', 79115 82 1st & refunding Is 1.135 1? A 0158 Sale 04 ,331 02"8 1)434 104% Ita see Erie Rio Or J one 1st go g 68.1930 J us Feb'0- al A & It See 1941. 76 Dec'Of, L & NI 8 Rio gr So 1st gold 4s J J .an & Mich See Vol & Guaranteed -J 83 Mar'u8 0 C Rio Or West let g 4s 14911311: .1-J 08 98/14 9734 9514 16 05 10(1/14 C"6Ces6 83 1.sil3SeeS h'eesti't tit:86 1?1, Mge and col trust 4sA 11146 A •0 85 93 95 lb 83 57 lion C .15 Pacifie 95 in Jan '01. See 64 K Utah Cent lstgo g 4s all).1`. .... Kan City Sou 1st gold 7434 Sale 74/14 75 31 7234 75/14 0101,1s lIt D See 61 es St 344-1950 Des Registered 1351 63 Oct '0( Des Slot (in Ry 1st g 544_1917 .6 • N 110 Sep '04 ...... Kentucky Cent 94 leo 05 Jan See 1.. di N •A -U Det & Mack 1st lIen g48 1139 .1 -1; '01. 95 'JO iCcok & Des Mo See 4-1 88 1/0 Si) Jan '119 C It I&1' Gold 45 1991 89 1,0 Knoxville & Ohio See So ay Detroit 8outhern— I ake Emu tta NV 1st g J -J 11334 1153, 11414 114/14 11 11258 11414 Ohio Sou Div 1st g 4s 1941 ,171- 79 83/14 82 82 1 80 82 1-1 241 gold 16142 ,1 an '01. 113 115 114 Os 107/14 107/14 107/14 Dolt% Iron Range lst 5s 1931 A-C Foli'Oti 114 lit) North Ohio 1st gu 113s. l'el.)1)1 112/14114 100 Mar'ui: g 5s 109,41 44A -0- 1131211412 14 Registered 1037 A-C /14 L Sho es .6iich 8 See N Y Cent 20 438 1910 -J Leh Val Y gu g 4/148.194(.. 4.4 10734 10734 Feb'01 10612 108 Dal Short Line See Nor Pao Registered 108 ow', 04`. 111 112 110/14 Feb'01, Out So Shore & Ati g J-J L10/14 1105 Lehigh Val(Pa) cons g43 120040)3: ,111 7,1 1)7 1)7 07 17 I4,ast of Minn eti ,4 • 97's Nee St P Len V Ter Ity 1st gu g 53 1041 A-0 117 /141 Ill Feb'06 1164 117 L'ast Ten Vu & Ga See so It) Registered 11514 100/14 Oct '01, ,A-N 113k Feb101 1041 A-C Elgin Jot & East 1st g 5s 1941 112/14 , 11214112/14 Leh 'V Coal Co 1st gu g 68 193,, .1-4 1(17 /14 J'13"0' .. Elm Cort & No See Leh& N Leh 43 N Y 1st guar g 4e 1046 31 (17 May'08 Erie 1st ex t 100 99/14 Nlay'Ob 4s 194'1 Registered 1041 61- ' 20 ext gold Os 1911, 104,8 Apr'08 El C & N ii.378 Jan 410 1034-2 1st pt tis 1914 A-0 102 3d ext gold 412s 192:, 14-8, 104/14 Feb'06 1041210412 Gold guar 58 10.1/14 10514Jan '00 ext gold 11320 A-0 10513.No4005 ... 4th Os Leh Hod R Bee Cent of1NW.I•1 k) 6th ext gold 48 4-1, 97 Jan '00 117 1)7 Wilkes') See 0011301 Cent of N J 1st gold 71) 124 123% Feb'01' 1231/4 124 Leroy es Caney Val See 010 1 1st consol g fund is 11112-2m(! 122 121 Oct 'Or Long Dock Nee Erie Erie 1st con g 4s prior 1990 -4 85 83 Feb'm 85 90's Long Ist'd—lat, con g 58.71.1931 (14 112 111 Jan '01, 110 111, Registered 11/90 4-4 79 Jan '115 1st consol gold 4s 9734 0011801 gen 72 41031 1st lien g 45 1990 J -J Sale 72 74 125 General gold 43 1938 J--1j) 9744 09 146 90 IL Registered 1119t .1•.1 8512 Ifeb'07 06 UV& , Ferry gold 4/14 8 M-8 100 100 lg Feb '01- 100 Penn coil tr g 4s 1051 F -A 79 83.4 84's Feb'06 1)914 12 100's Gold Is 111193212 4-1' 90 Oct '00 .. 50-year cony 43 A A •4. 73 7334 Feb'06 Unified gold M.S 115 94/14 Dee'08 62 43 1041, /14 98 ... do Series 13 10595 A-0 (33 O3' .21 Debenture gold Os 1931 -1) 104121)ec'08 Bull 67 V ee Erie 1st 7s 1914 4-1, 11038 11633 115 Aug'08 Guar ref gold NI- U7/14 110 45... 1941, S 117 34 08/14 9734 13 —044. .i)1r Ohio & Erie 1st gold 58_11182 117/14 1164 Feb '4),, 11538 117 Bklyn & Mont 1st g 63-1911 M-5 102/14 Clev & Mahon Val g 644.1938 -J 110 121. Dee'08. let 58 S 101 101% 128/14 1911 Deck Long Dock consol g 438 1936 A-0 129 12'/ can '09 127 121 N Iles Al 13 1st con g 58 1936 A-0 104'4 110,4 IN Coal& RR Ist 120 ov'OU cur gn13s 1922 M.N 120 120 1 120 120 Y & It 11 lst g 6s 1021 51-S 98 105 Apr'0', Dock & Imp 1st cur 6s 1913 ,j. 10434 106 Feb'06 106 IOU Nor 81111 1st con g goo:40193! 10214 101) N .‘1 "I oe Green L go g 53 M 108 110 100 Fet)'08 14-J ov't/t, 1946 Louisiana & Ark 1st g 643.1927 6I-S ...... '311 119 Jan '06 4(1 91) LISCELLANEOUS ILIONDS--Contioued on Next Page. this and Electric Light (.as and Electric Light Atlanta CI L Co 1st g 5s...1947 100 iSktyn Lac Gas Lot St List g435,91919 Q-F 105 Sale 104/14 103 102 105 U Gas 1st con g 58 1946 M-N 106% 8ale 1(36/14 113 Ref and ext 1st 11 34 Cony 107 103 107 g Os 1934 A• 1011,101'-, 101/14 101/14 3 100/14 doben tis 1909 M.S 122 Feb'09 11,1)$ N L ildi Pg 1004 Butiaio uas 1st 124 53-1048 J -D 101/14 Sale 10114 101/14 24 100/141014 gUs 1041 A.0 60 02 430 Feb'01) no 63 Purchase money g 4s 1949 F -A 85/14 Sam Consul Gas con v deb 0s 1909 4-4 165 Dec'08 85 85/14 40 83/14 S512 Ed £1 111 1st cony g 5s 1910 11/143 100%101 10012 111015 100 Detroit City Gas g514 1923 J -J 101 101/14 100/14 Jan'09 con sot 16 10034 Del 100 /14100 4 1st gold Os 1995 J-J 111 111 11 1 111 111 lies Co con 1st g 5s 1918 F -A 9558 Sep '08 ... Ny&Q El Les P Ett GLNY lst 1st con g 6811430 If-A 95 05 Dec'08 •- • eon g 58 1932 10412 96 Max'04- N Y & Rich Gas 1st g 65.1921 M-N bias& Mee Berg Co c g5s 11149 -1) 61/14 Oct '01 .. IOU Dee'08 -• - • .. Vat & Pas U & E con g 55.1949 M.S 10434 Nev'05 Gen Electrc 41eb g 814. 84 Jan '01) Gas & •• - • ..... 84 81 L'eo C 1st con g 63 11143 A-0 1204 121 120/14 Feb'416 -• 110 1204 10-yr g deb 53 1917 J 130/14 140 139 140 23 136 Refunding gold Rap 43 4. 110 Os 1047 31-S 103 103 Feb'01. 102%103/14 Gr Co let g 53 1915 F -A 98-3 10734 Dec'00 Ch(i•L es Cke 1st go J • J Hudson Co Gas 1st g 5s 1937 10334 11)4 Feb'011 •- . • 103 104 g 5s 1.1449 74-N 104 102 J'ly'08 ..... Intl Nat Gas & Ott 30-yr 58'30 M-N Kan City(MO Gas 1st g Is 90 Dec 1922 A-0 1)4 'Oti Coo 0 Co of Ch 1st gug 58.'30 J 102 103 Kings Co El L ea P g as 1037 A-0 101 102 Feb'00 10115103 Ma Fuel Gas 1st gu g6s.1047 3,1-N 101 Nov'Ob 2nrchaso money 68 11197 A-0 1(19 110),100 Jan '09 100 IOU Syracuse Lighting let Ed Kill iiku let con g 53.'51 J-1) 07 .... g 4s 1936 -J 99 88 Sep 'OS Trenton G & El 1st g 514-1940 M. Milwaukee Gas L 1st 4s 1927 M-N 911 115 Oct '08 lit/ Atny'01 2 93 ...... • Westchester LighVg g 53.1950 J-D 101121(125 103 Ply'Or ..Dto prase ruutar: latest Old and asked this week.a Doe an 0 DU% et) d Due ...pr 8 olio .4.7 S Dria 'Ay a Into tug o Otto 001 q ptio le a OattOri waft!

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909, New York Bond Record-Continued-Page 3 613

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Jan''..... 1.31% 13/1a L Cin & Lox gold 4 44s 1931 10730 1074 If eb'09 • - 10734 10734 11 W A 0con Dat ext5s.h1922 A-0 111 112 11014 Feb'09 .... /1038 110% N 0 & 11 1st gold Os 11130 J •j 122 122 ing,'08 Oswe& R 213 gll g 5s...31915 F•A 105 Jan '0- N 0 & M 2.1 gold Os 1930 -J 119 120 Jan'09 120 120 W 01'R lst gut g 53.1;118 M-N Pensacola Div gold 6s 1920 VI- S 10714 A ne'06 Bialaml let con ,4 4%3..1941 , „, .103 Sep 4.)4, St L Div 1st gold its 1021 M.S 114 117 May'07 0g43(LChani lat'gu 43 g1948 J -J, ui 93 Deo'0, 2d gold 38 1080 M.S 03 75 (1214 Aug'07 Rut•Canad 1st gu g 43.1949 J -31 440 4 Jan '09.. 9104 9034 Atl Knox & Cut dis 43 1955 M•N 90 9014 96 4 lb 93 1)1314 St La w & Ada' lst g 5s 19110 J -)4 .15 Feb'09.... 115 115 AU Knox & Nor 1st g33194 11338 116 116 Ply'00 •.• 23 old Os 1991; A-0 133 125 Ifeb'u8 Mender 13.ige 1st sfg(33.1931 -'I-S 110 Jan '09 till 110 Utica & 13Ik Rivg-ug43 1922 J - J 1°112 10314 Dec'08. Kentucky Cent gold 48 1987 J J ilb34 121i 9834 4 90 9834 Lake Shore gold 3%s 1997 2-I) 94/14 sale 247 94.7 . .414 106 L&N& M&M lstg 4%31045 51.5 104% 103 Dec'0 RI3giatered 1997 J-12 94733 1)44 94% Feb'03 .....- 11334 94/14 L& N-Soutit M )(nut 43.1952 J J 9014 9114 Feb'09 •... 88 .0.14 De enture g 4s 1,428 M-S 99, Sale 96 97 .• 95 97 N Fla & 6 1st gu g 53 1937 F- A 1134 114 115 14 1151 115411514 25- 'ear pc 43 1931 :421-N 95% :,aie 9338 95,7 99 95 36%4 N&C Bdgegen gu g 4%31945 J J 105% ...• Ka k & G It 18t gue 53 1938 J -J .0934 Pens 23 AU let go g 63_11(21 F.A 10834 101( Jan '014 ...• 109 101) Malton 0'1 RR let 5)3_1934 9 -J 11442 109 uct.'07 . cf. N Ala con gu g 5s 1931 F-A 11514 Feb'09 112%11510 Pitts k L Erie 20 g 53.a192e. A-0 100 Alaru,. L.& Jett lidge Co gu g 43 1943 •11-S 1)1 10, 9110Jan '08 .•• Pitts bIcK & Y 1st gu 63 1932 J-J 120 13014 Jan 't9.... 1,30% 13()14 L N A & Oh See 1 L 2.1 'liar 0a 1934 J,-J. 126% Mahon coal ,see L & S Mc Cees& 13 V 1st g 0a 1018•:,-:.t “„, 111-anliattan Ry copse!48.1990 A-0 91/10 99% 99'. 08 100 Mich Cent 1st consol 68.1909 31..- ""4 inl febliJ ..... 101 101 Registered 11190 A-0 97 104 Apr'05 53 1931 M'S 11" 11434 Oct OS Stinpd tax exempt 1990 A-0 100 Sale 9934 100 91)1410014 kGigistered 1931 ri 111) J ne'06 AlcII'pt 24 13 V bee IN Cent 4s. 1940 ,-J, 1hli4 10028 1004 9 100 4 100/14 riteX Cent cons g 4s trust roots )3310 84% 84 83 t4 82 85 It igistered 1940 ,4 -.4 10040 Nov'uv 1st Cons no g 343 trust iectn ',20 23 23 Feb'014 21% 26 J 12 & 8 1st g 3/14s 1951 NE-S V() J'ne ...• . 2d cons um c 3s trust roots.. 19 21 2114 Feb'09 21% 24/14 1st g Pus Fe11402'09 ...., .,aulla,10922 1121.ex Internat.lst con g 4L.L97 901103'ly '01 Bat CitS‘co t,us rt 1stListg ti gg341 111999 83 6. 7142 'Ai:-0 ND Stamped guaranteed....11)77 N1-S SO Feb'08 1/22 01 101)22% Sale10%1'4 Hex North 1st gold 6s 11)114 1 -D 105 Kay'00 Registered 1037 A-0 . uu Sep '.24.. Mich Cent See N V Cent Debentures 43 1931 M.Al 93%1)4 9314 9314 .9i91.-•.. 8 93% Mid et N J bee Erie West Shore 1st 48 gat 2361 34 103 Sale 103 103 40 .. 023 1()418 11.11L 6 & W See Chia & N V. Re [stared 2361 J'J 103 10230 Feb'09 .... .0113103 Mil & North See Cli ,14A St E N Y de +reenw Lake bee Era Minn & St 1. 1st gold 18 1927 3-1) 13414 13314 Feb'09 133%133% N Y :Jar bee N Y C de Hutt Iowa Ex 1st gold is 191411 .1) 101 Dee'W- • N V La cif & W Bee D L & W Pacific Ex 1st gold 63-1921 A-0 118 Jan '07 N V 1. I43 & W Bee Erie South West Ex 1st g 78 191u J -D 11314 Mar'05 N V& ging Br See Cent of N J let consol gold 53 1934 NI-N 111/421Y17% 11110 111% 109 111 10 N VNJ11 & .11-Conv 623 194S J.J 134 Salt 13334 134 t'. 13334 135/14 1st and refund gold 48 194:4 \1•S 81% 857, 857 80 14 844 87'4 Cony deben 31013 1356 J-,) 97 98 137'a 98 1. J7l-, 1004 43-'33 Des M & Ft D let gu J -J 97 Apr'06 HOW;[6t 014 con g 1937 .4%" 1 187 2 I : 4 ° go bee BC It& .N N ; 1 Kinn & St L 0owrm_uret+er9:eoucy5s4917m siesetNg 4y688.c.a ,12 -1; 1" AI SLY& SS Al con g 4 lutgu'3/1 -J 09 100 99% 99% 6 901,100 N 2412 m-o8i99mapiu,uo,. .1 ...... KSSM &A lmtg 4 int gu 1926 J-J 102 J'ne'07 N V 0 0914 Minn Un Bee St I' M &Al Regis 35.010 only g1992 51-S Mo Kan 86 Tex 131, g 48 11)90 J-1) 0934 Salt 99 100 -27 N 2411Att See N I 0& H 211 gold 48 g t111-14) If-A 87 874 8734 81; N VIIIrt li See Long Island 1st ext gold 58 1914 NI -N 10S4a 109 10914 Feb'09 - 10594118s4u$ 11108198 %:N VSA4.4 \V See Erie 2004 1st.5 refund 48 NI- S !.3,i78 Sale 86% 86'.7 8314 871/4 N Y Te x 22 M See So Paz Co Gen 3 f 4108 11/31 J.J " 92 91% 92 117 pod 1/3/14 Nor 4114otitli 1st g 53 1941 M-N 10114 99 % J'ne'0)- St'. Div lot ref g 48-.2001 A-0 88 898e 8910 8914 4 4,1 Nor/ & West gen g fis 1931 M-N 12722 1284 12734 Feu 09 ... 127%128 Dal d'a Wa 1st gu g 53 1114() 110 110 1 0.0 110 impr .vem't & ext g 68 1934 F-A 122 .29% Dee'vs Kan C & Poe 1st g 43 111110 If-A 113 94 95 Dee'08 New laver let g 63 len A-0 1204,1284, I 28 4, -hob ...... 2.21412314 It let gn g 62 11.142 111 510 IC & A-0 11442 Feb'09 .• 113 114% N & IT Ry let con g 43 11)110 A-0 99/14 Sal. 9878 ""- 8 '1'9 4 K Ok 1st gu 53 1042'Vl•N 111 gale 111 111 108 112 Reg Lstered 1990 A, -9 98 91 Sel)' 0 • M K & T otT lstgug53 11142 51• 10834 101.13 110 Fob'09 •..• 1(10 110 Div'llst I db gen g4e 1944 41-4 2314 811.0 '3334 034 - ).3 % 05 Sher Sh & So let gU g 53 1943 J -D 1084 4 100 43 ue'08 10-25 year cony 43_1932 2-)1 143 4 .1.te lip. 1,6 .. -9... u314 9814 Tex& Okla let gu g 53 1043 31-S 101) 11114 Feb'09 Ins 111% Poe di (...: de C Mint 123 1941 J -D 92 0234 112 927,, 1, 9,,,58 9274 Me Pacific 1st eon g Os -1020 NI-N 115%110% 11514 Feb'03 113%110 C C& T 1st gu g 38 1922 J -J 19314 109 la Feb'uo Trust gold 68 atiunped a1917 51.S 10214 1024 102-. 2. 100%102% Scio V & N E 1st gu g 413 1981) 11-N 97 99 97 9714 i 21143 1•1814 Registered al917 S 104% Fob'07 North IIhnois bee Clii Se N W 1st coil gold 63 10204 1f-A 1113 43 103 103% 103% 101 103% Noah hio See L Erie & W 40-year gold loan 43 1943 M-S 8•'•38 Sam 81% 8[34 194 7834 SS's Nor Pa .„-Prior lien g 4.8 1.997 14 J 1034 Sale 1034 103% 23i 10214104 3d is extd at 41.) 1038 51-N 94% 95 Mat'Os Reg Lstereo 1997 14-2 102 10214 .U2 4 10214 ti, .01 103 Cent Br By 1st gu g 48 11)19 1: -A 113 115 Ftb4)1.4 95 Gonerel lien gold:33.-2/2047 14-F 14 95 89 143 75 :/11 Con Branch U P 1st g43 194)-• J•1/ US 91 Fet)'(..9 91 91 Reg[stored a2041 42'-1 73 ''''Feb.‘'04. ..! ...1...‘ .7234 7674 Leroy &OVAL latg 53 1026 J -J 110 Mar'05 St Pa 11.1)0,1 Div g 4s. .1996 2-0 96 Yeb'09.... 90 96 Poe It of Mo let ex g 46.1038 99%101 0114 Feb'08 Dul SiSort I. 1st gu 55-191C M'S 211 extended gold 6s 19:;t• 2-2 112% 11214 Feb'01/ .• 112 4, 112 4, 0 B& Q coil tr 48 8ee Gt Nor St LH M& Sgen con g 581931 A-0 11142 1113 1113,Ifet.'1)9 •- • • 11114112 61 4N P gen g 68....1923 F-A 121 121 E.ebqk .... .2014121 Gen con stamp gul g 58 1931 A.0 110 Oct'Os Reg[stored certilic's..1923 1l-F 11914121 120/14 F139')1 , - .20181204 U rolled & ref gold 48 19211 J -J s610 sale 884 89 80 89% St Pa tl& But let os....13314 1, -A 111% 117.4 ply'', Bay 410 Div 1st g 43 1933 An-N 90/14 9114 92"4 111 10 834 91 20 53 1017 2'-0 1044 104 Feli'...... Lel 101 Verdi V 1 & W 1st g 5s 11124; ...• 10714 Apr'00 1st onsol gold 4s 190S J -1) 99 92 1.00.0.4 .... 92 99 Mob J 21) IC Clot cons g153 1953 J -J 118 Dec '4./6 Wash Cent let g 48 1048 14-M 9314 92/1439u'u2 .„. 9214 9214 Mob & Ohio new gold Os 11127 2-0 12410 Feb'09 Nor Pa , Ter Co 1st g 08 4933 J •J 11514 115% 11324 , 1,534 11531 1st extension goid 63-2 13214 4-J 118 Feb'l)./ Nor lig Cal bee So Pac General gold 48 1938 m-s 90 90 1(1 Nor WiI See CSC P Al & 0 Koutgom Div 1st g 53 1941 F 112 14 Feb'03 Nor & 2.lout Nee N Y Cent. St L & Cairo colt g 4s..311/13.) 75 Alay'lis / Ind de W See C C C & St L Unaranteed g 4s 11131 rc -j. 101 Nov'04 hlo IItay RR See halt & 0 K & 0 coil 48 See Southern Ore Sal bee SoPac co Mohawk & Mal beeN Y C 11 Ore Short Line See Un Rae Monongahela /t1y See B de (J Oswego& /tome .Ses N 20 Mont Cent See St P M & It 0 C F& 811' See C & N W Morgan's La & '1' See S P Co l)ac Conet (Joist g 58 19411 J-D 11014 110 Feb'09 .... .09%110 Morris & Essex bee Del L & W • ac 01 Missouri See ."to Pac Nash Chat & 5th let 78 1913 J J II1N 112% 1124 Jan '09 112141124 Penn It It 1st real eat g 43 11)23 M-N 101 105 Ian'09 .... 105 105 LI let consul gold 58 1.112i• A-0 113'4 11344 1134, 6 113 4, 1134 Conso, gold 58 1911 .11-5 10914 !Ail)%Jan '0, . .. 1.01112 109/14 Jaaper Branch let g 63 1025 J -J 11012 May'0; Conso, gold 4s 1943 /1,1-N 106 Oct 'us MOM It W 41 Al let 6a 11117 J -J 11714 Mar'05 Comm 1 gold 4s 1948 M N 10414 1043e 1014 1u4".Ili i0410 101.414 Ply '04 T & l' Branch 1st (i3 11)17 J J 113 couvertiLde g 3 Los 1912.11-N 9774 Salo 97N 98 C '-' "4 1'4 1)1)14 Nash Iflor & Shot bee L & N Couvertible g 3%3 1915 J-D 9530 sal. 9338 04.04 245 9444 9573 Nat of Alex prior lien 1%3 1920 101 102 102 Feb'09 102 102 Alleg Val gen gu g1s 11)42 i-d-S 100 uu Jilt',,, let conaol 48 1051 83 8314 1feli'09 8U 8334 1) it it,1.{ it lige 1st gu 4.3g.'36 F-A 9314 :New 1-1 & 1) .See l4 VNkt&ll Phila 39141 W let g 43 1913 11-N 10714 Oct 'v., NJ June RR See N V Cent 84.31 112ty & So let g 5a 1924 J -3 1.12 Jun '03 New & Cin 13dge Sea Loud;N U N J lilt & Can gen1s 1944 M-S 101 104 104 1 101 104 N VBkln&Idan 13011 See L I Penn C(-Guar lst g 112s-1921 J -J 10,,14 10014 1 .01 10614 NY Cent& 11 Rix g 3%3 111374 93 Sale 92N 93 11 0234 94 (4 Beg etered 1921 J-J 10314 Ply '.27 Registered 1997 •J 93 4324 Fe9'09 92,4 938, Guar 114s coil trust reg 1937 51-S 90 90 %3'w:eon belie)" g 4s 1034 94% Sal,, 944 115 10 035,3 ouar 1 123 coil tr ser B -1941 F-A 8914 90 ti t - Dec ub Lake Shore coil g 310s 11/1)8 F -A 84% Sale 82/14 84; 13 82% 83; Ti Co cortal'is gu g 3%3 1916 M-N 97 (1714 9014 V151) 0.4.... -331's 97 Registered 11111)4 F -A 8414 84 10 Feb'09 83 814, Gil 34 ,s tr ale C 1942 J -D' 8914 ao 14 laro, ... 8914 33914 Mich Cent coll g 34 23 11/11)3 F 84 Au 84 81 81 8434 0.. 314.13 tr Ms D 1944 J •D 1)34 90 4, Mat'Ue ...... Registered 11198 F-A 8414 Nov'08 lluar t5-25 year g 4s. 1931 A-0 92 0830 2528 2 . Chi% -1187.8 Beech Creek let gu g43 11)39 J.3 100% .. 99 Oct '08 & tar 1st gu g 4128-1935 PA-N 100 Hu Jan '0..) ...... Registered 1936 J -3 102 Mat'04 (11 41 I'gen gug412.3serA.'42 31-.1 llu% 11(134 Jan'u9 .... 1:04 11034 2d gu gold Os 11)30 J -4 Seri3813 14342 A-0 11014 Beecher Ext lstg 42351951 A-0 Sortes 0 31.2s 1948 51-N 9314 9610 Liee'u. Cart & Ad let on e44 11/81 J-0 Serisa D 343. 1050 F-A 133'., nit Atav-or. 4,NEOUS BON On-Continued on Next Page Con, 11.11.a 11'4311 Telegraph and Telephone Ool F & 1 Co gen s f g• 3s..1943 F -A 013% 94 94 10 94 10014 Am Telep & Tel coil tr 4s 1929 94 94 91% 94 Convertible deb g 53....11111 F-A 85 8718Feb 409 87% 87% Convertible 4$. 1930 S 9114 Sale 11434 95% 124 92/14 95% Col Fuel Co gen gold 03.1911) M-N 10610 107 %Oct '04 In4talmont certificates 92% Jan M....• V.: 01 Or liw Coal de C let g 031919 A-0 102% Apr'06 11ich State Telep. let 53.1924 F-A Mt 100 100 l'en'tm 9)14103 (fiearf lilt Coal 1st 814s...194U J -J 130 Apr'02 ...... West Union col tr cur 53.1938 -J 98/14 99 95 93 95 102 Col Indu 1st& coil Os gu..19134 F-A 71 7314 71% 7214 35 71 77 F(I and real est g 4143-1950 M-N 9414 1)4'4 91 9034 Oontin'iaIC late I guils g.1952 F -A 107740 Dec'04 ...... Cony 48, Series A 1936 Al•Al 84% Sale 84's 84's ri4 83/14 Jell& Clear C & 1 1st g 5s.1.112.3 J-D 107 May'97 ...... Slut Un Tel s fund Os 1911 M-N 100 Fob 313 ...• 95 100 Kan&110 &(lists 003.11151 J -J 10014 10514 Dee'00 ...... Atnnulacturnig industrial Pleas Val Coal 1st g at 58.102 J-J 105 Oct '00 .. Allis-clialmer8 181 5s 1931 j• J 81/14 Sale 81'4 82 114 81 8338 Sunday Creek Co g- Os....1941 J J 72 78 Peb'07 Am Ag uhem let c OS 11128 A-0 99 99; 99% 9914 41 043 13934 Tenn Coal gen bei 1951 J -J 103 103/14Feb -09 1021810310 Am Cot Oil ext 4140 1915 97% 97% 974 Feb 'tit •..• 913 1)74 Tenn Div 1st g Os a11/17 A-0 106%1(104, 10614 P•eli'011 10614 104$ 10 Mu Hide A. 1. 1st ci g 68-1919 51.6 US 92 te/ 1)11% 6 9634 100 ' anon Div let consol 63..1917 J-J 1004 108 4, 1064 10614 .00 10014 Amer Ice Secur deb g 63 1923 A-0 70,4 Sale 67 71 '35 67 71 Call C Al Co let gu g 63.1022 J•D 105 110 110 jail 'Oil 110 110 Atli Spirits Mfg 1st g 0.3-1915 N-s 95 97"78 95% FelP00 95%100 De Bar C .11/ !Co gu g 63.1910 F -A 100 103 Nov'Ob Ant Tobacco 40-3-r g 63 1944 A-0 10634 Sale 106% 10034 105'4 107% VaLron Coal &Col8t g 53 1949 M-13 94 06 95 95 1 95 96% 4o. 1951 F-A 7570 Sale 73% 76 '21 7830 Victor Fuel let 8 t 5s 1953 J -J 87 9314 Feb'07 ...... Aan Thread let cot tr 43-1919 J-J 90% 92% Dec'08 othio price S'rulay; Latest and asked. aDrte Jan 5 Due Feb c Due .1 at- C Due Apr S Due 34.1y.414ae Lug o one Set a Due ov 7 1)1104,06 sUUtiOfl 55.10

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 614 New York Bond Record-Concluded-Page 4 [VoL. LxxxvIII. ts Price Week's Range BONDS 14'i .Price Weeks' Range N.Y. STOOK EXCHANGE Friday Range or Since N. Y. STOCK EXCHANGE '41 Friday Range or . Since 5 January 1 WE= ENtneo MARCH 5 411, March 5 Last Sale January 1 WEEK ENDING MARCH 5 -r.e., March, Last bale '-' Bid Penn Co-((Jontinitea) Bid Ash Low Righ No Low High Southern Pao Co-(Couttnued) Asle Low High No Low .ifigh Erie & Pitte ga g 312s B.1940 J 9234 92 Apr'07 blorgan's La Si T let 78 1918 A 0 122/14 Aug'08) Series C 1940 Jr- J 92 4 9834 Apr'04 1st gold1st 68 1920 J-J 114% 116 b.fov'06 1st gu g 41281941 1.J 10712 10634 Dec'08 No of Cal guar g 5s 1038 A-0 112 Feb,07 Gr It & I ex 3 Pitts Ft W & 0 1st 76-1912 J-J 108% 127% Oct '02 Ore Si Cal 1st guar g 56 1927 J-J 102 4 104 106 Nov'08 1912 J-J 108% 10913Jan '09 1094 109/14 So P of Argulstg tis. .e1009 J-J 100 100 Feb'09l... , 100 10014 2d78 101 3d 7s h1912 A•0 107 Oct '08 1st guar g 6s 61910 J-J 101% Jan '09...• 101%10114 Pitts Y& Ash 1st con 54.1927 11-N 109% 110 Feb'09 110 110 So Pao of Cal-08 E& F,..1912 A-0 103's 108 104% J'ne'08 POC&StLgu4128A...1940 A-0 109 1094 Dec'08 1st gold 68 1912 A-0 114% Deo'04 Series B guar 1942 A-0 109 109 Dec'08 1st con guar g 58 1937 M-N 111 116 May'07 Series (3 guar 1942 MM 108% 11212.1'ne'05 S Pac of NMex let g 6s 1911 J-J 104 Apr'Ob Series I) 45 guar 1945 MM 10034 102 Feb'09 100/14102 So Pao Coast lat gu 43 g 1937 J-J 84 Series E 3'n guar g 1949 F-A 94 95 95 Feb'09 94 95 Tex&NOSabDivlst g6s 1912 M-S 107 107 4 Feb'07 Series P 48 guar 1953 J-D 101%10212 Con gold 56 1943 .1,1 97,2 984 Apr'08 . C St L & P 1st con g 68 1932 A-0 115 116% Nov'08 So Pao RR 1st ref 4s 1955 J-J 954 Sale 95 96',iii -976-4 91-31; Pensacola & Atl See L & Nash Houthern-lat con g 5s 1994 J-J 111% 8ale 111% 112 36 106 113 East See 0 C & St L Registered 1994 J-J 110 114 Nov'0 Peo & 73 sale 7812 79's5; 76 70.. Peo Pek Un lat g 68.-1921 Q-F 123¼ Jan'06 .. Develop & gen 48 Ser A 11156 A-0 78 2d gold 412s b1921 14-N 10034 Deo'05 blob & Ohio coll tr g 43-1938 M-9 89 Sale 89 89 3 85/14 89 Pere Marq-Ch& W 66 1921 J-D 103 109 Apr'02 Mem Div lat g 412-5s. .1996 J-J 107 Nov'08 Flint & PM g 6s. 1920 A-0 113% 115 115 115 3 1124 115 St Louis dIV 1st g 4s 1951 J-J 89% 8934 90 90 1 8714 91 1st °onset gold 58 1939 M-N 107 109% 109% Feb'09 10434 109% Ala Cen R lat g 66 1918 J-J 108 108 Sep '08 Pt Huron Dw 1st g 58 1939 A-0 107 100 Nov'08 Atl Si Danv 1st g 46 1948 J.J 90¼ 93 91 Dec'08 Sag Tus & H let gu g 48 1931 F-A 2d 4a 1948 J-J 85% 86 92 J'ne'06 Phil B & W See Penn ltit ALI & Fad lat g guar 48 1949 A-0 81 . e0118 78.1911 J-D 115% Mar'06 Col & Greenv 1st 6s 1916 J-J 108 111 Feb'07... Phila & Reading Philippine By lst 30-yr 8148'37 J-J 94% 94 Zan '00 91 95 E T Va & Oa Div g 56-1930 J-J 109¼ 109 Nov'08..., St L See Penn Co Con lat gold 5s 1956 MM 113 112 Feb'09.... 112 11214 Pitts ulu & 103 Feb'09 .. Pitts Cleve & Tot See B &0 E Ten root lien g 5s 1938 M•S 105 105 Pitts Ft NV & Oh See Penn Co Ga Midland lit 38 1946 A.0 60 64 004 Feb409 •-•• 66/14 66/14 Y SeeN Y Con Ga Pao Ry let g (is 19'22 J-J 115% 115% Feb'09 11434 116 Pius MoKees & 118 Dec'08.,.. Pitta Sit & L E 1st g 66 1940 A-0 116/14 114 Oct '08 Knox & Ohio 1st g 63. 1925 J• J 115 Os 1943 J-J 9374 J'ly'97 mob& Bir prior lien g 561945 J- J 101% 11538 Apr'06 1st coneol gold Nov'08,,,, Pitts & West See B &0 Mortgage gold 4s 1945 J-J 86 82 beading Co gen g 46 1997 J-J 100 Sale 99% 10014 127 9934 10038 Rich & Dan con g 63.-1915 J-J 10912 10912 Feb'09 1084 109% 1997 J•J 98/14 95 Aug'08 1927 A-0 92 J'ne'08 Lt/Regiatered Deb 5s stamped " 76 Oct '08 Jersey Cent coil g 48...1951 A 0 97 Feb'09 9034 98% Rich Si Meek 1st g 4s 1948 M-14 See D & H Car M-N 103 103 Feb'011...• 101%103 Rensselaer & Sar So Si Ga 1st g 58- 1919 '08 ...- Rich & Dan See South Hy Virginia Mid aer 06s 1916 M-11 1094 112 Oct See Southern M-S 10534 10812 Deo 'Oti Rich & Mack Series D4'58 1921 Deo'05 Rio Gr West See Den Si Rio Or Series E 5s 1926 M•S 10714108',113 Hoch & Pitts See 13 R & P General 158 1936 M-N 108% 107 Jan '09 ----i07 107 R011le Wat & Og See N Y Cent Guar stamped 1936 M-N 108%109 10714 Feb'09..- • 1074 1074 Y Cent W lift gu F-A 80 WO an 'in Rutland See N W 0 & cy 48 1924 .... Qat; Tug & H See Pere Mani West N 0 1st con g 66-1914 J• J 10614 108 Dec'08 1.7t jo & Or tel 1st g 4s...1947 J •.1 95 92 Feb'09 92 95 5 & N Ala See L & N Cairo See Mob & Ohio k Falls & Nor lat g 68.1939 J J 117 J'13001).... St L & Deo'08 .... St L & Iron Mount See MP 'er A of St L 1st g 4128-19311 A-0 107 10816 St LK O&N See Wabash Ir1st con gold 58.-1894-1944 F-A .- .. .. 116 Feb'01) --: 116 116 Br See T RR A of St L Gen refund a r g 48 1033 J-J 9.6 .98 07 97 D 96 97 Stl4M St Louis & If-4eug 68 1931 J• J 124 124% 12412 1 122%124% St LM 13ge Ter gu g 58 1930 A-0 1114 111 Deo'00 General gold 55 1931 J -J 111 111. 111, 2 1104 111 Vex Si N 0 See So Pao Co yr 5a tr reo-1921 M-N 89 Sale 89 89¼ rex& Pao lat gold 58 2000 J-D 117%118 118 Feb'09.... 117 118% Gen 15-20 89 89% 08 75 St L & S RR cons g 48-'96 J • J 96% 96 96 91 96% 26 gold inc 5s 0000 Mar 75 Jan '01 Southw Div 1st g 58 1947 A-0 1004 101 Feb'09 101 101 La Div B L 1st g 58 1931 J •j 105 103 Refunding g 48 1951 J-J 864 Sale 86 86% 8476 89 WMinW&NWlstgu5s'JO F-A 100 1101 10112j Naonv4)°94 .....: 6-year gold notes 4% 1908 J-D US Nov'08 Vol & 00 lat g 5s 1935 J-J 111% 112 Jall' 09 •••• 111%112/14 StL Id& Su East gu 41210909 J-1) Western Div let g 5s. 1935 A-0 111 111 May'04 K(Jb'tS&Mcongds 1928M-N 119/14 119's 119 Feb'09 116%1204 General gold 5s 1935 9-I) 1115 106 104_ Nov .0806 •••• K C)Ft & AI Rv ref g 4811/30 A-0 84 Sale 83/14 8412 46 8234 86 lean & M 1st gu g 48- 19110 A-0 94 94% 90 r 69 -.09 •••• 9234 95 KOSiM It& 15 Istgu 56.1929 A-0 rot P Si W 1st gold 48. 1917 J -J 88 88 Feu'u9 .... 804 88 Oz'rk& Chel8t gu 58 g.1913 A-0 96 98 97% 97% Vol St L & W pr lien g 31.13.1925 J-J 90 Sale 90 91' 7 90 9114 St Louis So See Illinois Cent 60-year gold 4s 1950 A-0 8576 Sale 85 30 13 83/14 88% g 48 bd otfs.1989 M-N 93% Sale 93% 94% 16 92% 94¼ Cor Haul & Buil 1st g 48.41046 J -D 9134 93 95 Dec'06 ... St L S W 1st 10 108% 211 g 45 ino bond ctfa...p1989 J-J 82 82 Feb'09 79 82 I i later& Del 1st con g 581928 J.1) 10834 814 10834 10834 1932 J -D 78% 79 79 794 Li 78'6 1_) 1st refund g 48 1952 A-00 81 Nov'08 .... Consol gold 48 80% 10314 10314 Gray's PtTer lat gu gOs 1947 J •D 101 101/14 Apr'O'i ...... Jn Pao ItR & 1 gr g 46 11147 J • J 103,4 sale 71; 102 104 See Nor Pacific Registered 1947 J - J 10212 103 102% 1044 t' 100% 103 St Paul & Dul 984 98% St Paul M & Mau 26 6s 1909 A-0 101% 104 Jan'09 102 104 1st & ref 4s g2008 NI-8 98% Sale 29‘ 9834 99 let oon8o1 gold Us 1933 J-J 13.2 38 131% Feb'09 131 131% 20-yr cony 4s 1927 9-9 103 Sale Wei 10--_3-1? 14,6 102 106 Registered 1033 J • J 130% 134 Deo'00 ...... Ore By Si Nay con g 48 1946 9-I) 91138 sale 9„uNi ,u„r• .q 9834 9934 Reduced to gold 4%8_1933 J.J 11194 1.0976 10914 Feb'08 109 111 Ore Short Line latg6s 1922 F-A 118%119% 1919,4 jaA.:,g 0, .:. i 119 4 192 :20 1933 J-J 103'4 1164 Apr'01 181, cousol g 68 1946 J -J 117 117% 111 I" .' 115 118 Registered 4 115 41 Dakota ext gold Us 1910 M-N 103 10314 1034 11 .1-03k; 103% Guar refund 48 • 111211 J•D 1)434 Sale 943 94 9534 .1-1) 99 9012 99% Registered J Mont est 1st gold 48.-1937 1004 1 99%100 11129 -D '1)8 .... Registered 1937 J-1) 100'4 Oct'Ob Utah & Nor gold 58 1926 J • J 106% 10712zep 11; bliun Nor Div 1st g 481948 A-0 J ni N J RR & C Co See Pa RR Minn Union let g 6a 11122 J -J 124 May'05 Jtah Central See Rio Or Wes lidont C ist gu g 68 1937 J-J 132% 134 130 Apr'03 Rah Si North See Un Pacific Registered 1937 J-J 1304 bluy'00 !Lica & Black It See 11 Y Cent 58 1937 J-J 116'4 117 11533Feb'09 V andalia e,onsol g 46. .1955 F-A 98% 98 Nov'08 .... lat guar gold 98 Sep '0E1._ Will & 8 le 1st gold 50_11)38 J-1) 116 116% Feb'09 T era Cruz &Plstgu41281934 J-J St P Si Nor Pao See Nor Pau Ter Val lint & W See Mo I' See C St PM &O Arginia Mid See South By St P Si S'x City 117 %Jan '09 .... 8 A & A Pees let gug48 1943 J -J 91 Sale 91 91% 81 89 92% is & liouthw't 1 at gu 58.2003 J-J 110%115 117%1171/4 S he Pres Si Ph 1st g 58 1942 M-s 11034 11214 112 Feb'09 112 113 lat e0I18 50-year 53 1958 A-0 118S 981a ink.Fe,b 'uu ---,-, 9ska 9834 110 ,05 1931)51-N 112 4 11319 ,,„ 112,4 8P &N PlstsiuktgSs 1iJiU J J Oct abaah 1st gold 58 Feb'09.... 114% Say F & West See All Coast L W 2t1 gold 68 1939 F-A 105 10614105 10214105 1939 J • J 10016Jan'09 --- 100/14 Scioto Val & N E See Nor & W Debenture series A 86 100%90 A.0 65% 135 6512 Series B 1939 9 -9 90 ie 86 86 i Seaboard Air Line g 4s _1950 Sale 133% 66 100 Deo'08.... tr refund g 66 1911 M-N 94 9034 Oct 'On 1st lien equips fd g 68 1921 M'S Coll J •J 93 Maillei . Atl-Birm 31)-yrIst g 46.61933 M-S 88 Jan'07 ..... 1st lien 50 yr g term 48 1954 -J 74 Sale 7334 7819 319.._.. 71% 78% Oar Cent 1st con g 48.-1949 J -J 85 J'ly'08 ...... 1st ref and ext g 43 - 1956 J Ext let g 53_1941 J -J 101)4 110% 1094 Feb'09.... 108 111/14 Fla Con & Pen 1st g 68.1:118 J -J 100 1074 Aug'06 Det Jo Ch 97 Nov404 .... 1st land gr ext g 68.-1930 9-9 Des Moat Div lift g 4s 1939 J -J 86% Mar')16 Div 1st g 312s 1941 A-0 77 89 80 30 3 80 Consul gold Si 1943 9-3 109% Om cm 91 Deo'08 .... Ur Gs & Ala 1ty lat con 58,21945 J-J 102% 102's Feb'09 102', 102% Tol & Oh Div lat g 48 1941 M•8 Ga Car & No lst gug Os 1029 J-J 100 1015 Feb'09 105 IOU Vab Pitts Term let g 46.11)54 J'1) 60 51 504 501/4 I 48 55/14 10634 Feb'09 Trust Co certfs 41) Sale 49 61 60 4534 653, deal)& Roe 1st 55 1926 J• J 11)(134 1064 Sher Shr & 8o See M K & 2d gold 4s 1964 JD 938 9'2" 9% 14;1 13118p Oce & U See Atl Coast L Varren See Del Lao Si West $o Car ea On See Southern Vaal). Cent See Nor Pao Southern Pacific Co- Vash 0 Si W See Southern 1st gu 3125-1945 F-A 93% Feb'09 S._ . 98 Gold 48(Cent Pao coll).k1949 J-D 91% Sale 9112 92 69 90 92 Vasil Tenni 14 93i-. -a Registered 85 Vest Maryland let g 4s. 1952 A-0 83 834 8414 15b 8264 86 k1949 J-D 86 914 Feb'09 85 85 A•0 89 70 Feb'09 Cent Pao 1st ret gu g 46 19411 F-A 97% Sale 9734 u8 141 W136 11876 Gen Si conv g 4s 1952 Va Cent & P lat g Os 1911 3-9 1024 105 Dei.11)8 .... Registered 1949 le-A 9734 9734 9734 9734 W Feb'uu „__ Mort guar gold 3 ha_ k1929 .1) 904 90¼ 90% 90% 13 89% 934 Vest N Y & Pa lst g 58-11/37 J•J 117 117% 117 ... 116 11.1- Through St List gu 46'64 A-0 Sale 94 84 10 934 114 Gen gold 3-4s 1943 A-0 95 9538 951 r. 9536 96% 94 61943 Nov 25 30 34 Feb'0 , Gal Mar & S A lat g 63 1910 F-A 1014 1014 Feb'09 10114101', Income 58 Mee & Pac let g 68.-1931 M-N 110 112 4 Dee'08 Vest No Car See South By A-0 105 Feb'09 Gila VG&N lstgu 08.1924 M-N 1044 103/14 Deo'08 ..... Viiiiel'ig Si L E 1st g 6s.1026 .... 107 109 & W T 1st g 58.1033 -N 101 '08 Wheel Div 1st gold 53-1928 J-J 95 Ply'08 Hone E M 102 % Jan ...... F-A 1st guar 58 red 1933 M-N 1024 104 Aug'00 Exten & Imp gold 53. .1930 103% Dee'08 int gu ltit let C011801 4s...... 11)49 1,1-9 87 4 88% 8812 Feb'09.... 8334 90 & T 1st g 58 1937 J -J 109¼ 1011.4 10.334 Feb'uo l0934 10934 . Consol g 6s int g•uar 1912 A-0 108% 11/7% Nov'07 ...... 20-year equip 3 f 5s ...1922 J -9 99 Deo'08 ...... Gen gold 48 int guar-1/21 A-0 95 9414 Dec'08 Vilkes Si East See Erie W div 1st g Os'30 M-N •--• ,V 11 db 81oux le See St P 114 & bi Waco& N 111; 1113 nec'013 apt A & .N NV lat gu sr 514...J941 J -J 1084 107% Jan '09 .... OK 1074 Nie Cent 50.vr let !fen 48 1949 J.-J 9412Sale 941. AA '419 am. MISCELLANEOUS lIONDS-Concluded. Manufacturing Industrial Miscellaneous Beth Steel lit (nit el 53..1926 80 Sale 7912 SO 46 8134 854 Adams Ex col tr g 45 1948 51-S 93% Sale 9234 93% 5 92 93% Cent Leather 20-year g 69.1925 A-0 97 Sale 97 '38¼ 141 96% 99 • ferryCo 18t cons g 58'48 F-A 41 Oct'06 ...... CousolTobacco 50.yr g 48.1951 F-A 764 75 Feb'4111 75 77'2 Chic Jo & t Yard col g 53.1916 ...... 100 Jan'08 ...... Distil Sea Cot cony 1st g 58227 A-0 764 Sale • 75 77 24 73% 7873 Det SI Si MIdgr incomes 1911 A-0 41) 47 Apr'08 .... Int Paper Co 1st con g 68 1918 F -A 105 105 105 14 7 101 108 Institution for Irrig Wks Consol cony f g 5s 1935 J -J 87 saie 87 87 85 88 Si Devel of Agricul s f Int St Pump 10-yr cony. Us'13 J-J 101 14 102 102 102 5 100 102% 4',s (et's) 1943 11-N 93 9236 Feb'09 92 93% Lackaw Steel 1st g 58 1923 A.0 96% 98 964 97 16 94 98 fat Mercau Marine 4123-1922 A-0 71% Sale 71% 72% 71 77 N i Air _Brake 1st cony 63'28 NeN 109 Salt. 108 110 108 113's Lot Navigation isle f 56.11129 F-A 87 87 87 4 87 88% .Repub 1& S 1st& coltr 58.1934 A-0 99 81111 99 100 10 98's 100% Man Bch 11 Si L geu g 48 1940 31-N 51) Feb'02 U a Leath Coal deb g0s 1913 24-N 105%1064, 105% 10612 24 104¼ 1064 Newp No Ship Si D D58 d1990 J-J 95 96 Aug'08 S Realty & I cony deb g es'24 J-J 88 sale 88 88 8 8434 88% N Y Dock 50-yr 1st g 43-1951 F-A 93 9214 Feb'09 tJ S Rubber 10-yr coll tr 6s.'lh J -D 1113 Sale 1.02% 103 01 1024 103% Providence Sec deb 48.-1957 M-N 89 90 Jan '99 Corp-jcoup .61903 11-N 10273 Sale 1.0278 10314 031 102 4104% Provident Loan Soo 4148.1921 31- 92 100 954 Dec'08 $I 10-60 yr as.1 reg ..d1963 103 Sale 103 103% 1 102 104', St Joseph Stk Yds lst 4%8.1930 J -J 10012803p '05 Va•Car Chien col It Ss g 1912 A-0 105% Nov408 6 Yuba Vial Co con g 68 1923 J-J 112 J'ly'04 let 16-year Os 1923 J •D 96% Salt 904 97 98 93% 97¼ zip Val Wat Works 1st 63 1906 M-9 113% J'ly '110 Westin:dm/me le Si t 5s '31 J-J 93 Sale 92', 1/4 45 91114 95 US Red & Ref 1st a g 68 1931 90 89.1 110 No price Friday; latest bid and asked this week. a Duo Jan 5 Due Feb 6 Due Apr e Due May g Due .1'no A Due J'ly 23 Due Nov satin= Sal.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CHICAGO STOOK EX.OEIATIE-3tock Record-Daily. Weekly and Yearly

STOCKS'HIGHEST AND LOWEST SALE PRICES sales OCKS Raw ,inc; l?ang.; for Prevlsic of Uze CHICAGO STOCK .Jan. 1 1909 (J.008)- saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE Feb. 27 Mch. 1 Mch, 2 Mch. 3 Mch. 4 Mei. 5 sham: Lowe,: Highesi Loves, If LaheSt Railroads *185 190 *185 190 *185 190 *185 190 Last Sale 187 Feb'09 Chicago City lay 100 18478 Jan 26 190 Feb 3 Jan 155 Dec *312 4 160 *312 4 *312 4 *312 4 Last Sale 312 Feb'09 ”-- Chicago & Oak Park_100 3 Jan 15 4 Jan 22 138 Feb 118 Aug *10 11 *10 11 *10 11 *10 11 Last Sale 1278 Feb'09 Do pref 100 9 Jan 21 15 Jan 22 617Dec. 10 Aug *110 11212 *110 11212 *110 11213 *110 11212 Last Sale 112 Feb'09 ---- Ohio Rys part ctf "1"-_ _ 112 Feb 15 11534 Jan 6 8434 .i am. 119 Nov *43 4312 4314 4314 4278 43 43 43 4234 4234 42 42 -151 Chic Rys part ctf "2"___ 42 Mel) 5 4534 Jan 2 38 Oct 47 J'ne *28 29 2812 2812 *28 29 *28 29 *2712 29 28 2812 128 Chic Rys part ctf ,'3"___ 2778 Jan 12 30 Jan 29 20 Nov 28 Dec . *12 1212 *12 1212 12 12 *12 1212 *12 1214 12 12 37 Chic Rys part ctf' 4"___ 12 Mel) 2 1312Jan 2 934 Sep 1312 Dec • 2514 2512 *2534 2614 *2534 2614 *2534 2614 25 23 *2412 2512 08 Chicago Subway 100 25 Feb 26 2914 Jan 2 15 Feb 3012 Dec ------..- ---- Last Sale 7 Dee'OS Chic Union TractIon_100 21211c Dec aaa- ..,-, - -aa- a- - -aa- - --_- _ _ Last Sale 18 July'07 Do nref 100 ''''' -"'S *6' -32- 37 -3-7- *37 -39- *36 38 *36 38 25 Kans City Ry & Lt 100 35 Feb 24 3934Jan 21 30 Oct 4734 Nov *79 80 *79 80 *79 80 *79 80 Last Sale 7912 Feb'09 Do pref 79 Jan 8 80 Jan 4 68 Sep 8612 Nov *14 15 *14 15 *14 15 *1518 1712 *15 17 17 1712 -5E6 Metropol W S Elev 10°:: 17 Jan 4 17 Jan 4 1214 No 19 Jan *46 50 *46 50 47 49 *43 50 49 51 *5112 52 472 Do pref 106 47 Jan 14 51 Mch 4 42 Jan 54 May Last Sale 4612 blay'08 North Chicago Street-10u *25 44 Ma 41 Slay 2212 *20 2212 *20 2212 *20 2212 2134 2134 *20 22 --15 Northwestern Elev 100 21 Jan 6 23 Jan 21 1334 Aug 22 Dec *6365 *63 65 *63 65 *03 65 64 65 65 6712 650 Do nref 100 63 Jan 6 6712 Mch 5 46 Aua. C212 Dec 5412 55 55 55 *55 60 *55 60 *56 60 5812 5812 225 South Side Elevated _100 50 Jan 25 5812 Mch 5 42 Au• /1 Jan 30 3018 30 3018 30 3018 30 3018 30 3018 30 3018 795 Streets W Stable C L..100 2973 Jan 20 3078 Feb 18 2612 Apr al Nov *9612 98 *9612 98 *9612 98 *9612 98 *9612 98 0612 98 685 Do pref 100 97 Feb 15 0813 Jan 5 85 Apr 103 J'ne ------_- _-______Last Sale 23 June'08 ---- West Chicago Street-100 25 Apr 31 May Miscellaneous 8 8 818 838 833 838 814 812 814 812 814 814 1,815 American Can 100 778 Jan 30 914 Jan 2 Feb 1033 Nov 73 73 7434 75 75 7512 75 75 75 75 74 74 713 Do pref 100 7184 Jan 6 77 Feb 2 4112 Jan 7678 Dec *202 210 *202 210 *202 210 *202 210 Last Sale 202 Feb'09 American Radiator 100 200 Jan 14 202 Feb 4 125 Jan 11.10 Dec *123 128 *123 128 *123 128 *123 128 Last Sate 128 Feb'09 Do pref 100 128 Jan 20 128 Jan 20 116 Apr 12814 Nov *57 58 *57 58 5512 5512 *55 56 5512 5512 *55 56 35 Amer Shipbuilding_100 5512 Mch 2 59 Jan 6 37 Mat 63 Nov *103 105 106 106 *105 106 *105 106 *104 110 *105 106 5 Do pref 100 101 Feb 24 106 Mch 1 91 Jan 104 Nov Last Sale 10 July'08 Amer Straw Board 10 J'ly 42 Jan *14 12 *14 12 *14 12 *14 2 Last Sale 12 Jan'09 Booth (A) & Co 100 12Jan 21 1 Jan 2 73 Dec 30 Jan 1 1 *78 1 1 1 1 I 1 112 114 112 Do pref 100 34 Feb 9 5 Jan 5 3 Dec 100 May *5112 53 *5112 53 *5112 53 *5112 53 Last Sale 511. Feb'09 1±5. Cal & Chic Canal &D_100 5114 Jan 8 56 Jan 26 40 Feb 5714 Dec ------Last Sale 147' May'08 Central Trust Bank,.-100 197 Ma 147 May *1 118 ------*1 its *1 118 *1 118 Last Sale 1 Dec'08 Chic Brew'g & Malt'g 1 Oct lla Aug *3 4 *3 4 *3 4 *3 4 Last Sale 2 Dee'08 Do pref 2 Nov 4 Apr *23 24 *23 24 *23 24 *23 24 23 23 21 22 -15E Chic Pneumatic Tool-100 21 Mch 5 2738Jan 4 20 Dec 2012 Aug 0129 130 12938 12938 *129 130 *130 131 130 130 131 13112 71 Chicago Telephone 100 127 Jan 4 13134 Feb 23 106 Jan 153 Sep _ Last Sale 214 Meh'08 Do rights 34 Feb 234 Feb o iii3:" 1-ir *ii.13- 1-2-r *-71-ti-- Fr- *iigr2 fib - Last Sale 11812 Feb'09 Chic Title & Trust___100 117 Jan 18 121 Feb 15 100 Jan 116 Dec 103 10818 108 10814 10812 10812 *10812 109 10834 10834 10834 109 "475 Commonw'th-Edison-100 107 Jan 21 109 Mch 5 80 Jan 110 Oct 1753 1758 1734 1734 1814 1814 *18 1812 18 18 1714 1734 650 Corn Prod Ref Co Com 1718 Feb 25 2058 Jan 27 *73 74 *73 74 *73 74 *73 74 ____ _ 7312 7312 25 Do Do Pref._ 7312 Feb 24 7658 Jan 27 12018 121 121 12138 *12012 12112 12112 12112 12112 1-21778- *12112 122 143 Diamond Match 100 117 Jan 9 12414 Feb 10 113 Jan I 137 Aug 40 41 4112 4112 4134 42 42 42 *42 4212 *42 421., 295 Illinois Brick 100 38 Jan 26 42 Mch 2 30 Jan 1 4212 Dec *43 45 *43 45 *43 45 *43 45 Last Sale 41 Feb'Oji ___ Masonic Temple______43 Jan 5 45 Feb 8 38 J'nol 46 J'ly Last Sale 20 June'07 -- Milw & Chic Brewing Last Sale 20 July'08 Do pref 19 J'ne 20 J'iy P15112 10i2" 16113 Rd 102 10212 *102 103 *102 103 *102 103 --g5 National Biscuit 100 9778Jan 2 109 Jan 16 70 Jan 97 Dec 11912 11912 11912 11938 *11912 120 11914 11914 11914 11914 *11912 120 40 Do pref 100 11814 Feb 15 12012 Feb 6 10114 Jan 120 Aug 86 87 86 86 *85 8612 *85 8612 86 86 *85 8612 25 National Carbon 100 82 Jan 14 87 Feb 27 51 Mch 87 Dec *115 120 *115 120 119 11912 119 119 *119 121 *119 120 104 Do prof 100 110 Jan 15 11912 Mch 2 91 Mob 115 Nov 11012 11012 11012 111 111 11112 11012 11034 11014 11012 *10978 11012 1,249 People'sGasL&Coke_101) 102 Jan 5 11412 Feb 15 5012 Jan 106 Dec 6912 6912 69 7012 7033 72 7034 7112 7112 7112 *7112 7212 652 Sears-Roebuck com-100 55 Jan 5 72 Mch 2 24 Jan 56 Dec 110 140 110 11012 110 11014 110 110 11013 11038 *11018 1101- 174 Do pref 100 101 Jan 5 112 Feb 19 72 Jan 102 Dec 10134 102 10173 10214 102 10214 102 10212 10238 10234 10212 1023-1 2,906 Swift & Co 100 10012 Jr...4 9 10234 Feb 9 8812 Jan 10534 Sep ------______Last Sale7 Feb'09 Do rights 6 Feb 5 20 Jan 18 P127 130 *127 130 *127 130 *127 130 Last Sale 12712 Feb'09 Ti.; The Quaker Oats Co__100 119 Jan 5 130 Jan 30 11434 Jan 134 Jan 100 10018 100 10014 *100 10014 100 1001; 100 10014 *100 l)o pref 100 9812 Jan 2 10134 Feb 10 87 Jan 100 J'ly •33 10014 78 78 7s 73 78 *58 78 *58 78 *53 7s 110 Unit Box Bd & P Co_100 58 Feb 19 11 Jan 4 14 J'ly 134Jan 412 478 *414 434 *412 434 *412 434 438 438 418 414 679 Do pref 100 412 Jan 19 912Jan 4 112 J'ly 12 Jan ------15 1518 1514 1538 1534 17 1812 20 511 Western Stone 100 15 Feb 16 20 Mch 5 1134 Oct 17 Apr

