Our Weekly^ FINANCIAL REVIEW summarizes the situation clearly and concisely^ .'. It weighs the factors which in- fluence prices, thus enabling the in\e UNIVERSITY OF ILLINOIS COn " clusi LIBRARY We in „ , cal De- Class Book Volume partm^^k ^^^ 00 omptlv furnis. \j ecunty listed e. We " JLLU Ja09-20M *-' " *- also k e latest i ii news bearing on any corporations in the securi- ties ol which they are interested. This service is maintained for the convenience ot our customers, and is without any charge. JJ Write requesting us to place your name on our list, so that you will receive the REVIEW regularly. ALFRED MESTRE & COMPANY BANKERS Members of the New York Stock Exchange 52 Broadway New York XLhc 1ftc\v J^ork tCruet Company No. 26 Broad Street CAPITAL $3,000,000 SURPLUS AND PROFITS $10,512,000 OTTO T. BANNARD, President MORTIMER N. BUCKNER. , JAMES DODD FREDERICK J. HORNE. | v *t-l>Tesiz.c ^ COPYRIGHT, 1909. BY THE GIBSON PUBLISHING CO. ALL RIGHTS RESERVED. DAY, ADAMS & CO. Successors to Gvvynne & Day, Established 1854 Members New York Stock Exchange T} ECEIVE deposits subject to cheque at sight, and ■*> *■ allow interest on daily balances ; collect coupons, dividends, and interest; and execute commission orders in stocks and bonds in all principal cities, offering special facilities for the transaction of business in the London market. 45 WALL STREET NEW YORK ilALCOM & COOMBE BANKERS Hembers New York Stock Exchange 100 BROADWAY NEW YORK BRANCH OFFICES 50 East 125th St., New York 231 Main St., Springfield, Mass. Ml Broadway, Brooklyn, N. Y. 18 Suffolk St., Holyoke, Mass. 10 Central Row, Hartford, Conn. 6 Bank Row, Pittsfield, Mass. Correspondents in Boston, Chicago and Philadelphia SEND FOR OUR HARKET LETTER Taylor, Smith & Evans Members New York Stock Exchange 49 Wall Street, New York Dealers in Scrip Issued by The Atlantic Mutual Insurance Co. of New York Direct "Wire to Philadelphia David A. Boody Theo. Ames, Jr. Edsrar Boody Boody , McLellan & Co. BANKERS Members New York Stock Exchange 111 Broadway New York Cable Address: Ciosltite BRANCH OFFICES: BROOKLYN, N. Y , 213 Montague St. HARTFORD, CONN.. 36 Pearl St NEW HAVEN, CONN., 31 Center St. STAMFORD. CONN.. Post Office Arcade BRIDGEPORT, CONN, Security Building, 1115 WATERBURY, CONN., Buckingham Building. Main St. Ill Grand St. NEW YORK. 319 Broadway. Charles I. Hudson Percy K. Hudson George R. Dyer George A. H. Churchill Geo. T. Cruttenden IC. I. HUDSON & CO. Brokers 34-36 WALL STREET, NEW YORK TELEPHONE, 3070 JOHN PRIVATE WIRES CABLE ADDRESS, CIHUDSON Branch Offices: WALDORF-ASTORIA HOTEL, Fifth Ave. and 34th St.; HOTEL SEVILLE, 29th St. and Madison Ave.; Toronto, Canada; Cincinnati, O.; Wilming- ton, Del.; Scranton, Pa.; WilKes- Barre, Pa.; Williamsport, Pa.; Binghamton, N. Y. Members of NEW YORK STOCK EXCHANGE CHICAGO STOCK EXCHANGE NEW YORK COTTON EXCHANGE CHICAGO BOARD OF TRADE NEW YORK COFFEE EXCHANGE PHILADELPHIA STOCK EXCHANGE Knauth, Nachod & Kuhne 15 William Street, New York Leipzig, Germany Bankers MEMBERS NEW YORK STOCK EXCHANGE High Grade Investment Bonds Letters of Credit and Traveler's Checks Interest on Deposit Accounts Contents Page. Adams Express Co 1 Allis-Chalmers Co 3 Amalgamated Copper Co. (Chart) 6 American Agricultural Chemical Co 9 American Beet Sugar Co 12 American Can Co IS American Car & Foundry Co. (Chart) 18 American Cotton Oil Co 21 American Express Co 24 American Hide & Leather Co 25 American Ice Securities Co 27 American Linseed Co 29 American Locomotive Co. (Chart) 30 American Malt Corporation 33 American Smelters Securities Co 35 American Smelting & Refining Co. (Chart) 37 American Snuff Co 41 American Steel Foundries 43 American Sugar Refining Co. (Chart) 45 American Telephone & Telegraph Co 48 American Tobacco Co 50 American Woolen Co 52 Anaconda Copper Mining Co 54 Atchison, Topeka & Santa Fe Railway Co. (Chart). 56 Atlantic Coast Line Railroad 59 Baltimore & Ohio Railroad (Chart) 62 Batopilas Mining Co 65 Bethlehem Steel Corporation 66 Brooklyn Rapid Transit Co. (Chart) 68' Brooklyn Union Gas Co 71 Brunswick Dock & City Improvement Co 73 Buffalo & Susquehanna R. R 74 Butterick Co 75 Canadian Pacific Railway (Chart) 76 Canada Southern Railway 80 Central Leather Co 81 Central Railroad of New Jersey (Chart).... - 84 Chesapeake & Ohio Railway (Chart) 87 Chicago & Alton Railroad 90 Chicago & Northwestern Railway (Chart) 93 Chicago & Great Western Railway 97 Chicago, Milwaukee & St. Paul Railway (Chart). 99 Chicago, St. Paul. Minn. & Omaha Railway 102 Chicago Union Traction Co. — Chicago Railways Co 104 Cleveland, Cinn., Chicago & St. Louis Railway.... 106 Colorado & Southern Railway (Chart) 108 Colorado Fuel & Iron Co. (Chart) 112 Columbus & Hocking Coal & Iron Co 115 Consolidated Gas Co., New York (Chart) 117 Corn Products Refining Co 121 Crex Carpet Co 123 Delaware & Hudson Co. I Chart) 124 Delaware. Lackawanna & Western Railroad 127 Detroit United Railway 133 Denver & Rio Grande Railroad (Chart) 129 Distillers' Securities Corporation (Chart) 135 Duluth, South Shore & Atlantic Ry 137 Erie Railroad (Chart) 139 Page. Federal Mining & Smelting Co 143 Federal Sugar Refining Co 145 General Electric Co. (Chart) 147 Granby Consolidated Mining. Smelting & Power Co., Ltd. ISO Great Northern Iron Ore Properties Co. (Chan).. 152 Great Northern Railway (Chart) 154 Green Bay & Western Railroad 158 Havana Electric Railway 160 Hocking Valley Railway 162 4 Illinois Central Railroad (Chart) 165 Interborough-Mctropolitan Co 16,8 International Harvester 170 International Mercantile Marine Co 172 International Paper Co. (Chart) 174 International Steam Pump Co 177 Iowa Central Railway 180 Kansas City, Fort Scott & Memphis Railway 183 Kansas City Southern Railway 184 Lake Erie & Western Railroad 187 Long Island Railroad 190 Louisville & Nashville Railroad (Chart) 192 Mackay Companies, The 195 Manhattan Railway (Chart) 197 Metrooplitan Street Railway — New York City Rail- way 200 Mexican Central Railway — National Railways of Mexico 203 Minneapolis & St. Louis Railroad 205 Minn., St. Paul & Sault Ste. Marie Railway 208 Missouri, Kansas & Texas Railway (Chart) 211 Missouri Pacific (Chart) 215 Nashville, Chattanooga & St. Louis Ry 219 National Biscuit Company 221 National Enameling & Stamping Co 224 National Lead Co. (Chart) 226 Newhouse Mines & Smelters 229 New York Air Brake Co 230 New York Central & Hudson River Railroad (Chart) 232 New York, Chicago & St. Louis Railroad 235 New York. Xew Haven & Hartford Railroad (Chart) 237 New York, Ontario & Western Railway (Chart).. 242 Norfolk & Western Railway (Chart) 245 North American Co 248 Northern Pacific Railway (Chart) 250 Pacific Coast Co 254 Pacific Mail Steamship Co 256 Penn. R. R. (Chart) 258 People's Gas Light & Coke Co. (Chart) 262 Phelps, Dodge & Co., Inc 265 Pittsburg, Cinn., Chicago & St. Louis Railway.... 266 Pittsburg Coal Co 269 Pressed Steel Car Co 271 Pullman Co , 274 Content S - Continued Page. Railway Steel Spring Co 276 Reading Co. (Chart) 278 Republic Iron & Steel Co. (Chart) 283 Rock Island Co. (Chart) 286 St. Louis & San Francisco Railroad (Chart) 290 St. Louis Southwestern Ry. Co 293 Sloss-Sheffield Steel (Chart) 295 Southern Pacific Co. (Chart) 298 Southern Railway (Chart) 302 Tennessee Copper Co 305 Texas Pacific Land Trust 307 Texas & Pacific Railway (Chart) 309 Third Avenue Railroad (Chart) 312 Toledo Railway & Light Co 316 Toledo, St. Louis & Western Railroad (Chart) .... 318 Twin City Rapid Transit Co 321 Union Bag & Paper Co 324 Union Pacific Railroad (Chart) 326 United Railways Investment Co. (Chart) 330 L'nited States Cast Iron Pipe & Foundry Co 333 United States Express Co 335 Page. United States Realty & Improvement Co. (Chart) . . 337 United States Reduction & Refining Co 340 United States Rubber Co. (Chart) 342 United States Steel Corporation (Chart) 345 Utah Copper Co 350 Virginia Carolina Chemical Co 352 Virginia Iron, Coal & Coke Co 354 Wabash Railroad Co. (Chart) 356 Wells, Fargo & Co 359 Western Maryland Railroad Co 361 Western Union Telegraph Co. (Chart) 363 Westinghouse Electric & Manufacturing Co. (Chart) 366 Wheeling & Lake Erie Railroad 369 Wisconsin Central Railway (Chart) 371 Average Daily prices (Chart) 374 Dividends and Dividend Periods 389 Cotton 393 Wheat 395 Corn 396 Pig Iron 399 GIBSON 'S MANUAL Adams Express Company Like several other leading express companies, this one is not an incorporated body, but a vol- untary association, formed in 1854 and engaged in forwarding valuable packages, money and articles which require careful handling over railroad and water transportation lines. The company operates over about 35,000 miles of land and water routes. Bonded indebtedness $12,000,000 Capital stock (no par value) 120,000 shares. EARNINGS. Adams Express Company publishes no reports of earnings, and singularly little information of kind is supplied. DIVIDENDS. 1900 $6 1901 $8 1902 $8 1903 $10 1904 $10 1905 $10 1906 $10 1907 $10 1908 $8 In 1898 there was a 100 per cent, dividend in 4 per cent, debenture bonds. In June, 1907, a 200 per cent, dividend in bonds was paid. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 111 Jan. 150 Nov. 90 Nov. 202 Dec. 198 July 240 Oct. 204 Ian. 235 Feb. 220 Feb. 250 Oct. 236 Jan. 250 Feb. 240 June 300 Aug. 150 Aug 330 June 164 Jan. 200 Aug. This stock is not at all active in the tradin g on the New York Stock Exchange. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. May June 1900 in -ii$i Il 4 ~ ll 7 Il 4h II 7 116 -130 116 -130 118 -120 1901 MS -155 155 -162 160 -165 160 -165 165 -i87i 174 -175 1902 199 -205 200 -220 202^-205 205 -210 205 -225 ......... 1903 204 -215 220 -235 215I-235 220 -225^ 225 -225 220 -224 1904 223 -225 220 -225 224 -225 222 -225 222 -226 224^-224! 1905 236-245 246J-250 245 -245 240-250 250-250 ......... 1906 -.... 246 -249 248 -250 250 -250 243 -250 240 -240 1907 290 -290 290 -295 280 -280 ......... 285 -297 295 -330 1908 164-185 167-175 165-166 167-167 165-168 ......... Tulv Aug. Sept. Oct. Nov. Dec. 1900 117 -125 1901 170 -175 1902 108 -200 1903 221 -223 1 1904 224 1 -226 1905 242 -243 1906 240 -251 1907 165 -165 1908 173 -180 125 -126 I7S -i/5 205 -220 220 -225 224 1 -230 245 -249 ?y? -300 150 -165 200 -200 123 -126 180 -185 230 -236 295 165 -295 -165 125 -130$ 1851-195 230 -240 221 -225 235 -250 243 -243 160 -l65 I30 -150 I9O -200 2184-226 2 45 -245 275 -285 161 -165 190 -190 139 -150 195 -202 200 -205 2194-225 235I-240 285 -300 165 -165 190 -190 i 1 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 " 3 " 4 6 7 9 11 Low. High, tion Day 1 ,1 1\\ . I [igh. 1 _■ to 190 - 13 •' 14 ■' [6 " i7 " 18 " i9 " 20 "21 Low. High. No v. 23 " -4 • 2 S 26 Thanksgiving Day "27 ... ' ... " 28 " 30 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 3 4 5 7 8 9 Low. Hisrh. 190 ,„, Low. High. 25 Christmas Day. 26 Extra Holiday. 28 29 30 3 1 REMARKS. From a balance sheet, filed in Massachusetts recently, it appears that Adams Express had a Sur- plus Profits account of $17,651,504 on June 30, 1908. Securities owned, $8,278,868. Officers: — President, Levi C. Weir; Vice-President, William II. Damsel; Treasurer, Basil W. Rowe; Secretary. Horatio H. Gates. Managers: — William M. Barrett, Dumont Clarke. Basil W. Rowe, Charles Steele. Levi C. Weir, George F. Baker and William II. Damsel. No data supplied as to annual meeting or directors' meetings. Office, ~\ Broadway. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL Allis-Chalmers Company Organized in New Jersey, May 7, 1901, as a consolidation of: E. P. Allis Co., Milwaukee, Wis. Fraser & Chalmers, Inc., Chicago, 111. Dickson Manufacturing Co., Scranton, Pa. Gates Iron Works, Chicago. In March, 1904, the Bullock Electric Manufacturing Co.. ol < iricinnati, O., was acquired, the whole of its $1,500,000 of common stock being owned by Allis-Chalmers and 6 per cent, being guar- anteed on the '$1,170,000 of preferred stock. The company manufactures mining and electrical machinery, Corliss engines, steam and hy- draulic turbines, gas engines, rock crushers, cement mills and the Christensen air brake. A new brass foundry has recently been installed at the West Allis plant to replace an old one vacated on the South Foundry property, which has been sold. Bonded indebtedness. [908 $11,495,700 Preferred stock, 7 per cent, cumulative, having preference both as to dividends and assets 16,150,000 Common stock 19,820,000 Total capital $47,465,700 EARNINGS. Earned on Year ending April 30. *Net profits. **Surplus. common. r 902 $1,442,259 $304,759 1.52% 1903 1.653,576 820,836 2.5S 1904 952.624 624,835 0.5 % Year ending June 30. 1905 (16 months) 1,146,980 348.289 I9°6 , 648,161 157481 1907 1,226,242 def. 229,817 .... J 9o8 2.573.961 385,99/ ♦The not profits represent the sum left after deducting expenses of operation, interest charges, dividends on Bullock Electric Manufacturing, preferred, and pro- vision for doubtful accounts and depreciation of plants. **And in addition thereto, a special depreciation reserve, in 1908, of $1,513,4.30. DIVIDENDS. 1901 1902 1903 1904 1905 1906 1907 [908 Preferred 3^% 7% 7% i\J { 0000 Common o o o o o o o o LOW AND HIGH PRICES, BY YEARS, SINCE 1902. 1902. 1^03. 1904. 1905. 1906. 1907. 1908. Preferred. . So: Dee. 60] Nov. 39^ Men. 46! May 40 Sept. 14 Nov. 14 Mch. SjI Nov. S7J Feb. 71 Nov. 68 Feb. 67 Jan. 43} Jan. 52^ Dec. Common . . t8 Dec. 7 Dec. 6 Mch. 13 May 16 July. 4 Aug. 5 Mch. 2t Nov. 23 Feb. 2if Nov. 24^ Dee. 27! Jan. i6| Jan. toj Dec. 4 GIBSON'S MANUAL LOW AND HIGH PRICES. BY MONTHS, SINCE 1902. Jan. Feb. Mar. April May June Pfd.. Com. 1903 Pfd.. Com. Pfd.. I Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. 1 1907 Pfd.. Com. 1008 Pfd.. I 86 -864 i 9 4 55 -60 7-81 64 -66 14 -18 614-67 jj -273} 341-433 i3i-i6J 19 -2J 6 - 87 -8 7 4 18 593-64* 8i-iS 62 -68 i5i-i9 59 -64' 34 -394 '-ri5i 174-20 6 - 64 86 -864. 18 -20i 39J-56 6 -12 56 -64 14I-18 55 -593 19I-22J 25 "34 1 10 -14I 14 -2l4 5 - 9J 86 -86 16 -17 40 -43 64- 7* 54 -624 Hi-K'- 54 -593 20 -23 28 -354 ui-i-3 l8J-22i 74-9} 83 -84 15 "I? 39H-' 6 - 75 46J t3 -'5i 72 -6l [9 -">! 32 9J- 1 '- 204-25I 84- 10 80 -80 10 -14 41 i-424 8 - 84 5°J-52i i34-i4i Soi-6ol - 233 274-3° IOJ 34 i 9 -ll| July Sept. Oct. Nov. Dec. 8i4-82 "I-13 424-55 9 -13? 5i!-65} it -19J 45 -50 16 -184 27 -3°^ 9f-ii^ 33 -36 12 80 -80 494-50 11 -n4 543-64 15H9* 46 -494 i74-2of 15^-27 4 -10 34 -361 11 -12 io|-n| 50 -5ii 10 -10 53 -6i4 I54-I84 40 -48 r6ir-i9f 17 -25 6- 94 30 -354 TO -II l 8-9 49 -62 ioi-15 59i-64 3 17 -2l4 424-48* 16J-18! I 44-22 5-71 32 -40 I04-I24 82 -824 21 -21 60J-60J 8 - 8 534-71 13 -21 J 591-63* 18J-211 44 -464 i6i-i8i 14 -16 5 - 53 394-50 IK T }I 8of-824 18 -204 7 - 7 59 -" ' 15 -104 60J I 194-24} 434-451 I61-I7I 15 -i7 54- 484-521 i4i-i6J LOW AND HIGH PRICES, BY DAYS, NOVEMBER. 1908. Pfd. Com. Nov. 2 39i"4i 1 I4-I24 3 Election Day. 4 4i3-44i 12-125 5 444-46 I2f-I3 6 464-48 13 -'3- 7 46-47 132-133 9 45 -464 13 -133 10 i?3-453 13 -134 11 46 -46} Nov, Pfd. Com. Pi'd. Com. 12 45 -46J 134-13} Nov.23 48 -4'» 14 -144 13 464-475 '4 47 -47-.' 16 47 17 47 18 474-484 19 48 -483 20 474-475 21 48 -484 13* I3f-i34 1 $-14! 14 14 -1 1 144-1 l! 24 484-4" 1 l' 14- 25 484-49" 144 26 Thanksgiving Day. -7 48 -40 1 14I 28 484-48I I4l Mi 30 48}-49i Ml ' \\ LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Prr. I 3 7 8 Pfd. 48I-49J 494-494 4 84 49 48J V'\ -50§ -50} Com. IS -15I IS -t;J i;1 15! Pfd. Com. 11 50S-523 15. ■' 12 511-525 [6 •• I) »'»' 7" ' ; r6 i'i! 51 17 " 17 tol-5 n l ' - 18 fii [9 is -I5i " "1 i85 49l '5 ■' 21 |8| is; .,', 1;' Pfd. Com. I »< C 22 40i-40! ' - " 23 194-494 '54-155 j; Christmas 1 >ay 26 Extra holiday " 28 49J 50 15I -■" 5 f '!-7°' '5J " 30 194-50 1 5 - t 5 7 " 3' -••• 17I -155 GIBSON'S MANUAL REMARKS. Mining activity in the United Slates supplies this company with a large part of its business and most of the important orders for mining machinery are placed with this concern. Of the rock crushers and cement machinery of the country, fully one-hall is also produced by Allis-Chalmers. The most important work, commercially, which has been consummated in the past two years by this company is the development of its steam turbine business. Sizes, ranging from 500 to 7,500 kilowatts have been completed and orders booked show a steady increase. Foreign orders in 1907 increased 45 per cent, over the previous year and a systematic and energetic exploitation of Allis-Chalmers productions is going on, particularly in Japan, China and South America. A decrease of $2,304,413 in notes and bills payable in 1908, and an increase of $1,059,301 in cash, have materially strengthened the position of the company. $131,000 of the first mortgage bonds were retired in the fiscal year of 1908. Bookings during November, 1908, were 80 per ecnt. greater than during November, 1907; 15 per cent, above October, and October was 65 per cent, ahead of September. Few of the orders were of large size, but they are of a character that suggests that the industrial companies are entering a new era of spending" money on small additions and on replacements. The machinery furnished to the mining and ore treating companies is of very respectable volume and is increasing right along. Turbines and high pressure fire-fighting apparatus is a large part of the company's business and orders for the former and investigations of the performances of the latter are being secured in very gratifying numbers. Officers: — President, W. H. Whiteside; First Vice-President, L. F. Bower; Vice-President and Treasurer, Henry Woodland ; Vice-President and Secretary, W. W. Nichols. Directors: — Edward D. Adams, Alexander F. Banks, Edmund C. Converse, Mark T. Cox, Kemper K. Knapp, Henry Woodland, Charles Allis, George Bullock, Herman W. Falk, William V. Kelley, Max Pam, Walter H. Whiteside, William W. Allis, Lahman F. Bower, Elbert H. Gary. Charles MacVeagh, William A. Read, and Cor- nelius Vanderbilt. Fiscal year ends June 30. Annual meeting, Thursday after first Wednesday in September, in Jersey City, N. J. Directors meet monthly, on call. Main office, Milwaukee, Wis. New York office, 71 Broadway. Traded in on tb>» New York Stock Exchange (Listed Department). GIBSON'S MANUAL Amalgamated Copper Organized in New Jersey, April 27. 1899, and the stock admitted to the New York Stock lange in November, 1900. The company was a consolidation of mining and smelting interests in .Montana. It owns wholly: Washoe Copper ( ■ .. Butte, Mont. Diamond Coal & Coke Co., Diamondville, Wy. Colorado Smelting & Mining Co., Butte, Mont. Big Black Foot Milling Co., Bonner, Mont. It also owns control of the following companies, all of Butte, Mont.: Anaconda Copper Mining Co. Butte & Boston Consolidated Mining I Boston & Montana Con. Copper cc Silver Mining Co. Parrot Silver ce Copper Co. Hennessy Mercantile Co. The company also owns a controlling interest in coal mines, timber lands, railroads and real estate, worth $50,000,000 over all liabilities. Capital Mock Si 5.5.887,900 EARNINGS. Year ending June 1. Met income. 1902 *$3»8i5i555 i9°3 6,486,528 iyo 4 0.240,022 8,1 92,241 i9°5 Year ending April 30. 1 o< '" ■ •907 1908 Surplus. $8,942,712 Ear on s lied tock. 9,161,537 9,255,695 5-957° 14,154, 1 1 483.783 9.2 % 6,680.557 12,008,824 4-34$S» * Compiled from operations of sub. companies, filed annually for taxation purposes in Untie, Mont. Amalga- mated < opper is entitled to over 90 per cent, of their net receipts. DIVIDENDS. 1 900 8% 1901 1902 1903 1904 1905 1900 1907 7i% 2\% 2S 2% 1900 1901 1902 1903 1904 1905 1906 1907 1908 Dec. 995-2 Nov. Dec. 53 Nov. 33% Oct. 43 150 Jun. 79 Feb. 75% Mch. 82% Dec. 70 Jan. 92; > Inly 111% Dec. HS; 4 Feb. 41 = 4 Oct. 121% Jan. Feb NOV. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. A pi. May 1901 1904 1905 1908 83S- 67l "-'-1- 47^- /O - iiof- 45J- 944' 78 <-- 52 121; 53l 87f- 95 79 43i- 73i _ 77 i IO7 -1 lS{ 45i- S 2 i 75l 0/ 8 94^-104^ 6i 75§ 44t- 5°i 8i| 100 -iooi 99t-i28i - 684 60 - 67I 47l- 52i 78*- 8 9£ 100I-115I 89 - 99-i 56f- 62k 90 -125 65 - 71 J 56|- 67* 46i- 51I 75 - 84* 96 -iii| 833- 98i 693 1 18^-130 U2j- 51 - 484-- 77b 95i- 643- 58J S43 no? 873 684 Tulv Aug. Sept. Oct. Nov. Dec. 1 , ,, .< 1 1901 1903 1904 [905 1906 1907 109 -124 , - 68J 351- 5"' 54l 84$ o.r; 94 no -122; 65 - 68;* 37 - 5-'-' 51 - 58J 883 Ml 1 , 65 8 3 l I20 63I- joi 37ih 50 5"l 04 V 1083-1154 56i- 74* 83i- 92^ 62 - 07} 33f- 42" 584- 7i* Si I- 861 41I- 6oij 72 - 8o| 93^- 993 7 2h 89 53 - 6 5 4 39f 68 - 81I • 114; 44.- 52 881 89* 6o4- 38 96i - - 64S 52I 5 8f ■ So -in:; no; 115J 42 - -r,J\ 75 S; GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER. 1908. Nov. -' Low. 79l High 8o§ 3 Election Day. 4 5 6 7 9 10 81 82 873 81 i ! S2\ 8 3 i 8 7 4 873 873 Now 1 1 " I J " [3 " '4 '• 10 " '7 " iS " 1M Low. 85i 864 853 85! 85I 85^ 84 V High. 87l 87 8( 1 ! 86| 8?i 853 Nov. 20 21 23 -'4 25 26 27 28 30 Low. • 82| . 82a . s,; . 82! 84J High. 85 i 8 5 i 8si 1 hanksgiving J )ay . ... 8 4 3 863 .. .. N 5 .i . . .. 8 4 i 86 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 3 4 5 7 8 o 10 Low. • »4i ■ 8 3 f • 83^ ■ 83S ■ 83 • 83 1 . 8 3 i . 83* . 84* High. 8 5 i 854 84 85^ 85 83I 84 85 Dec. 1 1 12 14 1 5 10 17 18 [9 21 Low. •• 8 3 | . . 82\ .. 81 j .. 8o£ . . 8of .. 7 8f . . : 7 : : ■■ 78$ •• 7Si High. 84 i 8 3 f 84! 83 82 ! 82 79f 79l 793 I) Low. e c 2 j 23 24 25 Hieh. 77 79% 79i Sr; Si ! Nj, ; . . . . Christmas Day 26 Extra holiday 28 Sjl H 4 \ 29 82; 84I 3" 82i s 4 ! 3T 83^ 83^ MARKET MOVEMENTS OF AMALGAMATED COPPER, FROM 1900 TO 1908, INCLUSIVE. GIBSON'S MANUAL REMARKS. In 1907, there was almost unlimited demand for copper metal around 25 cents a pound, but the reaction led to a closing of most of the mines and discharge ol 7.000 men. From about n| to 1 -• cents a pound last February, copper metal worked up to 1 1, cents in November with a reason- able prospect of going to 15 or 16 cents as soon as the revival of business becomes more pronounced. In February. 1908, the company reported that the surplus stock of cupper had practically disap- peared. March 1 the mines of the different companies and the Washoe smelter were again put into com- mission and have since been operated to their full capacity. The companies, owned wholly or in part, by the Amalgamated produced 212,000,000 pounds of refined copper in the calendar year of 1907, of which Amalgamated received the benefit of about 178,000,000 pounds. The production is sometimes over 250,000,000 pounds. The company employs over 12,000 men and pays out about $14,000,000 a year in wages. The only bonds are $1,500,000 Butte & Boston, 6s. The securities owned by this company are not stated separately. They are included in the general item of $156,480,647, representing- investments in securities, mines, refineries, saw mills, standing timber, land, water rights, etc. The slight dullness in general business, in the early part of 1909, due largely to the movement in Congress for tariff revision, resulted in the accumulation of a stock of surplus copper metal, which, on Feb. 1st, amounted to about ---------- 144,000,000 lbs. Stock of surplus copper in Europe -------- 225,000,000 World's total - - - 369,000,000 " Officers: President, II. II. Rogers; Vice-President, F. P. Addicks; Secretary and Treasurer, A. H. Melin. Directors: A. R. Mower, John Bushnell, Wm. Rockefeller, II. H. Rogers, II. H. Rogers. Jr.. Benj. B. Thayer, John D. Ryan, and A. C. Burrage. Fiscal year ends April 30. Annual meeting, first Monday in June, Jersey City, N. J. Directors meet second T hursday in each month. Office, 42 Broadway, New York. Traded in on the New York Stock Exchange (Unlisted Department), and on the Boston and London Stock Exchanges. GIBSON'S MANUAL American Agricultural Chemical Company i Organized May 26, 1899 (under special charter granted by the legislature of Connecticut in 1893), as a consolidation of 22 chemical, fertilizer, bone black, bone phosphate and guano concerns, situated in fourteen different States, and recognized as the best equipped and strongest in the business. Control 29 other establishments has since been acquired. Preferred stock, 6 per cent, cumulative, and preferred both as to dividends and assets, June 30, 1908 $20,000,000 nmon stock 20,000,000 Total capital $40,000,000 Note.— The company has $1,618,000 of the preferred and $3,008,700 of the common stock in its treasury. No "securities owned" are reported. EARNINGS. Total Net *Earned on Year ending June 30. Income. Surplus. Common. 1900 $2,253,989 $880,020 4.4 % I9 01 1,603,746 9 l SP7 l 0.17% 1902 1,605,706 1,029,042 0.57% 1903 2,057,327 1,349.137 i-45% 1904 2,148,925 i,777,9 2 7 2.14% i9°5 2,306,462 -',333,577 2.78% i9°6 ' 2,553,687 3,°33> 8 o 2 3-5 % 1907 2,935,989 4,091,002 5.28% !9o8 2,937,919 5> I 3 2 ,269 5.2 % ♦After charging off for renewals and betterments and reserves for insurance and interest. DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred . . 6% 6% 6% 6% 6% 6% 6% 6% 6% Common ...o o o o o o o o o LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1901 1902 1903 1904 1905 1906 1907 1908 Preferred . . 80 Dec. 78'/ 2 Oct. 69 Oct. Jan. 89^ Feb. 90 July 75 Oct. 78^ Jan. 91 June 91 July 83^ Jan. 87 Dec. 95 Aug. 102 Jan. 95 Feb. 96 Nov. Common . 21 Oct. 18J4 Dec. 12 Oct. 13 Mch. 20 Jan. 20 July 10 Oct. 13 Jan. 35 June 32*4 July -'5 i Feb. 245<$ Dec. 29^ Apl. 34^ Jan. 25*6 Jan. 35 Nov. Note. — This stock was not listed on the New York Stock Exchange until February, 1901. It has never been particularly active. GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1901. Jan. Feb. Mch. Apl. May J u n t 190] 1903 1904 iy«5 lyoo 1907 lyoi lyo2 1903 1904 1905 1906 1907 1908 Pfd.. Com. Pfd.. Pfd.. Com. Pfd.. I '.( mi. Pfd.. Com. Pfd.. Com. Pfd.. ( om. Pfd.. Com. S 4 22 - M *3 -8 3 4 _•_• -_'4 7&7Si M -Mi 20 -21 {j 934-102 24i-34i -'3 --V 784-84 1 13 -18 844-85^ 3" "J2i 84 -86 -:;-j 4 : «3 -83 -'5 -25I 751-75-1 I3l-i3i 9-' 2] ,-22i 99 -7^-33^ 95 22.', -25 804-844 3° -30 834-83^ -'i -23^ 2_> -24 73 -734 »3 -M yoi-yl! 20 -24. yyj-ioo -7 } >-*j\ 904-91 19 " 2 34 80 -82I 17 -184 834 29 -30 83 -874 22 -304 -' 1 1 - 1 1 M - ' 3 ■' 893 914 24 93 94 23 ! 20 -21 8 1 88 16^-21.1 8i -*)! 264-28^ 86 264-284 80 -80 20 -20 894 894 93 -93 -1 : 85 -85 [5 -20 85 -86 18 -22 84 -9' 29i-35 74i"74i 17 -17 731-73! 231-244 94 234-28 [5 "'7-1 86 -89 204-243 July Aug. Sept. Oct. Nov. Dec. Pfd.. Com. Pfd. . Com. Pfd. . Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. i om. Sy -yo 3° -3l4 854-91 27i-32] _ 75 -75 Hi 1 -144 ^l -244 90 -93 20 -25I l6 -20 87 -94l ^yi-^7 894-90 29 -3°4 8y^-8y^ 264-2$ '5 -'5i 79 -79 1 1 1-15 95 -95 234-25 92 -94 235--", 82f-82f 1.^-19} 92 ' -4! 253 So -81 24 -30 844-844 24 -264 77i-79 938-938 22 -25 } -29} i5i-i84 "i 95* -•51-29* 81 -85 j 1 -23 784-834 69 -74 12 -12 78 -78 18 -214 232-26 ';2^-(,j. 1 25 -27i l 75 -75 10 -16 90 i -92 27 -294 si:-82 _. _• -25 82 -82i 21 -2 1 I 93l 933 24 -25 1 y>i l-[)2'. 25 -26 75 -75 ioi 15, 91 -96 2^-35 80 -8l| 2 1. ',-22 80 -80 t8|-2oi 69i-73 '3 144 S5J-87 20 -24I m. -yi 23i-25i 1 1' > -90 24 -26 774-78 1 i3-i3 94i 5i -1-34 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov. ti tt tt 2 . . . 3 . . . . 4 . . . 5 • • ■ 91 -91 284-294 Election Day. ....... 29^-304 ....... 29S-30 Nov; 12 " 13 " 14 •• 16 c Hi 30 -30 3° -304 3<>f-3] 1 3og-3°4 Nov. 23 " 24 " 25 - 2. . • ■ ■ • 954-9 6 33 -343 -••• 344-341 -••• 344-35 . . Thanksgiving Day. it tt 6 . . . 7 . . . 9 • • • ....... 30 S2 ....... 31 j 31 1 ....... 30 31I '• 17 " 18 " 19 3i 32 3-^ 33l 3-' -3 2 l " 27 - 28 30 -• ■ • 34 "34s -••• 34i-34i -•■• 34i-34l 10 . . . ....... 30-30 " 20 3^-32 11 . . . . . .- •' 21 324-334 LOW AND HIGH PRICES. BY DAYS, DECEMBER, 1908. Dec. 1 2 3 4 5 7 8 9 10 l't'd. Com. 34 -34 33 -33" 33! 33' 33 "334 33 ] r33l 33 -33 3^-3^1 32 -32I 3i : *-33] Dec. 1 1 12 14 15 16 17 iX 10 21 Pfd. Com. ....... 324 32 ■ ....... 32] -32! ....... 324-32! ....... 32 -32 944-941 3^ -3^i ....... 32 52: •••-••• 3ii-3i4 Dec. 22 23 24 2; 28 >9 3" 3' ■ 95 -95 324-33 . Christmas Day. . Extra holiday. 95 33 -333 • ••.-•■. 33 -334 • ••.-... 33f-334 • • 955 334-333 GIBSON'SMANUAL n REMARKS. In [907 new and valuable phosphate properties were purchased by this company, in order that it might control its own sources of supply, and in view of the fact that the best properties were being rapidly taken up and exploited. The company believes that it now owns em. ugh phosphate rock to supply a growing demand for 60 years. The company now has 51 branches, 29 of which are manufacturing plains, and 5 are phosphate mining plants. Since organization, the business of the company has nearly doubled, and in view of the general depression, the results in 1908 have been considered satisfactory. In order, however, to provide per- manently for financial needs, it is now in contemplation to issue long-term debentures or bonds, con- vertible into preferred stock at par, at the option of the purchasers. In November, 1908. a rumor circulated in Wall Street for a time that this company was about to merge with Virginia-Carolina Chemical, Armour & Co., and other concerns and to create a new and larger corporation. This was authoritativeb) denied bv all concerned. Officers: President, Peter B. Bradley; Vice-President, James M. Gilford; Chairman, Robert S. Bradley; Treasurer, Thomas A. Doe; Secretary, Horace Bowker. Directors: In addition to all the fore- going, Samuel Carr, \Y. II. Bowker, II. S. Zell, George C. Bingham, William Prescott, George Beck. \\ . |. Brennan, John F. Gibbons, John F. Kehoe, D. Crawford Clark. Albert French, S. Barton Hep- burn, W. W. Baker, M. E. Wheeler, Charles W. Priddy, Charles 11. Hobbs and F. L. Amos. Fiscal year ends June 30. Annual meeting, second Thursday after first Monday in September, New London. Conn. Directors meet quarterly directly after the annual meeting, and thereafter on the second Thursday of December, .March ami June. Office, 3 Rector .street. Xew York. Traded in on the Xew York Stock Exchange (Listed Department) and on the Boston Stock K\ change. I 2 GIBSON'S MANUAL American Beet Sugar Company ( Organized under the corporation laws ol New Jersey, March 24, 1899, by a syndicate, of which Spencer Trask & Co. were the head, and in which Kuhn, Loeb & Co. were interested. The cum pany took over the beet sugar lands and factories of Henr) T. Oxnard and \\ . Bayard ' utting and purchased 7,500 acres of the best farming land, located near the California factories. The company has since extended ils operations to Colorado. Preferred stock, 6 per cent, non-cumulative $4,100,000 Common stock 15,000,000 Total capital $19,100,000 Note. — The authorized amount of the preferred stock is $5,000,000, and was originally issued, but 9,000 shares arc now held in the treasury of the company. EARNINGS. Factory Year ending Dec. 31. Profits. 1901 $425,635 1902 49 J ,3o8 I9°3 725,671 1904 533.5" Year ending March 31. Net Income. 1905, 9 months 625,880 1906 908,162 1907 844,189 1908 1,372,775 * See "Remarks." Surplus of Earned on the Year. Common. $55,635 0.37% 26,308 0.17% 77,733 0.31% 31.649 0.2 1 % 191.353 1.27% 224,740 1.49% 110.790 0.73% 638,3" 4-257o DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred . . 6% 6% 6% 6% 6% G c /o 6% 6% 6% Common . . . 000 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 Preferred.. 73r! ■21* 21 21 2li- ■2li 2l| -2l4 21 ■21 2T? ■2li 214 -21* Dec. 12 M 15 16 '7 1S 10 21 Pfd. 794-79^ Com. 2o4-2of 20 ; -20 jj 20J-20I 19I-204 204-204 1 05 -20? 20 -20 104-19? Dec. 22 " 23 " 24 " 25 :6 ■• 28 " 29 " 3° " 3i Pfd. Com. ....... T0}-I04 ....... 20-21 79f-79§ 20 -2T Christmas Day. Extra holiday. ....... 20J-21 1 80 2 1 j 1 i 80 -8l4 214-224 8i5 22I-223 GIBSON'S MANUAL REMARKS. n currently reported, and generally believed, thai the American Sugar Refining I o has purchased .1 large interest in American Beet Sugar. The statement that control had been secured by the I; mpany was denied by R. Fulton Cutting and oth mtrary to the earnesl wishes of his associates Robert Oxnard declined re-election to the presidency in 1908, wishing to be relieved from the travel incident to thai office. He consented to serve, however, as vi dent, and to look after the ( alifornia int< The company operati and owns lands, in Nebraska, California and i 0. Ii has purchased, in all, about 22,000 :■■• land, nearly all of which 1 nade productive. Sale of the irado lands, worth now about $1,500,000, has been contemplated, because they do not earn inti n hut ability to provide, in a crisis, belts enough to suppl} the fa at Lamar and Las \n\\ has so far operated to encourage their retention. Surplus profits, in each year, over and above dividends on the preferred stock, have regularl) been applied to working capital, the amount of which is now Si. 307 ,000. \'o report is made upon "securities owned." Officers: President and Chairman. II. Reiman Duval: Vice-President, Roberl Oxnard; Treasurer and Secretary. John !■'.. Tucker. Directors: R. Fulton Cutting, R. Bayard I ting, II. Rieman Duval. J. G. Hamilton, Robert Oxnard, Henry T. Oxnard, Di larl I dwin M. Bulkley, Charles J. Peabody, Kalman Haas and Lucius K. Wilmerding. Fiscal year ends March 31. Annual meeting, second Tuesday in .May. at Jersey City. Directors meet firsl Tuesday in each month. Office, .}-' Nassau Street. New York. Traded in on the New York Stock Exchange (Unlisted Department). GIBSON'S MANUAL 15 American Can Company Incorporated in New Jersey, March [9, iyoi, to combine under one control, [23 establishments which manufactured about 90 per cent of the total production of tin cans in the United Slates. Fully three-fourths of the old factories were closed, a thorough reorganization was effected, and several new factories were built in different parts of the country. The company now owns 34 plant--, two of them for detaining, ami leases i_> more, these outfits being scattered ail over the country from Maine to California, with cue in the Sandwich Islands. Preferred stock, 7 per cent, cumulative $41,233,300 Common stock 41.233,300 Total capital $82,466,) EARNINGS. Year ending .March 31. Net Profits. Surplus. l[)02 $1,775,564 $1,775,564 1003 : ss< ,.7 1 1 2,662,275 1904 2,394,510 -'.440.5. ,1 1905 2,896,918 3.2S1.X44 [905, 9 month- to hoc. 31 2.31 1.417 4.047.0 [_> Year ending Dec. 31. 1906 2,350,040 4.1x1^,768 1907 2,685.698 4,680.495 I he small profits of 1903 were due to the expenditure of SI .441 .47(1 for con- centration of plants, new construction and improvements. Note. — 'flic preferred stock being 7 per cent, cumulative, all arrears of divi- dend must be paid before earnings can be shown on the common -lock. By Nov. 1. 1908, about 25 per cent, ivas due on tlic'prcferred stock. DIVIDENDS. 1902 1903 1904 !9Q5 1 000 1907 1908 Preferred . . . . . 2\% 57o 5% 5% 5% 5% Commc n . . . . . . r* LOW AND HIGH PRICES, BY YEARS, SINCE 1901. l"ul 1902 1903 1904 1905 1906 1907 1908 Preferred 53->4 Dec. 39 Ni iv. 84 May 61 Jan. Common 14;^ Dec. 8] j Dec. 31\sMay 17 Jan. 25 Sept. Jan. 60*4 Jan. 51 C July 34 Nov. 44 Jan. 51 Jan. 64 ; Dec. 74'; Apl. 72 Jan. 60; Apl. 76% Nov 2% Oc .-, Feb. 8 Dee. \'ov. 3 Oct. 4 Feb. 1! Jan. L2-H Dec. 1 1 ; \pl. 12', Jan. 7', Vpl 10J4 Nov Note.— Previous to March, 1907, this stock was traded in only on the curb market. Trading began on the curb market in the week ending March 23, 1901. In March, 1907, American I an stocks were transferred to the Xew York Stock Exchange. i6 GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE igor. Jan. Feb. Mch. Apl. May 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 54 -61 47?-5i 10 -Iif 32i-36 3l-4i 604-64 9Hif 69 -72 9I-12] 49 -55 4*- 6 44 -52f 4i- 5i 54 -581 I3i-i61 454-481 9 -10 33 -36i 04 4 + 61 -69 9^-I2f 67h7H 9i-n 494-555 43- 7* 44f-5o 4 - 54 76 -77 26 -27I 55 -6of 14 -i6| 42i-45 7f- 9 36I-40J 4h 55 644-67I 10I-115 66 -67I 9 - 9i 48i-55 5i- 7 45^-50-5 4*- 5l 74*-7S4 26I-30 531-59 12 -15! 40I-505 7i-9i 332-37 4 -43 661- 74 4 104-144 60 -67 7h9i 5if-6ol Sh 7* 49*-55 44- 5* 66 -84 19 -3if 55 -58 13 -14* 43f46 5 - 74 344-364 35-4* 654-7*4 IO§-I2§ 60I-63 74-8 53 -55* 5i- 65 534-57 4f- S§ July A ue. Sept. Oct. Nov. June 755-771 25^-29 54 -55 13 -n\ 42 -454 5i- 6 364-39 4 - 44 66f7o ii|-n| 54*-63 61- 8 52 -544 Si- 5f 54 -62 4i- 6| Dec. 69I-763 21 -27I 524-545 iof-125 34 -435 34- 5f 38i-44 4 - 4f 67 -694 11 -1 if 514-58 64 524-551 54- 55 545-62 45- 6J 75 7i -75 5 1 "-534 11I-J2 351-45 3a 5s 40 -47 44- 4f 68i-73 11 -12 584-614 7 - 81 43 -524 44- 54 60 -62 5f- 61 724-754 22^-254 5i4-54f nl-14! 25 -44* 34- 51 444-481 44- 54 7o -73 "I-12 56 -6of 64- 7* 48 -50 44- 45 57*-62l 54-6 62I-734 17 -23 i 48 -534 114-13I 27I-32 2I- 3* 454-5o4 54- 75 701-73 104-nf 544-57 6- 7 36 -49 3 -41 60 -694 54 /8 62I-67 17 -195 39 -47. 9 -134 261-30! 2§- 34 471-594 6 -n| 695-725 9 "I"; 535-56 54- 6| 34 -42 34- 35 68 -76I 7 -i°4 535-6oi 143-17 42 -49J 84-114 3i*-34 : ; 3f- 4l 583-645 I04-I2§ 68I-7 i I 8f-io\ 534-564 54- 65 394-414 34- 44 72 -764 84- 94 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov 2 . . . . 68 -69I 7 - 71 Nov 12 . . • • 734-754 94-IO Nov 23 •• ■ • 734-734 81- 81 3 ■ Election Day. « 13 •• • 745-75i 9M04 24 .. ■ ■ 735-76 85- 95 " 4 • . . . 69I-70I 74- 71 " 14 . . . ■ 741-75* 94- 95 25 •• • • 745-76 9f-ioi 5 . • ■• 69I-714, 7f- 8 it 16 .. • 744-751 9 - 94 26 .. . . Thanksgiving Dav " 6 . . . . 70 -71 75-8 it 17 . . • • 744-743 9f- 94 27 •• ■ • 754-764 9\- 91 7 • • • ■ ■ 701-7I1 71- 8 iS .. ■ • 741-745 9 - 94 28 .. • • 753-764 94- 9l 9 • • •• 7o4-7i 8 - 81 " 19 . . ■ • 735-74? 85- 9 30 .. • • 754-764 94- 92 " 10 . • ■• 704-74* 81- 91 tt 20 . . • ■ 7?, -744 81- 8| "11 . • •■ 734-741 9l- 91 a 21 . . ■ • 74 -74* 8$- 81 LOW AND HIGH PRICES , BY DAYS. DECEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Dec. 1 . ■ •• 754-76? 04- 93 Dec. II . . . . 76 -765 91- 9" Dec. 22 . . . . 73 -734 8f- 8| " • • • 754-761 94- 91 i 12 . . 76f-76f 9 - T ] •' 23 .. .. 73f-73l 85- 81 " 3 ■ . .. 76-76* t 14 ■ ■ -. 755-76? 9 - 94 - 24 .. .. 734-74 •' 4 ■ • • • 76 -761 9f- 94 ( 15 . . 751-761 9 - 9* '■ 25 .... Christmas Dav. 5 • ■ • • 76 -765 94- 94 1 16 . . . . 744-75 - 9 " 26 .. .. F.xtra Holiday. 7 • • •• 754-751 ol I 17 .. .. 75?-74* 81- Qi " 28 .. .. 734-73! - ol '■ 8 • •• 7^-7^ 9\ ' 18 . . 7^-7i: 81- 8 : ; - 29 ... . 731-73^ 85- 9 • ■ ■■ 754-76 94- 94 i 10 . . 724-74 8f- 8| " 30 ... • 72i-7.V~ 8f- " 10 . . . . 76 -76 94- 94 cc 2-T . . . . 72 -72! 8.1- 85 " 31 •• •• 734-73* . .-. . GIBSON'S MANUAL 17 REMARKS. The requirements of the company have led to setting aside the surplus profits of each year, over and above 5 per cent, on the preferred stock, as working capital. Nearly $10,000,000 have now been accumulated on that account. The plants have been brought to a high state of efficiency by the adoption of automatic and labor saving machinery. The company incurred a severe loss in the spring of 1906, when three plants were put out of commission, and two of them totally destroyed by the San Francisco earthquake and fire. They have since been rebuilt. Gross sales were reported by this company only in 1903 and 1904. They were then respectively $22,076,394 and $22,915,524. The company carries in its list of assets, $1,523,519, as "other investment items." which may represent securities owned. Officers: President, \Y. T. Graham; Chairman, D. G. Reid ; Vice-President and Treasurer, P. S. Wheeler; Secretary, R. H. Ismon, Directors: In addition to the foregoing, W. II. Moore, J. II. Moore, George G. McMurtry, W. M. Leeds. F. Rudolph, W. F. Dutton, R. L. Skofield, James Mc- Lean. O. II. Bogue, II. W. Phelps, and George T. Boggs. Fiscal year ends Dec. 31st. Annual meeting, first Tuesday in February, Jersey City. Directors meet on call. General office, 447 West 14th Street, New York. Traded in on the New York Stock Fxchange (Listed Department). iS GIBSON'S MANUAL American Car and Foundry Company Incorporated in New Jersey, Feb. 20, 1899, as a consolidation of leading builders of wooden freight and passenger cars. The company now manufactures a growing number of steel cars, and of car wheels, castings and supplies. In the 12 months ending April 30, 1907, its best year, there were built 47,073 wooden cars and 47,814 of steel. Preferred stock, 7 per cent, non-cumulative $30,000,000 Common stock 30,000,000 Total capital $60,000,000 EARNINGS. Year ending April 30. Gross Sales. Xet Income. Surplus. 1900 (14 months) Not published. $5,734,949 $3,698,648 1901 4,055,820 5,074.949 1902 4,295,602 6,670,551 r 9°3 7^59.902 10,730,454 1904 4,496,863 12,227,317 1905 2,628,117 12,755,434 1906 ' $^69,040,638 3,807,660 14,113,094 1907 100,006,296 8,139.536 19.552,630 1908 104.319,560 8,214.618 22.367.247 * After deducting $1,650,000 for general overhauling and improvement? Earned on Common. 12.45% 6.5% 7.32% 16.51% 7-99% 1.76% 4-52% 20.13% * 14.68% LATEST REPORT. Earnings for seven months, to Oct. 31, 1908. compared with the same period last year, were: Xct. 1908 $i.37i 17 -20| r6 -17I 16 -173 1905 . Pfd.. 9*4" 944 9 2 3- 95i 933- 100* 961-1043 944- 994 97-99 . Com. 3ii- 344 33 - 36i 344- 395 334- 43s 31 - 374 323- 353 1906 . Pfd.. 994- 105 1003-104 ICXXJ-102^ 1 003-1033 99f-io2j 100 -103 . Com. 394- 47* 4of- -46! 39i- 45 s 374- 46 344- 42 35 - 423 1907 . Pfd.. 1003-103 101 -103 92I-102I 97 - 993 983-100 97 - 99 . Com. 4i4- 454 4i4- 45 31 - 44f 354- 381 34 - 39} 37*- 43^ 1908 . Pfd.. 88 - 90J 845- 9°5 84I- 944 91 -100} 93 -1003 96 - 983 . Com. -'ol- 32! 254- 32| 263- 335 31 - 364 344- 38J 33 - 38 July Aug. Sept. Oct. Nov. Dec. Pfd.. 61 -65 63 -633 574-633 594-644 63f-693 663-72 Com. 144-165 15 -i6i 134-16I 14 -i8f i74-25i 194-23 Pfd.. 8i3-8 9 i 80 -873 83 -87I 78 -83I 8o3-86 843-863 Com. 27 -33 273-314 28 -31 233-29 25 -30 283-31! Pfd.. 893-92 s 913-925 893-923 883-931 883-03 % 86 -913 Com. 313-33 32 -333 34 -37 33 -37f 33 "354 32 -36 Pfd.. 82f-9o 813-85 75 -83 613-78 6o3-685 643-693 Com. 30 -383 30 -344 22f-33 173-26* 173-21 173-205 Pfd.. 7i -79 78 -79* 78^-823 794-853 823-933 89 -943 Com. 143-194 183-193 i8f-243 22f-275 253-34 s 29 -35* Pfd.. 98 - 993 993- 1 02 99 -IOI 993-1023 TOO -IOI 08 -102 Com. 343- 373 364- 385 35 - 384 365- 434 373- 42I 383- 423 Pfd.. 983-101 IOO§-IOI 100 -102 i oof- I 02$ 101 -102 IOO*-I02! Com. 325- 38 374- 4i4 394- 461 423- 46$ 42 - 45! 4o3- 46 i Pfd.. 973-101 93 -ioo3 92 - 99i 78 - 94 80 - 85 833- 903 Com. 423- 443 353- 43 36 - 424 24§- 37 2 4 f- 28! 263- 33s Pfd.. 97 -104 102 -103S 1023-105 1013-1033 I033-I08 107 -109 Com. 34 - 40-] ' 394- 4-'! 36 - 4i3 39 - 43 42 - 47 3 45 1- 503 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Nov. 2 . • • 1033-1034 42 -423 Nov 12 " 3 • . Election Dav. " 13 4 • . 104I-1053 43 "444 t( 14 5 • . io6f-io6! 444-45 ii 16 " 6 . . 1063-1073 45 -464 it 17 / • . 1073-108 461-474 n 18 9 • . 107 -1073 463-47} " 19 " 10 . . 107 -1073 46 -463 " 20 u . . 106 -107 454-464 c( 21 Pfd. 1063-1063 1063-107! 107 -107 107 -107 107 -107 106S-107 1 063- 1 063 1063"- 106I 1 063-1073 Com. 454-463 463-475 465-474 463-47§ 461-47 463-465 46 -464 454-463 455-463 Nov. 23 24 25 26 27 28 30 Pfd. Com. 1073-1073 453-46 1073-1073 454-46.] 1073- 107! 46 -465 Thanksgiving Day. 108 -108 463-46! ......... 463-47 108 -108 461-47- LOW AND HIGH PRICES, BY DAYS, DECEMBER. 1908 Pfd. Com . Pfd. Com. Pfd. Com. Dec. 1 . . . 108 -108 464-46f Dec. ....... Dec. 22 . . . 1083-108J 45*-47* 2 ......... 463-465 " 12 . . . 108 -108 455-47' " 23 . . . 1083-100 47 -47" " 3 108 -108 46 -465 " 14 . . . 1083- io83 463-48 " 24 . . . 109 -109 474-49 4 ......... 461-464 tt 15 -•••■ 464-471 " 25 . . Christmas Dav. 5 ......... 463-463 " 16 . . . io8*-io8* V<~47\ " 26 . . Extra holiday. 7 ......... 463-46! . • 17 . . . 107 -108 46 -473 " 28 . . . ......... 483-505 " 8 108*- io83 \<^\«< a 18 . . . 108 -108* 45f-46] " 29 . . . ......... 494-5oi 109 -109 46-H63 it [9 45f-46 " 30 . . . 108 494-50-i " 10 463-463 ii 21 . . . 108 -1083 451-453 " 31 • • 100 494-.503 21 I GIBSON'S MANUAL MARKET MOVEMENTS OF AMERICAN CAR & FOUNDRY, COMMON, FROM 1899 TO 1908, INCLUSIVE. REMARKS. Ample sums were charged off, every year, for new construction, and latterly an insurance re- serve of $1,000,000 has been created out of earnings, so that the company can carry a part of the tire risk. This company has been conservatively managed from the start. Efforts have been bent, con- sistently, toward the accumulation of a large working capital, which now amounts to $17,184,715, and the excellence of this policy was unexpectedly demonstrated in 1907, when financial stringency over- look the business world. Liberal sums are spent, every year, for improvement and maintenance, espe- cially of the steel car plan:-. The number of car orders, on hand, April 30. 1908, was the "smallest in the history of the company, but its facilities for production of a varied line of materials and supplies have kept the -•Imps in a condition of fair activity. The business has improved since last Spring. Securities owned, April 30, 1908. were $731,688. Officers: President, Frederick H. Eaton; Vice-Presidents, E. F. Carry and J. M. Buick; Treas- urer, S. S. de Lano ; Secretary, W. M. I lager. Directors: In addition to the foregoing, W. G. Oak- man, J. B. Haggin. A. B. Hepburn, -H. R. Duval. Gerald Hoyt, W. II. Woodin, W. K. Bixby, T. II. West, Adolphus Busch, C. R. Woodin, George H. Russell and W. N. McMillan. Fiscal year ends April 30. Annual meeting, last Thursday in June, Jersey City. Directors meet, monthly, on call, usually in the first week of the month . Main office. St. Louis, Mo. New York office, 165 Broadway. Traded in on the New York Stuck Exchange (Listed Department). GIBSON'S MANUAL American Cotton Oil Company Incorporated in New Jersey, Oct. 14, 1889, to take over the properties and business of the Cotton Oil Trust. The plants of the trust were located in sixteen States, mainly in the Smith, ami included oil mills, refineries, lard and soap factories, gins, seed houses and fertilizer works. There- are now 17 subsidiary companies, headquarters in Alabama,, Arkansas. Georgia, Illinois, Louisiana, Mississippi, Missouri, New York, North and South Carolina, Ohio, Rhode [sland, Tennessee, Texas, and Rotterdam. Holland. Debenture bonds, Aug. 31, 1908 $5,000,000 Preferred stock, 6 per cent, non-cumulative 10.198,6a) Common stock 20,237,100 Total capital $35,435.7°° EARNINGS. Net Fiscal Year Ending Aug. 31. Profits. 1900 $1,497,183 1901 1,091,857 1902 2,238,206 1903 i,53°.° Sl 1904 844,835 1905 1,015,382 1906 1,393,537 1907 • 2,367,263 1908 1,258,051 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred . . 6% 6% 6% 6% 6% 6% 6% 6% 6% Common ... 3^% 2% 4% 1', 3% 1% 2% o 7% Action on the common dividend was deferred in 1907, as a measure of prudence, in view of the panic. From the earnings of 1906-1907, 4 per cent, was paid in March, 1908, and from later earnings, 3 per cent., payable in December, 1908. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. Earned on Surplus. Common. $6,520,745 4-37% 6,595,944 2.377* 6,916,835 8.03% 7,001,897 4-547* 7,°32,445 1.15% 7,i/6,9°3 1.99% 7,430,m 3-85% 8,190,353 8.67% 8,226,550 319% 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred.. 88-] 4 Sept. 85 Apl. 86 Feb. 82 Sept. 88 Mch. 89>4 July 90 Dec. 70 Nov. 80 Jan. 100 Apl. 91 '/ 2 Jan. 99.^ Apl. 99,%. Jan. 97 Nov. 97 Feb. 95 Jan. 92 '/, July 97 Nov. Common... 30 June 24 Mch. 30^ Jan. 26 Nov. 24J4 June. 27^4 July 28 May 21 Nov. 24*4 Feb. 37^ Apl. 35j4June 5734 Apl. 46'.; Feb. 37ji Dec. 40^ Dec. 44; i Jan. 36y 2 July 44M Nov. GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900, 1900 Jan. Feb. . .Mch. Apl. May June . . . Pfd.. 90 -94i 94 -94 93i-94 964-100 95 -96i 90 -92 . Com. 31 -34i 33i-35i 32i-37 354-373 33 -364 30 -35f . Pfd.. 88 -gii 874-89 86 -865 85 -894 89 -89* 89!-9o4 . Com. 264-31* 28 -31 24 -28g 25^-30 24S-28I 27i-354 . Pfd.. 88 -88 86 -88 m-971 954-994 985-99 95 -97 . Com. 3oJ-33 31 -3 2 5 3H-47% 46 -S7% 5i -57 5i -523 . Pfd.. 9 8i- 9 8i 96 -98 964-964 964-97 92 -97 90 -92 i . Com. 434-464 444-464 42i-44i 393-434 33}-424 33 -37 [904 . Pfd.. 89 -894 90 -90 88 -91 90 -90 934-934 883-90 . Com. 28J- 3 2i 29 -31 281-30 29i-3o| 27J-30 24i-27 1905 . Pfd.. 95 -95 95 -97 93 -95 93 "953 94 -9 6 i 92 -95 . Com. 334-364 334-37 33t-3 6 4 33i-38 3°i-33l 303-324- 1906 . Pfd.. 93 -95 93 -93l 92 -93 92 -93 9°i-93i 904-92 . Com. 37 -444 32i-39i 3ii-36i 294-35 28 -33 29 -34f 1907 . Pfd.. 90 -90 884-884 88 -884 88 -90 ....... . Com. 29i-3 2 i 30 -334 27 -32i 294-31 4 284-314 29^-31 J 1908 . Pfd.. 80 -80 85 -85 82 -85 85 -93 90 -93 90 -90 . Com. 29i-34f 24f-33i 254-29 26f-29^ 284-32 3o4-3 if 1900 1901 1902 1903 1904 1905 1906 1907 1908 July Aug. Sept. Oct. Nov. Dec. . . Pfd.. 89i-9o4 90 -90 883-90 90 -92 90 -94 9 1 -924 . Com. 32i-35 33 -34s 3i -334- 334-363 3o4-37t 3o4-324 . Pfd.. 87 -9i 91 -91$ 88 -904 88 -89 86 -90 85 -88 . Com. 274-34i 324-354 294-334 28 -304 27 -31 271-334 . Pfd.. 95 -974 964-964 96i-963 95 -98 96 -99 97 -983 . Com. 5II-53S 50 -514 47 -55 48 -544 454-54f 39 -474 . Pfd.. 82 -92 84-84 82 -82 85 -85 90 -90 85 -90 . Com. 274-364 254-31 274-31 274-304 26 -314 294-3 if . Pfd.. 894-90 894-92 9i -934 92 -95 92 -97 93 -96 . Com. 264-28 26 -34! 28 -344 283-33 29f-354 334-3/4 . Pfd.. 89i-92 924-95 954-954 97 -97 924-934 9i -93 . Com. 271-334 294-304 29 -3i 30 -334 3 1 -363 344-4o4 . Pfd.. 934-934 924-933 94 -94 95 -95 90 -91 . Com. 28 -33* 3o4-334 314-364 334-37 313-363 31 -33 . Pfd.. 86 -924 87 -87 85 -85 82 -82 70 -80 80 -80 . Com. 31 -364 294-344 3i -34 23 -324 21 -263 26 -294 . Pfd.. 88 -90 90 904-92 92 -93 923-97 934-963 . Com. 3of-34f 334-361 323-36 34}-374 35 -44* 404-434 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. X' >v. 2 . -••• 365-384 Nov. 12 Nov. 23 -••■ 374-393 " 3 • . . Election Day. " 13 -. . . 364-37 " 24 -••• 40 -4i4 ■' 4 • -... 38-383 •' 14 -. . . 35 -364 " 25 -••• 41-443 " 5 • -■•• 384-394 1 " 16 • • • 923-923 35 -37 ' 26 . . .Thanksgiving Day. " 6 . • • 954-954 39f-4o4 - 17 -. . . 354-36 " 27 -•■• 43f-44f 7 • -. . . 40 -40f " 18 -. . . 36 -364 " 28 • • • 943-943 423-44 9 • ■ • 964-964 394-404 " 19 -. . . 353-364 " 30 -••■ 423-433 " 10 . . . 96J-964 404-404 " 20 -. . . 354-364 ■• n . • • 97 -97 394-404 " 21 374-384 LOW AND 1 -1IGH PRICES, BY DA rS. DECEMBER, 1908. Pfd. Com. Pfd. Com. ' Pfd. Com. 1 lee. 1 -. . • 424-43 Dec. 11 . . . 95 -95 423-434 Dec. 22 . ■ • • 934-934 4o4-4of " 2 • 424-43 12 ....... 424-423 23 -••• 42 -434 " 3 . 42 -42J " 14 ....... 4if-424 " 24 ■ ■ • 944-944 43 "43 i " 4 • 413-424 " 15 ....... 42 -424 " 25 . . . Christmas Day. " 5 • 414-424 " 16 ....... ....... " 26 . . . Extra holiday. " 7 • 4i 3-424 " 17 044-96 411-424- " 28 -••• 434-434 8 • 424-434 " 18 ....... 4I3-4I3 29 -•■• 43 -434 " 9 • 95 -' " 19 ....... 414-42 " 30 -••■ 424-43 " TO • 434-434 " 21 94 -94 4o4-4i4 " 3i . . . 963 42 -42$ GIBSON'SMANUAL 23 REMARKS. Aug. 31, 1908, the net working capital was $6,631,287. The unfavorable earnings of 1907- 1908 arose from the fact that when the Fall panic of 1907 occurred conditions prevented the purchase of seed. When, later, the sky cleared, competition for seed forced the price to an exorbitant figure. Manufacturing profit was accordingly less. The trouble was increased by a cotton crop 2,000,000 bales smaller than in the preceding year. The properties have all been maintained in the highest state of efficiency. Officers: President, Robert F. Munro; Second Vice-President, Frank Bosse; Secretary and Treasurer, Justus E. Ralph. Directors: Edward D. Adams, William Barbour, Charles M. Clark, Will- iam Nelson Cromwell, Harris C. Fahnestock, A. Barton Hepburn, Francis L. Hine, Bradish Johnson, Charles Lanier, James B. McMahon, J. Rogers Maxwell, George A. Morrison, Robert F. Munro and Richard T. Wilson. Fiscal year ends Aug. 31. Annual meeting, first Thursday of December, at Guttenburg, N. J. Directors meet, first Tuesday in each month. Main office, Guttenburg. N. J. New York office, 27 Beaver Street. Traded in on the New York Stock Exchange (Listed Department). 24 GIBSON'S MANUAL American Express Company This is not a corporation, but a joint stock company or voluntary association, formed under the laws of New York in 1850 and 1859. In January, 1908,44,837 miles of railroad lines were operated by this company, including tin- Vanderbilt lines, Boston & .Maine, Illinois Central, etc. The foreign for- warding business was conducted over 136,180 miles oi sea and ocean routes and 6,022 miles in foreiga countries. Total number of miles operated, 187,039, compared with 184.453 > n "» < " Amount of "interests" u. e. capital stock) lace value of each interest $100, Dec. 31, 1907 $18,000,000 There is no bonded debt. The American Express Company publishes no reports, but there was one filed in another State, this year, in compliance with the laws of that commonwealth, which shows that gross earnings in the calendar year of 1907 were $30,755,197; net, not including "other income," $659,159. Bonds, held as investments, were then $5,121,022, compared with $5,618,364 in 1906. Stocks held were $12,396,433, against $15, 573,977 in 1906, the reduction being in part due to the sale of 24,659 shares of Boston & Maine Railroad stock to the New York, New Haven & Hartford Railroad. Note: DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 6% 7J0 S% 8% 8% 8% 10% 12% 12% Six per cent, of present dividends are especially stated to be from investments. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 I9117 1908 142 Mch. 191 Dec. 169 Jan. 210 Nov. 210 Jan. 171 Aug. ISO June 209^ Jan. 265 Aug. 235 Feb. 219 Nov. 246 Feb 215 Apl. 272 Aug. 175 Oct. 247 Jan. 170 Feb. 224 May Nov. 2 3 " 4 " 5 " 6 7 9 " in " 1 1 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. Election Day 197 197 200 200 Low. High. Thanksgiving Day 1 )ec. 1 2 3 4 S 7 8 9 10 LOW AND HIGH PRICES, BY DAYS. DECEMBER, 1908. Low. High. — — Dec Low. High. 25 Christmas Day 26 Extra Holiday 28 — — 29 — 30 — 3i — — REMARKS. From a meager balance sheet filed recently in Massachusetts, it appears that American Express 1 Surplus Profits account of $15,078,469 on June 30, 1908. ks and bonds owned. S20.42Q.jj2. Officers: President. James C. Fargo: Vice-President, Francis F. Flagg: Vice-President and Treasurer, Tames F. Fargo: Secretary. William H. Seward. Directors: James C. Fargo. Francis F. Flagg, Lewi- Cass Ledyard, Charles G. Clark. William II. Seward, Edward B. Judson, Johnston Liv- ingston and Charles M. Tratt. Fiscal year ends Dec. 31. Annual meeting, none. Directors meet first Tuesday in Feb- ruary, May, August and November. Office. ^5 Broadway, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL American Hide and Leather Company Incorporated in New Jersey, first in May, then under a new plan in August, 1899, as a combina- tion of 26 firms and companies manufacturing the bulk of the upper leather production of the United States. J. & \V. Seligman financed the deal. Fifty shares of common stock were given as a bonus with each 100 shares of the preferred. Bonded indebtedness, 6 per cent $6,939,000 Preferred stock, 7 per cent, cumulative and has preference also as to assets 13,000,000 Common stock 11,500,000 Total capital $3i,J30.ooo EARNINGS. Year ending June 30. .Yet Profits. Surplus. 1900 Xot reported. $313,111 19 01 " 377- *39 1902 $1,411,511 626,516 1903 886,114 546,882 1904 1,204,601 838,155 1905 1,406,187 1,093,097 1906 1,181,784 1,212,002 190/ 1,165,380 1,482,33s 1908 916,236 1,468,900 Note. — There c;m be nothing earned for the common stock of this company until arrears of dividends are paid on the preferred. There was overdue "ii the pre- ferred. November, 1908, about 62 per cent. DIVIDENDS. Preferred . 1900 . O 1901 1902 1903 1904 1905 3% 1906 1907 1908 Common . . . LOW AND HIGH PRICES, BY YEARS, SINCE 1902. 1902 Preferred 34 Dec. 43V 2 Sept. Common 8?4 Dec. U-yi Oct. 1903 10 Oct. 37^ Jan. 214 Nov. lUsJan. 1904 11^ Jan. 48J4 Dec. 2Vs Jan. 11', Dec. 190S 2954 Oct. 55^ Mch. 6 June H?8 Dec. 1906 25 43 5' 10 Sept. Jan. S Nov. Jan. 1907 10 Oct. 30>4 Jan. 2J4 Nov. i.' 1 Jan. 1908 12J4 Mch. 37}i Dec. 2V A Feb. S'4 Dec. Note. — This stock did not appear on the New York Stock Exchange until September, 1902. GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I lee. 1 3 4 5 7 8 9 10 Pfd. 28^-29 29 -29} 29^-31 3<>f-34f 34*-36i 354-37 Com. Com. 7i-8i 8 -8i 8}-8§ 74-71 7h7\ 7i-7i Dec. 22 23 " 24 " 25 " 26 " 28 ' 7 -7 ' 29 7 -7» L 30 ' 3i Pfd. Com. 7 -7 7\-7l 7%-7l 34 -36 36i-37 36J-37 Christmas Day Extra holiday. 3 6 *-37t 7%-7l 37 -375 7\-7'\ 37 ••-•• 361-37 REMARKS. The sinking fund for redemption of the bonded debt of the company, June 30, 1908, amounted to $1,618,365. The bonded debt is being gradually reduced. Operations for the year ending June 30, 1908, resulted in a loss of $13,438 after charging off repairs, renewals and bad debts. Officers: President, Thomas W. Hall; First Vice-President, Theo. S. Haight; Secretary and Treasurer, George A. Hill. Directors: Thomas W. Hall, Theo. S. Haight, Aaron Hecht, F. L. Roenitz, Charles P. Hall, Frederick Strauss, E. L. White, M. Robson, C. H. Buswell, Charles W. Tidd, Henry Seligman, James Skinner, George A. Hill, Thomas J. Ryan and Carl A. de Gersdorff. Fiscal year ends June 30. Annual meeting, first Monday in September. Directors meet on call by the executive committee. Office, 92 Cliff Street, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL American Ice Securities Company A holding company, incorporated in New Jersey, March 29, 1905, to take over The American ice Company, and was practically a reorganization of that concern with reduced capital. The old com- pany was $2,461,833 in arrears of dividend on its preferred stock, equal to i6| per cent., and could not pay the $895,212 annual dividend, without unduly advancing the price of ice and thus stimulating competition and awakening public hostility. There was no recourse except a drastic reorganization. The plan, which was accepted, provided for the issue of new stock ($14,920,200 )in exchange for the old preferred, dollar for dollar; the issue of $4,774,220 of new stock, in exchange for $23,871,100 of the former common, one dollar for five; and for payment of the arrears of preferred dividend in 6 per cent. 20-year debentures, of which $3,000,000 were issued. The assets of the old company were declared to be, over all obligations, $5,987,441. Some of the old preferred stockholders were paid 70 per cent, of their arrears of dividend in cash. The old company owned all of the stock of The Consolidated Ice Co. and The Knickerbocker Ice Co., of Maine, $10,000,000 each. The company car- ries on the sale of ice in Boston, New York, Philadelphia, Atlantic City, Cape May, Baltimore and Washington. Bonds of subsidiary companies. Dec. 31, 1906 $3,610050 Debentures 2,897,580 Capital stock, one class only 19,029,400 Total capital $25,537,030 EARNINGS. The figures below represent the operations of The American Ice Co. as far as reported. Year ending Dec. 31. Gross Receipts. *Net Profits. Surplus. 1900 Not published. -Not published. $965,895 1901 658,870 1902 def. 162,492 1903 def. 170,924 Year ending Oct. 31. 1904, 10 months . . $6,298,844 $5 6 5.45 2 $374-797 1905 7.3 1 1. 060 454,575 829,372 1906 . 10,303,470 1,956,863 2,786,235 1907 7,941,525 I5L333 1,587.568 1908 8,118,592 550,624 2,137,592 ♦After deducting fixed charges and maintenance. LATEST REPORT. The only report of American Ice Securities, so far published, is that for the year ending Dec. 31, 1906, and this was a balance sheet showing a surplus of $1,185,311, compared with $501,348 on March 20, 1906. Accrued dividends on American Ice preferred carried as an asset $2,795,969, compared with $3,197,857 on March 20, 1906. DIVIDENDS, AMERICAN ICE CO. 1900 1901 1902 Preferred . . 6% 6% 3% Common . . . 4% 4% x% Dividends of i| per cent, quarterly were paid upon American Ice Securities, preferred, from January to July, 1907. None since. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1903 1904 1905 1906 1907 1908 0% 0% 0% 9% 0% 0% 1900 1901 1902 1903 1904 1905 *1906 *1907 *1908 Preferred 60J4 June 62 Oct. 7854 Feb. 77V 4 Mch. Common. 2754 June 25>4 Dec. 4954 Apl. 41 H Mch. * American Ice Securities. 32 July 16J4 Oct. 26 Jan. 3554 Jan. 67 Jan. 42J4 Jan. 42 Oct. 41 Feb. 954 July 4 Oct. 6 Dec. 55-6 Mch. 35J4 Jan. S'A Oct. 1254 Feb. 31% Jan. II34 Jan. 9^4 Nov. 754 Feb. 97]/ s Dec. 88 Jan. 3V/ S Aug. GIBSON'S MANUAL No\ LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. I ,ow. 3 5 6 7 9 1 1 Election . . a .. 2 • -7 25 1 261 -7" -7' -•5! \e>\ 12 . 13 • •4 • [6 . '7 ■ [8 . rg . 20 . 21 . I .' IW. nigh. 24S 25 264 258 -7 r ; .- a 2 5% -<•'; 26H 28 27 -7, 26 26} 253 26 Low. High. Nov. 23 25! 26J " -*4 25I 26 " 25 26| 26g 26 Thanksgiving 1 lay. 27 25J 26 " _»8 25! 26 " 30 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 > " 3 ;; 4 s - 7 '■ 8 - 9 •• 10 Low kV. nigh. 25i 27S 26£ -V" 2\v II 25^ 12 '4 15 16 >7 18 19 21 25* -m; 24! 24i 23 ! 23! 231 High. 2 5 i 25* 25I 25 24S 25 -I'-' 241 2 ? \ High. 24i 24 23i Low. Dec. 22 23J 23 24 24 22 25 Christmas Day. " 26 Extra holiday. " 28 21 22J " 2g 21} " 30 2l| 22 " 31 22\ 23| REMARKS. The business of this company is subject to great fluctuations. A cool summer usually means a poor year financially. There has been marked liberality in expenditures upon the property and plants of the company, and it is expected that comparatively little will be required to maintain them. Officers: President, Henry II. Mead: Vice-President, A. S. Alexander: 'Treasurer. Walter Lee; Secretary, Edward J. Reilly, Directors: L. C. Ledyard, \V. A. Tucker Louis G. L. Boissevain, James MeCutcheon, II. II. Head and A. S. Alexander. Fiscal year ends Dec. 31. Annual meeting, fourth Thursday in March. Directors meet on call. Office. 17 West 28th Street, New York. Traded in on the Xew York Stock Exchange (Un- ci 1 H'partment). GIBSON'S MANUAL 29 American Linseed Company [ncorporated in New Jersey, Dec. 5, 1898, to acquire and combine a number of properties, in- cludrngthose of The National Linseed Oil Co. This became a Rockefeller concern in June. 1901, through purchase of a controlling interest in the stock. The .shops, factories 'and warehouses an located in several States. When The United Lead Company was formed. Jan. 20, 1903, b\ Standard Oil and other interests, to combine various lead and oil properties, the organizers contemplated taking in American Linseed, but this project was abandoned. Preferred stock, 7 per cent, cumulative $16,750,000 Common stock 16,750,000 Total capital $33,500,000 EARNINGS. No reports have been published since 1901. Net loss on operation to Jul) 31, 1901, was shown to have been $2,054,659, the bulk of which grew out of money lost on seed sales and the payment of a few dividends on the preferred stock. DIVIDENDS. The company paid 1 j : per cent, quarterly on the preferred stock, from March. [899, to Septem- ber, 1900, toi per cent, in all, and nothing since. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 190 J 1904 1905 1906 1907 1908 Preferred.. 34% Dec. 31 Tan. 39'.-:. Dec. 23% Nov. 22% June 36 Ian. 35 Doc. 16', Oct. 17 Mch. 60 Feb. 06 July 58 Mch. 48% Jan. 42% Nov. 48 ' .. A|.l. 5.r s Jan. 36 Jan. 36% Dec. Common... 6 Nov. 5% Jan. 14 Dec. 8% Aug. 7 June 15% Jan. 16\, Dec. 6 Oct. 6 Mch. 1654 Feb. 30^ July 27m May 19-M Jan. 20-^ Nov. 23 Dec. 29% Jan. 19% Jan. 17% Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov O ...... ....... X. iv. 12 . . . . ....... 124-124 Nov -. . . ....... " 3 ■ ■ . . Election Day " 13 . . . ■ 3° ~3 l! 2 12I-13I n 23 • -. . . ....... " 4 • ■ 14 . . . ■ 304-30J I3i-M " 24 • ti 5 • • -. . . ni-iii " 16 . . . . ....... 13 -134 25 • i34-i3i • • 6 . . 114-114 17 . . . ■ 3°f-3»i 125-13! 26 . . . 1 hanksgiving Day >t 7 ■ • -. . . 12 -124 18 . . . . ....... I2f-I2f -7 • ■ • • 30 -32 i3f-i5 tt 9 . . I2}-I2f it 19 . . . . ....... I24-T2J " 28 . ■ • • 3'.!-3i4~ I4s-'4 : r a 10 . . ....... " 20 . . . . ....... ....... ti 30 • 144-15-j; ti 11 . . \2l-\2\ LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. Pfd. Com. I 14:1-14" 2 • • 32 -34 I4f-i53 3 • • 334-341 I44-I54 4 • • 34i-36i I5I-I74 5 • • 354-354 [64-17 7 -. . . i5i-i6§ 8 i5i-i5i 9 • ■ 354-354 i 5 f-i6I 10 16 -16A Dec. Pfd. Com. II . . ....... I5I-I64 Dec. 22 12 . . ....... ....... 23 14 . . 154-152 a 24 15 . . 3° "3° Mi->4; 25 II. . . 30 -30 144-147 " 26 17 . . . ....... 14 -144 ti 28 18 . . ....... ....... 29 19 . . ....... ....... 30 21 . . ....... 144-144 tt 31 3> Cli Ex Pfd. -31 ristmas tra holi Com. 14 -it 1 . Day- da v. I 4 4 14 -I4l Officers: President and Treasurer, John A. McGean; Vice-President II. L. Cooper: Secretary, W. A. Jones. Directors: In addition to the foregoing. II. M. Francis, F. T. Gates, S. J. Murphy, G. F. Parker, E. P. Prentice, J. D. Rockefeller. Jr.. R. TI. Adams, E. V. Cary, G W. Murray, L. M . Rowers and F. J. Lovatt. Fiscal year ends July 31. Annual meeting, second Tuesday in September, Jei e] City, N r . I. Directors meet first Wednesday in each month. Office, too William Street, New York. Traded in on the Xew York Stock Exchange (Listed Department). 3 o GIBSON'S MANUAL American Locomotive Company [ncorporated in New York, June io, 19m. as a combination of leading concerns, and has since acquii American Loco. Co.. New Jersey. Pittsburg Loco. & Car Works, Allegheny, Pa. Brooke Loco. Works, Dunkirk, X. Y. Rhode Island I.oeo. Works. Providence, R. I. Loco. & Machine < o., Ltd., Montreal, Can. Rogers I.oeo. Works, I'aterson, N.J. Manchester I.oeo. Works, Manchester, X. II. Richmond Loco. & Much. Works, Richmond, Va. Schenectady Loco. Works, Schenectady, N. Y. The company manufactures not only steam and electric locomotives, and their parts, but boilers. tanks, shovels, dredges, rotary snow plows, automobiles and trucks for electric service. The plant at Providence was permanently closed within the past year, with the exception of the automobile depart- ment, a more than corresponding increase having been made in the capacity of other plants. Funded debt (subsidiar) companies) $2,967,500 ( iold coupon notes 4,000,000 Preferred stock, J% cumulative, and preferred also as to assets .. 25,000,000 Common stock 25,000,000 Total capital $56,967,500 Securities owned $1,216,420 EARNINGS. Net P. C. Earned on Year ending June 30. Gross. Net. of Gross. Surplus. Common 1902 $26,398,394 $3,107,777 11.77 $-'-'4,235 0.9% 1903 33.105.725 5,053.410 15-26 2,205,280 6.36% 1904 33,068,751 5,663,766 17.12 4,880,820 10.7 % 1005 24,150,201 4,353.668 18. 5,488,744 *2-43% 1906 42.547,876 6,462,505 15.2 6,605.373 *5-72% 1907 49,5iS486 6.771,105 13.67 7,963,580 *io.437<> 1908 37,484,417 4,986,79° 13-3 8,469,212 9.1 % ♦After deducting $1,883,557, $3,001,564 and $2,000,000 n^u-, lively in those three years for improvements and betterments. DIVIDENDS. 1901 1902 1903 1904 1905 1906 1907 1908 Preferred i|% 7% 7% 7% 7% 7% 7% 7% Common o o o o o 2$% 5% 2\% Note. — The dividend on the common stock was passed in September, 1908. LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1901 1902. 1903 1904 190S 1906 1907 1908 Preferred.. 83^ Oct 89 Jan. 67'< Oct. 7S# Jan. 10.U; Jan. 10854 Pec. 83 Oct. 85';. Jan 91J4 Nov. 10fl"i Apr. 0?-; Feb. 105 Nov. 122',' Apr. 120'.; Jan. 111'. Jan. 113 Dei Common.. \.ug. 2.v De< 10] Oct 16^ Jan. X^ Jan. ?.l>i May 32', Nov. 31*$ Feb i Nov. .--. s Apr. .3 1 ? s Feb. 3 •' C3 " 14 " 10 " 17 " 18 " iy " 20 " 21 Pfd. 46 -46 Com. 7f-7i Nov -'3 • ■ ■ • 24 ... . . .-. . 25 ... . 7^7i ff 26 ... . 7t-7l it 27 ... . a 28 ... . . .-. . 30 ... . LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908 Pfd Pfd. Com. 44 -44 . .- . -. . . /4 / 1 Than ksgivii g Day 45 i -46 7l-7? »<•' -461 7 -7 45 -45i . .-. . 45 -45 Com. 45 -45 45 -45 7h7i 6.1-6. 1 . 6f-7 Dec. 11 " 12 " 14 " 15 " 16 " 17 " 18 " 19 " 21 Pfd. 44 -44 4^ -4-'! Com. Pfd. Com 7-7l Dec. 22 . . . . 41 -41 6J-61 a 23 • • . . 44-44 (l 24 . . - -. " 2«i . . . . Christmas Day. 6 -6 tC 26 . . . . Extra holiday. 5i-5i " 28 . . - -. 5 -5 tl 29 . . -. . . . .-. it 30 . . - • • • 5l " 31 • • -. . . . .-. REMARKS. The bad showing ma'de in 1907 grew out of the fact that the business of the company is con- ducted on the basis of the Government estimates of the barley crop, and the preliminary reports in 1906 indicated a crop 40.000,000 bushels in excess of any previous harvest. This estimate failed of realization, and the entire malting trade of the country suffered losses in consequence. American Malting begins the present fiscal year with $5,636,297 of working capital (including inventories). Profits for the fiscal year 1908 are equal to 6.6 per cent, on the old preferred stock. After the merger of the two companies is finally completed, it is confidently expected that tin new concern will be able to maintain payment of 6 per cent on its preferred stock and gradually I" clean off all arrears. Officers: President, Charles A. Stadler; Vice-President. Wilberforce Sully; Treasurer, Louis L. Stanton; Secretary. J. C. M^Cune. Directors: Michael Coleman, Marshall S. Driggs, John G. Jen- kins, jr., Albert N. Parlin, Wilberforce Sully, Charles A. Stadler, Louis L. Stanton. Benjamin Treacy and A. Murray Young. Fiscal year ends Aug. 31. Annual meeting, second Thursday in November, Jersey City. . X. J. Directors meet on call. Office. 63d Street and East River, New York. Traded in mi the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 35 American Smelters Securities Company Chartered in New Jersey, March 31, 1905, to acquire, from The Guggenheim Exploration Co. and oilier proprietors, various mines and interests in Mexico, Missouri, Colorado, Utah, California and Washington and control of The Federal Alining & Smelling Co. 1 Preferred stock, A, 6 per cent, cumulative ' $17,000,000 " " B, 5 per cent, cumulative 30,000,000 Common stock 30,000,000 Total capital $77,000,000 Note. — The common stock carries control. The preferred stocks have no vol intj [lower, unless their dividends shall remain unpaid for one year. EARNINGS. No reports arc published. DIVIDENDS. Six per cent, is being regularly paid upon the A preferred, and 5 per cent, on the B preferred. LOW AND HIGH PRICES, BY YEARS, SINCE 1905. 1905 1906 1907 Preferred B . 97i Sept. 102 Nov. 92-} Dec. ioif Jan. 60 Oct. 93* Jan. 1 1 11 iS 70 Jan. 84 i Aug. Note. — None of the various classes of shares of this company are trailed in on the New York Stock Exchange, except the preferred B. Nor are the others dealt in on the curb market. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 Low. High. 3 Election Day 4 82] 5 82| 6 83 / 9 10 T I 83 83 83 82f 83 83* 83* 83I Low. High. Nov. 23 82f 82$ 24 25 26 27 28 30 82$ 83 82J 83 . Thafiksgiving Day 8"2| 83 83 83* 83 83} LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dee. I " 3 ■' 4 / 8 9 TO Low. • 83I ■ 8 3 | • 833 ■ 83I ■ 833 . 833 ■ 83 • *3l . 83 High. 83! 83* 83! Dee. 22 '■ 23 " 24 Low. . So . 80? 791 High. 80$ 8o| Day . . . . Christmas 26 Extra holiday 28 80 80J 29 So 30 80 So} 3] 8oi 8o| 36 GIBSON'SMANUAL REMARKS. By ownership of $17,751,000 of the common stock, actual control of this company is vested in American Smelting & Refining. A syndicate headed by Kuhn, Loeb & Co. took over in October, 1906, the $10,000,000 of un- sold preferred B. stock. It dissolved in January, 1908. Only 5 J per cent, of the block of stock was sold, the rest going to the members of the syndicate. Officers: President, Daniel Guggenheim; Vice-President, Barton Sewell ; Treasurer, Morris Guggenheim; Secretary, W. E. Merriss. Directors: Edward Brush, Joseph Clendenin, Silas \Y. Eccles, Anton Eilers, Karl Eilers, Daniel Guggenheim, M. B. Guggenheim, Morris Guggenheim. J. K. Mac- Gowan, W. S. Morse, E. L. Newhouse, Barton Sewell, J. N. Steele, J. B. Grant, Franklin Guiterman, Dennis Sheedy, Solomon R. Guggenheim and W. H. Price. Annual meeting, first Wednesday in September, Jersey City. Office, 165 Broadway, New York. Traded in on the New York Stock Exchange (Unlisted Department). GIBSON'S MANUAL 37 American Smelting CS, Refining Company Incorporated in New Jersey, April 4, 1899, as a combination of leading smelters and refiners of gold, silver, lead and copper. Through its own properties and those of controlled concerns, the company's output of silver and lead amounts to about 85 per cent, of the total production in the United States, while gold, copper and blue vitriol are also turned out to some extent. The plants are located mainly in Colorado, Montana, Utah, Nebraska, Illinois, New Jersey and Mexico. The company controls The American Smelters' Securities Co. through ownership of a majority of the common stock. Bonded indebtedness (Omaha & Grant, 6s) April 30, 1908.. .. $349,000 Preferred stock, ,7% cumulative, and preferred as to assets, also 50,000,000 Common stock 50,000,000 Total capital -. $100,349,000 EARNINGS. Net P. C. of Earned on Year ending April 30. Gross. Net. Gross. Surplus. Common. 1900 $4,634,027 $3,524,961 76. $1,979,908 7.22% 19 01 5,988,049 3.838,441 64. 2,890,350 3.84% 1902 7,038,681 4,861,619 69. 2,951,969 o. 1903 9,403,710 7,576,785 80.57 4,873,071 3-84% 1904 • • • • • 9,425,442 7,905,573 83.87 6,839,808 6.62% 1905 10,506,683 8,681,996 82.62 8,458,720 8.24% 1906 11,665,885 9,712,154 83.26 10,482,775 10.55% 1907 13,250,058 10,969,250 82.78 13,397,029 12.83% 1908 9,403,282 7,633,287 81.18 13,408,218 7.02% Note. — Good appropriations are made every year for betterments and are de- ducted above before net earnings are shown. DIVIDENDS. IQOO Preferred 7% Common o 1901 1902 1903 1904 1905 1906 1907 1908 7% 7% 7% 7% 7% 7% 7% 7% 0005% 5 i% 7% 7\% 5% 1900. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1904. 1901. 1902. 1903. 1905. 1906. 1907. Preferred... 85 June 88 Feb. 87^ Nov. 80J4 Oct. 99 Nov. 104^ June 100/ s June 99J^ Feb. 1908 88^Jan. 111J4 Jan. 112 Dec. 81J4 Oct. &7M Feb. 115 Oct. 137 Dec. 130 Jan. USM Jan. 110^ Aug. Common... 34]/ 2 June 38^< Oct. 37 Nov. 3654 Oct. 46 Feb. 56y 2 Dec. 69 Apr. 49^ May 52^ Feb. 82J4 Dec. 79}i Jan. n8'/z May 58^ Nov. 55y 2 Feb. 170^ Dec. 174 "Jan. 155 Jan. 107 Aug. GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. [900 1 1 K \2 I903 1.104 I905 [907 [908 I9OO 190I 1 ( H )_' I. |. .3 1904 [90S HJO6 1907 1 1 h 18 Pfd.. I I .111. Pfd.. 1 Pfd.. Pfd.. ( '1 'in. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. .Pfd.. Com. . Pfd.. . Com. . Pfd.. . Com. . Pfd.. . Com. . Pfd.. . Com. . Pfd.. . Com. . Pfd.. . Com. . Pfd.. . Com. . Pfd.. . Com. .Pfd.. . Com. Jan. 86 - 354- 95 - 53^" 96- 443- 93 - 1-', 881 474- iili- 793- 125^- i6ii- 1 13 '•- 141 1- 89*- 62f- 90 393 100 98 49i .,, 47*. 94* 5ii "9* 86| 130 174 "71 155 96 794 89I- 92 384- 43* 88 - 994 45§- 63i 97 - 99 453" 48i- 95i- 99* 46 - 5 2 * 89-I- 93* 46 - 50 Ii6f-ii9f 85 - 92 122 -128I 153J-169 II2f-IIS§ [38|-I46i 88|- mi ! , 55-i- 685 July. 86.- 35* 99* 5i 97 46 89 Aug. 37* 96f 53*- 119 ■ "5 - 114] 141 SSJ 38.V I04i 58 98 47* 93 46! 99* 583 I-'.V' I24| n8| -1 53 J 104A-10S-! 11 2!- 1224 100 -108 76 - 904 88 - 89! 36 - 38 995-102 50 - 55* 97 - 98 46 - 4 83 86!- 91 § 39*- 46* 99 -1073 56*- 65 1214-128 1233-13 1 * 1164-119 151 -i653 92J-I05-J 9° -"3* 106 -nof 88§-io7 Mch. 90 - 93 38*- 423 91*- 97 5^ - 59l 97»- 99* 46 - 47* 93 - 97 47.- 5i5 90 - 93 46 - 49S 118 -123J 893-103* 1204-124;; 1504-162^ 100 -1144 1044-140! 90-98 58 - 74f Sept. S64-- 90 35*- 37* 96 -101 43i- 52* 943- 97* 44 - 48| S6-4- 90J 39*- 45* 106 -no 633- 68 12O4-123I 122J-128I 150 -1584, 95^-101 844-103! 100 -109-4- 79 - 99* Apr. 885- 90$ 36*- 42i 93*- 99 53J- 69 95 - 98 43*- 4«4 9 1 !" 95§ 463- 5 1 * 92i- 953 48 - 493 121^-127 103 -123J "5 -123* 1444-163-i 104 -109! 1 1 94-1384- 97 723 i_ 94s 66 -May. 87T 89I 36f- 41 s 90-98 393- 6i3 95 - 98 434- 49b 93f- 953 474- 5i 94*" 97* 48f- 53* 1163-122 io6|-ii8| nSi-122 I384-I57I 1044-109! 1 1 13-136* 953-101 69d" 78f Oct. Nov. 88 - 92 36*- 434 944- 98 384- 45 94 - 964 43l- 484 8o s - 89! 363- 44* 106 -115 65 - 73* 120I-125I- i25*-i393 II5§-I20 I52f-i6if 8i3- 97 6iJ- 8 9 i 1023-105$ 834- 943 90*- 99 4o4- 544 954- 99 4o3- 473 874- 954 37 - 46 85 - 881 4i*- 44* no -115 693- 82f 122I-136 137 -1574 115-4--119 I5i*-i573 83*- 90 581- 73 1054-109!- 913- 99S June. 85 - 9o3 344- 38* 974- 1 04 1 554- 593 iooj 4'»4- 49i 91 - 94l 43 - 48 96I- 98S 514- 55 117 -122 io8f-ii9f 114 -120 140I-1595 103I-107J II2i-I20^ 97l-roo5 73 - 77 i Dec. 95 - 984 5o3- 564 95 - 97* 4i3- 46! 894- 944 37 - 434 86 - 934 44 - 5i no -114 753- 82* 126!- 137 1504-1705 112 -117 i47 -1554 894- 92f 66f- 79I 98 -107:,' 763- 94i LOW AND HIGH PRICES, BY DAYS , NOVEMBER, 1908. Nov. 2 " 3 4 5 •• 6 Pfd. Com. • • • • 105-I-1053 9i3-93* . . . Election Day. . . . 1063-107^ 93*"95* ■ •■ 107I-107I 943-953 . . . ioSf-109 95*-97t . . . 108I-109J 98§-98f . . . 108 -io8| 97 -98J . . . io7|-io8f 961-98 . . . ioyl \<~\ 934-97* Nov. 12 . . . " 13 •• ■ 16 . . . " 17 .. . " is .. . " i 9 .. . " 20 .. . " 21 .. . Pfd. . 107 -1073 . 107:107; . 107 -107I ■ ■ 107-3-107! • 1074-1073 . 1065-107 . 107 -107^ . 106^-106! . io6!-io6! Com. 944-964 953-9 6 * 95l-96i 954-963 951-961 941-97 94s-96 9 2 *-95* 92 -u4 : ; Nov a a tt tt a . 23 . . . 24 .. . 25 . . . 26 .. .. 27 . . . . 28 . . Pfd. Com. ....... 924-934 ....... 94^96 1071-107! 944-964 Thanksgiving Day. 1 i>l -107! 944-96 ......... oiA-oc 9 " 10 " 11 30 .. . 106J-1063 923-94* LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. ■ Pfd. Com. Pfd. Com. Pfd. Com. 1 io6J-io6;i; 9 2 a-94* Dec. 11 . 90 -92J Dec. 22 . .' I00.',-I02 78 -8l! " 2 106 -io6| or: -94 12 . 1044-105 87J-90 " 23 . . iooi-ioi| 80 -83! • • 3 io6i;-io6 : ^ ■0 | o_'; ■' 14 ■ 1024-103! 844-88 - 24 . . 100J-101! 8if-83 .. 4 -. . . . 1 •' 15 . ioii-1024 83 -851 " 25 . . Christmas Dav .. 5 [06 [06 90 -92I •' 11. . 102J-103 S4 : :-So; " 26 . . Extra holidav It 7 [06 8, 1 ' 1 1 | " 17 ■ 101 -102! 8i|-86 " 28 . . 101J-102 8i!-84.1 it 8 90 - 9 ion -I064 - " [9 . TOO -IOI 79§-8l " 30 ■ • ioi!-io2§ 814-83! tt ■ to7< H'-'i Mi : '• 21 . too -ioi 79 8o| " 31 ■ ■ 101 -ioif 814-834 GIBSON'S MANUAL 39 MARKET MOVEMENTS OF AMERICAN SMELTING & REFINING COMMON, FROM 1899 TO 1908, INCLUSIVE. 175 i?n ISOO noi 1901 IS03 I90V- 1105 I90& 1907 1908 170 J 165 IfeO -r -ll-. 155 4-1-1 r— ISO -Pit IYS -- ' m - I \vs 1 |3q J l?5 J I2cj fl \\£ | 110 - 1 105 r 1 100 ■ I J- 85 T ~ T <\o IS ' \[ 80 III I 75 J EP lo ± t 65 T 1 ' 60 1 _L 5S hi r 50 f U t <+5 -_j A (TO fv A 1 r^ to J hh- u 1 A/ 35 if A,W 1 'V 3o REMARKS. Curtailment of business in the Fall of 1907, and the necessary reduction of product, was fol- lowed by a retrenchment in expenses, and in the Spring of 1908, Daniel Guggenheim and his brothers voluntarily reduced their own salaries and effected, in all, a total saving of $750,000 a year in the general salary list. 40 GIBSON'S MANUAL A lead and copper smelting plant at Chihuahua, Mexico, went into operation in July, 1908, and u.i> paid for entirely from profit and loss account, as is the custom "i the company. The Omaha & Grant 1 ds, which arc the only funded debl of American Smelting & Refining, • tint,' retired gradually by the sinking fund. Investments in securities, $3,950,087, not including 177.510 shares of American Securities common stock. Officers: I 'resident, Daniel Guggenheim; Vice-President, Barton Sewell; Secretary, W. K. Mer- tiss; Treasurer. Isaac Guggenheim. Directors: Edward Brush, Joseph Gendenin, Silas \V. Eccles, Anton Eilers, Karl Eilers, Janus B. Grant, Daniel Guggenheim, Isaac Guggenheim, Morris 1 heim. M. Robert Guggenheim, S. R. Guggenheim, Frank Guiterman, Frank W. Hills, W. S. Mel mick. I. K. MacGowan, Willard S. Morse, Edgar L. Newhouse, Grant P.. Schley, Barton Sewell, Dennis Sheedy, Wm. Sproule, John N. Steele, Judd Stewart. Mahlon D. Thatcher, and Walter T. Page. Fiscal year ends April 30. Annual meeting, second Wednesday in September, Jersey City, X. J. Directors meet quarterly, on the first Wednesday in March, June, September and December. Office, 165 Broadway, Xew York. Traded in on Xew York Stock Exchange (Unlisted Department). GIBSON'S MANUAL 4i American Snuff Company Incorporated in New Jersey, March 12, 1900, as a merger of the snuff factories of The American Tobacco Co. and The Continental Tobacco Co., with other properties, engaged in the same industry, control being lodged with the American Tobacco Co. Preferred stock, 6 per cent, non-cumulative $12,000,000 Common stock : 11,001,700 Total capital $23,001,700 EARNINGS. Net Earned on Year ending Dec. 31. Profits. Surplus. Common. 1900, 9 months $531,668 $171,668 .... 1901 1.066,605 698,273 3- T 5% 1902 1,739,616 1,442,847 9- 2 7% 1903 2,177,827 1,800,505 i3- 2 5% i9°4 '•• 2,458,419 2,438,755 1.58% 1905 2,633,550 3,252,135 174% 1906 2,781,867 4,213,832 18.7% 190/ • 2,890,586 5. I 74,23Q 197% Note: This statement does not include undivided net earnings of subsidiary companies, which they have deemed advisable not to declare as dividends. DIVIDENDS. Preferred Common 1901 6% o 1902 6% o 1903 6% 10% 1904 6% 10% 1905 6% 10% 1906 10% 1907 1908 6% 6% ioi% 13% Preferred . . . Common . . . 1901 73 Apl. 90 June 30 May 49ji June LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1902 85 Jan. 101 Oct. 40yi Jan. 135 Oct. 1'iiU l"i 14 80 Sept. 98H Jan. 90 Aug. 126 Mch. 85 Jan. 99fS Nov. 110 Jan. 170 Nov. 1905 99 Jan. 110 Dec. 169j/> Jan. 250 Nov. I'm,, 100 Dec. 107 Jan. 200 July 220 Jan. 1907 1908 70 Nov. 80 Mch. 102 June 97]/ 2 Sept. 150 Oct. 180 Aug. 205 Jan. 200 Apl. This stock first appeared on the New York Stock Exchange in March, 1901. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 3 4 5 6 7 9 10 11 Pfd. Com. . . . . Election Day. • • • 95 -95 . . -. . _ _ 93*-93i Pfd. Com. 1 13 • • 14 . . 16 . . _ _ 17 . . 18 . . • 97 -97 19 . . ....... ....... 21 . . ....... Nov. 23 24 25 26 27 28 30 Pfd. Com. .Thanksgiving Day 4-' GIBSON'S MANUAL I )ec. 3 4 5 7 8 9 10 LOW AND HIGH PRICES, BY DAYS, DECEMBER, igo8. Pfd. 96 -96 97.-971 Com. Dec 1 1 12 14 15 16 i/ iS 19 21 Pfd. '<;' 973 I mil. De C. 22 . 23 • 24 . 25 • 26 . 28 . 29 • 30 ■ 31 • Pfd; Com. Christmas Day. Extra holiday. REMARKS. In the annual report for 1907, securities owned are reported as $2,901,224, compared with $9,595,- 040 the year before. The treasurer explains that this is due to transfer to this company of the assets and winding up of the affairs of two companies, in which American Snuff" owned stock. Officers: President. Martin J. Condon; First Vice-President, Jonathan Peterson ; Secretary and (Treasurer, E. D. Christian. Directors: In addition to the foregoing, John H. Bowers, John W. Her- bert, Thomas J. Maloney, Charles W. Bumstead, John B. Cobb, James B. Duke, Augustus A. De Vbe, George A. Helme, Henry D. Moore, Elmont W. Somers. Caleb C. Dula, Percival S. Hill, Ernst Schmeisser and Otis Smith. Fiscal year ends Dec. 31. Annual meeting, first Tuesday in March, Jersey City, N. J. Directors meet eyery Wednesday. Office, 11 1 Fifth Avenue, New York. Traded in on the New York Stock Ex- change (Listed Department). GIBSON'S MANUAL 43 American Steel Foundries Formed under the laws of New Jersey, June 26, [902, as a merger of concerns, engaged in the manufacture of steel, iron, coke and other products, and has since acquired additional properties. The constituent companies include the following: American Steel Bolster Co. Leighton & Howard Steel Co. American Steel Casting Co. Sargent Co. (Chicago) American Steel Foundry Co. Simplex Railway Appliance Co. Franklin Steel Casting Co. The Commonwealth Steel Co. was purchased in 1904, but sold at a profit November 1, 1906. The plants arc located in Pittsburgh, Chester, Franklin, Thurlow Station and Sharon, Pa.; -East St. Louis and Chicago, Ills.; Indiana Harbor, Ind., and Alliance, Ohio. The company produces steel and iron castings, car and locomotive springs and brake beams, and is the owner of many valuable patents. June 12, 1908, the stockholders voted to exchange the $17,240,000 of outstanding preferred stock and $15,810,000 of common, for stock of one class. The old preferred receives 77 per cent, in new stock. 3 per cent, in cash, and 20 per cent, in 4 per cent., 15 year debentures. The common stock re- ceived 25 per cent, in new stock. More than 90 per cent, of each class of stock has now assented. Bonded debt, 1908 $8,695,800 Common stock .("See Remarks") 17,184,000 Total capital $23,879,800 EARNINGS. Year ending Earned on July 31. Gross 'sales. Net profits. Surplus. common. 190.5 Not reported. $i,533>403 $835,203 5.4% 1904 330479 401,018 1905 def. 329,000 214,361 1906 $15,297,096 1,009,521 895,160 190/ 19,463,521 3,100,606 3,724,257 1908 8,964,169 768.814 58,445 No report was published in 190S, but it was officially stated that the company had lost $329,000, having expended $317,000 for improvements. LATEST REPORT. # For the quarter ending Oct. 31, 1908, net earnings were $645,985 less than in the corresponding quarter in 1907. DIVIDENDS. 1902 Preferred .... \\% Common . . . . o 1903 1904 1005 [906 1907 1908 6% j\'/< o o o No pfd. stock. 00000 o Preferred . . Common .. . 1902 50J4 Dec. 70 Dec. 12 Dec. 15 Dec. LOW AND HIGH PRICES, BY YEARS, SINCE 1902. 1903 36 Dec. 69J4 Feb. 3V> Dec. 20 Jan. 1904 26 I.,U S7% Dec. 3'A June 1SJ4 Dec. 1905 35H Tune 67y, Apl. ey s juiy ISM Mch. 1906 1907 40 May 53J4 Jan. 954 Nov. 15^Jan 20 Nov. 47^ Jan. ) i Mov. 10^ Jan. 1"D.S 26^ Feb. 43 July 4l/ 2 Feb. 8'A Aug. 11 1908 Retired 28 41 Sept. Nov. * New stock. This stock appeared on the New- York Stock Exchange, for the first time, in December, 1902. 44 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. _• 1 "-. •' 4 5 - 7 9 '■ 10 1 1 Dec. 3 4 5 7 8 9 10 Pfd. Election Com. 3C4-30I Day 3 1 -Z 2 l 32^-35 36^-38 38 -38 37*-38 37h39l 394-40 Pfd. Com. 39 -39i 394-40 39i-4Q 39 "392 40 -40 i •401-41 40 -40 39 -40 40 -40 No\ 2 3 24 25 26 27 28 30 Pfd. Com. ••■-•■• 39i-39i 47h47l -..-•■• 39 "39 39 -39 39«"40 Pfd. Com. Dec. 11 12 " 14 " 15 " 16 " 17 " 18 " 19 " 21 39 -40 40 -40J 39h39i 39 -39^ 39 "39 40 -40 Dec. 22 " 23 " 24 " 26 " 25 " 28 " 29 " 30 " 3i Pfd. Com. 38 -39 384-384- anksgiving Day •-■•■ 39l-39i .... 40 -40 .-... 40-40 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. ....... 3 8§- 3 8§ Christmas Day Extra holiday ••-••• 39 -39i REMARKS. The business depression of 1907 caused a violent falling off in business for a while, and the plants could not be operated to more than 15 or 20 per cent, of their capacity for many months. Since July 31, 1907, the company has issued reports of earnings, quarterly, in view of the adop- tion of a new system of accounts, which had proved accurate and dependable. Securities owned, June 30. 1908, were reported at $448,446, not including $687,000 of the com- pany's first mortgage 6s, redeemed and held in the sinking fund and $223,373 of the company's bonds, held in anticipation of sinking fund requirements. , ■*»,*<-< The company has no debts aside from current bills and the bonds referred to above, and the latter are being gradually retired. Jan. 3, 1908, a plan was adopted for cancellation of all the present capital stock and the issue in its place of $17,184,000 of stock of one class, and of $3,436,800 of 6 per cent, debentures and the pay- ment of $515,520 in cash, as follows: To the old preferred stock, yy per cent, of new stock, 20 per cent. in debentures, and 3 per cent, in cash, and to the old common 25 p*er cent, in new stock. Officers: President, William V. Kelley; Treasurer and Secretary, F. E. Patterson. Directors: Charles Miller (Chairman), Wm. V. Kelley, E. H. Gary, Thos. K. Niedringhaus, John M. Harrison, W. W. Butler, Morris Bachman, E. F. Goltra, W. D. Sargent, Arthur J. Eddy, Geo. B. Leighton, J. A. Middleton, Max Pam, Rolla Wells, and Edward Shearson. Fiscal year ends July 31st. Annual meeting, first Thursday before first Friday in December. Directors meet monthly. Main office, Chicago, Ills. Xew York office, 30 Church Street. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 45 American Sugar Refining Company Incorporated in New Jersey, Jan. to, 1S91, to succeed The Sugar Refineries Co.. formed in 1877 to unite in one control a number of the Havemcycr and other establishments. Four refineries in Philadelphia and one in Baltimore were acquired in 1892. Beet sugar and Cuban interests and pari ownership in various independent refining companies have since been added. Preferred stock, 7 per cent, cumulative $45,000,000 Common stock 45,000,000 Total capital $90,000,000 EARNINGS. The company had never issued reports of earnings, and no other financial statements (except an in- complete one, filed in Massachusetts annually, in compliance with the laws of that State) until in March, 190s, a statement was issued for the calendar year of 1907. An estimate of earnings in past years might, perhaps, be compiled from the amount of the dividends and the amount of surplus profits at the end of each year, but this would be incomplete and is omitted. The report for 1907 referred to shows : ASSETS. Lands, building, machinery, etc., at cost, in stock or«cash. and less reduction for diminished value $55,693,781 Sugar and stock, in process of manufacture 17,532,226 Refiners' supplies, including bone black 1,764,584 Cash 5,016,986 Accounts and bills receivable 5,934,482 Loans 17,666,550 Bonds and stocks, held for use as reserve 6,933,870 Investments in other corporations, at cost in cash or less 22,907,052 Total assets $133,449,531 LIABILITIES. Preferred slock • $45,000,000 Common stock 45,000,000 Accounts and bills payable, including acceptances on letters of credit for raw sugar to arrive " 9,327,269 Unpaid dividends 1,585,418 Reserve for rebuilding 1,500,000 Fire insurance reserve fund 5,459,908 Surplus, as a contingent reserve under action of the stock- holders' meeting 25,576,936 Total liabilities $133,449,531 DIVIDENDS. 1 000 1 90 1 1902 1903 1904 1905 1906 1907 1908 Preferred... 7% 7% 7% 7 jo 7% 7% 7% 7% 7% Common . . . 7f% 7% 7% 7% 7% 7% :<: 7% 7% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred... 107 Mch. Ill Dec. 115 Jan. 116 Aug. 123 Tan. 133 May 128^ Dec, 106 Nov 105 Feb US July 130 July 122 Aug. 123 Dec. 141 Nov. 141 Aug. 140 l.m. 131 Tan. 131 V,, v Common... 95ji Mch. 103J6 Dec. 113 Nov. 107j^ Oct. 122',Mcli. 130 May 127' '. Mav 92$4 Dec 98& Jan 149- Dec. 153 June 13Sj>g Mch. 134-^ Jan. 153 Nov. 154^ Dec. 157 Ian. 137'/. Feb 137& Aug 4 6 GIBSON'S MANUAL LOW AND Jan. HIGH PRICES. BY MONTHS, SINCE igOO. Feb. Mch. 107 -mi Apl. ["08J-113 .May no -113! June 1900 .... Pfd.. 111 -115 108 -115 114 -n65 . Com. H2j-i37i ioii-n8i 954- )M ! [01J-121! [05^-120 uoi-im : ; 1901 . Pfd.. 117I-119J 1191-122 120 J- 124 1 203-1 24 [20I-128! 120 -122] . Com. 1312-M74 1334-144! 1382-144' [393-152 i.v 151I 140 -153 1902 . Pfd.. 115 -n/' II7I-II9I 1 16J-119I n8i-i2o 118 -120I" 118-J-1193 . Com. 1 1 6] -1 28I I25i-i32i t23§-i35| 1 22i-I33| 1245-130? 1245-129! 1903 . Pfd.. 120 -I2l| 121 -122 I20*-I22 [19 -120I I20l-I2I^ 118 -120 . Com. 1 -T l-i.; I27f-i33 I22J-I3I5 [19 -1273 121 -I27! 1 152-1234 [904 . Pfd.. 123 -126-4 [23I-126I 124 -125! I25l-I26i 125 -127 125 -130 . Com. 123J-131I 1 222-128 I22|-I28J [26 -129 I2 4 f-I28! 125 -128! IO °5 . Pfd.. i37i-i39i 139 -1393 1371-140 [37f-i39i 133 -I37l 1 34 1-136 . Com. I38I-I444 142 -145: 1394-149^ [36 -145! 130 -i 3 8i [32 -140 1906 . Pfd.. 138-J-140 139 -1395 139 -140 [32i-i37i 134 -137 133 -136 . Com. I44I-IS7 139 - I 48| 136 -1413 [303-142J 1274-138! [28H373 1907 . Pfd.. 130-1-131 129I-131 122 -128! [24 -125 124 -125 . Com. 1291-136! 129H37! 1 1 4 ; - 1 3 ! - [22 -I27I 1 194-127 119 -I22| 1908 . Pfd.. 108 -114I 105 -113 114 -1 193 [ 20-] :-1 23 I23 -I2v] 1241-125 . Com. 98J-115 10- i- 1 1 1| 112 -128 [24 -129 1 26!-I32! 121*-] 30! July Aug. Sept. Oct. Nov. Dec. 1900 .... Pfd.. U4i-n8 116 -117 1 M2-115' [IS -1174 n5;-ur! 114I-118 . Com. 1135-129! 1 173-126 II21-I23' 144-126! 122 -137 122I-149 1901 . Pfd.. 120J-130 124 -128* 114 -125 [ 14 -116} "5 -n7i ITT -I 172 . Com. I33i-i45l 129 -141 1 120 -I364- ] 122-122 116 -127 1 I03 1- I 265 [902 . Pfd.. 118I-120 iigf-122 Il8|-I22 [ 18 -121 115 -119I Il6!-I2oi . Com. 124I-134! I3 I I" I 34 123 -133} [i7l-i27i 113 -1231 IT7I-I30I 1903 . Pfd.. 117 -119J 116 -119 II74-II9I [16 -118I 118 -120J 120.1-12} . Com. 112 -122! [o8f-n8 I08 -II7f [074-116I 1 14I-1 -- 1 I2l"-I28! 1904 . Pfd.. 127^-1295 130 -136 I.vV2-I34 [32 -137 [36I-141 137 -MO . Com. 127 -1305 128I-134! 1293-133 [31 -146 141' -153 I345-I5I4 1905 . Pfd.. i 3 63-i 3 8i 1392- Mi I37I-I39 1381-140 138 -140 138 1-140 . Com. 137 -M.^ 141I-146 I37 -141 ] 38J-I44! I364-I441 139 -154^ 1906 . Pfd.. 133 -136 136 -138 I30 -135 [32 -i3 2 ! 1 304-131 I28J-I3O . Cmii. 1271-138* i.Ui-1442 134 -138* ^3 2 -i.v"3 1313-136! 1 303- 1 37, 1907 . Pfd.. 125 -126 Il8 -I20* 1 15Z-11S to8 -117 IO6 -IIOo 106 -no . Com. 121 -1245 107^-123 109 -1153 97 -112I 995-107 92-3-10.) 190S . Pfd.. 123 -1285 126 -130 125 -127 [26 -I2Q T28C-131 129 -131 . Com. I2.=5i-i33i r3ii-i373 I26J-I37 ! 20-'- 1 34-1 r3if-i37! 1255-1333 LOW AND HIGH PRICES. BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. ov. 2 . ......... 1321-133! Nov 12 -. . . . 1343-1354 Nov. 23 . ......... 1321-133! 3 • Election Day. " 13 ......... 1344-136 " 24 . 131 -131 [33 -1343 4 • ......... 133 -i34> L " [4 ......... 1352-1361 " 25 . ......... 1334-1344 " 5 • t28f-I28| 1345-1353 " 16 ......... I3if-I354 " 26 . Thanksgiving Day. " 6 . 130 -130 135 -135* " 17 ......... 1324-133? " 27 ■ 131 -I3 1 1334-1344 7 • ......... 135 -136 " 18 I30 -I30 I3 2 4-I334 " 28 . ......... 1323-133I 9 • ......... 1354-137! I3O -I30 I3I3-I334 • 30 • ......... 1321,-133! " 10 . 130 -130 I35J-I36S " 20 I3O -I30 I32§-I33l " 11 . ......... 1341-1361 " 2T ......... [33I-1334 LOW AND HIGH PRICES. BY DAYS, DECEMBER. 1908. Dec. 1 8 9 10 Pfd. 131 -[31 1 30 J -130I 1 291-129! Com. [323 133; Dec . T T ......... 12 1 30-5-131 , a M 132 -132! IJ ......... tt 16 1314-132 a 17 132 -1324 a l8 132 -132 !w 132! [323 tt 21 Pfd. Com. 131 -131 1.S15-132} D. 130 -130 131 -132 130 -130 132 -132! 120 -129 1 3C4-131! ......... 1 303-l3l3 129 -129 1271-130! ......... 126.V-1283 ......... 128 -1285 ......... 125JI-128 Pfd. Com. 22 -. . . . 127 -129 2?. ■ -. . . . 128', -1 20', 24 • ' Chr 1293-129I stmas Daw 26 . . Extra holiday. 28 . 29 . 129 -130 130I [293-132! 132! 30 ■ ......... [31 -132 31 • - . . . . 131 -132 GIBSON'S MANUAL 47 MARKET MOVEMENTS OF AMERICAN SUGAR REFINING, COMMON, FROM 1899 TO 1908 INCLUSIVE. REMARKS. The death of H. O. Havemcver. who had been president of the company since its organization, on Dec. 4. 1907, led to a complete abandonment of the policy of secrecy, which had been followed for twenty-one years. The financial statement, referred to above, was significant as a recognition of the spirit of the times, and was issued in compliance with a resolution adopted by the stockholders at the annual meeting, Jan. 8. 1908. Securities owned, Dec. 31, kjoj, were $29,840,922. At the beginning of the year 1908 there were 9.244 preferred stockholders and 8,933 common stockholders in the company. The large surplus profits account of this company, and its excellent earnings have given rise to a rumor of an extra distribution t < . stockholders. \ mammoth new refinery in New Orleans is the latest enterprise of American Sugar Refining. The buildings are 215 feet high and will have a capacity of 12.000 to 15,000 barrels of refined sugar a day. Sept. 15, 1908. the suit of The Pennsylvania Sugar Refining Co. againsl this company for $10,000,000 damages was dismissed by Vice-Chancellor Walker of New Jersey. In November. 1908, the Federal government began seven suit- againsl tin- corporation to re- cover $3,624,121, alleged to be due for duties on sugar importations since 1901. Officers: President, W. P. Thomas; Vice-President and Treasurer. Arthur Dooner; Secretary. ( '. R. Heike. Directors: In addition to the foregoing, Horace Havemeyer, Charles II. Scuff, ( "ieorgc II. Frazier, John Mayer, John E. Parsons, Henry E. Weise and Henry C. Mott. Fiscal year ends Dec. 31. Annual meeting, second Wednesday of January, Jersey City, N. J. Directors meet, on call. Office, 1 1 7 Wall Street, New York. Traded in on the New York Stock Ex- change. (Unlisted Department). )S GIBSON'S MANUAL American Telephone CS, Telegraph Company This is ;i New York corporation, organized in 1885 by The American Bell Telephone Co., with a view originally to own and operate the latter's long distance telephone system, bul the plan was extended in March, 1900, at which time the parent company turned over all its business, contracts, prop city and assets to American Telephone & Telegraph. The holders of the $25,886,300 of the parent company's stock exchanged it for stock in the new company, receiving two shares for one, and having also the righl to subscribe For one share of the new stock for ever) five of their old shares. American Telephone ci: Telegraph now owns a large interest (in a majority of cases, control) in the leading local companies, which operate under the Bell patents, excepting perhaps The Michigan Mate Telephone Co. In the aggregate, it owns 54.3 per cent, of the stock of the operating com- panies. It .also is proprietor of the long distance lines which connect the local companies. June 3, 19OI, the capital stock was increased to $150,000,000 and on March 1, 1903, to Sj50.ooo.OOO. Bonded indebtedness, Dec 31, 1907 $153,000,000 Coupon notes 25,010,000 Capital stock 1 £250,000,000 authorized) I 79>595. 