Awe Chicago Bond Record Chicago Banks and Trust Comnanies

BONDS Outstand- Surpon Dividend Record CHICAGO STOCK Inter- Price Week's 13'ds Range NAME. tng and EXCHANGE nit Friday Range or Sold for SWek P701113 In in Per- Last Paid Week endinq March 5. Pertol March 5 Last Sate Year 1909 1907 1903 tad Bid Ask Low High No. Low IliQl Bankers National $2,000,000 $1,265,235 8 8 Q-M Dee ;08 2 Amer Strawb'd 1st 6s_1911 J - J ---- -_ 100 Meh'07 -______Calumat National 100.000 34,125 6 An. Dec 6 Cass Av & F G (St L) 53'12 J - J ...... ___ 10114Feb'09 __ 101 10114 Chicago City 560,000 177,183 10 10 ji.),,enc :0083 53 Chic Board of Trade 431927 .1 - 1) 100 alay'Oi Commercial National... 3,000,000 4,266,567 12 12 Chicago 0"ty Ry 55_1927 1, - A 11)438 10458 10438 1043s 25 10414 105 ContinentalNational- 4,000,000 3,710,933 8 8 Q-J Jan 09 2 Chia Consol Br&Mit Os__ J - J 0:3 Apr'04 _____ Cook Co State Savings„ 50,000 4,833 6 6 Q-M Dec '08 113 Chic Consol Trac 4 5-4s-1930 J - I) ------__- ____ 55 Aug'07 Corn Exchange National 3,000,000 5,068,466 12 12 Q-J Jan :09 321 2 Chic Auditorium 1st 5s1029 F - A _------963433344'06 ___ _ --- zDrexel State 200,000 83,703 6 6 Q-J Jan '09 112 Chic Dock Co 1st 443_1929 A - 0 _ Drovers Del) National 600,000 392,913 8 Q-J Jan '09, Ohio No Shore Elea 63_1912 A - 0 ------___ 87 Feb'06 E'ngiewoon State 200,000 31,160 6 Q-J Jan 'uv; 112 Ohio Pneum Tool- First N paten& 8,000,000 8,053,817 12 12 Q-M 1st 53 a1921 J - J 73 74 73 74 57 72 74 First Nat Englewood__._ 150,000 168,320 10 10 Q -51 Decpec 3'01 8.138"212 Chic Ry 5s _1927 F - A 10213 Sale 10238 10212 19 lOila 10234 Foreman Bros B'k'g Co 1,000,000 515,764 Priv ate Ba nk Chic Rys 4-55 series"A" 9514 Sale 9514 0514 Is 931-2 953s Fort Dearborn National- 1,000.000 447,712 8 8 Q-J Jan '09. 2 Chic Rys 4-53 series "B" 8812 8914 89 8910 44 8434 891, Hamilton National 500,000 158,216 5 5 'J-'J Jan '09. 212 Chic Rys 4-58 series "C" 90 91 90 9014 41 89 NCI I (lbernian B'k'g Assn 1,500,000 848.632 8 8 Jan '09; 2 Chic Rys coil 63_1913 10214 1021, 10214 10214 20 10118 1023s kaspar State Bank 200,000 106,140 10 10 Jai Jan '0905 Chic Ry.; Fund 6s____1913 #10218 Sale 10218 102is 11 10218 1023s, Live Stock Exchange Nat 1,250,000 408,038 10+2 Q-M Dec '08. 412 Chic Rys Tern Ctts 1st 51- __ 110213 Sale 10218 10218 41 102 1021, Monroe National 300,000 61,578 4 Feb '09, 1 , Chic R I & P RR 4s--2002 M - N ------6612Aug'08 __ _--._ ----- Nat Bank of Republic 2,000,000 1,124,106 8 8 Q-J Jan '09,2 Coliat Trust g 5s___1913 M - S ------6612.Ply'08 National City 1,500,000 491,825 3 Q-J Jan '09; 112 Commonw'alth-Ed ison- National Produce 250,000 62,753 Began busine Aug 26 1907 Chic Edison deb 6s1913 .1 - J 10034 ___ 100 June'Os North Avenue State..,.. 200,000 65,891 244 Q-J Jan '09. 114 1st g 5s __July 1920 A - 0 101I8 10138 10118Feb'09 ____ 101 10134 NorthSide State Sayings 50,000 10.570 6 Q-,1 Jan '09. 112 Debenture 5s-_1926 M - S 10158 102 10158 10134 12 101 10218 x0altland National 100,000 (x) u 6 Q-J Jan '09, 112 Commonw Elect 5s5194:1 ai - S 10114 Sale 10314 10314 1 1023.1 1035s Prairie National 250,000 6S,859 Illinois Tunnel 5s____1923 J - D ------8o Dee'08 __ Prairie State 500,000 40,752 8 8 Q-M Jan '09, 2 Kan City Ry&Lteo 55 1913 M - N ------316 Oet'Os Railway Exchange 4 2 Jan '08. 2 KnIck'b'ker Ice 1st 53-1928 A - 0 96 --__ 96 96 11 95 96 Security '30500:00°00 1371:05748a Organ Ized Oct 12 1906 Lake St E1-1st 5s ___1928 j - j 83 90 84 84 _ 1 73 85 South Chicago Savings- _ 200,000 78,005 tS Jan '09; 112 Income Si 1025 Feb -- -- 16 May'00 State Bank of Chicago 1,000,000 1,304,095 9+1 11 Q-J Jan '09; 3 , Ifetr W Side El- Stock Yards Savings.... 250,000 168,016 6 7 3-1) Dec '08; 4 1st 43 1933 F - A 86 Sale 8438 86 80 8:3 86 UnionBank of Chicago.. 200,000 41,783 6 6 M-N Nov '08; 3 Extension g 4s 1938 J J 8334 Sale 8114 8134 26 82(2 8334 UnionStock Yards State 200,000 60,863 6 Q-J Jan '09; 112 North Chic St 1st 53_1909 J - J ---- 90 Dena; ______American Trust & Saws- 3,000,000 2,975,463 8 8 Q-J Dec '08; 2 1st 51 19162- J zCentral Trust Co ot 111_ 2,000,000 840,468 7 Q-J Jan '09: 134 Refunding g 4 /43_1931 A - 0 ------79 Aug'06 -______Chicago Say Bk & Tr n500,000 105,751 1/4 Q-J Jan '09, 112 No Ohio CityRy4301927 M - N ------75 Feb.07 ---- Chicago Title & Trust 5,000,000 41,208,619 6 Q-J Jan '09. 112 North West El 1st 4s....1911 M - S 05 Sale 9412 95 60 9214 95 Citizens Trust & Savings 00,000 14,336 3 4 A -0,Oct '03j 2 Ogden Gas 5s 1945 M- N 95 --__ 95 95 I 93 95 Colonial Trust & Savings 600,000 485,685 10 8+2 Q-J Jan '09. 212 Pearsons-Taft 5s 1016 .1 - D 100 --__ 10012 10012 2 10014 1001. Drovers Trust & Savings 200,000 92,969 6 7/4 Jan '09; 2 4.403 B. S 97 9734 9734 2 9634 973:: Farwell Trust Co 1,500,000 177,368 Organ Izod Apr 13 1907 4.603 Series E al - N 9a78 Sale 0973 9978 2 0934 597 First Trust & Savings 2,000,000 2,330,449 4.303 Series F M - N 9912 ____ 10018Feb'Oa ____ 10018 1001s Guarantee Trust & Sao/- 200,000 Inco-rp orated 1908 V. 87,1).1138 Pao Gas Leo() 1st 6s__1043 A'0 120 --_ 120 Jan '09 __ 120 120 Harris Trust & Savings. 1,250,000 808,1920803 6 QJ Jan '09, 2 Refunding g 5s____1947 11 - S 10312 10912 104 104 2 103 104 IllinoisTrust & Savings- 5,000,000 8,258,064 /6+4 Feb '0901 Chic Gas L &C 1st 5s 1937 J - J 104 10133 104 Feb'09 -- 104 10433 Kenwood Trust & Savgs 200,000 44,064 a 6 Q-J Jan '09; 112 Consum Gas 1st 53_1936 J - I) 10117 1031. 102 Feb'09 ____ 102 102 Lake View Trust & Savgs 200,000 31,619 2 4/4 Q-J Jan '09; 114 Mut'l Fuel Gas 1st5s1947 id - N ___ : NO Sep'Os --__ _ Merchants' Loan & Tr Co 3,000,000 4,867,652 12 12 Q-J Jan '09; 3 South Side May 43.s_1924 J - J 14578 Sale 95 9614 105 941, 9614 Metropolitan Trust & Say 730,000 250,615 6 6 Q-J Dec '08; 112 Swift & Co 1st g 5s___1914 J - J .... 10112Feb.09 ____ 10012 1011., Northern Trust Co 1,500.000 2,015,679 8 8 Q-J Jan '0902 Union El (Loop) 5s___1945 A - 0 --- 95 95 Feb'09 -___ 92 95 - North-Western Tr & Say 200,000 48,036 6 6 J-J Jan '0903 Union Pacific cony 4s_1911 - N 14 Novq04 People's Trust & Sayings 200,000 88,993 6 6 J-J Jan '092 4 United Box Board col lis'::(3 ------70 Jan'09 __- 70 70 Pullman Trust ec Sayings 000,000 163,004 88 8 Q-J Jan 'OW 2 West Chic St 1st 5s___1928 M - N --- ____ 00 May'07 zitoyal Trust Co 500,000 552,422 8 8 Q-F Feb '0902 Tunnel 1st 55 1909 F - A ______6812 Sep'05 Stockmen's Trust & Sal/- 200,000 21,002 6 5 J-J Jan '09 21z, Debenture Gs 1914 J - D ---- - .... 73 June'07- Tinton Trust Co 1,000,000 1,132,907 8 Q-M Dec '08 2 Consol g Is rets 1918 al - N ------80(4 Jne.'043 Western Trust & Savings 1,000,000 213,968 6 Jan 'OW 112 Wes DiveltyRy 41-01932 1 - J - __ 87 Dea.06 West Side Tr & Say Bank 200,000 50,872 Began busine Sept 5 190g Western Stone Co 5s 1901) A - 0 ---- ..-__ 8310 Jtv'OS Wow:lawn TrecSay Bank 200,0110 31,978 6 6 Jan '09. 112 Lint, -- A,,,,,,,ncl I ntorf,11. must tse added to nil r'ille,;(rn Finn ft nr4nno • Bid and asked prices; no sales were made on this day. t Feb. 5 (close of business) for national banks and Feb. 6 (opening of business) tor.' kAto institutions, No price Friday; latest price this week. a Duo Deo, 31, 5 Due June. k Capital increased from $300,000; a stock dividend it 33 1-3. /0 being daelared in part payment therefor. n Capital and surplus to be increased. q Dividends are paid Q.J. with extra payments Q-F- tAs of date Deo. 31 1908. z Drexel State and Oakland National banks consolidated in February 1908 under name of Drexel State Bank. Royal 'feast Co. purchased by and Merged in the Central Trust Co, V. 83. p. 541.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis BOSTON STOCK EXCHAN (i-1;-Stock Record, Daily, Weekly and -Y e ar v

STOCKS Range 3.4n. Jan 1 ange -et litmus Ica? sri APT? PRICES-NOT PER CEATUM PRICES Eares (14)08' ol the BOSTON STOCK 1410) EXCHANGE Monday Tuesday Wednesday Friday Weet II 113theal Balurday March 5 Shares Lowest fallen LOwest Feb. 27. March 1. Marcn 2. March 3. "1r147,;rot

Atch TopRa&ilmSaandtsa Fels im34 Lain, 13 104 Mch 2 6733 Feb 10114 Dec 10278 10212 10314 10334 104 10334 104 10334 10334 ------1.352 15 10214 Feb 26 8313 Men 10414 Deo 10238 101:2 10112 101,3 10178 166 Do pre! 102 102 *10212 10312 10178 10178 *10218 10318 lbany 100 225 Jan 4 6 37 Jan 15 191I Jan 230 Ddo 23634 235 236 235 235 x23312 23312 157 Boston & A 236 233 23634 23334 23634 Boston Elevated _ 100 12414 Jan 7 130 Jan 27 /.121). Dec 140 .ian 12812! 127 128 127 12734 12734 12734 1234 12734 526 Deo 128 128 128 35 Boston & Lowell 100 224 Jan 12 234 Jan 26 2001:i Feb 228 231 232 232 i'....__ 233 *____ 233 232 232 *231 ..an 2 140 .133 15 114 Oct 140 Jan 231 ' 13 7 Boston & Maine 100 13212 135 135 135 135 135 13512 1351 1351 *51 3 100 151 Feb 26 152 Feb 26 136 Feb 1513 Jan 152 152 *153 ------7 Do pre -_-- .__- Boston & Provtdence_100 300 Jan 4 301 Jan 9 284 Jan Z-M1 Nov *.___ 300 *-_-_-_-_ '.E6.6- *__ 300 300 Soli" 56 - 300 ___10 Jan 2 22 Feb 3 9 Melt 13 31 eit 1812 *14 19 *14- If- 40 Bost Suburban El Cos-__ 1134 *____ 19 18 18 *14 1812 *14 6012 Jan 5 75 Feb 3 45 Jan 88 Nov 7412 *74 7413 *74 7412 *74 7412 20 Do pr3t *7312 75 7412 7412 *74 Elec Co: 1012 Jan 8 14 Jan 21. 812 Nov 17 Jan 14 *10 14 *10 14 Last Sale 1334 Feb'09 ____ Boston &Wor *1013 ____ *12 Do pref 52 Jan 5 57 Jan 23 4712 Dec 6012 Jan *54 57 57 57 *55 57 55 55 'P._ _ _ 55 70 25 160 Feb lo 126 15114 Dec 150 15 Chic June By & USY _100 143 :an Jan *___ 153 *__-- 150 *--- 150 *33-150 *--__ 150 151) 100 118 Jan 27 120 Jrn 5 102 J3t1 12012 Dec 11812 11812 ------1194 3 11034 128 Do met *____ 120 11912 11012 __-- ____ & Mont. Class 4_100 170 Jan 26 173 Meh 5 16:3 Dec 165 Alen ---- -___ ------173 173 ____ Con 133(4 Apr ------___ Conn & Pass By pret_100 339 Jan 2 139 Jan '... 33131) 138 ---- ___ --iiist;g1; 139 Feb319______Jan 15 1 117 Jan 15 244 Jan 263 Dec Last Sale 267 Jani09 C,onnectleut RIver_100 267 Ftchburg. met 100 132 Jan 2 136 Feb 5 117 Jan 133 Nov --_-_-_ i5i- Cif- 134 134 *____ 33312 21 $412 Feb 2 (47 56 Dee *155- fil- si55- -_-_-_-_ *al 78 Ga By & ElectrIc 100 75 Jan 0 Apr 82 82 8114 8112 8113 -8112 *80 8112 *31 8112 *80 8113 79 Jan 14 35 Feb 18 31 Oct 85 Dec 85 _ _ 5il mm so 100 *82 85 *84 85 85 85 *84 85 *84 85 *84 100 19514 Ja:. 13 49514 ,.an 13 193 Nov 193 Nov Last Sale 19514 Jan'09 'nettra I MasseEC1-Peectric Cos 10 1 1114 Jan 12 15 Feb 15 514 Jan 1334 N ov 3'55'4 -14-- -ii- If" ;154 -fit; "1412 -1-4-12 1414 1414 pret 100 5812 Jan 15 7012 bleh 5 40 Jan 04 Nov (93 00 *68 69 68,2 69 Ca 69 2-11185i; 437 Do Jan 21 164 Jan 9 128 Jan 161 Nov *-- 68 15984 455 N Y N H & Hartford_100 157 15 .100 146 Feb 4 146 Feb 4 140 Jne 145 Apr Last Sale 146 Feb119 ____ Northern N H 200 Apt :‘05 Feb Norwich & Wor pret _100 LastSate(150a08____ 100 194 Jan 5 10018 Jan '8 175 Jan 10613 Dec 3:5-if2 fii1-2 ii,5- lig- 19813 10812 9 2 10 88 Old Colony 4 16 34 Dco *7:: far *-_-_:: fiii; 5 Rutland pret 100 27 Jan 22 30 Jan Jan *25 27 27 27 *25 27 *25 27 *25 27 *25 27 Mch 2 9212 Jan 11 70 Feb 05 Deo 9212 *9012 9212 25 Seattle Electric 100 1014 *9012 9213 *9012 9213 1.04 1014 *9014 92 *9012 100 9912 Jan 30 10112 Jan 5 b81 Jan 102 Deo 10012 10012 10012 10012 10012 10012 10012 10012 45 Do pret Met 18558 *9912 100 *9912 100 Union Pacific 100 217273 Feb 26 18334 Jan 2 11012 Nov 17434 17434 17614 17614 17614 17512 17512 17438 1751317434 17434 1,016 Meh 2 0614 Jan :33 7834 Apr 0733 Nov 17413 ill; 100 0312 *9213 9312 *9312 0412 9312 9313 *9412 9512 9438 0438 *9518 12 12 Jan 20 165 Oa 1 , 150 Jan 161 Nov Last Sale 165 Jan96'0018 Verninoncr5:efltlass Jan 9112 Sep West End St 2 05 Feb 19 76 ;55f2 -1i1f- -65f2 -61-3 *7;;,- -ii- ;5512 ..ii- 94 94 9334 94 - i 9 11012 Feb 3 06 Jan J10 Dec 10912 264 Do Pre 50 10614 Jan *____ 109 109 109 10912 10912 10812 109 109 109 109 100 133 J'ly 140 Mcb Last Sale 140 Sep'08 ____ Worc Nash & 1toch Miscellaneous 35 Nov Amer Agricul Chem__100 3314 Jan 2 ,!034 Jan 13 Jan 13 37 36 3614 *36 37 36 3612 36 361t 390 10 77 Mel, 96 Nov *36 37 *31 991: 70 Do pret 10004 Jan 18 100 Feb *98 13813 0312 9812 9812 9813 5813 9812 0912 012 9912 178 Feb .3 4 Fe)) 12 Dec 913 858 834 81.t Amer Pneu Service 28 1:,538 gaann 26 9 9', 9 934 9 132 858 010 3,479 132 Feb 23 Dec 12 19 1914 1812 19 1833 1312 1,740 Do pret 9914 13753 Nov 1914 1512 1914 20 19 10 Refin100 3260; Feb 2134 132:9334 JMnenb221 Jan 130 12812 12212 12834 129 12912 12012 129 129 382 Amer Sugar 106 Feb 132 Nov 127.4 12714 12812 80 Do pret 100 127 Jan 130 Jan 5 *12712 128 127 129 12714 12814 *12712 12812 128 128 , 12818 12812 1 12973 Feb 1/ 99 Jan 1321, Nov 12312 12834 12818 12:312 4,562 Amer Telep de Teleg_100 12514 Feb Dec 12814 12834 12814 12331 12313 12361 12812 12878 2713 Feb 4 30.23 440 ' 16 Jan 3233 2312 *28 2812 2812 2812 *28 20 110 American Woolen100 9012 Nov *27 2812 2712 2712 *273t pret 100 0312Jan 15 0712 Feb 18 7734 Feb 34 9614 9C34 9614 96614 9614 1612 458 Do 412 Dec 133 062 0612 0634 9314 93 Land 10 4 Jan 6 5 Feb 25 3 Jan * 6 412 ' 434 *4 5 *4 5 Boston 128 Nov 'P.__ 5 umb Telep & Teleg_100 125 Jan 26 12712 Jan 5 9612 Jan 127 *126 127 *126 127 *126 127 127 127 *126*45 127 1209 4 1434 Jan 2114 Dec *126 32 151 Dominion Iron Sc Steel-- 1813 Jan 11 3812 Feb 17 2012 2612 *31 3234 3134 3134 33118 3113 *31 32 *31 Feb 25 414 Malt 838 Nov 9 9 9 1! , 9 938 234 0 3,400 East Boston Land .-- 7 Jan 4 10 83, 9 *S12 __8.3..4 Jan 2 25412 Mch 4 201 Alch 253 Nov 254 254 254 13 254 254 572 Edison 1-.31ec Illum100_ 245 Dee 252 253 253 253 253 14 2533, 25312 100 15033 Feb 24 /59 Jan 2 111 Jan 162 35q2 155:; 15513 155.1 155 15512 433 General Electric 60 Dec. 15312 15412 15513 15512 4 1S8 a .i.eabn 5 87 Feb 13 44) 804 65 6413 65 6434 6434 0412 C434 -30 6434 C95 MassachusettsGasCos 90 Nov 6478 66 66 92 Do pret 5 9378 Feb 18 77 Jan *92 0212 92 9238 0238 9233 9212 9212 0234 1234 9234 240 17 192 Apr 215 Nov 205 205 112 Mergenthaler LIno 100 205 Jan 7 120 Feb *205 208 205 205 205 205 205 205 205 206 21. Feb 4 1 314:11 3 Oct *2 212 Lae Sale 2 . Fe1009 Mexican Telephone_ 10 2 Jan 5 *2 212 *2 212 *2 213 1S8 'a pezni 27 75 - Feb 14 40 Mel, 78 Nov 12 7212 7212 7212 *72 74 --2:5 N E Cotton Yarn Dec *72 74 *72 74 *72 74 72 nret 2 09 Feb 10 75 Mcb 93 *98 09 98 93 90 09 9812 0512 65 Do 128 Nov *_- 09 *93 __ 3,53 N E Telephone 100 12614 Jan 5 133 Feb •_4 105 Jan 133 133 133 133 133 133 133 133 133 5112 .1'443 79 Dee *13213 133 133 *78 7812 Last Sale 77 Feb'09 __ l'ac ' c Ctia9t Powor_100 75 Feb 6 7812 Feb ._ *78 7812 , 100 168 Jan 30 1721' Jan 3'3 147 Jan 374l Nov 1-16- 170 170 169 170 16934 16934 09 Pullman Co 1012 Nov 18912 f0912 170 170 1170--,- Reece Button-Hole.... 10 934 Jan 11 1034 Jan •, 9 Apr 1012 10 1014 *10 1012 *10 ____ *10 10 8513 Jail 10813 J'ly *10 1012 *10 10213 -8 1,055 Swift & Co 100 100 Jan 9 103 Feb 0 102 102 10214 10218 10214 10218 10233 10238 10213 1027 4 20 Jan 24 Oct 10134 22 :225113 222134 10 Torrington, Class A.._ 25 22 Jan 15 :.312.7an *2112 2213 *2112 2212 *2112 2212 22 Jan 29 :534 Mch 5 73 May 2612 Deo 14 2514 -2-5i4 -..3.; -4 70 Do pier 25 2414 2)3 Jan *25 2513 *25 2512 *25 2512 25 25 1 Jan 26 134 Jan .: 114 Mcli 112 112 50 Union Cop 1 'd & M'g_ 11413 148 J'ly United Fruit 100 1512 Jan 13 131 .Ian 4 Jan - 12712 12-g- H:ZI- 1-291-4 i2514 fir 130 13014 844 14 3512 Jan 6238 Nov I2712 fir iiii2 fii 6412 A/1 Un Shoe Mach Corp.._ 25 60 Jan 2 6014Jan 4 65 65 65 05 0414 6414 6312 ---2 6412 4.438 8012 Meh 5 247 Jan 30 Nov 6438 643 2034 2934 301, 3033 3013 005 Do pre 25 2812 Jan 11 Nov 20 29 2914 2914 20,14 2934 2q34 Feb 21 5413 .1an 15 26 Jan 5834 4538 4434 4614 4438 4533 4373 4478 15,594 U S Steel Corp 100 4134 114 Nov 4413 4434 4434 46 401 100 107 Feb 33 11478 3an 15 5471.. Jan 11078 11014 11138 11013 11138 1103311118 11078 11078 1.333 Do pret. 4 Feb 442 Nov 10934 11012 110 west Telep & Teleg_100 613 Jan 11 8 Jan 6 *7 8 7 7 1,3 Mch 3 82 ;Tan F. 59 Jan 5014 Dec -77(3- -'71- ;a- -IRT- ;ii- ."81:1- 21 Do pret 100 76 7712 7712 *75 78 *7713 78 Mining i 112 Feb 1214 Aug Adventure Con ^5 7" Feb 1 1014 Jr.n 8 8 818 813 8 812 8 8 8 333 8 8 1,495 29 45 Feb 16 24 Apr 4113 Nov 3812 40 41 41 40 4012 3914 4013 4014 4012 39 39 a85 A 11o tie z 2 45 Feb 8313 Nov 3 Copper 1U1 tit .1Fae% 20 8453.1rin 60 7133 7014 7113 1934 7058 6778 7014 6634 681 58,258 Amalgamated 4 2734 Feb 9 2034 Jan 30 J'ne 6758 6818 * 675 Am %Inc Lead & Sm.. 25 2312 Feb 2412 2513 25 2513 2412 25 *2412 251 3813 Feb 26 4878: • ,o 3 28 Feb 53 Nov 4178 4178 42 4225570 Anaconda 3 Dec 6 Jan 3978 3978 41 4111 ------25 21: Jan 30 378 Mch 2 5 533 -5 --51:i Arcadian 19 Jan 4053 Dec 434 514 514 531 538 578 3544 Commercial_ 25 30 Feb 26 38 .1an 2 3213 3334 2312 3312 34 35 3413 3412 -;3f.1 4 161,512551 Feb 17 1. Feb 1; .40 Feb .00 Aug 31 32 *.85 . * .85 150 Arnold 25 45 6.80 .99 1 1 * .85 .99 .09 5 1314 Feb 11 38 .;an 2 Apr 1913 Nov 4.80 .99 1512 1512 1562 1512 15 .75 1534 16 1512 1578 1578 1573 Feb .55 Jan 2 .25 Oct Nov .55 .50 .50 5.45 .50 * .45 .50 * .45 .18 1".107'03 itlounaann` 1718Jan 2 1014 Apr 1513 Nov .45 .45 *.45 1,405 Boston(ziconDC7CGCo(r)CTsi 1237 fll 1212 1234 1218 1513 12 1238 1218 1238 12 12 1738 Feb 26 7'2:- Jan 2 1114 Apr 25 Nov 1158 1138 1814 1813 18 18 2,488 13os&CorbCop&SI1M8 5 Jan SO Aug 18 18 18 19 1834 1834 1812 1834 2738Jan 2 1512 12 24 24 2314 2334 2234 23 6,472 Butte Coalition 13 Feb 130 Aug 22 2312 2312 2433 24 24 Arizona_ .3i1 1/138 Leg 2-1 119 Jan 4 10312 105 103 104 103 104 x101 102 1.320 Calumet & 680 Jan 4 x565 Mel, 700 Jan 90 9914 9934 105 cCalumetee t ebete&I Reda 25 585 Feb 26 615 615 615 620 620 620 625 620 625 Feb 1 3434 Feb 16 21 Feb 304 Nov 610 610 610 23 :23g an /deli .45 Joe 2938 30 30 3018 3014 3,033 3014 3014 30 30 2914 30 79530 7 Z5 .an 15 .25 ,L0 *.25 .30 * .25 .30 .30 .30 600 Cons Mercur Gold . I Jan 2 5518 Feb 8378 Nov * .30 .32 i. 20 .34 .30 7631 Con Co 8214 76 7412 75 7514 77 27413 11,307 Copper Range ebb '72.!1 11 Jan 14 7 Jan 1178 Nov 70 7212 73 7613 75 So Daly West 100F 20 (81';;Ie 912 912 913 012 634 P34 *934 10 934 934 034 034 712 Feb 1 1578 Mch / 834 Dec 10 Dec 1412 1512 1414 15 38,14)7 East Butte Cop 3-in__10 .06 Alen 1418 1414 1412 3578 15 1534 15 1558 12 2 Jan 9 212 Jan 15 '234 Nov *2 214 *2 213 213 *2 214 *2 214 2 2 260 Elm River Feb 25 1613 Jan 2 612 Apr 1913 Nov 214 750 Franklin 25 13 12 14 14 1334 1334 1312 1334 1314 1314 1314 1314 U.) Feb 26 110 Jan 4 80 Jan 110 J'ly 1314 13 95 *02 95 94 94 3:33 Granby Consolidated_ 100 94 94 95 06 95 96 95 0 Feb 20 1234 Jan 2 673 Jan 1318 Aug 4114 10 1013 10 10 14 934 10 7,333 Greene Cananea 156 J'ly 27s Jan 10 10 1014 1018 1038 _ Consol_ 259 Last Sate 2 Dee'08 Guanajuato Jan 5 .1,114 Feb 10 1734 Feb 2614 Jan 2014 12-,7F36 Isle Royale (Copper).. 25 24 -4 -55- 167; -55C8 -3i)-3-4 -Nr4 "itTi; 29 2912 2833 16 Jan 30 231.Jan 4 10 Sep 2414 Dec "i5- Urt 18 18 18 14 1814 2,331 Lake Copper 25 1214 1741 1734 18 1913 1838 19 1813 1813 35 13 Jan 30 10334 Feb its Jan 1714Jan 1513 15 154 15 15 15 15 1,252 1 a Salle Copper 0 033 Fell 10 214 Alch 838 Aug 15 13 1514 1512 1534 Mass Consol 35 478 Feb 5 5 512 512 512 812 5 5 514 514 5 638 625 .65 Mch 3 .25 Jan .75 J'ly .60 .60 .65 .65 * .60 .70 * .60 .70 200 Mayflower bb217 5 r Jan 8 312 Dec 8 Jan *.50 .75 * .50 .60 Cons St & S.__ 2105 '5083 4 Fee 414 *418 412 *418 412 *378 Os *378 418 2,518 Mexico 3234 Feb 26 1538Jan 2 4 Sep 1512 Dec *334 4 4 4,a8) ,Ilealluigi aCeopper 5 63 1318 1314 1313 1373 1338 1373 1313 14 1333 1312 1314 1313 1014 Feb 27 10 Jan 4 714 Feb 1512 Nov *1012 11 *1013 11 3105 1014 1014 1012 1012 11 11 1031 1034 25 59 Feb 1 7018 Jan 8 45 Feb 73 Nov 63 04 64 6413 6212 63 63 6312 6213 6213 520 Mobawk Feb 11 35 Jan 1 .23 Dec 13s Jan 60 60 180 Montana Consul C & C .19 _ 5 .20 .25 1..25 .33 .20 .20 * .25 .35 .25 .25 14613. Fmc ebh 265 1953 Jan 15 83 Jan 2034 Nov 1738 1738 1734 1734 1718 1713 1712 1712 1713 1718 335 Nevada Consoildated_ 6 Jan 4 438 Oct 8 May -iiiis -1-67g Newhouse Mines & S.. 14) 413 412 414 412 *438 .:3! 4 414 *4 413 4 4 440 8514 Jan 2 4034 Feb 8934 Nov 71 14 6814 71 6778 26,8441 North Butte (.4) Jan 8 .50 J'ly 6914 70 6934 7213 7213 7038 71 lorry Jan * .60 ___ * .60 ____ Last Sale 60 Feb693'004 Old Cr 06144 jkF'aeenbb 22844 Jan 2 28 Jan 6012 Deo Old Dominion 21,55 5 -6647 584 48 49 4913 5134 5113 5112 5012 5012 5012 6012 *4013 3012 1:820 Feb 21.i 138 Feb 19 77 Feb 13513 Dec 130 130 130 130 130 560 Osceola 3118 Dec 12512 12312 128 131 129 130 131 Cop) 2105 12226 3018 Jan 2 1012 Jan 2834 2834 2812 2834 *28 ,29 28 28 1,583 Parsott (Silver & 14 1 Jan 11 1. Meli 114 Jan 27 27 27 20 Phoenix ConsoOdated 25 1 Jan 1 *___ 1 *.. .. 1 1.a3t Sale 1 Jar309 85 Feb 1 1.1) Jan 4 77 Feb 100 Aug 8812 8912 89 83 86 -iii8 2105 038 Nov *86 63 x87 90 55 90 *87 25 478 Jan 30 514 Jan 5 2 Mch Last Sale 5 Feb'09 Rhode Island Fob 25 .478 Jan 158 Apr 333 Nov 214 2 SQauntnacYFe (Gold & Cop) 2 . --2-1-3 -,;ir, --2- --2 -V- --7,_._.i4 -jig 214 2 -iii3 1312 Feb 26 1778Jan 4 934 Feb 1914 Nov --I 1-4 1412 14 14 1,997 Shannon 1338 1378 14 1434 1438 1412 1414 1412 1414 4614 Mch 14 Apr 3613 Nov 4 4414 4412 4312 44 43 44 8,095 Superior 43 4378 44 461 1 4412 453 Mini)) 14438' kb 254 1713 Feb 16 1514 1533 1514 1514 15 15 1473 1478 1,525 Ssiperior & Boston Jan 2 1413 Oct 2018 Nov 1412 1434 1434 1034 i Copp_ 10 1373 Feb 24 1773 1478 1338 15 1538 1478 1618 1434 1518 1434 -434 3,887 Superior&PItts 00 Feb 25 56 Mch 58 Nov 15 15 82 82 83 512 Tamarack Feb 83 84 85 8312 85 35 83 34 82 N Feb3 eb 1. 1758Jan 23 1218 Feb 26 Aug 14 1413 1312 14 1313 1312 1338 131, 2,429 TrinIte i2 Jan 8 453 Melt 1612 Nov 1234 1314 13 14 Copper 100 1133 Feb 2 1614 *12 1212 *1234 1314 *1278 1313 1258 13 1233 1238 1238 123; 50 United 2334 Apr 36 Nov Last Sale 16 No4308 Do met 100 25 28 Jan 12 3214 Feb 16 9 Mch 31,34 Nov /0-1-2 7,-2of2 :::: 30 30 30 30 -'65i UnItedStatesCoal&011. 7 Nov -if1i4 -313:I -55- -3-61; "i5f2 de Min_ 50 39 Feb 25 465 Jan 28 Mch 4673 *4114 4112 41 41 4014 4113 90 44015 19:20901 U SDe Smelt ire,t Rt et 4613 Jan 12 47 Nov 39 3973 9014 4113 45 45 37 Feb 4434 4434 45 45 45 45 45 45 4413 (.34 Jan 26 438 Sep 7 Nov 534 6 578 Cs 538 6 1.875 Utah-Apex Mining.- 595 Aug 55s 534 553 578 6 0 5 34754':414 .1.1T‘aei'enbb 2845 44334 Jan 2 29)2 Jan 50 3912 40 3914 8912 3914 3934 39 3914 2,816 Utah Consolidated 266 47 2878 53 Nov 39 39 40 4014 91 4073 Utah Copper Co 32105 9234s jFe eiib Jan 4 341Y 4114 4114 4034 42 4134 42 4153 4153 41 4078 710 538 Feb 15 212 Apr 5 Nov 5 5 434 5 5 5 8 5 459 Victoria 34Nov *412 5 5 5 Winona 25 5 Jan 1851 012 Jan 2 42 Jan (7 534 51 1 514 518 518 *5 012 5 5 815 1 155 Nov 135 2 514 148 148 148 148 37 Wolverine paid. 6 25 190 Feb 332 Jan 2 11512 Jan *142 147 145 145 14213 14213 *144 __-_ 4 Jan 16 .50 13133 338 Oct 3 3 3 3 233 238 *234 3 280 Wyandot _ 253 233 3 v. and tight. 4. Bid aml asicu0113(33.0113(33.pri I Naw st,0311. c A33't 2,15.13-sto32lja dniv.4 1 Fix-rights. a 1.3.7-dt tie.c ,),..: ray Cut 8.5A,3i VsCtellca 01 1009.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909.1 Boston Bond 'Record, ti

114/h DS istia Ds - Week's Range Week's anon .Prtce BOSTON STOCK EXCIPGE BOSTON STOCK EXCH'GE Friday Range or Since brides Range or Since Waal( Exuma MARGIE 5 4.• March 5 Last Sale January I WaltIC ENDING MARCH 5 March 5 Last sale January 1 Btu AM Low High Low Jitgh Run Ask Low Hto tots Nigh Telen & Tel coil tr 48.1929 J.,) 94/14860e 94 940,- 91% 94% Illinois Steel deben J -J 1110 1004, Feba09 1904 100/14 Convertible 4s .....1936 NI-8 94/14 Sale (1400 95/14 924 953, Non-convert damn 58...1913 A-0 100% Sale 1004 :0030 1008100/14 Am Writ rimer 1st s tSs 1911) 117834 Mar'Oa la Falls &Sioux Clat 78..1917 A-0 117 Apr'O. Ariz Corn Cop 18t conv Os 19:8 11-S 130 Feb'011 130 150 Kan C Olin & Spr 1st 5a...1926 A-0 94 9534 Feb'09 lib 05% A.ton'rot. & S Fogel'g 48..1995 A-0 100% 1000,3 10034 100 1014 Kau C Ft S & Gulf ext 58..1911 .1-D 100½ Jan'09 100/14101 Adlustinent g 4a J`ly 1995 Nov 1.488Sale 940,3 943). 92% 94% Kan C Ft Scott &M 1194 1194 119/14 1164 120 Stamped Ply 1905 la-N 05/14 SAW 94'i. 94/14 94/14 94½ Kan C & B gen 43 1934 S 03 92 Jan 'us 1.0 92 50-year oonv 48 1930 J.D 102/14 Jan. 109/1 410210 Assented income 5o 1934 M. 83 89 Feb'09 86 a, 89 10-year cony 5s 1917 J.D 106/14 10730 Feb'09 I.07/14 10730 Kan C & M Ity & Br 1st 581929 A-0 103/14 103/14 Jan'09 103/14 100/14 Boston Elect L consol 55 1Z34 51:1 110 Feb'04 Maine Cent cons 1st 7s 1912 A-0 113% Nov'06 Boston 31, Lowell 48 101 Sep '06 Cons 1st 4s 1912 A-0 1014 Sep '05 Boston as Maine 44 /s 1944 J.J 104/14 Oct '08 Marti Bough /I Oat ist 6s 1925 A-0 115 Pue'08 Boston Terminal 1st 3/1411 1947 F•A 112/14Jan '03 ... Mexican Central cons 43 1911 J-J 8134 Sale 84% 84% 84% 84% Bur at Mo Riv ex 6s 1918 J -J 104 Oct '07 latoons inc 3s Jan 1939Jay 1116 Apr'0- Non-exempt 65 1918 J -J 102 Sep '06 2d cons ino Js Jan 1939 Jay 1115 4 Apr'0 Sinking lund 48 1910 J.,1 99/14 Jan '01) 99/14 99 4 Mich Telop 1 ot Is 1917 J .1- ...... Butte & Boston 1st 6s 1917 A-0 100 J'ne'01 Minue Gen Elec con g 5s 1929 J -J 102/14 Ang'04 Cedar Hap & Molt 1st 76 1916 ra-N 117 J'ne'08 Now Bug Cot Yarn 5s 1929 F -A 104/14104% 104/14 10415 /14 1044 2d 7o 1909 J-D 1118 J'17'05 •- ...... New Eng Teleph 5s 1915 A-0 102 Feli'th L02 102 Cent Verna, 1st g 48..May1920 85 85/12 Feb'09. 81 86 5s. 1916 A-0 100/14 sop'08 o B & Q Iowa Div 1st 56.1910 A-0 11103 Oct'07 New England cons g 58. 1946 J -J low). Div ist 45 1019 A-0 100 Dee'08 Boston Term 1st 4s 1939 A-0 Debenture 5s 101' SA-N 100 ApralS N YN H& 11 con deb 3/14819E03 J -J 973,3 Salo 97% 118 97% 99/14 Denver Eaten 48 1922 F-A 100 jan 9900100 Cony deb 63 (ctto) 1948 J-J 135 Febah, 133 1354 Nebraaka Exten 48 1927 M-N 10014 Oct 'OS 98% 98% Old Colony gold 48 1924 F-A B& SW at 4s 1921M.5 98% Feb'09 Oreg By /I Nay con g4& 19443 J -D 119%8 121.4 J1T'0 " Illinois Div 3½s 1949 J -J 82 Jan'09 92 92 Oreg Sit Line 1st g 6s 1922 F-A 11878 118% Joint bonds See (it Northern Repub Valley 1st s f 6s 1919 J-J 103 h 105 Dec'08 Ohio .10 Ry & Stk. Yds 5s .11115 J.J 10234 1034 102% 1034 102 1034 Rutland let con gen 4/148 1941 J-J 107/14 No006 Coll trust refunding g 4141940 A•0 92 94 Feb'09 01 114 Rutland-Canadian 1st 431949 J-1 102 Mat'02 Oh Mil & St P Dub D 60-1020 J.J .1 1814 Feb'09 1184 1184 Savannah Elea 1st cons 5s 1952 J-J 98/14 Mayan; Oh hl .3:5 St 1' Wis V (liv 661920 J • J 128 Feb'06 Seattle Elec 1st g 5s 1930 F-A 105 106 19057 AFe pbr:) 01 0i ..... 105/1410534 Chic & No Mien 1st gn 510.193 M-N 102/14 102/14 Feb'09 101 102/14 xerre Haute Elec g as. 1929 J Ohio & W Mich gen 5s -0 104/14 104/14 104% 412 102 104% Torrington 1st g 5s 1918 51-S 99/14 No.'08 1921 ./ J.J 48-192t, -D 91 Dee an • • •• ...... Union Pao RR & 1 gr g 48 1947 1U3 Sate 103/14 103/14 10214 103/14 Concord & Mont eons J.J Conn & Pass it 1st g 48 1943 A-0 1124 Jan '03 20-year cony 4 1927 102% Feblit• 102%102% Cons S Slj coil tr g 4a ctfs L(57 4-J 16,3 Feb'09 1634 18/14 Uniten Fruit cony gen 58 1911 116 Jan '08 Current River 1st Ss 1327 A-0 96 Feb'09 06 VII U S Coal & Oil 1st s f 6s 1938 NI-N 130 Feb'0.. . 120 133 Det or Rap & W 1st 48 1946 A-0 91/14 Sale 9112 91/14 v 87 91/14 U S Steel Corp 10-60 yr 55 1963 51-N 103/14 103/14 14 1024 10414 Dominion Cool 1st a f 54-1940 M-N 111 Noy'08 West End Street 1ty 48. -1915 F-A 9614 Feb'ua Factiburg 4s 1913 M-8 103%Apt '05 000141$s 1914 fd- 102/14 Feb'09. 102/14 102/14 80% Deo WS 45 1927 31-S 96 Apr'W...... Cola Minimum° 48 1916 M-N Front Elk & hlo V 1st 60 1933 A-0 128/14 Apr'08 Gold 45 1917 F-A s'8', uct 'us Unetampen let Os 1933 A-0 140 apr'05 Western Telepb. 80 Tel 55 1932 J -J 98½5a1.- 984 98/14 0'7 99/14 St Not 1.; 11 & Q coil tr 481921 J • J 9814 :tale 984 98% 49 . 984 Wisconsin Cent 1st gen 01949 J -J 93 Feb'09 93/14 93/14 iotered 48 1021 (48 98/14 98', 9 97% 981$ Wisconsin Valley 1st 74 1909 J-J 1090,3 ..,6,05 ..-,kyric--litiyer pays accrued interest in addition to the purchase price tor all Boston Bonda. No price Friday; latest bid and armed. ¶ Fiat once. Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly

Range Previous -.hare Prices—Not Per Ventuin Prices bates A(7P1VE STOCKS Since nange tor 01 the Jan 1 19,9 Year(1908) Saturday Mona,, tiescIa8 Wednesaat, Thursday firtday IVeek (ant.Bonds and inactive Stocks Feb 27 March 1 at arch March 8 March 4 March 5 Mares see below) Lowest Highest Lowest Rig/test Baltiinore Con. Gas EL L. & Pow 100 32 Jan 27 35 Jan 26 20 Jan 30 Dec 7712 771 63 Do pref 100 77 Feb16 85 jan Li 65 Mar 8110 Deo 774 7714 4 be 104 104 105 105/14 105 105 .10434 106 175 Northern Central 50 IOU Jan 111 Jan ii no Jan 02 Dec 12/14 12 • 13 12/14 12/14 .19/14 .12/14 123, 525 Seaboard(new) 100 1134 Feb:6 15 Jan 4 4 Fen lo Dec 23/14 '23' *23 23/14 2012 .23/14 023 25 205 Do 20 pre( 100 22% Feb24 25 -,Jan (1 10 Feb 26 Dec 406 United By ea Electric 60 UN Feb 3 1012Jan 4 10 ,J an 12 Nov 934 934 •9 10 10 "14 10 10 10 10/14 10', Philadelphia 4(3 46 46 46 46 46 46 46 .46 461$ 55 American RailwaYs-•.- 50 45 Jan 4 4634 Feb It 4234 Mat 46/14 Nov 401$ Deo 3434 35 35 353, 1451$ 35% 35 354 36 35 3434 35 4,664 Cambria Steel 50 32/14 Feb23 39% Jan I 26/14 Feb 114 114 11% 11/14 .11% 11/14 11% 11.2 11/14 11LA 1.180 Electric Co of America 10z10/14Jan 20 11/14 Feb13 84Jall 11/14 Dec 114 114 Dee 23/14 233, 23/14 24/14 23/14 24 23/14 24 2334 23% 23% 23% 4,450 Gen Asphalt tr otfa 100 16' -,Jan J 2334 Feb 3/14Jan 19% /14 64/14 64% 644 64% 64/14 64/14 (3334 64% 3,546 Do prof tr ctla 100 53 Jan 5 66/14 eau ll• 19/14Jan 59/14 Dec 64 6434 644 65 Dee 18% 1114 11) 193, 19 19 18/14 11) 19 19 1834 19 5,637 Lake Superior Corp 100 14% Jan 5 103,3 Mar I 36,3Feb 17 100/141UL 4 101/14101/14 101/141014., 100% 10110 101 101/14 7))9 Denigh als Navtr ctfs 50 06 Jan 6 105 Jan 2. 784 Jan 97% Dec 100 100 Dec 69 693, 69% 713, 704 7034 70 70% 70 70/14 694 69/14 4,829 Lehigh Valley 50 67 F.b23 76,Jan2 59% Feb 7634 2 2 2 2 2 2 .1/14 2 210 Marsden Co 100 11316Jan ii. 2 41J an 12 1016 J au 2/14 Apr 134% 64/14 134/14 64/14 65 641310 65 3434 64', 64% 64/14 1,136 Pennsylvania RR 50 63/14 Feb24 674 Jan 4 54.16 Jan 56116 Deo 64510 Mai •41 42 41/14 42 414 42 41/14 41 4 .41/14 42 41/14 42 261 PlulaAtolifaCo Wittig)) 60 40/14 Feb c4 434 Jan 2 3414 4434 Dee 2,161 12 Jan 21 5/14 Feb 12/14 Nov 11/14 11½ 11% 11/14 1114 1158 11/14 11% 11% 11% 11/14 11% Philadelphia Eleotriot 26 114 Feb23 27,, 27', 274 27', 21' 2734 27% 27/14 26% '37', 4,539 PhIla Rapid Transit 50 24/14Jan 3 28/14 J aui 26 012/1 4 J 95/ 14 Deo 271$ 27'-. 16 Dec 59/14 61/14 603s 11315 62/14621310 01u14 02/14 61.16 62", 61 911e 31,825 Rotating 50 59/14 1,8023 724Jan 4 46310Feb 7111 .444 44 44 .45 4'7 Do 1st pref 50 44 Mar .1 443 Jan 239 ,an 45/ 14 Deo 4016 4511,3 *4534 46kg 46 46 46 46 152 Do 26 pier 50 4546 Mar 47/14 Jan 2 3710Jan 4842 Dee 53', 52/14 52/14 62/14 53 53 53% 63/14 531$ 52/14 53/14 3,455 Union Traction 50 J1 Jan 5 5134Jan 27 z44/14J'ne 504 Apr 53 94/1 4 o eb 731•2an 3 Dec1)4 89% 89% 90 15 8bse 00 80/14 90 110 130 89% im 2,332 United Gas 11110 50 89/14 Feb23 a 29 'Al .20 30 100 Welsbach Co 100 29 Feb i5 29 Febl., 2S J'ne 28 Nov

PHILADELPHIA Btu Ask PHILADELPHIA Bid Ask PHILADELPHIA Bid Ask Bonds Ph & Read 213 33'33.A-0 117 Chas Ry U 54E153'00 51-a 86/14 ,Inactivo Mocks ill Allegheny Vol pret..5ti Prices are all "and Con M 78 1911 J-1) 10630 Charl C& A ext. 58.'09 J-J American Cement 50 40 40/14 interest." Ex Imp 31 4s g 102 213 7s 1910 A-U 104 Amer Pipe 51fg 100 Al Val a. eat 74 1910 A-0 103/14 Termmal Oa g 1941.Q-1 120 city& Sub 1st 58.222.1-D 1094 Bell Telephone (Pa) 100 10134 Alt &LVEleo4 106'313.F.A P W & 11 col tr 4s'21.J -J 011% 100 City& Sub( WaslIst 58'46 105 Cambria Iron 50 40 Am Rya cony 5s 1911.J -D 118 tr4 Portland By let In 1030. Coal dls 1 By 1st ca'20E-A Central Coal Culte.10( All City 1st 5s g Rech Ity& Leon 5s'54J-.1 Col &Limy lea6s.1916.14 Oonsol Prat)of N J...100 76 Berg& E Brw 1st 60'21 J-.1 Spanish-Atu Ir 6s '27 J-.J 101/14 101% Consol tia. .1910 J.D 102 Diamond State Sttel 10 Settle Steel (36 1908.Q.F 113 118/14 U Trac Ind gen ine1e.J4 5o ....1939J-l) Prelerred 10 Choo & Mo let 58 1949 J-J Un Rys Tr otfs 48'49J &J 77 be Ga & Ala lot con 5.5'453 10.3 Easton Con Electric 1 50 Ch Ok & G gen 55'19 J.J 105 United Rya Inv 1st colt tr uac4tr&N Dabs g'29J-J 106 Klee Storage Batt....100 40 47 Col St By 1st con 5s 1932 8ls 11326 3I-N 81 81', Georgia P 1st 6s...'22 J-J 115% 1164 Prolerred 100 ConTrac of NJ 1st 63.'33 10534 U Trao Pit gen &s'97 J-J UaSo& Fla 1st 58 1945J-J 110 Ft Wayne &W V 10 E& A 1st ai 58 1920 3I-N Welsbach s t 58 1930.J.D 78 714½ U.B.S Brew 3-48 195111-S 43/14 Germantown Pass 60 Elec & Peo Tr otk tr Otis 93 Wlko-B G&Ecou5s'53J-J 911 2d income os 1961 aI-N 104, 14 Inthanapoha St 100 Eq II Gas-L 1st g 55 1928 BALT1,1101LE Knoxy Tree 1st 58'28A-0 Indiana Union Tr. 100 Indianapolis By 48.1933 87 Inactive Stocics Lake It El 1st gu5s'4251-S Insurance co en N A..10 21% 22 Interstate 45 1943 ..F -A 43% 44 Ala Cons Coal& Iron-100 Macon Ry& Ltil ott5s'53J-J Inter Sin Pow a Cliem.50 10/14 Lehigh, Nav 4/148 '14.Q-J Pret 100 130 Memphis St lat 55'45 J-J 96 bLeystono Telephone _50 12% 13', Rtia 4s g 1914.Q-k Atlanta& Charlotte 101) al etait( Wash)lstaa'25 F A 111 Preferred 50 Gen M 4/14s g 1024.Q-I, Allan Coaat L (Coun)101 2t3U Mt Ver Cot Duck 1st 55. 783, 7,3 KeystoneWateliCase.100 Loh V C 1st 58 g '33..J-.1 Canton Co 100 90 NptN&U P 1st 56'38 51.-N 51-5 Lit Brothers 10 15 15 1.4 Leh V ext 48 let 1948.J-D 106 Cons Cot Duck Corp .50 8 General 5s....1941 Little Schuylkill 50 57/14 2d 7a 1910 10430 Preferred 50 23 251$ Norfolk St 1st 511'44..J-.1 105 Minehill & Schuyl 11 60 Cotusol 615 1923 J-I Georgia Sou & Fla. .100 North Cent4 /14 s 1925 A-0 11214 N }Jaren Iron & btee1.5 Annuity 68 J 1st pref 101) 94 Series Abs 1926....J-J Northern Central 50 Con cons 4s 2003.51-N 117 9730 26 pref 100 68 Series B 58 11126. .J.J" 112/14 North Pennsylvanta 50 100 101 Leh V Tran con 43'35J-D G./3-S Brewing 100 '4 Pitt Un Trac 5s 1997.J4 Pennsylvania Salt 50 108 103 New Con Gas 5:41948 J.D Bonds Polo Val 1st 58 1941..J-J 100 Pennsylvania ."ieel..100 Newark Pass con 58 1930 Prices are all "and SAY Fla& West bs'34 A.0 Pruterren 100 101 N Y Ph& Nolst48'39 J-J interest." seaboard A L 4s 1950 A-0 65/14 115.4 pref _ 50 41', 42% 4s 1939...M-N Anacost4a & Pot 5a 10334 Seab & Roan 58 1926.J-J 108 Philo, Co (Pitts) Income 100 Phil German & Norria.50 15)4 NoOlhoTrao con5s'19.J.J All /I eat 4/14s '10.J.J 100 south Bound 1st 513..A.0 Phila Traction 50 le24, Penn gen 6s r 1910 Var 102 Allan L 11It4s1952M-S 97 U El L&P let4 /148'29 hi-N 33/14 Railway:, General 10 8 Conaol bar 1919. Var All Coast L(Ct)ctfs 5s J-D 110 Un Ry& El lat4s'49 M-$ 87% 88 Snaqtitiii Iron & Steel..5 Penn & MU Steel con 68 109 4 Ctfs of indent 4s. .J.J 82 Income 4,4 1949 J D 53 53/14 Tidow.i or Steel 10 Pa & NY Can 55 '39.A-0 6.20 yr 48 1025 J-J 85 Funding ba 1036. .J.D 71134 Pr,.0 rred 10 Con 4s 1930 A-0 Bait C.Pasa lot 58'11 M-N 101 Va Mid 2d ser as '11.51-s 103 Tonopah Mining ot Nevl 0'8 634 Penn Steel 1st 5s'17 31-N halt Ifundg 58.1916 AL.N 3d series Os 1916..51-S Union Tr ot And 100 People's Tr tr certs 443 '43 07 Exchange 3/148 1930 J-J 4th to? 3-4-53 1921.M-S United NJ RR& C 10() 233 P Co 1st& col tr 58'49 51-S 102/14 103 Balt& P lot Os in A-0 5th aeries 58 1926.51-6 108 109 Unit Trac Pitts prot..50 Con& col tr 55 195151-N 98 halt Trao 1st 58. '29 ALN Va (State) 38 new '32.J-J Warwick Iron & steet.iu 73, 53 Phil Elec gold trust Mts 102/14 103 No Bait Div 581942 J-D Fund debt 2-3s 1991.J.J West J ersoy & Seo,S11.50 49 Trust certifs 48 74/14 7434 Cent'l By con5s1032 14-N 11234 113/14 West N C 00'1681914 J-J 1084 Westmoreland Coal,..BO P & E gen M 5 g'20.A.0 Eat& Imp 56.1932 M-S WesVa C&P 1st 0g'11 10234 Wilkes Gas Elec 100 Gen M 48 g 1920..A&O 100 J. Chas City ay 1st bs'23 J -J Wil & Weld 5s..19435.J-J 114 * Bill and asked; no salmon this day blx-righta. 14;7.50 paid. t a12 14 paid. i 813/14 uaid. / :4135 pauL a aeoeipt& S $25 paid. c $30 paid. a -042/ 14 paid.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 618 THE CHRONICLE Lxxxviii.