2 55 Total capital $357>6o5,255 Note: Of the outstanding capital stock above, $27,110,400 is held by The American Bell Telephone Co., whose capital stock in turn is owned by American Tele- phone & Telegraph. EARNINGS. Year ending Net, less exp. Dec. 31. I Iross. and int. iqoi $11,606,816 $7,398,286 1902 13,277,457 7.835,272 1903 ifi.545.632 10,564,665 1904 18,546,650 1 1.275.702 1905 21,712.831 13,034.038 1906 24,526,0)7 12,970,936 1907 25.609,671 16,269,387 * For several years, the company has carried in its statement of liabilities the sum of $18/>45.210. under the head of "Contingent." This item disappeared in 1907, and was replaced by the large surplus and reserve item stated. ^♦Calculated on amount of stock in hands of the public. $27,110,400 being held as a reserve against certain indebtedness and receiving no dividends. LATEST REPORT. For the eleven months, ending Nov. 30, 1908, the company reported as follows, compared with the corresponding period in 1907: Surplus Earned on and reserve. common. S0.S12.146 9-54% 9.572.552 S.92% 12,652,740 S.3 1 % 13.327.715 8-57% 16,234.323 9.91% 17.135.594 12.21% 30,738,418 ■ 13.0270 Telepht me Xi-t income. Interest Balance for revenues. less taxes. charges. dividends. [908 $109,492,200 S34.410.400 S7.01 2,000 $27,398,400 1907 103,773.200 31,502,700 DIVIDENDS. 6.581.500 24,921.200 1900 1901 1902 1903 1904 1905 1906 1907 1908 .c; 7 i% 7\% :'■■ 7\°fc 7l%- ' 8 % 8% 8% LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1901 1903 1904 1905 1906 1907 1908 \,,v. , Ian. Oct. 121 Feb. 131 Dec. 130 July 88 Oct. 101 Jan. 186 Apl. 169 1. 14° Nov. 1 is . Jan. ill .Jan. 133 Jan. 132^ Nov. This stock is not active in the trading on the New York Stock Exchange. It was listed in Sep- tember, 1901. GIBSON'S MANUAL 49 LOW AND HIGH PRICES, BY DAYS, NOVEMBER. 908. Low. High. Low. High. Low. High. NOV, 2 . . I26| 127 \o\ .12 . . 12S 1 , 129 Nov 2,3 • • ■ 1302 131 " 3 ■ ■ Election Dav * ' •3 ■ • 129 131 tt 24 • • • I303 132.1 4 ■ • \2~\ I28| 14 . . UK '3-'.' 25 • • • 131 132? 5 . 128 1284 " 16 . . 131! I32S ,. 2b . . Thanksgivin g Day - 6 . . . 1284 129J ** 17 . . >3K I32i " 27 • ■ ■ i.V J '3 2 7 ■ ■ 1 29 i 1 29 J " 18 . . 131 '3-'! tt 28 • • ■ 130I 131 9 • ■ • 129.I 1 20 J tt [9 . . 131 I3lS 30 . . . I28| [30$ • 10 . . . I28f TJW.l 20 . . i3oi I3lJ " ii . . . 1 28+, 1283 21 . . 1305 131 LOW AND HIGH PRICES, BY DAYS DECEMBER, igo8. Low. High. Low. High. Low. High. Dec. i . . . 128J 1294 I )ec 11.. C29 129J Dec ■> > . . . I26| 128 ) . 129 129J a 12 . . I2S : ; 129 '* 23 ■ • • 127; 128J 3 • • 129 I2 9i " 14 . . 128:; 129 24 . . . 12S', 129 " 4 ■ ■ . 129 1 129I " 15 . . 1284 129 " 2$ . . . Christmas Day 5 • • . i:s; 129I a 16 . . 1284, 129 " 26 . . . Extra holiday it _ / ■ ■ . 1281 129! " 17 . . 1273 128-J " 28 . . . 129 129J " 8 . . 128: 129 '* i8 . . 127* 128 tt 29 . . . I29i 129} 9 • • . I28J 129$ ■• 19 . . 127* 128* *' 3D . . . 128I 129 " in . . 129 I2<)1 " 21 . . I26f 127! 31 • • • 127I REMARKS. The gross earnings of the operating companies, including the long distance lines, have not always been published. In 1906. they amounted to $105,441,600. and in 1907, to $120,753,200. Securities owned, Dec. 31, 1007. were: Bond-; of associated companies, S7 r .066,696 ; stocks of those companies. $202,338,100: total. $273,404,796. The number of telephone stations of all kinds, operated by this company and its subsidiaries, Dec. 31, i per cent, cumulative, $80,000,000, the hulk of this to retire $78,689,100 tnsolidated 4s, voting power to be limited Strictly to meetings for increasing or decreasing the capital stock or for dissolving the corporation, or to other rights set forth in the statutes. (4) Common stock, $100,000,000, a part of it to retire, dollar for dollar, the common shares of the three companies, $40,242,450, then held by the public, the balance to be reserved, with the inten- tion, at the time, of never issuing any of it. While the merger was contested in the courts, it went into operation in October, 1904. and the new company became the owner of all plants, assets, trade marks, etc.. of the three merged com- panies, and later controlling owner of The American Cigar Co., The American Snuff Co., The Havana Tobacco Co., The P. Lorillard Co. and The British-American Tobacco Co., Ltd. Bonded indebtedness, Dec. 31, 1907 $108,306,300 Preferred stock. 6 per cent, cumulative 78,689,100 Common stock 40,242,400 Total capital $227,237,800 EARNINGS. Net * Earned on Year endingDec. 31. Earnings. Surplus. Common. 1005 $25,152,541 $25,685,961 35.3% [906 26.348,193 3°>553>888 39-37% 190/ 27,329,213 32,554.708 4-'-48% Before deducting cost of purchase and cancellation of the 4 per cent, gold bonds of the company, in those years, successively, to the amount of $0,988,990; $l,88(i, 31 it, anil $5.(l.U.237. The figures do not take into account the undivided net earn- ings of subsidiary companii DIVIDENDS. I9O5 I Ml II. I 1 ((.J I'K'S Preferred 6% 6% 6% 6% Common 20% 22!% 25% 25% LOW AND HIGH PRICES. BY YEARS, SINCE 1900. I9O0 1901 1902 1903 1904 *1904 1905 1""" 1907 1908 Preferred — 128 May U7 Ian. 140 inn. 130 net. 130& Feb. S3 5 Nov. "K, s Jan. 96 Dec. 60 Oct. 72*6 Jan. Tan. ISO Tidy 151J4 Mch. 146 Jan. 149 N'nv. 96 Dec. 109^ Dec. 109 Jan. 98} ,' Jan. "7'.'. July ! mon — rune 99 May 140 Tan .... .... 209 290 396 114 [Dec. ill Tune 300 fan 250 .... .... 476 513 174''. ■■■■ Note: Until l r 'U4. inclusive, the quotations above are those "i the" old American Tobacco stock. Thereafter present the new preferred stock. The commori stock of the old company ceased to be traded in after Jan.. 1902, and the new common has never been traded in Figures for the common stock, not complete, after 1902. are prices in the curb market. * New preferred stock, GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. X..\ Low. High. 23 24 93 93 25 93 93 26 Thanksgiving Da\ 27 9 2 4 93i 28 30 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. 1) c. 3 4 S 7 8 9 10 Low. High. 1 )- jj 92 i 92! 92I 92-I 94 94* 94£ 941 923 9 2 5 94? 95 95t 95 95 Dec 1 1 12 14 15 16 17 18 19 21 Low. IliHi. 92! ';-■'• 9 i| 90I 9 lj 9 1 -• ■>- , 92I 92I 91$ 01 '• 92 Dec. 22 " 23 " 24 " 25 " 26 '• 28 " 29 •' 30 " 3i Lc\ 93 933 in 93 933 Christmas Day. Extra holiday. • 93$ 94f • '4! 94l 94i 94 REMARKS. Securities owned, Dec. 31, 1907 were: Stocks in foreign companies. $20,748,682; stocks in other companies, $73,142,527; total, $93,891,209. Fixed charges in 1907 were 20.17 per .cent, of net income. Nov. 7, 1908, the United States Circuit Court at New York handed down a decision in the Government suit against American Tobacco, pronouncing the company a combination in restraint of trade, but refusing to appoint receivers to wind up the company, and suspending the operation of the decree, pending appeal to the Supreme Court of the United Stales. The decree was formally filed Dec. 15. Both parties appealed. Officers: President, James B. Duke; First Vice-President, John B. Cobb; Treasurer. John M. W. Hicks; Secretary, Josiah T. Wilcox. Directors: George Arents, Anthony N. Brady, Paul Brown, John B. Cobb, Howard M. Hanna, James B. Duke. Caleb C. Dula, Robert B. Dula, William R. Harris, George A. Helme, Percival S. Hill, Herbert I). Kingsbury, Thos. P.. Yuille, Pierre Lorillard. Thomas J. Maloney, Rufus L. Patterson, Oliver 11. Payne, Frank H. Ray, Thomas F. Ryan, Grant B. Schley, Robert A. C. Smith. Robert K. Smith. Geo. W. Elkins, Robert D. Lewis, Peter A. P.. Widener, and Geo. D. Widener. Fiscal year ends Dec. 31. Annual meeting, second Wednesday in March, Jersey City, N. J. Directors meet, every Wednesday. Main office. 11 1 Fifth Avenue, New York. Preferred slock traded in on the New York Stock Exchange (Listed Department). 52 GIBSON'S MANUAL American Woolen Company This company was incorporated in New Jersey, March 29, [899, as a merger of a number of the foremosl fact. Tics of woolen and worsted goods in New England. The properties, 30 in number, are located in Lawrence. Lowell, Fitchburg, Blackstone, Maynard, Plymouth, Webster and Franklin, Mass.; Providence, P g and Manton, R. [.; Dover, Lebanon and Enfield, \. li.: Skowhegan, Fair- field, Dover and North Vassalboro, Me.; Moosup, Conn., and Fulton, X. Y. Preferred stock, 7 per cent, cumulative $35,000,000 Ton 11 11011 stuck 29,50) total capital $64,501,100 ending Dec. .;i . Gross. $29,758,449 [901 34.960.309 CSX* 2 35.522,977 1903 38,276,71 4 [904 39,632,916 [905 48,660,449 1906 51,42' [907 47,377,846 EARNINGS. Net [ncome, $2,839,052 3,227,667 3,343,520 3.042.330 4,78i,i57 4,809,397 3, |_'!i.!>< ' i Sulpliis. $2,105,650 2,783409 l.i'i 1.076 6,554,595 8,196,925 10.04 1 1 1 ,109,225 [0,1 14,998 Earm nion. ^88< ! 2.299 6.19 6.589 *5-57'- 6.289? 3 ' ! ' After charging off for depreciation $1,528,254, (hki in tlmse Four years, in the order named. $1,367,838, £2,000,000 and $2,000, I9OO I'KiI Preferred 7% Common o o DIVIDENDS. 7% o 1903 o [904 7'< o [90= ,-< o [906 7% o 1907 7'< o 7'. o 1900 Preferred . . 77 Dei 76 Dec. Common. . . 22' 2 Dec. Dec. LOW AND HIGH PRICES. BY YEARS. SINCE 1900. 1901 1O02 1903 1W 1905 1906 J11I3 7(1 Meli. 21% Jan. Mch. 80 Sept. 73 Apl. Tan. 12 Dec. 80 Tan. 65 Oct. 14% Fi 1, 7) 1 let "4 m Dec. 108*4 Mch. 110% Tan. 69 ran. 93 (an. 101 July 2S Nov. 47", Nov. 48 Tan. 10 Ian. 20% Ian. 28 Nov. 1007 102 i l.ni 68 Nov. 16 Jan. 11 Oct. L908 97 Nov. :s Feb. 32% Dec. Feb LOW AND HIGH PRICES, BY DAYS. NOVEMBER. 1908 Nov. 9 10 1 1 C 0111. ....... 24 -24 \.i\ lj 1 Day .. 13 92 -92 2 5 a 14 26 -26 a [6 91^-92 264-27 '7 27i-27i [8 ....... -'7' i< [9 28! .. JO -20 ji I'lM. 954-963 96 97 95 954-95-! 953 • 94! 941-95 04 1-04 1 ( ;< nn. 29i-3ii 3I4-3 1 I 3i4-3ii 31^-31^ 3II-3 1 ! .^i-3's 29 -31! 29J-30 Nov. -.1 26 27 28 30 1 ,1 nn. Thanksgiving Day 29^-29'. 96 -96 n;l 95I 291-291 29^-30 LOW AND HIGH PRICES, BY DAYS. DECEMBER. 1908 Dec. 1 Pfd. 2 • 953 95i 3 ■ ' »5 ' t ■ 953 s ■< 1 • R . ....... ■ ....... IO . • ■ >- Com. 11.. ....... i_' 303-30^ ' \ 3of-3i \ " 1 "5 31 -3 1 - r6 3 J -3^ " >7 3iJ-3i3 ■• 18 I'l _'I Pfd. 95l 95i-953 943 95 95 94l I im 3'i-3iJ 3^-3*3 3i*-3ii 3iJ-3ii 20I-31! Dec. 22 " 23 " 24 - 25 •• 26 - 28 " 29 " 30 - 31 Pfd. 95 -95 95 Christmas Day. Extra holiday. 95i-95l 30 94! mi', jo:-jo: 95 -05 28I-30 041-95 29.1-30 GIBSON'S MANUAL 53 REMARKS. The depression of [907 bore heai ilj upon the woolen goods industry, particularly as the demand was rather for worsted goods than woolens. The panic led mam merchants, who had orders upon their books, to decline to accept g Is and the credit of others had been extended as far as safetj permitted. To avoid an accumulation of cloths, The American Woolen Co. curtailed production to the extent of 68 per cent., and followed this policy until well along- in rao8. Price reductions were initiated and the decline continued until a final drastic cut in the summer of 1908. Securities owned, Dec. 31, 1907, $3,499,400, composed entirely of stock in the Wood Worsted .Mills, South Lawrence, Mass. The American Woolen Co. has doubled its capacity since organization through new building-, machinery and improvements, and all from earnings. In other words, its capacity has been increased from $25,000,000 to more than $50,000,000 annually. The preferred stock was increased in 1907 from $25,000,000 to $35,000,000, and this, combined with the business depression, effectively ended the expectation of an earlj dividend on the common stock. Officers: President, William M. Wood; Vice-President, Frederick Aver; Secretary and Treasurer. William 11. Dwelly, Jr. Directors: Wm. M. Wood, Frederick Aver, Francis W. Kittredge, J. Clif- ford Woodhull, John Hogg. George E. Bullard, Samuel P. Colt, Andrew G. Pierce, Jr., George I.. Shepley, and Charles H. Tenney. Fiscal year ends Dec. 31st. Annual meeting, first Tuesday in March. Jersej City. Alain Office, Boston, Mass. New York office, 126 Fifth Avenue. Traded in on the New York Stock Exchange (Unlisted Department). 54 GIBSON'S MANUAL Anaconda Copper Mining Company Incorporated in Montana. June 18. 1895. to operate the Anaconda copper mine at Butte, Mont. It has since acquired a variety of other mines and undeveloped property and owns a large smelter at Anaconda, and control of Butte, Anaconda & Pacific Railway. In 1904, a majority of the $30,000,- 000 of capital stuck was purchased by The Amalgamated Copper Co. Capital stock (shares $25 each) $30,000,000 EARNINGS. Net p. c. of Gross. 28.3 30./ 12.28 10.97 Gross Net Year ending June 30. Receipts. Income. 1900 $18,730,131 $5.305-5i9 1901 18,128,558 5,571.816 1902 10,498,953 1,289.207 1903 14,597,852 1,601,201 1904 10.761.472 1,259,875 Year ending Dec. 31. 1905 23,734.203 5,718.828 1906 26.968,871 8,842.669 1907 18,751,134 3-378.220 Reports have been complete only since the year ending Dec. 31, 1905. 11. 24.1 32.8 18.02 Surplus. Not reported 7.240,572 9,183,242 6,261.462 Earned on Stock. 19.06% 29.47% 11.26% 1900 16% DIVIDENDS. 1901 13% 1902 4% 1903 4% 1904 4% 1905 n-i% 1906 23% 1907 21% 1908 8% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 19(17 1908 377/s July 54% Ayl. 2854 Dec. 5454 Apl. SO Dec. 58 Oct. 61 Feb. 103>4 Jan. 22354 May 146 Feb. 12554 Feb. 120^ Nov. 295 Dec. 300 Feb. $255^ Oct. 302J4 Feb. $2754 Feb. $5354 Nov. Note: Prices of Anaconda were quoted on a per cent, basis from January, 1902, to February, 1907, both inclusive; after that, at dollars per share. LOW AND HIGH PRICES. BY DAYS, NOVEMBER, 1908. Low. High. Nov. 2 46 46} 3 Election Dav 48 48J 5i 525 53* 53^ 53 1 4 5 6 7 9 10 11 47 4/4 49i 5i* 5ii 52| 52 Nov. 12 51$ 52f Low. High. 13 14 16 17 18 19 20 21 52} 5if 5i* 5o\ 49 48 52| 53* 52! 52| 52I 523 52 5of 49i Nov. 23 24 25 26 27 28 30 Low. High. 49* 51I .Thanksgiving -Day. 5°§ 5i5 5of 51 50 5i£ 48} 49* 5°i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 3 4 5 7 8 9 10 Low. I 494 49* 49s 49S 49 49 4') 49f 49! igh. 5o3 505 495 5o2 5<>i 49! 49*. 50* 50I Dec. 1 1 12 14 15 16 >7 18 19 21 Low. High. 49i 5oJ 49 49*. 49 49f 48! 49* 481 49i 47> 48J 46S 48 47* 48 45* 471. Low. High. Dec. 22 46^ 48 "23 47* 48S 24 48f 49* " 25 Christmas Day. " 26 Extra holiday. " 28 49 29 49* 30 49* 50] " 3i •• 49* 50 502 GIBSON'S MANUAL 55 REMARKS. Investments in sundry companies. Dec. 31, 1907, $531,560. Early in 1907. a contract was made with labor unions, represented at the mine- and works, to ex tend to April 1, 1912, which provides for the scale of wages in effect before November, [906, when elec- trolytic copper sells below 18 cents a pound, and an increase in pay when the metal sells above [8 cents. The extensive and bitter litigation between Anaconda and other companies in the Butte district, which had been prolonged for years, was practically ended in 1906 and the settlement proved advan- tageous to development of the mines. In the calendar year of 1907, operations, combined with maintenance of the dividend, resulted in a deficit of $2,521,780. which was charged to surplus profits account. The depression of 1907 resulted in sharp curtailment of production, Sept. 1, reducing it to 35 per cent. In December, the works and mines were closed entirely. Early in March, 1908, operations were resumed. Officers: President, John D. Ryan; Vice-President, II. II. Rogers; Treasurer, F. P. Addicks; Sec- retary, C. F. Kelly. Directors: E. C. Bogert, Urban H. Broughton, George H. Church, J. E. Judson, William Rockefeller, H. H. Rogers and John D. Ryan. Fiscal year ends Dec. 31. Annual meeting, third Wednesday in May. Directors meet, last Tues- day of every month. Corporate office, Butte, Mont. New York office, 42 Broadway. Traded in on the New York Stock Exchange (Unlisted Department) and on the Boston and London Stock Exchanges. GIBSON'S MANUAL Atchison, Topeka C& Santa Fe Railway Bonded indebtedness, June 30, 1908 $315,454,421 Preferred stock, 5 per cent, non-cumulative 1 14.173,730 Common stock 102,956,500 Total capital $532,584,651 Miles operated 9415 Per mile capitalization $56,568 Fixed charges, 1908, per cent, of net income, new basis 47.9 Operating expenses, 1908, per cent, of gross, new basis 71-2-1 EARNINGS. Gross Net Xet P. C. of Famed on Year ending June 30. Op. Rev. Income. Gross Income. Surplus. Common. 1900 $46,232,078 $18,977.3.).) 40.8 $9,964,620 4.23', 1901 54.474.823 22,544,433 41 13,082.741 5.5595 1902 59,135,086 26,366,071. 43.7 16,027,415 9.6(1'. 1903 62,350,397 .'5,231,281 39,6 [6,853,660 8.039! 1904 68,171,200 _7.197.94_> 39.2 19,187,003 9.41 ,', 1905 68,375,837 j3.672.355 34.2 19,739,492 5.9 1906 78,044,347 30,893,230 39 19,985.483 **/.J'.'. *i9°7 95,100,669 32,656,659 34.3 20,066,874 ;.v> ♦1908 91,289,770 26,258,188 28.8 20.352.865 7.33'. * Interstate Commerce classification, which makes comparisons with previous year useless. ** After writing off $4,500,000 and S9.600.000 in those two years for improvements, etc., and other capital expenditures. LATEST REPORT. Preliminary report for four months, ending Oct. 31, too8, shows in comparison with the same period in 1907, as follows : Gross. Net. 1908 $30,627,017 $11,502,258 1907 32,578,020 10.059,197 DIVIDENDS. Preferred Common 1900 4% o 1901 5% 3.% 1902 5% 4% !9°3 5% 4% 1904 5% 1905 5% 4% )'. 1906 5% 4\% [907 5% 1908 ?'> LOW AND HIGH PRICES, BY YEARS. SINCE 1900. 1900 1901 1902 I'm.' 1904 1905 1 '.)(!(, 1907 L908 Preferred Common. . 5X' 4 Jan. Dec. Jan. 70 108 42 % Jan May 95>:. Jan. 84# Aur. N7-\* Jan. OQ Jan. '-'N lkc 7N \',.\. N.'-,1V1, May loo's S.-pt. 103J. Jan. 104' s \'..v. 105^1 Sept. L06 Jan. 101^ Jan. 104 Dec. 74% Jan. 54 Aug. 64 Feb. 77-' s . May 85 J^ May 66% Nov. 06 Feb. 48*4 Dec. 91 June 96-;^ Sept. 89- s Jan. 89J4 Nov. 'tf\ s Mch. 110J. Sept. 108' 4 Jan. 101 %. Dec. GIBSON 'S MANUAL 57 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. 58d- 03; Feb. 02 - ..3 J Mch. 64s- 734 Apl. 681- 74^ .May June 1900 . . . . Pfd.. 67 - 73 74 V . Com. l8f- 20g 20 - 22}, 22 - 205 25 - 29I 23i- 27 23f- 273 1901 . Pfd.. 82*- 90I 87h 90 87i- 96 94 -104I 7° 101 -ia . 1. om. 4-4- 494 49i- 5H 54f- 63; 6ii- 78I 43 - ""1 84I- 91 1 90 2 . Pfd.. 95*- I o3f 96I- 99 954- 974 96I-100J 96I 99 roil . Com. 74d- 8i| 75 - 781 74^- 7*- 765- 843 77l 8] 83i 1903 . Pfd.. 99 -i°3i 99l-i« ,_•: 96^-100 95i- 98 944- "s; 9] . Com. 83^- 89I 84i- 8 9 i 79f- 85I 771- 8 3 f 73*- 83I 63 1904 . Pfd.. 87f- 9 2 i 88 - 881- 92 94- 94$ 9 ii- 93 92I- 964 . Com. 65!- 70'i 64 - 70$ 64 - 7il 7ii- 75^ 67I- 72: 734 1905 . Pfd.. 99 -102 101 -1035 102 -1044 ioif-i03i I0I1-I02.', 1014-104! . Com. 84*- 88J 8/4- 9i 86|- 93f 82 - 915 77 i- 85;' 784- 8 4 ] 1906 . Pfd.. 1025-106 1 02 ■}- 104} 102 -1044 100 -104', 995-103 103 . Com. 89 - 96I 88f- 93 J 88f- 95 873- 951 85«- 914 87^ " 1907 . Pfd.. 99 -ioi| 98 - 99s 92 - 98 J 944- 971 92^- 92I- >m! . Com. 98I-1084 99i-io5 82f-I02i 89!- 98 86 - 96-i 86i- 92I 1908 . Pfd.. 84]- m 83s- 87 83I- 8 5 | 85I- 89I 894- 92s "'!- 95 . Com. m- 7a\ 66 - jj\ 67I- 76 631- 81 794- 84J Nov. 73%- 85 79l- 8 3 3 . . Pfd.. July 68-J- 72 1 Aug. 69 - 72 Sept. <>7i- 7ii 1 >ct. 69§- 75, Dec. 1900 . S2§- 89I . Com. Mh 27 i 25 h 29I 25^- 281 272- 33 3 1 !- 41 374- 48J 1901 . Pfd.. QO5-105I 92 - 99I 93 - 98] 94 - 974 [03I 964-102I . Com. 6 7 f- 8 9 : ' 69I- 80;^ 08 - il 74;- 80 77l- *5i 74 1- 80S 1902 .. Pfd.. 98 -103; coif-ios 99f-io6i 97f-i02| 961-iooi 95l-lOO| . Com. 8if- 944 91 - 954 85 - 96$ 8 3 §- 9i3 805- 89 77 - 8 4 4 1903 . Pfd.. 87 - 934 84I- 91 86 - 92.I 86|- 904 881- goi 9°4- 934 . Com. 6ii- 6 9 i 54 - 65S 60S- 681 61 - 68 62$- 681 661- 7oi 1904 . Pfd.. 93i- 98 95h 99i 97i-ioil IOO -I02f 100 -i04s 1003-103S . Com. 723- 794 76f- 82I 80 - 84 82f- 88:} 84I- 89J 82 - 89-J 1905 . Pfd.. ioii-103 102I-105I 1044-105, io3i-io5i 102 -104^' '03 -105] . Com. 8 3 f- 88 86]- mi; 88{- 91 i 874- 90S 82 - 89 85I- 89I 1906 . . Pfd.. 985-100.', 1005-ioif 100 -iooi 100S-101S ioof-102 98 -102^ . Com. 8 5 f- 9 2V 924-108! 104 -110-J 994-109 974-1041 IOOi-1053 1907 . Pfd.. 92 - 94 89 - 92I 88f- 91 83 -89 78 - 85 813- 88 . Com. 89i- 95 8 1 5 - 92I 85 - 884 72 - 864 66|- 77' 68£- 75 1908 . Pfd.. 92 - 93i 93 - 954 942- 95* 943- 96 1 96J-101 1 101^-104 . Com. S.i- 881 862- 9 J 4 84S- 91I 861- 93^ 934" "m: 95i-ioii 3 4 5 6 7 9 10 11 3 4 5 7 8 9 10 LOW AND HIGH Pfd7" "Com. PRICES, BY DAYS, NOVEMBER, 1908. 964-97 93i-94l Election Day. 98{-99 98 -98 984-98] 981-99 984-984- 98 -984 98 -98 95 -97 934-94i 931-944 j 944-95! 934-";: 94f-95l I 94 -954 I Nov. 1 2 13 >4 id 17 IS [9 20 21 Pta. 984-98-4 984-981 98I-98I ms;'-99 984-994 wyl-ool 99 - |i 1 99 -99l 99i-994 95i Com. 94; 951-961 951-964 954-96^ 96 -964 944-954 941-954 944-964 \. 24 26 27 28 30 Pfd. Com. .. 99 - 99S 95 -95} ■ • nn\ 99I 95f-97l .. 991-ioof 971-98^ . . I hanksgiving Day. . . ico -100} 971-98;; . . iool-ioi 98 -98^ . . tooj- rool 98 1 11 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 101I-102 roif-ioif 101J-102 toi ;-ioif IOI4-IOI4 IOlJ-IOli IOI4-IOU roif-io2l 102I-102I Com. 974- 99l 97f- 99 98-i- 99 98}- 983 974- 98 1 971- 981 98?- 994 98}- 983 Dec. 1 1 " 12 " 14 " 15 ■' i6 " 7 '• [8 " 19 " 21 Pfd. [02J-102 i 102 -1 02 1 1 02 j -102 J 102 -102 [02I-102I 101I-102I T02 102 10K i"i ioiI-ioiJ Com. 974- 98f 971- 98 99 974- 98{ 97J- 981 95i- 975 05'.- 96! 954- -" 04l- 95| 1 i e < ? > >. 23 a 24 t . 25 2<, t( 28 2<) 30 " 31 Pfd. Com. toif-ioig 95f- 97^ 102 -I02 3 91 if- 97I 964-974 Christmas Day. Extra holiday. 103 -103I 97|-ioi 1031-104 10: 1 l-i mi l 101 100 -100J ■' toi| 100 -100!; GIBSON'S MANUAL MARKET MOVEMENTS OF ATCHISON, TOPEKA & SANTA FE, COMMON, FROM 1900 TO 1908, INCLUSIVE. REMARKS. No portion of the earnings of Atchison are derived from transportation of company material. 1 'resident Ripley regards the capitalization of this company as not more than the cost of repro- ducing its properties. In the annual report for 1907, 'he asserted that many hundred million dollars should be expended to supply transportation facilities demanded by the rapid growth of the country, and that ability to obtain this capital had been greatly impaired by the unfriendly attitude of the public and the arbitrary action of legislatures and railroad commissions. In 1908, for the first time in its history, the company has no plans on hand for the construction of extensions, in view of the foregoing facts. Securities owned, June 30, 1908, are not separately reported. The company has in its treasury "a large amount of stocks and bonds of other companies, of which part are carried in the balance sheet as "Investments" and part are included under Railroads, Franchises and Other Property. The amount reported as investments was $13,818,435. Total capitalization has increased $128,000,000 since 1900. Officers: 1 'resident, Edward P. Ripley; Secretary and Treasurer, Edward L. Copeland. Directors: Edward J. Berwind, B. P. Cheney, H. Rieman Duval, Thomas P. Fowler, H. C. Frick. Charles S. Gleed. Walker P. 1 lines Andrew C. Jobes, Howel Jones, John G. McCullough, Paul Morton. II. H. Rogers, Edward P. Ripley, Byron L. Smith, Charles Steele. Fiscal year ends June 30.* Annual meeting, fourth Thursday in October, Topeka. Kan. Directors meet, first Wednesday of each month. .Main office, Topeka, Kan. New York office, 5 Nassau Street. Traded in on the New York, Boston and London Stock Exchanges (Listed Department). GIBSON'S MANUAL 59 Atlantic Coast Line Railroad Bonded indebtedness, June 30, [908 $118,618,450 Preferred stock, 5 per cent., exchangeable at 125, for 4 per cent. irredeemable certificates of indebtedness [,596,600 Common stock 47,537,600 Common stock, Rich. & P. R. R., class A 1,000,000 Total capital $168,752,650 Mileage 4,346 Per mile capitalization $38,829 Fixed charges 1908, including taxes, per cent, of net income... 7-74 Operating expense, excluding taxes, per cent, of gross 7 2 -9 2 EARNINGS. 1'ear ending Gross Net p. c. of Earned on June 30. Op. Rev. Net income gross inc. ^Surplus. common. 1900 . . . t$7,586,746 $3,406,159 44-9 $1,902,465 5-5 '■ 1901 . . . t 7,915.099 3,333,186 42.1 2,339,861 3-7(3% 1902 . . . t 8,549,526 3,896,425 45-6 3,130,929 6.07', 1903 . . . 19,682,455 8,925,071 42.8 1 1 ,464,977 14.98% 1904 . . . 20,544,975 10,549,665 47.8 13,712,994 1 1.3 % 1905 . . . 22,222,902 11,053,884 45-i : * 7,184,236 10.7 % 1906 . . . 24,868,44s "•35 2 - 53 4i-3 9,297,364 10.9 % [907 . . . 26,771,529 9,857,573 32. 9,099,543 5-58% [908 . . . 26,029,052 10,203,6s 34-97 8.838,896 5-5 % f Earnings of the old Atlantic Coast Line 1900 to 1902. In 1903 and later, the consolidated system. * Not including reserves for betterments and improvements. ** Reduction of Surplus Profits account due largely to extra dividend of 25 per cent, from accumulated profits, on $36,650,000 common stock, outstanding Jan. 2, 1905. LATEST REPORT. For four months, ending (>et. 31, 1908, earnings were, compared with the same period in 1907 Gross. Net. [908 $7,443,285 $1,746,115 1907 8.524,840 1 ,5 ;o.4 4 i DIVIDENDS. [900 1 i (0 1 l«|o_> 1903 [904 [905 [906 [907 1 1 )< >S Preferred, . _■!', 5'. S7 57' 57> 5% 5% 5% 5% Commi m . . ,'.•. iW 5-' '307 5'- -/ '■■■ : Sl?< •Due to an extra dividend of 25 per cent., _'0 per cent, in Atlantii Coast Line common stock and the rest in 4 per cent, certificates of indebtedm ss ** In January, 1908, 3 per cent, was paid in certificates of indebtedness; in July, 2' '• per cent, in cash. GIBSON'S MANUAL LOW AND HIGH PRICES, BY YEARS, SINCE 1903. 1903 1904 1905 106 Dec. -"1 A lav 104} Feb. ' 5 5 i Nov. 120 Jan. 170 Apl. 1906 131 i July 1 (17; Jan. 1907 58 Nov. 133 J Feb. 1 > ,< iS 59J Mch. mi Dec. Atlantic Coast Line preferred has never been traded in on the New York Stock Exchange, and the common only since May. 1903. It has always been comparatively inactive. LOW AND HIGH PRICES, BY MONTHS, SINCE 1903. Jan. I9°3 -•■• • 1904 108J-110J 1905 120 -125 1906 157 -167! I907 1192-133- 1908 67I- 7si July 1903 -••■• 1904 112-J-121 I9 n 5 155 -iM I9°6 I3li-I4l| 1907 96 -ioo| 1908 884- 96 Feb. Mch. A >1. M ay June 126 -126 104J- 12li- 1 104 107 - I25f 107 145-8 109 142! -109 -170 1082- ■108.I 126% 146 ■159-2 I48i- 165" 157^- 165I i54 • 162 138 -157 ■37] ■i47l 134]- 1494 115 ■ 122I 94 - 116I 101 -106I 92 ■104 943- 99i 592- 74 59* 75i 70" - 84 8if - 934 H 4 l 93 Ai g- Sept. Oct. Nov. Dec. n8i- "7£- 121 in - in 106 - 106 121 - 1384 134 -14T4- 139 •1554 i^3 - i55i i59f 170 l6lj- 169I i6oi -i67i 156^ -167 157 - 164^ 141 - 1494 I38i- 146 135 - 1 42 1 133 1403 13^- 138I 77 - 954 793- 84 59 - m 58- 702 6sf 72\ 90 - 93l 8i£- 93 87 - 93h 93 -1 11 104 - iii| LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. Low. 93 High. 93i 3 Election Day 5 6 7 9 10 11 94 943 96 100 \02.\ 102 J I032 95i 954 99i 102 104 105 104 Low. Nov. 12 104 13 105 14 16 105 " 17 106 " 18 106J " 19 1083 " 20 109 " 21 1094, High. 106 106* io5i 107 1084 no 1094 i09i Low. High. Nov. 21 108 108} " 24 108J no " 25 no no| " 26 ... . Thanksgiving Day " 27 no 1 ioj " 28 no-} noi " 30 1 10 in LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 2 3 4 5 7 8 9 10 Low. noi no 1094 111 in noj ligh. mi D< ;c. 11 . . . no£ ' 12 no£ ' 14 in ' 15 in? ' 16 in ' 17 • 18 it 1 19 ' 21 Low. no 1 io.l no no 109} 1 06 1 104 High, iioj 11 1 110} no iio4, 106J- 105I I Low. High. Dec. 22 105 106 "23 107 108 " 24 108 108 " 25 Christmas Day " 26 Extra holiday. •' 28 108} 1083 " 29 109 109J " 30 108} 108-5 " 31 109 no GIBSON'S MANUAL 6: REMARKS. This is the railway with which the Old Plant system of lines was merged. It also owns con- trol of the Louisville & Nashville system, but the two companies are operated independently, and is itself controlled by The Atlantic Coast Line Co., formed under the laws of Connecticut, May 29, [880 This company maintains an immigration department, which actively promotes the settlement ol new families along its lines and establishment of new industries. During 1907. passenger rates weir reduced, through action of legislatures and railroad commis- sions, as follows: In Virginia, from 3 to 2 cents a mile. In North Carolina, from 3] and 2 : \ for first and second-class passengers to a uniform rate of _y| cents. In Georgia, from 3 to 2 ! cents. In Ala- bama, from 3 to 2\ cents. Securities owned June 30. 1907, S7.432.y50 of the company'.- own bonds and certificates "I in- debtedness; $45. 554. 221 representing 300.000 shares of L. & X. stock: and S3. 272. 570 -1 "other invest ments." Total, not considering it- own treasury bonds and stock, S4S.S20.707. The balance sheet of The Atlantic Coast Line ('... of Connecticut for the fiscal year, ending June 30, 1008. capital stock $12,600,000, shows a Profit and Loss surplus of S1S.iKi.4S0: securities owned. S40.5S5.138 (including $25,266,3 f the stocks of Atlantic Coast Railroad). Officers: President. T. M. Emerson; First Vice-President, Alexander Hamilton; Treasurer, James F. Post; Secretary, H. L. Borden. Directors: H.Walters, Michael Jenkins, Waldo Newcomer, War ren Delano. Jr., M. F. Plant. F. W. Scott. Alexander Hamilton. E. B. Borden. Donald Mac Rae, H. B. Short, J. J. Lucas, and W. W. Mackall. Fiscal vear ends June 30th. Annual meeting, third Tuesday in November, Richmond, Va. Directors meet third week of every month, on call. Main office, Wilmington, N. C. New York office, 71 Broadwav. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL Baltimore C& Ohio Railroad Bonded indebtedness, 1908 • $255,532,430 Bonds of subsidiaries 9.700,000 I 'referred stock, 4% non-cumulative 60.000,000 G immon stock 152.175,829 Total capital $477,408. 25M Miles operated 3>99 2 Per mile capitalization $119,591 Fixed charges, 1908. including taxes, per cent, of net income . . . . 55-8.3 Operating expense, per cent, of gross *73-57 ''New basis, compared with 56.73 in 1907 on the old basis EARNINGS. Gross Net fNetP. C. of • 'Earned on Year ending June 50. Op. Rev. Income. Gross Inc. Surplus. Common. 1900 $42,117,405 S15.285.976 35.6 $633,739 9-6% 1901 47,114,431 16,756,629 35. 1,388.985 10.6 % 1902 57,892,495 21,815,607 36.9 2,625,222 5.6 % 1903 63,449,633 25,102,660 38.6 5.506.647 6.37% 1904 65,071,080 23.718.377 35. 7>3n>955 6 -54% 1 • x >5 67.689.997 25.514.802 36.1 9.135.287 y.orv, i9°6 77.39 2 .'056 3M48.675 38.5 15,823,643 10.16^ 1907 82.243,921 31,149.796 36.1 19,739.542 7.919! 8 73.608.781 23.628.065 30.3 17.865.442 5.1 c /r "Interstate Commerce classification, on the new basis. **After charging- off several millions a year for improvements Note — In the fiscal vear of 1902. the common sdn-k was increased from $45,000,000 to $75,996,200; in 1903. to $124,262,060; ami in 1907. to $152,174,829. fBcfore deducting taxes. LATEST REPORT. earnings for four months, ending (let. 31, 1908, compared with the same period in [907, were: Gross. Net. 1908 $25,004.5^5 $9,405,882 1907 30,231,938 9,892,444 DIVIDENDS. 190(3 190] [902 1903 1904 1905 [906 I'M >7 [908 Preferred 4% 4', 4^0 4% I '■ I ' !'• 4% Common 2% 4% 4% 4'. 4'/ • 5i7< 6 °/° 6 7< LOW AND HIGH PRICES, BY YEARS. SINCE 1900. 1900. 1901. 1902. 1903. 1904. 1905 1906. 1907. 190S 1 red.. 72^4 Jan. S3H Feb. 92 Dec. 82% July 87-^ Feb. 91 Mch. 91 Oct. 75 Nov. SO Jan. 90 Apr. 97 June 99 Sept.. 96& Feb. 96J4 Oct. 100 Aug. 99J4 Jan. 94^ Jan. 94 Dec. Common .. 5514 Jan. 81J4 Jan. 92^ Dec. 715$ Sept. 72^ Mch. lOO.'-S Jan. 105-v; May 75H Nov. 76' j Feb. 89% Apr. 113 May 118^ Sept. 104 Jan. 10SK Dec. 117 Aug. 125 J4 Sept. 122 Jan. UlJi Dec. GIBSON'S MANUAL 63 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Nov. 3 4 5 6 7 9 10 11 Dec. 1 2 3 4 5 7 8 9 10 Jan. Feb. Mch. 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd. . Com. 1907 Pfd.. Com. 1908 .... Pfd. Com. 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. ... . Com. 1905 Pfd.. Com. 1006 Pfd.. Com. 1907 Pfd.. Com. 1908 .... 'fd. Com. 72S- 774 551- 6oi 84i- 90 81 J- 94 95*- 97 101 -1084 94 - 96 100 -104 89 - 92 7<>i- 8 5 | 953- 97 iooi-106 98"- 99A 112^-117 9 ! 4- 944 114I-122 80 - 85^ 81 - 90* 74k- 8oi 584- 64i 833- 884 874- 93i 933- 96* I02|-IOSi 93u- 90S 95i-*02f 87I- 92 73f- 84 97 - 98 102 -io8{ 97 - 99 109H-116} 90 - 93-1 107I-1174 80 - 83 764- 8 4 i 75t~ 6o2- 844- 8 7 i- 94 - i03f- 92 - 89*- 88 - 72I- 91 - 1074- 96- 108-i- 87- 9°J- 8i|- 83 8i>2 94 95 s 952 1074 933 963 894 8i4 973 1114 974 1 124 88s 1 1 of 82 78 " 844 Apr. 8i|- 90 804- 89^ 90 - 934 905-1065 95 - 97 105I-110 91 - 94 854- 944 90 - 91 784- 82 953- 974 104 -in| 944- 98 106 -115 884- 90 96^-1020 82"- 8 4 3 82 - 87i -May. July. Aug. 793- 82f 71 - 78 9o4- 944 92 -1083 954- 97 106 -1124 823- 95 80?- 87 924- 95 794- 854 974- 99 1124-1154 9 2 " 934 115 -I2lf 86 - 88 96 - 99f 79 - 7i4- 92 94 - 95 - io82- 84I- 77h 91 - 834- 97 " 1 124- 924- Il6 - 86 - 87- 83 • 914 8i4 764 944 1054 97 H53 884 85 94 3 7 4 100 117 93 I22§ 88 974 84 06 Sept. 74"- 794 654- 73i 91I- 94-2 97 -105 924- 99 103 -118* 85 - 8 7 4 7i|- 8 3 f 93i- 944 86f- 904 974- 974 no|-ii3f 9i4- 94 1172-1254 834- 8 3 4 884- 92i 854- 89 93 " IOT i Oct. M- 83 68|- 763 93 - 944 984-107 934- 95 102 -1124 865- 88 72 - 764 93 - 964 893- 95l 97 - 984 no4-ii4f 91 - 924 1 1 6^-1245 80 - 834 773- 9° 86i- 89 94l- 993 784- 85 724- * 4 i 85 - 95 84 -113 954- <>yi 1 044-1074 90 - 94 86§- 933 904- 914 763- 794 96 - 974 1044-1094 924- 954 [05I-109 86 - 894 92 -ioof 844- 86 8 5 5- ,,)' Nov. 81 - 874 74 1 84 94 " 96 1045-110 93 - 944 954-107! 87 - 88 7A- 764 94 - 954 924- 984 97 - 97l ro8|-ii4f 91 - 924 1 16C 1 21 1;' 75 - 80 7$i- 834 881- 914 98f-i09l LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. June. 774- 84 63f- 83 942- 97 1052-112:; 95 ~ 954 105 -1074 90 - 94 792- 914- 91! 774- 81 97 - 974 107 -1 144 92 - 944 I073-II93 85 -86 <)2 - 964 86 - 87 83^- 9*1 Dec. 8 4 §- 783- 94§- .iol- 92 " 92f- 874- 764- 95 - 94f- 97 - iio.l- ' »2 j - "74- 75 - 79l 92 - io6f- 862 8 4 f 964 10-4 944 101 00 96 105 { oN! 1 144 934 12 1 9 — a 854 95 ml Pfd. Com. ....... 983- 99i Flection Day. ....... 99 -ioii 101 -ioi2 roif-1031 Nov. 89 -90 884-884 1034-106 105 -106-4- 1052-1064 105 -io6f 12 13 14 16 17 [8 19 20 21 Pfd. 90 -90 90 90 '" 901 Lorn. 1054-106I io6]-io6s io64" I 07 1 o6|- 1 094 [o8§-i09f 1 064- 1 094 io6f-io74 1054-107I io5?-io63 Nov. 23 . * 24 • t ^5 ■ 26 . t 27 • 28 . t 30 • Pfd. 904 904 Thanksgi 914-914 Com. 1054- ! 1 064-1074 1 o;2- 108 £ ving Day. Io8]-IoN; I072-I08;' 1071-1084 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 92 i 92 93 ■92 92 -92 93 -93 Com. 1074-1084 106J-108I 1 o6|-io8{ 1074-108;; 1074-1083 108 -1 08 2 107-4-108-4- 1084-109-2 1 084-1094 Pfd. Dec. 11 12 14 15 16 >7 18 19 21 Com. 109 -no] 109 -no iio|-iii4 1094-iiii 1 094-1104 io8f-iiof [ 084-1094 1081-1094 io62-io82 Die. 22 23 24 25 26 28 29 30 31 Pfd. Com. ....... 1074-1082 ....... 109 -109I ....... 1094-110] 1 'hristmas Day. Extra holiday. 93 loo : ;-ml 93 -94 1 1 o ] - 1 1 1 ] 05 110.4-1 1 1 04 noJ-1104 '•4 GIBSON'S MANUAL MARKET MOVEMENTS OF BALTIMORE & OHIO, COMMON. FROM 1899 TO 1908, INCLUSIVE. REMARKS. It is to be noted that the enormous increase of the capital stock since 1900 has produced no material effect upon the market juice of Baltimore & Ohio, owing to the great expanse of its traffic and revenues. The increase in total capitalization has hern 8177,000,000. A preliminary estimate of net income, for the fiscal year of iooS indicated that the company fell short of earning the Full dividend on the common stock. The dividend was ordered paid Sept 1, from earnings and surplus profits. In June. 1908, the company sold through the Guaranty Trust Co., of New York, $7,610,000 of bonds, which were first 4s. and prior lien and Southwestern Division 3'.>. These bonds have since been listed on the New York Stock Exchai Securities owned, June 30, 190S. amounted to $56,160,040 this sum including S17.471.379 of B. & 1 1 ind $1,217,9 '" " l B. & O. stock. In the the fiscal year of 1907, Baltimore & Ohio expended S17.04j.115j in purchase ol bonds of The Chii 1 ferminal Transfer Railroad Co. to protect the company's occupancy of its passenger ter- minus in Chicago. new Washington terminal had cost the company. June 30, [908, $15,342,731. Some addi- tional work- remain to 1 It is expected by the offf imore & Ohio that earnings for the coming year will show a near ch to if not a complete recovery. Officers: Presii Oscai CI \h1rra3 : Vice Pn George F. Randolph; Treasure!-. J. V. Mel iry. Curtis W. Woolford. Directors: Edward R. Bacon; Joseph F. Foard, John I' Grci rd II. Ilarrimaii Geo. F. Randolph, Samuel Rea. Joseph Wood, Norman B. Ream. Jan 1 illmau. il year ends June 30. Annual meeting, third Monda} in November. Directors meel si Thursday in each month General offices, Baltimore, Md. Nev York office, 2 Wall Street. Traded in on the New York and London Stock Exchanges (Listed Department). GIBSON'S MANUAL 65 Batopilas Mining Company Incorporated Oct. 13, 1887, under the laws of New York, as a consolidation of six companies, owning silver and other mines at Batopilas, Mexico, viz: Consolidated Batopilas, New Giral, Descu- hridora Consolidated, Camuchin Consolidated, Valenzuela Consolidated and Animas. Soon after the merger, the properties of the following companies were purchased: Consolidated Roncesvalles. Santa Maria, Penasquito and Consolacion, all silver-mining concerns. Later, the Ballinas mines and those of the Charcas Syndicate. This company owns the concession, granted by Mexico to Alex- ander R. Shepherd and renewed in 1906 for ten years, and has the right to locate and operate mines in a territory of 61 square miles in the State of Chihuahua, Mex. Tt is constantly engaged in ex- ploration. Bonded indebtedness, Dec. 31. 1907 $427,700 Capital stock (par value $20) 8,990,896 Net. $29,584 430,903 367, 1 1 17 143,111 Surplus. $335.8oi 663,702 701,207 Total capital $9,418,596 EARNINGS. Year ending Dec. 31. Gross. 1904 ' $288,125 1905 830.487 1906 7 82 >97 2 1907 535- I2 ° DIVIDENDS. None had ever been paid, since consolidation, until 1907. although previous to the mergei about $1,000,000 had been disbursed by antecedent companies. The surplus was devoted entirely to additions to the various plants. In December, 1907, there was an initial dividend of i2-£ cents a share. LOW AND HIGH PRICES. The stock was first traded in on the Xew York Stock Exchange, May 9, 1907. 1907 between $3, Dec, and $9$, May. The range in 1908 has been $2j, Jan.: $5. March. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. High. It ranged in Nov. Low. High. 3 Election Day 4 5 6 7 9 10 1 1 3i 3l 3 3^ 'A Nov, -'3 -'4 25 26 27 28 30 Low. 1 lii •■ •• 3i .... 3 • • ■ • 3 Thanksgiving I )ay ■ • ■ • 3 i 3 1 3i 3i 3! LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 3 4 5 7 8 9 10 Low. High. Dec. 3! 3! 3s 3^ 3! 31 33 33 3! 3i 3* 3i 33 34 3 1 T 12 14 15 16 17 18 19 21 Low. 3 3 3 31 2S 3i 2£ High. 3i 3i 3§ 3i 3! 2| 3i 3 Dec. 22 " 23 " 24 Low. 1 3 3 igh. 3i 3 2-, Christmas Day. 26 28 29 30 31 Extra holiday. 3! 3i 3: 3i 3i REMARKS. Since Jan. 1, 1908. the company has retired and cancelled $43,000 of its bonds, and has no debts except its bonds and current accounts. Of the bonds, $366,500 have been extended to Dec 1. [917 Officers : President, Lyndon II. SteVens; Vice-President, Nicholas F-. rainier: Chairman, Mor gan J. O'Brien: Treasurer. Col. Dudley Evans; Secretary. E. W. A. Jorgensen. Directors: George W. Quintard, N. F. Palmer, Henry E. Howland, Morgan J. O'Brien. Enrique C. Creel, Samuel Elliott, Dudley Evans, L. H. Scott. F. D. Merchant, George Rowland, A. R. Shepherd. |i\, L. H. Stevens and W. L. Frost. Fiscal year ends Dec. 31st. Annual meeting, third Tuesday in April. Office, 45 Broadway. New York. Traded in on the New York Stock Exchange (Unlisted Department). 66 GIBSON'S MANUAL Bethlehem Steel Corporation ln> ted in New Jersey, Dec. to, [904, to succeed and acquire the properties of The United ( s Shipbuilding I The company last named had been formed June 17. [902, as a merger of shipyards and other concerns in Bath, Me.; Elizabethport, N. J.; Carteret, X. J.; Wilmington, Del.; New London, Conn., and San Francisco, Cal., and had purchased the entire stock of the old Bethlehem Steel Co., South Bethlehem, Pa. Having gone into bankruptcy in 1903, the company and it- properties were sold un- der foreclosure and were purchased by the new Bethlehem Steel Corporation, the business being then entirely re< organized. The Bath Iron Work- and The Hyde Windlass Co., Bath, Me., and some small portions of the property of other concerns were sold. Tin- remaining subsidiaries w ■ ganized and began doing business as follows : Bethlehem Steel I '• 1. I 'arteret Impr< rvement ( 1 >. -cent Ship) ard 1 Corporation. Eastern Shipbuilding Corporation. Harlan & Hollingsworth Corporation. Samuel I.. Moore & Sons Corporation Union Iron Works Co. The Crescent and (arteret plants have since been consolidated into The Samuel L. .Moore & Sons Corporation, and The Eastern Shipbuilding Corporation has been sold. The Juragua Iron Co., whose mines are in Cuba, is a subsidiary of The Bethlehem Steel Co. Bonded indebtedness, Dee. 31, 1907 $19,479,000 Serial gold notes 1.887,000 Preferred stock, 7 per cent, non-cumulative, but having preference as to assets 14,91 ,,v Common stock 14.862.ncy1 I 1 ital capital $51,136,000 , EARNINGS. Year ending rotal Fixed Surplus of Earned on Dec. 31. Income. Charges, Net. year. Surplus. common. 1905 $3,67: $561,406 $2,811,070 $1,843,619 $1,843,619 N.70' • 1906 2,011,368 601,426 762,749 def. 131.731 593.4 21 Deficit 1907 2,638,957 921,210 i'»7i7.747 i,5° 6 -979 -'•"" 3-79 ♦Not including a small contingent $38,919 in 19 DIVIDENDS. Preferred 3 t 'ommon o [907 1908 LOW AND HIGH PRICES, BY YEARS. SINCE 1905. 1906 1906 1907 1908 Preferred . . 76 lune 84 .Max- Dec. -3 Nov. 35 Apl. 1 »3 1 >cc. oil Feb. j June 65 Jan. 57 x " v - mi 'ii . . .. 2j Feb. \ 1 a 5 8 Nov. 12 fan. 372 A P'- 3 1 Feb. Vug. jo'. Jan. 27 1 Nov. •In the curb market. Tl New Y Exchange in June, 1906. GIBSON'S MANUAL 67 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 4 5 6 7 •' 10 1 1 Pfd. 49 -5o; Election 5of-5-' I 52^-53i 53 -53 3-! 533 5^-53 Cum. 22 -22 Day 22 -22} 23 -23! -VU--4 24^-243 24 -25 25 -251 24^-25 Nov. [2 [3 14 U [8 Ml 20 21 Pfd. Com. Pfd. Com. '53 -54i 24i-26f Nov. _',} . . . 52 -52 23 -23 S4i-57 26-J-27! " 24 . ■ 53 -53 24 -24 5" -5« 27 -27^ " -'5 ■ . ....... 24^-243 5"'.-56i 26 -27 " 26 . . Thanksgiving Dav 56 -56? ....... " -'7 • ■ 53 -53 -M' 243 ....... 24 --M'' " 28 . ■ ....... 23^-24 54 -54! 23T25 " 30 • • ....... 231-233 23^-24^ LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. X\ I . ■ 5-' -52 231-24 1 >ec. 1 1 J " 3 • • 52 -52 -'4 -24 22>,-22\ 12 4 ■ ' 5 ■ :::"::: " 15 " 7 • 8 . ....... J J -22 " 17 " 18 9 ■ ■ 5U-5U 23 -23I - 19 TO . ....... " 21 Pfc 53 -53 5-' -5-' 5i -52 Com. 22 -22 21 -21* 2l|-22 22 -22-J 21 -21 1 22 -22 Dec. _'_' 23 -'4 -'5 26 28 29 30 3i Pfd. Com. ....... 22 -22 \ 54 -5 ( > 23J-26J 543-55i ^4 -25I ( hristmas Day Extra holiday ....... 25S-23; 54 -54 24 -25 ....... 23U235 REMARKS. During- 1907, the total value of orders honked by (he Corporation aggregated $15,615,019. The plant of The Bethlehem Steel Co. has been improved since 1905 at an expense of $12,960,903, by the addition of three new mills, for manufacturing rails and structural shapes. Losses were incurred on seven ships, under contract at the Union Iron Works, San Francisco, in 1906 and 1907, and other losses, at the Marian & Hollingsworth yards, owing to idleness of the plant during part of 1907- Yet, on the whole, the year ended with a satisfactory profit. The only securities reported were $337,992 of "miscellaneous investments." Officers: President, Charles M. Schwab: First Vice-President, Archibald Johnston; Treasurer and Secretary, Barry II. Jones. Directors: In addition to the foregoing, Henry S. Snyder, E. < I. Grace, C. A. Buck. \V. .Meyers. W. < i. Coxe, and F. A. Schick. Fiscal year ends Dec. 31st. Annual meeting, first Tuesday in April. Directors meet third Tues- day in each month. Main office. South Bethlehem, Pa. New York, office, too Broadway. Traded in on the New York Stock Exchange (Listed Department). -,s GIBSON'S MANUAL Brooklyn Rapid Transit Company Bonded indebtedness, June 30, 1908 $94,874,040 Common stock 45,835,909 Total capital $140,709,949 Miles operated (not including 318 miles of second track and sidings) 260.8 Per mile capitalization $517,980 Fixed charges, 1908, per cent, of net income Operating expenses, per cent, of gross . . . Year ending June 30. Gross. 1899 $11,316,033 1900 11,768,550 190 1 12,135.559 1902 12,788,168 1903 I3.557.8i4 1904 14,950.561 1905 16,585,580 1906 18,797,264 1907 19.936.753 1908 20,548,391 EARNINGS. Net. $4,094,742 4,662,207 4.519.555 4.578,77! 5.626.735 6,190,122 6,781,709 8,355,886 8,471.047 8.608,812 Net P. C. of Gross. 36.2 39-6 37-' 35-8 4i-5 41.4 40.9 44-4 42.4 41.9 *Surplus. $623,426 972,550 991,414 1,747,840 1,594,190 1.984,723 2.075.563 3.734,006 3,853.460 75-9 58-1 Earned on Common. Def. 1.1 % 0-75 % o. 1.63% 2.18% 2-5% 4-7% 4,l6% 4-03% *Not including some small reserve funds, amounting to $197,898 in 1908. DIVIDENDS. An initial dividend of I per cent, will be paid April I, 1909. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908. 47j4Sept. 88% Dec. 55% Oct. 54', Nov. 29>4Sept. 38 Feb. 56% May 71 July 26-M Nov. 88% Apr. 72% July 71% Feb. 70^ Nov. 915$ Dec. 94]/ s Jan. 835,Uan. 37-4 Feb. 69J4 Dec. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May. J-.me. 1900 1901 1902 1903 1904 1905 1906 1907 1908 66i-77 734-874 63 -681 66}- 7 of 474-52} 5 84-6 4 3 8si- u' 7if«3f 38§-47l 64i-77 724-8 1 4 60I-67I 66J- 7 i| 38 -47f 6o4-66? 784-884 69 -75 3 374-463 63i-74 74 -85* 625-68 6 3 i-684 381-4.41 644-68* 78f-884 45i-7<>S 391-48 71 -8o4 80J-88J 633-724 644-69} 434-483 584-71? 723-692 53 -634 444-484 674-74} 68.4-87! 64i-7o 583-674 433-473 564-634 72 -84I 48 -624 454-54 49 -73 774-834 66}-68f 54 -6of 461-494 61 -70$ 733-854 48 -565 444-50} July. Aug. Sept. Oct. 1900 1 901 1902 1903 1904 1905 1906 1907 1908 50J-604 744-82* 67 -721 41 -594 49 -53 67 -734 71 -78f 554-6o4 r'-534 524-60* 72I-77I 654-7o4 371-484 50I-55' 68I-7 if 744-81 374-57J 504-5/4 474-564 6i4-754 623-72 294-474 53%- 57" 655-724 75 -824 422-40} 44 -5 C 4 504-64S 554-654 60 -654 30 -36 564-6o? 7of-785 76f-8o5 29 -484 464-50* Nov . 594-785 6i4-7i 543-654 344-40 634-704 72 s -9 1 4 75f-8i| 265-344 484-57 Dec. 69 -88J 6o4-68! 59l-69f 39S-55 56 -69 834-9if 77!-83 324-413 544-603 Nov. .1 4 5 6 7 9' 10 11 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. 484 493 Ejection Day. 494 494 5i3 5i3 52 524 5H Low. High. 523 53* 53 } 2 544 543 , 554 Thanksgiving Day. • • • • 554 56 • • • • 55 554 • • ■ ■ 54-1 554 GIBSON'S MANUAL 69 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 3 4 5 7 9 10 Low. 55 55 54J 55* 55i 55i 55? 56 57* High. 56f 561 55f 56i 56i 564 56i 57i 581 Low. High. Dec. 22 sy : s 634 23 63 68 24 67 69I 25 Christmas Day. 26 Extra holiday. 28 67i 69? 29 67! 68§ 30 6 7 i 68| 31 m 68^ MARKET MOVEMENTS OF BROOKLYN RAPID TRANSIT FROM 1899 TO 1908, INCLUSIVE. REMARKS. The $150,000,000 refunding gold 4 per cent, convertible bonds, authorized March 20, 1902, can he exchanged for stock, par for par, at any time, between July 1, 1904, and July 1, [914. The stock of the company has been gradually reduced from $47,717,305, June 30, 1902, to the amount above set forth, on June 30, 1908. GIBSON'S MANUAL The company owns no securities, other than its own treasury bonds and stock. April 1, (899, an agreemenl of alliance was entered into with the Long Island R. R. "Long Island" territor} comprises the counties of Nassau and Suffolk and part of Queens. "Rapid Transit" territory comprises all of Kings and part of Queens counties. In the neutral territory of College Point, Flushing, Jamaica and Jamaica Hay. neither can enter without consent of the other. A system of financing, adopted several years ago, provides thai instead of each of the subsidiary companies attempting to finance its own requirements, Brooklyn Rapid Transit would raise the necessary funds by the sale of its own bonds and would then advance whatever money was necessary to the constituent companies, taking in exchange therefor the notes or other obligations of the latter. In accordance with this plan, June JO and II, 1908, the execution of a mortgage for $20,000,000 by the Brooklyn Union Elevated R. R. and of another for $5,000,000 by the Nassau Electric R. R., was authorized by special meetings of those companies, to secure certificates of indebtedness theretofore or thereafter to be issued by those companies to Brooklyn Rapid Transit, for cash advances for betterments and additions. An application to the Public Service Commission for its approval of said mortgage was denied in July, because the mortgages were to be payable on demand. It was under 1 1 that the Commission would not object if the mortgages should run for a term of years. The opening of the subway under the East River to Elatbush Avenue has somewhat affected the revenue of certain lines, but no material harm to the business of the company is expected. Attention is called in the annual report for 1908 to the fact that the trackage over the two East River bridges adds 12 per cent, to the actual service, at increased cost, without extra expense to the passengers. Farther, that through the growth in use of transfers, the gross return per passenger is steadily decreasing until the cost of transportation and the amount received for it have come unpleas- antly close together. Officers: Chairman of the Hoard. A. X. Brady; President, Edwin \Y. Winter: Vice-President, T. S. Williams; Secretary and Treasurer, C. D. Meneely. Directors: A. X. Brady, Norman P. Ream. E. II. Harriman, H. H. Porter, A. R. Flower, \V. ( i. Oakman, D. II. Valentine, Eugene X. Foss, Henry Seibert, TI. C. Du Val. Edwin W. Winter. T. S. Williams. Fiscal vear ends June 30. Annual meeting, last Friday in January. Directors meet, on call. Office, 168 Montague Street, Brooklyn. Traded in on the New York Stock Exchange (Listed Depart- ment). GIBSON'S MANUAL 71 Brooklyn Union Gas Company Incorporated under the laws of New York, Sept 9, [895, and was a consolidation of seven of the leading gas companies of Brooklyn, \. Y. Later, the company bought control of six other plants in and adjacent to Brooklyn. Bonded indebtedness, Dec. 31, 1007 $18,000,000 Capita] ?t, t ck 15,000,000 Total capital $33,000,000 Fixed charges, 1907. per cent, of net income 50.26 Operating expense, per cent, of gross 63.38 EARNINGS. '1 li is company has not been in the habit of publishing reports of its operations. But partial in- formation was obtained for four years. 1901-1904, by a Joint Legislative Committee in 11)05, and the facts for 1907 were supplied by the company to the New York Stock Exchange in 1908. The following f ;u -ts were reported : Surplus Fi ir Year ending Dec. 31. Gross. Net income. year. I'joi $4,676,568 $1,911,349 del". S 56,864 1902 5.243,189 1,816,477 " 167,546 1903 5»99 2 »5 I 6 2,289.550 Surp. 249,260 1904 6,534.611 2,589,404 -'30,249 1907 7.380,804 2,814,709 509,107 Surplus Profits account, Dec. 3r. 1907, $3,655,856, not including a depreciation reserve of $1,360,- 143. Earned on the stock, 3.39 per cent, in 1907. DIVIDENDS. 1 000 1901 1902 1903 1904 1905 1 000 1907 1 1 H 18 1909 :'■ 8% 8% 8% oV, 81% 3% 5i* 3% 1900 140 Jan. 183 Dec. 1901 175 Jan. 228 Apl. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1902 1903 1904 1905 1906 210 Jan. 170 Sept. 185 Mch. 175 Dec. 105^4 Nov. 253 Aug. 225 Jan. 229^ Oct. 215 Feb. 178 Jan. 1907 1908 80 Oct. 85 Feb. \2iy 2 Feb. 152J4 Nov. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 3 4 5 6 7 9 10 11 LOW. Hieh. Xox Election 1 )a\ [39 [39 137 137 137* 137 12 13 14 16 17 [8 19 20 21 Li i\\ . 137] I40 I 40 I I40 140 I40 High. Xo 138 140] 140J 140 141 ' 140 24 25 26 27 28 30 Low. High. 138 138 141 [42! 143 145 Thanksgiving 1 >a\ 150' I5 2 i 149 149 144! 1 19! 7- GIBSON'S MANUAL Dec. 3 4 5 7 8 9 io LOW AND HIGH PRICES. BY DAYS, DECEMBER, 1908. Low. High. Low. 147 149 [49 14S 14SI '47. Low. High. 25 Christmas Day 26 Extra holiday 28 147I 148 _•'! 148 30 148 31 148 REMARKS. This corporation has been subjected, with others of its class, to public proceedings for a reduction in the price of gas. April 3, hjoO, after a prolonged investigation by a Joint Legislative Committee, and after a subsequent contest in the State Legislature, the Page bill became a law. reducing the price of gas in Brooklyn to 80 cents; and fur the suburbs of the city a sliding scale was enacted, running down from $1.25 in 1906 to $1 in 191 1 and thereafter. The gas companies disputed the constitutionality of the law, and finally, Dec. 20. 1907. Judge Hough of the L T . S. Circuit Court handed down a decision, sustaining the report of Arthur H. Masten, as Master, and declaring the 80-cent gas law unconstitutional. The State of New York appealed to the United States Supreme Court and a hearing was appointed for < let. 131th. Securities owned in 1907 amounted to $1,699,188, consisting entirely of bonds and stocks of sub- sidiary companies. Officers: President, James Jourdan; Treasurer, Elverton R. Chapman; Secretary, Walter K. Ros- siter. Directors: William Rockefeller, 1). G. Legget 11. W. Cannon, H. H. Rogers, E. R. Chapman, Win. G. Rockefeller and James Jourdan. Fiscal year ends Dec. 31st. Annual meeting, first Tuesday after second Monday of November. Office, 180 Remsen Street, Brooklyn. Traded in on the Xew York Stock Exchange 1 Listed Department). GIBSON'S MANUAL 73 Brunswick Dock C& City Improvement Company Incorporated in 1897 under the laws of Georgia to succeed the old Brunswick Co., whose prop- erties were sold under foreclosure. The company owns over 3.000 acres of unimproved land and 3,000 city lots, upon some of which buildings have been erected, and a long water front, the whole property situated in and around the city and harbor of Brunswick, Ga. Certain railroad connections with the distant South and West are expected to bring this property into great prominence. Its income is at present obtained from rentals and sales of land. Capital stock $5,000,000 EARNINGS. Not reported. DIVIDENDS. None. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 6% June 8% Jan. 7% Dec. 5 Oct. 5 July 10% Tan. 16% Jan. 14%Mch. 14% Apl. 15% Jan. 12% Dec. 22% Dec. 13% July 21% Apl. 6 1 )ct. 14 Jan. 6 Jan. 17 Nov. The stock is not active on the New York Stock Exchange. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. No Low. High. v.' 2 i3i 3 Election Day 4 5 6 13$ Dec. i_> 13I Low. High. Low. High. 1 3$ Nov. 23 isi i6f / 9 10 11 13! 14 H 14 13! 13* 13! Hi 14 14 14 14 Hi 13 14 16 17 18 19 20 21 13* 13* I3l i3§ 13* 13* i5l i3i 14 13! 13* i3f IS 16 24 16 i6|- 25 i6i 17 26 Thanksgiving Day 27 i6i i6f 28 i64 i6i 30 i6i 16J Dec. 1 2 3 4 5 7 8 9 10 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. 16 High. 16 I5f i 4 i i5i iSi i5i IS* i5f Low. High. Dec. 11 I5f isf 16 16I i6i i6f IS* i6f I5t I5f i5i 16 15 15 15 i5f i3§ 14* • • ■ " 12 isi " 14 i5i " 15 16* " 16 i6f " 17 IS* " 18 is* " 19 is* " 21 Dec. 22 " 23 " 24 Low. High. 25 Christmas Day. 26 Extra holiday. 28 14J 29 14* 15* 30 15} iSi 31 15 i6i 14* REMARKS. In the last published balance sheet of the company. March 31, 1907, its real estate was valued at $4,974,504. All the bonds of the company have been retired and there are no debts, except current accounts. This is a property with which the late Edmund Clarence Stedman was intimately identified. Officers: President, Howel H. Barnes; Secretary and Treasurer, A. < '•. Kraetzer. Directors: Le Roy W. Baldwin, H. H. Barnes, H. P. Booth, J. G. Deane, Douglas < Ireen, Charles Gregory, Arthur Harris, Kellock Myers and F. B. Schenck. Annual meeting, second Tuesday in February, Brunswick, Ga. Directors meet, second Wednes- day in each month. Office, 20 Broad Street, New York. Traded in on the New York Stock Exchange (Listed Department). 74 GIBSON'S MANUAL Buffalo C& Susquehanna Railroad Bonded indebtedness, June 30. [907 $9,609,000 Preferred stock, 4 per cent, non-cumulative 4,000,000 Common stock 4,456,900 Total capital $18,065,900 M ileage 256 Per mile capitalization $70,659 Fixed charges, 1907, per cent, of net income 56.14 ( Operating expense, per cent, of gross 70.91 EARNINGS. Net income, Year ending June 30. Gross. less taxes. Surplus. 1900 $732,991 $347,99° $233,342 19 01 721,966 307.993 317,932 1902 835,748 394.941 385.918 1903 1.000,75.' 532.794 516,277 1904 962,696 501.090 563,027 1905 1,129,864 567481 584,195 1006 1,522,739 672,826 477.856 1007 i.853»857 728.501 377-^ h LATEST REPORT. Earnings for four months, ending Oct. 31, 1908, compared with the same pciod in 1907 were: 1908 %77?>^77 $i77.4-M 1907 782,745 109,854 DIVIDENDS. Four per cent, is regularly paid on the preferred stock, under the guarantee of the Railway Com- pany. On the common stock, which is entirely owned by the Railway Company, 5 per cent, was paid until the fiscal year of 1907, when 4 per cent, was paid. LOW AND HIGH PRICES, BY YEAR S, SINCE 1904. 1904 1905 1906 1907 1908 Preferred .... 83 Nov. 84 Dec. 83-J June 74.V Nov. 59$ Oct. 89I Aug. 91! May »t Feb. 85! Feb. 64I Mch. Common, not traded in. LOW AND HIGH PRICES, BY DAYS, NOVEMBER AND DECEMBER, igo8 There were no transactions in the stock in these months. REMARKS. This company has leased its properties for 999 years from July 1, 1907, to The Buffalo & Sus- quehanna Railway Co., in return for interest on itsbonds and guaranteed dividend of 4 per cent, on its preferred stock. The common stock is owned entirely by the Railway company. The B. & S. Railroad Co. owns the entire capital stock, $1,140,000, of The B. & S. Coal & Coke Co. and all of its $1,240,000 first mortgage bonds. It also owns the capital stock, $10,000,000, of The B. & S. Coal Mining Co., and all except $700 of the $100,000 stock of The Powhatan Coal & Coke Co., as well as all the mortgage liens. $1,761,559, on the property of the latter. Officers: President, C. W. Goodyear; First Vice-President, A. C. Goodyear; Secretary and Treasurer, 1". A. Lehr. Directors: W. II. Baumes, S. M. Clement, Walter P. Cooke, A. C. Goodyear, Ganson Depew, C. W. Goodyear, F. A. Lehr, F. S. McGraw, J. W. Trounce. Fiscal year ends June 30th. Annual meeting, second Monday in June. Galeton, Pa. Office, Buf- falo. N. Y. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 75 Butterick Company A New York corporation, organized Jan. 15, 1902, to take oxer The Federal Publishing Co., which owned the stock of several concerns, engaged in the publication of fashion magazines and the manufacture of paper patterns, as follows: Butterick Publishing Co., Ltd., Standard Fashion Co., New Idea Pattern & Publishing Co., and Banner Fashion Co. Branches of the corporation are located in principal cities in the United State- and in London, Paris, Berlin and Toronto. Capita] stock $12,000,000 EARNINGS. Year ending: Dec. xi. Profits. 1902 $726,898 1903 766,965 i ( >04 645,057 19°5 5554") t9°6 360,511 1907 259,678 DIVIDENDS. [902 1903 1904 1905 1000 2i 1907 [908 3% ifo LOW AND HIGH PRICES, BY YEARS, SINCE 1902. 1902 41 June 53 Sept. 1903 1904 1905 1906 1.M.7 1 908 40 Aug. 55 Jan. 47; Feb. 62| Dec. 50 Dec. 60J Jan. 40 Apl. 70 May 25 Nov. 49*' Jan. 10 Feb. 25 Jan. Low. Nov. 2 21 3 Election 4 5 " 6 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. 22 High. 21 l)a\ 23 High. Low. High. 7 9 10 11 23 21 23- 23 Nov. 12 " 13 " 14 " 16 " 17 " 18 " 19 " 20 " 21 23 23 Nov. 23 " 24 '• 25 " 26 " 27 " 28 " 30 Thanksgiving Day 50? 23S LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. High. Low. L igh. Low. High. Dec. 1 . . . 1 )ec. 11 . 21I 22^ 1 )ec. 22 . 2 .. 2li 2ii " 12 " 23 ■ • 22?= 223 " 3 •• • 22f " 14 " -'4 ■ • 22A 22 1 " 4 .. . .. 223 22$ " 15 ' ' 25 • . Christm as Day " 5 ■• • " 16 4 ( .,, Extra Holiday " 7 •• • " 17 > > 1 -'-i " ?8 . 22f 22-; " 8 .. . " 18 29 ■ " 9 • ■ ■ " 19 . 22 22 30 . . 22§ 223 " TO .. . 22^ " -1 . 22 J J 31 ■ ■ • • • REMARKS. The Butterick Co. was obliged to draw upon its Surplus Profits account in 1906 to the extent of $119,489 for payment of its dividends, and $100,322 in 1907. Officers: President, G. W. Wilder; Treasurer. C. D. Wilder; Secretary, B. Wood. Directors: G. W. Wilder, J. F. Birmingham, C. D. Wilder,' E. A. Shorter, E. L. Pearsall, B. F. Wilder. W. A. Publow and B. Wood. Fiscal year ends Dec. 31st. Annual meeting, now first Wednesday in February, but soon to be changed. Directors meet first Wednesday in every month. Office, Butterick Building, New York. Traded in on the New York Stock Exchange (Unlisted Department). 7 6 GIBSON'S MANUAL Canadian Pacific Railway Bonded indebtedness, June 30, 1908 $155,279,045 Preference stock, 4 per cent., non-cumulative 48,803,332 Common stock 121,680,000 Subscription to new stock (total authorized, $24,336,000). See "Remarks" 19-854.436 Total capital $345,616,813 Mileage 10,396 Per mile capitalization $36,666 Fixed charges, 1908, per cent, of net income 35-87 Operating expense, per cent, of gross 69.47 EARNINGS. Gross Net Net P. C. of **Earned on Year ending June 30. Op. Rev. Income. Gross Inc. *Surplus. Common. 1901 $30,855,204 $13,042,801 41 $11,122,561 8.39% 1902 37,503.054 i5,o44.74i 39-1 14.185,635 9.71% 1903 43.957.374 17,123,658 387 18,846,176 11.01% 1904 46,469,132 15,904.374 33 17,561,046 448% 1905 50,481,882 i7.o59.75i 32-8 19,910,999 9.38% 1906 61,669,758 24,942,759 39.2 25,741,415 u-75% 1907 72,217,528 27,667,789 37.1 30,713.153 10.08% 1908 71,384,173 24,446.999 33 30,390,203 ' * Not including steamship and equipment and replacement funds, now $3,210,949, or Reserve fund for contingencies, now $1,320,974. ** After deducting liberal appropriations for improvements and $230,000 to $780,000 a year for steamship and pension fund, and other bookkeeping charges. DIVIDENDS. 1901 1902 1903 1904 1905 1906 1907 1908 4% 5%> 4% 4 % 5% si% 4% 6% 4% 6% 4% 6fo 4% *7% 4J0 1900 Preferred 4 % Common $1% 5%' 5% 5*% 6 7° 6 °/° 6 7° *7f° :g ?^" * 1 per cent, extra was paid on the common stock in 1907, from proceeds of land sales. The extra dividend in 1908 was also from the same source. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 84^ Sept. 87 May 112J4 Jan. 115^ Oct. 109J4 Mch. 130J4 Jan. 155*$ May 138 Nov. 140 Feb. 99.M Feb. 117K>May 145;4 Sept. 138-J4 Feb. 135^4 Oct. 177^ Sept. 201 7.U 1 75 1 Low. 174! 175!- High. 174^ I75l 23 175-4 176! 24 176 176s 2$ Christmas Day. 26 Extra holiday. 28 176} -"J 177 I77S 30 T7"i i77l 31 1763 177 178I 78 GIBSON'S MANUAL MARKET MOVEMENTS OF CANADIAN PACIFIC RAILWAY FROM 1900 TO 1908. INCLUSIVE. REMARKS. In the fiscal years of 1907 and 1908, Canadian Pacific charged off S; .000.000 and $6,000,000 re- spectively from earnings for additions and improvements. The company carries about 205 persons upon its pension roll, most of them over 60 years of age. When Canadian Pacific was chartered. Feb. 18. 1881, it received from the Dominion Govern- ment .--■; 1 in cash as a subsidy and a land grant of j6.710.400 acres, and its total holdings, in- cluding I subsidiaries, were 33.416,200 acres. Of its landed possessions, there remained in 1908, 13,268,367 acres. Land sales amounted to 164,450 acres in the fiscal year of 1908, compared with 994,840 in 1007. The last of the land grant bonds were paid off in 1906 and the property is now unen- cumbered. GIBSON'SMANUAL 79 Securities owned, June 30, 1908. amounted to $57,418,369, largely comp 1 ed of the stocks and bonds of Duluth, South Shore & Atlantic, and Minneapolis, St. Paul ec Sault Ste. Marie, both of which companies are controlled by Canadian Pacific, although operated separately. Oct. 6, 190S, an increase of $50,000,000 in the common stock was voted, a1 .1 special meeting, increasing the total authorized common stock to $200,000,000. None of the new shares are t" lie issued at present. Officers: President. Sir Thomas G. Shaughnessy; Vice-President, 1). McNicoll; Treasurer, II. E. Suckling; Secretary, W. R. Baker. Directors: Sir William C. Van Home, Chairman ; Right lion. Lord Strathcona and Mount Royal, Richard P. Angus, Edmund P. Osier; Sir Sandford Fleming, Wilmot D. Matthews, Thomas Skinner, Charles R. Hosmer, Sir Geo. A. Drummond, Robert Mackay, David McNicoll, Hon. L. J. Forget; Hon. James Dunsmuir, Robert Meighen and Sir Thomas G. Shaughnessy. Fiscal year ends June 30. Annual meeting, first Wednesday in October, Montreal. Directors meet, second Monday of each month. Main office. Montreal, Canada. Financial office, 31 Pine Street, New York. Traded in on the New York Stock Exchange (Listed Department), and on the Boston, Montreal and London Stock Exchanges. 8o GIBSON'S MANUAL Canada Southern Railway This railway, whose stock is traded in on the New York Stock Exchange in a desultory manner, was chartered in Canada., Feb. 28, 1868. It is and has long been operated by The Michigan Central Railroad. In 1903, the lease was renewed for 999 years from January 1. 1904, under a contract which guarantees 2! per cent, a year on Canada Southern stock until 1910. After 1910. 3 per cent, is to be paid. There are no published reports of earnings. Bonded debt $20,132,130 Capital stock, one class 15,000,000 1900 2% Total capital $35,132,130 DIVIDENDS. 1 901 2i% 1902 2% I903 2|% I904 2|% I905 1906 I907 I90S 2\% 2\r>3 4.784,998 L"-534.385 ")°7 4.423.120 23,599,400 1908 4.328.907 24,191,369 DIVIDENDS. 1905 [906 1907 [908 Preferred if% : r : 7% 7% Common o o o o 82 GIBSON'S MANUAL ['referred LOW AND HIGH PRICES, BY YEARS. SINCE 1905. [905 [906 [907 ioif I >ec. m;; Nov. 41 > Sept. 47* Oct. 98I Dec. \o~\ Jan. 33fDec. \<>l Jan. J2I Dec. 102 Feb. tif Nov. 40 Feb. 1 1 * iS 75-3 Jan. 102 Dec. [5i Feib. 33 I '" LOW AND HIGH PRICES, BY MONTHS. SINCE 1905. Ian. Feb. Mch. Vpl. May [90s Pfd.. ( 'mil. 1 1 I'll > Pfd.. 103^-107', 1044-107! 104 -107 100I-105.I [00J-105 101 -105!. Com. 44l- 49& 4^- 4/J 41I- 46j 40J- 46 § 38|- 43* 35f" 43 2 [907 Pfd.. 99 -IOI 1 , 100 -102 89 -100; 95 " 99 90 - 97 89*- 93 ( < iiii. 343- 38 35i- 40 25 - }~\ -"•2- 32 20 - -"!,' 21 - 24 1908 Pfd. . 7^- 86 784- 84 824- 87J 87 - 91 92 - gsi 92f- 95 « ( '1 mi. i6i- igi iSf 18J 1 6 J- 20f !<>■- 25 1 232- 27^ 23a- 2& I . . ioo^-iooj 28i-28i 1 )ec. 11 . . ......... 29i-3°l Dec. 22 . . . 100 -101 29J-30J .. 2 . . IOI -IOI 28 -28! " 12 . . ......... 30 -$o\ " 23 . . .101 -101] 30J-31J ti 3 •■ IOI -IOI 28 -284- " 14 .. IOO.J-IOli 3°2-3> ' " 24 . . . ioiJ-ioi-J 3o!-3i3 It 4 .. ......... 28 -28J '• >5 •• ......... 29.S-3"; " 25 . . . Christmas Dav . . 5 • ■ ........ 271-29 •• [6 .. ......... 29^303 " 26 . . Extra Holiday 7 • • IOI -IOI 2S[-281 " 17 •• 99 [-ioo jo! -30 " 28 . . 101J-10U 314-32} .. 8 . . ......... 28', '• 18 .. 995- 993 29i-29i •' 29 . . IOl|-I02 32 -33 .. 9 .. I'M 1-IOli 29' " 19 .. ......... 2<)\-2>K - 30 . . 101J-101J 31^-32; if 10 . . . . . .- 29; -30 " 21 .. 99I-100 29J-29J " 31 . . ioii-102 ti%-3 2 k GIBSON'S MANUAL 83 REMARKS. Securities owned by The Central Leather Co., Dec. 31, [1107. were $96,217,152 in stuck of United States Leather, and $7,028,774 in securities of other subsidiary companies. United States Leather reported Dec. 31, 1907. securities owned as $64,890,229. Three thousand, eight hundred and thirty shares of Central Leather, preferred, were sold in the early part of 1908 at par for cash, and the proceeds added chiefly to working capital. Officers: President, Edward C. Hoyt; First Vice-President, A. Augustus Healy; Treasurer, James R. Plum; Secretary. Fred E. Khapp. Directors: E. C. Hoyt, Walter G. Garritt, Samuel P. Davidge, Xathau Allen. Frank Healy, L. C. Krauthoff, Henry P. Darlington, Robert E. Paine, A Augustus Healy. Eugene Horton, P. A. Valentine, Lewis II. Lapham, John J. Lapham, Charles W. Al- len. George W. Childs and Van A. Wallin. Fiscal year ends Dec. 31st. Annual meeting, fourth Wednesday in February, Jersey City, N. J. Directors meet, quarterly, on Tuesday before the fourth Wednesday of February, May, August, and November. Office, 45 John Street, New York. Traded in on the New York Stock Exchange (Listed 1 )epartment). 84 GIBSON'S MANUAL Central Railroad of New Jersey Bonded indebtedness, June 30, iyo8 $52,851,000 Capital stock 27,436,800 Total capital $80,287,800 Mileage 610 Per mile capitalization '. $131,619 Fixed charges, 1908, per cent, of net income, new basis 55-65 Operating expense, per cent, of gross, new basis *58.2 * In 1907, on the old basis, the percentage was 52.08. EARNINGS. Gross Year ending Dec. 31. Op. Rev. 1900 $13,975,646 1901 15.286,710 Year ending June 30. 1902 14,740,237 1903 .- I 6,357,i56 1904 18.421,953 1905 19.259,117 1906 20.523,031 1907 22,722,568 *i9o8 22,614,936 * New basis. ** Taxes not deducted. *** Excluding insurance reserve, gated $3,643,557. **Net Net P. Income. Gross $7,855,002 49 9,364,588 54 C. of Inc. ***Surplus. .9 $7,716,926 ,5 9-369.893 8.464,322 7.850,139 10,073,639 10.848,971 11,472,420 12,698,938 II-553.077 50 43 So 52. Si- 5i- 46. 7 ■95 .6 1 Not reported. 8.840.881 8,739,227 9,211,227 9-5I5-63I 9.579,874 10.583.306 Earned on Stock. 9.62% 1 1 .76% 9-7 % 6.07% 7.63% 9.72% 9.11% 8.23% ".65% renewal and improvement DIVIDENDS. funds, which in 190S aggre- 190O 5% 1901 5i% 1902 1903 8% 1904 1905 8% 1906 1907 8% 8% 1 908 8% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1<>06 • J907 ions 115 Jan. 150y 2 Dec. 14534 Jan. 196^ Dec 165 Nov. 153 Oct. 154^ Feb. 190 May 204 May 144 Nov. 198 Jan. 190 Jan. 194J4 Nov. 235 Oct. 239^ May 220 Jan. 160 Feb. 229 Dec. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May June 1900 1901 1902 1903 1904 1905 1906 1907 1908 115 -II9J i45f-i6o 1881-198 180 -190 160 -163-4 1904-196! 222 -23 1 I 210 -220 165 -183 July 1900 1901 1902 1903 1904 1005 1906 1907 T008 1243-133} 155 -165 l8oi-l8q 1561-170 162 -i66i 199 -204 V 220 -22 7 J 175 -185" too -ig5 ri6J-n8| 152 -156J 191 -107 178 -184 1 54i-l6l :] I96 -205| 1212 -225 200 -212 160 -170 Aug. 129 -138 157 -t6=; 184 -i86| 158 -164 163 -169 2024-220 220 -232 l68 -170 I96 -203J 115 -I20 154 -I56i 191 -I94 175 -i8i£ 157 -159 1981-203} 213 -219 165 -206 162 -175 Sept. 1274-135 160 -165 175 -187 i6if-i6i| 170 -182} 210 -216 228 -233 f 169 -177 197 -209I 116 -122J 155 -160 190 -196 170 -171 158 -161 194^-204}- 205 -222^ IOO -I95 I7l4-l82i Oct. I32i-i37 160J-176J 170 -180 153 -i59i 1 80 1- 1 87 210 -235 22T -23I 158 -174 I96 -205 Il6 -121 155 -l64 187 -I92| 168 -177 157-160 I90 -I98I 204 -239I 174 -l86 l8o -l88 Nov. I34f 172 - 165 - 156- 181 - 220 • 217 ■ 144 - 206 ■ 150 185 173 158.! 194 ; ; 232 230? 1 55 21 1 1 119 -125 160 -167 188 -190 163 -169} 160 -162^ 196 -204 218 -237I 170 -180 185 -185 Dec. 144 178 167^ 156 186 220] o\'-> . 156 21 if i5o£ ■196-f •175 • 164* -I941 -228 228 169 22( 1 GIBSON'S MANUAL 85 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 " 3 Low. High. 206 207 Election Day. 4 5 6 7 9 10 11 207^ 208 ~ 208~i 209 200i 20C)i Low. High. Nov. 23 209 210 24 2Il£ 2Ili 25 • .... 26 Thanksgiving Day 27 28 30 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. ' High. Dec. 1 2 3 4 5 2ii| 212 7 212I 212^ s ...: 9 213 2l8i IO 2l8 221 Dec. 11 " 12 " 14 " 15 " 16 " 17 " 18 " 19 " 21 Low. 219 220 21 It 220V 229 High. 222 220 211!; 22Si 229 Dec. 22 23 24 25 26 28 29 30 3i Low. 225 227 \ High. 225 229 Christmas Day. Extra holiday. 2274 228 229 228 REMARKS. Control of this company was purchased in January, 1901, by The Reading Co., which paid $160 a share for a majority interest. An option was given to minority stockholders to sell one-half of their holdings to The Reading Co. at the same price; and under this offer, Reading acquired a total of $14,- 500,000 of the capital stock. Securities owned by Central Railroad of New Jersey, June 30, 1908, amounted to $24,948,842. Out of the surplus profits of the fiscal year of 1908, $2,000,000 were set aside for new bridges, wharves, and piers, a marine repair yard, and additional terminals. During the same year, under the new Government methods of accounting, $1,405,091 were charged to operating expense, while similar items were in previous years charged against income. The total capitalization of this company has increased only $6,487,900 since 1900. Officers: President, George F. Baer; Chairman, J. Rogers Maxwell; Treasurer and Secretary, G. O. Waterman. Directors: George F. Baer, J. Rogers Maxwell, George F. Baker, Harris C. Fahne- stock, H. McK. Twombly, Robert W. De Forest, Joseph S. Harris, Eben B. Thomas and Charles Steele. Fiscal year ends June 30th. Annual meeting, Friday following the third Monday in Septem- ber, Jersey City. Office, 143 Liberty Street, New York. Directors meet on call. Traded in on the New York Stock Exchange (Listed Department). 86 GIBSON'S MANUAL MARKET MOVEMENTS OF CENTRAL RAILROAD OF NEW JERSEY FROM 1900 TO 1908. INCLUSIVE. GIBSON'SMANUAL 87 Chesapeake C& Ohio Railway Bonded indebtedness, June 30, [908 $99, 768,000 First preferred 7,700 Second preferred 7°° Common stock 62,790,700 Total capital $162,567,100 Mileage owjicxl. excluding sidings 1,841 Per mile capitalization $88,303 Fixed charges, 1908, per cent, of net income 52.65 Operating expense, per cent, of gross, 1908, new basis *66.5 "In 1907. on the old basis, the percentage was 64.5. EARNINGS. Gross. Net Net P. C. of : Famed on Year ending June 30. Op. Rev. Income. Gross Inc. "Surplus. Common. 1901 $15,371,542 $5,554,288 35.8 $1,062,325 r.15% 1902 16.524,378 5,838.474 35- 1,062,325 1.02% 1903 16,711,602 5.402,139 32. 1,071,106 1.12% 1904 I9, 2 97,524 6,168,758 31.7 455.986 l°/r I905 20,724,372 7,652,692 36. 529,-'44 1-1% I906 24,602,988 9.937,692 40.I I.534,7H 3-27% I9O7 25,796,860 9,390.914 36. 987,248 I.I'/ [908 25,843,272 9,419,357 35.3 1,174.910 1-797° ♦Figured after deducting from the surplus profits of each year the sums set aside for extraordinary .expenses, payments of principal of equipment trusts, etc. The company has earned as high as 5 per cent, on the common stock, disregarding the deductions. LATEST REPORT. amings for six months, ending Dec. 31, 1908, compared with the same period last year, were: Gross. Net. 1908 $13,402,921 $5,306,742 r9Q7 14,976,097 5.248.474 DIVIDENDS. 900 1% 1901 1902 1% 1903 1904 l°/o \ c /o 1905 1% 1906 1% 1907 1% I9CJ 1% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908 24 June 42 s., Dec. 2<> May 52^ May 42\sDec. 57]/ 2 Sept. 27% Nov. 53^ Jan. ' 28] , Mch. 51 Nov. 45^ May 60"^ Mch. 51 H Nov. Aug. 2.i< , Nov. 56 Jan. 25 1 Feb 59-H Dec. ss GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Feb. Mch. Apl. May. June. 1900 28f-3i3 [901 3 6 i-42i 190-' 15=481 1903 48i-53i 1904 3 2 -3 6 1905 46f-5°i 1906 541-62^ 190/ 49-56 I908 28|-32f 28f- 3 o^ 384-423 45 "47s 48f-534 29 -34 i 494-52 55i-6o§ 48i-53i 25^-29! 28 -33 39f-49 45i-46i 44 -49i 28i-33i 494-6o-J 543-593 36f-5oJ 263-33$ 30 ~33 i 40 -49i 454-49 4* -45i 3i -33S 493-59i 53i-6o : { 39^435 3oJ-34i 26J-30J 29 "52f 45f-48 s 38$-45i 29 -30* 454-5*1 534-59* 3!|-424 334-465 24 -285 474-5-^ 45i-47i 35i-40 294-3 1 3 47f-S3§ 554-59i 324-36? 37 -46s July. Aug. Sept. Oct. Nov. 1 k-c. 1900 24I-28J 1901 41 -483 1902 463-57I i9°3 3i -39§ 1904 _•• 31-354 1905 513-553 1906 54i-58f 1907 344-364 1908 393-44 26§-28| 43 -48 531-561 274-364 33 -394 54 -583 584-6 5 & 303-36 4o4-44§ 255-29!? 424-474 484-574 274-34-4 383-444 53 -594 62^-65 32S-343 384-44^ 274-3 1 4 43 -471 464-54H 285-314 434-474 543-5"- 563-63* 26f-33 ] 40 -44 i 294-38} 464-491 43 -5i 274-3oi 434-51 5i -56 514-564 23f-2Qf 423-51' 364-423 441-49 42f- 4 8 5 3of-34i 434-503 534-57 543-6i 26f-3 1 i 484-593 LOW AND HIGH PRICES, BY DAYS. NOVEMBER, 1908. Nov. 2 3 4 5 6 7 9 10 11 Low. High. 423 43l Election Day 434 434 433 45 45f 454 45f 444 434 443 46 46.I 464 474 Low. Nov. 12 46! " 13 46t " 14 . . • • ■ • 46 " 16 .. .. .. 453 " 17 46 " 18 454 " 19 454 " 20 47§ " 21 474 High. 474 474 463 46 s 474 474 473 483 483 Low. High. Nov. 23 .... .. 46$ 47I 24 •• .. •• 47t 482 25 473. 484 26 . . . . Thanksgiving Day 27 47# 484 28 .... .. 473 48g 30 . . . . . . 483 . 51$ LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. Dec. 1 2 48-i 3 48| 4 50$ 5 5^ : ( 7 523 8 .. .. •• 53 9 •• •• •■ 533 10 553 High. Dec. 11 . 494 " 12 . 5o4 " 14 • 533 " 15 • 544 " 16 . 53s " 17 ■ 533 •' 18 . 5o4 •• 19 . 58 " 21 . Low. 5/4 574 574 56 56i 554 554 553 554 High. 58$ 583 59 574 581 573 56f 564 564 Dec. 22 23 24 25 26 28 29 30 3i Low. 553 High. 593 574 594 574 584 Christmas Day Extra Holiday 574 584 574 584 564 573 563 574 GIBSON'S MANUAL So MARKET MOVEMENTS OF CHESAPEAKE & OHIO, COMMON, FROM 1900 TO 1908, INCLUSIVE. REMARKS. In 1909, Edwin Hawley, Frank W. Trumbull, F. W. Scott, and others, acquierd 236,300 shares of the stock of Chesapeake & Ohio by buying 156,300 shares from Kuhn, Loeb & Co. (formerly owned by the Pennsylvania system) ; 50,000 shares from the New York Central, and 30,000 shares from "Big Four.'' in conjunction with friends, they now have control. Recent changes in the directorate are indicated be- low. Securities owned, 1908, $16,601,049, including $9,750,000 of Chesapeake & Ohio 5 per cent, bonds, which have been deposited as collateral for short loans. 4,000 steel gondola cars were added to the equipment during the fiscal year of 1908. Chesapeake & Ohio has increased its capitalization $16,662,000 since 1900. By reason of a recent issue of 6 per cent, notes, due July 1, 1910, the total amount of short-term notes now aggregates $7,500,000, secured by a pledge of $9,750,000 general improvement and equip- ment bonds. Officers: President, George W. Stevens; Vice-President, Decatur Axtell; Treasurer, C. E. Potts; Secretary, C. E. Wellford. Directors: Decatur Axtell, George W. Stevens, Martin Erdmann, Edwin Hawley, F. A. Vanderlip, John W. Castles, Frank Trumbull, H. E. Huntington, F. W. Scott, and Henry T. Wickham. Fiscal year ends June 30. Annual meeting, Tuesday before the last Tuesday in October, Rich- mond, Va. Office, Richmond, Va. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. GIBSON'S MANUAL Chicago CS, Alton Railroad Bonded indebtedness, [908 $67,595,000 Preferred stock, 4 per cent, non-cumulative [9,542,800 Prior lien and participating stock, -| per cent, cumulative .... 879,300 1 iommon slock i<>. 544.000 Total capital $107,561,100 Mileage 998 Per mile capitalization '-77'' Fixed charges, 1908, including taxes, peT cent, of nel income.. 7"4 ,s Operating expense, per cent, of gross, new basis u 3-°5 EARNINGS. Year ending Gross Nel Net P. C. of Earned on June 30. Op. Rev. Income. Gross. Surplus. Common. [901 $9,036,655 $4,972,368 55. $463,071 0.34$ 1902 9. 22 S.739 4.729.958 5*-3 500.157 0.225! 1903 10,071,092 5,215,967 51.8 50. 1,438 0.35 1 [904 ".425.853 .-'"v.--' 1 ' 49-6 693,346 0.6391 t905 ii.797.3i3 5.988,790 50.7 844,754 0.7: [906 11,586,095 3767.353 3 2 -5 261,391 0.07'. [907 [2,690,06] 4,861,189 37.3 884,011 3-i8% 1908 [2,087,735 4,475:094 37- 7*7-<>7<> 2.53 ♦Interstate Commerce classification. "Tho reduction in net income in 1906 was due to the merger, referred to in "Remarks," and the loss of "other income" formerly received From the old company. LATEST REPORT. Earnings for six months, ending Dec. 31, [908, compared with last year, were: Gross. Net. [908 '$6,699,215 $2,729,628 1907 6,580,73] 2,055,301 DIVIDENDS. 1902 1903 1904 1005 [906 [907 [908 Preferred.. .('■ 4% 4% y. 4% 0o Common . .. o o o o o o o 1 ' , LOW AND HIGH PRICES, BY YEARS. SINCE 1900. I""] 1903 1905 1906 190? 1908 May 68 Nov. '.n Sept. 75 Jan. 75 Oct. 70 Dee. 48 Sept. 47 Mch. :\ \,.l. 79 July 73;SJan. 85*4 Jan. s.< , \pl. 80^Jan. 69 Jan. 71 Nov. : May J",l>ic. 1 33 Jan. 30 Dec. 25 May && Nov. 10 Feb. Dec. SO^ApI. l-.July 37!,-794 36 -404 73 -764 344-434 60 -64 184-234 80 -844 394-42 35i-365 75,-754 254-324 48 -49 £ 584-60 22 -28-! 76 4324 414-564 754-774 35f-39i <>7i-7^ 28 -32^ 80.I-82 371-384 80 -83] 324-424 74i-7^i 3o]-35 15 -174 48 -52 124-174 Oct. 69 -723 3 1 -364 764-784 35 -38 714-75 33f-38£ 60 -65I 20l-28§ 80 -80 364-40 75 -79f 34 -3 ( > : ; 7>i-77i 29 -35s 48i-49 iof-15 61 -70 274-41 724-82 -7 "494 _ - 1 -- i / .1 4 / / 2 354-394 07S-704 274-3IS 804-874 354-384 77^-794 31 "35» 74 -77 -'5 -30 iij-10 54 -60 L7fc?3i Nov. ^-77i 33 -4i| 764v84 354-384 68 -734 30 -364- 04 - 7 c > '. 274-33" 83 -85 374-474 76 -77 h 324-34 75 -764 ^')'-32 : ; 84-12* 67 38 •I LOW AND HIGH PRICES, BY DAYS. NOVEMBER, 1908. Pfd. Election . 684-684 Com. 38 -381 Day. 384-394 384-39 384-40J 40 -40 h 39}-40 39i-40 39 -39 Nov. 12 13 14 16 17 18 19 20 21 Pfd. 67-67 69 -69 71 -71 69 -71 Com. 38f-4i4 414-424 4i4-42i 4i4-4t3 4i4-42 4K-43 41 -41 1 40J-414 40f-4i4 Nov. 2-\ " -M - 25 " 26 " 27 " 28 " 30 June 78 -82 43 -49 744-771 36i-39 0G]-o8A 25 -28-3 80.I-81 35i"38i 771-81] 35 -36 7"iv84 30 -3°i 50 -54 15 -18 58,-593 21 -2/ Dec. 744-78i 373-42 753-78 32 -364 694-72 294-344 684-754 324-36 824-85 383-45 754-76 30 -33 70 -75 264-314 TI -144 714-79 487 0S; Pfd. Com. ....... 404-414 ....... 41 -42' ....... 424-43 Thanksgiving Day 70 -70 434-48 703-71 474-473 71 484-51} LOW AND HIGH PRICES, BY DAYS, DEC :ember, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Dec. 1 . • •• 7I4-7I4 50-513 Dec. 11 - • • 533-541 Dec. 22 . . ■ • 76 -77 544-58 2 • ....... 494-5'4 " 12 . . . . .- 524-531 " 2T, .. • • 76 -7^ 574-593 " 3 ■ • ..--... 483-503 " 14 • • , . 52f-53> ■■ 24 .. • ■ 74 s -74 s 583-62 " 4 . . ....... 5o4-5i4 " 15 •• . . . .- 5o4-53 " 25 .. Christmas Dav. i( r 5 • 7i4-7i4 5o -5ig " 16 .. . . . .- 5i -53 •' 26 . . Extra holiday. / • • 73 -73 5oi-5i " 17 •• . . . .- 52 -533 " 28 .. . . 764-78 624-654 " 8 . • ...-..• 5o4-5i3 " 18 .. . . .- 514-522 - 29 .. ■ • 77 -77 63-3-65 • • 734-734 5 if -5 54 " 19 .. . . . .- 53 -53s " 30 • • -... 63^-66 " 10 . • 734-79 55 -564 " 21 .. 532-543 " 3I •• -•■■ 07-68' 92 GIBSON'S MANUAL REMARKS. ■ In February, 1899, a syndicate comprising E. II. Harriman, George J. Gould, Jacob H. Schiff, lames Slillman and others bought control of the old Chicago & Alton Railroad, paying $200 a share for the preferred stock and $175 for the common. These were then about the market prices for the stock. The Chicago & Alton Railway, incorporated under the laws of Illinois, April 2, 1900, leased the old Chicago & Alton Railroad on the 30th of the month named, for 99 years, and acquired practically all the stock of the old company. In March, 1906, the two companies were merged in one, the old utle, Chicago & Alton Railroad, being then adopted for the sake of the good will inspired by the name. It was at the time of the merger that "cumulative 4 per cent, participating and prior lien" stock was issued in exchange for the small amount of outstanding preferred and common stocks of the old com- pany. Improvements during the fiscal year of 1908 were not so extensive as usual, yet they were not inconsiderable. There was much work on bridges, grades, trestles and track elevation. Securities owned, book value, $10,217,893. Total capitalization has increased about $46,500,000 since 1900. Jan. 12, 1909, a semi-annual dividend of 2 per cent, was declared upon the common slock, out of the earnings of the last six months of 1908, payable Feb. 15th. * In January, 1909, Kuhn, Loeb & Co. sold $8,000,000 refunding mortgage, 3 per cent, bonds, which had been pledged to secure $6,000,000 5 per cent, notes'. The notes are subject to call and refunding into 3 per cents save $60,000 a year in interest. Officers: President, Theo. P. Shonts ; Chairman, Gen. Thomas H. Hubbard; Vice-President, Edwin Hawley; Treasurer, F. H. Davis; Secretary, J. Steuart Mackie. Directors: William G. Beaie, S. M. Felton, J. J. Mitchell, T. P. Shonts, E. Hawlty, Thomas 11. Hubbard, F. H. Davis and H. E. Huntington. Fiscal year ends June 30th. Annual meeting, fiist Tuesday in October, Chicago. Directors meet quarterly, first Wednesday in February, May, August and November. Main office, Chicago. New York office, 60 Wall Street. Traded in on the New York Stock Exchange (Listed Department). GIBSON'SMANUAL 93 Chicago C& North Western Railway Bonded indebtedness, 1908 $164,923,000 ♦Preferred stock, 7 per cent, non-cumulative 22,398,954 - Common stock 101,952,731 Total capital $289,274,685 * The preferred stuck has a right to receive 3 per cent, additional after the common has 7; after both receive 10, the two classes of stuck share equally. Mileage 7,63 1 Per mile capitalization $37,907 Fixed charges, 1908, taxes included, per cent, of net income, new basis 43.14 Operating expenses, per cent, of gross, new basis 65.87 EARNINGS. Gross Net **NetP. C.of * Earned on Year ending May 31. Op. Rev. Income. Gross Inc. Surplus. Common. 1900 $42,950,805 $16,486,582 37.9 $6,291,598 9.5% 1901 +3,098,587 17,288,269 39.6 8,028,966 9.8% 1902 46,644,122 18,058,159 38.2 9,377,268 9.86% 1903 50,639,142 18,095,548 35.9 9,901,098 7.07% Year ending June 30. 1904 53-334,634 17.596,760 32.1 10,997,283 7.1% 1905 55,745.275 18,631,798 32.5 11,640,181 7.94% 1906 63,481,578 22,871,382 35.2 13,956,820 g.% *i907 68,359,365 24,013,071 34.3 21,787,208 13.7% *ioo8 63,219,344 21,866,161 33. 26,632,455 11.6270 * Interstate Commerce classification. ** Taxes are included in operating expense. *** After appropriations for real estate, constructions, etc., of between $4,000,000 and $6,000,000 respectively in every year down to 1906, inclusive, and of $225,500 and $225,000 in alternate years for the sinking fund. In addition to the earnings on the common stock, there was a moderate amount of net receipts from land sales in each year. LATEST REPORT. Earnings for six months to Dec. 31, 1908, compared with the similar period in [907, were: Gross. Net. 1008 $35,333*129 $13,618,764 1907 36,136,714 12,200,466 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred 7% 7% 8\'-, 8% 8% 8% 8% 8% 8% Common 6% 6% 7 % 7% 7% 7% 7% 7% 7% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred... 195^ May 207 Mch. 230 Jan. 190 Aug. 207 Feb. 234 Jan. 225 Aug. 183 Nov. 185 Jan. 220 Dec. 248 Apl. 274^4 Apl. 250 Jan. 237 Nov. 265^ Feb. 270 Mch. 234 Jan. 224 Dec. Common... 150J4 June 168^ Jan. 204^ Jan. 153 Sept. 161^ Mch. \9Q% June 192 Dec. 126 Oct. 135J4 Jan. 172)4 Dec. 215 May 271 Apl. 224^ Jan. 214^ Dec. 249 Jan. 240 Jan. 205 Jan. 185J4 Dec. GIBSON'S MANUAL 1903 1904 1905 1906 1907 1900 1901 1902 1903 1904 1905 [906 1907 [908 LOW AND HIGH PRICES. BY MONTHS, SINCE 1900. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Pfd.. 1 1 'in. Pfd.. Com. Pfd.. I ''Mil. Pfd.. I '.Mil. Pfd.. Com. Pfd.. Com. Pfd.. Mil. Pfd.. Com. Pfd.. Com. Pfd.. ( '. Mil. Pfd.. Com. Pfd.. 1 '.mi. Pfd.. Pfd.. 1 '.Mil. Jan. 215 -•-■->! 177 239-3 204J 216 250 250 218 -224J 2143 164 '. 234 -265 21 15 S 241 / 250 -257 220 --'40 225 -234 -'' »s [85 -195 L35i July 197 -I97J 1563-161 215 -225 270 240 -258 [60 -171 \ j j>> 224 170 240 -240 212 [93 -202], 20S -2O9 I45I-151J 210 1 ;i |-l6oJ Feb. 160 -1633 214 -217 238 248 -•'-'! --5 235 -235 [90 207 -2 1 1 1 [62 -11 .5 256 265 i 236 -249 -'55 -257 225^-239^ 210 -2IO 157 -l68 I'M -2O9 I (O Aug. -' '3 157 -166 215 -22] [87 lool 231 1 [90 '54-j 222 ^ 1771 240 j 1 j 22 s j. 12 [97 138 206 ^7^ 21 '2 j (69 224 1883 -'4') 224H 231 1 -'15 •210 210 Mch. [98 -200 160 207 -217 1~2 -I84I 242 -250 I 217 -2333 I So ■ ■ o.i 257 2363 253 221 21 17 '.-'■ [95 t43 " Kill 213 '7-'l 263 2463 238 2 1 2 [62 200 149 Sept. -'' '7 213 -213 I.)0',-200 250 -263 23O -242| [92 -200 153 -167 223J 232 154 -mi -'44 210J-218 232 -240 2054-215^ 143I-1 1; : ; 200 -20 ] [541-1643 Apl. [97 [99 I'. I -1663 214 -248 [83 212 . 27 1 1 232 --71 221 I 174 -' s 4 -214 - '7-' __,(,_> -245 192 -215 200 -220 May 195! 1673 -'1 4 -233 214 [69 25' • 22s 235 215 2731 210 183 217 1; '47 1 '5 145M5-'! 190 -'4i 210 171 214 [681 250 1 -'■ '5 240 1041-207 205 -205 I44i-I55l 200- 2 1 5 i?o -160 233 159 2 1 2 HK'l- 255 [53 1 .- 187 240 2143 235 20 1 1 [8s [26 ■57! 21 12 . 241! > ] » 62 237 2083 [68| 234 '97 -15; 2 2 4. ■ '■ 244 21 \\ 201 140 216 [62S Nov. 2( 13 -2 1 I \ [62 235 --'44 7 214 j' 13 I oil 230 1933 235 213 235 200 1 28 1 228 100; --\v 211; -235 2233 195 -'55 June I96J-I96J 1 ' '7 ! 212 -220 [98 -208 260 -270 248 --'57 1664-176J 217J-219I "'7 -'7"1 [904-208 230 -238 105 -2093 204; . '.Vil-if I 200 -210 148 -i;'.' I )ec. "'-'1-177 210 [66^ -'.V ' ">7 -'5' ' 2111 2. « 1 l6 3 4 2323 [98 241 ' 217 230 1 02 185 '55 2153 '75i ■221 1 >7-\ ■235 -223 ■212 -171! ■^}.7 •214'. -2483 224 21 1 -185 -: IS; 1 \. 5 4 5 6 7 o 1 1 Dec, t l o 10 I'l LOW AND HIGH ;1. I 'Mil. PRICES. BY DAYS. NOVEMBER. 1908. ......... [62J-163 Election I lay. ......... 1 ......... [6 ......... 107 [683 - 1 - [684-1693 ......... : ' - [68 10,,; Pfd X. 12 '5 14 p. '7 iS 10 2. 21 LOW AND HIGH PRICES I '■ Mil. '77 174' ' 75 I 1 75 I '74 Dec. 1 1 1 2 '4 15 [6 '7 iS 10 2 1 Pf( 1. ('.Mil. Pfd. mi. .- [69 -171 1 Nov. 23 . . ......... 172I-172I .- ... [7I3-I72 '■ -'1 ■ • ......... 175 -174 .- ... I71I-I71I " 25 . . ......... 174 -i7 r ' .- ... [70|-I7l3 - 20 . . rhanksgh ing I >ay. .- ... I7I1-I75I - 27 ......... 17'' -177 .- ... 172 -I73l •• 28 . ......... 176 -170.I .- ... T' .'-174 • 50 . . ......... 175 -176 ••• I7I&-I733 BY DAYS, DECEMBER. 1908. '1,1. 1 1 '111. Pfd. Com. 1 ;• i Dec 22 2153 220 17; 17.1' '* 170 -170, 1 1 -M • ......... 1 70 - 1 80 '77 -17 s « 2; . . 1 Ihristmas Day. 1 — ■'• (1 20 . Extra holiday. if 28 . . 224 -224 1793-1843 ......... .. 20 . ......... 1821-1853 5" • ■ - [833-184J ^7^ .. 31 • • - 1834-184 GIBSON'S MANUAL 95 MARKET MOVEMENTS OF CHICAGO & NORTHWESTERN FROM 1900 TO 1908, INCLUSIVE. MINOR MOVEMENTS DISREGARDED m 1100 1101 1102. 1103 HOf l<105 IK >b 1107 1 II— ?f0 1 ?35 4 ?30 lj 775 ??0 j | 'ji HS 1 1 ; 2io 1 — 1 *4 W r i 1 2oo Ip ].| 115 1 ^4-i no f Zf tH 18$ 1 ± L 160 ± ^^ its * ± ^_zf no , 1 if lt>5 160 1./ 1 1 N t IN 1 P rr^ _l jt ISS -1-4- -iJt 145 X'l— 140 j j IJS -i"Jr- 130 | 125 ' In 190S the stock fell from 233 to I90}i in June, ex-rights (rights about 14'. 1. In April, 1906, the stock again fell from 238 to 205. ex-rights (rights about 23). In 1907, February, the stock fell from 205 to 137? . ex rights (rights about 16). GIBSON'S MANUAL REMARKS. The capitalization of Chicago & Northwestern has expanded from $208,680,000 in iyoo to 9,274,685 in i<)<>8, without in the least affecting the dividends paid. The chart showing the coursi t he price of stock indicates, however, the real effect of the increased capitalization. The bonded in- debtedness is being steadily reduced; and this Fall, $200,000 Rochester & Northern Minnesota and $100,000 riainview Railroad bonds have been retired for cash, at the treasurer's office, ill Broadway, New York. The company, one of the Vanderbilt enterprises, has a treasury full of cash, and it is one of the strong corporations, which finance its own requirements, makes liberal appropriations for new construction and equipment, and is earning more than its fixed charges and dividends. Securities owned, June 30, 1908, were $61,432,260, including "bonds, stocks and advances." Unsold lands of the company, 1908, were 373.368 acres. A large amount of construction and track elevation work was performed in the fiscal year of [908, including an aggregate of 103 miles of sidings, yard tracks and -purs. Practically al! the land re- quired for the new passenger terminal in Chicago has now been purchased. , Officers: President, Marvin Hughitt; Vice-President and Secretary, E. E. Osborn ; Treasurer. K. II. Williams. Directors: William K. Vanderbill. F. \Y. Vanderbilt, II. McK. Twombly, Samuel F. Barger, 1 hauncey M. Depew, James Stillman, James C. Fargo, Frank Work. P.. E. Osborn, Marvin Hughitt, Byron L. Smith, Cyrus II. McCormick, Chauncey Keep. Henry C. Frick, David 1'. Kimball. Oliver Ames and Zenas Crane. Fiscal year ends June 30. Annual meeting, third Thursday in October, Chicago, III. Directors meet, on call, at no stated interval. Main office. Chicago, 111. New York office, 111 Broadway. Traded in on the Xew York Stock Exchange (Listed Department). GIBSON'S MANUAL gy Chicago Great Western Railway Bonded indebtedness, June 30, 1907 $8,929,774 Debenture stock, 4 per cent, cumulative 28,127,089 Preferred stock, A, 5 per cent, non-cumulative 11,336,900 ['referred stock, B, 4 per cent, non-cumulative 23,103,842 Common stock 44,465,195 Total capital $115,962,800 Note: The debenture stock lias voting rights; and to it and the preferred A stock alone belong the right to appoint the company's finance committee, which has im- portant powers. Mileage 818 *Per mile capitalization $93,439 Fixed charges, 1907, including taxes, per cent, of net income 42.9 Operating expense, excluding taxes, per cent, of gross 74.4 *It seems proper in this case to deduct from total capitalization the stocks of proprietary companies, to ascertain true per mile capitalization. EARNINGS. Advances Gross ::: Net Net P. C. of from Year ending June 30. Op. Rev. Income. Gross Inc. Earnings. 1900 $6,721,037 $2,026,814 30.1 $347,874 1901 7,013,861 1,978,346 28.2 612,252 1902 7,549,689 2,060,230 27.3 681,625 1903 7,823,191 2,184,662 28.8 409,661 1904 8,022,673 1,902,632 23.7 399.044 1905 7.377.71 1 2,038,618 2-j.U 811,674 1906 8,573,148 2,539,493 29.6 1,010,408 1907 9.!39>°87 2,339,279 25.6 887,220 * Taxes are included in operating expenses. Note: Nothing was earned for the common stock, in the years named above. LATEST REPORT. Earnings for live months to Nov. 30, 1908, compared with the same period in [907 wen- Gross. Net. 1908 $3,664,173 $683,017 1007 3.7i6,6n 755.124 DIVIDENDS. 1900 1 9O I I902 I9O3 I9O4 I9O5 t906 [0X)7 I'.oX Debenture stock i'. \499 *Per mile capitalization, June 30, 1908 $43,234 Fixed charges, 1908, excluding taxes, per cent, of net income 50.86 Operating expenses, including taxes, per cent, of gross, new basis . . 69.33 *The company estimates the present capitalization at $35,477 a mile and 1 1 1 r- capitalization of the entire sy.stem to the Pacific Coast at about $38,000 a mile. EARNINGS. Gross *Net Net P. C. of Earned on Year ending June 30. Op. Rev. Income. Gross Inc. Surplus. Common. 1900 $41,884,692 $13,608,611 32.3 $14,887,254 9.1 Jo 1901 42,369,012 14,566.192 34.2 17,626,229 8.7 % 1902 45.613,124 15,850,544 34.4 20,682,069 10.9 % 1*103 47,662,737 16,574,594 34.4 23,499,652 12.2% 1904 48,330,335 16,770,176 34.5 26,799,572 12.6 % 1905 49,884,114 17,820,871 35.6 31,185,002 14.5 % 1906 55,423,053 19.237,081 34.5 33789.998 12.56% 1907 60,548,554 19.930,784. 32.3 38.862.461 12.02% -(•1908 56,932,621 18,516.952 31.9 **42,64i,973 ***io.9% * Taxes being charged to operating expenses. ** Renewal and improvement funds, 1908. in addition to the foregoing $1,779,213. *** Not considering subscriptions to new stock. f Interstate Commerce classification. LATEST REPORT. Earnings for six montbs ending Dec. 31, 1908, compared with the similar period in 1907, were: Gross. Net. 1908 $32,507,799 $12,469,273 1007 3 T .388,632 12,034,534 DIVIDENDS 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred 7% 7% 7% 7% 7% 7% 7% 7% 7% Common 5% 6% 7% 7% 7% 7% 7% 7% 7% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred.. 169^ Jan. 175 May 186 Jan. 168 Aug. 173 Mch. 182J4 Jan. 160 Dec. 130 Nov. 138 Jan. 188 Dec. 200 May 200^ Sept. 194J4 Jan. 2143 1224-146! I3 1 -1394 123 -1383 1233-1302 1908 . . . Pfd.. 134 -150 I38i-i45 I394-I4/2 145 -152 1494-157 1494-157 . . Com. 1034-117! 1054-113^ I08i-I20| , Ii5}-i294 1 274-1404 1304-137-' July Au^. Sept. Oct. Nov. Dec. 1900 . . . Pfd.. 170 -1714 171 -174^ i/3 -1744 170 -173} 1714-176 176 -188 . . Com. I09f-II2j nof-1154 no|-ii4f iii}-ii6J "5!-i30 1254-148} 1901 . . . . Pfd.. 183 -1884 1824-191} 185 -190 184 -1923 188 -1913 1854-190} . . . Com. i5i-H77i 155 -i68f 1544-168} I544-I7I4 1671-174! 1574-169 1902 . . . . Pfd.. 190 -196I I92f-i954 I92 -2003 1911-1994 1 894- 1 944 189 -194 . . . Com. 174 -189I i8 4 f-i88f I83i-I983 i8o}-i964 169 -1893 i66}-i79} 1903 . . . . Pfd.. 169 -i77f 168 -173 1724-173 1704-174 172 -1734 I7i4-i774 . . . Com. I374-I52t i33i- I 475 1354-1431 I34f-i4i4 i34!-i4o4 1384-147- 1904 . . . . Pfd.. 1784,-182 1783-1791 184 -191 187 -197 1934-21 i| 198 -2144 . . . Com. 143^-149! 1464- 1 553 154 -160} 1 584- 1 754 1671-1764 164 -I77l 1905 . . . . Pfd.. 186 -189 186 -igii 1854-190 187 -1894 183 -189 1864-191 . . . Com. 1765-182! 179 -187 175 -184!. 1784-183 1723-181} i75f-i82} 1906 . . . . Pfd.. 182 -191 193 -218 193 -199 190 -196 188 -207 160 -210 . . . Com. 1674-182* 1744-1984 170 -183 1683-178! 1 694-1804 146J-199I 1907 . . . . Pfd.. T48 -1534 i454-i5if 146 -148 135 -145 130 -136 132 -138 . . . Com. 1294-136! "74-1331 riSi-125! 984-119! 934-1044 973-107" 1908 . . . . Pfd.. I5ii-i594 156 -i6o3 1494-157 155 -1581 158 -164 161 -164; . . . Com. i33i-i434 140J-147! 1 27}- 1 46 1 324- 1 444 1421-151! i434-i52i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com . Pfd. Com. Nov. 2 . • 1584-159 I42?-I43f Nov . 12 . . I58 -l62 1443-146} Nov. 23 . . 159 -162 145 -147 " 3 • Election Day. tt 13 ■ l6l -l6l 1464-1494 24 . . 160 -160 1465-149} " 4 • . 1584-1584 I434-I45f tt M • l6l -l6l 1484-1494 " 25 . . 1614-161} 1485-1493 • 159 -i6o| 144 -145! tt 16 . l6l -l6l} 148 -1494 " 26 Thanksgiving; Day. " 6 . . 1624-163 I44!-I46} tt 17 • l6l -l6l 1481-149! " 27 162 -162 1484-1492 " 7 • . 163 -163 1463-148 tt 18 . l6o -l62 148 -150 " 28 .. 1 62 J- 1 O2I 1481-1503 " 9 • 159 -1624 1461-1483 tt 19 ■ • 159 -l62 148 -150 " 30 .. 163I-164 150I-1513 " 10 . . 158 -1624 146 -148} a 20 . l6o -l6o 1464-148! •' 11 . . 160 -160 1443-146$ tt 21 . . I5S -I5SI J46I-147I LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Dec. 1 . • 163 -163 I50§-I52} Dec. 11 . . 163 -163 1498-1 5 if Dec. 22 . . 162 -162 I44!-I473 2 . • 163 -163 1 49!- 1 524 " 12 . 162 -162 1 493- 1 504 " 23 - 1461-148} " 3 • 1624-162} 149 -1503 " 14 • 162J-164 [504-151I " 24 -•••• 1484-H94 4 ■ 1624-1623 1504-15 14 " 15 • 163 -163 i48}-i5oJ " 25 Christmas Day. 5 • • 163 -1634 1491-151} " 16 . ......... 1 484- 1 49 J " 26 Extra holiday. " 7 ■ 162 -162 149H50! " 17 • ......... I47l-i49f " 28 -•••■ I494-I504 " 8 . 161 -161 i493-i5i4 " 18 . l62f-l62f 1474-148! " 29 . . 164 -1643 1491-151! " 9 • -. . . . 1504-1513 " 19 • ......... 147 -1483 " 30 -•■•• I494-I504 •• 10 . 1501-151} " 21 . i6i}-i6i4 i43-}-i 474 " 3i . . 1644-164! 1493-15 1 GIBSON'S MANUAL IOI MARKET MOVEMENTS OF CHICAGO, MILWAUKEE & ST. PAUL, FROM 1900 TO 1908, INCLUSIVE. REMARKS. December 17, 1906, the company offered to its stockholders, at par, $66,328,500 preferred stock and $33,164,300 common stock, to be paid for in instalments,. 65 per cent, by June 1, 1908; 20 per cent., Dec. 1, 1908, and 15 per cent., March 1, 1909. The proceeds are to apply toward the cost of the $75,000,000 extension to the Pacific Coast, $25,000,000 to be reserved for contingencies and additional branches and equipment. The Pacific Coast extension, into Seattle and Tacoma, 1,380 miles, is expected to be finished in the Spring of 1909, possibly in March Track laying has been completed as far as Butte, Mont., and this part of the line will be put into operation as soon as possible. Of the remaining 650 miles, about 250 miles have been constructed in Montana, Idaho and Washington. Securities owned, June 30, 1908, outside of treasury stock and bonds of the company itself, $20,020,423. Total capitalization, March 1, 1909, when the new issue of stock is entirely paid for, will stand at $358,526,600, an increase since 1900 of $139,778,000. Officers: President, A. J. Earling; Chairman, Rosvvell Miller; Treasurer, F. G. Ranney, Secre- tary, E. W. Adams. Directors: Peter Geddes, Roswell Miller, William Rockefeller, John A. Stewart, J. Ogden Armour, Frederick Layton, L. J. Pettit, Percy A. Rockefeller, Walter P. Bliss, Frank S. Bond, A. J. Earling, Charles W. Harkness, Henry H. Rogers. Fiscal year ends June 30. Annual meeting, September, as appointed by the directors. Directors meet, last Thursday in each month. General office, Chicago, 111. New York office, 42 Broadway. Traded in on the New York Stock Exchange (Listed Department), and on the London Stock Ex- change. GIBSON'S MANUAL Chicago, St. Paul, Minneapolis CBi Omaha Railway Bonded indebtedness .. $20,059,091 Preferred stock, 7 per cent, non-cumulative, but to as much as the common stock in any year [2,646,833 Common stock .. .. .. 21,403,293 Total capital $64,009,217 M ileage 1 .72-, Per mile capitalization $37,107 li\ed charges, 1908, including ta cent, of net inc. .me.. 72 Operating expensej excluding taxes, per cent, of gross, new basis *In 1907, on the old basis, the percentage was 68.49. EARNINGS. Yearending Gross Net Income, Net P. C. *Earnedon Dec.31. Op Rev. Less Taxes. of Gross Inc. ** Surplus. Common. 1900 $10,342,000 $3,852,845 37-2 $2,663,662 6.3% 1901 11,196404 4.182,134 37.4 3.188,103 7.8% 190-2 n.907.525 4,424.27-' 37- ' 3728.819 8.87% 1903 12,055.271 4.328.609 35.9 4,I7 2 .464 8.48% Year ending June 30. 1904 11,438,292 4,002,432 35. Not reported. 5.99% 1905 11,925,999 4,320,669 36.2 2,625.067 8.21% 1906 12,943.750 4.708,948 364 3.031,490 9- 2 7o ♦1907 13,928,187 4,524,629 32. -3,856,211 9.6% *i9o8 12,865.604 3.855,05-' 29.6 3.668.266 6.15% * Inter-State Commerce classification. ** Xot including some small equipment anil improvement funds, which in 1908 amounted to $521,693. ** After deducting amounts set aside for improvements. LATEST REPORT. Earnings for the six months ending Dec. 31, 1908, compared with the same period in [907, were: Gross. Net 1008 $7,137,739 $2,7*4.374 [907 7,204,26] 2,381,018 DIVIDENDS. Prefi 1 ommon 1900 57° 1901 7% 5% 1902 1903 77o 6% 1904 7% 1905 7% 7% 1906 7% 7% 1907 7% 1908 7% 7% 1900 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1901 1902 1903 1904 1905 1'1>7 1906 1908 rred.,165 Nov. 180 Mch. 194j^ Nov. 160 Aug. 165 Apl. 195 Sept. 175 Nov. 137', Dec. 140 180 Nov. 201 Apl. 210' Apl. 1''4 Ian. 192 Dec. 230 fan. 202 Ian. 165 fan. 174 Common... 110 Oct. 125 Mch. 140 Feb. 117 July 135 Mch. 170 May 168 June loo Oct 114 Feb. 126 N'ov. 146-1$ Nov. 170j£Apl. 162 Jan. 160 Nov. 225 Jan. 198 Jan. 170 Jan. 160 Dec. GIBSON'S MANUAL Mov. Pfd. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Com. 149 -150 Com. Dec. 1 . . Election Day. 4 -. . . . 138 -138 5 • 163 -164^ I39l -139' 6 -. . . . 140 -142* 7 . 165 -170 145 -145 10 . i6Si -i684 147* -148 1 1 . 165 -168 Nov. 12 " 13 " 14 " r6 " 17 " iS " 19 " 20 " 21 Pfd. 168 -168 165 -167 168 -168 150 153 150 -150 Pfd. Com. Dec. it 23 • 24 . 25 ■ . 168 -168 ......... " 26 . . Thanksgiving Day. (( it 27 . 28 30 . LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. 1 -•••• 153 -153 2 --... 153 -154 3 " -•••■ 4 - -••■• / 8 10 i53 -153 Pfd. Com. Dec. 11 - " 12 -.... I54I-I55 " M -•••• 155 -155 15 16 17 18 19 21 153 -155 ....-158 ....-158 Pfd. Com. Dec. 22 -.... 155 -155 " 23 . . 167^-168 157^-158$ i68|-i-o 159 -159? Christmas Day. Extra holiday. 1701-174 ......... ......... 160 ...... . . 160 24 25 26 28 29 30 31 These stocks belong in the investment class and are not active at the New York Stock Exchange. REMARKS. A majority of both classes of the stock of this company is owned by Chicago & Northwestern, for whose benefit the road is operated. Its organization is distinct, however, and its reports are made independently. In 1908, only 141,162 acres of the company's lands remained unsold. Securities owned, June 30, 1908, were $6,194,720. partly composed of the company's own unissued stocks. The capitalization of this company has increased only slightly since 1900, the amount then aggre- gating $59,881,450 and on June 30, 1908, $64,009,217. Officers: President, W. A. Gardner; Vice-President, E. E. Osborn ; Treasurer, R. H. Williams; Secretary, T. A. Tolleys. Directors: Marvin Hughitt, Byron L. Smith, Chauncey M. Depew, David P. Kimball, Zenas Crane, E. E. Osborn, Thomas Wilson, John M. Whitman, John A. Humbird, Wil- liam K. Vanderbilt, H. McK. Twomby, Frederick W. Vanderbilt and W. A. Gardner. Fiscal year ends June 30. Annual meeting, first Friday after third Thursday in October, Hu i- son, Wis. Directors meet on call. Main offices, St. Paul, Minn., and Chicago, Ills. New York office, in Broadway. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL Chicago Union Traction Company Chicago Railways Company > The Chicago Union Traction Co. was organized under the laws of Illinois, June 3, 1899, to com- bine under one management several of the existing electric street car lines of Chicago. By 1900, six companies had been acquired by lease or purchase, uniting 486 miles of street railroad in one system. Owing to agitation for municipal ownership and other troubles, the company has had a stormy career; and finally, Jan. 25, 1908, its property passed by foreclosure to The Chicago Railways Co., a company incorporated in October, 1903. A general reorganization is now in progress, in accordance with a plan approved by Judge Peter S. Grosscup and Prof. John C. Gray, arbitrators, in the Spring of 1908. A city ordinance, passed over the Mayor's veto and approved at a popular election by a majority of over 33,000, requires that within three years from Feb. II, 1907, The Chicago Railways Co. shall free its properties from all the old liens; shall rehabilitate the company in all respects; shall divide with the city, each year, all profits remaining after certain allowances and deductions; and shall allow the city, on six months' notice at any time, to acquire all of the property at a certain agreed price, $30,779,- 875, in addition to the cost of reconstruction. The franchises will expire Feb. II, 1927. The compen- sation to the city is based upon the following: 5-cent fares to be charged, with universal transfers. From the surplus earnings of each year (in excess of operating expense, and maintenance and depre- ciation charges, and in excess of 5 per cent, upon the valuation at which the city can buy the com- pany's property), 55 per cent, shall be paid to the city, the company retaining 45 per cent. After complete reorganization, the capitalization of The Chicago Railways Co. will be : Bonded indebtedness $39,795,000 Collateral and funding notes 6,200,000 ♦Capital stock 100,000 Total capital $46,095,000 t * By trust agreement, Jan. 25, 1908, the capital stock is to be made the basis for issue of "participation certificates" in 265,100 equal parts, viz: | en . es \' ,^'^n par ! S 1 Entitled to $8 a part cumulative dividends annually, Senes 2, 124,300 parts ; ; j* , * d d Series 3, 60,000 parts J y J Series 4, 50,000 parts, entitled to any remaining profits. EARNINGS, CHICAGO UNION TRACTION. Surplus Year ending June 30. Gross. Net. for the Year. 1900 $7,477,395 $4,583,951 $604,075 1901 7,289,139 4,216,616 158,576 1902 7,825,119 3,37 I >750 def. 247,528 1903 8.357,303 3,158,295 " 364,195 1904 8,697,649 2,841,043 " 300,000 1905 9,208,529 3,201,567 None. 1906 10,091,968 3.646,113 sur. 96,605 The Consolidated Traction Co. entailed a loss upon the company nearly every year, which was deducted from surplus. DIVIDENDS. Chicago Union Traction paid at the rate of 5 per cent, on its preferred stock from October, 1899, lo October, 1900, both inclusive, and thereafter, nothing on either class of stock. LOW AND HIGH PRICES. BY YEARS, CHICAGO UNION TRACTION, SINCE 1901. 1901 1902 1903 1904 1905 1906 1907 1908 I 'referred.. 58 May 44# Mch. 30 Dec. 29 July 30y 4 July 13^4 Oct. 7 Dec. 4 Apl. 60 May 60 Apl. 503.4 Jan. 48^ Nov. 54 Feb.- 47 Vi Mch. 19-^ Jan. 18 Dec. Common... 12 Tan. 10J4 Jan. 3 Mch. 4 July 6 June 3^ July 2J£ Aug. 5^ Apl 10 ■■ May 23 Apl. \7y 2 Jan. 15J4 Nov. 13^ Feb. 1334 Feb. 6^ Apl. 7% Dec. GIBSON'S MANUAL [05 Nov. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, iyo8. Com. Pfd. Com. 3 Election Day. 4 n*-n£ 3 "3 .... Ili-12^ 2$-2f .. .. Hi . . . . IOf-I2 5 6 -ni 3 -3 / ■ • ■ • 9 io ni-i2f 3 -3| II 12 -I3l 3S-3I Pfd. Nov. 12 12I-13J " 13 13I-13-4 " 14 13 -I3f " 16 13^-133 " 17 i3i-i3§ |S I2f-I3i " 19 -••" " 20 II J-I2§ "21 .-... 4 -4i 4 -4* 4J-4i 4*4* 4i-4i 4*4* 4 -4 Nov. Pfd. Com. 12 -13s 4i-4 23 •• 24 .. 25 . . 26 . 2/ I3J-I34 28 I2f-I 3 i 30 13 -13 4*4* \-A<, Thanksgiving Day 4*4* 4*4* 4*4* LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 12*13 13 "Hi Com. 4*4* Dec. 1 . . . . " 2 .. .. " 3 - -•• " 4 13 -13* •■-•• " 5 - -•• " 7 13 -13* 4J-4J " 8 13 -13* ..-•• " 9 .. .. " 10 .. .. 4*4* 4*4? Pfd. Dec. 11 144-14! 12 14 -14I 14 MI-14I 15 134-13* 16 14 -I4i 17 I3I-I4* 18 13I-14 l 9 -■•■ 21 144-14I Com. 4*5 4*5 4*5* 5 -5l 5f-Sf 5-t 54 5*-5l 5*5* Pfd. Com. Dec. 22 14^-16^ ..-.. " 23 i6"-i7 _ 64-6-J " 24 16J-17 6*7 " 25 Christmas Day. " 26 Extra holiday. " 28 16J-18 6i-7 " 29 17 -I7i 6|-74 "30 16* 6J-6J "3i 17 6J-6S Officers: President, John M. Roach; Vice-President, R. A. C. Smith; Secretary and Treasurer, M. B. Orde. Directors Willistdn Fish, John M. Roach, F. E. Smith, M. B. Orde, John V. Clarke, John Lambert, Will H. Clark, R. A. C. Smith, William R. Harrity and Arthur Dyrenforth. Office, Chicago, 111. Traded in on the New York Stock Exchange (Listed Department). ro6 GIBSON'S MANUAL Cleveland, Cincinnati, Chicago CBi St. Louis Railway Bonded indebtedness, Dec. 31, 1907 $64,612,727 Preferred stock, 5 per cent, non-cumulative 10,000,000 Common stock 47,056,300 Total capital " $121,669,027 Mileage 1,983 Per mile capitalization $61,356 Fixed charges, 1908, including taxes, per cent, of net income 69.6 Operating expense, per cent, of gross 76- T 3 EARNINGS. Year ending Gross *Net Net P. C. of June 30. Op. Rev. Income. Gross Inc. 1900 $16,806,850 $5,140,521 30.6 1901 17.877.489 5. 2 49>5o6 29.4 1902 18,717,071 5,050,512 26.9 1903 20,390,761 4,784.041 23.5 Year ending Dec. 31. 1904 22,141,110 6,294.214 28.4 190S 22,517,763 5.879.895 261 I9°6 24,594,916 6,370,772 25.9 1907 26,447,804 6,500,719 24.6 Surplus $1,112,642 1 ,407,708 1,438,681 1,537,862 1,652,733 1,661,682 i-673,235 1,847,568 Earned on Common. 3-33% 4-52% 4.11% 4-35% 6.71% 4.12% 4.14% 3-37% Taxes are included by this company in fixed charges. LATEST REPORT. Earnings for 10 months to Oct. 31, 1908, compared with the same period in 1907, were: Gross. Net. 1908 $20,147,195 $4,622,425 1907 22,272,083 5,742,035 DIVIDENDS. Preferred . Common . 1900 5% 3% 1901 5 % 3'Wo 1902 5% 4% 1903 5% 4% 1904 5% 4% i9°5 5% 4% 1906 5% 4% 1907 5% 4% 1908 5% 1% 1900 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1906 1901 1902 1903 1904 1905 1907 1908 Preferred.. 103^ June 115%Apl. 118 Jan. 100 Oct. 100 Jan. 115^ July 110 Dec. 85 Dec. 85^ Feb. 118 Dec. 119^ May 124^ Nov. 119 Jan. 115 Nov. 121J4 Mch. 118 Jan. 108^ Jan. 99 Nov. Common... 55 June 73 May 93 Nov. 66 Aug. 68H May 93^ June 89 Dec. 48 Nov. 47H J""e 76 Dec. 101 Nov. 108^ Aug. 99^ Jan. 93^ Dec. 108% Apl. 109^g Jan. 92^ Jan. 70^ Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 3 4 5 6 7 9 10 11 Pfd. Com. •••-••• 54-54 Election Day. ••■-••• 54J-54J •••-••• 55 -55 ....... 56-57* 96 -96 58^-58^ ....... 59-60 98^-98! 60 -6if ....... 60^-62 Nov. 12 13 14 16 17 18 19 20 21 Pfd. 99 -99 Com. 62J-63J 631-69! 69 -6gi 67 -69i 67f-68i 67§-67l 65 -66| Nov. 23 24 25 26 27 28 30 Pfd. Com. ....... 65^-65! ....... 6 5 i-6 5 i 99 -99 66J-68 Thanksgiving Day. 99 -99 68 -68 66.1-66.', GIBSON'S MANUAL to? LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 " 2 " 3 " 4 " 5 " 7 " 8 9 " 10 Pfd. Com. 664-664 662-67' 67 -67I 68 -68^ 68i-68i 69 -69 68J-69I 69^-695 I). n 12 14 is 16 17 18 [9 21 Pfd Com. 68 -69^ 69 -70-J 68 -69 68 -69 68 -68 65 -662 6si-6si Pfd. Com. ....... 66 -66* ....... 6;i-6 7 l ....... 68 -69 Christmas Day. Extra holiday. ....... 683-69J ....... 69L705 99J-995 69 -70 1 , ....... 70-70 These are investment stocks and have not been active on the New York Stuck Exchange. REMARKS. A majority of the common stock of this road, or $30,207,700, is owned by The Lake Shore & Michigan Southern Railway, but the company is operated and reports separately. In June, 1908, no dividend was declared on the common stock. The "Big Four" might have paid a dividend, but, considering the state of business, the directors did not wish to take the responsibility of declaring one. The road is in first-class condition, and its new facilities are expected to make it a big money earner in the future. Securities owned, Dec. 31, 1907, stocks, $2,049,971 ; bonds, $1,482,530. During 1907, this com- pany sold 45,000 shares of Chesapeake & Ohio for $2,586,475. Since 1900 the capitalization of "Big Four" has increased from $95,152,040 to $121,669,027. The company has issued $5,000,000 of 4 per cent, gold notes due in 1914. In January, 1909, the Edwin Hawley syndicate bought $3,000,000 Chesapeake & Ohio stock from this company. Officers: President, W. C. Brown; Senior Vice-President. William C. Brown; Treasurer, Charles F. Cox; Secretary, Dwight W. Pardee. Directors: Hamilton McK. Twombly, Walter P. Bliss, James D. Layng, Frederick W. Vanderbilt, William K. Vanderbilt, J. Pierpont Morgan, Chaun- cey M. Depew, William H. Newman, W. C. Brown and James Barnett. Fiscal year ends Dec. 31. Annual meeting, last Wednesday in October, Cincinnati, Ohio. Main office, Cincinnati. New York office, Grand Central Station. Traded in on the New York Stock Ex- change (Listed Department). io8 GIBSON'SMANUAL Colorado C& Southern Railway lionded indebtedness, June 30, 1908 $56,724,116 First preferred stock, 4 per cent, non cumulative 8, 500,000 Second preferred stock, 4 per cent, non-cumulative . 8,500,000 Common stock 31,000.000 Total capital 104.724,116 M ileage 1,952 Per mile capitalization $53,649 Fixed charges, 1908, per cent, of net income 48.85 I Iperating expenses, excluding taxes, per cent, of gross, new basis 67.18 EARNINGS. Near ending Gross Net Net P. C. of June 30. Op. Rev. Income. Gross Inc. 1900 $4,237,742 $945,390 22.1 1901 4,794.649 1,124,524 23.2 1902 •• 5,580,326 i,379-362 24.4 1903 6,142,989 1,293.753 22.1 1904 5.702.687 1.249.799 21.7 1905 6,228,744 1,482,183 23.6 1906 11,653,446 3.908,508 33.1 *i9°7 i3.373.8oo 4,056,984 30-6 :: i9o8 14,280,535 4,634,961 316 * Inter-State Commerce classification. LATEST REPORT. Earnings for six months, ending Dec. 31, 1908, compared with the similar period in 1907, were: Gross. Net. 1908 $8,088,654 $2,921,120 1907 7,843,812 2,867,138 Earned on Surplus. ( ommon. $193,611 329,258 807,205 664,158 500,000 1,050,812 3,246,291 2.3 % 4,699,268 4.1 % 6,538,852 4.81% DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 2% 3i% ZYfo 00 2% 4% 4% 4% 000 4% 4% First preferred. . Second preferred. Common o o o o o o o o 2% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. L900 1901 1902 1903 1904 191 S 1906 1907 1 ! 'i 18 First pf Jan. 79 Dec. Second pfd . 14 Sept. 16 Jan. 28 Jan. 17 Aug. 17 ,s June 32J4 May 43 May 29^ Nov. 393 1 Feb. 20J4 Mch. 28J4 Dec. 53% Sept. 48 Jan. 37 y a Nov. 55 Dec. 59 Dec. 58^ Jan. i,4'.. Nov. 1 lommon . . 5 Sept. 6 .Jan. 145-g Jan. 10 July 13J/. June 22] , Jan. 29H Jan. 17 Nov. 21 Feb. Dec. 18 Apl. 35& July i Jan. 24% Nov. 301/S Dec. 40% Oct. 38% Jan. 59 Dec. GIBSON'S MANUAL 109 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May June 1900 . . . istPfd. 39 -44i 43 "444 43 -47i 42 -46 383-424 40 -44* . 2d Pfd . I4i-i5! 15 -17 164-204 17 -20 i5*-i7 16 -19} . Com . . . 5i-6 5§-6i 6-7f 6 - 7\ 51-64 5*-6f 1901 . . . 1 st Pfd. 40 -44i 40 -48 424-49i 45i-564 424-55 5o3-53i . 2d Pfd. 16I-18 I7i-2li m-24i 20 -283 18 -264 22j-24| . Com . . . 6f- 84 7hul 8 -124 10I-18 94-17 I4i-i64 1902 . . . istPfd. 59i-63 63 -7oi 683-73* 7°3-75i 70 -73* 694-71* . 2d Pfd. 28 -304 30 -38} 36i-46J 4ii-47 4o*-454 42 -444 . Com . . . 144-iSi 15^-23} 22 -28J 27 -33 284-32 30.1 -3 1 1 1903 . . . istPfd. 69^-72 694-713 64 -694 62 -67 62 -654 56 -63 . 2d Pfd. 441-48 43 -46 383-423 35 -4o4 284-38 25 -29* . Com . . . 284-31* 28I-30I 25 -283 224-263 183-25I 15 -194 1904 . . . 1 st Pfd. 54 -58i 52 -57* 523-55} 531-56 50 -53 48 -49 . 2d Pfd. 28 -28! 22 -264, 22§-26f 224-254 19 -224 1 74-20 \ . Com . . . !5 ~ l 9 144-18 I5i-i8* i64-i8f 144-16} 134-16 1905 . . . 1st Pfd. 604-63 614-64-I 594-624 59 -624 52 -S8i 57 -59 . 2d Pfd. 351-37* 361-391 34~-37t 35 -39* 324-352 341-37* . Com . . . 22^-25-1 243-26J 23 -27 • 25 -3»4 24 -28 26-I-274 1906 . . . 1st Pfd. 68 -72! 7°§-73i 694-724 664-72I 664-704 67 -70I . 2d Pfd. 53 -56f 504-54 48 -51* 47 -5if 43 -49 47 -523 . Com . . . 291-37 32*-55f 32*-35 3!f-36 30 -34? 33 "34* 1907 . . istPfd. 65 -69* 66 -67* 583-663 57i-6i* 56 -60 57 -6of . 2d Pfd. 54 -58i 531-58 44 -55* 463-49 40 -47 403-474 . Com . . . 33 -38* 32 -37i 22H4 25 -284 21 -254 224-25! 1908 . . istPfd. 5o|-52f 5U-521 5^-564 54 -603 58 -60 57 -59 J r . 2d Pfd. 4i*-44* 391-43 404-47-J 44 -51*. 48 -51J 464-50 . Com . . . 23I-26I 21 -2SJ 224-253 243-32 294-33 293-31* July Aug. Sept. Oct. Nov. Dec. 1900 . . 1st Pfd. 40J-42 4IS-424. 36 -41 364-39* 39$-443 424-464 . 2d Pfd. 16 -16* i64-i63 14 -i64 14 -i64 16 -19 17 -19* . Com . . . 6- 6| 6 - 6| 5-6" 54-64 5*- 7i 6*- 83 [901 . . 1st Pfd. 48 -53 49f-58i 53 -57l 524-544 534-5". 55*-6o . . 2d Pfd. 20j-24i 21 -27 234-274 23 -25 24 -28} 24^ --*■■; . Com . . . 12 -I5i 124-15 * 12I-154 13 "I4§ i3f-i5s I3i-i54 1902 . . . istPfd. 72 -781 77 -79i 724-79 69 -74l 68 -73! 66 -70 . . 2d Pfd. 43i"49* 471-531 471-53* 43i-5i4 424-49 40 454 . Com . . . 3of-35l 32 1-35 3o4-35i 294-34* 27 -32 : t 244-303 1903 . . . istPfd. 484-58* 444-544 47^-54 47*-56} 504-56 5i*-55* . . 2d Pfd. 20-1-28I 17 -244 18 -23} 184-234 194-22* 21 4-24 1 . Com . . . 10 -184 11 -iSi iof 144 1U-13* nf-134 13 -16} 1904 . . . 1st Pfd. 48 -50j 48 -52 48 -51I 5o3-55* 53 -M 55 -63 . . 2d Pfd. I9J-22 19J-22J 21 -28 26 -3 1 4 30 -37*. 33 -37 s . . Com . . . i 4 1-i6J 10I-17 1 5 4-20 J 18 -23! 21^-24;! i9*--'3s [90s . . . istPfd. 58-63 614-64 60 -62f 614-634 61 -64! 64 -69^ . . 2d Pfd. 37i-4o2 391-443 391-45 1 42 -443 42 -444 444-55 . . Com. . . 27 -29* 271-293 27 -284 274-29J 25 -29 28 -30 1 1906 . . . 1st Pfd. 67 -70J} 683-7 1 f 67^-60^ 674-69I 68 -69', 663-' »i'. . . 2d Pfd. 45 -52| 50 -53* 49 -5 1 4 503-589 55^-5;; 55 -59 . . Com . . . 3^-37 363-38J 35 J i-373 364-40$ 39l-39i 35 -38* 1907 . . . istPfd. 57l-6of 51 -59* 5i*-56i 424-53! 41 -45f 442-5-' . . 2d Pfd. 44*-47S 40 -45 1 42 -44.I 31 : ; -42 * 29i-35 34 -424 . . Com . . . 244-273 21 -27I 22 -24I 18 -22 17 -i83 177-24 1908 . . . istPfd. 58f-62i 61 i-65 64 -663 6 4 i-67, C>7 -7<>s 694-79 . . 2d Pfd . 48f-52i 52 -58 57 -59i 57 -59* 59K>4'> 59 4-6 4 4 . . Com . . . 3«2-3 2 i 32 -:/>'" 35i-40 391-43* 4i*-49l 483-59 MM GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. 1st. Pfd. 2d I'M. Nov. 2 ...... ... 59i-59i 67I-67I 3 Election Day. 4 59l-6o 67 -67! 5 S9J-6o 67J-68 6 59J-6oJ 68 -68J 7 60I-61I 68^-681 9 6i|-62j 69 -69I to 62I-64 69 -69I 11 63 -64! 69 -693 12 631-633 69 -70 13 ■• • ■ •• ■• 63^-64 693-093 ' l 63^-63! 69 -69! [6 63 -63$ 691-69! Com. 42 -42 f Nov. 42§-43 4ii-43 42i-43 \ 43 -431 43 -441 1 " 441-481 46I-48 46 -47 45f-46§ 4Sf-461 1st. Pfd. 2d Pfd. '7 [8 Com. 69I-/0 45H6 691-69! 43--4"! 69 -69 451-46 693-69i 441-453 69 -70 441-45! 69 -70 44l-46g 693-70 46J-47 70I-70I 46f-47l 26 Thanksgiving Day. 27 623-63* 691-70 471-481 28 631-63! 693-70 48f-49'-' 3o 634-63$ 695-69! 48I-49: .... 6 3 ;-b 4 62 19 62 -62 20 61 -62 21 6ll-6lJ 23 62 -62^ 24 62^-63 25 • • 6 3 "-6 3 ! LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. 1 )ec. rst. Pfd. 1 69^-695 2 691-70*, 3 73 -7H 4 -•■• 7 ■ . 70I-71I 8 7i!-73 9 72f-74! i" 74 -74! 11 721-74 12 72\-J2\ 14 72l-73i 15 72!-73 16 73!-74l 2d Pfd. 63I-63! 63I-63! 62!-65 65 -651 641-65S 644-68 69 -70 694-704 684-70 67i"-68! 674-68 68 -685 67!-68i 69 -70 Com. 48|-5oJ 50I-51I 49i-52l 52J-541 53i-54! 54l-5Si 57 -58 58-59 54 -561 541-55 55i-56? 541-551 551-571 1st. Pfd. 2d Pfd. Dec. 17 17 731-74! 18 7ii-7$: 19 74g-76 21 751-76 22 76-79 23 24 25 26 69^-70 691-69-1 -o -731 73^-75 741-76 74 -743 Christmas Day, Extra holiday. .. 761-76J 741-74! 29 76 -76I 74 -74} 30 75-76 731-731 31 76 -76f 73 -74 77 -78! 76 -76! Com. 55&-57S 551-57 57 -58 1 56I-58V 571-58 57 -57l 56J-57! 57 -571 574-573 571-57! 57 -571 MARKET MOVEMENTS OF COLORADO & SOUTHERN, FROM 1900 TO 1908, INCLUSIVE. GIBSON'S MANUAL nr REMARKS. Colorado & Southern lias played an active part in the development of the Reeky .Mountain region and is beginning to experience the benefits of useful public service by transacting a larger business. In the annual report for 1907 there is a discussion of the relation of the railroads to the people and an argument for protection of the railroad interest which investors may read with satisfaction. The last $300,000 of the first mortgage 4 per cent, bonds, which will be held by the public, has recently been listed on the New York Stock Exchange. Securities owned, June 30, 190S, were $11,732,190, excluding the company's own bonds in the treasury. The capital stock of Colorado & Southern has remained unchanged since iqoo, but the bonded debt has increased $38,000,000. A\ nile retarded somewhat by general financial conditions in 1907-08, construction work and im- provement of terminals, especially in Texas, have been pushed with considerable energy, and the out- look for heavier traffic is now promising. Dividends on the common stock were begun in 1908 by declaring 2 per cent., payable Dec. 15. Officers: President. Frank Trumbull; Vice-President, A. D. Parker; Chairman, Grenville M. Dodge; Treasurer and Secretary, James Steuart Mackie. Directors: Grenville M. Dodge, Harry Bronner. Henry Budge, Walter S. Crandell, Edwin Haw-ley, Henry E. Huntington, William Shillabcr, Frank Trumbull, Henry Walters, Levi C. Weir, Hans Winterfeldt and B. F. Yoakum, Fiscal year ends June 30. Annual meeting, third Thursday in November, Denver, Colo. Directors meet second Thursday in each month. Main office, Denver, Colo. New York office, 71 Broadway r . Traded in on the New York Stock Exchange (Listed Department). MJ GIBSON'S MANUAL Colorado Fuel and Iron Company Bonded indebtedness, 1908 $19,945,000 Preferred stock, 8 per cent, cumulative 2,000,000 Common stock 34.235.500 Total capital •. $56,180,500 Fixed charges, 1908, per cent, of net income 4275 "> car ending June 30. Gross. 1900 $10,350,030 1901 12,246,546 190 2 13,860,593 1903 16,653,960 1904 *8,625,675 1905 18,615,017 i 1907 I90S Preferred . . 407° 8% 8% O Common . . 3** 3 ! ' O The large amount paid on the preferred in 1900 \vas due to arrears for four years, which were discharged in one payment. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred.. 117 Oct. 116 Mch. 130 Jan. 65 Dec. 58J4 Oct. 80 Aug. 80 July 31 Oct. 60 Aug. 131Jaj . '" 2<> Extra holiday. - 26 _■■ 26 " 29 25} 26 " 30 25 J 252 •• 31 26 REMARKS. Tlie company own- no securities, except 80,700 shares of its own common stock. Whenever a sufficient number ot cars can be obtained, the company produces normally between ■' and 4.000 tons of coal a day. In November. [907, the output was 70.000 tons, but the panic caused a change, and in January, 1908. the tonnage had declined to 19.000. It is now on the rising u r rade. Officers: President. N. C. L. Kachelmacher ; Vice-President, L. C. Lathrop; Secretary and Treasurer, A. L. Thurman, 37 Broad Street, New York. Directors: In addition to the foregoing, T. I'. Linn, D. X. Postlethwaite, C. M. Voorhees, H. S. Haskins, R. F. Little and H. O Seixas. Fiscal year ends March 31. Annual meeting, third Wednesday in May. Columbus, Ohio. Office, Columbus, Ohio. Traded in on the New York Stock Exchange (Listed Department V GIBSON'S MANUAL 117 Consolidated Gas Company, New York Organized Nov. 10, 1884, under the laws of New York, as a consolidation of six illuminating gas companies of New York City, viz: the New York, Harlem, Manhattan, Knickerbocker, Munici- pal and .Metropolitan. Later the company acquired a number of gas and electric light concerns which gave it control virtually of the whole gas and electric light, heat and power business of the Borough of Manhattan. It also supplies some of the northern suburbs, including a part of Westches- ter county. The company now contemplates transferring the manufacture of gas from Manhattan to Astoria, and, on a tract of 350 acres, has -created there a huge plant, capable of producing 150,000,- 000 cubic feet a year. This property is owned by a subsidiary, The Astoria Light, Heat & Power Co. Bonded indebtedness $H4 2 54,39 I Capital stock (authorized $100,000,000) 80,000,000 Total capital $194,254,391 EARNINGS. Consolidated Gas makes few public reports of earnings, but has, from time to time, issued a bal- ance sheet, from which, however, very few facts can be gleaned. In 1905, a Legislative Committee from Albany made an examination of the affairs of the company and submitted a report of the com- pany's earnings, covering the four calendar years of 1901 to 1904, both inclusive, viz: STEVENS REPORT. COMPANY'S BALANCE SHEET. Year Ending Gas Net Net over Surplus Dec. 31. Sales. Income. Surplus. Interest. for Year. 1900. . $7,918,404 1901 . . .$10,290,332 $4,732,512 14,095.755 $7,328,000 $1,500,000 1902. . ■ ii,499.439 5,297,525 2,622,837 7,932,000 2,100,000 1903.. . 12,774,240 5.793,951 1 5,264,070 8,475,080 2,500,000 1904- • . 13.167,610 6,273,813 * 1 8,804,335 9,000,000 2,600,000 * Includes "capital stock" premium, $14,322,217. Year ending June 30, 1907: From a report to the Public Service Commission, it appears that Consolidated Gas earned in the fiscal year $12,051,189, gross. Net income from all sources, $4,039,191. This was not quite enough to pay the 4 per cent, dividend and a small sum was taken from Surplus Profits account to complete the payment. Surplus, June 30, 1907, $1,989,489. For the six months, end- ing Dec. 31, 1907, according to a report of the Public Service Commission, gross earnings were $5,860.- 439. Net income from all sources (operating revenue, $241,206; other income, $2,498,806), $2,740,012 Surplus Profits account, Dec. 31, 1907, $2,239,959. Gas sales suspense account, to be restored to custo- mers, $4,389,909, this being carried on the books as a separate account. DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 6% 8% 8% 8% 8i% 81% 5% 4% 4% nS GIBSON'S MANUAL LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 l"n- 1903 1904 [90S 1906 1907 ' 164 Sept. 1'"' Jan. 187 Jan. 2D5 Dec. 238 Apl. 230&Apl. 164 Au K . 185 Feb. Ill Jan. 220 Oct. 175 Nov. 214 Mch. pi. 74 Oct. 181] , Jan. 14(i' , Mch. Jan. I67J4 Nov. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Ian. [900 186J 1901 187 [902 213 1903 2I 5 1904 189 1905 1944 1906 i68i 1907 i33 1908 96 July 1900 I/4-18 1901 210^-22 I9O2 22\\ 1903 l8l| I9O4 192 I905 l88 I906 I32i I907 Il6] I908 '. 124 [99 I96| 22' 1 i 222 lyoi 204I 181 i 139 io5 : ; Feb. [794-196 Kii. 1-195 216 -223I 2I2J-22 1 1 185 -loo] 20I&-2II I56 -l8l 133 "MO 97 -103 .Mch. i74i-i93 192 - _■ 1 1 i , ; 217 -2 2 j 201 -213 1 ss; -20 1 204 -214 142.1-157^ 110 -140} 96 -117] Apl. May. June. i8o| 212 202i 197 199 I30S i23i 112I i93 238 2.V ' I 213j -210.1 ■207 U5 ■134 1 ■123 18I [95 2 1 ' I 1 f95i 202J, [844 132] 1 1 1 119 I.ju.l 22X ■227 212.I 202 141 i37l 129 Aug. Sept. Oct. Nov. 1714 218 2lS{ ,s 7 1 88 j 186 137 1 i3i 1214 •1924 22(> 222 1994 204i 193^3 i47i 121 126 Dec. -2254 194* 196J I9 2 « 141 1 22 J 141T i6 7 i 217 • 222^ 164 1931- 185 " 135 " 992- 134 - i79l 2294 -225 i -187I 1974 193 142:; 119 147I 164 -175 215^-226 217 -226 165 -176J 195^-211 180J-187 [3Sl"i4ii 961-107 136 -1545 i6 4 4- 210] 211J- 1694- 209^ 182 i37i 74 139 179 219I V7% -220 1903 1432 102.I 148! 1724 213 209 - 1734- 214 175 137 8o4 143* •201 -22? 2i8| ■i7!»l i9i 5l 1401 96 167* -18 IOOj 21I4- 205 178 1934 175 1 374 90 1573 •1974 220 ■2174 196V •2l6| i86| ■141 98a 167 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. Nov. 2 144 H7s 3 Election Day 4 1444 HH " 5 : 442 1474 6 145" H6J " 7 1454 147 " 9 WSl H7i " 10 " u 1424 I44t High- I54i Low. Nov. 23 151 24 iS3f l b72 157^ iS9i . . . Thanksgiving Day 1574 l6 5 i6i| 167J 160J 163A LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. High. 1 >ec. 1 1623 [663 2 163s i<", " 3 163I [64I " 4 1623 1654 5 1624 [foi " 7 [I i66i - 8 163J K4I " 9 163! "'3l " i" 163C 165J I a IW. 1 >ec. 22 159 23 24 ir,I 4 2=; Christmas Day 26 Extra holiday High. 162 [62| i«3i 28 29 30 3i 1 ' *2 : 163 162} l62| 165 if. 4 : ; 163 i< i6 4 i GIBSON'S MANUAL 119 MARKET MOVEMENTS OF CONSOLIDATED GAS, FROM 1900 TO 1908, INCLUSIVE. Tn June, 1904, the stock sold down from 212^g to 188J4 ex-rights; rights about 16. The fall in 1906 was on the 80-cent gas law and reduction of the dividend from 8J/2 to 5 per cent. 120 GIBSON'S MANUAL REMARKS. total capitalization of Consolidated Gas in 1901 was $73,212,754. It has since increased to $194,254,391. Securities owned, Dec. 31, 1904 (last report), $55,938,648. In 1904. the company issued $20,000,000 of per cent, debentures, convertible into stock, at par, at any time up to Jan. I, 1909. The outstanding debentures are payable July 1, 1909. To provide for conversion, the capital stock was raised from $80, 000,000 to $100,000,000. In 1906, a law was enacted at Albany to compel Consolidated Gas to lower its rate for gas from tlie old price of $1 per 100 cubic feet, which bad prevailed since 1901, to 80 cents, except in out- lying districts. The company contested the validity of the law. After prolonged litigation, the United Slates Circuit Court pronounced the law unconstitutional. The case was taken to the United States Supreme Court, which appointed the hearing for Oct. 13, 1908, and later postponed the argu- ment until November. Decision was rendered Jan. 4, 1909, and was adverse to the company to this extent, Chat the Court requires the company to test the question of its ability to earn 6 per cent, upon an 80 cents basis. If experience shall demonstrate the impossibility of so doing, the company may apply again to the courts for a rehearing. The company is (.March, 1909 ) refunding to customers the amount paid by them in excess of 80 cents per cubic foot. Total amount deposited under order of the Courts, and to be refunded, $9,038,629. The company continued to charge $1 for gas until after the decision, but, by order of the Court, deposited all money collected over the rates, fixed by the law, with the Special Master. Dec. 31, 1907, the amount so deposited was $6,337,340 In the Spring of 1908, application was made for return of this money to the company, but was refused, pending final adjudication of the case. Dec. 31, 1907, there was due the company from the city of New York the sum of $6,184,341, payment of which is for the present withheld. The Circuit Court and the Special Master have appraised the property of Consolidated Gas at $5-b957o35> not including "securities owned," which would add many millions to that amount. The Astoria investment was appraised at $12,000,000, and the Astoria franchise was valued at $12,000,000 by the Court and at $30,000,000 by the Special Master. Officers: Chairman.. Harrison E. Gawtrv; President, (vacant); Vice-President, Walter R. Ad- dicks; Treasurer, James A. Bennett; Secretary, Robert A. Carter. Trustees: H. E. Gawtrv, John W. Sterling, W. Rockefeller, George F. Baker, F. A. Vanderlip, Samuel Sloan, Moses Taylor, W. R. Ad- dicks, S. S. Palmer, A. N. Brady, Arthur H. Elliott Walter P. Bliss and Louis M. Greer. Fiscal year ends Dec. 31. Annual meeting, Monday preceding the last Friday in January. Directors meet last Thursday of every month. Executive Board meets every Tuesday. Main office. 4 Irving Place, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 121 Corn Products Refining Company A consolidation of the former Corn Products Co. (which was organized in 1902) with The New York Glucose Co., The Warner Sugar Co., of Waukegan, 111., and The St. Louis Glucose Co. In- corporated under the laws of New Jersey, Feb. 6, 1906. In substance, the stockholders of the old Corn Products Co. surrendered in the reorganization one-third of their holdings in order to acquire an entire interest in the three other companies named. A complete merger of the old Corn Products Co., with the new one was ratified June 29, 190S. The principal controlled properties in addition to those named above, are The Oswego Starch Co., The National Starch Co., The United States Glucose Co., and Cereal Sugar Refining Co., while there are a number of other smaller ones. The company manu- factures glucose, starch and other products of corn. It is one of the Standard Oil enterprises. Bonded indebtedness, Feb. 29, 1908 $2,385,000 Preferred stock, 7 per cent, cumulative 29,579,600 Common stock 49»379>7oo Total capital $81,344,300 -EARNINGS. Total Year ending Feb. 29. Receipts. Net. Surplus. 1902 Not reported. Not reported. $739,736 1903 $4,142,522 $4,013,841 2,587,775 I9°4 i,643>293 1,490,017 353,051 1905 1,805,589 1,689,466 126,022 1906 Not reported. Not reported. Not reported. 1907 2,351,269 41,540 1908 3,556,236 1,035,608 *1902 to 1905. inclusive, Corn Products Co., 1907 and 1908, Corn Products Refining Co. General profits of all companies, year ending Feb. 29, 1908: Gross, $6,023,397; net (over in- terest, reserve for profit sharing and other deductions), $2,846,743. DIVIDENDS. 1903 1904 1905 I906 1907 1908 7% 7% 2|% 3% 6% 6% 3% 1% O 1902 Preferred $1% Common o Previous to 1906, the foregoing dividends were those paid by The Corn Products Co. LOW AND HIGH PRICES, BY YEARS, SINCE 1902. 1902 1903 1904 1905 1906 1907 1908 Preferred . . . . 79^ Dec. 90 Mch. , , 26J4 Dec. 3SH Mch. 60 Nov. 85^ Jan. 15j4Nov. 35 Mch. 65 Mch. 82 % Nov. 954 May 26J4 Nov. 40 Aug. 79 Jan. 8H June 22y A Feb. 74y 2 May 85^ Apl. 18J4 July 28 Apl. 46 Oct. 88 Jan. 8 Oct. 2454 Jan. 5(5 Jan. 80 Aug. \0y 4 Feb. 20 y 2 Aug. These quotations, 1902 to 1905, both inclusive, relate to the stocks of The Corn Products Co. hi 1906 and subsequently, Corn Products Refining. 122 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov 2 ■ 731-733 ....... Nov. 12 . . •• 75^7^ I'li-I.)! Nov. 23 . . . . - . 18}- 19 .. 3 • Elecl Day. " I3-- ■ 7" 76! I9:j- m! ■' -'-1 ■ ■ • • 76-7"! 19 -19I! 1. 4 • ■ 74 -74 [8 [9 '■ 14 . . • 7>>\-7<>\ I'WIW - 25 . . • ■ 7--1 r-l iQi-io? 5 ■ ■ 75 ~75± [9 11! " t6.. . 76 7 6 19 -igi " 26.. Thanksgiving I )ay. " 6 . ■ 75 -761 i8J-i9fl " 17 • • ■ 75>: 76 19 -19 •' 27.. .. 76 -76* 19 -191 7 • ■ 76 U)\-l<)!. - [8 .. 75i _ 753 [9 [91 •• 28 . . ■■ 761-764 19 -19 9 • ■ 77 lo! 20| [9 . . • 75l-75i i81-i I8I-MI 10 . — 1 -- 1 in ;-_'.>! " JO . . ....... 18 -I'll (i 1 1 . 7" -7 ( '-i I9§-20 " 21 . . ...... ....... LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I ice. 3 4 5 7 8 9 10 Pfd. 76 -76 7?l-7^ 751-76 76 -76 ...-76 75f-75§ 76 -76 Com. [8| [8J I8J-I8J I85-I8-5 1 X ', 1 8 1 1 S .', - 1 S _'. is 1 . [81 18 -i8i 18 -18I i7i-i8 I >ec. 1 1 " 12 14 " IS '• [6 " 17 " r8 " i9 " 21 Pfd. 76 '-76' 75 -76 74^-75 74 -74k 73 -73^ 73 -72,1 7^,-72 7IJ-7U Com. i7hiH 1 lec. 22 . I73-I7-J " 23 . 17I-18 " 24. I7i-i7f 25 • 17 -17% " 26 . ....... " 28 . i7l-*7i " 29. i7i-i7i 30. i6i-i6J " 3i • Pfd. Com. ....... 17-17 ....... I7i-i7s ....... 17-17 ( hristmas Day. Extra holiday. ....... 17-17} I7S-I74 I7I-I75 REMARKS. No separate report is made of "securities owned." The last balance sheet valued the "plants and securities" at $81,112,602. When the new company was formed, certain of the works of the subsidiary companies were fqund in a deplorable condition, and the policy was adopted at once of devoting a large portion of their profits to putting the plants in shape to compete with the most modern works. For this reason the com- pany has not felt it expedient to pay the full amount of the cumulative dividends on the preferred stock. In the fiscal year ending Feb. 29. 1908, nearly $2,000,000 was spent in new construction and better- ments. In October, 1908, the company borrowed $1,000,000 on 5 per cent, notes, to run 6, 12 and 18 months. It is expected that the notes will be paid from the proceeds of certain real estate, which the company proposes to sell. In March, 1909, Corn Products started up all its factories, on full hours, for the first time since the panic. Officers: President, E. T. Bedford; Vice-President, W r . J. Matheson; Treasurer, F. T. Bedford; Secretary, F. T. Fisher. Directors: E. T. Bedford, W. J .Matheson, F. T. Bedford, W. H. Nichols, E. B. Walden, F. O. Barstow, Charles M. Pratt, J. A. Moffett. Rudolph Winterman, C. M. Warner, Joy Morton, G. M. Moffett, Thomas Kingsford, J. B. Reichman and Wm. W. Heaton. Fiscal year ends last day of February. Annual meeting fourth Tuesday of March, New York. tors meet, quarterly, third Tuesday of March, June. September and December. Office, 26 Broad- way, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL r.23 Crex Carpet Company A corporation, formed in Delaware, June 8, 1809, to take over the Northwestern, the Minnesota and the Wisconsin Grass Twine Companies, the Walter A. Wood Harvester \\ orks in St. Paul, Minn.. the American Furniture & Manufacturing Co., of Brooklyn, X. Y., and the Curled Fibre Manufac- turing ( '<>.. of St. Paid. The last two concerns were combined July 3, [902, in the < rrass Products 1 >> . $1,200,000 of its capital stock of $1,500,000 being owned by American ( rrass Twine. In December, 1902, the Minnie Harvester Co. was formed, capital stock $6,000,000, all owned by American Grass Twine, to own and operate the Walter A. Wood Harvester Works, in competition with the International Harvester Co. Some of these ventures were not entirely fortunate, and the company found the carpet and matting business its best feature. The capitalization in 1907 was $15,000,000. The company owns 26,000 acres of grass lands. Within a radius of 50 miles around its plant at St. Paul, Oshkosh and Superior, Wis., there is practically an unlimited supply of grass. Patents have been taken out in nearly every civilized country on the globe. Its productions include hinder twine, mattresses, carpets, china matting and furniture made of grass twine. ( (ctober 14, 1908, the stockholders voted to change the name to The Crex Carpet Co., and to reduce its capitalization to $3,000,000, by an exchange of shares on the basis of one for five. The new name was considered to be more intimatelj connected with the business, which has given the company its reputation. Capital stock, $3,000,000. EARNINGS. Few annual reports have been issued by this company. The only ones on record show net profits in the calendar year of 1906 of $95,058; and in 1907 of $141,377. DIVIDENDS. 1900 1 90 1 [902 K103 1904 1905 1906 1907 3!% 2 1 '.; LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1908 2% 1 90 1 1902 1903 [904 1905 1906 1907 1908 1908 3' r; Dec. 45 Nov. 27 Dec. 6 Dec. 5 Aug. 4|Aug. 7 J May 3 Oct. 3£J an - 62^ Aug. 29! Jan. 14 Dec. 14 Jan. nf Jan. A] Jan. io§ Oct. 474 Oct. 49!^ Dec. This stock was first traded in Nov. 25. iocr, on the Xew York Stock Exchange. It disap- peared on Oct. 16, 1908. Oct. 19 Crex Carpet Co. appeared in its place, the price in the initial trading being 48. Note: There were practically no transactions in the stock in November and December, 1908. In November, on one day, the stock sold at 48. In December there were a few trades at 49 to 49f. REMARKS. The company claims to have paid off its floating debt and that it has increased its business by advertising and to have experienced a steady growth in the popularity of its products. In January, 1905. the company reported that $650,000 had been paid into its treasury by former directors, representing unearned dividends declared while they were in office. Upon the formation of the new company, an initial dividend of 2 per cent, was voted, payable in December. Officers: President, John M. Robinson; Vice-President and Treasurer, George E. Lindley; Sec- retary, W. A. Pfeil. Directors: R. E. Cochran, John Kilpatrick, G. E. Lindley, H. E. Moller, J. D. Probst, J. M. Robinson, N. W. Robinson, T. C. Stump and J. M. Satterfield. Fiscal year ends March 1st. Annual meeting, first Wednesday in March, Xew York. Directors meet monthly. Main office. Dover, Del. Xew York office, 377 Broadway. Traded in on the New Ycrk Stock Exchange (Unlisted Department). 124 GIBSON'S MANUAL Delaware C& Hudson Company ided indebtedness, Dec. 31, 1907 $32,077,000 « apital stock 42,400,000 D >tal capital $74,477,000 Mileage R 44 Per mile capitalization $88,242 < Iperating expenses, exclud ing taxes, pel of gross, R. R. department 1 ■ t 60. 1 2 EARNINGS. Year ending Gross Op . Rev. Vet Net P. C. of Earned on 1 tec. 31. R. R. Coal. Income. Gross Inc. Surplus. 1 1 immon. 1 1 100 .. $11,485,188 $7.35i-ii3 $6,129,264 47.6 $5,489,410 9.16% lOOI 12,178,683 17.318,770 7,602,748 4764 6,318,165 9.63% \Cp2 11 ,050,690 1 2,320,904 5,619,903 39-47 6,670,528 7-i3% 1 ■ "".; 13,642,954 20,543.417 9,200,017 40.1 6,593.154 11.37% 1904 15,071,124 19,583.988 8,256,404 38.99 6,800,573 10.86% 1905 16,382,075 20,949,555 8,724,073 37-83 6,989,481 "•43% 1006 17,050,029 18,571,342 9,387,010 443 7.483.282 12.58% KP7 • ■ 20,175,794 23,184,766 11,041,781 45-6 10,508,500 15-25% *Before deducting taxes. ''♦Figuring the railroad traffic alone, and excluding profits of the coal department. LATEST REPORT. Preliminary report of earnings for 12 months, ending Dec. 31, 1908, compared with the similar period in [907, shows: Gross. Net. 1908 $18,345,766 $7,534,045 1907 i9-998,703 8,304.274 DIVIDENDS. 1900 [90] 1902 1903 1904 1905 1906 1907 1908 S°/o 7% 7% 7% 7% 7% 7% 9% 9% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 io64. Sept. 105 May 153^ Nov. 149 Aug. 149 Mch. 17&4. May 189 May 123 Oct. 141^ Feb. 134! Dec- 1854. Apl- 184I Jan- 183^ Feb. ioo4_ Dec. 240! Oct. 2345 Nov. 2274. Jan. i8i§ Dec. LOW AND HIGH PRICES, BY MONTHS, SIN CE 1900. Jan. Feb. Mar. Apl. May June 1900 113 -119 115 -"7 1143-119^ "5 ' Il8 $ «3 -"5$ "o -"3$ 1901 1264-162} 151 -1745 162-174^ 171 -1854 105 -180J 164-170 1902 170J-184I i~ii-i75i 170-173$ i7of-i8o| 171 -184I 172-1765 1903 171 -180} 176-1834 1645-177 161 -168 168 -181} 1665-1755 1904 163-168* 154-168 149-1565 151^-160! 1523-158 15U-1564 1905 180^-186 185-196 187-194;.! 183-196;' 178I-188 1794-190} njo6 2175-2294. 204-2194. 202 -209=] 190 -215 189 -215 2094-231 1907 208 -227I 201 -214J 167-206 181 -193} 161^-190} 160 -171 1908 147-168 14U-15-'. I45i- I 58j 152^-161! 156 -i66f 15 7 -162 July Aug. Sept. Oct. Nov. Dec. 1900 110J-113I in4-ii44 ro6$-inf no -114 1125-1174 n5$-i34' 1901 154-168 157-170 159-160 1601-173; 168I-178I 168-178 1902 175 -i8i| 177I-181 I7i$-i8i| -178 153I-168 i53*-!74 1903 1601-174: 149-167$ 149-164 149 -158 151 -157 1621-1714. I 156 i c| 159J-165 163-170 o«)i-i86| 181 -189I 181 -1904 1905 t88^I04', t93 225 21] -221 2I4-2403 220-237 220-227J 1906 205-22I4 216-226 2I4-229f 214^-2263 2134-2345 2154-232 Kin" 1663 £73 147-1694 1524-1644 123-1574 U4-I35 I33I-I49 [908 160 -160 167 -174 160}- 174^ 165 -169 1674-178} 175 -i8if GIBSON'S MANUAL 125 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 167^-168 " 3 Election Day. " 4 im-ijii " 5 J 7i -i7 2 " 6 iji*- 1 /"-! " 7 i73i-i74i " 9 : "3 - 1 / 6 ! " 10 1742-176J " 11 174J-176 Nov. i-> 175 -175* " 13 i75-i-i/7i - 14 l 77 -I78i " 16 177 - : 77s " 17 l 77 -1771 - 18 1764-177! " 19 i75f- I 7 6 4 20 174,1-176 " 21 i75i~ I 76i Nov. 23 i75l" I 76 " 24 I73i-i74^ " 23 175 -177 26 Thanksgiving Day. " 27 176 -177*1 " 28 177 -177}, " 30 176 -177 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 2 176 -176^ 3 175 -i75i 4 176 -176J 5 J 76 -i77k 7 8 176 -177 9 l 77 -i77i 10 i77i-i79 Dec. 11 178-J-181 " 12 179 ~ 1 7 16,989,812 39.] 24,395,584 22.2% [907 37,264.473 19,540,189 40.I 29,244,912 38.5% 1908 32,898,495 18,930,191 36.9 34,638,996 40.8% ♦Including net earnings of coal department, which amount to between three and four millions a year, and, in [90 were £4,224,021. ...... **Figuring the railroad traffic alone, from the company's statements, taxes bemg herein included 111 operating expense. LATEST REPORT. Earnings for cue month to Jan. 31, 1909, compared with the corresponding period in [908, were: Gross. Net. 1909 $2,609,88.. $1,168,507 1908 2,518,556 'iXX.J?-: DIVIDENDS. 1900 1901 [902 1903 1904 [905 1906 7 "'"^ 7% 7% 7', 7% 17% in!'; 20% 20% 20% An extra 10 per cent, lias been paid, as above, in each year from 1904 to 1908, inclusive. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 [901 1902 1903 [904 1905 1906 [907 1908 171I Sept. i88| r an . 231 Nov. 230 July 250! Feb. 335 Jan. 437; May 369J Oct. 420 Jan. inn Dec. 258 Dec. 3)7 h'el). 276' Jan. 35' if Dec. 498^ Oct. 560 May 510 Jan. 575 Nov. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. Ma\ June tooo 174-180 177-186 1763-183; 177-182 176-178 1 7 5 i - 1 8 j 1901 i88{-202 194-198! 192-220 214-224 200-J-224 233 -242I 1902 253-281} 279J-297" 2781-288] 285-291^ 270-285 278-278 1903 262I-276'. 2'-,^ -27O 2543 -255 240 -255 250 -237 245 -253 1004 264 -275 25o!-27D 251 268 2<>7 -2^3'; 266 -276J 2-2 I9°5 335-345 34 I 500 -519 Aug. '/ S •182J 220 -23] 276 -281 i -'43 -248 27 1 275 4-42 -4/0 5001-530 440 -460 499^-5 -'4 Sept. 171: 217 -228 268 -284I 230 -238 300 450 -455 540 -545 404 -474 500 -535 Oct. Nov. 1 73 I-180 221 1 255 ^75 230 290 -T,2y 4S7i 55o 5'o -5351 175I-183 232 -249 23> -255 230J-240 315 "334 45-J-489 54-' -555 400 -410 535 -57? I lee. 182 -194J 240 -258 240J-262 239I-272 320 -3594 445 -460 515 -515 400 -425 550 -567 J Nov. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. 3 Election Day. 4-' 535 "5394 5 540 -545 / ■ 9- 10. 5472-550 555 "559* 561 -567^ 565 "575 11 565 -570 Nov. 12 13 068 -57- 14 16 568 -568 17 18 560 -560 " 19 565 -5"7 1 20 • 21 Nov. 23. •' 24. 25 561 -561 26 Thanksgiving Daw 27 564*-567 28 30 3- 4- 7 ■ 8. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. 9 555 -5"-i TO Dec. 11 564 -567^ 12 14 " 15 ^ 55o -559 i/ 563 -564i 18 555 "555 " 10 •' 21 Dec. 22 . " 23. -'4 • 25 Christmas 1 >ay. 26 Extra Holiday. 28 555 -559 29 550 -550 30 559 -559 3i REMARKS. The capital stock of this company lias not changed in amount since h>. Rockefeller, Jr., and William Fahnestock. Fiscal year ends Dec. 31st. Annual meeting, Tuesday before the last Friday in February, New York. Directors meet last Thursday of every month. Main office, 90 West Street, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 1-") Denver C& Rio Grande Railroad Bonded indebtedness, June 30, 1908 (see "Remarks" ) $84,137,900 Preferred stock, 5 per cent, non-cumulative 45,761, 400 Common stock 38,000,000 Total capital $167,899,300 Mileage, main line and branches 2,499 Per mile capitalization $67,186 Fixed charges, 1908, including taxes, per cent, of net income 55-24 Operating expense, excluding taxes, per cent, of gross, new basis 63.96 EARNINGS. Year ending Gross ***Nct p. c. Earned on June 30. Op. Rev. Net income. of gross inc. Surplus common. 1900 $10,246,080 $3.873»9 2 5 374 $1,976,300 0.6% iyoi 11,452,104 4,439,880 38.4 2,707,223 1.9/0 1902 17,036,828 6,871,047 39.9 3.377.643 °-9% i9°3 17.304-559 6,884,426 39.3 3.156,975 0.5% 1904 16,446,434 6,602,336 39.6 3,090,160 0.6% 1905 I7.P3I.507 7.o54,68o 40.9 3.223,347 0.7% C906 19,686,114 7,844,067 39.3 3.307.99 2 0.4% "1907 20,926,690 -7,683,929 35:8 3,469,5*6 0.6% :: 'i9o8 20,386,431 7> r 94,300 34.3 4,9 2 65i2 2.36% ^Reports for 1907 and 1908 are made on the basis required by the Inter-State Commerce Commis- sion, which shows a smaller net income than on the old basis. ***Takes, by this road, being charged to operating expense. **Net earnings, 1907, on the old basis, were $8,400,309. LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909, compared with the similar period in 1907; were Gross. Net. 1908 $12,528,224 $3,737,747 1907 i3-357,i44 4,412,937 DIVIDENDS. 1900 1901 1902 1903 Preferred.. 4% 5% 5% 5% Common. . . o o o o 1904 5? 1905 5% o 1906 S% o 1907 5% 1908 5% o LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1 1 )( ) 1 1902 1903 1904 1905 1906 1907 1908 Preferred. 64^ Jnn. 80 Jan. 86J Dec. 62 Nov. 64J Feb. 87ijan. 103] Jun. 96 J Aug. ooi Feb. 89 Dec. Common.. 16$ Jan. 2oJJan. 35$ Dec. 18 Oct. 1S Mch. 27] May 36! May 34> Dec. 53I May 51$ Aug. 43 Feb. 35$ Nov. 393 Dec. 51; Jan. 83I May 83 Oct. 91 ] Dec. 91 1 Jan. 53 Nov. 39 1 Mch. 8 3 iJan. 83} Dec. 16 Nov. 14] Feb. 42J Jan. 40J Dec. GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. . ...Pfd. 6»l ; Com. ; Pfd. 80 8 Com. 29J . 1902 Pfd. Com. 424-46 3 Pfd. 88 - Com. 39:[ I Pfd. " u-; r Com. toj 23J 5 Pfd. Com. 30I-33I 6 Pfd. 87 Com. 38 [907 Pfd. Com. 35J 1908 Pfd. :-,- Com. 19I-21I i8 -20J 42 -454 S7;-ooi 39i 43 64*7' I 89 3 2 -34 87f-9°J l-S-5 1 79 81 354-391 41 -58 I t!-20| July [900 Pfd. Com. [902 Pfd. 1903 Pfd. Com. [904 Pfd. 1 Pfd. ■ Pfd. Pfd. 1 - : 1 64* i7 »7l 39 -67! -18 1 971 -953 76i-8 3 J 2I*-2<)! 70 21 22| 3 2 * 371-44 70 - -'7 -29i 62 -67 •^7 : ; Aug. 66J-68$ 18 -19I SSl-94^ 4oi-46i 923-963 44 -5!f 7^ -79 20 -26* 7"j-77i 22 -2(54; 86{-9o 31I-36J 84 -87f 4^ -45l 64J-70 20 -28* 65 1-68* 26 -27! .Mar. 7i -• 19 -4l 100 3/1- 90J-92 424-444 85 1 -88 36 . 654-70 18 875 3 2 2" 861-88! 42J-46J 694-78^ 284-37} 394-59 14^-21! Sept. 654-68 i74- x 9f 90 -07 1 42 -5i4 90 -96I 424-51 673-69 194-254 76J-82I 24|-29^ 88*-9o| 334-37* 85 -86 41 3-44 i 651-69 22j-25| 65 -^ 2(51-28; Apl. 694-75 19 42 i -474 90S 41 -47 834-87 334 20 22| 85 -90j 31 -354 85 90I 40 75 -77 284-3 iS Sii-60 l8f-2l| Oct. 66 -71 18J-20J OoJ-934 424-45f 88I-93 4ol-46i 64 -71 18 -21I 81 -84} 283-3- I 86 -So 7 33 -353 83 39 -43 § 56 -67 1 73-M 1 66 - 27 -30 1 May 70 i7f-io4 893-994 384-53* 883-92 4i -434 844-874 31 1-37 653-68! [9 -20 83I-87 27! 3i4 s,:-ss 36! 1 1 ! 70 -75 24 -30 55 -7o 194-27 |l. H Nov. 79'. 193-254 92 -96$ 44 -474 88 -91 383 141 62 -681 18 -20 82 -87* 29i 353 SrVJ 88^ 34 -35l 83*. • 39 -43l 53 -61 16 -10! 71 -78 29 -354 64I-' 17 -is 48f-5.>3 904 ' 4ii-43 814-85J 254-314 7il 19 -2I| 854-89 27^-30 : ! 85 391 7of-73 24 -26 j 614-67 24^-27! Dec. 784-874 242-344 9if-96 4i!-46 86* - 354-41 "73 734 21 -23 83f-89 30 "34 864-913 344-393 8 j j 86 4i -43V 55 -60 184-22 78 -83I 32f-4o| LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Nov. • 2 71 -72 29-29 3 tion Day. 4 7^\-7A 29 -29J 5 714-72 294-294 6 7'3 734 29 7 72 72: 30 -304 9 73 -73'; '304-3' 734-734 3°3-32! " 74-74 318-32I Pfd. Nov. 12 744~75 " '3 75 -7<> 76 -76 77 -77 7<%-77 77 -77\ 7^ ■ 761-76! 2' 76 -764 324-324 1 I- l6. '7- 18. [9. Com. 324 323 32{h34l 344-353 32 1-3 I 331-34 333-333 3-". 32|-334 Pfd. Com. 23 751-763 3i3-32l 24 764-761 3" 3 32: 25 • 764-763 32| 333 26 Thanksgiving Day. ... 772-/S ^\^-i 28. 30- 77r7* .-3 33 |)i LOW AND HIGH PRICES. BY DAYS. DECEMBER. 1908. 'Id. .. 783 .5 1 784 79-3 5 80 So 1 , 7 80 34 34* 35 353 35 ni. 34 354 37 3<>' 384 Pfd. Com. 11 Sj! 83J $74 594 " 12 824-82I 374-384 " 14 83 -83 3 6t- 3 8 ■' 1; 821-82! 36 -37 ■ t6 35* -361 - '7 81 81J 351 37 r8 80J s, ! 55 56* p. Kf-361 " 21 Doc. Pfd. 22 81 -^2 23 82-82 24 -■•• 25 Christm 6 .... . Extra 28 80 -80 29. 30. 31 ■ 81 -Si I Si 1 St; 8l 8l* Com. 35l 373 374-381 371-38 as Day. ! [bliday. 38 -30 383 393 394-40* 394-40? GIBSON'S MANUAL 131 MARKET MOVEMENTS OF DENVER & RIO GRANDE COMMON, FROM 1900 TO 1908. INCLUSIVE. REMARKS. July 23, [908, the stockholders voted to absorb Rio Grande Western, already owned and con- trolled by Denver & Rio Grande, having been acquired in 1901 through an issue oi $20,750,000 pre ferred stock of the parent company. It was also voted to call a special meeting to authorize a Si 50,000,000 bond issue, $90,000,000 to be set aside for refunding underlying bonds of the two emu panics, $60,000,000 to be available for "other purposes." The foregoing propositions were ratified by the stockholders September 10th. In January, [909, it was announced that the new consolidated com- pany, called Denver & Rio Grande, was prepared to exchange its stock, preferred and common, lor thai of the other two roads, share for share, except that Rio Grande Western shares get 2 shares for one ol either kind of the old stock. There were sold, in 1908, $10,000,000 six per cent, notes (amount authorized $1 5.000,000) secured by $22. 500.000 of the refunding bonds and convertible into those bonds at 1 10 on any interest day. With the proceeds of the notes, the company is buying $20,000,000 Western Pacific bonds, to complete that road, which is expected to be finished through to San Francisco before September. [909. To refund these notes. Si 7. 500.000 refunding mortgage 5 per cent, bonds were sold to a syn- dicate in New York, Nov. 25, [908. The initial issue of $17,500,000 has been offered to the public in February, 1909, at 920 and interest. [ 3 2 GIBSON'S MANUAL The total capitalization of Denver & Rio Grande has increased from $102,885,000 in 1900, to $167,899,300 in 1907. Securities owned June 30, 1908: Rio Grande Western stock, $20,750,000; bonds in treasury, $6,321,267; securities in trust company, $10,118,064: total, $37,189,321. The company also reports "general investment-." $3,509,194. Officers: President, E. T. Jeffery; Vice-President. Charles H. Schlacks ; Chairman, George J. Gould; Treasurer, Jos. W. Gillulv; Secretary. Stephen Little. Directors: George J. Gould. E. T. Jef- ferv, Edwin Gould, Howard Gould, A. H. Calef, Winslow S. Pierce, Arthur Coppell, Charles 11. Schlacks and Joel F. Yaile. Fiscal year ends June 30th. Annual meeting, third Tuesday in October, Denver, Colo. Direc- tors meet first Thursday of each month. General office, Denver, Colo. New York Office, 195 Broad- way. Traded in on the New York Stock Exchange (Listed Department) and at the London Stock Exchange. GIBSON'S MANUAL I33 Detroit United Railway A union of all the street railroad lines in the city of Detroit, Mich. Incorporated Dec. 31, 1900. The companies now embraced in the consolidation include a number in the territory adjacent to the city, and are : City Electric. Detroit & Flint. Detroit & Northwestern. Detroit & Pontiac. Detroit & Port Huron. Detroit Citizens'. Detroit Electric. Detroit, Fort Wayne & Belle Isle. Detroit, Monroe & Toledo Short Line. *Detroit, Plymouth & Northville. Detroit Suburban. ■ ^Detroit, Ypsilanti, Ann Arbor & Jackson. * Jackson, Ann Arbor & Detroit. Sandwich, Windsor & Amherstburg. Wyandotte & Detroit River. "These three lines have been reorganized as The Detroit, Jackson & Chicago Railway. Among the properties of the company are the People's Electric Light plant of Windsor, Out. Bonded indebtedness, Dec. 31, 1908 $22,637,000 Capital stock 12,500,000 Total capital $35,137,000 Mileage, 1907 741 Per mile capitalization $47,418 Fixed charges, 1907, per cent, of net income 61.76 Operating expense, per cent, of gross 64.07 EARNINGS. Year ending Net Earned on Dec. 31. Gross. Income. Surplus. stock. 1900 $2,575,276 $1,150,777 4.09% 1901 2,919,171 1,345,472 $170,129 5.36% 1902 3,961,402 1,731,864 444,894 6.26% 1903 4,386,975 1,811,861 756,759 6.49% 1904 4,541,805 1,821,490 976,463 5-96% 1905 5,i 2 5,563 2,128,116 1,397,637 8- I2 % 1906 6,063,182 2,403,318 1,546,272 7-2% 1907 7,073.246 2,668,707 1,996,363 6.7% 1908 7,114,760 2,620,594 2.491,165 6.7% DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 o I', 4% 4% 4% 4\% 5% 3$% o LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1 901 1902 1903 1904 1905 1906 1907 1908 75 Oct. 82 Aug. 75 June 55 Oct. 97 Sept. 90 Jan. 6oJ June 79f Dec. 76} Jan. 79$ Dec. 31} Dec, 96} Dec. 102 Feb. 80J Jan. 32J Apl. 56 Nov. This stock has seldom been active at the New York Stock Exchange. i.U GIBSON *S MANUAL LOW AND HIGH PRICES. BY DAYS. NOVEMBER. 1908. 2 N O V . [2 3 Election Day. " 13 4 45-45 'I 5 " "' 53i-53J Nov. 23. -'4- 53i-53i 6 7 " 47 17 I" " 50J 5"! 1 7 • 54 [8 5" i" 5 20 54 1 54 1 2i 53l 533 26 Thanksgiving I >a\ 27 28 54^54^ 30 54; 55i I IfC 3- 4- 5- 7- 8. 9- LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I >ec. 11 Dec. 22 23 24 25 Christmas I *ay, 26 Extra I [oliday. 28 '. . 29 30 3i REMARKS. This company has been exposed to aggressive action bj the City Council of Detroit, and has n compelled to fighl against a number of adverse ordinances. March 3, [902, the U. S. Supreme Court overruled an ordinance, requiring the Citizens' line to sell 8 tickets for 25 cents. May 1. 1907, Supreme Court of Michigan denied the right of the city to la\ street railroad tracks and lease them to an operating company. July 24, 1907, an injunction was made permanent, restraining the city From compelling the company to give 20 seconds service on seme of its lines. July 2$. 1907, another injunction was granted against an ordinance, which allowed the company to use certain short stretches of line. 1 in which the city alleged the franchise had expired, only on condition that 5 tickets be sold for 15 cents, good over the respective entire lines. Securities owned. 11/07, were $2,969,569. The capital stock of this company has remained unchanged since the consolidation in 1900. The bonded debt has increased about $6,000,000. In October, 11107. the fall dividend was passed. Earnings were nearly equal to those of the year before, but owing to the state of the money market, it was considered best to devote earnings toward improvements. Officers: President, J. C. Hutchins; Vice-President, E. W . Moure. Treasurer, George H. Russel; retary, Edwin Henderson. Directors: I. C. Hutchins, E, W. Moore. George II. Russel, R. B. Van Cortlandt, C. M. Swift, F. \V. Brooks, J. M. Wilson, Vrthur Pack, Alonzo Potter and A. I. Ferguson. al year ends Dec. 31st. Annual meeting. tir>t Tuesday in February, Detroit. Din meet. firsl Wednesday of each month in Xcw York, fourth Wednesday of each month ill Detroit. Office, Detroit. Mich. Traded in on the New York Stock Exchange (Listed Department), and on the Montreal Sto.k Exchange. GIBSON'S MANUAL 135 Distillers' Securities Corporation Incorporated in New Jersey, Sept. 18, 1902, as a virtual reorganization of The I >istilling Companj of America. The constituent properties of the company arc engaged in the manufacture and distribu tion of wliiskey, alcohol and spirits and the compounding and blending of them. Bonded indebtedness, June 30, 1908 $15,938,000 Capital stock 30,726,538 Stock with Mercantile Trust Co., against outstanding stock of Distilling Co. of America, and subsidiaries [,752,302 Total capital $48,416,840 Year ending June 30. Gross. 190 2 $85,371,819 1903 82,730,706 1904 79,167,166 I9°5 71,210,446 1906 Not reported. 1907 1908 EARNINGS. Net p. c. Net income. $3,306,860 3,966,631 3,678,464 3,727,215 4.054,815 4,541,696 2,454,39! of gross. 3-87 4-79 4-65 4-15 Surplus. $3,75-v"4" 5,333,466 5,725»99I 5,977,863 5.7 1 .v7i3 6,638,171 5,675,886 Earned on Ci > 1 1 ) 1 1 1 1 hi 5-3% 6.; 5-2% 4.8% 6.5% 7.9% 1.14% 1902 o 1903 ■1',; 1904 4'.; DIVIDENDS. 1905 1906 1907 5f% 1908 2% 4% ay< Note: The dividends of the fiscal year of 1907-1908 were paid in part from the LOW AND HIGH PRICES, BY YEARS, SINCE 1902. 1906 ;urpliu 1902 1903 1904 1905 1907 27 Dec. 20 July 19! June 34J Jan. 51 Jan. 25 Dec. 33 Dec. 34f Jan. 40^ Dec. 54^ Sept. 74J Sept. 78 Feb. 1908 2/1 Feb. 38f Dec. LOW AND HIGH PRICES, BY MONTHS, SINCE 1902. Mar. Jan. Feb. 1902 -. . . 1903 3° -34l I9 n 4 23^-26^ 1905 34i-39i 1906 5 1 "54i i9 n 7 °9i-75 1908 29^-35 31 -3 2 i 22f-24f 36 -38^ 52*-59§ 7oi-78 27i-33 29^-32 23 -24i 371-47 53i-62f 62 -76} 28f-35 Apl. 28-31' 20I-25I 4oi-47i 52 -6if 68^-731 3oi-34l May 264-29*!- 20 -22J 40 -45 61 -Ji!, 3l|-37l July Aug. Sept. Oct. Nov. June 25 -27I 4i3-43< 56T634, 62 33 -67 -351 Dec. 1902 1903 20 -28 I904 20|-22g 1905 4°i-44l 1906 54i-6oi 1907 64I-69] 1908 33f-37l 20 -23! 21^-27! 42 -44 59 -63* 41 -65 35i-38i 2C^-24f 26 -30J 4i*-43i 60^-74! 5of-58 28 -352 204-24 : ; 28 -343 42 -474 67i-72i 371-541 291-32 21 -233 32I-39* 43-T48 68J-72i 37l-43l 3 of-38i 27 -33 21 I -5' 35i-4Qi i" ; 54-' 25 -43i ,i4 1 .v 1 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 3°§-3°l 3 Election Day. 4 30f-3if 5 3i*-34 6: 331-343 7 35i-3 6 9 35 -361 10 341-35? 11 34 34' Nov. 12 34 -341 " 13 34i-35* " 14 35 -35l " 16 34i-34" " 17 34-35 " 18 341-34S " 19 331-33! 20 33i-33l Nov. 21 33S-33J 23- 24. 21 1 Thanksgivi 27 ■•• 28 3" 33f-33l 333-35' 3l!-35" ng 1 lay. 34 '-35 34f-34^ 34'-35 [36 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. ] 2 .Ul-34} 3 341-341 4 34*-35 5 344-35 7 34i-34s 8 34^-36} 9 36 -37} *' 10 37 -382 Dec. h 363-38 " 12 36J-37 " 14 361-363 " 15 35 -364 " 16 35f-36i " 17 35i-35f " 18 35-354 " i9 35S-35;; " 21 35 -35^ Dec. 22 22 23 24 25 Christn 26 Extra 28 29 30 3i 353-36J 364-371 363-37i las Day. Holiday. 374-38I 374-38i 371-374 374-375 MARKET MOVEMENTS OF DISTILLERS' SECURITIES CORPORATION FROM 1908, INCLUSIVE, MINOR TURNS DISREGARDED. 1902 TO REMARKS. Securities owned, 1908, amounted to $5,698,472. This concern owns over 90 per cent, of the stock of the Distilling Company of America. Its plants are maintained in a high state of efficiency and the fiscal year of 1907 was the hest in its history. The panic of 1907 compelled the corporation, however, to reduce the dividend from 6 per cent, to the conservative basis of 2 per cent, a year. The Free Alcohol law, which took effect Jan. 1. 1907, led to the formation of The U. S. Industrial Alcohol Co., whose business has yielded good results. The Distilling Co. is largely interested in that company and expects to derive much benefit from it. The poor results of the fiscal year of 1908 arc attributed to the abnormal conditions of the times. The business depression caused a severe reduction in sales, while an enormous increase in the price of grain led the management to reduce to a minimum the production of fine whiskeys, which has al- ways been a profitable source of income. Whiskey requires four years to mature and when manufac- tured is stored in bonded warehouses. By reason of the curtailment of credit, maturing whiskey was withdrawn from bond, thereby reducing stocks to the lowest point known in history. Conditions have improved to such an extent, as to warrant the belief that dividends can be maintained without drawing upon the surplus. Officers: President, E. J. Curley ; Vice-President, Willard P. Ward; Secretary and Treasurer, R. C. Rami. Directors: E. J. Curley. J. E. Hulshizer, L. L. Gillespie. Amory G. Hodges. Willard P. Ward, and Alfred W. Hansell. Fiscal year ends June 30th. Annual meeting, third Wednesday in October, Jersey City, N. J. Directors meet quarterly, fourth Wednesday of March, June. September and December, and otherwise subject to call. Office, 40 Exchange Place, New York. Trade"d in on the New York Stock Rxehange I I Unlisted I )epartment). GIBSON'S MANUAL 137 Duluth, South Shore CS, Atlantic Railway Bonded indebtedness, June 30, 1908 $23,477,013 Preferred stock, 6 per cent., non-cumulative 10,000,000 Common stock 12,000,000 Total capital $45,477,013 Mileage ! 593 Per mile capitalization $76,689 Fixed charges, 1908, per cent, of net income 1 (.0.6 Operating expense, per cent, of gross 75-4 2 EARNINGS. Year ending June 30. Gross. Net income. Surplus. 1901 $2,484,21 1 $829,280 Deficit. 1902 2,690,569 1 ,008,036 def. $1,936,566 1903 2,772,135 1,028,710 def. 1,970,417 1904 2,524,612 786,639 def. 2,254,867 1905 2.706,936 870,004 def. 2,460,420 1906 3.°57.77S 1.014,851 def. 2,616,756 1907 3,280.865 1,042.583 def. 2,672,292 1908 2,986,958 764.576 def. 3,028,954 DIVIDENDS. No dividends have been paid on cither class of stock of this company for many years. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1 905 1906 1907 1908 Preferred. Common. .20^ Nov. 12 July 4 June 22yi Sept. 3s¥a Sept. 295-6 Feb. 13^ Jan. 185-6 Jan. 10 Nov. 1254 Sept. 24 Aug. ig]/ 2 Feb. 4J/2 Feb. 10 Jan. 7 Aug. 28K' Nov. 441/z Nov. g% Aug. 21 May i4"s Nov. 22.54 Nov. S l /s June 1 1 & May 45 Jan. 32 Apl. 22% Jan. 16 July 39 Jam 10 Nov. 19/^ Jan. 6^ Oct. 33 3 A Nov. 11 y A Feb. 185-4, Naiv. 6 Feb. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. Pfd. 2 26 -26 Com. Election Day. . 27 -27 16 -16 . ....... isi-i5i . . 26 -284 16 16 . 284-29! 16 -i6£ 9 29 -29J 16 -16J 10 28^-29 16J-16I 11 29 -29I ....... 3- 4- 5- 6. 7- Nov. Pfd. 12 29^-29! 13 29^-302 14 3o-3°f 16 29^-30 17.... 18.... 19.. 20. . . . 21 ... . 30 -31I 3i|-33l •3 I 2-3 2 I 30J-31 3ii-32 Com. i6£-i6i i6f-i7i i6£-i6f i6i-i7i i7f-iSf i7l-i7l 17 -17 i/i-iS Nov. Pfd. 3 2 -32* Com. 171-Ul 17 l-i7i 23... 24.... 25 314-3*4 . l 7h*7% 26 Thanksgiving Day. 27 " -■■■ 28. 30. 3U-3i^ I7S-I7* De 1 3- 4- 5- 7- 8. 9- LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 3oi-3 2 2 31 -3 1 3° -32 3ii-3i' 32 -32 32 -32 3'j-3if 10 3i^-3 T 2 Com. 17 17 17 -17 -17 -17 -i7i 16J-16I Dec. Pfd. 11 314-3^ 12 14.... i5- 16. i7- 18. 19. 3°f 3°i 30 3of 3o5 ■30 29 -29-J Com. i6hi7i 16 -16 153-151 15 -15 21 29 -29 Dec. 22 n 23 a it 24 25- 26 28 29 tt 30 31 Pfd. 29!- !9l Com. 1 5i-i5l I54-I5! 29i-29i i5!-!5! Christmas Day. .Extra Holiday. 154-174 174-17! i5!-i64 16J-16I 29J-32? 324-33 [38 GIBSON'S MANUAL REMARKS. Interest on the 4 per cent, bonds of this company is guaranteed by the Canadian Pacific Railway, which owns $6,100,000 of its common stock; $5,100,000 of its preferred, and $18,107,000 of its bonds. There was due to Canadian Pacific, June 30, 1908, for guaranteed interest advances, June 30, 1908, the sum of $4,797,955. Securities owned June 30, 1908, were $890,165. There has been practically no increase in the capitalization of the company since 1901. Officers: President, Wm. F. Fitch, Marquette, Mich.; Vice-Presidents, Walter R. Baker and George H. Church: Treasurer, E. W. Allen; Secretary, James Clarke. Directors: Sir William C. Van Home, Walter R. Baker. Charles Drinkwater. Richard B. Angus, John W. Sterling, R. P.. Hebden. A. B. Kldredge, George II. Church, James O. Bloss, and William F. Fitch. Fiscal year ends June 30th. Annual meeting, third Thursday in September, Marquette, Mich. Main office, Marquette, Mich. New York office, 458 Broadway. GIBSON'S MANUAL [39 Erie Railroad Bonded indebtedness, June 30, 1908 $210,963,900 First preferred stock. 4 per cent, non-cumulative 47,892,4(10 Second preferred stuck, 4 per cent, non-cumulative 16,000, o< « 1 Common stock 1 12,378,900 Total capital $387,235,200 Mileage 2,171 ; Per mile capitalization $126,263 Fixed charges, 1908. including taxes, per cent, of net income. . . . 96.08 ( Iperating expense, per cent, of gross, new basis (compared with 70.79 in 1907) 82.17 *So large an element in the total capitalization of Erie is due to the securities, which it has purchased and owns, that it eems proper to deduct them, $113,117,415 in amount, from total capitalization before computing this item. EARNINGS. Year ending Gross Net income, Net p. c. |nne 30. Op. Rev. less taxes. of gross inc. 1900 $38,293,031 $10,264,534 26.5 1901 39,102,302 12,141,260 29.9 1902 40,894,433 14,663,041 34.2 1903 45,830.413 15,096,202 30.9 1904 45,201,163 15,026,043 31.6 1005 45.7-24.738 15,261,017 31.5 1906 50,002,634 16.307,639 31.2 1907 53> OI 4.827 17,950,413 32. *i9o8 50,007,603 1 1 ,669,038 2 1 .7 *Inter-State Commerce Classification. : \fter appropriations for additions and improvements. **Earned on Surplus. common. $4,615,600 6,278,030 0.2% 8,449,615 1.63% 9.645.I43 3-i% 11,043.352 0.4% 11,490,5.11 0.44% 1 1 ,979,462 0.47'; [3.633.577 1.529? [3,979,909 LATEST REPORT. Earnings for seven months, ending Jan. 31. 1900. compared with the similar period in 1907. were: Gross. Net. 1908 $29,793,690 $7,641,542 [907 31,187,961 5.578,037 DIVIDENDS. 1900 1 901 1902 1903 1904 T 905 MM > 1907 I908 First pfd. . 1'/; 3% .■.'■'. 4% 4% 4% 2% O Sec'd pfd.. 2% 4% 2r the not Feb. [3, 1909, the Public Service Commission at Albany, by a vote of ,^ to _\ granted a 1 < > 1 1 i_r de- layed permission for the issu llateral trust bonds, coupled with tlie requirement, however, that go pei cent, of the holders of the $11,380,000 coupons, falling due during a period of five years on tin- $35,885,000 general lien bonds and $21,015,000 convertible bonds in the hands of tin- public shall exchange said coupons before Aug, 1. 1909, t"<>r an equal amount of tin- new bonds. Application was made t<> the Commission to modify the conditions referred t<> hut this was refused. Officers: President, F. I'. Underwood; Vice President and General Solicitor, G. F. Brownell; Treasurer, I>. W. Bigoney; Secretary, David Bosnian. Directors: George F. Baker, James J. Goodwin, Win. Pierson Hamilton, E. II. Harriman, James X. Hill, William C. Lane, John G. McCullough, Ogden Mills, Alexander E. Orr, Norman B. Ream, . Qnderwi Fiscal year ends June 30th. Annual meeting, fust Tuesday in October, New York. Directors meet on call. ( )ffice, 50 Church Strict. New York. Traded in on the New York Stock Exchange ( Listed I >epartment). MARKET MOVEMENTS OF ERIE RAILROAD. COMMON, FROM 1900 TO 1908. INCLUSIVE. GIBSON'S MANUAL 143 Federal Mining C& Smelting Company Incorporated in Delaware, June 25, 1903, to acquire silver and lead mines and operating plants in the Cceur d'AIene district of Idaho and a smelting establishment at Everett, Wash., the latter having since been sold. The properties which came into the company at the start were The Empire State Idaho Developing & Mining Co. and The Standard Mining Co. Numerous other mines have since been bought, and at all of them there are good modern concentrating electric and Other plants. A six- year contract, beginning Sept. I, 1903, enables the company to sell its entire output to The American Smelting & Refilling Co. In May, 1905, a controlling interest was sold to The American Smelter-' Securities Co. Preferred stock, 7 per cent, cumulative, preferred also as to as- sets, but having no right to vote except on an increase of preferred stock $12,000,000 ( !i mimon stock 6,000.000 Total capital $18,000,000 EARNINGS. Year ending Aug. 31. Gross. Net. Surplus. 1904 $4,908,925 $1,492,083 $143,807 1905 4,569,-131 1 ,242,698 484,241 1906 Not reported 2,685,300 1,522,084 1907 " 2,532,350 1 .836,593 1908 " 1,067,037 1,790,046 After writing off $,^00,000 for development. Earned 1 in ( !( immon. No Data. 12.23'; 32-33! ' : "-'3--M' J 0.72', DIVIDENDS. 1903 1904 1905 1906 1907 1908 Preferred i\% 7% 7% 7% 7% 7% Common o 4*% IO % x 7% '4*% ° LOW AND HIGH PRICES. Preferred 71 Nov. 75 Jan. 92 Sept. 47 Oct. 90 Nov. no! Nov. 112J Jan. 07 Jan. Common 43^ Nov. 60 Jan. 143 June 50 Oct. 62$ Nov. 145 Nov. 199 Jan. 163 Jan. BY YEARS, SINCE 1904. 59 Feb. 89 Auk. 7SiJuiy 94 Aug. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. Pfd. Com. 2 84^-84^ ....... 3 Election Day. 4 S4i-S 4 :, ....... 5 85 -87I ....... f> - -... 1 Nov. / • 9. to. 1 1 . 88 -88.! 87A -88 881 -88J 85 -85 Pfd. Com. 12 - -. . . 13 88 -89 85 -90 14 874-883 ....... 16 88 88| 89 -90 17 888-881 ....... 18 88 -88 ....... 19 - "••• 20 - -. . . 21 -... 72I-72!, Pfd. Com. Nov. 23 - -. . . " 24 88.1-884 Soi-85 " 25 884-89 83 83 " 26 Thanksgiving hay. " 27 - -... " '8 •• 30'.".'.!!!! '.'.'.-'.'.'. 83-83 i,4 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Dec. 1 - -••• Dec. 11 84 -S4 ....... Dec. _'_' - -. . 2 86 863 ....... " 12 82 NjI ....... " 24 - - 3 86-86 ....... " 14 81-82 ....... " 24 - 4 - -... " 15 81 -81 ....... " 25 Christmas Day. ^ 86-86 ....... " [6 82J-84 ....... " J'. Extra Holiday. - 7 83-85! ...... " 17 - -■•• " 28 83-83 ...... S - -... " [8 Sol-80! ....... " 29 - -.. 9 - -... " [9 81-81! ....... '■ 30 Si',-82 ...... • ro - -... - 21 842-85 ....... " 31 •...- -.. REMARKS. When Federal Mining & Smelting stocks were admitted to the New York Stock Exchange, annual reports were promised by the company. The reports actually made are meagre and represent perfunctory compliance with the requirements of the Exchange. Dividends on the common stock were suspended February, 1908, without explanation, hut this action was supposed t.' he n Surplus. stock. $2,313,031 16.51% 6,628,534 27.22% 15,287,141 34.01% :; --4.482,702 19-5% 7.293,689 14.41% 9,569,196 12.51% 1 2,027,295 1 1 .64% 15,110,797 "•54% 16,513,836 10 T ♦Including $2,057,685 enhancement of value of stocks and bonds owned. ♦♦Surplus account reduced heavily in 190.3 by stock issued to restore the redu ♦♦♦After writing ofT patents, etc., a sum usually amounting to between oik in 190S. LATEST R^~ Orders received for the nine month 1 " 1908 $30,054.92. T 9°7 49.677.500 1906 45.395-887 DIV 1900 1 90 1 1902 1903 64% 9% 8% 8% LOW AND HIGH PRICES, B\ 1900 1901 1902 1903 1904 120 Jan. 200 Dec. 183^ Jan. 170-J Oct. 136 Sept. 151 June 289J- Dec. 334 Apl. 204 Feb. 1944 Xov. 148 GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. -May June 1900. 1 90 1 . 1902. 1903. 1904. 11)05. 1 1 M > . 1907. 1908. 120 -124! 1831-192! 2765-283* 183 -198 1693-179-} i8il-i9of 172 -181! 155^-163 in -125 1233-129* 1904-218 280 -298 191 -204 1564-172 1 854-1891 167 -i77i 156 -i6i| 113 -119 124 -13U 210 -219 296 -324! 187 -1974 1594-170 1841-192 165I-172} 1364-158! 1 144-128! 1 284- 1 40 1 215 -234 322 -334 179 -194! I593-I65 171 -191 1621-174! 145 -150 1284-136 1324-1393 200 -233 300 -328 180 -194 152 -159 169 -177J 161 ',-169 I35I-I48I 1324-142 July Aug;. Sept. Oct. Nov. 126J-1363 231 -269I 304 -32i4 1 724- 1 81 4 151 -1595 1724-176? 1603-1734, 136 -1424 1301-138! Dec. 1900. 1901. 1902. 1903. 1904. 1905. TQ06. 1907. 1008. 1274-131! 245 -268! 1815-315 153 -177 156 -166! 172 -180! 1601-167! 1351-141 1 304-1484 130 -140! 2464,-268 184 -1962 1481-168! 162 -i664 178 -186 1664-1714 120 -138 142 -148 1325-1414 251 -2674 182 -1974 136 -164 165 -176 178 -183 1644-169 123 -130 1344-148 I35i-i45 2474-2593 1704-189 139 -153} 170 -178I 179 -190J 1651-184 894-125 137 -i4Si 142 -1714 256 -2814 175 -187 146 -1574 1 724 -1 944 1814-190! 171I-181 1034-116! 144 -160! 1664-200 271 -289! 171 -183 1554-180 1815-192 174 -187I 156 -1784 1 074-1 18 1 55I-162! LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 144 -145I 1 Nr.v. 3 Election Day. 4 I45i-i47?l " " 5 i47i-i533 " 6 1524-154 7 153 -iS5i " " 9 153 -J54l " " 10 153-1543 " " n 152 -i53i " 12. 13- 14. 16. i/- 18. 19. 20. 21. 152 -i53i| Nov - 2 3 154 -158 1553-157 155 -156^ i55i-i56i 154 -156 *53i-i54i 152 -153* i53J-'53i i523-i53i 24 i55 -156 25 1.543-1551 26 Thanksgiving Day. 27 I55i-i55* 28 i553-i6o 30 159 -160! LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. £ Dec. 1 . 2. 3- 4- 5- 7- 8. 9- 10. 1601-162! 160 -162! 158 -i6of 1574-1581 157 -158 1584-159 1583-159 1594-160 Dec. 11. 12. 14. 15- 16. 17- 18. 19. 21 . 158 -160 158 -158 158 -158 1563-157 1 564-161! 1 574-161 157 -158! 157 -i58i 1 554-1 574 Dec. 22 1565-158 " 23 1573-158 " 24 158-158 25 Christmas Dav. " 26 Extra Holiday. " 28 159 -1605 " 29 159 -1604 " 30 1573-1594 " 31 1574-159 REMARKS. By vote of the stockholders, Aug. 17. 1898, there being a deficit on the company's Profit & Loss account', it was resolved to correct the impairment of capital by a voluntary reduction of the capital stS^cl£ to three-fifths the former amount. After litigation, the arrangement was carried out. July 15, i$Q2. <$ stock distribution of 66 2-3 per cent, was made, the stock surrendered in 1908 being thus re- ^FutiJ^. The old 7 per cent, cumulative preferred stock, of which $2,551,200 had been issued, was all ^retiged in 1901^ .' • Securities owned, Jan. 31, 1908, amounted to $18,000,000. In icjp;g^General Electric sold $13,000,000 ten-year 5 per cent, debentures at par to its stock- holders. These bonds are convertible into the company's stock at par, after June 1, 1911, and are re- .' deemabliJcafter thaSWate named at 105. The^btal^pittrli/^ion of General Electric has increased from $26,127,200 in 1900 to $80,142,150 §&& in I 9° 8 9 GIBSON'S MANUAL 149 Officers: President, C. A. Coffin; First Vice-President, E. W. Rice, Jr.; Treasurer, Henry W. Darling; Secretary, M. F. Westover. Directors: Gordon Abbott, Oliver Ames, C. A. Coffin, W. M. Crane, T. Jefferson Coolidge, Jr., Frederick P. Fish, George P. Gardner, Henry L. Higginson, J. Pier- pont Morgan. J. P. Ord, Robert Treat Paine, 2d, Marsden J. Perry, E. \Y. Rice, Jr., Charles Steele, and S. L. Schoonmaker. Fiscal year ends Jan. 31st. Annual meeting, second Tuesday in May, Schenectady, N. Y. Direc- tors meet on call. Main office, Schenectady, N. Y. New York office, 30 Church Street. Traded in on the New York Stock Exchange (Listed Department) and on the Boston Stock Exchange. MARKET MOVEMENTS OF GENERAL ELECTRIC COMPANY FROM 1900 TO 1908, INCLUSIVE. General Electric is one of the companies whose stock shows by its recent lower range of price the effects of increased capitalization. In July, 1902, there was a 66 2/3 per cent, stock dividend, on which $16,812,600 of new shares were issued, and the stock came down from its previous high of 334 to 170"$ in October. The new stock issues of June, 1904, and December, 1905, also caused declines. GIBSON'S MANUAL Granby Consolidated Mining, Smelting C& Power Co., Ltd. A copper mining concern, incorporated under a special charter in British Columbia, March 29, [ooi. The mines lie in the vicinity of Phoenix, B. C, and the company owns smelting works at Grand Forks, B. C, a great water power on Kettle River, a large area of valuable lands, and an interest in The Crow's Nest Pass Coal Co. Its productions are cupper and a moderate amount of gold and silver. Capital stock i par originally $io, but changed in 1906 to $100) EARNINGS. Year ending June 30. ( iross. Xet. I903 $2,271,253 $296,298 1 ! KM *2,9(56,347 283,514 1005 2.749,145 712,649 [90 4.751.059 1,823.617 I9°7 4.521,549 i-W.937 1908 3,790,184 606,522 ♦After deducting freight to New York, refining cost, etc. '"After appropriating $228,999 for depreciation fund. to Sioo) . . . $13,500,000 Earned on Surplus. Stock. $683,535 2.22% 833-4I9 2.12% 1 p554>875 5.28% 2,547,739 '3-4% 2,75 5,75° >l-77c 2.455,181 2. oj', DIVIDENDS. 1 1 H >2 O I903 1% I904 o 1905 o 1906 12% 1907 12% I908 4% LOW AND HIGH PRICES. Tins stock was not traded in on the New York Stock Exchange, prior to 1907 It sold in thai year at [31, Jan.. and down to 60. Oct. In 1908 the range has been, low, 78 : ,\ Jan.: high, icx)i, July. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. \'.i\ . 3 Election Day. 4 994-101 5 IOli-IOli 6 io2i-io3i 9 io4J L -io5i 10 104 -104 11 109 -109 Nov. 12 -..-.... I Nov. '3 -•••• 14 -•••• in 109 -109 '7 -•••• 18 [o8$-io8j 19 1 07 - 1 07 20 21 106 -106J- 1 24 107 -108 25 ■■••• -•-.. 26. . . .Thanksgiving Day. 2/ -.. 28 -.. 30 -.. LOW AND HIGH PRICES, BY DAYS. DECEMBER, 1908. 1 . 2. 3- 4- 5- / • 8. 106 -106 10 105^-105^ Dec. n 105 -105* 12. 14- 15 io 3 " I0 4i 16 -.... 17 1031-103* 18 -.... 19 -••-■ 21 Dec. 22 -. . . . 23 -•••• 24 106 -107 25 Christmas Day. 26 Extra Holiday. 28 106 -106 " 29 -.... " 30 -.... " 3i -••.. GIBSON'S MANUAL 151 REMARKS. Net cost of the copper smelted in 1907 was reported at 10.14 cents a pound, against 8.35 cents the previous year. Strikes in the Columbia coal fields in 1907, and a coke shortage increased expenses materi- ally. In 1908, the cost of copper produced was 10.24 cents a pound. The company has a large quantity of ore in sight and contemplates an increase of smelting capacity at an early date. Total tonnage of Granby and foreign ore in this fiscal year of 1908 was 882,611 dry tuns against 1105,915 tons the previous year. Copper production, 21,126,926 tons against 16,403,497 the year before. While the tonnage was larger, the price of copper was much lower. Officers: President, J. Langeloth; Vice-President and General Manager, Jay P. Graves; Treasurer, G. W. Wooster; Secretary, Northrup Fowler. Directors: George Crawford Clark, George Crawford Clark, Jr.. Jay P. Graves, H. L. Higginson, B. Hochschild, Arthur C. James, J. Langeloth, George Martin Luther, W'iliam A. Nash, Wm. H. Nichols, W. H. Robinson, Sanford H. Steele, Edwin Thome, A L. White, and Payne Whitney. Fiscal year ends June 30th. Annual meeting, first Tuesday in October, New York. Directors meet first Tuesday of each month. Main office, Grand Forks, B. C. Xew York office, 52 Broadway. Traded in on the Xew York Stock Exchange (Listed Department), and on the Boston Stock Exchange. i 5 2 GIBSON'S MANUAL Great Northern Iron Ore Properties The iron ore deposits belonging to The Great Northern Railway and situated in Minnesota were held for its benefit by The Lake Superior Co., Ltd. They underlie an area of 65,091 acres. In October, 1906, 39,296 acres were leased to The Great Western Mining Co., in behalf of The United State Steel Corporation, which guaranteed the lease. The conditions permit the lessee to terminate the arrangement, Jan. 1, 1915, or to continue the lease until the ore is exhausted. Other parts of the properties are leased to other parties. Experts estimate the total amount of ore at 400,000,000 to 600,000,000 tons, but J. J. Hill believes that the total is nearer to 1,000,000,000 tons. The Steel Corporation agreed to pay a royalty of $1.65 per ton of standard ore, containing 59 per cent, of metallic iron, the royalty to be increased 3.4 cents a ton each year and to take out 750,000 tons in 1907, increasing the amount 750,000 tons a year until a maximum production of 8,250,000 tons a year is reached. The minimum payment for 1907 for 49 per cent, ore was fixed at $1,168 per ton and for 66 per cent, ore $1.9874, royalties to be graded according to richness of the ore and all royal- ties to be increased 3.4 cents a year. For the purpose of the lease to United States Steel, the ore properties were transferred to trus- tees, to be held in trust for the benefit of such persons as were stockholders of record of Great North- ern Railway, Dec. 6, 1906; and certificates of beneficial interest in the proceeds and profits of Great Northern Ore Properties were issued to those stockholders, equal in number to the number of shares each one held in Great Northern Railways. The company announced that the profits, after deducting the cost of freighting to the upper lake docks, would be divided at least once a year among the hold- ers of the Ore certificates. Number of shares, no par value stated (1,500,000 authorized), 1,495.720. EARNINGS. Xo reports are published on this subject. DIVIDENDS. $1 per share was paid Sept. 16, 1907. On March 16, 1908, $1 per share. No dividend has since been declared. LOW AND HIGH PRICES, BY YEARS, SINCE 1906. 1906 1907 1908 7of Dec. 38 Nov. 48^ Jan. 85_Dec. 85 Jan. 75$ Nov. The stock was first traded in on the New York Stock Exchange, December 6, 1906, to be bought and sold at dollars and cents a share, but had been traded in at the curb market as early as November 23, at 86* to 88, and had sold as high as 92L LOW AND HIGH PRICES, BY MONTHS, SINCE 1906. 1906 1907 1908 Jan. . . Feb. March April . May . June . July ., Aug. . Sept. , Oct. . Nov. . Dec. . ....... 73 -85 48*-555 ....... 69-78 50 -53 ....... 50 -72I 5i*-59i ....... 56i-64 55i-59i ....... 49^-63 57§-63f ....... 49S-57* 57£-62f ....... 55 -6i| 58i-69 ....... 44 -56J 65i-68* ....... 52 -58* 52*-67| ....... 37 -52J 571-63 ....... 38 -44* 63 -75i 7of-85 435-5ii 70 -74% GIBSON'S MANUAL 153 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 63 -65 3 Election Dav. 65 -66| 66-67 67 72 -73i 7i5-73 10 7H-7 2 i 11 70 -71 £ 723 Nov. 12. 13- 14. 16. 17- 18. 19. 20. 21 . 70 -71 f 71 1-7 Si 73i-75 73 -74 74 -75 73i"74l 73i-74i 7ii-73i 7if-73 Nov. 23 " 24 72-73 7-^-74 74 -74* tb Thanksgiving Day. 74 -74i 74 -74* 28. 30- 72i-74 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1. 2. 3- 4- 5- 7- 8. 9- 10. 72f-73 7^h7.3i 72 -74! 73l-74i 73 -74 73 -74 73 -74 73i-73f 73 -73i Dec. 11 . 12. 14- 15- 16. i7- 18. 19. 21 . 73 -73l 72|-73f 7-1-731 7ii-72| 72*-73i 7ii-73i 71 -72 71 -72i 7" -7i4 Dec. 22 70^-72} " 2 3 73-74 24 72|-73l " 25 Christmas Day. 26 Extra Holiday. " 28 " 29 " 30 " 3i 73 -732 73i-74 72j-73i 72f-73i MARKET MOVEMENTS OF GREAT NORTHERN ORE FROM 1906 TO 1908, INCLUSIVE. _fi l378 Fixed charges. 1908. per cent, of net income 33- 2 4 Operating expense, per cent, of gross, new basis 66.43 ♦Ascertained after deducting from total capitalization the large mas* of "securities owned" by this company. EARNINGS OF THE SYSTEM. Xet P. C. Year ending Gross Net Income, of Gross **Earned on June 30. Op. Rev. less Taxes. Inc. Surplus. Stock. 1900 $31,099,057 $16,314,018 48.9 $4,511,548 94 7" 1901 30.564-387 13-887,779 43- 1 6,422,658 7. % 1902 38,858,513 20,015.946 48.9 11,079,101 10.4% 1903 42,137.690 21,049.390 48.4 15,040,932 10.3 Jo 1904 41,414.804 19.942,534 47.1 17,950,571 9.9% 1905 45,032,085 22,703.768 48.7 22,767,569 1 1.5 fo 1906 53,076,661 25,809.818 47.3 27,603,558 10.3 % *I907 56,267,137 23,953.017 40. 28,029,308 9.1% *ioo8 54,429,633 20,164,476 35.8 t27.191.800 6.16% *Inter-State Commerce classification. **After appropriations for improvement and replacement of equipment. fAnd in addition thereto, insurance, improvement and depreciation funds to the amount of $19,911,386. LATEST REPORT. Farnings for seven months to Jan. 31, 1909, compared with the same period in 1907, were: Gross. Net. 1908 S33,535.54i $13,873,803 1007 37,579.657 14.327.707 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 7% 7\Jo 7 % 7% 7% 7% 7% 7 % 7 Jo GIBSON'S MANUAL 155 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 144} June 191^ Dec. 1674 May i8i£Mch. 160 Oct. 170 Mch. 236 Jan. ^178 Dec. 208 Mcli. 203 Dec. 209 Jan. 242^ Dec. 335 Apl. 348 Feb. 1074 Oct. 1893 Jan. 113^ Feb. 148*, Dec. *Ex-ore certificates, December, 1906. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. May 1900 166-174^ 156 -161 i 156-166] 157-168 1901 188 -200 189 -194^ n)4 -208 179 -203I 1902 183-191 183-1-190! 181^-187 184J-1875 1903 2005-209 200 -203 200 -200 190 -190 1904 177 -177 170-186 173-180 1905 236-254 250-300 290-310 -'70-335 1906 283 -326J 3054-348 3081-327 282 -327 i 1907 164-189! 159 -1713 126-163^ 129J-141.', 1908 115I-125:} 1133-121I 117 -124I 121I-129I July Aug. Sept. Oct. 1900 150-154! I5i*i53i 1901 172 -186 173 -188 1902 i86§-i95 191 -198 1903 r 73 -190 165 -175 1904 175 -180 1905 281 -294^ 287 -326 1906 275 -298} 293I-334 1907 130-1385 114 -133} 1008 13 1 -!372 135 -140 150 - ■67; 182 ■ 188I 175 ■ 265 ■ 275 123 125I 157* 191 1 186 1894 175 296 ■138* 1341- Nov. M9H53* 179 -189-J 190 -202] 170 -170 3ui-327f 324 -341 1231-132 125^-139* I49j-i66i 183 -196J 182 -195 160 -175 185 -195 3U -327* 314 -338] 107H3U 129I-134J 161A-183 192^-2021 182 -189 168 -168 196 -230 264 -315 3i4 -333* 109 -1 i6§ 133 "Hit *Ex-ore certificates. June 1441-158 1S4 [-187 184 -I9<>S 278 -284 278J-309 122 -132-i I28J-I34J Dec. I77i-i9i| 181 -192 186 -203 216 -2424 268 -292 ^178 -320 II2§-I22j 139 -1481 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 " 3 " 4 5 6 " 7 " 9 10 - n 133 -I34J Election Day. I34f-i36§ 136J- 1 374 136 -1 37 4 138 -139I 1391-140! 139H404 1 i37l-i39i Nov. T 2. " [ 3- " 14- '• 16. " 17- " 18. 19. 20. " 21. i38i-i39i 139 -140! 139J-141 I39l-i4i4 1405-141! i394-i4ii I38t-i39f 1374-1392 i37i-i3«il Nov. 23 " 24 i36!-i38s I374-I398 •••• 139 "Hoi 26 1 hanksgiving Day. 2 7 ' i394-i4oi 2& i4o4-i4i§ 30 1394-141* LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 . 2. 3- 4- 5- 7- 8. 9- 10. 1394-1404 1394-141! 139 -142I 1424-145I 143 -H4t 143 -1434 1434-144 144 -1443 U34-i44$ Dec. 11 . 12. 14- 15- 16. 17- 18. 19. 21 . I42f-i444 1423-1433 I43i-i45f I43f-i454 145 -1454 H34-I45I 143 -144! [434-1444 1411-144 Dec. 22 1424-1443 2 3 144I-145I 24 I45i-I464 25 Christmas Day. 26 Extra Holiday. " 28 1464-147! 29 1461-1481 30 1464-1475 " 3i 1464-147* 1 5 6 GIBSON'S MANUAL MARKET MOVEMENTS OF GREAT NORTHERN PREFERRED. FROM 1900 TO 1908. INCLUSIVE. (MINOR TURNS DISREGARDED.) 26, 1906, Great Northern, pfd., sold down to 178, ex-Great Northern Ore certificates. REMARKS. The growth of the Great Northern System has been one of the marvels of development in the Northwest. The company occupies a strong financial position and has been able to make liberal ex- penditures annually for improvements, new equipment and maintenance. In 1890 it leased the St. Paul, GIBSON'S MANUAL 157 Minneapolis & Manitoba Railway for 999 years, and controlled or leased fifteen small roads, which have now been merged with the senior company, by vote of Oct. 10, 1907. In the fiscal year of 1907, reduction in rates, some of them voluntary, some of them forced on the company, cost the company a reduction in net earnings of about $1,000,000. April, 1908, Union Pacific owned $12,650,960 of Great Northern stock. In January, 1907, stockholders subscribed for $60,000,000 new stock at par, payable in install- ments to April, 1908, the proceeds to apply on additional equipment and extensions and the purchase of securities of subsidiary companies. Tuly 11, 1908, the District Court of Minnesota at St. Paul decided the suit, brought by the state to compel Great Northern to pay a tax of 4 per cent, of gross earnings for 1905. The company vol- untarily paid 3 per cent, and held that it was exempt from farther taxation by the original terri- torial charter of the Minnesota & Pacific Railroad in 1857. The Court held that the limitation did not apply to any of the branch lines, built since 1857. The amount involved was $120,737. Securities owned by Great Northern, June 30, 1908, amounted to $176,889,227, of which $109,- 114,309 represents Great Northern's half interest in 1,076,130 shares of Chicago, Burlington & Quincy stock. The total capitalization has increased from about $230,000,000 in 1901 to $541,929,598 in 1908. Passenger travel has expanded since the compulsory reduction of rates from 3 to 2 cents a mile in Minnesota, but not sufficiently to offset the loss of revenue. In the year ending June 30, 1908, local passenger earnings in Minnesota were $794,591 less than they would have been under the old rates and the earnings from inter-state passengers were $689,383 less. In fact, the total revenue from passenger travel has decreased in each one of the States which, by legislative enactment, lias reduced local fares below the 3-cent basis. Dec. 24, 1908, the State Court of Last Resort in Minnesota decided that the law of 1904, increas- ing the State tax on gross earnings from 3 to 4 per cent., was valid as to all the lines of the State, includ- ing those under territorial charters, by which it was claimed taxation was perpetually limited to a lower rate. The amount of back taxes involved was about $500,000. Officers: President, Louis W. Hill; Chairman, J. J. Hill; Secretary and Third Vice-President, E. T. Nichols; Treasurer, E. Sawyer. Directors: Robert I. Farrington, Edward Sawyer, William R. Begg, Henry W. Cannon, William B. Dean, Samuel Thome, Frederick YVeyerhauser, and Louis W. Hill. Fiscal year ends June 30th. Annual meeting, second Thursday of October, New York. Direc- tors meet on call. Main office, St. Paul, Minn. New York office, 32 Nassau Street. Traded in on the New York Stock Exchange (Listed Department). ts8 GIBSON'S MANUAL Green Bay C& Western Railroad A debentures, Dee. 31, 1907, 5 per cent, non-cumulative $600,000 B debentures, non-cumulative after stuck, but entitled to all earnings after 5 per cent, on tbe other two issues 7,000.000 Capital stock 2,500,000 Total capital ' $10,100,000 Mileage 226 Per mile capitalization $44,690 Fixed charges, 1907, per cent, of net income None except taxes. Operating expense, per cent, of gross 66.3 EARNINGS. Year ending Dec. 31. Gross. Net. 1901 $527,31^ $172,010 !9Q2 502,354 U9.523 1903 579.595 208,289 1904 592.397 205,586 !905 586,420 191.913 1906 636,121 215,895 1907 666,838 224.578 After deducting sums set aside for general improvements. *Earned on Surplus. Stock. $151,912 5.11% 53.434 5-02% I7I.723 3-76% 58,309 5-42% 65,223 5.28% 71,117 5-23% 85.693 5-58% DIVIDENDS. A debentures. . Stock B debentures. . 1900 2i% o 1 90 1 3% 3% o 1902 4% 4% o !903 4% 4% o 1904 4% 4% o T 9°5 5% 5% o 1906 5% 5% o 1907 5% 5% o 1908 5% 5% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 mni 1907 1908 A debentures. . 5354 Mch. 66 Dec. Stock 40 Nov. 49; 8 Dec. B debentures.. 5*4 Sept. 8yi Dec. 65 Apl. 6754 Feb. 50 Feb. 595-4 Apl. 7'A Jan. 11 y 2 Api. 70 90 75 90 9 Jan. 73 May 85 Jan. 76 May 76 Jan. 10 29K' Oct. Dec. Jan. Oct. Oct. Aug. 271/2 Jan. 70 Aug. 86J/ Nov. 82 Dec. 82 Dec. 11 June 20^4 Nov. 83 90 Feb. Jan. 8iV 2 Dec. 92J4 Jan. 17 May Ii-H Oct. 24^ June 23I/2 Jan. 75 75 7i 71 Oct. Oct. Apl. Apl. 5** Oct. 14H Jan. 71 84 Mch. Nov. 8 Jan. 17I/2 Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2. 3- 4- 5 • 6. 7- 0. 10. 11 . Deb. A. Deb. B. Election Day. 14 -14 Nov. 12. 13- " 14- " 16. Deb. A. Deb. B. -... 16 -16I 17 -. .. 16 -i6| 18 84 -84 16 -16 19 -■•■ I5f-i5f 20 - -. . . 21 - Nov. 23... 24. .. 25 . . . 26... 27. . . . Tl Deb. A. Deb. B. ...... 15 -15] ...... 15 -15 anksgiving Day. 28 30... ...... 15 -15 GIBSON'S MANUAL 159 Dec. 3 4 s 7 8 9 10 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Deb A. Deb. B. 15 -15? IS -isl i4l-i5i i5i-i5l i6J-i6i iof-17 1 6-}-i 6* 16J-17 Nl 1 1 12 14 15 16 <7 18 19 21 Deb. A. Deb. B. ....... 16-16 ....... 16-16 ....... i6i-i-i Christmas Day. Extra Holiday. 16J-17 rhese securities are extremely inactive at the Stock Exchange. REMARKS. ( )ii this little road there are no fixed charges nor can any bonds be issued without the consent of ~$ per cent, of the stock. Officers: President, S. S. Palmer: Secretary and Treasurer, Mark T. Cox, New York: General Manager. J. A. Jordan. Directors, In addition to the foregoing. C. Ledyard Blair and \Y. J. Wilson. Fiscal year ends Dec. 31st. Annual meeting, second Thursday in March, Green Bay. Wis. Main office, Green Bay. New York office, 40 W r all Street. Traded in on the New York Stock Ex- change (Listed Department). i6o GIBSON'S MANUAL Havana Electric Railway Incorporated in New Jersey, Jan. 6. 1899, lo acquire The Havana City Railway & Omnibus Co. in Cuba. The company is in possession of a franchise, which will not expire until 1958, and which permits it to carry freight over part of the system. It operates 55 miles of trolley railroad and a number of stage lines. Cars are built and repaired at its own shop. I'.onded indebtedness, Dec. 31, 1907 $8,972,561 ['referred stock, 6 per cent, non-cumulative 7,500,000 Common stock 5,000,000 Total capital $21,472,561 Mileage 55 Per mile capitalization (which, however, includes cost of stage ! ' n es) $390,502 Fixed charges, 1907, per cent, of net income 48.3 Operating expense, per cent, of gross 57.5 EARNINGS. Year ending Dec. 31. Gross. 1902 $864,865 1903 1 ,103,098 1904 1 ,270,625 1905 1,542,870 1906 1,919,103 J 907 2,143,122 1908 2,276,807 After deducting sums set aside for sinking fund on bonds. Net. ♦Surplus. $312,843 445,328 $545 545,8/9 138,153 766,817 509,074 664,730 128,742 911,161 241,796 ■030.383 442,763 DIVIDENDS. Preferred O immon 1900 o o 1901 o o 1902 o o 1903 o o 1904 o o 1905 o o 1906 3% o 1907 5% o 1908 6% LOW AND HIGH PRICES, BY YEARS, SINCE 1905. 1905 1906 1907 1908 Preferred 50 June TJ\ Ian. 72 Apl. 70 Jan. 82 Dec. 97! May 86§ Jan. 84 Dec. Common 15 Apl. 33^ Jan. 24^ Oct. 20 Mch. 38! Dec. 53 Aug. 47 Jan. 40 Dec. These securities were admitted in the New York Stock Exchange in April, 1905. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. I Nov. 2 -... 32I-32J Nov. 3 Election Day. " " 4 - --.. " " 5 - -..• " 6 - " 7 -••• 32.I-32.I 9 -••• 32 -32* " " 10 -... 32 -32*; " • 11 -■■■ 32i-32} " 12. . . . 13.... 14.... 16.... 17.... 18.... 19.... 20. . . . 21 Pfd. Com. I 32^-32} Nov. 32|-33i 33i-34 34 -35 34i-34l Pfd. Com. 23 " -• 24 - "•• 25 " -•■ 26 Thanksgiving Day. 27 " -• 28 - -... 30 - "... GIBSON'S MANUAL 161 Dec. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 8.... 9 10 Com. 3 84 -84 34 -34 4 - "••■ 5 - -■■■ 34 -34 341-343 Dec. 11. " 12. " 14. " is- " 16. " 17- " 18. " 19- " 21. Pfd. 84 84 Com. 34^-34i 34f-35i 35f-3&* 37i-37i 36^-37 Dec. 22 23 24 25 26 28 29 30 3i Pfd. Com. ....... 36!-363 •••-•■• 37 -37 ....... 3 8}- 3 8^ Christmas Day. Extra Holiday. ....... 38-38! ....... 381-39 ....... 39J-40 •••-••• 39i-39^ REMARKS. The track mile earnings of this company in 1907 were $36,000 and it is considered that addi- tional mileage will soon be required to handle the increased traffic. The company has improved its track, power plant and rolling stock and introduced various other betterments. No securities are owned by the company other than $165,977 °f 'ts own issues. An initial dividend of I per cent, on the common stock was paid in December, 1908. Officers: President, Warren Bicknell, Cleveland, O. ; Vice-President, David T. Davis; Secre- tary and Treasurer, H. Kraemer. Directors: Carlos dc Zaldo, Frank Steinhart, James Rattray, Hein- rich Runken, Robert Mather, Walter G. Oakman, Warren Bicknell, David T. Davis, and Antonio San Miguel. Fiscal year ends Dec. 31st. Annual meeting, last Tuesday in February, Jersey City. Directors meet, second Wednesday in each month. New York office, 52 Broadway. Traded in on the New York Stock Exchange (Listed Department). 162 GIBSON'S MANUAL Hocking Valley Railway Bonded indebtedness, June 30, 1908 $23,621,000 Preferred stock, 4 per cent., non-cumulative, but shares equal- ly with common after 4 is paid on both, preferred as as- sets 1 5,000,000 < ' nnmon stock 1 1,000,000 Total capital $49,621,000 x I ileage 347 Per mile capitalization 8143,000 Fixed charges, 1908, including taxes, per cent, of net income.. 54-66 Operating expense, including taxes, per cent, of gross, new basis *73-74 *On the old basis, in 1907, the percentage was 68.19. EARNINGS Xet P. C. of Gross F.arned on **Net Income. Inc. Surplus. common. $2,071,447 43-9 $938,983 7-097o 2,342.056 48.6 1,579,647 7.62% 2 >59 I ,74o 44-5 2.306,563 10. % 2,898,033 43- 3,230.300 1 1.4 % 2,423.765 38.58 3.703.888 7-58% 2,428.033 37-37 4.I33.876 7-52% 2,716.072 39-4 4,721.99! 9.85% 2,642.675 35-9 4783.931 6-43% 2.514.282 36.8 4,709,982 6.02% Year ending Gross June 30. Op. Rev. 1900 $4,417,266 1901 4,653,258 1902 5.316,522 1903 6,049,698 1904 5.725483 1905 6,013,214 1906 6.439,809 :;: i907 6.907,048 *i9°8 5.84L763 *Inter-State Commerce classification. **Taxes being charged to operating expense. LATEST REPORT. Earnings for seven months ending Jan. 31, 1909, compared with the same period last year, were: Gross. Net. 1908 $3,857,692 $1,296,237 i9°7 4,047.548 1,294,258 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 [908 Preferred .... 3i% 4% 4% 4% 4% 4% 4% 4% 4% Common .... o \\■., 1905 1906 IQ07 1908 Preferred Common ...58 Jan. 74)4 Dec. ■ ■■30 l A Jan. 42% Dec. 69J4 Jan. 88^ Dec. 41 Jan. 75I/2 Dec. 81% Jan. 98^ Dec. 66 Jan. 106 Aug. 77 Oct. 99^4 Mch. 63 Scot. 106Vz Feb. 77 95 60 94 Mch. Dec. May Dec. 90 Jan. 97'4 Nov. 86y s Jan. I2IJ4 Dec. 92^' Nov. ggii June 113J-S 1 eb. 135 Apl. 64 94 63 "5 Nov. Jan. Nov. Jan. 69 Mch. 93 Dec. 62 Feb. Dec. GIBSON'S MANUAL 163 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. May June 1900 Pfd. Com. 1901 Pfd. Com. 1902 Pfd. Com. 1903 Pfd. Com. 1904 Pfd. Com. 1905 Pfd. Com. 1906 Pfd. Com. 1907 Pfd. Com. 1908 Pfd. Com. 1900 Pfd. Com. 1901 Pfd. Com. 1902 Pfd. Com. 1903 Pfd. Com. 1904 Pfd. Com. 1905 Pfd. Com. 1906 Pfd. Com. 1907 Pfd. Com. 1908 Pfd. Com. 58 - 62} 60J- 6 4 4 62-J- 67I 65J- 67J 63J- 67I 3°*- 34* 33b 344 3 2 -38 37 - 4*4 36* -40* 69J- 72I 71 - 76 73i- J7i 74 - 764 7° - 80 41 - 45* 43i- 49! 47i- 55l 49 - 55* 4°h 57 81 i- 8 4 2 823- 85i 83 - 86| 87I- 92I 89 - 924 66 - 71 1 66.1- 694 6 7 |- 734 734- 854 79 - 88 95*" 98! 97 - 99 96J- 994 9 2 h 96* 9 2 h 96* 964-105$ ioof-1064 99 -104I 944-1014 95 -105 83$- 85 80 - 85 77 - 81& 8o|- 81 77 - 80ft 72 - 77I 70 - 76* 74 - 74J 68 - 72% 60 - 67! 90 - 93* 90J- 9 2 4 9i|- 9 6 4 9 2 4" 95 9 1 !" 9 2 3 86f- 91 89-93 9i I- 99 92-96 87 - 90] 94i- 95* 94 - 95i 934" 965 94'.- 98! 93 - 984 ii4i-H9 II34-II5 113I-124 124 -135 123 -130J 874- 94 874- 90 834- 91 84 - 85 834- 834 115 -115 - 80-80 - - 70-80 70-704 69-69 75-75 85 - 85 68 - 75 62 - 69 634- 73 69 - 77 744- 90 July Aug. Sept. Oct. Nov. 61 - 64 61 f- 634 594- 63! 624- 654 634- 72f 34 - 35* 344- 354 3oJ- 344 3H- 38! 35*- 4o| 73 - 76f 73*" 7<5£ 73 - 7&> 73h 77 -fib- 82 49 " 54 485- 53* 49*- 55 5if- &\ 56 - 644 893- 93 9i4- 974 90 - 94i 88 - 924 88 - 94* 843- 96 93*-io6 934-103 88 - 984 874- 99} 80 - 92 79 - 834 794- 8o4 77 - 82f 80 - 84! 71-944 65S- 72 63-69 664- 724 694- 74! 804- 82! 80 - 91 87 - 90 88 -904 88 - 91] 64 -684 68 - 844 77 - 843 804- 83 80-864 92f- 93* 91*- 944 9 2 - 93 9 J 4" 94 93 - 974 91 - 91 914- 934 90 - 92f 92 - 93* 934-"94 94f- 954 96 - 98 93*- 95 93f- 95 924- 944 126-126?, ......... ii84-ii84 ......... 123-123 ....-...: 83-83 774- 80 654- 80 64 - 704 ••••- -•■•■ ......... 74-74 63-65 ......... 81-844 83 85 88 - 894 85 - 884 85 - 87 82 - 85 85 00 - 95 63I- 674 324- 384 764- 794 534- 553 90 - 93 82f- 873- 90 - 95 91 -1004 79 - 834 61 - 674 924- 95* 90 - 93 95*- 992 121 -134 834- 8 3 4 82 - 82 82 - 88 Dec. 70f- 743 384- 424 %o\- 884 6o4- 754 93 - 983 95 -102 834- m 71 - 74J 903- 95 86 - 94 924- 95 £ 1124-1214 934- 94 69I- 70 66 - 66 90 - 93 97 -104* LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. N01 Pfd. Com. 3- 4- 5- 6. 7- 9- to. 11 . Election Daw S8 -88 90 -90 95 -95 Pfd. Nov. 23 -. . . " 24 88 -88 25- Com. 26 Thanksgiving Day. 27 89 -894 924-924 28 - -... 30 - -... Dec. 1 . 2 " 3- " 4- 5- it *- / • 8. 9- " 10. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. 90 -90 ....... ....... 07-97 904-90* 984-98* ....... 993-993 ....... 993-993 Dec. 11 12 14 15 16 17 18 19 21 Pfd. 92 -92 Com. 1024-103 1 024- 1 024 1 04^-1044 104 -104 ioo^-iooi 92 -92 Dec. 22. . 23- • 24.. 25- • 26... 28.. 29.. 30.. 3i-- Pfd. Com. 93 -93 •■•■- Christmas Day. Extra Holiday. 103 -103 i'-4 GIBSON'S MANUAL REMARKS. In [899, Hocking Valley secured control of Toledo & < Ihio I entral. The latter road is operated separately. In Juno. [903, a large interest in Hocking Valley amounting to $6,< (24,200 of the common stock, - acquired by Baltimore & Ohio, Chesapeake St ( >hio, Erie, Lake Shore & Michigan Southern, and Pittsburgh, Cincinnati, Chicago \- St. Louis. Operating expense in n)o8 i> reported as about 5! per cent, larger than in the previous year, This is due to the exclusion from operating revenue, under the new systei ounts, of various con- siderable items, which now appear a^ "other income."' Securities owned. June 30. [908, were $12,871,760. Profit and loss account was debited in the report for 1008 with $055,621, representing the value of stocks of coal companies written off. The equity to the stocks in question has been conveyed to The (.'entral Trusl Company of New York, and will be reconveyed if the commodity clause of the Hepburn Rate Law is proved to be unconstitutional. The total capitalization has increased $7,670,000 only since 1900. Officers: President, X. Monsarrat; First Vice-President, Ralph W. Hickox; Secretary and Treasurer, W. X. Cott. Directors, in addition to the foregoing: Charles 1'.. Alexander. S. 1'. Bush, R. M. Callaway. A. II. Gillard, C. G. Hickox. James II. Hoyt, 1'. W. Huntington. 1). Milbank. F. li. Sheldon and K. S. Warner. Fiscal year ends June 30th. Annual meeting, first Tuesday in October, Columbus, Ohio. Dif< tors meet on call. Main office, Columbus. Ohio. New York office. 36 Wall Street. Traded in on the New York Stock Exchange (Listed Department). GIBSON'SMANUAL 165 Illinois Central Railroad Bonded indebtedness, June 30th, 1908 $176,053,275 Capital stock (see "Remarks") 95,040,000 Leased lines stock, 10,000,000 Total capital $281,093,275 Mileage 4-593 Per mile capitalization $61,200 Fixed charges, 1908, including taxes, per cent, of net income 51.22 Operating expense, including taxes, per cent, of gross, net basis.. . . :|: 7t.72 11 In 1907, on the old basis, the percentage was 70.77. Year ending Gross June 30. Op. Rev. 1900 $32,611,967 1901 36,900.4' >o 1902 40,821,030 1903 45,186,076 1904 46,831,136 1905 49.508,451 1906 51,636,405 *i9°7 55. 2 7 2 . 8o 7 *i9o8 52,830,426 EARNINGS Net p. c. Net Income, of Gross •"•'Earned on less Taxes, Inc. *" Surplus. Common $12,184,382 34-8 $5,171,808 5.06% • 13.563,850 34-4 5,374,546 6.24% 16,358,4.15 36.8 5,482,184 6.11% 16,949,269 34-8 5,719,687 6.2 % 14,812,063 29.9 5,993,998 6.05% 17,158,451 32.8 6,582,906 7-57% 18,455,924 33-6 6,257,001 7.04% 22,191.550 35-6 8,745,502 8.1 % 19,462,529 33-2 8,985,927 8.74% ♦Inter State Commerce Commission classification. ♦♦Including equipment, pensions and insurance funds. See "Remarks," as to Surplus Dividend Fund. ***Aftcr deducting from $1,700,000 to $4,900,000 a year for improvements. LATEST REPORT. Earnings for seven months to Jan. 31, 1909, compared with the similar period in 1907, were: Gross. Net. 1908 $34,073,899 $7,707,883 1907 36,533,136 8,114,065 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 6% 6% 6% 6% 6% 7% 7% 7% 7% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 IIO June 124 May 137 Jan. 125$ July 125! Feb. 152-J Jan. 164 May 116 Nov. 122* Feb 132} Dec. 154J June 173* Aug. 151 Jam 159 Dec. 183 Sept. 184$ June 172 Jan. 149$ Nov. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. May June 1900 1103-114$ 112 -114I ii2$-ii6$ 114I-116J m$-ii4l 110-114$ 1901 I28i-i36 1271-134 130 -139$ 1381-146$ 124 -149:1 142-1545 1902 137 -141* 1374-143* 1381-1423 14U-153J i5o-i55f 150-161$ 1903 146 -151 1404-147 1364-142-! 1301-1383 I33f-i39i i3oi-i36i 1904 129-134] 1253-1304 126I-131 1291-131$ i28$-i30$ 1283-132 1905 1523-1603 155 -163I 158-164 I57-I70 155 -162I 1573-167^ 1906 174-182 168-1793 165-1723 1653-176I 164-182 i74$-i84$ 1907 158-172 155 -162I 134-155 145 - 1 5o I34H-H5 135-144 1908 123-133 I22$-I28f 124-130 123-1363 I33J-I42 125I-1353 1 66 GIBSON'S MANUAL July Aug. Sept. Oct. Nov. Dec. 1900 1901 1902 1903 1904 '90S 1906 1907 1908 IIl|-I20i n6J-n8i ii4*-ii7i n6|-ii9f 118I-126J i234-i3 2 3 145 -154! Mii-148 141 2-147] 138I-147I 138 -142I 136 -140] I59I" 1 ; .' 164 -i73i 147 -1/3* 141 -155 1394-1484 i37l-i47f I25i-i34l 126^-134^ 126]- 1 34 1274-132! 127 -131 128 -132 13 I J- I 37:' i3 2 *-!39 137 - T 4of 1 393- 1 45 -5 1411-158* i49i-!59 i65f-i7Si 170J-180J I744-I83 177 -183 1 73I- 1 80 173 -1783 171J-180 1 73i-i78i 171I-177 1714-177 172^-180 165 -176 MiJ-145 127^-141 134 -142 118 -1351 116 -125 120 -127 128^-1425 i35i-i43l I334-I46 1361-141* i39*-i49l 1424-149! LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. Dec. I39i-i40§ Nov. 12. 3- 4- 5- 6. 7- 9- 10. 11 . Election Day, 140I-142 Hii-1424 1413-141J I434-I444 142^-144! 143 " I 44i I42i-i43i 13- 14. 16. 17- 18. 19. 20. 21. I424-I444 143^-146! 147 -149 i47i-i49f 1484-149! i46!-i49 i46|-i47i 145 -1463 144 -146 Nov. 23 144^-145! 24 I45i-i474 25 .147 -147I 26 Thanksgiving Day. 27 146 -147 28 146J-147 30 I46?-I47i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. 1 . 2. 3- 4- 5- 7- 8. 9- 10. 147 -1484 I474-H9I I47f-i49 1484-149 147 -148* I46f-i47! i47§-i475 I47!-I48* I47i-i48i Dec. 11 . 12. 14. 15- 16. 17- 18. 19. 21. 147 -148* 147 -i47l i 4 6*-i48f I45I-I47 146^-148 1454-147 1444-146 145 -146 142H45} Dec. 22 144 -145* " 23 146 -147 " 24 146 -147 " 25 Christmas Day. " 26 Extra Holiday. " 28 147 -1474 " 29 1463-148I " 30 146H-148J " 31 148 -149 MARKET MOVEMENTS OF ILLINOIS CENTRAL FROM 1900 TO 1908, INCLUSIVE. MINOR TURNS DISREGARDED. GIBSON'S MANUAL 167 REMARKS. May 18, 1908, Illinois Central stockholders voted for an issue of $28,512,000 of new stock, increasing the capital stock to $123,552,000. One-half of the new issue, or $14,256,000, was offered at par to stock- holders of record, May 28, 1908, the remaining half (or convertible bonds against the same) to be put out when required. The new stock is entitled to all dividends declared after Sept. 17, 1908. The general object was to provide for the floating indebtedness of the company, which amounted to $30,450,000 in tin- Fall of 1907. Securities owned, June 30, 1908, are reported at $93,348,575. Illinois Central controls by ownership. Central of Georgia; Chicago, St. Louis & New Orleans; Yazoo & Mississippi Valley; St. Louis, Alton & Terre Haute; and Ohio Valley Railroad. The total capitalization of this company, in 1900, was $190,873,925 ami has since been increased $9 1 ,000,000. The Surplus Dividends Fund of Illinois Central, which is not carried on the books as a liability but is represented in other ways, is now reported at $81,408,187. It has been the policy of this companv to replace worn out cars and engines with modern equipment, piece by piece, charging the cost to operating expense. This can no longer be done under Inter-State Com- merce Commission rules. A replacement fund has therefore been created, ample for the purpose in view. Nov. 11, 1908, the directors authorized a refunding mortgage of $110,000,000 and of this amount $20,000,000 were promptly sold to Kuhn, I.oeb & Co. $58,000,000 of the new bonds are to retire a similar amount of first lien bonds as they mature; $32,000,000 will be employed for acquisition of new lines, im- provements, etc. The other $20,000,000 will clean up the floating debt and supply working capital. The total issue may be extended to $120,000,000. In that case, the additional $10,000,000 will be for the sole purpose of acquiring The Indianapolis Southern Railway. The Louisville, New Orleans & Texas Railway, predecessor of Yazoo & Mississippi Valley, has given notice that it has on hand $2,940,000 of proceeds of land sales, applicable to the purchase of in- come bonds. Of the $10,000,000 issued, $9,904,000 were owned by Illinois Central and pledged as part security for its 4 per cent, gold bonds of 1953. Officers: President, James T. Harahan. Chicago; Vice-President, I. G. Rawn ; Treasurer, Edmund T. II. Gibson, New York ; Secretary, Alexander G. Hackstaff. New York. Directors: Walter Luttgen, John W. Auchincloes, J. T. Harahan, Charles M. Beach, Cornelius Yanderbilt, J. Ogden Armour, E. H. Harriman, John Jacob Astor, Charles A. Peabody, R. YV. Goelet, John G. Shedd, A. G. Hackstaff and ex- officio Charles S. Deneen, Governor of Illinois. Fiscal year ends June 30th. Annual meeting, third Wednesday in October, Chicago. Directors meet third Wednesday of each month in New York. Main office, Chicago, 111. New York office, 115 Broadway. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL Interborough-Metropolitan Company A hul. ling company, incorporated under the laws of New York, Jan. -'4. 1906, as a combination oi The Metropolitan Street Railway, which controlled by lease or otherwise practically all the surface car lines in New York City; The [nterborough Rapid Transit Company, which operated the New York city subway and which had leased The Manhattan Railway (elevated lines) for 999 years from April ist, 1903; and The Metropolitan Securil npany, which owned the entire stuck of The New York City Railway. The management of practically the whole local transportation system of New York city was brought under one control by this combination. ■ k hi The Metropolitan Street Railway was exchanged For that of the new company en the basis 1.1 Sim in preferred and $55 in common Stock for $100 of Metropolitan. Stuck of Interborough Rapid Transit was exchanged for twice its par value in 4 ' .■ per cent, col- lateral tru-t bond- of the new company. Metropolitan Securities stockholder- were given, in exchange for their stock 17; per cent, paid), per cent, in common stock of the new company. Collateral trust 4 1 ; per cent, bunds, Dec. 31, 1907 $f 7,825, 000 Preferred stock, 5 per cent, cumulative, preferred as to assets also, but without voting power, except while there is de- fault of dividend- 45.740,000 I ommon stock 93,262,192 Total capital $206,827.10-' EARNINGS. Year ending Dec. 31. I < ' t a 1 receipt- Expens< Fixed charges. Surplus of year. 1907 $4,753-5"! $212,184 S3. 155,885 $766.9*6 rcjog 3.348.044 190,042 3.156.403 7'v'".; DIVIDENDS. Two and one-half per cent, was paid on the preferred in 1906, and 3-4 in 1007. Nothing since. LOW AND HIGH PRICES OF THE STOCK. 1906 1907 1908 Preferred 72 Dec. 14 Nov. 17J Feb. 87J May. Jan. 49* Dec. Common 34! Dec. 5 Nov. 6} Jan 55 j Ma\ 39 Jan. 20 1 >e& LOW AND HIGH PRICES, BY MONTHS. Jan. Feb. Mar. Apl. May June Pfd. ....... ....... ....... 85 -86* 73i"85l Cm. ....... ....... ....... 50-51J SO -55i 33- Pfd. 7»}-75i 5* -68* 58*63 51 42H0* tn. I'l-tu .36} 22i-33l -M'i -'61 15-18- .Pfd. 1x1-23! 17--22* 17.1 20-30 27I »7i-33J 8? -.7 s> 72-11* 9j ml 12* July Aug. Sept. Oct. Nov. Dec Pfd. 758-81 75} -79? :M Com. 34* 34-41 3,-}-393 35* 34*\38 Pfd. 43 -47i 3' '5 -26 14 17 Tom. [Si 8 -1 \l S " "8* Pfd. 20J-323 3i 35 27I 17\ 34] 19 Com. 11 [2 "i-i3i 10-12} .11 10 -15I 14-20 GIBSON'S MANUAL I 69 Nov. Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. _> -. . . 10 -10 3 Election Day 4 29^-29! 29i-3i* 6 3°£-3if 7 3°f-3ii 9 3oi-3!i 10 3ii-3 2 i 11 31 -3 2 i ioj-ioi 10 -iof ioj-iof io^-io* iof-ll ioj-nf Nr Pfd. 12 3if-33§ 13 33 -35 14 16 1 1 • • 34f-3 6 + ■ • 3Sh37i 17 35i-37 18 34i-3°! 19 34-35 20 334-344 21 334-341 Com. ill Ilf-I2 12 -14 I31-M3 134-141 I4i-i5 14 -I4i 12I-14-} 134-131 Com. Pfd. Nov. 23 33i-34i " 24 341-36 " 25 35i-36f " 26 Thanksgiving Day "' 27 35^-36 I42-I5i " 28 35i-35f i4i-iSi " 30 34i-35 i4i-iS 13 -133 I3f-Hf I4i-i5i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 1 35 -3^f 2 34i-35i 3 4. .. . 5 . . . . 7.... 8.... 345-35 343-3 6 i 36 -36 35i-36f 36 -36f 9 3 6 -36f 10 ■ 36f-38f Com. 14 -14I I4i-i4l 144-15* I4i-i5i I4l-i5i 15 -i5i 15 -15} i5i-i6i Pfd. Com. Dec. 11 39 -4ii 16 -17! 12 4oJ-4if J 7 -!7f 14 391-42 1 65- 1 7I 15 38I-40& i6|-i7i 16 39S-421 16I-18 17 411-434 17 -i8f 18 4i4-44 i7l- l8 l 19 434-444 i8i-i81 21 42f-44l I71-I91 Pfd. Dec. 22 44i-47 23 464-474 24 464-481 25 26 28 47f-49i 29 46H84- 30 451-461 31 454-46 Com. 18I-19I I9i-i9l 19^-20 Christmas Day. Extra Holiday. 19 -20 184-19! i7l-i84 i7l- 1 71 REMARKS. The total mileage of the lines in the combinations (single track) is 864. Sept. 24, 1907, receivers were appointed for The New York City Railway, owing to default in the 7 per cent, guaranteed dividend on Metropolitan Street Railway stock. Oct. 1, 1907, receivers were also appointed for the Metropolitan. As a result of these 'complica- tions, Interborough-Metropolitan received no dividends from its Metropolitan stock and was obliged in the Fall of 1907 to discontinue dividends on its own preferred stock. As dividends on the latter are cumulative, a settlement with the owners of that issue will eventually be made. Earnings of the subway division continue good, and the extension to Borough Hall, Brooklyn, which was opened for traffic Jan. 9, 1908, began by adding at the rate of about $700,000 a year to earn- ings and its farther extension is bringing another increase. Securities owned by this company Dec. 31, 1907, were at cost; Interborough Rapid Transit'stock, $104,563,042; Metropolitan Street Railway stock, $68,684,455 ; ar, d Metropolitan Securities stock, $28,- 329,695; Metropolitan Securities loans, $8,844,700; total, $210,421,892. A strongly mooted question, with regard to the street railroads of this city, has been the matter of transfers. Receiver Whitridge of the Third Avenue and the Receivers of the New York City Rail- way have contended that transfers have materially reduced the income of the companies. Statistics com- piled by the Public Service Commission for its first annual report lead the Commission to take a differ- ent view. For a full statement on this complicated question, reference is made to the Commission's re- port. The point of it is, that average passenger car earnings increased from 25.58 cents a car mile in 1906 to 25.89 cents in 1907 as a result of the transfer system. Officers: President, T. P. Shonts ; Vice-President, J. B. McDonald; Treasurer, John H. Campbell ; Secretary, H. M. Fisher. Directors: J. S. Auerbach, August Belmont, August Belmont, Jr., E. J. Ber- wind, Paul D. Cravath, J. D. Crimmins, E. M. Davison, T. P. Fowler, Andrew Freedman, Solomon Gug- genheim, J. B. McDonald, De Lancey Nicoll, W. G. Oakman, M. F. Plant, Thomas F. Ryan, R. A. C. Smith, Cornelius Vanderbilt, G. W. Wickersham, G. W. Young, G. M. Lane and P. A. B. Widener. Fiscal year ends June 30th. Annual meeting, third Tuesday in January. Directors meet first Thursday of each month. Office, 115 Broadway, New York. Traded in on the New York Stock Ex- change (Listed Department). i;o GIBSON'S MANUAL International Harvester Company A consolidation originally of five prominent concerns, engaged in the manufacture of mowing and reaping machines anil agricultural implements, viz. : 1 Jeering Harvester Co. McCormick Harvesting Machine Co.. Milwaukee Harvester Co. Piano Manufacturing Co. Warder, Bushnell & Glessner Co. Incorporated in Xew lersey Aug. 12. 1902. In subsequent years, other plants of the same cla-< were acquired, the most conspicuous being: Aultman & Miller Buckeye Works. D. M. Osborne & Co. Kemp Manufacturing Co. Keystone Works. McLeod & Co.. Philippine Islands Minnie Harvester Works. Weber Wagon Co., Chicago. Wisconsin Steel Co. Wisconsin Lumber Co. The factories are located mainly in Chicago, West Pullman, Sterling and Auburn Park, Ills. ; Akron and Springfield, Ohio; Waterloo, Iowa; Auburn and Newark Valley, N. Y. : Milwaukee, Wis.; St. Paul, Minn.; Hamilton. Canada, and Xorrkoping. Sweden. A plant in St. Paul manufactures binder twine from American flax. The company enjoys an extensive sale of its productions in foreign lands. Preferred stock 1 new 1 7 per cent, cumulative $60,000,000 mmon stock (new) (see 'Remarks" 1 60.000,000 Total capital S120.000.000 EARNINGS. Season Gross Sales. Net ^Surplus. It xn Not reported. ,122,133 S2.041.180 1004 " '..012.840 2,899,715 1905 SSS.687.978 8.019.843 5.578,902 1906 67.589,056 8.607,987 S.625,849 T007 78,206.890 220.496 1 2.006.307 *Not including reserves set as plant depreciation and losses on receivables, appropriations being from one to two millions yearly. DIVIDENDS. 1903 1904 1005 1906 1907 1908 Preferred o o o o 7% 7% Common 3% 4% 4% PRICES OF THE STOCK. International Harvester was not traded in at Xew York until June. 1908. High and low prices for the year, to Dec. 31st, have been: Common: High. 6;i. Nov. Low. 52, June. Preferred: High. noj, Nov. Low. 99, June. GIBSON'S MANUAL 171 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Day. Pfd. Com Nov. 2 104 -104J ...... 3 Election 4 105 -l°5§ 5 iosi-lo6j 6 1064-1064 7 ioof-107 9 107J-108J 10 108I-109I 11 io8|-iio£ 534-54 54i-54* 55 -56i 56I-66I 625-64 Pfd. Nov. 12 109 -1093 13 109 -109^ " 14 "••• • 16 -... " 17 107 - I0 7i 18 1061-107^ [9 107 -107 20 107^-107^ Com. 64 -66 66 -67* 65^-66 65 -66 644-65 64 -644 63I-64 65 -65 21 io7f-io7f 65 -65 Pfd. Com. Nov. 23..... 1 074-1073 64-644 24 1075-108 ....... 25 108 -108 64 -64 26 Thanksgiving Day. 2~ 108 -109 64 -665 " 28 io8J-io9i 65i-67§ 30 1085-109 65 -65 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dt Com. Pfd. 1 1085-109]' 2 108J-110 3 1083-109 4 109J-109} 5 1085-109 7 "••• 8 108J-109 9 1 o8J-io83 65 -65^ 10 - 64 -64i 651-65^ 64 -64 Com. 65 -65* Pfd. Dec. 11 -. . . " 12 io83-io83 " 14 1083-1083 " 15 109 -109 16 109^-109^ " 17 109 -109J 65 -65 " 18 1083-108^ 63 -634 " 19 1094-1094- 63 -63 " 21 109 -109 62 -62I 65 -65 63^-64 Pfd. Com. Dec. 22 io83-io85 ....... " 23 - -... 24 1094-1095- ....... " 25 Christmas Day. " 26 Extra Holiday. " 28 1094-1093 63^-63^ " 29 1093-109! 64 -64 30 1093-109$ 64 -644 " 31 109I-110 64^-66 REMARKS. The capital of this company consisted originally of $120,000,000 of common stock, $60,000,000 of which had been sold for cash, and $60,000,000 issued for real estate. By amendment to the charter, Ian. 8, 1907, the stock was divided into $60,000,000 each of preferred and common. Stockholders re- ceived one share of preferred and one of common for two shares of the old stock. Cumulative divi- dends on the preferred date from Feb. 15, 1907. The whole issue, with the exception of 18 directors* shares, is placed in a voting trust until Aug. 1, 1912, the voting trustees being George W. Perkins, Charles Deering and Cyrus H. McCormick. There is no bonded debt and all the properties are free and unencumbered. The company has established warehouses at a large number of points in the United States, and controls a number of foreign trading companies, which handle a portion of the foreign trade. Officers: President, Cyrus H. McCormick; First Vice-President, James Deering; Treasurer. Har- old F. McCormick; Secretary, Richard F. Howe. Directors: In addition to the foregoing, Charles Deering, Chairman; George F. Baker, William J. Calhoun, Norman B. Ream, Charles Steele, Cyrus Bentley, Paul D. Cravath, Elbert H. Gary, Stanley McCormick, John P. Wilson, John J. Glessner, William H. Jones, George W. Perkins, and Leslie D. Ward. Fiscal year ends Aug. 31st. Annual meeting, third Thursday in April. Directors meet by-weekly. Alain office, Chicago, Ills. New York office, Produce Exchange Annex. Traded in on the New York Stock Exchange (Listed Department). 172 GIBSON'S MANUAL International Mercantile Marine Company ( (rganized under the laws of New Jersey, June 6, 1893, as The International Navigation Co., with a view to combine and operate the American and the Red Star lines of ocean steamers, plying between American ports, England and the Continent. In 1902, the capitalization was expanded, the present name adopted, and the scope of the com- pany extended to embrace the White Star, Dominion and Atlantic Transport lines of steamers, the combination being financed by an international syndicate, headed by J. P. Morgan & Co. All the lines above referred to were duly acquired, with the properties and rights of their respective owners, and including several ships, then in process of construction. A large interest was also bought in the Leyland and National lines. It was stipulated in the purchase of the White Star line that all new ships and heavy repairs, orders for which should be placed in the United Kingdom, were to be given to Harland & Wolff, Bel- fast, Ireland, but that this arrangement should not preclude repairs and the construction of new ves- sels at ship yards in the United States. Farther, to protect British interests properly, the company signed a contract with the British government, to run for 20 years, under which such ships of that nationality as were acquired by the new company should remain British with respect to management, flag, officers, and crews. Bonded indebtedness, Dec. 31, 1907 $72,684,130 Preferred stock, 6 per cent, cumulative 51,730,971 Common stock (dividends limited to 10 per cent., as long as any coll. trust deb. ± l /> per cent, bonds are outstanding) 49>93 I ,735 Total capital $174,346,836 Fixed charges, 1907, per cent, of net income 49.6 Operating expense, per cent, of gross 84.3 EARNINGS. Gross voyage Year ending Dec. 31. earnings. Xet income. *Surplus. 1903 $29,677,755 $5,360,186 $501,401 1904 27,926,908 2,726,492 def. 1 .537,748 1905 32,435'5i2 6,834.150 250,152 1906 35,931,412 9,231,836 278,906 1907 38,253,588 8,037,045 312.637 *Not including certain reserve funds, which in 1907 were: Insurance fund, $1,000,000; depreciation fund, $10.- 352,291, and reserves for repairs, etc., $395,053. From $2,000,000 to $5,000,000 a year is set aside for the deprecia- tion fund. DIVIDENDS. Xone had ever been paid on either class of the stock. LOW AND HIGH PRICES, BY YEARS. These stocks were admitted to the New York Stock Exchange in April, 1907. In 1907, the range was: Preferred, 24, Apl. ; 10, Nov. Common, 7$, Apl. ; 4^, Oct. In 1908, the range has been: Preferred, High, 26J, Dec; Low, 16. Feb. Common, High, 9, May, 1 .ow, 6, Oct. GIBSON'S MANUAL 173 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Nov. 2 18J-19J 6J-7 3 Election Day. 6$-6$ 19I-20 7 -7 6|-6f 4.. 19J-194 /• 9- 10. 195-20 20 -21 2of-2I$ II 20 -20i 7 -7 Pfd. Com. Nov. 12 20^-20} ..-.. " 13 21-21 7 -7 " 14 22 " 2 3 74-8$ " 16 22f-2 3 l Si-8f '• 17 23-24 8$-8J • 18 22J-23* 8i-8f 19 22 -22$ 7I-8 " 20 22|-23i 7$-8 " 21 224-23 8 -8§ Pfd. Com. NOV. 23 2l|-22-£ 75-8 " -'4 22 -23J 7I-8I " 25 225-234 8-8| 26. . . . Thanksgiving Day. " 2-] 22j-22f 74-8 28 22f-22f 7§-7s " 30 -••• 7f-7t Dec. 1 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 24-23 Com. H-8 2 22|-23$ 8 -8 71-84 71-8 22-1-2 7-i 22f-23 23 -23 22-3—22-? 8 224-23 9 2 3 i-2 4 i 8f-84 10 2 3 f-2 4 8}-8$ 74-8 -81 Dec. Pfd. 1 1 23 -23I 1 _> 22 -23 14 22f-23 15 22 -22$ l6 22§-22$ 1/ 2lf-22 l8 2I$-22 19 -••■ 21 2I^-2l2 Com. 84-81 7l-7l 8 -8 7h7% 74 74 73 7f 74-74 Com. 7h7% 74-8 Pfd. I )ec. 22 21§-2lf 23 22$-22$ 24 22f-24 25 Christmas Day. " 26 Extra Holiday. " 28 233-24} 8 -81 " 29 24-24} 7 i-8] " 30 233-244 7J-8 " 31 2 3 f-2f3|8f8j REMARKS. The year uf 1904 was a disastrous one for this company, owing to the absolute demoralization of freight and passenger rates. The cause of the trouble was the establishment of a competing service to the Continent of Europe by the Cunard line. The war which followed entailed severe losses. Un- favorable conditions also prevailed in 1907, in consequence of strikes and the high cost of labor and materials. Nearly all the stock of the company is to be held in a voting trust until Oct. 1, 1912, unless the trustees voluntarily terminate the arrangement at an earlier date. Voting trustees, J. P. Morgan, Charles Steele, J. Bruce Ismay, P. A. B. Widener, and \Y. J. Pirrie. The great fleet of steamships as well as other property of the company is reported to have been maintained in a high state of efficiency, repairs, etc., being charged to operating expense. At the end of 1907 there were 125 steamships in the service (with 7 new ones building) : gross tonnage of the whole number 1,159.704. Securities owned, 1907. mainly in the Leyland and National lines, $13,012,058. Officers: President, J. Bruce Ismay: First Vice-President, E. C. Grenfell ; Chairman, C. A. < '.ri- com ; Treasurer, James F. Fahnestock, Jr. ; Secretary, E. E. Parvin, Directors: C. A. Griscom. E. C. Grenfell, John F. Archbold, John I. W'aterbury, The Rt. Hon. Lord Pirrie, George W. Perkins, Charles Steele, J. Bruce Ismay, Percy Chubb, E. J. Berwind, Harold A. Sanderson, P. A. B. Widener, Chas. F. Torrey, J. P. Morgan, Jr. Fiscal year ends Dec. 31st. Annual meeting, first Monday in June, Jersey City. Directors meet first Thursday in each month. Main office, 9 Broadway, New York. Traded in on the New York Stock Exchange (Listed Department). i 7 4 GIBSON'S MANUAL International Paper Company A corporation for the manufacture of paper pulp, news and book paper, and paper bags. Organ- ized in New York, Jan. 31, 1S98. The company gained control, by purchase, of about 25 of the leading paper and pulp mills in New England and the Middle States and of immense tracts of spruce timber lands in the same region and in Canada. It is estimated that the company has over 1,000,000 acres in the United States and timber limits in Canada to the extent of 1 .700,000 acres. .Many of the plants are located in the vicinity of great water powers, which they own. One of the subsidiaries of Interna tional Taper is The Continental Taper Bag Co., a majority of whose $5,000,000 of capital stock is owned by the parent company; its factory at Rumford Falls, Me., has a capacity of 15,000,000 bags daily. Bonded indebtedness, June 30, 1908 $17,560,000 Freferred stock, 6 per cent, cumulative 22,406,700 Common stock 17,442,800 Total capital $57,409,500 Fixed charges, 1908, per cent, of net income 42.36 Operating expense, per cent, of gross 86.3 EARNINGS. Year ending June 30. Gross. Net income. 1900 $18,707,635 $3,125,876 1901 20,711,902 3-961,657 1902 19,719,420 2,901,195 1903 20,142,771 3.613,461 1904 20,304,514 3- T 53-983 1905 20,908,666 3.268,468 1906 21,837,816 3.i58,5"J 1907 21,841,846 2.841,470 1908 20,716,304 2,838,170 Earned on Surplus. common. $1,810,000 5-38% 3-5I9.988 9.8% 4.073,041 317% 5.259.173 8.17% 5,976,431 4.11% 6,020,147 -0.25% 6,661,286 3-67% 6,865,500 1.17% 7.381,083 2-95% After deducting from earnings $750,000 discount on bonds. DIVIDENDS. 1900 1901 1902 1903 1904 1905 I906 1907 1908 Preferred .... 6% 6% 6% 6% 6% 6% 6% 6% 4% Common o o o o o o o o o Note: — One per cent, was paid on the common stock in 1898 and 2 per cent, in 1899. Nothing since. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. l'Jiin 1901 1902 1903 1904 1905 1906 1907 1908 Preferred. .. 58 Men. 69 Jan. 70 Dec. 57]/, Nov. 64^ Feb. 76% Feb. 80 Dec. 51 'Dec. 47 Oct. 75 Nov. 81' 4 Sept. 77% Jan. 74J4 Feb. 79% Dec. 88^ Dec. 90 Jan. 81 Jan. 65 Jan. Common... 14^ Mch. 18^ May 16! i Dec. 9 July 10 ^ May \S'/ S June 16^ Sept. 7^ Nov. S Apl. 26^ Nov. 28 Mch. 23^ Mch. \9% Jan. 25^ Dec. 25^ Dec. 26^ Jan. I8J4 Jan. 13^ Nov. GIBSON'S MANUAL 175 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. l'Yli. Mch. Apl. May June I ■UK I. I 90I . I902. 1903. 1904. I9°5" I 9O6 . I907. 1908. .Pfd. . Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. . Com. .Pfd. .Com. 65 -m 22J-254 69 -74 1 20 -251 75 -77k 19 -2l£ 7*i-73l i7M9s 64f-67^ 10^-14! 7 6i- 7 8i 20j-23£ 843-90 224-261- 791-81 i5l-i8i 52 -65 H-12I 66 -704 21^-25] 69 -74 20f-25^ 77i-75i 19 -21 72^-741 i7?-i9i 64^-66!i 11 -i3i 76I-78 23 -88 / 20 83J 21 24£ 79i-8oJ 15 -i7t 57 -6ii 9 -lof 58 -<>7l I4i-23¥ 73 -81 21 -28 74 -77 I9l- 2 3l 7ol-735 164-173 64^-65:; 76J-82 21 -25i 82^-86! 21 -23;', 744-794 13 -160 53 -58* 8I-10 63i(>7! 21 -24 : i 76i-8i 24 -27s L 74-1-76 2.6^-2.2% 7°i-7i| 15 -*74 654-67! 11 -12J 78 -82I 203-243 824-86 18I-23I 73 -75i 135-15! 52^-56 8 -191 63 -65 21 -24 7^7'A I8ir25 73i"75 20 1 21 ,' 7o"-7-l 15 -i9i 65l-<>'-! 10.1 1 [i 78 -79I [8J 21!, 824-86! IS -20| 7°i-74i ' 1 1-I4f 53 -60 9i-"£ 63I-675 20^-24J! 77l-79± 22 -24-J 72S-751 20 -21 1 674-70 t3l-i6| 661-69^ loi-nf 781-79^ 18J-20 sj : ; 864 174-21 71 -7ii 12 54^-58 9i-ii Dec. 135 July Aug. Sept. Oct. Nov. 1900. 1 901 . 1902. 1903. 1904. "J05. 1906. 1907. 1908. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. .Pfd. .Com. 64i-65l 2l|-23f 741-771 20 -23 73 -74l 194-21 6oi-6S4 9 -154 69 -703 "S-I43 78 -79f 18I-20I 82f-8 4 J s 17 "I9i 7ii-72 134-154 52j-58f 10 -104 65I-66J 22 -23 75 -80 20j-25f 734-751 19^-23 631-694 10 -14 7ol-73s 134-154 784-80J 19J-22I 82I-87 18J-20J 71^-73 "i-i44 56 -594 io4-nf 60 -664 16 -22 774-8i4 22 -25I 73 "751 195-21 i 604-68 10^-123 731-761 144-18 78 -804 IOi :-23i 8o4-83l I64-I9 ;o -72I 13 -15 504-584 83-104 624-673 17 -2l| 75 "79 194-24 704-734 18 -21 60 -64 10I-12I 744-79 164-194 784-82 5 214-24 ] 814-823 175-19 604-714 9 -13 47 -533 84- ioi 663-75 20 -264 75 -774 19I-21J 7i -73 174-194 574-62 10 -11-J 77 -79l 17-J-22 79 -87l 204-24! 81 4-82-1 174-19 51 -62 "74-10I 53i-6o 10 -13I 724-745 22 -26./ 75f-78| 19 -214 70 -723 164-18I 614-66 104-12 764-791 i9i-25i 834-88I 224-25J 80 -824 I74-I84 5i -57 81- 9? 564-584 1 14-123 Nov. 2. 3- 4- 5- 6. 7- 9- 10. 11 . LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. 534-534 10 -10 Election Day. 54 -54 1 04-10 J 104-iof iof-nf Il|-I2 12 -124 54fr56 564-584 59 -60 58}-6o 584-59 12I-124 ii4-i2-l Pfd. Com. Nov. 12 584-594 ii4-ii4 13 58 -59l 12 -12I T4 -. . . 12 -12! " 16 58-58 Il4-I2| " 17 58 -5.84 I2l-I2-| " 18 581-595 124-134 " 19 58 -594 124-13! " 20 58 -59 124-13 " 21 -... 13 -13 Nov. Pfd. Lorn. 24 58-58f 25 581-59 26 Thanksgiving Dav. 27 574-574 30- 1 2 i- 12| I2§-I2§ 57 -S7 11I-12 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 " 1 " 3 " 4 ;; 5 7 8 " 9 " 10 Pfd. 564-57 57 -57" 563-56J 56§-563 564-564 57 -57 Com. Il4-I2 Ilf-I2 [I f- 1 2 12 -12 Ilf-Ilf Il4-Il4 Ilf-Ilf 12 -12 Pfd. Dec. 11 57-57 " 12 57 -57 " 14 57 -57 " 16.'.'.'." . .57 -5H " i7 57-58 " 18 57h57\ " 19 -••• " 21 564-564 Com. ii|-ii4 1 1 l-i il 12 12 12 -12! 12i ■12% D ec. 22 23 24 25 26 28 29 30 31 Pfd. 1 'cm. 564-57 ....... 564-561 114-12 v7° o 1900 1901 1902 1903 1904 190S 1906 1907 1908 Preferred. .. 76 Dec. 74 Jan. 82 Dec. 70 Oct. 7\y 2 Feb. 78^ Dec. 79 Jan. 50 Oct. 625-g Mch. 77y 2 Dec. 89 Nov. 94 Mch. 89><; Jan. S7 Nov. 88^ Apl. 92 May 81 Jan. 84J4 Dec. Common... 28 Dec. 24<4 Jan. 40 Dec. 28 Dec. 29 June 26 Dec. 28 Jan. 8 Oct. 13 Jan 29y 4 Dec. 49 Nov. 57 '4 Mch. 46^ May 41 $i Nov. 40^ Feb. 60 May 41 Jan. 39% Dec. These shares were listed at the New York Stock Exchange in December, 1900. •78 GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. 1900 Pfd.. < om. Pfd.. i 01 1...12 I 'id.. Com. 1903 Pfd,. ( 'mil. 1904 Pfd.. Com, 1905 Pfd.. Com. Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. ( 'mil. 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd! . Com. 1905 Pfd.. (.'"in. 1906 Pfd.. Com. 1907 Pfd.. Com. [908 Pfd., Com. Nov. an. Feb. Mch. Apl. May 74 -77 87 ;-„, 17 -53 1 85 8 9 i 44 -4'' 7-' 7- 3' 2,7 SO.! S;; 37 -39 79 -853 28 -37 784-81 34 1-4 1 "5 73' 1 3 -2 1 ! 7^-7* 25i-30 89 -90 52 -534 824-84 43 '-4 5 714-72 35 "35 864-87 .vi 40; 82 -85 2^^-27 I 77±-7<>l 33 1 3&3 65 -'>7i 1 7 1 -'0.1 7*1 84 27i-333 894-94 5-' , : 57 1 83 -83 4oi-45 74 -75 35 -38 85 -88 h 39 -39i 83 -864 30 -40 74$-79i 25 -33 1 62fi-74? 19 -26 8i i 84 33 -42 90 -93 52^-55^ 824-83 44.5-46 73^7* 39 -4 n 834-881 32 -27 l 83 -87 35 -56 77 -793 26 -3 1 ! 70 -7'.! 2li-25^ July Aug. Sept. Oct. 81 -84 36J-40 90 -92J 52 -54* 73^v8 35 -40^ 72\~77\ 30i-33'-' 80 -81 f 27 -2'll 8i4-86J 27 -48 7-> -7Sl 22i-2^ 764-80I ■22\-2A,\ 81 4-86} 37 -44* 9i "93 52i-53* 74 -80 344-35* 75i-77 : ' 3of-3 2 82J-82J 294-29', 83 -86i 44 -5 2 i 664-72 19 -24 77 -81 22i-27i 84 -86} 434-46: 914-92;'; 48 -531 74 -7^'i 33J-36 72\7" 28 -33 82 -853 28 -28 83 -85I 45 -5o :>> 701 20 -25 78 -8 3 4 20 -254 85 -89 43 -47 90 "95 49 -5-'' 70 -70 33 -334. 784-793 33^-38 81 -85 27 -287 80 -86 43 "SOI 50 -70 8 -21I 79 -82 : i 23 -3PJ Pfd. 2 8of-8o| } Election 4 804-82 5 81J-824 6 82^-82: 82 -82§ -» 8if-82| 10 80J-81J 11 8o2-8o? Com. 294 304 1 laj . 3o4-3of 3o4-3 2 i 313-33 3if-32l 3i4-32f 304-3 'J 3oi-3oJ t6 80 80 17 .80 -8o : ; 18 80 -8og [9 80I-80} 20 80 -80 21 -... 314-31! Com. 3o| ;-,' 3 1 -34 33i-34i 3 2 f -33 1 324-33 32*>33i 2^r2^ } i 3 1 -32 3 1 4-3 1 3 June 78 -82.4 814-84 304-41 1 394-41 s 904-91 89 -934 53 -55 53 -54l 78 -824 78 -792 39 4 ( 'l 38 -40 74 -76 75 -/6 37 -38 29 -^61 784-834 784-814 29 -32 274-30 83 -92 85 -882 50 -60 44 -55 i 70 -744 68 -72 23 -7 22 -24 69 -74 : ; 734-77 213-243 224-243 Nov. I »ec. - , . 76 -77 1 ...... 28 -292 85 -88 864-89 47 49 46 -49 90 -90 82 -90 47 -5o4 40 -484 ....... 70 -75 30 -30 28 -31 79 -87 85 -87 362-4ii! 373-40.2 814-83 784-824 264-30 26 -28 81 -82 794-814 401-46! 36 -4i4 50-574 574-6 ? 3 84-124 104-13! 794-82* 79i-84i 294-344 30J 393 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. 1'fd. Com. Nov. 12 -... 302-31 Nov. 23 -... 304-31^ 13 80-80! 31-34 - 24 7$f-79i 3*$-3if 14 80 -8o{ 334-34* 25 -. . . 311-32 26 I hanksgiving Day. -7 794-794 3i3 3i3 28 79'2-7o2 313-31; 30 -■•• 302-31] LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 80 -80 80 -8o4 80 -80? 8o4 82 1 Com. 3 ' 1 2.' 1 linst 65.8 in 1907, old basis. EARNINGS. Year ending Gross June 30. Op. Rev. 1900 $2,325,919 1901 2,284,123 1902 1903 1904 2.543-350 2405,543 2.377-I05 1905 2.588,300 1906 2.985.587 1907 3,132,048 *i9o8 3,002.475 Xct income, less taxes. $566,770 438,757 506,929 555,968 560,607 661,438 1 .201.466 970,917 Xet p. C of gross inc. 24-37 19.21 19-93 23.11 2358 -'5-55 33-'4 38.36 30.47 Surplus. $i,438 101,895 306.433 308,077 1. 9 1 6.945 1.839,872 2.077.314 2,522,909 2.738,108 Nothing was earned for the common stock, over and above what should have been (hut was nol 1 paid "ti the preferred, in the foregoing ten years, until 1907. when 1.9 per cent, was earned for the com- mon. Surplus profits in 1908 were again not enough for the preferred. *Inter-State Conjmerce classification. LATEST REPORT. Earnings for seven months, ending Jan. 31, [909, compared with last year, were: Gross. Net. 1 ' » >* $i ,77°>55 1 $33! >-'-7 1907 1.876,696 612.5.^1 DIVIDENDS. Nothing has been paid on either class of shares since [900, when i'J per cent, was declared on LOW AND HIGH PRICES, EY YEARS. SINCE 1900. 1! 1002 1904 190.1 l'"", ;no7 1908 Prefi 1 IVi Nov. Oct. 32 Feb. 50 May 1- J.ilv 29 1 lee. •J7'_. Feb. Mch. fulj Vpl. Nov. 61 Dec. I.MI 51 fan. 57 1 >ec. Oniim fan. fan IG |„!v 17 1,1. 24 24 !uK Nov. 10 Feb. Vug. I- 1 Nov. Jan. - Jan. Dec. GIBSON'S MANUAL 1S1 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May June 1900 Pfd.. 48 -53 Com. n$-i2§ igoi Pfd.. 48 -54 Com. 21 -28 1902 Pfd.. 71 -76i Com. 372-41" 1903 Pfd.. 7i£-77f Com. 46^-48 1904 Pfd.. 38-1-42 Com. 20 -22J 1905 Pfd -- 55 -58 Com. 29 -31! 1906 Pfd. 59 -63$ Com. 29JJ-34! 1907 Pfd - 43 -51 Com. 24 -28J 1908 Pfd. 28 -31 -Com. io§-i3J July 1900 Pfd.. 45 -49I Com. i7f-2oi 1901 Pfd.. 70 -87I Com. 33 -42I 1902 Pfd.. 84i-87i Com. 47 -49; i9°3 Pfd.. 3 2 -47a Com. 16 -28^ i9°4 Pfd-- 34 -37% Com. 18 -19-J 1905 Pfd.. 51 "54 Com. 26i-2&i 1906 Pfd.. 48-52! Com. 24 -27 1907 Pfd-- 383-39^ Com. 17 -i8f 1908 Pfd.. 33l-3°J Com. 16 -18 50 -55i 12 -14] 5^-50 25i-27l 73^-82 4oJ-49i 69* 74 43i-4Si 32 -36 17 -21 54H8i 29 -32 57 -62! 30 -34l 43 -454 23i-25t 27|-29i 10 -12 Aug. 474-58 133-193 53 -64 26 -35 79f853 472-5I* 634-69 36 -44 33 -37-1 18 -20 54 -57i- 27 -29J 56 -594 30 -3 2 i 30-J-43 18 -2l\ 28 -34 II -I2f 50 -57? i7d-i93 594-644 30 -35i 83 -9°t 48 -504 56 -63I 33 -364 344-36? 18 -193 53 -57 26 -30J 51 -60 26 -31I 34 -384 18 -19J 3i4-36t I2i-i6£ Sept. Oct. 47 -5i 16J-18 53 -63? 234-364 82 -88 434-48J 50 -61 28 - 3 63 344-344 i8fi8-J 50 -50 24 -28 49 "53 243-28 364-42 18 -194 304-363 15 -19 Nov. 43 -5o 174-194 62 -82 344-43* 83 -«8i 454-50 43 -5i 22^-28* 32 -35 14 -i8i 50 -52 24 -273 50 -554 244-29 383-414 173-19 32 -35 32 -35 Dec. 42 -46 i83-i 9 3 71 -773 36 -41 84 -88* 47f-5i4 314-443 16 -24* 35 "43 18 -22 53 -584 271-29! 5i -534 263-313 344-383 15 -174 34 -36 ■17 -174 39 -442 I74-I84 70 -8i3 354-424 80 -88 44 -5o4 32 -37% 17 -21 414-47! 22 -253 56 -58 274-294 494-523 294-3 1-4 35 -4o4 154-16! 34S-383 i65-i8| 40 -42 17 -194 73 -80 38 -42I 72 -823 4o!-463 304-364 18 -20 J 45 -5i4 243-294 554-594 213-29! 50 -54? 28 -3 if 371-394 12 -i64 38 -46" 18J-263 42 -48 1 8|-2i 3 76 -79 394-4i! 65 -75 374-43i 3i4-37 I9t"2I a 473-59-4 27 -33 55 -5/3 253-283 49.5-523 27 -3o4 94-12 434-48-3 24s-3o3 444-514 19I-27! 70 -754 343-38! 65 -73l 354-4i3 37 -4i 20^-23 551-574- 254-314 554-6i 27 -293 494-524 28 -303 29 -30 10 -123 44!-57 28 -321 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Nov. 2 434-44 24I-24! Election Day. 3 4 45 "45 5 44 -443 6 444-44-4 7 44 -45! 9 45 -45i 10 44-4-45 s 11 454-464 24I-25 25!-254 254-253 25 -26 25f-25* 253-273 273-283 Nov. Pfd. 12 464-47t 13 474-483 14 48 -48 16 463-47? 17 48-483 18 47 -48A 19 463-463 20 45 -463 21 464-463 . Com. 283-29 294-303 30 -30 293-3o4 30 -303 293-303 292-293 29 -29I -294 Pfd. Nov. 23 46A-463 " 24 463-463 " 25 46-474. 26 Thanksgiving Day. " 27 463-474 30 -30 " 28 462-474 293-293 " 30 474-474 293-30 Com. 293-29! 294-293 294-303 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. Dec. 1 463-46! 29^-29! 2 463-474 291-29! 3 - -•• 4 46i-49 29 -323 5 49-49 3i -3 2 ? 7 -••■ 31-32 8 474-494 3U-314 " 9 495-514 3it-32! " 10 50 -5o4 3 I f-32i Dec. 11 12 " 14 " 15 - 16 " 17 " 18 " i<) " 21 Pfd. 49 5o3 Com. 3i4-3i4 49 -493 474-474 48 -4S-3 44!-474 45 -46 46M6J 464-464 28 -29I 29-4-294 Dec. 22 " 23 " 24 " 25 " 26 " 28 " 29 " 3o " 3i Pfd. Com. 47 -49? 29^-30! ....... 303-30! 49 -54i 30 -32 Christmas Day. Extra Holiday. 55 -57 3if-324 554-57 314-324 541-554 3i4-3i4 554-563 31 -3i! GIBSON'S MANUAL REMARKS. Persons connected with Minneapolis & St. Lottis obtained control of this road in June. 1900, by purchases of the common stock. The two roads are operated in close connection. Iowa Central is largely dependent for its prosperity upon the crops, which constitute a consider- able percentage of its freight traffic. Coal and manufactures have, however, increased materiallj in recent ) e.i ■ Secufities owned, $1,441,000. Operating revenues in the fiscal year of 1908 were 4.14 per cent, less, by reason of the Iowa and Illinois enactments in July, 1Q07. reducing both freight and passenger rates, and also in part by reason of the financial depression. Passenger travel was larger, but the revenue therefrom smaller. The company's car and paint shops at Marshalltow n, Iowa, were destroyed by fire Oct. 25, 1907, and since that date, extensive repairs to car equipment have been out of the question. New and fire- proof shops have, however, now been completed. Officers: President, Edwin Hawley; General Manager, L. F. Day; Treasurer, F. H. Davis; Sec- retary, A. C. Doan. Directors: In addition to the foregoing, L. C. Weir. Charles YV. Osborn, John E. Searles, Paul Morton, T. P. Shonts, 11. E. Huntington, Frank Trumbull, E. C. Bradley, \V. S. Crandell, Henry A. < iardner, and William Shillaber. Fiscal year ends June 30th. Annual meeting, first Friday after first Thursday in September, Chicago, 111. Directors meet on call. Main office, Minneapolis, Minn. New York office. 25 Broad Street. Traded in on the New York Stock Exchange (Listed Department). GIBSON'SMANUAL 183 Kansas City, Fort Scott C& Memphis Railway A component part of The St. Louis & San Francisco system, which owns the whole of its $15,- 000,000 outstanding common stock, and which operates the road under a 99-year lease, dating from Aug. 23, 1901, and which guarantees 4 per cent, a year on the $13,510,000 of outstanding preferred stuck. The preferred stock is deposited in trust, and St. Louis & San Francisco have issued trust cer- tificates to represent the same, retirable at any time at par. and payable in any event by October, 1921. No separate reports of earnings are published. The common stock is not dealt in on the stock exchanges, but the preferred trust certificates are. LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1901 1902 1903 1904 1905 1906 1907 1908 Preferred trust ctfs. jji Dec. 75 Dec. 62} Oct. 65 Feb. 79} Nov. 88 Aug. 82^ Feb. 83* Nov. 8if June, yy Oct. 87 Oct. 84J Feb. 60 Oct. 80 Jan. 57 Aug. 75i This stock is extremely inactive, there being only an occasional transaction on the Stock Ex- change. Officers: President. A. J. Davidson, Secretary and Treasurer, W. A. Wykoff. Annual meeting, second Monday in June, Oswego. Kan. Office, St. Louis. Mo. Traded in on the New York Stock Exchange (Listed Department). c84 GIBSON'S MANUAL Kansas City Southern Railway Bonded indebtedness, June 30, 1908 $30,000,000 Preferred stock, 4 per cent, non-cumulative 21,000,000 Common stock 30,000,000 Total capital $81,000,000 Mileage 827 Per mile capitalization $97,944 Fixed charges, 1908, including taxes, per cent, of net income 48.6 Operating expense, excluding taxes, per cent, of gross, new basis. . *&5-7 *Compared with 58.78, in 1907, on the old basis. EARNINGS. Net p. c. Year ending Gross !: *Net Of gross June 30 Op. Rev. income. income. 1900 $4,1 18,763 $792,749 T 9-2 1901 4,753,066 1,384,186 28.9 1902 5,560,621 1.920,120 35.03 1903 6,224,477 1,731.453 27.7 1904 6,678,215 1.976,794 29.6 1905 6,893,656 1,837,801 26.53 1906 7.568.33 2 2,064,956 27.12 *ioo7 9.037,547 3.853,559 41-85 *i9o8 8,758,929 3,138,206 35.3 *Inter-State Commerce classification. **Before deducting taxes. ***Not considering renewal and replacement funds. fDue to extraordinary expenditures for improvements. Earned on Surplus. common. vfot reported iC ft $1,338,926 0.25% 1,622,170 2,070,590 t99.234 943,630 0.31% 2.376.438 5-38% 3,149,709 2.58% LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909, compared with last year, were: Gross. Net. [908 $5,168,166 $1,996,515 1907 5,687,025 1 .928.458 DIVIDENDS. 1900 1901 1902 1903 Preferred . . Common . . . 1903 1904 1905 1906 1907 1908 0005% 4% 0000 o 1900 Preferred... 27^ Sept. 43?4 Apl. Common... 7 Sept. 17 y 2 Api. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1901 1902 1903 lflM 1905 1906 1907 35 Jan. 44 Jan. 29 Oct. 31 Feb. 52 Jan. 49 July 49 Apl. 62^4 Apl. 61 $4 Jan. 5634 Nov. 70 Feb. 71 Jan. 13!^ Jan. 19 Jan. 16'A Oct. 16. '4 Feb. 22ft May 22ft July 25 Apl. 39 Aug. 36i/JJan. 31ft Nov. 36^ Dec. 37ft Jan. 1908 48 Oct. 46 Feb. 6I34 Jan. 72% Dec. 1934 Oct. 18 Feb. 30J4 Jan. 42ft Dec. GIBSON'S MANUAL 185 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. Ma> June 1900 Pfd. . Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 1900 Pfd.. Com. 1901 Pfd. . Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1005 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 35 -4°:s 44 -4^i 19 -205 33^-3°i 33 "381 1 8f-2I 52 -65I 27h3ii 60 -71 3° "375 56 -6if 264-303 5i -54 22 -2 3I July 35 -40 10 -10 38 -42» 19 -20f 58f-6i4 331-363 37 -43 18 -23 42 -45 21J-223 554-882 25^-27 49 -55 223-27 565-585 254-27* 54 -57f 24 -25J 38i-42 16 -19 44 -54-i 1 94-234 57 -6oi 3i£-34f 3i -37 16J-19I- 63I-70 29i-34 59i-6 3 f 28|-33t 56|-6i-i 27 -2gi 46 -51 18 -21 Aug. 30 -334 10 -10 40 -424 19 -20 59 -6i| 351-39 32^-424 19 -241 42 -453 225-24 56|-6oi 27 -283 55 -60J 26^-31 3 49lS7 225-28 57-581 24 -26 42 -43 39i"45 t8f-2o5 51J-5O4 22 -24^ 53i-56, 29^-32^ 3i -37 164-21 63 -674 -7^-32 574-6o 28 -29J 45 -585 18 -28 47^-554" 18 -2 3 f 4i -43s I7hi7l 42 -49 18 -25 55 -62!} 2o5-28 5i "54 27 -31 34i-37 18 -193 59 -66 264-32 52 -59 244-29! 52 -61 § 23 -273 5i -561 22§-24 Sept. Oct. 27h3 l3 s 7 -iof 39 -4*3i 19 -205 55 -6if 334-39 33 -39f 17 -2 2 1 44J-48I 24 -26 54 -56I 254-274 56 -59? 27 -28^ 53^-563 24i-27s 584-632 244-29 29 -36i 94-14 36i-39« 17 -18 53 -57l 32 -374 29 -35s 46 -53 24 -30 52^-584 24f-27l 57]-62 265-305 48 -54S 193-25-2- 61 -62 264-29 41 -485 191-24 564-62.I 25 -351 474-531 24l-3oi 344-39 17-5-20 55i-62| 224-29 50 -54 2 3i-26i 57f-6oJ 23 -26 55 -57s 22 -26 Nov. 34f-39 1I4-14 41 -46f 183-23 5i -57 29 -354 30 -37 1 65-20 5»|-56f 274-315 53-2-64 26 -32 58I-63S 28^-324 48 -514 204-23! 61 2-66 28|-32§ 431-46 20|-23 59 -62I 3i4-34 : l 394-49 20 -274 36i-432 18I-21! 54 -57 23I-27 50 -57 24 -274 55 -60S 244-254 54-58 232-242 Dec. 36 -38s 124-142 461 -21-1 -573 -344 -364 -20I -54l 42§- 20 52 28 34 1 83 471 245-315 604-683 29S-36I 584-62 5 29 -304 5i "54 22 -24I 64S-72J 3 2 4-42« LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov. 2. . . . . . 613-62 ....... Nov. 12. . . . • • 634-64! 294-30 Nov. 23... 283-29 3.... Elect on Day. 13.... • • 645-642 3o5-3o2 24... ••• 635-644 29f-3o4 4 . . 62 -62J 285-294 14. .. . -. . . 3o4-3o5 25 . . . ... 64 -643 304-302 5.... . . 62i-62i 29 -29! 16. ... • ■ 64I-64I 30 -304 26... . . . Thanksgiving Day. 6.... . . 624-623 294-29! 17.... -. . . 30 -303 27... ... 64 -6 5 5 3o4-3 1 4 7 ■ ■ ■ ■ •• 634-64 29I-294 18.... • • 63I-63I 294-30 28... •■• 65J-655 3i4-32 9.... ■• 632-644 29 -294 " 19.... . . 624-63I 29 -3o4 30... ... 65 -66 31 4-32s 10. . . . • • 632-644 29 -292 " 20. . . . •• 633-63! 283-292 11 • ■ 63 -63 29 -292 It 21 ,. 6 3 2-63f 283-29 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 . 2. 3- 4- 5- 7 ■ 8. 9- 10. Pfd. 64f-66i 661-675 66 -67 67 -67I 68 -69 681-683 673-68I 68 -685 673-68 Com. 324-33 33§-34l 331-341 34 -35l 362-40I 37 -38 37 -37§ 37 -381 371-38! Pfd. Com. Dec. 11 673-68^ 37I-383 " 12 67 -674 37l-38i " '4 67 -674 371-374 " 15 66 -665 36 -37-i " 16 67f-68 365-38 " i/ 68 -634 37 -383 " 18 -... 365-375 19 -•■■ 37 "3/4 " 21 67 -67! 36-5-3/4 Pfd. Com. Dec 22 673-681 37 -38! " 23 684-69I 38I-39I 24 694-713 39 - 4 i{j 25 Christmas Day. " 26 Extra Holiday. 28 7if-724 403-425 29 70 -7i4 40 -4' ! 30 71 -715 39s-4o5 3i -• • • 40 -405 1 86 GIBSON'S MANUAL REMARKS. This company is the successor and a reorganization of the old Kansas City, Pittsburgh & Gulf Railroad, which was sold under foreclosure in 1900. March 19, 1906, the stockholders of this company voted for an issue of $10,000,000 improvement bonds, 4^s, to run for 20 years, and for $5,100,000 five per cent, collateral trust gold notes, secured by a deposit of $6,000,000 of the bonds. Stockholders were authorized to subscribe for the gold notes at 95, to the extent of 10 per cent, of their holdings of stock. The gold notes, less discount and commissions, yielded $4,715,561, which sum has been disbursed for improvements, buildings and equipment, all made necessary by increasing traffic. No "securities owned" are reported, other than those of terminal companies. The amount of these is not published. Total capitalization has remained practically unchanged since 1900, except for the bond issue of 1906 referred to above. A traffic arrangement has recently been consummated with Southern Pacific and Union Pacific for exchange of through business, which is expected to redound to the benefit of Kansas City Southern. Officers: President, J. A. Edson ; Treasurer, H. Yissher; Secretary, R. B. Sperry. Directors: Chairman, Hermann Sielcken ; L. F. Loree, D. G. Boissevain, Walter T. Rosen, Andrew J. Miller, Hugo Blumenthal. W. G. Street, James A. Blair, William F. Harrity, John J. Mitchell, Adolphus Busch, S. W. Fordyce, J. A. Edson and George M. Craig. Fiscal year ends June 30th. Annual meeting, second Tuesday in May, Kansas City, Mo. Directors meet on call. Main office, Kansas City, Mo. New York office, 25 Broad Street. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 187 Lake Erie C& Western Railroad Bonded indebtedness, Dec. 31, 1907 $10,875,000 ['referred stock, 6 per cent, nun-cumulative 1 1,840,000 Common stock 1 1 ,840,000 Total capital $34,555,000 Mileage 886 Per mile capitalization $39,001 Fixed charges, 1907, per cent, of net income 88.21 Operating expenses, per cent, of gross 80.25 EARNINGS. Year ending Gross, Net p. c. of Dec. 31. Op. Rev. * Net income, gross income. Surplus. IQ °o $4,475,712 $1,394,399 3i-i5% $613,900 J 90i 4-533.204 1,173.946 25.9 % 645,496 1902 4,699,340 1,152.915 24.53% 625,061 1903 5,218,728 1,162,917 22.28% 781,470 1904 4,998,010 1,136,362 22.73% 792,578 !9Q5 5,037,294 1 -192,930 23.68% 555,978 1906 5,212,812 1,188,252 22.8 % 222,417 i9°7 5,066,940 1,007,744 19.9% 228,424 * Less taxes. Note: — Nothing has been earned for the common stock for many years. In 1900, 2.13 per cent, was earned, nothing since. LATEST REPORT. Earnings for ten months, ending Oct. 31, 1908, compared with last year, were: Gross. Net. 1908 . . $3,746,175 $607,220 1907 •• 4.330,843 l,"i,56i DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred.'. 4% 4% 4% 4% 3% 3% 3% 3% 1% Common ..o o o o o o o o o LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 190S 1906 1907 1908 Preferred... 83 % Feb. 108^ Jan. 120 Oct. 89 Nov. 85 June 95 Nov. 75 Sept. 39& Nov. 34 May 115 Dec. 135*4 Sept. 138 Feb. 118 Feb. 105 Oct. 106 Mch. 92Y 2 Jan. 67^ Apl. 58 Dec. Common... 20^ Mch. 39^ Jan. 40 Dec. 23^ Nov. 26 June 28^4 June 29 Dec. 11 Nov. 12 Jan. 39}4Nov. 76HNov. 71^Jan. 53 Jan. 43^ Dec. 47^ Dec. 44^ Jan. 28^ Jan. 26 Dec. These shares have not been especially active in recent years. iSS GIBSON'S MANUAL 1900. hidl . If)02. I903. 1904. 1905. 1906. I907. 1908. LOW AND Jan. HIGH PRICES, Feb. BY MONTHS, SINCE 1900. Mch. Apl. .Pfd.. .Com. .Pfd.. . Com. .Pfd.. .Com. .Pfd.. . Com. .Pfd.. .Com. .Pfd.. .Com. .Pfd.. .Com. .Pfd.. ' 11 .Pfd.. . Com. 84 - 87 2li- 27 I 12 39?- 4"! 125 -132 64- 7\\ 113 -"3 50 - 53 89 - 89 28 - 30 | 100 -101 35 - 4i 1 92^- 924 38 - 443 834- 20g- 113 41 132 66 116 47i 95 263 37 88 34* 85 114 45 138 7i I 118 49 95 30 101} 40A 92 38 84! 8 7 | 20J- 23^ " '3 -130 51 - 63} [31 -135 69 113 - 1 1 8 40]- 47 95 -100 23$- 34i 127^-130 61 - 68i 130 -'3 1 67]- 69* 105 -113 38 - 4-' -7 - 28A 12 - 14 234- 27 12 - 15J 26-27.I 'ell 106 394" 442 90-90 34 - 40I 57 - 61 i'>;- 243 i3i- 'M 26{- 28i 100 -100 34 - 4i 88 - 90 33 " 38J 55 - m 20\- 25 36- 38 15 - 15} May ■•- - 95 -"1- 3 1 109 -127 49 " 67 125 -131 64 - 68} 105 -108 36 - 40 95 - 95 28 j- 28 J 97 - 97 3°i- 35 84- 84 32 - 384 65 - 65 20 - 20 34 - 45 14 - 19J June 92 - 9>i 26J- 30I 124 -124 59 " 62 i 65i- 66 103 -no 25I- 35 85 -95 26 - 284 91 - 96" 2&ir 3i 1 85 -85 274- 33 1900. 1901 . 1902. 1903. 1904. : 1906. 1907. I908. July Aug. Sept. Oct. Nov. . Pfd. . .Com. . Pfd.. .Com. .Pfd.. . Com. .Pfd.. . Com. .Pfd.. . Com. .Pfd.. .Com. .Pfd.. . Com. .Pfd.. . Com. .Pfd.. . Com. 93 " 93i 26 - 28-J 1 175- 1 20 531- 64 93 - 95 27 - 30 120 -129 5o2- 67 64 - 67 94 -103 26 - 31 26 - 26 3°4~ 30 1 86 - 86 27i- 35 4.2I- 42! 65 33! 67 99 -100 25 85 - 86 26J- 33 96-96 32 - 37 80 - 84 35 - 39 43 - 43 i6i- 17I 9 2 i- 25 - 123 - 594- 128 - 6oi- 95 - 25 - 90 - 30 - ■'?: 33 - 75 ■ 32 45 93 28} 1354 74 130 67 - 95 - 28 - 90 - .u - 95* - 36 - 80 - 33 - 45^ 94J-IOO 27 - 37? I2 7 -133 624- 71 5 120 -125 554- 60 90 - 90^ 24 - 25i 88 -105 32 - 36 95i- 9 6 -l 33*- 34 - T I02|- 35 - 129! 70 ■ 120 50 89 23i 102 32 95 33 no 39i 134 76* 120 56} 90 27* 103 4*« 95 371 45 - 45 15 - 15 31 " 32* 40 - 40 115- 15 4i - 434 16 - 18 30 - 32 393- 40 11 - 12 41 - 56 17 - 25 ** Dec. 106 -115 35 - 5 2 126 -126 64A- 72^ 122 -122 40 - 52 96 - 96 27%- 32 96 -1 02} 32 - 43i 95 - 99 35 " 47' 793- 80 29 - 3 : 4 II - 12 49 " 58 22 26 LOW AND HIGH PRICES, BY DAYS. NOVEMBER, 1908. Nov. 2. 3- 4- 5- 6. 7 ■ 9- 10. 11 . Pfd. Com. Election Day. ....... 17-17 41 -41 18 -18 4i3-43* J 74-i8 443-44? i8J-i8i 45 -46 I8|-l8| ....... 19^-20 46 -48 20 -22 Nov. 12 '■ 13 " 14 - 16 " 17 - 18 - 19 •• 20 " 21 Pfd. 48 -48 Com. 21 J -21 i 2l4-2lf Pfd. Nov. 23 52 Com. 50 -50 22}-22j ....... 23 -235 ....... 24 -24 ?2\-j2i 24I-25 50 "53 24 -24 50!-50i ....... ^ -^ ....... 24- ■ 53i-54 ....... 25 54-55 26 Thanksgiving Day. 27.... 28.... 30.... 56 -56 55 -56 244-244 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I tec. 1 . 2. 3- 4- 5- 7 ■ 8. 9- 10. Pfd. 56 -574 58-58 58-58 57 8 Com. 234-231 23^-23^ 244-24} Dec. n. 12. " 14. - IS- • 16. 17. ' 18. 19. Pfd. 55 -55 Com. 26 -26 21 22 -224. Dec. 22. " 23. " 24. - 25. " 26. " 28. " 29. " 3°- " 3i- Pfd. Com. 49 -53! •••-■•• 50^-50}- ....... 524-524 24 -24 Christmas Day r . Extra Holfday. 52^-5251 ....... 5-' -5 2 1 23^-23; 234-23* GIBSON'S MANUAL [89 REMARKS. Jn 1899, Vanderbilt interests gained control of this railroad; and in January, kjoS, Lake Shore & Michigan Southern owned $5,940,000 of the common sha'res and $5,930,000 of the preferred. The poor earnings for 1907 were in part due to the 2 cent rate laws of Indiana and Illinois and increased competition with local electric street lines. Securities owned, Dec. 31, 1907. were $169,493. Officers: President, \Y. C. Brown; Treasurer. Charles I''. Cox; Secretary, Dwight W. Pardee. Directors: William K. Vanderbilt, J. Pierpont Morgan, Frederick W. Whitridge, William II. Newman, Hamilton McK. Twombly, George F. Baker, Frederick W. Vanderbilt, Henry W. Cannon and William C. Brown. Fiscal year ends Dec. 31st. Annual meeting, first Wednesday in October, Peoria, 111. Directors meet on call. Alain office, Indianapolis, Ind. Xcw York office, Grand Central Station. Traded in on the New York Stock Exchange (Listed Department). 190 GIBSON'S MANUAL Long Island Railroad Bonded indebtedness, Dec. 31, 1907 $44,279,791 Outstanding securities of leased estates 3,888,000 Capital stock (par $50) 12,000,000 Total capital $60,167,791 Mileage 316 Per mile capitalization $190,404 Fixed charges, 1907, per cent, of net income *I48.2 ( (perating expense, per cent, of gross (Sec "Remarks") 87.5 Deficit in 1907 was $858,829. EARNINGS. Year ending < iri >ss June 30. ( >p. Rev. 1900 $4,557,259 1901 4-862,347 1902 5.883,607 1903 6,440,992 Year ending Dec. 31. 1904 7.° 2I >3/8 1905 8,501,466 1906 9.595.596 1907 10,130,408 *Net income. $1,557,097 1,631.552 2,104.745 1,990,087 Net p. c. of gross inc. 3 2 - 2 3i-7 33-86 29.36 *Taxes are by this company charged to operating Xotc: — Practically nothing has been earned for the 1,732,292 1 ,897,838 -'-093.585 1,390,566 expenses, capital stock of 23- 21.27 20.93 13-3 Surplus. $844,311 907,450 918,515 843.887 1,481,213 1,539,199 1,747-237 2,644.380 Long Island since 1896. LATEST REPORT. An incomplete report for the period from Jan. i to Dec. 31, 1908. announced a decrease of $311,863 in gross earnings anil an increase of $947,486 in net. DIVIDENDS. The last dividend was paid Nov. 2, 1896, being then at the rate of 4 per cent, a year. In August 1 S< > 4 . the dividend hail been reduced from the annual rate of 5 per cent, to 4. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 47$ J a »- 89 May 67 Jan. 72! Nov. 90 Dec. 91& May 49 Dec. 46 May 50* May 61] Oct. 83 Jan. 62^ Nov. 73J Nov. 81$ Jan. 26 Dec. 67^ Jan. 30 Feb. 5 6| Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 -. . . 3 Election Day. • 4 -••■ " 5 -••• " 6 -... 9 45-45 10 11 Nov. 12. 13- 14- 16. 17- 18. 19. 20. 47,-55 21 50I-50I -5i Nov. 23 " 24 " 25 -. " 26 Thanksgiving Day. t" 27 " 28 -... " 30 -••• GIBSON'S MANUAL 19] Dec. 3- 4- 5- 7 ■ 8. 9- io. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. ....... Dec. 11 55 -55i " 12 " 14 55 _ 55 " 15 - 16 " 17 " 18 ....... 19 ....... " 21 -5ii Dec. 22. " 23. -'4 5o-55 25 Christmas Day. 26 Extra Holiday. 28 67^-69^ 29 67l-68| 30 6 7 }-68J 31 673-68} REMARKS. The Pennsylvania Railroad purchased $0,797,900 of the capital stock of this company in May, 1900, a majority interest, and has since actively promoted the development of the Long [sland Railroad. Funds to meet the various improvements have been advanced by the senior company. Extensive work is in progress at P>ay Ridge and the line from that point to Manhattan Beach is being revised. The new terminals at Atlantic Avenue, Brooklyn, have cost a great deal of money, but are proving useful. The company has leased several short suburban railroads and has practically completed the electri- fication of its lines in and adjacent to the Boroughs of Brooklyn and Queens. In 1905, Long Island organized The Long Island Consolidated Electrical Companies to hold the securities of the subsidiary electric lines. An issue of $10,000,000, 4J2 per cent., 40 year collateral trust bonds of the new company was authorized, March 14, 1906, but none of the bonds had been sold, Dec. 31, 1907. An opportunity is awaited, when they can be sold to advantage. The subway under the East River was opened as far as the Flatbush Avenue station in Brooklyn. May 1, 1908. The Pennsylvania Railroad is building a tunnel under the East River to connect the Long Island Railroad with the Pennsylvania tunnel through to Jersey City. Bonds and stocks of other companies, Dec. 31, 1907, were $6,696,802. Total capitalization has increased from $38,158,703 in 1900 to $60,167,71)1 in 10.07. Operating expense in 1907, showed an increase of 14 per cent., due to higher cost of materials and wages, greater liabilities for personal injuries, city ordinances requiring the use of anthracite coal within the corporate limits, extraordinary repairs, etc. Officers: President, Ralph Peters; Vice-President, H. Tatnall ; Treasurer, Henrv Tatnall, Phil- adelphia: Secretary, Frank E. Haff, 128 Broadway, New York. Directors: August Belmont, F. G. Bourne. Dumont Clarke, Thos. DeWitt Cuyler, John P. Green, James McCrea, W. G. Oakman, Ralph Peters. C. M. Pratt, Charles E. Pugh. Samuel Rea, Henry Tatnall, and J. B. Thayer. Eiscal year ends Dec. 31st. Annual meeting, second Tuesday in April, Long Island City. Direc- tors meet monthly. Office. Long Island City. Traded in on the Xew York Stock Exchange (Listed Department 1 . 192 GIBSON'S MANUAL Louisville CS, Nashville Railroad Bonded indebtedness, June 30, 1908 $130,116,500 ( Capital stock 60,000,000 Total capital $190,116,500 Mileage 4,348 Per mile capitalization $43, 72s Fixed charges, 1008, including taxes, per cent, of net income. .. . 69.75 Operating expense, excluding taxes, per cent, of gross, new basis ^Percentage in 1907, old basis, was 74.14. 75-29 EARNINGS. Year ending Gross Xet Net p. c. Earned on June 30. Op. Rev. Income of gross inc. Surplus stock 1900 . . . • $-27742.378 $9,789,017 34-5 S4.257.935 6.85% TQOI . . . 28,022,206 10,493,861 36-5 5,844,048 7.94% I902 . . . 30,712,257 10,810,841 34-i 7,723,682 8.22% I9O3 . . . • 35.449.377 12,601,058 34-3 8,292,710 10.35% 1904 . . . 36.943-79 2 13.437-398 34-8 11,684,426 1 1.1 % I9O5 . . . 38.517,070 i3-654.54o 34- 14.899,106 H-36% I906 . . . 43,008,996 13,642,309 30.5 18,130,046 10.58% 1907 ... 48,263,945 14.044.398 28.2 20,827,513 10.75% !;: i9o8 . . . 44,620,281 12,346,658 26.87 19,015,050 :|! *4.7i% *Inter-State Commerce classification. **Taxes included in fixed charges. ***After an appropriation of $1,690,468 for betterments. LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909, compared with last year, were: < iross. Net. 1909 $27,204,395 $9,697,333 1908 27,861,093 6,634,793 DIVIDENDS. I HUH I9OI [Q02 I9O3 1904 I9O5 I906 IOO7 I9O8 4% 5% 5% 5% 5% 6% 6% 6% * 5 /,% *In 1908 5'/2 per cent, was paid in cash; but in February there was an extra dividend of 1 per cent in -tuck of The Louisville Property Co. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 68| Sept. 76 May 102-J Jan. 95 Sept. 101 Feb. 134.I Jan. 135$ May 85^ Nov. 87J: Feb. 89J Dec. iilf June : t 59^ Aug. 130} Jan. 148J Dec. 157I Sept. 156^ Jan. 145^ Jan. 125J Dec. ♦Touched during the Gates coup in this stock in 1902. • LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May June 1900 '7 i- 82! 794" 82! 81 - 87 8if- 87* 78T 8i! 73 J- 8il 1901 84!- 'it ! 89!- 93I 9i£-ioi 99I-111I 76 -in 105-J-ui? 1902 Kui-108 im--io6 103J-107.I 1051-133 128-146 135 -138J 1903 [23J-I30J 122 -127^ t 16A-1 24 [I3 -119 [12 -II9I 105^-114! 1004 [ 06 -nil I01 -107I lorj-ioSJ ki;]-iio 106^-109-4 io6J-nol [905 134.^-142.1 137 -141:1 13SI-145I 141-156! I40 -I48J 142^-151! [906 148.I-156.I I45i-I52| 144-I52.I I4lJ-I52| 1351-148! [40I-IS1J 7 [333-I45i I264-I36| 108 -128 J Il6 -I2l| IO9 -I20{ 1(K)1-Il6i [908 90I-103I 87]- 98 89 -101 97H°5J 103A-113 101 -ml GIBSON'S MANUAL 193 July Aug. Sept. Oct. Nov. Dec. 1900. . . . 1901 . . . . 1902. . . . 1903.... 1904. . . . 1905 1906. . . . 1907.... 1908. . . . Nov. 2 . " 3- 4- 5- " 6. 7 ■ 9- " 10. " 11. Dec. 1 . 2. " 3- 4- 5- " 7- " 8. 9- " 10. /of- 75* 992-1 1 1 i37i-i45l ioif-112 no -118 1 43i" 1 50s 138^-144] 112I-118; 103 -ml 7c4- 724 99§-io6f 144 -i59i 98J-io8i 114 -122^ 145 -I52i I43i- T 54* IO3 -112^ I07 -I II| 00% IOO i37i 95 I20i 144! i45i- 1053- IOOJ-IIO • 73i 106] 156! io6i 1-7'. i^ i5 2 f uoj- a ?o : h 76J 101 -1043 132 -142] 95^-102;' 127 -137! i49t- I 56f 1 42 1-149;; 9oi-iio!j 103I-110I 75 - 84} 1 034- 1 09 J 121 -13/i 98-2- io 5 g 131 -140J i46i-i 54* 140J-140. 85I- 97* I08i-I22^ 8if- 89^ I02f-II0A 116^-133! I05|-I IOi 135 "MSI 149^-154] 141^-1485 89 " 96* 1 1 8i- 1 25 ? LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. io8i-no Election Day. • iioi-mi 110J-112I iiif-ii 5 i H4f-n6 114 -116 1145-116 "3f-"5i Nov. 12. 13- 14- 16. '/• 18. 19. 20. 21 . 115! 1147J-116I 115^-117 115^-1 i6f u6f-n84 1 1 8j- 1 20 J 118I-119 1 1 7\- 1 i9i n 7 f-ii8i I I7i-1 19* II8J-I20 Nov. 23 " 24 25 119I-121 26 Thanksgiving Day. " 27 120I-1225 " 28 122 -122! 30 120^-122! LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. 121I-122J 121 -122 I20i-I2lf I22|-I23| I22^-I22f I2lf-I22| 122 -I23 I22J-I24 I22|-I23| Dec. II. 12. 14. 15. 16. 17- 18. 19. 21 . 1 22^-1 23^ Dec. 22 123 -123 23 I23J-I24 24 122 -123 25 122 -123 n 26 12\\-122\ a 78 I2C)f-I22 tt 29 I2lf-I2l| " 30 Il8|-I22£ n 31 I2C4 -I2l| I2lJ-I22f I22| I22| Ch ristmas Day. E> tra Hoi iday. 123* I23s 123 - 124^ i23i I24i 124 - 1254 REMARKS. Control of this company was acquired in 1902 by Atlantic Coast Line, which bought $30,600,000 of its capital stock. Louisville & Nashville runs through one of the most enterprising and densely populated sections of the South. Its management has been conservative and sound and the large increase in gross earnings indicates that the prosperity of the last few years has not been confined to any one part of the United States. But the road was from 1905 to 1907 burdened with extraordinary conditions, due to severe storms, an epidemic of yellow fever, and interference with freight rates by State legislature. Under the circumstances, the road has given a good account of itself. Nashville, Chattanooga & St. Louis, of whose $10,000,000 capital stock, $7,177,600 is owned by Louisville & Nashville, reduced its dividend in July, iyo8, from 6 to a 5 per cent. baMs. Its earnings are reported separately from those of Louisville & Nashville. In August, 1908, L. & N. reduced its own dividend from 6 to a 5 per cent, basis. Securities owned, June 30, 1908, amounted to $32,481,357. Total capitalization has increased from $145,284,660 in 1900 to $190,116,500 in 1908. For "general purposes," $6,500,000 three-year 5 per cent, gold notes were sold by Louisville & Nashville in 1907, through J. P. Morgan & Co., who resold them at about 97 and interest. The company has met the business depression by such economies as are practicable, including a re- duction in all salaries of $3,000 and over. In January, 1909, Louisville & Nashville sold to J. P. Morgan & Co. the collateral, $29,864,000, securing $23,000,000 five twenty-year collateral trust bonds of March 2, 1903, and will pay off the $23,000,000 of bonds on April 1, at 71 Broadway. I'M GIBSON'S MANUAL Officers: President, M. 11. Smith, Louisville. Chairman, Henry Walters, New York. Treas- urer, William W. Thomps< >n. I .ouisville. Secretary, J. II. Ellis, Louisville. Directors: August Bel- mont. \inla Cox, W. Delano, Jr., Alexander Hamilton, Michael Jenkins, D. P. Kingsley, G. M. Lane, W. G. < lakman, \Y. G. Raoul, Ed. W. Sheldon. Milton 11. Smith, II. Walters, and John I. Waterbury. Fiscal year ends June 30th. Annual meeting, first Wednesday in October, Louisville, Ky. Direc- tors meet, third Thursday in every month. Main office, Louisville. New York office, 71 Broadway. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. MARKET MOVEMENTS OF LOUISVILLE & MINOR TURNS NASHVILLE FROM 1900 TO 1908, INCLUSIVE. DISREGARDED. The rise- in 1902 was due to the Gates coup in lhat stock. GIBSON'S MANUAL The Mackay Companies A voluntary association, organized under the laws of Massachusetts, in accordance with a trust deed, dated Dec. 19, 1903, and placed under the management of seven trustees, who are elected annually. The agreement and declaration of trust, which was placed on file with The Old Colony Trust Co., of Bos- ton, Mass., is similar in many respects to English investment trusts, which are well known and success- fully carried on, and resembles agreements of like tenor in general use in Massachusetts. The association owns all or part of the capital stock of 102 telegraph, cable and telephone companies, including that of The Commercial Cable Co., The American Telephone & Telegraph Co.. and The Postal Telegraph Co., and is in fact, a consolidation and extension of the interests of John \V. Mackay. Preferred slock, Feb. 1, 1908, 4 per cent, cumulative $50,000,000 Common stock 41 .380,000 Total capital $91,380,400 EARNINGS. Year ending Feb. t. Income. Surplus for year, 1905 $',643,677 $63,801 1906 2,719,595 363-9 r 7 i9°7 3,3 IO >3 2 8 299,829 1908 3,830,390 152,923 1909 3-685,761 5.518 k From investments in other companies. Surplus account. $ 63,801 427,718 727o47 880,471 885,989 1904 Preferred 3% Common 2 c /o DIVIDENDS. 1905 1906 1907 [908 4% 4% 1'-' 4% 2% y; 4'- \% LOW AND HIGH PRICES, BY YEARS, SINCE 1904. : ioo4 ^1905 *i9o6 1907 1908 Preferred 67 May 71* 75J Dec. 76f Common 18 Apl. 37 40 Dec. 60 67* 76 57i 77\ 50 Oct. 59J Feb. 71 Jan. yi% Nov. 40 Oct. 52 Feb. 75} Jan. 78 Nov. H Range of prices in the curb market, where alonethe securities were traded in, during those three years. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 3- 4- 6. 7 ■ 9- 10. 70 Pfd. Com. 695-70 73i-73i Election Day. 74 "742 74f-75i 74^-76 76-76i 76 -76J 76-78 11 7°f -70-4 76 -77\ 5 70-70 70I-70I Pfd. Nov. 12 " 13 70I-70J 14 70J-70J " 16 -... " 17 70J-70 1 , 18... 19. Com. 77 -77i 76i-77 76 -77 77 -77\ 77\-77l 77 -77 77 -77 20 704-701 76I-76J 21 - Pfd. Com. Nov. 23 -. . . 76 -76 " 24 7oi-7o} 77 -77i " 25 71 -71 ....... 26 1 hanksgiving Day. " 27 71 -71 763-763 " 28 71 -71 76J-77 " 30 71 -7i 4 75i-7Si 196 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1. 9- 10. Pfd. 703-71 7°t-7of 7of-7°i 7of-7of 7of-7°f Com. 75l-75i 75i-75i 75h75i 75h75i 75h75i 75 -75 751-75? Pfd. Dec. ir. " 12. 14 6gi-69j is 694-69* 16 -... 17 -•■• 18 69 -69 19 -••• 21 69 -69 Com. 741-7-4 74l-74f 741-741 74i-74l 74 -74i 74 -74 74 -74 Dec. 22. " 23. - 24. " 25. " 26. " 28. 29. " 30. " 3.i- Pfd. Com. 69 -69 74 -74 694-69! ....... ••■-••• 743-75 Christinas Day- Extra Holiday. 69I-70 ...-.'.. 69f-69f 76 -76 76 -76 REMARKS. The strike of telegraphers in August. 1907. which lasted twelve weeks and was then beaten, led The Postal Telegraph Co., in October, 1907, to organize The Postal Telegraph Employes Association, to he open to all who would abjure unions. The Association is to have no dues or debts and its members are to be aided by the company in times of sickness or disability. The telegraphers and clerks joined the new organization enthusiastically ; and another strike is regarded as impossible. Investments in other companies, Feb. 1, 1908, were $92,085,594. The Mackay Companies are by far the largest stockholders in The American Telephone & Tele- graph Co. Aerial wires are now dispensed with in the service from Bristol to London. England, owing t" the completion of certain underground construction between those points. The business depression of 1907-1908 has not affected the abilitv of the company to pay regular divi- dends. Earnings and profits of the 102 controlled companies increased in the fiscal year of 1909, in spite of business depression, and the subsidiaries have large reserves of accrued profits, which can he drawn upon at any time by the parent company. Officers : President, Clarence H. Mackay. Vice-President, George G. Ward. Treasurer, Ed- ward C. Piatt. Secretary, Albert Beck. Trustees: Clarence H. Mackay, William W. Cook, George ( r. Ward. Dumont Clarke, Edward C. Piatt, Robert A. Smith, and Henry V. Meredith. Fiscal year ends Feb. 1st. Main office, 112 State Street. Boston, Mass. New York office, 252 Broad- way. Traded in on the New York Stock Exchange (Listed Department), and on the Boston, Montreal. Toronto and London Stock Exchanges. GIBSON'S MANUAL 197 Manhattan Railway Incorporated Nov. 24, 1875. A consolidation of all the elevated railway lines in New York City, with the exception of such parts of the subway system as run for certain distances over-ground. The actual merger took place Aug. 1, 1884, under an agreement, ratified at that date, by which new stock was issued for the outstanding $13,000,000 of Manhattan and $6,500,000 each of Metropolitan Ele- vated and New York Elevated shares, on the basis of 85 for Manhattan, no for Metropolitan, and 120 for New York. All obligations of subsidiary companies were assumed. The original capital of $26,- 000,000 has since been heavily increased, partly in consequence of a decision in February, 1899, to change the motive power from steam to electricity. Eighteen million dollars of new stock was issued at that time. The change of electricity was finally completed in the latter part of 1902. Just prior to the lease of Manhattan to Interborough Rapid Transit from April 1, 1903, for the remaining 971 years of its corporate existence, the stock was increased to $60,000,000. The franchises of the company are perpetual and are considered unusually favorable, in that they are of the nature of a contract with the city. PASSENGERS CARRIED. 1896 184,763,636 1897 182,964,851 1898 183,360,846 1899 174,324,575 1900 184,164,110 19 01 i9°.°4S.74 I 1902 215,259,345 1903 246,587,022 1904 287,000,000 1905 266,000,000 1906 258,000,000 1 1 »< i~ 283,000,000 Bonded indebtedness, June 30, 1908 $39,777,000 Capital stock 60,000.000 Total capital $99,777,000 EARNINGS. ear ending Gross Net Net P. C. of Earned on June 30. Op. Rev. Income. Gross Inc. Surplus. Stock. 1900 . . • $9,138,573 $4,737,278 47-52 $4,571,298 4-23% 1901 . . . 9,416,888 5,000,042 48.76 5.106.273 4.84% 1902 . . . 10,685,911 5,773,126 51.13 6,259,730 "■4 % 1903 . . . 12,208,337 7,094,402 5"- 5 7,102,772 7.12% 1904 . . • 14.187,685 8,683,138 59-76 Not reported 9.67% 1905 . . . 13,198,292 7,960,906 58-94 (c 8.19% 1906 . . . • 12.794,720 7,735-314 58.79 it 7-55% DIVIDENDS. 1900 1901 1902 1903 1904 I9°5 I906 I9O7 1908 4% 4% 4% 7i% 77c 7'7o 7% 7°/o 7% 198 GIBSON'S MANUAL LOW AND HIGH PRICES, BY YEARS, SINCE 1900 ;<«,0 1901 l ( >iiJ lyu.i 1904 190S lytxi ivn7 1908 84 lime Dec. ,s.i May 128 Mch. 145 Dee. 158 Nov. 126' 4 Sept. 139*4 Mch. 161 May 155^ Jan. 169^ Nov. 175 Feb. 140 Sept. 162 Jan. 100 146 5* Oct. Feb. 120 Jan. 154-M Dec. LOW AND HIGH PRICES. BY MONTHS, SINCE 1900. Jan. 190° 9°i- 99 1901 in -I26£ 1902 134J-140;: I9°3 J 44 -155^ 1904 141 i-i4^>; 1905 l6 5 -i7 2 [906 1594-162 1907 I41H433 1908 120 -132$ July- 1900 86|- 92I 1901 H3!-I24f 1902 131 -i37« 1903 129J-138;! 1904 i49H5 2 2 1905 t64J-i66J 1906 147^-149! 190/ x 3i - J 33 1908 136 -1383 Feb. 924-101 116 -12U i3oi-i37 139I-M" i4'> -H3l 1691-175 i55 -161 [424-146 120I-130J! Mch. A pi. .May. June. ti7i- 128 - I36J- i39i \«^- 156 - 1 _>< j - 125 - 98£ 129} 1355 146 i44i 1593 143 [28 924- 99 i26g-i3if 132 -1384 I35^-I42i I4U-I43} n.1^-167^ I50f-I57 •34 -I39i 120 -I34 : J 87i- 95 83 -129 130I-135I 136 -142^ 142 -144A 161 -1114; U71-154 1 33 i- 1 40A 132 -139* 84 -92 ii7§-i28i 130 -132J I34i-i3^ t43i" I 49l [62J-166 '47J-I52 130 -136 '35 -139 Aug. Sept. Oct. Nov. Dec. 894- "3 114^-121^ 133 -137 127^-136! 1493-156 165 -167I 147 -150 no -132I 137 -i39l 84 ■ 132 ■ I26i 153 ■ i63f 140 ■ 115 • i33i 92:; 125* i39i 137 i57f 166} 149 122 1393 862- 117 - 129I- I28§- 1531- i 4 ii- IOOj- 137 100 1231 1 38 J 136 164 167! 146 118J L37i 95i 122} 132 134} 1593 162I I42§ 105 137 -1 14.V I39l 158 i4Qg 169} 166" 145 "3i 148 107}- 13U- 141I- J39i- 162I- 161J-- 140?,- 112 - M7 1 1 65 145 157* 145* i68| 164} 145 120 1544 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 3 4 5 6 7 [O 1 1 Low. 137 Election 138 137 138 139 i39i 140 140 High. 137 Day. 138 140 139 i39i 140J 140J 140} Nov. 12 13 14 16 17 18 19 20 21 Low. High. 139* 141I Nov. 23 1 42 J 144* " 24 143* i44t " 25 144 145 '• 26 144 '442 " 27 143* 143* « 28 U-'j J43i " 30 143 143 1 42 J 142^ .' i\\ . High. 142 142! 14- 144 144 1 44 J iksgivit g Dav 145 146I 147 148. 147 147 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 2 3 4 5 7 8 9 TO Low. H7 14-4 148 I4«) 149J MO I49i i-i""- High. 150 i4<) 148 1 49 J i49§ 15. i LSI LSof Low. Dec. 22 150J "23 152 -4 i53i 25 Christmas Day " 26 Extra holiday. High. 152 1533 I54l 28 29 30 31 154} 152} 152I I53l 1543 154 153 1533 GIBSON'S MANUAL 199 MARKET MOVEMENTS OF MANHATTAN RAILWAY FROM 1900 TO 1908, INCLUSIVE. REMARKS. Manhattan Railway owns the bridge over the Harlem River, used by its trains, and has exten- sive real estate holdings in various parts of the city, in addition to a great central power station, bound- ed by 74th and 75th Streets, Avenue A and the East River. The opening of the subway in New York City, Oct. 27, 1904, has affected the receipts of Man- hattan Railway materially. In 1908, the company sold $11,712,000 gold 4 per cent, bonds at 96! and interest in order to meet and retire an issue of Metropolitan Elevated 6 per cent, bonds, falling due July 1, 1908. The new bonds are a direct first mortgage on the property and are exempt from all States and local taxation in New York State, and are available for savings bank investments. Officers: President, George J. Gould; Vice-President, Alfred Skitt; Treasurer, and Secretary, Daniel W. McWilliams. Directors: George J. Gould, R. M. Gallaway, EdWin Gould, Thomas T. Eckert, John T. Terry, Donald Mackay, Alfred Skitt, Howard Gould, Dumont Clarke, E. T. Jeffery, J. J. Slocum, John H. McClement and Frank Jay Gould. Fiscal year ends June 30. Annual meeting, second Wednesday in November. Directors meet on call. Office, 13 Park Row, New York. Traded in on the New York Stock Exchange (Listed De- partment). ->oo GIBSON'SMANUAL Metropolitan Street Railway New York City Railway Incorporated in New York State, Nov. 12, 1893. to acquire control of all the important surface- street car lines in New York City. Originally a consolidation of four companies, its scope was grad- ually extended by successive acquisitions. On Feb. 14, 1902, the Metropolitan system was leased to The Interurban Street Railway, now The New York City Railway, for 999 year.i, under a guarantee which included 7 per cent, annually on Metropolitan stock. Neither the Interurban nor New York City Railway stock was ever listed at the New York Stock Exchange, nor was either ever actively traded in anywhere. Metropolitan continued to report, independently, until 1904. The New York City Railway was incorporated, Nov. 25, 1901, under the title of The Interurban Street Railway, with a nominal capital of $500,000, afterward increased to $9,361,500 (authorized $20,000,000). Feb. 10, 1904, the company assumed its present name, as above. To add to the complexities of the financial affairs of New York's street car system, there was organized, Feb. 14, 1902, The Metropolitan Securities Co., capital, $30,000,000. This company ac- quired the entire capital stock of New York City Railway, and went on and purchased stock in various small lines in the city and north of it, a large amount of stock in Third Avenue Railroad and N. Y. Transportation Co.. control of Fifth Avenue Coach Co., and Central Park Coach Co., and other interests. In 1906, in company with other local transportation systems (subway and elevated), New York City Railway joined a general consolidation of interests under the management of Interbor- ough-Metropolitan. The franchises of Metropolitan are perpetual, except that of the Kingsbridge line, 3^ miles. Funded debt, N. Y. City Railway, June 30, 1906 (See "Remarks") $1,761,000 Capital stock (See "Remarks") 9.361,500 Total capital $11,122,500 EARNINGS. Year ending June 30. Gross. Net Income. Surplus. 1899 $13,158,630 $7,116,812 1900 13,785,084 7,805,880 1901 14.063,781 7.9 6 3.635 1902 14,504,314 8,359,501 1903 I4.975-3/0 8,204,936 $4,747,579 1904 15,133.601 7,650,405 4,714.991 *I905 20,238,124 9,061,304 def. 4,688,985 *i9o6 21,937.943 9>737-9°5 " 6,923,961 ♦1907 No report. No report. No report. **i9o8 11,547.147 2,817,091 * New York City Railway. ** Report of receivers, for period from Sept. 24. 1907. to June 311, 1908. DIVIDENDS, METROPOLITAN STREET RY. 1900 1901 1902 1903 1904 1905 1906 1907 1908 7% 7% 7% 7°/o 7% 7°/o 7% 7% o LOW AND HIGH P RICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 Ivor. 1907 191 IS 143J4 Sept. 182 Feb. 152J4 Nov. 176H Apl. 135 Oct. 99^ Sept. 174 Feb. 142^8 Jan. HKm., June mii Oct. 114 May 103 July 23 Dec. 133 Au b . 127 Jan. 107 Jan. 15 Fe»>. 44}4 Det. GIBSON'S MANUAL 20I LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May. 1900 159^-180 1901 158 -174 1902 1595-173 1903 I 3 6 " I 42^ 1904 120 -124 1905 II4|-I2li 1906 120 -127 1907 104 -107 1908 20-25 July- 1900 146 -158^ 1901 164 -174 1902 I47i- I 5 2 1903 112 -1233 1904 iii|-ii8£ 1905 I2 5 -131 1906 103 -107A 1907 9i-9i 1908 29-30 164A-182 159J-166 167J-174 135 -I4<>£ 114 -12Q\ II5f-I23f Ill -122^ IO4 -IO5 15 - 20f 155 -174* l60|-l68| 164 -169! 13^-140 1041-115! 121 -1254 ini-ii6| 90 -104 16-17 157 -169 164 -i/6i 150 -167 127 -136! no£-ii7i 115 -123I in -117I 92 -100 25 - 35 I44i-i58d- 150 -i74i 146 -152] 128 -135 I07§-II2 114 -119$ 105^-116 83 - 94 24 - 30 Aug. Sept. Oct. Nov. ISI1-IS74 163 -170 149 -150J 108 -1198 117I-125I 126J-133 106 -no 35 - 50 30 - 43 1434- 159 " 7 n 279,955 * Gross, in Mexican currency. Net and net results of year in United States currency. ** "Other income" not reported. Note: Total surplus account, June 30, 1908, $279,955: equipment renewal fund, $770,760. LATEST REPORT. For six months ending Dec. 3r, 1908, earnings were, as compared with the same period in 1907: Gross. Net. "X>8 $15,314,442 $5,649,192 h»o7 v 18.416.451 5,185,912 DIVIDENDS. This company has barely met its fixed charges and has had no surplus applicable to dividends. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1P0(. 1907 1908 10^ Jan. 17f& Dec. 12J4 Jan. 30 May 3i\ s Dec. 31^ Mch. 8yi Nov. 5 Apl. 29 Mch. • 235^ Nov. 1854 May 26 Mch. 18^ May 29<4 Dec. 12J4 Nov. 27^ Jan. 14^ Jan. 24^ Dec. _>c>4 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Dec 1 2 3 4 5 7 8 9 • 10 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. i6| I7i 175 i9i High. Low. 22$ 'Dec. 22 2li 23* 232 High. 24* 233 23 -'4 25 Christmas Day. 26 Extra holiday 28 2 3 i 29 23^ 24J 30 23I 24I 3 1 23J 23$ 23? REMARKS. May 28, 1908, a plan went into operation for consolidaton of The Mexican Central Railway and The National Railroad of Mexico and controlled roads under the title of The National Railways of Mexico. The merger was financed by a syndicate headed by Kuhn, Loeb & Co. and Syere & Co. of New York. Under the plan, which provides for conversion of all classes of securities of the two roads into bonds and stock of the new company, Mexican Central stock is to be exchanged at par, for an equal amount of second preferred, 5 per cent, non-cumulative stock of National Railways of Mexico. The Mexican Government will own $63,730,000 of the $75,000,000 new common stock. The physical condition of this property has been greatly improved in the last three years by liberal expenditures for maintenance and structures. The expense has been charged to operation. Mexican Central has been obliged to contend with an increasing demand for labor, owing to the activity and prosperity of Mexico. The company has been compelled to concede an advance in wages, amounting in some cases to 33 1-3 per cent. To offset this, a modeate increase in rates was solicited from the Mexican government and a favorable response in part was received. The company has issued $32,963,776 gold notes, which will remain undisturbed at present. Officers: President, S. M. Felton ; Chairman. H. Clay Pierce ; Treasurer, J. H. Hendry ; Secre- tary, James Piper. Directors: H. Clay Pierce, Eben Richards, William H. Dudley, Frederick R. Swift, Frank M. Souther, James Piper, Frank R. Russell, Theron F. Pierce, Roy E. Pierce, Willet L. Wagner, Frederick H. Prince, Bradley W. Palmer, Clarence D. Simpson, John D. Johnson, Samuel M. Felton, Charles R. Hudson, Justino Fernandez, Julio M. Cervantes, M. de Zamacona e Ynclan. Fiscal year ends June 30. Annual meeting, fourth Wednesday in September, Boston, Mass. Directors meet, first Wednesday in each month. Office, 25 Broad Street, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 205 Minneapolis C& St. Louis Railroad Bonded indebtedness, June 30, 1908 $25,011,800 * Preferred stock, 5 per cent, non-cumunuilative, but to share equally with the common after 5 per cent, on both . . . . 4,000,000 Common stock 6,000,000 Total capital $35,011,800 * The first peferred stock was retired in 1899, leaving the second the only preferred. Mileage 1,005 Per mile capitalization $34,387 Fixed charges, 1908, per cent, of net income 90.83 Operating expense, excluding taxes, per cent of gross 69.22 EARNINGS. .'ear En ding Gross Net Income, Xet P. C. of Earned on June 3 0. Op. Rev. Less Taxes. .if Gross Inc. : Surplus. Common. 1900 . . $2,863,309 $1,364,189 44-5 $959,031 3-58% 1901 • • 3>275.504 1,507,694 43-5 2 1,072,793 5-9 % 1902 . . 3,540,840 1,631,156 43-78 1,269,517 8.21% 1903 • • 3-265,472 1,454.945 41-77 1,281,433 5-i3% 1904 • • 2,850,565 i,324.5" 41.94 1,229,510 i-55% 1905 . . 3-076,756 1,366,456 41-25 1,167,655 0.96% 1906 . . 3-726,665 1,677,200 42.07 1,383,685 3-6 % 1907 • • 3.873,668 1,609,480 38.63 1,478,770 1.58% 1908 • • 3.826,516 1,311,136 3I-76 I.387.749 Def. * Excluding reserves, for improvement i and replacement funds. LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909, compared with last year, were : Gross. Net. 1908 S2.577.23 1 $845,248 1907 2,499,744 788,141 DIVIDENDS. 1900 1901 1902 1903 1904 !9°5 1906 1907 1908 Preferred . • 5% 5% 5% 5% 5% 5% 5% 5% 5% Common . . ■ 1*% 4% 5% 5% 2i% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 10, HI 1901 1902 1903 I.K14 1905 Preferred.. 87 Jan. 67)4 Ja»- 84-M Oct 1906 1907 1908 1. 90 Aug. i.J' i Dec. 61 Feb. t. IOO34 Jan. 90 Jan. 90 Dec. . 58!< Dec. 23 Y, Dec. 20 Mch t. 84^ Jan. 59 Jan. 56>< Dec. 206 GIBSON'S MANUAL LOW AND HIGH PRICES Jan. Feb. [900 Pfd.. Com. 1901 Pfd.. Com. Pfd.. Com. 1903 Pfd.. G mi. [904 Pfd.. 1 '< mi. 1905 Pfd. Com. [906 Pfd.. Colli. [907 Pfd.. Com. 1908 Pfd.. O 'in. [900 Pfd.. Com. 1901 Pfd.. Com. H)0J Pfd.. . Com. 1903 Pfd.. Com. 1004 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. [907 Pfd.. Com. 1908 Pfd.. Com. 1 58 - .... I ' U I I I c I "71- 7i; 1 1X.I-12 1 !, [OS -[II 107*- 90 "-'! 86 5"A 100 80 87- 56|- (._>',- 24 - 110 941 7* "7i 8; 60 100} 843 90 59 67 26} Ml', 96 60 6sl 106 -109.1 69J- 78} 120 -123 I < 17 -111 118 -118 [ 06 - 1 1 7 ; 91 - 91 61 - 65 89 - 91 60-62 97 - 99i 75 - 79* 90-90 54 - 57i 61 - r>4' 20j- 24! , BY MONTHS, SINCE 1900. Mch. Apl. May. 97 953 "7\ 60 - 693 62* 694 109 -1 1 4! 112 -1 1-4 } 75*- *A M 8 7 | [20 -123 I20 -1272 to8J-i 12; 108 -i 15 ......... 108 -1 12 95 - |n 5 90 -100 ......... 85 - S 5 ......... 90-90 59 - (12.I 63 - 64-2 93f 93i 90-97 73*" 77 75 - 77i 86 - 88 ......... 49 " 55 1 48 - 5°i 61 - 63 63 - 67 2Q - 24 : \ 22J- 25| Sept. Oct. Nov. 9 1 *- 94" 9-' - 99* 51 - 55I 5if- 6if 115 -"7f "5I-124I 1044-109 104 -in 127 -127 ......... 1094-114$ 107 -1 12J 86"- 90} 85 - 88" 40-60 41 - 53 90-964 95 - 96 4 55 - 571 56 - 62 59 - 65 98 -102 102 -106 ioo}-ioo} 68 - 73 73 - 84I 79 - 81} 96 - 98 964- 98 96-96? 72}- 76 68?- 75 641- 67* 76I- 79i 78f- 79* 74b 74l 37b 4i5 30 - 40i ......... 63 - 66? 64 - 75 77 - 85 264- 29] 284- 39? 384- 52 94:i- 9»i 62 - 664. 1 \2\ I 1.4 i 80 -IOO 126 -126 I IO -1 14; I IO -I lo 74*- 93 91 - 91 60-60 92 4- 94J 69 - 73 46 - 503 (<7 - 69', 253- 32" June. 454- 631 112 -115 93 -109; 123 -127 1 10.1-1 14J 110 -no 70 - 824 40 - 44 ''2 -93! 66 - 71] So4- 834 4'i- 43 : i 664- 665 2$\- 29i July. Aug. qol- 94 47 1- 57 in -115J 101 -m| [23I-127I in -114 854-110 #4- 80 - 43*" 92 - 60 - 02 1 ,- 64 - 77b 39 - 664- 264- 83 J , 80 485 92 62 92 J 66" 82 42? 664 29I 934- 943 55 - 564 114 -117.1 106 -no 126 -126J I I2.',-II3? 85"- 89 49 - 63 Soi- 91 461- 56 92J-100 63 - 70} 90 - 95 63 - 73 76-J- 771 38 -41! 66 - 69 28 - 30} 974-104} 57?" 66 120 -1224 106 -no 105 -109? 83 - 90 41 - 61 Dec. 993-104 64 - 714 120 -122 105 -1094 120 -1234 106 -110} 89J- 96 58 - 64 05 - 95 58 - 643 100 -102I 78 - 82" 92 - 944 584- 63? 624- 694 23 4- 26} 85 - 90 474- 564 LOW AND HIGH PRICES , BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov. 2 • ■ 77 -77 37 "39 Nov. 12 . . 80 -86 4o}-43 Nov 23 . . . 80 -85 47 -47i 3 . . Election Day. " '3 80 -83 44 -44* >. 24 . . . 80 -85 471-48 4 . . 77-80 37 -39 ** •4 80I-83 44 -44 " 25 • • • 80 -85 48 -48 '" 5 • • 79J-79i 384-39} " c6 824-824 434-45 *• 26 . . . Thanksgh ing Day " 6 • • 79 -84 39 -39} " 17 83 -834 45i-52 " 27 . . . 80 -85 46.I-49 " 7 . . 80 -90 40 -4 1 4 '* t8 85 -85 46 -50 28 . . . ....... ....... 9 ■ ■ 844-844- 39-4-4 1 1 " Ml 82 -86 46 -48 " 30 . . . ....... 4/1-47 1 10 . . 82 -90 39I-40? " 20 82 -86 46 -48 11 . . 80-90 40 1 -40] (t 21 80 -85 [6U7i LOW AND HIGH PRICES , BY DAYS, DEC EMBER. 1908 Pfd. Com. Pfd. Com. Pfd. Com. 1 »ec. 1 • 47*"47* Dec. 11 . . ■ 5I1-5I1 Dec. 22 -. . . 494.-504 2 ....... " 12 . . .-. ....... " 23 ....... 49-49 " 3 ...... ■ 471-47* 14 . . .-. • 50 -51* " -M ....... 50 -544 - l . .-. . • 47*-49* " 1 5 ....... " 25 Oiristmas Dav. •> 5 • 493-50 " n. . . .-. ....... " 26 Extra holiday. • 7 . .-. . ....... " '7 ....... " 28 •••-•■■ S3 -55 •• 8 ■ 49*-49i " 18 . . .-. ....... " 29 86 -86 53 -53.} " 9 85 " 79 . . .-. • 50 -50 " 30 ....... 52 -534 " 10 • 52 -53} " 21 . . .-. ....... " 31 ........ 54*- 5 64 GIBSON'S MANUAL 207 REMARKS. The increase in mileage to 1.005, against 798 in 1907, is the result of completion of The Minne- sota, Dakota & Pacific Railway, now 229 miles in length. The new line is expected to bring a large business to the company. Gross receipts in the fiscal year of 1908 diminished, in consequence both of the business depres- sion and the legislation of Minnesota and Iowa reducing passenger rates from 3 to 2 cents a mile. Interests identified with Minneapolis & St. Louis gained control of Iowa Central in June, 1900. The same persons control Toledo, St. Louis & Western; and its subsidiary, Chicago & Alton. The Des Moines & Fort Dodge Railroad has been leased for thirty years from Jan. 1, 1905, its bonds being guaranteed. The so-called Hawley lines now unite (with one break between Louisville and East St. Louis) the wheat fields of Dakota with tidewater at Newport News. Securities owned, June 30. 1008, were $742,600, in addition to which there were advances to The Dakota Construction Co. of $4,781,618. Total capitalization was $28,151,000 in 1900. The increase since then has been moderate. In 190(1. this company issued $5,000,000 5-year 5 per cent, gold notes in order to build aboul 230 miles of line westward from Watertown, S. D. Officers: President, Edwin Hawley; Treasurer, F. H. Davis; Secretary, A. C. Doan; General Manager and Vice-President, L. F. Day. Directors: Edwin Hawley, John E. Scarles, F. H. Davis, II. E. Huntington, F. E. Palmer, L. C. Weir, Frank Trumbull aiid L. F. Day. Fiscal year ends June 30. Annual meeting, first Tuesday in October, Minneapolis! Directors meet on call. Main office, Minneapolis, Minn. New York office, 25 Broad Street. Traded in on the New York Stock Exchange (Listed Department). 208 G I B S O N • S M A N U A L (^Minneapolis, St. Paul C& Sault Ste. cJTVlarie Railways Bonded indebtedness, June 30, 1908 $57,038,000 Preferred stock, 7 per cent, non-cumulative, bul to share equally with the common after 7 per cent, on both 8,400,000 Common -took 16,800,000 Total capital $82,238,000 Mileage 2,304 Per mile capitalization $35,693 Fixed charges, 1008. including taxes, per cent, of net income .... 67.50 Operating expenses, excluding taxes, per cent, of gross new basis. . **6i.8 I considering an exceptional transaction in real estate in 1908 which netted a profit oi $530,576. ** Pi 11 in 1907, old basis, was 57.6. EARNINGS. Net P. C. Gross Net of Gross I .unedon Year ending June 30. Op.Rev. Income. Inc. Surplus. Common. 1900 $5,151,188 $2,596,605 50.4 $660,880 Nothing. 1901 4,517.075 1-952.737 43-2 988,753 2.8% 1902 6,222,388 3-3i5,965 53 2,275,255 5.69% 1903 7,237,264 3.573.821 49 3-739,752 6.96% 1904 6,993,498 3-336,664 47.11 3,595,956 4-66% 1905 8,716,622 4,280,350 48.7 4,234,122 8.52^0 1906 11,574,462 5,852,867 50.3 5,413,110 12.3870 1907 12,892,07^ 5,510,607 42.57 6,183,096 '1.45% *I9°8 11.509,857 5.063,004 T43.46 6,652,208 t&92% Interstate Commerce classification. ** Taxes are included in fixed charges. *** After deducting liberal sums for improvements, which were, for example, • SI. 1)50,000 in 1906; $800,000 in 1907, and $350,000 in 1908. t Excluding an exceptional transaction in real estate, profit $530,576. LATEST REPORT. Earnings for seven months, ending Ian. 31, 1900, compared with last year, were: Gross. Net. 1908 $7,801,441 $3,604,745 "«'7 7.535.418 3.073'8l5 DIVIDENDS. 1900 1901 1902 1903 [904 [905 [906 1907 1908 I 'referred . . o o o 7% 7% 7% 7% 7% 7% Common . . o o o 2', 4% 4% 4% 4% 6% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred.. 46J4 Sept. 19 \pl. 90 Jan. 1 Id Oct. lit, May 148 Jan. 165 Nov. 110 Oct. 123) Feb. 69 Apl- 94J4Nov. 139 Sept. 132^ Feb 150 Oct. 173 Dee. 183# Jan. 168 Jan. 151 '< Dec. Common. .. 14 Sept. 15 May 16 i Jan. 12 \ug. 55 Jan. 89; 50 1-6 1 1 8.1-22 : ; 524-564 241-26 591-63* 35 -40 l ' 17" 635-67 3of-3 2 l 68 -71I 33s"37« 68f- 7 i| 35l-44i 46 -56 i7f-23i 104-12; 52I-604 i9l-25i 534-55 -'4 -5l 54 -6i ! 54 -61* .V'! :•,<>"; t5i-i8| 64 -69 3of-33i 68 72I 33 -36 59 -/o 5"! -44 s' 4«-56 i/~2-25i 34* i"! II4-I24 57"-68| 244-351 54 -5»i -'4 5i 53 -56! 37 -40* 17 -184 58 -68} 26]-32| f '4-!-73i .l" 1-364- 631-665 341-371 54 -59* 22I-26J 32*-35* 10J-11I 37 -67i 21 -33s 5 1 !-5«; 1 244-26 52 -59 52 -59 33i-36| 15I-17! 56 J 4-'n! •24 -29 644-694 29 -35i 6it-66* 3oi-37^ 58*-6 3 f 25I-30S July. 30 -32I 10 ro| •6 4 f 24 -3if 58i-6 4 26f-3 if 36 -50I- 36 -50i 36I-41* i6i-i8| 62 l-65-l 27I-39I 65i-69l 31 -34i 64I-67* 32I-40I 59 -65 jr, 1-3 if Aug:. Sept. Oct. Nov. 30 -3 1 * 94-10 5i -57* 243-29* 624-68 3o4-33f 354-45 1 35i"45i 394"494 i7l-24i 63lh73 284-35 68 -72! 