Electric Com panic.; Bid Ask lndustria, and Miscei Bid Ask Volume of Business at Stock Exchanges_ Chicago Edison Co :ice CO icago Hit Collsdet iloea 5s lc1C9o1a1417 pf 100 n65 75 e Kings Co Si L&PCo 100 .18271 1825812 79 S912 TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE Narragan(Prov) El Co_50 Col tr Gs Oct 1956-Jj..-1 95 10112 DAILY, WEEKLY AND YEARLY. NY&Q El L &PowCu 10) 37 43 Cousol Car ileating_10u 10 Preferred 100 68 70 Cons Ry Lgtdellefrig_10t) - -** United Elec of N J 100 60 65 Consol Rubber Tire_100 Stocks. Railioad, let g 48 1949 J-D 7313 7412 Preferred ______100 20 zi12 Week endinj &c., State U. S Debenture 4s 1051A &O / 38 42 March 5 1909. Shares Par value. Bonds. Bonds Bonds. Ferry Companies Cons Steamship Lines 100 : B & N Y 1st 6s 1911_J•J 90 98 Coll tr 4s 1957 rcts J de.I /I1)1-4 17 Saturday 455,325 VI ,997,500 $2,031,500 $82,000 N Y & E It Ferry stk_100 30 50 Corn Prod Ref See Stock Es, ;1st Monday 837,340 72,689,000 3,197,500 139,500 1st 55 1922 M-N / 60 70 eCruclble Steel Tuesday 553,887 50,747,950 3,236,500 304,500 N Y & Hob 58 May 46 J-I) 94 95 ePreferred--- 1 00 714 57 Wednesday 443,145 40,154,500 4,125,000 109,000 Hob Fy 1st 5s 194631-N 106 108 Cv.mberland Ely per 5 77-58- 734 Thursday 465,349 42,822,400 2,225,500 301,000 NY &NJ 5s 1946___J-J 90 95 eDiamond Match Co_100 12112 122 Friday 500,334 46,630,250 2,528,500 174,000 10th & 23d Sts Ferry..100 5525 (3355 )il 0ou mgi Inatso n cCooppppeerr 10 *1.1 is . 1st mtge 58 1919__J-D 5 *238 234 Total 3,255,380 4293,041,600 $17,344,500 $1,110,000 eUnion Ferry stock_100 2312 26 Econ'y Lt & P (Jol(et, Ili) elst 55 1920 M-N -J 96 Elelcstrre sBforatIs Sales at Week ending March 5. Jan. 1956 -D 9312 26 1 to March 5. Short-Term Notes Preferred 10000 6202 75 New York Stock ;9994 ,19;2122 Electricpref r Vehicleed 100 Exchange 1909. 1909. Am Clic ser A 48 1908. 1908. Ser B 48 Bach 15 '1214 S Preferred 100 2 G„, sec Empire teel 3,255,380 1,782,828 Amer Light & Tr Os-See 100 S 12 Stocks-No. shares 32,412,754 27,997,333 Tel & Tel g 58 10114 10112 Preferred 100 47 Par value $293,041,600 $155,364,425 $3,104,788,375 Am '10 J-J 52 52,365,743,525 Atlan Coast L 5s '10_14-S 101 10114 eFederal Sugar of N Y Se, Stk E x list Bank shares, par $12,500 $10,060 $32,500 1021, 103 eGeneral Chemical Bonds. Ches &Micas Jivl '10J-J -100 6514 75 Chic & Alton 55 191:i-J-J ePrefer 100 99 102 Government bonds ..- $30,000 $120,000 $143,200 e redtleldCo nsol 1.711, $1,100,000 Chic R I & Pac Os '09A-0 MInes_10 734 State bonds 2,010,500 9,098,600 23,184,000 /11260 1187803'83 Gold Hill Copper 1 RR. and misc. bonds_ 17,344,500 7,879,000 256,321,000 Cin Ham &D4 JO '08 1I-S *51e 133,069,400 C CC dc St L 5s, June '11 10114 10158 GGrueg egne e roCea‘innan Eexar, 20 *934 1078 lor'n 100 166 Total bonds $18,454,500 $9,919,500 $265,539,600 Erie 6s, Apr 8 1911 A-0 172 $156,396,600 Interb LIT g Gs 1911 111-N fa; 117112 ellackensack Water Co Ref g 4s '52 DAILY TRANSACTIONS AT THE BOSTON AND 5s !doh 1910 /11-5 10012 101 op '12_-J-J 88 91 PHILADELPHIA S C Ry &Light 100138 Hall Signal Co 100 35 40 EXCHANGES. 6s '1214-S 99 Kan C So g 58 Apr '12_J-J 9978 10014 Havana Tobacco Co_100 7 9 Lack Steel Sc g 1910_111-S 98 9',)9 Preferred 100 18 20 New 1-yr 56 Mch 1 '10 99 100 1st g 55 June 1 •22-1-1) Boston. Philadelphia. Hecker-Jones-Jewell Week Lake Sh & M So 58'10 F A 101 s411.11s1 ending 1st Os 1922 101 March 5 1909. Lifted Unlisted Bond Listed Unlietsd Lou de Nash g 58 '10-M-S 101 108 Bond Mex Cent 10012 EIeeg-Hall-Mar, new 100 35 45 shares. sharas. sales. shares shares sales. Es July 1 1910 100 bitch Cent 55 1910...... F-A 1908134 10,911144 Hoboken Land & Imp1l%11.00N0 -6.79-18- Minn e5s 1910 Saturday 28,153 14,264 $13,500 12,705 7,272 $59,040 de St L g 5s '11.F-A 39,609 36,589 132.500 Missouri Pacific Houston 011 Monday 20,791 7,928 96,700 Preferred 100 Tuesday 24,402 23,480 223,500 9,325 Cs Feb101 u cenvop F-A 103 30 45 13,663 58,040 NatofMex 5s /Judson Realty 100 RO 110 Wednesday 18,690 21,126 181,000 11,458 5,695 142,900 ext to'01) A-0 100 T 23,076 17,885 113,500 N Y Cent 5.9 1910 F-A 101 eIngersoll-Rand corn .100 116)02 hursday 8,575 7,589 53,300 100 Friday 20,066 22,972 122,500 14,757 6,809 N Y C Lines Eqp 5s '10-27 8 4.30 334%10114 ePreferred 92 61,000 N Y N 11 & H 5s '10-'12 101 internat'l Bank'g Co_10) 95 fcri" Ineni Mar Mar Stk Tot al 153,996 136,316 $786,500 77,611 48,956 Norf de West 58 191031-N 10112 1102213' See Era list $470.980 Pa RR 5s Itch 15 '10 31-S 10114 101121007013.ity4 Internat'l NIckel 100 107 Public Service Corp 5s- See St Preferred 100 84 87 StLMS'east 4-4s 10018 10013 1st g 55 1032---A &O 84 86 Outside Securities St L & San Fr g 5s'11 _J &J 919714 9985tg Internationalls5151, 5 Salt..-11ou0 , 183 16 43,6 rog notes'12 opF &A A-0 / 50 55 All bond prices are now "and interest" except where marked "f." South n coil tr Sc 'Ou- A-0 118, 15 110090.308 8 Inite)rrnefaent'le0Sliver 12 South By g 5s 1910._I--A 100 70 73 Street Southern Ry 6s 1011.14-N 1st Os 1948 J• D 109 111 Street Railways Bid Ask Railways Hid Ask Tidewater Lackawanna Pub Serv Corp Os, 1913, guar 10212 10314 Steel-10U 35 38 New York City N J (Con) U S Rubber g 58 '09_ 100 10012 Lanston Slonotype___20 Bleeck F stk_100 14 20 J C Hob & Paterson NI- S 1234 13 St & Ful - Wabash 5s. May 10 1909 100 100)2 eLLiewhyeefs'vvAilitkge-BesC0-C-0_a_il00 0 261) 205 slat mtge 48 1950-J-J 7 65 75 48 g 1949 M-N 74 75 stk_1011 130 154 So J Gas Bide WeatIngh El&M Os 1910 10012 101 90 105 • B'y & 7th Ave Trac_100 118 120 Lord & Taylor 100 100 105 e 2d mtge 58 1914__J-J 1100 103 Gu g 55 1953 M-S 98 99 Railroad Preferred 551943 Stock axe list No Hud Co Ry681 102 Con See 14 J-J 106 10712 Chic Pro & St L pref-10C eLorillard (P) pref_ 11000 n1275 135 B'way Surf 1st 5s gu 1924 99 104 5s 1928 J-J 106 108 Madison So Garden_ stk.,..100__ 120 Ext 5s Deposited stock 1, 112 AN100 8200 30 •Cenel Crosst'n 1924_ -M-N 102 103 Undepositeci 2d Os 1919 -N 1-95 110 Pat City con Os 1' stock 12 112 100 e lit mtge 6s 1922_M 31..J-D 121 _... _ Prior lien g4 .is'3041%&S / 88 95 eManhat Beach Co.--100 10 e Cen Plc N & E R stk 100 30 60 2d 68...1914 opt A-0 100 Con mtg g 58 1930_J&J / 48 55 Manhattan Translt----20 * 127132 04 e Cheer & 10th St stk 100 70 90 So Side El (Chic) See Ch icago Ilst - Mt tchell Mining list Syracuse R T lis Income 5s, July 1930 / 2 7 14 •Col & 9th Ave 5s See Stock Exo '46.M &S 10212 104 Chic 100 24 26 Monongahela Ii Coal 5101.1 * 18 Trent P de H 5s 1943.. J Subway *-- - 473 Dry D E B & B- -D 96 100 Ft %V & Den Cy std.._10U 9712---0 Preferred * 2i14 25 61st gold 6s 1932__J-D / 90 96 United Rys of St L- - Mortgage Bond Cons Nat Rys of Mexico- Co...Co_-100 105 108 e Scrip bs 1914____F-A / 45 55 vot tr ctfs 100 2112 2212 Prl 9212 Nat Bank of Cuba_-100 100 230 280 e Preferred lien 4%0'57(w 1)J-J 92 105 Eighth Avenue stock_100 100 6414 65 Gen M 4s 1957 (wl) A-0 84 85 National Surety 100 235 300 I Scrip 6s 1914_ __F-A / 95 100 Gen 4s 1934_See Stock Ere list Nevada Cons'd Copper-3 *17 250 North'n Securities Stubs.. 100 125 1714 •42d & Gr St F'y itk.100 200 UnItRys SanFran See Stir Exe list Nev-Utali M.In de Sm._lu 278 Ave_100 30 __ Wash Ely & El Co Pitts Bess & L E 50 *35 37 .21318 42d St M & St N 100 41 42 Preferred 50 +GO 65 eNew Central Coal___20 40 53 e 1st mtge 65 1910.14-S 95 _-99 Preferred 100 8812 8912 N Y Air Brake Gs See Stck Sic list 1915_J-J 1 50 60 43 1951 /Railroad Securities Co- 2d income 68 J-D / 88 8834 in C stk tr cfs ser A '52 0014 92 N Y Biscuit 8s 1911_111-S /190 triter-Met-See Stir Exch ange list eNew York Dock 100 Gas Securities Seaboard Company- 3111 35 Lox Av &PavF 5s See Stk Exc list 40 50 ePreferred 100 77 Ry-See Stir Ere New York 1st preferred 100 so Metropol St list Cons & 2d prei--See Bait Esc list N Y Mtge de Secur ty.10i.) 19212 Ninth Avenue stock_100 160 190 Cent UnGas 55 g '27_J&J 200 101 N Y Transportation__Zu *4 stock_100 35 (N Y)-See Seaboard Air Line- Second Avenue 60 Con Gas Stk Ex() Hit Coil 55 ext May '11 M-S 96 0612 Siles-Bem-Pond corn -100 100 103 e 1st mtge bs 1909_51-N 95 100 e Mutual Gas 100 123 12712 Each list Nipissing Mines 5 *914 1948____F-A Amsterdam Gas- Union Pacific 45 See Stk 912 Consol 5-s / 77 SI New eOntario Sliver 100 4 412 t Sixth Avenue stock_100 120 130 1st consol 55 1948 J-J 9914 100 Industrial and Miscel OtisElevar com 10U 49 1045-J 60 85 NY &ERGas let 5s'44 51 Sou Boulev 50 -J J-J 103 107 Adams Sip g 48 1947J-D 9314 9358 Preferred 101.1 94 96 So Far 1st 58 1919___A0 80 00 Consol 58 1945 J-J 93 100 Ahmeek Mining 25 155 Pittsburgh Brewing-50 Richmond S 145 *1878 19 Third Avenue-See Stock Exe list N Y de Gas 100 30 50 Alliance Realty 100 110 114 Preferred 50 40 Tarry W P Se M 5s1928 / 70 90 Nor Un 1st 5s 1927__M-:\ 96 101 Allis-Chalmers Co 1st mtg Pittsburgh Coal_See Sta Sic 80 list YkersStRR5s 1946 A-0 80 85 e Standard Gas com 10 ,g_ .. s 1 55 1936-See Stock Exch list Pope Mfg Cocom(new)100 20 23 28th & 29th Sts 1st 55 '96 f 25 35 e Preferred 100 a 60- 90 American Book 100 145 155 Preferred (new)____ 100 62 65 •Twenty -Third St stk 100 200 250 1st 55 1930 111-N 100 105 American Brass 100 114 117 Pratt & Whitn pref-100 95 Cities 10212 Union Ry 1st 5s 1942 F- A 04 99 Other American CnIcie con-1 10000 192 195 Realty Assoc (Bklyn) 100 145 150 Westchest 1st 5s 43 J-J 70 80 Am Gas & Mee, com_50 *27 29 Preferred 99 101 Royal Bak Powd corn 100 150 Preferred 50 160 Brooklyn *41 43 Am Graphophone com100 20 Preferred luJ 106 108 Atlan 58 1909___A-0 100 101 Amer Light & Tract-100 137 13812 Safety Car Heat & Lt-101) Ave Preferred 100 -3-0-- 11-01-38-...3 125 127 Con 5s g 1931 A-0 97 100 Preferred 100 101 102 Amer Hardware 100 y112 Mining0 CoC 100 B B & W E 5s 1933....A-0 95 100 Col tr g 6% notes-A-0 132 Am/Salting 6s 1914-J-1) 100 SeSinngeecra00Mfg 470 490 Brooklyn City stock___10 190 195 Bay State Gas 60 a 114 -1-3, Standard Cord.3iage.. re01A-0-100 Amer Press Assoc'n_100 9212 34 114 Con 58-See Stk Each Sae list Bingh'en (N Y) Gas Wks Am Soda Fount com_100 1.0014 1st M g 55 / 22 Blrn Hgts 1941 A-0 1/5 100 5s Adjust Li Sc Apr 1 25 lit 55 1st g _Ade° 95 98 1st preferred 100 15 1931 / 3 4 • BkIn Q Co Lc Sub See Stk Sac list Brooklyn Union1938_- Gas deb 2d preferred 100 2 Standard Coupler com100 25 Bklyn Rap Stk Sae See Stk --:3-::: 36 Preferred 35 Tran-See list e6s 1909 Exch list e Am St Found new --- 100 100 100 110 e Coney 1st de Birlyn_100 83 100 Buffalo City Gas stock100 6 8 65 1935 Ada) 96 100 Standard Milling Co.-100 1st Preferred 15 1712 cons g 4s 1948__J-J 78 83 let 58 1947-See Stock Sic list Deb 4s 1923 F &A 61 6312 100 So Brk C &8 5s 0 Gas J '36_J-J 97 1st 55 1930 52 1939_J-J 5 Con of N 5s 93 American Surety 50 200 82 84 GeptdcLorSt lit 68_51&N -_ ------Consumers'L H & Pow- American Thread pref_5 *414 Standard Oil of N J....1011-Nu Kings 0 El 45-See Swlisftt 645 650 Stock Sic list 58 1938 JD 105 2.,-- Am Tobacco Co com_100 340 18) Co--01S0-79B14o_st...rj Exe Nassau Elec pre1-.....100 __ Denver Gas E‘ec Is list & _100 10638 10812 com.100 101 Si 1944 A-0 -115 Gen g Si 1949 op-M-N 92 100 in eTexas& Paoltic 95 AmPererfTerYred :tl5ii Coal-100 85 1-07. lit 48 1931-See Stock Exo list Elizabeth Gas Lt Co_100 275 _ Amer Writing Paper-100 212 Title lies Contnotefri(NN4Yvcai_ _4.0601 N Wbg&Flat 1st ex 4 kis 92 Hudson Tonopah 160 160 97 Essex & Gas-100 125 Dr-- Preferred 100 14 16 *(152 634 Steinway 1st 68 1922-J-J 107 112 Gas & El Bergen Co. 100 60 lit s f g 5s 19 op'09-J-J 82 :81 Trenton P t Other Cities 0 let Sc '13 612 Preferred, 3 e Gr Rap -F-A oh -- AtIGI &Wind SS Lines 100 612 etewr--.._100 50 60 Buffalo Street Ry- Hudson Co Gas 100 11515 fill; Preferred 100 17 :rrow Directory 100 conso158 1931 F-A 107 Lighting Co i 59. 685502 Un2P11 26 35 let 12 10812 Indiana 19 22 Col tr g 5s 1959 _.._J-J com100 58 61 Deb 6s 1917 A-0 106 10712 45 1958 up F-A 62 64 Barney & Smith Car_100 preferred: 100 St Ry-101/ 95 108 113 Coiumbus (0) 59734 Indlanapolls Gas 50 20 45 Preferred 100 referred 100 109 111 Preferred 101/ 104 106 let g 55 1952 A-0 75 90 Bethl m Steel Corp--See S tic Ex list Unid:terelPdferrBkedNote Corp_ 5i.) *66 55--SeePhl la itst 59 Colum By con Jackson Gas 60 g '37-A-0 91 96 Bliss Company com- 50 111 110 50 *53 55 Crosst'svn 1st 58'33 J-D - e Laclede Gas 100 90 100 Preferred 50 121) 125 eUnIted Cigar hifg.pf-100 com_ 101 104 'Conn By & Ltg 100 10214---74 77 e Preferred - -100 _ 95 Bond ec Mtge Guar__100 370 380 United Copper 10(1 1234 ePreferred 100 8212 13 87(2 Madison Gas 681926..A-0---- - 10512 108 Borden's's eCond Milk_ 100 124,97 137138 u Psre:teirrveeid ope 100 31 87 Grand Rapids Ry 100 58 60 Newark Gas 6s 1944.-Q-J 130 132 Preferred 100 105 107 U S Casualty 100 -_10 8234 195 210 Preferred 0 8334 Newark Consol Ga5-100 95 96 British Col Copper 5 50 0_J&J 108 10812 e 1948. 30 ,e Loulsv St 58-1-9-3- Con g 58 J-D 106 107 Butte Coalition Mining 15 *24 2412 ePreferred 10 102 106 Lynn & Bos 1st 58 '24J-L) 105 107 No Hudson L II dcPow-- Casein Coodf Am com-100 214 3 U SSteel Corporation- 's New Orl Rys & Lgt-100 1414 1434 bs 1938 A-0 98 100 (it) 75 Col tr 5 f 58 '51 opt '11 e 100 37 3812 Pat Pas Gas& 11334 116 Preferred & Elec-100 83 87 cCasualtyettiduo CCoof Amer-100 135Col tr s 1 5s '51 not opt 11334 115 Gen M g 4 %s '35 See S tk Ex list e Con g 55 1949 M S 103_ 100 127 ffli- U S Tit Gu & Indem 100 North Chic Street Ch lcago list St Joseph Gas Sc 1937 66 70 See -J-J 94 -i7- Cent Fireworksireew orks co m 100 7 8 eUtah Copper Co-See Stk Ere list Pub Serv Corp of N J 100 95 100 Telegr Cc "felephone Preferred 100 52734 70334 WaptreerfbeurgdC o, com_100 Tr ctls 2% to 6 %perpet 7834 7012 eAmer Teleg & Cable _100 7612 80 Central Foundry 100 100 eon Sc g notes '01I_M-N 9078 10014 eCentral & So Amer 100 109 115 Preferred 17 181. Westchester & Bronx 'lit North jersey St By 100 35 40 Comm'l Un Tel (NY)_25 110 120 Deb Os 1919 op '01 M-1)(0N 1st 4s 1948 eieGeuar 100 140 M-N 77 78 Emp & Bay State Tel 100 (0) 70 Century Realty 100 72 76 Wtee t irtng 100 Cons Tract of N J ,11)0 74 75 Franklin 100 40 50 Chesebrougn Mfg Co 100 500 MO 1st 55 1933 WestIngh Air Brake___50 112 J-D 10512 10612 eGold & Stock Teleg _100 105 112 City investing Co--100 58 63 West El & Mfg 5s-See St Mae list New'kPasIty 55 '30 J-J 109 110 eN Y & N J Teleph.„100 115 117 eCiatlin (El B), corn-100 100 105 White Rapid Tran eNorthwestem Knob Min 10 St By -100 245 __- Teleg....50 108 112 elst preferred 91 95 Preferred 10 1st 53 1921 A-0 108 Pacific & Atlantic 25 55 65 e2d preferred 100 92 9712 pref-109 107 . SZnIttliArri A Atlantle 21. On on Worthing Pump •LW share. a Mix-rights. sBans. a Sells on Stk. Ex.. but not very active / Flat pri0e. is Nom. s Sale nrIce. y Ex-righta.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1009.1 THE CHRONICLE 619 inaestment and Xailirriad. *nteiligzuct.

RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period. The returns of the street railways are brought together separately on a subsequent page.

Latest Gross Earninos. July 1 to Latest Date. Latest Gross Earninos. July 1 to Latest Date. ROADS Week or Current Previous Current Previous ROADS. Week or Current Previous Current Previous Month. Year. Year. Year. Year. Month. Year. Year. Year. Year. $ $ $ 5 $ Ala N 0 & Tex Pac, Nevada-Cal-Oregon. 3d wk Feb 6,046 4,882 233,980 227,806 N 0 & N East __ 1st wk Feb 57,000 44,000 1,883,045 1,006,409 Nevada Central- December.. 6,352 6,503 41,588 44,151 Ala & Vicksburg_ 1st wk Feb 25,000 24,000 979,009 977,890 N Y C & Hint River January __ 6,611,643 6,179,327 54,798,403 37,617,491 Vicks Sh & Pac__ 1st wk Feb 23.000 22,000 875,404 963,579 Lake Shore ec MS January __ 3,316,725 2,850,440 24,941.368 26,214,377 Ala Tenn & North__ December 6,135 4,110 31,932 23,433 Lake Eric & West January -_ 334,228 336,488 2,828,341) 2,970,888 k Atch Top & 8 Fe_ January __ 7,456,225 7,316,675 54,618,417 56,056,302 Chic Ind & South January __ 265,603 235,605 1,771,705 1.740,587 Atlanta Birm do AU 3d wit Feb 43.016 28,484 1,306,265 1,089,388 Michigan Central. January __ 1,907,661 1.861,468 15,090,866 16.574.595 Atlantic Coast Line January __ 2 266 315 2.023,464 14,401,025 15,209,665 Cleve CC & St L.January __ 2,024,065 1,786,119 15,630,643 15,794,151 Baltimore do Ohio__ January -_ 5,363,45 5 5,177,120 42,328,330 48,062,263 Peoria do Eastern. January __ 208,762 250,172 1,702,451 1,818,398 Bangor ec Aroostook January __ 243,956 201,131 1,640,338 1,534,147 Cincinnati North_ January -_ 77,139 56,821 660,984 582,216 Bellefonte Central__ January __ 5,290 5,463 42,449 38.760 Pitts do Lake Erie January -- 837,229 585,384 7,139,324 8,447.740 Boston & Maine_r January __ 2.919,249 2,784,216 23,301,753 24,778,961 Rutland January -_ 195,835 187,815 1,712,028 1,859,404 Bridgeton & Saco R December.. 3,323 3,265 . 26,778 31,206 N Y Chic dc St L. January __ 751,854 759,987 5,580,682 6.004,635 Bull Hoch & Pitts_ 4th wk Feb 134,276 128,801 4,735,064 .5,435,574 Total all lines January __ 16531644 15089626 131811790 139574677 Buffalo & Susq____ December 207,742 187,621 1.172,196 1.179,157 N Y Ont & Western January 591.312 593,987 4,931.512 4.900,212 Canadian Northern.. 4th wk Feb 132,600 130,700 6,663,000 6,371,700 N Y NH& Hart January __ 4,055,890 3,679,416 31,706,686 33,176,303 Canadian Pacific__ 4th wk Feb 1,371,000 1,220,000 50,292,517 49,400,053 N Y Susq & West January __ 262.122 276,965 1,847,666 2,017.527 Central of Georgia_ 3d wk Feb 222.400 224,700 7,568,263 7,891,033 Norfolk & Western_ January -_ 2.310,699 1,912,017 17,011,275 18,931,041 Central of New .Ter_ January __ 2,031,887 2,135,183 15,111,802 16,779,781 Northern Central January __ 867,036 874,436 6,814,690 7,879,390 Central Vermont_r December 275,904 266,686 1,832,685 1,914,878 Northern Pacific January __ 4,147,390 4,432,215 41,792,566 45.000.819 December. 3,366.605 Chattanooga South. 2d wk Feb 1,457 1,301 54,248 74,897 Pacific Coast Co 488,795 595,869 4,295,574 Chesapeake & 011,o 3d wk Feb 481,314 393,893 16,859,014 18,042,540 Pennsylvania Co_ _r January __ 2,889,374 2,485,107 24,564,718 28,942,649 Chesterfield & Lane January __ 5,743 4,468 37,730 29,969 (1 Penn-East P & E January __ 11220812 10563312 83,497.253 96,234,753 4th wit Feb 132,045 208,505 8,533,336 8,402,558 West of P & F._ January __ inc.600, 100 Chicago & Alton By 1,127,990 ,3602,010 Chic Burl & Quineyr January __ 5,807,989 5,766,083 47,410,584 49,289,179 Pere Marquette___r December.. 1,114,071 7,2De2c.66,2.9858720'9 West 3d wk Feb 163,248 128,516 5,450,974 5.367,046 Phila Bait & Wash_ January __ 1,263,140 1,206.840 9,727,278 10,362,078 Chicago Great __ 2.148,833 18,266,239 Chic Ind & Loulsy_ 3(1 wk Feb 84.090 69,583 3,385,103 3,453,863 Pitts Cin Chic & StL January 2,000,197 16,093.627 &Southern -See New York Cen tral. Raleigh & Southp't January __ 12,429 7,863 Chic Ind 3,230,761 888450 Chic Milw & St Paul December.. 4,933,892 4,567,747 32,507,709 31,338,632 Reading Company_ January -- 3,075,500 23,527585,19735 26,47600, Chic & North West r January __ 4,656,739 4,393,853 30,080,868 40,530,567 Coal & Iron Co January __ 3,072,526 3,122,490 20,305,654 24,144.499 Chic St Paul M & 0 January __ 1,088,819 056,972 8,226,559 8,161,134 Total both cos January __ 6,303,287 6,198,089 93,833,846 50,605,342 Chic Term 'Fran RR December.. 87.999 85,585 572,502 604,414 Rich Fred & Pot__r December 164,316 143,425 885,087 992.066 CM Ham & Dayt_r December 717,985 592,777 4,249,865 4,611,020 Rio Grande June... December 68,720 80,384 452,320 476,988 Cincinnati Northern -See New York Cen trot. Rio Grande South 3d wk Feb 6,412 11,621 385.470 408,149 Clev Gin Chic & St L -See New York Cen tral. Rock Island System December 5,435,044 4,915,666 31,878,359 32,132,644 Colorado Miciland_r December.. 195,18 190,794 1,229,782 1,207,211 e St L & San Fran December 4,380,141) 3,751,657 24,862,428 26,329,463 Colorado & South 3d wk Feb 306.153 282.936 10,283,522 9,953,918 Evansv do Ter H December 177,616 165,342 1,129,569 1,225,736 h 5-.870,358 Col Newl) & Laur__ December.. 24,860 28,166 141,422 153,101 Total of all lines_ December 9,992,810 3,832,665 59,687,844 Copper Range December.. 54,604 58.126 408,725 447,239 St Jos do Grand Isi_ December.. 129,945 130,794 866,043 871,507 Cornwall January __ 9,160 4,334 48,695 94,151 St Louis Southwest 4th wk Feb 191,791 109,802 7,211,375 6,843,508 Cornwall & Leb___r December 28.378 12,546 158,338 188,615 San•Ped LA de S Lr December., 601,136 645,726 3,496,295 4,105,551 January __ 1,065,860 1,053,126 Seaboard Air Line_ December.. 1,464,500 1,254.960 7,785,678 8,059,362 Cuba Railroad 218,258 183,794 491.784 1 Delaware & Huth_ January __ 1,371,117 1,453,251 10,981,603 12,205,036 Atlanta ec Birm December 86,458 64,856 479,282 __ 19,836,179 20,656,613 Florida West Sh_ December 14,528 12,441 54.868 52,709 Del Lack & West January 2,609,880 2,518,556 875,695 Denver Fe Rio Gr 4th wk Feb 361,700 359,200 13,847.525 14,560,344 Southern Indiana December 87,992 162.164 617.482 Det Tot & Iront Sys 3d wk Feb 21,581 22,485 1,054,163 1,158,587 c Southern Pac Co January __ 8,802,612 9,320,488 71,583,760 77,716,779 Ann Arbor 3d wk Feb 27,422 26.715 1.232.632 1,305,879 Southern Railway 3d wit Feb 980.125 879,832 34.087.197 35,212,515 22.707 737,179 798,639 Mobile & Ohio 3d wk Feb 172.738 132,534 6.247.795 6.557,555 Detroit & Mackinac 4th wk Feb 25,478 5,346,517 Dul & Iron Range_r December 77,659 80,102 4,673,826 5,113,205 Cm N 0 & Tex P.3d wk Feb 147,677 122,010 4,983.967 Dui Sou Sh Ati Feb 45,118 50,136 1,772,030 2,119,086 Ala Great South_ 3d wk Feb 67,414 40,475 2,309,575 2,426,586 & 9th wk 1,350,044 El Paso & So West.r January __ 599,082 4,016,089 Georgia Sou & Fla 3d wk Feb 42,490 41,755 1,251,578 Erie January 3,585,307 3,561,328 29,793,690 31,187.961 Texas Central 3d wk Feb 21.766 17,702 827,183 791.375 Evansville & 'ter II -See Rock Island S vstem. Texas & Pacific 4th wk Feb 321,096 375,882 10,288,704 10,662,764 11,313 11,590 Tidewater do West_ January -- 5.740 6,743 42,146 55,945 Fairchild & Nor E January __ 1,261 1,616 2,796.985 53,421 51,912 450,803 490.594 Toledo & Ohio Cent January __ 262,461 272,579 2.735.629 Fonda Johns & Gloy January __ 721,506 821,655 Georgia Railroad January __ 234,012 237.303 1,713,261 1,830,999 Toledo Peor & West 3d wk Feb 20,158 19,389 Toledo St L & West 3d wk Feb 62,622 66,381 1,218,199 2,695,804 Georgia South & Fla -See Sout hern Rail way. 31,621 4th wit Feb 681,947 761,060 26,101.330 28,987,303 Tombigbee Valley December.. 8,319 3,885 37,739 Grand Trunk Syst 5,343.736 3,189,922 47,983,824 48,109,218 Gr Trunk West 3(1 wk Feb 84,473 91,018 3,532,193 4,025,448 Union Pacific Syst. January -_ wk Feb 25,106 24,449 1,080,051 1,216,345 Vandalia. r January __ 668,559 674,208 5,261,220 5,854,845 Bet Gr Hay & Ell 3d 738,372 682,041 Canada Atlantic. 3d wk Feb 24,459 25,233 1,185,340 1,383,964 Virginia & Sou West January __ 103.401 73,390 Great Northern Syst January __ 2,727,995 3,073,786 33,535,541 37,579,657 Wabash 4th wk Feb 500,806 519,053 17,281,000 17,861,974 Island_ January __ 168,545 161,006 1,108,408 1,353,910 Western Maryland r December 509,315 469.528 3,094,266 3,200.150 Gulf & Ship 3,724,716 Hocking Valley January _ 399,523 328.834 3,857,192 4,047,548 West Jers & Seash_ January __ 292,710 283,310 3,358,916 Illinois Central January __ 4,831,070 4,619,840 34,073,899 36,533,135 Wheel & Lake Erie.r December.. 431,232 381,065 3,004,813 3,409,565 Nor_ 4th wk Feb 152,000 148,000 5,610,353 4,870,211 White Riv(Vt)_2wk s endFeb13 1,303 426 Internat & Gt 5,084,984 aInteroccanic ofMex 4th wit Feb 143,438 209,377 4,168,173 5,174,834 Wisconsin Central 4th wk Feb 139,956 133,706 4,959,788 4th wit Feb 64,662 56,848 1,976,481 2,094,825 Wrightsv & Tenn January __ 20,592 22,708 165,145 172.739 Iowa Central 6,271,163 6,288,288 Kanawha & Mich January __ 147,788 139,094 1,347,903 1,328,801 Yazoo dc Miss Vail_ January - 942,001 035.579 __ 685,530 646,103 5,168,106 5,687,025 Kansas City South_ January Previous Orient January 766,000 568,000 Current K C Mex & Period. Year. Year. Lake Erie & West'n -See New York Cen Ira.. Various Fiscal Years. Lake Shore dc NI Sou -Nee New York Cen tral. 2,540,278 2,639,720 10,562.007 22.125,624 Bellefonte Central Jan 1 to Jan 31 $5,290 $5,463 Lehigh Valley January 1,453,251 December.. 27,962 37,084 192,780 296,095 I Delaware & Hudson Jan 1 to Jan 31 1,371,117 Lexington do East 1 to Jan 31 3.198 5,226 Long Island January inc.87,623 Dec.321 ,999 Manistique Jan __ 114,520 78,696 648,582 688,179 Mexican Railway Jan 1 to Feb 14 841,200 1,070,200 Louisiana ec Arkan_ January 14 162.382 152.281 Louis /lend ec St L_ 3(1 wit Feb 22,511 16,355 669,065 672,661 Mexican Southern Jan 1 to Feb 859,760 782,005 9,753,435 30,171,653 New York Central & Hud River_ Jan 1 to Jan 31 6,611,643 6,179.327 Loulsv & Nashville_ 3d wk Feb 2,850.440 Macon & __ 10,201 11,791 80,663 94,779 Lake Shore & Mich Southern_ Jan 1 to Jan 31 3,316.725 BirmIng'm January Jan 1 to Jan 31 334.228 336,488 Maine Central ....--r January __ 590,754 601,355 4,927,572 5,325,840 Lake Erie & Western 3,198 5,226 29,244 38,032 Chicago Indiana & Southern_ Jan 1 to Jan 31 265,603 235,605 Manistione ranuary __ Jan 31 1,907.661 1,861,468 Mary and do Penn January __ 23,538 23,755 220,571 237,104 Michigan Central Jan 1 to 2,341,455 2,991,259 18,155,807 21,407,711 Cleve CM Chic &, St Louis... Jan 1 to Jan 31 2,024,965 1,786.119 a Mexican Central January __ 208,762 250.172 Mexican Feb 138,300 159,088 4,510,653 5,722,954 Peoria & Eastern Jan 1 to Jan 31 a Internat. 4th wk 1 to Jan 31 77,139 56,821 a Mexican Railway_ 'Id wit Feb 158,300 191,300 4,280,600 5,131.800 Cincinnati Northern Jan 24,851 770,723 783,133 Pittsburgh do Lake Erie Jan 1 to Jan 31 837,229 585,384 a Mexican Southern 2(1 wit Feb 25,223 187,815 Michigan Central- See Ntw Y ork Centr al. Rutland Jan 1 to Jan 31 195,835 15,432 540,128 535.311 New Yrok Chicago & St Louis Jan 1 to Jan 31 751.854 759,987 Mineral Range 4th wit Feb 12,891 31 16,531,644 15,089.626 Minneap & St Levis 4th wk Feb 69,527 71,271 2,830,977 2,702,291 Total all lines Jan 1 to Jan 166,269 8,356,616 7,910,504 Northern Central Jan 1 to Jan 31 867,036 874,436 Minn St P & S SM._ 3(1 wk Feb 183,633 31 11.220,812 10,563.312 Missouri Ran & Tex January 2,005,219 1,791,386 15,797,587 15,092,848 d Penn-East of Pitts de Erie.. Tan 1 to Jan 881.000 30,248,107 30,324,322 d West of Pittsburgh & Erie_ Jan 1 to Jan 31 Inc.60 0,400 MoPac ec Iron Mt_o 4th wk Feb 957,000 1,203,140 1,206,840 Central Branch.° 4th wit Feb 36,000 35,000 1,140,000 1,052,000 Phila Baltimore & Washington Jan 1 to Jan 31 916,000 31,397,107 31,376,322 Pitts Gin Chicago & St Louis Jan 1 to Jan 31 2.148,833 2,000,197 Total system_ _ _o 4th wk Feb 993,000 80,384 & K C Wk Feb 13 23,161 095,421 987,634 Rio Grande Junction Dec 1 to Dec 31 68,720 DMobile Jack 30.119 28 2,384,839 Chatt & St L January 059,959 878,011 6,504,226 6,655,381 Texas & Pacific Jan 1 to Feb 2,388,286 Molly Seashore Jan 1 to Jan 31 292,710 283,310 II art Rye of Mexico 4th wk Feb 991.727 1.133.510 28.017.657 14.310.081 West Jersey do AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.

Summaries. Curing Year Prey's Year Inc. or Dec. % Weekly Summaries. Curisa Year Prey's Year Inc. or Dec. % At oat/sty 3 5 $ $ 5 $ roads). 154,137,168 190,046,150 -35,908,088 18.89 td week Dec (41 roads).- 10,418,634 0,906,448 +512,186 5.17 Month Apr 1008 (119 May 1908 (120 roads). 153.1.12,628 198,146,871 -45,034,243 22.61 'd week Deo (46 roads).- 11,037,636 10,428,083 +609,533 5.85 Month 18.41 _--_ 14.887,805 13,020,259 +961,641 6.91 Month June 1908 (113 roads). 146,270.130 179,397,094 -33,126.964 ith week Dec (48 roads) 150,103,383 133,365,9./3 -27,262,110 14.87 roads)---- Z.588,102 8,341,009 +240.103 2.95 Month July 1908( 97 roads). tat week Jan (43 1908 (105 roads). 179.781,772 209,600,782 -20,909,010 16,6,1 td week Jan (93 roads)- -- 8,981.170 8,640,038 +341,132 3.05 Month Aug* +270,343 3.11 Month Sept 1908 (114 roads). 210,014,059 223,964,945 -13,950,886 C.21 Id week Jan (44 roads)....-- 9,238.432 8,970,089 6.92 13,228.706 12,834.339 +394,367 3.07 Month Oct 1908 (110 roads).. 223,931,291 240,652,757 -16.721,466 ith week Jan (43 roads).- roads). 213,913.043 -7,950,305 3.71 Feb (43 9,730,224 8,496,377 +1,233,847 14.52 Month Nov 1008 (118 205.963,343 tat week roads).- 1008 (234 roads). 215,251,439 204.476,660 +10,774,779 5.27 id week Feb (44 roads).... 9,523,070 5,733,905 +739,165 9.04 Month Dec /A nem AK, n 111.1 ea, 4-RA1 9nn 0 AA Afn”111 /fan 10A0 I 81 rnAdal_ 42_0415.952 47.550.510 4-2_257.963 4.'78 earnings or Golf &Chicago Division. c includes the tiouston & Texas Central and its subsidiary lines in both a Mexican currency. I Includes RR. ii Includes operated. a Includes the Chicago & Eastern Illinois in both years. I includes Evansville & Indiana rears. a Covers lines directly Includes In both years earnings South., Ft. Worth & Denver City and all affiliated lines, excepting Trinity di Brazos Valley BEL k. garrilngs of Got. de figures do not include receipts from sale of coal Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix By. . These at Deaver Commission method. r These figures are on the new basis p Flores hero are on the old basil of accounting-not the new or Inter-State Commerce trescrt bed by the Inter-State Commerce Commission.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 620 THE CHRONICLE

H,Latest Gross Earnings by Weeks.-In the table which -Gross Earnings- -Net Earnings- follows we sum up separately the earnings for the third week Current Previous Current Previous Year. Year. Year. Year. of February. The table covers 45 roads and shows 9.600/, Roads. increase in the aggregate over the same week last year. Interborough Rapid Transit- Manhattan Elevated -b- Oct 1 to Dec 31 3,606,800 2,057,928 Third Weelc of February. 1909, 1908. Increase. Decrease. July 1 to Dec 31 6,700,638 3.564.508 ---- Subway Lines-b- $ $ $ 3 Oct 1 ot Dec 31 3,180,098 2,037,167 Alabama Great Southern 67,414 49,475 17,939 July 1 to Dec 31 5,415,147 Atlanta Birmingham & Atlantic 3,183,705 43,016 28,484 14,532 Total of both_b- Buffalo Rochester & Pittsburgh 121,192 128,800 7,608 Canadian Northern Oct 1 to Dec 31 6,786,899 6,301,496 4,095,095 3,690,401 129,500 127,800 1,700 July Canadian Pacific 1,156,000 1,054,000 1 to Dec 31 12,115,786 11,456,623 6,748,272 6,235,962 102,000 Jan 1 to Dec 31 24,718,462 23,513,171 Central of Georgia 222,400 224.700 2,300 13,848,916 13,196,644 Chesapeake & Ohio 481,314 393,893 87,421 Iowa Central_a Jan 235,457 257,611 824,514 88(3,846 Chicago & Alton 252,946 212,736 40,210 July 1 to Jan 31 1,770,551 1,876,696 8339,227 8612,531 Chicago Great Western 163,248 128,516 34,732 g Interoceanic of Mexico_Jan 512,289 652,226 Chicago Indianapolis & Louisv_ 84,090 89,583 169,042 190,861 14,507 July 1 to Jan 31 3,051,781 4,497,304 1,149,679 1,248,928 eine New On & Texas Pacific 147,677 122,010 25,667 Colorado &Southern Kanawha & Michigan_a_Jan 147,788 139,994 10,417 306,153 282,936 23,217 July 4,613 Denver & Rio Grande 310,700 285,300 1 to Jan 31 1,347,903 1,328,801 258,705 105,489 Detroit 25,400 & Mackinac 23,316 19,284 4,032 Keystone Teleph Co_a__Jan 89,781 87,945 45,300 40,678 Detroit Toledo & Ironton 21,581 22,485 July 1 to Jan 31 618,018 612,582 Ann Arbor 904 311,759 287,981 27,422 26,715 707 Long Island Jan Inc 87,623 Duluth South Shore & Atlantic 51,054 51,951 Inc 97,075 897 Louisiana & Arkansas,b_Jan 114,520 Georgia Southern & Florida_ _ _ _ 42,499 41,755 744 78,696 44,073 22,736 Grand Trunk of Canada July 1 to Jan 31 684,582 688,179 186,906 208,676 Grand Trunk Western 612,304 591,472 20,832 Loulsv Rend & St L_b__Jan 87,344 68,848 28,032 7,830 Dot Gr Hay & Milwaukee_ _ _ July 1 to Jan 31 608,011 625,477 Canada Atlantic 200,977 153,676 Louisville International & Great Northern 160,000 & Nashv_b___Jan 3,754,769 3,299,868 1,243,525 610,831 128,000 32,000 July 1 to Jan 31 27,204,395 27,861,093 9,697,333 Interoceanic of Mexico 128,560 182,974 34,414 6,634,793 Iowa Central 59.918 51,046 1,872 Lowell Elec Corp Jan 34,528 31,334 14,747 14,704 Louisville Henderson ec St L 22.511 16,355 6,156 x Maine Central_b • Jan 500,754 601,355 135,665 139,800 Louisville & Nashville 859,760 782,005 77,755 July 1 to Jan 4,927,572 5.325,849 1,502,604 Mexican 31 1,824,657 International 130,317 153,697 23,380 g Mineral Range 15,768 Mexican Central Jan 2,841,455 2,991,259 1,033,777 761,538 14,718 1,050 JJuly 1 to Jan 31 18,155,897 21,407,711 6,682,970 Minneapolis ez, St Louis 68,062 64,254 3,808 5,947,449 Minneap St Paul &SSM 183.633 166,269 17,364 g Mexican International_Jan 591,282 715,654 221,186 263,390 Missouri Pacific & Iron Mount 795,000 653,000 142,000 July 1 to Jan 31 3,970,824 5,135,394 1,558,244 1,625,726 Central Branch 31,000 19,000 12,000 Minneap Gen Elec 93,934 64,517 Mobile & Ohio Jan 105,040 55,090 172,738 132,534 40,204 Minneap National Rys of Mexico 1,013,696 1,043,817 ea St Louls_a_ _Jan 299,242 280,932 k54,248 k58,294 • 30,121 July 1 to Jan 31 2,577,231 2,490,744 k845,248 k788,141 Nevada-California-Oregon 6,046 4,882 1,164 Rio Grande Minneap Southern 6,412 11,621 5,209 St Paul ecS S M Jan 762,640 761,540 219,550 245,559 St Louis Southwestern 207,043 150,111 56,932 July 1 to Jan 31 7,801,441 7,535,418 3,604,745 3,073,81& Southern Railway 080,125 879,832 100,293 Mo Kansas & Tex_b_Jan 2,005,219 1,791,380 434,577 503,546. Texas Central 21,766 17,702 4,064 July 1 to Jan 31 Texas & Pacific 15,797,587 15,092,848 4,923,482 5,249,599 267,984 253,719 14,265 Nashv Toledo Peoria & Western 20,158 19,389 Chatt & St Lb __ _Jan 959,059 878,011 194.906 165,030 769 July 1 to Jan 31 6,504,226 6,655,381 1,412,600 1,410,429 Toledo St Louis & Western____ 62,622 66.381 3,759 Wabash 455,230 405,075 50,155 g National Rys of MexJan 1,306,975 1,424,671 548,004 507,393 Wisconsin Central 139,677 125,286 14,391 July 1 to Jan 31 24,072,824 10,048,207 9,015,144 3,454,267 xNYNH& Total (45 Hartford_bJan 4,055,890 3,679,416 1,008,528 301,693. roads) 10,064,852 9,183,562 989,882 108,592 July 1 to Jan 31 31,706,686 33,176,303 9,017,517 9,702,242 Net increase (9.60%) 881,29Q N Y Susq & Western_a__Jan 262,122 276,965 80,996 75,127 July 1 to Jan 31 1,847,666 2,017.527 552,950 516,106. Northern Net Earnings Monthly to Latest Dates. Central- b Jan 867,036 874,436 48,428 120,528 -The table fol- Northern Pacific_b Jan 4,147,390 4,432,215 1,170,275 1,653,234 lowing shows the gross and net earnings of STEAM railroads July 1 to Jan 31 41,702,566 45,000,819 19,532,820 19,867,205 reported this week. Norfolk & Western_b__Jan 2,310,699 1,912,017 873,924 612,655. -Gross Earnings-- -Net Earnings- July 1 to Jan 31 17,011,275 18,931,041 6,781,342 6,397,523 Current Previous Currenty e ar. Previous NY & Pcnna_ b- Year. Year. Yesar. Oct 1 to Dec 31 28,907 28,057 6,353 5,748. Roads. $ $ 5 July 1 to Dec 31 56,153 54,534 11,909 11,720 Abington & nocRiand Elec Jan 1 to Dec 31 110,698 108,382 23,086 27,820, Lt & Power Co Jan 6,455 6,075 2,535 2,902 N Y Cent & Hud Rlv_ b_ _Jan 6,611,643 6,179,327 1,450,634 1,106,245 Atlantic Coast Line_a Jan 2,266,315 2.023,464 747,613 339,664 Lake Shore & M S_ b_ _Jan 3,316,725 2,850,440 1,227,202 836,450 July 1 to Jan 31 14,491,925 15,209,665 4,19799,0 ,40671 3,095.862 Lake Erie & West_b_ -Jan 334,228 26,430 48,328 Bangor & Aroostook_bJan 243,956 201,131 336,488 24,423 Chic Ind & South _ bJan 265,603 235,605 71,331 41,714 July 1 to Jan 31 1,640,338 1,534,147 549,368 301,221 Boston & Albany -b- Mich Central_b Jan 1,907,661 1,861,468 507,590 405,863. Oct 1 to Dec 31 3,005,574 3,040,843 602,090 det126,101 Clev Cinc Chic & St L b Jan 2,024,965 1,786,119 451,687 328,245 Boston & Maine_b Jan 2,919,249 2,784,216 732,569 422,896 Peoria & Eastern_b__ _Jan 208,762 250,172 36,514 93,449 July 1 to Jan 31 23,391,753 24,778,961 6,801,777 6,681,985 Cinc Northern-b Jan 77,139 56,821 11,066 def1,176 Canadian Northern Jan 526,200 578,200 100,300 115,700 Pitts & Lake Erie_b Jan 837,229 585,384 405,817 208,570 July 1 to Jan 31 6,161,300 5,886,100 1,858,200 1,724,11)0 Rutland b Jan 195,835 187,815 38,526 26,133 Canadian Pacific Jan 4,761,860 4,498,560 389,750 623,991 N Y Chic & St L_b_ __ _Jan 751.854 759,987 173,435 July 1 to Jan 31 45,473,517 45,384,053 14,430,929 15,055,013 126,114 Total all lines_b Jan16,531,644 15,089,626 4,400,283 Central of Georgia_a____Jan 914,557 877,107 219,230 162,894 3,219,944 July 1 to Jan 31 8.893,363 7,232,033 1,878,033 1,655,566 x N Y Ont & Western_ b_Jan 591,312 593,987 125,532 128,956 Central New England-b-- July 1 to Jan 31 4,931,512 4,900,212 1,578,411 1,662,190 Oct 1 to Dec 31 721,110 605,865 294,742 155,222 Penna Company _ 1:•____Jan 2,889,374 2,485,107 585,470 438,89.6 to Jan 31 24,564,718 28,942,649 9,285,938 Central of New Jersey_b_Jan 2,031,887 2,135,183 821,864 882,453 July 1 9,090,095 July 1 to Jan 31 15,111,802 16,779,781 6,498,448 Pennsylvania-Lines directly operated. 7,329,535 East of Pitts & Erie_b_Jan11,220,812 10,563,312 2,527,909 2,275,599 Chesapeake & Ohio Jan 2,109,653 1,884,763 702,263 508,507 West of Pitts & Erle__Jan Inc 600,400 Inc 208.800 July 1 to Jan 31 15,512,574 16,860,860 6,009,005 5,756,980 PhIla Balto & Wash_b_Jan 1,263,140 1,206,840 165,083 167,683 x Chic Burl & Quincy_b_Jan 5,807,989 5,766,083 1,800.699 1,768,661 Raleigh & Southport_ a_ _Jan 12,429 7,863 5,552 July 1 to Jan 31 47,410,584 49,289,179 16,297,588 16,018,828 421 July 1 to Jan 31 75,575 70,880 26,221 15,395. x Chic & North West _ bJan 4,656,739 4,393,853 1.316,857 1,453,428 Reading Company- July 1 to Jan 31 39,989,868 40.530,568 14,935,621 13,653,895 3,230,761 3,075,599 x Chic St PM & 0_ b-__Jan 1,088,819 956,872 395,660 Phila & Reading-b_- Jan 1,070,180 885,715- 383,511 July Jan 31 23,528.193 26,460,845 9,253,322 July 1 to Jan 31 8,228,559 8,161,134 3,110,034 2,764,530 1 to 9,965,864 Col & Southern-b Jan 1,265,683 1,269,049 Coal & Iron Cob Jan 3,072,526 3,122,490 112,710 225,588 388,906 456,153 31 20,305,654 24,144,499 July 1 to Jan 31 9,354,338 9,112,861 3,310,027 3,323,201 July 1 to Jan 1,175.303 2,002,850- 6,303,287 6,198,089 Copper Range_ b Dec 54,604 58,126 6,201 Total both Cos_b Jan 1,182,899 1,111,304 14,031 July to Jan 31 43,833,846 50,605,342 July 1 to Dec 31 408,725 447,239 99,378 137,331 1 10,428,625 11,968,714 Reading Company____Jan Cornwall_b Jan 9,160 4.354 3,555 del 722 124,971 128,424 July 1 to Jan 31 48,695 94,151 13,133 44,568 July 1 to Jan 31 892,168 805,647 Cuba RR Jan 218,258 183,794 103,373 Total of all Cos Jan 1,307,870 1,239,728, 67,036 31 July 1 to Jan 31 1,065,868 1,053,126 426,007 313,052 July 1 to Jan 11,320,793 12,864,361 Southwestern_a Jan 834,902 722,354 Delaware & fludson_b _Jan 1,371,117 1,453,251 r426,822 r490,261 St Louis 106,298 84,204 July 1 to Jan 31 6,365,716 6,157,382 1,532,700 1,465,103- x Del Lack & Western_ b Jan 2,609,880 2,518,556 1,168,507 988,752 Southern Jan 8,802,612 July 1 to Jan Si 19,836,179 20,656,613 9,100,278 8,828.333 Pacifica 9,320,488 2,231,513 2,000.483 July 1 to Jan 31 71,583,760 77,716,779 21,376,682 Denver & Rio Grande_a_Jan 1,589,468 1,433,123 293,303 25,157,996 389,624 Southern Rallway_b__ _Jan 4,035,075 July 1 to Jan 31 12,528,224 13,357,144 3,737747 4,412,937 3,802,217 1.105,108 590,983- July 1 to Jan 31 31,141,627 32,627,210 10,128,124 7,808.181 Ed El Co (Brockton)_ _ __Jan 26,004 22,352 12,710 10,450 810,477 x El Paso & Sou Mobile & Ohlo_b Jan 731,263 253,535 181,284 West_b_Jan 599,082 211,594 July to 31 5,735,299 July 1 to Jan 31 4,016,089 1,654,578 1 Jan 6,130,505 1,814,283 1,740,301 Erie RR_a Jan 3,585,307 3,561,328 671,853 CM New On & T Pb _ _Jan 662,813 555,657 231,296 47,504 209,563 July Jan 4,550,018 July 1 to Jan 13 29,793,690 31,187,961 7,641,542 5,578.037 1 to 31 4,972,158 1,520,369 1,021,122- Fairchild & Nor E'n_ b_ _Jan 1,261 1,616 373 Ala Gt Southern_ b_ _ _ _Jan 507,255 254,168 03,076 19,470 July 1 to Jan 31 2,121.904 612,552 387,708 July 1 to Jan 31 11.313 11,590 def1,073 def gg':71 2,282,563 Georgia Sou & Fla _ b_ _Jan 169,074 395 Fall My Gas Wks Jan 34.178 39,272 13,516 16,319 155,722 40 26,17a July 1 to Jan 31 1,129,511 1.224,778 31 812 213,592 Fonda Johnsv & Glov_a_Jan 53,421 51,912 23,119 20,669 July 1 to Jan 31 450,803 490,594 247,950 St Lawr ec Adirondack- 256,960 Oct 1 to Dec 31 120,572 115,406 27.592,35,81 Georgia RR b Jan 1,723134:208121 1.823307:430993 61,885 21,635 x Texas & Jan 1,246,809 341,542 July 1 to Jan 31 332,800 303,882 Pacific- b 1,261,820 " 273,798 July 1 to Jan 31 9,166,564 9,539,765 3.181,093 2,891,020- x Great Northern_b Jan 2,727,995 3,073,786 280,037 546,544 Tidewater Western_b_Jan 713 July 1 to Jan 31 33,535,541 37,579,657 13,873,803 14,327,707 & 5,740 6,743 139 July 1 to Jan 31 42,146 55,945 2,299 5,484 Houghton Co El Co Jan 27,921 25,072 15,371 14,412 Toledo & Ohio Central_a_Jan 262,461 272,570 48,831 52,058- x Gulf & Ship Island_b Jan 168,545 161,006 43,266 27,982 July 1 to Jan 31 9,735,629 2,706,986 913,792 796,398. July 1 to Jan 31 1,108,498 1,353,919 273.384 306,228 Ulster & Delaware-b- Hocking Valley_b Jan 399,523 328,834 80,875 42,146 Oct 57,511 July 1 to Jan Ito Dee 31 221,936 199,369 19,574 31 3,857,692 4.047,548 1,296,237 1,29,1,258 July 1 to Dec 31 563,989 546,215 94,094 136,294 Central_a Illinois Jan 4,831,070 4,619,840 1,249.590 969,459 Union Paelfle_a 2,190,717 July 1 to Jan Jan 5,343,736 5,189,922 1,795,060- 31 3-1,073,899 36,533,136 7,707,833 8,114.065 July 1 to Jan 31 47,983,824 48,109,218 24,264,024 19,440,519

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909.1 THE CHRONICLE 621

-Gross Earnings- -Net Earnings- Latest Gross Earnings. Jan. 1 to latest date. Current Previous Current Previous Name of Year. Year. Year. Year. Road. Week or Current Previous Current Previous Roads. $ $ Month. Year. Year. Year. Year. 140,030 .z Vandalla _ b Jan 668,559 674,206 130,327 $ $ $ $ 1 to Jan 31 5,261,220 5,854,845 1,364,262 1,396,412 July Chicago Railways Co_ January __ 922.528 813,275 922,528 813,27 West Jer & Sea Shore_b_Jan 292,710 283,310 def46,896 def81,596 Cleve Painesv & East January __ 18,318 18,331 18,318 18,33 89,616 .z Wisconsin Central _b _Jan 550,977 526,327 123,174 113,049 Dallas Electric Corp_ January _ 117,107 89,616 117,107 July 1 to Jan 31 4,427,573 4,589,752 1,506,800 1,527,587 Detroit United Ry_ _ _ 3d wk Feb 120,887 104,334 919,693 820,167 5,720 Duluth Street By.. _ _ 1st wk Jan 16,144 14.767 16.144 14,767 Wrightsv & Ten- b Jan 220,592 222,708 3,293 153,539 173,066 52,446 50,261 East St Louis & Sub.. January __ 153,539 173,066 July 1 to Jan 31 2165,145 2172,739 El Paso Electric January __ 51,512 46,802 51,512 46,802 Yazoo & Miss Valley_a__Jan 942,001 035,579 185,667 187,161 Fair & Ciarksb Tr Co. December.. 385,165 368,671 July 1 to Jan 31 6,271,163 6,288,288 847,057 841,045 Ft Wayne & Wabash Valley Traction Co December 118.751 116,128 1,322,635 1.283.722 a Net earnings here given are after deducting taxes. Galv-Hous Elec Co_ _ January __ 91,435 80,815 91,435 80,615 b Net earnings here igven are before deducting taxes. Grand Rapids Rys Co January __ 77,589 69,454 77,589 69,454 o These results arc in Mexican currency. Havana Electric By.. Wk Feb 28 38,664 36,934 333,069 313,867 Honolulu Rapid Tran h For January 1909 additional income showed a deficit of $3,257, against deficit of $51,- & Land Co December.. 33,293 32,755 382,130 367,134 •$1,536 in 1908, and for period from July 1 to Jan. 31 was a Houghton Co Trac Co January __ 23,561 18,678 23,561 18,678 034 in 1909, against a credit of $34,803 last year. Illinois Traction Co_ _ January __ 352,956 327,910 352,956 327,910 k For Jan. 1909 additional income showed a deficit of $91, against a credit Jacksonville Elec Co.. January __ 37,936 32,860 37,936 32,860 -of $16,391 in 1098, and for period from July 1 to Jan. 31 was $88,929 in Kansas City By & Lt December 576,141 512,666 6,279,501 6,030,895 __ 23,317 1909. against $101,079 last year. Kansas City-Western January 24,368 23,317 24,368 was $140,646, against $89,298 Knoxville By ec Lt Co January __ 48,217 38,505 48,217 38,505 r For Jan. 1909 net from Coal Department Lake Shore Elec By.. January __ 73,591 70,878 73,591 70,878 last year. Lax & Inter Rys Co November , 96.098 42,988 566,418 516,355 x These figures are on the basis of accounting required by the Inter-State Little Ilk By & El Co January __ 59.904 55,680 59,904 55,680 Commerce Commission. Memphis Street By.. _ January __ 128,469 118,761 128,469 118,761 Includes $109 other income for Jan. 1909, against $85 in 1908; and for Metrop West Side El December.. 229,192 228,970 2,572,842 2,719,056 1909, against $681 last year; Milw Elec By & Lt Co December 359,804 334,392 3,898,539 3,823,382 period from July 1 to Jan. 31 includes $689 in 852,727 are included in both years. Milw Lt fit & Trac Co December 62,255 59,498 820,130 the earnings of the Dublin & Southwestern RR. Montreal Street By.... Wk Feb 27 69,203 65,432 576,561 542,061 Nashville Ry & Light January __ 138,969 124,878 138,969 124,878 Interest Charges and Surplus. NJ & HR Ry & FyCo December 38.518 33.238 537.768 982.051 North Ohio Tr ec Lt_ January __ 147,895 126,125 147,893 126,125 -Int., Rentals. -Bal. of Net E'ngs.- North Texas Elec Co_ January __ 88,937 74,201 88,937 74,201 Current Previous Current Previous Nort & Portsm Tr Co. January __ 157,439 144,861 157,439 149,861 Year. Year. Year. Year. Northwestern Elev.... February . 161,581 143,055 334,816 298,662 Roads. $ Oakland Traction Co.. January __ 214,583 225,085 214,583 225,085 16,916 Elec Oklahoma City By.... January __ 25,103 16,916 25,103 Abington & Rockland 2,207 2,474 19,916 19,048 19,916 Light &Power Co_ _ _ _Jan 328 428 Paducah Tr ec Lt Co..'January __ 19,048 Pensacola Electric Co January __ 19,784 18,156 19,784 18,156 Bangor ec Aroostook_ __ _Jan 82,886 x3,761 339,226 340,813 576,256 x37,184 Portland Ry L & PCo January _ 339,226 340,813 July 1 to Jan 31 Porto Rico Rys Co.... January __ 33,925 30,818 33,925 30,818 Boston & Albany- Rio de Janeiro Train . Oct 1 to Dec 31 876,771 729,668xdef190,395zdef740,266 Light & Power_ _ _ January __ 579,289 545,105 579,289 545,105 Jersey_ _ _Jan 579,799 661,992 242,065 220,461 St Josenh (Mo) By Lt Central of New 70,159 to Jan 31 3,526,657 3,463,170 2,971,791 3,866,365 Heat & Power Co.... January __ 79,435 70.159 79,435 July 1 San Fr Oak & San Jo January __ 70,193 70,026 70,193 70,026 Central New England- 191,731 128,167 137,710 x179,363 x37,095 Sao Paulo Tr Lt & P_ January __ 206,251 191,731 206,251 Oct 1 to Dec 31 Savannah Electric Co January __ 49,986 46,321 49,986 96,321 Coloradol&Southern____jan 253,658 239,341 x157,875 x238.443 Seattle Electric Co_ _ January _ 402,810 364,202 402,810 364,202 July 1 to Jan 31 1,801,479 1,646,146 x1,725,155 x1,758,231 South Side Elevated._ February . 160,421 156.750 332,606 331,669 Dec 12,437 12,837 def6,236 1,194 Sou Wisconsin By Co January __ 11,857 11,301 11.857 11,301 Copper Range 85,777 July 1 to Dec 31 72,125 75,025 27,253 62,306 Springf R & IL Co January __ 91,980 85,777 91,980 Tampa Electric Co January __ 50,978 45,293 50,978 45,293 Cuba RR Jan 33,086 31,954 70,287 35,082 107,126 Toledo Rys & January __ 225,217 216,960 225,217 216.960 July 1 to Jan 31 227,360 205,926 198,648 Toronto Railway...... Wk Feb 27 69,897 64,897 557,789 515,309 Denver & Rio Grande__ _Jan 331,308 324,603 d318,849 d307,265 Twin City Rap Tran_ 3d wk Feb 121,810 108,210 879,074 786,680 July 1 to Jan 31 2,221,032 2,435,450 d2,133,972 d2,426,617 Underground El By El Co (Brockton)Jan 3,220 1,761 9,490 8,689 of London- Edison Three bs lines.._ Wk Feb 20 £12,990 £11,325 £92,400 £81,210 Fall River Gas Wks Jan 2,442 2,201 11,074 14,118 Metr( polIt in Dist.. NVk Feb 20 £9,920 18,686 £69,062 £62,620 Georgia RR Jan 50,877 56,783 x10,749 zdef33,462 Unittd A ramways _ Wk Feb 20 £4,923 £5,197 £35,732 136,929 July 1 to Jan 31 428.773 402,461 zdef20,669 zdef91,206 United R Rs of San Fr December.. 603,403 481,285 6,866,303 4,745,116 __ 827,398 829,036 827,398 Jan 117.321 108,855 xdeflO x5,306 United Rys of St L.... January 829,036 Hocking Valley Co Ry & Lt January __ 33,348 32,538 33,348 32,538 July 1 to Jan 31 831,705 767,429 x1,171,659 x1,278,773 Whatcom Houghton Co Elec Co __Jan 4.016 3,320 11,355 10,592 Interborough Rapid Transit- c These ftgures are for consolidated company. Manhattan Elevated- Oct 1 to Dec 31 1,992,027 x201,676 Street Railway Net Earnings.-In the following we show July 1 to Dec 31 3,837,310 xelef7,637 Subway Lines- both the gross and the net earnings to latest dates of all Oct 1 to Dec 31 1,060,775 z1,182,605 July 1 to Dec 31 2,114,656 x1,483,107 STREET railways from which we have been able to procure Total of both ____ Total fo both- of the different roads are Oct 1 to Dec 31 3,052,802 2,725,750 x1,384,281 z1,280,591 monthly returns. The returns July 1 to Dec 31 5,951,966 5,344,800 x1,475,469 x1,487,682 once a Jan 1 to Dec 31 11,463,280 10,510,545 x3,688,446 x3,754,723 published by us each week as soon as received,and Kanawha & Michigan_ _ _Jan 22,498 23,344 x522 x4,727 month we bring together all the roads reporting, as is done July 1 to Jan 31 161,820 154,360 x159,869 x84,252 Lowell Elec Corp Jan 4,261 4,995 10,486 9,707 to-day. Minneap Gen Elec Jan 30,222 30,047 34,295 25,043 -Gross Earnings- -Net Earnings- Mc Kansas & Texas Jan 3582,455 3555,840 zdef94,276 x88,652 Current Previous Current Previous July 1 to Jan 31 34,293,450 33,824,283 x708,906 x1,673,028 Year. Year. Year. Year. Nashv Chatt & S tI,_ _ __Jan 150,995 153,292 43,911 11,947 Roads. $ July 1 to Jan 31 1,056,964 1,075,376 355,636 335,053 Aurora Elgin & Chic_ _ _ _Jan 99,637 93,985 37,699 :35,082 do Penna- July 1 to Jan 31 880,682 877,207 409,993 404,553 N Y 6,110 der 347 def 373 Oct 1 to Dec 31 6,700 Auburn & Syracuse_b- July 1 to Dec 31 12,246 11,692 der 337 28 88,528 83,081 25.711 26,024 22,562 def 381 Oct 1 to Dec 31 Jan 1 to Dec 31 23,467 5,258 July 1 to Dec 31 219,622 208,873 88,087 85,709 Norfolk & Western Jan 444,003 441,393 429,831 171,262 By & Elec Co_ __Oct 41,445 41,025 22,376 22,876 3.058,520 3,047,513 3,722,822 3,350,010 Bangor July 1 to Jan 31 27,174 25,430 13,081 10,745 439,245 Binghamton By Co Dec Reading Company Jan 868,625 870,742 368,986 Oct 1 to Dec 31 77,220 72,158 32,945 27,573 31 6,080,375 6,095,194 5,240,418 6,769.167 July 1 to Jan Birm By Lt ec Power_a_ _Jan 192.343 177.745 72,707 51.943 St Lawr & Adirondack- 7,086 6,587 1,011 der 741 Oct 1 to Dec 31 51,038 38,367 zdef22,653 x3,004 Brockton & Plymouth_ b_Jan Jan 11,337 7,556 5.350 3,925 St Louis Southwestern_ _Jan 165,924 162,928 xdcf12.555 z10,899 Camaguey Co July 1 to Jan 31 1,173,847 1,162,023 x635,974 x768,986 Cape I3reton Eke Co_b_Jan 18,332 20,885 6,241 8,172 Toledo & Ohio Central_ _Jan 41,072 40,191 x17,860 x31,247 Central Penn Trac Co.._ _Jan 57.325 52,726 13,352 6,227 x677,365 x638,887 July 1 to Jan 31 282,091 288,387 Charleston Consol Ry_b_jan 59.645 61,569 20,817 20,408 Ulster & Delaware-. Mch 1 to Jan 31 697,303 669,430 245,440 241,758 1/6,190 ydef33,637 Oct 1 to Dee 31 44,697 46,390 Chicago Railways Co._ _ _ _Dec 974.365 851,791 263,699 244,803 July 1 to Dec 31 92,890 93,733 x91,057 y32,529 Cleve Painesv & East_a_Jan 18,318 18,332 8,463 8,194 d These figures arc after allowing for other income and for discount and Dallas Elec Corp- b Jan 117,107 89,616 36,453 27,049 every month from surplus and exchange. The sum of $10,000 is deducted Detroit United-a Jan 559.161 509,065 204,465 169,592 placed to the credit of the Renewal Fund. h Fixed charges include taxes amounting to $69,174 for Jan. 1009, Duluth Street Ry_b_...... Nov 76,661 72,813 28,836 31,798 against $58,058 in 1908, and additions and betterments of $44,931 this Jan 1 to Nov 30 808,653 772,993 316,326 380,893 year, against $50,716; from July 1 to Jan. 31 taxes were $736,725 in 1909, East St Louis & Sub.._ _ _Jan 153,539 173,066 60,991 90,251 $375,551; additions and betterments were $319,350 for the same against El Paso Elect Co_b Jan 51,512 46,802 21,230 14,916 period, against $430,616 the previous year. Prior to July 1907 it was the practice to Include these items in the expenses. Fairmount & Clarksburg_ b- After allowing for other income received. • Jan 1 to Dec 31 385,165 368,671 222,932 184,010 z income. y After deducting taxes and allowing for other Ft Wayne & Wab Valley_ Dec 118,751 116,123 54,013 53.595 Jan 1 to Dec 31 1,322.635 1,283,722 585,501 537,686 STREET RAILWAY AND TRACTION COMPANIES. Galv-Houst Elec Co_ b_ _ _Jan 91,435 80,615 32,436 29,528 Georgia By & Elec_ _ _ _ Dec 314,342 302,671 166,473 143,493 Rapids By Co.._ ...Jan 77,589 69,454 39,169 30,469 Latest Gross Earnings. Jan. 1 to latest date. Grand Honolulu Ii P ec L Cob..Dec 33,293 32,755 15,934 14,850 Name of 382,130 367.134 170,154 165.906 Road. Week or Current Previous Current Previous Jan 1 to Dcc 31 Month. Year. Year. Year. Year. Houghton Co Tract Co_ b Jan 23,561 18,678 7,824 6,050 ---- Hudson Valley Ry Co-b- $ $ 31 119,663 141,259 7,758 43,651 January __ 221,399 209,339 221,399 209,339 Oct 1 to Dec American Rys Co.... _ _ 99,637 93.985 July 1 to Dec 31 316,137 379,260 68,673 136,293 Aur Elgin & ChicRy January __ 99,637 93,985 c __Jan 327.910 146,464 134,256 Bangor By & Elec Co October 41,445 41,025 Illinois Traction Co..a.. 352.956 Birm By Lt & Power January -_ 192,343 177,745 192,343 177,745 Jacksonville Elect Cob Jan 37.936 32,860 15,714 12.030 6,587 7,088 6,587 Brockton & Ply StRy January __ 7,086 CobDec 512.666 251,469 January __ 11,337 7,556 11,337 7,556 Kansas City Ry & Lt 576,141 250,865 Camaguey Co June 1 to Dec 31 3,808,779 3,678,738, 1,657,360 1,797.324 Cape Breton Eke Co.. January __ 18,332 20,885 18,332 20,885 Central Penn Trac January -- 57.325 52,726 57,325 52,726 Kan City-West'n By Co_Jan 24,368 23,317 8,328 7,371 Chariest Con Ry086E January -- 59.644 61.569 59.644 61.569 July 1 to Jan 31 207,295 197,130 79.687 74,182

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 622 TH CHRONICLE [VOL.

-GrossEarnings- Net Earnings- Current Previous Current Previous Year. Year. Year. Year ANNUAL Roads. REPORTS. Knoxville By & Lt Co_a_Jan 48,217 38,505 23,549 11,720 Lake Shore Elea Ry_a__Jan 73,591 70,878 28,017 24,088 Pennsylvania Railroad. Lexington & Interurb__Nov 46,098 42,988 13,127 14,823 Jan 1 to Nov 30 566,418 516,355 197,748 185,900 (Report for Fiscal Year ending Dec. 31 1908.) Little Rock Ry & El Co.a.Jan 59,904 55,680 30,361 29,317 President James McCrea's remarks are published in full on Memphis St Ry Co _a_ _ _ _Jan 128.469 118,761 43.439 40,199 subsequent pages. Mllw El Ry & Lt Co.b__Dec 359,804 334,392 189,478 158.236 Jan 1 to Dec 31 3,808,539 3,823,382 1,914,734 1,848,662 Below are the income accounts of all transportation com- Mllw Lt Ht & Trac_b_ __Dec 62,255 59,498 31,830 28,999 panies east and west of Pittsburgh and Erie owned, operated Jan 1 to Dec 31 852,727 826,130 481,655 466,689 or controlled by or affiliated in interest with the Pennsylvania Montreal Street Ry Jan 295,453 285,515 93,109 83,011 system. Oct 1 to Jan 31 1,230,524 1,188,238 470,885 446,211 Nashville By 6: Lt Co_a_Jan 138.969 124,878 55.384 45,433 1908. 1907. Norfolk eciPortsm Tr Co_Jan 157,439 144,861 64,272 46,240 Miles operated 11,293 11.176 Gross earnings Northern Ohio Trac & Lt_Jan 147.895 126,125 63,185 44,233 $274,338,804 $326,785,526 Expenses and taxes 203,605,536 248,615,960 North Texas Elec Co_ b__Jan 88,937 74,201 34,394 30,846 Oakland Traction Co..___Jan 214,583 225,085 105.553 106,180 Net earnings $70,733,268 $78,169,566 Other income Oklahoma City Ry Jan 25,103 16,916 8,096 3,362 29,122,480 28,980,689 Paducah Tract & Lt_ __ _Jan 19,048 19,916 6,795 7,213 Gross income $99,855,748 $107,150,255 Pensacola Elect Co Jan 19,784 18,156 8,193 5,947 Interest, rentals, dividends, extraordinary, &c. 98,804,185 103,126,883 Portland By Lt & Pow_ _Jan 339,226 340,813 153,349 167,224 Surplus " $1,051,563 $4,023,372 Porto Rico Rys Co Jan 33,925 30,818 17,096 14,493 LINES Rio de Janeiro TL &PCo a Jan 579,289 545,105 201,103 205,118 TRAFFIC ON ALL BOTH EAST AND WEST OF PITTSBURGH Roch Syracuse ec En- AND ERIE. Oct 1 to Dec 31 96,038 86,728 1908. 1907. 37,330 45,858 Passengers carried 142,676,779 153,561,971 San Fran Oak ec San Jose_Jan 70,193 70,026 36,056 33,256 Passengers carried 1 mile 3,551,361,095 3,851,967,940 Freight (tons) carried Sao Paulo Tram Lt & P_Jan 206,251 191,731 137.292 128,025 334,429,541 437,810,816 Freight (tons) carried 1 mile 29,353,934,199 37,975,565,693 Savannah Elect Cob..Jan 49,986 46,321 17,730 8,635 Seattle Elect Co_ b Jan 402,810 364,202 152,517 124,308 Below are given the results on the lines east of Pittsburgh St Joe(Mo) Ry Lt Ht &P Jan 79,435 70,159 37,597 32,243 and Erie, comprising the Pennsylvania Railroad Division, Springfield (Ill) Ry ec Lt_Jan 91,980 85,777 47,391 46,206 the United Railroads of New Jersey Division (excludin5 the Tampa Elect Co_ b Jan 50,978 45,293 21,013 15,459 Delaware & Raritan Canal), the Philadelphia & Erie Division Tol Rys & Lt Co_ b Jan 225,217 216,960 95,157 91,873 and Buffalo & Allegheny Valley Division: Twin City R T Co_ b_ _ _ _Nov 526,574 497,428 266,794 233,018 Jan 1 to Nov 30 5,846.542 5,552,879 2,948,844 2,852,445 TRAFFIC ON LINES EAST OF PITTSBURGH AND ERIE. United Traction Co (Albany)- b- Oct 1 to Dec 31 484,225 406,938 180,356 144,489 1908. 1907. 1906. Miles op., excl. United Rys of St L_a_ __ _Jan 829,036 827,308 284,284 273,039 D. & R. Canal 3,862 3,858 3,820 Passengers carried 61,380,533 67,356,833 62,108,708 United RRs of San Fran_Dec 603,403 481,285 260,332 134,501 Passengers carried Jan 1 to Dec 6,866.303 1 mile 1,466,109,002 1,629,769,525 1,493,393,002 31 4,745,116 2,623,553 1,305,517 Rate per passenger per mile_ 1.975 cts. 1.924 cts. Whatcom Co By & Lt_b_Jan 33,348 32,538 13,599 15,676 Tons carried b182,480,361 224,227,074 172,371,063 Tons carried 1 mile 17,001,587,284 21,482,507,314 18,488,402,534 a Net earnings here given are after deducting taxes. Rate per ton per mile a 0.569 cts. 0.577 cts. 0.595 cts. Earns. b Net earnings here given are before deducting taxes. per pass. train mile_a $1.482 31.516 $1.518 Earns, per fgt. train mile_a_. $3.429 33.312 $3.147 Interest Charges and Surplus. a Freight and passenger trains only: excluding switching, kcc., trains. b The actual number of tons carried over the five grand divisions, irre- -Int., Rentals, &c. -Bal. of Net E'ngs.- spective of the divisions over which they passed, and thus avoiding duplica- Current Previous tion, was 101,296,504 tons, against 132,284,515 tons in 1907. The actual Current Previous number of tons of coal and coke carried, Year. Year. Year. Year. avoiding duplications, was 56.007,- 533 tons, against 69,824,822, a decrease of 19.70%, the tonnage mileage Roads. 3 being 10,857,442,517 tons one mile in 1908, against 13,039,552,425 in 1907, Auburn & Syracuse- a decrease 01 16.73%. Oct 1 to Dec 31 25,625 25,625 z2,852 z1,554 July 1 to Dec 31 51,249 50,972 x39,603 x35,892 EARNINGS &EXPENSES OF LINESEAST OF PITTSBURGH &ERIE. Aurora Elgin & Chic_ ___Jan 28,190 28,112 9,509 6,970 1908. July 1 to Jan 194,668 194,694 1907. 1906. 31 215,325 209,859 Earnings- $ $ Binghamton By Co Dec 9,812 8,283 3,269 2,462 Freight 97,989,330 123,826,165 109,960,888 Oct 1 to Dec 31 27,082 24,821 x7,350 x5,515 Passenger 30,312,883 32,623,889 31,231,338 Birm By Lt & Power..___Jan 44,783 43,780 Express 3,800,234 4,007,278 3,270,778 27,924 8,163 Mails 2,291,743 2,433.760 2,553,823 Brockton ec Plymouth....Jan 2,155 2,348 def1,144 def3,089 Miscellaneous 1,624,882 1,558,932 914,755 Delaware Raritan Canal.._ 277,819 Cape Breton Elec Co_ _ _ _Jan 5,844 5,780 397 2,392 & 362,801 308,301 Charleston Consol Hy__ _Jan 13,817 13,443 7,000 6,965 Total earnings 136,296,871 164,812,825 148,239,882 Mch 1 to Jan 31 151,808 148,563 93,640 93,195 Expenses- Cleve Painesv & Eastern..Jan 8.112 7,974 351 248 Malnt. of way & structures.. 15,177,314 20,009,756) Maintenance of equipment_ 25,113,455 31,977,702 Dallas Elect Corp Jan 28,839 29,630 7,614 def2,581 Traffic 1,811,574 2,034.705 101,805,644 Detroit United Jan 153,702 136,046 x62,608 x39,160 Transportation 51,462,479 61,835,024 Duluth Street By Nov 16,701 17,913 12,135 13,885 General 3,408,012 3,269,652 Jan 1 to Nov 30 202,367 195.639 113.959 185,254 Delaware & Raritan Canal.._ 439,182 480,509 El Paso Elect Co Jan 7,903 7,203 13,327 7,713 Total expenses 97,412,016 119,607,348 101,805,644 Galv-Houston Elec Co....Jan 22,033 20,492 10,403 9,036 Per cent oper. exp. to earns.. (71.47) (72.57) (68.68) Honolulu R T & L Co Dec 5,831 6,249 x10,713 x9,119 Taxes of Penn. RR. Co...... 2,232,352 2,267,5351 3,715,034 Jan 1 to Dec 31 72,727 75,186 x105,224 z98,195 Taxes on leased lines 1,756,625 1,711,6291 Net earnings 34,895,878 41,226,313 42,719,204 Houghton Co Tract Co....Jan 5,297 4,831 2,527 1,219 Hudson Valley By Co- GENERAL INCOME ACCOUNT. Oct 1 to Dec 31 49,710 52,762 def41,952 del9,111 July 106,370 1 to Dec 31 106,731 def37.697 29,562 1908. 1907. 1906. Jacksonville Elect Co_ __Jan 9,400 8,891 6,314 3,139 Receipts- 3 Bans Net earnings, as above 34,895,878 41,226,313 42,719,204 City By & Lt Co_Dec 156,089 152,179 94,776 99,290 invests_ _ 11,287,744 June 1 to Int. on Penn. RR. 10.440,955 11,741,184 Dec 31 1,087,341 1,076,744 570,019 720,580 Int. on United N. J. RR. Kan City-West'n By Co_Jan 6,870 6,788 x1,556 x632 and canal securities 213,603 234,472 July 1 346,109 to Jan 31 48,070 47,029 z31,885 x27,503 Hire of equipment 301,576 718,118 395,041 Knoxville By & Lt Co_ _ _Jan 11,483 11,447 12,066 273 Interest, general account...... 2,143,439 2,095,112 Profits from sundry accounts 248,717 Lake Shore Electric Ry_ _Jan 34,392 30,865 def6,375 195,770 62,629 def6,777 Rents 193,623 109,680 239,299 Little Rock By ec El Co_ ..Jan 10,727 9,579 19,634 19,738 49,284,580 Memphis Street By Jan 35,600 34.499 7,839 5,700. Total 55,020,420 55,503,466 Milw Elec By ea Lt Co__ _Dec 101,915 102,160 z128,869 x84,438 Deduct- Jan 1 to Dec 31 1,197,200 1,184,605 x810.099 z767,340 Rentals on basis of net earns. 2,706,685 4,877,065 6,788,658 Milw Lt Ht & Trac Co.... _Dec 60,732 57,005 x91,203 z47.446 Fixed rentals 3,730,672 4,249,169 4,140,592 Jan 1 to Dec 31 716,941 561,750 x383,464 x251,088 Interest on funded debt...... 12,620,296 10,412,488 7,387,652 Montreal Street By Jan 30,836 62,273 Ground rent & int. on mtges. 14,030 7,955 11,805 31;933 51,078 trusts 1,802,426 Oct 1 to Jan 31 113,305 115,187 357,580 331,024 Interest on car 1,631,992 733,108 Equip. trust loan sink. fund 79,797 101,937 68,400 Nashville By & Lt Jan 32,450 30,194 22,934 15,239 Interest general account.. 479,799 Northern Ohio Tr & Lt_ _Jan 43.952 43.887 19,233 346 Miscellaneous 123,013 164,758 219,151 Northern Texas Elect Co_Jan 17,184 14,073 17,210 16,773 Total 21,076,019 21,445,364 19,829,165 Oakland Traction Co...... _Jan 45,367 45,831 60,186 60,349 Balance 28,207,660 33,575,056 • 35,674,300 ...... Jan Paducah Tr & Lt Co_ 7,043 7,019 del 248 194 From this balance deduct- Pensacola Elect Co Jan 4,404 4,166 3,789 1,781 Payment to trust funds.._ 197,321 270,302 225,956 Roch Syracuse & E'n- Cons. mtge. sink. Id. acct.- 125,020 125,890 126,170 Oct 1 to Dec 31 49,025 42,199 def11,695 3,659 Extraordinary expenses..--.. 3,538,981 3,260,651 8,701.475 paid.. San Fran Oak & San Jose Jan 23,142 20,852 12,914 Principal of car trusts 3.799,267 3,150,694 4,246,039 12,404 Miscellaneous _Jan 17,509 11,660 7,660 5.000 Savannah Electric Co__ 17,115 221 def8,480 Dividends (6)18,875,680 (7)21,908,435 (63)19,869,661 Seattle Electric Co Jan 98,238 82,109 54,279 42,109 Extraordinary expense fund 2,500,000 2,500.000 Tampa Electric Co Jan 4,508 2,115 16,505 13,344 Total 26,548,529 31,223,632 35,674,301 Toledo Rys & Lt Co Jan 71,013 68,604 24,244 24,046 Balance, surplus 1,659,131 2,351,424 Twin City Rap Tran Co_Nov 143,667 131,141 123,127 Profit and loss Jan. 1 24,725,484 24,725,484 24,-7-21,i i 4 101,877 Profit from securities, &c.... 4,648,576 15,200,849 Jan 1 to Nov 30 1,427,456 1,300,525 1,521,388 1,551,920 def.1,129,815 United Trac Co (Albany)- 25,254,800 31,725,484 39,926,333 Oct 1 to Dec 31 69,643 66,254 z116,188 z76,344 Deduct- United Rys of St Louls.....Jan 235,568 233,454 48,716 39,585 Extraordinary expend. accts. 2,200,849 N. Y. Tunnel construction.. 1,000,000 7,000,000 13,000,000 Whatcom Co By & Lt.._ _Jan 8,820 8,297 4,779 7,379 7,000,000 15,200,849 x After allowing income received. 1,000,000 for other Bal. to profit & loss Dec. 31- 24,254,800 24,725,484 24.725,484

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR.6 19O9.1 THE CHRONICLE 623

This agreement will not becomeloperative until at least a majority in GENERAL BALANCE SHEET DEC. 31. amount of the entire outstanding notes shall be deposited; unless it 1908. 1907. 1906. becomes operative within 60 days, any subscriber may withdraw his notes. Assets— $ $ $ The committee shall have power to adopt a plan of reorganization or Construction, equipment, &c 299,856,687 291,061,204 251,766,899 readjustment or to sell or exchange the deposited notes for such consid- Leasehold interest in H. P. eration as it shall deem proper; but in either case, having done so, it shall Mt. J. &L. RR 1,882,550 1,882,550 1,882,550 give two weeks' notice by semi-weekly advertisements in New York and Cost of bonds owned 31,743,237 31,685,203 32,426,740 Boston. Any certificate holder, within 20 days after the first publication Cost of stocks owned 200,351,557 188,304,400 162,342,979 of such notice, or if at the end of 18 months the notes are still under the Trust of Oct. 9 1878 6,285,541 6,015,239 5,789,283 control of the committee, may, upon payment of his pro rata share of the Penn. RR.cons. mtge. s'g f'd 1,634,070 1,536,450 1,437,560 expenses of the committee (but not exceeding $5 per $1,000 note) and of Sun. Haz. & W. sink'g fund 150,000 145,000 140,000 his pro rata share of any amount borrowed upon the security of the said Insurance fund 10,000 10,000 10,000 notes, withdraw his notes from this agreement. The committee is author- Mortgages & ground rents 2,812,959 3,011,522 3,169,402 ized to borrow funds for any purpose for the protection of the notes, in- Secur's of Un'd N. J. Comp's 3,283,460 3,283,460 3,283,460 cluding the purchase of floating debt, coupons or receivers' certificates of Materials on hand 10,449,483 15,929,925 9,328,031 any company whose property should, in the judgment of the committee. Loans for construction and be protected.—V. 88, p. 563, 503. real estate purposes 12,403,834 18,412,493 9,629,465 New York Tunnel extension 46,528,664 39,541,414 28,835,033 Atlanta & Birmingham Construction Co.—Committee for Advances to contr'd cos.,&c. 3,159,7841 6,119,166 9,610,383 Joint Notes.—See Atlanta Birmingham & Atlantic RR.above. Individuals and companies- 5,605,103J Accts. receivable from sale of Atlantic Coast Line RR.—Sale of Bonds—Provision for N. & Wand C. do 0.stock 15,492,685 15,492,685 15,492,685 Bills receivable 343,429 341,092 1,496,648 Maturing Notes and Bonds, Etc.—The company has sold Due from agents 5,291,857 7,690,426 9,054,745 $4,500,000 of its consolidated gold 4s, not $7,000,000, as Cash in hands of Treas., &c_ 55,229,283 36,653,667 42,468,988 Cash for coupons 796,615 732,007 701,135 reported in the daily papers. We understand that Moffat Miscellaneous assets 3,132,289 4,457,412 4,640,907 & White and Redmond & Co. will shortly make a joint offering. Total assets 706,443,087 672,305,375 593,515,894 Liabilities— The company has now, by sale of bonds, provided for the Capital stock a314,604,200 314,594,650 305,951,350 cancellation of all its short-term 5% notes due March 1 1910 Funded debt 300,734,110 260,413,610 180,786,110 Guaranteed st'k trust ctfs 14,916,250 7,616,000 7,701,000 at or before maturity and also for the retirement on June 1 Mtges.and ground rents.. _ _ 2,924,535 2,945,035 3,074,161 1910 of $1,600,000 underlying 6% bonds, as well as for re- H.P.Mt.J.&L. stock guarTd 1,182,550 1,182,550 1,182,550 do do bonds do 700,000 700,000 700,000 placing 53( miles of wooden trestle with concrete piers and Net traf. bal. due 0th. roads 475,916 2,585,457 steel girders. By this negotiation interest charges will be Payments for leased equip't 1,529,500 1,449,000 1,368,500 reduced Extraordinary expend. fund 2,500,000 4,700,848 $119,000 per annum, these 5% notes and 6% bonds Pay-rolls and vouchers 14,227,369 20,226,164 19,104,030 retired will be and the amount of the consols outstanding Matured divs. & int. unpaid 351,049 203,859 263,136 increased to about Pennsylvania Co. deposit acct 2,290,897 13,709,163 $48,213,000.—V. 87, p. 1354, 1362. Due controlled companies Baltimore Terminal Co.—Interest Overdue.—See Washing- other than traffic balances 5,782,213 9,461,820 9,453,984 Due employees' savings, re- ton Baltimore & Annapolis Ry. below.—V. 85, p. 721. lief and insurance funds 1,276,890 1,258,704 1,065,401 Atlantic Securities of Un'd N. J. Co.'s Canada Railway.—Mortgage Satisfied.—A release transferred with the lease_ 3,283,460 3,283,460 3,283,460 of the mortgage dated April 27 1897, made by the Ottawa Fund for purchase of secur's Arnprior & Parry Sound Ry. Co. to guar'd (trust of Oct. 9 '78) 6,482,862 6,285,541 6,015,239 secure an issue of Consol. mtge. bonds skg. f'd 1,950,070 1,824,450 1,698,560 $1,000,000 bonds,and a conveyance to the Canada Atlantic Sun. Haz. & W. sink. fund_ 150,000 145,000 140,000 Co. of the property described in the said mortgage, Int. accr'd on Penn. RR. b'ds 2,880,199 2,582,123 1,435,352 Ry. was Miscellaneous 9,213,030 8,051,112 4,572,107 deposited in the office of the Secretary of State of Canada Balance to profit and loss 24,254,800 24,725,484 24,725,484 on Feb. 20 1909.—V. 87, p. 1477, 1418. Total liabilities 706,443,087 672,305,375 593,515,894 Chicago Rock Island & Pacific Ry.—Sale of Bonds.— a Includes balance of stock, $179,600, held to retire the outstanding Speyer & Co. have purchased from the company $3,486,000 holdings in the Allegheny Valley, Cumberland Valley and Philadelphia & of its "first and refunding mortgage" 4% gold bonds ma- Erie Rallroads.—V. 88, p. 101. turing April 1 1934, making $78,428,000 of the issue out- American Woolen Co., Boston. standing. These bonds are a legal investment for trustees (Advance Statement for Fiscal Year Ending Dec. 31 1908.) and savings banks in New York State. The bonds have President all been resold. Compare V. 87, p. 1478. Wm. M. Wood says in substance: Barker Arkansas Demurrage Law Sustained.—A press dis- The depression which occurred during 19073prevailed during the past year and reduced the volume of gross business 37% compared with 1908. patch dated March 1 says that the Arkansas Supreme Court The new year opens auspiciously, however, orders booked from Jan. 1 to on March 1, in the case of R. H. Oliver against the company, Feb. 28 amounting to $22,000,000, so we have every reason to anticipate a greatly improved year in 1009. Notwithstanding decreased operations sustained the constitutionality of the Barker demurrage Act of the mills owned by the company, they have all been well maintained, of the 1907 Legislature two justices dissenting. The Court and the company is in excellent condition to resume full operations at such reversed the decision of the Pulaski Circuit time as improved business conditions permit. Court and held The heavy advanced sales of cloth have been provided for by engagements that the Act, as far as it relates to the intra-State business, of wool in anticipation of its wants. The company is still obliged to enter was valid and constitutional. The United States Circuit the open market for a part of its worsted yarn requirements. Your direc- tors, however, are considering a proposition to increase the company's yarn Court in June last held the Act to be illegal. See St. Louis production during the coming year to meet its full requirements. The Iron Mountain & Southern Ry. item, V. 87, p. 39.— V. 87, number of shareholders has increased during the year- 10%, following a 45% increase in the 1907 year. Compare V. 88, p 508. p. 1478. EARNINGS,EXPENSES, ETC. Colorado & Southern Ry.—New Office.—Beginning March 1908. 1907. 1906. 1905. 12 the New York offices will be located at Room 906, 26 Liberty St., New York City.—V. 88, p. 563, 504. Net sales & other income_29,986,978 47,377,846 51,420,696 48,660,449 Cost and expenses 28,706,273 43,951,240 46,611,299 43,879,291 Colorado-Utah Construction Co.—Notes.—This company, the Denver Net profits 1,280,705 3,426,606 4,809,397 4,781,158 which is constructing Northwestern & Pacific Ry., Previous surplus 10,114,998 11,109,225 10,049,828 8,196,925 has sold to Geo. H. Burr & Co., bankers, $1,000,000 of its notes secured by the bonds of the railroad com- Total surplus 11,305,703 14,535,831 14,859,225 12,978.083 one-year 6% Preferred dividend (7%)_ 2,450,000 2,420,833 1,750,000 1,560,416 pany and endorsed with the personal guaranty of David H. Depreciation 2,000,000 2,000,000 1,367,838 Moffat, the President of the railroad company. The notes Final surplus 8,945,703 10,114,998 11,109,225 10,040,829 are dated Feb. 1; denominations $500 and $1,000; interest BALANCE SHEET payable quarterly. Bankers' Trust CO., New York, trustee. 1908 1907. 1 1908 1907. Redeemable at 101 on any interest day on 15 days' notice. Assets— $ $ Liabilities— $ S Plants and Invest- ICommon stock 29,501,100 211,501,100 Cuba Eastern RR.—Time for Deposits Extended.—The menu 42,352,877 42,352,8771Preferred stock_ 35,000,000 35,000,000 executive committee announces that, pursuant to the bond- Cap. stk. of Wood I Bank loans 2,890,400 3,249,915 the time for depositing Worsted Mills__ 3,499,400 3,499,4001Current accounts_ 757,393 830,644 holders' agreement dated Jan. 1908, Inventories 14,317,069 10,417,3291Acced dlv. on pref all first mortgage bonds and debentures has been extended Cash 2,892,169 2,250,4981 stock 510,417 510,417 or debentures will be Accounts recelva- 'Sterling credits, to April 1, after which date no bonds ble, net 14,543,498 20,686,9701 per contra 362 817 received except upon such terms as the committee may im- Wool under sterling 'Undivided profits_ 8,945,703 10,114,098 Compare V. 88, p. 294. credits pose. 362,8171 _ Denver Northwestern & Pacific Ry.—See Colorado-Utah Total 7 77,605,013 79,569,8911 Total 77,605,013 79,569,891 —V.88, p. 508 Construction Co. above.—V. 86, p. 1284. Duluth Rainy Lake & Winnipeg Ry.—Old Guaranty Still GENERAL INVESTMENT NEWS. in Force.—Eversz & Co., Chicago, who placed this company's bonds, write: RAILROADS INCLUDING ELECTRIC ROADS. While the Canadian Northern Ry. owns the entire stock of the D. R. L. & W. By. (except for a small fraction held by outsiders working Atlanta Birmingham & Atlantic RR.—Committee for Joint with that company) the original guaranty (of interest) on the bonds re- Notes—Deposits mains unchanged. This guaranty (V. 84, p. 158) is by the Virginia& Asked.—The Atlantic & Birmingham Con- Rainy Lake Co. "composed of the Weyerhaeuser, Hines, O'Brien and Cook struction Co. and the Atlanta Binningham & Atlantic RR. Interests, a $1e,000,000 corporation. with capital all paid in, and with having failed to meet their maturing obligations, and re- $20,000,000 net assets." (Compare V. 87, p. 1667.—Ed.)--V. 88, p. 563. ceivers of the railway company and certain allied companies Erie RR.—New Bonds.—The Public Service Commission, having been appointed, the following committee has been Second District, on March 2 declined to accede to the request formed to protect the joint collateral trust 5% 4-year gold of the company for a reduction from 90% to 60% in the per- bonds dated May 1 1906, of which $7,799,000, the committee centage of the aggregate amount of the general lien bonds states, is now outstanding (V. 88, p. 503; V. 83, p. 35): and the convertible bonds the holders of which must assent Committee—George C. Clark, Chairman: Sylvanus L. Schoonmaker, to the exchange of five-years' coupons for new 5% bonds to G. Louts Boissevain, Russell G. Fessenden, with George C. Clark Jr., Sec- for the issue retary, 51 Wall St.. and Shearman & Sterling as Counsel, 41 Wall St. make the plan of the $30,000,000 new bonds ef- The time within which the assents can be obtained Under a protective agreement dated Feb. 26 1909 deposits fective. prior to .April 1 1909 was extended from Aug. 1 to Oct. 1, or such later date as the may be made at the Trust Company of hereafter decide. The Wall St., N. Y., or at the American Commission may final order of the America, 37 Trust Co., Commission differs from the preliminary order(V. 88, p. 504), 53 State St., Boston, as depositaries. Holders of a large already it is said, chiefly in other respects as follows: amount of notes have agreed to deposit their hold- The term of the mortgage shall not be more than 30 nor less than 20 years. ings. Some of the provisions of the agreement follow: The collateral indenture must contain clauses embodying the exchange

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 624 THE CHRONICLE [VoL.

of the new bonds for coupons and for notes, respectively, and the expendi- Inter-State Railways, ture of money from income during the five years to equal the accrued cou- Philadelphia.-Repo74.-This com- pon Interest on the general lien and convertible bond coupons exchanged. pany, which Owns practically the entire capital stock of the The 5-year term is changed so as to run from June 30 1909 to and including United Power & June 30 1914. Instead of from Jan. Compare 88, p. 504, Transportation Co. (of Pennsylvania), re- 1. V. 563. ports as follows for the fiscal Fonda Johnstown & Gloversville RR.-Pre/erred Stock year ending Jan. 31: lssue.-This company authorized and Fiscal Gross Interest Expenses Balance, has recently issued Year- Income. Col. Tr. & Taxes. Sur. or Del $1,000,000 6% cumulative preferred stock, having the same 1908-09 $74,418 $431,064 $15,872 def.$372,518 1907-08 514,165 431,064 20,418 sur. 62,683 voting rights as the common shares (total issue $2,500,000) 1800-07 464,855 subject 431,060 9,614 sun 24,181 but to call at 105. The New York Central interests Time Extended.-The committee are large shareholders in the enterprise.-V. 86, p. 420. selected to represent the 4% bonds deposited as suggested by Edward B. Smith & Fort Wayne & Wabash Valley Traction Co.-Second Mort- Co. of Philadelphia and New York has elected Holstein gage.-The new second mortgage securing $1,000,000 6% De Haven, President of the Real Estate Title, Ins. & Tr. Co., 25-year bonds has been filed for record, the Guarantee Trust as Chairman of the committee, Gerald Holsman as Secretary & Safe Deposit •Co. of Philadelphia being the trustee. A and John C. Bell as counsel. The time for the deposit of press report says that the issue is to provide funds for the bonds with the Philadelphia Trust, Safe Deposit & Insur- building of the -Logansport-Lafayette extension and also for ance Co. has been extended by the committee to thirty days the remodeling of the power house at Lafayette.-V.88,p.374 from March 1. See advertisement on another page: Bonds Gainesville (Ga.) Electric Ry.-Sold.-At the foreclosure to the amount of about $7,000,000 have already been de- sale in Gainesville on March 2 the property was bid in for posited. Compare V. 88, p. 564, 505, 374. $80,000 by R. L. West of Atlanta, representing, it is said, Kanawha & Michigan Ry.-Report of Committee.-The certain bondholders.-V. 88, p. 52. minority stockholders' committee, G. D. Mackay, Chairman, Georgia Coast & Piedmont RR.-To Get C ear Title.-In reports as of Feb. 16 in substance as follows: order to secure clear title to the Collins & Reidsville RR., In spite of the bad year, the gross earnings increased from $1,188,000, for the 6 months ending Dec. 31 1907 to $1,200,000 In the last half of 1908, one of the constituent properties, suit was brought by the the net operating income, $288,000, is still much lower than we may attorney of the Georgia Coast & Piedmont RR. in the Su- reasonably hope for. With gross earnings of $1,200,000, there should be Court Savannah $360.000 available for interest and dividends; this, with fixed charges of perior at on Feb. 9 for foreclosure of the *133,000, should leave $220,000 for six months for dividends on the stock- $40,000 mortgage made by the C. & R. RR. in 1896 cover- very nearly at the rate of 5%. In the near future the heavier bridges and its 7-mile road in Tattnall culverts and reduced curves and grades will have their effect, and as soon as ing County, Ga., interest on the revival in business occurs the profits of the road will surely be gratifying. bonds. having been in default since Jan. 1 1908.-V. 85, Meanwhile the merger case of our road with the Hocking Valley has been p. 1143. in the hands of Judges Wilson (term expired). Dustin and Sullivan for about one year. There is no explanation of this long delay, excein the Grand Trunk Pacific Ry.-New Guaranteed fulness of tile number of cases on the court docket. The decision is ex- Debenture Stock. pected every day by all the parties concerned.-V. 85. p. 1402. -An issue of £1,000,000 4% debenture stock (ranking pani passu with £2,000,000 of such stock already Mexican Central Ry.-Bonds Called.-Equipment and col- issued), subject lateral 5% gold bonds due 1917, first series, to the to redemption at £105% by the company at any time amount after of $50,000, will be paid at par and interest at either the Old March 1 1936 on giving one year's notice, was offered in. London Feb. 20 to 25 at 90% through the Colony Trust Co. of Boston, Manhattan Trust Co., New York, company's bank- or Glyn, Mills, Currie ers, Glyn, Mills, Currie & Co. Interest payable & Co., 67 Lombard St., London, E. C., March 1 on or after April 1 1909.-V. 88, p. 452. and Sept. 1, guaranteed by the Grand Trunk Ry. Co. of Canada, subject to the terms of an agreement referred to in Mobile Jackson & Kansas City RR.-Time Limit March 20. V. 84, p. 570. "The proceeds will be applied in the purchase -The reorganization plan having become operative by vir- of additional rolling stock, to be delivered during the current tue of the assents of a large majority of the bonds, other in- year, and which will be required on the opening of the Prairie debtedness and stock of both companies, the committee Section and the Lake Superior Branch." Subscriptions are announces that holders who have not already done so must payable £10 per £100 deb. stock on application, £15 on deposit their securities with the Metropolitan Trust Co. of allotment, £20 Apr.•15 1909, £20 May 15 and £25 June 15.- New York not later than March 20.-V. 87, p. 1664, 677. V. 88, P. 563, 505. Montreal Bridge & Terminal Co.-Change of Name, &c.- Great Northern Ry.-Reduction of Bond Premiums.-The Secretary C. A. Sara announces that application will be premiums now offered on exchanges of underlying bonds of made to the Parliament of Canada, during the present session, the St. Paul Minneapolis & Minnesota Ry. Co. for consoli- for the passing of an Act extending the time for the carry- dated mortgage 4s of the Great Northern will, it is announced, ing out of the company's undertaking, confirming agreements be reduced on March 15 on each $1,000 bond from $6 to $5 with other companies, increasing its bonding powers and on the second mortgage bonds and from $16 to $15 on share capital, changing its name and authorizing the com- the terminal Dakota extension bonds. Compare V. 87„ p. 1533; V. 88, pany to connect its stations in Montreal with the p. 295. railways on the south side of the River St. Lawrence by means of bridges or tunnels. Compare Central Ry. of Guayaquil & Quito Ry.-Deposits.-The first mortgage Canada above.-V. 86, p. 857. bonds deposited may be with the United States Mortgage & Investment Trust Co., New York, subject to the New England & Security Co.-Trustees.--The provisions of the agree- following trustees were elected on Feb. 25: ment of Sept. 30 1908, described in V. 88, p. 564. To represent preferred shares; Henry L. HIgginson, Boston; C. S. Mellen, Hattiesburg Traction Co.-Earnings.-For New Haven, and A. Willard Damon, Springfield; to represent common year ending shares: Lawrence Minot, Boston; A. George Bullock, Worcester; Gordon Aug. 1 1908, before complete operation: Abbott, Boston, and Bentley W. Warren. Williamstown. Compare New York New Haven & Hartford RR. below and see V. 88, p. 506. Year- Gross. Oper. Exp. Net Earns. Fixed Chgs. Surplus. 1908 $03,943 $38,860 $25,083 $12,000 $13,083 Old Point Railway & Electric Compare V. 87, p. 97. Newport News & Company. -The application of the Maryland Trust Co., trustee Havana Electric Ry.-Report.-For calendar year: under the general mortgage, for the appointment of a re- I Cal. Gross Net Net Fixed Dividend Com.div. Ba ceiver, has been adjourned to March 12. A large amount Year. Eariegs. RIZ.E'ns. Stage L. Ch'ges. Pre/. Stock. (1%). Sur. has been deposited with Alexander 1908_$1,937,797 $966,072 $64,311 $454,731 (6)$299,998 $74,037 $200,967 of the bonds Brown 1907._ 1,810,888 846,150 78,796 558,877 (53, )275,000 91,075 & Sons of Baltimore and Brown Bros. & Co.-V.81, p. 1551. The gross earnings, including stage lines. aggregated $2,276,807 In 1908, against $2,143,122 in 1007. New York Central & Hudson River RR.-Contract for 101,000 tons of steel Bonds Called.-All of the outstanding 2d mortgage 6% llails.-Orders for rails for 1909 de- gold bonds ($72,000) have been called for payment on livery were placed this week with the following companies: April 1 51,000 tons; United at par and interest at the office of the Central Trust Co., Lackawanna Steel Co., States Steel Cor- New York City.-V. 88, p. 158. poration, 42,600; Algoma Steel Co. of Canada, 5,400; Bethlehem Steel Corporation, 2,000; total, Hudson 101,000. The & Manhattan RR,.-Car Trust, Series "A."-The rails will be distributed among the roads in the system viz: $920,000 car trusts, Series "A," denomination $1,000 (c*), Boston & Albany, 7,000 tons; New York Central, 37,000; Rutland, 2,000. dated March 1 1909 and due $46,000 semi-annually from Pittsburgh & Lake Erie, 9,000; Lake Shore, 15,000; "Big Four," 5,0001 Lake Erie & Western, 2,500; Chicago Indiana do Southern, 3,500; MIchl' Sept. 1 1909 to March 1 1919 inclusive (interest payable gan Central, 20,000. March 1 and Sept. 1) recently placed by the Guaranty Trust New 1?olling Stock.-It was announced yesterday that the Co. of New York (V. 88, p. 505), will be secured by the fol- equipment order of the New York Central lines for 1909 lowinc, equipment costing approximately $1,170,920, of would include 5,450 freight cars, 203 passenger cars and 71 which 20% has been paid in cash: locomotives, involving an outlay of more than $8,000,000. Ninety all-steel passenger coaches to be ready on or before Oct. 1 1909 Contracts have already been awarded for 3,350 freight cars. as follows: each coach equipped with motor equipment of 360 horse-power and full Central, 1,000 steel hopper Car doors, the (1) New York cars, to Standard Steel Co.; multiple control and having end and side bodies being built 1,000 standard box cars, to Merchants Despatch Co. ear shops; 200 stock by the Pressed Steel Car Co. and the trucks and electrical equipment by Barker; 150 Ilat cars, to be company's Wes, Electric Co. he title to said cars will cars, to Hasicel l& built in the the General 'I remain in the Guaranty Albany shops. (2) Lake shore, 1,000 steel hopper cars, to American Car Trust Co. of New York as trustee until the railroad company has made agreement. & Foundry Co. every payment required under the Bids are being received for the following: 1,000 box cars, for the Lake Traction Co.-Report. Shore; 1,000 box cars for the Michigan Central, and 100 flat cars for the Indiana Union -For cal. years: New York Central. Cal. Gross Operating Net Fixed Balance, Cars for passenger service have been ordered as follows: 52 from American the Barney Year- Earnings. Expenses. Earnings. Charges. Sur. or Del. Car & Foundry Co.; 51 from Pullman Co.; 16 from & Smith: 1908 $1,902,330 $1,058,745 $843,585 $854.249 def. $10,664 6 from Osgood Bradley Car Co., and 10 to be built In the West Albany shops. 1907 2,089,232 1.111,198 978,034 958,012 stir. 20,022 Seventy-one locomotives, it is stated, will be ordered for the system as -V. 87, p. 226. follows: For Lake Shore, 20 freight: Michigan Central, 18 frelg,ht, 12 pas- senger. 15 switch and 1 decapod; Big Four, 5 passenger.-V.88. 1:1• 564, 506. Inter-Mountain By., Colorado.-Change in Control.-The New York & Long Island RR.-Decision.-The Appellate ,`Denver Republican of Feb. 28 said: Division of the Supreme Court, First Department, yesterday r, Thomas B. Doan, ex-President of the Denver & Intermountain RR.(now handed down a unanimous decision against the city in the Inter-Mountain 1W.), running from this city to Golden, last night confirmed a rumor of the sale of the property to Chicago parties. The new President suit brought by the latter to obtain possession of the prop- is F. L. Hutton of Colorado Springs. It is said that the company will be erty. The suit, it is understood, was intended as a test case re-incorporated for $3,000,000 or $5.000,000. The road was electrified a short..time ago. Compare V. 85, p. 1209 V. 88, p. 505. in order to justify the action of the city officials in any set-