325-3/i 59S-67 32 -39t 63 -65* 304-33 1 25f-32 9 - 9* 51 -57 I 25I 304 605-693 28f 3 5i 33*-43 33i-43 46 -494 21I-24I 681-721 33i-35 694-74* 35 -37 ''51-661 33 -37 624-66I 28§-33J -7 -33* 10 -11 48I-534- 24 -27 1 57*-633 27I-31J 33 -365 33 -36S 49 -59f 24i-32f 67 -69J 3 I 4"34f 68 -717 3 2 f-37i 54 -65 22*-34i 64 -661 283-31 1 3^-40 ioi-i3§ 5oi-55l 254-271 54f-6i* 245-29! 34 -39 34 -39 57 -64* 294-36! 67 -72* 33f-39i 68J-76 33l-43f 53 ~~?7 20f-25 65 -71* 30I-384 284-343 IO -Il| 6if-66 29i-3 2 l 55S-59S 251-28 47f-52l 47f-5 2 i 7,-t\-17^ 15 -m; 57^-041 25i-29l 644-71 314-364 624-64} 3oI-34! 58I-623 26J-29 Dec. 37 -47* i2t-i7i 494-53* 24 1 -264 5i -59 224-28 38 -4ii 38 -41* 605-65* 294-341 67 -7i4 35 -394 70 -73i 38f-42f 554-57* 24 -27I 70I-75' 374-43* LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908 Pfd. Com. Pfd. Com. Pfd. Com. \"i IV. 2 . . ■ • 65 -65* 3o4-3 !§ Ni >A . 12 . . . . 68^-69* 34l-35f Nov. 23 . . • 6\)1-6)1 334-345 " 3 ■ ■ Election Day. " 13 ■ • . . 684-683 35§-35f " 24 . . . 68I-695 34 !-354 4 • • •• 654-654 3i3-32 " 14 • • . . 684-69 353-365 " 25 . . • 694-70! 354-36! 5 . . •• 653-654 3i*-3i3 " l6 . . . . 69 -693 354-364 " 26 . . Thanksgiving Day •' 6 . . 66 -66| 314-32! " 17 • • . . 695-70 254-36! " 27.. . 70 -7i4 363-38* 7 • • . . 661-67', 32f-334 " 18 .. . . 69.I-70 35 -36* " 28 . . • 7o5-7i4 373-383 ■' 9.. . . 67 -67 1 32i-33* " 19.. • • 694-69! 34f-35f " 30.. • 703-71* 374-385 id . . .. 67I-67I 32|-33* " 20 . . . . 68 -69 344-35* 11.. .. 674-68 331-35* " 21 . . . . 68 -70 34*-35i LOW AND HIGH PRICES, BY DAYS. DECEMBER, 1908. Dec. 1 8 9 11 1 Pfd. 704-7 if 7o4-7i4 7i4-7ii] 7i*-7*3 71 -71I 71 -7i 7i4-72 7i3-/-i3 7K7-! Com. 374-39* 38 -39* 373-384 38*-394 ■■ 57- 38* 37H83 384-381 38f-39i Pfd. Com. Pfd. Com. 72 -72 385-39! Dec 22 ■ •• 714-75 384-424 ri3-7i 3 389-384 (t 23 • • •• 734-754 424-434 7i4-7-'l 385-394 it 24 • • • • 74 -744 414-424 714-72: 384-394 a 25 • . . . Christmas Day. 724-72 5 304-4o4 a 26. . . . Extra holidav. 71 -72 38I-303 " 28 . • •• 741-741 42.1 -45l 71 -71 38* 39* ti 29 . . .. 741-7)1 424-434 71 -71 334-33 ti 30 • • •• 75 "73* 4' 3-423 "<: 7>3 381-39 a 31 • • • • 721-75 41J-42* GIBSON'S MANUAL 213 MARKET MOVEMENTS OF MISSOURI, KANSAS & TEXAS, PREFERRED, FROM 1900 TO 1908, INCLUSIVE. REMARKS. The new freight terminals at Kansas City have been completed and put into use during the past year, and much money has been spent in the reduction of grades, and their operation has had a good effect on earnings. The company has been active in promoting the establishment of new industries in the country, adjacent to its lines, and many new ones have sprung into existence in the last two years, leading to a flow of immigration and increased population, and the promise of future large accessions of traffic. In the annual report, for 1907, President Joline dwelt on the manner in which the company has been handicapped in providing for much-needed improvements in facilities by public hostility to cor- porations. During the past eight years, the company has expended $11,900,000 from current earnings, and has issued $20,981,000 of bonds, all to provide for new equipment, additions and betterments. Further large outlays are yet required, especially to cheapen cost of transportation. 2i 4 GIBSON'S MANUAL Securities owned, outside of $6,220,000 of the company's own bonds in the treasury, only $I33.923- Total capitalization has expanded $36,394,000 since 1900. Officers: President and Chairman, Adrian II Joline; Vice-President and Treasurer, C. G. Hedge; Vice-President and General Manager, A. A. Allen; Secretary, C. N. Whitehead. Directors: Adrian II. Inline. Charles G. Hedge. James N. Wallace. Henry W. Poor, J. < i. Metcalfe. James Brown Potter, V. A. Allen. Janus llagerman, C. I fade, R. W. Maguirc, Myron T. Ilenick. B. P. McDonald, Alfred J, Poor. E. B. Stevens, II. J. de Marez Oyena and Alfred Waldron Smithers. Fiscal year ends June 30. Annual meeting, third Wednesday in May, at Parsons, Kan. Direc- tors meet on call. Main office, Parsons, Kan. General office, St. Louis, Mo. New York office, 41; Wall Street. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. GIBSON'S MANUAL 215 Missouri Pacific Railway Bonded indebtedness, June 30, 1908 $102,291,812 Capital stock 79-753,985 Total capital $182,045, 7'>7 Mileage, excluding leased lines 5.73° Per mile capitalization $31,770 Fixed charges, 1908, including taxes, per cent, of net income.. 58.8] Operating expense, new basis, excluding taxes, per cent, of gross 74-86 EARNINGS, MISSOURI PACIFIC RAILWAY. Year Ending Gross **Net Net P. C. of Earned 1 in Dec. 31. Op. Rev. Income. Gross, Inc. Surplus. Stock. 1900 . . . $15,930,276 $6,930,510 38. $3,213,608 5-5 % 1901 . . . 18,384,077 8,699,820 40.78 3,237,705 6.36% 1902 . . . 18,763,317 9,260,075 41.2 3,297.452 6.9 % 1903 . . . 21,950,744 11,218,021 41-75 4,751.960 8.2 % 1904 . . . 22,255.740 9,611,71s 36.67 5,689.889 7.1 % Year ending Tune 30. 1905 . . . Not reported Not reported Not reported 1906 . . . 20,581,033 12,621,374 4576 6.455,424 8.91% 1907 . . . 23,089,871 12,662,254 43.61 9,604,387 9.05% *ioo8 . . . 20,946,611 8,844,337 36.06 23,416,253 3-44% * Interstate Commerce classification. ** Taxes included in fixed charges. EARNINGS, IRON MOUNTAIN. Year Ending Gross **Net Net P. C. of Earned on Dec. 31. Op. Rev. Income. Gross, Inc. Surplus. Stock. 1900 . . . $14,581,037 $6,432,257 42-94 $4,074,164 8.36% 1901 . . 16,961,021 8,007,519 44-43 5,128,261 16.OI °/o 1902 . . . 17,640,578 7,908,927 41.81 5,210,809 14-74% 1903 . . . 19,575,350 8,148,857 38.8 5,916,194 13-44% 1904 . . . 19,788,829 8,482,023 39-85 6,658,332 12.87% Year ending June 30. 1905 .. . Not reported. Not reported. • 1906 . . . 21,209,777 9,589>399 41.84 7,782,022 9-3 % 1907 . . . 23,987,020 10,843,411 41-85 8.423,392 "•43% *i9o8 . . . 21,793,294 8,303,163 35-64 3,169,876 5-3i% * Interstate Commerce classification. ** Taxes included in fixed charges. CONSOLIDATED INCOME ACCOUNT; M. P. and St. L, I. M. & S. Year Ending Surplus Dec. 31. Net Income. Fixed Charges. M. P. Dividends. for Year. 1900 . . . $12,460,782 $7,856,892 $3,818,550 1901 . . . 15,519,010 7,698,805 $3,563,802 3,914,720 1902 . . . 14,874,636 7,769,046 3,855,"0 2,689,512 1903 .. . 17,457,730 8,332,592 3,890, ! '5 3,696,378 1904 . . . 16,224,850 9,016.880 3,890-115 2,034,766 Year ending June 30. 1905 . . . 16,073,273 9,580,327 3.890,687 i,54i,3 I o 1906 . . . 17,843,327 10,394,716 5,836,305 492,710 1907 . . . 19,471,553 10,544,824 3.890,875 3,807,228 1908 . . . 15,467,713 10,789,246 1,935,210 1,050,506 2T6 GIBSON'S MANUAL LATEST REPORT. Earnings of Missouri . Pacific ?y§t«m for sjx rao^tte, ending Dec. 31, 1908, compared with last \ ear, were: l iross. Xet. 1908 $24,061,107 $7,544,408 1907 25,187,322 6,613,303 1900 [900 1901 DIVIDENDS. MISSOURI PACIFIC RAILWAY. |.,n 2 [903 1904 1905 1906 1907 1908 5% ;•, 5', - ? ", 5% 5% 2$% in stock. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1902 1903 1904 1905 1906 19HJ7 1908 38f^ Jan. 69 Jan. 96M Mch. 85)4 Aug. 72'/ 2 Dec. 124^ June 125^ Sept. 115 % Feb. 87 Feb. 94]/ 2 May 85^ May 44% Dec. 28% Feb. 111^4 Dec. 110% Mch. 106^ Jan. 92^ Jan. 67'/. Dec. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May. June. 1900 1901 [902 1 1 H >3 1904 1905 1906 1907 1908 3S»" 44f 69 - 93 99I-107 io7f-n3s 9of- 951 1044-108^ 99I-106I 86 - 925 4H- 47 44 ' 85 • 994 noj- 87 106J- 98*- 78- 28i- 93$ 105^ 115; 94 109! 103^ 87 43* 44*- 87- 96i 106 - 87- 105*- 93 - 64- 29I- 43 5H 103^ ioij ml "4l no.; looi; 801 49 - 6i| iooj-no; 98i-i0 3 a I02f-III^ 92i- 95 96 -io&f 89i- 98f 721- i:\ 40 - 47$ 54 - 59 5 72 -1 165 97^-ioif 103I-113 881- 92i 94$- 99 85$- 95i 714- 76! 454- 64* 46 - 57 IIOi-I24i 991-iir^ 99 -io6i 88^- 93$ 95i-io2i 89J- 98^ 72 - 77 445- 54 1 July. Aug. Sept. Oct. Nov. Dec. 1900 1 90 1 1902 1903 1 1 H >4 1905 1906 1907 1908 471- 534 964-121$ 108J-1 19* 95f-io6i 9°s- 95a 97-i-ioii- 873- 94* 731- 77% 48 - 56! 491- 52j 94f 1 io8| ii5f- IIO s 853- 981 9 a- 9 8| 99i-i°9f 93I-1004 63 - 741 54*- 60 46i- 94 - mi. 86 ■ 95§- 102$- 954 67. 50 ■ • 523 -107I -125* ■ 95 ■ 99l io8i iooi ■ 7*1 47* 92 102I S6§ 97$ 1 02 \ 93 48 52i ■ 572 98I 1 165 92I 105! I06* 98I 671 ■ 575 54*- 61* 97f-i04§ i03f-nof 871- 92* ioiJ-iic4 96I-104I 9ii- 95* 444- 574 56?- 64} 59 - 72* 100} -1 07 V 99^-110^ 90*- 97 I02i-IIli 99 "i°3* 9°4- 95* 44$- 56 6i*- 67* LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. Nov. 2 56! 565 " 3 Election Day. 6 7 9 10 1 1 563 57f 571 592 59J 6oi 6oi 58 58* 59i 6oJ 63 62); 62* Nov. 12 13 " 14 " 16 " 17 " 18 [Q •' 20 " 21 Low. 61$ 62^ 62- 62 62* 62f 62 6oi 6oi High. 63i 634 634 62$ 64i 64$ 63I 62a 62} Low Nov. 23 60$ 24 ... . 25 26 27 28 30 High. 62} 61 i 63 • • 62i 63* Thanksgiving Day. • • 63 64 . . 63 64 . . 623 64i LOW AND HIGH PRICES, BY DAYS, DECEMBER 1908. Dec. 8 9 10 L High. 63I "5 i 1 )ec. 1 1 '•4 : ; 67* " 12 64 66$ " 14 65* 66$ Cf 15 654 67* " 1*. 65 66| 1 ' 17 654 66| l( 18 66J it IQ 65$ 663 .. 21 Low. 65 64I 65* 623 64 62| 62 <•.833.340 3,896,610 9.78 9,623,544 7-39% DIVIDENDS moo 1961 1902 1903 11)04 11)05 191)6 1907 1908 Preferred . . 7% 7% 7% 7% 7% 7% 7% 7% 7% Common . . 4% 4% 4% 4% 4'/ 4% 5% 6% 6J, LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 190S 1906 1907 1908 Preferred.. 79! ', ]unc 92 Jan. 101J4 Dec. 94 Oct. 100*4 Jan. 110 Aug. 113;.. Jan. 90 Nov. 102 Jan. 96 Feb. 103^ Nov. 109'7 Jan. 40 Nov. 32 Oct. 36 Jan. 52 Aug. 62 May 58' J Oct. 68 Jan. 40^ Nov. 46 May 53;^ Men. 47^ Feb. 59J4 Nov. 69^ Dec. 79!< Dec. 86^ Jan. 97 Dec. -•J 2 GIBSON'S MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. L900 1901 [902 1903 [904 •905 1O06 1907 1 1 K 18 1900 1901 19OJ 1903 1904 I905 1906 1907 1908 Jan. I 'hi., rum. Pfd.. I 'mil. Pfd.. Com. Pfd.. Com. Pfd.. I 'dill. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. 35 ■ 92 ■ 37 ■ 104.I 43f- 103 ■ 45i 100}- 36- ii5f- 54*- "3i- 67- 1 1 6 1 - 77 - 102 - 68 - 38 94 43 106 45 : ; 106 47 103 40* n64 56| 117 7i n6| 86} 106} 76 July. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. 85 - 85* 3^i 103 45* 106J 48} 101} 4o4 108} 49l 118 624 118 681 1 1 of 76 120 91I Mill 4o4- 1053- 471- 99*- 35* 107}- 45l- 112 - 54*- n64- 624- iio|- 73fi- 116 - 84!- Feb. 9 2 i- 96 36|- 4<>i 92 - 94^ 38 - 40* 1054-109 44$- 48 1044-106 46 - 47l ioi$-i03$ 393 115J-1 [8 543- 60 117 -us; 66J- 71.I 1143-116} So}- 85} 107 -107I 72 - 76} 4o3 Aug. 86J- 88} 30I- 32I 1004-1034 41 - 44l 1043-106} 47i- 48 994-101 33i- 383 108}- 1093 4 6f- 48} no -115 52 - 60 H7f-il7f 664- 69 1104-114 66|- 74 : ! 116 -120 884- 92 Mc-h. Apl. SmI- 91 35 - 36* 93 - 96 42 109 46J 534 106 47^ 104.V 45 ,a 1 1 05 I 454 I02 40 - 117 - 58I- 6 tl6J l I/4 66 - 69 111 -117I 75^- 82I 1 10 -1134 75 - 82I 88i- 32I 96- 39 ■ 107 - 493- 104 - 4if 1044-10; ; 42I- 44 1 174-120 50I <.<>■' 116 -118 63 - 674 1 12.1-114! ,,, 36i 97 ■ik 1094 52 106 453 76- "5i 784 116 864 May. 80-86 28J- 3 24 i)7 -100 39i" 46 io5 J ,-io8 47 - 50} 1 044,-106 $ 39f- 44 1054-107} 42*/- 45 1163-119 57 - 62 1151-117* 62 - 65 uo-iJ-114 74 - 774 115 -116 84 - 88 June. Sept. Oct. Nov. 85 - 3i£- 102 - 41!- 1033- 4'- - 343 , 47 - ri2|- 54 - 116 - 67 - 112 H7\ 88 34* 1024 44-} 104$ 483 ioo4 40 ■109I 49* 114 ■574 116 69! 112 75 ' 884- 3i3- 99 - 41 - 103 45* 94 32 108 48 ■ "3 54* n84 67!- 92 J 37 1 02 1 42,1 105! 47 97* 37* in 49f 116 56 1 n84 77\ 11 874- 8 9 f / 1 a 103 -no 584- 73* ii64-ii8 87 - 90 9i - 95* 35"- 40} 102 -103! 4il- 43 1024.-103} 40 - 46 95*- 984 34 - 37 112 -117 494- 59* 1 12^-1 1 s 55 - 584 1174-1174 724- 763 90 - 984 59 - 64 1174-119} 87I- 924 79$- 81 23 - 30 100 -103 43*- 46 106 471- 48J 98} -102 374- 40* 1043 106 44f" 117 - 60 - "5f 63§- io64 40.I n84 63! 116 684 no4-iio} 73*- 754 ii4f-U4f 83f- 85-J Dec. 90*- 9 2 1 352- 394 1 024-103 2 42" 103 ioi3- 433- 99 - 353- 116 - 54 J 4- 46 99i 374 "6§ 584 1 13I-11V1 56*- 69} 1164-117} 758- 79* 99J-102 64 - 68 1173-120} 89*- 97" LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 . . 3 ■• 4 .. 5 ■• 6 .. 7 •■ 9 •• 10 . . 11 . . Pfd. Com. ......... 894-90 Election Day. 89*-893 893-91 90 -91 91 "9 1 * 9i*-9 2 * 924-92* 894-92 119 -119 IIQ4-II94 Pfd. Com. 004-904 89 -914 89 -89I 894-9°f Nov. 23 24 Pfd. 1174-117* Com. 90 -90 25 26 27 Thanksgiving Day. - . . . . 90-90 28 9l*-9i4 30 - --.. LOW AND HIGH PRICES. BY DAYS, DECEMBER, 1908. Dec. Pfa. Com. 1 1 / r 1 1 73 no! in,', nol-nol II9J-II94 8o*-8o^ 90I go\ 904-90} 90^ 'I"! 9ii-93l ™ -•■•■ 03 -93* Dec. 11 12 14 15 16 17 18 TO 21 Pfd. n8f-n8| n8f-n83 Com . 9 2 *-933 92 -92* 913 91I 92 -92 9i3-9i3 TTO -TTO 01 ! 92 Dec. 22 " 23 " -'4 " 25 " 26 " 28 " 29 " 30 " 3i Pfd. Com. ......... 914-914 ......... 92 -92 119 -119J 923-95} Christmas Day. Extra holiday. uo}-i2o} ....... 96 -96] ......... 953-96 ......... 95}-05, GIBSON'S MANUAL 223 REMARKS. Total capitalization of National Biscuit has scarcely changed since organization. The preferred stock has increased $979,500; but of the bonds and mortgages, amounting to $1,814,000, there has been paid oft' $1,077,927. Number of shareholders now 7,726, of win mi 2,470 are employes. National Biscuit has been obliged to contend with many imitations of its products. Twelve suits in L'nited States courts to protect the company's trade marks were successfully won in 1906, and 330 imitations were stopped without litigation. In 1907, 68 more imitations appeared, but were all stopped without recourse to the courts. In 1908, 74 new imitations appeared and were stopped. In all, 504 such imitations have been stopped since the formation of the company, with or without litiga- tion. In spite of an increasing number of rivals, the company continues to increase its business by making the best goods, attractively packed, and selling them at stated prices. It refuses to engage in a war of rates or to attempt to crush rivals by ruinous competition. Officers: President, A. W. Green; First Vice-President, J. D. Richardson; Treasurer and Secre- tary. F. E. Bugbee. Directors: B. F. Crawford, L. D. Dozier, II. J. Evans, A. W. Green, II. M. Ilanna, F I.. Iline, F. A. Kennedy, S. S. Marvin, W. II. Moore, T. S. Ollive, F. M. Peters, N. B. Ream. J. D. Richardson, S. A. Sears, J. B. Yredenburgh. Fiscal year ends Jan. 31. Annual meeting, Feb. 11, Jersey City. Office, 10th avenue and 15th Street, New York. Traded in on the New York Stock Exchange (Unlisted Department) and on the Chicago Stock Exchange. 224 GIBSON'S MANUAL National Enameling C& Stamping Company \ consolidation of a large numb d in the manufacture of tin, enamelled, japanned, galvanized and copper utensils and wai rporated in \i« Jersey, Jan. 21, \x. Prac- tical!) all the enamelled ware makers of the I id a large part of the manufacturers "f the other goods named cam* into the consolidation. The plains were located mainly in St. Louis, (Jran- ite City, III.. Brooklyn ami Berlin Village, \. Y.. Portland, Conn., Bellaire, < ».. .Milwaukee ami New ■ iilv Bonded indebtedness, Jum 08 .. .. $1,000,000 Pieferred stock, 7 per cent, cumulative 8,546,000 Common stock 15.51ji.800 Total capital £.'5. 137,800 ear Ending June 30. ■ 1905 1906 1907 [908 [8 in EARNINGS. 1 rross Net Earned on Profits. Income. ♦Surplus. i omtnon. $1,950,520 $1,127,504 M.I lo.ll ~ ■ r. 6,818 [,720,307 t, 729.7°7 2,244,472 I.SI9.3S7 t ,343. 6 3 5-97% 1,528,366 884,055 [,005,75] i.8< [,460,267 817,644 835.338 1.41% [,576,396 948,259 858,049 i-757<- M'M 1 ,703, 11 1 ,648 6.67% 867,294 311,822 1.059.950 'Excluding general resi count of $1,500,1" »'. I'n ferred Common :'•' DIVIDENDS. 1901 [902 [903 [904 [905 7% [906 o 1007 - o [908 lct. 93 Mch. 12 Nov. M Mch. 75 Tulv Nov. 14 Nov. .si 1 Vug. \pl. 11 lug. (1 . \,.l. 82 Sept. Mch. 12 May fan. 75 VpL ■ Nov. Jan. 1908 70 Feb. Dec. Feb Dec These share- were not traded in on the New York Stock Exchange until March. [903. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908 Pfd. in. Pfd. 1 om. Pfd. 1 om. Nov. _' . . 7" 7" Nov. 1 _> . . . 81 ' [2 - U Nov 23 ....... ....... " 3 • • Election Day. " 13 . . . ....... 1 1 : 1-!.! a -'4 ....... ....... - 4 ■ • 7<> lOj-II* ** 14 • • • ....... 1 _■ - 1 2 .. 25 ....... n! n; 5 • • ....... ....... • • 10 . . . 1-'! • ■ Thanksgh iiii; 1 >a\- 6 . . 80 M' .. 17 . . . Si 1-'! i-l " -7 ....... 7 ■ ■ ....... ....... " [8 . . . Bij [2 - 1 .' j • • 2* ....... ....... ■1 . . ....... Ijl " IM . . 1 2 - 1 J (4 30 ....... ....... 10 . . ....... 20 . . . ...... 111 11: 11.. ... ....... 21 . . . ....... ....... LOW AND HIGH PRICES. BY DAYS. DECEMBER. 1908. 1 1 1 2 1 1 15 17 18 10 21 1 J Pfd. .' ! 82 m. Dec. •• 3 I 5 . . 82 82 ii'. -ill. ■■ 8 9 in - .. Pfd. m. Pfd. 1 om. ...... 13! -13"! 1 >i » » ...... I3H3* t3i 1 l • • 23 • ...... [3 ...... '.;. -•1 ...... 13 133 M " 25 1 linstn as Day. 1.^ -Ml ti . . Extra loliday. 13 -13'. ■ > . '4;-i.s} ...... ....... 29 . ...... • 14J-15 . 13 13 " 30 • ...... • mI-mI 13 -13 ' ' 31 ■ . . . - . . • 14: -14' GIBSON'S MANUAL 225 REMARKS. No material change has taken place in the capitalization since organization. The company owns no investments in securities. The plants of the company arc reported to be in first-class condition and modern improvements have resulted in greater economy of operation. It was impossible to operate the factories up to their full capacity in the last fiscal year in consequence of the business depression. An effort was made in 1906 to reduce the floating debt of National Enameling, but expansion of the volume of business demanded the employment of a larger working capital and reduction of the debt was necessarily deferred. A farther influence was the heavy falling off in business in 1907. June 28, 1905, this company won a suit against The New England Enameling Co., in the United States Circuit Court of Appeals, whereby its sole right to manufacture Royal granite steel ware under its patents was maintained. Dec. 6, 1906, the decision was reversed. Officers: President, F. A. W. Kicekhefer; Vice-President, Thomas EC. Niedringhaus ; Chairman, Frederick G. Niedringhaus; Treasurer. A. M. Steinhardt ; Secretary, William II. Matthai. Directors: Frederick G. Niedringhaus, Chairman; Eouis G. Bartling, George V. Hagerty, Ferd. A. \Y. Kieckhefer, Charles N. King, George W. Knapp, H. August Luedke, William H. Matthai. Albert \Y. Niedringhaus, George W. Niedringhaus, Oliver B. Niedringhaus, Thomas K. Niedringhaus. Solomon Richman, Rob- ert D. Samuels, Edward H. Schwartzburg, Adolph M. Steinhardt and Charles L. Wagandt. Fiscal year ends June 30. Annual meeting, second Tuesday in August, Jersey City, N. J. Directors meet quarterly, January, April, July and October. Office, 81 Fulton Street, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL National Lead Company Incorporated in New Jersey, Dec. 7, iS<>i, as successor to The National Lead Trust, each holder of a trust certificate for 6 shares in the old organization receiving one share each of preferred and com- mon stock in the new company, and a dividend of 30 cents a share on the trust certificates. In all, 26 extensive plants for the manufacture of white lead and kindred products were transferred to the new corporation. They were located mainly in Massachusetts, New York, Pennsylvania, Ohio, Illinois, Missouri and Kentucky. Other properties have since been acquired, including The United Lead Co. in 1900. as well as certain lead mines, the latter having been purchased by one of the constituent com- panies in 1897. The mine became productive in 1899. and has added materially to the profits of Na- tional Lead. Preferred stock, Dec. 31, 1907, 7 per cent, cumulative and subject to a charter right of redemption at par after Jan. 1, 1910 . . $24,463,600 Common stock 20,750,000 Total capital $45,213,600 EARNINGS. Earned on Year ending Dec. 31. Gross. Net Income. Surplus. Common. 1900 Not reported. $1,076,440 $1,208,948 Def. 1901 " 1,112,140 1,277,808 0.44% 1902 " 1,202,514 1,437,042 i.o6$> 1903 1,569.069 1,962,831 3.5 % 1904 I.595-693 2,515,244 3.6% 1905 2,082,632 3.554596 6.92% 1906 2,499,632 4.038,822 5.31% 1907 " 2,492,245 4.294.204 5-95% DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred . . 7% ~' ', 7% 7% 7% 7% 7% 7 % 7% Common . . \°fo o o 2% £,¥fo 5% LOW AND HIGH PRICES, BY YEARS, SINCE 1900 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred.. 83 Aug. 74->4 Dec. 78% Jan. 75 Oct. 80 J* Jan. 97^ Jan. 100'4 June 80 Oct. 87'/ 2 Jan. 106^ Feb. 93^ June 96 Oct. 95 Feb. 98^ Dec. Ill # Feb. 106^ Jan. 103 Jan. 106^ Nov. Common, ug. 15 Dec. 15J4 Jan. WA Nov. 14' s Feb. 24>4 Jan. 66 May 33 Nov. 36 Feb. !5 '■ June 32 Sept. 29^4 Feb. 26^ Oct. 89^ Dec. 95}i Jan. 76^ Jan. 92 Aug. GIBSON'S MANUAL 227 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Tfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com.- 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd. . Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd. . Com. 1907 Pfd.. Com. 1908 Pfd.. Com. Jan. 1043-106 ■ 25 - 27! 82 - 92 l6§- 2o4 7H- 86 i5i- i9f 91 i- 93 26 - 29 •80J- So} Hi- i6i 95f-ioi| 241- 27$ 102I-1061 80 - 95I I02§-I03 66 87*- 91 38 - 42* Feb. Mch. Apl. 76} 104 -io64 23 - 28* 82}- 8 9 3 15*- 19 82*- 82^ 174- 19 92 - 95 26 - 294 83 - 84! Hi- 15-j 101 -111} 26J- 39f I02}-I06} 70J- 90} 99I-102I 65 " 74:1 89 - 91 36 - 45S 24 1 i6i 1 03}- 1 06 23 83 - 88 15 81 - 864 16J- 20I 90 - 94 24I- 28f 84}- 8 4 4 Hi- i5f 1024-111 33*- 47* 102. V-IO4-J 71 4- 86 98 -100 49 - 69 881- 961 44 - 60 104}- 1054 22 - 25-J 83 - 85* 16J- 19* 854- 89l I7|- 20| 90 - 92 23 - 26 87 - 91 15 " I9l I05}-I IO 42*- 5if I02-J-I04} 74 - 85} 98$- 99* 574- 64 94 - 97 535- 6c4 May. 95 -104 1 84- 224. 81 - 89! 15*- 23 J 87 - 91 18}- 2 3 £ 853- 90i 17 - 24} 90 - 91 16}- 19I 104 -109 4*4" 493 1015-1034 66 -82} 97 - IOl4 374- 681 964-1003 57f- 68f June. 95i- 97* i8i- 21 83 - 93f 19 " 254 87- 89 21 - 23 83}- 88 15I- 17I 91 - 94} 19 - 22 103 -1 04! 43 " 473 ioo}-ioi3 70 - m 964- 99 581- 62I 984-100 63I- 68} July. 971- 98 19 - 20f 87 - 9 04. 18 - 23 87i 21 - 80}- "f 9if 20 - 103I- 435- ioo4- 89 22} 85 i7f 95 24* 1054 47i ioif 71}- 8o4 98 - 98I 57 - 644 994-105 645- 73 Aug. 83 - 971 IS J- 2 ° go - 90 19 - 21 89i- 95 21}- 26 81 - 84 13 - i7 92}- 96! 19J- 24I 105 -1054. 434- 49* ioif-104 78 - 824 93 " 98! 424- 57! 102 -105 72I- 92 Sept. Oct. Nov. 87!- 90 17 - 18 87 - 90 i84- 21 9°f- 94l 23}- 32 80 - 84! 124- 15 95*- 96* 23 - 24I I0l}-1024 44*- 48| , ioij-102} 76 - 80J 94 - 94i 45 - 543 ioif-1024 74 - 86} 90 - 98 i6f- 20 J 84I- 8 9 3 i8h 21} 92 - 96 264- 30* 75 - 84 "I- 14 91 - 98 21 f- 26} 1034-107 45i- 52* 101I-1034 73 - 86J 80 - 93 35 -48 I02}-I04 79 - 85* 92f- 99 i84- 23 "i84- '214 90 - 94 24*- 29 7^ - 79* io|- 15 94l- 98 23 - 26 105 -109! 46}- 74f 1024-104 74"- 77i 83-85 33 - 4if 103 J- 106? 82 - 864 Dec. 9i - 95 18}- 21J 74i- 86f 15 - i84 90*- 93 24 - 283 79*- 83} 13*- i7l 9 6f- 98} 22 - 254 1024-1093 73*- 8 9 4 102 -1034 67*- 77l 83I- 90 37l- 44§ 104 -106 75 - 84* LOW AND HIGH PRICES, BY DAYS, NOVEMBER, igo8. Pfd. Com. Pfd. Com. Pfd. Com. Nov. 2 . . 104 -1 04 J 82 -834, Nov. 12 . . 105 -106 844-85^ Nov. 23 . 1044-1044 82i-8 3 | " 3 • Election Day. " 13 • • 105 -105 844-85 \ " 24 . 1044-105 83^-84} " 4 • . 105 -105} 834-84} " 14 • • 106 -106 8 4 }-8 5 } " 25 . . 1044-1044 834-84} " 5 • . io5}-io54 84 -844 " 16 . . 106 -106 833-855 " 26 . . Thanksgiving Dav. " 6 . . 105 -io5f 84 -86} " 17 • • 106 -106 844-853 " 27 . • 1035-1055 8 3 }-8 4 " 7 ■ . io4f-io6 855-864 " 18 . . 1064-106} 835-85* " 28 . 83 -834 " 9. . 1055-105! 85 -86} 19 . . 106 -io6| 83*-84f " 30 • • io5}-io5} 82f-8 3 f " 10 . . 1051-106 85}-86} " 20 . . 105 -105 82f-8 3 5 " 11 . . io5f-io 5 | 844-85-5 " 21 . . 1044-1054. 82 -8 3 f LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 o " 3 " 4 " 5 tt ^_ / " 8 " 9 " 10 Pfd. 105 -in;.' I05|-I05f IO5I-IO5I 106 -106 Com. 82f-8 3 f 82^-834 82I-82I 82I-834 82 -833 814-82} 824-83 824-834 83}-844 Dec. 11 12 14 15 16 17 18 19 21 Pfd. 106 -106 106 -106 105 -105 104 -104 105 -105 Com. ...... Dec. 22 . . 79f-8o4 " 23 . . 79f-8i " 24 . . 775-80 " 25 . . 784-8o " 26 . . 764-795 " 28 . . 76 -77i " 20 . . 77 -77% " 30 • • 75 -771 3i • • Pfd. 1055-1055 Com. 76 -77l 77h79 ......... 785-79} Christmas Day. Extra holiday. 1054- 1654 775-79* 784-79 7/4-78} 77^77^ ■sfl 105'; 10. I05J-I06 228 GIBSON'S MANUAL MARKET MOVEMENTS OF NATIONAL LEAD, COMMON. FROM 1900 to 1908. INCLUSIVE. MINOR TURNS DISREGARDED. REMARKS. In January, 1905. an increase of the capital stock of $15,000,000 preferred and $15,000,000 com- mon, to $25,000,000 of each class, was authorized; and in December, 11*05. stockholders were given the ri^ht to subscribe for $3,000,000 more of the preferred, to be paid for Dec. 31, 1906. In 1907. a further issue of $3,750,000 preferred stock was made in paymenl for various properties. Of neither class of stock has the whole amount authorized been issued. The number of stockholders, Dec. 31, 11)07. was 5.566. as again si less than 150 owners in the properties consolidated into this company. \n experience of sixteen years enables the officers of this company to claim thai its business is less subject to fluctuations and to depression in hard times than is the case in many other lines of industry. "Other investments" besides the plants were reported Dec. 31, 1907, as £15.738.018. Total capitalization in kjoo was $30,000,000 and now stands at $45._>i3.6oo. Officers: President, L. A. Cole; First Vice-President, F. W. Rockwell: Treasurer. E. F. Bealc: Secretary. Charles Davison. Directors: E. F. Beale, Edward Brush, d. ( ). Carpenter, L. A. Cole. R. R. Colgate, E. C. Goshqrn, D. Guggenheim, M. Guggenheim, W. W. Lawrence, II. M. McChesney, F. W. Rockwell, R. P. Rowe, V. P. Thompson, Walter Tufts, C. F. Wells. Fiscal year ends Dec, 51. Annual meeting, third Tuesday in April. Jersej City. Directors meet. third Thursday in each month. Office. 100 William Street, New York. Traded in on the New York ck Exchange (Unlisted Department). GIBSON'S MANUAL 229 Newhouse Mines C& Smelters This is a copper company, with properties in Copper Gulch, Utah, well developed, the main body of ore being reached by a tunnel 6,016 feet in length. Production was begun in March, 1905. The company owns the Cactus and twelve other patented mining claims adjoining; the Midvale Placer; the lands upon which are located the town site of Newhouse, with a full equipment, power house, springs and a water system; the property covering 7,882 acres in all. The development shows ore as far as 916 feet from the surface. Bonded indebtedness, June 30, 1908 $1,300,000 Capital stock (par $10) 6,000,000 Total capital $7,300,000 EARNINGS. Few reports have been published. For the fiscal year ending June 30, 1908, gross receipts were $1,093,356. Expenses, $800,132. Net profit, after corrections for inventories, $71,921. Surplus profits account, June 30, 1907, $385,632, and on June 30, too8, $23,602. Dividend paid Aug. 31, 1907, was $300,0000, or 5 per cent, on the stock. LOW AND HIGH PRICES. This stock was first traded in on the New York Stock Exchange, in April, 1907, and in that month between 184 and 20J. High and low prices for 1907 were: High, 2of, April; low, 5, Dec. In 1908: High, 9i, Jan. : low, 4J, Oct. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. Nov. 2 High I 41 3 Flection Day. 4* 6 7 9 10 11 44 5 4i 54 5 Si 51 Low. High. .. .. 6i 64 .. •• 64 6| .. .. 64 6f Thanksgiving Day. 6| 6f 64 62 6J 6§ LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. High. 54 5§ 51 Low 2-2 51 23 54 24 5f 3i 25 Christmas Day. 26 Extra holiday. 28 5f 64 29 6 30 6 6 3i 51 6 6i REMARKS. The bonded debt is being retired and $200,000 of the bonds were cancelled in the fiscal year of 1908. Metals produced in the fiscal year were: Gold, 1,721 ounces; silver, 48,595 ounces; copper, 7,244,179 lbs. The copper cost an average of 104 cents. Officers: President, Samuel Newhouse; Vice-President, Alvin Untermyer; Secretary and Treas- urer, John josten. Directors: Samuel Newhouse, F. A. Schirmer, J. F. A. Clark, Alvin Untermyer, Hon. Heber M. Wells and John Josten. Fiscal year ends June 30. Annual meeting, third Friday in March, generally in New York. Directors meet on call. Main office, Salt Lake City, Utah. New York office, 71 Broadway. Traded in on the New York Stock Exchange (Unlisted Department) and on the Boston Stock Exchange. 23° GIBSON'S MANUAL New York Air Brake Company Incorporated in New Jersey in 1890 to manufacture air brakes for railroad cars. The works are situated at Watertown, N. Y., and have been developed to extensive proportions, employing from 1,200 to 1,500 men. Late in 1901, a large plant was purchased near Moscow, Russia, in order to meet the im- perative requirements of the foreign trade; it began operations in April, 1902, with 500 men. The company has steadily extended its activities. In August, 1905, in the interest of New York Air Brake, control was acquired of The United States Light cV 1 1 eating Co.. a concern devoted to suplying elec- tric light and heat, especially for railroad cars, through the Moskowitz system of obtaining power fn >m the car axles. Bonded indebtedness .'. $3,000,000 Capital stock 10,000,000 Total capital $13,000,000 EARNINGS. The company makes no public reports on this subject. DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 8% 8% 8% 8% 8% 8% 8% 8% o LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. 1908 112 Sept. 133 July 14S Mch. 110 Sept. 120 Feb. 140 May 133 July 47% Dec. 50 Jan. 175 Nov. 175 Apl. 194^ Aug. 177 Jan. 164 Nov. 168j4 Nov. ' 16334 Jan. 141% Jan. 98 Nov. Low. High. Nov. 2 7/i 77i " 3 Election Day " 4 79 79* " 5 79i 8iJ " 6 82 83! " 7 82* 83* " • 9 8i£ 82 " 10 82 82^ "11 81 83 Low. High. Nov. 23 88 90I 24 91 94i "25 96 98 26 . . . . Thanksgiving Day- 27 95 96! 28 96^ 97I 3 n 9 6 i 96i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. High. Dec. 1 96 964 " 2 95 i 96* " 3 94 94 " 4 94i 95 " 5 " 7 " 8 gof 93 " 9 92 93 " 10 93 944 Low. High. Dec. 22 "23 88i goi 24 9 x .i 93! 25 Christmas Day. 26" Extra holiday. 28 94 94 29 • • •» 94 94 30 90i 9 1 "31 93 93 GIBSON'S MANUAL 231 REMARKS. In April, 1908, stockholders subscribed for an issue of $3,000,000 twenty-year 6 per cent, bonds, dated April 1, convertible into stock at par at any time between July 1, 1909, and July 1, 1914. The object was to capitalize the improvements, which had been paid out of earnings for several years, and thus enable the company to resume dividends at an early date. The issue was largely oversubscribed. In March, 1909, the company reported that orders since Jan. 1st had been 25 per cent, larger than in the same period the year before. Its contracts with the Harriman roads do not expire until next De- cember. Officers: President, Charles A. Starbuck; Vice-President, John C. Thompson; Secretary and Treasurer, William N. Shaw. Directors: A. N. Brady, F. S. Flower, J. C. Thompson, C. A. Starbuck, \Y. N. Shaw, G. B. Massey, G. W. Mead and T. C. Purdy, Annual meeting, third Tuesday in June, Jersey City. Directors meet first Wednesday after the 15th of each month. Office, 165 Broadway, New York. Traded in on the New York Stock Exchange (Unlisted Department). 232 GIBSON 'S MANUAL New York Central C& Hudson River Railroad Bonded indebtedness, Dec. 31. 1908 $243,564,845 1 apital stock ($250,000,000 authorized) 178,627,100 Total capital $422,191,945 Mileage 3,782 Per mile capitalization Si 1 1 ,r>3<) Fixed charges, 1908, including taxes, per cent, of net income .. .. 73-15 Operating expense, excluding taxes, per cent, of gross, old liasis . 73-63 EARNINGS. Gross Year ending June 30. Op. Rev. 1900 $54,562,952 1901 66,333,111 1902 70,903,868 1903 77.6o5,777 Year ending I )ec 31. 1904 ■ 78,573.209 1905 86,095,602 1906 92,089,769 1907 98,369,060 1908 88,849,368 ♦Net Net P. C. of Income. Gross Inc. $25,228,110 41-85 28,275,189 28,916,401 29,419.207 28,919,560 3 I - II 8,35 I 33-535,551 34,041,777 33,801,362 39-9 38.16 35-5 34 33-6 33-6 31 34-07 Surplus. $11,754,890 11,769,994 [5,834,667 15.890,580 14.593,868 14.612,120 14,631,554 14.698,092 10,946,871 **Earned on Stock. 5-66% 5.01% 5-39% 5.04'. 5-7i% 5-oi% 5-26% 6.04% 5.08% * Taxes are included in fixed charges. ** After deducting special sums of $1,500,000 and $2,800,000 in every year, except 1904, for new equipment and betterments, and after charging off uncollectable accounts, etc. LATEST REPORT. Earnings for one month, January 31, 1909, compared with last year, showed: Gross. 1909 $6,611,643 I9° 8 ; 6,179,327 DIVIDENDS. Net. $1,450,634 1,106,205 1900 5% n>oi 5% I9O2 1903 5% 1904 5% 1905 5% 1906 5% 1907 6% 1908 5i% LOW AND HIGH PRICES, BY YEARS. SINCE 1900. 1900 1901 1902 1903 19H4 1905 1906 L907 1908 I25H June 145 , IK-. , Jan. 174'.. No> 147 Nov. 112^ July 112&Mch. 136*4 May 126 Nov. 89 Dec. Jan. 156 Jan. 145^ Dec. 167# Mch. 156^ Jan. 134*4 Jan. 90J^ Jan. 126 Dec. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. 1900 1901 1902 1903 1904 1905 1906 1907 1908 i.-; 1. 1-138 139I-146I 1594-168! 1504-156 [17J-122 1414-149! i47&-i56i 125 -134I 90J-103 130:;- 1 30 i 14-':.'- 147 i6i!-i66! 145 -1514 1 13 -119J 14',;- 161 [4Si-iS3i 124 -130J 9 2 $- 97i 132 -139 1421-148 161I-164 130 -146I II2f-Il8| tS4i-i67l i4ii-i4Sl IIII-I25! 931-IOIt I334-I39S 1464-164^ 1561-165! I28J-I33J tl5f-"8! 141 -163! 132 -146! 116 -121J 964-101! May. t29i-i35i 140 -170 1 53 \- 1 01 4' 1 _•_]. V i^-'l- «3i-«5i 136I-145I 1304-142! 109 -119I 100 -107I June. I25I-I33J 154 -160 I53f-i57l 1-4^-129! 1 134-1 163 138I-146! 1303-142^ 1084--114} 100I-105! July- Aug. Sept. Oct. Nov. [900 1901 [902 1903 [904 I905 1906 1907 1908 1-74-I3I [48 -1585 I54i-l67i II2fj-I27i 115 -I20| i43l-i49t ' -7.1374 no|-ii4 : i 110} 128^-131 H9i-i56i 163 -166 u6i-i26i 118J-124I 146^-156* 1374-146 994-1 1 1 3 100 -110J 1264-1314- i49i-i6of 155 -i674 1 133-123! 122 -1 29 J 1454-1521 137^-146^ 1271-134* 154 - I49f- H3i 126 - i47f- 1 263- 93i t59j i59 120!: 1364 154! 1414 1033 100I-108J [03 -106! ■ .>-; i4-' : ; i- s - 174' 147 -159I 114: 1 tof I32I-M- 1 1474-152! 126 -1323 9i4- 99* io5i-n8i Dec. i4o!-i45§ i6o|-i7ii 148 -i57i 116J-122 133 -1454 144 -157 128 -136} 89 - 993 116^-126 GIBSON'S MANUAL 233 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. Nov. 2 105^ 106J 3 Election Day. 4 io6J 1083 5 io&£ 109^ 6 io8J 112^ 7 "2| 117 9 "3f "6i 10 H4i n6£ " •■ ■■ •• "3s "5i Nov 12 13 14 16 !/ 18 19 20 21 Low. High. "3i "5i No 114I 116 t 114I «5i t 114* "5 "5 "7f "St 117 115 116 "4§ "6| 115 "6f High. 7\ Low. Nov. 23 114!; 11 -'4 "6| 117J 25 "7 "8i 26 Thanksgiving Day 2j n6| 117J 28 n6| ii7.i 30 116J 118^ LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. Dec. 1 117-i 2 116-} 3 "6$» 4 . . . . . . n6f 5 "7 7 "6f 8 1174 9. Il 7i 10 117^ Dec. 22 2.3 -'4 25 26 28 29 30 3i Lo\ Hi£ 119^ I2of 121$ I23I Christmas Day. Extra holiday. 123 124I 122^ I24I I22i I23f I23I 126 MARKET MOVEMENTS OF NEW YORK CENTRAL, FROM 1900 TO 1908, INCLUSIVE. MINOR TURNS DISREGARDED. j.U GIBSON'S MANUAL REMARKS. Through purchases of their stocks, New York Central controls the Harlem, the Lake Shore and the Michigan Central roads, and thereby the several smaller lines controlled by the companies named. In December, 1885, The West Shore Railroad was leased for 475 years. In iyoo and 1901, New Vork Central and Lake Shore bought a controlling interest in Cleveland, Cincinnati, Chicago & St. l.ouis. In 1889 and iyoo, in conjunction with The Pennsylvania Railroad, control of the Chesapeake \ 1 Ihio was bought. The Boston & Albany was leased Nov. 15, i8yy. A large amount of slock has been acquired in The Reading Company; and by persistent extension of its interests, New York Cen- tral, with a mileage of its own of only 812, now controls and operates an extensive system of 3,782 miles of railroad line. With the exception of The New York, Chicago & St. Louis (which is owned by Lake Shore), the various companies are now operated as "The New York Central Lines." New York Central obtained an option in 1907 for purchase of $29,162,200 (par value) of the com- mon stock of New York, Ontario & Western, a majority interest, at $45 a share, from New York, New Haven & Hartford. The option expired Aug. 1, 1907, lint was extended Erom Jan. 1, 1908, and has agrin expired. Stocks and bonds, owned by New York Central, Dec. 31, 1908, amounted to $153,874,614. Ad- vances for leased lines, construction and equipment, and chargeable against those lines, $29,413,842. Total capitalization of New York Central has increased since 1900 from $300,746,121 to $422,191,945. Dec. 11, 1906, regular service by electric traction was inaugurated from the Grand Central Station in New York to Highbridge for Hudson River trains, and the service was soon afterward extended to Yonkers, and, on The Harlem Railroad, from New York to Wakefield. Continual progress is being made by the company in the abolition of grade crossings, revision of grades, and improvements of yards and terminals. The dividend rate of New York Central & Hudson River was raised to 6 per cent, in January, 1907, aided by an increase of the Lake Shore dividend from 8 to 12 per cent., and of the Michigan Central dividend from 4 to 6 per cent. The action of the two subsidiary companies added $2,147,754 per annum to the income of New York Central. In January, 1908, the two companies named each declared 2 per cent, extra. In April, 1908, New York Central returned to a 5 per cent, dividend basis. In 1904 and 1905, New York Central purchased large interests in various trolley railroads in New York State; and on Aug. 21, 1908, the Public Service Commission approved a financial plan, submitted informally, for a union of the trolley companies, under the management of a single holding corporation. The Mohawk Valley Company, capital $20,000,000. In January, 1909, the company sold its $5,000,000 of Chesapeake & Ohio stock to the Edwin Haw- ley syndicate. January 6, 1909, a new contract was entered into with the New Haven road for New Haven's use of the Harlem tracks from Woodlawn to the Grand Central station and of the station itself, and for electric power. The contract is to be perpetual, but if New Haven secures its own entrance to the city, the rental will be reduced. Use of the Mott Haven yard can be relinquished on 12 months' notice. It is understood that New Haven pays about 7 cents a passenger. January 11, 1909, J. P. Morgan & Co. were formally designated as financial agents of New York Central, in order to dispel a belief that the election of E. H. Harriman as a director would lessen the previous close relations of J. P. Morgan & Co. with the company. Officers: President, William C. Brown; Vice-President and General Manager, Alfred H. Smith; Chairman, Chauncey M. Depew; Treasurer, E. L. Rossiter; Secretary, Dwight W. Pardee. Directors: Chauncey M. Depew, William K. Vanderbilt, Frederick W. Vanderbilt, E. H. Harriman, J. Pierpont Morgan, Hamilton McK. Twombly, James Stillman, William H. Newman, Charles C. Clarke, George F. Baker, George S. Bowdoin, William Rockefeller and Darius O. Mills. Fiscal year ends Dec. 31. Annual meeting, third Wednesday in April, Albany, N. Y. Directors meet Wednesday of each week. Main office, Grand Central Station, New York. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. GIBSON'S MANUAL 235 New York, Chicago C& St. Louis Railroad Bonded indebtedness, Dec. 31, 1907 $22,289,000 First preferred stock, 5 per cent, non-cumulative 5,000,000 Second preferred stock, 5 per cent, non-cumulative 11,000,000 Common stock 14,000,000 Total capital $52,289,000 Mileage 5 2 3 Per mile capitalization $99,979 Fixed charges, 1907, including taxes, per cent, of net income Operating expense, per cent, of gross, old basis EARNINGS. Gross Year ending Dec. 31. Op. Rev. 1900 $7.0 2 3.359 1901 7,485,484 1902 7.138,899 1903 8,418,319 1904 8,645,374 1905 9,168,730 1906 9,902,209 1907 10,465,671 Net Income Net P. C. Less Taxes, of Gross. *Surplus. $1,588,301 22.53 $738,765 1,776,110 23.62 346,901 1,809,844 25.21 364,023 1,821,229 21.42 388,271 1,842,384 21.22 427,188 2,119,096 23.18 467,55! 2,370,318 23.82 511,626 2,722,985 25.97 636,802 43- 1 74.16 Earned on Common. Def. o o o o 2.07% 2.84^ 3-58% *There is, in addition, the sinking fund account, fund, now $914,176. now $669,537, and special improvement LATEST REPORT. Preliminary report of earnings for 12 months, ending Dec. 31, 1908, compared with last year. shows: Gross. 1908 $9-435,557 1907 10,465,671 DIVIDENDS. Net. $2,418,958 2,703,771 First pfd. . Second pfd. Common . . 1900 5% o o 1901 5% o 1902 5% 3% o 1903 5% 3% o 1904 5% 3% o 1905 5% 3% o 1906 5% 3% o 1907 5% 4% o 1908 5% 5% o 1900 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1906 1901 1902 First pfd. .. 7434 May 110 Dec. Second pfd. 29 June 58J4 Dec. Common.. . 11 June 2454 Dec. 1903 97 Mch. 110J4 Nov. 100 Oct. 120 Sept. 12454 Jan. 118 Jan. 47 Mch. 80 Nov. 50 Sept. 95 Sept. 100 Apl. 87 Jan. 16 May 40 Nov. 1954 Sept. 577/ s Sept. 57% Aug. 45 Jan. 1904 1905 1907 1908 IOO54 Feb. 115 Nov. 60 June 78 Dec. 25 May 47 Dec. 114 July 122J4 Jan. 74 May 95 Dec. 42 Jan. 7654 Dec. Ill Apl. 120% Jan. SO May 92 Dec. 59 Mch. 7354 Apl. 85 Nov. 110 Jan. 41 Oct. 91^4 Jan. 19% Oct. 6354 Jan. 90 Jan. 105 Nov. 60 Feb. 85 Dec. 2454 Jan. 5754 Dec. LOW AND HIGH PRICES, BY DAYS, 1st Pfd. Nov. 2 " 3 " 4 " 5 " 6 " 7 " 9 " 10 " 11 " 12 " 13 100 105 ■102 •105 2d Pfd. Election Day. 72 -72 74*77* 77J-79J 80 -81* 14 102I-102J 16 102I-102I 79*80 79 -8ii 80 -80 79\-79\ 79 -79i Com. 3«i-4ii 42^-44 44*47 47 "49 46*471 46*48 48 -50 5o -50 49*5 1 5i -52 52 -52 Nov. 17 18 19 20 21 23 24 25 26 27 28 30 NOVEMBER, 1908. 1 st Pfd. 103I-103} 2d Pfd. 79 "79 -.... 791-793 .... 80 -80J Thanksgiving Day. Com. 51*5*4 51 -51 51 -52 49 "SO* 50 -50 5o -50 50*51' 5»i-52i 47*5o 231 i GIBSON'S MANUAL LOW AND HIGH PRICES. BY DAYS, DECEMBER, 1908. 1). 3 4 5 7 s 9 hi 1 1 u 14 '5 16 1st Pfd. 2d Pfd. 80 -80 81 -81 814-83 83-83 83 -83J 83 -83 84 -85 85 -85 Com. 49 -49 ■ 52| 54 5 2 -5 2 53 -534 53 -54 54 -561 554-563 55 -553 Dec. 17 18 19 21 22 23 24 25 26 28 29 30 3i 1st Pfd. 2d Pfd. Christmas 1 lay. Extra I foliday. Com. 53 -55 52 -53 55 55 56 57± 57 '57 56 -56J 33 -.1 63 REMARKS. This is primarily a freight road, and passenger traffic contributes only 15^ per cent, to gross earnings. In October. 1882, a controlling interest was sold to Lake Shore & Michigan Southern, but the ! is operated and reports independently. No ownership in StocKS and bonds of other railroads is reported. Total capitalization has remained almost unchanged since 1900. The only increase has been in the bonded debt, to the extent of a few millions. Officers: President, William II. Canniff; Chairman. Chauncey M. Depew; Treasurer, Charles F. Cox; Secretary, Dwight W. Pardee. Directors: Chauncey M. Depew, William K. Vanderbilt, Fred- erick XV. Vanderbilt. Hamilton McK. Twombly, William II. Newman. William II. Canniff, James Still- man. J. Pierponl Morgan. John S. Kennedy. George F. Baker, Ralph W. Hickox, William K. Vander- bilt, Jr., and William Rockefeller. Fiscal Near ends Dec. 31. Animal meeting, first Wednesday in May, Cleveland. Main office, Cleveland, Ohio. New York office, (.rand Central Station. Traded in on the New York Stock Ex change (Listed Department). GIBSON'S MANUAL 237 New York, New Haven CSb Hartford Railroad Bonded indebtedness, June 30, 1908 $56,957,000 Debentures, including those of merged and subsidiary companies 173,595,700 Capital stock 97,895,700 Total capital $328,448,400 Mileage 2,047 Per mile capitalization [60,453 Fixed charges. 190S, per cent, of net income 62 Operating expense, per cent, of gross 72.03 EARNINGS. Gross *Net Net P. C. Earned on Year ending June 30. Op. Rev. Income. of Gross. **Surplus. Stock. 190° $40,325,151 $12,646,432 30-94 $12,186,183 8.74 - 1901 40,132,311 12,646,392 31.07 13,123,516 8.67% 1902 43.521,087 12,860,273 29.14 13.498,845 8.71% 1903 47,296,077 12,906,871 26.97 J3.819.566 8.36% 1904 48,282,909 14,030,134 28.52 14.649.037 8.12% 1905 49.981,947 15.372.376 30-02 15,118,598 8.38% 1906 52,984,322 10.937,493 36.14 13.084.446 ***8.48% 1907 • 55,601,936 24,080,756 38.88 17,402,039 10.33% "■'1908 53.050,147 23,155,262 40.69 12.860.490 5.38% * Report for June 30, 1908, was made partly in accordance with the Interstate Commerce classification, partly on the basis of the report for 1905-1906. To bring the column of Net Income into harmony with previous years, taxes are not deducted here, but are included in fixed charges. ** Profit and Loss Account, disregarding insurance, reserve and other special funds, the total ..f which in 190S is $4,198,384. *** After deducting $3,000,000 for improvements. LATEST REPORT. Earnings for seven months, ending January 31. 1909. compared with last year, were: Gross. Net. 1909 $31,706,686 $9,917,517 1908 33.176,303 9.702,242 DIVIDENDS. 1900 1901 1902 1903 1904 1005 1906 [907 1908 8% 8% 8% 8% 8% 8% 8% 8% 8fc 23? GIBSON'S MANUAL LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 Fch. 2095-SJan. 187^May 1S5J4 May 191 H Dec. 189*4 Dec. : Jan. 217 June 2SS Apl. 225 ;4 Jan. 199 Oct. 216 Sept. 204H Jan. 1907 V.I IS 127}C 189 Jan. 128^ Jan. 161 Nov. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. 1900 2121-215$ 1901 211 -2134 [9O2 209J-2I2i [903 22ll-225^ - ; 194I-196 1984-203 1906 197 -s 1907 1841-189 1908 I28f-i39i July. I9OO 2I0}-2I0i IQOI 214 -215} I9O2 231^-241! [903 194 -200 I904 189 -195 [905 1994-202* 190 -196 ■) 162J-T68 [908 135 -142 Feb. Mch. Apl. 213 -215 206I-J1 1 ' 210 -212^ 217 -222 190 -I95I 200i-2I0j 199 -202f 1791-185 130H38 214 ■ 208 - 208"- 189 • 200 - 198 mi 132 ■ 214 2101 2104 217 192 208 202 i 182" I3S 211I-213I 211 -214I 215 -255 200 -209 is,,; 201 1 -'") : i L - 5 -179 132 -138. May. 2Ilf-2I53 212 -2I5| 23O -245 1874-200* 1854-1884 "M -203 1 ' ; , 1973 1644-172$ 134 -141J June. 210J-212 213 -217 228J 237 I92i-I97 186 -180J 197.^-200 191 -197 1594 134 -140 Aug. Sept. Oct. Nov. Dec. 2104-212 215 -216 233 -236 195 -197 201J-211 194 -197 158 -165 140 -144I 207^-212 211 -2151 230 -237 1924-196 194} 207 -216 [904-1953 140I-160 138-145! 209 2114 225 193 iqii in J I294 I40 ■2IO| •214 ■233 195 ■199 •209! -I94I I42J I47J 2I04-2I3 2Ili-2I4 221 -2284 [944-I964 193 -1971 200 -2044 192 -I95" 1 27i-I384 I474-l6l 211 -213 2IO -214 221^-225 195 197 I9O -I99 r9l|-I983 189I-I93 131 -I40 I56 -l6l LOW AND HIGH PRICES. BY DAYS, NOVEMBER, 1908. Low. High. Nov. 2 1474 148 3 Election Day. 4 148 1484 5 150 ^oJ 6 1514 153 7 i55 158 9 158 161 10 158^ 160 11 159 . 160 Low. High. Nov. 23 155 159 24 155 160 25 .. .. .. 158I [584 26 . . . . Thanksgiving Day. 27 1584 1594 28 30 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. High. Dec. 1 .... 2 158* 1583 3 4 5 7 8 1574 1574 9 10 [58 1584 Low. High. Dec. n 158J 158J - [2 158 158 " '4 159 160? " '5 " 16 1584 1584 " 17 1584 159 " 18 156 158 " ^ " 21 157 157 Low. High. Dec. 22 .... " 23 158 158 " 24 " 25 Christmas Day " 26 Extra Holiday " 28 159^ 160 " 29 160 161 " 30 160 1604 3J 161 161 GIBSON'S MANUAL 239 MARKET MOVEMENTS OF NEW YORK, NEW HAVEN & HARTFORD, FROM 1900 TO 1908, INCLUSIVE. 25C IS 00 1901 1901 1903 not (905 I90fe 1907 I90g 247 ?< aI rv V 190 V] w 1 1 TO m 1 V 180 I I7.S \ 170 Ifc5 lf>0 11 Ift 1 150 IH,S 140 135 130 12$ New York, New Haven & Hartford is one of the stocks whose present market price reflects to some extent the enormous increase in capitalization since 1900. REMARKS. Operations for the fiscal year of 1908 netted the company a deficit of $2,516,693. The regular dividend was paid, however, Surplus Profits account being somewhat reduced thereby. An option has been given to New York Central & Hudson River to purchase the 291,622 shares of New York, Ontario & Western, a majority interest, held by the New Haven road, at $45 a share. The option expired Aug. 1, 1907, but was renewed from Jan. 1. 1908. This stock cost the New Haven road an average of $44.95 a share. The option again expired early in 1909 and may not be re- newed. Operating expense was reduced as much as possible in 1907-1908, but it had proved a difficult task. A cut was made in the salaries of officials: employes were reduced in number, but not in com- 340 GIBSON'S MANUAL pensation. President Melkn urged, in the annual report for 1908, that unless labor and the cost pf materials share in the necessary liquidation, the price of transportation must l>c advanced. He say--: "There is an economic fallacj somewhere in a policy that results in an advance in prices during a period of extreme depression, but it is impossible for any one interest to hear the burden of high prices for the major portion of what constitutes its cost of production." The New Haven road controls, by ownership, New York, Ontario iV Western; New York & New- England; Central New England; Newburgh, Dutchess & Connecticut; New York, Providence & Mi '-.tun. and various other tributary lines ; and, by lease, among others, I he < >ld Colony Railroad. Within the last few years, the company lias invested $58,533,367 in trolley lines and their equip ment, and incidentally in electric lighting and water company enterprise. These concerns have now been grouped under The Connecticut Company, wholly owned, and The Rhode Island Company. In 1907, this company bought control of the projected rival electric roads, the New York. Westchester & Boston, and The New York oc Portchester, laid out from the Harlem River through Westchester County to the Connecticut line. The New Haven road paid $11,265,000 in acquiring the securities of the lines mentioned. At a hearing before the Public Service Commission, President Mellcn announced an intention to build the two roads as soon as litigation is ended and are favorable, and. further, a desire to construct and operate a rapid transit subway down the east side of New York City, if other arrangements cannot be made. The 3$ per cent, coupon debenture certificates of New York, New Haven & Hartford. S20.007.300 in amount, are convertible into stock at $150 in bonds for $100 of stock at any time between Tan. 1. toil, and Tan. 1. 1916. The 6 per cent. 40-year debentures, amount $39,029,600, are convertible into k, at par. after Jan. 15, 1923. Total capitalization has increased from $80,521,600 in u)oo to S328.448.4cx1 in tqo8. The earn- ings have steadily grown with the progress of New England, but the market price of the stock bears witness to the influence of a larger weight of securities on a railroad property. Securities owned. Tune 30. 1008. were: Stocks leased railroads, not controlled, hook value $9,205,642 Investments in companies, wholly owned (i. e.. N. E. Navigation. Millbrook Co.. Hartford & N. Y. Transportation, and Renning- ton & North Adams Street Railway) .• 27,741,230 Other investments (N. Y., Ontario & Western ; Central New Eng- land: N. Y. Connecting P. P.: Boston Terminal: and Mer- chants' & Miners' Transportation) 27,741.230 Street railroads and equipment 58.533.367 Marketable stock-- and boivN 4,433.000 Total $127,150,395 P.v reason of its investments in the stocks of trollcv and other companies, the "other income" of 'he New Haven road, over and above operating revenue, has grown from $546,121 in IQOO to $3,862,151 in T008. Tn October, [908, it was announced that the \ T ew Haven road was considering the acquisition of the stock and bonds of United Traction & Electric and Phode Island Suburban, two local electric rail- road systems in Rhode Island, whose total capital is $22,000,000. The deal would involve an issue of •itics by the New Haven road to a similar amount. Fixed charge-; would not, however, be in- creased by the arrangement. Tn January 1000. after prolonged negotiation, the company made a new contract with the New York Central and the Harlem roads, whereby it secured perpetual use of the Harlem tracks from Woodlawn to the Grand Central station, and of the station itself, and a supply of electric power. The ■ental is about 7 enger. In case, however, New Haven establishes its own terminal in New York, the rental is to be redu GIBSON'SMANUAL 241 Officers: Chairman and President, Charles S. Mellen ; Vice-President, T. E. Byrnes; Treasurer, Augustus S. May; Secretary, John G. Parker. Directors: William Rockefeller, J. Pierpont Morgan, Geo. Macculoch Miller, Nathaniel Thayer, Charles F. Brooker, George J. Brush, T. De Yer Warner, Frank W. Cheney, Edwin Milner, William Skinner, I). Newton Barney. Charles S. Mellen. II. McK. Twomblv. Robert W. Taft, John H. Whittemore, James S. Elton. James S. Hemingway, James McCrea, Edward D. Robbins, A. Heaton Robertson, Frederick F. Brewster, Lewis Cass Ledyard, Charles M. Pratt. Henry K. McHarg and Amory A. Lawrence. Fiscal year ends June 30. Annual meeting, third Wednesday in October, New Haven, Conn. Directors meet monthly. Main office. New Haven. New York office. Grand Central Station. Traded in on the New York Stock Exchange (Listed Department). J4^ GIBSON'S MANUAL New York, Ontario C& Western Railway Bonded indebtedness, June 30, 1908 $23,948,000 Preferred stock 4,000 Capital stock 58,113.983 Total capital $82,065,983 Note: — Preferred stock to the amount of $2,000,000 was issued in 1 1 1 e reorganiza ticm. 1ml has since been retired with the exception of the $4,000 referred lo above. M ilcage 546 Per mile capitalization $150,304 Fixed charges. [908, including taxes, per cent, of net income .... 5°-37 Operating expense, per cent, of gross, old basis, taxes being included 68-79 Year Ending ( in iss June 30. Op. Re\ 1900 $4,963,482 "k>i 5.322,883 1902' 5456,696 1903 6,176,517 1904 6,652,483 1905 7,090,888 1906 7.265,058 1907 8.202,361 1908 8,121.494 LATEST REPORTS Earnings for seven months, ending Jan. 31, 1909, compared with last year, were: Gross. Xet. 1909 $4.93L5i3 $1,470,495 [908 4,900.213 1.548,906 DIVIDENDS. 1900 iwi 11 1902 1903 [904 1905 1906 1907 1908 Preferred.. 00000 si% 5i% 5i% Common... 00000 4^% 2% 2% 2% EARNINGS Net Income. Net P. C. of Earned 1 m 1 ,ess Taxes. t Jross Inc. Surplus. ( ommon. $1,822,258 35-5 $4,152,512 1.47% 1,962,991 27. 1 5.069.400 1.51% 1,810,917 3o-34 5,763,232 1.42% 2,021,367 30.72 6,142,935 1.46% 2,051,194 28.79 6,099,388 i-53% 2.491.357 3303 4.836,145 2.2 % 2,484,988 32.2 4.907,961 2.04^0 3.011,732 34-7' 5.136,336 2.85% 3.009,876 35. 5.45 1. 1 55 2.62% *In January. 1905, a dividend of $3,150 "ii the preferred -took and of 3 per cent, on the com- mon was paid from accumulated surplus, LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 IS'; tune 24 May 25J4 Dec. 19 Sept. 19-jji Mch. 40^ Jan. 4- .May 28 Oct. 29^ Feb. 32% Dec. 40'/- May 37-^ Sept. 35% Feb. \7jj Oct. 64 Mch. 57^ Jan. 48# Jan. 47^ Dec. LOW AND HIGH PRICES. BY MONTHS, SINCE Ja'n. Feb. Mar. Apl. [9OO 2O&-23I 22| 25I J^l-j6\ 2_'.',-Ji>! """ 28J-35i 305-34} 30J-37" 33f-38i !902 33i-36| 33i-35 3 2 -34i 32i-35l [903 32-35 32^-35! 20^-32.5 27i-35f t904 _M i -2)| I9I-23I t9f-22| 2li-22} 1905 4o3-45i 431-5''! 53f-64 47l- 6 3f 1906 5*\S7i 49-551 48£-5i| 45i"53^ "'"7 N ffl i-l-4^1 tti 37l-39i "<" s 32i 36 29I 323 293 34! 32|-34l 1900. May June jo;-jj : ; [8j -•-: 24 -40 I 34i-39i 32 -34J 321-33! -\5i-3oi 215-265 205J-22 21I-26S 44f-5 2 S 49 -53l 435-53 46i-5iJ 3i3-38^ 32 -37! 33i «l 37 -4ii GIBSON'S MANUAL 243 July 1900 l8j-2I 190 1 30 -37i 1902 32f-34:f I903 21§-26i I904 26|-3l| 1905 5<>i-53l 1906 45i"4Si •907 35i-38i 1908 39 -43i Aug. Sept. Oct. Nov. 20 -22 J 19 -21I 20 -23I 2I^-26S 314-36! 3i -36i .Us 35' 33I-361 .vV.SV'i 3 2 i"37l 32 -.V>i -^1-33 191-25 19 -234 \')\-2ll igi-2oi 30 -34i 3i -37 34 -47k 391-43* 52I-58 52I-554 52|-56i 5ol-55s 46 -51I 474-5^1 44§-49i 44'f-48| 30^-36 3*4-344 28 -32 i 28i- 3 li 4 1 1-44 38i-434 39i-4i£ 4of-45 Dec. 24S-3-", 32f-35l 25l-32s 20I-233 391-45 5°4"54i 46^-50] 3ii"34i 43l~47l LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. Low. High. 3 4 5 (> 7 9 10 ii 40i_ Ilection 4t Day Nov. 12 " 13 4ii 4if 41* 42i " 14 '• 10 42 43 434 4-ri 431 43i 17 " 18 " 19 43! 43l 44 44$ " 20 " 21 Low. High. 44 444 Nov. 23 44! 443 24 444 444 " 25 44 44| " 2() 44 44,4 " 27 435 444 " 28 42| 44 3<> 42| 439 423 43i I jOW. 42:i 434 431 High. 43i 43§ 44 Thanksgiving Day 434 44 43* 43 1 434 45 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 3 4 5 7 8 9 10 Low. High. 444 45t 45 46! 45 451 454 46I 451 469 46 46f 46 464 46 47f 474 471 D 1 1 12 '4 15 16 17 18 19 21 Low. High, j 464 474 De 46S 464 " 46} 47 | " 454 46I " 451 46i " 441 46i " 44 44f 44! 441 " 43l 441 " Low. 23 454 24 454 25 Christmas 26 Extra Ho 28 45l 29 46 J 30 46" 31 46J High. 45l 451 46! Day liday 47S 474 46f 461 MARKET MOVEMENTS OF NEW YORK, ONTARIO & WESTERN, FROM 1900 TO 1908, INCLUSIVE. .'44 GIBSON'SMANUAL REMARKS. Gross earnings in 1907-1908 would have been shown to be $8,375,000 were it not for the new system of keeping accounts, under the orders of the Inter-State Commerce Commission. Gold notes of this company are being steadily retired. Now outstanding, $3,225,000. The preferred stock of this company formerly possessed the right to elect a majority of the directors until a dividend had been paid on the common stock. The preferred stock having been grad- ually retired, the 3% dividend on the common in 11705 cancelled the special rights of the preferred. A majority of the common stock is owned by New York, New Haven & Hartford, having been purchased in November, 1904. An option was given to New York Central from January 1. 1908, for purchase of this stock at $45 a share. The option has since expired and may not be renewed. The coal traffic of New York, Ontario & Western is derived largely from The Scranton Coal Co. and The Elk Ilill Coal & Iron Co., both of Pennsylvania, whose purchase of anthracite proper- tie's was directly aided by loans from the railroad company, in return for which the N. Y., O ec W. obtained contracts for transportation of coal. Investments in other companies, 1908, were $11,872,808. Total capitalization has increased only $8,510,000 since 1900. Officers: President, Thomas P. Fowler; Vice-President and General Counsel, John B. Kerr: Vice-President and General Manager, James E. Childs ; Secretary and Treasurer, Richard D. Rickard. Directors: Charles F. Brooker, D. Newton Barney, Frank W. Cheney, James E. Childs. Thomas P. Fowler, John B. Kerr, Charles S. Mellen, George MacCulloch Miller, J. Pierpont Morgan, William Rockefeller, Grant B. Schley, 'William Skinner and Charles S. Whelen. Fiscal year ends June 30. Annual meeting, last Wednesday in September, New York. Direc- tors meet last Wednesday in each month. Office, 56 Beaver Street, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 245 Norfolk £& Western Railway Bonded indebtedness, June 30, 1908, including equipment trust- certificates $111,765,500 Adjustment preferred stock, 4 per cent, non-cumulative, pre- ferred as to assets 22,991,400 Common stock (authorized $66,000,000) 64,469,200 «"*-- Total capital $199,226,100 Mileage I.9 20 Per mile capitalization $ io 3.763 Fixed charges, 1908, including taxes, per cent, of net income .... 48-03 Operating expense, per cent, of gross, old basis 6/-6 EARNINGS. Gross *Net Net P. C. of ***Earned on Year ending June 30. Op. Rev. Income. Gross Inc. "Surplus. Common. 1900 $14,091,005 $5,663,4/1 39-98 $1,811,443 0-627° 1901 15,785,442 6,408,600 40.5 2,633,473* 2.27^0 1902 17,552,206 7.490,873 42.5 2,815,546 2.28% 1903 21,160,675 8,611,504 40.4 3,000,588 3.28% 1904 22,718,977 8,521479 37.27 3- I 56.973 3-82% 1905 24,089,260 9.oi4,399 37- 1 3,201,928 3.69^0 1906 28,487,766 10,853,488 37.88 3.800,854 4.9370 1907 31,164,381 10,742,791 34.37 4,472,406 (..0470 1908 28,962,217 10,088,959 34 4472.772 4-5 % *Taxes deducted, this road having in the past charged them against operation. **Betterment fund, in addition, is now $283,254, having been reduced to this from $4,093,696 in 1904, inspite of yearly credits to the fund, of usually between one and two and a half millions— $1,360,000 in 1908. ***After liberal appropriations for betterments. LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909. compared with last year, were: Gross. Net. 1909 $17,011,275 $6,781,342 1908 18,931,041 6,397,523 DIVIDENDS. 1900 1901 1902 1903 1904 1905 19011 1907 1908 Preferred .... 47" 4% 4 % 4% 4% 4 % 4 % 4% 4% Common o 270 2V/0 37" 37" 3*% 4i% 5% 270 June. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred .67 Jan. 82 Feb. 90 Feb. 85 Aug. 85 June 91^ Feb. 87 June 70 Oct. 74 Mcli. 90 June 92^4 Nov. 95 Sept. 93^ Feb. 95 Dec. 96 Aug. 96 Jan. 90^ Jan. 90 Nov. Common... 22W Jan 42 Jan. 55 Ian. 53^ Nov. 53^ Mcli. 76 May 84 Feb. 56 Oct. 58 Feb. 45i 4 Dec. 61f£ Nov. 80J4 Oct. 76l4 Feb. 80 J^ Dec. S8V 2 Mch. 97-^ Oct. 92'4 Jan. 86J4 Nov. -4 , » GIBSON'S MANUAL LOW AND HIGH PRICES. (goo Pfd.. Com. Pfd.. Com. 1902 Pfd.. Com. [903 Pfd.. Com. [904 Pfd.. Com. 1905 Pfd.. Com. [906 Pfd.. Com. 1907 Pfd.. O 'in. 1908 Pfd.. Com. 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 *. Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. I9O7 . . . Pfd.. Com. 1908 Pfd.. Com. Jan. 67 -J'-! 223-26 82J-844 42 -40:; 9*4-93 55 -59* 92 -93 73i-76 8y -89 564-623 92 -94 93±-9" 85 "931 88 -90A 844-92} 79-81 631-70 Feb. 701-754 -5i-5o.l 82 -84J 443-48 90 -923 50 -58^ 92 -934 72J-76J 883 883 55 -60J 9 I i"944 79i-»42 9I4-9 2 84 -93 i 82 -85 83 -87 58 '-654 BY MONTHS, SINCE 1900. Mch. A pi. 74 -7» 3Ji-38 83i-8? 454"5 2 S yo4-yi 5"i-58i 9P -90I 68J-733 89 -89 534-59 93 -944 83 -884 9o4-92i 844-883 80 -82| 71 -8 4 | 74 -79f 594-654 76 -81 341-404 86 -90 494-56 90 -91 5'>3-592 a >j-9o 661-724 88^-90" 57 -594 914-914 7 6i-8 7 894-914 853-913 75 "75 74 -8oj 783-80 63 -664, May JO -80 334-384 87 -90 474-571 904-914 554-58J 893-891 "7^7^ 88 -88 553-57 914-924 76 -80] 90 -91 J 84 i -903 80 -82 72g-79i 654-72! June 74i-9o 30 -30^ 883-90.', 50 -553 904 -yo?, 55i-5^I 88}-y2 58 -683 85 -90 532-5^ 93 -934 774-851 87 -9i 864-90! 8 4 4-84i 714-76 663-703 July Aug. Sept. Oct. Nov. Dec. 774-784 313-354 88 -90 454-53 93 -98 56 -"5 J 86 -884 604-67-I 90 -91 563-624 934-94 84S-871 914-92 85 -904 77 -84 74 -77 80 -80 68}- 7 44 75 -78 33 -344 884-90 484-571 93 -94 644-731 85 -85 564-04; 90 -91 608-68! 92i-96 843-87 9o|-94i 84-84 68 -744 82 -82 73 -75! 74 -764 3i|-354 894-90 5i -573 9il-95 70 -784 88 -884 544-634 904-91 67 -7oi 92 -92 833-86} 904-91 9 2 !-9> 694-721 804-81 71 -754 75 -784 335-381 89 -90 534-571 9i -93 693-80! 874-88.', 543-59 92 -93 694-733 92 -931 843-882 904-90! 70-83 56 -71 803-824 7if-753 774-824 364-45 90 -92I 564-6 if 91 -93 67!-74 : s 86 -86 535-575 92 -94 703-764 92 -93 834-87 90 -90-J 93 -954 70 -70 61 -654 80 -90 744-86} 814-83 4i -45! 9of-92 525-6o4 90 -92 67 -74 88 -88 56 -59if 93!-95 744-8o4 924-934 83 -85i 90 -904 894-953 75 -77 614-65^ 86 -88 83 -853 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. -■ " 3 - 4 " 5 " 6 - 7 9 " 10 " n Pfd. 804-85 (•".lection Si -85 82 -85 85 -85 87f-87t 80 Sf, •90 No Com. 744-751 Day. 76-78 774-78 78 -80 8o4-8i4 Nl| 84i 83t-84i 824-84 Nov. 12 13 14 . 1 6 17 18 19 20 21 Pfd. 804-90 80 -90 80 80 80 84 80 82 83 -90 -90 -90 -90 -90 -90 -90 Com. 83 -83! -83* 83 »-' 83 -83! 83 -84 83 -833 824-834 824-84! 831-84 831-833 Pfd. Com. Nov. 23 84 -90 83 -833 24 80 -90 83 -83! 25 84 -90 84 -844 _'6 . . . .Thanksgiving Day. 2-j 82 -90 84 -84J 28 -... 844-864 30 -••• 82J-85 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 " 2 " 3 4 5 7 •• 8 " 9 " to Pfd. Com. 844-85 844-844 83 -84 84J-844 831-84} 833-84 84 -84 841-85! 843-851 Pfd. Com. Dec. 11 -... 843-854 12 86 -86 84 -84I 14 -■•• 84I-85 15 -••• 84 -84} 16 -... 844-844 17 -••• 83I-84 18 874-874 833-83! 19 -■•■ 833-854 -'I -.-. 84 -84f Pfd. Dec. 22 23 24 25 Christina 26 Extra ho 28 -... 29 -... 30 87^-87^ 31 88-88 Com. 84 -843 843-85 85 -851 s Day. liiiav. 85 : 85l 853-855 854-854 851-853 GIBSONS MANUAL -M7 MARKET MOVEMENTS OF NORFOLK & WESTERN, COMMON, FROM 1900 TO 1908, INCLUSIVE. REMARKS. Norfolk & Western has met the contraction in business activity by drastic operating economies, but was obliged in -May, 1908, to sell $7,500,000 5 per cent, two-year gold notes, secured by $10,000,000 divisional and first lien general mortgage bonds. The outstanding capital stock has remained practically unchanged since 1900. The bonded debt has grown from $49,395,500 to $111,765,500. From its organization down to June 30, 1908, Norfolk & Western has expended $59,068,758 for betterments to property and equipment, of which $39,053,941 was provided for by the sale of capital obligations, and $20,014,817 from surplus income and the sale of two-year notes. Oct. 11, 1906, Norfolk & Western voted for an issue of $34,000,000 convertible bunds, to be issued as required, and the authorized amount of the common stock was increased from :f<><>. 000,000 to $100,- 000,000 to provide for ultimate conversion. Of the new bonds, $14,576,000 were sold jn 1907, and they are convertible, par for par, prior to June 1, 1917, and can thereafter be called at 105 and interest. Investments in other companies, June 30, 1908, were $3,861,738. Officers: President, L. E. Johnson; First Vice-President, Wm. G. Macdowell ; Chairman, Henry Fink, New York; Treasurer, Joseph B. Lacy: Secretary, E. H. Alden. Directors: L. F. Johnson. Henry Fink, Joseph I. Doran, H. C. Frick, John P. Green, Wm. G. .Macdowell, Victor Morawetz, Samuel Rea, Walter H. Taylor, L. C. Weir and Joseph Wood. Fiscal year ends June 30. Annual meeting, second Thursday in October, Roanoke, Va. Direc- tors meet, as fixed by majority vote, usually between the 20th and 27th of each month. Main office, Roanoke, Va. New York office, 40 Exchange Place. Tradded in at the New York Stuck Exchange (Listed Department) and on the London Stock Exchange. -tS GIBSON'S MANUAL North American Company \ holding company, successor to The Oregon & Transcontinental Co., and incorporated in New Jersey, June 14. 1890, with a broad charter, which enables it to transact many different forms of business. The new company purchased the securities <>f its predecessor and has since extended its field of operations. It owns and controls practically the entire lighting and street railroad systems of St. Louis and Milwaukee; has important electric light and power interests in Detroit; owns the entire gas, electric light and power service of Racine, Wis., and in addition thereto owns The West Kentucky Coal Co. and Cincinnati, Newport & Covington Light & Traction. The capital stock of $40,- 000,000 was reduced in IQOI to $12,000,000 by an exchange of shares, but has since been expanded to provide for late acquisitions of property. I apital stock outstanding. Dec. 31, 1908 $29,743,300 EARNINGS. Year Ending Surplus Undivided Earned on May 31. Receipts. of Year. Profits. Stock. 190 2 $555.74-' $502,256 $1,129,986 418% '9°3 606.937 189,537 1.330,140 3-31% \ ear Ending I ><,'. 31. 1904 978,240 59,083 i.99 I >744 5-35/' 1905 ".378,613 27,988 2,812.232 5.23% I9°6 1.052.392 Def. 534,184 3.999,548 3.2% 1907 1,610,965 287,432 1,996,614 4-71% twoS 1.723,186 i.44«).i63 3-445.777 4.86% *The changes in this account are accounted fur by the fact that the company readjusts tlic value of assets Dec. 31 in each year. DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 o o o 4% - ? '. 5% 5% 3i% o LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 1^ . Jan 22J4 Dec. 19^ Jan. 25 Feb 88 Jan. 68 Sept. 80 Mch. 95&N..\. 134 Sept. 124^ Jan. 107 Nov. 107 Apl. 87*4 Nov. 107 Jan. 37 Nov. 89*4 Jan- 42% Feb. 78 Nov. *After February, 1901, the stock was not traded in, pending the readjustment of the capi- tal. Trailing began again in January, 1902, at a much higher range of prices. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. May June 13!- I5i 14 - I5i 143- 1 5f 14J- Mi- 15 '41 '5i 19OI 19I- 2l| 20-25 ••- ...... ...- ....... 1902 88-94: 9^-95 93 " I2 7l '-'']-M 118 -130 120-125 1903 115 -124^ 112 -119 99-114 93 -ioif 88 -100 83 - 92^ 1904 82-90 81-87 80 87 82| 85I 81 - 84 1 80J- 86 1905 98 -104 1003-105 100 -104 . 100 -107 97J-J03 97J-1003 98-107 98 -103! 97-1 94-102 93-9 8 91I- 98J 1907 80J- 893 84* 69J- 803 7i4- 7Si 65 - 75* 65^-69 1908 43 - 54* )-'i 48i 42J- 53S 5° - 59i .v-64 58-63? GIBSONS MANUAL 149 July Aug. Sept. Oct. Nov. Dec. 1900 1 901 1902 1903 1904. 1904 1906 1907 1908 Hi- 15! 121 85f -128 70 - 85-i- 90 98 -101} 9ii- 95t 67 - 70 60 - 66| 15 - i5f 121 -124J 70 - 83 87 - 93* 99 -103 93 - 97i 50 - 684. 6if- 66f 14 - 1 Si 1214-134 68"- 78 92 - 96^ 96§-ioo 9i - 95 57 - 62! S9i- 64I '4 : l- i6f Ii7|-i28| 70 - 76I 94 - '»;■' 96 - 99 88 - 93I 4*i- 59 624- 66| 16 21 117 -124J 7° - 73 95 -107 95i-i°3 87J- 90 37 - 45i 65f- 78 l84- 22i] 106 -IK) 74 - 85 97 -104I 97 -102 87*- 92| 4iJ- 47:,' 7if- 77-i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. 0\> 2 " 3 4 a s " 6 " 7 << 9 << 10 *< 11 Low. High. 651 . 65* Election Day 67 67-i 681 694, 70} 72 72I 70 69I 70I 7<>J 73* 73i 70 Low. Nov. 23 72 24 25 26 27 28 30 High. 72* 74'i 75i 7*1 74*. . . Thanksgiving Day 74* 76i 761 78 77i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 " 2 " 3 " 4 " 5 7 " 8 " 9 " 10 Low. • 77l ■ 77\ ■ 76 • 7Sl • 75 • 74 • 745 ■ 75f ■ 74i High. 77i 77\ 76 76I 75 75 76f 75f 751 High. Low. Dec. 22 734 73J "23 731 75 "24 73J 74J 25 Christmas Day 26 Extra holiday "28 74* 74 i "29 74^ 74J " 30 "3i REMARKS. In the annual report for 1907 attention is called to the fact that the public service corporations of The North American Company adopted, many years ago, the essential principles of the objects of the laws, ?nacted in several States, particularly in Missouri and Wisconsin, for uniform accounting, publicity of rates, standard facilities adequate to public requirements and the enforcement of reason- able rates and practices. This was done for business reasons, entirely uninfluenced by projected leg- islation. Securities owned, $33,068,857. Loans receivable, $1,975,523. In 1907 the company sold $2,500,000 5 per cent, collateral trust notes (authorized amount $5,000,000). They were issued for construction, development and purchase of new properties, the mar- ket being unfavorable then to the issue of bonds. Officers: President, C. W. Wetmore ; Vice-President, E. M. Bulkley; Treasurer, George R. Sheldon; Secretary, Silas W. Burt. Directors: Edward Q. Keasbey, John I. Beggs, C. W. Wetmore, S. W. Burt, Edwin M. Bulkley, William Nelson Cromwell, G. R. Sheldon, Charles F. Pfister, Ran- dolph Rodman, F. S. Smithers, Adolphus Busch, Breckinridge Jones, Charles II. Huttig, F. Vogel, Jr., Charles A. Coffin, James Campbell, W. J. Curtis and Henry R. Mallory. Fiscal year ends Dec. 31. Annual meeting, fourth Wednesday in January, Newark, N. I. Directors meet third Wednesday of January, April, July and October. Office, 30 Broad Street, New York. Traded in on the New York Stock Exchange (Listed Department). -•.;•> GIBSONS MANUAL Northern Pacific Railway Bonded indebtedness, June JD, [906 (including £15,353,239 of oilier companies assumed) $297,852,739 Capital Stock, omnium (See "Remarks") 155,000,000 Total capital $452,852,739 Mileage 5,649 Per mile capitalization (See "Remarks") $80,183 Fixed charges, 1 90S, including taxes, per cent, of net income 30.96 < Operating expense, per cent, of gross, new basis 58. 42 EARNINGS. Year ending Gross, Net income Net 1'. C. of Famed on June 30 Op. Rev. I .ess Taxes llm^ Inc. "Surplus Common t9°0 $30,021,319 $15,348,768 49.98 $2,504,805 3-'4% """ 32,560,984 £5,609,585 46.87 3,507.423 5.02% 19°^ 41.387,380 19,572,098 46.34 8,054.710 5.51', i9°3 46,142.105 20,650,585 43.7 '1.725,656 ;.-,/% D904 46,524,574 22,162,241 46.15 1 1.104.1178 7.85 roo5 50,722,886 24,074,225 45.73 14.381,219 9.11% 1906 61.223,476 2.1.634,349 47.08 19.936,979 ">.6 *i9°7 67,465,635 31.753.072 45.14 44.595.707 u-32% *i9o8 68.235,484 30,297,889 41.04 50,611,365 11.04'. "Figures for these two years are on the basis of Inter-State Commerce classification. **Nct including reserve and insurance funds, which were in 1908, respectively, $9,416,028 and $5,000,000. ***After deducting appropriations for insurance and reserve fund- and depreciation of equipment. LATEST REPORT. Earnings for seven months, ending Jan. 31, hii»i, compared with the similar period in 1007, were: Gross. Net. [909 $47,792,566 H). 532.820 1908 45,000,819 [9,867,205 DIVIDENDS. 3 [9O4 I'lOs 1906 1 ■ H .7 [908 7% 7% 7% *l8.267r MK»' I OO I [9O2 I' )<)3 Common. 3*, »'. &% 7% 'Including $41 -''> pel share', paid in December, from the surplus of The Northwestern lm l>r< >\ emenl Co., a subsidiary. GIBSONS MANUAL 1900 Common... 45-J4 Sept. 86' '• Dec. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1901 1902 1903 1904 1905 1906 1907 1908 liy? Tan. *700 May 165 Apl. 179J4 Dec. 100J4 Oct. 116^ Jan. 216 Aug. 23254 Feb. 18954 Jan. 157-^ Nov. ♦Northern Pacific was cornered in May, 1901, causing a sharp panic on May 9. It is under- stood that some short contracts were covered privately at 1,000. The stock was then stricken off l lie list of the New York Stock Exchange, and was not restored until April. 1905. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. 19 00 5°4- 54i 190 1 77l- 9° 11)02 -. . . . 1903 -•••• I904 " I9°S -•••■ I906 . 199 -211^ 1907 149 -189^ 1908 I16J-I29I July 19 00 49f- 5-> 1901 .118-118 1902 -. . . . 1903 -■•■■ i9°4 ■■■ "••• ■ 1905 187I-208 1906 190 -2054 i9°7 I2( 5 " I 37f 1908 1361-142! *Ex-extra dividend of $11.26. Feb. 5 if" 54i 8ii- 87 J 2054-2324 I44i-i554 1174-126$ Mar. Apl. Ma\ June 52*- 6if 82I- 96 2064-223! H4i-i46J 120I-129I 57-1- 62! 93f-"9i 165 -178 i93i" 22 3 1264-139 I25i-i34i 55 - 6i* 107 -700 1694-196 i79i-2iij 120 -137-J 1294-138 J Aug. Sept. Oct. Nov. 48 - 6if 150 -150 181 -I90 I9I -214 1191-130$ 133 -1383 Dec. 5o4- 53! 204 -216 2031-2194 113 -13- 140I-146I 45l- 52-J 1224-122.', 20S|-2I4 207g-2I9 121 -I34I 1303-146" 461- 583 20I -2124 208f-2l8~ I004-I32f I35I-I46} 56S- 74i 6 9 4- 864 191 4-2054 2094-228 I024-II l| *i39f-!57f 193-2-207^ 1794-224^ 1094-1215 1372- i44 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov Low. High. 2 145 146 3 Election Day. 4 5 6 7 9 10 1 1 146 1484 i 4 8f i4'»s 150 I49f 1 | |9oi I90g 220 J 1 210 , J 200 ft T HO 1 180 I 1. no | 160 r 150 1 1 IfQ 1 130 1 1 l?0 ■r | 110 1 ' |00 1 1 10 H \ 70 1 So Ai 50 A He 'I 1 In May, 1901, Northern Pacific was cornered and sold as high as 700. There were .i few scattered sales afterward, as represented by spots on the dotted line. The stock was then struck off the list of the New York Stock Exchange until April 24, 1905. In January, 1907, Northern Tacific sold down from 189^ ex-rights (rights between 20^4 and 2354) to 162J^, and then joined the general downward movement in the market. GIBSON'S MANUAL 253 REMARKS. In accordance with their rights, under the reorganization plan of 1896, the directors of Northci n Pacific retired and paid off the former $75,000,000 of 4 per cent, non-cumulative preferred stock at par, fan. 1, 1902. The common stock was coincidently raised from $80,000,000 to $155,000,000. Jan. 7, 1907, the authorized common stock was increased to $250,000,000 and stockholders were allowed to subscribe for $93,000,000 of the new stock, at par, to be paid for in instalments, end- ing in January, 1909. Interest paid on the subscriptions for stock is charged against net income. Securities owned by Northern Pacific June 30, 1908, excluding $17,274,570 of treasury stocks and bonds, amounted to $110,467,157, which have been pledged as collateral for Northern Pacific and Great Northern joint bonds and the Duluth division bonds. Total capitalization will, in January, 1909, have increased about $246,000,000 since 1900, having regard to the larger capital stock above referred to. Northern Pacific and Great Northern jointly own $109,314,310 of the $110,839,100 stock of Chi- cago, Burlington & Ouincy, for which they paid $200 in joint 4 per cent, gold bonds for $100 of stock. The stock is deposited in trust as security for the bonds. The Northwestern Improvement Co., which was brought into sudden prominence Nov. 5, 1908, by the declaration of an extra dividend on Northern Pacific stock, was incorporated in 1897, after the re- organization of the railroad company. It has carried on investment operations in lands, coal mines and irrigation works along the line of the Northern Pacific. It has at intervals taken over large tracts of land from the railroad, supplying the latter with needed funds, and has itself profited by the enor- mous increase in values in the Northwest. Its $7,000,000 of bonds and $2,775,000 of stock are owned by Northern Pacific; and distribution of its surplus of $17,453,000 permitted the railroad to declare an extra dividend of $11.26 a share. Officers: President, Howard Elliott; Vice-President, James N. Hill; Treasurer, Charles A. Clark; Secretary and Assistant Treasurer, George H. Earl. Directors: Howard Elliott, Lewis Cass Ledyard, J. Pierpont Morgan, Jr., George W. Perkins, Charles Steele, George F. Baker, Arthur Curtiss James, John S. Kennedy. Grant B. Schley, William Sloane, William P. Clough, Alex. Smith Cochran. Amos Tuck French. James N. Hill and Payne Whitney. Fiscal year ends June 30. Annual meeting, first Tuesday in October, New York. Directors meet on call. Main office, St. Paul, Minn. New York office, 34 Nassau Street. Traded in on the New York Stock Exchange (Listed Department). *54 GIBSONS MANUAL Pacific Coast Company \ reorganization of The Oregon Improvement Co. and incorporated in New Jersey, Nov. 27, iSwj. i" lake over the business and property of < Iregon Improvement, after the foreclosure of Nqv. 6, [897. The company owns The Pacific Coast Railway, The Columbia & Pugef Sound Railroad, The Pacific Coast Steamship ('"., and several coal mining concerns in the Coast States. It has a railroad mileage of 137; a fleet of 15 or more steamships, and over 5.000 acres ''i coal lands. Bonded indebtedness, June 30, 1908 $5,000,000 hirst preferred stock, 5 per cent, non-cumulative 1.525,000 :|; Second preferred stock, 4 per cent, non-cumulative 4.000.000 Common stock 7,000,000 Total capital $17,525,000 "After 4 per cent, has been paid on the common stock, the second preferred and common share equally in further disbursements. Fixed charges. 1908, excluding taxes, per cent of net income .. .. 24.13 Operating expense, including taxes, per cent, of gross 85. 35 EARNINGS Year Ending Gross Net Income Net P. C. Earned on June 30. Op Rev. Less Taxes. f Gross Inc. Surplus. O >mmi ni. 1900 . . • $S. 2 90.443 $1451.854 27.1 $1,045,322 10.24% 1901 . . • 5.137.546 1.203,719 23.2 1.088,127 7.22% 1902 . . 5,074,207 1,129,805 22.1 1,142,354 6.12% 1903 . . . 5.606,753 1,256.356 22.7 1.364,153 10.26% 1904 . . 5.902,973 1,230,461 20.7 1,710,677 10.04% 1905 . . 6,199,276 i.36o,739 21.8 2,161,965 1 1.9 % 1906 . . • 6,308,413 1455.382 22.8 2,603,561 12.5 % 1907 . . 7,406,495 1,489,673 19.9 3 017,923 12.72% 1908 . . 7.272,958 1.071,144 14-7 3,062,032 5.88% in addition to profit and loss account. DIVIDENDS. 1 000 [901 1902 1003 ""M 1905 [906 1907 1 1 )i >s [si pfd. 5'< 5% 5% 5% 5% 5% 5% 5% 5% 2d pfd. 4% \'< 4i% S% 5% 5i'<- 6% 6% 47'; < "in.. . 4% 4% 4i% 5'; 5% 3i'. 6% 6% m LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1'inj I'm.? 1904 1905 1906 1st Pfd 82 Apl. 90'A Dec. 2d Pfd 57 May 69y 2 Oct. Comnii in. . . 46 Mav 62 Nov. 1907 89 Feb. 98 Dec. 80 July 95 July 100 Jan. 105 Jan. 65 Nov. 103^ Dec. 106 Mch. 105 May 101 Sept. 108 Feb. 106 Jan. *76 Nov. 63 Jan. 72 J4 Dec. 50*4 Aug. 61 'j Tan.. 85 Tan. 83 Nov. 84J4 Sept. 76 Jan. 86'^ Dec. 109 Oct. 52 Feb. 60 Ap!. 39?i Sept. 51 Feb. 78J4 Jan. 105 }4 Jan. 85 Dec." 135 May 12454 Jan. 103 Jan. 56 Nov. I 'JUS 90 90 79 97 65 May May Mch. Jan. Sept. 78 Dec. 81^ Sept. 72 Jan. 82^ Dec. \09]4 Oct. 142 June 124J* Jan. 93^ Jan. "No sales of the first preferred in 1907 until .November. GIBSONS MANUAL 255 Nov. 2 3 4 5 - 6 7 9 io ii 12 13 " 14 - 16 Election Day. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. istPfd. 2d Pfd. Com. 1st I'f.l. Nov. 17 -. . . " 18 -... 19 -••• 20 -... 21 -. . . 23 -••■ 24 - ■ • • 73i-73i 75 -75 80 -81 82i-82| 80 -82 ^5 26 27 28 3° 2d Pfd. Com. 79k-79l Thanksgit ing 1 )ay. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 2 3 4 5 7 8 9 10 11 12 14 15 16 1st Pfd. 2d Pfd. 85 -85 85 '-85 Com. 81 -8 1 4, 82^-82^ 82^-85'i 86 -86 85 -86 86 -86 Dec. 17 " 18 19 " 21 23 24 25 26 28 29 30 3i 1st Pfd. 2d l'f.l. Com. Christmas Day. Extra Holiday. • REMARKS. The fact that net income has not kept pace proportionately with gross earnings is due mainly to increased cost of labor and supplies. Labor conditions on the coast have not been satisfactory to employers, especially since the San Francisco earthquake in 1906. The depression of 1907 has also affected the receipts. A large revival of business is now looked for. Total capitalization in 1900 was $16,971,000. There has been scarcely any change. Securities owned are not separately reported by this company. A subsidiary concern, known as The Pacific Coast Coal Co., was organized in 1907 to operate the coal properties of the company. March 17, 1908, the steamer Pomona struck an uncharted rock, and after being headed for shore ran upon a submerged reef and proved a total loss; $41,538 was charged off on account of this disaster. The company maintains a fleet of 25 steamships in operation. Officers: President, Henry W. Cannon; Treasurer, John Kean ; Secretary, Clifford C. Fay. Directors: John Kean, J. N. Hill, H. A. Tucker, E. H. Harriman, H. W. Cannon. J. D. Farrell, Grant B. Schley, Copley Amory and W . M. Barnum. Fiscal year ends June 30. Annual meeting, second Wednesday in October, Jersey City, N. J. Directors meet first Wednesday in January, April, July and October. Office, 10 Wall Street, New York. Traded in on the New York Stock Exchange (Listed Department). 256 GIBSONS MAN UAL Pacific Mail Steamship Company Incorporated April i_\ 1848, in New York, for tin- track to the Isthmus of Panama and Califor- nia, and in recent years sending its ships to the Sandwich Islands, Japan, China and oilier points bc- yond the Pacific Ocean. A controlling interesl was purchased through Speyer & Co, in November, tgoo, l>\ The Southern Pacific Co., which acquired $10,005,000 of the stock. Capital stock $20,000,000 EARNINGS Year Ending Gross Nel Surplus Profit & Loss. Vpril 30. Recipts. of Year. looo $3,817,620 $830.1X0 Del'. $10,783,507 1901 3,071,166 167,8-M •' [0,615,686 [902 2.029,346 Del. 307,935 " 11.046,834 [903 2,827,506 8,281 11,091,533 1904 3,601,766 -'411,896 " 1 1,013,895 1905 5775,/83 4-7,656 Not reported [906 5.724,337 282,884 1907 4,839,245 130404 1908 4,336,312 Def. 428,817 DIVIDENDS. \o dividends have been paid since December, 1899. It was then announced thai surplus earn- ings would be used for improvement of the fleet. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 25?4 Tune 57 Nov. 30]/ 2 May 49V 2 Nov. 37 Nov. 49^ Mch. 17 Aug. 42J4 Jan. 24 55 Feb. Nov. 33 May 53^ Dec. 28^4 June 51 y 2 Jan. 19 Nov. 41 y 2 Jan. 24 ,Apl. 40'A Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. Nov. 2 26$ 26I " 3 Election Day. 4 5 6 7 9 10 11 26f 27i 27i 29 28! 28 29 271 271 29 29i 2Qf 29 3° Low. Nov. 12 29 13 29^ 14 29f 16 29! 17 3if 18 31 19 30! 20 30! 21 30! High. 3° Nov 29! " 30 31* it 32! " 3 2 * (( 32 3i 3i4 ! 23 24 25 26 27 28 30 Low. High. ■ • • 3°£ 3 1 •• 31 3ii •• 31* 3 1 * Thanksgiving Day. •• 3 1 ! 3 1 ! •• 3 T 3 33 • ■ 32} 33* LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I >ec. 3 4 5 7 8 9 10 Low. 34 37 36* 371 37 ?>7 : \ 37l 37 3^ High. 37i 39i 38J 38& 38j 385 40i 381 37i Low. High. Dec. 22 34$ 34? "23 35 36 "24 35* 36 " 25 Christmas Day " 26 Extra Holiday " 28 36 36* " 29 36I 36? " 30 36 36* "31 36 36* GIBSON'S MANUAL -3/ REMARKS. The falling off in general business in 1907 is reflected in the earnings of Pacific Mail. The moderate receipts of 1907-8 were due, in part, also to restriction of immigration from Asia and partial failure of the coffee crop, the shrinkage in that crop being about one-half the normal harvest. This company, whose stock sold as high as $$2V) a share in 1865, suffered severely from the competition of the overland railroads after they were opened for traffic. Stockholders are now look- ing forward to completion of the Panama Canal as possibly inaugurating a new era of prosperity for Pacific Mail. Officers: President, E. II. Harriman, Vice-President, K. P. Schwerin ; Treasurer, A. K. Van Deventer; Secretary, Alex Millar. Directors: E. II. Harriman, George H. Macy, Ogden Mills, Max- well Evarts, Henry W . De Forest, Robert Goelet, R. S. Lovett, W. V. S. Thorne and R. P. Schwerin. Fiscal year ends April 30. Annual meeting, last Wednesday in May. Office, 120 Broadway, New York. Traded in on the New York Stock Exchange (Listed Department). 858 GIBSONS MANUAL Pennsylvania Railroad Bonded indebtedness, Dec. 31, [908 $304,358,645 Capital stock (par $50) 314,604,200 Total capital $618,962,845 Mileage (main line and branches, [,706), total operated 11,293 Per mile capitalization $54,809 Fixed charges, 1908, including taxes, per cent, of net income .. 47-°5 Operating expense, excluding taxes, per cent, of gross 7 x -47 EARNINGS. ear ending Gross Net Inc., Xet P.C. of : :: *Earned Dec. 31. ( )p. Rev. 1 ess Taxes. Gross Inc. Surplus. 1 'ii Stock. IIJOO . . . . SSS.53v.828 $35,810,042 37.68 S j 2, 485. 304 11.68% [90] . . . . [01,329,795 43.180,559 39.28 24.310,476 10.51% [902 .. . . . 1 1 -',663,330 *45 •093,347 37-05 24.j4j.2js 12.83% 1903 . . . . 122,626.4m 46.665,291 34-99 24.742.225 8.98% [904 . . . . 118,145,270 40.013,601 35-52 24.-25.4S4 9.09% 1905 . . . . 133,921,993 49.981.456 34-24 24,725, 4S4 9.84% 1906 . . . . 148,239,882 ::: 55,5°3,466 34-47 24,725.484 16.5 % 1907 . . . . 164,812,825 *55,020,420 30.81 24,725,484 12.02% 1908 . . . . 136,296,871 49,284,580 32-71 24.254,800 8.96% *In addition t" iliis income there were "profits from securities" in 1901. 1902. 1906 and 1907. amounting to $10,361,298, $17,362,551, $15,200,849 and $4,648,576, re- specth ely. ♦♦Excluding special funds, which in 1907 were: Extraordinary expense fund, $2,500,000; for purchase of securities guaranteed (trust of Oct. 9, 1878), $6,285,541; and various smaller funds aggregating $3,228,154; total, $12,013,695. In 1908, the total of these special reserves was $9,859,822. ♦♦♦Before making a variety of special appropriations, which nearly or quite consumed the balance remaining after dividends, and disregarding "profits from securi al,o\ e. a- follow s: 1901 1902 1903 1904 1905 1906 1907 1908 Car trust principal paid.. $1,503,173 $1,471,725 $2,684,615 $3,249,238 $3,249,238 $6,446,888 $3,150,694 $3,799,267 Extraordinary expenses... 14,361,352 12.500,000 26,835,279 6,220,923 8,424,881 8,701,475 3,260.651 3,538.981 Extraordinary expense fund 5,000,000 2,500,000 2.500,000 N. Y. tunnel construction 13,000,000 7,000,000 1,000,000 were : LATEST REPORT. Earnings for January, looo. compared with last year, for the lines cast of Pittsburgh and Erie, Gross. Net 1909 $U,220,8l2 ^J.^JjMtp) I908 IO.563.3i2 2,275,599 For tlie same period, on the lines west of Pittsburgh and Erie, gross decreased S1X.07j.300. and net decreased S_>.69i,5oo. GIBSON'S MAN UAL 259 1900 6% 1 90 1 6% 1902 6% DIVIDENDS. 1903 6% 1904 6% 1905 6% [906 6i% 1907 7% 1908 6% LOW AND HIGH PRICES. BY YEARS. SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 124J6 Sept. 14954 Dec. 137 .May 147 Jan. 110^ Nov. 111^ Mch. 13154 May 161^ Apl. 171) Sept 157-5-g Jan. 140 Dec. 148 Aug. 12254 July 14754 Jan. 10354 Nov. 141& Jan. 108J4 Jan. 13254 Dec. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. May 1900 128J 1901 I42| I902 147 1903 I5I& 1904 116I 1905 i35 1906 142 1907 129!- 1908 io8f July 1900 126 1901 140 1902 1511 i9°3 "81 1904 115? 1905 140 1906 122J 190" I2lf 1908 I20§ i33t 153 1571 ' 23! i39i 147I Hif "/J 1291-136! 146J-152 14^-1513 1461-151! 112^-121 I i37f" I 45f I37f-i44:l 127 -132J 109I-113 I33f 148]- H9h 1364- mi- 140I- 13* 114 • mf- 140! [ S 2 .', 148-i 120 147'. f39i I2(|| I341 152 ' i49i 13-' Il6|: I37l' i35s- I22§- II5I-I2I ■142-2 i6i4 i53i 138* 119I i44l 143^ I28g a 1 1284-137J 137 -158 I47I-IS3J 1 2 si- 1 38 1 12-3- n 8! 13 1 2-140] 131 -137] ii8J-i28£ 1 1 8}- 1 24 f June 125 -I33i 148-J-IS4I 1481-152* 123 -1271 113I-116I i33f- I 4i| 125 -135* II7j-I22f II9i-I23l Aug. Sept. Oct. Nov. Dec. I2 9 f 1 5 if i6if I26i I2lf 1432 1 30 J I25f I26J 127*- I4l3- I58J- II9I- n8f 142I- 130I- 114I- 122*- 1 30 i 148* 163} I26J 126! 148 1461 I22f I26f I2 4 f- i4of 159 - «5f i-4 : ;- i4of- i39i- n8f "9i- 129S H7i 170 125! 132I i4Sl 145! I2l|- I25I I27i-I3SS I42J-I48I I57|-l66J II5|-I20| 1314-1381 I42f-i45i 139 -146* I06i-I20i I2l|-I27| I3l! I44f I53i uo^ i34i i37f- r 3 6f- 103* 126I I44s 152^ 1633 I2ll I39f 1463 1454 mi 1312 1411-149! 145 -152J I49i-i58f II41-I20J 132 -140 1381-144! 1353-1404- io8f-ii5l 1281-132! LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. N<: Low. High. 2 126! 127J 3 Election I )ay 4 5 6 7 9 10 11 128 127.I 1 27! 1272 127! 128I 127I 131 2 129 I28| 129 129! 129? 129 No\ 12 13 14 16 17 18 19 20 21 Low. I27t 129I 129! 129I 1295 129I 1284 128I 128! High. 130 130I i30f i3°i 130I 130I 129I 1291 129 Nov. 23 -'4 25 26 27 28 30 Low. High. 1284- 129 129 I29f • 129I 130I Thanksgiving Day . 1204- 129I • 1-")' i3oi ■ 120! 130I LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. High. Dec. 1 128! 129! " 2 128* 129I " 3 I28f 128I 4 129 129I 5 '-">' 130! 7 129! 130J 8 129I 130 9 129? 1303 10 130! 130J De 11 12 14 15 16 '7 t8 19 21 Low. 129I 1 29I 130 !->')] I 29J fj8-< 128', I28f 1281 High. 130! i3of 1314 1303 !3Pf 130I 129I 129I 128I Dec. 22 23 24 25 26 28 29 3° 3i High. 1293- 1302 Low. 1282 1291 130 1305 Christmas Day Extra Holiday 130! 131:' 131} 132* 1 3 1 ! 132I ' 3 ' I 132I 200 GIBSONS MANUAL MARKET MOVEMENTS OF PENNSYLVANIA RAILROAD FROM 1900 TO 1908. INCLUSIVE REMARKS. The extensive Pennsylvania system of railroads comprises r 1 ._><>3 miles, of which 6,19] lie east of Pittsburgh and Erie, and 2.885 represents the mileage operated under the title of "lines west of Pitts- burgh and Erie." Some other mileage in addition to that makes the grand total. "The Pennsylvania Company." which operates the lines "west of Pittsburgh and Erie," owns no road in fee. Its $60,000,000 of stock is owned entirely by The Pennsylvania Railroad. The Pennsylvania Co. owns $188,663,759 °f stocks and bonds. Securities owned by the Pennsylvania Railroad Dec. 31, 1908, were $234,907,752. A large amount of these securities is pledged to secure the Pennsylvania's own issues. Total capitalization has more than doubled since 1900, having grown from $260,785,000 to $618.- 962,845. The enormous income of the company lias, however, sustained the price of the stock. March 15, 1907, an issue was made of $60,000.0011 three-year 5 per cent, collateral notes, the times not being favorable to the sale of long-term securities. In the annual report for 1908 the cost of the New York tunnel extension was represented in the balance sheet as S40.5jS.004 ; but there should be added to this amount the farther sum of $30,000,000 which had been charged in 1906 and 1007 against Income and Profit & Loss accounts. The companies engaged in construction of the tunnel have now been merged in The Pennsylvania Tunnel & Terminal Railroad Co. The tunnel will admit Pennsylvania and Long Island Railroad trains to New York City and allow the sending of through trains from the West and South via Mott Haven to all points in New England. President McCrea refers in the 1007 report to the law of Pennsylvania reducing passenger fares l" 2 cent- a mile. While the average receipts had not been above that rate, yet a literal compliance with the law would have compelled the company to advance the special rates on commutation and GIBSONS MANUAL 261 excursion business which are specially authorized by the State Constitution. Legal proceedings were begun to test the constitutionality of the new law and were carried to the highest court in the State. That tribunal pronounced the law unconstitutional. The convertible bonds of Pennsylvania Railroad are of two classes : The first issue of $50,000.- 000 3is gold bonds is dated Nov. 1, 1902; of these a trifle more than $30,000,000 were converted into stock at $70 a share in January, 1908; the balance are convertible at $70 a share on any interest day on 30 days' notice, and if called (as they may be at 102^) may be converted. The second issue was oi $100,000,000 3! gold bonds Dec. 1, 1905, and these bonds are convertible into stock at any time up to Dec. i, 1910, at $75 a share; if called (at par and interest) on or after Dec. 1, 1910. the bonds may be converted up to 30 days before the day of redemption, as set in the notice, at $75 a share as before. A statement published Nov. 23, 1908, announced that more than $25,300,000 had been paid out by the employes' relief funds of the Pennsylvania system since their organization in July, 1889, on the lines west of Pittsburgh and in February, 1886, on the lines east of Pittsburgh. It is announced that preparations are now being made to electrify the New York division of the road from Jersey City to Philadelphia. The running time between the two cities is to be reduced from two hours to one hour. This work is an extension of the electrification of the line from Long Island City to Newark, and will be followed by electrification as far as Pittsburgh. The new engines, capable of 120 miles an hour, are being constructed by The Westinghouse Company. Officers: President. James McCrea; Vice-President. Charles E. Pugh ; Treasurer, J. F. Fahne- stock; Secretary, Lewis Neilson. Directors: Percival Roberts. Jr., N. Parker Shortridge, Rudolph Ellis. Charles E. Ingersoll, Clement A. Griscom, Henry C. Frick. William H. Barnes, George Wood, C. Stuart Patterson, Effingham B. Morris, Thomas De Witt Cuvler, James McCrea. Lincoln Godfrey, John P. Green, Charles E. Pugh, Samuel Rea and John B. Thayer. Fiscal year ends Dec. 31. Annual meeting, second Tuesday in March. Directors meet second and fourth Wednesday of each month. Main office, Philadelphia. Pa. New York office, 85 Cedar Street. Traded in on the New York Stock Exchange (Listed Department) and on the Philadelphia, Boston and London Stock Exchanges. i62 GIBSONS MANUAL People's Gas Light C&, Coke Company A consolidation, granted b) law, of all the companies of the former Chicago < las Trust. Orig inallj incorporated under a special charter, secured from the Legislature, Feb. 12. 1855, the company en tered the Gas Trust, when the latter was formed, and under an art of July, 1897, finally became the parent company itself, all the old companies being merged in People's Gas Light & Coke. From time to time, since (897, various other local gas companies have been absorbed, and in February, 1907, with the consent of the City Council, < Igden Gas and Universal Gas were leased for 34 years. ( >^den Gas will be purchased when its franchises expire. Northwestern Gas Light \ Coke is controlled in the interest of People's Gas. The company has interests in natural gas, but in [905 the decreased volume of the supply compelled a curtailment of the amount furnished to customers. Bonded indebtedness, Dec. 31, tips $37,096,000 Capita] stock - - 32,969,100 Total capital - $70,065,100 EARNINGS. Year ending Gross Net Dec. 31. < >p. Rev. Income. 19°° $9,°9°.337 $4,642,550 19 01 9,663.74'' 4.871,305 [902 11,058,413 5,145,202 i9°3 11.X54.X00 5,414,438 kj<)4 12,014,085 5,678,264 190.S 12,284,363 5.705,579 [906 11.0X0.044 4.X(j^.74 1 I9°7 t3.' i6.368 5,172,742 [908 13.738.970 5,516,245 DIVIDENDS. [901 [902 [903 [904 1905 i' 1907 1908 6% 6% 6% 6% 6% 6% 5% 6% 6% LOW AND HIGH PRICES, BY YEARS. SINCE 1900. Famed Surplus. on Stock $4,130,321 6.67% 4.748,057 7.29% 5,427,227 8.0;'. "049.788 8.8% 7.505,787 9-5% 8,676,931 9-559* 9,319,607 6.95% '(.860.333 7"4% 10,637,881 8. ^6% 1900 1901 1902 1903 1904 19H5 1906 1907 1908 Oct. Ill; Apl. 9Sy 4 Jan. 120" , June ran. 109 1 Sept 87y 4 Sept. Feb. "J;, Mch. 112] 1 Dec May 115' Apl. 88 ( >ct. in: | .,, Oct. "N-, Jan 80 fan. UK,' 1 >,.,-. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. .Mar. Vpl. Ma\ June 1900 i""'. i"<>; 07I ' 92-109 101 - 1 1 1 A 96! 104] 93I-"' 1 '; t901 95| ' 98 lOll IOI -I08i 1(>7 II ■ oX 1 Mm, ■ , .-I20.1 0*1 99J-102 99 ioif-iosi 1003-105; ' 4 -ro2j [903 103 -107; ioj -io8| i"ol [03! [05I 99I ' o3?-iooi! [904 954-I02J 07; [O] j I 100; ,,5; 1 ,,;! g 5 gfr\ [905 105I-10X; io6f-i09l 107J-114 I02f-ii5i 07! -110 99I 104I 1906 98 103 ioi| 92I- 99I 89J- 96 89J 95 89 93I 04! '- s - '>-'! >>7< 85-93* *<>l- 'Mi! ss ! "3 1 So J mi '. 80 89 84 884- 923 • 933 -•; GIBSONS MANUAL 263 July 1900 97 -ioof 1901 in -119-J 1902 101 -107 1903 92 - 99i 1904 97I-101 1 1905 104 -106? 1906 88-93 1907 91 - 92^ 1908 92 - 96I Aug. Sept. Oct. Nov. Dec. 933- 107J- 102 - 89J- 99I- 90 - 84 - 94 i- 100^ ,, 3 .1 106 J 96 102 ; 93 97'i 82I- 93J 1041-113 102.',-I09-i 95i I04JS 104! 91 88J 973 87I- toog 101? 85 ■ 93i 8if- 101J- 99i- 89 101 : ; 102;' 88 - 70J- 942- 96 108 tosi 95i 1 to| to5| 81 i i 96.I 93 - IO -^ 97i-i04| 98I-103I 91I- 95* 106-J-112] 100 -105I 88 - 941 71 - 78 95 -i° 2 961 96I 98* 91 ! 103I 99 9 no 104! 1 ' 1 1 1 99^ -lex) MS- 76J- 7$ 995- 1 06 i Nov. 2 4 5 6 7 9 10 11 LOW AND HIGH Low High PRICES, BY DAYS, NOVEMBER, 1908. 3 Election 95i 953 96£ 97 97i 97l 974 Nov. 23 24 ^5 26 27 28 30 Low • • 99« •• 99i iool- Thanksgiving 100 101-i iooj High IOO§ 100& IOlf Day ioi'i [Ol| 101 1 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. Low High 22 IOO'J- lOl| 23 102 io6i 24 104! 