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909.1 THE CHRONICLE 625 of the Harris with the company. The opin- Interest payable Feb. 1 and Aug. 1 at the office tlement which may be made trustee. Denomination Clarke, holds: Trust & Savings Bank, Chicago, ion, by Justice of the issue will enable the road and privileges granted by the several Boards $500 (c*). The proceeds That the franchises, rights pass to and Aldermen did not cease and determine on Jan. 1 1907, but did to pay its floating debt of $150,000 and to complete of 30 of the General Corpora- the defendants herein as trustees, under Section A circular says in substance: stockholders and members of the New York & electrify its line. tion law, of the creditors, private right of way Island RR. Co. The company operates an interurban railway on Long of the tunnels, tracks, structures via several intervening towns, to Ogden, a distance of That the occupation by the defendants from Salt Lake City, The terri- in the streets of the city of New York in the 35% miles, serving an aggregate population of over 126,000. and property of the company irrigation; there are of and in the Borough of Queens, is lawful, and that tory is exceptionally fertile as a result of extensive Borough Manhattan, 231, 101. beets, alfalfa. garden produce, &c. the city should be enjoined from interfering therewIth.—V. 88, p. many small farms producing fruit, sugar The line was opened between the two cities Aug. 7 1908, prior to which date New York New Haven & Hartford RR.—Decree Affirmed. the traffic was restricted to the business between Salt Lake City and —The full bench of the Massachusetts Supreme Court on several small towns. Tuesday affirmed the decree as entered by Judge Rugg in CaNtalization (as of the date first mortgage bonds are issued)• in Authorized. Issucd. June 1908, in pursuance of the decision by the full bench Capital stock (all of one class, par $100) $1,500,000 $1,500,000 May 1908, which required the company on or before July 1 First mortgage bonds 2,000,000 650,000 itself of its holdings in Massachusetts trolley Earnings and Expenses for 6 Months ended Nov. 30 1908. 1909 to divest Gross earnings $90,9131Int.t1 on $650,000 bds. will be_$16,250 roacls. The order as framed by the single judge was objected Net earnings (after taxes) _ 35,221 Surplus earnings 18,971 to as vague and uncertain in its terms. Compare V. 86, It is conservatively estimated by e management that after the electri- the fication of the line through the expenditure of the proceeds of the present p. 1590, 1285, 1225. As stated last week (page 507), bond issue, the gross earnings for the year immediately following will be company claims to have sold most of its Massachusetts $240,000 and the net earnings after operating expenses and taxes will be $100,000. trolley holdings. Condensed Extracts from President's Letter. New England Investment & Security Co.Trustees.—See that The bonds which you have purchased will be a first mortgage upon all the property and franchises of the company, which now operates a line of steam company above. railroad from Salt Lake City to Ogden, a distance of about 35% miles. Application.—The company has applied to the Public The company has expended approximately $1,000,000 upon its terminals, to pur- right of way (35 the construction of the road and its equipment Service Commission, Second District, for permission its miles). (the Co. as a steam railroad, without considering the value of the franchises chase the stock of the New York & Port Chester RR. shortest of which expires in 1955) covering entrances into the terminal and the New York Westchester & Boston Ry., now owned cities and the intervening towns. The road is well constructed with a stock in maximum grade of 1.1% and a maximum curvat re of 6 degrees. The by the Millbrook Co., and also whatever remaining proceeds of these bonds will be deposited with the trustee to be paid out the Westchester Company may be acquired from other under its supervision for the retirement of the present indebtedness of owns all the stock of approximately $150,000, and for completing and electrifying the line. parties. The Millbrook Company Under the terms of the mortgage $350,000 additional bonds can be & Port Chester except 9 shares. issued only for expenditures on the property when the net earnings for the New York times the annual bond interest the New York & Port Chester RR., twelve months have equaled at least 1 % The New Haven road, through charge: bonds in excess of $1,000,000 can only be issued for 75% of the the Westchester & Boston, but has advanced owns most of the stock of Mill- cost of permanent extensions and additions and only when the net earnings rights of way, construction work and disbursements of the annual bond interest money for 1908 being $11,- for twelve months have equaled at least twice the brook company, the amount of such advances on June 30 of the electrification the company will p. 870), and now desires to deal directly charge. Upon the completion 660,483 (see annual report, V. 87, operate high-speed electric cars from the centre of Salt Lake City (popula- and dispense with the Millbrook company as an un- addition with the two railroads con- tion 90,000) to the centre of Ogden (population 25,000) and in intermediary. It is desired to finance and complete the having a combined popu- necessary as be and to will serve several prosperous intermediate towns struction of the roads, or of one of them, may expedient, 11,500. legal ownership of the two roads is already lation of about begin actual operation. The There is a large passenger,freight and express traffic between Salt Lake lodged in the New Haven road. which even now is being handled by the company to much dealt in on the curb this week to a very small City and Ogden The voting trust certificates greater advantage than by the transcontinental trains, as its line passes of those issued under one of the two trusts formed in con- whole, the extent were part the through all of the important intermediate towns. Taken as a with the underwriting for the construction of the road before an interurban road. nection and the other situation is unusually favorable for the operation of New Haven obtained control. One of the trusts has expired City and Ogden are railroad and commercial centres for a Compare V. 87, p. 480; V. 86, p. 108. Both Salt Lake will during the year. large territory and I believe will continue to grow, while the district be- Actual construction on the N. Y. Westchester & Boston tween them has been made very fertile by irrigation and can be counted week. upon to improve and develop from year to year. (Officers: President. outside of the city limits was begun this Simon Bamberger; Secretary, Jos. Oberndorfer; Treasurer, Angus T. VNew York & Stamford Mortgage.—See that company Wright. Address of company, Salt Lake City.)—V. 81, p. 1101. below.—V. 88, p. 507, 231. Santa Fe Liberal 85 Englewood RR.—To Secure the Co- New York & Stamford (Electric) Ry.—New Mortgage.— operation of Bondholders.—E. D. Shepard & Co., New York, The Public Service Commission, Second District, on March 4 who have been placing the bonds of the following companies: to granted authority to the company to make a mortgage Santa Fe Raton & Des Moines RR., authorized issue $1,000,000 the Union Trust Co. of New Haven as trustee for $2,000,000 Santa Fe Raton & Eastern RR., authorized issue 300.000 refunding Santa Fe Liberal & Englewood RR., authorized issue 8,000,000 and to issue thereunder $701,000 5% bonds for Raton (N. M.) Water Works Co., authorized issue 300,000 and discharging note obligations and for other purposes. Yankee Fuel Co., authorized issue 2,500,000 The company is controlled by the Consolidated Ry. and has [The Canadian Valley By. was also a project of the firm, but whether 80, p. 118. any bonds secured by the proposed blanket mortgage for $14.800,000 were $450,000 5s outstanding due Oct. 1931.—V. ever placed we calnot say.—Ed.] Northampton (Mass.) Street Ry.—Six-Cent Fare Excessive. on Wednesday gave out the following statements: 26 de- —The Massachusetts Railroad Commission on Feb. E. D. Shepard & Co. have decided to bring their New Mexico and Okla- cided that an increase in the unit fare from 5 to 6 cents homa enterprises to an early and successful conclusion by associating with 1664. themselves men of the greatest possible efficiency in organizing and op- would be "unreasonable and excessive."—V. 87, p. coal mines, water-works enterprises, and men of busbies erating railroads, to & Light Co.—Application to List.— sagacity and financial strength. The names of these men will be given Northern Ohio Traction the press in a few days. The New York Stock Exchange has been requested to list E. D. Shepard & Co. have also decided to secure the co-operation and the bondholders of their enterprises by giving to the bond- stock. Compare V. 88, p. 291, 231. assistance of properties the $10,000,000 holders the controlling voice in the actual management of all the of Bonds.—The same time securing to all persons interested the actual application Philadelphia Rapid Transit Co.—Sale and at the now unsold its option on a further install- of the proceeds of sales of their bonds by transferring all bonds Drexel syndicate has exercised to a surety company under an appropriate form of trust agreement. taking $1,250,000 of all important bondholders of the various enterprises has ment of the $5,000,000 collateral trust 5s, A meeting bondholders it is understood, been held to-day at the office of E. D. Shepard & Co. The deliverable on May 15. The entire amount, corporation have secured a sub-committee of three, and each sub- of each upon the general been re-sold. Compare V. 87, p. 1534. committee of three has selected one of its members to act has advisory committee, to confer and co-operate with E. D. bondholders' of its properties. Pittsburgh Canonsburg & Washington Ry.—Guaranteed Shepard & Co. in the reorganization and management committee so selected consists of the following men: J. E. Offered.—The Safe Deposit & Trust Co. of Pittsburgh, The general Odell, Vice- Bonds French, President of the Railway Steel Spring Co.; J. T. trustee, offers at par and interest the unsold Pittsburgh Bessemer & Lake Erie By. Co.: L. the mortgage President and director capitalist, of issue of $750,000 first mortgage 5% coupon Laffan Kellogg of the New York bar: William S. Grant Jr., • portion of an E. V. Harman of New York. dated July 1 1907, due July 1 Philadelphia, and upon the gold bonds of $1,000 each, The suit entered by the Seven Oaks Co. yesterday is founded interest on any semi-annual of the salesmen in the employ of E. D. Shepard & Co. 1937, but redeemable at 105 and theory that some the says: have made statements about the Yankee Fuel Co. more favorable to interest date. A circular conditions and prospects of that company than the facts fairly warrant. payment of principal and interest of these bonds is guaran- & Co. feel very confident that there has been some The prompt Canonsburg Ry. Co., the aver- Messrs. E. D. Shepard teed by endorsement by the Washington & misunderstanding on the part of the Seven Oaks Co. upon the subject, and company for the past five years applicable to alleged to have been age annual surplus of which They are now investigating the character of the statements interest payments on these bonds amounted to over $20,000. employees. They will, of course, meet all their just liabilities the interest payments by the Pitts- made by their are further guaranteed as to principal and to the investing public of every nature and kind. which company owns all the capital stock of the Pitts- an attachment of about $20,000 burgh Railways Co., con- (The foregoing announcement followed burgh Canonsburg & Washington Ry. Co. The property at present the bankers by the Seven Oaks Co. (an investment com- a point on the Pittsburgh & obtained against on the sists of an electric railway extending from pany controlled by members of the soap firm of Colgate 6: Co.) Street By., about one mile south of Castle Shannon, southwest- buy $50,000 bonds of the Yankee Fuel Co. Charleroi main ground that the latter was led to erly to Canonsburg. Pa., in all about 12 miles of trackage, including representations which are now called in question; for instance. oak ties, 2,640 to the mile; all on certain whereas the line and turnouts. Rails, 80-lb.; white that the company was producing 1,000 tons of coal daily, of steel; all culverts, small bridges and cattle passes of concrete was "barely 200 tons."—Ed).--V. 84, p. 221. viaducts right of Passes actual amount, It is alleged, and steel; rock and slag ballast; 50-foot private way. Fe through a prosperous farming community, serving an estimated population, Santa Fe Raton & Des Moines RR.—See Santa excluding Pittsburgh, of 27,000. Has the right to operate its cars over the Englewood RR. above.—V. 83, p. 970. properties of the guarantor companies to the business centre of Pittsburgh & Liberal and the Borough of Washington. Raton & Eastern RR.—See Santa Fe Liberal & Control.—Louis Keller of Santa Fe Rahway Valley RR.—New Englewood RR. above.—V. 85, p. 1463. Springfield, N. J., who promoted this 7-mile road, was on Coupon Paid.—The hold- March 1 elected President to succeed William W. Cole of Seaboard Air Line Ry.—March N. Y., of the firm of Arnot & Cole, who were the ers of certificates of deposit of the Atlanta-Birmingham first Elmira, on March 1 by the largest stockholders. A press despatch says: mortgage 4% 30-year bonds were notified Club Salomon is Chairman that the President Keller, who is largely interested in the Baltusrol Golf committee of which William vast tract of land in Springfield Township, near the Baltusrol coupon would be paid to the de- and owns a with the amount of the March 1909 Mountain, will shortly begin the building of a spur to connect Co., New Shunpike road, west of the club grounds. The spur is to positors on or after March 2 at the Standard Trust road near the has plans run 1,400 feet to the Baltusrol Mountain. It is said Mr. Keller and the Bank of Scotland, London, E. C., on mountain.—V. p.227. York City, under way for the building of a large hotel on the 87. presentation of the certificates of deposit.—V. 88, p. 453. Salt Lake & Ogden Ry.—Road to Be Electrified—Bonds of Exchange. and Boston, and Southern Railway.—Bonds Offered—Right fered.—N. W. Harris & Co., New York the First National Bank and the Savings Bank, Chicago, have purchased —J. P. Morgan & Co., the Harris Trust & Bank, all of New York, are offering at 79 and for sale at 98 and interest $500,000 National City and are offering by advertisement on another page, the unsold por- mortgage 5% gold bonds dated Feb. 1 1909, due Feb. 1 interest, first tion of the block of $21,333,000 "development and general 1934, optional at 105 and interest on and after Feb. 11914.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 626 THE CHRONICLE Wor, woman. mortgage" 4%•gold bonds (Series A) recently purchased by struction of the Winding Gulf.Branch of a syndicate. Principal payable April 1 1956; the company's line interest pay-- in West Virginia, in all about 25 miles in length, and author- able Oct. 1 and April 1. The bonds are in coupon form of ized the issue of each, $1,500,000 of the company's first mortgage $1,000 or in registered form of $1,000 or multiple 5% gold bonds (which, under thereof; coupon and registered bonds the mortgage, may be issued interchangeable. (See on branch lines at the rate of $50,000 per further particulars in V. 82, p. 397; V. 86, p. 1468.) mile) on account of the construction of the Winding Gulf and other branches. Until April 1 1909 the aforesaid banks and banking firms -V. 88, p. 565. will accept at 1023/ flat, in payment for the above bonds, Wabash-Pittsburgh Terminal the 5-year 5% collateral gold bonds maturing April 1 1909 Ry.-Additional Receivers' and carrying the coupon due April 1 1909. Certificates Applied for.-Press dispatches state that Judge Extracts Letter Young on March 4 appointed H. D. from of President W. W.Finley. dated March 1 1909. Gamble, special master, Since the creation of the "development and general mortgage" to take testimony on March 12 on the 1906, there have been Issued, in April application of the or are now about to be issued for purposes receivers for authority to issue therein contemplated and strictly as authorized, $500,000 certificates for the mortgage" bonds "development and general purchase of in the aggregate amount of $62,000,000, including 500 steel cars, objection having been in the treasury and the $20,000,000 bonds made by of such bonds which are now pledged the Equitable Trust Co., trustee for the second part of the security for the convertible 6% notes due May 1 mortgage asThe book value of the property 1911. bondholders.-V. 88, p. 159. has been conservatively stated and from year to year, has been analyzed in detail and approved by certified countants. On Dec. 31 1908 public ac- Washington Baltimore & Annapolis such book value was $445,331,779, including: Ry.-Guaranteed'Int- Property covered by "development and general mortgage" erest Overdue.-The interest due March 1 1909 on the first mortgage bonds Deduct the outstanding first $351,082,772 of the Baltimore Terminal Co. which consols and all divisional bonds guaranteed, are and other obligations which have prior liens in respect of principal and interest, by the 'Washington any of the property covered by said mortgage (omitting Baltimore & .Annapolis Ry., remains unpaid. only the $16,000,000 collateral trust 5% bonds due April 1 The enter- 1909, which are now to be refunded under the "development prise is largely owned in Cleveland. The and general "Cleveland mortgage") 182,075,700 Finance" says: The Net value of security for said $62,000,000 "development and expectation is that this interest will be paid in ninety days, general of course with interest on the deferred together mortgage" bonds $169 interest. The company has out- Based on the refunding of the collateral 007,072 standing $1,992,000 of these first mortgage Baltimore trust 5s of April 1 1909 and the Terminal bonds, but deposit with the trustee of the "development and general probably In excess of $600,000 are used for collateral purposes, and Is mortgage," as as the interest as long now immediately contemplated, of the securities described is paid on the notes of course the company does not have to velopment and general in the "de- pay the interest on the bonds used as collateral. On mortgage" as now subject to the collateral trust May 1 the W. B. & A. 5s, the "development and general mortgage" will has interest due on $3,000,000 firsts and $1,000,000 seconds. have the following liens: probable It is very I. A first lien upon- that interest on both. these issues will not be paid on that date. (a) Railroads in absolute ownership, aggregating As a result of this information leaking out on Feb. 24, W. B. & A. x765 miles clined from 5s de- (b) Leaseholds of, trackage or other rights to use, railroads ag- 60 to 54, while Baltimore Terminal 5s broke 123.i points, gregating closing at 52. The stock, which 1,085 " had been selling around 4, sold down to 3, (c) The majority of stock of railroads aggregating with a later recovery of yi point. 475 " President George Bishop -- T. on Jan. 28 said: "The W. B. So A. as a prop- Total erty is but in the infant stages of its operation. For the six months since July 1 last it earned (d) The stocks which insure perpetual right to use freight and an average of $1,627 daily, carrying an average of 4,675 passenger terminal properties at 16 of the principal passengers each day for that period. This is an average of 43 passengers cities of per car, probably the South, including a bridge over the Ohio River at a better average than any interurban road running in Louisville, Ky. and out of Cleveland. If we get an increase of only 15% the second year (e) All future acquisitions of railroads constructed over the first the road will be able to earn its operating expenses, or purchased fixed taxes and free from lien with proceeds of the new bonds. charges. Almost any new road should do 15% or more better In the II. A second lien- second year. With that in view, any talk of reorganization at Is ridiculous. The this time Subject only to the existing divisional mortgages (to retire which company has no pressing debts.'-V. 87, p. 1012. bonds are reserved under the new mortgage), and upon Washington & Canonsburg the acquisition or other retirement of such mortgages, then Ry.-Guaranteed Bonds- Pla prior lien, upon railroads Earnings.-See aggregating 1,272 miles Pittsburgh Canonsburg & Washington Ry. IIIIII. A general lien, subject to the first consolidated mortgage,,,,_, above.-V. 87, p. 348. and to the underlying mortgages, to retire which the first con- solidated mortgage makes provision, upon- Western Ohio (Electric) (a) Railroads Ry.-Repart.-For calendar years: in absolute ownership aggregating 3,854 miles Calendar (6) Controlling interests in securities of railroads Gross Operating Net Total Balance aggregating 492 " Year- Earnings. (c) Leaseholds of railroads aggregating Expenses. Earnings. Deductions. Surplus. 580 " 1908 $441,791 $240,171 $195,620 1907 $161,541 $34,079 Total 444,846 241,039 203,807 160,928 42,879 4,926 " -V. 85, p. 1520. x This figure excludes the mileage of the Tennessee Central RR., which Wheeling & Lake Erie RR.-Additional Receivers' was included in the statement contained in Mr. Spencer's letter of Certifi- 1906 82, The purchase April 1 cates Applied for.-Receiver (V. p. 397). option to that property was not exer- Worthington on March 1 ap- cised and consequently the "development and general mortgage" plied to the court for authority reserved for that purpose were not issued. bonds to issue $373,000 additional The par value 6% certificates to meet the coupons of all the stocks pledged under the "development and maturin4 on that date general mortgage" is not exceeding 20% of the total security of the bonds, on the $11,697,000 first consols, awegating $233,940, while the book value of such stocks is less than 7% of such security. The refunding of the collateral trust will and to reimburse him for $139,970 paid for taxes. 5s not result in increasingft, he -V. 87, fixed charge for interest paid out by the company, while it will p. 1480. improve the security and materially priority of lien of the "development and general mortgage" bonds. The fixed charges of the company for which Winnipeg Electric Ry.-Debentures Offered.-The com- must be made are now, at their maximum, provision about $13,000,000 per annum, pany offered in London at 97% from Feb. 18 to but with a normal ratio of expenses to reasonably expected 20 £300,000 should not prove burdensome. revenues this 43/% perpetual consolidated debenture stock, repayable Growth in Revenue from Operation-Surplus at no fixed over Fixed Charges (000 omUted). date, but subject to call at 105 and interest. This 6 mos. to Fiscal Years ending June 30 debenture stock is part of an issue to be secured by trust deed Dec. 31 '08 1907-8 1906-7 1903-4 1900-1 1897-8 zAv. mileage 7,294 7,489 7,547 1894-5 in favor of the British Empire Trust Co., Ltd., as trustee.-- 7,164 6,612 4,937 4,392 Total revenue_$27,106 $52,942 $56,658 $45,110 $34,660 $21,096 V. 88, p. 508. Net income._ 9,249 12,848 13,788 $17,115 13,389 10,816 6,942 5,142 Sur. over chgs. 2,300 402 2,290 4,180 3,540 1,00 , 896 Wisconsin Central Ry.-Exchange of Preferred Shares for 4% Leased Line Certificates.-The following committee ap- x Supplied; not in circular.-Ed. • Jan. 1909, now pointed by the directors- The results for just available, show, despite a not alto- gether satisfactory volume of gross business handled, net operating revenue Jules S. Bache, Newman Erb, J. Augustus Barnard and N. W. Jordan, of $958,686, which is not only an increase of $525,774 over Jan. with William M. Wadden, Secretary, 42 Broadway, N. Y. City, with 1908, but, one exception, the largest net operating revenue of any January In the history of the company. announces by advertisement on another page that the Minne- [The balance sheet attached to President Finley's letter shows that apolis St. Paul & Sault Sainte Marie Ry. Co., having Dec. 31 1908 company on se- the had in cash and cash assets $6,747,044 In excess cured substantial interest in the common of all current ilabilltles.j-V. 88, P. 565, 376. a stock, desires to acquire control of the property through a lease or other Tarrytown White Plains & Mamaroneck Ry.-Notice to • Holders of lawful method, and has agreed to issue its "leased line First Mortgage 5s.-Sutro Bros. & Co., 44 Pine stock exchange for the St., New York City, referring certificates" in preferred stock, which to their previous advertise- stock will be held in trust by the Bank of ments, give notice on another page that all of said Montreal. By bonds the terms of the "leased line stock certificates" the must be deposited with them on or before March 15 1909 if Minne- the holders apolis St. Paul & Sault Sainte Marie .Ry. Co. will obligate thereof desire to participate in the proposed plan. itself holders of such -V.88, p. 159, 54. to pay to the certificates 4% per annum, payable semi-annually for.the term of 99 years, upon con- Toledo & Indiana (Electric) Ry.-Bondholders' Agreement. ditions which the committee consider -The agreement adequate for the under which the holders of the first mort- protection of the interests of the holders. Holders gage 5% gold bonds coupons of the (with of Jan. 1 1908 in default) preferred stock who desire the exchange must on or before are asked to deposit their bonds with the Knickerbocker 3 p. M., March 20, deposit their certificates, Trust Co. of New subject to an York or the Ohio Savings Bank dr. Trust agreement dated March 20 1909, with either the Empire Co. of Toledo, 0., within 30 days from Feb. 23, provides Trust Co., New York City; the American that in case the Trust Co., Boston, committee shall agree upon a plan of reor- or the Anglo-Austrian Bank, London, E. C. The agreement ganization, copies thereof shall be lodged with the aforesaid provides in part: depositaries and two weeks' notice must be given by a semi- The committee is given authority to cause all stock deposited to be trans- weekly advertisement in the "Toledo Blade." ferred to any agent or trustee, and to surrender the voting power thereon and all rights to dividends payable thereon; Each depositor who falls to express dissent to the plan In writing provided the Minneapolis St. not and does Paul ec Sault Ste. Marie By. Co. shall agree to pay or guarantee withdraw his deposited bonds within two weeks after such notice, positors payment to the de- be bound by all the provisions of will an annual of $4 per share for the period of 99 years. the plan, it the committee declares it The committee is also empowered to consent to operative. The committee is given power to buy the property and vote all stock deposited closure at fore- In favor of such issue or issues of bonds or mortgages or sale and may then either reorganize it under the plan or may other obligations either the property deposited bonds, sell of the Central company for such amounts and upon such terms as the corn- or the in its discretion,for cash or mittee may deem best. All compensation, securities on behalf of the bondholders. Loans obtained on the expenses, services and Ila- bonds deposited battles incurred by the committee shall not In the must not exceed 5% of their total par value. Compare V. 88, p. 565, aggregate exceed $1 for each share of stock deposited hereunder. The committee may from time Virginia Passenger & Power Co.-Foreclosure to time increase its number by the addition of not more than five members, Sale by a majority vote.-V. 88, 508. Alfirmed.-The United States Circuit Court of Appeals on p• 586. March 4 affirmed the decree of foreclosure and sale Worcester (Mass.) Consolidated Street Ry.-Bonds 01- made fered.-Estabrook & Co., N. W. by Judge Waddill. The road, it is said, will probably be Harris & Co. and Merrill, sold within 60 days. Compare V. 87, p. 1664, 1534, Oldham & Co., all of Boston, having sold $800,000 of "the Virginian Railway.--Bonds.-At total authorized issue of $1,200,000 5% gold bonds", due a meeting on March 1 1927, are offering remaining 1909 the shareholders approved the $400,000 at a price to net a contract for the con- 4.6%.-V. 86, p. 1346.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 6217 MAR. 6 1909.] THE CHRONICLE include interest on Charges and depreciation for the 3 months in 19084 MISCELLANEOUS. sinking fund. $38,775, and depreciation, $31,818: INDUSTRIAL, GAS AND bonds, &c., $79,918; $98,371 for sinking -No Bonds. and for 6 months, $161,316 for interest on bonds, &c.; (B.) Altman & Co., New York.-Incorporated fund and $50,999 for depreciation.-V. 87, p. 1481. • long-established department store was incorporated Adjourned.- -This $3,000,000 American Straw Board 0o.-Meeting at Albany on Feb. 15, all or substantially all of the adjourned to April 22, Altman and Michael The annual meeting has been again capital stock being owned by Benjamin owing to the temporary injunction against the voting of the a bond issue is contemplated is Friedsam. The report that stock held by the United Box Board & Paper Co. obtained pronounced totally unfounded. stockholders, the hearing in which the 3 and by some of the minority American Car & Foundry Co.-Quarterly.-For has been postponed to April 12. The injunction, it is said, 9 months ending Jan. 31: will not interfere with the reorganization plans of the United Corn. Dividend. Bal., Surp. 3 Mos.- Net. Pref. Dividend. $46,557 Box Board & Paper Co. now in progress. 1908-09 $721,557 (1 %%)$525,000 (M%)$150,000 (1%)300,000 947,000 The action grows out of long-standing differences with the United Box 1907-08 1,772,000 (1 %%)525,000 1,632,282 on the board 0 (3i%)150,000 Board & Paper Co. interests, who control.as to representation 1906-07 2,307,282 ((1 %x%%)55255:0000 483,111 about the cumulative plan of 1905-06 1,008,111 \ of directors, the minority desiring to bring 9 Mos.- voting.-V. 87, p. 1090. (13i%)$450,000 $75,262 1908-09 $2,100,282 (5 %%)$1,575,000 4,685,621 Co.-Conversions to 1907-08 7,140,821 (5 %%)1,575,000 (3%)900,000 American Telephone & Telegraph (1%)300,000 3,869,219 1906-07 5,744,219 (54%)1,575,000 776,161 Date.-Convertible bonds to the amount of approximately 1905-08 2.351.161 (5 %)1 .575,000 for conversion up to the 87, p. 1480. $29,477,000 had been presented -V. March 4. Compare V. 88, p. 566. American Gas Co., Philadelphia.-Earnings of Controlled close of business Co. Company.-See Luzerne County (Pa.) Gas & Electric American Type Founders Co.-Extra Scrip Dividend.-In below.-V. 88, p. 508. addition to the usual quarterly dividends of 1%% upon the Co.-Quarterly Report.-For 3 $2,000,000 preferred stock and of 1% upon the $4,000,000 American Gas & Electric of months ending Dec. 31: common stock, payable April 15 1909 to stockholders -Disbursments by Am. Gas & El. Co.- record April 10 1909, the directors have declared an extra -Operating Cos.- Div. Bal.,Sur. 3 Mos. Gross. Net Income. Expenses. Bond Int. Pt. scrip dividend of 2% on common stock of record March 1, $15,259 $78,525 $23,006 $88,520 1908 ____$652,365 $183,310 19.856 22,463 below. 1907 ____ 540.382 153,792 32,948 78,525 as stated in the circular cited -V.88, p. 232. $2,000,000 Debentures for Funding and Relunding.-A cir- Ice Co.-Bonds Voted.-The stockholders at cular dated March 1 announces the making of a new issue American of the adjourned meeting on Monday authorized an issue of $2,000,000 6% sinking fund gold debentures dated May 1 "first and general" mortgage 5-year 5% gold 1909 and due in thirty years, but subject to call at 106 and $3,000,000 88, bonds for the purposes stated in the official circular, V. interest. Of the new bonds, $800,000 are to be offered in The original plan to authorize first preferred stock exchange for the existing bonds and the remainder will be p. 376. been into which the bonds were to be convertible has sold to provide for floating debt; $1,000,000 thereof are abandoned, because of court proceedings taken to restrain offered at par to holders of the common stock of record that feature of the plan. March 1, to the extent of 25% of their holdings, payable same syn- scrip dividend just declared. The new bonds have been underwritten, it is said, at 80 by the 92% in cash and 8% in the to underwrite the proposed issue of convertible bonds. of dicate which agreed will be The remaining $200,000, with any portion the $1,000,000 The stockholders of both the Ice and Ice Securities companies in cash to all share- right to subscribe for the bonds at 88. not taken as above, is offered at par offered the or preferred. Circulars say: New Directors.-William A. Tucker, G. Louis Boissevain holders, whether common syn- directors feel that the floating debt which has been created to meet and Franklin Q. brown, members of the underwriting The so Knickerbocker the demands of the company for the growth of its business should be, dicate, and who are also connected with the far as may be, funded in the form of debenture bonds. The company In Co., which holds the greater part of the floating debt, 1896 issued $1,000,000 bonds at a time when the assets were about $4.650.- Trust the present time the assets are about $9,500,000, or nearly $7,000.- matter, last 000; at the in order to be free to act in the above-mentioned 000 in excess of the indebtedness. By the operation of a sinking fund week resigned as directors both of the Ice and Securities com- issue of 1896 has been reduced to $800,000. employees Believing that the present time is most opportune for an issue of similar panies, 'Wm. Bavier and Reuben W. Hopkins, bonds, your directors, by unanimous vote passed at a meeting held Feb. 17 of the company, and Percy Brundage, who is connected with 1909, decided to issue $2,000,000 of 8% sinking fund gold bonds, in de- in their places.- nominations of $100, $500 and $1,000, dated May 1 1909, payable 30 years the estate of C. T. Barney, being elected from their date (interest payable May 1 and Nov. 1). to retire outstanding V. 88, p. 508, 453. bonds of 1896 and to fund floating debts. The indebtedness will not be provides that a por- increased by the issuance of these bonds, as their proceeds will be used to The 'first and refunding" mortgage retire existing indebtedness, nor will it Increase the interest charges. to the payment of the will be entitled to the benefit of the provisions of an indenture tion of the proceeds shall be applied The bonds an of trust with the Guaranty Trust Co. of New York, which provide for following indebtedness: sinking fund, beginning in 1910, of not less than $30,000. in addi- mortgage 5s pledged annual bonds. $715,000 Knickerbocker Ice Co. of New York first tion to $20,000 to be continued as a sinking fund upon the present of notes held by the Knickerbocker Trust Co.; the out- of bonds of 1896 is retired, the sinking fund of the new issue for an equal amount loan for $300,000 When the issue applied mortgages on certain real estate, securing a will be increased to $50,000 annually. This sinking fund is to be standing Co.; all of the $500,000 con- a price not exceeding 106 (V. 86, p. 1411) by the Knickerbocker Trust to the retirement of the bonds by purchase at 8% gold bonds secured by a mortgage made in March drawing by lot at 108 and interest. solidated mortgage as collateral and interest or by 1 1909 1908 to the United States Trust Co. (V. 86, p. 722), pledged A scrip dividend to the holders of common stock of record March Trust Co. and all the bonds and notes of common stock has been declared, this scrip to be for notes held by the Knickerbocker Co.of of 2% on the $4,000,000 mortgages on the property of the Knickerbocker Ice according to its terms, or receivable to the amount of 8% upon secured by redeemable 92% to be Philadelphia now due or past due.-V. 88. p. 566, 508. account of subscriptions to the new bonds at par, the remaining Voted.-See American payable In cash at dates hereinafter American Ice Securities Co.-Bonds issue of $2,000,000 of bonds,specified.it isproposed to reserve $800.000 Of the entire of 1896, Ice Co. above.-V.88, p. 377, 296. to be offered in exchange for the outstanding bonds of the issue of the holders. Thete is now offered (a) to holders of com- - at the option and 92% American Milling 00.-On Philadelphia "Unlisted." mon stock $1,000,000, for subscription at par, payable 8% in scrip of the The remaining $200,000, together with such of the million as There has been placed on the unlisted department In cash. holders of preferred shall not be taken under proposal "a" is offered (b) to Stock Exchange a block of common stock par In cash. Philadelphia and common stock at 1909 of shares of stock of the proposal "a" each holder of common stock of record March 1 issued in exchange for a like number Under to the amount of 25% of the par is entitled to subscribe, to the new bonds Co. Compare V. 88, p. 102. common stock held by him, at the par value of said bonds, payable Marsden value of in the company's scrip of 1909 -Report.-The results for the year as follows: On or before April 1 1909 8% American Radiator 0o. cash; May 1 1909 25% in cash; June 1 1909 25% in cash; and 17% in at the rate of 6% per ending Jan. 31 were: July 1 1909 25% in cash. Adjustment of interest payments will be made. Profits. Dividend on Pref. Dividencron Corn. Bal., Sur. annum upon cash Year- Net proposal "b" all holders of preferred and common stock are $901,254 (7%) $210,000 (6%)$300,000 $391,254 Under for $200,000 of said bonds, 1908-09 (8%) 300,000 389,724 offered the right to subscribe at par in cash 1907-08 899,724 (7%) 210,000 be subscribed for under offering "a." 210,000 (4%) 200,000 454,281 together with such bonds as may not 1906-07 864,281 (7%) in order of the receipt of the subscriptions. Sub- Allottments will be made and -V. 88, p. 377. scriptions are payable 25% within 10 days after notice of allottment American Sewer Pipe.-O//ices Removed-New Officers.- 25% In cash at intervals of one month after date of first payment until full completed arrangements for the removal payment is made with adjustment of interest at the rate of 6% per annum The company has at time of last payment. of its general offices from Pittsburgh to Akron, 0., where All subscriptions must be received by the Treasurer. John T. Murphy, are located. 300 Communipaw Ave., Jersey City, not later than April 1 1909, unless the principal plants such time shall be extended. Payment may be made in full at any time Hill of Akron was recently elected President and deferred payments may be anticipated. Bonds Vice-President George R. before dates fixed, and and director W. F. Dunspaugh of East Liverpool was made a Vice-Presi- will be delivered after May 1 1909, upon full payment of subscription dent as Mr. Hill's successor. 0. C. Barber retired as a director and was surrender of all receipts. Compare annual report in V. 87, p. 1086.- succeeded by A. S. McCombe, who has also become Secretary as well as V. 87. D. 1161. Treasurer.-V. 88, p. 293, 232. & Conduit Co.-Report.-The company, Co.-Dividend Again Increased.-The Cataract Power American Snuff $2,000,000 capital stock $1,005000 is owned by company on March 3 declared a quarterly dividend of 5% of whose the Niagara Falls Power Co., (see "Annual Reports") on its $11,001,700 common stock. This increases the annual follows: in Oct. reports results of operations for the calendar year as rate to 20%, contrasting with 16% (4% quarterly) Balance, 1 1907 to July 1 1908, Cal. GT033 Net Other Fixed Appro- 1908 and Jan. 1909, 12% from Oct. Year- Earnings. Earnings. Income. Chgs.,&c. priarns. Surplus. and previously 10%, the rate at which common stock divi- 1908 $1,058,531 $315,532 $2,941 $108.574 $84,100 $125,799 dividend 1907 975,254 335,340 6,280 100,084 84,050 157,488 dends were begun in January 1903. The quarterly outstanding, $1,213,000 Dec. 31 1908, against $1,070,000 in 1907 Bonds sur- was also declared on the $12,009,000 preferred stock. total current liabilities, $3,388,248. against $3,270,755; accumulated of 1 IA% 87. p. 1302. Both dividends are payable April 1;,to holders of record plus, $375,828, against $381,183.-V. Against Immediate Merger. March 13. gl • Central Leather Co.-Decision Report.-For calendar years: -The Court of Errors and Appeals on March 1 (Chancellor Surplus. Cal. Year- Net. Pref. Dividend. Corn. Dividend. Pitney writing the opinion) in the two suits brought by 1908 $3,474,319 (8%) $720,000 (14%) $1,540,238 $1,214,081 preferred stockholders, reversed the decision of 1907 2,890.586 (6%) 720,000 (11%) 1,210,187 980,399 minority -V. 87, p. 679. Vice-Chancellor Emery in favor of the modified consolidation who American Steel Foundries.-Earnings.-For 3 and 6 plan (V. 85, p. 1083) permitting preferred stockholders Jan. 31: do not desire to accept Central Leather stock for acrrued months ending at law. Three Net Other Total Net Chas. a' Balance. dividends to pursue their claims therefor Earns. Deprec'n. Sur, or def. the M03. Earns. Income. The main ground on which the decision is based is that certificates 1909 $183,858 $10,372 $194,228 $150,511 sur.$43,717 of the two companies do not show that they were "organ- 10,403 177,095 140,075 sur.37,020 of Incorporation same or a similar 1908 185,892 ized for the purpose of carrying on business of the nature" p Six Mos. meaning of the Act of 1893, and that the proposed consolidation $48,429 $241,833 $310,706 def.$68,873 within the the rights of the 1909 $195,404 is therefore unauthorized by law and violative of non- 1908 824,225 21,934 846,159 280,150 sur..566.009

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assenting stockholders. While other questions are discussed by the Bldg., Chicago,Tare Court, the counsel of the company have advised that the objection upon offering,.by advertisement on another which the decision is based is merely technical, and can be overcome page, at a price to net the purchaser about 6% $100,000 within a few weeks by an alteration of the Central Company's charter (total issue $600,000) 6% eliminating its powers in such respects as they are in excess of those of the cumulative preferred stock, in United States Company. Such an amendment would require the vote shares of $100 each. Interest payable quarterly, Jan. 1, &c. of two-thirds of the stockholders on a notice of 14 days. The decision will Issue redeemable at option not affect the existing relations between the two companies, but merely of company at $105 after July 1 prevents for the present, at least, the economies and conveniences possible 1920 at Western German Bank, Cincinnati, 0., trustee. under a consolidation. The mills are located in New OM. Ulm, Minn., in the heart of the Mr. Armour Resigns.-J. 0. Armour last week resigned great wheat territory of the Northwest, and have a daily as a director.-V. 88, P. 566. capacity of 5,000 barrels. The product of the mills is sold all parts of Clarendon Water Works in the United States and in foreign countries. Co., Wilmington, N. 0.-Pur- A circular says in substance: chased by City.-See "Wilmington" in "State and City De- This preferred stock is a prior lien on the entire property, consisting partment" on a subsequent page. estate, machinery, of real furniture, fixtures, elevators, &c., valued at $1,300,- Cleveland & Sandusky 000 and insured for $900,000. The net earnings for the past six years Brewing Co.-New Directors.- average about $135,000 per annum. The company also owns 50 grain At the annual election on Feb. 23 J. H. Burns, J. H. Shaff- elevators located throughout North and South Dakota and Minnesota. rank and Eugene Quigley were For our information the physical condition of the company was examined elected directors by the by the American Appraisal Co. of New York and Milwaukee, experts on minority interests.• There are 15 flour-mill propositions, and the financial condition by Guy directors. The election Cincinnati, H. Kennedy of officers takes place on March 9.-V. of public auditor. A reserve fund of $100,000 which can be 87, p. 287. drawn upon only for any deficiency in net profits to meet the pref. Colorado (Bell) dividend has already been set aside out of the earnings and must be main- Telephone Co.-Earnings for Year.- tained. The company also will not pay any dividend on stock until a surplus tile common Year- Gross Earns. Total Exp. Net Earns. Dividends. of $300,000 is set aside in excess of the pref. dividend 1908 $2,709,701 Sur. reserve fund; about $200,000 of this $1,866,682 $843,019 *(7%) $595,000 Bal..$248,019 amount is already in hand and set 1907 2,514,366 1,756,767 757,599 aside. (7%) 544,521 213,078 This stock is 1906 2,097,706 1,658,486 439,220 (6%) listed on the Cincinnati Stock Exchange. See further par- 424,926 14,294 ticulars in V. 85, p. 102. Subscribers' stations Dec. 31 1908 reported as 68,967, against 65,677 Eastman Kodak Co. of in 1907 and 54,895 in 1906.-V. New Jersey.-Extra Dividend.- 87, p. 93. The directors have declared an extra • Approximate amount required for 7% dividends in 193g. dividend of 5% on common stock, payable April 1 to holders of record Corn March 2. Products Refining Co. New York.-Official Circular. Extra Dividends on Common Stock. -President E. T. Bedford, March 3, (In addition writes in substance: to the 10% per annum paid regularly since Oct. 1 1902.) The present 1906. 1907. Feb.'08. Oct. '08. Nov..08. management took control in March 1906. The business Dec.'08. Feb.'09. April '09. was then in a very unsatisfactory condition by 93,6% 10% 5% 23% 2 M % 5% 2% reason of over-production. -V. 5% No dividends were being paid and the earnings were not 88, P. 222. proper sufficient for maintenance of the plants. The Chicago plant was so dilapidated Empire Steel & Iron Co.-New Directors.-C. H. Zehnder that it has since been condemned as unsafe. The Oswego factory had been destroyed by fire and its rebuilding but commenced. It became and E. 0. Stanley have been elected directors.-V. 87, p. that the only way apparent to effect a permanent improvement was through a re- 1607. duction of manufacturing costs by the introduction of the manufacturing most •modern equipment throughout all the works. This policy was Federal Smelting & Refining Co.-New President.-Fran- adopted and is still being carried out. H. Brownell Under the action of the city it was necessary that the Chicago cis has been elected President to succeed Charles abandoned, plant should be and your directors, deeming it advisable not to rebuild on the Sweeney.-V.87, p. 1607. old site, purchased about 100 acres of land in the town of Argo, 15 miles General Outside the Chicago city limits-a most advantageous location for obtaining Asphalt 00.-Terms of Settlement.-The agree- corn, coal, pure water, good drainage and the best railroad ment of Here we are facilities. settlement of the dispute between the New York & erecting a modern, concrete, fireproof, non-explosive plant. Bermudez Co. with a daily capacity of 60,000 bushels of corn. The first unit of 20,000 and the Venezuelan Goverment, signed on bushels is expected to be in operation within six months. All the products Feb. 10, provides that the New York & Bermudez Co. shall previously produced at Chicago and Indianapolis will ultimately be manu- take possession of factured there. Towards the purchase of this land and the cost of the first the property on March 20. The agreement unit the company has borrowed on very reasonable terms $1,500,000, which is published at length in the 'Financial Bulletin" of Phila- It expects to pay off from the proceeds of a sale of the Chicago property. delphia of March 1. The Oswego factory of the National Starch Co., at which the well-known Duryea and Kingsford brands are being manufactured, has been entirely Under it the company recognizes the annulment of the Hamilton con- rebuilt and is now in most satisfactory condition. cession as ordered by the High Federal Court of During Venezuela and the sentence the administration of your present board there have been im- of damages pronounced by the Venezuelan courts; but the damages are portant changes in the several State pure food laws as well as the adoption agreed to be reduced to 300,000 bolivars (about $60,000). The title of the of the new Federal pure food law, and your board has been compelled to company to the Guanoco mine under the instrument dated Dec. 7 1888 is expend upward of $500,000 in modifying its process of manufacture so as conceded, also to certain wild lands, the company agreeing to sell the Gov- to comply with their wise provisions. ernment for its public works all the Guanoco asphalt needed at 25% reduc- In 1906 there than 18 subsidiary under the were no less companies, operated with tion current price, in return for certain concessions as to carrying more or less waste and inefficiency. It was deemed wise that the properties mails and troops over its railroad. A tax of 4 bolivars for each ton of and outstanding stock of these should be acquired, and as far as practicable asphalt exported is to be paid (and no other taxes, State, national or the corporations dissolved or merged, and many of the properties that were municipal), the annual tax not to be less than 160,000 bolivars; also a no longer of any value for the company's purposes disposed of. As a result surface tax of the mine of 2 bolivars yearly for each hectar.-V. 88, p. there are now but two corporations. Corn Products Refining Co. and Na- 509, 454. tional Starch Co. The carrying out of the above policies has necessitated the expenditure Havana Tobacco Co.-Report.-For calendar years: of upwards of $4,500,000 in excess of the amount borrowed on account of 1908. 1907. 1906. the construction of the Argo plant. This entire sum has been paid from Net income the profits of the business, and in addition def.$167,080 $233,749 $128,994 thereto the bonded debt of the Deduct-Interest on 5% gold bonds 375,000 375,000 375,000 properties has been reduced $813,000 under the sinking fund agreements. The policy outlined has involved and must for the immediate future con- Deficit for year def.$542,080 $141,251 $246,006 tinue to involve the expenditure of considerable money, but only through "Owing to bad consequently such policies can the business be placed weather conditions and expensive tobacco," upon a sound basis resulting in the cost to the controlled companies of manufacturing cigars and cigarettes a permanent and satisfactory distribution of earnings to the shareholders. was abnormally high, dividends [The plants, it is said, have just resulting in their failure to pay other than resumed operating full time.-Ed.]-V $19,652; deducting from this figure the expenses of the Havana Tobacco 87, 13• 938' Co. $186,732, the deficit before payment of bond interest Was $167,080 Cuyahoga Telephone Co.-Report.-For year 1908: -V. 86, p. 665. Calendar Gross Net Re- Bond Div. on Div. on Bal., New Director.-Charles D. Hinman has been elected a Year- Earns. Earns. serves. Interest. Pt. Stk. Com.Stk. Surp. director to succeed Dennis J. Fleming.-V. 86, p. 605. 1908 $828,009 $450,277 $70,699 $135,300 $86,241 $158,037 1907 781,586 383,1379 21,464 135,000 86,222 45,000 95,993 Huebner-Toledo Breweries Co.-Report.-For cal. years: _v. 87, p. 1302. Year. Net Profits. Bond,Int. Pref.Div.(6%) Bal., Sur. Dering Coal Co., Ohicago.-Receivership.-Judge Kohl- 1908 $214,237 $153,360 $60,877 saat in the United States Circuit 1907 324,556 153,360 $76,680 94,516 Court at Chicago on March 4 The sales for the year were 205,806 barrels.-V.83, p. 1173. appointed William C. Niblack as receiver of the property upon application by Johnstown (Pa.) Water Co.-Bonds.-The shareholders, the Witt Mercantile Co., with a claim it is stated, authorize of $2,924, and director J. K. Dering, voted March 3, to a bond issue of owner of $350,000 $1,500,000, to provide for improvements, &c. stock. President Hammond admitted that the corporation is in financial straits. A press dispatch says in substance: Long Acre Electric Light & Power Co.-Judgments for Unpaid Interest.-Five judgments, aggregating It is declared that the coal company is being pressed by creditors to $25,378, whom it owes $1,000,000, and that it will be unable to meet the interest have been entered against the company by the holders of on its bonded debt ($5,000,000 first mortgage 5s due 1955, interest A. Fe 0. bonds of the issue of $1,030,000 4s of 1907 for at American Trust & Savings Bank, Chicago, of which at last accounts unpaid in- $550,000 were in the treasury and $324,000 in sinking fund; also $96,000 terest, the !coupons being in default.-V. 86, p. 1592. Wilfred Coal Co. first mortgage gold 5s). The company, it is alleged, has Luzerne 50-year contracts with the Illinois Steel Co., the American Steel & Wire County (Pa.) Gas & Electric Co.-Bonds Offered Co., the American Bridge Co. and the American Steel & Tin Plate Co., to -Earnings.-Robert Glendinning & Co., Philadelphia, are furnish annually from 900,000 to 2,000,000 tons of coal, but is unable to offering at 95 and yielding collect $215,000 due from these companies because of damage claims which interest, 5%,$100,000 Wyoming the Dering Co. alleges to be without basis. Compare V. 80, p. 714; V. 82 Valley Gas & Electric Co. general mortgage 5% p. 454.-V. 85, p. gold bonds, 43. dated Jan. 1905 and due Jan. 1925, but subject to call at Dominion Coal Co.-Annual Meeting Adjourned.-In order 103 and interest. A circular says: to await the reply of the Dominion Iron & Steel Co. to the The $2,000,000 capital stock of the Luzerne County Gas Ss Eletcrio Co. company's offer of settlement of the litigation over the coal is all owned by the American Gas Co., and of its authorized bond issue of contract (V. 88, p. 509), the annual meeting was $3,500,000 first mortgage 5s due Oct. 1 1948, $1,600,000 are issued. Of adjourned this issue, $1,106,000 are held by the trustee to retire prior lien bonds of ,on March 4 for about a week. A circular states that it is the underlying companies, as follows; $780,000 Wyoming Valley Gas & desired that a "complete and more definite statement than Electric Co. 5s (closed mortgage), due Jan. 1925; $175,000 Wyoming Light is now & Power Co. first as, redeemable 1910, due Jan. 1930; $40,000 West Electric available may be presented to the shareholders." & Gas Co. first consol. 55, due Jan. 1913 ($5,000 mature each January, in- Amount of Damage Claimed.-President Plummer of the cluding Jan. 1912, and $25,000 in 1913); $111,000 Hazleton Gas Light Co. Iroi & Steel Co. that the Steel first 5s, due April 1932. No additional Luzerne County Gas & Electric states company's bill of Co. 55 can be sold for extensions or improvements until net earnings for the damages against the company up to six months prior equal 1 times the interest on all bonds outstanding Coal Jan. 31 1909 those to and amounted to $3,901,663, as follows: on be issued. Perpetual and exclusive gas franchises have been secured in each of the communities supplied, and perpetual electric fran- Extra cost of coal to Jan. 31 1909, $3,054,693; damages prior chises. to Nov. Earnings of 1906, $132,253; damages due to shutting down works in Nov. 1906, $470,- Luzerne County Gas & Electric Co.for Calendar Year 1908. 000; interest to Jan. 311909, $235,717.-V. 88, P. 509, 454. 1st Half. Last Half. Total Year. Dominion Iron & Steel Co.-Damages under Gross earnings $80,219 28 $87,282 01 $167,501 29 Coal Contract. Operating expenses, &c 45,053 36 44,629 02 89,682 38 -See Dominion Coal Co. above.-V. 88, p. 509, 454. Net earnings $35,165 92 $42,652 99 $77,818 91 Eagle Roller Mill Co., New Ulm, Minn.-Pref. Stock Annual interest charge on the $1,106,000 underlying bonds_ __ _ $55,300 00 Offered.-Short, Stanton & Co. 533 First National Bank In the last six months of 1908, during which time the American Gas Co. was in control and secured the half year's results above shown, $83,833 was

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that Jacob Dold Packing Co., Swift and extending the property, and it is estimated Co., National Packing Co., spent on improving during the year1909. Beef & Provision Co., between $125,000 and $160,000 will be expended & Co., Morris & Co., and Southern should be materially increased. The net earnings against each of As a result the business 1908.-V. 88, p. 380 demanding penalties aggregating $3,300,000 Jan. 1909 show $10,189, against $7,868 for Jan. law. for the companies named for violation of the anti-trust Stock.-The New York com- Mergenthaler Linotype Co.-New companies with forming an unlawful The suits charge the packing their competitors has been requested to list $2,861,000 bination to control prices and with discriminating against Stock Exchange 1909).-V. 88, p. 155, 105. additional stock. Compare V. 88, P. 567. from Jan. 19 1907 down to date (Feb. 27 Co.-Bonds Offered-Retire- Power Co.-Report.-The company, of whose Michigan State Telephone Tonawanda Falls -Procter & Borden, Equitable Building, $250,000 stock $200,900 is owned by the Niagara ment of Debentures. results for calen- York City, have purchased from N. W. Harris & Co. Power Co., (see "Annual Reports") reports New bonds the unsold portion of a block of $1,500,000 1st M. 5% dar year: interest. Net Fixed recently issued, and are offering them at 100 and Gross &c. Bal.,Sur. retirement Year- Earnings. Earnings. Oth.Inc. Chgs., Authorized issue $10,000,000, outstanding (after $113,585 $46,818 $867 $17,973 $29.712 1 1908 21,568 30.348 of $1,250,000 debentures to be called for payment May 1907 121,039 49,874 2,042 $285,000; bonds, $150,000; 6% debentures, $60,000; total current at 101 and int.) $8,081,000; Mich. Tel. 5s, First mortgage accumulated 1909 liabilities Dec. 31 1908, $17,294, against $18,555 in 1907; total bonds, $8,366,000. surplus, $99,305, against 370.063. Earnings.-For calendar years: Co.-Earnings.-For calendar year: Bal.,sur. Toronto Electric Light Gross. Net. Interest. Misc. Pt. Div.6%. Dividends. Bal., surp. Year. $136,644 $356,484 Year- Revenue. All Expenses. 1908 $3,360,875 $911,428 $418,300 (?) $1,155,582 $715,712 (8%)$289,254 $150,616 7,252 $28,475 136,644 467,356 1908 142,287 1907 3,092,226 1,04 414,776 140,338 1907 1,039,716 651,926 (8%) 245,503 1906 2,661,296 632,263 , 340,120 15,472 136,333 1908, added to the total previous sur- at the rate of $10 per The above surplus, $150,616 for Note.-MaIntenancc charges of $1,072,732, being a total of $160,961, of which $150,000 was trans- in operating expenses in 1908. plus of $10,345, makes bal- exchange statio per annum, are included account, leaving a total surplus Dec. 31 1908. as per is charge on the $8,366,000 bonds outstand- ferred to reserve "Interest" In 1908 tha present 31 1908, ance sheet, of $10,961.-V. 87, D. 412. ing or to be out by May 11909. Telephones connected Dec. 113,725, an increase of 11,475 over 1907.-V. 88, p. 380. 161. Industrial Alcohol Co., New York.-New Co., Pitts- United States Monongahela River Consolidated Coal & Coke -At the annual meeting this week the number of ending Jan. 31: Directors. burgh, Pa.-Operations.-For three months directors was increased from seven to fifteen, the following Deductions Balance, 3 Total Gross Sur. or Del. being the present board: Mos, Tons. Earns, Royalty. Deprec. Taxes. 1st M.Int. William $105,001 $30,000 $122,290def.$188,219 George S. Brewster, James E. Brodhead, Frederic S. Flower. 1909_1,109,053 $147,220 $78,148 sur.201,931 M. Harrison, Phoenix Ingraham, 590,012 132,717 97,609 30,000 127,755 S. Gray, J. Horace Harding, Frederic 1908_1,941,007 P. J. McIntosh, E. J. Moore, H. H. Porter Jr., Henry -V. 88, p. 234, 227. 1441 1 4 James P. McGovern, Seibert, E. B. Stevens. H. Mercer Walker, C. A. Webb. Nova Scotia Steel & Coal 0o.-Financial Plan.-A bill was the Feb. 24 The officials decline to confirm the statement that introduced in the Nova Scotia Legislature on $500,000 after and debenture annual report showed surplus income of over authorizing the company to issue new bonds and after payment of the ($3,561,500) providing liberally for depreciation stock for the purpose of redeeming existing to 7% on the $6,000,000 pre-: the ($1,030,900) preferred stock at quarterly dividends amounting bonds at 110, canceling V. 84, p. 343; V. 85, p. 809. exceeding 120 per share, with interest at 8% ferred stock. Compare a price not - from the date of the last dividend, paying off floating debt United States Leather 00.-Decision Against Merger. to to the banks (bills payable and cash advances amounted See Central Leather Co.-V. 88, p. 561. Dec. 31 1908) and providing additional working $930,183 Anthracite Coal 0o.-Receivership.-At Rich- capital for the extension of the submarine coal areas and the Virginia of Chan- will be secured mond, Va., on Jan. 19 Judge Grinnan in the Court steel plant. The new securities, it is said, Co. and the Vir- Trust Co.,as trustee, provided cery placed the Virginia Anthracite Coal by mortgage to the Eastern in the hands of Richard H. Legislature and also by the share- ginia Anthracite Coal & Ry. Co. the plan is ratified by the as receivers upon application meeting shortly to be held.-V. 88, p. 568. Smith and William J. Payne holders at the Virginia Trust Co., in its own interest and as April 9.-The foreclosure sale is made by the Passaic Steel Co.-Sale trustee for bondholders. The Richmond "Dispatch" said: 9.-V. 87, p. 291. In Rich- announced for April The two properties are closely affiliated and are largely owned the principal office is located. William J. Payne is President Co.-Decision as to Rights of mond, where coal mines are located Pennsylvania Electric Vehicle and D. C. Zollickoffer Secretary and Treasurer. The Court of Errors and County, the auxiliary company operating a coal-carrying Stock on Liquidation.-The New Jersey in Montgomery on to the mines, carrying the suit brought by railroad from Christiansburg to Blacksburg and Appeals in a decision on March 3 in and freight. Compare V. 79, p. 2208. of this city, in behalf of them- both passengers Seligsberg & Co. bankers, -New Stock.-A special meet- common stockholders, against the direc- Western Gas Co., New York. selves and all other be held on March 15at the office the right of the common stockholders to ing of the stockholders will tors, sustained 40 Wall St., this city, to vote on increasing pro rata Nyith the preferred in the distribution of the of the company, share the from $4,000,000 to $5,000,000.-V.76,p.658. assets of the company under the dissolution voted by the capital stock $150,- stockholders in April 1906. (V. 82, p. 990.) About Yankee Fuel Co.-See Santa Fe Liberal & Englewood RR. 000, it is understood, is to be divided up. under "Railroads" above.-V. 84, p. 225. the highest The decision is of general interest because it is rendered by and holds that the preferred stock of a New Jersey cor- court of the State a which by the terms of the stock certificate and charter is given poration further prefer- Cincinnati, invetsment bankers, preference as to dividends (no mention being made of any -Short, Stanton & Co. not thereby also acquire a preference as to assets on dissolution, in Chicago in the First ence), does common have just opened a branch office but stands with respect to the assets only on a parity with the in sterling, a contrary doctrine was Bank building, suite 533, and will deal stock. An old New Jersey decision announcing National funds, overruled by the Court,-V. 82, p. 990. and corporation bonds suitable for trust municipal new Procter & Gamble, Cincinnati.-New Stock.-The share- banks,individuals and estates. Though a comparatively voted March 2 to increase the common stock from house, this firm is apparently well-equipped for the busi- holders bond for Albert $9,000,000 to $10,500,000, per plan in V. 88, p. 381. ness, Mr. Stanton having been for 4 years manager -For calendar years: & Co. and later an active salesman for Mac Railway Steel Spring Co.-Report. Kleybolte of the .div Common Balance, McCoy & Co. and the bond department Calendar Net Int. La- Pref Donald, senior Earnings. trobe bds. (7%) Dividend. Surp. or def. Trust & Savings Bank, Chicago. The Year- (3)$404,994 def.$584,053 American 1908 $975,619 $209,692 $944,986 years rearestate agent for 218,633 944,984 (4) 530,990 sur. 618,530 partner, Mr. Short, was for many 1907 2,320,137 operating, partner, earnings for 1908 were $5,920,464; manufacturing, "big four" railway system. The special The gross charges, $169,900, the entire &c., expenses, $4,774,945; maintenance and depreciation is a retired capitalist residing in Paris. of $975,619, as above, These items were not stated Lewis Worthington, leaving net earnings 87, p. 815. superintendent in former years; hence no comparisons can he given.-V. Dudley Short, Chicago manager, wasformerly Iron Co.-Guaranteed Bonds Offered.- of signals for the "Queen & Crescent" RR. and afterwards Spanish-American Central." Henry Sc West, Philadelphia, have purchased, and are offer- Signal Engineer of the "Illinois ing at 102 and interest, $950,000 first mortgage 6% gold -Arthur H. Jones & Co., 165 Broadway (City Investing of the issue of $5,000,000, principal and this city, are offering $100,000 Atlanta & St. bonds, the last Building), due interest by the Pennsylvania Steel Co, Com- Andrews Bay RR. first mortgage 30-year 6% bonds, guaranteed change in pare V. 86, p. 288, 350.-V. 87, p. 100. 1938, at 973/2 and interest, subject to sale and & 0o.-Bonds.-The price. The Atlanta & St. Andrews Bay RR., completed Springfield (0.) Light, Heat Power from Dothan, bonds recently authorized and, it is and put in operation July 15 1908, operates $650,000 first mortgage 85 miles. The road bond house is part, it appears, of an Ala., to Panama City, Fla., a distance of said, sold to an Eastern agreements, it is stated, authorized issue of $2,000,000. connects at Dothan and has traffic of Georgia and the Atlantic Coast Line, last of the underlying bonds, $92,000 old Springfield Light & Power with Central Railway The 1424.-V. 88, Cottondale and at 6s, were called for payment Dec. 23 1908. See V. 87, p. with the Louisville & Nashville RR. at p. 509. Andrews Bay with all Gulf ports, Atlantic Coast, West .-The St. Susquehanna Iron Co.-New Bonds for Old Indies, Central America and Panama. Only $300,000'of its "Philadelphia Financial Bulletin" of Feb. 25 said: $1,000,000 authorized stock has been issued and there are Iron The Susquehanna, Iron Co., the successor of, the old Susquehanna $425,000 first mortgage 6s due 1938 and $425,000 second is exchanging a new 20-year bond for the old Susquehanna & Steel Co., Pro- bonds authorized and issued. A circular showing Iron & Steel 6% bonds of which there is $300,000 outstanding. mortgage being made for paying the deferred interest. It is under- for the first six months and other particulars vision is also be some- the earnings stood that when the old company is finally wound up there will H. Jones & Co. -'V. 86, p. 425. will be mailed to applicants by Arthur thing for the stockholders. formed on Iron & Steel OP.-Exchange of Bonds.- -The firm- of Welsh Bros., Philadelphia, was Susquehanna & Smart, which was See Susquehanna Iron Co. above.-V. 86, p. 425. the 1st. inst. as successor to Welsh on that date. The members forming the new 0o.-Suit.-Press dispatches state that as a dissolved Swift & -partnership are Robert F. Welsh and Herbert S. Welsh. of the decision of the United States Supreme Court co result The firm announces that it will make a specialty of dealing rendered last week in the case against the Hammond Packing and in Public Arkansas anti-trust law, in high-grade bonds, tax free in Pennsylvania, Co. (page 567) upholding the bonds of this country. The offices Attorney Campbell on Feb. 27 filed suits in Service Corporation Prosecuting at 328 Chestnut St. behalf of the State of Arkansas against the Cudahy Packing are

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 630 THE CHRONICLE [VOL. Lxxxviii. Ateports antl pinn maxis°

THE PENNSYLVANIA RAILROAD COMPANY.

SIXTY-SECOND ANNUAL REPORT—FOR THE YEAR ENDING DEC. 31 1908.

General Office, Broad Street Station, Company, and also the bonded debt of the Bald Philadelphia, March 2 1909. and Junction Eagle Valley The railroads, which have been absorbed. Board of Directors submit herewith to the Stock- Eight hundred and holders of the Pennsylvania forty-one thousand dollars of the bonds Railroad Company a synopsis issued under the General Mortgage of their Annual Report for the year 1908: of the United Railroad & Canal Companies of New Jersey, and The gross earnings of all lines directly operated were forming a part of Operating $136,296,871 03 the $20,000,000 secured therel?y, expenses, excluding taxes $97,412,015 71 having matured Sept. 1 Taxes on Pennsylvania Railroad and leased 1908, were paid off, and an lines equal amount of 4% bonds 3,988,977 19 that date, running of for forty years, was issued in lieu thereof Operating expenses, under the including taxes 101,400,992 90 provisions of the mortgage. SECURITIES Net earnings from operation OF OTHER CORPORATIONS. $34,895,878 13 Deduct rentals paid roads operated on basis The cost of of net earnings_ 2,706,685 38 the securities of other corporations held your Company Dec. 31 by Net operating earnings of The Pennsylvania Railroad Co_ 1908 was $232,094,793 95, To which add: _ _ $32,189,192 75 direct revenue and the received therefrom during the year Interest from investments $11,501.34688 $11,287,743 88, being 4.86% was Hire of equipment, interest General Ac- upon the cost thereof. The count, and other items increase in cost is 2,887,355 40 due to the acquisition of the stock of the 14,388,702 28 New York Philadelphia & Norfolk Railroad Company Mr Gross income and to the securities received from the Pennsylvania Deduct: $46,577,895 03 pany on account Com- Fixed rentals of its contribution toward the cost of of leased roads $3,730,672 04 struction of con- 6. Interest on bonded debt 12,620,296 the New York Tunnel Extension. ; Interest 31 on mortgages and ground rents, CAR TRUSTS. interest on car trusts, &c 2,019,266 04 The issue of :•... 18,370,234 Car Trust securities during the year consisted .i.,? 39 of $182,000 of Net Income Series J of Pennsylvania General Freight $28,207,660 64 Equipment Certificates From this amount the following deductions have been made: of 1907, through which 147 steel Payments account Sinking and Trust Funds $334,601 33 underframe box cars were furnished for the Portion of Car Trust Principal 3,799,266 56 Pennsylvania Extraordinary expenditures: Railroad Company. Amount expended in revision of grades The 'outstanding Certificates and of Series E, F and G of the alignment, and for additional Pennsylvania Rolling Stock tracks, &c 3,538,980 92 Trust, having matured during Amount applied towards construction the year, were paid and canceled, and of New York Tunnel Extension thereby 4,946 cars 1,000,000 00 became the property of your Company at 8,672,848 81 $3,000,000. a total cost of $19,534,811 The total number Dividends aggregating 83 of Car Trust cars now in service, 8% 18,875,680 50 which Car Trust against certificates are outstanding, is 105,289, Balance transferred to Profit and Loss and the Car Trust Amount to $659,131 33 certificates outstanding Dec. credit of Profit and Loss Dec. 31 aggregate $61,900,000. 31 1908 1907 $24,725,484 36 Deduct debit balances in adjustment of sun- dry TRAFFIC. accounts, including discount on sale The number of securities 1,129,815 62 of tons of freight moved on divisions the five general 23,505,668 74 east of Pittsburgh and Erie in 1908 was 182,480,361, Amount a decrease of to credit ef Profit and Loss Dec. 31 1908 $24,254,800 07 41,746,713, or 18.62%• the number of assen- gers was 61,380,533, a GENERAL BALANCE SHEET (Condensed). decrease of 5;976,300, or 8.87%. The other Railroad Companies east of Pittsburgh December 31 1908. which and Erie ASSETS. in your Company is interested show satisfactory Road, equipment and real estate $299,856,687 results. Detailed statements 'Securities owned 56 of their operations will be 234,907,752 61 found in their Leasehold interest in Harrisburg Portsmouth Mt. Joy & respective annual reports, as well as in the Lancaster Railroad full report of your Company. Accounts receivable: 1,882,550 00 Sale LINES WEST OF PITTSBURGH. Norfolk & Western stocks, &c 15,492,685 Securities received with 00 Capital Stock and Funded the lease of the U. N. J. RR. & C. Co. 3,283,460 25 Debt. Loans for Construction and Real Estate purposes to various The Pennsylvania Company acquired by controlled companies purchase during New York 12,403,833 77 the year a half interest in the stock of the Lake Tunnel Extension 46,528,664 Erie & Pitts- Current Assets— 42 burgh Railway Company, which is constructing a road Due from controlled companies for advances between Youngstown and Lorain, Ohio. for construction and other purposes $3,159,784 10 Due from individuals and companies 5,605,103 In order to provide for the retirement at maturity, Due 20 Aug. 1 from agents 5,291,856 56 1908, of $1,500,000 of Ashtabula & Pittsburgh Railway 6% Bills receivable and miscellaneous assets.. _ _ _ 3,397,120 66 bonds, Materials 10,449,482 67 and for construction expenditures and other cor- Cash 56,025,897 82 porate purposes, the Pittsburgh 'Youngstown & Ashtabula 83,929,24501 Railway Sinking Funds, Trust Fund and Insurance Fund Company authorized the creation of a first general 8,158,208 18 Mortgage to secure $15,000,000 , Total a total issue of of bonds, $706,443,086 80 of which a 'portion of series A, amounting to $2,000,000, LIABILITIES. was disposed of on satisfactory terms. Capital stock.. $314,664,200 Funded debt Of Pennsylvania 00 The Vandalia Railroad Company also authorized The RR. Co 265,899,610 00 the Funded debt of companies whose properties have been sale of $3,000,000 of consolidated mortgage acquired by Pennsylvania its 4% bonds, The RR Co 34,834,500 00 Series B, and Guaranteed Stook Trust Certificates, New York Philadel- applied the proceeds thereof to the redemption phia & Norfolk RR. and Philadelphia Wilmington & of $1,608,000 of timore Bal- the 7% bonds of the Indianapolis & Vin- RR. Co's 14,916,250 Mortgages and Ground 00 cennes Railroad Company, one of its constituent Rents payable 2,924,535 13 companies, Guaranteed stock and bonds of the Harrisburg Portsmouth which matured Feb. 1 1908, and toward construction Mt. Joy & Lancaster RR. Co and Securities received 1,882,550 00 equipment expenditures and other capital requirements. with the lease of the U. N. J. RR. & C. Co. 3,283,460 25 Car Trust Principal and Taxes Charged out and awaiting l Expen desi ur. settlement The Current 4,774,908 68 amount of CapciatinaltaExpenditures during the year Liabilities— the Lines on Pay-rolls and vouchers $14,227,369 02 west of Pittsburgh for construction, equipment Due controlled companies other than traffic and real estate was $4,980,616 35. I.- balances 5,782,213 29 The Inain Due Saving, Relief and Insurance Funds, &c. 1,276,889 45 expenditures were upon additions to and im- Interest accrued, matured and uncollected, • provements of motive power and equipment; the increase and dividends uncollected 3,231,247 89 of yard; dock Miscellaneous liabilities 4,211,496 and other terminal facilities; the construction. 01 of second, third 28,729,215 66 and fourth tracks upon the Cleveland & Sinking Funds and Trust Fund Pittsburgh Profit and Loss 10,339,057 01 and the Pittsburgh Cincinnati Chicago ,& St. 24,254,800 07 Louis railways, the elevation of tracks in Total Chicago and the $706,443,086 80 purchase of additional real estate and right of Way. $11,250,000 par value P. B. & W. RR. Co. stock-is payment pledged for the of the outstanding stock trust certificates issued by Pennsylvania The number of tons of frTe gafhfi tc moved on Company for Insurances on Lives Granting Annuities the lines west of par & and $2,492,750 Pittsburgh was value N. Y. P. & N. RR. Co. stock is pledged for the payment 104,(M;740, a decrease of 51,864,686. The outstanding stock of the number trust certificates issued by Fidelity Trust Company. of passengers''earried was 30,291,763, a decrease of FUNDED DEBT. 2,709,630. There was an increase of $39,372,000 in the amount of The gross earnings lines, Consolidated Mortgage Bonds outstanding, of all east and west of Pittsburgh, due to the issue for the year 1908, were $274,338?803 of $39,400,000 of those securities, less $28,000 of those 82; operating expenses, ma- $203,605,535 84, and net earnings $70,733,267 turing May 1 1943 which were retired under the Sinking 98, a de- Fund provisions crease in gross earnings, compared with 1907, of $52,446,- of the mortgage. On your Balance Sheet 722 14, and are also carried $7,478,250 a decrease in net earnings of $7,436,297 .58. of Trust Certificates, guaranteed There were 334,429,541 by your Company in connection with the tons of freight moved on tilt, entire purchase of the system, being a decrease of 103,381,275 stock of the New York Philadelphia & Norfolk tons', and 1.12,d,779 Railroad passengers carried, a decrease of 10,885,192.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 631 _MAR. 6 1909. THE CHRONICLE anticipate its completion during GENERAL REMARKS. there is every reason to of stockhold- the summer 1910. In pursuance of the authority conferred by the On the section between the point of connection with your ers in March 1907, an issue of $39,400,000 of your Consoli- Harrison, east of Newark (where the running New Jersey Division at dated Mortgage Bonds was made on May 1 1908, new transfer yard is being built, for interchange of traffic for forty years and bearing interest at 4% per annum, the and the tunnel extension), and the substantially between this division issue being made in dollar and sterling bonds in Hudson River, the embankments and bridges are constructed equal amounts. with the exception of the drawbridge over the Hackensack When the negotiation of these bonds was first considered, and concrete lining of the Bergen the issue River, and the excavation the conditions which had forced upon the railways Hill Tunnels are practically completed. Between the Wee- short-term obligations still prevailed to a very large of the Hudson and Ninth of re- hawken Shaft on the western bank extent. It was not to your advantage to meet capital New open western approach obligations at Avenue, York, including the quirements by the further issue of temporary to the New York Station at Seventh Avenue and Thirty- high rates of interest; but it was found to be impracticable practically finished, and a and it third Street, the excavation is to sell the desired amount of bonds in this country, large portion of the concrete lining is in place. was not until English investors had agreed to take one-half is almost completed, It was The steel structure of the station of the issue that the sale could be consummated. and over one-half of the exterior granite is in place, while not only gratifying to the management that the high credit has been made in connection with the disposed of substantial progress of your Company enabled the securities to be facilities. The cross-town tunnels between the sta- this negotiation station at a more satisfactory interest rate, but tion and the East River, and those under the East River, marked the return of a more normal market for railway the laying of the tracks. service to are ready for obligations, and in that respect was of material The work in Long Island City, embracing the tunnels your general interests. from the east side of the river to East and Borden Avenues, An of the Balance Sheet will show that the east of East Avenue, including the ap- examination sufficient is finished, and that cash in your treasury will in all probability be the Sunnyside Yard, and the erection of the current year. But proaches to to meet the capital requirements of the bridges over the same, is well under way. The electrifica- it will to make timely provision for the $60,- Line, and the track-laying, signaling, be necessary March 15 tion of the Tunnel 000,000 of your short-term notes which mature and construction of the necessary yard and of General Mortgage interlocking, 1910 as well as for the $20,000,000 terminal facilities, will be actively prosecuted during the July 11910. The stockholders have work on the New York Station. Bonds which mature your current year, as well as the authorized the Board of Directors to increase that this important terminal is for the already be advisable; In view of the fact capital stock, when in their judgment it may of the entire Pennsylvania Railroad System, and to the indebtedness at benefit and like authority will be asked as that the lines West of Pittsburgh will reap a direct advan- meeting, to the extent of $80,000,000, in order deemed proper that the Penn- the annual maturing tage therefrom, it has been the Company may be in a position to meet its should participate in the cost thereof. that time, of either sylvania Company obligations, through the issue, at the proper It has therefore contributed $10,000,000 for that purpose, bonds, or both, as may be to its best interests. Profit and Loss account. stock or Annual and charged the same against its The industrial depression referred to in the last to the General Balance Sheet, it will be seen entire year, and still By reference Report continued throughout the that the total amount carried thereon on account of the prevails. Its results are clearly shown in the abnormal de- Extension is $46,528,664 42. Of this The volume of New York Tunnel crease both in your traffic and revenue. amount $15,000,000 is represented by capital stock of the freight tonnage decreased over 18%, while your ton Railroad Company, at your off Pennsylvania Tunnel & Terminal mileage and the gross earnings therefrom show a falling represents the advances made on ac- reduction par, and the balance of about 21%. Your passenger traffic shows a of construction to Dec. 31 1908, after deduct- 7% in revenue. This count of cost of about 10% in mileage and over ing the sums charged against the Income and Profit and Loss necessitated a drastic reduction in expenses in all depart- Pennsylvania Railroad and Pennsylvania thousands accounts of the ments, and compelled the discharge of many as stated in this and preceding annual reports. decrease in the hours Companies, last of your employees, and a material In accordance with the authority conferred at the of labor of many of those retained in the service. the Bald Eagle Valley, Junction and Southwest received for the trans- meeting, how form It will be noted that the average rate Connecting railways have been absorbed by and portation of passengers was less than two cents per mile. Railroad. are not receiv- a part of the Pennsylvania There can be no question that the railways New York Philadelphia & Norfolk Railroad, which the service performed The Balti- ing a reasonable compensation for forms the connecting link between your Philadelphia and for the comforts and facilities furnished to the traveling System and the railways reaching Nor- to afford more & Washington public in connection therewith, or one sufficient from the South and West, having (through the growth this branch of their folk between a fair return on the capital invested in of Norfolk as a business centre and as a gateway Atlantic States) developed a business. spirit the Northern and Sonthern It is gratifying to note that a more conservative interchange traffic with your system, it was deemed legislatures in re- large prevails in both the State and National advisable to acquire the ownership of its stock, especially gard to the undue regulation of railroads, and that the ten- had been made, on your part, to has as heavy expenditures dency is to defer further legislation until an opportunity the necessary facilities therefor at terminal and effect of the laws now provide been afforded to ascertain the practical other points on your lines. An agreement was therefore in force. This would certainly appear to be wise in the in- thereof, through the issue of $7,500,000 faith in- made for the purchase terest of the general public, as those who in good trust certificates by the Fidelity Trust Com- necessary capital of 4% stock vest in such enterprises, and from whom the of Philadelphia, maturing June 1 1948, the principal the railroad companies to fur; pany must be obtained to enable and interest of which were guaranteed by ,your Oonapany. nish the facilities required for the accommodation of the pub- property is sufficient, not only to take to make such The net income of the lic, cannot reasonably be expected to continue the obligations assumed in connection therewith, the same protection that is care of investments unless they receive but to furnish funds for its further improvement. accorded the owners of other property. The charges to Capital Account during the year 'were as and paying dividends aggre- After meeting all liabilities follows: 56 on account of the maturing gating 6%, and $3,799,266 COST OF ROAD—Cost of South West Con- Certificates, there was a surplus of absorbed $25,000 00 U principal of Car Trust necting Railway, 00 applied toward Cost of Junction Railroad, absorbed 975,000 $5,198,112 25, of which $3,538,980 92 was 1,923,864 35 $1,000,000 Cost of Bald Eagle Valley RR., absorbed the Extraordinary Expenditures of the year, Amount transferred from Real Estate ac- Extension, property used for railroad •.t lc* the cost of the New York Tunnel count, being 52 applied toward purposes 4,530,207 , • ' to your Profit and Loss Account. General Offices, trans- and $659,131 33 credited Cost of additional 46 expenditure for the year was limited ferred from other accounts234,171 The extraordinary Right of Way $2,242,279 93 . hi work already under Expenditure for h‘la to such as was necessary to complete LessE credit 13,070 00 4 of the 2,229,209 93 way, and was substantially confined to the extension 26 of right of $9,417,453 four-track system, on your main line, purchases of payments on account of principal EQUIPMENT—Portion 3,500,000 00 way for your relief, freight lines, the improveinent ofi yards of Car Trust Certificates and terminal facilities at various points, the further elimina- $13,4111,453 26 and improvement of equipmetA. thereto on account tion of grade crossings, REAL ESTATE—Credits 52 for Construction, equiptnent of transfer to Cost of Road, as above $4,530,207 The aggregate expenditures other credits 88,063 00 real estate on your main line between New York and Sundry and $4,618,270 52 including $7,523,728 56 on account of the prin- 34 Pittsburgh, Less additional purchases 7,218 cipal of Car Trusts and $580,000 on account of the principal 4,811,052 18 Trust certificates, were $15,337,159 11,01 which $8,806,401 08 of Water charged to Capital Account for 1008 $5,648,365 27 was charged to Capital Acpunt, $7,338,247 48 Total your Profit during the year was as follows: Income of the year, $224462 against 'rue increase of CAPITAL STOCK $8,800 00 against the exchange for Convertible Bonds of 1902 and $2,126,084 36 against the Extra- Issued in 750 00 and Loss Account In exchange for Convertible Bonds of 1905 Expenditure Fund. In view of the unsatisfactory ordinary 1908 $9,550 00 o erating results of the Western New York & Pennsylvania Total issue during Railway, and of the fact that its net earnings were not suf- By order of the Board. ficient to meet the interest on its funded debt, $365,469 79, JAMES McCREA, the amount advanced to that Company was also charged off President. the Extraordinary Expenditure Fund. OFATHE against STOCKHOLDERS MAY OBTAIN PAMPHLET COPIES upon the Tunnel Extension into and through TO OR ADDRESSING The progress ANNUALIREPORT BY APPLYING N York City has been very satisfactory. The work was LEWIS NEILSON, SECRETARY-111 New BROAD STREET STATION,PHILADELPHIA. actively prosecuted throughout the year, so that at present

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 632 THE CHRONICLE Lxxxvni.

-Increasing interest has been shown in recent years in preferred stocks, particularly those of substantial corpora- be Tomutertial Times. tions listed on the New York, Philadelphia and Boston stock exchanges To meet the need for reliable information, COMMERCIAL EPITOME. Edward B. Smith & Co., bankers, of Broad and Chestnut Friday streets, Philadelphia, and 27 Pine St., New York, have Night, March 5 1909. issued the 1909 edition of their useful General trade is still halted to a certain extent brochure "Preferred tainty about by uncer- Stocks," which was published for the first the changes in the tariff which will be made time last year. at the extra session! of Congress The preferred stocks of forty railroad and industrial to be called for March 15th. panies succinctly com- The depression in the metal trades reviewed in this booklet are, with few ex- has continued with a 10% ceptions, dividend-paying stocks cut in wages by one of the steel companies. at the present time. have advanced, Breadstuffs Free copies of "Preferred Stocks" will be partly owing to aggressive speculation. The mailed on request. feeling is hopeful but The firm has also issued the fifth edition of the conservatism is everywhere noticeable. Navigation Lehigh Coal & Co. circular, for distribution to all parties interested Stocks of Merchandise- upon application. Mch. 1 Feb. 1 Mch. 1 1909. 1909. 1908. -The firm of Bode11 & Co., Providence, Cocoa - - was formed on bags 23,963 30,427 11,420 the 1st inst., the partnership consistina Coffee, Brazil bags 3,307,344 of Joseph J. Bode11, Coffee, Java 2,922,327 3,314,929 formerly manager of Baker, mats 59,429 59,623 Ayling & Co.'s6 Providence Coffee, other bags 63,500 and Philip Baldwin office, Sugar 320,469 285.935 206,234 previously a partner in tons •22,456 18,800 latter the Hides No 31,700 firm. RichardSimonds, M. Fisk, who was Cotton 28,700 5,500 the Connecticut bales 115,879 160,173 representative of Baker, Ayling & Co. Saltpetre bags 102,521 will act in a like Manila hemp 3,850 capacity for Bode11 & Co. The bales 5,883 4,208 new firm will deal in high- Sisal hemp bales 18,500 grade investments. Its Flour 1,637 396 4,500 offices are in the Banigan Building, barrels and sacks *49,000 60,200 Providence. A Boston office is expected 48,900 to be opened later. • Sacks. -Railroad investors in this country and LARD has advanced, interested abroad will be owing mainly to decreased receipts in the exhaustive study of the Chicago of hogs at Chicago and elsewhere Western Ry. & North and higher prices for them. made by the New York Stock Exchange Besdies the stocks at the leading packing of Schmidt & Gallatin, house points have made who have issued it in a convenient a bullish and stimulating exhibit. Receipts brochure of 30 pages. The analysis of hogs and exhibits of this at the leading Western points have latterly been system show a striking comparison with other a single day only 74,600, on A copy Western lines. against 117,500 on the same day of this interesting study will be mailed free last year. This was a typical case. readers of this paper to the The rise in grain has who send a written request to the firm's also had some effect. Prime Western New York office at 111 here 10.40c. Middle Broadway for 70A brochure. Western 10.10c. City 9.75®9.85c. Refined -Robert Continent Glendinning & Co., bankers, 400 Chestnut 10.50c. South American 11c. Brazil in kegs 12.25c. Com- Philadelphia, St., pound are to-day offering $65,000 City of Easton, 7M(377Ac. Northampton County, DAILY CLOSING PRICES Pa. School District 4% improvement OF LARD FUTURES IN CHICAGO. bonds, due 1929, at Sat. 1024 and interest. These bonds Mon. Tues. Wed. Thurs. Fri. free of are May delivery 9.9736 9.75 9.923i Pennsylvania State tax, legal for trust July delivery 10.02 9.9741 10.00 funds,and re- 9.82 35 9.85 10.05 10.15 10.0735 deemable in 1919. The assessed September dellvery__9.93 10.00 10.10 valuation of the city of 10.25 10.20 10.223,i Easton School District is $16,480,119, while PORK has been active including the total debt, and firm; mess $17 25®$17 50; this issue, is only $251,000. clear $18 75®$21 50; family $18®$19; pickled cut meats firmer; -John T. Keane, Octavio A. Zayas and hams 934c., 10 to 12 lbs.; pickled bellies, members Hugh R. Potts, lbs. 8U®9Y4c. 10 to 12 of the New York Stock Exchange, have this Beef firm; mess $12 50@$13; packet formed a week $146$15; family $15 co-partnership under the firm name of Keane, 25®$15 75; extra India mess $24 50 Zayas & Potts, with offices at 15 Broad St., ®$25; stearines oleo 123/2®12 c. for New this city. Mr. Chicago 13c. /58 York, with Keane was for many years junior partner of the Tallow 6 cents for city. Butter, creamery firm old retired extras 29c. qf Howard Lapsley & Co., whose former business Cheese, State full cream fancy 15c., with less be conducted will activity. Eggs 25c. for by the new concern. Hugh R. Potts is the fresh and 20c.for Western firsts. Board member. OIL.-Cotton seed active and strong; winter Summer 5.70®6.25c. -William Salomon Co., white 5.55©5.60e. Linseed has been dull; & who were among the successful raw, American city, bidders for the recent issue of New seed, 56®57c.; boiled 57®58c.; Calcutta York City bonds,are offer- 75c. Lard firm; ing $1,885,000 of he 4s, issued for the purpose prime 75®80c.; extra No. 1, 56®57c. of the water Olive 1.50(4)1.65. Cocoanut supply. The Constitution of the State of New Cochin 7c.; Ceylon 6%®6Mc. vides that bonds York pro- COFFEE has been firmer at for No. issued for the water supply of New York 7 Rio, with City shall not be included in No. 4 Santos 8/3t ©9e. Warehouse deliveries have been lib- ascertaining the power of the eral, but city to become otherwise indebted. of late the Brazilian markets have been falling:. West Indian growths have -Albert E. Butler, recently of been quiet but firm. Specula- Burnham, Butler & Co., tion in coffee futures has been quiet, but, what with a firmer Chicago, has established new offices at 238-240 under La Salle St. tone in Europe and bull support here, with more or less the firm title of A. E. Butler & Co., to engage covering and purchase and sale in the other scattered buying, prices have advanced. of stocks and bonds and all high-grade It seems doubtful to investment securities. Chicago many whether a duty will be imposed. local bank stocks will be Closing prices were as follows: a specialty. Mr. Butler has had a most valuable experience March 8.85®8.901July______8.35 6.40 November __5.75e in these lines, and his new April 5.80 location is one of the best in the 6.80@ 6.85 August 6.10 6.15 December [email protected] city. May [email protected] September __5.9516.00 January ____5.75 05.80 June 6.40 ©6.4510ctober [email protected] -The new stock-brokerage firm of Cameron, Hale & Co. SUGAR.-Raw has been firm with a fair inquiry of of 20 Broad St., this city, began business late; this week and took centrifugal, 96-degrees test, 3.74c., muscovado, 89-degrees over the business of George I. Landon, who test, partnership retires. The 3.24c., and molasses sugar, 89-degrees test, 2.99c. consists of Alexander Cameron Jr., Eugene Refined has Jr., Norman Reynolds Hale continued irregular with the "war" still on; T. and Charles Hitchcock Jr., who granulated has latterly will represent the firm on the been quoted by different refiners at floor of the Stock Exchange. 4.50®4.65c. Spices quiet firm, with small Attention but stocks. is directed to the list of offerings on another Tea firm but quiet. page of Werner Bros. & Goldschmidt, bond dealers. PETROLEUM.-Refined has been in moderate firm has been This demand; making a specialty of good railroad and Gov- barrels 8.50c., bulk 5c., cases 10.90c. Gasoline, 89-degrees ernment bonds and has active markets in all issues in 100-gallon drums, 19c., drums $8.50 extra. class. of this Naphtha 16c. for 73 to 76 degrees in 100-gallon drums; drums $8 50 -C. W. Whites, formerly with O'Connor & extra. Spirits of turpentine has declined to 420. Rosin, severed- Kahler, has strained, 3.30®3.35c. his connection with their firm and on the 1st Wool has been firm with a very became associated inst. moderate trade; most descriptions dull. with W. N. Coler Sr Co., 43 Cedar Street this city. TOBACCO has been generally quiet. Buyers as a rule • persist in their policy -A card hasTheen issued by Ackermann of bnying from hand to mouth. There &Coles giving the is sonic buying.of 1908 Wisconsin and opening, highest and lowest quotations and dividend Connecticut. High since 1898 record prices are demanded for Pennsylvania. New for Standard Oil stock. The firm are specialists Ohio is not in this stock. altogether satisfactory in quality, and substitutes are being bought, such, for instance, as Wisconsin Bs. -Pouch & Co., now at 18 Wall Street, have Very little entire leased the is being done in Sumatra. Though steady, Cuban is less third floor of the Manhattan Trust Co. building active. A small the corner of at demand for cigars is at the bottom of the Wall and Nassau Streets, and will occupy their present dulness. new quarters about April 1. COPPER, after showing a steadier tone, became weak -Ernest E. Quantrell, for some years with the again, with buyers holding aloof; London .Savings Chicago prices have latterly Bank and Trust Company, on March 1st fallen sharply. Electrolytic here 12% connected with became ®12Uc. and lake the Chicago office of N. W. Halsey & Co. 12313®13c. Spelter has been weaker at 4.72 Lead has c.®4•77'Ac• -Effingham, Lawrence & Co., members of the been dull at 3.92M ®3.97Mc. Tin after being Stock N. Y. firmer became Exchange, 111 Broadway, announce the retirement dull and somewhat depressed, partly in sym- •of Robert H. Simpson from the firm on March 1. pathy with a similar tone in London. Spot now, however, [email protected]. Iron has -The admission of William B. Kurtz to partnership been generally dull and inclined the firm of E. W. in to sag in value. Of late the railroad demand has Clark & Co. of Philadelphia was announced increased. for steel on the 1st inst. _ Iron itself, however, is slow of sale. No. 1 al,/1 Northern $16 50®$17. No. 2 Southern $16 25@$16 75.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909.] THE CHRONICLE 6'33 MI for- COTTON. On Shipboard, Not Cleared 1909. Great Ger- Othert Coast- Leaving Friday Night, March 5 March 5 at Britain. France many. Foreign wise. ' Total. Stock. as indicated by our THE MOVEMENT OF THE CROP New Orleans__ 3,150 6,909 7,931 15,385 832 34,207 221,480 telegrams from the South to-night is given below. For the Galveston ____ 17,057 4,249 30,503 2,4'72 3,10,4 57,385 71,122 total receipts have reached Savannah ____ 1,150 _jai.) 1,188 1.g.ggg week ending this evening the Charleston___,_ 150,074 bales, against 128,987 bales last week and 141,612 Mobile 1:666 14:566 9:565 - 800 24,800 30,801 the previous week, making the total receipts since Norfolk _ioo 2..mo, 12 068 li:g68 21,265 bales New York.. 1,000 -500 00 123,461 the 1st of September 1908 8,190,699 bales, against 6,937,324 Other ports 12,000 2,000 13,000 -_-_-_-_ 27,000 32,318 bales for the same period of 1907-08, showing an increase --- - Total 1909_ _ 34,207 27,458 62,284 20,357 16,904 161,210 597,420 since Sept. 1 1908 of 1,253,375 bales. Total 1808.... 36,702 42,838 56,153 27,506 22,439185.638 473.045 Total 1907_ _ 64,325 39,807 48,928 44,129 31,327228,516 835,573 Receipts at- Sat. Mon. Tues. Wed. Thurs. Total. 6,980 5,264 9,167 47,519 Galveston 5,175 8,411 12,522 in rather more active at times, Port Arthur_ 10,284 Speculation cotton has been CsarpusChristi,he 10,284 and prices. have advanced. A leading factor in the rise has New Orleans_ 9,107 4-.523 &In.& 877.08 3,511 8,171 40,055 Gulfport been continued drought in Texas. The Exchange has Mobile 8-721 387 644 846 -555 -578. 3-,778.4 latterly received official Government reports from Texas Pensacola 11,000 9,975 20,975 Jacksonville, &c. 50 118 -166 108 376 and Oklahoma, and day after day they have announced Savannah 2,360 1,584 2-,571 1,50.5 2,037 3,281 12,998 that no rain has fallen. The February report of the Weather Brunswick 1,308 1,308 of rainfall Charleston -56 -552 329 --15 19 126 1,350 Bureau at Washington shows that the deficiency Georgetown 49 49 in December and January in Texas has been 147 -iia 2,500 so noticeable Wlmington -5775 - 1€1 348 650 This reports re- Norfolk 607 1,129 660 457 905 666 4,424 further increased. accords with private Newp't News, doc 648 _ 1,324 1,972 ceived from time to time for many weeks past. In the eastern New York section of the belt the rainfalls in February were, as regards Boston 10 70 -ioi --ia -51.5 - 1,029 1,326 not a few States, above the normal; but the southwestern Baltimore 267. 50 141 237 Philadelphia_ _ 24 section, as already intimated, is still a source of great in- 13,200 46,628 150,074 been Totals this week_ 30,297 17,054 23,792 19,103 terest if not anxiety. Of late, conditions there have cloudy, and on Friday morning a low barometer was noted. future would go The following shows the week's total receipts, the total It is assumed that copious rains in the early 11908, and the stocks to-night, compared with far towards relieving Texas of the ill effects of the winter's since Sept. that if such rains are last ear: drought, but it is also maintained much longer delayed,the results must be more or less un- 1908-09. 1907-08. Stock. favorable. The other leading factor in the week's advance Receipts to the spot markets,both at home March 5. This Since Sep This Since Sep has been greater activity in Week. 1 1908. Week. 11907. 1909. 1908. and abroad,at rising prices. Large sales have been made -- - - 149,757 of the Southern points, and Liver- Galveston 47,519 3,091,936 39,487 2,033,134 128,507 at New York and some Port Arthur 116,198 3,527 96,014 pool transactions have also increased. Conflicting reports Dorpus Christlotc 10,284 92,629 618 37,260 to the trade at Manchester; New Orleans ___ 40,655 1,677,783 26,565 1,615,530 255,687 218,514 have been received in regard Gulfport 20,221 some insist that there has been an improvement. The Mobile 3.788 314,962 4,175 283,408 55,601 24,512 buying here and Liverpool has bought Pensacola 20,075 130,421 497 130,354 South has latterly been facksonville, &c_ 376 26,848 164 7,569 the near months, supposedly in undoing straddles. Large 3avannah 12,998 1,286,024 0,558 1,345,054 81,758 80,785 also bought at times quite freely, and Brunswick 1,308 299,435 109 196,392 16,844 7,218 spot interests have Dharleston 1,350 181,153 1,036 186,556 16,465 17,055 have shown a very plain disposition to give support to the Georgetown 48 2,010 ____ 387 it seemed to need it. The Liverpool mar- Wilmington 2,500 350,472 1,861 455,684 13,025 2,429 market whenever Norfolk 4,424 476,140 5,494 466,054 33,333 26,443 ket has repeatedly exceeded the expectations,even of the NdwportNews,&e., 1,972 10,805 128 5,822 119 bulls on this side of the water, and shorts here have cov- Now York 13,701 17 3,180 127,961 103,849 uneasy not Boston 313 11,968 1,095 9,783 6,934 9,769 ered at times quite freely. They were rendered Baltimore 1,326 84,243 3,174 58,241 18,803 15,393 Texas drought and the greater activity in spot 3,712 2,840 only by the Philadelphia, ___. 237 3,750 107 6,902 trade, but also by the unexpected strength of Liverpool's Total 150,074 8,190,699 97,612 6,937,324 758,630 658,683 prices. Also, there have been rumors afloat that a large ----- quantity of cotton from the local stock would be exported. In order that comparison may be made with other years' On the other hand, the depression in the steel trade, de- we give below the totals 9t leading ports for six seasons: clines at the Stock Exchange, rumors of rains in Texas, or of weather indicating rains at any moment, have had a more 1004. Receipts at- 1909. 1908. I 1907. 1906. 1905. or less depressing effect at times. That is to say, they had or to rein up the advance, Galveston _ _ 47,519 39,487 84,247 35,113 58,253 15,150 a tendency to cause reactions Pt.Arthur,he. 10,284 4,145 4,652 9,395 5,972 487 more particularly when it appeared that Wall Street houses New Orleans_ 40,655 26,565 38,828 37,435 44,231 18,627 of depression in the stock market. Mobile 3,788 4,175 2,779 1,134 4,162 508 were good-sellers on days Savannah __ _ 12,998 9,558 16,345 10.55$ 12,741 4,373 Also, according to common report, large wheat operators Brunswick__ - 1.308 109 1,796 1,598 3,862 502 be long of cotton, have latterly Charleston,&o 1,399 1,036 1,560 722 689 151 in Chicago, who are said to Wilmington 2,500 1,861 2,957 728 2,251 811 been credited with liberal sales. It is intimated, too, with Norfolk 4,424 5,494 10,072 6,617 7,615 3,045 that certain of the large stock interests N'port N., ecc 1,972 128 986 147 182 689 or without reason, All others_ _ 23.227 5,054 7,601 2,842 3,708 2,623 have within a few days been parting with some of their ------However this may be, there has been at times Total this wk_ 150,074 97,612 171,823 106,284 143,666 48,056 holdings. some large, concentrated selling. To-day prices advanced Since Sept. 1_ 8.190,699 6,937,324 8,346,088 6,339,5307,192,635 6,513,654 and then receded. New Orleans and the South bought. and sent buying orders total Liverpool was unexpectedly firm, The exports for the week ending this evening reach a the distant ones. There were were to Great Britain, in the near months if it sold of 169,655 bales, of which 46,649 sales at Manchester. But Texas to the rest of the Continent. rumors of large yarn 35,177 to France and 87,829 Chicago again seemed to be selling, and it was for the week and since Sept. 1 1908: was cloudy, Below are the exports persistently reported that some of the spot interests sold; at Houston. Spot cotton has been Week ouling March 5 1909. From Sept. 1 100810 March 51900. also, that rain had fallen Exported to-- Exported to- more active and 20 points higher, middling uplands closing Exports from- Great Conti- Great I Conti- at 9.85c. France! nerd. Total. Bruain.Fr'nce. nen& Total. Britain. The official quotation for middling upland cotton in the Galveston __ 1632714,481 24,333 54,941 1,303,525391,407 971,8972,667,919 New York market each day for the past week has been: Port Arthur 63,109 63,089 116,198 7,402 7,402 Feb. 27 to March 5- Sat. Mon. Tues. Wed. Thurs. Fri. Corp.Chris.,&c. 9.65 9.70 9.85 9.85 9.85 9.85 New Orleans__ 22,553 31,869 54,422 725,156177,039 482,5291,384,724 Middling uplands Mobile _ 1,287 1,287 77,221 70,774 54.462 292,457 PenHaeOla 3,06 11,060 6,801 21,769 32,287 50.874 49,297 132,458 Gulfport 4,132 18,089 20,221 NEW YORK QUOTATI ONS FOR 32 YEARS. Savannah 5,634 2,944 8,578 140,531 87,072 523,427 751,630 8.94 1893_c 9.19 1885.0 11.38 82,512 251,100 1909_c 9.8511901_0 Brunswick_ 168.588 1908 11.65 1900 9.81 1892 7.00 1884 Charleston_ 4,450 4,450 5,725 67,119 72,844 1899 6.56 1891 8.88 188$ 8,731 238,844 335,782 1907 11.35 winnington. 88,207 1906 171..8208 1898 6.31 1890 11.31 188g 1010...781985 Norfolk 28,800 1,971 30,771 1897 7.19 1889 10.19 1881 11.38 1905 13.12 Newport News 1904 15.25 1896 7.6211888 190..6381 18780 New York__ 185 3124 5,1228,431 123,070 35,580 128,896 287,546 1895 5.82 1887 9.75 -- 9,300 11990023 10.10 10.94 Boston 1,72-5 -_,_ 1,72. 77,247 86,547 9.12 1894 7.56 1888 9.19 1878 Baltimore 1,441 1,100 8,479 30,387 8,099 49,048 84,534 Philadelphia 650 160 810 38.369 ___. 7.053 45,422 Portland, Me _ 743 743 MARKET AND SALES AT NEW YORK. San Francisco- 4,885 4,885 57,720 57,720 Seattle 4,878 4,878 55,782 55,782 Tacoma 8,660 8,660 Futures Sales of Spot and Contcact. Portland. Ore_ _--_- 300 300 Spot Market Market Pembina 100 100 Closed. Closed. Con- Con- Detroit -- 2,103 2,103 Spot. sum'n. tract. Total. Total 4(3,649135,177 87,82969,6552,909,200844,3552,849,4086,602,963 Quiet Quiet 400 400- Saturday_ _ 6,200 2 Monday_ __ Quiet, 5 pts. adv Barely steady 1,700 4:565 985 57 5641 92.4372 512 230701 062 737 9585 051 950 50 _ 50- Total 1907-08_ 23,888110 1 Tuesday _ _ glulet, 15 pts. adv Firm 1 Steady 5,400 5.400 Wednesday Steady -156 300- above exports, our telegrams to-night Thursday _ Quiet Steady 200 -rn- addition to the _ _ Quiet Steady give us the following amounts of cotton on shipboard, not Friday.._ also 4,600 12,350' cleared at the ports named. We add similar figures or Total 7,750 New York.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 634 THE CHRONICLE Lxxxviii. FUTURES.-The highest, lowest and closing prices at AT THE INTERIOR TOWNS New York the past week have been as follows: the movement-that is, the receipts for the week and since Sept. 1, the shipments CI for week 21 11 II 21 41 21 the and the stocks to-night, Al II 41 21 11 and the same items for 0 6 0 0 0 0 the corresponding 0 0 period for the previous year-is set out detail below. @I II el el in el el @I el el el el @I

C i .0000SV 100500 NN0.0N00000V.V0VVO4N .4 0VW00.0.00V.01V00010-000000.010100000000V-0-.0010V N 6 1 11 6 'WC. 1 6 1 6 1 6 1 6 1 6 1 6 1 te .T.q1-1.0.99-,..9N. 6 1 6 1 11 0.9999...99t-.99.4-0.99t-9v Cl 001 00 o"t c; vmm.cwnwNNuim.'0 wnv000015m.N0 0 -.9 0000 (M 0000 .0 100 0. 0-00 eqw.6soo, .4c, I t4i nw &)..4 N N...... N.N . os 1 9 '141 99 0 0 . 60 9" 11 . 00 00 Co 00 66 1908. 0 M 00 66 ,,,,,IN,IvOCOv.01C0 leo4i 0.0..NCNVVOCONONCMCINW 6 V @I 000C0'0100005N00OVV0000W0000N05000V00001000000005 @ @I .,t, M"00W0'0. 0 . O. @I @I SCi.'".'"I R. IVC"/S .N @I .0 ,11 C-1 .""'"D° bne, 0.00 nw t N.. C.; .....N 0100011 ° VV NN • N V Ce4 NN C'S C'S . . V 66 N 00 OM OCO 00 66 N00OVN.0'S000000000N0.

March 0 0 0000 11 005 000 VW000.0V0.0 WN WV on • NWONNNWO.CNNOO=NCOOVWNVOVNWWCWOVW0 W 1 nw 010 0 to E 9990.-t990.0.90- 9 999 9" II 10-09.,49009 N 66 200 OM 00 coo . n no6c43.o.r:cmvvwcm.N.wcSoc.w7wMe;v4S..d..; 0000 .., . wcwovwow.m.on r.noNNcwcw " ... .. ,-,N.0 esiv000500 c, .P. ...n n c el @I @I I el @) 't 9 0. _ 0005 00 n9 0.10 .0N00VOMOVNNN0WCO0005N .-. .1. 00"0N00000V0ONO 001 99 99 1000 00 . 00 oco com 14 i 00225;Vg 0000 1 ° 00 =t 0=470=2.gg00=V g P4 eg 000 II Movement . 01100005 a " .". ". w. no 00 OtC, WO 0" N 0000 0000 15 0000 0. om Zn 1 2 9° 1 1 66 il 6 6 0100 MO 00 00 0 00 06 01,,0511Sc0000co.0N400000.00000'1O0-010000.0 .OVNVOOCOONOONNC.00VNNWOVONNNON00. W 01 In' @ @I @I @I @I 4. CCIW400.00C . I 01 @I @, ..C. 00.00.00.0....00.....110. MN wn Co .10 OV el NOV O. C 0000 00 '000 nV 0 WO Nw ---W gIT2= C1.2 cl "9 99 tC4 47 00";v 4 ?-1"- ." :. 06 mo, 00 00 00 ". 1 6 66 1909. " ,i... 1 0 w. 1 I ow 5 C. 0000 co 1" 0 cc .t!.%,...... "...... "".„.„coji?,22===2222"22A24A-J2 I"° "" 1 22244.T'r= 2 "" 99 1 A 99 9° 1 I 66 o 60 0 00 00 0 ". NNC .N.. "a. 0 0 0 oo co coo mo cn&k .4 4 . N 0 . al 2t ett @ I 01 OI @I @ I @I @I voonnooNNc.ocnwonNcmconc000wNwwwwo 00 oN CI' I March 11000 no on CN h .c g OVW.NOONON.ONOVOVOWNW.WOOWN.VOONNO co ww NN - ccoecowc.onNNnco.wwscel.w.co.00 C 9 9° to .N.oc.wel.. 06 00 60 60 60 COO : 2 O.Td00m7.4%:600ei00i05wov05000m00orio3.000000050000c0; 00 06 4 I .., (3 N40400N00N0100CV 00000-0000004010001000.,, Noryww , 1 I , .. 105 0. N ..0 00 .. W w. 00 9. 0 99 1 01 1 °° 14 '41 1;4 ww OCO 1 I Co 07Co 00 Co O 0 0 0 . 'S 0"00.000.000000.0000..,00000,00.0 9 .3 .c, 66 4 ....00,,i0in0.,t-.-.00.-,3,-,44-40.00.0.3 .0 . , wnceo. mic.v ...3 .,4 @I (fl . n Nnwn....no.cwN.woo :m..n I @I @I Movement . cl 0010 00 @I @I n 004 „; ,,., ei *A TA @)1 00 0.00 .. 005 "0 N 99 0500 NN 9 99 .w . " w N

00 1 I 00 66 co 66 I° 66 66 On I I ,-.00 0. cn 12 00 MN 99 nw 1 2 12 22 I ,'!' w. 4t: 9° 99 .. I I 00 6 oco 6 06 6 66 com 6 06 66 0)0, @ I 01 @ I @ I @I @I 0 a NN NN NC 1 SI 0 1 @I @I 6 1 a NN V 0 NN N MN .. tnC.t. 0(1 N. NN NN NN N N 00 60 66 66 60 . o.:075. Ij 66 16 66 66 d 16 1 6 16 moo. 1 1 El 51 4 C., dz. 81,3 2: g a,: m 1g ifig101galiq . g 8 0 0 0gg gg rga mtpg r.48446.4ehza,46 R LI t..4,4i .a45.,45. Isla 146146 1iii 140(2?* H .:t R 2i rz , 4; 0? THE VISIBLE SUPPLY OF COTTON to-night, .0 00) '4;' g2- up as made -g -1,18 by cable and telegraph, is as follows. Foreign stocks, gg.iittigi4,i,;Va4 zi=y4a ori 4 as well as J;011.0004M5.1.9.. the afloat, are this week's returns, and conse- glAtiUAg.10r)..q..34Ar7 lbtElqligt quently all foreign figures are brought down to g Thursday 86.6. th;40.61zoplzz,,, evening. But to make the total the complete figures to-night for (Friday), we add the item of exports from the United The above totals show that the interior States, including in exports stocks have de- it the of Friday only. creased during the week 34,379 bales and are to-night 224,386 bales more than at the same time last year. March 5- 1909. 1908. 1907. The receipts Stock at Liverpool bales.1,431,000 1906. at all the towns has 1,128.000 1,128,000 1,105,000 been 5,126 bales less than the same Stock at London 9.000 11,000 8,000 week last year. Stock at Manchester 9,000 87,000 76,000 73,000 66,000 Total Great Britain stock 1,527,000 1,215,000 OVERLAND Stock at Hamburg 1,209,000 1,180,000 MOVEMENT FOR THE WEEK AND 14,000 13,000 11,000 11,000 SINCE SEPT. Stock at Bremen 500,000 450,000 438,000 1.-We give below a statement showing Stock at Havre 345,000 362,000 overland 241,000 292,000 216,000 the movement for the week and since Sept. 1, as Stock at Marseilles 4,000 4,000 3 000 Stock at Barcelona 4,000 made up from telegraphic reports Friday night. 51,000 46,000 21,000 11,000 The Stock at Genoa 58,000 19,000 132,000 results for the week and Stock at Trieste 111,000 since Sept. 1 in the last two years 2,000 18,000 9,000 5,000 are as follows: Total Continental stocks 974,000 791,000 906,000 .720,000 ----1908-09---- -1907-08- March 5- Since Since Total European stocks Shipped- 2,501,000 2,006,000 2,115,000 1,900,000 Week. Sept. 1. Week. Sept. 1. India cotton afloat for Europe_ _ _ 177,000 136,000 203,000 154,000 Via St. Louis 16,306 499,543 12,864 307,137 Amer. cotton afloat for Europe 435,345 480,814 590,839 Via Cairo EgyPt.Brazil,&c.,aflt.for Europe_ 43,000 406,099 5,383 264,865 6,071 140,172 39,000 73,000 77,000 Via Rock Island 1,453 24,343 2,690 Stock in Alexandria, Egypt 309,000 244,000 227,000 Via Louisville 23,967 Stock in Bombay, 181,000 2,655 60,567 896 39,780 India 454,000 593,000 642,000 986,000 Via Cincinnati Stock in U. S. ports 758,630 658,683 706 36,141 594 29,718 Stock 1,064,089 781,274 Via Virginia points 4,789 149,324 2,463 in U. S. interior towns_ 737,618 513,232 547,021 Via 67,628 U. S. exports 605,199 other routes, &c 4,982 221,286 7,241 183,876 to-day 37,927 11,218 12,038 11,389 Total Total visible gross overland 36,274 1,256,069 32,819 792,278 supply 5,453,520 4,681,947 5,473,987 5,102,861 l)cduct shipments- Of the above, totals of American and other descriptions are as Overland American- follows: to N. Y., Boston, &c_ 1,876 113,662 4,393 78,106 Between interior towns 398 37,747 Liverpool stock bales.1,325,000 1,012,000 1,024,000 1,114 57,234 Manchester 972,000 Inland, &c., from South 1,954 27,418 355 stock 70,000 62,000 61,000 54,000 45,177 Continental stock- 935,000 717,000 846,000 American afloat 679,000 Total to be deducted 4,228 178,827 5,862 for Europe 435,345 480,814 590,839 406,999 180,517 U. S. port stocks 758,630 658,683 1,004,089 U. S. Interior 781,274 Leaving total net overland • 32,046 1,077,242 26,957 stocks 737,618 513,232 547,021 605,199 611,761 U. S. exports to-day 37.927 11,218 12,038 11,389 • Including movement by rail to Canada. Total American 4,299,520 3,454,947 4,144,987 3,509,861 East Indian, Brazil, (fee.- The foregoing Liverpool shows the week's net overland movement stock:. 106,000 116,000 104,000 133,000 has been 32,046 London stock 9,000 11,000 8,000 bales, against 26,957 bales for the week Manchester stock 9,000 17,000 14,000 12,000 12,000 last gear, and that for the season to date the aggregate Continental stock 39,000. 74,000 60,000 India afloat for 41,000 net overland exhibits an excess over a year Europe 177,000 136,000 203,000 154,000 ago of 465,481 Egypt, Brazil, &c., afloat 43,000 39,000 73,000 bales Stock in Alexandria, Egypt 77,000 309,000 244,000 227,000 181,000 ----1908-09---- Stock in Bombay, India 454,000 593.000 ----1907-08---- 642,000 986,000 'In Sight and Spinners' Since Since Takings. Total East India, &c Week. Sept. 1. Week. Sept 1. 1,154,000 1,227,000 1,329,000 1,593 000 Receipts at ports to March 5 150,074 Total American 4,299,520 3,454,947 4,144,987 8,100,699 97,612 6,937,324 • , 3,509,861 Net overland to March 5: 32,046 1,077,242 26,957 611,761 Southern consumption to Total visible sUpply 5,453,520 4,681,947 Mch. 5_a 48,000 1,206,000 45,000 1,283,000 Middling 5,473,987 5,102,861 Upland, Liverpool 5.14d. 6.04d. 6.24d 5.92d. Total marketed 1 Middling Upland, New York_ __ _ 6.85c. 230,120 10,473,941 169,569 8,832,085 Egypt, 11.45c. 11.45c. 11.25c Interior stock in excess *34,379 Good Brown, Liverpool 8.9-16d. 8 15-16d. 12 15-16d. 623,603 *1,829 432,649 Peruvian, Rough Good, 9 %d. Liverpool 7.75d. 10.50d. 9.65d. 8.75d. Came into sight during Broach, Fine, Liverpool 4 15-16d. 5Md. 5 11-16d week _ _ __i95,741 ...... 167,740 Tinnevelly, Good. 5%d. Total in sight Itch. 5 11,097,544 Liverpool_ 5 Xid. 5 3-16d. 5 Ad. 5 7-16d. 9,264,734 Continental North. spinners' takings to Mch. imports for the past week have been 136,000 5.. 69,466 2,061,448 62,871 1,235,105 bales. a These figures are not the takings by Southern mills. but are estimates of consumption based on information received from time to the season and time during The above figures for 1908 show a decrease from revised, if necessary, when complete returns are received last at season's close. Reborts from various sections of the South week of 80,717 bales, a gain of 771,573 bales takings by the mills indicate that from 1908, have thus far this season been appreciably heavier than a decrease of 20,467 bales from 1907 and a gain of 350,659 during the corresponding period a year ago, but actual or approximate bales over 1906. data is not obtainable. • Decreased during week.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909.j THE CHRONICLE 635 -The river is 34.8 feet on the gauge, into sight in previous years: Memphis, Tennessee. Movement feet above the flood stage, and rising. There has been Bales. Since Sept. 1- Bales. 1.8 Week- 11,113,393 the rainfall being ten hun- 1907-March 8 214,185 1906-07-March 8 rain on two days the past week, 1906-March 9 158,556 1905-06-March 9 8,771,819 of an The thermometer has averaged 45.9, 9,701,847 dredths inch. 1905-March 10 216,552 1904-05-March 10 the highest being 69 and the lowest 39.1. February rainfall QUOTATIONS FOR MIDDLING COTTON AT OTHER 7.75 inches. MARKETS.-Below are the closing quotations of middling Mobile, Alabama.-Farm work is making good progress. cotton at Southern and other principal cotton markets for We have had rain on one day the past week, the precipitation each day of the week. reaching five hundredths of an inch. Month's rainfall 4.08 inches. cotton, but Closing Quotations for Middling Cotton on- Montgomery, Alabama.-Good inquiry for - _ rivers are subsiding. Week ending Friday. holders ask advanced prices. The March 5. Sarday. Monday. Tuesday. Wed'day. Thursd'y, There has been rain on one day of the week, the rainfall 9-16 Galveston 9 7-16 9 7-1699-16 9 9-16 9 being thirteen hundredths of an inch. Average thermom- 174-; 9% 93sf 93 New Orleans 95-16 9% - 97-16 56, highest 74, lowest 33. Month's rainfall 9.55 inches. Mobile 9.1-1 94 9% 9% 07-16 eter 9 5-10_ 95-16 Selma, Alabama.-There has been rain on two days during Savannah 9% 93 94 a 3-16 Charleston a a 9% o 3-16 -5---10 the week, the precipitation being thirty hundredths of an Wilmington 9 a a3,i 93% -5-Bi 5-6. -iii inch. The thermometer has averaged 52, the highest being Norfolk 9;1,4 9 7-16 9.85 Boston 9.65 9.65 9.70 9.85 0.85 74 and the lowest 32. Baltimore 91-i 9% 91-I 91-i had rain on one day of the 9.90 9.95 10.10 10.10 iiiio la:co Savannah, Georgia.-We have Philadelphia 93.6 91-9-16 hundredths of an Augusta 9% 91-I 97-10-1-i 934 9 7-16 week, the rainfall reaching forty-seven 9 7-16 9 7-16 9 7-16 Memphis 9 5-16 9 5-16 9 7-16 9 7-16 Average thermometer 57, highest 74 and lowest 41. St. Louis 9% 91-1 9 7-16 9 7-16 inch. 91-i 91-i 934 1.33 inches. Houston 9 5-16 9 _ 1-16 9 1-16 Month's rainfall Little Rock 8 13-16 8 5-16-13-16 -8-13-16 8 15-16 9 Charlotte, North Carolina.-We have had rain on one day of the week, the rainfall reaching thirteen hundredths of an MARKET.-The highest, inch. Average thermometer 48, highest 62, lowest 35. NEW ORLEANS OPTION of the quotations for leading options in the New Madison, Florida.-We have had rain on one day lowest and closing fifteen hundredths of an inch. Orleans cotton market for the past week have been as follows: week, the precipitation being Average thermometer 57, highest 71, lowest 40. Monday, Tuesday, Wed'day, Thursd'y, Friday, • Augusta, Georgia.-We have had rain on one day during Sarday, 3. Mch. 4. Mch. 5. Feb. 27. Mch 1. Mch. 2. Mch. the week, the rainfall being twenty-nine hundredths of an inch. The thermometer has ranged from 34 to 68, aver- March- 9.40-.49 9.22-.26 9.26-.29 9.28-.44 9.42-.49 9.45-.56 aging 52. Range 9.43-.45 9.49-.51 9.44-.46 9.42-.44 Closing 9.23 - 9.26-.28 Charleston, South Carolina.-There has been rain on one April- day the past week, the rainfall being thirty hundredths of • 9.49 • 9.44 • 9.42 • Closing 9.23 • 9.26 • 9.44 an inch. The thermometer has averaged 57, the highest May- 9.37-.41 9.39-.43 9.46-.60 9.56-.65 9.57-.68 9.54-.60 being 73 and the lowest 47. Range 9.57-.58 9.54-.5i Closing 9.37-.38 9.42 - 9.53-.59 9.62-.63 Greenwood, South Carolina.-Rain has fallen on one day June- _ ® _ _ ® _ _ @ _ _ ® _ _ ® _ _ ® - during the week, the rainfall being twenty-six hundredths Range 9.62-.64 9.58-.60 Closing 9.44 • 9.48-.50 9.64-.66 9.68-.70 of an inch. The thermometer has averaged 47, ranging July- 9.48-.52 9.50-.54 9.57-.70 9.67-.76 9.67-.78 9.64-.71 from 35 to 60. Range 9.64-.65 Closing 9.48-.49 9.53-.54 9.69-.70 9.73-.74 9.67-.68 The following statement we have also received by tele- October- 9.29-.39 showing the height of rivers at the points named at Range 9.20-.24 9.21-.25 9.26-.36 9.32-.39 9.32-.40 graph, Closing 9.20-.21 9.23-.24 9.36-.37 9.37-.38 9.32-.39 9.29-.30 8 a. m. of the dates given: December- March 5 1909. March 6 1908. ,--- 0 --0 - 9.23-.33 9.33-.37 9.30-.32 9.29 - Feet. Feet. Range 9.27-.28 15.7 Closing 9.15-.16 9.19-.21 9.32-.34 9.39-.35 9.29-.31 New Orleans Above zero of gauge_ 13.3 - Above zero of gauge_ 34.8 34.8 January (-@ Memphis 25.0 Range 9.17-.18 9.19 9.23-.33 9.39 9.30 Nashville Above zero of gauge.. 17.4 Closing 9.16-.17 9.19 9.32-.33 9.34-.35 9.31-.32 9.2/-.28 Above zero of gauge_ 3.8 10.2 Shreveport 43.5 Tone- Vicksburg Above zero of gauge_ 38.5 Spot Easy. Steady. Steady. Firm. Steady. Steady. Steady. Steady. Steady. Steady. Options __ _ Steady. Steady. INDIA COTTON MOVEMENT FROM ALL PORTS. • Nominal. 1908-09 1907-08. 1906-07. TELEGRAPH.-Advices to March 4. WEATHER REPORTS BY S nce that Receipts at- Since Since us by telegraph from the South this evening denote Week. Sept. 1. Week. Sept. 1. Week. I Sept. 1- week. In Texas dry little or no rain has fallen the past Bombay 69,000 1,263,000 68,000 1,262,000 92,000 1,545,000 weather has been quite general, and elsewhere where rain precipitation has been moderate or light. As has fallen the For the Week. Since September 1. result of the better conditions farm work is making good Exports from- a Great Conti- Great Conti- progress at many points. The Mississippi is rising and at Britain, nent. Total. Britain. nent. Total. Memphis is 34.8 feet on the gauge or 1.8 feet above the flood Bombay- 367,000 1908-09 54.000 54,000 13,000 $51,000 stage. 1,000 43,000 44,000 13,000 $35,000 348,000 1907-08 581,000 Galveston, Texas.-There has been no rain during the week. 1906-07 2,000 33,000 35,000 25,000 556,000 Calcutta- thermometer has averaged 67, the highest being 74 and 1,000 1,000 4,00 21,000 25,000 The 1908-09 12,000 lowest 67. February rainfall one inch and forty-six 1907-08 3,000 9,000 the 1906-07 2,000 2,000 4,000 56,000 60,000 hundredths. Madras- -There has been no rain the past week. 1908-09 1,000 1,000 3,000 15,000 18,000 Abilene, Texas. 1,000 1.000 6,000 23,000 29,000 62, ranging from 42 to 82. 1907-08 19,000 The thermometer has averaged 1906-07 2,000 2,000 2,000 17.000 Month's rainfall nil. All others- had no rain during the 1908-09 1,000 8,000 9,000 9,000 87,000 96,000 Corpus Christi, Texas.-We have 1,000 1,000 8,000 79,000 87,000 1907-08 60,000 week. The thermometer has ranged from 62 to 82, averag- 1906-07 3,000 3,000 7.000 53.000 ing 72. February rainfall forty-seven hundredths of an inch. week. Total all- • Fort Worth, Texas.-We have had no rain the past 1908-09 1,000 64,000 65,000 32,000 474,000 506,000 highest 84, lowest 44. Month's 1907-08 1,000 44,000 45.000 30,000 446,000 476,000 Average thermometer 64, 2,000 39,000 41,000 38.000 682.000 720,000 rainfall eleven hundredths of an inch. 1906-07 Palestine, Texas.-There has been no rain the past week. The thermometer has averaged 67, the highest being 84 and ALEXANDRIA RECEIPTS AND SHIPMENTS OF the lowest 50. February rainfall five inches and fifty-six COTTON.-Through arrangements made with Messrs. hundredths. Choremi, Benachi & Co., of Boston and Alexandria, we San Antonio, Texas.-There has been a trace of rain on one now receive a weekly cable of the movements of cotton at day the past week. The thermometer has averaged, 72, Alexandria, Egypt. The following are the receipts and ranging from 54 to 94. Month's rainfall seventy-one hun- shipments for the past week and for the corresponding week dredths of an inch. of the previous two years: Taylor, Texas.-We have had a trace of rain on two days the week. The thermometer has ranged from 52 to during Alexandria. Egypt. 1906-07. 88, averaging 70. February rainfall ninety-six hundredths March 3. 1908-09. 1907-08. inch. of an Receipts (cantars)- 120,000 Louisiana.-There has been rain on one day This week I 155,000 170,000 New Orleans, 6,318.443 6,523,519 the past week, the rainfall being two hundredths of an inch. Since Sept. 1 6,054,083 The thermometer has averaged 63. Month's rainfall 5.61 This Since This Since This Since inches. Sept. 1. Vicksburg, Mississippi.-There has been only a trace of Exports (bales)- Week.Sept. 1. Week. Sept. 1. Week. week. The thermometer has aver- 169.619 rain on one day the past To Liverpool 2,000 132,445 6,500 172,021 9,250 "9,250 141,550 8,000 152.529 6,250 159.551 aged 60, ranging from 42 to 78. To Manchester 253.657 farming as yet. The river To Continent 5,500 214,490 7,250 234.673 13.000 Helena, Arkansas.-Not much 2,000 48.628 3,7501 47,736 .4,000 87.691 had rain on one day during the week, To America is still rising. We have 32,500 670,518 of an inch. The Total exports 18,750 537,113 25,500 606,959 the rainfall being forty-eight hundredths i has ranged from 35 to 73,averaging 47. Feb- thermometer is 99 lbs. Egyptian bales weigh about 750 lbs. ruary rainfall 8.95 inches. Note.-A cantar