105I 2^, Christmas Day 26 Extra Holiday 28 104I lOS| 29 I05 I05;l 30 I04I 105 31 1044 104! MARKET MOVEMENTS OF PEOPLE'S GAS LIGHT & COKE COMPANY, FROM 1900 TO 1908, INCLUSIVE. 264 GIBSONS MANUAL REMARKS. Miles of street mains Dec. 31, 1907, were reported as 2,312. Securities owned $2,206403, mostlj the company's own unissued capital stock. People's Gas has been confronted with the same agitation, which has broken out elsewhere, for reduction of the price of gas. In October, lyoo, a local ordinance arbitrarily fixed the price at 75 cent> per i.(xx> cubic feet. This action was vigorously opposed in the courts. The 75 cent ordinance was finally repealed, and the price was t"i x<.< 1 at 85 cents for 5 years From Feb. 1. KM' For several years the companj also bought certain onerous back assessments of taxes, and in 10x57 won its case in the Supreme Court of the United States, disposing of an important litigation. Total capitalization has remained practically unchanged since u>O0. Officers: President. George O. Knapp; Vice-President, E. < .. Cowdery; Chairman, C. K. <",. Rill- ings; Treasurer, \Y. S. McCrea; Secretary, L. A. Wiley. Directors: C. K. G. Billings, George < >. Knapp, A. N. Brady. \. R. blower and Walton Ferguson. Fiscal year ends Dec. 31. Annual meeting, Feb. 10. Chicago, 111. Directors meet on call. Main office, Chicago. New York office, 54 Wall Street. Traded in on the New York Stock Exchange (Listed Department) and on the Chicago Stock Exchange. GIBSON'S MANUAL 265 Phelps, Dodge C& Co.," Inc. Incorporated under the laws of New York, Dec. 15, 1908, for tin • purpose of taking over the mines and metal business of the old firm of Phelps, Dodge & Co., of New York City. The corporation is a holding company, owning- the entire capital stock save directors' --hares of the following: Copper Queen Consol. Alining Co., capital $2,000,000, owning [35 mining claims and a smelter in Cochise County, Arizona. Moctezuma Copper Co., capital $2,600,000, owning a plant and 2,500 acres of mineral lands in Sonora, Mexico. Detroit Copper Mining Co., capital $1,000,000, owning 145 mining claims and a smelter in the Clifton district, Arizona. Stag Canon Fuel Co., capital $500,000, owning 38,718 acres of land, almost all underlain with coal in New Mexico. Phelps, Dodge & Co. The metals selling business of the old firm, and its good will, were transferred to the corporation without charge. The four subsidiary companies were purchased by an exchange of stock on the follow- ing terms: Copper Queen, $135 in new stock for each $10 share; Moctezuma, $307 9J/3 for each $100 share; Detroit Copper, $150 for each $25 share; Stag Canon Fuel, $800 for each $100 share. The plan was promptly agreed to with almost absolute unanimity. Total assets of the four companies were stated to be $28,949,739. Total liabilities, $4,161,166. The officers of the company believe that the coal mining properties of the new concern will yield approximately 200,000,000 tons of coal. Capital stock, one class $50,000,000 BUSINESS OF THE THREE COPPER COMPANIES. Production, lbs. Earnings. 1903 64,408,740 $3,201,621 1904 77,637.595 4.062,992 1905 89,418,088 6,675,288 t"9o6 112,281,878 9.794,735 1907 9o,955,9 26 6,119,247 The stock of Phelps, Dodge & Co., Inc., was admitted to the Listed Department of the New York Stock Exchange March 10, 1909, with a view to give the stock a definite standing as collateral for loans. Officers: President, James Douglas; Vice-Presidents, Cleveland H. Dodge, Arthur Curtis James and James McLean; Treasurer and Secretary, George Notman. Directors: James Douglas, Cleveland H. Dodge, Arthur Curtis James, James McLean, George R. Agnew, E. Hayward Ferry, Francis L. Hine, George Notman and Wm. Church Osborn. 266 GIBSON'S MANUAL Pittsburgh, Cincinnati, Chicago C&> St. Louis Railway lionded indebtedness, Dec. 31, 1907 $56,959,000 Preferred stock, 4 per cent, non-cumulative, hut after the com- mon receives 3 per cent, the preferred is to have 5. and the two classes are to share equally after 5 per cent, is paid on both *27,563,922 Common stock ^29,095, 569 Total capital $1 13,618,491 ♦Including about $104,300 of preferred and $2,585,500 of common stock not yet exchanged for those of other companies. Mileage 1,171 Per mile capitalization $97,027 Fixed charges, 1907. including taxes, per cent, of net income 46.2 Operating expense, per cent, of gross, old basis 76.36 EARNINGS. Net P. C. Year ending Gross Net Inc., of Gross :;:;: Earned on Dec. 31. Op. Rev. Less Taxes. Inc. *Surplus. Stock. 1900 $19,012,677 $5,090,002 26.57 $3,664,861 2.17% r 90i 20,683,174 6,217,436 29.98 3.678,731 3-97% J 902 22,610,557 5v/6./29 25.47 3.696.512 3.54% x 9°3 24.650,401 5,936,067 24.02 3.706,835 3-03% r 904 24,209,492 (.,224.582 25.64 3,759.925 2.78% 1905 26,583,559 7,018,030 26.03 3. 781.661 412% 1906 29.606,196 7,654.040 25.68 3,826,489 4-95% *9°7 32,341,303 8,047.916 24.58 3-819.520 563% *Not including sinking fund, which in 1007 was $3,425,042, After appropriating for extraordinary expenses sums recently approximating a million a vear. LATEST REPORT. Earnings for twelve months, ending Dec. 31, 1908, preliminary report, compared with last year. Gross. Net. were 1908 $26,132,038 $7,273,748 1007 32,201,819 7- 6 94o*3 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred 4% 4% 4% 4% 4% 4% A'AJo 5% 5% Common o 1% 3% 3% 3% 3% 3% 4% 4% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred 78 June 88 Jan. 113 Mch. 90 Oct. 90 Apl. 105 Aug. 100 May 74^4 Nov. 81 '/s Mch. 94 Jan. 113 Dec. 128 May 115 Jan. 107 Dec. 112 Mch. 109 Aug. 105^ Jan. io8J4 Nov. Common 49^ Sept. 57 Jan. 80^ Jan" 55 Sept. 55 Apl. 70 May 78 Feb. 51 Oct. 59 Jan. 80^ Jan. 81 Dec. 105^ Sept. 94 Jan. 80 Dec. 87^ Mch. 87 Jan. 78 Jan. 88>< Dec. GIBSONS MANUAL 1900 [901 1 (JO J 1903 1904 19OS 1906 [907 HJOS I900 I9OI 1902 I9°3 1904 1905 I906 I907 I908 Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd. . Com. Pfd.. Com. LOW AND Jan. 9°4" 94 HIGH PRICES, BY MONTHS, SINCE 1900. "5 88 57 8oi 95 62 8oJ- 110 - 90 - 97 ■ 03 - 108 - 75 ■ 106 • 8 3 4- iosi- 7i : i- 84;- 59- 91 i 115 94 98 66| 108 79 1 08 A 87" 1052 78 90 70 Feb. 85 - 89 68 - 72^ 9*4- 95 57 - 61 84' -'87 104 -1074 87 - 8yi 99 - 99 61 - 61 105 -108 79h 83* 1 07 i- 1 07.'. 78 - 83 100 -101 73 - 75 Mch. Si - 91 00 1- 70 9 2 - 94 1 58 - 69l U3 -114A 85 - 87:; 105 -105 So.',- 86 ApL Sj[- 88 63 - 69 94 - 99 654- 7^ S: 89 65S- 66 60 - 62 \ 1 08^-112 794" 874 105 -105 78f- 80 934- 98 67 - 724 8ii- 89 65 - 69J 75 - Soi yo - 91 55 - 60 108 -109 74 - 82 105 -105 80 - 83 95 " 95 69 J- 7-'.! 87 - 8 9 i 69-72 May 871= 85 5^ - 59i 98 -105 674- 77 [20 -128 89 - 984 lOO -IOO 80 9 L 56 9U 60 106 -Job 70 - 774 100 -108A 75 - 8 5 4 934- 94 66 - 71 88 - 93 /o - 7i4 July Aug. Sept. Oct. Nov. June 7« - 85 58 - 60 99I-101 75 - 80 11(1 -116 95 - 9/4 100 -100 60 - 74A 91 - 92 56- 56 76- 78 108 -108 82 - 84J 91 - 91 674- 68 91 - 98 72 - 74 Dec. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd. . Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. 79 " 82f 524- 594 100 -102 74f- 75 95 - IO ° 100 -100 58- 72 92i- 95 60 - 63J 76 - 80 80 - 80 95 - 95 80 - 824 50 - 54 102 -102 72 - 75 120 -120 944- 99 974- 974 574- 63J 97 -101 634- 73 105 -no 78 - 834 [ 074-109 79- 86 79 " 83 493- 51 102 -102 70 - 71 96 -1054 79 - 84 50 - 59$ 55 - 65 1004-105 684- 7i 106 -106 80 - 83 J 108 -108 84 - 86 90 74 944 764 65 - 68 92I- 933 7i - 764 66 - 67 90 - 94 734- 78 93 -100 (jo - 90 56-61 101 -105 70 - 77 8o'-'s 3 108 -108 824- 85* 69A- 82 51 - 66} 94 - 98} 75 - 80 80J- 87I 554- 59 1 044 -1 07 4 70 - 784 90 - 96 90 - 90 59 - 60 102 -106 73 - 77 106 -106 80 - 8 3 j 84 - 8 5 4 74f- 80 53 - 6oJ io8J-io8^ 81 - 88 85 - 90 554- 594 108 -113 74 - 81 90 - 94 95 - 99 59 - 644 105 -107 744- 80 106 -io84 804- 86§ 80 - 844 8i4- 86 60-63 104 -104 854- 884 Nov. 2. 3- 4- 5- 6. 7 ■ 9- " 10. " 11. 1 )ec. 1 . 2 " 3- '• 4- " 5- 7- 8. 9- " 10. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. ....... 81 -81 Election Day. ....... 814-834 io8f-io8| 83 -84} ....... 841-85 85 -85 86 -87 87 -874 Pfd. Com. ....... 85-85 ....... 85 -85 ....... 854-854 Thanksgiving Day. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. 854-854 Dec. n ... . 854-854 " 12 ....... 14 86 -864 [5 87 -88 " 16 88 -884 '• 17 ....... •' 18 ....... " 19 ....... " 21 Pfd. Com. 874-874 874-874 874-874 87^-87! 104 -104 ?74- v4 874-874 87 -87I Dec. 22. 23- 24- -'5 ■ 26. 28. 29. 30. 3i- 85 -85 I MM. Com. ...... 874-874 Christmas Day. Extra Holiday. 87-87 268 GIBSON'S MANUAL REMARKS. This railroad, generallj known b) the popular name of Pan Handle system, is controlled through stock ownership, l>\ The Pennsylvania Company, which bj March 31, [908, had acquired ij the preferred and $16,631,100 of the common stock. Income in i>>o.s has been materially affected b) the business depression, which resulted in en forced idleness of a large percentage of the equipment and compelled a reduction in the operating force. I.ii.il capitalization has increased about $19,000,000 since [900, being mostly in the funded debt. Bonds and stocks owned, [907, amounted to S7.1 ^0.0X5. Officers: President, James McCrea; Vice President, Joseph \\ I: Treasurer, T. II. B. Mc Knight; Secretary, S. B. Liggett. Directors: E. B. Taylor, Samuel Rea, E. B. Morris. Janus McCrea, W. II. Barnes, S. S. Dennis, John P. Green, X. Parker Shortridge, I). T. McCabe, G. L. Peck, Joseph Wood, J. J. Turner and B. S. Cunningham, Fiscal year cuds Dec. ,}i-t- Annual meeting, second Tuesday in April, Pittsburgh, Pa. Direc- tors meet fourth Wednesday of each month. Office, Pittsburgh, Pa. Traded in on the New York Stock Exchange (Listed Department). GIBSONS MANUAL 269 Pittsburgh Coal Company A consolidation of steam and gas coal mining interests in the Pittsburgh region, incorporated in New Jersey Sept. 1, 1899. Since its inception, the company has been strengthened by the acquisition, through lease and otherwise, of several additional properties. It owns about 150 coal mines and 160,000 acres of coal lands, within 40 miles of Pittsburgh, and, in addition, approximately 5,500 coal cars. The output in 1907 was 19.810,427 tons, run-of-mine, a small decrease from the year before. In April. 1905, the company closed a 25-year contract with the United States Steel Corporation for supplying that con- cern with coal. Later a similar contract, terminating in April, 1911, was made with Republic Iron & Steel. Bonded debt, Dec. 31, [908 $22,025,451 I 'referred stock, 7 per cent, cumulative .• . . 27,071,800 Common stock 28,104,600 Total capital $77,201,851 Fixed charges, 1008. per cent, of net income 69.16 EARNINGS. Year ending *Tons Net Profits Earned on Dec. 31 Produced. After Expenses. **Surplus. Common. 1900, 16 mos $5,480,690 $2,167,381 705% 1901 4.272,209 3,188,053 3-37% 1902 14,976,081 5-753-9I3 5467-495 7-5 2 % i9°3 15.664,460 7,787,094 0,778,430 143% 1904 14,338.500 4.261,512 3,887,725 0.52% 1005 16.210,041 3.25S.358 4-i69.377 o 1906 20,020,276 5,297,123 4.089,210 o 1007 19,810,427 5,731.983 6,988,803 o 1908 14,337.220 3,024,921 7,021,235 o *Tons of 2,000 lbs. and including sonic small purchases from other producers. **Reservc funds, in addition to Undivided Profits were $4,056,217 in 1907. By Preferred Common 1900 7% o 1901 7% DIVIDENDS. 1902 7% 1903 7°/o o 1904 7% o 1905 I906 o o 1907 o o 1 ' ji iS o o OOOO o |an. 1. 1909, there will be due on the preferred stock 24^ per cent, of accrued dividend. LOW AND HIGH PRICES, BY YEARS, SINCE 1905. 1905 Preferred 52$ Nov. 80} May. Common 13^ Nov. 21 May 1906 50 July. 62! Jan. 13! May i8i Nov. 10..7 37 Nov. 6of Jan. 7 Nov. 16& Jan. 1908 36i Feb. 50 Dec. 8 J Mch. i 4 | Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Nov. 2 -. . . io|-io| 3 Election Day. 4 Pfd. Nov. 12 46 -464. " >3 -■•• " 14 -•■■ " 16 471-403 " 17 -•■■ " 18 -... 19 -•■• " 20 47i-47i " 21 Com. 132-14 132-135 Nov. 23. " 24. Pfd. Com. 25 4/1-4* ...... 26 Thanksgiving I >ay. 27 " -■'■■ 28 -... 30 47 "47 270 GIBSONS MAN UAL I tec LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I'f.l. 3 475-48-i 4 48 -50 5 50-50 49l-5o 48 -49 / • 8. 10 481-50 1 'mil. ' 3 1 "I 3 i i3$-i3i I3I-I3* 13 -i3i 125-13 i3i-Hl Dec. 11... 12. .. 14. .. 15.. 16... 17... 18... 19... 21. .. Pfd. Com. 48^-49^ I4i-i4i 49 -49t 14 -14 131-M's 14 -i4i Dec. 22. 23- 24. 25- 26. 29. 30- 3i- Pfd. Com. 491-49 § I3f-i4 49?-49f ...... Christmas Day. Extra Holiday. 4 8i- 4 85 13-133 48I-48I •••-■■■ 49 -49 REMARKS. In 1902, a relief association was established to provide disability benefits and pensions for men becoming decrepit or aged in the company's service. Before listing its stock at the New York Stock Exchange in 1905, Pittsburgh Coal had been purchasing from time to time various lots of not only its bonds but its common and preferred shares. As this stock appeared in the balance sheet as a liability, the Stock Exchange required that it should be sold or retired. It is yet in the treasury and amounts to $4,928,200 of preferred and 3,895,400 of common stock. The authorized shares of the company are $32,000,000 of each class. The Darr mine disaster of Dec. 19, 1907, cost the lives of 238 men. There are yet pending 60 suits for damages. Cost of rescue work and relief, $82,407, was charged to the personal injury fund. Cost of restoration of the mine property. $69,865, was charged to depreciation reserves. New docks and storage facilities at Duluth are now projected, the cost of which will be paid from current earnings or working capital. Suspension of dividend in 1905 grew out of the necessity for working capital and $3,355,561 has been accumulated for this purpose up to Dec. 31, 1908. Securities of other companies, held by Pittsburgh Coal, Dec. 31, 1908, were $7,966,905. Officers: President, Matthew H. Taylor: First Vice-President, W. R. Woodford ; Treasurer, F. M. Wallace : Secretary, F. J. Le Moyne. Directors: James H. Heal. John A. Bell, John I. Bishop, Harry Bronner, Alexander Dempster. C. M. Underbill, J. C. Dysart, William Flinn. I). L. Gillespie, J. Den- niston Lyon. A. W. Mellon. Andrew J. Miller. George T. Oliver, Henry R. Pea. Grant B. Schley, M. II. Taylor, W. R. Woodford. Fiscal year ends Dec. 31st. Annual meeting. Feb. loth, Jersey City, N. J. Office. Pittsburgh. Pa. Traded in on the New York Stock Exchange (Listed Department) and on the Philadelphia and Pittsburgh Slock Exchanges. GIBSON'S MANUAL j;i Pressed Steel Car Company Originally, a combination of The Schoen Pressed Steel Co. and The Fox Pressed Steel Equip- ment Co., located at Allegheny and McKee's Rocks, Pa., and Juliet, Ills. Incorporated under New Jersey laws. Ian. 12, 1899. The company has been progressive and extended its field of operations from lime to time. Among the present subsidiaries arc the following: Canada Car Co., plant at Montreal. Central Car Wheel Co., McKee's Roclcs, Pa. Fidelity Land Co., lodging houses. Pennsylvania Car Wheel Co., Allegheny. Pennsylvania Malleable Co., McKee's Rocks, Pa. Western Steel Car & Foundry Co., Hegewisch, Ills., and Anniston, Ala. Under a large number of important patents, this company manufactures steel freight and pas- senger cars, wheels, trucks and steel specialties for cars. The plants are maintained in a high state of efficiency. Until 1004 average annual requirements were 195,000 cars. In 1905, 340.000 cars were ordered. Bonded indebtedness. Dec. 31, 1908 $1,310,000 Preferred stock, 7 per cent, non-cumulative, preferred as to assets. 12,500,000 Common stock 12,500,000 Total capital $26,310,000 EARNINGS. Year ending Gross *Earned on Dec. 31. Sales. Profits. Surplus. Common. 1900 $22,540,115 $2,075,181 $1,290,881 9v 6 % 1001 23,032,491 1,927,925 1,700,171 7- 2 7% 1902 • 33.883.5!9 4>578>"4 4-33M79 27.22% 1903 26,601,249 2.768,897 4,568,985 13. % 1904 4,498,268 Loss 707.111 2,531,874 Deficit. 1005 19,357,827 1,106,901 2,588,775 0.37% 1006 36,158,586 3-381,884 4-745.659 i7-25% 1907 36,443,304 2,907,920 6,413,570 13-34% 1908 8,589,422 265,478 5,694,057 o *After appropriations for depreciation and renewal, which, for the last two years, have been $350,000 and $365,000 respectively. DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred 7% 7% 7% 7% 7% 7% 7% 7% 7% Common 6% 4% 4% 5% 3% ° ° ° ° LOW AND HIGH PRICES, BY YEARS, SINCE 1900. IQOO IQOI 1902 1903 1904 1905 """' 1907 1908 Preferred .70V4 Sept. 72V2 Melt. 82^ Feb. 62!4 Nov. 67 May 87 Feb. 95 July "4 Nov. 69 Jan. Sg l / 2 Nov. 89 Apl. 96J4 Oct. 95 Feb. 92 Dec. ioi'/ Oct. 105 Feb. 90^ Jan, 102' , Dec. Common 32'^ Sept. 30 Mch. 39 Jan. 22^ Nov. 24' j May 33^ Jan. 43 July [5^ Nov. 171/1, Feb. S&M Jan. 52 Jan. 63 JX Oct. 6s->4 Jan. 41 M Nov. 58^ Dec. 64H Jan. 57 Jan. 45 Dec. GIBSONS MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. I907 • [908. [901 . 1 . f a . 1903. I • x .4 . [ 008 . Nov. ro. 1 1 . - .Pfd.. .Com. .Pfd.. .Pfd.. .Pfd.. .1 "■■111. .Pfd.. 1 .Pfd.. . * '. 'in. .Pfd.. . O ■in. .Pfd.. .Com. .Pfd.. Jan. 35 39 " 424 93 62 -; 33 1 . 14 1 47 57 i«i - 80 Feb. 74 il 39 •(■' 95 "4 7' ■ 39 97 53 - "V; 99 53 69J- 78 20J Mar. 83 86 |8 30 83 86 39 -4-i 92 944 -7 $6 . 96 3 54', 194 71 ■ [9! - Apl. 79 84 I' • 54 & . s. , 39 83 89 i" '"' 94i < I 72 -'4 J 99J 36 97 - 23 July Aug. Sept. ( »ct. Ma) 8 j 83 13 5< ' 1 554 -4l 27l 96 34 95 13 - 5*1 30 37? 87 31 Nov. .Pfd.. .Com. Pfd.. .Com. .Pfd.. 1 Kin. .Pfd.. .Com. .Pfd.. . Com. .Pfd.. . Com. .Pfd.. . Com. .Pfd.. .Pfd.. .Com. 76 41 40 - 85 - 88 45 80 40 - 54 77 i 34 38 43 99! 43 38 85 343 7i - 73 373- 4i 84* 43f 85 5i3 82 34 7r ' 77] 32 " 34 95 - 975 42 - 473 995 5°i- 553 91 25 - 33$ 95 - 97* 33 36* 39l 39 -4-'! 88 5' 7? I - 42 1 3*i-35 95I 'i"! i- -46 97i 52I 55 83 85 -5l-3 T 923-96 72 36 4* 83 37 - 41* 90 - 96J 56 - 6 3 i ' '7 77 26J 35I 84I 44! 96 -1 45 99i 534 67 t6f 26! 95 3i4 344 89J 43 - 80 - 87I 41 h 45 90 - 94 7" j> 1 91! 4i : ; 97 -IOl| 174 100 55 71 t5f- iSl 95 100 33S 4©i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. June 77l 42 87 87 49? -- 5' - 56i 68 - 71 25f 94 36I- 391 99 44 - 54 873- 90} 3i - 351 82 - 84 <*9i Dec. 8i - 853 52J 86 38 - 42J " 93 62i 65 - 70 24f 33i 87 - 92 344- 4i? 99 " IOI i 5if 583 98 - 99* 5i3- 55i 65 - 694 17 - 2l| 1 02 ! 38J- 45 Pfd. Com. Election 95 - . 13 14- 16. '7- 18. [9. 20 Pfd. 993 99 98 100 ■ * ■'; 99 21 1 '. .in 39I-40 38* 38* Pfd. Com. Nov. 23 98 - 98 38^-383 '■ 24 07-00 39 -39I 25 974- 99 39 "39i 26 Thanksgiving Day. " 27 07J- 00 .V))-.V'l " 28 -... 391-393 - 30 - -•• LOW AND HIGH PRICES. BY DAYS. DECEMBER. 1908. Pfd. < '••in. 383- 381-383 384 1 1 . 12. I.). 15. Pfd. 08 - 994 993 993 oo? r8 -... 21.. 99 "o: 1 '..ni. 39i-39i \2 \2\ \i\ 43 40J-41 Dec. 24. 25. 29. Pfd. 00! [OO too] 99J- liio Christ Extra lul', IOI I 11)1 j 102 I02 .? 1 I02 1 •■ill. 40 1-1 \2 -42J 43l mas Day I lolida) 138-444 423 43l 438-43< GIBSONS MANUAL 2/3 MARKET MOVEMENTS OF PRESSED STEEL CAR COMPANY, COMMON, FROM 1900 TO 1908, INCLUSIVE. REMARKS. While earning large sums, over the preferred dividends, in every year except three, this company has aimed to keep its resources well in hand and to accumulate a strong working capital. A branch of the business, which assumes more importance every year, is the manufacture of steel passenger cars. While orders for this class of rolling stock have come so far, mainly from sub- way and elevated lines, one was received in 1907 for steel passenger coaches from a leading overland trunk line. It is expected that these cars will, in due time, become the accepted standard for passenger travel, if the existing antagonistic public sentiment toward railroads in general shall change. Total capitalization has remained practically unchanged since 1900. Securities owned, 1907, were $2,538,554. No dividends are received from this source, however, the subsidiary companies requiring their profits for working capital. Reduction of business in the latter part of 1907 brought some small compensation in reduction of the cost of labor without diminution of efficiency. 1004 was the poorest vear this company ever saw; there had been no such depression in the in- dustry since 1893. Competition was keen, and rather than take business at a disastrous loss, the com- pany stayed out of the market until the revival in the last three months of the year. tqoS was, however, another bad year. During the last nine months, the freight shops were prac- tically idle, and only about 10 per cent, of the usual number of men employed. The works of the Penn- sylvania Car 'Wheel Co. were closed the entire year, but some orders are now on hand. In a good year the railroads require about 200,000 new cars, besides those built in their own shops, whereas in 190S. the railroads ordered only 39.000 from car builders. The outlook in 1909 is for improvement. Officers: President. Frank N. Hoffstot : First Vice-President. J. W. Friend; Treasurer, P. G. lenks; Secretary, Adrian H. Parkin. Directors: James A. Blair. James H. Reed. F. N. Hoffstot. A. S. Matheson. T. IP Given, I. W. Friend, James N. Wallace, F. G. Ely, Adrian H. Parkin. Fiscal year ends Dee. 31st. Annual meeting, third Wednesday in February, Jersey City, N. J. Main office, Pittsburgh. Pa. New York office, 24 Broad Street. Traded in on the New York Stock Exchange (Listed Department). 274 GIBSON'S MANUAL Pullman Company Incorporated in Illinois, Feb. 22, 1867, as The Pullman Palace Car Co., the present name having superceded the old one, Dec. 30, 1899. The principal rival of this concern, The Wagner Palace Car a Vanderbilt enterprise, was purchased Jan. 1, 1900, the capital stock being raised from $54,000,000 to $74,000,000 for that purpose. The new stock, $20,000,000, was paid to the Wagner Company and rep- resentatives of the latter entered the Pullman board of directors. Manufacture of palace, dining and sleeping cars is carried on mainly at Pullman, Ills., but there are other shops at Buffalo, N. Y., formerly owned by the Wagner concern; St. Louis, Mo.; Ludlow, Ky.; Denver, Colo.; and Wilmington. Del. Freight cars are also produced to some extent and latterly from steel. The original capital was $1,250,- 000, but extension of the operations of the company has required successive additions to the stock, un- til it has now reached the sum of $100,000,000. Total number of employes in 1907 was 25,308; in 1908. at Pullman, 5,713. Capital stock $100,000,000 EARNINGS. Year Ending Cars Passengers Total Net Profits Earned on July 31. Made. Carried. Revenue. of Year. Surplus. Stock. 1900 16,704.1 1 1 7v5 2 ^76 $15,022,858 $6,623,476 $4,875,943 8.95% 1901 16,424,790 9,618,438 17,996,782 8,786,221 7,762,279 11.87% 1902 19.416,021 10,753,643 20,597,903 8,934.674 10,778,030 12.07% 1903 22,546,878 12,321,260 23,120,713 9417.688 14,275.749 12.73% 1904 22,838,400 13,312,660 24,788,738 8,661,591 18,017,374 11.7 % 1905 16,512,387 14,969,219 26,922,023 10,054,554 22,151,946 13-58% 1906 27,718,992 16,253,947 29,588,642 10,890,059 27.122,020 14.71% 1907 37,019,027 18,020,379 32, 186.OI3 H-626.333 *5,265,220 11.62% 1908 24,813,385 18,603.067 31.620,241 9.788.924 7.046.787 9.78% *Reducti<>n of Surplus Profits account due to 36 per cent, stock dividend, calling for $26,015,225, the stock being raised from $74,000,000 to $100,000,000, by vote of Nov. 14, 1906. DIVIDENDS. [9OO tool 1902 I903 IOO4 I905 [906 I907 I908 ' 8% 8% 8% 8% 8% *8% s\ 8% *In addition to 36 per cent, stock dividend, Nov. 30, 1906. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 101 Ml 1901 1902 1903 1904 1905 1906 1907 1908 176 Tunc 204 Dec. 195^ Jan. 215 Jan. 196 July 209 Mch. 230 May 180 Dec. 225 Oct. 250 Apl. 235-J4 Jan. 242 Nov. 258 Aug. 270 Nov. 135^ Nov. 181^ Jan. 147 Jan. 174 Nov. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. Ma\ June 1900 187 -I89J 186 -I89J 183-187 182-1883 180-185 176-183 IQOI I954-203 1064-2014, I98J-2I0] 209-217 I98 -211 208-212 I0O2 215 -223 219 -222^ 220 -24O 234 -250 234 -245 235 -235 IQO3 23O -235,' 228 -235 230 -23O 215 -222 2093-219 206 -2IO IQO4 215 -2I9J 2IO-2I5^ 209 -2l0i 2IO-2I3 2IO-2I2 2Il4-2l8 IQ05 237-248 242-254 242-250; 238.] -248 '. 23O-24O 237-24O IQO6 242-247? 243-245 2364-240 220|-239| 2I93-23li 220-231 1907, 170 -181 1 ioSi-17!^ 150-168 1611-170 160I-168 1581-162 1908 147-160 149-150} r 50 -154 151 -i6i^ [S7-IS93 I55i-I59i GIBSON'S MANUAL -75 July Aug. Sept. < >ct. Nov. Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. 1 900 1 901 1902. . . . 1903.... 1904. .. . 1905 1906. . . . 1907.... 1908. . . . Nov. 2. 3' 4> 5 6, 7 " 9. " 10 1 1 1 tec. 1 . 2 " 3' 4- ','. 5 ' 7 " 8, " 9 TO 179 -183J 204|-209^ 236 -25O I96 -211 220 -222 239 -41 4 2l8 -230 l60 -l62Jj i 5 8i-.ri81 182 -188 204 J -208 I 240 -246 208 -220 217 -220 240 -258 2352-250 153 -163 165 -i66i 182 -187* 205 -215 233 -240 205 -218 2l6i-220 247I-256 247 -268 1552-158 T60J-165 185 -191 213 -225 23O -236 209 -2I7| 225 -23I 249 -J.;; 1 , 255 -264J 137 -157 [62 1654 188 -199 213 -220 222 -23I 2I3J-2I6 225 -242 244 -252 1895-270 1354-140 169 -174 I99i-204 211 -2l83 222 -23O 215 -2i8| 231^-240 -'45 -250 180 -189 144 -I48i 1684-173 Low. High. Election Day 169 173 173 1695 171* 172 173* 173 Low. High 26 Thanksgiving Day. 27 ^ ••• 28 172 172] 172I 172! LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. ^ 172! 172 Low. Dec. High. 22 23 24 25 Christmas Day. 26 Extra Holida) . 28 29 30 3i 170 170 170 REMARKS. In November, [906, The Pullman Company resolved to erect a plant at Pullman, to cost $1,000,000 or more, for the manufacture of cars or parts of cars from steel, particularly with regard to freight cars. The only balance sheets published by this corporation are those required by law to be filed in Massachusetts. The company reports "securities owned," as $8,203,858 (par $6,958,917) exclusive of $2,331,672 of treasury stock (par, $1,682,500). ( >ct. 24, 1898. by order of the Supreme Court of Illinois, The Pullman Co. was required to dis- pose of the realty, improved and otherwise, not acquired for the prosecution of its business. The property included churches, schools, residences and mercantile buildings, as well as vacant lot's. The time limit would have expired Feb. 18, 1904, but was extended for five years from that date. Sale of the different parcels has now been practically completed. Pullman stock sold down from 270 in November, 1906, to 180 in December, ex-36 per cent, stock dividend. The lower range of the stock since that time indicates in part the effect of heavier capitalization. It is to be noted that the building of cars for sale ceased almost completely at Pullman during the first six months of 1908. Officers: President. Robert T. Lincoln; Vice-President, John S. Runnels; Treasurer, K. Demmler; Secretary, Alfred S. Weinsheimer. Directors: Henry C. Hulbert. O. S. A. Sprague. Robert T. Lincoln. Norman B. Ream, William K. Vanderbilt, J. Pierpont Morgan, Frederick W. Yanderbilt, W. Seward Webb, John J. Mitchell. Chauncey Keep, Geo. F. Baker. Fiscal year ends July 31st. Annual meeting. Thursday after the second Saturday in October, Chicago, 111. Directors meet on call. Main office. Chicago, 111. New York office, 15 Broad Street. Traded in on the New York Stock Exchange (Listed Department). GIBSONS MANUAL Railway Steel Spring Company \ consolidation of all the importanl factories of railway springs, steel tired wheels, and othei supplies, under a New Jersey charter, taken out Feb. 25, [902. There are seven constituent concerns, iiaineK : A French Spring 1 ( harles Scott Spring Co. I (etroit Steel & Sprinj 1 .atrobe Steel Co. National Spring 1 !o. Pickering Spring < 1 1. Steel Tired Wheel Co. The companj also took over the railway springs department of The Crucible Steel Co. ft ha ec. 31, [908 $4,083,000 Preferred stock, 7 per cent, cumulative 13,5001000 Common stock 13.500,000 Total capital $31,083,000 EARNINGS. ear ending 1 >ec. 31. Net. 1902 Not Reported. 1903 1904 1905 $1,089,943 r .949.994 1906 -2,341,120 1907 1 90S 2,320,137 975'"" Surplus. $903-78S 1 .705,885 1,580,871 2,045,899 2,236,465 2,854,995 2,270,942 Earned on t iommon. 1.07% 8.749! 8.58% def. 1902 Preferred 5 Common o DIVIDENDS. 1903 7% o 1904 n 1005 4% I I K l< > 4% 1907 4'' 1908 391 Preferred 1 •■niiiion LOW AND HIGH PRICES. BY YEARS, SINCE 1902. 1902 1903 1904 1905 1""" 1907 M'l. 1'«>N 67 Nov. 7\y A Mch. 93 Ian. 9/ « July 72 Nov. 75 Ian. 90 Feb. "4 Dec. L06 Nov. 107 Tan. 99J4 Feb. 103 Dec 16 16 May May 44 May 21 ! Oct. 23\j I cb 37 3S Nov. Dec. '•-'■, Ian. Ian. 40' Nov. 3 4 5 7 10 1 1 LOW AND HIGH PRICES. BY DAYS, NOVEMBER, 1908. I'f.l. Com. 96J- 96$ 40H '' Election Day. ....... 42I 13 44 -45 J 15! ■».= • \~\ \S\ 45i*46| 99 100 100 100 99 100 TOO IOO IOO Pfd. Nov. 12 1 <»>'.- 1' « <\ " 13 •-••• 14 in ■>.'.- KX). 1 . 16 .-... '■ '7 -••• 18 roof-iool "I -... 20 " 21 -... 1 .>m. 15 14i-4S 11,-44; 441-45', 441-44! 43S-433 Nov. 23- 24 ■ Pfd. roi -101 t 'mn. 26 Thanksgiving Day. 27 "•• 28 -.. 3" -•• 43f-43i 43 -43 GIBSON'S MANUAL 277 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. Pfd. Com. [MM. Com. 1 tec. T . . . - ....... Dec! 11... ....... 43§-43h Dec. > > km -101 46.',-4<) •* 1 1 1 - 1 03 433-431 '• 12. . . ....... 43i-433 tt 23... . ....... 48 -48-J tt 3- ■• ...... " 14. .. 45^-471' " 24... -••• 481-4<> it 4... -. . . ....... " 15... ....... 43^-44:'! • > 25... Christmas Dav. a 5... 102 -102 43 -43? " 16... 101 -101 44 -44' a 26... Extra Holiday it 7. . . . 102i-I02i 4-':7-4-'7 n 17... ....... 443-453 (< 28 . . . . . io2.!-io2.V 49 -49I tt 8. . . -. . . ....... tt 18... . IOO -TOO 45 -453 ti 29... .. 1 02?,- 10 >i 48 -40} t( 0... ioi-1-ioiJ ....... a 1 . . . ....... 453-47 i{ 30... . io2.\-to2! 47r4 ,s - a 10. . . "... 43 -43i u 21 . . . ....... 46J-47 a 31... .. I02i-I02i 48 -484 REMARKS. The capacity of this company has been increased to 225,000 tons annually, and 62,000 steel-tired wheels. Reports are scanty and little information is supplied to the public. Gross earnings, 1908, first information on this point, were $5,920,464. A material reduction of business in 1908 was admitted, due to the general dulness of trade. The plants have been maintained in a high state of efficiency, in expectation of a revival of business in 1909. Officers: President, \Y. H. Silverthorn ; Vice-President, F. F. Fitzpatrick ; Treasurer, E. Mc- Cormick; Secretary, M. P>. Parker. Directors: Julius E. French, W. H. Silverthorn, S. L. Schoon- maker, Frank S. Layng, Charles Miller, James W. Fuller, Frank 0. Barstow, Philo N. French, Win. M. P.arnum, Chas. W. Barnum, Geo. G. McMurtry. Fiscal year ends Dec. 31st. Annual meeting, first Thursday in March, Jersey City, N. J. Di- rectors meet on call. Office, 30 Church Street, New York. Traded in on the New York Stock Ex- change (Unlisted Department). GIBSONS MANUAL Reading Company Iness, June . 538 ; preferred stock (pa umulative. . .. "ii.l preferred stock (pai cent, non-cumulal lock (par !j :1 »jii J 1 i I ;i 1 • 538 the tirM for i»" years, ihc 1 inpanj has the n^ln common and one-half into 1*1 r - 1 ; Mileage, Phila. & Reading Railway 1 • Per mile capital me 903 Fixi ges, 1908, including taxes, pei cent, of net income, all 63.18 1 Iperating expense, per cent, of gross. Phil. & Reading Railway, new 1 >:i-t- '■) -, : i EARNINGS, ALL COMPANIES. Vear Year's Earned on Ending ttal Fixed Surplus Accumulated Reading Inn. Net Income. Charges Over Divs. Surplus. Common. 1900 $14,303,115 $12,365,115 $1,098,000 253.499 1 'C <3-^7-55 ' 1 7' • 7'7 v*7'-7-4 " _• 16,293,992 '4.35 ( >'- I/>94^93 86,616 j 19,416,232 14.405.jjj 3,831,010 8,237,623 3.079! 21,872,938 I4o89.3 7 5.693.63 1 1 1. Si 1, .4;-. 24,242,865 14,683,967 4,308,898 14*445.353 ''' ... 21,895,324 14.554.35S 1,740.96 826,320 1907 23, 2 73. 8 53 '4-«'7''-757 2,697,096 22,523416 1908 24,185,745 15,281,687 3.304,058 25.827475 EARNINGS. PHILADELPHIA & READING RAILWAY. War End Gross une « )].. Rev. 1900 . . . • 1901 . . • ■ 28,344,169 [902 29,515,534 1903 ■••• 32429,791 [904 . . . . 34.939.396 $7,495,719 . . 40,563.725 1907 13.528,936 " 1908 10,902,538 **Net Net P. 1 Earned ■ >n Income. of ( ir. - Surplus. Stock. $9,649,558 35 $74 3 7iJ° 9,777,820 34-5 [,568,175 .\% •536 364 4.587 6.13% 11,836,528 36.5 5,112,102 11,- 1 v,-. K>.804 39-47 8,368 21 5* 17.004.933 45-35 [0,387,530 36.7* 1 1,887,202 36.7 9.77- 21,., 15,791,671 36.27 9,816 5,639 39-77 10,162,1 66 3»7 tion li .1 in fixed charges. EARNINGS, COAL & IRON CO. Jim. 23 1.174 ■ ;ji Mining $u,it 1,978 76,964 17.3; 16.904,915 11.729 26,334 I'm ight Expi 7.76 1.79 7,192 - i.i.i -- 2,183 Interest and < Mlu 1 uses. $7.37 7.795.173 7.07$ 8.765,188 9,183464 8,712 9.917 8,128 Surplus of ^l . • < .^7-'"'.n 1,709 def. 183.532 77 91 5 def. 130 def. 71 207,524 P. & 1 83! 652,1 16 i.)jj. j6i l.u 1 .j;.i..|j" 1,188438 r,395.962 GIBSON'S MANUAL 270 LATEST REPORT. Earnings of both companies, for seven months, ending Jan. 31, 1909, compared with last year, were : Gross. Net. 1909 $43>833>846 $10,428,625 [908 50,605,342 11,968,714 DIVIDENDS. 1900 1901 1902 1903 1904 I905 1906 1907 1908 1st pfd 2nd pfd . . . Common . • 3% . 4% 3% 4 % ■ 4% ihfo 4% 4 % 4 % 3i% 4% 4% 4% 4% 4% 4% 4% 4% 4% Note: Phila. & Reading Railway pays to the Reading Co. 30 per cent, a year. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 ist pfd. ...49 Jan. 65 May 79% Mch. 73 Sept. 76 Mch. 71^ Dec. 82? s Dec. 90% Sept. 89% Feb. 92 Dec. 2d pfd. ...26 Jan. 38 Jan. 60 Jan. =5534 Nov. 5514 Feb 39J-8 Dec. 64^ Dec. 8o?s Sept. 81 Jan. 85 Dec. Common ...15 Sept. 24^ Jan. 52^ Mch. 37 1 /, Nov. 38^4 Mch. 26 Dec. 58 Dec. 78^ Sept. 69^ Jan. 82^ Dec. 90 May 97 Sept. 84 Jan. 100H Sept. 79 Jan 89 Sept. 96 Jan. 90 May 102 Jan. 112 May 73 92 67 94 Oct. Jan. Nov. Jan. H3 3 A Nov. 164 Jan. 7oy 2 Oct. 139^ Jan. 78 Jan. 92 Dec. 76 Jan. 99 Dec. 92^ Feb. I43J4 Dec. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. ■ Apl. May June 1900 1st Pfd. 49 - 56^ 53I- 60 s6i- 654 2nd Pfd. 26 - 294 28|- 303 28I- 34§ Com.. . . 174- 19 184- 19! 17 - 2o§ 1901 1st Pfd. 68i- 77 70 - 77 695- 76J 2nd Pfd. 38 - 47I 39i-46 40 - 5^ •- Com. ... 244 -36 294- 35 294 -36i 1902 1st Pfd. 8oi- 83! 8r4- 84! 79h 82 2nd Pfd. 60 - 66| 624- 70+. 04^- 694 Com. . . . 53f- 59 55I- 594 52$- 584 1903 1 st Pfd . 854- m 854- 89! 84 - 85^ 2nd Pfd. 74 - 81 72,1- 78 70 - 74 Com.... 59J- 694 60 - 653 57 - 624 1904 1st Pfd. 77\- 81 79 - 80 76 - 794 2nd Pfd. 59-62 55i- 58f 56-604 Com. . . . 43f- 48 39^- 45I 38I- 45! 1905 1st Pfd. 914- 93^ 92 - 94 91 - 92^ 2nd Pfd. 84-89 88-92 891-91! Com.. . . 79 - 903 88 - 974 924- 99I 1906 1st Pfd. 92I- 96 92 - 944 89I- 92 2nd Pfd. 96J-102 99^-101 978-98 Com.... 134^-164 i34|-i44f I2 5 - J 37 1907 1st Pfd. 894- 92 88 - 90J 84 - 89 2nd Pfd. 90 - 94 88 - 90 83 - 90 Com.... 1 194-139^ 112^-126! 91 -1264 1908 1 st Pfd . 78-84 80 - 834 84 - 84 2nd Pfd. 76-82^ 764-784 764-804 Com.... 944-H] 924-103! 94i-i°7| 58 - 66* 3°t- 35$ 184- 214 74i- 784 49l- 57i 344- 424 8ii- 87 67i- 744 563- 684 814- 84! 66-70 514- 60 784- 79i 61 - 66 43$" 45$ 9i - 93 90 - 914 88f- 99 894- 92 90 - 98! 120 -140 84 - 864 83-85 103 -114 80 - 82 80 - 8if I02§-II2 54 - S9i 264- 3 1 * i6i- 184 65 - 8oi 39 - 59i 34 - 464 82 - 86f 664- 72f 59l- 684 82 - 85 664- 7ii 47$- 56$ 78 - 784 59 - 624 4of- 444 90 - 92 854- 87 864- 944 91 - 924 90 - 984 112 -1424 80 - 844 77h 83 964-115$ 82I- 874 81 1- 864 1071-119! S4i- 59§ 264- 31 16 - 18 77 - 8o3 544- 583 43$" 484 824- 854 674- 71I 61 f- 68 8oi- 84 60-70 4i$- 52$ 79 - 824 624- 674 434- 484 90 - 92 87 - 9i* 914-1002 92 - 93 95 - 97 1204-1453 80 - 82 784- 82 97 -1074 804- 824 814- 84 109I-1174 2& I GIBSONS MANUAL [900 1-1 Pfd. 2nd Pfd. G mi. . . . [901 1st Pfd. 2nd Pfd. Com.. . . UK'-' 1st Pfd. 2nd Pfd. Com.. . . 1903 1st Pfd. ' 2nd Pfd. Com.. . . 1904 1st Pfd . 2nd Pfd. Com.. . . [905 1st Pfd. ' 2nd Pfd. Com. . . . [906 1 >i Pfd . 2nd Pfd. Com.. . . 1907 1st Pfd: 2nd Pfd. Com. . . . 1908 est Pfd. 2nd Pfd. Com.. . . July. 5 8J- 6i| 28 - -o; io L \- 17: 73 - 798 47 1- 57 361- 47 83!- K 7 ! <"i 73i |'5 : ; 00; 80 - 833 66 - 704 46I- 52f 82 - 834 67 - 7 2 i 46! 54l 01 I- 95 01 \- 96 mm: h.S'; 92 - 93 90-90 1164-132 79 m 794- 80 iooi-108; 82"- 8 3 3 83I- 8 4 3 1 12; 1 22 1 Aug. 56^- 60J -7\- 29k k. : ;- 17I 7-^ 79I wl- 563 39 - 45* 86 - 88 724- 76i 66| 70J 79k- 82 65 - 7°8 4SJ- 58* 83 - 85* 70 - 75i 5 if- 63 9 2 4" 951 91 A- 96 [033 i25 : ; 90J- 93 94 - 95 [29I-144I 793" 8l 4 75 _ 7? 85i-io3i 8 4 §- 87 84 - 884 121 [-130! Sept. Oct. Nov. I >ec. 5oJ- 575 23!- 27! 15 - 10: 73 i 77i 49 1 563 384- 45i- N5A QOi 74 - &>3 64 - 78i 73 - 79 62 - 70 434- 551 84 - 862 74 - 78i 1 i 1 1 - 70 91 - 97 93 -iooi 1 I4f-i24 89 - 90^ 92 -100A i.V'l 1 5K s, , 82 7? ' 80 904- 08| 86 - 88 85 - 88 [204-137I 53*" -'51 1 Si 74 \* : ; 3&i 83i 73l 65 - 744- 60 - 434- 774- 68J- 9i4- 974- "94- 90 - 952- 138- 73 - 67]- 7oi- 871- 86 - 1264- 6o£ 29! 19I 774 545 13- 881 80 733 774 "l 4*- 881- 82 7/4 95! ioo,i 129I Ml IOO '55 I 84 75 95 J 89 881 134! ?7', "5 271- 174- 77 "I 534- 423- 84 - 7" - 523 75 - 554- 37i- 874- 794- 7o2- 9i4- 96- I28J- 90 - M"J 1384- 73 ■ 67 - 72J- 87^ 85 ■ 13 1 1 32i 20 1 81 613 52 88 77 '.-' 673 77 62^ 46" 8ii 784 04! 1 43 i 9i 98 15". 77 \ 69 90s 90 90 141.! 62g- 304- 193 7»3 553- 45- 833 7- 533 754- 58- 405- 8oi- 73l- 9if- 95 - 1333 89- 963 129 - 74 - 74 - *7- S83- 88 - i35§- 7'A 39s 26 823 643 58 873 783 673 784 6i| 47! 92 85 82| 93 973 [4i3 Ml 1523 75 7" 973 92 99 i43i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2nd Pfd. 86 -86 ist Pfd. 88 -90 Election 88 -90 884-894 4 86 -86 5 86 -86 6 85 -864 884-89* 7 863-87.I 894-894 m 88-88 90-90 10 881-89 89 -90 11 89 -893 89 -894 12 87-80 894-894 13 87^-893 88 -89 \ 14 89 -89 89 -90 [6 884-884 88 -884 Com. I3if-I33t Day. i3.Vs-i35 135 -1364 1354-I36i 137 -1374 I36|-I39§ 1381-1404 I36§-I395 1374-139 1384-1404 i385-i4of 1 384-140 J Nov. 2nd Pfd. istPfd. 17 884-89 88 -88 i8 89 -89 89 -89 IM -90 . . .-90 20 874-89 874-89 21. -'.V 24- 25- 26. ->7- 28. 30. 87 -89 88 -89 87 -89 88:1 So 88 874-87! 874-874 884-89" Thanksgiving 88 884-884 -88| 874-89 Com. 1394-MI4 I38f-I4li i374-i3ol 1353-13^ 136 -137' I35I-I373 1364-130. 139 -140I Day. 1394-141 I39f-i4i I38#-I4o! LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I >ec 2nd Pfd. ist Pfd. 88 -88 Com. 1381-1404 2 - -..- I374-I404 3 - .-.-• 1374-1384 4 - -••• I384-I39S / ■ ■ 8.. 9.. 10.. 92 -92 883-88$ 89 -89 11 90 -90 12 904-903 14 90 90 881-99 90 -93 92^-96 94I 963 934-953 044-05' 943-943 94 -"4 I38!-I4if I394-I4I 140 -141 1 I4lf-I42f 1414-142! I4I4-M34 141I-142I [404-I433 15 90 -90 ....... 1393-141 16 004-903 "4 -943 1393-141 s De< 2ii«l Pfd. 90J-91 91 -91 ist Pfd. 93 "93 92 -92 Com. [38I 141 138 -139! 138 -139I I35S-I384 1 36;-i39 17 18 19 21 -. . . 92-92 22 Mii-Mri ....... 23 014-91J •••-••• r38|-l40j 24 -... 94-944 1394-MOs 25 Christmas Day. Extra Holiday. . . 92 -92 944-95 T 40 -141 - 92 -02 ....... 140^-142! . . M2 -92 934-933 1404-142I - -■■■ M^-M^:! 2(x 2*. 29. 30. 3 1 - GIBSONS MANUAL 281 MARKET MOVEMENTS OF READING, COMMON, FROM 1900 TO 1908, INCLUSIVE. REMARKS. Securities owned by the Reading- Company, Juno 30, 1908: Total, $123,7111 .--5- comprising $20,000,000 of Philadelphia & Reading Railway bonds, $23,066,116 of bonds of sundry companies, $20,- 000.000 (the whole issue) of Philadelphia & Reading Railway stock, $8,000,000 (the whole issue) of Philadelphia & Reading Coal & Iron stock, and $52,695,109 of stocks of sundry companies. 282 GIBSONS MANUAL In addition to the foregoing, the Coal & Iron Co. is rated in the list of assets at $75,241,270. A controlling interest in Central Railroad of New Jersey was purchased in January, 1901. I Iir Reading Company dates its corporate existence from 1871. but was originally called the Excelsior Enterprise Co., later the National Co. In 1896, the present name was assumed, in order to carry out a reorganization of the Philadelphia & Reading Railroad, under the plan of December, 1895. 1 1 has power to hold the securities of the constituent companies and operate the entire system. Baltimore & Ohio ami Cake Shore & Michigan Southern practically own control of the Reading Co., by virtue of purchases of about $60,000,000 of its stock in 1902 and 1903, mainly the preferred shares. There are no convertible bonds of this system. The coal lands of this company comprise 91,640 acres, and 7,323 acres more are leased. In the fiscal year of 1908. there were mined 10.218.3Qj tons of coal. The right to mine coal is derived from the State Constitution of 1873. The Hepburn Rate Law having required all coal railroads to divest themselves of their mining properties by May 1, 1008, the Reading Company contested this infringement upon its constitutional rights and has won the case in the lower courts. The case has been taken to the United States Supreme Court and a hearing set for January 4. 1909. Officers: President, George F. P.aer ; Vice-President, W. R. Taylor; Treasurer, H. E. Paisley: Secretary, \Y. R. Taylor, Directors: George F. Baer, Henry A. DuPont, Henry P. McLean. Samuel Dickson, Joseph S. Harris. II. McK. Twombly, Edward T. Stotesbury, Henry C. Frick and Oscar G. Murray. Fiscal year ends June 30. Annual meeting, first Tuesday in June, Philadelphia, Pa. Directors meet third Wednesday of each month, except July and August, when no meetings are held. Office, Philadelphia, Pa. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Ex- change. GIBSON'S MANUAL 283 Republic Iron CBi Steel Company A corporation, formed under New Jersey laws, May 3, 1899, as a combination of more than 30 rolling- mills, steel foundries and blast furnaces, with a very nearly equal number of iron ore, coal, coke and limestone properties. The factories are located in Ohio, Illinois, Indiana, Pennsylvania, Kentucky and Alabama, and the mines in Pennsylvania. Alabama, Michigan and Minnesota. A part of the valuable iron ore possessions of the company lie on the Mesaba and Marquette ranges. The company has improved the equipment inherited from constituent concerns, by the erection of new and modern steel plants, blast fur- naces, coke ovens, etc., thus increasing the quantity and reducing the cost of its output. The manufactures of Republic Iron & Steel include bar iron, steel rails, steel billets, pig iron, structural shapes, nuts and bolts, axles, and a variety of small specialties. In 1907, 10,649 lllcn wCre employed. Its ore reserves amount to 88,685,439 tons in the South, 35,427,796 in the North; total. 124,113,235 gross tons. Bonded indebtedness, June 30, 1908 $8,891,000 Preferred stock, 7 per cent, cumulative and preferred as to assets. .. 20,410,900 Common stock 27,191,000 Total capital $56,498," H - > EARNINGS. Year ending Surplus Earned or |une 30. Gross Sales. * Net Income. Account. Common. 1900, 141110s Not stated. $3,643,729 $2,222,050 8.16% 1901 " 309,099 1,109,666 o l<)02 $24,430,680 2.248,832 1.934.389 3-°3% [903 25,647,170 2,740,900 3,248,206 4&3% 1904 17,242,569 def. 254,188 2,636,722 o [905 22.188.S43 1,704,202 4,010,330 o 1906 26,196,439 3.3-"M/0 **3. 133,284 4-8i% 1907 31,227,424 4,344,811 **3,799,964 8.4670 1008 18,693,882 2.527.449 4,699,527 3-3 T % *Less improvements and depreciation charges. **Full arrears of preferred dividends, charged against Profit & Loss in these years. Year ending Finished and Pic Iron, Ore, Coke, Tune 30. Semi-Fin. Tons. Tons. Tons. Tons 1002 v ri ,6o9 376,297 539,6i3 149,699 190} '=77.222 3*7-717 7 2 4,797 347,646 1904 456.833 377.565 864,957 250,520 1905 672,012 442,640 794,167 256,264 1906 742.43S 493.344 970,106 343.485 1907 804,30. . 614,954 947. 69 521.561 iqo8 434.230 494. 6 /6 1,025,460 426,968 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred 7% 7% 7% 7?> ° T t% 7% 7% 3i% Common 000 000000 Note:— Full arrears of accrued dividends on the preferred were paid in the fiscal years of 1906 and 1307, by extra disbursements quarterly, the requisite amounts being charged against Profit & Loss. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. igoo 1001 1002 1903 1904 ip°s T 9°6 1 9_•! 4<>i- 493 64- 83 67-71% >5 " i7« 104I-1104 3 2 - 39 1 1" -100 335- 4i 66£- 7*4 16 - [81 July. 53 " 5*1 ioi- 13 69!- 76J 17 - 22 [ 72|- 77 [7 - i 9 2 ''4 - 74 i 41 - 46 61- 81 78I- 84 10I- ->i! 92J- 993 24 - jm! 82 - 85 26f- 30 66|- 741 I7f- 2lf Feb. 07.!- 70S 58- 65 13S- 685J tsl- 7 8|- 21 - 41 - 68*- 16 - 102 29 Mch. 95? '7i 71 1 '71 8ojj 22 1 45 8^ 231 108J 36J 99 32i- 364 65 - 68 '4 : ;- 17 Aug. 40 - 55 9 - 132- 72 - 76^ I 8.',- 21* 751- 7X1 .8',- 21* 59 - 68 _>!, 76 20 79 20 48 '7 743 is; 724- '7/ 75$- 18 - 41*- 6S 71 « 174 94 84; -4: 1035 25 - 324 81 - 88 J 253- 3 1 \ 64 - 7\\ M» !- 19 Oct. 5' : ;- 57; 11 - 15 j 64 - 67 144- 15S 764- 81 19s- 23! 504- 63 74- io_ 47 - 54s 9 - 13 9 2|- o8g 234- 27J 96 - 99 34 : l- 393 5o4- 73s 12 - 20J 78 - Si I 21 - 24! .May. 59 78 2] 52 12 67 ' '5 724- I"-: 743- MA- 37 • 6 ■ 683- is4- 91 ■ 22*- 8l ■ 23 - 66 - 17 - 75\ i9i 78S i'i; 423 7 76 [9! 103I 29I 86*. 29 72 3.; X"\ . 5"!- 65I 13 - [94 66 - 71 >| Ms- l6| 74 - 79 18 - 22 36!- 52 5f- 7 s 53 - 734 i.l- i8i 92 J- 1 04 23]- 33l 974-ioii 343- 38^ 544- 614 12J- 171 Si]- 89* 244- 29 June. 494- 58 i 82- 14I 744- 78 19 - 24 7^'r 75s 17 - i8i 734- 764 134- 16 38 - 423 6J- 64 7i3- 79 163- 20+, 94 -105] 25I- 31! 81 - 86 J 24 - 27} 63 - 7i3 [6§- [9J Dec. 62^- 653 15 " 1/ 654- 693 14.'- i6* 74 !- 78J 17 - 21 38 - 434 6 - 7 s 65 - 7i5 14 - 18 1023-108 32 - 364 96 -103I 37 " 4lf 62 - 70 154- ISA 85i- 87 s 24 - 2j'i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. N< 2. Pfd. 81I-S1I 8if-8 3 i 834-844 3 . . . . 4. .. . 5 . . . . 6 843-86} 7 87 -87J 9 86I-87! 10 87 -873 11 86£-87i Com. 244-243 Election. 24f-25 254-254 25I-26I 273-28 27 -283 27 -27i 26JI-27I Pfd. Nov. 12 87 -88f " [3 883-89* " 14 89 -89} •• 16 88.I-89 " 17 88.V-89 " 18 88 -88* •• 19 88*.-88* " 20 864-881 " 21 87 -873 Com. 274-28f 281-29 283-285 283-28* 283-283 273-28* 273-274 27 -27I 27 -27! Nov. 23- 24- -5- 26. 28. 30. Pfd. Com. So. ',-87 27 -273- 86J-88 27I-273 88 -88| 273-273 Thanksgiving. 873-88 273-27I 873-873 273-273 87 -87* 27 -2: L / 1 LOW AND HIGH PRICES, BY DAYS. DECEMBER, 1908. Pfd. Dec. 1 87 S;i 2 864-86^ " 3 -••• '• 4 86 : ; s r 5 864-87 " 7 86 -86J " 8 86 86} •• 9 863 863 " k. 86f-86j ( mil. 26!-27! 26J 27 i , 26J-2(H 26J-26J Pfd. Dec. n 86 -86| 12 86 86 ... 864-86S ... 86 -86 . . . 86 -86 ... 86 -86* >4- 1 5. in. >7- 18 85f-86 19 *53 *5- 21 8 5 !-s 5 e i "dm. 26f-26| 26J-26| 26! 27! 26I-26! 26 26I 253 261 25 ^5\ 24 -25 I )ec. 23- 24- 25. 26. 2*. 2V,. 30. 3i- Pfd. 85*-85i 85l-85s Christ Extra 864-87 873-873 86 -Z 7 \ 86 -86 Com. 244-244 243-25 253-253 mas Day. Holiday. 253-26 2^-2(K 2^,l-2h 25^ -25'; GIBSON'S MANUAL 28s MARKET MOVEMENTS OF REPUBLIC IRON & STEEL, PREFERRED, FROM 1900 TO 1908, INCLUSIVE. REMARKS. The company was seriously affected by the business depression but greater efficiency of labor is re- ported and a reduction of manufacturing cost. Payment of the July dividend in 1908 was deferred, because the general mortgage requires that net quick assets shall be maintained at $6,500,000, while the outstanding bonds are yet more than that amount. Physical condition of the properties is well maintained by liberal annual appropriations for recon- struction, depreciation, etc. Officers: President, Tracy W. Guthrie; Chairman, John A. Topping; First Vice-President, Thomas J. Bray ; Treasurer and Secretary, Harry L. Rownd. Directors: Edward J. Berwind, Samuel G. Cooper, John W. Gates. Grant B. Schley, G. Watson French, j. 1!. Duke, HarryiS. Black, Tracy W. Guthrie, John A. Topping, Leonard C. llanna, Earl \V. Oglebay, and Harry L. Rownd. Fiscal year ends June 30th. Annual meeting, third Wednesday in October, Jersey City, N. J. Direc- tors meet on call. Main office, Pittsburgh, Pa. New York office, 115 Broadway. Traded in on the New York Stock Exchange (Listed Department). GIBSONS MANUAL Rock Island Company Preferred stock, 4 per cent, non-cumulative, until 1910, then 5 per - 1 non-cumulative until 1917; thereafter 6 per cent, non- cumulative; preferred as to assets and holding the right to elect a majority of the directors $49> I 39.3 00 I 1 mmon stock *"v.vv7"7 Total capital $138,873,007 Mileage Ch., R. 1. & Pac. Railway 7.969 Per mile capitalization of same $33,486 Fixed charges of -unic, m>o8, including taxes, per cent, of net in- come • 7 1 .i Operating expense, excluding taxes, per cent, of gross, new basis 7--.v ►Compared with 68.14 old basis, previous year. EARNINGS. Combined income account of Rock Island Co. and Ch., R. I. & Pac. Railroad. (See ••Remark-." 1 Y ear Ending Balance for Surplus Rock r une 30. Total Income. Fixed Charges. Year. Island l 1903 $3,824.24' $2,314,004 $S5.38i $55.38i 14 5.629.410 3.552.038 129,764 50,77 15 5,510,000. 3.683,892 def. [24,103 28,111 [906 4413467 3.688,448 -'.v-?'.- 39.271 [907 $.872,418 3,717,129 [55, 69,048 [908 3.7I4.I3 1 3.704.880 9,251 111,964 EARNINGS, CHICAGO, R. I. & PAC. RAILWAY. YearEnding Gross Netlncome, NetP.C.of March3i. Op. Rev. Less Taxes. Gross Inc. Surplus. [900 $22,650,604 $8,369,593 35-84 $5,493,472 1901 25,364,695 8,900,98] 34.15 8,590,797 • 28,385,8 [6 1 1 .1 »7< 1.070 .>7-77 ' 3>5 ( »3.838 Year ending June 30. •3.15 mo. w-376,620 [6,669,642 [8,667,150 1.." ^,969.491 [3,190,853 28 24.500.858 g 44.051, 12,909,483 28.32 [9,678,987 [906 51,237,858 15.55t.7i7 29.77 Mi.u5.124 "1907 60.138,673 18,263,421 30.06 iM.125.u1 1908 58,484 [4,686,755 24.8. , [6,159,122 •Inti 1 1 tion, **Spccial funds in addition to this surplus, were $4,892,870 >" """ s Earned on Stock. 8.92 10.10% 12.1 . 6.319! 9.059! [i.669i 6.299 LATEST REPORT. Earnings for five months, ending Nov. 30, [908, compared with last year, Rock Island proper, were. Gross. Net. [908 $26,443,315 $7,232,003 1907 -7 -'"• 7--^-^r- DIVIDENDS. [904 [905 [906 [907 [908 Preferred \' ■ mmon o o o o o o GIBSON'S MANUAL 287 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1902 1903 1904 1905 1 <><>(> 1907 1908 Preferred 71 Nov. 85* Nov. Common 33} Dec. 50J Dec. 55* Sept. 57l Jan. 60} Nov. 60 July 26} Nov. 21 <"; Feb 86 Tan. 86| Nov. 85 Jan. 69! Aug. <>4', Jan. 62I Dec 19} Aug. i% ir 1 S<\ 1 'i s<> \ . 53 ft 1 *7 1 «m HI II 1 38 55 11 32 1 ?9 1 2t 1 ~r 25 1 2o |r REMARKS. Rock Island is a holding company, incorporated in New Jersey, Jul} 31, 10,02. and was organized i" control Chicago, Rock Island & Pacific, but with p »wer to acquire other railroad properties. It holds the entire capital stock, $145,000,000. except directors' shares, of the Chicago, Rock Island & Pacific Railroad. which, in turn, owns nearly all of the stock of the old Chicago. Rock Island & Pacific Railway and of The St. Louis & San Francisco Railroad. < >f the $74,854,100 of ( h. ; R. I. & Pac. Railway stock, $70,147,600 has been acquired by the Railroad. ( If the Sjq.000,000 St. Louis & San Francisco common stock, $28,940,300 has been acquired, this stock bring- St. Louis & San Francisco itself controls other lines, including Chicago & Eastern Illinois, Evans- ville & Ti ire Haute, and several smaller road-. The Rock Island Co. forme'rl) owned a majority of the -hare- of Chicago & Alton hut sold them in August, 1007. t. > Toledo, St. Louis & Western, receiving in return the latter company's gold bonds, due in 1917. Total capitalization of Chicago, Rock Island & Pacific Railway, the "Id company and corner -tone pi the whole system, has increased from $117,081,000 in [900 to $266,850,000. GIBSON'S MANUAL 289 Stocks owned by The Rock Island Co., other than its own, 1908, were $138,897,923. The business depression of 1907-1908 seriously affected operating results of the Rock Island sys- tem. Its lines were covered with empty freight cars, belonging to other roads, which it was compelled to return to their owners empty, and were flooded with other empty cars going to their owners East and West. This movement added a million dollars, approximately, to expenses, without supplying any revenue in return. Officers: President, Robert Mather ; Chairman, B. F. Yoakum; Vice-President, Secretary and Treasurer, George T. Boggs. Directors: In addition to the foregoing, W. 11. Moore. James Campbell, D. G. Rcid, J. H. Moore, John F. Thompson, F. L. Hine, George G. McMurtry, James Speyer, R. R. Cable, D. G. Boissevain, Ogden Mills ami John J. Mitchell. Fiscal year ends June 30th. Annual meeting, first Monday after the second Thursday in October, Jersey City, N. J. Directors meet, first Tuesday of every month. Main office, Chicago, Ills. New York office, 115 Broadway. Trailed in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. 290 GIBSON'SMANUAL St. Louis CS> San Francisco Railroad Bonded indebtedness June 30, 1908 $189,890,717 First preferred stock, 4 per cent, non-cumulative 5,000,000 Second preferred stock, 4 per cent, non-cumulative (authorized $31,000,000) 16,000,000 Common stock (authorized $164,000,000, see "Remarks") 29,000,000 Total capital $239,890,717 .Mileage (omitting Chic, cv E. Ills.) 5,064 Per mile capitalization $47,37° Fixed charges. 1908, including taxes, per cent, of net income 88. 11 Operating expense, excluding taxes, per cent, of gross, new basis. 70.08 -EARNINGS, 'FRISCO LINES. Net p. c. Year ending Gross. Net Income, of Gross f Earned on June 30. Op. Rev. Less Taxes. Inc. ***Surplus. Common. J 90i $19,324,279 $7,763,126 39.6 $1,910,669 6.3 % J 902 21,620,882 7.084,813 35.56 3,269,462 4.68% 1903 24,859,510 8,546,616 34.14 3,009,226 O I9°4 26,896,731 1 1.320,833 33.55 4.038.750 O •1905 29,958,240 10.644,640 34.57 2,871,986 o 1906 32,046,656 12.100,224 36.2 3,470,078 o -1907 38,253,981 14,373.639 38.48 5.882.042 6.1 % **iao8 35.806.132 1 1 .313.349 28.2 4,888,490 o *Not including Chic. & Eastern Illinois. **Inter-State Commerce classification. **In addition to this surplus, there are some small sinking and improvement funds, amounting to $295,865 in 1908. fAftcr deducting from balance of profits for the year certain necessary charges. LATEST REPORT. Earnings for five months, ending Nov. 30, 1908, compared with last year, were: Gross. Net. 1008 $20,482,279 $5,400,003 1907 22.577.806 5.916.347 1900 1st Pfd 4% 2nd Pfd 2% Common o LOW AND HIGH PRICES, BY YEARS, SINCE 1900. DIVIDENDS 1901 1902 1903 1904 1905 1906 1907 1908 4 % 4% 4% 4% 4% 4% 4* 4% 3ifo 4% 4% 4% 4% 1900 1901 1902 1 303 1904 190s T906 1907 1 90S 1st pfd. . . . 64 Sept. 78 Dec. 75 July 88 Mch. 77 Dec. 90 July 60 88 Dec. Feb. 6i Mch. 79-Xt Dec. 67 Dec. Si'i Mch. 64 July 7254 'Apl. 58 Oct. 70 Jan. 42 June 69 Dec. 2d pfd .. • -3IJ4 June 55 Dec. 53 Vi Jan. 7654 June 65;/ Dec. Soys June 39 /8 Dec. Feb. 39V2 Jan. ;-"_. Dec. 45 Dec. 73V Mch. 40 1 / July 5IJ4 l ? eb. 24 Nov. 4« ! s Jan. I9J4 F ctl - 42^ Dec. Common .. Sy s June 245-1 Dec. 21 Vi Jan. 56^ Dec. 55 Jan. 85' < Jul> 69 90 1 j June Feb. •• Note. — The common stock ceased to be traded in after June, 1903, practically all of it having then been absorbed by Rock Island. GIBSON'S MANUAL 291 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 3- 4- 5- 6. 7 ■ Q. 10. 1 1 . 1st Pfd. 2d Pfd. Election Day. ....... 30-304 ....... 30 -30I ....... 301-31 i ••■-••• 3I1-3 1 * •••-••• 3i§-3 2 f 60 -60 32^-325 ....... ^\l-^\ : l 1 st Pfd. 2d Pfd. Nov. 12 - . . . 32 -32 " 13 "••• 32i-3 2 i " 14 -•.. 32f-33 " 16 -... 33 -34 " >7 -••■ 334-34i •' 18 -... 34^-30 " 19 -•■■ 34 -35 " 20 60-60 33-J-33& " 21 -... 33h33i Nov. 23- 24. 25- 26. 27. 28. 3o- 1 st Pfd. 2d Pfd. •••-••• 32^-33* 62 -62 33 -34i ........ 331-345 Thanksgiving Day. ■■■-••• 335-341 ■■•-•■■ 344-35 ■■•-••• 35 -36 LOW AND HIGH PRICES BY DAYS, DECEMBER, 1908. De 3- 4- 5- 7 ■ 8. 9- 10. 1st Pfd. 62 -644 64 -65" 64 -65 2d Pfd. 35i"39i 39?-42j 393-4oi 4° "4 T 4 40^-41 40 -40} 40 -404 4oi-4i 40 -40! De 1st Pfd. II 65-65 12 634-634 14 -••• 2d Pfd. 40 -405 39J-404 40 -40! 1 5 ■ ■ 391-39? 16 -. .. 39 -40 1- -••• 39-39! 18 -... 38 -38-3 19 " -••• 21 -••• 37^-38 Dec. 22. 24- 25- 26. 28. 29 . 30. 31- 1st Pfd. 2d Pfd. 63 -°3i 39 -4o 64 -64 404-40* Christmas Day. Extra Holiday. 65 -67 4o4-4i 69-69 41 -4 1 4 67 -68 415-42! ....... 403-42 MARKET MOVEMENTS OF ST. LOUIS & SAN FRANCISCO RAILROAD, FIRST PREFERRED. FROM 1900 TO 1908, INCLUSIVE. 292 GIBSON'SMANUAL REMARKS. The balance sheet of St. Louis &: San Francisco carries, as liabilities, the sum of $113,806,452, representing the outstanding: securities of Kansas City, Fort Scott & Memphis and Chicago & Eastern Illinois, on leasehold estate. This is counterbalanced by a corresponding entry in the assets. The 'Frisco lines comprise an extended system of railroads, with a total mileage of 6,106. Chi- cago & Eastern Illinois reports separately. Aug. 27, 1907, the authorized capital stock, then $100,000,000, only half of which had been issued. was raised to $200,000,000. the increase to consist wholly of common stock. The object was simply to conform to the laws of Missouri, which prescribe certain relations between capital stock and bonded debt. During the fiscal year of 1908 the company took title by deed, to seven small railroads, theretofore controlled by stock ownership. Aug. 27, 1907, the stockholders authorized the issue of $115,000,000 general lien gold bonds for refunding and other purposes. $61,759,000 to be reserved to retire certain classes of old bonds. In December, 1908. Speyer & Co. purchased $30,000,000 of these bonds, the proceeds to be used to take up the company's outstanding notes as they mature. It is said that about $20,000,000 of these notes will fall due during 1909. Officers: President. A. T- Davidson; Vice-President and General Manager, W. C. Nixon; Secre- tarv and Treasurer, Frank Ff. Hamilton. Directors: William K. Bixby, James Campbell, Benjamin P. Cheney, A. J. Davidson. F. L. Hine. C. W. Hillard, Robert Mather. James H. Moore, William H. Moore, H. Clay Pierce, D. G. Reid, Nathaniel Thayer and B. F. Yoakum. Fiscal year ends June 30th. Annual meeting, second Monday in November. St. Louis. Mo. Directors meet on call. Main office. St. Louis, Mo. New York office. 115 Broadway. Traded in on ihc New York Stock Exchange (Listed Department). GIBSON'S MANUAL 293 St. Louis Southwestern Railway Bonded indebtedness June 30, 1908 $46,295,545 Preferred stock, 5 per cent, non-cumulative 20,000,000 Common stock (authorized $35,000,000) 16,500,000 Total capital . $82,795,545 Mileage 1,464 Per mile capitalization $56,554 Fixed charges, 1908, including taxes, per cent, of net income. . . . 34- 2 3 Operating expense, excluding taxes, per cent, of gross, new basis. : 7807 *In 1907, old basis, the percentage was 68.19. EARNINGS. Year ending Gross Net income, Net p. c. Earned on June 30. Op. Rev. less taxes, of gross inc. **Surplus. Common. "1900 .' $5,908,284 $1,696,329 28.25 o 1901 7-387.174 2,680,706 35.89 $9!8,593 ° 1902 7,267,260 1,987,594 27.02 1,458,019 o 1903 7-278,575 2,043,262 27.38 1,677,098 o 1904 7.M-485 2,129,842 27.57 2,342,205 o 1905 8.860,231 2,605,638 28.81 3,145,155 o 1906 8,989,564 2,204,529 24.09 3-73 J .933 o 1007 10,261,336 3.568,356 33-04 5-303-430 3-57% *i9o8 9-585-046 2,448,119 23.93 5-534456 o * Inter-State Commerce classification. **In addition to Surplus Profits were, in 1908, reserve funds to the amount of $774,114. LATEST REPORT. Earnings for hve months, ending Nov. 30, 1908, compared with last year, were: Gross. Net. 1908 $4,521,821 $1,164,326 1907 • 4.653-3I8 I.257.970 DIVIDENDS. No dividends have been paid for many years. 1900 Preferred .21^ June 451/, Dec. Common . . 834 June lS'/, Dec. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1906 1901 41^2 Jan. 71 June 16 May 39J% Apr. 1902 1903 55H Men. 80 Sept. 2454 Dec. 39 Aug. 24 Aug. 66 Jan. 12 Aug. 30 Jan. 1904 1905 1907 1908 25H June 55 Nov. 4834 May 25 Nov. 2454 Feb. 6054 Dec. 66H Apl. 63^5 Sept. 62H Feb. 55 7 s Dec. 9^2 June 20 Mav 20^ May 11 Nov. 10 Mcli 29 Dec. 27^ Jan. 27^ Jan. 25^2 Jan. 24 Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Nov. 2 49|-49^ 19-19 3 Election Day. 4 49i-5o 19 -!9i 5 49J-49I 6 491-492 49-3-50 9 50 -50 10 50 -5oi 11 50§-S3t i9l-i9l 19. '-20 20 -20§ 20 -20j 20{-2I^ Nov Com. Pfd. 12 522-54 13 522-53! 14 53 "54f 16 523-53m 17 53 -53* 18 52 -53 19 52i-5 2 4 20§-20| 20 5*1-53 2 ° -20 2r 52|-534 ..--... 2I§-22 2\\-22 2lJ-22f 21 -21 Pfd. Com. Nov. 2^ 521-53 20J-20J " 24 52 -53 J 20i-2l{ "' 25 52 -52j 20$-20' " 26 Thanksgiving Day " 27 52 -525 20J-20J " 28 Sii-Sai •••-••• " 30 52f-52f ...-••• 294 GIBSON'S MANUAL I )ec. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 1 52f-5Sl 53 53 ■54 •S3l 4-- 5^4-5.^! 53i-54l 531-54 53i - 55 55 "55 > 54 -553 /• 8. 9- 10. Com. 2l{-2li 2\\-22\ 2\l-22l 2l\-22\ 22|-23i 22i-23i 22'l-23i 231-24 23f-24 De Pfd. 11 52§-55i '-' 52 -54l 14.. 53l-54i 52i it> 524-54 >7 52i-53; 5-'] 18. 19- 4') 21 5o2-5ii Com. 23 -23J 23 -23 23 -23i 22§-22£ 22 -23i 23^-23* 2lf-22| 22|-23 21 -22 Dec. 22. 23- 24- 25- 26. 28. 29. 30. 31- Pfd. 52 -52 54 -54 53 -53s Christmas Day. Extra Holiday. Com. 22 -22:j 23 -23 22J-23 53i-54? 54 ; '-55^ 54 "SSl 53l-54i 23i-23i 23^-23; 23J-24 23i-23i REMARKS. In common with other railroads in its territory. St. Louis Southwestern has had much in the line of adverse legislation to contend with. Arkansas. Missouri and Illinois enacted 2 cent, fare laws, effective April 10, June 19, and July 1, 1907, respectively-. In addition to that, the road has been com- pelled by other laws to give extra train service, erect station buildings and viaducts where not needed and equip locomotives with electric head lights anil at the same time to reduce its freight rates. The Missouri 2 cent fare law and some others, were referred to the courts for adjudication. Final hearing upon the Missouri 2 cent fare law was set for Oct. 5, 1908. by a United States Court. Sept. 3, iqoS. a temporary restraining order was obtained against reduced freight and passenger rates in Arkansas. The road has been maintained in good condition, physically, by proper expenditures. Officers: President. Edwin Gould: Vice-President and Gen. Manager, F. H. Britton ; Treasurer. G. K. Warner; Secretary. Arthur J. Trussell. Directors: Edwin Gould, F. H. Britton, R. M. Gallaway. Howard Gould. Winslow S. Pierce. William H. Taylor, E. T. Jeffery, Murray Carleton, and Tom Randolph. Fiscal year ends June 30th. Annual meeting, first Tuesday in October, St. Louis. Mo. Directors meet on call. Main office. St. Louis, Mo. New York office, 195 Broadway. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 295 Sloss-Sheffield Steel and Iron Company A Southern enterprise, organized under a New Jersey charter, taken out Aug. 16, 1899, as a con- solidation of the former Sloss Iron & Steel Co., of Birmingham, Ala., with the Ensley Furnace prop- erties of Sheffield in the same State, the Philadelphia Furnace of Florence, Ala., the Brown ore proper- ties of Russellville. Ala., and West Point. Tenn., and the Gulf Coal & Coke and Corona Coal & Coke concerns. It began business with 7 blast furnaces, 1,500 coke ovens, 62,000 acres of coal lands and 51,500 acres of red and brown ore lands, with limestone quarries and various tenements, store and office buildings. These properties have since been added to. and the company now owns 65,000 acres of coal lands and 51,125 of iron ore property. It is estimated that there are ^435,090,350 tons of un- mined coal upon the company's estate, and 625.900,000 tons of iron ore. Ponded indebtedness, Nov. 30. 1908 $4,000,000 Preferred stock, 7 per cent, non-cumulative (authorized $10,000.- 000) 6,700,000 Common stock (authorized $12,500,000) 10,000,000 Total capital $20,700,000 EARNINGS. Year ending Total Nov. 30. profits. 1900 $1,178,666 1901 729,120 1902 1,424,100 1903 1,863,042 1904 77 I >3 6 7 1905 1.485,282 1906 1,314,800 1007 1,779.673 100S 1.285,740 Fixed charges, etc. $280,816 266,490 295,708 277.402 287.730 280.203 3I3.957 V7-&7 321.780 Surplus Earned on profits. common. $546,099 4.28% 539.730 1,199,122 6-59% 2,315.762 11.16% 2.33 ,399 2,691,479 9.81% 2.751.627 5-31% 3,161,580 Q.I % 3.216.346 4-95% 1900 Preferred 5}% Common o DIVIDENDS. 1901 7% 1902 7% o 1903 :'< o 1904 7% And, in addition, in October, 335/3 per cent, in common stock. I905 7% *5% 1906 7% 5% 1907 1908 7% 7% 6}% 4i% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1003 [904 1905 1906 1907 1908 Preferred Common . • 59 1 /; June 71 Nov. .17^' Oct. 26 Nov. 6^/2 Jan. 86^4 Apl. igy 2 Feb. 41'i Apr. S,,', May 95^ Sept. 29^ Jan. 83 Sept. 67 Nov. 97J^ Feb. _•_>' , Oct. 72 Feb. 77 Jan. 105 Dec. 3V/2 Jan. 65-Mi Nov. 104 May 130 Feb. 60 Jan. n8'_. Feb. i04' 4 Oct. 113 Apl. 68 ■ ■ July 97V2 Jan. 80 Oct. 107 Jan. 26 Oct. :: ! i Jan. 87^ Jan. iiovj Dee. 36 Jan. 8i^f Nov. -••)<' GIBSONS MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May . . . I'l'd.. I I 'Ml. . . I'l'd.. ^ !om. I'i'.l. . ( "Ml. 1903 I'fd.. i 1 '111. I'l'd.. ( '■ 'III. I'i'.l.. Q 'Ml. 1906 I'i'.l.. 1907 I'iM. . Com. 1908 I'l'd.. ' I9OO I'l'd.. Com. I'i'.l.. Com. [902 1'f.l. . ( "in. [903 I'l'd.- (.'oill. IOO4 I'l'd.. Com. ..,.5 I'i'.l.. 1 "in. I'l'd.. Com. I'fd.. I I'l'd.. Com. 69 82 - 83 29*- M ■ 77 79\ 3 r i .V) I,.. I.. - 63^ 971 105 -107 • 774 92 ,v> - 4- July '•-'I I'K 80 - 33 - 35i 82 83 .-■; 39 79 8oi 26 - 40'. 84*- 85" ..5 - 39i 105 -109 80 • 1 07 7ri 95 - "7 55*- 5" 96J- 99 "71 -3 83J 3" ' 33 954 66J :-• 79J 8] 3" - 3' 'I 1044-130 in nSl iij 1 1 j s "- '13I 102 -103 1 ■< ■ :-■ I . x 1 92 38 4- Aug. 65 - 67 19 - !9i 80 - 80 30J- 33 823 91I 38f 65" 83 -83 29 - 36 86 - 87 37 - 38j [07 to7i ^5i 93 J / 5 81 22j- 37 83 33 3 1 93J 96 53 7' So - 82 35f 393 83! io8 35 4' J 83 3a 33 91 933 54 "», 833 84 39 -4 ' . 11; -115 80 [li 113 72 86 99 100 56 88-893 43 " 4* ( let. 44! 55 tOO I"-' 65i 44 - 40 [03 -103 59 - 6 53 1.1 174- 78 ■ 30 ■ NX 50 " 68 - -'-! 89i 41 - 1 in - 69- 1..4 1 7' - So - 1 . i_> 1 65 79 3° 94a 71 68 97 I [2 73\ 104: 7" 95 444 [08 83i 4ui S..|- 81 30 31 48 82 8 3 | 35 38 1..4 104 .-,, 84 8oJ 983 5i3 61 95 44 ;- 5-! Nov. 7i 19 - 26 79 30 " 3' 4 88 - 92J 60 - 67 67 - 68 23 - 25 97 -IOJ 472- 6 5 i I u\-l 143 69I 954 105 -108 7' - 77^ 29 - 381 107 -109} June 59F 63i 19J- 22i 81 - 8 3 i 35i 39 81 - 82 3' J- 33 s 7 - 88 38J 47* 83 - 83 34* 30J losf-iosl 70J- 8 3 i 106S 106A 81" 96 57i o6i 49 - 53 Dec. 68 - 70* 23 - 24I 80 - 82 -'8}- 30! 89 - 93 54i- 59 70 - 79 -'5 - 33$ 1 01 i- 1 05 ?7 - 64 94i 1.1; -105 73i- 79S 88 - 90 33lr 383 1 1" -uoi 793 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. \'< IV 3 " 4 5 •■ 6 i" 1 1 I'i'.l I "7 ■ " '7 I I >7 1 [08 [08 1 1 » ) '. Com. 7 -'2-73 3 Election Day. 73S-75 1 . 74*-75i 7?\-7'A 77 -80 7*1 793 SJ-109 N. u. 13 14- 1 '1. 'T- IS [9. 20. 21. I'fd. ( "Ml. 78 -80J SO -80j 81 -8ii 80J-80J 8o}-8i} 8oJ-8i£ 80 -8o2 77\-77\ X' i\ . 23. -4- 25- 26. 27. 28. 30- I'l'd. Ml. ......... 77\- :: \ ......... 781-80 — - 80 -80J Thanksgiving Dav. ......... 7QJ-80 ......... 791-793 ........ 783-793 LOW AND HIGH PRICES BY DAYS. DECEMBER. 1908. 1.. 3-- 4.. 9 io. I'fd. Com. 78^ 78 Dec. 1 1 1-' Ill) -111) 1 , 70 78 -783 •• '4 15 ... 17 .. . II" II" 70 •• HI ... . ....... ....... 21 ... 'I'd. ( "111. 7" "79 7 s 7 8 783 7"! 77? 7*1 78 78 Dec 22 " 23. " 24. " 25. " 26 •' 28. ■• 29 " 30. " 31 I'fd. Com, ....... 77J-79 ....... 77 \ ....... 78-78 ( In i -1 mas Day. Extra II"li.la\. ....... 78 ....... 78-78 ....... 77^-77! GIBSON'S MANUAL 297 MARKET MOVEMENTS OF SLOSS-SHEFFIELD COMPANY, COMMON, FROM 1900 TO 1908, INCLUSIVE. REMARKS. Sloss-Sheffield felt the effects of the panic, acutely. A shortage of cars in 1907 was only one of the least of the troubles of the company. The panic caused a large contraction in sales and rendered many customers unable to receive iron which they had contracted for, while the smaller number of trains, operated by the railroads, caused a reduction in the quantity of coal consumed. It was in con- sequence of diminished revenues that the common stock was placed upon a 4 per cent, basis in 1908. The company is now enjoying a revival of its business. Much time and money has been spent on the development of mines and improvement of the blast furnaces. Officers: President, J. C. Maben ; Secretary and Treasurer, E. L. Morris. Directors: A. B. An- drews, Joseph Bryan, J. H. Dorley, W. H. Cioadby, A. 11. Larkin, Richard Mortimer, F. P. Olcott, Henry Parsons, H. O. Seixas, J. N. Wallace and J. C. Maben. Fiscal year ends Nov. 30th. Annual meeting, first Wednesday after second Tuesday in March. Office, Birmingham. Ala. Traded in on the New York Stock Exchange (Listed Department). a 18 GIBSON'S MANUAL Southern Pacific Company Bonded indebtedness, June 30, 1908, of the system $372,105,621 Preferred stock, 7 per cent, non-cumulative, convertible into common stock at par at any time before July 1, 1910, or re- deemable then at [15 74,866,462 Common stock 197,849,258 Total capital $644,821,341 Mileage, main track 9-5°5 Per mile capitalization .^07,840 Fixed charges, 1908, including taxes, per cent, of net income 54-87 Operating expense, excluding taxes, per cent, of gross 68.68 EARNINGS. ~ icar Ending < Iross Xet Income Net 1'. C.of Earned June 30. Op. Rev. Less Taxes. Gross Inc. **Surplus. nn Common U(Oi . . . S77.244.898 $30,228,658 37-27 $10,935,343 I<)02 83,543.821 28,961,324 33-78 10,176,309 1 1 H 13 88,320,335 28,271,536 3i-i7 9.272,548 1904 92.933,230 29,990,646 3 1 4 9.997>i94 0.36% I905 95-5I5.I58 32,167,146 V-77 14,654,771 2-35% I906 105,622.54., 38.372,032 35-29 16,701,033 3-537° 1.1«V 124.942.798 46.783,103 36.01 22,20(1.^8^ 8.03% *ioo8 125.276.921 38.673,20.) 30.38 46.70S.405 7-39% •Inter-Stati.' Commerce classification. **Not including other reserves, which in 1908 were $11,502,105. ***After appropriating: for extraordinary expenses sums recently approximating a million a year. LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909. compared with last year, were: Gross. Net. t9°8 $7L583.76o $25,157,996 1907 77,716,779 21.376,682 DIVIDENDS. I '1 eferred ( 'ominon 1 . ,. ). > o o I go I o 1902 o o 1903 o o 1904 o o 1905 7% o 1906 7% 1907 7% 5!',. 1 < M >K 7% * Issued in 1904. Preferred. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1901 1901 1902 1903 1904 1905 1906 1907 ions Common. .. 30fiJ June 29 May 45 ?4 Dec. 63^June 56 Dec. 38^ Sept. 81 y A Sept. 68'4Mch. ■113 Sept. 115M Jan. 116 July 100 Oct. 106^ Jan. 119j4Dec. 122;4 Dec. 120}/ June U8# Jan. 125?:. May 41K-Mch. 5/.' 4 May 61 May 63j< Oct. 66<4 Feb. 68^ Nov. 72H Feb. 97. Mar. Vpl. Mas June [901 1902 '9°3. I'K>.| [90s 1 1 )i i > 1 907 1 ( >t >8 1900 1 1 i' 1 1 1 . h >3 1904 1905 1906 1900 Pfd. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. G mi. Pfd.. ( '1 >m. Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfo. . Com. [902 Pfd.. G 'in, Pfd.. Com. Pfd.. Com. Pfd.. Com. Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 354- 39 40I- 49* 58 - 62I 63i- 681 46 a - iiVi-iiS! 6 3 f- 68| 117A-11SJ 65s- 7 2 i u6f-ii8J 90^- 96-j I06f-II2 70I- 78* July _ • 3lf- 344 . 48 - 6og . 64- 70J 46J- 5 2 § ■ i7i-n8[ 63 - 661 116 - 1 1 7 "i 63I- 74 2 in -113 76f- 91 I 117 -120 86 - 93I 38 - 40* 42I- 4<»! '(hl-'oyi 6ii- 66S 42i" 5°f 1 IN 661 117 - 64?- i-'ii 7-^« 118I 69I 117I-117S 89I- 95 s 108 -mi 66j- 74f- Aug. 3 2 f- 34i "vi-"m ' 68 j- ' 77 f 394- 5°4 39 «- 48 48S 117I 64i 1 i7i 73! 108-J 792 118 9 2 4 574 120] 681 ii8± 934 II2i 9°i 1 20 4 io7g 37 - 43 4-> : » 1 - 46J- 63 J- 58 - "5 : ; (,8[ 4i4- 5 1 i 1 ' 7 5 - r 1 9 65f- 7if 1171-118 6 4 f- 69J 112 -117I 6y2- 9 1 ! in* 77 109 67 Sept. 3of- 34i 71I- 8ii 46* ■116I 59 I20l 6 9 2 n8i 97^ in', ■ *7\ 1 20 J "3 54i "94 64I 117I 90$ 109 838 116 96f-nof 36 - 42* 444- 57s ' 64?- ' 6u{ *53t-fr" 47i- Sii Ii6*-n8* 58*- 69J U7i-ii8i 62I- 71 ) I 114 - 117 761- 86i II2J-II5 72f- 81 ( >ct. 3 1 I- 3«i 54§- 61 1 ,67'h'M 385- "5i 56«- 119 - 67i- 117I- 90 - 100 - 63i- "7f- 100 - 43f 116J 64i I20i 11 92- 96s 1 io] 84^ 118* 109I 32I- 3^i 57i 67I 561 63 44f 472 in.; 1 K) : ; 572- 63I 117 -119A 61 - 66§ 1 oij | - 1 1 K 73 : i- 8 7 2 115 -125*. jrSfc 89J Nov. 374- 43l 594- 62| 60I- 7i 40I "Si 594 riSJ 66| us : ; 9°4 101 64} 118 1074 - 46 1 •ii8f 68J 121 70-J 11. 1! 963 107I 73$ i23i I20i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Nov. 2 . 118 -n84 [074-109J Nov. 12 . 1 K)l-I20 "5i-"6| Nov. 23 . " 3 • • Ele ction Day. " 13 ■ II9f-I20| n6f-ii8| " 24 . 4 • 118 -n8f 109^-111! " 14 • 120 -129 116I-117I " 25 • " 5 • 118J-118-I iioi-iiif " 16 . 1 1 9f- 1 20 J 1163-117! " 26 . " 6 . 118J-118I 1 1 1 i-112-1 " 17 • 12oJ-I20& ii7f-iJ8J " 27 . " 7 • n8i-ii81 [I2f-H3| " 18 . 121 -122^ 117I-120J " 28 . • " 9 ■ 118^-119 112 -113* " 19 • 121 -121-]- 116J-118J 30 • " 10 . Il8f-I20 II2J-II9-J " 20 . IJI |-I2li H5f-"8i •' 11 . 1 [8J-I2I [I4I-II7I " 21 . . 1 2l!, 1 2l\ ii5i-"7 : ; Pfd. 3o|- 3"' 554- 63 S '6 3 i-'6 5 , : 46 - 5i s 44i- 48| I I7'-I21 6o|- 65 1 119^-120! 64 - 692 no -114.', 72%- 8of 118 -120 84§- 88j "Dec. 40I- 45l 5 6f 6j 56 - 661 454" "5f 594- 1 1 72- 64S- 116J- 9°1- 107 - 7of 120' "54 30I 119I 67! 122] 71} 120] 954 no 77h i-125 122^ :\ 21s-I2U 1 4 22^-123 riiankstri l-i-'-'i 22J-I2 34 23 -123 _>2l-122{ Com. 115I-117 n6|-ii9f I [8f-120^ ving Day. 1191-120^ 119 -H9f n8§-ii9i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 " 2 3 " 4 5 " 7 •' 8 9 10 Pfd. I22§-I22j I2l|-I22J [ 21 \- 121 \ 121 1-121 \ 12ll-I2ll 121 J-I224 I 22 1- 123 I22l-I24 : l Com. i8|-ii9f 18J-119J 17 -1 i8i i8i-ii9J 174-118! i7l-n8-i 18J-119I 19I-120I 20J-I2lf Dec. n . . * 12 14 t "5 [6 < 17 iS * 19 21 p l-'.Vs 123 1 2 } .', >->3l t23| 1221 122 [22| 120.1 fd. ■124I •123! -124 1234 1234 123? ■122^ -122} -I22| Com. I20i-I2lf 120 -I20j 120l-I2l3 I I9f-I205 II9f-I2I^ 1 [9I-I2II II8J-II9J II72-II9J "54-"8| Dec. 22 23 -'4 25 26 28 29 30 3i Pfd. Com. . . 121 1-122 Il6|-II9 122 -i22^ ii8f-ii9i '-\U-I23J 119 -I20.1 Christmas Day. Extra Holiday. 123I-125 119I-1213 I24f-I25 I20|-I22i I24f-I2S 1 20*-T22l 3oo GIBSON'S MANUAL MARKET MOVEMENTS OF SOUTHERN PACIFIC COMPANY, COMMON. FROM 1900 TO 1908, INCLUSIVE. REMARKS. The authorized preferred stock is $100,000,000. Of this amount, S3y.56tj.840 was taken by stock- holders in 1904. at par. May 31, 1907, a further issue of S36.000.000 was voted by the directors, and was subscribed for, at par, to be paid for in instalments by Aug. 15, 1907. The new issue, amounting to $35,612,800, has been listed at the Stock Exchange. Receipts from the preferred stock were applied to current liabilities. Securities owned, June 30, 1908, aggregated the sum of $465,985,123, including $160,000,000 (the entire amount) of stock of The Southern Pacific Railroad, and $80,675,500 (entire amount) of stocks of The Central Pacific Railway. Southern Pacific owns a controlling interest in Pacific Mail and in Morgan's Louisiana & Texas Railroad and Steamship Co., and thus possesses a fleet of 13 ocean steamships and 4 tugs. Under Inter-State Commerce regulations with regard to refrigerator cars, which require publica- tion of tariffs, and in order to simplify proceedings, Southern Pacific has recently joined with Union Pacific to create The Pacific Fruit Express Co., capital $12,000,000, of which Southern Pacific owns $1,200,000. For this company, 6.600 refrigerator cars have been built, at a cost of $10,480,000. The closing of the Cororado River crevasse, through which the Salton Sink of 1,950 square miles had been inundated, was the work of Southern Pacific. An artificial lake. 45 miles long and about 15 GIBSON'S MANUAL 301 broad, had formed, with an extreme depth of 80 feet. The crevasse was first closed by The California Development Co., Nov. 6. 1906, but on Dec. 8th there was another break. At the request of President Roosevelt, Southern Pacific attacked the crevasse, and Feb. 11, 1907, closed it completely, the work having consumed 15 days only. Officers: President, E. H. Harriman; Vice-President, W. D. Cornish; Treasurer, Andrew K. Yandeventer; Secretary, Alexander Millar. Directors: W. D. Cornish. W. Bayard Cutting, Maxwell Evarts, E. H. Harriman. Marvin Hughitt, E. II. Huntington, II. \Y. Dc Forest, Robert Goelet, Robert S. Lovett, C. H. Mackay, William Mahl, Ogden Mills, W. V. S. Thome, Frank A. Vanderlip and A. K. Yandeventer. Fiscal year ends June 30. Annual meeting, Wednesday after first Monday in April, Beech- mont, Ky. Directors meet on call. Main office, San Francisco, Cal. New York office. 120 Broadway. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. 302 GIBSON'S MANUAL Southern Railway Bonded indebtedness, June 30, 1908 $246,266,267 Securities of leasehold estates 32,349,000 M. & O. stock trust certificates 5,670,200 Preferred stock, 5 per cent, non-cumulative 60,000,000 ( :< minion stock 120,000,000 Total capital $464,285,467 Mileage 7.489 Per mile capitalization $5°.574 Fixed charges, 1008, including taxes, per cent, of net income 93-28 Operating expense, excluding taxes, per cent, of gross, new basis. 75.28 EARNINGS. Year Ending. Gross Net Income, Net P. C. Earned on rune 30. Op. Rev. Less Taxes, of Gross Inc. **Surplus. Common. 1900 $31,200,870 $9,688,229 30.73 $3,510,702 o 1901 35.697v"7-' 10,815,563 29.88 4.637. 2 54 0.45% [902 37,712,248 11,689,920 30.33 6,510,895 1.569! 1003 42,354.061 12,576,182 28.87 5.9 6 2,5 6 2 o [904 45,109.777 13,389,491 28.79 6,162,898 o [905 48,145,108 14.675,433 29.5 7.293.133 0.91',. Hint. 53.641,439 15,457,300 27.98 8,341.744 0.87% -1907 56.657,994 13-597.686 23.26 6,242,163 O 1008 52,941,716 12,848,376 23.2 5,791,185 O *Tnter State Commerce classification. **Other reserve funds in 1906 amounted to $2,532,532. compared with $4,309,723 in the previous year. LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909, compared with last year, were: Gross. Net. [909 $31,141,627 $10,128,124 1908 32,627,210 7,808,181 DIVIDENDS. Preferred Common .... 1900 .... 3% . . . . 1901 1902 1903 4% $% 5% 000 1904 5% 1905 5% 1906 5% 1907 4% 1908 900 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1906 1003 1004 1905 1907 1908 Preferred... 49J4 June «>;' j Ian. 89^ Dec. 69^ Oct. 77V2 Jan. 95 Apl. 93^Dec. 29^ Nov. 25^ Mcli. 73% Pec. 047s Nov. 98' s Aug. 96 Feb. 97^ Dec. I02J4 Sept. 103 Jan. 94!/ Jan. 63' 2 Dec. Common. ...10^ June 18 Ian. 28 Dec. 16^ Oct. i8j£ Mcli. 28 May 3156 Nov. 10 Nov. 9% Jan. 23 ; .s Dec. 3^4 June. 41)5 Aug. 36% Jan. 37H Dec. 38 Sept. 42^ Jan. 34 Jan. 27% Dec. GIBSON'S MANUAL 303 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. 1900 Pfd.. Com. 1901 Pfd.-. Loin. 1902 Pfd. . Com. 1903 Pfd.. Cum. 1904 Pfd.. Cum. 1905 Pfd.. Ci >m. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 1900 1'fd.. Com. 1901 Pfd. . Com. 1902 Pfd.. Com. 1903 Pfd.. O 'in. 1904 Pfd.. Com. 1005 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. Jan. 5i3- 553 11 - u\ 67i- 743 18 - 23 92 - 953 3 ] s- 343 9 2f- 95i 34 - 363 77k- 86} 96 - 97 : ; 3 2 \- 3" 100 -103 355" A-l 84^- 94} 2\k- 34 293- 37 9ii 13 1 July 50 - 53 io : i- 1 C 8U- 87; v\- 333 953- 973 36^- 40 831- 89 20 - 24; 86 - 90 2i3- 25; 98 - 99 32 \- 34s 97i" 99 i 3 2 3" 36J 62-]- 69 19 - 20j 44 - 5°3 i6f- 194 Feb. 54A- 59 "#- 14 7l\- /8 21 24S ioi- 1 is S_C - 883 28 - 34-1 96 - 98! l'i'-- 4i| 76 - 854 17!,- 24J 88 - 95 4 23 - 294 98§-iooJ- 33§- 363 99 -ioof 36§- 39l 50J- 644 14I- 19^ 474- 514 l8g- 20f 94 - 973 3 2 3- 34i 94i- 96 34 - 36! 77i- 833 1 8-2- 22^ 97 " 98J 33i- 36i 99 -I02J 37k- 4*i 74 - 8 5 i 24c 27- ?7i- 33 9i- U Aug. Sif- 52J 5°i- 55! tOj- I2| 84 - .)(> 29t- 35l 95 - 98 36 - 41 1 77\- 8 5 3 1 Mch. 5/ 1 '"-' 13 " 1 3 . ; 76f- 8x1 23i- 29J 943- "7s 3 2 3~ 33! 904- 954 3o3- 34* 79I- 86 l8f- 22\ 963-IOO 333" 361 99|-i02i 373- 4ii 70 - 793 ")i- 254 253- 42 93- 16J Sept. '/ I" 234 02',- 96 28I- 343 99 J - 1 02 1 34f- 38 97 -100] 353- 38* 52 - 583 15 - i6f 50 - 55 <9f- 2 3l Apl. 564- (n| 133- i5 : ; 78 - 87 1 263- 5 2l 933- 9 8 3 323- 4o3 90 - 933 28]- 32 84 - so; 20|- 22| 95 - l C^ 29f" 353 98f-i02| 36 - 4i3 63 - 7-2 203- 23^ 36 - 42 13 - 15j Oct. 5i|- 58 11 - 13" 8+|- 8 7 4 3i3- 33l 923- 97l 353- 39l 6q3- 7*1 i63- 19I 933- 96 323- 363 98 -1 cm] 35 " 37 s 95 - 97 33 - 373 37 - 53 11 - 15! 5i - 543 20}- 23 May 53th b7'i 12 - 133 76 - 881 20 - 34s 94 - 9 6 3 35l- 38.3 89 • 93 26f- 31: 815- 84I 19^- 21 95 " '<"\ 28 - 32 97I-100 35 - 39 53 - 673 17 - 22^ 40 - 47'- i4s- i')'. X< iv. 55s- 67I I2f- l8! 86$- 94I 3's- 35\ 92 - <)2\ 33 ~ 361 7if" 77s i6|- 203 93 - 96 33i- 363 973- 99f 33l- 365 94 - 96 3i§- 353 293- 4i 10 - 13 54 - 61 22^- 265 June 49i- 553 IOf- 12* 853- m 3 1 !- 35* 94i- 96 35t" 373 85I- 9°i 21 - 26 f 82a- 85 1 193- 213 96 - 97* 28i- 32-J 983- 993 33 " 394 56i- 7i 173- 2o| 4 .>.'.- 48 i6|- 18J Dec. 663- 73l 17;'- 23" 9°3- 94 1 3is- 34i 89I- 922 28 - 34] 76 1- 80 I'ls- 2lf 94 - 973 32 : r 373 99 -loo.! 33s- 363 933- 943 32 - 35l 35 - 4i 123- 15 57?- 6 3 3 233- 27} LOW AND HIGH PRICES, BY DAYS. NOVEMBER, 1908. Nov. Pfd. Com. 2 54 -553 224-234 3 Election Day 4 554-563 233-23I 5 553- 56 23^-23! 6 56 -573 23I-243 7 58 -581 24^-243 9 58 -583 2 3 £-2 4 § 10 573-59 23I-24I n 58 -583 235-24! Nov. Pfd. 12 58-60 13 60-61 14 16 593-60J 59I -60 J 60 -60} 58 -593 58 -581 20 57I-584- 21 573-583 18. 19. Com. 245-2.-) J[ 253-263 253-262 253-26 251-26 25 -25! 24 -243 24 -24! 243-24! 'Aov Pfd. Com. 23 573-58 23f-24i -'4 573-583 23I-25 25 57 -583 244-25^ 26 Thanksgiving Day 27 573-583 25 -25-I 28. 30. 57f-57f 243-25 563-58 244-245 Dec. Pfd. Com. i 57lS^ 243-25I 2 575-583 241-25 3 572-5Ss 2 4 }-2 5 2 4 584-502 25 -252 5 583-6o3 25 -26 7 581-593 25 -25! 8 59 -6o2 25 -2b 9 59f-6b4 251-261 io.- 593-6o 25I-25H LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. )ec; 11 593-593 25^-25! Dec. 22 12 59 -59} 25. -25! 23 14 59i-6o4 25 -252 " 24 15 581-59 244-25 " 25 16 ^8 -s8', 243-25 " 2b 17 58 -593 244-254 " 28 18 574-58| 24 -2^ 29 19 -■•• 24i-24 : ; " 30 1 31 21 57^-583 2.^-24! Pfd. Com. 58I-594 24J-254 594-60 25^-253 59I-59J 252-25J Christmas Day Extra Holiday 60 -63 4 253-26J 624-63! 26J-27I- 62 -63 254-263 62 -62} 26 -26! 3°4 GIBSON'S MANUAL MARKET MOVEMENTS OF SOUTHERN RAILWAY, PREFERRED, FROM 1900 TO 1908, INCLUSIVE. REMARKS. A majority of both classes of stock of Southern Railway is held in a voting trust, which was extended in 1902 to Oct. 15. 1907, and thereafter until terminated by a majority of the assenting stock. Trustees, J. P. Morgan, Charles Lanier, and George F. Baker. Securities owned, pledged or held for control, June 30, 1908, were $85,533,351. Aggregate capitalization has increased since 1900 in the sum of $148,640,000. Rigid economies were enforced by Southern Railway in 1907, and extended to every branch of the service, as far as possible, but not to the detriment of maintaining the property and equipment in first class condition. Increased efficiency of labor was a result of the policies adopted. Wages of the operating force were not touched; and the officials of the company favor a moderate increase in freight charges to avoid any such necessity. In May, 1908, the directors authorized an issue of $15,000,000 three-year 6 per cent, convertible notes, which have since been sold on fair terms. Holders of the notes have the rigbt to convert them, at any time, Mii 5 days' notice, at par. into general mortgage, 4 percent, bonds, Series A. until May 1, 1909, at 80 per cent.; thereafter until May 2, 1910, at 82^/2 per cent.,, and thence to May 1. 1911, at 85. Officers: President, W. W. Finley. Washington, D. C. ; Treasurer. H. C. Ansley, Washington; Secretary. R. D. Lankford, New York. Directors: H. C. Fahnestock, W. W. Finley, Charles Steele, E. H. Gary, A. B. Andrews, R. M. Gallaway, S. M. Inman, Adrian Iselin, Jr., Charles Lanier, E. D. Randolph, and J. T. Woodward. Fiscal \ear ends Tune 30th. Annual meeting, second Tuesday in October, Richmond, Va. Directors meet second Friday in each month. Main office, Richmond. Va. New York office. 32 Cortlandt Street. Traded in On the New York Stock Exchange (Listed Department) and on the Philadelphia and London Stock Exchanges. GIBSON'S MANUAL 305 Tennessee Copper Company A New Jersey corporation, formed April _'<>. 1 S<><;. through the agency of the Lewisohn Bros, and others, to acquire copper sulphide properties near CopperhiH, Polk 1 bunty, Tenn. The property covers about 6,000 acres of lam!. There has been a large amount of development work and a large smelter is in operation. The company produced in [907 from its own ores [2,599,019 pounds of fine copper and 205,133 lbs. from custom ore. Of the total production. _\230.io6 lbs. wire electrolytically refined, the resl was marketed as pig cupper. In addition, there were recovered [4*905 ounces of silver and 85 ounces of gold. Cost of pro- ducing and selling, 1 1. 79 cents a pound. The company employs 1,211 men. A sulphuric acid plant has re- cently been added to the works. Bonded debt $ 400,000 Capital stock I par $25 ) 5,000,01 « » Total capital $5,400,000 EARNINGS. Year Ending Copper Dec. 31 . Produced. 1 902 1903 1904 $211,525 [905 482,] 10 [906 867,062 I9°7 839,957 1908 368,492 Royalties Received. $45,767 01.587 65,308 60,716 44.682 Total Receipts. $303-013 500,41c) 266.996 556,823 958,828 900,673 413.174 Profit of Year. $231,109 417.565 186,996 452,106 824,231 800,634 324,769 Surplus. $498,149 466,395 009.752 1.273.983 1.424,01s [,499,387 DIVIDENDS. 1900 1901 1902 1903 1904 1905 1906 1907 1908 5'< 5'- 5% 5% 13% LOW AND HIGH PRICES, BY YEARS, SINCE 1907. This stock was admitted to the Xew York Stock Exchange, in February, 1907. In 1907 it sold as high as $51 |, Feb. and its low price was $17, Oct. In 1908, the range has been $25} and $52^. 1900 1 90 1 1902 1903 1904 1003 1906 1907 1908 10 20 1 9\ 28* in! i8| '5s Ml 2(. ', 43.' 23 54 17 Oct. 53! Mch. 25! Feb. 52]; Nov. Until February, 1907. this stock was traded in exclusively at the Curb Market. Quotations for 1900-1905 are supplied by Ilayden, Stone & Co. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. .?o6 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. De 1 . 3- 4- 5- 7- 8. 9- 10. Low. 43l 43l 44 43$ 44^ 44^ 44 44* 44^ High. 46] 46 44l 451 45* 45 44'. 443 45f Low. High. Dec. 22 44 445 " 23 44J 45 " 24 44J 45i 25 Christmas Day 26 Extra Holiday " 28 45 455 " 2(J :.. 45 45J 30 44i 45* " 3 1 443 45i REMARKS. In November, 1908. this compain closed a contract with the new Independent Fertilizer Co., for the sale of the copper company's sulphuric acid. In addition to the price paid for the acid, $5,000,000 was to be paid to the copper company, and a substantial instalment of this sum has already been transferred. Officers: President, J. i'arke Channing; Vice-President, Frederick Lewisohn, Treasurer, J. H. Suss- man; Secretary, E. C. Westervelt. Directors: In addition to the foregoing, H. H. Rogers, Albert Lewi- solin, Walter Lewisohn, P. S. Henry, and James Phillips, Jr. Fiscal year ends Dec. 31st. Annual meeting, fourth Thursday in February. Traded in on the New York Stock Exchange (Unlisted Department) and on the Boston Slock Exchange. GIBSON'S MANUAL 3«>7 Texas Pacific Land Trust A voluntary association, not incorporated, funned in 1888, to hold and dispose of the unsold land- oi the Texas & Pacific Railroad, which were transferred to a board of trustees for a financial purpose. The object was to retire the 7 per cent. Eastern Division land grant and income bonds of the old Texas & Pacific Railroad, and the bonds were duly retired by exchanging them for certificates of proprietary interest in the lands. The area of the lands in question was originally 3.450,642 acres. By the end of 1907, the trustees had reduced the unsold acreage to 2.439.O99, located in 35 counties, and had obtained for them the prices per acre named below. The lands are sold for part cash, part for interest hearing notes, and over 2.000,000 acres of the lands on hand are leased to cattlemen and settlers. The price per acre and percentage of cash received in recent years have been : [899 1900 1901 [902 1903 1904 1905 [906 1907 Per acre.. $2.02 $2.7,7 $2.50 $2.58 $2.84 $3.11 $^.50 $4.38 $5.01 Cash .... 37% 56% 61% Go', 47% 51% 50% 23% 21', In 1900, the trustees began to buy and retire the certificates of proprietary interest, of which there were originally $10,370,000 and by the end of 1 907 had purchased 36,000 of them at a cost of $1,532,320. The) are now less than $(1,000,000 ( 1908). Surplus receipts over expenses and taxes are devoted to this purpose. Land sales bv vears have been : [9OO 1001 1 1 h 12 1 1 k » 3 41.781 acres "5.371 29.859 29,8 I904 i'),')-~ acres 1905 I3i..v x .^ 1906 258,720 1907 64,186 1 lutstanding certificates of proprietary interest Dec. 31, 1907 ( par $100) $6, 20O, 274 Year ending Dec. 31. Total Receipts 1900 $168,338 [901 21 1.4/' In °2 177,777 I9 n 3 I/5.U2 19°4 169,303 I905 387,001 [906 464,723 In °7 37L3 6 i EARNINGS. Expenses and Paid for ( ash on 1 laud s. Taxes. Prop. Ctfs. at End of Year $52,244 $105,303 $10,791 52.078 163,074 7,137 55.132 1 18,419 4,226 55.245 1 1 1,127 8,740 52.684 97.225 19.394 74434 309.906 2.659 U4.687 332.9L3 37.123 65,502 294.363 1 1,496 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1 90 1 1902 1903 1904 •905 1 OMl , 1 1 >< 7 1908 ni Jan. 2 1 J Dee. [9 Jan. 42 Apl. 35 Jan. 44! Feb. 22 Aug. 40? Jan. 25 June 39^ Nov. 37* Jan. 66 Dec. 60 May 88 Oct. 42 Dec. 85 Jan. 45 Feb. 84i Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. 76 75 75 ., ,s GIBSON'S MANUAL Det 3- 4- / ■ 8. ')■ ro. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low, High. Dec. Low. High. 23 -'4 js Christmas Da) 26 Extra I [olidaj 28 83! 84 29 30 31 REMARKS. In 11)07. ravages of the green bug (worst since 1901 ) and other causes contributed to a partial crop failure in Texas. Pasturage was poor and the cattle interest depressed. The financial panic added to the general discouragement of that year in Texas and land sales were diminished in consequence. The outlook is now better and present indications favor the expectation of a large immigration of well-to-do people, and a revival in the sales of land. Officers: Trustees: Charles I. Canda, Chairman'; Simon J. Drake and Sigmund Neustadt. Secre- tary, Alphonse Kloh; General Agent, William II. Abrams, Dallas, Texas. Fiscal year ends Dec. 3] st. Office, 11 Pine Street. New York. Traded in on the New York Stock Exchange 1 Li-ted Department). GIBSON'S MANUAL Texas C& Pacific Railway Bonded indebtedness, I )ec. 31, up" $58,914,677 < apilal Stock '..... 33,763,810 Total capital $97,678,487 Mileage [,885 Per mile capitalization $51,819 Fixed charges, [907, including taxes, per cent, of net income 60.52 Operating expense, new basis, per cent, of gross *o9-45 ♦Compared with 66.08, in 1907, "1<1 kisis Year Ending ( iross Dec. 31. Op. Rev. 1900 $ 9,751,122 1 00 1 1 1,769,942 [902 1 [,236,601 [903 ' 2 .094»744 ")"4 12,433,147 I9°5 [2,130,391 [906 14,914,61 18 '1907 [6,671,668 EARNINGS. **Ne1 Xe t p. c. Earned on Income. ( iross Inc. Surplus. Slock. $3,358,668 33-79 $2,662,982 r.58% 4,098,626 33-78 3,220,440 3- 2 3% 3.632,141 3*-9 [,569,284 [-43% 3,980,123 3245 [,346,106 ^383.199 35-o8 [,271,039 4,504,387 35-43 1 .240,275 5,1 15.702 34-17 1,570,712 t-3 % 5.204.281 31.01 940,720 *Ititer- State Commerce classification. **Taxes included in fixed charges. LATEST REPORT. Earnings for seven months, ending Jan. 31, 1909, compared with the same period in 1907, were: (iross. Net. 1909 $9)166,564 $3,181,093 [908 9.539.765 2,891,020 DIVIDENDS. No dividends have been paid for many years on the capital stock nor has any been possible, as is fully indicated by the table above. LOW AND HIGH PRICES, BY YEARS, SINCE 1902. 1900 1 < )ll 1 1902 1903 1904 1-905 [906 1907 1 1 )( 18 i 3! [une 26l 'Dec. 2^1 fan. 52! May ^ Dec. 544 Sept. 20J Aug. 2oi [une 2iyl Apl. 43I Feb. 38] Nov. 41 Meh. 28 May 40,1 < let. 17! Nov. ,Ul Jan. [2| Feb. .i,7\ Dec. LOW AND HIGH PRICES, BY MONTHS , SINCE 1900. Jan. Feb. Mar. Apl. .\ 1 ay June 1000 [4$-i6§ [6-17 16-19 17.-21 io| \()\ i.Vi-17 190J 23^29! 2f>i -31 28-36! 351-S61 27 -52J 44-5oi [902 37s-4 n s 38i-43i 30-41! 4ol-44^ 39i"43 40 -44-V 1903 39*"43 39S-43I 35! 4"! 3° 17'1 3'> -37i , 25 -313 K104 24-20; 21.1 -26J 22^-24^ 27, -25I 2o|-22' s ' 20j-22| 1005 32S-353 34i-38| 37 -4 > 29^-39^ 30 ,^\ 3^34. 1906 3 2 l"39l :^\-$7\ 3 2 J-34i 28I-34I 28 33! 3°i-35^ 1907 3'4-37s 32-35 -Mi-33! 271-29! 25-21,', 254-31^ [908 [8I-21 i2f-i9| 125-174 16I-19J 18.I -26 215-25 3iO GIBSON'S MANUAL July Aug. Sept. Oct. Nov. Dec. 1900 14 -152 I'xii 34 -46£ Kjo_> 42^-46! 1903 24i-3oi [904 22^-26^ 1905 3 2 «"34S 1906 29^-33i 1907 28f-32 11108 223-26 14 'Si 37i-46f 441-54 204-294 24I-32-4 334-37 s 32I-36I 24 -30I 24i-26i 14 -1 5i 39 -45; 45i-54? 21 1-27 J 30I-334 1 35 -38 341-381 ^52-29i 22 -26 C4«-i»3 3/2-4' i 39i-482 212-24I 3if-36f 33f-3^ 35?-4oJ i7f-25i 24 -27I l6f-20§ 39 -42 2 4°i-4 6 2 22 -245 32|-38i 32f-36i 354-38S 174-192 26J-33 191-264 374-4 1 1 37 -43 244-26^ 32 -38 323-353 344-38t 19 -21 31-1-37}- Dec LOW AND HIGH PRICES, BY DAYS. NOVEMBER, 1908. LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low. High. Dec. 22 31J 33I- 23 33i 344 24 34 344 25 Christmas Day 26 Extra Holiday 28 35 36§ 29 3Sf 37 3° 353 37l 31 36 36s MARKET MOVEMENTS OF TEXAS & PACIFIC, FROM 1900 TO 1908, INCLUSIVE. GIBSON'S MANUAL 311 REMARKS. This is one of the Gould mads, and Missouri Pacific owns $6,555,000 of the stock, not a majority. The company has met with growing prosperity and had not the financial depression intervened, the rrp7 report would have been far more satisfactory. Expenses of operation increased about 17J per cent, in 1907. almost wholly due to the greater cost of labor. The shortage in the cotton crop in 1907 was severely felt by Texas & Pacific, which ordinarily derives a large revenue from transportation of this staple. June 1. 1907, the company entered into a new trust agreement, whereby it bought 3,000 box cars and 10 passenger coaches from The American Car & Foundry Co. and 40 ten-wheel locomotives from The Ameri can Locomotive Co. at a total cost of $3,696,000. Of this amount, $696,000 was paid in cash, the balance in ten-year 5 per cent, gold equipment bonds. From 1901 to 1907 inclusive, Texas & Pacific has expended $6,897,636 for improvements, exclusive of maintenance, and $8,607,275 for new equipment. Securities owned, Dec. 31, 1907, were $1,885,513. Total capitalization has increased only $4,200,000 since 1900. The second income, 5 per cent, non-cumulative bonds, $25,000,000, are now- almost wholly owned by St. Louis, Iron Mountain & Southern, which has $23,668,250' of them. These bonds were acquired under Iron Mountain's offer of July, 1899, to exchange for its own 4 per cents., a syndicate offering to purchase any of Iron Mountain bonds, received in exchange, at 85. An unconfirmed report, in November. 1908, credited the Gould interests with an intention to make Texas & Pacific a holding company for all the Gould railroads, its charter being broad enough for this pur- pose. Officers: President, George J. Gould; Vice-President, Frank Jay Gould; Secretary and Treasurer. C. E. Satterlee. Directors: In addition to the foregoing, R. M. Gallaway, John T. Terry, Thomas T. Eckert, E. T. Jeflfery, John P. Munn, R. C. Clowry. Howard Gould, Winslow S. Pierce, Edwin Gould, L. S. Thome, Joseph J. Slocum and Benjamin Nicoll. Fiscal year ends Dec. 31st. Annual meeting, third Wednesday in March, New York. Directors meet on call. Main office. Dallas, Texas. New York office, 195 Broadway. Traded in on the New York Stock Exchange (Listed Department) and in Amsterdam, Holland. 312 GIBSON'S MANUAL Third Avenue Railroad This important street railroad enterprise was chartered in New York Slate. Oct. 8. 1853. Originally operated by horses, Third Avenue adopted a cable system from December, 1893. In [899, the motive power was changed to electricity. In 1895. Third Avenue purchased control of the Forty-Second Street. Manhattanville & St. Nicholas Avenue line. In i8<;7. the Dry Dock. East Broadway & Battery line was acquired; in 1898, The Union Rail- way with its subsidiaries the Yonkers, the Kingsbridge, the Westchester Electric, the Southern Boulevard, and the Tarrytown, White Plains & Mamaroneck lines. In all. 34 miles of track are owned; and about 235 miles are controlled but operated separately, constituting an extensive system, funning along Third Avenue. through the upper part of the city, and onward ti> various points in Westchester countv. April 13. iqoo. Third Avenue was leased to Metropolitan Street Railway for 999 years, control of its stock having been gained tor this purpose during a famous raid against the price in the stock market. ( )f the $15,995,800 of Third Avenue stock. $7 .880.000 was owned by New York City Railway and Metro- politan Securities. The lease provided that, for the first four years. Third Avenue was to receive the net income above expenses and fixed charges; during the next two year-. 5 per cent.; 6 per cent, for the next four years: and 7 per cent, thereafter. Tn ( tctober, 1907. default occurred in the payment of the stipulated rental, and Third Avenue passed into the general receivership, imposed upon New York City Railwav and Metropolitan. With a view to separate the management of Third Avenue from that of Xew York City Rail- way. Jan. 6, 1908, at the instance of The Central Trust Co.. the new trustee of the first consolidated mortgage, the United States Circuit Court appointed Frederick W. Whitridge a separate receiver. Various receiverships were created for the subsidiary companies. Mr. Whitridge took possession at midnight. Jan. nth. In February. The Central Trust Co. brought suit to foreclose the mortgage under which the 1st controls were issued, and March 23, 1909. a decree of foreclosure was granted. Interest due on the S37. 