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WORLD'S SUPPLY AND TAKINGS OF COTTON.- The following BALTIMORE-To Liverpool Total bales. brief but comprehensive statement indicates -Feb. 27-Uistermore, 1,441 1,441 at a glance the world's To Havre-Feb. 25-Zingara, 938 supply of cotton for the week and To Bremen-Mch. 3-Main, 900 938 since Sept. 1, for the last two To Antwerp-Feb. 2.5-Zingara, 900 seasons, from all sources from 200 200 which statistics PHILADELPHIA-To Manchester-Mch. 5 are obtainable, also the takings, or amounts tion, 650 -Manchester Corpora- 650 gone out of sight, for the like period. To Rotterdam-Feb. 9-Canadia, 60 To Genoa-Feb. 27-Verona, 80 100 100 SAN FRANCISCO-To Japan-Feb. 26-Tenyo, 4,885 Cotton Takings. 1908-09. 1907-08. SEATTLE-To Japan-Mch. 2-Tango, 4,885 Week and Season. 4,878 4,878 Week. Season. Week. Total Season. ------169,055 Visible supply Feb. 26 5,534,237 4,749,945 Cotton freights at New York the past Visible supply Sept. 1 1,714,982 week have been as American in sight to Mch. 2,291,844 follows, quotations being in cents per 5.._ _ _ 195,741 11,097,544 167,740 9,264,734 100 lbs.: Bombay receipts to Mch. 4_ _ _ _ 69,000 1,263,000 68,000 1,262,000 Sat. Mon. Tues. Wed. Thurs. Other India ship'ts to Mch. 4_ _ 11,000 139,000 1,000 Liverpool 12 12 12 Frt. Alexandria receipts to Mch. 3.._ 128,000 12 12 12 21,000 807,000 23,000 842,000 Manchester 11 11 11 11 Other supply to Mch. 3 153,000 Havre 15 11 11 2,000 189,000 15 15 15 15 15 Bremen 18 18 18 18 Total supply 5,830,978 15,174,528 Hamburg 25 18 18 5,011,685 13,977,578 25 25 25 25 25 Antwerp 18 18 18 18 Deduct- Ghent, 18 18 via Antwerp 26 26 26 26 26 Visible supply Mch. 5 5,453,520 5,453,520 4,681,947 Revel 30 26 4,681,947 30 30 30 30 30 Gothenburg 36 36 36 36 Total takings to Mch. 5 377,458 9,721,006 Barcelona, direct 36 36 Of which American 329,738 7,295,631 25 25 25 25 25 282,458 7,775,006 269,738 Genoa 18 18 18 25 Of which other 95,000 18 18 18 1,946,000 , 60,000 72:1t8:gg Trieste 30 30 30 30 30 Japan 45 30 45 45 45 45 45 • Embraces receipts in Europe from Brazil, Smyrna, West Indies, dcc. LIVERPOOL.-By cable from Liverpool we have the fol- COTTON lowing statement of the week's sales, stocks, SEc., at that CONSUMPTION AND OVERLAND MOVE- port: MENT TO MARCH 1.-Below Feb. 12. Feb. 19. Feb. 26. Mch. 5. we present a synopsis of the Sales of the week bales_ 42,000 42,000 55,000 movement Of which speculators 50,000 crop for the month of February and took__ 2,000 4,000 3,000 6,000 the six Of which exporters took..... 2,000 1,000 1,000 months ended Feb. 28 for three years. Sales, 1,000 American 38,000 39,000 52,000 47,000 Actual export 5,000 10,000 10,000 3,000 Forwarded 90,000 81,000 1908-09. 1907-08. 106,000 91,000 1906-07. Total stoek-Estimated 1,346,000 1,352,000 1,416,000 1,431,000 -- Of which American Gross overland for February bales 165,545 -Est_ _1,239,000 1,283,000 1,320,000 1,325,000 160,836 195,018 Total imports of the week_ _ _ _ 167,000 123,000 150,000 Gross overland for 6 months 1,231,347 765,093 107,000 Net overland for February 1,203,033 Of which American 146,000 109,000 124,000 91,000 145,356 128,588 Amount afloat Net overland for 6 months 1,054,872 150,603 359,000 363,000 259,000 230,000 588,374 1,011,006 Of which American 310,000 Port receipts in February 704,779 681,585 308,000 224,000 184,000 Port receipts In 6 months 914,453 8,070,922 0,857,684 8,145,268 The tone of the Liverpool market for spots and futures Exports in February 708,162 758,188 Exports in 6 months 866,240 each day of the past week and the daily closing prices 6,496,177 5,872,040 6,302,303 of Port stocks on Feb. 28 801,369 869,290 spot cotton have been as follows: Northern spinners' takings to 1,101,579 March 1_ _ _ 1,992,147 1,200,903 1,932,659 Southern consumption to March 1 1,166,000 1,245,000 Overland to Canada for 6 motrths (in- 1,219,000 Spot. Saturday. Monday. Tuesday. Wednesday. Thursday. Friday. cluded In net overland) 80,328 55,579 Market, Burnt North and South in 6 months_ __ _ 91,481 1 Fair Fair 12:15 } Quiet. Stocks at North. interior markets Feb. 28 19,549 13,668 business Quiet. business Coo(1 Moderate Came in sight during 9,044 P.M. -doing. doing. February 971,185 969,101 1,200,056 doland. demand. Amount of crop in sight March 1_ _ 10,943,794 9,125,058 10,860,274 Mid. Upi'ds 5.05 Came in sight during balance of season_ _ 2,457,771 5.03 5.05 5.11 , 5.14 5:14 Total crop 2,690,486 11,582,829 13,550,760 Sales 7,000 8,000 Average gross weight of bales 514.42 509,62 10,000 mow 10,000 7,000 Average net weight 518.54 Specatiexp. 1,000 500 1,000 1,000 of bales 491.42 486.62 496.04 1,000 500 Futures. Steady at Steady at Quiet, Steady at Quiet at Steady at Market 1 203 pts. 1 point unchanged 203 pts. 102 opened pts. 1 point MANCHESTER MARKET.-Our report received by decline. decline. advance.! advance. • decline. cable to-night from Manchester states that the Market, market is 1 Steady at Steady, Quiet at Barely sty. Steady at Steady, quiet for both yarns and shirtings. Manufacturers 4 1 pt. dee.to unch.to 2% 203 pts. at A04% 103 pts. unch. to are P.M. 3 % pt. adv. pts. adv. advance. pts. generally complaining. We give the prices for to-day adv. advance. A pt. dec below and leave those for prveious weeks of this and last year for comparison. The prices of futures at Liverpool for each day are given below. Prices are on the -basis of upland, good ordinary clause, unless otherwis estated. 1909. 1908. The prices are given in pence and 100t/is. Thus: 4 97 means 4 97-100d._ 83-( lbs. Shirt- Corn 834 lbs. Shirt- Can 32s Cop legs. common Mid. 32s Cop legs, common Twist. to finest. Upes Mi. d Sat. Mon. Tues. Wed. Thurs. 1 Fri. Twist. to finest. Upr• Feb. 27 to 1234 1234 12341 4 1234 4 1234 4 1231 4 1234 4 d.4. d. s. d. d. 6. 6. s. d. Mch. p.m. Jan s. 6. d. 5. p.m. pin. pin. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. 22 7% 0 8% 4 9 @8 7731 5.30 10% 11% 60 29 09 3 6.43 d. a. a. d. a. d. a. d. d. d. I d. d. 7 13-180 8% 4 9 5.29 10% 0 113.; 5 11 09 2 February_ ____ 4 Feb 6.39 9734 ------March 4 9634 ia i5ii-4 ii7 eg-3,i 65-4 65 6:31, iiii ,ti5-3 OK3i 5 7 11-160 8% 4 8 07 7% 5.159 15-160 1134 5 10 09 1 Mch.-A-pr. ____ 4 9834 95 9634 97 9834 0334 03 11 7 9i8@ 8% 4 7 07 8 5 6.35 0534 06 0534 05'34 11 9% 0 10'34 59 09 0 0.21 Apr.-May ____ 4 9734 96 9734 98 00 0434 04 0634 06 A 05% 19 7% 4 6 07 7 5.09 9% • 0 06 0 10% 50 08 10 6.14 May-June __ _ _ 4 99 9834 9934 00 02 06 05 0734 07 A 07 0734 26 7% 0 8 4 6 07 0% 5.02 9% 0 10% 55 8 9 tune-July ..___ 5 00 .0134 03 07 06 Melt 6.00 99 00 08 08 08 08 July-Aug_ _ _ _ _ 5 0034 00 0134 02 04 08 0834 09 09 ;08 A 5 7% 0 8 4 6 07 GA 5.14 0834 9 0 10% 5 43408 8 6.04 Aug.-Sep_ __ _ _ 4 96 9634 97 9734 00 '0334 02 0434 04 :03 0334 iep.-Oct _ ____ 4 92 91 34194 9434 9034 00 88 00 99 198 34 98 34 )ot.-Nov_ 4 89 A 89 191 A 92 94 97 95 97 96 :95 A 95 A SHIPPING NEWS.-As shown on a previous Nov.-Dec. ____ 4 8734 87 18934 90 92 95 93 95 94 :94 94 page, the Dec.-Jan ____ 4 87 86 89 8934 0134 9434 9234 9434 93 A 93 93 exports of fan.-Feb ..___ cotton from the United States the past week have 4 86 S5348836 89 91 93 A 91% 93% 92% 92 9234 reached 169,655 bales. The shipments in detail, as made I up from mail and telegraphic returns, are as follows Total bales. BREADSTUFFS. NEW YORK-To Liverpool-Feb. 26-Baltic, 150 foreign upland, 35 185 Friday, March 5 To Havre-Feb. 27-Chicago, 3 foreign; Heathdene, 2,913 up- 1909. land, 208 Flour has naturally been strengthened in Sea Island 3,124 value by 'the To Bremen-Feb. 26-Koin, 300_ _ _Mch. 3-Chemnitz, steady rise in price of wheat, but the To 2,750_ 3,050 the effect on trade has Antwerp-Mch. 2-Vaderland, 300 300 been To Reval-Mch. 3-Oscar II., 300 bad. The offerings have not been large, it is true; in To Genoa 300 -Feb. 26-Koenigen Luise, 100 100 fact most of the time they have been meagre. But, on the To Buenos Ayres-Feb. 27-Afghan Prince, 300 To Japan-Mch. 000 other hand, buyers have confined their purchases 4-Inverclyde, 1,072 1,072 to small or GALVESTON-To Liverpool-Mch. 3-Crispin, 5.713 moderate-sized lots, hoping that the rise of To Manchester 5,713 wheat and the -Feb. 25-Mercedes de Larrinaga, 10,414 10,414 sympathetic advance flour would To Havre-Feb. 26-Centurion, 14,481 in prove temporary. To Hamburg-Mch. 14,481 Wheat 4-Lord Dufterin, 818 818 advanced steadily for a time and made new high To Rotterdam-Mch. 4-Lord Dufterin, 105 records To Antwerp 105 for the season. The world's available supply has -Feb. 27-Hornby Castle, 4,072 4,072 .0 To Barcelona-Mch. 3-Caprem, 259_ _ _Mch. 4-VIrginia,2,760 increased and it is not altogether clear to many there is To Genoa-Mch. 3,019 that 3-Caprera, 1.550.. __Mch. 4-Monvlso,10,474 12,024 any danger of a real scarcity of wheat. If To Venice-Mch. 4-Virginia, 1,202 Argentine's crop is To Trieste-Mch. 1,202 smaller than last year's, that of 4-Virginia, 3,093 3,093 India and Australia is NEW ORLEANS-To Liverpool-Mch.3 -Colonial, 10,000_ _ _Mch. believed ,to be larger than then. In any case it is contended 4-Etonian, 10,000 20,000 To Belfast-Mch. 3-Carrigan that the present relatively high prices discount Head, 2,553 2,553 a good deal. Bremen-Mch. To 4-Norseman. 16,500 ,6,500 With No. 2 red about $1 253j here, it 'surged To Antwerp-Mch. 3-Virgil, 3,000 1 a high enough To 3,000 level has been reached unless a disaster Oporto-Feb. 27-Puerto Rico, 1,500 1,100 befalls the crop of To Barcelona-Feb. 27-Puerto Rico, 2,773 this country during the present 1mt" To 2,773 year. And of this there Genoa -Feb. 27-Val Sallee, 0,543 6,543 are certainly PII5 To Trieste-Mch, 1-Clara, 1,353 no signs. The rise is predicated, however, ac- 'Pr To Mexico-Mch. 1.353 cording 1-Molina, 600 600 to bull leaders, on the firmness of the cash position MOBILE-To Hamburg-Mch. 4-Manchester Exchange, 1,287_ PENSACOLA-To _ 1,287 in this country. It is contended that wheat Liverpool-Mch. 4-Vivine, 3.988 3,968 is rapidly being To Havre-Feb. 27-August Belmont, 11,000 consumed and that there is some danger To Bremen 11,000 of the next crop -Mob. 5-St. Michael, 6,609 6,669 being late, so that July deliveries To Hamburg-Mch. 4-Wandby, 132 may have to be made from SAVANNAH-To 132 old-crop wheat. Havre-Mch. 3-Sellasia, 5,634 5,634 This, of course, is pure conjecture, but it To Hamburg-Feb. 27-Corn Exchange, 2,944 is one CHARLESTON 2,944 of the arguments advanced in behalf of higher prices. -To Bremen-Feb. 27-Pomsron, 4,450 4,450 BOSTON-To Liverpool-Mel,. 2-Sylvania, 13_ _ _Mch. 3-Cana- It rests partly on the drought in Texas and elsewhere 'in the dian, 478 491 Southwest and on some unfavorable seetion To Manchester-Feb. 26-Caledonian, reports from the 1,234 1.234 along the Missouri River, unsupported, it would seem, by

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GRAIN. very clear proof. Yet, as speculative excitement has Corn, per bush.- any Wheat, per bush.- el. 76 run high, almost anything in the way of a bullish argument N. Duluth. No. 1 1252% No. 2 mixed nervous N. Duluth. No. 2 1222% No 2 yellow-- 74A to be accepted by the shorts plainly rendered -713.4Q72 seemed leaders Red winter, No. 2 f.o.b.121 4 No grade by the aggressive tactics of the leading bulls. These Hard " " 1242% Rye, per bush.- have also Oats, per bush.- No. 2 Western f.o.b.88c have sold at times on the advances, but they Jersey Nominal. need Natural white,26 to 28lbs 59 @60 State and with spirit whenever the markets seemed to No. 2 61 ® 61 4 Barley-Maiting 75 @78 bought white Y__ 72 6740 support or a fillip. Foreign markets, too, have been ad- White clipped 59(4/84 Feeding. c. t. f. N. Argentine's exportable surplus vancing. One estimate of The statement of the movement of broadstuffs to market as was as low as 85,000,000 bushels, which is some 55,000,000 by advanced, indicated below are prepared by us from figures collected bushels below last year's total. Berlin prices have The receipts at Western outlook in Germany, and the New York Produce Exchange. partly on reports of a poor crop and for the week ending last Saturday and so rapidly as to excite com- lake river ports Antwerp quotations have risen since August 1 for each of the last three years have been: ment. It is called a "cliqued market." here and in Chicago up to artificial level more by bold manipula- a market forced Receipts at- Flour. Wheat. Corn. Oats. Barley. Rye. tion on the part of shrewd and experienced operators at Chicago rather than one which rests on a basis dictated by bbis.19618s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu. 56 lbs Thursday there was a Chicago 195,322 376,600 3,531,950 2,378,000 898,500 27,000 considerations of inherent merit. On Milwaukee__ 75,400 91,300 245,300 232,500 261,300 22,000 reaction. A Kansas City estimate put the farm reserves in Duluth 9,045 256,735 3,719 58,887 29,664 665 statistician Minneapolis. 1,391,500 109,080 244,820 335,200 35,190 at bushels. A Chicago 28,500 2,000 this country 147,000,000 they Toledo 30,000 114,900 had, made them only 123,000,000 bushels. A year ago Detroit 6,400 63,346 37,960 41,380 figures. A later Cleveland 1,244 6,800 123,130 71,040 3,820 were 148,721,000, according to Government 315,200 71,500 2,000 120,000,000 to St. Louis__ _ 54,560 315,000 506,000 estimate of Argentine's exportable surplus is Peoria 34,500 20,000 623,350 187,500 57,000 7,000 bushels. Argentine's exports this week' are Kansas City. 625,800 370,200 82,000 128,000,000 last week. estimated at 5,200,000 bushels, against 4,976,000 Tot.wk.'09 376,451 3,177,081 5,665,589 3,639,827 1,656,984 95,855 To-day the market broke sharply on "long" liquidation, Same wk.'08 350,232 2,379,597 2,679,587 3,523,908 875,660 55,800 accompanied Same wk.'07 351,177 4,512,999 5,071,403 3,208,448 1,103,922 137,337 attributed partly to leading Chicago bulls, by rumors that some of the larger shorts have made private Since Aug. 1 crop reports from the 1908-09_ _ - 12,592,813 174,118,880 91,110,781 108,581,006 61.526,145 4,904,058 settlements with the bull leaders. Also 1907-08_ - 11,174,199 161,859,209 119,833,203 118,459,592 49,320,418 5,207,179 West were more favorable. 1906-07_ - - 13,050,642 162,015,650 126,808,467 127,654,217 49,374,849 5,439,498 FUTURES IN NEW YORK. DAILY CLOSING PRICES OF WHEAT Sat. Mon. Tues. Wed. Thurs. Fri. and grain at the seaboard ports for 1242% 1254 1254 1252% 121 Total receipts of flour No. 2 red winter 1242% elevator 1244 1214 1222% 1222% 122 1182% the week ended Feb. 27 1909 follow: May delivery in 1122% 1144 1144 1132% 1112% July delivery in elevator 1134 Flour, Wheat, Corn, Oats, Barley, Rye, CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Receipts at- bbls bush. bush. bush. bush bush. DAILY 17,655 178,425 26,775 5,750 Sat. Mon. Tues. Wed. Thurs. Fri. New York 117,116 333,600 Boston 37,977 37,135 22,570 53,014 70,412 740 elevator 118 1174 1182% 1182% 1184 1152% May delivery in 1032% Portland, Me 1,607 240,578 77,160 1,500 in elevator 1044 1042% 1052% 106 1052% 37,488 800 July delivery 4 99 99 98 972% Philadelphia 52,907 15,271 173,275 September delivery In elevator_ _ 982% 41,129 11,966 190,562 35,649 75 elevator_.._99 99 100 100 m. 992% 98 Baltimore December delivery in Richmond 3,841 38,834 23,870 24,052 Indian corn has reached higher prices and a new level New Orleans *..._ 116,977 3,700 159,000 58,000 It is of interest to Galveston 12,000 190,000 for the season, in spite of large receipts. Mobile 3,200 13,198 observe that, despite wet weather and bad roads, the crop Montreal 5,092 6,996 1,200 61,627 19,480 under the stimulus of St. John 15,405 307,737 37,649 movement has generally been liberal Port Arthur 72,000 50,001 steadily mounting prices. A Western statistician estimates corn at bushels, or 32.6% of last Total week 295,251 3,177,081 5,605,589 3,639,827 1656,984 95,855 farm stocks of 869,000,000 Week 1908 440,108 1,476,314 2,409,006 980,676 90,760 144,858 year's crop. This must be compared with a similar reserve Since Jan. 1 1909_2,335,845 11,963,334 14,311,607 8,704,813 2423,882 195,307 of 962,429,000 last year and 1,298,000,000 in 1907. The Since Jan. 1 1908_2,851,367 11,767,266 18,249,114 5,468,476 952,591 892,744 up total supply for the year was 3,631,080,000 bushels, made * Receipts do not Include grain passing through New Orleans for foreign port of a crop of 2,668,651,000 and a farm reserve last March of on through bills of lading. 962,429,000, against a total supply for 1907-08 of 3,890,- The exports from the several seaboard ports for the week 320,000 bushels. The consumption during the past year is ending Feb. 27 1909 are shown in the annexed statement: apparently 100,000,000 bushels less than in the preceding 4- Wheal, Corn, Flour, Oats, Rye, Barley, Peas, year, thus leaving the farm stocks carried over practically Exports from- bush. bush, bbls. bush, bush, bush. bush. over lastMarch. New York 431,907 52,292 35,544 6,200 36,908 40,108 621 100,000,000 less than the quantity carried Portland, Me 240,578 77,160 1,607 1,500 8,026 Of late the receipts at the West have fallen off and prices 8oston 226,958 105,594 4,020 10,286 level of last September. Philadelphia ____ 25,765 85,100 25,091 have advanced beyond the high Baltimore 6,983 113,128 30,455 20 The weather at the West within a day or two has improved. New Orleans 4,950 18,616 1,107 75 The roads are better and cash houses at Chicago as well as Newport News_ especially Galveston 214,923 3,281 some speculators are looking for a decline in prices, Mobile 13,198 3,200 slackened. A Government report Port Arthur 72,000 50,001 as the cash demand has 15,405 on farm reserves will appear next Monday. It is awaited St. Jonh, N. B___ 307.737 of interest, as the figures given above are Total week._..1,316,878 730,013 119,710 7,795 47,194 40,108 8,647 with a good deal 338,087 6,747 130,208 47,783 10,985 by not a few considered too small. Some estimates put the Week 1908 1,721,498 3,071,598 quantity on the farms at 150,000,000 to 200,000,000 bushels The destination of these exports for the week and since more than a year ago. To-day prices declined in sympathy July 1 1908 is as below: with wheat, but the market was finally steadied by smaller Flour- Wheat -Corn Since Since interior offerings and decreased receipts. Week July 1 Week July 1 Week Julie 1 DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Exports for week and Feb.27. 1908. Feb. 27. 1908. Feb. 27. 1908 Sat, Mon. Tues. Wed. Thurs. Fri. since July1 to- bbls. bbls. bush. bush. bush. bush. 76 Kingdom__ 84,620 3,957,848 686,031 46,039,047 505,964 11,617,997 Cash corn 74 75 76 76 762% United 74 73% 74 A 74 752% 742% Continent 11,574 1,743,455 605,869 43,392,840 201,275 8,933,695 May delivery in elevator 1,473 elevator 73 72 73 74 4 75 74 So. & Cent. Amer_.. 6,015 439,887 21,378 267,920 26,796 July delivery in 980,406 3,600 7,698 21,070 809,872 delivery in elevator 72 72 73 73 74 73 West Indies 15,331 September - 856 62,221 8,900 OF CORN FUTURES IN CHICAGO. Brit. No. Am. Cols- DAILY CLOSING PRICES Other Countries_ _ _ 1,314 222,923 59,485 230 19,632 Sat. Mon. Tues. Wed. Thurs. Fri. 682% 67% May delivery in elevator 66 65 67 67 Total 119,710 7,406,740 1,316,878 89,766,990 730,012 21,416,892 July elevator 65 852% 652% 662% 6734 66 Total 1907-08 338,087 8,270,678 1,721,498 90,360,542 3,071,598 38,617,95 delivery In 86 A 67 66 September,dellvery in elevator 65 65 65 corn for prices of the season, largely The world's shipments of wheat and the week Oats advanced to the highest and since July 1 in 1908-09 and 1907- of wheat and corn. The receipts at ending Feb. 27 1909 owing to the strength 08 are shown in the following: one time were rather large, but latterly they have decreased cash demand has been good. somewhat. Besides, the Wheat. Corn. Supplies in the Eastern States are not large. Interior specu- lators have been buying for a rise and are believed to be heav- Exports, 1908-09. 1907-08. 1908,09. I 1907-08 active. High'prices, ily "long." Speculation has been more Week Since Since Week Since Since however, are believed to lead to economy in feeding and the Feb. 27. July 1. July 1. Feb. 27. July 1. July 1. -day prices declined with use of substitutes for oath. To Bushels. Bushels. Bushels, Bushels. Bushels. I Bushels. those for other grain. North Amer. 1,604,000 134,421,700 139,760,000 731,000 21,032,4001 34,742,000 Russian ____ 1,104,000 45,704,000 53,384,000 620,000 11,358,500 16,968,000 DAILY CLOSING PRICES OF OATS IN NEW YORK, Danubian __ 216,000 28,192,000 21,408,000 399,000 17,782,500 33,472,000 Sat. Mon. Tues. Wed. Thurs. Fri. Argentina __ 5,761,000 63,420,000 45,752,000 43,374,500 36,192,000 29,064,000 No. 2 white_ _60 4-61 602%-Si 602%-61 602%-Si 61 6061 61 @61 0th. countr's 1,984,000 33,554,000 clipped, White 61,61 1,750,000 34 to 36 lbs_ 58-60 58-60 58-60 58 4-60 59 (4)61 59 Total -- -- 10669000 305,291,700 289,368,000 93,547,9001121,374,000 DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Sat. Mon'. Tues. Wed. Thurs. Fri. The quantity of wheat and corn afloat for Europe on dates May delivery in elevator 55 54 552% 562% 562% 552% mentioned was as follows: July delivery in elevator 492% 492% 502% 504 502% 504 September delivery in elevator 402% 402% 41 41 41 41 Wheat. Corn. The following are closing quotations: UnUed United FLOUR. Kingdom, Continent. Total. Kingdom. Continent. Total. Winter, _ - _$3 75@$4 35 Kansas straights $5 40@$5 65 low grades_ ® 5 60 Winter patents 5 750P 6 00 Blended clears Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. Winter straight 5 60® 5 75 City patents 660® 6 90 53,360,000 2,465,000 2,125,000 4,590,000 475 Feb. 27 1909_ _ 31,440,000 21,920,000 Winter clear 4 70® 4 85 Rye flour 4 25'B Feb. 20 1909- 30,320,000 21,280,000 51,600,000 3,145,000 2,295,000 5,440,000 Spring patent 5 90@ 6 25 Buckwheat flour 2 10 2 35 Feb. 29 1908__ 38,760,000 19,680,000 58,440,000 3,040,000 4,440,000 7,480,000 Spring straights 5 25Q 5 40 Graham flour Kansas clears 4 40V 4 75 Corn meal sacks 31

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 638 THE CHRONICLE [VOL. Lxxxvill. The visible supply of grain, comprising the stocks in The value of granary at the principal points these New York exports since Jan. 1 has been of accumulation at lake and $3,106,604 in 1909, against seaboard ports Feb.27 1909, was as follows: $1,793,299 in 1908. With the exception of leading and staple AMERICAN lines of finer GRAIN STOCKS. qualities, bleached goods were quiet. Drills and sheetings Wheat, Corn, Oats, continued in moderate bush. Rye, Barley, demand, with an easier tendency bush. bush. bush. bush. noted New York 1,064,000 in some lines. Fabrics suitable 117,000 792,000 74,000 319,000 for working suits Boston 05,000 59,000 25,000 and shirtings, as well as denims, were Phiksdelphia ------42,000 8,000 121,000 in steady request, 97,000 62,000 19,000 and some descriptions were Baltanore 229,000 361,000 reported as scarce for prompt New Orleans 199,000 95,000 3,000 or near-by delivery. 326,000 549,000 237,000 No new feature developed in staple Galveston 103,000 238,000 printed goods, trade being confined Buffalo 1,479,000 1,119,000 mostly to novelty effects, afloat 3,993,000 54,000 178,000 although printed wash fabrics Toledo 266,000 continue to move well. • 70,000 254,000 125,000 Demand for the best known afloat 269,000 14,000 1,000 qualities of staple ginghams Detroit showed no abatement, and 368,000 263,000 106,000 mills making dress ginghams Chicago 4,093,000 21,000 1,000 are being taxed Milwaukee 886,000 645,000 65,000 1,009,000 to the utmost to make deliveries 353,000 618,000 187,000 required by Duluth 7,444,000 21,000 150,000 distributers; fine dress ginghams for fall are 51Inneapolls 293,000 1,235,000 27,000 648,000 reported well 13,934,000 450,000 2,172,000 sold up. Trading in linings was St Louis 1,135,000 113,000 723,000 generally quiet, although. Kansas City 466,000 529,000 29,000 146,000 some additional spring orders were 2,805,000 1,073,000 333,000 received and a fair busi- Peoria 4,000 218,000 ness was done for fall delivery; Indianapolis 872,000 34,000 3,000 considerable congestion at ' 98,000 312,000 122,000 finishing works is still noted and complaints of slow deliveries Total Feb. 27 1009-_38,214,000 6,254,000 are numerous. About 1,200 bales Total Feb. 20 9,026,000 574,000 3,302,000 of sheetings were sold 1909-.39,968,000 6,464,000 9,361,000 during the 675,000 3,503,000 week for Red Sea account on the basis of CANADIAN less 2%,and 53ic. GRAIN STOCKS. fair inquiries were reported from South America; Wheat, Corn. Oats, Rye, business with other miscellaneous bush. Barley ports was comparatively bush. bush. bush. bush small and trade with China Montreal 41,000 remained at a standstill. Fort William 26,000 219,000 85,000 print cloth The 2,410,000 market ruled moderately active, with regulars Port Arthur 2,126,000 unchanged at 3 7-16c. and standard wide Fort William, afloat 291,000 goods at 4%c. Other Canadian 1,823,000 WOOLEN GOODS.-Although most of the initial pur- Total Feb. 27 1909__ 6,691,000 26,000 219,000 chasing of men's wear for the fall season is Total Feb. 20 1909_ 6,763,000 85,000 completed, a 27,000 213,000 87,000 fair demand from the manufacturing trade has still evidence, been in SUMMARY. and, as noted, heavy-weight overcoatings and Wheat, Corn, Oats, Rye, worsted suitings have been in good request; bush. bush. Barley fabrics of light bush. bush bush construction were rather American 38,214,000 6,254,000 quiet. In dress goods second hands Canadian 9,026,000 574,000 3,302,000 report orders 6,691,000 26,000 219,000 already booked on piece-dye worsteds for fall 85,000 as gratifying, and Total Feb. 27 1909..44,905,000 it is believed that the total yardage will 6,280,000 9,245,000 574,000 compare Total Feb. 20 1909__46,731,000 6,491,000 9,574,000 3,387,000 favorably with recent years; demand for early fall Total Feb. 29 1908..42,906,000 675,000 3,590,000 deliveries 8,756,000 8,629,000 828,000 . has been larger than sellers could meet, Total Mch. 2 1907...44,884,000 11,102,000 10,904,000 4,648,000 and there Total Mch. 3 1906_47,283,000 1,590,000 2,419,000 has been an exceptionally heavy call for goods 16,208,000 24,451,000 2,314,000 4,189,000 for immediate Total Mch. 4 1905.._35,565,000 9,169,000 15,873,000 or near-by shipment. Total Mch. 5 1904_34,658,000 1,647,000 4,332,000 9,157,000 10,253,000 1,151,000 4,088,000 FOREIGN DRY GOODS.-Imported lines of dress goods. for spring and summer, as well as fabrics for fall, especially THE DRY satin-faced cloths, have had a remarkably good GOODS TRADE. continue sale and in active demand. Trade in linens has been less active, due to New York, Friday Night, March 5 1909. the pronounced shortage in practically all lines rather than to any falling off Conditions in textile markets have shown in demand; prices have. little, if any, ruled strong. In burlaps business improved change during the past but somewhat, week, trade in most divisions con- prices remain unchanged at 4.65c. for 103'-ounce and tinuing 3.70c. for light-weights relatively quiet. The lessened activity was quite in small lots. in line with expectations and caused no uneasiness in selling quarters, for substantial Importations and Warehouse Withdrawals of Dry Goods. a volume of forward business has already been booked The importations and warehouse and sentitnent generally appears to be withdrawals of dry goods hopeful for the future. at this port for the week ending Feb. While the present lull is also at- 27 1909 and since. tributed partly Jan: 1 1909, and for corresponding to uncertainty over the forthcoming tariff the periods of last year, revision, unsettled conditions are as follows: in other lines are no doubt responsible in a measure for the waiting • anwt,w 0000 00 NO attitude displayed www.1.0 won on oo T. I Po' by dry goods consumers. In won .t. the primary cotton 0 ctnoT4cow 00 elm N goods ..Z4www.rot4 0.4 N.4 Tr market purchasing ON 01 of spring goods is practically over r"9' 99 and c4o4c4cq on NN er current demand is confined 17.219,615 o-o ca .4 eso principally to fine combed yarn 1-t fabrics to be made, but mills are well sold W Co el 0 0 el CO onr.1 0000 Co ,4ca.r.r.r onon up to September on won OD Tr 00 et CD et CD .C1 wwwcao on 0000 OD. cow and October; fancy a R. 9N9L":" C. lines for spring 1910 are in CO NO000.-. c.4.401C0.0. / on .4 active re- 9) NOD10104 on C; quest. Among jobbing houses 51 on .0 111 Nm trade, especially in Cottons, rA has been rather dull, as many buyers who were in the wo 00 market or were en route here, caw NO attended the inaugural cere- wet, co ,13 monies at Washington; CO N. 01 next week a large influx of out-of- ona 06 town merchants won on on is expected as a result of another buyers' 0001, co N. excursion. 01 on on Jobbers' roadmen, however, have continued to 01 send in numerous supplementary .r .? rT r. et coocouto ut spring orders, the aggre- 00 el <, ovoteaN w woo el on00 gate of which co r. er .4 ea et ea on 0 on is reported as satisfactory and probably 00 6.4.4N0.0! ut. e4 01(9 01 40 CD No would have '00 N; on been larger if the desired deliveries could be 0.1 w 0 guaranteed; the quite general demand for prompt shipment ow of re-orders on domestics is a noteworthy ow oo .4 feature and indi- 0000 .r4 cates that co. stocks are not over large. Export trade with China has continued dull, 0. on but a fair demand came from .0 v. South America and some business was done 01 0000 with Red 01 31,494,348 w ports. Sea V, Men's wear lines for fall have been quiet, as most on '-'00 ut 00 et 0 CO et OD aO a Initial purchases have been 0 C. CO W ee 000 0.4 C.0 0one made, but not a few belated on el et 00 eT on 0 a w. won on orders have come forward, including worsted ock10.9'.) 01 ono- ei 009 v:c1.1.wo. coo 00 suitings and tsowon on fq on 4 Tr on 00 41'1 heavy-weight overcoatings. 0 et wo on NMT.cao GO In dress goods, also, ordering n et, of fall ,4 .4 fabrics from secondary distributers appears to nearly be ..r on over, with very satisfactory results; demand at caw C. GO present 9N. CA in. 1 0 comes chiefly from the cutting-up trade. on on .4 PI won on 00on DOMESTIC to CO COTTON GOODS.-The exports of cotton el goods 3,318,754 00 .3 00 from this port for the week ending Feb. 27 were 11,763 on packages, valued at $594,048, their destination coats -'0 on CO CO on C. being to the et..e-ww er .r 01w co Con C. 21 00 points specified ei oD et Tr co. .4 et el 0 in the table below: co 0 on 01 on on Tr CO

1909------1908----- 13,590- Since New York to Feb. Since 27- Week. Jan. 1. Week. Jan. Great Britain 5 201 1. Other Europe 8 77 30 130 16 China 9,437 30,655 100 India 5 3,738 2,285 288 3,020 T:s Arabia_ 5,894 Africa 125 2,763 1i5 1,626 8 West Indies 596 6,062 809 Mexico 529 3,384 8 321 91 as Central America 387 '4 8 229 2,903 40 2,168 South America 1,234 7,590 856 o Other countries 7,761 99 2,708 352 2,637 g-OM Total '4 8(71N1 g8mg.g 11,763 60,375 2,318 26,824 A ,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAR. 6 1909.] THE CHRONICLE 639

in Buenos Ayres inNold pesos, in London in pounds sterling AND CITY 33.E.rinatifENTI (4 shillings per peso), in Paris in francs (5 francs 4 centimes FITivrt per peso), in Berlin in reichsmarks (4.09 marks per peso) and in New York City at $0.973 per peso. Bonds are exempt from all present and future Argentine taxes. Provision has The Throuirle, been made for• a sinking fund of 1%, by the operation of PUBLISHED WEEKLY: which the loan will be paid off in 36 years "at the latest." Terms of Subscription—Payable in Advance$1000 The contract with the Argentine Government provides that For One Year said fund is to be applied half-yearly to the purchase or tender For Six Months 0 00 European Subscription (including postage) 13 00 of bonds at or under par or by drawings at par should the European Subscription six months (including postage) 7 50 bonds be at or over par. The first operation of the sinking Annual Subscription in London (including postage) S2 14e. postage) 21 us. fund will take place in the month of December 1909. Drawn Six Months Subscription in London (including 50 Canadian Subscription (including postage) $11 bonds will be payable on March 1 or Sept. 1 following the Subscription includes following Supplements— date of the drawing. The Government undertakes not to BANK AND QUOTATION(monthly)STATE AND CITY (semi-annually) increase the sinking fund or to redeem the whole of the loan RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly) before March 1 1914. Terms of Advertising—Per Inch Space Kansas.—To Test Validity of Act Providing for Commission $4 20 Transient matter per inch space(14 agate lines) Form of City Government.—The Topeka "Capital" of Feb. 27 (8 times) 22 00 Two Months 00 Three Months (13 times) 29 states that proceedings have been commenced in the State Standing Business Cards (20 times ,50 00 Six Months 00 Supreme Court to test the validity of the law recently Twelve Months(52 times) 87 Block; Tel. Harrison 4012. enacted by the Legislature which provides for a commis- CHICAGO OFFICE—P. Bartlett,513 Monadnock government in cities of the first class. This ac- LONDON OFFICE—Edwards di, Smith,1 Drapers' Gardens, E. C. sion form of COMPANY, Publishers, tion is said to have been filed Feb. 26 in the form of an ap- WILLIAM B. DANA of mandamus to compel the City Clerk Pine and Depeyster Ste., New York. plication for a writ P.O. Box 958. Front. of the City of Wichita to accept and file the petition of D. W Mayor and of George W. Freerks BOND SALES IN FEBRUARY. Nolan as a candidate for MUNICIPAL City Attorney, and to place their names bonds during February as a candidate for While the sales of municipal on the ballots to be used at the city election in April. demand for this class of in- reached no unusual total, the New York Oity.—Bank Tax Bill Signed by Governor.—Gov- vestment was very large. As a result of this increased de- ernor Hughes has signed the bank tax bill of Assemblyman was mand a number of large issues were marketed on an interest Robinson. As stated in V. 88, p. 517, where the bill 4 per cent. .Our records also show given in full, the purpose of the law just passed is to correct basis of much less than in a decision of the having trouble in floating an assumed irregularity (as indicated that cities which not long ago were Court of Appeals) in the failure to appoint days for hearings 43/2% and 5% bonds are now selling 4 per cents at good pre- of possible grievances against the assessments of 1% levied miums. The bonds placed the past month by places located on shares of bank stock during the years 1901 to 1907 inclu- States amounted to $17,449,117. In addition sive. in the United on Finances.— $3,000,000 Legislative Committee Submits Report City's $30,661,000 temporary loans were negotiated and The joint committee of the Senate and Assembly appointed bonds sold by Porto Rico. Our total is also exclusive of by the Legislature of 1908 and organized last July debentures placed by Canadian municipalities. These for the purpose of investigating the city's finances and pro- submitted their report to the sales, which are reported in this department each week under posing remedial legislation, on March 1. With Senator McCarren, ex- its Provinces and Municipalities" Legislature the head of "Canada, Senator Saxe and Assemblyman Lee dissenting, the com- amounted, in February to $2,676,720. mittee recommends the defeat of the proposed constitutional The sales for the month embrace the following large issues: amendment providing for the extension of the city's credit from its computation of the $5,400,000 5s of San Francisco, Cal. sold on a basis of about by allowing the city to deduct all bonds issued for self-supporting enterprises. of New York City sold debt limit 4.05%, $917,000 3s and $220,000 4s The committee's estimate of the present borrowing capacity to the sinking fund, $1,000,000 5s of the Port of New Or- of the city, including in the debt contract and land liabilities leans, La., sold at a price slightly above par, $900,000 33/2s not yet funded, is $77,511,010. Excluding these liabilities approximately $135,000,000. With of the State of Rhode Island, $300,000 on a basis of about the margin is given as reference to the validity of the city's securities the report says: on a basis of about 3.467%, $500,000 3.474% and $600,000 It cannot be emphasized too strongly that every bond Issued by the city of 4s of Buffalo, N. Y. on a basis of about 3.63%, $450,000 4s New York up to date,as well as the bonds that have not yet been issued, but which have been advertised, is valid. The debt limit has never been of Davenport, Iowa, $400,000 4s of St. Paul, Minn. on a exceeded, the city's securities are first class, and it may be stated most emphatically that, with reasonable economy and sound business methods basis of about 3.775% and $400,000 3.85s of Rye, N. Y. on applied, the city will not again be confronted with any situation where the slightest doubt will arise over the stability of its finances or where any a basis of about 3.84%. hand-to-mouth policy need be pursued. The number of municipalities emitting bonds and the A summary of the committee's recommendations is given number of separate issues made during February 1909 were as follows: First.—The city authorities should be prohibited by law from issuing the 156 and 200, respectively. This contrasts with 233 and 318 $33,000,000 of corporate stock not yet issued, but which the Board of Esti- mate and Apportionment in 1906 authorized to be issued to make up for January 1909 and with 162 and 283 for February 1908. deficiencies in the collection of taxes which the Board had written off as uncollectible. Such a law should also provide that such $33,000,000 be For comparative purposes we add the following table, distributed over the tax levies of the next ten years, and that such amount for February and the two monthi when collected should be restored to the several funds from which it had showing the aggregates been diverted for the purpose of paying current operating expenses of the of years: city- for a series Second.—The city authorities should be prohibited by law from issuing Month of For the I Month of For the corporate stock for he payment of current operating expenses as dis- ebruary. two months. February. two months. tinguished from permanent improvements, with provision for determination 1909 $17,449,117 $42,530,34511900 $5,137,411 $25,511,733 by the Board of Estimate and Apportionment in doubtful cases of what 1908 60,014,174 71,857,142 1899 7,038,318 13,114,275 constitutes permanent improvements as distinguished from current oper- 1907 37,545,720 47,705,866 1898 9,308,489 17,456,382 ating expenses. The current expenses of the Dock Department in the 1906 38.390,655 36,698.237 1897 12,678,477 23,082,253 operation of municipal ferries and recreation piers should be classed as 1905 9,310,631 17,746.884 1896 4,423,520 10,931,241 current operating expenses, for the payment of which the issue of corporate 1904 '7,951,321 31,795,122 1895 5,779,486 16,111,587 stock should be prohibited. 1903 5.150,926 21,092,722 1894 11,966,122 19,038,389 Third.—The city authorities should be prohibited by law from issuing 1902 12,614,450 23,530,304 1893 5,071,600 10,510,177 short-term assessment bonds, and be authorized, instead, to issue corporate 1901 4.221,249 13,482,113 1892 7,761,931 14,113,931 stock, which can be negotiated on better terms than assessment bonds. condition of our columns, we are Fourth.—The city should be required by law to establish a bureau for Owing to the crowded the purchase of supplies, which should be under the general jurisdiction obliged to omit this week the customary table showing the of the Board of E,timate and Apportionment, the head of which should be charged, as far as practicable, with the responsibility for the purchase month's bond sales in detail. It will be given later. of all supplies for the city. Fifth.—The law should provide for a reorganization of the accounting methods of the city along the lines laid down at length in the report, and as now being installed by the Comptroller of the city in the Department of News Items. Finance and the other departments of the city government. Sixth.—The law should provide for the establishment of a bureau of real Argentine Republic.—Bonds Offered in the United States estate, which should be under the general jurisdiction of the Board of Esti- Largely Oversubscribed.—Subscriptions were received on mate and Apportionment, where all maps, books and records of the real the First estate holdings of the city should be kept, in classified order, and may be Monday (March 1) by J. P. Morgan & Co., National found and examined by any citizen. Bank and the National City Bank for £2,000,000 of the Seventh.—The Constitution should be amended so as to allow the acqui- loan. The loan, which sition by the city of that portion of the State forest preserve located within Argentine Republic 5% internal gold the boundaries of the Ashokan dam. was offered at 99, was largely over-subscribed, the lists being Eighth.—The Constitution should be amended so as to provide for im- just mentioned repre- proved methods of condemnation applicable throughout the entire State, open for only two hours. The bonds if practicable, or, if that be not practicable, applicable at least to the con- sent that portion of the loan which was'offered in this coun- demnation of real property situated in the city of New York, or being ac- entire loan amounted to • £10,000,000, and, as quired by the city of New York for the purposes of increasing its water try. The supply. stated by us last Saturday, the issue was over-subscribed Ninth.—The Constitution should not be amended so as to extend the in Paris and in Berlin last week. The loan present debt limit of the city of New York. also in London, contract is created for the purpose of providing for expenditure made The committee, it is said, finds that the present and to be made for Government railways, for providing fur- liabilities and land liabilities of the city are approximately the banks of the nation and for other public $57,000,000, and that these liabilities will not fully accrue ther capital for bonds are works. Bonds will be in coupon form in the denomination for a period of three to five years; that the city and the equivalents in pounds sterling, being amortized at the rate of $10,000,000 a year, and that of 1,000 gold pesos be cared francs, reichsmarks and United States gold dollars. In- the immediate necessities for subway extension can terest will be payable semi-annually on March 1 and Sept. 1 or by the expenditure of $15,000,000 a year.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 640 THE CHRONICLE Lxxxvin. Oregon. -Legislature Adjourns.--The Legislature of this Byesville, Guernsey County, State adjourned Feb. 20. Ohio.-Bond Sale.-On Feb. 19 $5,000 5% coupon street-paving bonds voted South Carolina.-Legislature Adjourns.-The 1909 session June 1 1908 were awarded to the New First National Bank of the General Assembly of this State came to an end last of Columbus at 109.56-a basis of about 4.118%. Authority Saturday night, Feb. 27. Sections 2835 and 2837 of the Revised Statutes. Denomina- West Virginia.-Legislature Adjourns.-.The Legislature tion $200. Date April 1 1909. Interest annually at the of the State of West Virginia adjourned Feb. 27. office of the Village Treasurer. Maturity $200 yearly on Wilmington, N. C.-Purchase Sept. 15 from 1911 to 1935 inclusive. Bonds are exempt of Water Works Completed. from all taxes. -We are advised under date of March 3 that the city has just completed the purchase of the plant of the Clarendon Cambridge, Furnas County, Neb.-Bonds Not Water Works Co. Yet Sold- As stated in V. 88, p. 244, the city has Bond Offering.-We are advised under date of March 2 that been negotiating for the plant with a view to using the same no award has yet been made of the $25,000 5% nucleus 5-20-year as a for an enlarged and improved system to be owned (optional) water bonds offered without Success by the city. ('V. 88, p. 245) on Jan. 2. Proposals for these securities will be received at any time. Bond Proposals and Negotiations this week Cleveland, Bradley County, Tenn.-Bond Sale.-In reply have beim as follows: to our inquiry as to whether or not the reports that a.$60,000 5% water-works bond Albany, N. Y.-Bond Sale.-On March 1 the 9 issues of election would be held March 20 4% registered public-improvement bonds, aggregating $335,- (V. 88, p. 579) were true, the Town Recorder writes us that the"bonds are sold." 500, described in V. 88, p. 517, were disposed of as follows: Maturity from five to thirty-five years. $160,000 at 101.23 and $15,500 at 101.01 awarded to the Clovis, Roosevelt County, N. MQX.-Bonds Voted National Copper Bank of New -An election and Sold. York City; $112,000 awarded held Feb. 23 resulted in a vote of 106 "for" to to Wadsworth & Wright of New York City at 100.60; $40,- 12 "against" the issuance of $125,000 6% water 000 awarded to H. L. Crawford and sewer & Co. of New York City at bonds due March 1 1939. We are advised that these bonds 101.437 and $8,000 awarded to the Mutual Fire Insurance have been sold to Ulen, Sutherlin & Co. of Chicago. Co. of Albany at 103.25. Maturity part of each issue yearly, Earlham,Madison County,Iowa .-Bond beginning March 11910. Sale.-On March 1 the $17,000 10-20-year (optional) coupon water-works and Albuquerque, Bernalillo County, N. Mex.-Bond Sale.- electric-light bonds described in V. 88, p. 580, were On March 1 the awarded $290,000 41-% 20-year coupon (with privi- to the Wells & Dickey Co. of Minneapolis at 102.941 and lege of registration) sanitary sewerage bonds described in accrued interest for 5s. A list of the offers received follows: 88, 393, V. p. were awarded, according to reports, to the Wells & Dickey Co., Minneapolis (for 55) $17,500 Provident Savings Bank & Trust Co. of Cincinnati. First National Bank, Cleveland (for 4 Ms) 17,003 50 Allegheny State Bank of Earlham (for 5s) 17,300 00 County (P.O. Pittsburgh), Pa.-Bond Offering. F. E. Magraw, St. Paul (for 5s) 17,000 00 -Proposals will be received until Bank of Earlham (for 5s) 17,000 00 12 in. March 19, it is S. A. Kean, Chicago (for 5 stated, $1,000,000 %s) 17,187 00 for 4% bonds. Interest semi-annual. Geo. M. Bechtel & Co., Davenport (for 5 Ms) 17,050 00 Certified check for $10,000 is required. Easton School District (P. 0. Easton), Northampton Allenhurst, Monmouth County, N. J.-Bond Sale.-The County, Pa.-Bond Sale.-On March 1 Robert Glendinnin $12,000 5% gold coupon or registered Beach Casino improve- & Co. of Philadelphia were awarded the $65,000 3M 0 ment bonds recently voted (V. 88, p. 320) have been sold. 10-20-year (optional) coupon school-improvement bonds described in V. 88, p. 246. Auburn, Lee County, Ala.-Bond Offering.-Proposals will be received until 12 m. March 8 by R. W. Burton, Clerk, Estherville, Emmet County, Iowa.-Bond Election.-A for the $7,000 5% water-works bonds voted at the election proposition to issue $16,500 school-building bonds will be held Jan. 12. Denomination $1,000. Date Jan. 1 1909. submitted to a vote of the people, it is stated, on March 8. Interest annual. Maturity Jan. 1 1939. Certified check Euclid, Cuyahoga County, Ohio.-Bond Sale.-This city for $350 is required. has sold the $15,000 4A%1 coupon water bonds described Baker County School District No. 5 (P. O. Baker Oity), in V. 88, p. 246. Maturity on Oct. 1 as follows: -Proposals $1,000 in Ore.-Bond Offering. will be received until 2 even years and $2,000 in odd years from 1910 to 1919 in- p. m. March 20 by P. Basche, County Treasurer, for $17,500 clusive. school-building and $7,500 heating and sanitary-plant in- Fort Worth, Tarrant County, Tex. stallation 5% bonds. Authority election -Bond Sale.-The $50,- held Feb. 13 000 public-school and the $100,000 street-improvement and Vol. 2, page 47, of Oregon School Laws of 1903. Date 4% 20-40-year (optional) Interest bonds, offered without success day of delivery. semi-annually at the office of on Aug. 11 1908 (V. 87, p. 632), were theCounty Treasurer,or in New York sold "about Feb. 15" City or Chicago,at the to the Noel-Young Bond & Stock Co. of St. Louis option of purchaser. Maturity twenty years, at par subject to call and accrued interest. These securities were registered after ten years. Certified check for $250, payable to the by the State Comptroller (V. 88, p. District Clerk, is required. 580) on Feb.118. Frankfort, Clinton County, Ind.-Bond Barnard School District No. 84 (P. 0. Barnard), Sale.-On March 1 Lincoln $50,000 5 electric-light-plant-reconstruction bonds County, Kan.-Bond Sale.-This district has sold the $15,- were 000 bonds mention of which was made sold to J. F. Wild & Co. of Indianapolis at 104. The other in V. 88, p. 244. bidders were: Blacksburg, Cherokee County, S. 0.-Bond Sale.-The $51,970 three issues of 5% 20-year coupon bonds aggregating C. C.Wedding & Co., Ind 00 McCoy & Co., Chicago, _ _ _$51,380 00 $15,000 Marion Trust Co.. Ind_ _ 51,847 50 Meyer-Klser Bank, Ind_Ind__ _ 51:033205 0000 offered on Feb. 10, and described in V. 88, p. Amer. Nat. Bank, Frankft 51,800 00 Miller, Adams & Co., 51,586 320, were Chian_ 00 awarded to Farson, Son & Co. of Chicago at par and Breed & Harrison, 51,631 00 S. A. Kean, Chicago accrued J. T. Elliot & Son, Ind__ _ 51,630 00 Farson,Son do.Co., Chicago 50,514 80 interest. advised that all Brownstown, Lancaster We are the bids were conditional except County, Pa.-Bond Sale.-Re- that of J. F. Wild & Co. Denomination ports issue of $500. Date March 1 state that an $2,000 municipal-building bonds 1909. Interest Jan. 1 and July 1. Maturity was recently sold to local investors. $5,000 each six months from Jan. 1 1910 to July 1 1914 inclusive. Buffalo, N. Y.-Bonds Authorized.-This city has author- These securities take the place of a like amount of bonds awarded ized the issuance of the following 20-year bonds: $200,000 Meyer-Kiser Bank for a on Jan. 25 to the of Indianapolis, but hospital for the treatment of tuberculosis and $200,000 which were subsequently refused by them for a hospital for the as their "attor- treatment of any disease with the neys found two minor technicalities." Another exception of tuberculosis. Interest (rate not to exceed 4%), ordinance payable was therefore passed by the City Council in which these semi-annually at the City Comptroller's office or defects were corrected. at the Gallatin National Bank in New York City. Bond Issue.-The Mayor and City Comptroller Franklin, Ky.-Bond Sale.-On March 1 the $20,0008 0,,Op00. 5 58%0, have been sewer-constructio bonds authorized, to issue $5,410 4% 20-50-year (optional) coupon described in V. ad- were awarded to the Harris Trust & ditional-park bonds. Under the terms of the ordinance Savings Bank of Chicago these bonds are to be taken by the Comptroller as at 102.775 and accrued interest. The following proposals an invest- were received: ment for the Erie Railroad Grade Crossing Sinking Fund. 1909. Harris & Say. Bk., Chic_ _$20,555 Otis &niisHoolistagt&b,BCC0kle..:veland____$20,053 Date March 1 Interest semi-annually at the City Chicago__ 200:2 08 A. B. Leach & Co., 225 CHI.tiTze. CChorca'tgoon:: 220:003503 Comptroller's office. S. A Kean Chicago 0 Bond Sales for February.-During Chas. H. Coffin, Chicago 20,201 Well, Roth & Co., Cincinnati the month of February. Seasongood & Mayer, Cin__ _ 20,1161 20,010 4% bonds aggregating $43,587 41 were awarded to the vari- Bids "under par" were also ous sinking funds at par. Of this amount, the sale received from A. J. Hood & of $30,- Co. of Detroit and Parson, Son & 000 bonds was reported in V. 88, p. 393. The other issues Co. of Chicago. The answer the following description: bonds are dated Jan. 1 1909 and mature on Jan. 1 as follows: $2,292 28 temporary-loan bonds dated Feb. 5 1900 and maturing July 1 $1,000 yearly from 1910 to 1914 inclusive, $2,000 yearly from 1909. 1915 to 1920 inclusive and $3,000 in 1921. 2,656 15 monthly-local-work bonds dated Feb. 15 1909 and maturing Feb. 15 1910. Franklin County (P. q. Columbus), Ohio.-Bond Offering 345 00 temporary-loan bonds dated Feb. 8 1909 and maturing 1909. July 1 -Proposals will be received until 12 tn., March 11, by the 8,293 98 grade-crossing bonds dated Feb. 15 1909 and maturing Road Commissioners, S. D. Doney, F. 1914. Feb. 15 E. Evans and L. W. Tussing, for $11,000 5% National Road East improvement lirIn addition to the above the issuance of a $6,393 07 4% Authority Sections bond has authorized. bonds. 4925 and 4926, Revised Statutes, also been Under the terms of the as amended May 9 1908, and ordinance the by Section 22b, Revised Statutes. bond is to be taken the City Comptroller in Denomination $500. Date April trust for the Park Bond Redemption Sinking 1 1909. Interest semi- Fund. Date annually at the County Treasurer's March 1 1909. Both the interest and principal of office. Maturity on the bonds April 1 as follows: $2,000 yearly from 1910 to 1913 inclusive willibe payable at the City Comptroller's office on July 1 1910. and $3,000 in 1914.

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Etowah County, Ala.-Bond Election.-An elec- Lakewood (P. 0. Cleveland), Cuyahoga County, Ohio.- Gadsden, m., will be held to vote on the question of issuing $75,000 Bond Offering.-Proposals will be received until 12 tion 5% street- 5% 30-year school bonds. Interest semi-annual. March 8, by B. M. Cook, Village Clerk, for $18,000 bonds. Denomination $1,- -Bond Sale.-This improvement (village's portion) Giles County (P. 0. Pulaski), Tenn. 000. Date day of sale. Interest April 1 and Oct. 1 at the county has sold $100,000 court-house bonds. Cleveland Trust Co., Cleveland. Maturity $1,000 yearly on Glasgow, Mont.-Bond Offering.-This town, J. J. April 1 from 1910 to 1927 inclusive. Certified check for 5% Mullins, Clerk, will offer at public auction at 8 p. m. Mar. 10 of bonds bid for, payable to the Village Treasurer, is required. $50,000 coupon water-plant and system bonds at not ex- Official circular states there has never been any default in_the ceeding 6% interest. Authority vote of 73 "for" to 1 payment of any debt. $1,000. "against" at election held Jan. 12. Denomination of Bands.- July 1 at the Lamoni, Decatur County, Iowa.-Description Date May 1 1909. Interest Jan. 1 and We are informed that the $25,000 5% water-works bonds Town Treasurer's office or in New York City at option call after awarded on Dec. 8 1908 to the Wells & Dickey Co. of Minne- of purchaser. Maturity May 1 1929, subject to p. of to the Town apolis at 104.30 (V. 88, 519) are in denominations May 1 1924. Certified check for $500, payable $1,000 and are dated Dec. 1 1908. Interest semi-annual. Treasurer, is required. Maturity Dec. 1 1928. Grand Rapids), Grand Rapids School District (P. 0. Lawton School District (P. 0. Lawton), Comanche Mich.-Bond Sale.-The following proposals were submitted to school-building County, Okla.-Bond Sale.-According reports, $100,000 on March 1 for the $100,000 432% coupon bonds were sold on Feb. 19 to the Thos. J. Bolger which was given in high-school and site-purchase bonds, a description of Co. of Chicago at 104.20. V. 88, p. 247: Lehi, Utah County, Utah.-Bond Sale.-During the month Wm.R.Compton Bond & Woodin, MeNear & Co., Mtge. Co., St. 00 Chicago •$102,433 00 of January $20,500 5% gold coupon water-works bonds were Lou18.'5103,720 102,410 00 Lee,Higginson&Co.,Chic, 103,141 00 N.W.Halsey&Co.,Chic__ awarded to the State Board of Land Commissioners at par. 00 C.E.DenisondcCo.,Cleve_ 102,313 25 Old Nat.Bk.,Grand Rap_ 103,125 00 A. B. Leach & Co., Chic_ 103,050 00 McCoy & Co., Chicago__ 102,275 Denomination $1,000, except one bond of $500. Date Oct. Amer.Tr.& S.13.,Chicagol E.H. Rollins & Sons,Chic. 102,273 00 15 1908. Maturity Oct. 15 1928, subject to call after Oct. 15 103,037 00 John Nuveen&Co.,Chic__ 102,271 00 Ohild,Hulswit&Co.,G.1%4 00 First Tr. ec S. Bk., Chic_ 102,942 00 W. R. Todd & Co., Cln__ 102,250 1918. 102,880 00 Otis & Hough, Cleveland 102,012 00 Harris Tr. & S. 13., Chic_ _ 101,875 00 Leipsic, Putnam County, First Nat. Bank, Cleve__ 102,819 00 Alb.Kleybolte&Co.,Cin Ohio.-Bondlyfering.-Propos- 102,630 00 Thos.J.I3olgerCo.,..Chic_ 101,630 00 als will be received until 12 m. March 9 by H. G. Moenter, Union Trust Co., 1Det. Chic_•100,851 00 Bumpus-StevensCo.a H. T. Holtz & Co., Corporation Clerk, for $14,959 18 5% coupon Easton Street • And furnish bonds. improvement assessment bonds. Authority Section 1536- bid was also received from S. A. Kean of Chicago, but 281, Revised Statutes. Denomination $1,495 92. Date A at It was not accompanied by the required certified check. Ma- Dec. 1 1908. Interest annually in Leipsic the office of turity on Sept. 1 as follows: $75,000 in 1914 and $25,000 in Village Treasurer, or at the Bank of Leipsic. Maturity 1918. $1,495 92 yearly on Dec. 1 from 1909 to 1918 inclusive. Certified check for 2% View, Spencer County, Ind.-Bond Sale.-The Bonds are exempt from taxation. Grand to the Village Treasurer, is 5% coupon gas-plant bonds described in V. 88, of the bonds bid for, payable $4,000 to pay accrued interest. p. 580, were awarded on Feb. 27 to the Grandview Bank of required. Purchaser Grandview at 100.25. A bid of $4,005 was also received Logan, Ohio.-Bond Offering.-Proposals will be received from Charles C. Wedding & Co. of Indianapolis. Maturity until 12 m. March 30 by F. C. Grove, Village Clerk,for $5,000 $200 each six months from July 1 1910 to Jan. 1 1920 in- 4% water-works-system-improvement bonds. Authority clusive. Section 2835, Revised Statutes. Denomination $500. Gwinnett County (P. 0. Lawrenceville), Ga.-Bonds De- Date March 25 1909. Interest annual. Maturity $500 state that the voters of this county recently yearly on March 25 from 1910 to 1919 inclusive. Certified feated.-Reports bid for, payable to the Village Treas- a proposition to issue $50,000 road-improvement check for 50% bonds defeated urer, is required. Purchaser to pay accrued interest. .,,De- bonds. livery within 10 days from time of award. Hannibal, Marion County, Mo.-Bond Sale.-The $75,000 88, p. 247) have been Luverne, Crenshaw County, Ala.-Bond Sale.-The $20,- city-hall bonds voted on Jan. 14 (V. water-works bonds offered at private sale to local banks. 000 5% 10-20-year (optional) disposed of, we are advised, on Dec. 15 1908 (V. 88, p. 248) have been - without success Indianola, Sunflower County, Miss.-Bond Offering. sold to J. B. McCrady & Co. of Atlanta. Proposals will be received until March 11 by W. M. Kim- water-works-improvement Mabton, Yakima County, Wash.-Bond Sale.-On Feb. 23 brough, Town Clerk, for $10,000 the $12,800 20-year exceeding 5 interest. Authority, Section 1, the State of Washington was awarded bonds at not water-works-system bonds described in V. 88, p. 519 at Chapter 298, Laws of Mississippi, as amended June 211898. April 1 1909. Maturity $100 par for 5s. Bids were also received from H. T. Holtz & Co., Denomination $100. Date H. Coffin, all 1910 to 1928 inclusive and $8,100 on April 1 John Nuveen & Co., S. A. Kean and Chas. on April 1 from of Chicago, and James H. Adams & Co. of Los Angeles. 1929, all bonds remaining unpaid after five years being sub- ject to call. Bonds are exempt from taxation. Certified McAlester, Pittsburg County, Okla.-Bond Sale.-On check for 2% of bid, payable to W. M. Kimbrough, Town March 1 the three issues of 5% 20-year bonds aggregating Clerk, is required. $203,000, described in V. 88, p. 519, were awarded, it is Co. of Toledo for $213,700-the price Johnstown, Fulton County,N.Y. -Bond Sale.-On Feb.26 stated, to Spitzer & thus being 105.27-a basis of 4.595%. the $50,000 4% coupon high-school-building bonds de- p. 519, were awarded to Kountze Bros. of Following is a list of the bids received: scribed in V. 88, Spitzer & Co., Toledo_ __ _ _$213,7001John Nuveen & Co., Chic $212.085 York City at 105.58 and accrued interest. A list of Jefferson Tr. Co., McAlester 212,125 McCoy & Co., Chicago____ 209,100 New the bids follows: Dallas Tr. & S. B., Dallas__ 212,100 Speer & Dow 206,248 are Kountze Bros., New York___ 105.58 First Nat. Bank, Cleveland__103.89 Malden, Mass.-Description of Loan.-We informed W. N. Coler & Co., New York105.077 Ferris & White, New York__103.831 that the loan of $150,000 recently negotiated with Curtis & J. D. Everitt dc Co., N. Y___105.03 Adams & Co., New York 103.76 L. Barnum dc Co., N. Y 105.024 W. J. Hayes & Sons, Clev___103.65: Sanger of Boston at 3.20% discount and a premium of 50 Parson, Son & Co., N. Y 104.929 H. L. Crawford & Co., New cents (V. 88, p. 58) is dated Feb. 24 1909 and matures N. W. Harris & Co , N. Y 104.913 York 103.583 A. B. Leach & Co . New York104.77 IC. E. Dennison & Co., Clev_ _103.57 Nov. 24 1909. Kankakee County (P. 0. Kankakee), Ill.-Bond Sale.-On Manitou, El Paso County, Colo.-Bond Election.-Local Feb. 24 $150,000 4% court-house bonds were awarded to papers state that an election will be held to vote on a pro- N. W. Halsey & Co. of Chicago for $151,850 (101.233) and position to issue $14,000 refunding water-works bonds. accrued interest. Denomination $1,000. Date March 1 Marion, Ohio.-Bond Offering.-Proposals will be received 1909. Maturity $10,000 yearly on July 1 from 1916 to 1930 until 12 m. March 12 by Harry S. Elliott, City Auditor, for inclusive. the following 4% bonds: Kaufman, Kaufman County, Tex.-Bond Election.-A $900 funding bonds. Denomination $300. Maturity $300 each six months from Sept. 1 1910 to Sept. 1 1.911 inclusive. Certified check $60,000 water-works bond election will be held to-day, for $100 is required. March 6. These securities, if authorized, will take the place 2,200 funding bonds. Denomination $500 except one bond for $200. in V. 88, p. 247, as the Maturity one bond each six months from Sept. 1 1910 to Sept. 1 1912 of the $60,000 bonds mentioned inclusive. election void by the Attorney- original has been declared The above bonds will bear date as of March 1 1909. Inter- General. est semi-annually at the office of the City Treasurer._Pur- Kiowa, Pittsburgh County, Okla.-Bond Election.-An chaser to pay accrued interest. question of election will be held March 12 to vote on the County Road District No. 1 (P. 0. Medina), 6% 15-.25-year (optional) water-works and Medina Ohio. Issuing $31,000 -Bond Offering.-Proposals will be received until 1 p. m. electric-light bonds. These securities, if authorized, will on Dec. 28 to-day (March 6) by C. R. Warner, Secretary of Road Com- take the place of a like amount of bonds voted $10,000 4% coupon road-improvement bonds. which election has been declared void. missioners, for 1908 (V. 88, p. 247), Authority, Section 4757-16 and 22, Revised Statutes of Lake Village, Chicot County, Ark.-Bond Sale.-The $25,- Ohio. Denomination $500. Date March 11909. Interest 000 6% 20-year coupon Water Works Improvement District semi-annually at the office of the Secretary of Medina County No. 4 bonds offered on March 1 (V . 88, p. 462) were awarded Road District No. 1. Maturity $5,000 in the years 1921 to the New First National Bank of Columbus at 102.20 and and 1922. Bonds are exempt from taxation. Cash or cer- accrued interest. A list of the bids follows: tified check for 2%, payable to the County Road District, is New First Nat. Bank, Colum.$25,5501S. A. Kean, Chicago $22,525 required. F. L. Fuller & Co., Cleve ____ 25,0001Farson. Son & Co., Chicago 22,506 Date March 1 1909. Interest July 15 at the Chicot Bank Middlesex County (P. 0. Lowell), Mass.-Temporary it is & Trust Co. in Lake Village. Bonds are exempt from taxa- Loan.-A loan of $100,000 has been negotiated, stated, tion. with Loring, Tolman & Tupper of Boston at 303% discount

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and a premium of $1 50. Loan is dated March 11 1909 and In addition matures in eight months. to the above the following bids were also, submitted. Where the name of grl Mobile, Ala.—Bond a bidder already appears Offering.—Proposals will be received among the foregoing successful ones until 12 m. March 20 we give only that by Pat J. Lyons, Mayor, for the $320,- portion of the offer which was not successful: 000 5% coupon bonds mentioned in V. 88, p. 582. Authority 1$10,000,000 (all Harvey Fisk&Sons,152,000,000- Section 1410, State Wm. Salomon & I or none) -100.277 Code. Denomination $1,000. Date -101.273 Blake Bros., N.Y.) to 100.377 May 1 1909. Interest semi-annually at Co.. New York'-j 8,115,000-100.397 Wadsworth&Wright, Mobile. Certified to 101.397 New York check for 2% of bid, Lazard Freres, New 65,000-461.375 payable to the City of Mobile or Pat R. M. Grant & Co.,' 450,000..100.18 Lyons, Mayor, York 3.000,000..101.29 New York J. is required. Zimmerman For-1 1 to 101.23 & 390,000...100.89 Chas. W. Langford( 10,000-101.05 tfl Montgomery County (P. 0. Dayton), shay, New York 1 to 101.31 Ohio.—Bond Sale.— R. L. Day & Co.,J 1.000.000..100.891 1 to 101.25 On Feb. 25 the $1,300 4 Kuhn, Loeb & Co..! 5,000,000_101.13 coupon Clay Township Binkley New York 1 t, 101.091 New York Ditch improvement Myron S. Falk____ I 100,000..100.90 1 to 101.26 bonds described in V. 88, p. 520, were Lee, Higginson &I 2,000__101 awarded to 101.30 co to the Dayton Savings & Trust Geo. T. Pettenglli-} 175,000_101.01 1 to 101.25 Co. of Day- J. & W. Seligmanf 871,000_100 ton at par and accrued interest. I to 101.26 & Co., New Maturity on March 1 Ed. Canfield 1 York) to 101.0625 aslfollows: $300 yearly from 20.000-100.50 Merrill, Oldham &I 120,000_100.63 1910 to 1912 inclusive and to 100.875 Co $400 in 1913. Knauth, Nachod dr) 550,000_100.41 1 to 101.26 Harry Horn 100--100 Kuhne, N. Y---1 to 101.379 Westbrook pg Moorhead, Sunflower Italian-American Trust Co.. County, Miss.—Bond Sale.—This 5 75,000_101.125 Westbrook, Me Trust Co., N. Y..1 to 101.375 10,000_ -100 town has sold $12,000 high-school-building Kean, Van Cort-5 50,000_ _101.05 bonds. Robert M. Murray__ 100,000-100 landt & Moundridge, McPherson Phenix Nat. Bank, Co.,N.Y.1 to 101.30 County, Kans.—Bond Sale.— Rembrandt Realty{ 60,000_ -100.76 The $17,500 waterworks New York 50,000_ 100.25 Co and $11,000 electric Rube R. Fogel....{ 100,000_ -101.01 to 101.26 -light works Emil Stark 1,000__101 43/2% 5-20-year (optional) coupon bonds described to 101.37 Leo J. Lehman in V. 88, Seaboard NatIonalf 250,000.-100.25 75,000_ _100.50 p. 116, were sold on Jan. 16 to the H. J. Prince 5,000_100.95 Ancient Order of United Bank, New York) to 100.50 Sternberg, Sinn &I Workmen of Kansas at par. L. H. Crall { 25,000 _100.875 20,000..100.50 Co 1 to 101 to 101.375 Trust Company of pi Mt. Pleasant Union Free School O'Loughlin & Rudell 150,000-100 District No. 9 (P. 0. America, N. Y___ 300,000-101 Pleasantville), Westchester County, Mason & Merrill, John Edward Marsh N. Y.—Bond Offering. Portland, Me_ _ -.. 10,000-100 210,000-101.25 —Proposals will be received S. Kuhn &Sons,{ 350,000- _100.57 until 5 p. m. March 10 by the German-Amer. Nat. New York Board of Education Bk.,Ft.Wayne,Ind. 10,000-101 to 101.27 at the office of Merriam & Holden in Dr. Sara Welt-Kahles 10,000.-101 Pleasantville L. M. Prince & Co.5 100,000-100.79 Brighton-German 5 for the following 43% registered 1 to 101.324 20,000-101.16 school- Bank Co.. Chic..) to 101 36 building and site-purchase bonds: Citizens' Cent. Nati 130,000-100.60 Fred. Blanche, Bern- Bank, New York) to 101.30 510,000 bonds maturing 52,000 yearly phis, Tenn 5,000-100.50 on Jan. 1 from 1919 to 1923 inclusive. Schafer Bros I 482,000 _100.78 David 50,000 bonds maturing $2,000 yearly on Jan. May 3,000-.100 50 1 from 1924 to 1948 inclusive. 1 to 101.38 Estate of Frank W. Denomination $1,000. Date July 11909. Interest semi- T. W. Stephens &I 200,000_100.29 Higgins, Olean, annually in New York Co 1 to 101.04 N. Y 16,000-101 exchange at the Mt. Pleasant Bank Werner Bros. &I 500,000.100.7001 Security Trust Co., of Pleasantville. Bonds GoldschmIdt----1 to 101.2732 Rochester, are tax-exempt. Certified check, Lehman N. V. 100,000.-100.50 cash or bank draft for 10% of Bros 300,000_101.17 Edson M. Hodge__ 1,000.-100 bonds bid for, made payable to 101.37 Kelley, Howell &Co. the District R. W. Wood 175,000-101.50 to Treasurer is required. 50,000-100.501 A. Banks dr Co— —5 25,000- -100 to 100.751 1 to 101 New York City.—Bond Sale.—The City Comptroller Gilman & Clucas,f 150,000-100.50 Jos. on New York Nelson 5,000_ _100.25 March 2 opened the 1 to 101.25 Albert Il. Garvin 136 bids received for the $10,000,000 Wm. W. Struthers{ 20,000_101 1,000.-100 4% 50-year gold registered Orange Co. Trust Co. 60,000_ _101 or coupon corporate stock, de- to 101.25 Foster & Adams..{ 100,000- scribed Wm. W. Judson. I 75,000-.100.093 -100.966. on page 520 of the "Chronicle" for Feb. 20. The to- to 101.266 tal of bids 1 to 100.958 Fifth Nat, Bank3 20,000-100.50 received aggregated $43,068,130. Of the 136 bids Millet, Roe & Ha-1 400,000-101.011 New gen. New York 1 to 101 submitted, 60 were successful. York-1 to 101.333 Geo. H. Beaman__ The bonds were disposed of Jos. G.Switzer- - _{ 2,000-.100.60 at an 25,000- -100.522 E. B. Levy 5 60,000— 100.75 average price of 101.57—a basis of about 3.93%. At to 101.10 Merchants' 1 to 101.376 the Nov. 23 1908 offering, which Nat. Bk., Benj. H. was for $12,000,000 4% for Farmers' Nat. Horn 10-100 Ai 50-year Louis Wechsler_ ...?1 05,000_-100.51 corporate stock and $500,000 4% 10-year assessment Bk.otAdams,N.Y. 1,000_ _101.30 bonds, Adams & CO f to 101 20 an average price of 102.385—a basis of,about 3.89% 75,000..101.03 Anton Horn 20--100 —was realized long-term 1 to 101.27 Ralph W. Kenyon 10,000.-100.59 on the bonds, while on the assess- Merchants'Nationalj 500,000.-100.25 Bank Long Island Trust ment bonds the average price was 101.52—a basis of about 1 to 101.08 Co., Brooklyn 100,000-101.2 J. S. Bache & __,.. 5 3.82%. The awards for last Tuesday's Co., O'Connor& { 250,000- _100.897 offering are given York 500,000.-100.50 Kahler,New herewith: W. N. New York to 101.329. Coler & Co.,! 450,000_ _100.389 Farson, Son 500,000_ Dr. New York & CO.,! _100.65 W. A. Bedell_ _ - $2,000_ _104 Merch, Nat. Bk.,) $1,000._101.70 1 to 101.278 New York to 101.31 Mrs. M.Schwarzkot 3,000_103 for Stout & Co { 1 Farmers' Nat.I 1,000._101.60 125,000.-101.19 Wm, E. Cable Jr..5 175,000..100.64 Doris Healy------10,000_ _102.19 Bank of Adams,} 1,000.-101.50 to 101 432 National Park 1 to 101.33 { 27,000_ _102.02 N.Y 1,000_ _101.40 Bank, Fidelity Trust Co.,! 90,000-101.02 Cummings k Co.__ 100,000-102.175 Lehman New York 10,000-101 Brothers.I 100,000__101.67 Potter, Baltimore, Md.-1 to 101 27 100,000_ _102.01 New York 150,000_ Choate &f 175,000-.100.25 500,000-.100.675 _101.57 Prentice, N. Lawyers' Title ins.' Farmers' Loaa &I 100,000_ _101.88 150,000_ _101.47 Y__1 to 101.25 & Tr, co., N. Y.1 to 101 Trust Van Norden Trust 075 Co., N. V. 100,000_ _101.76 E. & C. Randolph_ f 10,000-101.65 j 300,000.-100.50 Hamilton Pell- — -I 45,000- -100.88 1 100,000..101.63 Co., New York_ _1 to 101.25 1 10,000_ -101.63 Dick to 101.32' 100,000_ _101.51 Kean, Van Cort-f 25,000_ _101.65 Bros & Co., Bank Suffolk,/ 10,000-100.875. New York of 10,000_ _102.01 landt&Co., N.Y. 25,000..101.45 20,000._101.25 Stonybrook,N.Y.1 to 101.375 10,000..10i.88 Crocker & Fisherd 25,000-101.633 Bolognesi,Hartfleld I 182,000_100.77 & Co., Edward Earl — --I 100,000.-101 Merrill, Oldham & 10,000_ _101.76 Boston, Mass. '1 25,000-.101.393 New York) to 101.50 to Co., Boston,Mass Raphael 101.375 10 000_ -101.63 G.Bernheim 5,000.-101.63 Prager___{ 15,000-.100.51 Jos. L. Batten-1 43,000.-100.63 20,000..101.51 Jos. L. Butten-{ 10,000-101.63 to 101.005 weiser to Blodget, 1 101.63 20,000_ _101.39 welser 7,000-.101 38 Merritt &I 400,000...101.018 S. S. Goodman 20,000-100.50 Zimmerman 1.O00.102 LC° . New k For-f Chase Nat. Bank,I York-4 to 101 415 Fuller Co. N Y --- 10,000-100 771 shay, New York.) 10,000_ _101.75 for Banque Com-} 200,000.101.6285 Latham, Alexander mercialle De Bale I Bond Sales.—Thersinking fund of this city during the & Co., New York_ 50,000_102 Basle, Switzerl'd month of February .1. & W.Seligman k 5,000_ _102 Chase Nat. Bk., forl purchased the following bonds: Co., New York_ _1 5,000_ _101.50 Merch. Nat. Bk.). 50,000_101.6285 Purpose. Rate of Int. Maturity. Amount. 100,000_ -102 of kilddletown,04 Various municipal purposes 3 1958 $917,000 Otis k Honk, 1 100,000..101.875 Potter, Choate & Rapid transit bonds 4 1951 220,000 100,000.-101.75 Cleveland, Ohio_ I. Prentice, N. Y 1 100,000_ _101.625 100,000.-101.625 Soil Gunzberger__.- 25,000_ _101.626 Total $1,137,000 Fred Miller 1,000-.102 Paul C. Schnitzler. 10,000_ _101.625 The following revenue bonds (temporary 6,000-101.75 1 8,000_ _101.50 securities) were Bernard F.MeManus 5,000..i01.875 J. Salomon 6,000..101.61 also issued during February: ft. W. Geidart 2,000- _101.875 Citizens' Cent. Nat.) 10.000_ _101.60 Interest. Kilda Miller..____{ 6,000_ _101.875 Bank, New York } 10,000_101.50 Revenue Amount. 6,000_ _101.625 bonds, current expenses 3 10,000_101.40 Revenue bonds, $26,415,000 3,000_ _101.84 current expenses 3 500,000 10,000.-101.ft Revenue bonds, special 2.000..101.83 Wadswortk & I 10,000-.101.51 3 3-6 250,000 _101.82 3,000_ Wright, N. Y. 10,000.-101.40 Total 3,000- _101.81 10,000-101.41 $27,165,000 N. D McGraw).-_ 3,000_ _101.80 The Brighton Ger-1 North Hempstead, Nassau 3,000..1O1.75 man Bank Co., 5,000..101.58 County, N. T.—Bonds R.- 3,000.-101.70 Cincinnati, 0-4 5,000_ _101.46 fused.—Ferris & White of New York City have refused to 3,000_ _101.65 William Salomon dr5 1,000,000_401.547 accept the $25,000 43% gold coupon Washingtoa 3,000_101.60 Co., New York.-) 885.000-.101.397 Port 3,000.-101.55 Moffat & White, public dock bonds awarded them on April 14 1908 (V. 86, 25,000_ _101.76 New 'York 15,000...101.52 p. 997). Geo. T. Pettengill- 25,000.-101.63 Stout & Co., Newl 26,000_101.615 25,000..101.51 York 1 25,000_ _101.432 Norwalk, Conn.—Bids Rejected.—The following bids, both 18,000..101.38 Wm. J. Mann 37,000..101.51 of which were rejected, 15,000_ _101.76 S. Kuhn & Soiled 50,000-_101.51 were received on March 4 for the Louis Wechsler 15,000_101 51 New York __ _1 50,000__101.39 $225,000 4% 30-year coupon or registered refunding bonds 11,000--101.38 Fortson, Son dr Co , described in V. 88, p. 520: E 11. Bonner & Co., New York 100,000- _101.51 New York Perry, Coffin 50,000-101.75 C. K Phlpard 50,000..101.602 & Burr, Boston.100.861 I Blodget, Merritt & Co., Bos_100.337 Sol Kahn 1,000-101.75 Italian-Amer. Trust Oakley (P. 0. German Nat. Bk.,1 2,000.-101.75 Co., New York_ 25,000_ _101.50 Sta. 0, Cincinnati), Ohio.—Bond Sale.-0a Ft„Wayne, Inthl 10,000_ _101.50 Bolognesi, Hart field I 25,000_101.50 March 2 the $11,814 26 5% coupon sewer-improvement 1,000.000..101.75 & Co., New York) 18,000-.101.38 assessment Kuhn, Loeb k Co..' 1,000.000_ _101.63 Lee, HiggInson & bonds dated Feb. 5 1909 and described in V. 88, New,york 1,000,000. _101.51 Co., New York 1,000_101.50 p. 582, were awarded to Weil, Roth & Co. of Cincinnati at 1,433,000_ _101.38 Eliza M. Miller 6,000..101.50 104.003 and accrued 3,000_101.75 Kelley. Howell &Co. 175,000..101.50 interest. Following are the bids: C. Edwin Spinney_ 5,000_ _101.625 E. B. Levy I 10,000_ _101.50 Premium. Premium. 5,000_101.50 Millet, Roe & Hagen, Well, Roth & Co., Cincinnati 5473 00 Oakley Bank J. S. Bache dr Co.,I 20,000_ _101.75 New York Seasongood'A'Mayer,WInc__ $413 50 100,000.-101,444 461 00 Western-Gorman Bank, Clnc_ 360 00 New York 1 10,000-101.50 R. M Grant dr Co , Oklahoma Orvis Bros. & Co _._ 3,000_ _101.75 New York 50,000_401.43 City, Okla.—Bond Election Proposed.—This Biodget, Merritt 100,000..101.713 Adams & Co 25,000_101 42 city proposes to hold an election to vote on the issuance of Co 100,000._101.574 Hamilton Pell 5,000-101.40 bonds. 100,000- -101 415 W. N. Coler & Co , New York 60,000-101.387 Paris, Lamar County, Tex.—Bond Schafer Bros 18,000_401.38 Election.—Reports state that an election will be held March 23 to vote on pro- Total $10,000,000 positions to issue the following bonds: $10,000 to remodel

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis MAE. 6 1909.] THE CHRONICLE 643

$10,000 to awarded on Jan. 25 (V. 88, p. 583) to G. G. Blymyer the city-hall; $10,000 to rebuild the high school; Date Jan. 0.5 water-supply; $10,000 to establish an abattoir of San Francisco. Denomination $1,000. purify the Maturity part yearly from $25,000 to improve the streets. 1909. Interest semi-annual. and 1910 to 1949 inclusive. re- Pasadena, Cal.-Bond Offering.-Proposals will be Offering.-Proposals will City Clerk, for Schenectady, N. Y.-Certificate ceived until 9 a. m. March 9 by Heman Dyer, be received until 11 a. m. March 10 by 0. S. Luffman City the $150,000 4% improvement bonds mentioned in V. 88, indebtedness,' to be 120 Comptroller, for $200,000 certificates of p. 520. Denominations: 120 bonds of $1,000 each and of taxes. Authority Interest semi- issued in anticipation of the collection bonds of $250 each. Date March 1 1909. 78, 473, Laws of 1906. Denomination to Treasurer. Maturity Section Chapter annually at the office of the City suit bidder. Date March 10 1909. Interest rate to be $3,750 yearly on March 1 from 1910 to 1949 inclusive. Bid check on a by named in bid. Maturity Nov. 10 1909. Certified must. be unconditional, made on a printed form furnished of bid for, payable on a bank bank or trust company for 1% certificates the city and accompanied by a certified check is required. Purchaser to pay ac- for 2% of bonds to the City Comptroller, doing business in Pasadena or Los Angeles, crued interest. Dyer, City Clerk. Pur- bid for, made payable to Heman Okla.-Bond Sale.-On Feb. 17 $125,000 storm- chaser to pay accrued interest. The legality of these bonds Shawnee, & Milliken, a copy sewer and intersection, $50,000 convention-hall and $20,000 will be approved by O'Melveny, Stevens to & Co. of to purchaser. hospital 5% 20-year bonds were awarded Spitzer of whose opinion will be delivered $1,000. Date Jan. 1 Sale.-This Toledo at 102.50. Denomination Pennsburg, Montgomery County, Pa.-Bond 1909. Interest-semi-annual. borough sold $5,000 33'% electric-light bonds. has Sheboygan, Wis.-Bond Offering.-Proposals will be re- Pittsburgh, Pa.-Bond Offering.-This city will offer for by the Mayor and John M. p. 396) ceived until 2 p. m. March 10, sale on March 15 the $1,975,000 4% bonds (V. 88, for the $360,000 4% water-works- the Monongahela Steimle, City Clerk, for the purpose of purchasing the plant of bonds mentioned in V. 88, p. 464. Date March [1 until Jan. 13 1939. Bonds extension Water Co. Maturity part yearly 1909. Interest semi-annually at the Chemical National are exempt from taxation. The legality of this issue is on March 1 1912 of New York City. Bank in New York City. Maturity $10,000 being passed on by Delafield & Longfellow to 1928 inclusive and $30,000.in March 19 1909. and part yearly from 1913 Bonds will be ready for delivery 1929. Certified check (or cash) on a national bank for 3% Pomona, Cal.-Description of Bonds.-We are informed of bonds bid for, payable to City Treasurer, is required. at the election to be held that the bonds to be voted on Union Free School District No. 10 (P. 0. following description: Skaneateles March 10 answer the Skaneateles), Onondaga County, N. Y.-Bond Offering.- city-hall-site bonds. Denomination $575. $23,000 43% Denomination $750. Proposals will be received until 7 p. m. March 8 by E. C. 30,000 434% city-hall-building bonds. cou- City Maturity Miller, Clerk of the Board of Education, for $40,000 4% Interest semi-annualy at the Treasury. Denomination yearly for forty years. pon or registered school-building bonds. one bond of each issue April 1 1909. Interest annually on Oct. 1, Offering.--Pro- $1,000. Date Pontotoc, Pontotoc County, Miss.-Bond at the National Bank of Skaneateles. Maturity on by J. M. Nisbet, Town payable posals will be received until March 22 Oct. 1 as follows: $1,000 yearly from 1910 to 1925 inclusive Clerk, for $25,000 53'% school-building bonds. Authority 1926 to 1937 inclusive. Certified and and $2,000 yearly from Section 3415, 3416, 3419 and 3420 of Code of 1906, bid, payable to the Board of Education, is $500. Date check for 1% of Chapter 189 of Laws of 1908. Denomination Bonded debt, including this issue, $108,200. annually in Pontotoc. Maturity required. March 1909. Interest Assessed valuation, $1,365,400. Certified check for 5% of bid, payable to twenty years. County, Texas.-Bond Election.-A E. Whiteside, Mayor, is required. Stamford, Jones W. to issue $20,000 street-improvement bonds will Cambria County, Pa.-Result of Bond Election.- proposition Portage, be submitted to a vote of the people on March 26. A tie vote was cast at an election held Feb. 16 on the question Swanton School District (P. 0. Swanton), Saline County, of issuing $25,000 sewer bonds. has voted to issue $12,000 $10,000 Neb.-Bonds Voted.-This district Portsmouth, Ohio.-Bond Sale.-On March 3 the It is expected that the issue will be bonds described in school-building bonds. 4% coupon fire-department building by the Public School Fund of the State of Ne- to the Central National Bank purchased V. 88, p. 582, were awarded braska. at 100.33 and accrued interest. Following of Portsmouth Pierce County, Wash.-Bond Offering.-Propos- are the bids: Tacoma, 00 W. Linck, Mayor, Portsmouth$10.033 00 Well, Roth & Co., Chi_ _410,020 als will be received until April 5 by John Central N. B., Cleve_ __ 10,014 00 Central Tr. & S. D.Co.,Cln 10,029 00 First Nat. Bank, the $300,000 "Tacoma Electric Light and Power System -German Bk.,Cin_ 10,020 15 for Western Denomination $500. Maturity on July 1 as follows: $4,000 in each of the years Bonds" mentioned in V. 88, p. 250. 1911 and 1912 and $2,000 in 1913. Interest (rate not to exceed 5%) payable semi-annually at Raritan Township School District, Hunterdon County, the fiscal agency of Washington in New York City. Ma- school bonds N. J.-Bond Sale.-The $45,000 4% coupon turity twenty years. • 582, were sold on March 1 to local described in V. 88, p. notice of this bond offering will be found among at prices ranging from 101 to 105. The total The official investors this Department. premiums bid aggregated $775 60. Maturity on Jan. 1 as the advertisements elsewhere in follows: $1,000 in 1914, $1,000 yearly from 1916 to 1924 Troy, N. Y.-Certificate Sale.-The $75,0004% certificates inclusive, $2,000 yearly from 1925 to 1934 inclusive, and of indebtedness offered on Feb. 26 (V. 88, p. 583) were 39- $3,000 yearly from 1935 to 1939 inclusive. awarded to the National State Bank of Troy for $75,358 N. Y.-Note Offering.-Proposals will be re- the price thus being 100.477. Maturity Oct. 19 1909. ff,'Rochester, City Comp- ceived until 2 p. m. March 11 by Chas. F.,Pond, Tuscaloosa, TuscaloosalCounty, Ala.-Bond Sale.-0a troller, for the following notes: Feb. 18 the New First National Bank of Columbus purchased -works notes Nos. 694 to 705. accrued interest $200,000 notes to provide funds to pay water $75,000 5% water-works bonds at par and Date March 15 1909. Maturity six months. securities take the place of funds for the various departments for the month less $3,000 commission. These 265,000 notes to provide Date March 12 1909. to Field, of March, in anticipation of tax receipts. the $75,000 5% bonds awarded on Aug. 17 1908 Maturity three months. Longstreth & Co. of Cincinnati (V. 87, p. 500), but whick Denomination of notes and rate of interest to be named in refused by them. Denomination $1,000. Co. in were subsequently bids. Interest will be payable at the Union Trust Date July 1 1907. Interest semi-annual. Maturity July 1 New York City. 1937. St. Clair County Drainage District No. 1, Ill.-Bond Sale. County (P. 0. New Philadelphia), Ohio.- St. Louis Tuscarawas -The .Win. It. Compton Bond & Mortgage Co. of No Bond Election.-We are informed that the reports stating bought the $102,000 5% registered drainage bonds described that the County Commissioners are considerin the advisa- In V. 88, p. 583, on March 2 at par and accrued interest. bility of calling an election to vote on the question of issuing Following is a list of the bids received: $500,000 road-improvement bonds (V. 88, p. 584) are Co. Bank__98.20 Wm. R. Compton Bond & Illinois State Trust erroneous. St. Louis_ _ _ _100.00 Duke M. Parson, Chicago 97.50 Mortgage Co., _95.50 Brasoris Harris Trust & Say. Bk., Chic_ 99.50 Parson, Son & Co., Chicago__ Velasco Drainage District (P. 0. Velasco), Salem, Mass.-Bond Sale.-The $40,000 3M% 1-10-year County, Tex.-Bonds Not Yet Sold.-We are informed, been made of the (serial) coupon or registered bridge bonds awarded on Feb. 23 under date of Feb. 6, that no award has yet Perry, Coffin & Burr of Boston at 103.129 (V. 88, p. 583) $50,000 5% coupon drainage-improvement bonds mentioned to & Co. have been re-awarded at 100.839 to Merrill, Oldham in V. 88, p. 250. Boston. It is stated that the high bid was the result of Waverly, Bremner County, Ia.-Bond Election.-Accord- of 4% an error, the offer having been based on bonds bearing ing to reports, the question of issuing $15,000 high-school- interest. building-addition bonds will be voted upon March 8. Sandusky, Ohio.-Bond Sale.-Following is a list of the Wenatchee, Chelan County, Wash.-Bond Sale.-An issue sewer bids received on March 1 for the four issues of 4% of $30,000 5% 15-year bonds was sold on Feb. 25 to the Har- bonds described in V. 88, p. 521: ris Trust & Savings Bank of Chicago at 106.626-a basis of $2,900 $1,200 $700 $1,500 4.393%. A list of the bids received follows: Bonds. Bonds. Bonds. about Bonds. & Say. Bk., Chic_ _$31,9881C. H. Coffin, Chicago ;30,376 Sandus_•82.909 56 •$1,204 02 8702 49 $1,504 68 Harris Tr. 30,276 Amer. Bkg. & Tr. Co., J. H. Adams & Co., Los Ang_ 30.835 John Nuveen & Co., Chicago_ Bk., Sanctus_ 2,908 00 1,204 00 *705 00 '1,513 00 Third Nat. Exch. 1,510 50 $1,000. Date *April 1 1909. ..,,Interest 13anking Co., Sandus_ 2.90570 1,202 40 701,20 Denomination Citizens' semi-annual. • Successful bidders. Joint Union High7School District, Yolo and All bidders offered accrued interest in addition to their bids. Winters - Solano Counties, Cal.-Bonds Refused.-We are advised Sausalito, Mann County, Cal.-Price Paid for Bonds. coupon high- bonds that the $30,000 5% 1-15-year (serial) gold This city received 109.10 for the $100,000 5% water

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school-building bonds $11,800 school bonds. sold on Aug. 3 1908 to E. H. Rollins Date March 1 1909. Maturity ;590 yearly on & Sons of San Francisco (V. 87, 771) have been refused March 1 from 1910 to 1929 Inclusive. P. 18,000 street-paving bonds. Date Feb. 1 1909. Maturity $1,000_yearly by them. Their attorneys claim that the proceedings pre- on Feb. 1 from 1910 to 1927 inclusive. liminary the election to were irregular. Interest April 1 and October 1. Certified check for 2% Worcester, Mass.-Bond Sale.-On March 2 $325,000 of bonds bid for, payable to Gideon H. Peck, City Treasurer, 35,6% 10-year registered bonds were awarded to Merrill, is required. Delivery March 15 1909. Purchaser to pay Oldham & Co. of Boston at 102.169 and accrued interest- accrued interest. The opinion of Delafield & Longfellow of s basis of about 3.245%. A list of the proposals follows: New York City, certifying to the validity of the above issue, Merrill, Oldham & Co., Bos__102.169 Blake Bros. & Co., will be furnished to the successful purchaser. Blodget, Merritt&Co., Bos__102.042 E. H. Rollins & Sonstposton101 .777 Adams & Co., Boston 101.857 Kountze Bros., New ork__ _101.71 C. E. Denison & Co., Boston101,8477 R. L. Day & Co., Boston_ _ _ _101.689 Canada, its Provinces and Municipalities. A. B. Leach & Co., Boston101.833 N. W. Harris & Co., Boston. 101.53 Bay Township, Ont.-Debentures Parkinson & Burr, Boston__ _101.7951Perry, Coffin &I3urr, Boston_101.21 Authorized.-The Town- The bonds were ship Trustees have passed a resolution providing for the issu- issued for the following purposes: $100,000 ance of $2,950 5% coupon for the abolition of grade crossings; public-highway-improvement de- $50,000 for school. houses bentures. The securities will be and school lands; $50,000 for permanent dated July 1 1909 and ma- paving; $50,000 ture part yearly on July 1 from 1915 to for macadam paving; $25,000 for sidewalks and cross-walks; 1920 inclusive. In- $25,000 for sewer terest semi-annual. C. W. Darr (It. F. D. 3, Port Clinton) purification; $15,000 for the permanent is Township Clerk. improvement of school houses and $10,000 for sewer con- Boissevain, struction. Date Jan. 1 1909. Interest semi-annual. Bonds Man.-Debenture Election.-An election will are tax-exempt. be held to-day (March 6) to vote on the question of issuing $7,000 electric-light-works Wymore, Neb.-Bonds Not Sold. debentures. -Up to Feb. 26 no award Brandon, Man.-Debenture Sale.-The had yet been made of the $30,000 4% 10-20-year (optional) following deben- registered refunding bonds tures were awarded on Feb. 24 to the Dominion Securities described in V. 88, p. 252. Corporation Ltd., of Toronto: Yakima County School District No. 49, Wash.-Bond $20,000 435%' 30 -year refunding court-house debentures. Sale.-On Feb. 27 this 12,000 5% 30 year sewer debentures. district disposed of $15,000 bonds. 12,000 5% 20-year sidewalk debentures. The State of Washington was the successful bidder, paying Chatham, N. B.-Bids Rejected.-All bids par for 5s and giving the district the privilege to redeem the received on same after one year. The other bidders Feb. 24 for the $25,000 4% coupon electric-light debentures were: described in V. 88, p. 524, were rejected. E.H.RollIns&Sons,Denv_a$15,340 0010. H. Coffin & Co., J.H.Adams&Co.,Los Chic_b$15,301 00 Ang. a15,325 00 Wm.D.Perkins&Co.,Seatt b15,000 00 Estevan, Sask.-Debenture Election.-We are advised that Harris Tr. & S. 13., Chic_ a15,175 00 John Nuveen & Co., Chic c15,283 00 Farson, Son & Co., Chic_ a15,153 50 in addition to the propositions to issue $30,000 debentures for fire protection and $10,000 debentures for a town La For 5s. b For 5 Ms. c For 6s. hall (V. 88, p. 586) the question of issuing $10,000 sewer deben- In addition to the above, S. A. Kean of Chicago bid tures will also be voted upon March 12. The debentures, if $15,675 for 6% bonds or $15,165 for 53% bonds or 5% voted, will carry 5% interest, be coupon in form and mature bonds on the same basis. part yearly for 30 years. Yonkers, Westchester County, N. Y.-Bond Oflering Fort William, Ont.-Price Paid for Debentures. Proposals received until -The will be 12 m. March 9 by James T. City Treasurer informs us that the Ontario Securities Co. Lennon, City Comptroller, for the following 4% registered of Toronto paid 100.88 and accrued interest bonds: for the thirteen issues of 4M% coupon debentures aggregating $485,500

NEW LOANS. NEW LOANS. THE CITY OF SEATTLE 0300,000 City of Tacoma, Wash. $500,000 $500,000 !ELECTRIC LIGHT AND POWER , MUNICIPAL LIGHT EXTENSION BONDS PARK BONDS SYSTEM BONDS. Notice is given Sealed proposals will be received hereby that on Monday, the by the under- Sealed proposals will be received byrthe under- 5th day of April, 1909, at the office of the Mayor signed until Twelve (12) o clock Noon of March 13 signed until Twelve (12) o'clock of 1909, Noon of;March 13, the City of Tacoma. Washington, in the City for the purchase of $500,000 Municipal 1909, for the purchase of $500,000 Park Hall, sealed bids will received for an Light Extension Bonds, being a portion Bonds, be issue of the being one-half of the $1,000,000 voted at the of City of Tacoma bonds in the sum of Three Hun- ;800,000 voted at the Special Election held in Special Election held in the City of Seattle dred Thousand Dollars. Said bonds will the City of Seattle on the 29th day of December on the be gen- 29th day of December, 1908, under and by virtue eral bonds of said City of the par value of ;500 1908, under and by virtue of Ordinance Number of Ordinance 19605. Number 19606. each, payable in twenty years from dateof issue, Said bonds to be Issued in denominations of with interest at not exceeding five per cent per Said bonds to be issued in denominations of $1,000 each and to bear date as of the date of their annum, payable semi-annually at the fiscal $1,000 each and to bear date as of the agency date of actual issue to the successful bidder. of the State of Washington in New York City, their actual issue to the successful bidder. Bonds shall mature and become payable twenty and are known as "Tacoma Electric Bonds shall mature and become payable Light and twenty (20) years from the date of their issuance and shall Power System Bonds," Issued pursuant to Ordi- (20) years from the date of their issuance and shall bear interest at a rate to exceed four and one- nance No. 3526, approved December 17th, not to not 1908. bear interest at a rate exceed four and one- half (4 A) per cent per annum, interest payable Bids for the whole or any part of said bonds half (4 A) per cent per annum, interest payable semi-annually and interest coupons for the pay- not less than $100,000 will be received, semi-annually, and interest coupons based on for the pay- ment of such interest semi-annually to be attached the interest rate proposed by the bidder, which ment of such interest semi-annually to be attached to said bonds. Both principal and interest pay- cannot exceed five per cent. to said bonds. Both principal and interest pay- able at the Fiscal Agency the State of Washing- The right is reserved by the City to award Agency the of the able at the Fiscal of State of Washing- ton In New York City. bonds or any part thereof to the highest and best ton In New York City. Bidders may bid for said bonds by offers of bidder, or to reject all bids: and the right is also lt• Bidders may bid for said bonds by offers of premium on said bonds at the stated maximum reserved to require a bond from a successful premium on said bonds at the stated maximum bid. rate, or by offers to take said bonds at a rate lower der for the performance of his contract to take rate, or by offers to take said bonds at a rate than the stated maximum rate, or by offers of antd,opraayilfoinr fobrornndastioanwaarpydpll. lower than the stated maximum rate, or by offers premium on said bonds at a rate lower than the to John F. Mealst ! of premium on said bonds at a rate lower than stated maximum rate. City Comptroller. the stated maximum rate. The right is reserved to reject any or all bids. Dated Tacoma, February 23rd, 1909. k The right is reserved to reject any or all bids. Bids must be accompanied by a cashier's or Sinking Fund Commission:joHN PP Bids must be accompanied by a cashier's or certified check on some bank located in the City W. LINCK, Certified check on some bank located in the City of Seattle payable to the undersigned In the sum Of Seattle, payable to the undersigned, In the Mayor sum of Twelve Thousand, Five Hundred Dollars JOHN P. of Twelve Thousand, Five Hundred Dollars ($12,500.00), the bid is MEADS.Ma ($12.500.00), which will be returned if Controller. which will be returned if the bid not accepted. If accepted, the amount of the RAY is not accepted. It accepted, the amount FREELAND, of the check will be applied upon the purchase price_of E. check will be applied upon the purchase price of the bonds. A. Treasurer. the bonds. LYNN, Said bonds will be delivered to therftuccessful President Said bonds will be delivered to the successful bidder. j of Council. bidder. All bids will be opened and considered by the r All bids will be opened and considered by the corporate authorities in the office of the City corporate authorities in the office of the City Comptroller Washington, Comptroller the of the City of Seattle, Cuban of City of Seattle on Saturday, on Saturday, March 13th, 1909, at Twelve (12) Securities March 13th. 1909, at Twelve (12) o'clock Noon. o'clock Noon. A SPECIALTY Further particulars will be given by the under- Further particulars will be given by the under- signed upon application. signed upon application. H. W. CARROLL, H. W. CARROLL, City Comptroller and ex-officio City Clerk. City Comptroller and ex-officio City Clerk. FRANCKE, THOMPSON & ROBB i,n Dated Seattle, Washington, February 10, 1909. Dated Seattle, publication Washington, February 10 1909. Members N. Y. Stook Exchange Datepf first February 11 1909. Date of Brat publication February 11 1909 43 Exchange Place Telephone 6444 Hanover Perry, Coffin & Burr, BRANCH OFFICE HUNT, SALTONSTALL & CO., Bristol Building, 3th Aye. and 4241 St. Telephone 1658 Bryant INVESTMENT BONDS Membere of New York Stock Enchains listublIshed 60 Street, Investment Securities 1E520. State H. C. Speer 8c Sons Co. 60 STATE STREET BOSTON. First Nat. Bank Building, Chicago BOSTON CITY COUNTY AND TOWNSHIP BONDS.

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awarded them on Feb. 22 (V. 88, p. 586). The following Pembroke, Ont.-Debenture Election.-A $65,000 43% bids were received: 30-year water-works debenture election will be held March 8. Ontario Securities Co__ _$489,270 70 British America Sec. Co_$480,157 25 Peterboro, Ont.-Loan-Election Proposed.-There is talk Wood, Gundy & Co., Tor. 488,267 15 Wm. C. Brent 476,029 00 Dominion Sec. Corp., Ltd 486,810 85 Geo. A. Stimson & Co__.. 468,916 95 of holding an election to allow the voters to decide whether Aemilius Jarvis & Oo____ 481,984 98 or not $120,000 shall be borrowed to construct a water- The above bidders are all from Toronto. works dam. Gravenhurst, Ont.-Loan Authorized.-Reports state St. Boniface School District No. 1,188 (P.0. St. Boniface), that at an election held recently the voters authorized a loan Man.-Price Paid for Debentures.-We are informed that the of $15,000 to construct a hydro-electric-power plant at price paid for the $22,000 5% school-improvement debentures South Falls. • awarded on Feb. 11 to the Toronto General Trust Corpora- Haileybury, Ont.-Debenture Sale.-The British-American tion, representing Wood, Gundy & Co. of Toronto (V. 88, Securities Co. of Toronto was the successful bidder on p. 525), was 103.08. Following are the bids: Feb. 22 for the aggregating Toronto Gen'l Trust Cor_a$22,677 60 Alloway&Champion,Win_ $22.228 55 five issues of 5% debentures W.A.MacKenzie&Co.,Tor 22,660 00 Wm. C. Brent, Toronto... 22.129 00 $86,000 described in V. 88, p. 524. A. Jarvis & Co., Toronto 22,523 00 Can.L.&N.Inv.Co., Win_ 22,110 00 Can. Life Assur. Co.,WIn 22,446 00 J. Addison Reid, Regina__ 22.100 00 Hudson Township, Ont.-Debentures Authorized.-This Ont. Sec. Co., Ltd., Tor_ 22,307 00 John Nuveen & Co., Chic_ 22,026 09 township has passed a by-law providing for the issuance of St. Cyr. Gonthier & Fri- W. Sanford Evans & Co.. gon, Montreal 22,242 00 Winnipeg 21,780 00 $2,600 public-school debentures. H. O'Hara & Co., Toronto 21,760 00 Listowel, Ont.-Debenture Sale.-The Dominion Se- a Representing Wood, Gundy & Co. of Toronto. curities Corporation Ltd., of Toronto has bought $25,000 Debentures are dated March 1 1909. 4%70 20-year debentures. St. Hyacinthe, Que.-Debenture Sale.-On Feb. 12 the Loch Ayr Sask.-Debenture Sale. $166,384 4% 40-year debentures described in V. 88, p. 465, School District No. 2232, awarded to the Ltd., -J. Addison Reid of bought $1,200 debentures. were Dominion Securities Corporation, Regina has of Montreal at 93.20. Marmora, Ont.-Debentures Not to be Offered at Present.- We are unlikely that the $5,000 de- Selkirk, Man.-Debenture Sale.-An issue of $20,000 5% advised that it is very debentures has bentures 88, p. 253) will be issued. These 50-year been disposed of to Wood, Gundy recently voted (V. Co. of Toronto. securities were voted as a guaranty loan to a stove company & to build a factory. Our informant writes, however, that the Standard School District No. 2,144, Sask.-Debenture company does not require the money at present. Sale.-An issue of $1,300 7% school-building and furnishing Sask.-Debenture Offering.-H. D. Wilson, debentures has been disposed of at par to the Security Loam Melville, Date April 11909. -Treasurer, is offering for sale $6,000 15-year fire- Co. of Regina. Interest annual. Ma- Secretary part yearly on April 1 from 1910 to 1919 apparatus, street and sidewalk debentures. turity inclusive. Alberta.-Debenture Sale.-An Nokomis, Sask.-Price Paid for Debentures.-The price Strathcona, issue of $15,- 6% 20-year town-improvement deben- 000 5% 40-year debentures has been awarded to the Imperial paid for the $10,000 Denomination tures awarded on Feb. 20 to the Ontario Securities Co. of Bank of Canada at 103.25. $1,000. Inter- Toronto (V. 88, p. 587) was 103.07 and accrued interest. est semi-annual. A list of the bids received follows: Sunnidale Township, Ont.-Debenture Election Proposed.- Ontario Securities Co., Tor_ _510,307 1 Hawkeye, Somerville & Co., Reports state that an election will probably be held March 15 Geo. A. Stimson & Co., Tor__ 10,190 Indian Head $10,100 to vote on the question of issuing $8,661 bridge-building British Securities Co., Toronto 10,100 Nay & James, Regina 10,031 J. Addison Reid, Regina 10,000 debentures. NEW LOANS. INVESTMENTS. INVESTMENTS. $225,000 Merritt & Co. Town of Stamford, Conn., Blodget, Albert Kleybolte & Co., BANKERS NEW TOWN HALL BONDS 409 Walnut Street, Sealed proposals for the sale of $225,000 00 CINCINNATI, 0. Town of Stamford, Conn., New Town Hall Bonds, STATE, CITY will be received by the Town Treasurer at the AND Town Hall, Stamford, Conn., until March 16th, 1909, at two o'clock In the afternoon. Said bonds Municipal, bear interest at the rate of four per cent per an- RAILROAD BONDS num, payable semi-annually, and mature thirty years from December 1st, 1908. No bid will be County, State, accepted for less than par and accrued interest. The right is reserved to reject any and all bids. 6o State Street, - Boston and High•Grade Public Service All proposals must be accompanied by a certified Securities shock or bank draft for live per cent of the par value of the bonds bid for. 30 Pine Street, - New York Correspondence Solicited. For further particulars address, FRANK B. GURLEY, Town Treasurer, Stamford, Conn. BLACKSTAFF 8c CO, OTTOJULIUS MERKEL INVESTMENTS BROKER NOTICE TO REDEEM 1332 Walnut Street 44 AND 46 WALL ST., NEW TORII. INVESTMENT SECURITIES. Galveston Forty-Year Limited Debt PHILADELPHIA CorresbondenceInvitad Bonds of the LIST OF SPECIALTIES ON REQUEST CITY OF GALVESTON McCOY & COMPANY Formerly MacDonald. McCoy & Co. Issued by It In year 1883 MUNICIPAL AND RAILROAD the Municipal and Notice is hereby given to the holders of the BONDS. bonds of the City of Galveston known as "Gal- LIST ON APPLICATION. Corporation Bonds veston forty-year limited debt bonds," issued by said city in the year 1883, and numbered 979, 980, 981, 982. 983, 984, 985, 986, 987, 988, 989, BEASONGOOD & 181 La Salle Street, - Chicago 992, 993, MAYER, 990, 991, 994, 995, 996, 997, 998, 999, Library Building 1000, 1001, 1002 and 1003, each of said bonds Mercantile being for one thousand dollars ($1,000) and each CINCINNATI, dated on the 1st day of January, 1883, that the city of Galveston will redeem at par the herein- Charles M. Smith & Co. before named and numbered bonds upon their presentation at the office of the Treasurer of said city, at Galveston, on the 31st DAY OF MARCH, CHELTEN TRUST COMPANY CORPORATION AND 1909, and any of the bonds herein described and designated which are not presented for redemp- 5614 Germantown Avenue tion, as aforesaid, on the 31st DAY OF MARCH, MUNICIPAL BONDS 1909, shall cease to bear interest from and after Philadelphia, Pa. said date, the bonds hereby designated for FIRST NATIONAL BANK BUILDING redemption being those bearing the earliest date Solicits the bus'n( se of Corporations and Munici- of said "Galveston forty-year limited debt bonds" palities desiring the service of a Registrar. Trustee CHICAGO which are now outstanding. This notice is given or FInanoia. Agent, In pursuance of Section 2 of the Ordinances of said City by virtue of which Ordinances the bonds herelnbefore named and designated were issued. MINING ENGINEERS. The option is hereby extended to the holders of the above-numbered bonds to receive instead JOHN H. WATKINS of payment and in exchange thereof 4 %% Gal- veston Grading, Filling and Drainage Bonds, MUNICIPAL H. M. CHANCE which are due forty years from date, the city Mining Geologist reserving the right at any time after twenty years AND Consulting Engineer and from the date of the bonds to redeem, selecting COAL AND MINERAL PROPERTIES by lot the bonds to be so redeemed. RAILROAD BONDS T. J. GROCE, Examined, Developed, Manared Treasurer of the City of Galveston. No. 2 WALL STREET N . • YORK 837 Drexel Bids. PHILADELPHIA. PA

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 646 THE CHRONICLE [VOL. Lxxxvin. Wrnst ti.Dompanic6. Trust (Companies. thillog Stales Trust Compaq of low York. Chartered 1853 45 and 47 Wall htreet. Manhattan CAPITAL, . - • . • $2,000,000.00 SURPLUS AND UNDIVIDED PROFITS, - • - $13,412,564.21 This Company acts as EIecutor, Administrator, Guardian, Trustee, Court Depositary and In other recognized trust capacities. Trust It allows interest at current rates on deposits. It holds, manages and Invests money, securities and other property, real or personal, for estates. eorporations and individuals. 11DWARD W. SHELDON, President, JOHN CROSBY BROWN, Vice-Pres. Company WILLIAM M. KINGSLEY, 2d V.-P. HENRY E. AHERN, Secretary. V7ILFRED J. WORCESTER, Asst. Sec. CHARLES,* EDWARDS,.2d,Asst.Sec. TRUSTEES. JOHN A. STEWART. Chairman of the Board. John Crosby Brown; William H. Macy, Jr.. John Cleflin, Payne Whitney, W. Bayard Cutting, William D. Sloane, John J. Phelps, Edward W. Sheldon 20 Wall Street Charles S. Smith, Gustav H. Schwab, John S. Kennedy, Chauncey Keep, William Rockefeller, Frank Lyman, D. 0. Mills, George L. Rives, Alexander E. Orr, George F. Vietor, Lewis Can Ledyard. Arthur C. James, James Stillman, Lyman J. Gage. Corner Nassau lithloisTrust&SavingsBank NEW YORK CHICAGO Capital and. Surplus $13.,200,000 UNITED STATES Pays Interest on Time Deposits, Current and Reserve Accounts Deals in Investment Securities and Foreign Exchange. MORTGAGE & TRUST Transacts a General Trust Business, COMPANY NEW YORK CORRESPONDENCE INVITED. CAPITAL, SURPLUS, $2,000,000.00 $4,000,000.00 he Torporation "Ernst To. Invites Personal and Business 37 Wall Street, New York, maintains the most Accounts. Acts as Trustee, Ex- ecutor, complete system in Administrator, Guard- existence for the organization ian and in All Fiduciary of corporations in every State. Capacities. Certifies Muni- cipal and Corporation Bonds. Information regarding the corporation laws and practice furnished without charge. 55 Cedar St. 73rd St. & B'way 125th St. & 8th Ave.

THE INTERMTVINAL BANK The 60 WALL STREET, N. Y. Trust Company America Capital and Surplus $600,000 of Individual and Commercial Accounts Invited. 37-43 WALL STREET, NEW YORK, Facilities Afforded for Transacting Foreign Business through the Branches of the COLONIAL BRANCH: LONDON OFFICE: INTERNATIONAL BANKING 222 Broadway, New York. 95 Gresham St., London, E. C. CORPORA1 ION Capital and Surplus $6,500,000 CAPITAL AND SURPLUS $8,000,000 INTEREST PAID ON TIME DEPOSITS Thomas II. liubbard, President. Issues interest-bearing J. S. FEARON, Vice-President. certificates of deposit. JOHN HUBBARD, Vice-President. JAMES H. ROGERS, Cashier. Receives deposits subject to check. CHAS. S. LIPPINCOTT, Ass't Cashier. BRYCE METCALF, Ass't Cashier

fluanciai. Adrian H Muller & Son AUCTIONEERS. Wilkinson, Reckitt, Williams & Co. Regular Weekly Sales STOCKS and BONDS CERTIFIED PUBLIC ACCOUNTANTS EVERY WEDNESDAY.

NEW YORK CHICAGO PHILADELPHIA Office, No, 55 WILLIAM STREET, 52 Broadway Marquette Bide'. Mutual:Life Bider. Corner Pine Street.

LONDON, ENGLAND Leadenhall R. T. Wilson & Co. Bankers & Commission Merchants 83 WALL STREET . NEW YORK

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