560.000 first consolidated mortgage 4s Jan. 1. n;o8. was not paid. The January. [908, interest on the $5, 000,000 first mortgage 5s was paid on and after March 20. 1908. at The Farmers' Loan & Trust Co. Kuhn, Loeb & Co. purchased the coupons on the ist consols. No similar offers were made with regard to the July interest. Bonded indebtedness. 1907 $42,560,000 Capital stock 1 S40. 000.000 authorized) 15,995.800 T< ital capital $58,555,800 -EARNINGS. Year ending Passengers Result of June 30. Carried. Gross. Xet. Year. 1900 $49,072. 524 S2.13Q. 834 $840,016 Surp. $127,69] 1901 57,029.468 2.222.4150 1 .;t)0.i86 Def. 203.110 1902 55.802.108 2,275,176 1.534-773 " 223,536 1903 '53.623.694 2.212.653 2. 113.000 Surp. 141,684 1904 59.4S7.009 2,217,417 [005 59.774,819 2,251,057 1906 61. 233.669 2,259,037 1907 59.196.174 2,oo8,7< * 1 t ,345,722 'Third Avenue Railroad proper. GIBSON'S MANUAL 313 [899 7% DIVIDENDS. 1900 [901 1902 1903 1904 O O O O 2 \ ' ! [91 IC 1906 5* 1 1 H '7 1 1 II 18 o [900 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1901 1902 1903 1934 1905 [906 [907 1 1 11 18 451 i35i Mch. 117 May 122 Jan. 100 Oct. Jan. !.'i|l Jan. 134 Feb. 128; Jan. [IS Mch. 134 Oct. 120 Dec. 141 Dec. 121 Nov. 1394 Jan. 11, Nov, 123 Jan. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. an. 1900. IM'H . 1902. I9O3. I9O4. 1905. [906. I9O-. I908. I 9OO . ICp] . 1 < |f>2 . 1903. 1904. [905. [906. I 907 . I I )i l8 . 107 -I35: ll8 -129^ 122 -I2l>' 1 24 - I 28 I I20 -I24| I29J-I3I 135 -1394 117^-123 18- 227 Feb. 50I-108 1 [9 -128 1 -'4 -134 129 ~\2/k - 1 20| 1 34 i Mch. Apl. ,\hi\ 128 [3oi-l37 117^-118 17]- 22 45!-"- 1 [9 -123 1 29^-132 [22 -124,' 113 - I 2 1 S I2(il-I32'; t32 -135 101 -117^ tSi- 2 ° 102I-124 121 -127 130 -13] 1 174-1-24 119 -12] ii 124 -131 i 125 -134 I 10 -I 14 m- 39 "5* '-'5 13' : ; 121 \ 1 21 > [ [25 [29 1 2d;'- 130 103 -[16 30 - 34i 107 117 130 1 \j\ 12oj 47 Mch. Aug. 108 -1 1 3 i 122 -1 2 1 131 -I3 1 I I2.\-I I < > A 1 l9[-I2l] 126 -I32 ' -'5 I-130 104^-105! 29I- 344 July Aug. Sept. I08i-I12] 121 -122 I30i-I32 1IlJ-Il8 I [9 -I22i I26^-13K 125 -126 29J- 333 109 T2I ■ '3'4 mi I2[i 127 123 4"! 3 2 i no] 123 132J 114 126] 129^ [27J 104 47 10SJ-1 1 1 A 119 -121 128 -131 105^-113 122 -1287 [ 2 6i-i28i 1247-127 43 - 58 39S- 47 ( let. Nov. [ 09 - 1 1 2 1 i-i-l [S 127^-129 100 -no 1*4-134 124 -129 123I-1277 20]- 43i 27 - 4o| [09 [ 1 5 [ 1 8 -12] 1 23 1 -128 1 10 -1 10 130 [32 [22 -123 12 1 - 1 24 \ II. 20| 2 4 4 38, Dec. 113 -1214 120 -123 122 '-[28 I I4i-I2lt I30I-I32 120 -I4I I2[J-I24| 17 " 25 31 " 43 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. Low 2 29J 3 Elect ii .n 4 28 .-. • 6. 7 ■ 9- 10. 1 1 . -'4^ 243 244 -4_> 24! -'5i High. 30 Day' 30" < 3>i 27 263 26.1 26] 26 Nov. 12. 13- 14. [6. '/"■ 18. 19. 20. 21 . 254 29 3i4 36 .u : ; 31 3 i 30 311 High. 29 X<.\ 3i " 354 381 38 35 3 2 l 3 2 4 33 High. 32! 34 : i Low 23 3 1 ! 24 3'i 25 •■ 334, 354 26 I hanksgiving Day 27 i?, 34s 28 32: 344 30 ,^ 33? LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low Dec. 1 34 2 n', " 3 33i " 4 tfi " 5 34 / 33 1 " 8 35 " 9 344 '■ 10 351 Hi igh. 354 L>< :c. i 1 . . . . 344 12 34 14. .. . 345 [ 5 — 34l ' 19.... 35 ! • 17.... 36 [8 35l J6 Ml '• 21.... 1 ...\v. 343 35i 35 3> V\ 344 347 34',< 33j High. 36 36 36 354 354 364 351 354 35" Low. High. Dec. 22 33; 36 " 2 3 35 1 3 s '■ 24 38J 40I 25 Christmas Day 26 Extra Holiday 2^ 40I 43 29 40 42 30 374 40 " 3i 373 30 3*4 GIBSONS MANUAL MARKET MOVEMENTS OF THIRD AVENUE RAILROAD, FROM 1900 TO 1908, INCLUSIVE. A FEW MINOR TURNS DISREGARDED. m-o 1100 HOI 11 02 no j IW nos (qob hot nos Itf * t 1 30 k 1l» t 125 h / \/ \ Vi M 120 M I / \I -4 115 '|V X f zj^ 110 In y 105 \v ti I0O T °{S 10 85 ?o 75 70 65 bO 5S 5o 4-5 II to i 3S V 30 r 25 H— - 20 ?i 15 -p REMARKS. The receivers found the physical condition of the Third \\enue road extremely had. The power house alone was in g I shape. Extensive expenditures were necessary for repairs, supplies, and im provements. The special franchise tax had not been paid, except For the first year after the law went into operation, and unpaid taxes for eight years were due. amounting to about $1,200,000, to say noth- ing of additional amounts, due from subsidiary companies. Receiver Whitridge report d May 9, 1908, with regards to the bonded debt, as follows: "On tak- ing charge of the property, 1 ascertained from the bankers thai the proceeds of Third Avenue 4 per cent. bonds bad been paid over by them to the company in three checks, as follows: < >ne drawn on The Na- GIBSON'S MANUAL 315 tional City Bank for $17,000,000; one on The National Bank of Commerce for $17,564,444; and one for $1,943,000. There is, in my judgment, no evidence on earth or under the earth of the expenditure' of an\ such sum (if money upon the Third Avenue system. Over $20,000,000, it appears, was expended prior to the lease to the Metropolitan upon work, part of which appears to have been done by contract, for which the contractor was paid 15 per cent, on cost. Generally speaking, everything which has been dime can be traced, but to trace the whole of the money expended since the lease would cost possibly $200,000, but if traced, there would be no certainty that I could be able to recover any part of it for the bondholders or the company." Falling off in the earnings of the company is attributed by the Receiver, in part, to diversion of traffic to the subway, but also in part to the transfer system. In 1897, before the lease to Metropoli- tan, the percentage of transfers to the total number of fares was 19.14 per cent. In 1907, the percentage was 38.14. Officers: Receiver, Frederick W. Whitridge. President, H. H. Vreeland; Vice-President, D. B. Hasbrouck ; Secretary and Treasurer, John Beaver. Directors: Tn addition to the foregoing, W. A. Anderson, R. Martin, Charles Remsen, AT. G. Starrett, C. F. Warren, E. M. Burghard, R. W. Meade, Oren Root, jr., D. C. Moorehead and E. W. Sayre. Receiver, Frederick \V. Whitridge. Fiscal year ends June 30th. Annual meeting, first Wednesday after the second Monday in November. Office, Third Avenue and 65th Street, New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL Toledo Railways C& Light Co. Owner of all the street railroads in the city, whether operated bj trollej or otherwise, and also pro- prietor of all the electric-lighting, gas and power business of the city. Incorporated Jul) i. [901, to succeed to and acquire all the propert) and franchises of the various local companies. It is stated thai the gas, tricity, light, heating, power and underground conduit franchises are perpetual. < In certain str< the railroad franchises will expire \.>\ 9, 1910, but the principal pan of the system i- conducted under more than too ordinances, which do not expire until 11)14. [915 and [916. There arc. in all. 14} miles of track, and the rolling stock comprises 298 car-. Electricit) is generated for 1.571 arc lights, [67,080 in- candescent lights, and about 8.340 horse power motors. The transfer system of Toledo makes it practi- cally certain that no material change will be made in fare- until aboul 1014. Bonded indebtedness, Dec. ., i . [908 S14. 500,000 ( Capital stock 13.875.000 Total capital $28,375,000 Fixed charges, [908, per cent, of net inco me 73. 1 1 EARNINGS. Net, Y ear ending Dec. 31. Gross. LessTaxes. 1901 $1,3] 1.0S4 S 674,678 ""-' I.459.09 1 732,312 I'i'M [,663,794 807,268 "'"4 1.752,834 829,625 ; [,913456 940,16] [906 2,047,6] 1 975,838 [907 2,565.201 [,022,867 < -'.54^. in 1 >o68,73 1 Profit and 1 ..1--. Surplus. Mot reported. s 988,339 [,34i347 [,513,823 Earned 1 in St( 'ck. 2.16% 2-7! 3-5* 3.89% 2.279? 8 1 ' ; DIVIDENDS. ' 1 1 X (2 1903 [904 [905 [906 1907 2 2% >'. 1 1 K 8 LOW AND HIGH PRICES, BY YEARS. SINCE 1902. 1 1 )■ 12 1 1 h >3 1 004 [9 ■; ' 1 ■ h 7 3 323 Nov. 38 Sept. 1 — 1 ( let. ; l7 j Jan. 1 7 '. lune 27I i let. jj| fan. 37! Apl. -'51 Dec. 36 Jan. 9 Dec. 29 Jan. 6J1 let 15' Dec. This stock was listed in New York in September, [902. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2. 3- 4- 5- - 6. 7 9' 11. Low. High, si 83 Election Day 8 1 8J 83 9 9 9 9 Nov. 12. 13 • '4- [6. '/ • [8. i'). 20. 21 . 1 .1 i\\ . 9 93 9i High. 9 9i 9\ 9\ Nov. Low. High. ;;;; ^ '9* Thanksgiving I >a\ 9 9 23 24 25 -/ ■ 28 30- GIBSON'S MAN UAL 317 Dec. LOW AND HIGH PRICES, BY DAYS, DECEMBER. 1908. 1 . 2 3 • 4- 5 • 7 • S. 9- 10. Low. High. 9k 94 9* 9i De 1 1 . 1 j. 14- '?. [6. '7- t8. 19. 2 1 . I, s 1 , High. s: 1 D Low. High. -23 9 9 -'4 • 25 Christmas Day 26 Extra Holiday 28 9i ui 20 1 1 ! i_>l 3°- 3'- 11: 12 1-'! '5* REMARKS. The net results of [908 wore unsatisfactory owing to increased operating expense and the payment of a large sum for taxes and reconstruction. It is confidently expected that better results will be hereafter shown "ii account of a reduction of operating expense and expenditures for capital account. ( (wing to inability to dispose of treasury assets, on account of the panic and the large cost of better- ments, dividends were suspended for the time being in November, 1907. Securities owned, [908, were $2,650,556, consisting of bonds and stocks of local companies. In 19,08 the company had 2,052 stockholders of record. In view of the fact that about $10,000,000 of the company's bonds fall due in [909/a reorganization committee has been appointed by the bond and stockholders, which hopes to refund the issues maturing in 1909 and 1912. If the franchises expiring from [909 to 1014 can be renewed on reasonable terms, the com- mittee expect- to carr\ out the refunding plan successfully. Officers: President, Albion E. Lang; Vice-President and General Manager, L. E. Beilstein; Treasurer. S. I). Carr ; Secretary. II. S. Swift. Directors: L. E. Beilstein, S. D. Carr, A. E. Lang, E. W. Moore, Barton Smith. J. K. Secor, R. B. Van Cortland, J. F. Demers, and W. E. Hutton. Fiscal year ends Dec. 31. Annual meeting, third Thursday in January, Toledo. Office, Toledo, Ohio. Traded in on the Xew York Stock Exchange (Listed Department). 3 i8 GIBSONS MANUAL Toledo, St. Louis C®> Western Railroad Bonaed indebtedness, June 30, [908 $27,577,000 Preferred stock, 4 per cent, non cumulative 9,952,600 Common stock 9,995,000 Total capital $47,524,600 Mileage 45 1 *Per mile capitalization $78,012 Fixed charges, [908, including taxes, per cent, of net income 74-87 ( )perating expense, excluding taxes, per cent, of gross, new basis .... 67.43 "Arrived at by deducting from total capitalization, the "securities held," amounting to $1^,340,003, most if not all of which were exchanged for the company's own issues. EARNINGS. Year Ending Gro Netlncome, NetP. C. Earned [une 30. Op. Rev. Less Taxes. ofGross [nc. ''Surplus, on Common. [900 $1,940,379 S370.J0; [9.55 o 1901 2,490,566 696.95S 2 7- nL $82,558 o 1902 2,640,880 735.090 2 7-7$ 138,247 o 1903 3,111,359 746,639 23.92 309.887 o 1904 3,341,648 802,093 23.07 533.829 o t905 3,785,164 829,101 21.77 706,442 o [906 4.205,051' 1,089,698 25.75 [,178,765 °-7% 1 007 4,181,966 [,279,205 30.27 2. 1 (.2.444 -s7<> 1908 2,818,467 f.523,585 35.05 2,111,017 °-' ; * *Inter-State Commerce classification. il, in addition thereto, equipment replacement fund to the amount of $531,650 in [90& LATEST REPORT. I arnings for seven months, ending Jan. 31, 1909, compared with last year, were: Gross. Net. 1909 $2,047,742 $674,149 ico8 2,491,380 77 I »9°4 DIVIDENDS. [900 1 '/o 1 [902 [903 [904 [905 [906 [907 [908 Preferred... o o o 0000 4% 4'. Common.... o o o 000000 LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1001 [902 1903 ioo) K)<>5 [906 1007 1908 Preferred . . . 28 May 35 Jan. 24 Sept 32 Feb. 51 ',' Jan. 43 July 29I Nov. 33 Feb. 39^ May 49JJ An-. 48 Jan. 57] Nov. 65 Apl. 50; Jan. 54- Apl. 73! Dec. Common .... toj Feb. i8.l Jan. 15 Sept. 21. 1 May 35 Dec. 25', July [6| Dec. 12 Feb. 25i Maj 33^ Oct. 31' Jan. 38 Nov. 43 "i M 1 '- 4oj Jan. 3.V,' Jan. 50 Dec Thesi Acre listed in New York in February, [901. GIBSONS MANUAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1901. 3i9 Jan. Feb. Mch. Apl. May June 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Cum. 1905. . Pfd.. Com. 1906 ...Pfd.. G im. 1907 Pfd.. Com. 1908 Pfd.. Ci im. 1901 .Pfd.. Com. 1902 Pfd.. Com. I9°3 %• - pfd -- Com. 1904 Pfd.. Colli. 1905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 35 -381 18A-20! 44 -48 28 - 3 ij 37 -394 23^-2. )', 5ii-544 35i-36f 56 -59^ 35 -4o£ 50i-53i 3oi-335 34 -37i 14 -15 30 -344 io:;-i3i 37"-43s 20I-23I 43t"46i 29 -30! 3 2 -3&i 22 -26I 53i-565 354374 543-531 36-38 50 -52I 28|-32^ 33 -35i 12 -15 3 2 -36 12 -19 362-4' ! -'i ! --'3l 40^-44! 25 -281 34 -37l 24 -27 36 -4°s 54 -55l 351-364 45 -5i4 23l- 2 9f 333-42:1 14 -194 30 -374 144-19 374-41 { 20|-23^ 414-44 2.l'|-2('! 35 -393 24 -26-J 541-55 35 -43 1 514-5"! 34i-364 514-54^ 274-3o 1 40 -43 [64-181 28 -394 14 -254 364-40 20| 22 : \ 38 -44 208-273 37 -39i 2lA--'"- 5-' 3-58* 344-39 48 -52I 3° "334 194-534 284-30 40 -46 174-21 354-39^ 2I.'.-24.', 364-38 A 20I-21 ', 40 -46 1 94-26.1 344"3»i 22 -254 554-571 37 -39 46 -494 26 -313 484-504 27 -27I 434-44.' 19 20 J July Am Sept. Oct. Nov. Dec. 3-^1-36 19^-22 37 -40 20f-22£ 25 "45 18 -26:1 37 -39§ 24 -27i 554-57^ 374-39s 43 -47l 254-294 48f-5o! 264-275 434-50 i9i" 2 3l 324-36 20 -22I 38 -49 s 214-324 25 -32 16 -23! 38 -484 25 -292 57 -59s- 374-38S 474-55 28 -36 40 -49I 24 -26J 494-594 224-27* 38 -384 20 -24I + 1 -49 : i 28 "33 24 -29! 15 -- 7 3l 46 -53 28 -33 574-591 374-394 5<'j-57 314-354 45 -48 1 23s--' 1 '' 55 -61 2.5 -27 334-37 20 -22 1 40 - 4 8i 27 -33! 24 -27.1 i6]-i8~ 484-52 294-32! 36 -394 54 -584 333-3SA 30 -45 s 194-25! 57s 624 26 -31-3 334-361 [94-2i| 44 -40 s 27 -3i4 244-334 I54-2I4 47f"574 29 -38 56 -584 364-384 53 -554 33 -354 294-344 174-193 574-65 304-40! 314-354 [74-19! 43 -48 25 ; 2 .1 29^ 40 20f-26 49 -56! 33i-37 564-59 35 52 -544 334-34'J 303-36A 163-18 634-734 394-50 :l I 4 37s LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. Pfd. Com. 2 574-573 304-303 3 Election Day 4 584-594 314-32 5 59 -59f 6 584-591 7 584-59 9 584-583 10 58-59 11 583-59 32 -324 323-32! 33 -33 324-33 324-325 Nov. 12. " 13- " 14. Pfd. 583-593 60 -6of 608-61* 16 6oA-6i^ 17 6o|-6i 18 60 -6o| 19 60 -6of 20 60 -60* 21 592-60 Com. 33 35 -34 -38 374-373 36 -36 No\ 23- 24. 25- 26. 27. 28. 30- Pfd. Com. 594-594 363-37 594-6oi 374-374 60 -6o*_ 374-374 . Thanksiving Day 60 -624 374-383 61J-63I 39 -40 64 -65 39J-4o3 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. D Pfd. Com. 1 648-64 J 39f-4o4 2 634-644 394-4° 3 634-63$ ....... 4 634-64* 394-40 5 64 -64! 404-40! 7 64 -64* 393-39s 8 633-633 ....... 9 63f-66| 394-428 10 65 -662 41 -42] Pfd. Dec. 11 654-664 " 12 65I-65! " 14 66i-6 7 ! " 15 66 -67I " 16 66 -662 " 17 654-67^ " 18 65I-664 " >9 65^-657 " 2. 65 -653 Com. 41 A -413 De 3 -> ....... 23 414-42! • 24 ....... 25 4i4-4i4 >r> 40 -40 28 393-40 2') 40 -40 30 394-40 31 Pfd. 69 -702 I >< )!,-72 4 C01 40 -42] 42 1-423 44 -473 Christmas Day Extra Holiday 7^-732 463-49 7' 1-73 1 48 -49l 71 -72 46I-47A 71 -72 48 -50 3 2 o GIBSON'S MANUAL MARKET MOVEMENTS OF TOLEDO. ST. LOUIS & WESTERN, PREFERRED, FROM 1900 TO 1908, INCLUSIVE. REMARKS. This company, chartered fulj 5, 1900, is ;i reorganization of the old Toledo, St. Louis & Kansas City, which was sold under foreclosure in March. 1900. The capital stock has remained unchanged since [900 but the bonded debt has expanded about $12,- 000,000. The increase took place in the fiscal year of [908 and was the consequence of purchase of $6, |£o,ooo of the preferred and $14,425,000 of common stock "i" Chicago & Alton, a controlling interest valued -11.527.000. The Chicago & Alton stock has been deposited as security for the gold bonds of [917. Purchase of Chicago & Alton was consummated in August, [907, and 64,800 share- of the preferred and 144. -'50 shares of the common were acquired. From this stock, 4 per cent, was received on the preferred in the fiscal year of 1908 and 1 per cent, on the common. Officers: President, T. P. Shonts; Chairman. Thomas II. Hubbard; Vice-President, Edwin Hawley ; Secretary and Treasurer, James Stewart MacKie. Directors: II. S. [Slack. Hugo Blumen- thal. E. I. Berwind, Edwin Hawley, Thomas II. Hubbard, Henry E. Huntington, C. S. VV. Packard, William A. Read, T. P. Shonts, Charles II. Tweed, and lames \. Wallace. Fiscal year ends fune 30th. Annual meeting, last VVednesda} in October. Directors meet first Wednesday in February, May. August and N'ovember. Mam office, Toledo, Ohio. New York office, 60 Wall lraded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 3- 1 Twin City Rapid Transit Company An electric street railroad enterprise chartered tinder the laws of New Jersey, June 3, 1N91, and con- trolling the whole street railroad system of St. Paul, Minneapolis and Stillwater, with lines to several points 011 Lake Minnetonka. The articles of incorporation make the charter perpetual hut the franchises are in it so. Feh. 18, 1907, an ordinance was si^m.,] by the .Mayor of Minneapolis, requiring the company to sell (1 fates for 25 cents. The company contested the legality of this action, and on Aug. 24, [907, the United States Circuit Court issued a permanent injunction against the ordinance. The company claims that this de- cision sustains the company's right to a 50-year franchise from July 1, 1873. The case has been appealed to 'he United States Supreme Court, hut the company is confident of a favorable result. The city of St. Paul was inclined to appeal from this decision, and a settlement was made, the city re- linquishing the right to appeal in return for an agreement of the company to pay a tax of '1 per cent, on gross earnings to the city. Bonded indebtedness, Dec. 31, 1908 $19,523,000 Preferred stock. 7 per cent, cumulative 3,000,000 Common stock 20,100,000 Total capital $42,623,000 Fixed charges. 1908, per cent, of net income 42.04 Operating expense, excluding taxes, per cent, of gross 4947 Per cent, of taxes and expense to earnings 64.35 EARNINGS. Earned Year ending Dec. 31. Gross." Net. Surplus. on Common. 1900 $2,839,356 $1,534,666 $2,418,798 47% J 90i 3.173-9/6 1.758,524 2,700,284 5.88% 1902 3,612,211 1,982,041 2,991.346 6.42L J 9°3 4.063,939 2,185,889 *........ 7.54% 1904 4.308,080 2,351,045 203,030 6.2 % i9°5 4.759. 2 55 2,640,118 456.156 5.22% 1906 5,644,988 2,969,608 593.837 5-67% x 9°7 6.055,743 3-075.307 424,973 5-65% !9o8 6,399,510 3-233454 **54Q,o64 ♦Disappearance of the surplus in 1903 was more apparent than real. It had not represented casli on hand, hut balance over interest and dividends, which had actually been expended for improvements. The surplus was in 1903 posted to "roadway and equipment." Since that date, the surplus has represented cash on its equivalent. ♦♦Renewal funds and special reserve, in addition to this. $1,200,290. DIVIDENDS. 1900 1901 1902 '903 1904 1905 1 ( |< iO 1907 1908 Preferred. . • 7% 7% 7% ;'< 7% 7% 7% 7% 7% Common . . . • 3% 3i% 5l% 5% 5% 5% 5% -,'■ 5% 1900 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1901 1902 1903 Preferred. .136 Jan. 146 Dec. Common. . . 61 \' z July -0^4 Dec. 143 160 Feb. 15654 Aug. 155 May Nov. 1595/2 Feb. 159 Jan. 65^ Jan. 107 Jan. 79 Oct. 109$^ Dec. 12954 Sept. 12254 Jan. "«l 1905 158 165 8754 Feb. 105 Jan. 107 Va Oct. 119J-6 Oct. 1906 1907 1908 Aug. 15.^-4 May 150 Nov. 160 June 150 Sept. 100 Nov. 120 Jan. Sept. 115 May 124 Tan. 102 Dec. i&Vt, Nov. 78) \ Feb. 1 .'_■' J Jan. io8;< Jan. 96-Js Dec. 322 GIBSONS MANUAL 1900. 1901 . 1902. 1903. 1904. 1905. 1906. 1907. 1 908 . 1901 . 1 ( m i-' . 1 ! k »3 ■ 1904. 1905. 1 906 . 1907. 1 908 . .Pfd. . . 1 '0111. .Pfd.. . Com. .Pfd.. . ( '1 nn . .Pfd.. .Com. .Pfd.. .Com. .Pfd.. . Com. . Pfd. . . Cum. .l'l.l.. . ( bm, .Pfd.. .( '■ Mil. . Pfd.. . Com. .Pfd.. . I 'nm. .Pfd.. .Com. .Pfd.. . Com. .Pfd.. . Com. .Pfd.. .Com. . Pfd. . .Com. .Pfd.. .Com. . Pfd. . . I '1 nil. LOW AND Jan. [36 -139 66 - 68J (47H47i 65I- 7 i\ HIGH PRICES, BY MONTHS, SINCE March 1900. 1 07 -111 158 -159 1 1SJ-1 22 | *88i- 9Sl 105 -100! 117 -12 H 102^-108! 120 -120 »4|- So| July 141 -141 6i4- 6i| 148 -148 90J- 953 119 -125 93i-ioi i59i-i59! 94i- 9 6 nof-115 io8f-ii4i 94 - 96 89 - 92} Feb. 139 -i"39 64!- 65 J 143 -147 67I- 7i 158 -i59i 1 09 - 1 1 3 \ 159 -159" 119 -121$ 87f 92! 105 -108 116 -II oi 102 -105 '-8i-'8 4 i Aug. April May June 141 -141 62 - 62^ 147 -148 9 2 2- 1 023 156^-156! 122:4-129 'm-'g's 158 -158 95 - 99i II35-H9K 1 1 2\- 1 1 60 85 - 92 88 -'91} 138^-139 ' 14 - 66i i47:rM7 ; ; 694- 7 6i 113 -120 [56 -156 107I-118J 87i-"92| 1551-15- 107^-1 1 si 1 16 -119] 82^-'s 5 Sept. 140 -141 150 -157 98J-iosi 121 -121).' 8 4 i- 94^ 158 -158 96J-101 1 15 -118J 1 13I-1 16] 0.0 1- 96} 8s - 00 141 -142 63^- 66$ 147 -M7 74 - 701 1184-124 ro8f-ii4i 9'f- 94 C54 -C54 108 -122} 112 - 1 2 1 ] 93i 98 84 -877 Oct. 141 -141 62 - 64 "71 -85 C57 -157 H7!-I23 155 -155 103 -113I 93 - 95 1 1533-157* 108 -115I 1093-119 "5 -US 89 - 96 123 -123 86}- 92} Nov. 140 -140} 6ii- 62 ' 97 -101 158 -158 1 1 4.1 -1 23 79 -'88 .;o : ;-io73 1151-119^ 150 -150 in -114 72 - 04 88f - 91* 141 -144 6 3 4- 67 158 -160 100 -io8i 158 -158" 1 1 3 1 - 1 20.I 85i-94 165 -165 104^-1071 114 -117 109I-111:} 100 -100 68f- 75 00 - 95* I4ii-i4i4 62 - 63 '835- '95 IlSi-121^ 155 -155 873-IO4 93i" 953 160 -160 109I-114J 109 -n6g 91 - 94 J 2 80 - 91$ Dec. 1 40 -146 665- 70} 158 -159}- 105 -109I 112 -117! 159I-159I 90 J- 05 1 103^-1 07 \ 1 14 -1 18 102 -109' '77 -'86 04 -962 LOW AND HIGH PRICES, BY DAYS, NOVEMBER. 1908. No\ 3- 4- 5- 6. 7- 9- 10. 11 . Low. High. go oo-l Election Day 91 9 1 :' 91 9 1 * 93 934 93 9 1 ! 9 2 i 93* 93$ 93 Low. High. Nov. 23 " 24 94$- 95 " 25 95 95I 26 Thanksgiving Dav " 27 ..'. " 28 " 30 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 . 2 . 3- 4- 5- 7- 8. 9- 10. Low 04; 94 i 94 Low. High. Dec. 22 23 94 24 94i 2^ Ghrist 26 Extra 28 95 29 95i 30 31 94, 943 mas Da) Holiday 95 962 GIBSON'S MANUAL 323 REMARKS. Total capitalization has increased $13,152,000 since 1900. Securities owned, are not reported separately from cost of roadway and equipment but are included in the grand total of $42,761,175. New construction work during 1907, mainly in the way of additions to the shops and power plant, 'nit including also work on the tracks and the Selby tunnel, required an expenditure of $1,657,154. Officers: President. C. G. Goodrich; Vice-President, Willard T. Ilield: Treasurer, E. A. Crosby; Secretary, E. S. Pattee. Directors: J. M. Mitchell, C. G. Goodrich. Clinton Morrison, W. J. Goodby. W. A. Read, Charles Hayden, Horace Lowry, M. P.. Moon, and Frank Bergen. Fiscal year ends Dec. 31st. Annual meeting, fourth Tuesday in January, Elizabeth, N. J. Office, Minneapolis, Minn. Traded in mi the New York Stock Exchange (Listed Department^ and or. the Mon- treal Stock Exchange. 324 GIBSON'S MANUAL Union Bag C& Paper Company \ union of establishments, devoted to the manufacture i if paper bags and similar articles, incorporated in Now Jersey, Feb. 27, [899. The late Geoi . < West of Ballston Spa. \. Y., was a leading figure in the con- solidation. At the time of the rhergel, the new company controlled about 90 per cent, of the industry in the United Stairs. Paper mills, pulp mills and bag factories were taken over, the plants being located at Sandy Hill, Ballston Spa and Hadley, X. V.. Watertown, Mass., and Kaukauna, Wis. The companj owns a large number of valuable patents for mechanical processes, important water powers, and extensive tracts of forest lands, in regions tributary to the mills. A great and growing asset is the water power of the company. To utilize the one at Sand) Hill, a modern electrical plant has recently been built, to develop almost 10.000 horse power. There is ever) reason to believe that this power will be sold to local consumers to excellent advant- age. Bonded indebtedness, Jan. 31, [908 $ 3,399,000 Preferred stuck. 7 per cent, cumulative 1 i,.(xk> Common stock 16,000,000 T ital capital $30,399,000 'Sear ending March 1. 1900 $1,494,169 1901 Year ending Jan. 31. 1902, 1 1 mos 1903 1904 1905 1906 1907 [908 1.276.758 EARNINGS. Profit and Profits. Surplus for Year. Loss Account 1' ' 1-169 $724,169 $ 724.169 803,063 33,063 757.232 876,470 106,470 846,980 961,036 191.036 901,816 812,498 4-485 878.* >29 906,419 136,419 1.015.31'' 833.35 2 33-63I 1.04^.1^11 934.487 2( 1,920 1,075,900 .276,758 379.224 1. 455.124 Note: — Less than 1 per cent, has been earned for the common stock, except in a few years, viz.: 1000, 4.5 per cent. 1903, i.J per cent.; 1907, 2.37 per cent. Preferred. Common. . . 1 < /* i. i 7% o l < )i 1 1 7% o DIVIDENDS. 190 1903 7% o o 7?< 1 004 7% o 1905 7% o 1906 6i% o [907 4% o 1 1 ,1 iS 4% o 1900 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1002 [.*>] Preferred.. .5654 May 65 Apl. 77M Feb. 75. m Dec Common. ... 10 June 12 Apl. 25 Feb. lQ.?g June 7_' Ian. 85 Apl. n'j Nov. isy 4 .\pi. 1903 Dec. 79-J4 Jan. S Oct. 15 Jan. 1904 1005 45 Feb. 68 Jan. 75' 4 Nov. 82^ Dec. 3% Aug. 85-g June 1.;' , Nov. 15& Oct. 1 1 jn( i 52 84 Oct. Jan. Sept. 15' 4 Jan. ni( .7 1008 39J4 Nov. 44y6 Jan. 61 Jan. 66J4 Nov. 4 Oct. 4 Feb. 8j^ Jan. 95-6 Nov. LOW AND HIGH PRICES, BY DAYS NOVEMBER, 1908. Pfd. 1 lorn. Pfd. ( '•m. Pfd. Com. Nov. > -. . 8 - 8i Nfov ....... Nov. -3- 66-66 oj- o;' ri 3 ■ • ■ ■ Election Day . > '3 63f-65 8J- Ml " 24- 66 -66 9$- 9i *• 4 — ti 14 11. (,; -6<; 0!- -1 •- 2K. _ •• _ 8 - 8J •• •• .,', .Thanksgiving 1 )a) 1, in -62 8 - 8| .. >7 18 6c, -6t; • • .7 . 66J-66I 9i- 9i 62J-62I ....... • • 7 .. (..■: 6 9 - 9\ . . .- •• >8 " 9.... . . 63-64 9 " 9\ " "» ,, 3 " 30- ...---. «-8| " 10 • • 64 1 ' I it .. [i 8| .. 6 S . . .- GIBSONS MANUAL 3-25 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 1 ''-l-l-S-U Pfd. Dec. 22. 23- 24. 9h 9fi 9S- 9f 25 Christmas Da\ 26 Extra Holiday 28 66 -66 29 -••• 9-9 30 66 T 66 g\- ol 3J -■•• 9-9 REMARKS. Total capitalization has increased since 1900 merely by the amount of the present bonded debt. The capital stock is the same now as then. Cost of properties is carried in the last balance sheet at $29,732,339. The stagnation in business in 1907 and high cost of all materials would have materially embarrassed the company, in 1907, had it not been for possession of its own wood lands. These enabled it to supply its own wants at low cost and the surplus wood and pulp were disposed of at remunerative prices. Business slowly improved until June, 1908, and thereafter more rapidly. By the first of January, 1909, the mills were running on full time and the trade of 1908 practically equalled that of the year before. Officers: President. Edgar G. Barratt; Chairman, L. < !. Fisher; First Vice-President, John H. Derby; Treasurer, E. S. Coleman; Secretary, W. L. Sparks. Directors: Edgar G. Barratt, Philip G. Bartlett, Charles T. Coburn, Edwin S. Conway, John If. Derby, Isaac H. Dixon, Lucius G. Fisher, Chauncey Keep, Chauncey Marshall, Waldo E. Pratt, John S. Riegel, George R. Sheldon, Lucius V. Walk- ley, Mahlon B. Wallace, and David S. Walton. Fiscal year ends Jan. 31st. Annual meeting, second Tuesday in April, Jersey City, N. J. Directors meet, Wednesday preceding the nth of March, June. September and December. Office, 17 Battery Place. Xew York. Traded in on the New York Stock Exchange (Unlisted Department). GIBSONS MANUAL Union Pacific Railroad Bonded indebtedness, June 30, 1908, after deducting bonds "i an liary companies owned $298,109 Preferred -tuck. 4 per cent, non cumulative , ' , '-54i I ommon -took [95487,900 Total capital $593,141,068 Mileage 8,252 Pei mile capitalization $46,045 Fixed charges, [908, including taxes, per cent, "t nel income .. .. 30.56 < operating expense, excluding taxes, per cent, of gross, new basis .. 5 1 83 Vfter deducting from capitalization, securities owned. EARNINGS. year Ending June 30. 1900 1901 1902 1903 [904 I905 1906 1907 [908 ( rross I >p. Rev. $23,046,907 39.264 17,500,279 51.075.1s., 55.279.23' 59,324,949 67,281,543 76,040,727 76,039,225 Net Income Less 1 axes. $i2,027,8iq 20,010,279 26,521,(155 26.975.S 1 1 i 29,048,632 33.958,994 40,647,585 44,983,12) 47.920.155 Net P. Col < in iss Inc. 4745 4476 50.92 4841 48.84 51.87 52.71 5 ' -33 52.05 Surplus. $12,166,790 [5,844,965 21 ,361,692 21,132,240 26,005,682 35443.194 42,796,026 -7,822 63,978,579 Earned on Common. 4-37 75- 9-349 848% IO.o 11.72% 15.J'; [5.629I • Interstate < lommerce clas ** In addition to Surplus In ami reserve funds. "•• I igured after application to betterments sification. come account there are $1,949,836 in various insurance LATEST REPORT Earnings for seven months to Jan. 31, [909, compared with the same period in 1908, wen Gr> Net 1909 S47.983.Sj4 $24,264,024 1908 4S.KHi.j1S io.440.5iM DIVIDENDS. [erred 1 ■ immon 1900 hen 1'. 1902 ■ 1903 4% [904 [905 4% E [907 4'^ [0% [908 4% io<; i<*«) LOW AND HIGH PRICES. BY YEARS. SINCE 1900. 1906 l'*»l 1902 L903 I'AM '905 I'*»7 . Aug Aug. 95*4 I 7 --'' May '>'■ ' j Aug. 8lJ,bc- 133 May ll.Vi Aug. 1045* Jan •'. Nov. 98 Dti ICltfFeh. 71 Mch. 11.1 Jan. •7 N . Dec. 91 H May <*)>$ Ian. 1 IS lan. 19S« Sept. 75 Aug. 96 May lixi Oct. 183 Jan. \pl Nov. mi'.' Moi, Mji Nov. GIBSONS MANUAL 3-7 LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. 1900 Pfd.. Com. 1901 Pfd.. Com. li>02 Pfd.. Com. 1903 Pfd.. Com. 1 ( 1114 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. C904 Pfd.. Com. [905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd/. Com. 1908 Pfd.. Com. 73!>- 76 44 s- 48s 81 f- S 5 i- 784- 88 99§- io 4! 92-i- 95 1 00^- 1 04s 881- 9ii 76£- 82J 97 - 98} 113 -I23i 97 - 99i 148 -iooi 92 - 94 1681-183 80 - 84J 1164-128! July 7ii- 49f- 87 - Sgi- 88f 104-- 84 934- 88f 97 - 1264- 94- I39l- 834- I35S- S- ! 145 - 76S 585 90-2 110J 944 iiof - 88^ - 82J 94! 99 99 i3 [ s 944 152! 85 148 8 3 4 155: 74 - 71\ 40 s '- 5ii 83i- 90j 84I- 974 87 - 90 98§-i04i 91I- 95i 96I-1033 864- 91 4. 7 2\- 8i| 97 - I0I f i-'i -i37i 954- 98 1481-158! 90 - 91 1 68|- 1 80 - 83 1 ioi-i 23;! n\ Aug. 75i- 765 57f- 6oi 87i- 92$ 934- 104! 9 1 1- 95 107 -113-i- 8 3 i- 87 652- 78-J 93*- 95" 94§-ioii 9 84- 99 1294-138! 94f- 95 153 -i'" 1 75 - 83 120I-1444 825- Sol I54i-i64s Alar. 73s 77 1 Apl. May 48 83*- 59 864 864 94I 86§- ns 1 98f-ioi 894- 92 881- 98 864- 94 7i - 87J 994-100 127 -136H 95 - 96! i4yi-i574- 86 - 9] 1204-171 I 79k- 8) I I0l-12<) Sept. 71 - 74i S3*- 584 864- 90 92I-102I 904- 9-^4 102.1-1 12 4 - 83A- 86^ 67*- 76J 9 2 h 94 964-103-i 96 - 96 i I28f-i34f 92i- 95 i8ii-i 95 | 78 - 82^ i25i-i34i 85 - 90 i |m; -i68J 744- 78i 554- 60* 84.I- 98 89I- 1 20 87 1- 89 99I- 108. 1 , 874- 9I| 86i- 934 92 - 94I 83I- 90 98 -100 118 -137 93 " 96 1444-159! 853- m 1321-1482 791- 8U 123^1384 ( let. 75 - 87- 94 s m- IOI ■ 834- m- 93 - 102 - 951- <)-'!- 1 So] 75 - 100 ■ 86f- 1584- 764 63-i 90 103 91I 107 1 86 73s 95! 113J 97i > 35 i 93 191^ i29i 93! 1 73 s 72k- 52 - 85 - 76 86f- K)lj- 88 S - S2^- 9°i- °i4- 75 4 564 '"' 133 NX] [051 91I 9 2 4 92i 96 - 98 115 -1244 <)il- 96 i38J,isij 87 - 96 131 M5o-;- 804-854 i34JH5j| Nov. 83I 74k 944 io8f 93 1 04 4 86 74l 954 117 984 t38 5 93 1 90 J 80 1164- 98 184- 75-1- 6of- 88i- ioof- 89- 98 4 85 - 69 1- 94]- 107I- 954- 1274- 92 - i79i- 75 - 106^- 92 1 7^ 1 June 7*»2- 75s' 48 - 563 s y l- 9 1054-11 87 - 89! C03I-106I 864- 88| 77 - 84, 9 X 4" 93l 825- 80 965- 981 I19I-129 94 - 95 141I-153 84 - 87 I28f-i39i 82 - 834 141^-150 Dec. 85^ 81! 9°i Sol- 7o4- 87- 97 - 894- 934- S 5 4- 74i- 94l K14I- 964- 134b- <)2l- 1772- 7&i- "3i 94* 1742 1034- 93 IOI. 1 , 89" 81 98 116I 99 i 1514 95 188.I 81 1205 - 964 1844 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Nov. 2 . 94 - 95 1 724-1744 Nov. 12 . 96 - 97 178 -179! N 3 ■ Election Dav. " 13 • 96 2- 97 1 794-i8i4 " 4 • 92 - 95 175 -U7i " 14 • 96I- 97 1 804-1814 5 • 94 - 94s 1 754-1774 " 16 . 97 ' 97l 1794-182 " 6 . 944- 944 1764-179 " 17 • 97 - 98 1824-183! 7 • 93t- 94 4 178-4-179! " 18 . 964- 97 [8 if- 1844 " 9 • 94-1- 94'4 1774-1794 19 . 964- 9 6 i i8of-i82§ " 10 . 94:4- 95-2 178 -i8i| " 20 . 954- 96J t79i-i8if " 11 . 96 - 97 1 77-}- 1 8of " 21 . 96 - 96} 1794-181! Dec. 1 3 4 5 7 8 9 10 26 27 30 Pfd. Com. 95 - 954 178J-180I 95 - 96} 1 794- 1 < s 3 - 964- 96J 183 -184I Thanksgiving Day. 96 - 96 1831-184! 96 - 964 i83f-i84f 96 - 964 iS3»-i84i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 96 -964- 954-964 95 -954 95 -95 944-941 95 "95 i79i- 179!- i8o|- i7'» : i- [8o4- iSi]- 182I- i8 3 4- m. Dec. n . 183 " 12 . 1804 " 14. iS_>] " 15 • 1S1I " 16 . isij " '7 183 " 18 . 183s " in . 184s " 21 . Pfd. 95 -95 95 -95 95 -95 954-95^ ')52-952 95 -96 95 -952 95 -954 944-95 Com. 1824-184! 1824-1834 182^-184 iSr^-183 1814-1834 180 -i82| 179 -i8o| 178 -1804 174 .l-i 79 Dec. 22 " 23 " 24 " 25 - 26 •' 28 " 29 - 30 " 3' Pfd. 941-95 944-95 95 -954 Com. 1 764-1793 i794-l8l| 1S07-1S2] Christmas Day. Extra Holiday. 954-96 1814-184I ')5s-95s 95t-95l 954-96 183 -1847 1821-1844 iS2 : ;-iNv; 328 GIBSON'S MANUAL MARKET MOVEMENTS OF UNION PACIFIC, FROM 1900 TO 1908, INCLUSIVE. A FEW MINOR TURNS DISREGARDED. GIBSONS MANUAL REMARKS. Total capitalization of Union Pacific lias increased from $294,102,300 in 1900 to $593,141,068. Securities owned by the Union Pacific system June 30, 1908, aggregated $218,173,102, including $124,200,000 of Southern Pacific stock, not a controlling interest : $39,540,000 of Baltimore & Ohio stock ; $20,123,100 of Illinois Central Stock; $10,000,000 of Atchison, Topeka & Santa Fe stock; $14,285,700 of New York Central stock; 77.164 shares of Great Northern Ore certificates ; $10,343,100 Chicago & Alton stock; $3,578,600 Great Northern Railway stock; $3,215,000 Chicago & Northwestern stock, and $6,457,- 500 of St. Paul stock. All of the stocks above referred to except Chicago & Alton and Illinois Central were held by The Oregon Short Line Railroad. The collateral trust, convertible. 4 per cent, bonds of Union Pacific were created originally in 1901, authorized amount $100,000,000. The first issue, of which there were outstanding June 30, 1901, the sum of $93,957,000, was rapidly exchanged for stock, at par, until all except half a million of them had disappeared by June 30, 1906. May 9, 1907, a new issue of twenty-year, 4 per cent, convertible gold bonds was authorized, to date from July 1, 1907, not exceeding $75,000,000 in amount, and was offered to stockholders at 90 per cent, of their face value, each stockholder having the right to subscribe for an amount equal to 25 per cent, of the par value of their shares. The bonds are convertible at any time prior to July 1, 1917, into common stock at $175 a share, and may be called for redemption on July 1, 1912, or on inter- est days thereafter, or on ninety days' notice, at a premium of 2| per cent. To obtain 100 shares of st< ick bonds to the par value of $17,500 are required. Reference is made in the annual report for 1907 to incorporation of The Pacific Fruit Express Co., under the laws of Utah, capital $12,000,000, to supply refrigerator cars to Southern Pacific and Union Pacific in accordance with the Inter-State Commerce Act. The new company has had buill 6,600 refrigerator cars at a cost of $10,480,000 for the use of the two overland routes. Officers: President, Edward H. Harriman ; Vice-President, William D. Cornish; Treasurer, P. V. S. Crosby; Secretary, Alexander Millar. Directors: Oliver Ames, William D. Cornish, Henry C. Prick, William G. Rockefeller, H. J. Earling, E. H. Harriman, Marvin Hughitt. R. W. Goelet, R. S. Lovett, Charles A. Peabody, Henry H. Rogers, P. A. Valentine, Joseph F. Smith. James Stillman and William Mahl. Fiscal year ends June 30. Annual meeting, second Tuesday in October. Directors meet on call. Executive Board meets every two weeks, usually on Thursday, on call. Office, 120 Broadway, New York. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. 330 GIBSONS MANUAL United Railways Investment Company Chartered under the laws of New Jersey, Feb. io. 1902, for the purpose originally of acquiring the entire capital stock (directors' shares only excepted) of The United Railroads of San Francisco. The latti ration is a consolidation of the Market Street, the Suiter Street, and the San Fran- ■ & San Mateo Railways, and the Sutro Railroad. It owns practically all the shares of the four constituent companies. Of United Railroads stock the company now owns $41,436,400 (par value). In February, 1906, the company widened its field by acquiring $21,000,000 of the common stock .■1" The Philadelphia Company (gas, electricity and trolley railroads) of Pittsburgh, thereby securing rol. This purchase was added to later, until Sj4.jiMi.1nm of the stock had been acquired. Bonded indebtedness, Dec. 31, 1907 $18,150,000 Preferred stock, 5 per cent, cumulative, preferred also as to assets, and retirable at no 15,000.000 Common stock 19.400,000 Total capital $52,550,000 Fixed charges, [907, per cent, of net income 69.38 EARNINGS War Ending Gross Charges and Net Income Dec. 31. Receipts. Expenses. of Year. Surplus. 1902. 5 mos Sj^o.ooo $1,568 $238,432 $13432 1903 4S0.000 13,110 466,890 30,322 j. 104 600,000 [3,962 586,038 53.860 1905 760,000 u.792 747,208 126.067 i"'-' 1.334.223 (.11.007 7-\3.2i5 .VA783 1907 1.560.804 t, 158,230 402,634 824.010 Note. — Nothing has been earned lor the common st..ck so far. DIVIDENDS. tOX)2 [903 1904 [905 1906 [907 looS 1 'referred . . O $fo 3l'< \' ■ *9$% **2i°/o O Common ..00 o o o o o < Iwing to the San Francisco earthquake and fire only 2' . per cent, was paid in rest in interest-bearing scrip. This disposed of the arrears ol dividend at thai time. ** In scrip. EARNINGS, UNITED RAILROADS OF SAN FRANCISCO. Year Ending Dee. 31. < Iross. Net. 1901 $5,125,883 $2,083,155 $318,641 [902 5.533»9°3 2.288,680 ,U»).27-' [903 6,243,219 2.405.523 188,349 1 6,652,1 2,685,814 j 7,066.891 3492,828 [906 5.9SS.786 2,930,557 I9°7 1.745. 1 16 Note. — No dividends have been paid on the preferred stock of United Rail Is 1906, and none on the common since I GIBSONS MANUAL 331 EARNINGS, THE PHILADELPHIA COMPANY. Year Ending March 31. Gross. Net. Surplus. 1900 $2,529,683 $1,234,947 Not stated. 1901 3,041.072 1,950,212 1902 4,146,958 2,789.3.).) $1,057,560 i9°3 5.4/8,002 3.7 I 9> 8 3° i>99L665 1904 6,156,936 4,089,932 1,963.50-' 1905 6,238,870 4,300,690 1,850,201 1906 6,633,324 4.579.535 2,086,162 io°7 7,103,007 5,166,238 2,351,823 1908 7,878,274 5,608,202 2,708,012 Note. — The Philadelphia Company has paid 5 per cent, regularly on the preferred slock to date. On the common, 6 per cent, is being regularly paid. LOW AND HIGH PRICES, UNITED RAILWAYS INVESTMENT, BY YEARS, SINCE 1902. 1002 1903 1904 1905 1906 1907 1908 Preferred . . Common . . .. 60 Dec. 66 Nov. . . 20 Dec. 24?^ Oct. 30 July 64^ Jan. 9 Dec. 22^ Jan. 42H Apl. 69 Dec. 9 Feb. 25 Dec. 64J4 Jan. 94]/ 2 Dec. 21^ Jan. 92H Dec. 55 Apl. 93y 2 Jan. 50 Apl. 98 Jan. 20 Nov. 71J^ Jan. 10^ Nov. 62 Jan. 27Vz Jan. 59V 2 Dec. 15 Jan. 40 Dec. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov. 2 . 33 -332 Nov. 12 -. . . ....... Nov. 23 . -••• 34 -34 " 3 • • Election Day. " 13 • ....... 34 -34 -'4 ■ . . 48 -48* •••-••• " 4 • ....... 34 -34 " 14 49 -4') ....... " 25 ■ - 5 • ....... 33i"34 " 16 4') -4') ....... " 26 . Thanksgiving Day. " 6 . ■ 48 -49 ....... " 17 49 "49 34 -34 " 27 . . . 48 -48! ....... / • . 49 -493 ....... " 18 49i-49i 342-34:1 " 28 . . . 48^-48* ....... 9 • • 49 -49 341-34! " 19 49 -49 34i-34^ " 30 • . . 47f- 4 8J ....... TO . • 49 -49 34 "34 " 20 49 "49 34 -34 II. . 49 -49 331-34 "21 -... 34 -34 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. De 1 2 3 4 5 7 8 9 10 Pfd. Com. 48^-48} 31 -33i 481-48^ ....... 47 -47i ...-••• 47 -47 ••.-... 47f-47J 49 "53 33 "33 32 -32 3 2 i"3 2 i 32 -37i 54 -59* 38 -39* Pfd. Com. 574-58 ...-•.. ....... 36 -36 Christmas Day. Extra Holiday. •••-■•• 374-374 57 -57 37 -37 56-56 ....... REMARKS. United Railways Investment suffered some loss in the spring of 1906 by reason of the earth- quake and fire in San Francisco, bnt its cable and power house was insured and the total loss was due more to interruption of traffic than to actual damage to roadway and buildings. Later in 1906 the company was subjected to an expensive strike by its employes in San Fran- cisco, and on March 5, 1907, another fierce strike began,. attended by a boycott, which lasted for nearly six months. Loss of earnings from this cause, it is believed, will be compensated for bv ultimate re- sults of the business of the company. 332 GIBSONS MANUAL Total cost price of "securities owned," almost wholly consisting of United Railroads and Phila- delphian Company .-tuck-. $55,491,652. Officers: President, Ernsl Thalmann; Vice-President, George \\ . Bacon ; Treasurer, B. S. Guin- ness; Secretary, \\ . J. Duane. Directors: Charles L. Atterbury, George W. Bacon, Henrv J. Bow- doin, Patrick Calhoun, James D. Callery, Horace S. Gould, Benjamin S. Guinness, Sidney II. March. Kenneth K. McLaren, lames II. Reed, C. Sidney Shepard, Edward B. Smith. Ernst Thalmann, Fred crick B. Van Vorsl and F. S. Smithers. Fiscal year ends Dec. 31. Annual meeting, first Friday in May. Jersey City, X. J. Office. San Francisco, Cal. New York office. 25 Broad Street. Traded in on the New York Stock Exchange I 1 ,isted Departmenl I. GIBSON'S MANUAL 333 United States Cast Iron Pipe C& Foundry Company Incorporated in New Jersey, March 2, 1899, for the sake of merging a large number of concerns engaged in the manufacture of cast iron pipe, fittings and kindred articles. Fourteen plants were purchased. having an annual capacity of 514.000 tons. They are located at Bridgeport, Anniston and Bessemer, Ala.; Addyston, Cleveland and Columbus, Ohio; Buffalo, N. V. ; Burlington, N. J.; Chattanooga and South Pitts- burg, Tenn.; Louisville and Newport, Ky. ; Scottdale. Pa., and West Superior, Wis. There is a steel plant at West Superior, and a blast furnace is operated at Scottdale, Pa. For more economical adminis- tration, all the equipment at Bridgeport, South Pittsburg and Newport, which could be utilized, has been removed to other plants, and the one at Bridgeport has been sold. The properties arc all owned in fee and there is no encumbrance upon them, other than $1,500,000 bonds of American Pipe & Foundry, and of these $589,104 have been bought for the sinking fund. Up to May 1. 1907. $4,367,503 had been expended for repairs and improvements, all charged against operating expense. Underlying bonds, May 31. 1908 $1,500,000 Preferred stock, 7 per cent, non-cumulative 12,500,000 Common stock ie,5oo,ooo Total capital $26,500,000 EARNINGS. Surplus Surplus Year ending May 31. Profits. for Year. Account. 1001 Not reported Not reported $500,360 1902 $901,949 $465,121 675,654 1903 I, 370,542 728,724 853,724 1904 1.303.810 607,170 732,170 1005 Not reported Not reported 492,314 1906 2,053,208 381,208 506,208 1907 2,112,051 438,051 631,801 1908 774-274 Def. 452,726 *i6,025 * "Reserve for working capital" in addition to this, $2,459,897. DIVIDENDS. 1900 Preferred zk% Common o 1901 o o 1902 4% o 1903 4°/o o 1904 4 v; o [905 8% 1% [906 7% 1907 7% 4% 1908 i 3-i:-» o * In 1908. I3.4 per cent, was declared payable on the preferred in September out of "reserve for working capital," but payment has been restrained, pending appeal from a favorable decision. See "Remarks." LOW AND HIGH PRICES, BY YEARS, SINCE 1902. Preferred . . ( '.1 million . . 1902 42 May 59 Sept. 10/, May 17 Oct. 1903 35 Oct. 55 Feb. 6 Sept. 15 Feb. 1904 4d Mch. SI i s li- e's May 20/ Dec. 1905 79% Tan. 9/34 Aid. 197A Tan. 48/ Dec. 1906 1907 83/ Dec. 96^ Jan. 43/ May 53 Jan. These shares were not admitted to the Stock Exchange until May. 1902. 49 Nov. 89 Jan. 17 Oct 49/ Tan. 1908 5<>\x Tan. 7W» Aug. IT''. Feb. ,;n. s Dec. 33 1 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Nov. 2 4 5 6 7 9 10 1 1 Pfd. Election Day. ;i : i-72 73 -74 73^-751 76 -7"! 76 - 7 64 76 -76 Com. ....... Xi.v. 12 . Jul j; 26^-26! " 13 • " 14 • " 16 . 261-281 28J-29J " 17 . " 18 . 29i-3°4 29i-29« 29S-29J 19 . " 20 . " 21 . 7-,; Pfd. 76 76 -76 75 "75 -751 •-73 ■-7^ Com. 29 -29 28S-29 284-284 28 -28 28 -28 27I-27I 27^-27^ 27 -27 265-26! N« 2 3 24 25 26 27 28 30 Pfd. Com. ••■-75 ■■■-Z7\ •••-75 ...-274 . . . -72 27 -27 Thanksgiving Day. ....... 27 -27 •-75 •-75 25 28 i-28 29 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 2 " 3 - 4 5 " 7 " 8 " 9 - 10 Pfd. 74J-75 74P75! 75 -75* 75 -75* 7-A-77 7$\-77\ Com. 29 -29I 29 -29I 29^-30 291-29! 29i-29i 294-29! 29!-29| Dec. 1 1 12 14 15 16 17 18 19 21 Pfd. 764-76! 77 -77i 76-76 76-76 75!-75! Com. 29l-3°i 294-30! 30 -30% 29 -29! 29^-294 28!-28| 28 -28 27I-28 Dec. 22 " 23 24 " - 1 ? " 26 " 28 " 29 30 " 3i Pfd. Com. ....... 273-28 ....... 28J-28f ....... 28^-284 Christmas Day. Extra holiday. ....... 28|-29t 76 -76 29 -29 ....... 284-29] ....... 29^-294 REMARKS. While the fiscal year of 1908 was not an inspiring one. the directors il" not feel discouraged. The panic caused an almost complete stoppage of business in November, 11)07. a,1( ' a sharp fall in prices. Business is always dull in the winter time, and the panic prostrated the industry. Since the spring of 1908. the trade has revived and the outlook is better. The company weathered the panic without borrowing a dollar. It has plenty of money and the plants are in good condition. ( >wing to the phraseology of the charter, the company is in doubt whether the "reserve for working capital" can be used for dividends. The courts are to be asked to pass upon the matter. The capital stock has not been increased since 1900, and the bonds only in a trifling amount. Officers: President. George B. Hayes, Vice-President. George J. Long; Secretary and Treas- urer. P. F. Ilanghton. Directors: Colgate Hovi. George B. Hayes. A. X. Brady. P. J. Goodhart, W. T. C. Carpenter, B. F. Haughton, George J. Long, A, C. Overholt, B. F. Overholt, E. C. Fuller. David Giles, L. R. Lemoine, N. F. Brady and John Arthur Hayes. Fiscal year ends .May 31. Annual meeting, fourth Wednesday in June. Burlington, X. J. Direc- tors meet quarterly, second Tuesday in January, April. Tidy and October. Office, 71 Broadway, New York. Traded in on the New York Stock Exchange (Listed Department 1 . GIBSON'S MANUAL 335 United States Express Company A voluntary association, organized, but not incorporated, under New York laws in 1854. It has been an active competitor for the express business over American railroad lines and to foreign coun tries, and at the end of 1907 was operating over 30,410 miles of railroad in the United States and Canada and 261.000 miles of ocean routes. In August. itp8, the company succeeded in obtaining a contract for express traffic over the St. Louis & San Francisco Railroad system of 5,000 to 6,000 miles. Capital stock, Dec. 31, 1907 $10,000,000 EARNINGS. The public have not been furnished with reports of the business of this close corporation until re- cently. No comparisons can be made with previous years. For the year ending June 30, 1908, how- ever, the company reported gross operating revenue as $16,983,638; net income. .$507,664. DIVIDENDS. 1900 1901 k)Oj 1903 1904 1905 1 00(1 1907 1908 3% 3' r ; 4% 4% l'< 4% 4% 5% 4% LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1902 19(H) 1901 1903 1904 1905 1906 1907 1908 45 Mch. 53 Jan. 97 Jan. 95 Aug. 100 Feb. 110 Dec. 109 May 70 Nov. 70 Feb. 59.)4Dec. 100 Apl. 160 Aug. 150'4 Feb. 128 Nov. 134 Feb. 138^ Jan. 117 Jan. 90 Jan. Note: — There was a striking speculation in express shares in the boom year of 1902, and the high prici that year was due to daring and aggressive manipulation. Nov. Low- low AND HIGH PRICES, BY DAYS, NOVEMBER, 1908 Low High 3 Election Day 4 5 6 7 9 10 11 Low H igh Nov. 23 "24 "25 89 89 " 26 Thanksgiving Day. " 27 3° LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Low Hi lfh Dec. T . . . . D ec. 1 1 t* •7 " 12 if if ft it 3 . . 4 .. .. 7 .. .. 8 9 .. .. " 14 " 15 " 16 " 17 " 18 •' 10 . . .. 90 00 " 21 Low High Dec. 22 "23 "24 " 25 Christmas Day. " 26 Extra holiday. " 28 . . " 29 "30 " 31 33 6 GIBSON'S MANUAL REMARKS. The net earnings in the fiscal year of 1908 did not justify repeating the extra 1 per cent, dividend, declared in November, lyoj. Requirements of Federal and State commissions had added $250,000 a year to expenses, equal to z\ per cent, on the capital. A fact, noted in the brief public statement for 1908 made by the company, is that the company has been exposed to continually increasing charges by the railroad-. A great modern and model fireproof office building has been erected in New York City from sur- plus earnings of the company. This proceeding has been criticised by stockholders, who prefer to have surplus income dividend. A committee of stockholders has been formed to agitate for management more in accordance with their ideas. Officers: President. Thomas C. Plan: Treasurer, Edward T. Piatt; Secretary. Vice-President and General Manager, Chauncey 11. Crosby. Directors: P. T. Piatt. James C. Fargo, L. C. Weir. F. L. Stetson and P. H. Piatt. Fiscal year ends June 30. Annual meeting at no fixed date. Directors meet on call. Main office, 2 Rector Street. New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL 337 United States Realty C8l> Improvement Company Chartered in New Jersey, May 26, 1904, to succeed The United States . Realty & Construction Co., a reorganization of which had become desirable. Under the plan, as adopted, capital stock of one class was issued; $30,000,000 in amount, and $13,506,000 of 5 per cent, gold bonds. The $33,198,000 of old common stock (par $100) received $15 per share in new stock. The $27,011,100 of old preferred re- ceived $42.50 per share in new stock and $50 per share in the new bonds. Reorganization on this basis was carried out successfully. Of the new stock, $13,506,000 was reserved to provide for conversion of bonds. The company is engaged in the construction of large buildings and in real estate operations. It owns a large quantity of productive real estate, including 9 large office buildings in New York City, snme that is unimproved, and mortgages upon many important buildings in New York City and Phila- delphia. Tts statement of assets in 1905 reported its ownership of the Trinity, Mercantile, Vietor, O'Neill, and Fuller (Flatiron) buildings, the Breslin llotel, and the land on which the New York Hip- podrome is located, among other properties. Subsidiary companies, all of whose stock is owned by the senior company, except a few shaves of Realty &• Construction, were: U. S. Realty & Construction, Fifth Avenue Building Co., New York Realty Corporation, No. in Broadway (Trinity), George A. Fuller Co., Inter-State Mortgage Debenture Co., Sixth Avenue Realty Co., Island Realty Co. Cedar Street Co., During 11)07-1908, U. S. Realty & Construction, [nter-State Mortgage Debenture Co., and New York Realty Corporation were dissolved and their a-.-ets are now held by the six remaining corporations. Bonded indebtedness, April 30, [908 $13,284,000 ( 'apital stock 16,162,800 Total capital $29,446,800 Fixed charges, 10118. per cent, of net income 55-8 EARNINGS Year Ending, Total Surplus for Year Profit and Earned on April 30. Income. Expenses: Over Dividends. Loss Accounts. Stock. 1905,101110s $2,440,223 $516,828 $1,144,310 $1,144,316 7.08% 1906 2.318,922 456,907 765.M'' 1,909.462 4.73% 1907 2,619,381 419.648 7 I 4.3 I ° 2,533,732 5.92%, 1908 3,406,682 538,75 2 359.-'*- *2,893,oi4 7.72% * And, in addition. $641,368 of reserves to cover possible losses of all kinds from bad debts, accidents, etc. DIVIDENDS. 1905 1906 1907 4i% 1908 4i% LOW AND HIGH PRICES, BY YEARS, SINCE 1902. *1902 I'M.? *1904 10(14 1905 1906 1907 I'n is: 1 'referred ( '.< mimon . . fit ■ Nov. :y, Oct. . 20 Nov. 32 Oct. 30', Nov. 73 Ian. 4 Dec. 2&y 2 Jan. 4(1 Tan (.3 ; s May 5'sJan. 43 July '» ! sjan. 84^ Nov. 77 Ian. 98^ Mch. 75 Aug. 36 Nov. 94V 2 Jan. 99K- Jan. 36J4 Feb. 64 Nov. *U. S. Realty & Constructii m Co. On and after July. 1904, U. S Realty & Improvement. 338 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. Nov. 2 54I 54^ 3 Election Day 4 54i 54i 5 54i 55 55 SSi 56 57 56i 57 57 58 58 58i 6 7 9 10 11 Nov. 23 24 Low. High. 60 60J 25 62 62 2<> Thanksgiving Day 27 28 30 60 61 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 23 24 Low. 60 60 60 High. 60 60 62I 25 Christmas Day 26 Extra Holiday 28 62 62 29 30 3 1 MARKET MOVEMENTS OF UNITED STATES REALTY FROM 1902 TO 1908, INCLUSIVE GIBSON'S MANUAL 339 REMARKS Contracts on hand, April 30, 1908, aggregated $21,554,496 againsl $27,521,357 the year before. In November of the year contracts on hand amounted to $30,000,000, the largest amount of business the Company has ever had on hand. Stocks and bonds owned, $9,328,816, principally securities of Century Realty, Alliance Realty, Plaza Operating, and Broad Exchange companies, all considered to be thoroughly good and stable in- vestments. Loans on mortgages, $3,635,600. The financial panic of 1907 imposed great conservation on the management of the Company, and the new fiscal year was entered upon, free frdm contracts which involved financial commitments. Officers: President, II. S. Black; Nice-President, W. II. Chesebrough ; Treasurer. P. M. Fel- lows; Secretary, R. G. Pabbage. Directors: IP S. Black, R. G. Babbage, Cortland Petts, Hugo Blumen- thal, \Y. 11. Chesebrough, John U. Crinimins, B. M. Fellows, John \\ . (.ale-, ('hades G. (.ales, William F. Havemeyer, Edwin Hawley. Stephen S. Palmer, James IP Pest, Charles M. Schwab. Paul Standi. Oakleigh Thorne, P. A. Valentine, Frank A. Vanderlip. Fiscal year ends April 30. Annual meeting, third Tuesday in May, Jersey City. Directors meet second Tuesday in January, April, July and October. Office, 11 1 Broadway, Xew York. Traded in on the Xew York Stock Exchange (Unlisted Department). 340 GIBSON'S MANUAL United States Reduction C& Refining Company Organized May 31, 1901. under the laws of New Jersey, fur the purpose of extracting precious metals from the gold and other ores of the Cripple Creek district in Colorado. A plant has been created also for treatment of the tailing dumps at Colorado City, which has proved a valuable and profitable adjunct of the business. In 1903, the Company extended its operations into Utah and acquired a sub- stantial interest in the Utah Copper Co. Bonded indebtedness. Dec. 31, 1908 S2.650.000 Preferred stock. 6 per cent., non-cumulative, preferred as t" assets 3.1)45.800 Common stock 5,918.800 Total capital $12,514,600 trending Total July 51. Income. 1902 $1,373,849 1903 1036,373 1904 576,353 I905 642,425 I9°6 701.333 1907 •. 527>778 Year ending Dec. 31. 1908, 17 mos 5^4.704 EARNINGS General Surplus Earned on Expense. Account. Comim mi. Si 86.7; 1 $470,809 8.97% 184,928 654-9*3 7-13% 172,115 815,063 168,309 1,109,179 1 1 1 ,660 1.620.209 2.989! 133^48 1,618,992 151.727 1.705,506 1902 1903 Preferred 6% 6% Common 3% 3% DIVIDENDS. 1904 o o 1905 >!•'■ o 1906 6% o [907 1 i |i >N 6% Preferred Ci 'iiimon 1902 LOW AND HIGH PRICES, BY YEARS. SINCE 1902. 1904 57 Sept. 68 Mch. 44? : Nov. Mch. 1903 48 June 56 Jan. 10^ Dec. Feb. 1905 1906 Nov. 4il> J Dec. Xo sale 35 Jan. 73', Aug. 18 Feb. 40H Apl. 60 Dec. 84 June 24 Dec. 10 June I'.'n; IS*4 Dec. 6S Jan. 5 ' i Nov. 30J4 Jan. 1908 16 39 Feb. Aug. 4 Feb. 15J4 Aug. Nov. 2 3 4 5 6 7 9 10 11 Pfd LOW AND HIGH PRICES, BY DAYS, NOVEMBER, Pfd. Com. I 30 -30 ....... Nov. 23 1 ; ( im . Election 1 )ay. 28 -28 ...'-. 28 -30 . . . - . 33^-34 324-33 10 -13 i.v^-14^ I3i-I3i Nov. 12 13 14 16 17 18 19 20 21 33 -3 3 124-124 13 -13 13 -13 1 2 1 - 1 2 1 24 25 26 27 28 30 1908. Pfd. Com. ... 34 -35 ....... . . Thanksgiving Day. • ■ • 35 "35 I2f-I3 GIBSON'S MANUAL 34i I »ec. 3 4 5 7 8 9 in LOW AND HIGH PRICES, BY DAYS. DECEMBER, 1908. Pfd. 32 -3-2 Com. 13 -14 133-14 Dec. 11 1 j 14 " 15 - 16 " 17 '• i8 19 " 21 Pfd. 32 -3-2 2Qf-29f Com. Dec. 22 " 23 24 . 25 • 26 v 28 . 29 . 30 • 3J . Pfd. C 1 mi. Christmas Day. Extra Holiday. REMARKS. In -March, 1903, the plant of The United States Smelting Co. at Canon City, owned by this Com- pany, suffered a disastrous loss from fire. It was rebuilt entirely of steel, and capable of larger busi- ness, but the first stopped operations for four months. In 1903, the Company was also obliged to contend with acute labor troubles and a boycott from the Western Federation of Miners. The attempt to unionize the works failed, but meanwhile, the operations of the Company were greatly interfered with for nearly a year. The new drainage tunnel, from which much is expected in the way of increasing the tonnage of the Cripple Creek district, has now been driven nearly 5.000 feet. By the end of 1909 it is expected to have driven 9,000 feet, when results will become appreciable. The rate war in Cripple Creek region prevents dividends on the stock of this company. Fixed charges can be met indefinitely. The company hopes for an end to present conditions soon. Officers: President, J. I). Hawkins; Vice-President. II. M. Blockmer; Treasurer and Secretary. Spencer Penrose. Directors: In addition to the foregoing. Charles M. Mac Neill, H. A. Dubbs. I. J. MacDonald, and II. K. McLaren. Fiscal year ends July 31. Annual meeting, fourth Friday in January, Jersey City, X. J. Direc- tors meet on call. Office, 40 Exchange Place, New York. Traded in on the Xew York Stock Exchange (Unlisted Department). 342 GIBSON'S MANUAL United States Rubber Company An important combination of companies, engaged in the manufacture of boots, shoes and other articles from rubber. Incorporated in New Jersey in .April. 1892. Operations were initiated by acquir- ing the property and assets of sixteen rubber companies, as follows: American Rubber, Joseph Banigan Rubber, Boston Rubber, Boston Rubber Shoe, L. Candee & Co., Colchester Rubber, Goodyear's Metallic Rubber Shoe, Goodyears India-Rubber Glove Mfg., Lycoming Rubber, Marvel Rubber, Meyer Rubber, National India Rubber, Xew Brunswick Rubber. Xew Jersey Rubber, Para Rubber Shoe, Woonsocket Rubber, \Ym. Symington & Co., Ltd. Later, in 1905, control of the Rubber Goods Manufacturing Co. and its sixteen constituent con- cerns was obtained, by exchanging second preferred stock (newly created for the purpose) of United Stales Rubber for the common stock of Rubber Goods, on the basis of 50 for 100. The preferred of Rubber Goods was exchanged for an equal amount of first preferred of United States Rubber. This acquisition brought to United States Rubber the principal interest in the country, devoted to the pro- duction of tires, hose, belting and mechanical and hand rubber goods in general. The plants are located mainly in Massachusetts, Rhode Island, Connecticut, New York and New Jersey, but there are a few in Ohio, Indiana and Illinois. The Company manufactures all its reclaimed rubber, its buckles, felt linings, etc. Bonded debt. March 31, 1908 $4,800,000 First preferred stock, 8 per cent, non-cumulative 36,263,000 Second preferred stock 6 per cent, non-cumulative (created in 1905) ' 9,965,000 Common stock • ■ 25,000,000 Total capital • • $76,028,000 EARNINGS. Year ending Gross *Net Net Earned on A larch 31. Sales. Sales. Income. Surplus. Common. 1900 .... No data. $3,007,887 $ 832.704 1901 .... " " 62,606 25,013 1902 .... ■ • $45>9 I 7>537 $25,436,150 1,182,595 de f. 1,110,344 1903 .... . . 51.888,757 28,276,631 2,774.398 1.384.460 1904 .... • • 64.553.237 33-39 6 .9 I 9 2,830,207 2,107,219 1905 .... • • 57.030,905 32,93 J.-' 11 5,182,117 3.987.102 7.52% 1906 .... 54-7 2 .v757 32.868,594 5.285,073 5,022,279 4-14% 1907 .... . . 60.568,852 39-7 1 5 -73 [ 6,219,403 6,126.706 4.02 ' ; 1908 .... 62,696,106 * Less discounts, 41,860426 rebates and returns. 5.553.675 f6.184.S15 f In addition the reto, "fixed surpluses" $8,134,849, and •eserve for d ividend" ?^74.7.vV DIVIDENDS. 19OO 19OI 1902 1903 1904 ] 005 1906 1907 IQOS 1st pfd. 8% 1% 4\% 9% 8% 8% 8% 2d pfd. O ii% 6%- 6% 6% Common 2% O GIBSON'S MANUAL 343 LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 l'« 11, 1907 1908 First pfd... 74 'i Dec. 104^ Jan. Second pfd. Common 21 July 44 Jan. 47 Oct. S5 Jan. Not issued. 12' :. Oct. 34 Jan. t' Dec. 30»4 July 64 .Mch. 57*1 Jan. 14 Jan. 7s/ A Oct. 19H Oct. \9% Feb. 41 Jan. 98 = s Ian. 105 Oct. 62 Oct. 76 Feb. 100 Dec. 118^ Apl. 115 Jan. 109^ Jan. 108 I >, ■ 75 Nov. 75 Nov. 39 Nov. 42 Feb. Dec. 87j-!- 101 -102 70 -71 102 -I02J ~2 --}, IO3I-IO4J ....... 104 -105 ....... 105I-106 73 - 75 iosf-106 75 - 75 105 -105I 105J-105I io5f-io5§ 105 -105 74-1-74' 34 -35 35i-3^ 36i-36| 36i-37i 36 -363 35f-36i 35*-36 35f-36i 36 -36 35 -36 Nov. 17 • 18 1st. Pfd. 2d Pfd. •••■-•••• 74 -74 74 -744 19 104 -104 20 104 -104 21 ' . . 105 -105 23 106 -106 24 105^-106! 25 106J-106J 2(1 Thanksgiving Day ^7 io6f-io6f 75 -7$l ' 28 . . 106J-107 30 106^-107 Com. 36 -36 34^351 344-344 34 -35 344-35 35 -3 6 35£-3<>i 35 "35 J 344-3! LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. I 4 5 7 S 9 10 11 12 14 i=l 16 1 St. 1064- 107A- 107I- io6i- 1075 Pfd. 107} 108 107} 2d Pfd. 74 "75 751-754 107! 107J 108 -108 108 107; 108 - io7f- 107A- Com. 34J-34I- 35 -36 74 "74 34 1-34 3 ....... 34s-35l 34 -34 Dec 74 -74 75v5 •••-••• 108 ....... 344-34? 108 ...- -... 108 ' 75 -73 34^-342 744-74! 34 -34 7'r> -75 344-344 334-34 -107 108 107 107 107 107 -107 334-334 -10 1st. Pfd. 2d Pfd. 1054-1064 7^~7X' 7-' 10; -10: 18 105 -105 \ / [9 . . .. 21 22 -'3 24 25 26 28 29 30 1 05 J- 1 06 I05f-I05| Christmas Day. Extra Holiday. 105 -106 106 -106J 31 io6i-io6J 7}> -7$ 7$ -7^ Com. 32.1-33* 331-33' 32 -3 2 3 > 4-32 32f-33 33 -35 1 35 -35i 35i-36 35 1-35 I 34 -3d! REMARKS. In spite of the panic. L'nited States Rubber transacted the largest net business in its history in the fiscal year of 1908. This was, of course, in part due to absorption of Rubber Goods Manufacturing. Net profits were satisfactory, all things considered. Crude rubber was abnormally high in price the first part of the year. Its lower cost since promise- improved results in the next report. The only bonded debt of the company has consisted of $4,800,000 of debenture bonds of Bos- ton Rubber Shoe, due in 1908. They were provided for by sale of $4,500,000 new debentures, the bal- ance being paid out of the treasury. Every effort has been made to maintain the condition and efficiency of the various factories. March 15. 1902, the indebtedness of l'nited States Rubber and it- subsidiary companies was funded into $12,000,000 collateral trust notes. These have since been reduced to $8,000,000, the amount outstanding March 31, 1908. Total capitalization has increased about $24,000,000 since 1900, mainly due to purchase of Rub- ber Goods Manufacturing. 344 GIBSON'S MANUAL A special meeting was called for Dec. 29 to consider the issue of $20,000,000 ten-year, 6 per rent, collateral trust bonds. The object was to refund maturing issues and provide for the Boating debt. The bonds were duly authorized and were rapidly sold. Officers: President, Samuel P. Colt; Vice-President, James I!. Ford ; Treasurer. John J. Wat- son, Jr. ; Secretary, Samuel Norris. Directors: Walter S. Ballou, E. C. Benedict, Anthony N. Brady, Samuel P. Colt, Harry E. Converse, James B. Ford, J. Howard Ford, Frank S. Hastings, Francis L. Mine. Henry L. Hotchkiss, Arthur L. Kelley. Lester Leland, Homer E. Sawyer, Frederick M. Shep- ard, Francis Lynde Stetson. William H. Truesdale, John 1). Vermeule and John J. Watson, Jr. Fiscal year ends March 31. Annual meeting, third Tuesday in May, New Brunswick, N. J. Directors meet first Thursday in each month. Office, 42 Broadway, New York. Traded in on the New York Stock Exchange (Listed Department). MARKET MOVEMENTS OF UNITED STATES RUBBER, PREFERRED (SINCE 1904 FIRST PREFERRED). GIBSON'S MANUAL 345 United States Steel Corporation A consolidation of important manufacturers of iron and steel and of finished products thereof, incorporated in New Jersey, Feb. 25. 1901, under a comprehensive charter. By exchange of securities and otherwise the corporation acquired control and practical, if not complete, ownership of the fol- lowing companies: American Bridge, American Sheet Steel, American Steel & Wire, American Steel I loop, American Tin Plate, Carnegie Steel, Clairton Steel, Federal Steel, Lake Superior Consolidated Iron Mines. National Tube, National Steel, Shelby Steel Tube, Union Steel. In 1907 the corporation also acquired The National Wire Corporation and The Tennessee Coal. Iron & Railroad Co. The Schoen Steel Wheel Co. was added in July, 1908. The Tennessee proper- ties are considered especially valuable. Vast sums of money, $231,833,686 in all, have been expended in improving and enlarging the various works, and two large manufacturing centers are being created in the West. A new steel plant was authorized, 10 miles from Duluth, in April. 1907, to cost between $6,000,000 and $7,000,000. A great establishment is in process of construction at Gary Lake County. Ind., covering 9,000 acres of land, upon which $24,063,388 had been expended up to Dec. 31, 1907, and for which there was then an unexpended balance of appropriations amounting to $35,517,000. About $18,000,000 of this amount was to be expended in 1908. Bonded indebtedness, Dec. 31, 1908 $594,865,535 Preferred stock, 7 per cent, cumulative, preferred as to principal and dividends 360,281,100 Common stock 508,302,500 Total capital $1,463,449,135 Fixed charges, per cent, of net income, including taxes and interest on subsidiary bonds 35- 01 EARNINGS. Year Ending March 31. 1 1 mos. 190: Year 1902 1903 1904 1905 1906 1907 1908 ending Gross Sales. Not given. Dec. 31. 560,510,479 536,572,871 444405 43 1 585.331.736 696,756.926 757,014.768 482.307,840 Appropriation for Special Appro- Depreciation & priation for *Net Income. Replacement. Improvements. $111,503,054 $13,417,461 $ 2.500,000 ***Earned Surplus, on Common. $62,116,949 8.18% 1 33.308,764 109,171,153 73,176,522 119,787,658 156,624.273 160,964,674 91,847,710 M,I50,3 2 5 13,827.355 12,574,211 19,432,890 21,253.272 22,241,983 15.377.1n 10.000,000 10,000,000 -'8.532,172 57.500,000 57.500,000 77,874.597 66,096,682 61,365.446 84738,451 97,720,714 122,645,244 ! I33>4I5,2I4 10.73% 4-72% 0.99% 3-35% 4-5 1 % 4-99% 4.04% * After ** And, etc *** Over deducting taxes, general expense, interest on subsidiary bonds and mortgages a in addition to this, various special funds, sinking, replacement, insurance, Gary , aggregating $100,422,537. special appropriations. NET EARNINGS, BY QUARTERS, SINCE 1901. June 30, Sept. 30 Dec. 31 , .Mar. 31, June 30 Sept. 30 Dec. 31 Mch. 31 June 30 Sept. 30 Dec. 31. 1901 $26,362,831 Mch. 18.663,843 29,759,912 1902 26,71^.45? 37,662,058 ■ , 36,945490 3L985.759 1903 . . . . 25,068,707 36,642,308 32,422,955 1903 $15,037,181 June Sept. Dec. Mch. Tune Sept. Dec. Mch. June 31, 1904 .. .. 13,445,230 30 19,490,724 30 18,773,930 31 21,466.631 31. 1905 .. .. 23,025.896 30 30,305,112 30 31,240,582 31 35,216,662 31. 1906 36,634,490 30, 1906 . . . . $40,125,033 Sept. 30 38.114,624 Dec. 3i Mar. 31, Tune 30 Sept. 30 Dec. Si Mch. 3C June 30 Sept. 30 Dec. 3i nd other underlying charges. construction, depreciation. 41,750,126 39- 1 22,402 45.503.705 43,804,285 32.553.995 18,229,005 20,265,756 27,106,274 26,225,485 1907 1908 3 l'"' GIBSON'S MANUAL UNFILLED ORDERS, TONS. ON HAND, BY QUARTERS, SINCE NOVEMBER i, 1901. Nov. I . June 30, Sept. 30 Dec. 31 Mch. 31, June 30 1 901 1 < 11 >j 1903 2,831 4,791 4,843 5.347 5.410 4,666 Sept. 30 3,278 Dec. 31 3,215 Mch. 31, 1904 4.136 June 30, 1904 3. 10 ,692 993 ,007 253 719 5/8 •742 ,123 961 ,277 Sept. 30 3,027,436 Mch. 31, 1907 Dec. 31 4.696,203 June 30 . . . Mch. 31, 1905 5.597,560 1 Sept. 30 June 30 4,829,655 Sept. 30 5-865.377 Dec. 31 7,605,086 Mch. 31. 1906 7,018,712 June 30 6,809,589 Sept. 30. 1906 7,9^6,884 Dec. 31 8.480.718 Dec. 31 Mch. 31. 190S 3 June 30 3 Sept. 30 3 Dec. 31 3 ,043.858 .603,878 .425,008 •624.553 •765-343 .313.876 .421.977 .603,527 1901 Preferred . 34% Common . 2% 1902 1903 7% 7% 4% 3 4% DIVIDENDS. 1904 7% o 1905 7% o 1906 7% 1907 7% 2% 1908 7% 2% LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1901 1902 1903 1904 1905 1906 1907 1908 Preferred ... 69 May 79 Dec. 49^ Nov. S1J4 May 90% May 9S% July 79^ Xov. S7'_. Jan. 101% Apl. 97% Jan. S9% Jan. 95% Dec. 107 Dec. 113,' 4 Jan. 107% Jan. 114% Nov. Common ...24 May 29*4 Dec. 10 Nov. 8% May 24% May 32% July 21% Oct. 25% Jan. 55 Apl. 46J4 Jan. 39% Feb. 33^ Dec. 43*4 Dec. 50J4 Oct. 50% Jan. 58-U Nov. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mar. Apl. May June 1 901 . . . Pfd . . ......... ......... 9 2 4- 96} 934-ioii 69 -ioif 864-ioof . . . Com . - 424- 46I 45$- 55 24 - 544 472- 52f 1902 . . .Pfd.. 92 1- 974 93 - 954 93s- 954 924- 944 884- 924 8/4- 90« . . . Com . 4if- 464 43 - 444 4i4- 43? 40*- 42,1 384- 42* 361- 4o4 1903 . . .Pfd.. 86 4 - 894 87 - 89I 8 4 4- S 7 £ 83 - 8 7 f 80 - 8 5 i 784- 82f . . .Com. 36*- 39 37»- 39* 35 i- 384 334- 36* 3°4- 351 28I- 3 2§ 1904 . . .Pfd.. 54s- 60 54i- 58f 54 i- 594 554- 6 2 | 5i4- 56 5H- 564 . . Com. 9f" I2 f ioi- 1 if 10}- n£ 10J- 12 8f- lof 84- 10 1905 . . .Pfd. . 9 J 4- 954 93§- 96 934- 974 954-io4s 904-ioif 91 -100 . . . Com . 2SI- 31} 30 - 35f 334- 37* 304- 384 24i- 334 254- 324 1906 . . .Pfd.. 105 -H3i 105^-113 1044-107! r 041-1094 102 -107 981-107^ . . . Com . 42 - 46} 4o|- 46s 384- 4i4 39 " 44s 364- 42 334- 42 [907 . . . Pfd . . 104 -107! 103^-1064- 9 I I- I °3s 97^-102 96 -I02§ 965- 99s . . . Com. 424- 50I ♦ 2;- 464 3l4- 444 35l 39l 3if- 384 3 J 4- 354 1908 . . .Pfd.. 871- 951 894- 934 92^-100 97f-ioif 100 -1034 100^-103 . . . Com . 254- 3*4 26}- 29J 28J- 3 64 3^1- 37 354- 39l 364- 394 July Aug. Sept. Oct Nov. Dec. 1901 . . .Pfd.. 86 - 99* 89 - 954 90 - 954 9oi- 95 902- 94 89S- 94 . . Com . 37 " 4&1 39§- 454 40]- 454 41 - 444 414-44} 39t- 43s 1902 . . . Pfd.. 884- 02 1 894- 9o4 874- 92 S7h 9l| 82I- 884 79- 86 . . Com. 374- 4i 394- 4 1 1 3 84- 4^ ,v s s" 41 s 35f- 4o4 294- 37s 1903 . . .Pfd.. 68i- 824 67 - 73i 584- 714 574- 66 494- 59s 5if- 59 . . Com . 21 jh 311 2of- 244 144- 2 3 | 12J- 184 10 - 13} IO - I2£ 1904 . . .Pfd.. 55f- 63* 574- 6ii 6i4- 744 73f- 8 3 4 794- 954 84 - 95? . . Com . 94- 12J iif- 12; I2|- l8£ i7f- 224 19S- 324 23h 334 [905 . . .Pfd.. 981-104 1034-105! ioif-iosl 1032-1054 1004-1054 102J-107 . . Com . 31}- 35l 544- 37i 344- 381 37 - 39i 354- 384 36 - 43 4 1 1906 . . . Pfd . . 984-11.7: 105 -109! 105 -108 105 4 - 108} 104 -107! I02f-IOS| . . Com . 32f- 40 394- 47 : i 43t- 47 1 45?- 5o4 454" 49s 46?- 49i 1907 . . . .Pfd.. 99 -IOI 91^-100! 87I- 06 8l4- 894 794- 86? 84!- 90} . .Com. 354- 39 -"'1- 35i 26I- 33J 21 •- 274 224- 25} 244- 284 I90S . . .Pfd.. 1024-109,!; io6;-i 12.', I054-II2i 1074-111 1104-114I: uoi-ii3f . . Com . 374- 15% 44 - 48 41 1- 484 45 " 48| 474- 584 5i4- 564 GIBSON'S MANUAL 347 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Com. Nov. 2 . . UO^-IIlf 474-48* N.»v 12 . . . II2f-II4 54t-56| Nov ■ 23 • . . 112J-112J 54^-53) " 3 • • Election Day. ' [3 • "3f-"4 5/ B"5°4 " 24 . . . 112I-112A 54t-5fl " 4 • ■ H2 -114I 4SI-50* 14 113I-H4 571-584 " -'5 • . . 1123-113I 551-57 " 5 • • II2l-II3i 5oi-5i» ' 16 "3i-"44 56f-58 it 26 . . . Thanksgiving Day. " 6 . . II2§-II3f 5ii-S4 * 17 "34-"4 57i-58i 27 . . . II2f-II3 551-563 7 • • 1 i3i-ii3f 544-55* i 18 "3i-"3i 56§-57f a 28 . . . 112J-113J; 56^-57 " 9 • • II2f-II3J 54 -55* ' 19 II2|-II3i 56i-57i 30 ■ • • H2f-II3 55 -S6| " 10 . . I ul-113 54 -55 i 20 112^-113 544-561 " ii . . H2f-ii3i 54 -55 21 112^-113 554-564 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. Com. Pfd. Com. Pfd. Co m. Dec. 1 ... 113 - "3l 541-554 Dec. II . . . II2f- "34 54i -554 Dec. 22 . . 111J- 112^ 5i| -53 s * ' 2 112^- "3 54 -554 12 II2§- II2i 53* ■54* 23 • . • 1114- I 12] 52{ 5»! ' 3 112^- II2f 534-54:-: 14 II2f II.U 544 -55* 24 . . . 112 - II2| 53 s 54! ' 4 H2i- II2| 54s-55s 15 Illf- 112* 534 5-l! 25 ■ . . Christmas Day ' 5 II2f "3 544-55" 16 Illf 112^ 53f -544 < 26 . . Extrj 1 Hol day. ' 7 II2l -112! 54 -55 17 IIO. 1 ,- III* 53 -544 28 . . . II2i- "3 54i 54s ' 8 II2f- 112J 544-5 5 s {t 18 nof- IIl4 52! -53! U 29 . • H2i- 1 134 54s- 55^ ' 9 II2| 11.34 554-56-! '* I') Illil- 112 52S -534 ' 30 • . . II2§- "34 54 55 ' 10 II2f "3 Ct 2 1 110J- Ills 514-534 31 • • • H2f 1 '3! 53! 544 MARKET MOVEMENTS OF UNITED STATES STEEL, COMMON, FROM 1901 TO 1908, INCLUSIVE. 348 GIBSON'S MANUAL MARKET MOVEMENTS OF UNITED STATES STEEL, PREFERRED, FROM 1901 TO 1908, INCLUSIVE. REMARKS. An admirable feature of the management of this corporation has heen the publication of quarterly and complete and satisfactory annual reports from the start. Cash on hand, Dec. 31, 1908, was reported at $49,548,053, as against $53,963,849 the previous year. The securities of constituent companies owned by United States Steel are not reported sepa- rately from "properties owned and operated by the several companies." The last-named item aggre- gated $1,458,205,725, Dec. 31, 1908. Total capitalization has increased $142,000,000 since 1901. The worst quarter of United States Steel was the one ending March 31, 1908, the trade depres- sion having caused a tremendous shrinkage in the business of the corporation. New business almost disappeared, and there was an enormous cancellation of orders and withholding of specifications. From that date there has been a steady and continual increase in net earnings. In fanuary, [909, the corporation for the first time offered its common stock to employees, on the profit-sharing principle, the price being fixed at $50 a share. The preferred was at the same time offered GIBSON'S MANUAL 349 at $110. Previous offers of the preferred had been: 1908, $87.50; 1907, $102; 1906, $100; 1905, $87.50; 11)04, $55; and 1903, $82.50. Since the profit-sharing plan first became operative, the corporation has paid $12,000,000 in dividends and bonuses to employees. Feb. 19, 1900. Judge Gary made an announcement, in behalf of the corporation, in view of the cutting of prices by independent steel concerns, that United States Steel would protect its customers, and "for the present, at least, sell at such moderate prices as may be necessary with respect to different commodities, in order to retain their fair share of the business." This declaration took the independent steel companies by surprise, and has led to a general reduction of wages by them of 10 per cent. Uni- ted States Steel has not yet cut its own rates of wages. Officers: President, W. E. Corey: First Vice-President, James Gayley; Chairman, Elbert Tl. Gary; Treasurer and Secretary, Richard Trimble. Directors: George F. Baker, William E. Corey, John F. Dryden, Clement A. Griscom, Marvin Hughitt, Daniel G. Reid, John 1). Rockefeller. Jr., Na- thaniel Thayer, William Edenborn, Henry C. Frick, William IT. Moore, Norman P>. Ream. James II. Reed, Charles Steele, Peter A. B. Widene.r, Robert Winsor, Edmund C. Converse, Elbert II. Gary, lames Gayley, J. Pierpont Morgan, Thomas Morrison, George W. Perkins, Henry Phipps and Henry H. Rogers. Fiscal year ends Dec. 31. Annual meeting, third Monday of April, Hoboken, X. I. Directors meet last Tuesday of each month. < Iffice, 71 J '.roadway. New York. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock Exchange. GIBSON'S MANUAL Utah Copper Company Incorporated in New Jersey, April 30, 1904, to operate copper mines in Bingham Canyon, Utah. The 1 ire body is declared to be a continuation of thai of Boston ( onsolidated, which is one of the great est of its class in the world, and it is claimed by engineers that the Utah copper mine will be greater even than that. From the nature of tin- ore, which is quarried out like rock, the mine ha- been int< sected with tunnels, which cross each other at right angles, like streets, and which are named to corn -l>"inl with tlie system of naming street- in Salt Lake City. The mines lie under about 200 acres of ground, all belonging to this company. The original company was formed in the spi-ini; of 1903 to exploit the property and develop meiit began in November. The mill started operations in April, 1904. Since that time the exp mental plant, known as The Copperton, about three mile- down the Canyon from the mine, has oper- ated continuously, has been enlarged and improved, and now has a capacity i>f about Xoo tons ;i . 1 .- 1 \ . Construction of a new and larger plant, called the Garfield, covering 2,400 acres, was begun near Great Salt Lake. 15 miles northerly from the mine, early in-IQOO. At that point some large springs were purchased. The tut ire mining area is covered by about 70 feet of low grade and oxidized ores. The "caving" system of mining was tirst adopted, but has now been superseded by a different method. The top layer of low grade and oxidized ores is being removed by steam -hovels, tints uncovering the lower ore body, which is also to be handled by steam shovels. The Garfield Improvement Co. has been organized to build the town of Garfield, and is owned as follow-: One-fifth by Utah Copper, three-fifths bj Garfield Smelting, and one-fifth bj Boston Con- solidated Mining. Bonded debt, June 30, 1907 $2,964,000 Capital stock (par $10) 5.1 18.000 Total capital • $8,082,000 EARNINGS. Few reports have been published. Until [907 the fiscal year ended June 30. Hereafter the year will correspond to the calendar year and the next report will he for the tS months, ending Dec. 31, [908. Foi the fiscal year of [907: Total Net Income. Deductions. Balance for Year. Surplus Profits. s.V'5,665 $10,536 $295,129 s 1. 506,260 DIVIDENDS. None are being paid at present. LOW AND HIGH PRICES BY YEARS. 1907 [908 1 let. 39JS Mch. Jo Jan. I Nov. This stock was not listed in New York until March, 1907. GIBSON'S MANUAL 35i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. N< Low 3 4 5 6 7 9 10 1 1 A2\ High 43i Election Day. 44£ 44§ 45 49i 52| 5i* 43 s 44 45 : ; 50 504 49I SH Nov. 23 -'4 25 26 -7 28 30 Low .. 47 .. 47i ■ ■ 48! rhanksgivirig Day. • ■ 49 •• 4') • • 49 High 47* 48] 49l 49 3 49l 49i LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. D c. 1 ' 2 3 ' 4 8 9 10 Low 49 4*! 471 48! 4 8i 48 47; 47 47^ High 49f 485 48 481 4* : ; 48* 48 48 48 Dec Low High 22 45' 44i -'3 44' 46i 24 46^ 46J 25 Christmas Day. 26 Extra Holiday. 471 48 47* 46* 28 29 30 3i 47 47i 46I 4" REMARKS. A large interest in this company is owned by American Smelters Securities. Officers: President, Charles M. MacNeill ; First Vice-President, -D. C. Jackling; Secretary, and Treasurer, Spencer Penrose. Directors: In addition to the foregoing, J. D. Hawkins. John Hays Hammond, Charles Harden, W. B. Thompson, S. W. Eccles and Kenneth K. McLaren. Fiscal year now ends Dec. 31. Annual meeting, fourth Friday in April. Office, Salt Lake, Utah. Traded in on the New York Stock Exchange (Unlisted Department) and on the Boston Stock Ex- change. J 52 GIBSON'S MANUAL Virginia-Carolina Company A consolidation of fertilizer, sulphuric acid, cotton oil, chemical and phosphate mining companies under articles of incorporation, taken out in New Jersey, Sept. 12, 1895. This company is die largest owner of phosphate lands in the world. The plants arc scattered through the Southern States from Mary- land tn Louisiana. A controlling interest in The Southern Cotton Oil Co. was acquired in 1901. must important of the subsidiarj concerns is l harleston Mining & Manufacturing, which owns virtually all of tlie phosphate lands, and operates all of the phosphate plants, and which is d ctremely well, rhe company owns potash mines in Germany, which began paying a dividend in the fiscal year of 1908; it is the intention t<> develop these mines rapidly, as the compan) requires annually twice the present prod- uct. Sulphur mines have recentlj been leased in Mexico and put into successful operation. Approxi- mately a million >>r more is now spent annually for maintenance, and the properties are all in excellent condition; the cost is charged to operating expense. The total amount so spent since 1895 has been 82,898. Bonded indebtedness, Ma\ 31, nioS $5,000,000 Preferred stuck. 8 per cent, cumulative, preferred as to assets . . . . 18,000,000 mon st< 'ck 27,984,41 o Total capital $50,984,400 EARNINGS. \ ear Ending I otal Profits June 15, 19 >N 1 .ess Tax< s. 1900 $i,539. 2 49 2,139,509 1902 4.I43.47 1 1903 3.231.377 1904 4,129,903 i9°5 3,706,422 Year Ending May ,?i : 1 1 \ months 3,885,834 5,051,126 1908 4,534,362 Repair.- and Maintenance. $355,554 662,089 63s 83< '■;■ 1 1 814,312 856,807 1 ,026,208 1,000,936 Interest ( 'harges. $209, |<>1 902,758 606,758 £88,504 944,604 943.973 ■ I '..'.lance for Near. $7 1 7,582 584,430 ',651,735 27,696 1,376,935 626,848 ',523 [,527,635 ',043.453 Surplus. s -"57-7'7 3^75*097 1,637,838 1,665 .531 3,457,033 3^77,527 4,810,759 6,338,395 7,381,848 Earned on Common. 8.2] 8.12 9.019! 5-1 4.Q29i 2.249! 2.81 5469< 3-7395 ♦After deducting dividends and appropriations fur. the sinking fund. *♦ After various book charges. DIVIDENDS. 1900 H/.H 1902 1903 [904 [905 [906 1 1 ,. ■; 1908 Preferred . . 8% 8% 8% S ', 8% 8% 8 f / Common . 43% LOW AND HIGH PRICES, BY YEARS. SINCE 1901. 10(11 1902 1903 1904 191)5 19110 1907 1908 ..116 Apl. 120 86' , Nov. 97 Vpl. May May "5 Nov. 87 Ian. 125 Aug. 134Ji 1 28 ! 116 Nov. 117) 5 Jan. 108 Jan. 115 Nov immi ■11 .. 51 July 54 17' func Sept. 31 lulv Nov. 16 Feb. 72 Men. Vpl. j F< b. 44 ' s Dec 58 Jan. Jan. L». c i. re not listed until March. 19td GIBSON'S MANUAL 353 LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Pfd. Nov. 3 4 5 6 7 9 10 1 1 Election Dav. Com. 3^ -33] in -in II04-II2 1 1 - -113 II24-I I.'I 113 -"3 1 1_> -113 33i-35 34 -35i 35 -39 39 -40 3*1 3«)i 38 -38J 37 -381 Nov. 12 13 14 16 17 18 rg 20 21 Pfd. 113 -"3 1 '3i-H4f 1 11 ii5 -115 Com. 37i-38i 38i-39 384-38J 38 -39 38 -39i 39f-4o| 39l"4oi 39f-43 4i|-43 Nov, 23 " -'4 " 25 •• 26 " -'7 " 28 " 30 Pfd. Com. 114I-1144 4ii-43i ......... 42i-42j ......... 42^-431 Thanksgiving Day ......... 43i-44l ......... 44^-45 LOW AND HIGH PRICES, BY DAYS, DECEMBER, igo8. Pfd. Com. I . . • 113-s-i 13 , ; 43f-45i 2 • 114 -"5 43 -44 3 ■ • 43-1-43 s 4 ■ • ■ H4rii4! 431-45 5 ■ • • 114 -114} 44 -44J 7 • • • 114 -114 432-44 8 . . -. . . . 43i-44 9 • • 432-44! 10 . . 44 -44l Dec. 11 12 " '4 " 15 " 11. ■' 17 - [8 " 19 " 21 Pfd. 4 -114 Com. • ■ 431-444 42- 43 s -43l • ■ 43*44 • • 43 434 • • 43 -43! 42^-43 42^-432 43 -43* 424-43 Pfd. Dec. 22 23 " 24 •• 25 •• 26 •• 28 29 " 30 " 31 ii34-"3i Com. 42J-42! 43i-43l 434-43! Christmas Day. Extra holiday. 114 -114 431-458 443-454 ......... 441-45! REMARKS. Total capitalization has increased $26,984,000 since kjoo, owing to the absorption "I Southern Cot- ton Oil and other expansion of the business. Security investments, may 31, 1908, $4,697,018. Loss in net profits in the fiscal year of 1908 was through Southern Cotton Oil, winch earned net only $526,607, against $1,610,100 the year before, having been hampered by a large increase in cost "l cotton seed and lower price of the product. During 1907-08 the Chemical Company met stringent monetary conditions by curtailing the low- grade fertilizer business, i n which there is usually a small profit, and devoting more attention to high-grade fertilizers and proprietary brands. A total of 40,664 tons of fertilizers less were handled than the year before. Nov. 17, 1908, an issue of $15,000,000 five per cent, bonds was authorized at a special meeting to retire the existing bonds of the company, $3,000,000 to be retained in the treasury for three years, the bal- ance of the proceeds to be used for working capital. In November, 1908, a rumor gained circulation that this company was about to enter a new and larger corporation, with American Agricultural Chemical, Armour & Co. and other concerns, but this was authoritatively denied. Officers: President, S. T. Morgan; Treasurer. S. W. Travers ; Secretary, S. D. Crenshaw. Direc- tors: S. T. Morgan, E. B. Addison, James M. Boyd. T. C. Williams, Jr., Joseph Bryan, M. S. Meldrum, Henry Walters, Nelson Robinson. James B. Duke, R. J. Williams and George W. Watts. Fiscal year ends May 31. Annual meeting, first Wednesday after July 15. Jersey City, N. J. Directors meet, second Tuesday in March, June, September and December. Office, Richmond, Va. Traded in on the New York Stock Exchange (Listed Department). 354 GIBSON'S MANUAL Virginia Iron, Coal C& Coke Company ( Irganized under the laws of Virginia, Jan. 19. 1899, with a view to merge under one management a large number of the industries of the southwestern part of Virginia, a Slate rich in minerals. '1 he prop- erties of the company no'w include [32,000 acres of coal lands and 210,000 acre- of iron and forest land-. some of the latter under lease, and a large number of blast furnaces, machine .-heps, and iron and steel works, as well as The Virginia iS: Southwestern Railway. Jan. 1. [903, the company was reorganized and placed in a sounder financial condition. Bonded indebtedness. June 30. 1908 £5. 377.000 Capital stock, one class 10.000.000 Total capital £1 5.377,000 EARNINGS. There were no reports for publication until after the securities of the company were l'sted in New York. The only data that can be supplied is as follows: Year ending June 30. Gross. Net Income. Surplus. [90S $3,317,562 $5*6,513 Def. $23,257 [906 3.088,293 580,836 Sur. 137,187 1907 5,650,407 1,067.369 797.194 1908 3,928,621 576,707 102.S91 DIVIDENDS. No cash dividends have yet been paid by the company, although a small amount has been earned For the stock. In October, 1907, a slock dividend of 5 per cent, was declared. 1903 1 7 Sept. Feb. LOW AND HIGH PRICES, BY YEARS. SINCE 1903. 1907 1904 20 A pi. 44 Dec. 1905 36 June 52} Feb. 1906 May 93 Dec. 31 Oct. 97 Jan. 1908 43 Jan. 68 Nov. LOW AND HIGH PRICES. BY DAYS. NOVEMBER, 1908. X' >v. Low 62 High' 6_'.'. Nov. i_> 3 Election Day 4 5 6 7 9 10 1 1 63 64! 65 63 64 '. 65" 67 65 13 '4 10 '7 [8 19 20 21 Low 66 67' High 66 6/ Nov. _'3 -'4 25 26 2/ 28 30 High Low . .. . .. 66 • •■ "7 fhanksgiving Pay GIBSONS MANUAL 355 Dec. i 2 3 4 7 8 9 io LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Lo\ 64 63 64 nigh Lo\ Dec. _'_' " -3 High 24 _'5 Christina'- I >a\ 26 Extra Holiday 28 29 30 3J REMARKS. If the company made no large amount of money in the fiscal year of 1008, it did not lose any. and the properties are all in much hotter condition. Dec. 15, 1907, practically all the iron mines were closed, and only two furnaces were continued in operation. Work at the mines was resumed Feb. 1. 1008. on a lower scale of wages. Output of coal and coke was also heavily curtailed during the year. Securities owned. 1908, were $196,864. Since Jan. 1, 1903, the company has been aide to reduce its capital liabilities ahead of the stock by $3,967,000. and has spent $1,500,000 in new properties and improvements. The President consid- ers that the coal lands have, without question, appreciated from one-third to one-half in value since Jan. 1. to",:;. Officers: President, Henry K. McHarg; Vice President and General Manager, John B. New- ton: Treasurer and Secretary, II. W. Oliver. Directors: Walton Ferguson, Henry K. McHarg, Schuy- ler Merritt, Theodore L. Peters. Hilling-- I'. Learned, John B. Newton and Henry EC. McHarg, Jr. Fiscal vear ends June 30. Annual meeting, third Tuesday in September. Bristol, Va. Directors meet on call. Main office, Bristol, Va. New York office, 40 Wall Street. Traded in on the New York Stock Exchange (Listed Department). 356 GIBSON'S MANUAL .->.■>' Wabash Railroad Bonded indebtedness, June 30, 1908 $118,047,233 Preferred stuck. 7 per rent, non cumulative 38,427,153 ( iommon stock 52,427,153 Total capital $208,901,539 Mileage 2,515 Per mile capitalization $72,425 Fixed charges, 1908, including taxes, per cent, of net income .. .. 90.74 « iperating expense, new basis, excluding taxes, per cent, of gross.. 73-21 Figured after deducting "securities owned," $26,750,736. EARNINGS. Year Ending (iross ' : 'Net NetP.C.of June 30. Op. Rev. Income. Gross Inc. Surplus. I'M) $16,440,990 $4,265,769 25.95 $479. 2 48 1901 17.816,646 3,720,463 20.88 57_>..v s 4 19° 2 I9.°S3>493 5.523.345 -'888 773.844 [903 21. 140.831 5.856,595 27.02 969.994 "i"4 23,023,626 5,981,465 25. _>7 [,094,307 1905 24.696.600 5,068,418 20.42 Def. 515,420 [906 25,015. 3711 8,169,336 31.12 248,200 1907 27,432,473 8,869,854 31.26 445.638 *i9°8 25.740,074 7-774-830 jt,.2 Def. 355,594 [nter-State Commerce classification. "Taxes are included in fixed charges. LATEST REPORT. Earnings for seven months, ending Jan. 31, [909, compared with the same period last year, wero: Gross. Xet. 1909 ^i5.345-3 2 9 $4,589,963 1908 16,158,781 ^887,634 DIVIDENDS. Nothing ha.-, been paid "li either class of shares for many years v LOW AND HIGH PRICES. BY YEARS, SINCE 1900. 1'kki 1901 1902 1902 l'>ii4 190S r>u. L907 1908 Trcfcrrcd.. In Sep. 23% Jan, 37 Dec. 27% Sep. 32% Feb. 37 May 36% Dec. 14% Nov. 13 Mch. 27 Dee. 46% June 54% Sep. 55% Feb. 48% No^ 49% Mch. 52% Feb. 38% Jan. 52% Dec. Common.. 6% Sep. 16% May 21%Jan. 16%Sep. 15 May 17% May 18 Dec. 8 Oct. 6% Mch. 14 i.e. 26 June 38% Sep. 32% Feb. 25 Nov. 24% Sep. 26! Jan. 18% Jan. 20% Dec. GIBSON'S MANUAL 357 LOW AND HIGH, BY MONTHS, SINCE 1900. 1900 Pfd. . Com . 1901 Pfd. . G nn . 1902 Pfd. . Com . 1903 Pfd. . Com . 1904 Pfd. . '. . Com . 1905 Pfd. . Com . 1906 Pfd.. Com . 1907 Pfd. . Com . 1908 Pfd.. C< nn . 1900 Pfd. . Com. 1901 Pfd.. Com. 1902 Pfd.. Com . [903 Pfd. . Com . 1904 Pfd. . Com . 1905 Pfd.. Com . 1906 Pfd. . Com . [907 Pfd. . Com. 1908 '.Pfd.. O 'in. Nov. 2 " 3 " 4 " 5 " 6 " 7 " 9 10 " 11 Dec. 3 4 5 7 8 9 10 Jan. I9f-2l| 7 - 7'i 231-293 ni-14! 4ii-434 2l|"23i 44 -47i 284-324 355-41 U)l-2\l 41 -444 2/0\-22.\ 40I-48I 20} -26 J 31 -38* l6J-l81 IS -18I 8}-io2 July I7I-I94 63- 7l 3-2 -44 184-23 44i~474 29 -314 344-45 20 -24; 345-3/f 164-17! 38i-4i4 l8i-20 44 -48 181-20^ 24 -26 134-14 22 -28J iof-i3i Feb. 204-21 § <> : ; 7% -^7"-34^ 124-194 42 -44 ; ; 22 1 -25 1 44s~55l 29*-3 2 i 32|-39l 17 -20i 431-48 2l|-23| 43S-5-S 22 -25 i 291-341 154-17 I44-I6 74; 8^ Aug. Mch. 20 -2} 6i- 8: 16J-21! 413-43 : ; 22f-24i l"«'-544 26J-324 3- J 3-38 173-194 444-47.' 22 -23I 48 -52i 22 -23! 2I4-3 1 ! 124-153 13 -194 63-1 iv Sept. 173-194 63- 7i 37 -423 [9l- 2 34 453-49 30 -344 294-384 174-204 35 -39S i6f-i93 40 -444 19 -23 441-481 193-214 193-243 iof-134 25 -29J 12 -14 16 -i8f 64- 73 37 -424 204-23! 48 -544 33 "38k 274-36 l6f-224 39 -43 1 194-22 40 -45! 202-24] 424-46i i94-2o| 19 -22 I0f-I2f 24 -274 "4-134 Apl. 2lf"24^ 71- 93 36I-424 19 -213 42^-463 23 -28 42f-50 243-29 361-393 18 -i9§ 4i3-47i 19 -23! 4I-1-5I 19 -234 244-27 14 -15 17 -i9i 10 -II Oct. 174-193 6|- 74 35>-3 s ^ 19 -2i4 444-5*4 30§-35i 283-34 1 6g-20 4 4o3-443 194-22! 40-1-444 20J-233 424-46! i8£-2of 143-20 8 -114 254-281 124-134 May 203-23! 8-y -'4 -454 16^-253 413-464 251-273 431-494 25 -28} 32f-373 15 -18 37 "43 [74-204 41 -5o4 19 -214 2il-26% [if-14 184-29 10 -i 4 | Nov. l8{-22i 74- 8| 364-414 20 -222 424-483 28 -334 3i4-35' 184-20 413-484 203-25 384-424 204-22] 4i3-44! 184-202 144-164 84- 94 28 - 3 6f I2f-I5f LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. June 17 -- 1 '. o3- 84 414-464 2lf-26 434-471 261-314 404-464 193-264 324-36I 154-17 374-414 [8 i-202 442-504 19 -21 : ; 22 -2$ 124-133 -213-254 II - I 2| Dec. 204-27 8 -.4 391-433 2 1 I-23 37 "454 234-305 343-381 192-203 404-474 20 -24 391-42 20 -214 3 6 4-43f 18 -203 163-19I 9 -104 35 -523 15 -20* Pfd. Com. 28 -284 124-124 Nov. 1. Election Day. * 28 -283 124-13 28 -284 124-13 ' 284-29] 123-134 * 294-29-3 134-14 ' 294-3 1 14 -144 304-323 14 -143 3 I 4-34l i4l-i5l 13 14 16 T7 18 19 20 21 Pf( 33i-, 334- 334- 33 - 33\- 344- 344- 34f- 354- d. Com. P Ed. Co m. 34 143- 154 Nov. 23 . • • 344-355 144- 144 333 15 " •5i " 24 . • • 35 -36 143- 15 333 15 ■ 154 " 25 . • ■ 354 -364 15 ■ 1 Si 334 144- 15 " 26 . 1 hanksgiving Dav 342 I4fr 15 " 27 . • • 3S\ -354 15 - 15 353 15 " 153 " 28 . ■ • 354 -354 15 ■ 15 354 145- 1 54 " 30 • • • 343 -36 143- isi 364 143- IS* 363 i4.s i53 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Pfd. 35 -35'i 35 -37 36 -37^ 384-45 4 4- '.-45 1 444-45 44 "-47 454-47 454 Com. 15 -154 Dec. 11 . . . 15 -154 12 154-153 " 14 153-174 " >5 17 - l 7'l •' 16 17 -i8f " 17 184-193 " 18 194-193 19 19 -193 " 21 l'fd 454 45 454 [Si 464 45^ 46 47 473 l. mil. 463 i8f-i 9 4 40 181-184 174-194 isi-io! 184-19 471 184-194 474 I8f-I9f 48] [94-193 50 19J coj 4 8i 47l 47' Pfd. Dec. 22 23 24 2^ 26 28 29 30 31 491 49 -5M 1 1 464-494 1 Christmas Extra II" 474-493 1 484-50i 1 49!-5o : ; 1 493-503 I I '1 '111. 9f"20§ 9 \ 20 : 74-191 Day. liday. 84-19I 84-195 84-194 9 - II >1 35§ GIBSONS MANUAL MARKET MOVEMENTS OF WABASH, PREFERRED, FROM 1900 TO 1908, INCLUSIVE. REMARKS. The entire line of Wabash is now operated under the new State 2-cent passenger fare laws, and was so operated during the entire fiscal year of 1908. There were about 10 per cent, more pas sengers carried and the revenue therefrom was 7 per cent. less. Physical condition of the property has been maintained, in spite of economies of a year of depression in trade. The officers of Wabash have joined with those of various other railroads in protesting to the fnter-State Commerce Commission against its new rule, requiring railroads to charge to operating expense a fixed rate of depreciation upon the original cost of equipment. Shrinkage in value of a railroad's assets cannot be calculated accurately. The amount spent to make good such shrinkage must vary considerably with the activity of business and the railroad's ability to meet the charges. In years of great prosperity it might be desirable to destroy obsolete cars and engines and replace them with modern equipment, whereas in dull times there would be a surplus of equipment everywhere. Officers: President, Frederic A. Delano; Vice-President, Edgar T. Welles; Treasurer, F. 1,. O'Leary; Secretary and Assistant Treasurer. J. C. Otteson. Directors: George J. Gould, Edward T. Jeffery, Edgar T. Welles. William P.. Sanders, Frederic A. Delano, Wells H. Blodgett. S. C. Rey- nolds, Robert C. Clown. Thomas If. Hubbard. John T. Terry, J. J. Slocum. Winslow S. Pierce and Robert M. Gallaway. Fiscal year ends June 30. Annual meeting, second Tuesday in October, Toledo, Ohio. Directors meet on call, generally the last week of the month. Main office, St. Louis, Mo. New York office, 195 Broadway. Traded in on the New York Stock Exchange (Listed Department) and on the London Stock- Exchange. GIBSON'S MANUAL 359 Wells, Fargo C& Company This is an express company, originally formed for operations upon the overland stage route across the plains to California. Incorporated in Colorado, Feb. 5, 1866, although previously organized in New York, March 18, 1852. The company has power to transact a banking in addition to the ex- press business. It is now the only company which carries express packages the entire distance from ocean to ocean, and its lines extend into Mexico. In 1908, its total mileage was 585629, wherein were included 8,559 °f stage, inland steamer and ocean steamship routes. Capital stock, one class $8,000,000 EARNINGS. Reports on the earnings of 'Wells, Fargo & Co. have not been supplied to the public until within the past few years. Following are the only figures which can be given : Year Ending Net In- Reserve and Earned on July 31. Gross. come. Insurance Fund. Stock. 1905 $16,870,124 $2,416,307 No data 30.2 % 1906 18,683,035 3.064,962 $12,585,283 38-31% 1907 22,934,425 4.313.904 16.454,308 53-9 2 % 1908 22.945,468 4.078,818 i9./Oi,575 50.97% 1 900 6% 1901 6% 1 90 j DIVIDENDS. 1903 8% 1904 1905 8% 1 ( )( 11 i 8% 1907 8% 1908 1900 120 June 140 Dec. 1901 LOW AND HIGH PRICES, BY YEARS, SINCE 1900 1902 130 Jan. [99! Dec. 185 Jan. 255 Aug. 1903 191 July 249^ Feb. 1904 1905 1906 1907 200 June 250 Aug. 1908 2264 Dec. 225 May 250 May 250 Jan. 260 Feb. 305 Oct. 290 Jam 325 Nov. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. lanksgiving I )a\ . LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. Dec. 1 2 " 3 4 5 " 7 •• 8 " 9 " 10 Low. High. High. - Day. oliday. 3<5o GIBSON'S MANUAL REMARKS. The annual report for 1908 complains of the costly requirements of Federal and State commis- sions. The making and publishing of tariffs and demands for special statistics have compelled an in- crease in the force of the auditing department and a heavier burden of expense in consequence. Under the requirements of the Inter-State Commerce Commission, the fiscal year of the com- pany will hereafter end June 30th. Securities owned, July 31. 1908, were $6,477,571. Wells, Fargo & Co. are under control of Harriman interests and in December, [906, an offer was made to minority stockholders by Kuhn, Loeb & Co. to buy their stock at $300 a share, for the purpose as was supposed of giving those interests complete control. Officers: President. Dudley Evans: Vice-President, I-".. A. Stedman; Chairman, E. II. Harriman: Treasurer and Secretary, A. VV. Zimmermann. Directors: 1". H. Harriman, Dudley Evans, Julius Kruttschnitt, Col. Geo. E. Gray, F. D. Underwood, \Y. V. S. Thorne, Wm. F. Herrin, John J. McCook, V K. Vandeventer, H. W. DeForest, and II. E. Huntington. Fiscal year ends July 31st, but to he changed to June 30th. Annual meeting, second Thursday in August, New York. .Main office, 51 Broadway. New York. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL .V" Western Maryland Railroad Bonded indebtedness, June 30, 1907 $65,617,649 Capital stock (authorized Si * 1,1 k o,< 100) 1 5,085,400 Total capital $81,303,049 543 $133,541 99.6 64-34 Mileage *Per mile capitalization Fixed charges, 1907, including taxes, per cent, of net income. . Operating expense, per cent, of gross *Ascertaincd after deducting "treasury securities" $8,784,886 from total capitalization. EARNINGS. Year Ending Gross Sept. 30. Op. Rev. 1900 $1,823,740 1901 2,119.473 Year Ending June 30. 1902, 9 mos 1 ,788,691 -1903 3-7!^833 1904 3.633.097 1905 3,900,249 1906 4,802,094 1907 5.6oo,455 "190S 5.648,278 Net Income Less Taxes. $670,518 7*4.-17 763.623 2,519,260 1,924.440 1,877.136 2,498,527 2,655.55' 2.593. L3i Surplus. $1,161,414 1.561,857 1.787.954 2,039463 2,030,661 No data. *From iqo,}, earnings included those of West Virginia Central & Pittsburgh. **From report of Receiver, presented to the annual meeting Oct. 21st, 1908. Note:— A trifling amount has been earned on the capital stock of Western Maryland at times, but the amount is not worth mention. DIVIDENDS. Since retirement of the small amount of preferred stock, several years ago, no dividends have been paid on the shares of this company. LATEST REPORT. Earnings for four months, ending Oct. 31, compared with the same period last year, were: Gross. Net. 1908 $2,086,234 $857,275 1907 2,197,424 845,239 LOW AND HIGH PRICES, BY YEARS, SINCE 1905. 1905 1 1 )( 11 1 1907 1908 27 Nov. 30 Dec. 30 Dec. 42 Jan. 6 Oct. 3°i J an - 5 March 24 Dec. Note: — This stock was listed in New York on November, 1905. Nov. LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. Hi High. i4i 3 Election Day. 4 5 6 / ■ 9- 10. it . 141 15 145 14* i4« 15 144 14* 14* T i; Nov. 12. 13- 14. 16. i7- 18. 19. 20. 21. Low. High. 143 15 14* Hi Hi 142- T4i i.Si 151 i$l 15 15* 144 15 14 I4i Nov. Low. I3J High. i"4l 23 24 25 12 13 26 Thanksgiving Day. 27 I2f 14* 28 13* 30 12J 13 .V'-' GIBSONS MANUAL LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I. I >ec. 1 . ■• " 3- 5 ■ 7 ■ " 8. 9- 10. L3 13 i3i 1 4-1 14^ 15 15 Hi Dec. 13 13 14! 15 Ml i sl 1 si 1 J . 12. 14- >5- i6. '7- t8. Ml. _'I . Low. 15 15 IS* 16J k>; r6f it* High. iSi Dc ^51 I7l ' 7 , 172 19 i Low. 22 i8| 23 2l| -'4 2l4 25 Christmas 26 Extra Ho 28 i\\ 29 22 30 217 31 2P£ High. 23} 24 22 Day. iday. -'3 22| 22.', 21 REMARKS. Western Maryland was constructed largely through aid extended by the city of Baltimore, which bought a large amount of securities of the railroad. Washington County. Md., also helped the road by buying the entire amount of its then preferred stock issue, amounting to $324,000. In 1902, Baltimore's interest, amounting to $8,651,370, and Washington County's interest were acquired, together with the West Virginia Central & Pittsburgh Railway, by a syndicate, operating in behalf of The Wabash Railroad, and Western Maryland contracted to extend the line to Baltimore and thus provide a tide- water outlet for the Wabash system. In 1905. Western Maryland and West Virginia Central & Pitts- burgh were consolidated and thus the senior company acquired 135,000 acres of soft coal lands, 23 mines, 825 coke ovens and other properties. In the fiscal year of 1907, all of the stock of the George's Creek & Cumberland Railroad was acquired, and the annual report for 1907 covers the first full year of operation of all the properties. It is now believed that the surplus over fixed charges will grow year by year. March 5, 1908, B. F. Bush was appointed Receiver of Western Maryland, owing to the certainty of default on the $3,776,500 of collateral loans, due April 1st. The collateral ($5,037,000 of first mortgage bonds) was sold. The road is yet in the hands of the Receiver. "Treasury securities" June 30. [907, $8, 784.886. Officers: President and Receiver, B. F. Bush; Vice-President and General Manager, Alexander Robertson; Treasurer, J. T. M. Barnes: Secretary. L. F. Timmerman. Directors: B. F. Bush, E. L. Fuller, John W. Gates, Edwin Gould. George J. Gould, Howard Gould, Lawrence Greer, E. T. Jefferv. F. S. Landstreet, Winslow S. Pierce. William H. Taylor. S. Davies Warfield and W. A. Wilbur. Fiscal vear ends June 30th. Annual meeting, third Wednesday in October, Baltimore, Md. Main office, Baltimore, Md. New York office. 120 Broadway. Traded in on the New York Stock Exchange (Listed Department). GIBSON'S MANUAL Western Union Telegraph Company ( Iriginally, The New York & Mississippi Valley Printing Telegraph Co. and as such organized, April 2, 1851. The present name was adopted in 1856. By successive extensions of its own lines and absorption of other companies, Western Union has pushed its service to every part of the United State-, and through ocean cable lines to Europe and other foreign regions. June 30, 1908, the company was operating 208,477 '"iles oi P oles ancl cables, having T.359,430 miles of wire and 23,853 offices. Contracts have been made with a large number of railroads for service along their respective routes. Bonded indebtedness lune 30, 1908 $38,645,000 Capital stock 99,817,100 Total capital $138,462, Fixed charges, 1908, excluding taxes, per cent of net income. . . . 66.24 EARNINGS. Year Miles. Miles Ending 1 '■ lies and of No. of No. of Gross Net Earned lune 3< 1. ( 'able-.. Wire. 1 Mikes. Messages. Receipts. Income. Surplus. 1 ui Stock. [901 ... . 193,589 972,766 23,238 65,657,040 $26,354,150 $6,685,248 $9,319,285 5. 88' : 1902 . . . . [96,115 1.029,984 -'3-567 69,374,883 2S.073.095 7,292,329 10.751,003 0.40'. 1903 . . . . [96,517 [,089,252 23,120 66,790,866 20.167,687 8,214.472 13,019,725 7-36% 1904 ... • [99.350 1-155405 -'3-458 67.903,973 29,249,390 7,887,475 14.881.420 6.91% 1905 . . . . 21 K),224 1. 184.557 23,814 67.477.320 29,033,635 7,188,065 15,974,209 6.12% 1906 . . . . 202,959 1,256,147 -M.323 71487,082 30,675,654 7,070,583 16,848,728 5-9 % 1907 . . . . 205.041, [,321,199 24.760 74,804,551 32,856,406 0,324,210 16,884,781 5-04% [908 - 208,477 [.359.430 ^3.853 62,371,287 28.582,212 3,402,996 14,393,856 1.67% LATEST REPORT. Nine months ending March 31, 1909 (last 3 months partly estimated), net revenue $5,495,019; surplus, 82.203.8j7: total surplus, estimated. $16,597,682. DIVIDENDS. 1001 [902 1903 1904 1905 1906 1007 1908 59S 5% 5? 5% 5% 5% 5'. S7< *i% In addition to 1 per cent, in cash in 1908, 2 l /> per cent, was paid (iji each, January and April 1 in stock. Three- fourths of 1 per cent, was voted in December, 1908. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 190S j-\ June 81 Jan. 84! July 80} Sept. 85 May 92 Jan. 83! Dec. 54 Dee. 41 Feb. 883 Jan. 100J "May 97I Aug. '93 Jan. 944 Dec. 954 June 94^ Jan. 85 Jan. 71J Nov. LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. May June 1900 85 -88.V 8o|-87i 8if-84i 8of-8 4 l 78I- 82 77£-8o3 1901 81 -88 J 83J-91 864-97 9°§-96i 85 -ioo£ 92^-96! 19O2 oof-93 9oi-9!f 80; 01; 90 -94f 883 88 -92J 1903 88I-93 89 -90J 87 -90 84 -m M 853 83-855 1904 86-89 86J-883 87f-89§ 88i-89i 85 & 1 1 86 -87I 1905 92-951 92d-94i 92§-943 9 2 f-94i 9 2 93i 9 2 f-952 1906 93 -')4l 93-933 9* "94i 9^-93i 9 1 ~ ' >-" <":--93* 1907 823-85 814-834 79^-82 8o|-83i 78 - 83 J 784-81 1908 54-60 41-553 463-543 485-54 5oU"U 5ii-57i 364 GIBSONS MANUAL July Aug. Sept. Oct. Nov. Dec. Nov. 1900. 1901 . 1902. 1903. 1904. [905. 1906. 1907. 1 1 >t 18 . 78I-80I 88 -94 84f-88| 82 -854 861 88| 9 2 1 'Mi 91 -92^ 7Si-8o 54,-57? 79 1 8i3 90 -94 S71-971 8i*-8 4 i 88i- 9 o 93i-943 91^-921 74^-78 54i-58i 77l-8oi 891-94 90 -97 So] -84 90 -<>-•! 93 -94i 86 -91 i 73 -78 55,-62 784-82 00 -92} 891-93! Soi-834, oof-93 86 -87 62 -74 58I-61 8oi- 86? 89;- 92i 87!- gii 82I- 8 5 | 90s- 93 9 2 i- 932 85 - 88i 54f 65 591: 7> : , ! 8ii-86 J Oo>-93£ 87 -89 85^-89 91^-04} 92 -93 i 83^-87^ 54 -61 A 65i-7i LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. Low. High. Low. High. 59 J 3 Election 6. 7- 9- 10. 11 . 60 6of 6ii 63I 63* 63 624 59? Day. 61" 61] 64 64 6 4 s 63} 64 5 Nov. 1. 13- 14- 16. 17- 18. 19. 20. 21 . 63* 64i Nov. 23 63? 65 " 24 64} 65 " 25 64* 65 - 26 64^ 65* " 27 645 651- " 28 64* 64I " 30 64 65 64* 65i Low. 65 65 66 26 Thanksgiving 6SJ /O "o High. 65} 66} 6/2- Day. 70 7i i 7U LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. MARKET MOVEMENTS OF WESTERN UNION TELEGRAPH, FROM 1900 TO 1908, INCLUSIVE. GIBSON'S MANUAL 365 REMARKS. Securities owned, June 30, 1908, $-'5,142,865. For the past six years, liberal expenditures have been made for maintenance and the plant is. therefore in good condition. The cost has been charged to operating expense. Since the summer of 1907, there has been a material decline in the demands for such work and this has resulted in a corre- sponding reduction of expense. Serious inconvenience was experienced in [907 from a strike of the telegraphers which began early in August and lasted until Nov. 7th. During that period, the business was conducted at a small loss. Xet loss in revenue, in consequence of the panic of 1907, was less than that following the panic <>i [893. The company hopes that many years of marked growth in profits will follow 1907, as they did the depression of 1893. Some of the reduction in net profits since 1904 has been due l<> ^w ing up the race track business, which was of such a nature that no proportionate decrease could be made in expenses. Officers: President and General Manager. Robert C. Clowry: First Vice-President, George J. Gould; Chairman, Thomas T. Eckert; Treasurer. At. T. Wilbur; Secretary. A. R. Brewer. Directors: Thomas T. Eckert. Robert C. Clowry, John T. Terry. George J. Gould. Edwin < imild, Frank Jay Gould, Jacob H. Setoff, William L. Bull, Joseph J. Slocum, James II. Hyde. J. Pierpont Morgan, Charles La- nier, Chauncey M. Depew, Henry M. Flagler, John Jacob Astor, Oliver Ames. C. Sidney Shepard, J. B. Van Every, James Stillman, Thomas F. Clark. E. H. Harriman, Howard Gould, John J. Mitchell. Henry A. Bishop, Harris C. Fahnestock, Thomas 11. Hubbard, Henry Walters. G. W. F. Atkins. Paul Morton, Robert M. Gallaway. Fiscal year ends June 30th. Annual meeting, second Wednesday in October, New York. Di- rectors meet, quarterly, second Wednesday in March, June. September and December. Office, 195 Broadway, New York. Traded in on the New York Stock Exchange (Fisted Department). 3 (56 GIBSON'S MAN UAL Westinghouse Electric £& Manufacturing Company Incorporated in 1872 under a Pennsylvania charter and reorganized in 1891. This is an import- ant concern, engaged in the manufacture of dynamos and all other appliances for electric light and power, h is the principal competitor of General Electric and in [896 entered into an agreement with the latter for harmonious operation under various patents. It has exclusive control of the Tesla patents for alternating currents and many thousands of other valuable inventions. The principal plant is at Pittsburgh, Pa., but there are subordinate ones at Cleveland, < >.. and Newark. N. J., while its larg< terest in the British company of the same name tin"-'"- it an extensive and profitable plant at Trafford Park, .Manchester. England. The company i< also interested in The Canadian Westinghouse 1 o. at Hamilton. Out.; The So \nonyme Westinghouse in France: and The Westinghouse Air Brake Co. at Pittsburgh, and. in all. ji) allied corporations. The number of employees of the parent company, March 31, [907, was 18,386, exclusive of the selling organizations. Bonded indebtedness. March 31, 1907, last reporl $17,278,000 Preferred stock. 7 per cent, cumulative, and entitled to share equally with the common after 7 per cent, is paid on both 1 par $50) 3.9* 1S.700 Common stock 1 par $50) 20,997,450 Total capital $42,274,] 51 Fixed charges, 1007- excluding taxes, per cent, of net income. . . . 30.14 EARNINGS. '1 he public have not been Eavored with reports of the operations of this company or with more than an occasional balance sheet until 1907, when the following statement was ma< Year Ending Surplus March 31. Gross. Net Income. Profits. 1 ! " 7 $33,026,240 $S»435»9io $12,51 15,] 52 6 Years Ending March 31. [906 [14,618,537 20,557,119 iJ.50j.507 DIVIDENDS. [900 1901 1902 1903 1904 1005 [906 [907 1908 Preferred 7'. 7'. 7'; iof% 10% 10% 1 1 >' , .... Common 5,'. 6VI 7% g%% 1-' 10% 10'. 10% LOW AND HIGH PRICES, BY YEARS, SINCE 1901. 1901 1902 [903 1 104 1905 1906 1907 1908 Preferred.. 157 Nov. 180 Feb. 160 Sept. 1S0 Apl. [90 Feb. 162 Nov. 145 Apl. 58 Mch. 187 Dec. 234 Apl. 224 Jan. 19SJ Xov. 197 Oct. [85 Feb. 175 Dec. 125 Nov. Common... 145 Nov. [69! Jan. 130 Oct. [53 May [52 May 14S Aug. 132 Xov. 38 Mch. [80 Dec. 230J Apl. 221 Tan. 185 Dec. [84 Apl. 17*'. Jan. 154 Jan. 04 Nov. LOW AND HIGH PRICES. BY DAYS. NOVEMBER, 1908. Pfd. Com. Nov. j 100], tool 82^-85 ,} Election Day. ... 1047-105 . 10.1l . I I J - I jo '. . 120 -120 . T20 -I20 6 87 -89 87.1-00 -92 '" "-' 01 ' 01 11 ••-- 90 -9*1 <) Pfd. Com. Xov. ]j -. . . . Sol oK " o -•••■ 90 74 I JO 1 JO ..'I 1 OJ It' -. . . . 01 . " 17 -•••• '" ' " 18 124I-124I ..1 1 93 to [ 19 -119 in 92 20 -. . . . 91 92 " 2] 92J 93 Pfd. Com. Nov. 23 -.... 91:1-92.1 " -M 125-125 oj 93] 25 -■■•• 91 I 93 26 Thanksgiving Day. 2~ -. . . . i)l 92 " 28 - 91.1-92 " 30 -••■■ 91 9 2 GIBSONS MANUAL 367 LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. 1 15 -120 Pfd. Com. 1 tec. 1. . . . . ......... 91A-91A 89A-91} S7A-88J S9 -89} 89 -89 1 89^-91 8 120 -1 20 91 -91 9 9°i-9°i 10 - . . . . 90 -90$ I). Pfd. Com. ......... 89J-90 ......... 88 -88£ ......... 88 -88| -.... 87J-88! -•••• s 5 §-8 9 ; -.... 88 -89J, -.... 86 -87J 19 -. . . . 86-87 21 -.... 84J-86 1 1 . 12. 14- [6. 1 7. Pfd. Com. Dec. 22 -.... 8 =; ] -S 7 - 2} -.... 85 1 . 861 - 24 -.... 85 J .-86i 25 Christmas Day. 26 Extra Holiday. " 28 -.... 85J-86? " 29 -.... 85 -85 A " 30 -..•• 83I-8S •' 31 --... 83I-845 REMARKS. Securities owned. March 31, 1907, were $15,996,807 in stocks and bonds of subsidiarj companies; Sip. 300, 000 in stocks and bonds of Lackawanna & Wyoming Valley Rapid Transit ; total, S22.joo.807. Sept. 20, 1906, the company authorized its directors to sell 100,000 shares of capital stock (par $50) at $/*, a share. 33,066 shares were at once taken by stockholders. When the entire amount is sold, the capital slock will aggregate $30,000,000. In 1907, the business at Pittsburgh was increasing so rapidly that larger facilities were nrgentlj demanded and nearly 250,000 square feet of lloor space was authorized and immediately contracted for. Single-phase railroads have occupied much attention in recent years. Many new lines have gone into operation with this system and with such satisfactory results, that a large improvement in this business is taking place. Many of the initial installations have been largely increased. Among other inventions, which have been developed within the past few years, is the "metallic flame arc lamp." The Westinghouse people believe that the old style arc lamp will he unable to hold its own aaainst this latest device. Considerable success has attended steam turbines. tin instruction of g-enerators for direct connection with Oct. 23. 1907, failure of the Security Investment Co., in Pittsburgh during the panic threw this company. The Westinghouse Machine Co., and The Nernst Lamp Co. into a receivership, and operations have since been conducted by the receivers. A readjustment committee was appointed and plans for the rehabilitation of the company have since been agreed upon. Nov. 24, 1908, the company authorized the issue of $10,000,000 more capital stock to comply with legal formalities. ( inly about $3,000,000 of the new stock will be required for meeting the readjustment plan. The balance will he sold at the option of the directors. A monster electric locomotive was built by this company in [906 Eor use at the terminal ol The Pennsylvania Railroad in New York City. This machine gave such satisfactory results, furnishing a speed of 120 miles an hour, that in November, 1908, the company received a contract to electrify the Pennsylvania line from Jamaica. Pong Island, to Newark, X. J., and as' part of the contract ordered the construction of too more locomotive- of the type referred to. Officers: President, George Westinghouse; Vice-President, E. M. lien-; Treasurer, T. W. Simeon; Secretary, W. A. Esselstyn. Directors: A. N. Brady, George VV. T. W. Simeon, Frank If. Taylor. II. II. Westinghouse. N. Willis Bumstead, McConway. George C. Smith, W. 1). Updegraff, and George Westinghouse. I ebard, I >ra) ton I \ es, E. M. llerr. William Fiscal year ends March 31st. Annual meetiing, fourth Wednesday of June. Pittsburgh, Pa. Main office, East Pittsburgh, Pa. New York office, 165 Broadway. Traded in on the New York Stock Exchange (Listed Department). 368 GIBSONS MANUAL MARKET MOVEMENTS OF WESTINGHOUSE ELECTRIC, FROM 1901 TO 1903, INCLUSIVE. A FEW MINOR TERMS DISREGARDED GIBSON'SMANUAL 369 Wheeling £& Lake Erie Railroad Bonded indebtedness, June 30, 1907, last report $18,065,500 First preferred stock, 4 per cent, non-cumulative 4,986,900 Second preferred stock, 4 per cent, non-cumulative 11,993,500 Common stock 20,000,000 Total capital $55,045,900 Mileage 442 Per mile capitalization $124,538 Fixed charges. 1907, including taxes, per cent of net income. ... 74-55 Operating expense, per cent, of gross 67.36 EARNINGS. Year Ending Gross *l June 30. < )p. Rev. 1901 $2,998,163 1902 3.537.023 1903 4.234771 1904 4.3-'5.28i 1905 4.505.606 1906 5,318,801 1907 6.124,207 1908. No report ; company in tlie hands of a Receiver \ T et income. Surplus $921,649 $278,675 943,220 425,627 1,001,709 539.1/7 1,120,181 507,862 956,471 314.502 1,556,646 406,796 2,119,268 739,025 Taxes arc included in fixed charges. LATEST REPORT. Earnings for four months, ending Oct. 31, 1908, compared with the same period last year, were: Gross. Net. T 9o8 $2,115,305 $631,401 ! 907 2,503,173 653,630 DIVIDENDS. No dividends have been paid for the last ten years. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 io".) 1905 1906 1907 lsl I'fd.. ..+p< Sept. 45 May 40 t j Ian. 4'>'i Nov. 37 July 36 May 36 Mav 13 Oct. tfyi Apl. 60& Mch. 66 Apl. 61& Feb. 52H Jan. 48 Feb 48^ Feb. 37H Jan. 2d I'M.. . .21.73 June 24 Mav 28 Jan. 20 Sept. 21' k Tunc 20 Mav 2IJ4 Oct. 8 Oct. Mch. 38 Mch. 42'\ s Sept. 38;/, Feb. 32 Nov. 28^ Mch. 2f)]' 2 Feb. 2IJ4 Jan. Common ... 8 June li-}s Jan. 17 Jan. 12 July mJs July 15 May 16 Apl. 6 Oct. 13^2 Dec. 22 June 30*4 Sept. 271X Feb. 22->g Nov. 19^4 Mch. 2i?4 Feb. i6J4 Jan. 13 Dec. 1908 12^ Apt 26^ Dec. 6 Feb. 15*4 Nov. 4% Mch. 370 GIBSON'S MANUAL LOW AND HIGH PRICES, BY DAYS, NOVEMBER, 1908. X<>\ . 3- 4- 5- 6. 7 ■ 9- 10. 11 . 12. *3- M- 16. 1 st Pfd. 19I-20 19 -i9i ...-i9i 18 -19* ...-I9I I9i"i9i I9i-20| 20}-22 20J-2I 21 -2lf 22^-23 22|-23f 2nd Pfd. 10 -11 Election Day. . . .-12 ...-iii ...11 ...-ni ii}-n] iil-iii nl-13 12I-12I \2\-12h ...-14 I3i-i3$ Com. 9 - 9i Nov. -10 -9i -10 - 9 9i 9« ic4 IO| III IIS 9 • 9i- 94 9f 10 ioi' 11 »i 1 st Pfd. 17. 24 -24 1 23i-23i -234 -234 -23 -22 -21* -23 2nd Pfd. 18 19. 20. 21 . 23- 24. 25- 26. 28. 3°- 21 23 21 2li 22 14 ■153 14$ -i 5* 134 ■134 Hi 13 -15 -15 -15 134-14} Thanksgiving D 22\ ...-I44 2l4 13 -13 Com. iij-irj \\\-\\\ nj-ii-i 11 -1 1| iii-ni ...-114 ...-n| 11 -1 1 J av. 11 -11 iol-ioi ioi-iof LOW AND HIGH PRICES, BY DAYS, DECEMBER, 1908. I tec. 1 . 2. 3- 4- 5- 7 ■ 8. 9- 10. 11 . 12. 14- IS- 16. 1st Pfd. 21 -21 20J-21A 20]-22£ 23 -25 24^-25; 24 -^5\ 231-244 24-J-24f 24 -245 24 -24! .••-244 ...-244 23 -23 22-] -22 J 2nd Pfd. ...-14 ...-15 12 -14] 14 -141 14 -15 14 -14* ...-14 14 -14 14 -I4l ...-144 131-134 134-14 13 -i3f ...-134 Com. ioi-ioj . . .-10J iol-ii-J 11 -12 12 -I2f 12 -I2l Ilf-I2 12 -12 12 -12 . . .-12 . . .-12 II J-Ili Ill-Hi . . .-12 Dc 17- 18. 19. 21 . 22 . 23- 24- 25- 26. 28. 29. 30. 31- ISt Pfd. 21 1-22 2l4-22 2nd Pfd. 124-13 ...-13 Com. iof-11 io|-io| Christmas Day. .Extra Holiday. REMARKS. Wheeling & Lake Erie has been operated since 1901 in harmony with the Wabash Railroad sys- tem, a large part of its stock having been acquired in the year named by Could interests. The road is largely dependent upon the prosperity of coal mining in Ohio, and it owns control of the Pittsburgh, Wheeling & Lake Erie Coal Co. Freight traffic constitutes almost the whole business of the road, the operating revenue in 1907 from sources, other freight being only $683,479. Stocks and bonds owned, 1907, were $510,331. June 8, 1908, financial difficulties compelled Wheeling & Lake Erie to accept the appointment of a Receiver, and B. A. Worthington took charge in that capacity in consequence of proceedings begun by The National Car Wheel Co. In September, foreclosure proceedings were begun under the general Officers: President, F. A. Delano: Vice-President and General Manager, B. A. Worthington; Chairman. Myron T. Herrick ; Treasurer and Secretary. II. B. Henson. Directors: F. T. Jefferv, Ed- win Gould. E. T. Welles, Winslow S. Pierce, Alvin W. Kreck, W. E. Connor. F. A. Delano, Myron T. Herrick, George A. Garretson, E. W. Oglcbay, H. P. Mcintosh. W. G. Mathers, W. M. Duncan. C. M. Spitzcr. and S. C. Reynolds. Fiscal year ends June 30th. Annual meeting, first Wednesday in May. Cleveland, ! >hio. Main office, Pittsburgh, Pa. New York office, 195 Broadway. Traded in on the New York Stock Exchange (Listed Department). GIBSON'SMANUAL 371 Wisconsin Central Railway Bonded indebtedness, June 30, 1908 $34,450,105 I 'referred stock, 4 per cent, non cumulative 12,500,000 Common stock 17,500,000 Total capital $64,450,105 Mileage 1,023 Per mile capitalization $63,001 Fixed charges, 1908, including taxes, per cent, of net income. . . . 84.28 Operating expense, per cent, of gross, new basis *70.2I ♦Compared with 62.43 in 1907, old basis. Year ending < iross June 30. ( )p. Rev. 1900 $5,637,416 1901 5.3 2 4.275 1902 6,041,471 1903 6,651,862 1904 6,466,177 1905 6,650,884 [906 7,118,576 1907 7,577,179 *i9o8 7,307,311 EARNINGS. **Net Net P. C. Earned on Income. of Gross. Surplus. Common. $2,064,758 37-/S $30,819 .... 1.882,574 35-2 276,938 2,i95,i73 36.11 632,049 2,484,299 37-^3 717-622 r.28% 2,174,933 33-37 433,046 2,319,384 34-7 499,643 0.32% 2,661 ,207 36.94 863,160 r-73% 2.882,213 37.86 1,852.377 , W 2% 2,233,327 30.33 2,258,940 ♦Inter-State Commerce Classification. ♦♦Taxes are included in fixed charges. ♦♦♦Other reserve funds, 1908, $414,518. LATEST REPORT. Earnings for eight months, ending Feb. 28, [909, compared with the same period in [907, were: Gross. Net. [909 $4,959,105 $1,628,820 1908 5-084,985 1,624,784 DIVIDENDS. No dividends were paid on cither class of stock during the period covered by (his report until December, 1908, when 4 per cent, was voted for the preferred stock to be paid in quarterly instalments. LOW AND HIGH PRICES, BY YEARS, SINCE 1900. 1900 1901 1902 1903 1904 1905 1906 1907 1908 Preferred. . .30 Sept. 38^ Jan. 39^ Jan. 33 Nov. 37 June 45 Jan. 44 July 28 Oct. 33 Feb. 57 Apl. 49-K Apl. 57Vs Aug. 55^ Feb. 49.3^ Nov. 64^ Oct. 64 Jan. 51H Jan. 72V2 Dec. Common.. ..10 Sept. 141X Jan. 19^ Jan. 145/$ Oct. 16 June 20 Apl. 2i}i Nov. n Nov. 13^ Feb. 20J4 Mch. 26 June 31 Aug. 29^ Feb. 25 Nov. 33^ Aug. 33 Jan. 25^ Jan. 38^ Dec. 37- GIBSON'S MAN UAL LOW AND HIGH PRICES, BY MONTHS, SINCE 1900. Jan. Feb. Mch. Apl. .1900 Pfd.. Com. 1901 Pfd.. ( ciii. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. G mi. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 1900 Pfd.. Com. 1901 Pfd.. Com. 1902 Pfd.. Com. 1903 Pfd.. Com. 1904 Pfd.. Com. 1905 Pfd.. Com. 1906 Pfd.. Com. 1907 Pfd.. Com. 1908 Pfd.. Com. 474-51* 17 -20A 38H5I 14I-18 39i"42i 194-2] [ 5-' 1-54 26J-27I 3& -47 J 1 6.1-2 1 J 45 "-54 2I*-24l 58-64 28 -33 443-Sii 36 -43^ I44-I71 474-534 17 -20} 2,2 -454 17 -i9i 394-43 I \o 68.72 21 69.O4 " 22 Holiday. 24 68.92 25 68.48 " 26 68.43 " 27 68.55 " 28 68.87 29 68.26 High in February 72-5 1 Low in February 68.11 High since January 1st 75-8o Low since January 1st 68.11 51-71 62.1 1 •53 51-59 61.92 .19 51.90 62.25 •33 50.97 61.46 ■79 50.96 61.43 •03 50.81 61.16 .27 49.89 60.09 1.07 48.91 58.66 '■43 49.01 58.84 .18 . . ock Exchange closed. 48.92 58.62 .22 49.61 59-43 .Si 49.20 58.88 •55 49-15 58.63 •25 49.14 58.87 .24 49.11 58.81 .06 49-7 r 59.22 •41 50.06 59-55 ■33 ock Exch: singe closed. 50.24 59-58 •°3 50.10 59-29 •29 50.06 59-24 .05 5040 59-47 ■23 50.73 59.80 ■^ 50.63 59-44 ■36 51.90 62.25 48.91 58.62 54-91 64.81 48.91 58.62 23 Active Rails show a decline since January 31 of 4.59. 18 Active Industrials show a decline since January 31 of 1.80. 41 Rails and Industrials show a decline since January 31 of 3.20. 376 GIBSONS MANUAL AVERAGE DAILY PRICES FOR THE MONTH OF MARCH, 1908. Average daily prices of 23 Active Rails, 18 Active Industrials and 41 Rails and Industrials for the month of March, and high and low prices for March and since January 1st were as follows: (Thomas ( iibson's Figures.) Date. 23 Rails. iSInd. 41 R. & f. Adv. Dec. Ma rch 2 3 4 5 6 7 9 10 11 12 13 14 16 17 18 19 20 21 23 24 25 26 27 28 30 31 J I igh in March . . Low in March . . High since January 1st Low since January 1st 68.47 50.89 59-68 •24 68.52 50.74 59-63 68.71 50-95 59-83 .20 68.74 50.95 59-85 .02 69.22 51. 11 60.17 •32 70.65 52.62 61.64 1-47 72.03 53-59 62.81 1. 17 71-38 52.95 62.17 72-34 53-42 62.88 •7 1 72-54 53-44 62.99 .11 72.94 54.15 63-55 •56 73-76 55-19 64.48 •93 72.95 54-58 63-77 73-43 55-n 64-27 •50 72.19 54-42 63-30 72.54 54.82 , 63.68 •38 72.96 55-38 64.17 •49 73-18 56.07 64.63 .46 73-84 57-25 65-55 •92 74.68 58.17 66.43 .88 74.90 59-35 67.13 •70 74.27 58.70 66.49 75-44 58.95 67.21 /i 74-75 5845 66.60 74-32 58.18 66.25 73.08 56.97 65.02 75-44 59-35 67.21 68.47 50-74 59-63 75.80 59-35 67.21 68.11 48.91 58.62 .0= 64 07 .64 .61 •35 1.23 23 Active Rails show an advance since February 29 of 4.82. iS Active Industrials show an advance since February 29 of 6.34. 41 Rails and Industrials show an advance since February 29 of 5.58. G I B S O N ' S M A N U A L 377 AVERAGE DAILY PRICES FOR THE MONTH OF APRIL, 1908. Average daily prices of 23 Active Rails, 18 Active Industrials and 41 Rails and Industrials for tli* month ui April, and high and low prices for April and since January 1st, were as follows: (Thomas Gibson's Figures.) Date. 23 Rails. iSInd. 41 R. & 1. Adv. Dec. April 1 73.56 " 2 73.72 3 73-23 " 4 73-52 " 6 73.61 " 7 74-27 " 8 74.86 " 9 75-33 " 10 75-27 11 .- ■ 75-04 " 13 74-72 '4 75-09 " 15 74-85 " 16 75-2o '■• \l'.'. '.'.'.'.'.'.'.'.'.'.'.'. ['. !."( Holida > s - •• 20 74.85 21 75-03 " 22 75.09 " 2}, 76.IO " 24 : 77.O2 25 7709 "' 27 77.72 " 28 78.46 " 29 78.49 " 30 77.68 High in April 78.49 Low in April 73- 2 3 High since January 1st 7849 Low since January 1st 68.1 1 57-39 65-47 45 57.68 65.70 ■23 57.08 65.16 •54 57-36 6544 .28 57-43 65-52 .08 57-89 . 66.08 •56 57.88 66.37 .29 58.56 66.95 •58 58.65 66.96 .01 58.41 66.73 •23 58.11 66.41 •3i 58.40 66.74 •33 57-93 66.39 •35 58.43 66.82 •43 Stock Exchange closed. 57-So 66.33 . . 49 58.16 66.60 •27 . . 58.20 66.65 ■05 . . 58.79 67-45 .80 59.80 68.41 .96 59-57 68.33 .08 59.60 68.66 33 60.06 69.26 .60 . . 60.03 69.26 . . 59-47 68.58 .68 60.06 69.26 57.08 65.16 60.06 69.26 48.91 58.62 23 Active Rails show an advance since March 31 of 4.60. 18 Active Industrials show an advance since March 31 of 2.50. 41 Rails and Industrials show an advance since March 31 of 3.56. GIBSON'S MANUAL AVERAGE DAILY PRICES FOR THE MONTH OF MAY. 1908. Average dail) prices of 23 Active Rails, (8 Active Industrials and 41 Rails and Industrials for the month "t May, and high and low prices for May and since January ist, were as follows: (Thomas < iibson's Kigiires.) Date. _'3 Rails. .May 1 79.03 " 2 79.57 4 7809 5 7947 •' 6 : 80.14 "• 7 79-84 " 8 80.40 •• 9 81.42 " 11 82.11 "12 81.43 "13 82.27 • 14 82.81 "15 83.23 " 16 83.52 " 18 85.22 " 19 ' 83.70 "20 83.33 " -'' 83.97 "22 83.35 "23 81.20 "25 82.09 "26 80.66 "27 80.36 "28 79.53 " 29 « 80.32 "30 Holiday. I [igh in May 85.22 Low in May 78.99 High since January ist 85.22 Low since January ist 68.ii is hid. 41 R.& 1. Adv. 1 )ec. y.lv? 49 .01 50.87 69.72 23 59-70 6y-34 .38 60.25 69.86 ■52 1 » ..98 70.56 ■70 60.69 70.27 .29 60.93 70.67 •40 "■■35 7 1-39 ■72 61.86 71-99 .60 61.92 71.68 •3 1 62.74 72.51 .83 6358 73-20 .Ik, 04. IS 73-70 ■5° 63.67 7.V'^> .1 1 64.19 74.70 1.1 1 63.00 7^:-,s [-35 61.75 72.54 .81 63-31 73-04 1. 10 62.92 73-13 ■51 61.76 71.48 1.0; 62.31 72.20 —j 62.00 7 '-33 .87 61.87 71.12 .21 61.48 70.51 .61 62.15 71.24 .- ■» ■1 .1 Stock Exch; inge closi \ 64.19 74-70 59-70 69-34 64.19 74-70 48.91 58.62 23 Active Kails show an advance since April 30 of 2.04. 18 Active Industrials show an advance since Ajpril 30 of 2.68. 41 Rails and Industrials show an advance since April 30 of 2.66. GIBSON'S MANUAL 379 AVERAGE DAILY PRICES FOR THE MONTH OF JUNE, 1908. Average daih prices of 2^ Active Rails, lS Active Industrials and 41 Rails and Industrials for tin month of June, and high and low prices for June and since January 1st, were as follows: (Thomas Gibson's Figures.) Dale. 23 Rails. June 1 82.87 " 2 83.I4 " 3 •• -., 82.75 " 4 81.33 •' 5 81.58 " 6 82.28 " 8 82.15 " 9 81.68 " to 81.96 " 11 81.93 " 12 80.60 "13 80.88 "iS 81.05 "16 81.77 "17 81.44 "18 81.71 " 10 80.37 "20 80.55 "22 79-21 "23 ' 7907 "24 79.26 "25 79.85 "26 80.35 "27 80.23 "29 80.85 "30 80.68 I [igh in June 83.14 Low in June 79-07 1 [igh since January 1st 85.22 Low since January 1st 68.11 18 Ind. 41 R. &I. Adv. Dec. 63-51 73-19 i-95 63.40 73-^7 .08 63.19 72.97 ■30 62.06 71.69 1.28 62.37 71.97 .28 62.75 72.51 •54 62.72 72-43 .08 62.38 72.03 .40 62.67 72.32 .29 62.57 72.25 .07 61.79 71.19 1 .<>( > 61.91 7i-39 .20 62.13 7i-59 .20 62.69 72.23 .64 62.24 71.84 -39 62.37 72.04 .20 61.45 70.91 i-'3 61.56 71-03 .12 60.69 69-95 1.08 60.53 69.80 •15 60.78 70.02 .22 61.52 70.69 .67 61.78 71.07 -.V s 61.74 70.99 .08 62.14 7i-5o ■5i 62.02 7i-35 •15 63-51 73-27 60.53 69.80 64.19 74.70 48.91 58.62 23 Active Rails show an advance since May 29 of .36. 18 Active Industrials show a decline since May 29 of .13. 41 Rails and Industrials show an advance since May 29 of .11. 380 GIBSON'S MANUAL AVERAGE DAILY PRICES FOR THE MONTH OF JULY, 1908. Average daily prices of 23 Active Rails, 18 Active [ndustrials and 41 Rails and Inly 1. and high and low prices For July and since January tst, were as Follows: 1 111.. mas Gibson's Figures.) [ndustrials since 41R.&I. Adv. Date. 23 Rails. [8 I ml. July 1 80.83 ( '^-°7 7 I 45 •• 2 80.67 61.96 71.32 " 3 80.85 62.33 71.59 " 4 Holiday. Stock Exchange closed. " 6 81.89 63.40 7 2 - 6 5 " 7 82.24 r >3-74 7 2 -99 - 8 S3.18 64.46 73.82 " 9 S3.37 64.70 74-M " 10 82.52 64.12 73.32 "11 82.25 63.97 73.11 "13 82.90 64.43 73.67 " 14 83.49 64.94 74.22 "15 8 3-5i 65.06 74.29 "16 83.49 65.32 74.41 "17 83.57 65.86 74-72 - 18 84.41 66.76 75.59 -20 85.44 67.44 76.44 "21 84.93 67.27 76.10 "22 85.79 67.87 76.83 "2^ 86.21 68.32 77.27 "24 84.97 67.20 76.09 "25 85.97 68.35 77-i6 -27 85.29 67.79 76.54 " 28 . . .' 85.75 68.04 76.90 "29 85.79 68.03 76.91 "30 85.89 68.39 77.14 "31 86.65 r,Q.o8 77.S7 High in July 86.65 69.08 77.87 Low in July 80.67 61.96 71.32 High since January 1-1 86.65 69.08 77.87 Low since January ist 6S.11 48.91 58.62 Dec. 23 Active Rails shew an advance since June 30 of 5.97. 18 Active Industrials show an advance since June 30 of 7.06. 41 Rails and [ndustrials show an advance since June 30 of 6.52. .10 .27 1.06 •34 •83 .22 .56 ■55 .07 .12 ■3i •87 ■85 ■73 •44 1.07 .36 .01 •23 •73 •13 .72 .21 34 I.I .62 GIBSON'S MANUAL 38i AVERAGE DAILY PRICES FOR THE MONTH OF AUGUST, 1908. Average daily prices of 23 Active Rails, 18 Active Industrials and 41 Rails and Industrials since Inly 31, and high and low prices for August and since January 1st, were as follows: (Thomas Gibson's Figures.) Date. 23 Rails. August 1 86.72 " 3 86.44 " 4 86.81 " 5 86.57 " 6 87.15 " 7 87.29 " 8 87.54 " 10 88.41 " 11 87.46 " 12 • 88.15 " 13 87.31 " 14 85.90 " 15 85.84 " 17 86.47 " 18 86.76 " 19 86.05 " 20 86.13 " 21 86.06 " 22 86.07 " 24 : 86.05 " 25 ■ 86.13 •• 26 S6.S5 " 27 S8.54 •• 28 88.29 " 29 88.65 " 31 88.68 High in August 88.68 Low in August 85.84 High since January 1st 88.68 Low since January 1st 68.11 18 Ind. 41 R. &I. Adv. Dec. 69.17 77-95 .08 69.31 77.S7 •07 70.10 78.45 .58 70.32 78.44 .01 71.28 79.21 ■77 71.79 79-54 -33 72.08 79.81 .27 72.66 80.54 •73 71.68 79-57 •97 72.05 80.10 •53 71.21 79.26 .84 69.61 77-76 1.50 69.40 77.(0. .14 69.88 78.17 •55 7043 78.59 •42 70.04 78.04 •55 69.94 78.03 .01 69.66 77.86 •17 69.70 77-88 .02 . . 69.28 77.66 .22 69-59 77.86 .20 70.13 78.49 .63 71.26 79.90 1.41 71.76 80.02 .12 72.18 80.41 •39 72.28 80.48 .07 72.66 80.54 69.17 77.62 72.66 80.54 48.91 58.62 23 Active Rails show an advance since July 31 of 2.03. 18 Active Industrials show an advance since J.ulv 31 of 3.20. 41 Rails and Industrials show an advance since July 31 of 2.62. 382 GIBSON'S MANUAL AVERAGE DAILY PRICES FOR THE MONTH OF SEPTEMBER, 1908. Average daily prices of 23 Active Rails, 18 Active Industrials and 41 Rails and Industrials since August 31, and high and low prices for September and since January 1st were as follows: (Thomas Gibson's Figures.) Date. 23 Rails. iSInd. 41 R. & I. Adv. Dec. September 1 88.60 2 88.67 3 87.72 " 4 88.57 3 '. Holidays. 7 J 8 88.82 9 89.86 10 89.69 11 88.99 12 89.86 " 14 89.82 " 15 88.74 " 16 87.48 " 17 86.23 18 87.49 " 19 86.35 " 21 84.57 22 84.12 " 23 84.97 " 24 86.48 " 25 87.33 " 26 86.35 " 28 86.33 " 29 86.10 " 30 86.67 High in September 89.86 Low in September 84.12 High since January 1st 89.86 Low since January 1st 68.11 23 Active Kails show a decline since August 31 of 2, 1 79.62 79.66 s. ».i6 80.30 79-83 80.25 80.31 79.88 80.31 77.17 80.64 58.62 ■77 .66 .04 .29 •17 [.11 .06 •03 .89 .60 "I ■50 • 14 .42 .06 .10 32 1 .< >j 1 .08 .42 ■47 •43 23 Active Rails show an advance since September 30 of 3.08. 18 Active Industrials show an advance since September 30 of 2.14. 41 Rails and Industrials show an advance since September 30 of 2. in. 3*4 GIBSON'S MANUAL AVERAGE DAILY PRICES FOR THE MONTH OF NOVEMBER, 1908. Average daily prices oi _'3 Active Kails, 18 Active Industrials and 41 Rails and Industrials since ( Ictober 31, and high and low prices for November and since January 1st, were as follows: (Thomas Gibson's Figures.) Date. 23 Rails. November 2 90.53 3 Holiday. " 4 92.22 5 9i-59 6 93- 21 7 9403 9 94-03 " 10 94-84 " 11 94.81 12 95.16 13 96.22 " 14 95-94 " 16 96.15 " 17 96-77 18 96.09 " 19 95-19 " 20 95.39 " 21 94.41 23 94-46 " 24 96.16 25 96.03 " 26 Holiday. " 27 96.73 " 28 96.67 " 30 - - - 9673 1 [igh in November 96.77 Low in November 9°-53 High since January 1st 96-77 Low since January 1st 68.11 18 hid. 41R.&I. Adv. Dec. 70.62 80.58 Stock Exchange closed. 82.21 72.19 72.76 74-29 74.98 74-78 74-77 74.18 74-73 75-78 75-56 75-51 75-55 74-7'' 1 74.70 74.61 73.88 74.01 75-44 75.06 82.18 83-75 84.50 84.40 84.80 84.49 84.94 86.00 85-75 85-83 86.16 85-43 84-95 85.00 84.14 84.23 85.80 85-54 Stock Exchange closed. 86.33 86.20 86.04 75-93 75-73 75-35 75-93 7 •0.62 75-93 48.91 86.33 80.58 86.33 58.62 63 57 75 40 45 06 08 33 •°5 .09 i-57 •79 •03 .10 •3i •25 ■7?, .48 .86 .26 ■13 .16 23 Active Rails show an advance since October 31 of 6.98. 18 Active Industrials show an advance since October 31 of 5-34- 41 Rails and Industrials show an advance since October 31 of 6.16. GIBSON'S MANUAL 38 = _£ J, 1 7 JL CHART SHOWING MOVEMENTS OF STOCKS, BY DAYS, FOR THE YEAR 1908. This chart is based on average daily prices of 41 leading Rails and Industrials employed in Thomas Gibson's barometrical figures. JdwuARy ftaiuMh March April m y June. Ju .v Auoust September October November December 12 _ __ _ 1 1 ! 1 ! 1 1 1 Hi. • si M...I I r--\ ,.'--.»'"' T "RU Win .S3 r . ._ : :::::z:::::::::::!:::::::::::::t 111 nil « J) - - - .- I / ? t JS - I J 1 n ... . ___ _ . - -- -.- -/- \J. .. J! t'.'..i,Z\ < = , 2i ,'.::'. ^,A...t:'.~.::\-.i::\, / -f L J! « e / \ ' % ~-'' n. 4::t.. /5 l-\S. ../ --' ~--.. '■' j, \ ,•.-.-' J ' '-,."«."' 1 ' U. 1 .........Li : t 1 51 The stock: i mpli ; i '1 in Forming tin .■■ i ■ -Atchison, Topeka & Santa Fi Baltimon & Ohi Canad Pacini Chesapcaki ! Ohi ■ Rock Island, Southern Pacific; Southern Railway; I nion Pacifit and Wabasli Industrials —Amalgamated " ■ ■ t ■ t ■ - ■ . Antei ican Car & Foundry, American l mo Smelting, Ai i in. igo Milwaukee & St. Paul; Chicago & Northwestern; Colorado & Southern; Dcnv< rican Sugar, Anaconda, Colorado Fuel & Iron. Coi & Rio Grande; Eric comni i Products common. Die tillers' Securi nois Central; Louisville & Nashville; M . General Electric, National Lead, People's Gas, Pressed Steel Car, issouri, Kansas 8 Republic Iron & Steel, C iolidat V..rk Central; X. States Realty, i fn i i. .Ik & v. ted States Steel, ■ ■■ them Pai ifii Pennsylvania on and pref* rred GIBSON'SMANUAL 38= AVERAGE DAILY PRICES FOR THE MONTH OF DECEMBER, 1908. Average daily prices of J 3 Active Kails, 18 Active Industrials and 41 Rails and Industrials since November 30. and high and low prices for November and since January 1st, are as follows: (Thomas Gibson's Figures.) Date. 23 Kails. 18 Ind. 41R.&I. Adv. Dec. 1 >ecember 1 96.86 2 9& 2 7 3 96-54 4 97-55 5 • 97-05 7 97- 11 8 98.02 9 98.53 " 10 98.57 11 98.22 " 12 98.55 14 98-36 15 97-84 16 9 s I I 17 96.96 l8 '7-22 19 96.72 21 96.OI " 22 97.83 " ^ 98.38 24 98.26 " " !- Holidays. 26 ( 28 '. 99.78 29 99-33 30 99-43 " 31 99-97 High in December 99-97 Low in December 96.01 High since January 1st 99-97 Low since Tamiarv isl 68.11 75-82 86.34 •30 74.87 85-57 ■77 74.87 85.70 ■*3 . 75-29 86.42 72 74-77 85.91 ■5' 74-64 85-87 .04 75-12 86.57 .70 75-66 87.09 •52 75-72 87.14 -05 75-09 86.66 .48 75-38 86.97 ■3' 74.67 86.52 •45 74-14 85-99 •53 74-67 86.56 ■57 73-07 85.02 '•54 73-i8 85.20 .18 72-95 84.83 :W 72-32 84. 1 •67 7.V5<< 85.69 ^■?.^ 74-32 86.35 .66 74.61 86.43 .08 Stock Exchange c li ised. 75-73 87-75 '•32 75.24 87.28 ■47 74-9° 87.16 .12 75-29 87.63 •47 75-82 8775 72.32 84.16 75-93 87-75 48.91 58.62 2J, Active Rails show an advance since November 30 of 3.24. 18 Active Industrials show a decline since November 30 of .06. 41 Rails and Industrials show an advance since November 30 of 1.59. FOR THE TWELVE MONTHS ENDING DECEMBER 31, 1908. 23 Active Rails show an advance since December 31, 1907, of 28.97. 18 Active Industrials show an advance since December 31, 1907, of 26.05. 41 Rails and Industrials show an advance since December 31, 1907, of 27.51. ?86 GIBSON'S MANUAL Dividends and Dividend Periods Present Stocks. Annual Rate. Payable. \dams Express 8 Semi-annually. June.. Dec. Amalgamated Copper 2 Quarterly, Feb., May, Aug., Nov. American Agricultural Chemical pfd 6 Semi-annually, Apl.. Oct. American Beet Sugar pfd 6 Quarterly. Jan.. Apl.. July, Oct. American Can pfd 5 Quarterly, Jan.. Apl.. July, Oct. American Car & Foundry com 2 Quarterly, Jan.. Apl., July, Oct. American Car & Foundry pfd 7 Quarterly. Jan.. Apl., Jul}'. Oct. American Cotton Oil com 3 Annually, Dec. . American Cotton Oil pfd 6 Semi-annually, June, Dec. American Express 12 Quarterly. Jan., Apl.. July, Oct. American Locomotive pfd 7 Quarterly, Jan., Apl.. Jul}-, Oct. American Malt Corporation pfd 5 Semi-annually, May, Nov. American Smelters' Sec. pfd. A 6 Quarterly, Mch., June. Sept., Dec. American Smelters' Sec. pfd. P. 6 Quarterly. Mch.. June. Sept., Dec. American Smelting & Refining com 4 Quarterly. Jan.. Apl., July, Oct. American Smelting & Refining pfd 7 Quarterly. Jan., Apl.. July, Oct. American Snuff com 16 Quarterly, Jan.. Apl.. July. Oct. American Snuff pfd 6 Quarterly, Jan., Apl.. July. Oct. American Sugar Refining com 7 Quarterly. Jan., Apl.. Jul}-. Oct. American Sugar Refining pfd 7 Quarterly, Jan.. Apl., Jul}-. Oct. American Telephone & Telegraph 8 Quarterly. Jan.. Apl., Jul}-, Oct. American Tobacco com 10* Quarterly, Mch.. June. Sept.. Dee American Tobacco pfd 6 Quarterly. Jan.. Apl., July. Oct. American Woolen pfd 7 Quarterly, Jan., Apl., July, Oct. Anaconda 8 Quarterly, Jan., Apl., July, Oct. Atchison, Topeka & Santa Fe com 5 Semi-annually, June, Dec. Atchison. Topeka & Santa Fe pfd 5 Semi-annually. Feb.. Aug. Atlantic Coast Line com 5 Semi-annually, Jan.. July Atlantic Coast Line pfd 5 Semi-annually, May. Nov. Baltimore & Ohio com 6 Semi-annually, Mch., Sept. Baltimore & Ohio pfd 4 Semi-annually, Mch., Sept. Brooklyn Rapid Transit 4 Quarterly, Jan., Apl.. July. Oct. Brooklyn LJnion Gas 6 Semi-annually. Apl.. Oct. Buffalo & Susquehanna pfd 4 Quarterly. Mch.. June. Sept., Dec. Buffalo. Rochester & Pittsburgh com 4 Semi-annually, Feb., Aug. P.uffalo. Rochester & Pittsburgh pfd 6 Semi-annually. Feb., Aug. Rutterick Co 2 Quarterly. Mch., June. Sept.. Dec. Canadian Pacific 7 Semi-annually, Apl.. Oct. Canada Southern 2i Semi-annually, Feb.. Aug. Central Leather pfd. 7 Quarterly. Jan., Apl.. July. Oct. < entral R. R. of New Jersey 8 Quarterly. Feb.. May. Aug.. Nov; Chesapeake & Ohio 1 Annually, Dec. < liicago & Alton com. 2 Annually. Feb. Chicago & Alton pfd 4 Semi-annually, Jan., July Chicago, Burlington & Quincy 8 Quarterly, Jan.. Apl.. Jul}'. Oct. Chicago, Milwaukee & St. Paul com 7 Semi-annually. Mch., Sept. Chicago. Milwaukee & St. Paul pfd 7 Semi-annually, Mch.. Sept. * Plus s extra. GIBSON'S MANUAL 387 Present Stocks. Annual Rate. Payable. Chicago & Northwestern com 7 Semi-annually, Jan., July Chicago & Northwestern pfd 8 Semi-annually, Jan.. July Chicago, St. Paul, Minn. & Omaha com 7 Semi-annually, Feb., Aug. Chicago, St. Paul. Minn. & Omaha pfd 7 Semi-annually. Feb., Aug: (level., Cin., Chic. & St. Louis pfd 5 Quarterly* Jan., Apl., July. ( let. Colorado & Southern com 2 Annually. Dec. 1 olorado & Southern ist pfd v 4 Semi-annually, Apl., .Oct, Colorado & Southern 2d pfd 4 Semi-annually. Apl., Oct. Consolidated Gas 4 Quarterly, Mch., June, Sept., \h-c. Corn Products Refining pfd 4 Quarterly, Jan.. Apl., July, < let. Crex Carpet ' 2 i )ec. Delaware & Hudson 9 Quarterly, Mch., June. Sept.. Dec. Delaware, Lackawanna & Western 10* Quarterly, Jan., Apl., July, Oct. Denver & Rio Grande pfd 5 Semi-annually. Jan.. July Distillers' Securities - Quarterly, Jan., Apl., July, ( >ct. Federal Mining & Smelting com 6 Quarterly, Jan., April, July. Oct. Federal Mining & Smelting pfd 7 Quarterly, March, June, Sept., Dec. Federal Sugar Refining pfd 6 Quarterly, Feb., May, Aug., Nov. General Electric 8 Quarterly, March, June, Sept.. Dei . Granby Consolidated 8 Quarterly, March, June, Sept., Dec. I heat Northern pfd 7 Quarterly. Feb.. May, Aug., Nov. < rreat Northern Ore 1 Annually, March. Havana Electric pfd 6 Quarterly, Feb., May. Aug.. Nov. Hocking Valley com 4 Semi-annually, Jan., July. Hocking Valley pfd 4 Semi-annually, Jan.. July. Illinois Central 7 Semi-annually, March, Sept. International Harvester pfd 7 Quarterly, March, June, Sept., Dec. International Paper pfd. ' 2 Quarterly, Jan.. April, July. Oct. International Steam Pump pfd 6 Quarterly, Feb.. May, Aug.. Nov. Kansas City. Fort Scott & Memphis pfd 4 Quarterly, Jan.. April, July. Oct. Kansas City Southern pfd 4 Quarterly, Jan,, April, July, Oct. 1 Lake Shore & Michigan Southern 12 Semi-annually, Jan., July. Louisville & Nashville 5 Semi-annually, Feb., Aug. Mackay Companies com 4 Quarterly. Jan.. April. July. Oct. Mackay Companies pfd 4' Quarterly, Jan.. April. July, Oct. Manhattan Elevated 7 Quarterly. Jan.. April, July. Oct. Michigan Central 6 Semi-annually. Jan.. July. Minneapolis & St. Louis pfd 5 Semi-annually. Jan., July. Minn.. St. Paul & Sault Ste. Marie com 6 Semi-annually, April. Oct. Minn., St. Paul & Sault Sic Marie pfd 7 Semi-annually, April. 1 id Missouri, Kansas & Texas pfd 4 Semi-annually. May. Nov. Nashville, Chattanooga & St. Louis 5 Semi-annually, Feb., Aug. National Biscuit com 5 Quarterly, Jan.. April. July. Oct. National Biscuit pfd 6 Quarterly. Feb., May. Aug.. Nov. National Enameling & Stamping pfd 7 Quarterly, Jan., April. July, Oct. NationalLead.com 5 Quarterly, Jan., April. July. Oct. National Lead pfd 7 Quarterly, March, June, Sept., I >ec. *PIus extra. 3 88 GIBSON'S MANUAL Present Stocks. Annual Rate. Payable. Now York Central & Hudson River 5 Quarterly, Jan.. April, July, < let. New York, Chicago & St. Louis 1st pfd 5 Quarterly, March, June, Sept.. Dec. New York, Chicago & St. Louis 2d pfd 5 Quarterly, March, June, Sept., Dec. New York, New Haven & Hartford 8 Quarterly. March, June, Sept., Dec. New York, ( tatario & Western 2 Annually. Aug. Norfolk & Western cum 4 Semi-annually. June. Dec. Norfolk & Western pfd 4 Semi-annually, Feb., Aug. North American 5 Quarterly, Jan.. April, July. Oct. Northern Pacific 7 Quarterly. Feb., May, Any., Nov. Pacific Coast com '.-. 4 Quarterly, Feb., May, Aug., Nov. Pacific Coast 1st pfd 5 Quarterly, Feb., May, Aug., Nov. Pacific Coast 2d pfd 4 Quarterly, Feb., May. Aug.. Nov. Pennsylvania 6 Semi-annually. May, Nov. People's Gas Light 6 Quarterly. Feb., May, Aug., Nov. Pitts., Cin., Chic. & St. Louis com 4 Semi-annually, Feb., Aug. Pitts.. Cin., Chic. & St. Louis pfd 5 Semi-annually, Jan., July. Pittsburgh, Fort Wayne & Chicago cum 7 Quarterly. Jan., April. July. Oct. Pittsburgh, Fort Wayne & Chicago pfd 7 Quarterly, Jan., April, July, Oct. Pressed Steel Car pfd 7 Quarterly, Feb., May, Aug.. Nov. Pullman 8 Quarterly. Feb., May, Aug., Nov. Railway Steel Spring com 2 Semi-annually, April, Oct. Railway Steel Spring pfd 7 Quarterly. March. June, Sept.. Pec. Reading com 4 Semi-annually. Feb., Aug. Reading 1st pfd 4 Semi-annually, March, Sept. Reading 2d pfd 4 Semi-annually. May. Nov. I St. Louis & San Francisco 1st pfd 4 Quarterly. Feb., May. Aug.. Nov. Sloss- Sheffield Steel & Iron com 5 Quarterly, March, June, Sept.. Dec. Sloss-Sheffield Steel & Iron pfd 7 Quarterly, Jan., April, July, Oct. Southern Pacific com 6 Quarterly. Jan., April, July. Oct. Southern Pacific pfd 7 Semi-annually, Jan.. July. Toledo, St. Louis & Western pfd 4 Semi-annually, April, Oct. Twin City Rapid Transit com 5 Quarterly. Feb., May, Aug.. Nov. Twin City Rapid Transit pfd 7 Quarterly. Jan., April. July. Oct. Union Bag & Paper pfd 4 Quarterly. Jan., April, July, Oct. Union Pacific com 10 Quarterly, Jan., April, July, Oct. Union Pacific pfd 4 Semi-annually. April. ( tat. United States Express : 4 Semi-annually, May, Nov. U. S. Realty & Improvement 4 Quarterly. Feb., May. Aug.. Nov. United States Rubber 1st pfd 8 Quarterly. Jan.. April. July. Oct. United States Rubber 2d pfd 6 Quarterly, Jan.. April, July, Oct. United States Steel com 2 Quarterly, March. June. Sept.. Dec. United States Steel pfd ,. 7 Quarterly. March. June. Sept.. Dec Utah Copper $2 Semi-annually, March. Sept. Virginia Carolina Chcm. pfd 8 Quarterly. Jan., April, July. Oct. Vulcan Detinning pfd 5 Ouarterly, Ian., April. |uly, Oct. Wells, Fargo & Co 10 Semi-annually. Jan.. July. Western Union Telegraph 3 Quarterly, Jan., April, July, Oct. Wisconsin Central pfd 4 Quarterly, March, June, Sept., Dec. GIBSONS MANUAL 38 1 Cotton COTTON, IN NEW YORK, IN 1908. Jan. 17-20, 1908, spot cotton in New York sold at 12.25 cents, the highesl price of the year. There was a simultaneous rise in sales for future delivery in all other months and on the 24th futures also touched the highest prices of the year. May sold up to 11.79 an d June to 11.71. Those figures were never quite touched again during 10.08, and they brought to a close, temporarily, an era of excellent prices for cotton, which had prevailed since 1903. Following the short-lived bull movement of January, a decline set in. lasting until the latter part of April. ( >n the 20th, spot cotton was officially quoted at (;.ox> cents, a decline of $2.35 per 100 lbs. All other months were low on the 28th, with July and October, in which there had been the most activity, down to 8.20 and 8.17 respectively, a fall of $3.41 and $2.58 per 100 lbs. The broad general cause of this was the reaction in the trade of the country, then acute, attended li\ curtailment of operations by cotton mills, North and South. An additional influence was the prob- ability of a large crop. Speculators could not contend with bearish conditions and concluded to liqui- date their holdings. The bull deal in May cotton collapsed first and other months followed, with room traders at the Cotton Exchange hammering the market and general selling by all interests North and South and abroad. In May, however, a bull movement started. Wall Street interests took hold, encouraged by frosts in the cotton belt, the first week in May, by heavy rains in other localities and by the back- ward state of the crop, which was two weeks in arrears. Heavy buying and trading by speculative interests threw the market into excitement. Fluctuations were rapid and violent and at one time in May the July option sold 87 points higher than ( (ctober. The advance was promoted by greater life at the time in the dry goods trade, signs of revival in other lines of industry, cool weather and excessive rains in the South, the small stock of cotton in New- York, and finally by the Government report for May 25th, which indicated that the much discussed increase of acreage amounted only to 1 per cent. The bull movement culminated on June 19th, when spot cotton sold at 12.20 cents, an advance of $2.30 per 100 lbs. from April. All other months were highest on the same day. July had advanced $1.52 and October $1.56 per 100 lbs. From June 19th, there was practically a continuous decline until ( let. 6th, interrupted it is true by efforts to stem the tide. The ( lovernment report for June 25th gave promise of a large crop, but some private reports were at variance with this conclusion, and Wall Street speculators took a hand in the game in July and bought heavily for a rise. In one week, one interest was supposed to have taken 100,000 bales of October and December. Bullish influences were the extremely small stock of cotton in New York, better trade in the country at large, and the probability of frosts in the South. Under strong manipulation the August delivery advanced from 9.15 to 10.40 in four weeks; other months about J^ cent a pound. Prices could not be sustained. Larger receipts, backwardness of the dry goods trade both here and abroad, and continued advices of a large yield made it impossible to go on with the bull movement. August 20th, the leading Wall Street bull started in to liquidate, selling it is said 150,000 bales in New York and 100,000 bales in Liverpool. August and October dropped $3 a bale on the 20th, and other months from $1.50 to $2.50. Cotton drifted on down and on October 9th, spot cotton struck 9 cents, a fall of $3.20 per 100 lbs. from June 22d. Other months were low- on October 6th. October was down to 8.62 from n~},: December, 8.48 from 9.53; and January, 8.25 from 9.49. A moderate recovery took place later running on until the end of the year. Wall Street in- terests again tried to start a bull movement: and Chicago and other sections joined in the effort. A genuine bull campaign seemed however to be out of ihe question until there should be a more pro nounced and permanent activity in general trade. GIBSON'S MANUAL SPOT COTTON, IN NEW YORK, 1908. Low and high prices by weeks, on the New York Cotton Exchange: V\ eek Week W eek Week Wet k Week Knding Range End ng Ranye Ending Range . 10.20-10 55 Ending Range End "S Range Ending Range J:t'i. 3- . II.40-J [.80 Mch. 6. .11.45-11.65 May 8. July 10. .11.20-11.30 Sept. 11 . .9.30-9.50 Nov. 13 •9-25-9-35 ' 10. . 1 1 .30- I 1 .45 " 13- .11.20-11.55 " 15- .10.65-11.30 17. .11.00-11.20 18. .9.40-9.60 ■■ 20 ■9-35-9-50 " i;- .11.45-12.25 20. .10.65-11.20 22. .10.90-11.10 " -'4 ■ . 10.80-11.00 " 25- .9.30-9.50 " 27 ■9-45-9-55 " 24- .H.75-I2.25 27- . 10.40-10.55 " 29. .1 1. 20-11. 40 " 31- .10.70-10.80 Oct. 2. .9.25-9.40 Dec. 4 •9-35-9-45 " 31. .II.65-i2.OO Apl. 3- .10.40-10.50 June 5. .11.30-11.50 Aug. 7- .10.60-10.85 " 9- .9.00-9.15 " 11 9-10-9-35 Feb. ;. .II.65-II.85 " 10. .10.15-10.50 " 12. .11.40-11.40 " 14- .10.50-10.75 " 16. .9.10-9.30 ti 18 .9.10-9.10 ■' 1.4- .II.35-II.7O " i/- . 9.90-10.25 " 19. .11.40-12.20 " 21 . . 10.00-10.50 " 25. .9.20-9.411 a 25 • 915-9-30 " 21. .II.35-II.5O It -M . 9.90-10.IO " 26. .11.60-12.20 " 28. . 9.50-10.00 '" 3°. ■ 9-35-9-45 " 31 .9.20-9.35 - 28. .11-35 "-SO May I. . IO.OO-10.30 July 3- .11.40-11.60 Sept. 4. . 9.30- 9.50 Nov. 6. ■ 9-25-9 4" COTTON FUTURES AT NEW Low and high prices for actual sales for future delivery, York Cotton Exchange. YORK. by weeks, during 1908, Week Ending Jan. Feb. Mch. Apl. May on the New June Jan. 3. 10. I/- 24- 3i- Feb. 7. 14- 21. 28. Mch. 6. 13- 20. -V- Apl. 3. 10. 17- 24- May 1. 8. 15- 22 29. June 5. 12. 19- 26. j«iy 3- 10. 17- 24- 3 1 - Aug. 7. 14- 21 . 28. 10. 10. 10. 10. 10 30-10 43-IO 60-11 86-11 88-11 74 75 57 58 44- 50- 28- 87- 44- 21- 31- 7' 1 87- 9 05- 9 99- 07- 22- 04- 03- 85- 02- 9 9 9 9 9 9 9 95- 9 04- 9 11- 84- 9 44 9 34 8, 54 63 69 35 84 70 00 27 25 36 47 4' 49 35 20 20 21 26 20 44 37 10 60 10.50-10.77 10.81-10.81 10.99-11.55 11.20-11.61 10.82-11.18 1 0.88- 1 1. 00 10.91-10.91 1048-10.60 10.30-10.47 8.25- 8.86 R.72- 8.72 8.94- 8.94 9.10- 9.10 9.21- 9.21 9-39- 9-39 9.05- 9.09 9.07 9.19 9.12- 9.21 8.i)0- 9.00 8.72- 8.95 8-44- 8.55 10 10. 10 10 10 10 10 10 TO, 10. IO 9 9 9 61- 62- 81- 88- 92- 88- 52- 46- 21- 29- 23- 68- 32- 33- 0.05 o-93 r-73 i/5 1 -34 / 1. 12 0.69 0.54 0.77 0.66 0-37 9-65 '>-55 05- 9-J5 .54- 8.82 28- 8.73 44- 8.97 86- 9-75 87- 9.44 02- 9.32 98- 9-47 05- 9-37 18- 9.44 01- 9-33 03- 9.20 86- 9.21 03- 9.20 96- 9.25 06- 9.21 18- 9.47 90- 9.41 53- 9 1 I 40 X.t>7 10.68-10.98 10.64-10.90 IO.85-II.56 II. 19-11. 72 IO.93-II.33 10. 88-11. 11 10.73-10.75 10.72-10.77 10.38-10.38 10.28-10.35 9.70-10.37 O.40- 9.56 9.50- 9.58 9-43- 9-43 10.63-10.98 10.58-10.92 10.85-11.76 10.97-11.79 1 0.97- 1 1.39 10.90-11.18 1 0.64- 1 1.22 10.60-10.84 10. 41-10.70 10.47-10.93 10.33-10.77 9.77-10.44 9.44- 9.86 0-49- >>-77 9.20- 9.69 8.82- 9.32 8.32- 8.86 8.03- 8.68 8.29- 9.05 0.04-10.05 9.50- 9.85 10. 10-10.45 10.60-10.80 1 0.96- 1 1.60 11.33-n.71 10.96-11.33 1 0.91 -1 1.03 10.82-11.01 10.57-10.73 10.31-10.55 10.44-10.68 10.26-10.63 9.92-10.22 9-45- 9-7i 9.66- 9.72 9.40- 9.60 8.92- 9.04 8.43- 8.84 8.15- 8.76 8.75- 8.70 8.96- 9.9S 9.64- 9.70 10.00-10.46 10.04-TO.04 10.15-10.15 9.95-10.16 S.84- 8.90 8.50- 8.66 s 55 S-55 GIBSON'S MANUAL 39 ' Week Ending Week Ending Feb. Sept. 4. 1 1 . 18. 25. Oct. 2. 9- 16. 23- 3°- Nov. 6. 13- 20. -'7- Dec. 4. 1 1 . 18. 25- 3i- 8.25- S.45 8.31- 8.49 8.40- 8.70 ......... 8.48- 8.87 8.54- 8.80 8.50-8.72 ......... 8.44- 8.78 8.64- 8.64 8.25- s.45 8.55- 8.35 8.35- 8.71 8.50- 8.50 8.59- 8.88 ......... 8.64- 8.91 8.69- 8.69 8.76- 8.90 8.58- 8.58 8.76- 8.99 ......... 8.86- 9.22 ......... 8.98- 9.25 9.03- 9.03 8.75- 9.02 8.90- 8.90 8.42- 8.81 8.58 8.5s 8.37-8.57 ......... 8.46- 8.69 8.54- 8.70 8.67- 9.02 8.98- 8.98 Mch. Ap 8.33-8.50 ......... s.45- 8.72 ......... 8.53- 8.89 ......... 8.54-8.75 ......... 8.45- 8.80 ......... 8.24-8.44 ......... 8.33-8.63 ......... 8.52- 8.80 ......... 8.63- 8.86 ......... 8.72- 8.96 8.86- 8.86 8.75- 8.99 8.89- 8.89 8.84- 9.10 9.03- 9.03 9.00- 9.17 9.06- 9.16 8.77- 9.03 8.77- 8.87 8.51- 8.83 8.55- 8.78 8.46- 8.66 ......... 8.58- 8.78 ......... 8.76- 8.95 8.88- 8.88 May June 8.45- 8.58 ......... 8.55- 8.77 8.58 8.58 8.O0- 8.95 .... 8.59- 8.78 ......... 8.47- 8.84 ......... 8.26- 8.47 ......... 8.29 8.52 ......... 8.42- 8.75 8.52- 8.52 8.59- 8.83 ......... 8.71-8.94 ......... 8.72- 8.98 8.94- 8.96 8.83- 9.06 9.00- 9.00 9.02- 9.16 903- 9.06 8.8 [- 9.06 8.88- 8.94 8.58- 8.89 8.60- 8.65 8-55- 8.73 8.60- 8.60 8.64- 8.86 8.64. 8.82 8.85- 8.98 8.86- 8.88 July Aug. Sept. ( )ct. Nov. Dec. Jan. 3 IO.58-IO.96 10 10.50-10.83 17 IO.75-II.56 24 IO.89-II.6l 3' 10.83-11.25 Feb. 7 10.71-10.92 14 10.44-10.89 21 10.45-10.71 28 10.26-10.58 Mch. 6 10.37-10.70 13 10.20-10.52 20 9.72-10.27 -'7 •• • ■ • 945" 9- 8 5 Apl. 3 9-50- 9-8i 10 9.30- 9.79 17 8.90- 9.35 -'4 8.47- 8.90 May 1 8.20- 8.75 8 8.32-9.17 15 8.92-10.07 22 9.46- 9.98 29 9.87-10.41 June 5 9.87-10.27 12 9.96-10. iX 19 10.17-10.91 26 9.63-10.70 July 3 9.65- 9.87 10 9.26- 9.65 17 9-36- 9-54 24 9-23- 9-5" 31 024- 0.91 10.50-10.72 ......... 10.37-10.65 10.62-1 1.30 ......... 10.89-1 1.28 ......... 10.63-11.03 ......... 10.52-10.71 ......... 10.27-10.58 ......... 10.28-10.53 10.06-10.39 ......... 10.20-10.45 10.00-10.00 10.04-10.35 9.76-10.10 ......... 9.40- 9.63 9.54- 9.54 9.50- 9.72 9.25- 9.71 9.31- 9.31 8.85- 9.16 8.90- 9.10 8.42- 8.82 8.36- 8.79 8.18- 8.72 8.20- 8.53 8-33- 9-07 *-57- 8.88 8.84- 9.70 8.92- 9.21 9.29- 9.78 9.12- 9.55 9.72-10.35 <>.17- 9-65 9.77- 1 0.1 1 9.43. 9.76 9.80-10.00 9.50- 9.65 9.96-10.70 i). 70-10.39 9.54-10.56 9.55-10.16 9.55- 9.80 9.38- 9.59 9.26- 9.57 9.21- 9.50 9-30- 9-57 927- 9.42 9.15. 9.40 9.14- 942 9.30-10.00 9.20- 9.59 10.00-10.00 ......... 10.03-10.20 ........ 10. 19-10.74 ......... 10.20-10.75 ......... ro. 16-10.42 ......... 10.04-10.20 ......... 9.86-10.12 ......... 9.85- 10. 1 2 ......... 9.90-10.10 ......... 9.90-10.12 10.00-10.00 9.76-10.02 ......... 9.50- 9.82 ......... 9.38- 9.60 9.44- 9.66 9.60- 9.60 9.20- 9.68 930- 9.42 8.86- 9.35 8.98- 9.16 8.42- 8.89 8.45- 8.80 8.T7- 8.65 8.23- 8.57 8.26- 8.97 8.64- 8.88 8.72- 9.20 8.93. 9.21 9.00- 9.53 9.08- 9.43 9.32- 9.62 9.30- 9.30 9.17. 9.65 9.10- 9.43 9.26- 9.57 025- 9-25 9.40- 9.73 ......... 9.22- 9.58 9.12- 9.30 9.24- 9.42 9.08- 9.09 O.04- 9.41 ......... C).22- 9.46 ().IO- <).IO 0.13- 9-50 ......... 9.27- 9.44 ......... 10.01- 10.08 9-94- 10.03 10.07- 10.12 9.91- 10.08 9.92- 10.11 9.80- 10.01 9.56 9.84 9.41- 9.62 945- 9.67 9.21- 9.68 8.87- 9-34 8.44- 8.90 8.20- 8.67 8.30- 9.00 8-77- 9.20 8.90- 943 9.09- 9-39 9-03- 9-51 9.12- 9.46 9.26- 9-53 9.06- 9-38 9.06- 9.25 8.90- 9.26 9.11- 9-.V 8.97- 9-3i 9.10- 9.26 392 GIBSON'S MANUAL Ending. July Aug. Sept. Oct. Nov. Dec. A "g- 7 9.80-10.19 9.47 9.76 9.32 .(.85 9-36-9-37 '''5-9-47 ■ M -■••■ 9.80-10.40 9.23-9.78 9.00-9.76 8.90-9.27 8.89 9.43 21 9-45-I0.31 8.75-9.51 8.51-9.42 8.70-8.78 8.47 9.13 28 -.... 8.40-9.04 8.31)- 8.78 8.51-8.77 8.40- S.06 8.40 8.66 Sept. 4 -•■■• 8-33-8-54 8.35-8.53 8.38- 8.03 8.41-8.44 8.33-8.55 11 - 8.56-8.85 8.60- 8.. ,7 8.70-8.70 8.50- 8.8 [ 18 8.69 8.70 ....- -.... 8.72-9.15 8.68- 8.S1 8.57-8.99 25 S.73- 8.82 ......... 8.83- S.< J7 8.80- 9.08 8.58- 8.65 8.64- 8.85 Oct. 2 8.57-8.79 9.03-9.04 8.82 9.12 8.64-8.66 8.60-8.91 'i 8.30-8.48 8.30-8.30 ......... 8.62-8.87 8.50-8.60 8.48-8.72 16 8.31-8.48 ....- -.... 8.78-9.10 8.67-8.84 8.56-8.87 23 8.37-8.69 ....- -.... 8.96-9.24 8.83-8.96 8.67-9.02 30 8.54- 8.75 8.58- 8.60 ......... 9.03- 9.28 8.88- 8.91 8.78- 9.02 Nov. 6 x.<>2 8.88 8.53-8.78 - - 8.92-9.09 8.92-9.16 13 8. 67- 8.91 8.60-8.81 ....- -.... 9.00-9.01 8.97-9.15 20 x.73- 8-97 8.67- 8.88 . . . .- -. . . . 9.08- 9.35 9.. »2- 9.35 27 8.96- 9.09 8.88- 9.00 . . . .- 8.63- 8.78 9.28- 9.37 9.20- 9.38 Dec. 4 8.77-9.03 8.71-8.95 8.50-8.76 - 9.10-9.30 11 8.58-8.83 8.54-8.70 ......... 8.37-8.64 ......... 8.85-9.19 18 8.55-8.72 8.50-8.62 ......... 8.38-8.50 ......... 8.76 - K.o8 25 8.67- 8.87 8.59- 8.75 ......... 8.45- 8.64 ......... 8.86- 9.14 31 8.84- 8.95 8.79- 8.84 ......... 8.63- 8.72 ......... 8.85- 9.14 COTTON CROP OF THE UNITED STATES AND PRICES. Number of bales produced in the United States since [897, and range of price of spot cotton at the New York Cotton Exchange: Year. Bales. Range of Price. i9°8 11,705.714 1907 1 3.770,601 1906 13.510.982 1905 11,345,988 1904 13.565.885 1903 10,011.374 t9° 2 10,727.559 1901 1 0,680.689 1900 10,383.422 t899 9.436416 1 898 11 ,274,840 1897 [1,199,994 9.00 12.25 °-55 13-55 9.60 12.25 7.00 12.60 6.85 17-25 8.90 14.10 8.25 9. 1 2 7 i.v/16 [2 79/16 1 I 5 7/8 7 13/16 5 5A6 69/16 5 13/16 81/4 Largest previous crop, 1894,9,900,000 bales. GIBSON'S MANUAL 393 Grain in the United States, 1908 WHEAT The noteworth) feature of the grain markets was a great hull speculation in wheat and corn. The movement in wheat is yet in progress and h.i ^ sent thai grain to higher prices than for nearly five years past. When [908 began wheat was on the upward grade, having steadil) risen in price, interrupted only l>y the usual speculative reactions, since August, [906. It bad bee* conjectured in the latter part of [906 that the American wheat cmp of 1907 would be one of moderate proportions; and strong financial inter- ests in Chicago and New York arrayed themselves upon the long side of the market. The actual outturn of wheat in 1907 justified pessimistic forecasts, amounting to 634,087,000 bushels, a reduction of ioi,- 173,000 bushels from the year before. Europe was beginning to be uneasy as to its supplies of wheat. was willing to pay a higher price than had been prevailing for a year or two, and did so; and in ( >cfober, > 1907, cash wheat at Chicago sold as high as $1.22 a bushel, an advance of 52 cents from the ball of the year before. From October, [907, wheat tended down gradually through the following Winter and early Spring until April 9, [908. The panic and depression in business undoubtedl) had some effect on the market value of grain, but the dominating cause of the decline was the tremendous outpouring of wheat into the mar- kets of Europe from Argentina. Free shipment is usual from that country in the first months of every year, but in 1908 they broke all records at times, especially in January. It was absolutely uselass to bull the market against this extraordinary flood of grain from South American granaries. While several efforts were made to support wheat anil stem the decline, bull interests were obliged to liquidate from time to time, and the decline was helped along by aggressive selling by a bear part)-. Wheat fell twice in "tie week's time 5 and 7 cents a bushel on heavy selling. From Jan. 4, 1908, which was high water mark of the earl) part of that year, the decline into April amounted to from 12 to iyl cents in New York and 14; to 21 \ in different options in Chicago. In Chicago July wheat was down from $1.00] to 83'J cents, and in New York July was down from $1.07! to 91! cents, and May from $1.14^ to 97A cents. Like ever) other commodity, grain is sensitive to every condition which affects the abundance and scarcity of the article. The federal report on Winter wheat for April 1. i<)<>N, indicated a crop of 493,- 996,000 bushels, with condition 91.3 per cent. This was more than expected, anil caused the final liquidation, with aggressive short selling and a sharp break in prices. But a month's rally ensued in all the markets of the world. The primary causes of this rise were decreased shipments from Argentina, smaller stocks on hand in different parts of the world, and hot, dry weather in the American Spring wheat States, un- favorable to plowing and planting the new crop. By May 8 there had been an advance of CO§ to 14$ cents in different options in New York, and mi! to 19] cents in Chicago. In this rise the Hessian fly and green bug played their historic parts, although the actual damage inflicted by them was small. From May 8 wheat slowly sold off for a secondary decline until June 20 and 2~ , when No. 2 red Winter was quoted in New York at 1)4;. lowest of the year, other options being down proportionately. In Xew York the decline amounted to between 10 and 17 cents. In Chicago it was not so severe, about half that. The June downturn followed a more copious export of wheat from the Argentine and was partly due to a better promise for wheat in this country. After many differing estimates of Winter wheat had been circulated, each one affecting prices, the Government report for June indicated 443,290,000 bushels against 409.442,000 the previous year. Every telegram from the grain States also testified to the then prime condition of growing Spring wheat and the promise of a larger total crop than in 1907. There was very little cheap wheat in the United States after the June decline. The prices of that month now seem amazingly low. Since the first of July traders have witnessed a practically continuous rise, interrupted only by trading reactions, lasting until the present time (March. [909). It slowly became apparent in the latter part of June, [908, dial the United States crop had prob- ably been overestimated. No incident or development which pointed toward a reduced crop was left unex- GIBSONS MANUAL plotted. Some of the reports were exaggerated and sensational beyond credence, as. for instance, the excit- ing stories of abandonment of an extensive acreage in Kansas. But there was enough truth in all these matters to result in important interests espousing and adhering steadih to the bull side of the market. Successive Government publications on condition confirmed this attitude. Spring wheat which was 95 on Inne i being shown to be 89.4 on July 1. 80.7 in August and 77. i> in September. The long side of the market became increasingl) popular. There were frequent bursts of aggressive buying, during which wheat rose from .^ to 5 cents in a single week. In September an estimate was published by an expert in France, indicating a crop 25 to 30 |>er cent, smaller in that country than expected. In the same month, a strong milling demand sprang up in the Uinted States, Minneapolis mills alone consuming 2,000,000 bushels a day. Tempted by the higher prices, wheat came into sight from Western farms in heavy volume. but was -napped up as rapidl) as received, and the rise in the market would not be stayed. In I Ictober a new factor fame into pla\ in the form of political trouble in the Balkans, with possibilit) of war. and wheat took an excited jump to a new high level for [908. Chicago hulls sold heavily at times to take profits, but the) turned buyers again on ever) moderate reaction. In November there was a tendency to believe that the Argentine crop had been considerably damaged and the exportable surplus reduced to a moderate figure. This idea was not entirely borne out b) fact- which came to light subsequently, hut they served the purpose of carrying on the hull campaign, and again wheat made new high records. At the height of the hull speculation in December it was believed that one interest in Chicago, composed of bold and able men, had accumulated and was carrying from 15,000,000 to _>o.ooo,ooo hushels of long wheat. The hack hone of the whole movement was the conviction that, from one cause and another. Europe would be unusu- ally dependent upon the United State- during the early part of 1909 for it- supply of wheat. Dec. 5 the hull movement was checked temporarily, with No. 2 red Winter at Xew York at $I.I4§, an advance of 10,3 cents: December wheat $l.I5f, an advance of ji! cents. Tn Chicago December sold at Si. 04:. a rise of 19? cent-. There wa- then a general all around decline of f> to 8 cent-, after which wheat was bulled in the early part of 1909 to higher records than hefore. Feb. 27. [909* the grain reached. $1,263 in New York, the highest since that famous year of high prices. 1904. GIBSON'S MANUAL 395 WHEAT IN NEW YORK AND CHICAGO, 1908, HIGH AND LOW PRICES, BY WEEKS. Week Ending ( Hosing, 2 Red Winter In New Y< irk May July Sept. I >ec. May In Chicago luh Sq.l. Dec. -+• ■ 11.. [8.. 25 •■ I'd. 1 . . •5- • J » 29.. Mel ■ / • • 14. . 21 . . 28.. A pi. 4-- 11 . . 18.. 25 . . Ma) 2. . 9.. 16.. 23 • • 30.. IlUK 6.. I3-- 20. . 27.. July 4-- 11 . . 18.. 25 • • Aug . 1 . . 8.. I5-- 22. . 29.. Sept ■ 5- • 12. . 26.. Oct. 3-- [ . . 17.. -4- 3 1 -- Nov • !■■ 14.. 21.. 28. Dec 5 • • 1 2. 10.. 26. 109 io8f 1 08 J I 105! 10 1 J [04I 1052 iooy-ioij ■102$ I02| IOI I053 io6|- io6|- 104I- iooi- IOO.I- 984- 1 ( M ) 1 - [034- IOOi- ioof- 96I- \02\- ,io7f io8i- 107 - 107 - 104 - 9^2- ■ 94 r 96 ■ 94f . 9 6f ■ 98i- , 101 - 1 00 1 - < h 1 ', 102 - ioof 99*- ioof- 1034- 1 1 .5 1 ,108 - .I06J ,io6i io7J- . |,,r,; .1074- .io8| . 1 1 1 f ■ ,1124- .iiii .io8f . tosf .105;- roof III I 12 1084 io 7 i 1084 102 98 99 96* 98 994 Ol4 01* 03i OlS [o8| I02f i03f- 1003- o8| ioi|- 1 05 I io\\- 1024- IOlf ioof- 974" 99 ■ iool- 105I- 109 - 105!- 107^ 103 - I4l 14.I i-V II 09* o6f 05! 02^ 064 08 { 04 1 04] 03! 1 12 ; oi| 00 1 07 1 10 IO.l 08^ o8| o84 02 i oil 04 I 05 09 081 10 09^ 09i l"l II Hi i3i 13S i4f IK , 8 I 09 o64- 054- 05 - 04f 04!- o6|- 07J- 09 -J , ,8 ', 08 0<)',- o8f 09 j- 10 IK 14 - i3i Hi- ioJ 094- 09'3 105 V tosf- 105-4- 1044- 99§ ioof 964- 94i 96 99l 96 - <>:: 954- 95*- 91! 92J- ■ 1 1 1 95f 983- 97f" 974- 98J- 953- 93§" 944- 92 - 95 - 97*- 99i- ioo|- 107 1 107! io6f 105* -105! I02| 101 -,si 1 1 ) u 103 99 wi! o8i 963 95a 94i 97i 98i I02i IOOii iooi IOlf iooi 96f 98i 95* 98 1 00 J ioil 102 I Olf 10 07* 064 06 o84 o8f o| 9ii "-: 93i 93l 94 : ; ■ 9 2f 9 ii 9 1 *- 9if- 9 2 f- 94l- 97l- 97i- 961- ioof- mm; ioo|- IOlf- io4|- 108A- 107 • 93tl 93^ 96I gsi 95i 971 - 951 93^ 951 95 ').K ■ 97i 99l 99l K10 1 , 1 1 1 C02| I02l I02 J •io6i ■io6i ■1 ioi ■] ml [08I to5i- 102 ■ 100 • 941 95f 92§- 9°f- 93l- 96f 9if 93i" 93l- 9 lf- 87- 9°i- 92§- 961- ioi|- 98f- 99i [08^ 108 1 05 s L I02 98f 9/1 94i 99^ 101J. 97 96i 95 & 94* 93 92JJ 99i 104J io6]- 105^ 103-i ioij-ii 1 I' 1 1 I l£ K - a 55 5i 4l 6| 61 93f 94i- 96§- 99i 991- 98f- oif- O l\ - Olf- 02|- 04^- o6i- o8f o7f 07]- o8|- o8i- o8| 09I- uf 12I- 12 - i3f o8f 07f- "7' 95 97§ 01^ oil 01^ 07\ 04I 034 03^ 06^ o6f 10 ni 93 - 95^- 96- 95 - 99i- 984- 971- 97%- 96 98 97i 98I i03i 101 \ 99l w7|-iool 98 -100 97l- 99i 97h 99 91J- 98} 9 2 f- 94l 89-I- 93i 87*- 90I 88f- 954 90J- 96^ SS; m: 88i- 92 88 - 9og m- m 83I- 88f 84^- 86| 86 - 89} 861- 89I m- 931 88f- 92i 88i- 91 i 89I- 92J 861- 92 85I- 89! 86 - 90^ 84s- 8 7 i 8 4 i- 8 7 f 864- 90-J 89I- 9if 89J- 91I 88J- 91 99^ •97J-10K io| 10] 11* IO| 10 J III 14s i3l 15I 15 09! 09J 99*- 1 ioij- 102I- IOlf- ioof- I02f 101-j- 102 - I02l- I04f io6£ 106S- i07f- 104I- io4§- 104I- 104^ |"> 1 "4l I04| 105 103I 104I 104 1 , io8 t i 109* 11 1 :- 97 94f- '»"' 94§- 95 1 944- 96 89I- 95l 894- 92 86|- 89I S 3 : SS; 86 - .,_■: 85I ss 1 ^ 85f 88i 85i- ^7- 85i- 861 824- 861 824- 84 I 83I- 86] 834- 8 5 i 84I- 89 85*- m 85I- 8 7 f 87 - 90I 85 - 884 834- 86| 84f- 88| s»; S.,^ 854- 88f 87!- 91 89§- 92f 9°J- 9 2 x*\- 9 2| 93 - 96* 92 - 94^ 9 1 *- 94l 9 2 f- 95i 94i- 981 97 - 99* 98I-102; 98I-101I I |S ! , I 1 K 1 '. Ill 1 1 of 1061 1071 10IJ-I04,! 97i-i03l 97 - 98f 96J- 98J 9Si- 9/1 94i- ')5 : ; 954 86 - 86f- 864- 87I 86 - 84*- 85!- 86 - 874- 89- 91I- 91I- \)0\- 95 - 94i- 93 - <*t 94i- 96i- 981- 99i- 97i- <>7l o8i 97l 981- 99 - 100J- [02§- I02§- 1034- IOO - 99i" 99l 8 9 4 884 88* 90^ 89* 87 8 9 4 871 90} 924 94 93t 945 99i 96* 951 95* 98^ 98I IOlf 102I IOlf IOI.' 102$ iool 100 1 101.V 104 104S 1 04 J 106 105I 1 1 1 103 GIBSONS MANUAL CORN. hi consequence of the immense bulk of the corn crop in the United States, an average of about • bushels :i year, there is less temptation to speculate in this grain than in wheat, at least so far as the long side is concerned. Corners are practically out of the question. The movement of corn in price is therefore much more moderate every year, on the whole. Leaving out exceptional years, wheat ranges on an average about 30 to 34 cents a year, while corn moves on the average only from 18 to 20 cents a year. < >nly when there is an actual or prospective crop failure docs the opportunity arise for brilliant op- erations on the long side of corn. A notable instance of this occurred in [892, when conditions in the Spring indicated a heavy reduction in the output of corn from the year before, approximately 25 per cent. May, 1892, was accordingly the famous month in which corn sold at $1.00 a bushel in Chicago. Another instance of a most profitable opportunity to bull corn occurred in 1902, after the partial crop failure of the year before, the corn crop of mjoi being' 583,000,000 bushels below that of lipo. The farm value of corn, Dec. 1, 1901, was i»>l cents, the highest price on record up to that time, and in [902 cash corn in Chicago reached 88 cents, which again broke all records except that of 1892. [908 was another great bull year in corn, a circumstance largely due to the fact that the crop of that year anil the year before were much below normal. Corn pursued its wax in 190S, most of the time regard- of wheat. A sudden break or jump in the other grain usually had a small sympathetic effect, but the price of corn was governed in the main by considerations which related solely to that particular crop. Cash corn in New York declined from Jan. 8 to Feb. 21 9! cents, but futures held strong within a range of around 3 cents, because the weather was extremely unfavorable to drying and curing the crop. Stocks in Chicago were small and much of the time the wagon roads were not in a state which tempted the hauling of grain to the railroad stations. Farm reserves were also small. Obtaining an inkling of this latter fact, strong interests began to bull corn. The .March Government report confirmed the bull position by showing that reserves amounted only to 962. 429,000 bushels, against 1. 2 98 .000 ,000 the year before. Corn responded to this situation by rising rapidly until the May option expired. Cash corn was then up 23 cents in Xew York and May 24.I in Chicago. Futures had advanced 10 to \i\ cents. This movement was greatly aided by the fact that heavy and persistent rains delayed plowing and planting and later the culti- vation of the growing plant. The whole crop was two or three weeks behind time. The bears in corn were badly punished by this rise, and in Chicago it became necessary for them to private settlements for many millions of bushels of short corn. Every effort was made to rush corn to Chicago, but nothing availed to avert the settlements. In June cut worms compelled the replanting of some areas. Weedy fields were reported in Iowa and Nebraska. Floods in the Mississippi Valley did no little harm to the bottom lands. Reactions of a few cents, never more than, 4. occurred from time to time on passing phases of the market, but the general rise steadily continued, and was not checked even by the Government report for July, showing an increase of [,065,000 in the acreage, condition being 82.8 against 80.2 the year before. The bulls depended to some extent on the small stocks and the possibility of damage from early frosts, the crop being yet two weeks behind schedule time and the more northerly fields certain not to mature before the season of frosty nights. While a better outlook for the crop prevailed after July 1 and there was every indication of a good harvest, yet bull interests held the market under control. In July distilling and glucose interests had much difficulty in finding enough good corn for their uses. In September cash and September corn reached t)<> cents in New York, which was the high figure for 1908. Coincidently, other options, both in Xew York and Chicago, made the best prices for 1908, which were: In Xew York. December, 8of; in Chicago, September. 8lf; December. 70;'. and Max. 68-J. Frosts in September in some sections and dry, hot weather in others, which killed the pastures and led to the feeding of new corn to cattle, sustained prices for a few days. But the turn in the market had come. The hot and dry weather forced the ripening of growing corn to such an extent that the balance of the crop was speedily out of danger. Corn was found to be grading exceptionally well, making a bushel go farther than formerly, and both country and Argentine shipments to market began to swell noticeably. The November report indicated a crop of 2,642,687,000 bushels against 2,592,300,000 in 1907. harm reserves were low ; but the hull pools resolved to liquidate. ( 'orn thereupon declined steadily until almost the end of December. I 'ash corn in Xew York fell 2 \ ) -; May. jl cents. In Chicago the decline was from j : ] to 14I, cents. GIBSON'S MANUAL 391 CORN IN NEW AND CHICAGO, 1908, LOW AND HIGH PRICES, BY WEEKS. In New York. In Chicago. Week ending. Cash, (/losing Maj Sept. Jan. 4. 1 1 . 18. -5- Feb. 1 . 8. '5- 22 . 29. Mch. 7. '4- _» 1 . 28. Apl 4- 1 1 . 18. 25- May 2. 9- 16. -'3- 3°- [une '1. *3- 20. 27- .Inly 4. 1 1 . iS. A in 1 . 8. 15- 29. Sq.t. 5. 1 2. 19. 26. ( let. 3- to. '7- 24. 3' ■ N ov. / . 14- 21 . 28. Dee. 5. 12. 1-). 26. 67}-69f 674-69! 65I-663 66 -67 6 3 i-66| 62 -63 61 1-62 60.I -62 6i"-62i 624-65 65 -68 68 -69! 69 -71 7-> ~75± 75 1 "77i 7" 1-77! 75^76 75J-78 80 -83 74 1-78 7'' -78 78 -80 75 -79l 77 -79 77 -77 '2 76 -77 78 -7') 814-83 82 .', -84 1 , 84 \ -84 i 84 -8 5 i 8 s ',-88 874-89! 89 -90 89 -90 89 -90 89 -89^ 88 -89 84] -88 854-87I 844-86 782-8 4 i _ _ 1 _Q .'1 // r/°3 /4 / / j 705-74 70! -7 if 7i -7 2 1 7ii-72 70 -71 684-70 67 -68 66 -67 V 68§- 7 oi 695-70! 68f- 7 of 69*-7of 67J-695 67i-7°§ 684-69$ 685-70; 69l-7°f 7^-73" 73*-74l 671-091 68}-6 9 3 ( ,8 !-(,,,! 684-69! 67 -683 68] -6,,', 683-685 664-08; 67I-68I 683-70J 7o]-7'i 741-761 7 2 -73l 741-765 7ii-73i 74^-75^ 7-'! 73 3 75l~77\ 7- > s-735 7®r7&i 73 -74 A 75 -7''i 71 4-722 751-7*1 7^1-7 32 79*-83i 765-82; 76 -77! 78J-80 73S-74 72i-74i 745-75J 741-77 1 741-78^ 75 : i -76 75 -78! 78 -78! 783-79! 8 1 {-83; 83 -87 87 -87 74 -74 7-' 2 -733 7^7^ 7il-73i 7^-715 7il-7i3 7oi-7il 7" 1-7' 70J-71; 7i -71! 70^-7: 68I-69! 66|-68| 671-67! 72|-73i 725-75 741-761 735-745 75 -77 76 -77* 781-791 80-I -8 if 81 -84 81 -84! 814-83! 83I-84! 854-86! 85f-87i 86f-89i 891-891 89 -90 88 -88 84 -'-88 I )ec. 70I-71! 7:^-75' 741-75 74 -7 r » 7<>i-77 771-70 79I-80 77^7*1 7 6f-77f 76 -77 754-76 74I-76 /3 r74s 74 7'2-7 66J-66J 67 -67I -74! 74 72 7- -73 72 --2I ~ol-7\\ 68 -70} 65!-68 65 -66 May July 5\>\ l >-' 57l-''' l l 59l-6il 594-61! 58! oi< 5 8l-(.r; 502-02! 591-6 if 60 "624; 603-635 63 -661 65I-684 64^-67! 65I-66! 65J-68-3 66f-68f 651-67! 655-69! 691-75 70I-74; 75 -79 731-82! 551-56! 551-591 581-591 58f6i| 603-033 603-63 6oi-6i| 591-63 63f-65i 623-65 62^-64! 63f-65l 64 -66jj 652-68^ 64l-67f 633-655 633-65 1 635-65! 625-642 623-637 62J-63I 6 1 3 -62 1 614-63! 62i-6 3 | 621-63] 621-63^ 603-63 505-62 603-61', 58I-60! 584-60! 581-59! 58f-6oi 57 -593 574-593 5 8i-6oi 57l-S9f 58 -60 59 1-62 6i|-62| 621-65! 621-643 63t-64! 63! 643 631-65. 61A-63! 624-64! 64I-65 031-66 65I-663 655-69 67.1-70 663-' .81 00 -70; 67 {-7o2 673-712 7'5 75 73 5 -76 1 751-78 741-773 64 -642 635-655 651-673 641-66; 631-651 •63 -6 4 3 63 -643 62J-03 \ 6.3-633 62I-62! 61I-62I 604-62! 61I-62I 62 1 613-03 61I-62! 505 6.5 59f-6>! Sept. 584-608 58I-60I 58 -591 582-502 57 -59l 571-591 575-593 563-50', 572-5o! 5*70,] 6ol-6l| 013-64! 614-64 62I-63I 62f-63! 624-63I 60] -62 605-625 62I-63I 62 -64I 635-643 64§-67! 65^-68 05 1-66! 651-69! 684-70! 68-J-7 1 2 72 -75 73l-76f 75 -77 72-5-753 74h7<< 751-781 75 -783 76 -78! 763-80 782-8.3 751-8.2 755-80 76 -79l I )ec. 5' -52 5A-53\ 52f-53! 5-H-A 5i2-5-^i 52! 54! 53 -535 54s-55 53f-55 533-545 541-54! 531-541 5i! 53 1 523-535 533-55 1 541-571 553-572 56 -57l 502-58! 551-56! 554-591 581 59? 581-6] ■ 60 -63! 6. i-63 605 -62 3 60 -6^1 03; or,; 631-66! 633-66 64-5-663- 66 -683 67f-7of 6s2"o! 6 4 ; 66! 643-663 633-65! 623-64; 63 -64! 631-63! 6.3-633 604-63I 624-64 62I-64] 60; 62! 57l-6i! 56 -58 554-58 39 8 GIBSONS MAN UAL AMERICAN WHEAT CROP FOR TEN YEARS. Year. Area. Acres. 1908 1 1x17 45, j 1 1,000 I9°6 47.305.289 19°S 47.8S4.079 1 ' >" I 44,074,875 1903 49,464,967 1902 46.202,424 1901 49,895.514 190° 42,495.385 [899 44.592.516 Production, Bushels. 63 |.<>K7,ooo 735.260,970 692,979,489 552,399,517 637,821,835 670,063,008 748.460,218 522,229,505 547,303,846 Farm Value Farm Value, per 1 lushel, 1 >ec. 1. Cents. $554,437,000 87.4 490,332,760 66.7 518,372,727 74-8 510,489,874 443,024,826 69.5 422,224,1 17 63 467,350,156 62.4 323.515,177 61.9 319,545,259 58.4 AMERICAN CORN CROP FOR TEN YEARS. Year. Area, Acres. [908 101,788,000 1907 99,931,000 1906 96,737,581 [905 94,011,369 1904 92,231,581 [903 88,091,993 1902 04,043.613 1901 91,349,928 [900 83.320,872 [.899 82,108.587 Farm Value, Production. Farm Value, per Bushel, Bushels. Dec. 1. Cents. 2,668,65 J -ooo $1,616,145,000 60.6 2,592,300,000 1.336.901,000 51.6 2,927,416,091 1,166.626.471; 39-9 2.707,993.5-10 1,116.696,73s 41.2 2,467,480,934 1 ,< 87,461,440 44.1 2,244,176,925 952,868,8 1 1 42.5 2,523,648,312 1,017,017,349 40.3 1.522,519,891 921,555,768 60.5 2,105,102,516 751,220,034 35-7 2,078,143,933 629.210. 1 10 30-3 AMERICAN OATS CROP FOR TEN YEARS. Year. [908 1 1 K 17 [906 1 1 K 15 I « in I [90 ! [902 1901 1900 1 8( i' 1 Area, Acres. Production, Bushels. Farm Value, Dec. 1. Farm Value, per Bushel, Cents. 32.344.000 Sn-, 156,000 $38l,I7I,000 47.2 31,837,000 754.443,000 334,568,000 44-3 30,958.768 964,904,522 3n<'.-")2.<)78 3.1-7 28.046,74* ) 953,216,197 277,047,537 21 1. 1 j7.84j.dn!) 894,595,552 270,000.0 1 3 31-3 27,638,126 784,094.199 267,661,665 34-1 28,653,1 n 1)87,842.7 12 3n3.584.S5j 30.7 28.541.47'' 73n.808.724 293,658,777 39-9 27,364,795 8l "I.I 25,98l 208.nnr1.j33 25.8 26,341,380 796,177,713 HlS.in7.n75 24.9 GIBSON'S MANUAL 399 Pig Iron in 1908 The remarkable feature of the pig iron market in [908, a feature paralelled in the whole iron and steel industry, was the unprecedented rapidity of the decline of production from the Fall of the year befi It is usual in the trade to compare the production of each half year with that of the previous semi-annual period. Hut the figures by months may also here be added. Production of pig iron in [907 ami i<;<>X. by gross tons, according to The Iron Trade Review, was as follows: 1907, 1908. By Months. Half Year. By Mouths. Half Year. January 2,194,801 1.043.374 February _>,047,036 1,086,809 March 2.216,709 1,229,856 April 2,226,708 1,155,122 May 2,291,030 1.168,002 June 2.237.420 [3.213,704 1.106,300 6,789,463 July 2,253,243 1.228,604 August 2,243,656 1,366,019 September 2,174.148 1,416,252 October 2.359,690 1 ,573.824 November 1.820.558 1.582,314 December 1.234.733 12.086.028 \,J22.~,^j 8,889.570 Total for year 2^.2QQ.Ji2 1 5.679.033 These figures, while varying a trifle from those of the American Iron & Steel Association, agree with them on the whole and show clearly what happened to the iron trade after the panic of October. 1007. So rapid and extensive a decline, from one half year to another, had never before been witnessed in the American iron industry. It is to be noted, farther, that the actual consumption of pig iron underwent an even heavier contraction, owing to falling off in the imports of foreign pig iron. After the panic of 1907 railroads ami various other large purchasers of iron and steel practically stopped buying, and the placing of new orders for several months. No course was left open to producers, therefore, except a sharp curtail- ment of output. The change was simply startling. For three years previously there had been eager and persistent buying of all iron and steel products, and a genuine boom in the trade. Furnaces and shops had been crowded with orders. Buyers were frequently obliged to wait weeks and months for supplies they had ordered, which they urgently needed, and which they were often willing to pay a premium upon for prompt delivery. , This prosperous aspect of affairs was promptly changed by the financial crisis of 1907, and from the Fall of that year to the present time (April, 1909) there has not been business enough to go around or to keep employed more than about half the producing capacity of either the furnaces or the iron and steel works. Recovery in pig iron began, as will be noted in the table above, in March. 1008. but progn ed slowly because of a general fear that lowest prices hail not been seen. Buyers took only the tonnage required for their immediate need-. There was little speculative buying based on greater hope for the future, until May. 1908. when for three weeks there was a spurt of rather active purchasing operation-. Rut the enthu- siasm then died out. and for the rest of the year operations were seldom anything else than simply of the hand-to-mouth character, as they are yet. Production of pig increased slowly all through [908, especially after the November election. Tn March. 1909, there was again some hesitation in the trade, growing out of the proposition in Congress to enact a new tariff law and lower various rate- of duty on iron and steel and their finished products. In the Spring of [909 many furnaces are stacking pig iron in the expectation .if more active business when Congress adjourns. The subject of prices caused a- much concern in 1908 as did the reduced demand for iron. Even after the formation of the United States Steel Corporation in 1001 prices of steel products were compara- tively steady, but pis iron has always been subjected to considerable fluctuations. Understandings among GIBSON'S MANUAL furnace interests have been fairlj g 1 as long as there has been plenty of business for all, but a minority furnace men has always existed, determined to gel business at any prior, and this minority was trouble- some in [908 because, through its shading of prices, buyers were never able to decide satisfactorily whether or when bottom prices had been reached. Repeated conferences were held by pig iron interests in New York, in i leveland and elsewhere. bu1 there was no genuine improvement in production until, at New York, early in .May. 1908, a meeting was held which removed all obligation on the pari of the minority to maintain prices. Eager bidding for business followed, and pig iron fell moderately in price, but produc- tion increased, and sentiment in the trade improved. After the November election in [908 price-- also impro\ ed. The following tallies show the high and low price- of pig iron, at various centers, by months, dur- ing i ■ ■ Birmingham.-] | New York. , | — Chicago. — f Foundry No. 2 Foundry. No. 1 Foundry. Gray Forge. Northern. Xo. 2. January $13.00 $14.00 $18.50 $19,25 $17.00 817.50 $18.00 $19.00 February 12.50 13.50 18.50 [9.00 16.50 17.50 17.50 1 ^.50 March 12.00 13.00 18.50 10.00 16.50 17.00 17.35 1S.00 April 12.00 13.00 18.00 18.75 16.50 17.00 17.00 17.85 .May 11.20 13.00 1750 18.00 16.50 17.OO 17.00 I7-50 June 1I-50 12.50 I6.7S 18.00 15.50 16.50 17.00 18.00 July 11.50 12.50 16.50 [7.00 15.25 15-75 17.00 17.50 August 11.50 12.50 17.00 17.50 15.25 15.75 17.00 17.50 September .. .. 12.50 [3.50 17.00 17.50 15.50 16.00 10.50 [7.00 October 12.50 13.00 17.00 17.50 16.00 16.50 10.50 17.50 November .. .. 15.00 15.25 17.00 [8.00 15.50 16.50 16.50 17.50 December .. .. 13.00 13.25 17.75 [8.25 [6.25 16.75 l 7-S° '8.00 C Philadelphia. I Pittsburgh. , Bessemer No.i Foundry. Gray Forge. Pittsburgh. No. 2 Foundry. January $18.75 $ x 9- 2 5 $16.25 810.75 $18.90 $19.90 $16.90 $18.40 February ..... 18.75 19.25 16.50 [6.75 17.90 18.90 16.90 17.00 March 18.75 10.2; 16.50 10.75 l 7-''° 18.96 [ 6-75 ' 7-°° April 18.75 19.23 [6.50 10.75 17.15 18.90 15.40 17.00 May 17.25 1S.75 15.25 [6.50 16.00 [7.90 15.40 1500 June I/.OO 17.50 15.25 15.75 16.90 17.90 15.65 10.15 July 17.00 17.50 15.25 15.50 16.65 17.90 15.65 16.15 August 17.0c-) 17.50 15.25 15.50 16.25 16.90 15.40 15.05 September .. . . 17.25 17.75 1 5-5 ] 5-7r< >5-9° l6 .4" 15-26 [ 5- 6 5 October 17.25 17.75 15.50 16.00 15.90 16.15 15.25 15.50 November .. .. 17.50 18.00 15.50 16.25 16.15 17.90 15.25 16.90 December .. .. 17.50 [8.00 16.00 16.50 17.40 [7.90 [6.25 [6.90 GIBSON'S MANUAL 401 PRODUCTION OF PIG IRON AND STEEL FOR 10 YEARS. , — Pig I ron 1 ■ Steel 1 Tons, Bes- Open Crucible 1 otal 2,240 Fur- semer, [earth, and < tther Tons, j.j |i ' Year. Lbs. naces. Tons. Tons. Tc ills. Lbs. 1908 . . 15,936,018 45') 6,118,755 •7,836,729 "''.-63 14.023.247 1907 . . 25,781,361 413 1 [,667,549 11,549,088 131.000 23,347.637 1906 . • 25,307,191 429 1 2,275,830 10,980,413 141,893 23,398,136 1905 . . 22,992,380 424 10,941,375 8,971,376 1 1 1,196 20,023,947 1004 . . 16.497,033 429 7,859,140 5,908,166 92,581 13.X5M.887 1903 . 18,009,252 425 8,592,829 5,829,911 1 1 2,238 14,534,978 [902 . • 17.821.307 412 ".138,363 5,687,729 121,158 [4,947,250 1901 . • 15.878.354 406 8.713.302 4.656.309 103,984 [3,473.595 1900 . 13.789.242 406 6.684,770 3.398.I35 105,424 111.1SS.321) [899 . 13.620,703 414 7-586,354 2,947,316 106.187 10,639,857 PIG IRON OUTPUT OF THE UNITED STATES. Year. Tons, 2,240 Lbs. 1889 7,603,642 1890 9,202,703 1891 8,279,870 1892 9,157,000 1893 7.i 2 4,502 1894 6,657,388 1895 9,446,308 1896 8,623,127 1897 9,652,680 1898 ",773.934 Year. Tons, 2,240 Lbs. 1899 13,620,703 1900 13,879,242 1901 15,878,354 1902 17,821,307 1903 18,009,252 1904 16.497,033 1905 22,992,380 1906 25,307,191 1907 25,781,361 1908 15.936.018 The Wall Street Summary ESTABLISHED 1893 MORNING AND EVENING EDITIONS #T Reputation is as essential to a newspaper as to an indivi- dual. The Summary enjoys a coveted reputation among Bankers, Brokers and Investors as an indispensable daily guide on all matters pertaining to investments, because of its conscientious, impartial and reliable service throughout six- teen years. £T With unequalled domestic telegraphic facilities, special wires ^^ from Washington and all leading cities, it furnishes daily more news of investment value than any newspaper in America — bar none. From its Foreign Correspondent, the Central News, Limited, London, an institution of forty years' standing, it C receives daily the best financial cables sent to America, thus presenting, morning and afternoon, an accurate and reliable review of Foreign finance and related matters. CTrue Facts are shown in market reviews, and analyses of corporate reports by judicious and experienced writers, and special sections are devoted to Mining, Public Utilities, and Investments. Bid and asked prices of all principal bonds are published daily, and general questions of banking or invest- ment interest are regularly discussed editorially. SUBSCRIPTION, INCLUDING SPECIAL EDITIONS, $6.00 A YEAR MINING, PUBLIC UTILITY OR BOND EDITIONS ALONE, EACH, . 2.00 A YEAR 40 STONE STREET NEW YORK The Pitfalls of Speculation BY THOMAS GIBSON. In this volume the salient factors of speculation and investment are discussed as simply as possible. The table of contents is as follows: Introduction ; Ignorance ; Over-Speculation, etc ; Manipulation ; Accidents ; Business Methods in Speculation; Market Technicalities; Tips; Mechanical Speculation; Short Selling; What 500 Speculative Accounts Showed ; Grain Speculation ; Suggestions as to Intelligent Methods; Conclusion. Bound in cloth, 146 pages. Price $1.00; by mail, $1.10. The Cycles of Speculation BY THOMAS GIBSON. This book enters a little further into the discussion of factors bearing on price changes than does the "Pitfalls of Speculation." TABLE OF CONTENTS. Introduction ; The Cycles of Speculation ; The Gold Supply ; Money; Political Influences, Crops, etc.; Puts and Calls; The Question of Dividends; Basing Railroad Values; Effect of Business Depression; Undigested Securities; How to Compute the Value of Rights ; Barometer of Averages; Best Method of Trading ; Indication of Crisis; The Ordinary Swing of Prices; The Factor of Safety ; Borrowing and Lending Stock; Scalping; Crop Damage; Selection of Securities; The Bank Statement; The Cycles of Stock Speculation; The Cycles of Grain Speculation ; The Cycles of Cotton Speculation; Conclusion; Bibliography. Bound in cloth, 183 pages. Price, $1.50; by mail, $1.62. THE GIBSON PUBLISHING CO. 15 William Street, New York Thomas Gibson's Market Letters for the Year 1907 This volume includes all the Weekly Letters and several of the Special Letters published in the year 1907. The value of this work lies in the fact that The Great Decline of 1907 was predicted months before it occurred, and every reason for anticipating such a decline is set forth in the letters. The book con- tains a number of valuable statistical tables. Bound in cloth, $1.00; by mail, $1.10. Thomas Gibson's Weekly Market Letters for 1908 in Two Volumes Vol. 1 — Weekly Market Letters This volume includes all the weekly letters published in the year 1908, together with a number of valuable statistical tables. No attempt is made at day to day or week to week prognostications. Ordinary gossip, idle rumors or "inside information" finds but little space in these letters, although, of course, some of this base currency of the Street cannot be entirely ignored because of its temporary influence upon prices and sentiment. The Recovery Of 1908 was correctly forecasted by the application of sound economic principles to underlying conditions. Bound in cloth. Price, $1.00; by mail, $1.10. Vol. 2— Book of Charts The book of charts is an indispensable companion work to the weekly letters, being a visible aid to the thorough understanding of the movements discussed and analyzed. Ref- erence is invariably made in the letters to particular pages in the book of charts. Price, bound in cloth, uniform in size with Pitfalls and Cycles of Speculation, $1.00 each, or $1.50 for the two volumes. By mail, $1.10 and $1.62. THE GIBSON PUBLISHING CO. 15 William Street, New York Thomas Gibson s Special Market Letters for \ 908 The complexities of modern finance demand special treatment by men trained in special lines, and the value of the specialist is being recognized more and more every day. Hence the value of the articles noted below : Probable Effect of Tariff Revision on Securities Byron W. Holt Increasing Gold Supply and Its Effect on Stock Prices M. L. Muhleman A Talk About Cotton Katherine M. Giles The Coal Land Law. Opinions by Members of Congress, Attorneys and Others. The Importance of Fixed Charges Carl Snyder The Balance of Trade Charles A. Conant Review of the World's Gold Supply Arthur Selwyn-Brown The Outlook for the Next Six Months Professor J. Pease Norton Railroad Earnings and the New Accounting George Bevan Mott Gold Depreciation and Security Values Byron W. Holt Call Money Rates and Stock Prices John P. Ryan Convertible Bonds Robert W. Speir The Function of Speculation Frank Fayant Mines on the New York Curb George E. Vigouroux Speculation vs. Gambling — The Moral Aspects of Speculation — Should Speculation be Regulated by Law Howard Schenck Mott The History of Prices for 2,508 Years Arthur Selwyn-Brown Copper Frank Fayant In some instances charts accompanied the foregoing special letters. They will be found in this volume. Bound in cloth, $1.00; by mail, $1.10. The Increasing Gold Supply A collection of letters by well-informed authorities on the extremely per- tinent subject of the Gold Supply in its relation to commodities and securities. The layman will appreciate the simplicity with which the subject is treated. Contributors are: Byron W. Holt, Maurice L. Muhleman, Arthur Selwyn- Brown, W. G. Nicholas, Prof. J. Pease Norton, Thomas Gibson, Charles A. Conant, Alonzo E. Cottier. Bound in cloth. Price, $1.00; by mail, $1.10. THE GIBSON PUBLISHING CO. 15 William Street, New York Thomas Gibson's Market Letters THIS ADVISORY SERVICE CONSISTS OF: i. — A daily letter mailed at 3:30 P. M. 2. — A weekly letter covering general business conditions, crop conditions, the tech- nical situation and offering suggestions for operations during the coming week. 3. — A special letter weekly covering whatever topic is most vital. 4. — A special letter weekly on crop conditions during the season. 5. — Analysis of the reports of leading corporations as they appear. 6. — Monthly booklets giving prices by days for active stocks. 7 — A monthly booklet of charts. 8. — A daily table of average stock prices (Rails and Industrials). 9. — Occasional telegrams regarding important changes. 10. — Privilege of a reasonable number of inquiries by mail or telegraph. The subscriber to this service may rest assured that every question affecting future values and prices of securities will be thoroughly covered. These letters deal particularly with securities. Grain and Cotton are also briefly touched on. While I attempt to gain the most dependable opinions on commodities, the advice offered is not based on personal investigation. THE PRICE OF THE SERVICE IS AS FOLLOWS: COMPLETE SERVICE AS DETAILED ABOVE, } 6ne"y^ One month, ----- $10.00 Six months, ----- 40.00 75.00 COMPLETE SERVICE ( One month, $5.00 (EXCEPT DAILY LETTER), j g« mont hs, ^ - ^ - ^ - ^ - ^ - ^ 20.00 THOMAS GIBSON CORN EXCHANGE BANK BUILDING NEW YORK jj The Safety Car Heating and Lighting Co, PINTSCH LIGHT STEAM HEAT Most brilliant illumination made pos- sible by tbe Pintsch System using per- fected Mantle Lamps and Safety Axle Driven Dynamo Electric System, a product of sixteen years' experience and now operating successfully on leading roads. Car Heating Systems guaranteed to meet all conditions of service. Con- trollable Direct Steam, Hot Water or Thermo Jet System where pressure is not desired. Steam tight couplers, traps, trainpipe valves and other appliances. 2 RECTOR STREET, NEW YORK CHICAGO, BOSTON, ST. LOUIS, ATLANTA, PHILADELPHIA, MONTREAL, BERKELEY, CAL. The Phenix National Bank OF THE CITY OH NEW YORK Corner Nassau & Liberty Sts. Capital, Surplus and Profits, $1,633,000 August Belmont, E. W. Bloomingdale Alfred M. Bull, D. Crawford Clark, Elbert H. Gary, R. H. Higgins, Henry K. Pomrov, Edwin A. Potter, Directors George E. Roberts, Win. Pierson Hamilton, Irving A. Stearns, Fred'k D. Underwood, Robert P. Perkins, Geo. Cuffing Warner, Finis E. Marshall. Officers FINIS E. MARSHALL, President. ALFRED M. BULL. Vice-President B, L. HASKINS, EL C. HOOLEY, Cashier. Ass't Cashier. Accounts of Banks, Firms and Individuals Solicited