Full text of Commercial and Financial Chronicle : April 4, 1908, Vol. 86, No. 2232

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The
ollinurctal
APRIL 4 1908.

VOL.86.

NO. 2232.

Published every Saturday by WILLIAM B.DANA COMPANY,Pine St, corner
Pearl St., N. Y. City. William B.Dana, ['rest.. Jacob Seibert Jr., VIoe-Proot.
and Sec.; Arnold O. Dana, Prem. Addresses of all, Office of the Company.

CLEARINGS-FOR MARCH,SINCE JANUARY 1 AND

Now York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
1
Scranton
Syracuse
Reading
1
Wilmington__ ... _ ___
Wilkes-Barre
Wheeling
Ea rrlsburg
Erie
Binghamton
Greensburg
•Chester
Franklin
Frederick
' Total Middle
Boston
Providence
'Hartford
New Haven
Springfield
Portland
Worcester
Tall River
New Bedford
-Holyoke
Lowell
Total New England
Chicago
-Cincinnati
-Cleveland
Detroit
•Milwaukee
Indianapolis
-Columbus
Toledo
Peoria
-Grand Rapids
Dayton
Evansville
Kalamazoo
SprIng_ffeld, Ill
Tort Wayne
Lexington
Youngstown
Rockford
Akron
Bloomington
Canton
Quincy
Springfield, 0
South Bend
Decatur
Mansfield
Jacksonville, Ill
°Jackson
Ann Arbor
Total Middle '1Vest_
San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
-Oakland
Helena
Fargo
Sioux Falls
San Jose
Total Pacific
Kansas City
Minneapolis
• Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Lincoln
Wichita
Davenport
Topeka
Cedar Rapids
-Colorado Springs
Pueblo
Fremont
Total other West_ _
St.Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis'
Nashville
Fort Worth
'Savannah
Norfolk
Birmingham
Mobile
Augusta
Knoxville
Little Rock
-Chattanooga
Charleston
Jacksonville
Oklahoma
Macon
Beaumont
Wilmington, N.C__ _ _
Columbus, Ga
Total Southern_
Total all
Outside New York_

1907.

$
8
,
5.501,040,339 9,562277,803
466270,712
638 870.194
104,352,934
241,654,858
92,839,421
127,014,515
30,832,027
34,514,542
20,697,740
:32,705,512
27,036,106
23.187,394
16,046,496
13,519,077
9,353,118
8,819,450
8,670,603
8,470,492
5,867,703
5,025,759
6,173,393
4,988,261
5,164,156
4,828,430
4,565,583
5,784.645
4,408,913
3,785,071
2,939,746
2.383,450
2,355,600
1,939,100
2,248,814
1,969,308
2,052,725
1,803,305
1,182,387
1,068,319
842 804
962,099
0,364,568,439 10,735,945,571
759,442.676
534,076,861
23,347,400
34,163,400
13,273,698
17,091,051
8,970,961
10,923,375
7.178,016
8,610,534
6.618,718
7,730,812
5,748.779
7,043,403
3.882,251
5,108,585
3,211,983
2,814,885
1,800,591
2,113,860
1,691,328
2,089,811
857,282,392
609,800.586
1,030,034,016 1,065,975,562
111,640,550
105,434,350
73,818,643
59,361,383
53,145,970
57,986,982
46,317,518
41,067,706
28.890.360
33,099,026
19,639,400 • 24,311,200
15,780,487
19,091,897
13,898,600
12,532,951
10,087,842
8,286,978
6,476,913
9,786,874
7,371,463
8,846,157
3,900,808
4,625.938
3,828,064
4,305,757
3.259.942
3.451,928
3,151,908
3,313,017
2,643,309
3,252,925
2,992,002
3,284,099
2,508.083
2,905,160
3,009,973
3.048,684
1,761,638
2,389,898
2,759,609
2,685,241
1,932,099
1.807,938
2.598.445
1,831,934
1,774,603
1,810,964
1,599,828
1,259,738
1,395,981
1,306,703
1,356,349
1,398,917
606.827
589,559
1,428,509,032 1,524,621,209
200,558,252
133,513,996
56,383,494
41,133,097
41,241,421
32,443,631
32,927,609
27,647,02
23.238,964
17,689,633
23,276.696
23,052,488
19,921,395
17,008,031
6,148,774 '14,941,448
2,845,128
3,871,866
2,445.032
2,685,701
2.453,833
2,176,701
1.767.819
2,055,586
306,149,384
423,279,133
146,134,418
130,754,040
84,061.259
81.854,917
56,727,264
54.461,881
43,593,230
37,385,059
:30,740,970
33.723,189
25,13:1,578
27,802,971
15,145,835
15,406,441
11,027,420
10,372,997
6,775,488
6.173,986
5,894,983
6,397,450
5,538,821
5,787,357
3,891,473
4,517,760
:3,874,059
4,159,595
3,150,203
2,406,255
2,403,069
2,234,934
1,549.849
1,7343,574
430,840,040
445,977,894
270,827.928
254,210,971
83,385.193
66,827.454
58,535.480
49,622,032
41.696,289
42,124,034
30,338,500
26,866,001
27,039,233
24,387,305
22,117,552
19,526,733
21,961,102
23.397,704
17,287,954
13,153.8
16,988,452
18.357,44
15,551,230
12,521,883
11,658,491
8,353,881
9,495,466
8,082,525
5,678,172
7,716,590
6.791,396
7,088,702
6,600.424
7,091,875
5,507,011
6,277,:356
5,824,000
5,710,181
5,521,399
5,702,126
6,450.600
6,988.119
:3,885,757
4,433,455
2.456,386
3,143,750
2,355.427
2,141,294
1.100,202
1,095,746
1,:314.362
1,434.867
685,931,937
020,932,008
9,777,937,94:3 14,657,900,282
4.276,897,604 5.095.622,479

Inc. or
Dec.

1908.

1907.

%
-12.5
-27.0
-32.0
-26.9
-10.7
-36.7
-14.2
-15.7
-5.7
-2.3
-14.3
-19.2
-6.5
+26.7
-14.1
-18.9
-17.7
-12.4
-12.1
-9.6
+14.2
-40.7
-29.7
-31.7
-22.3
-17.9
-16.6
-14.3
-18.4
-25.3
+11.7
-14.8
-19.0
-28.9
-3.4
-10.4
-19.6
-8.4
-9.4
-12.7
-19.2
-17.3
-9.9
-17.8
-33.8
-16.7
15.7
-10.8
-5.6
-4.9
-18.7
-8.9
-13.7
-1.3
-26.3
+2.8
-6.5
-12.7
+2.0
-21.3
-6.2
+3.1
-2.8
-6.3
-33.4
-27.0
-21.3
-16.0
-23.9
-1.0
-14.6
-58.8
-26.5
-8.9
+12.7
-14.4
-27.2
+6.9
+2.7
+4.2
+16.6
-8.8
-9.6
-1.7
+6.3
-8.9
+8.5
+4.5
+16.1
+7.4
-23.8
-7.0
+11.4
+3.5
-6.1
-19.9
-15.2
+1.0
-11.4
-9.8
-11.7
+10.4
-23.9
+8.1
-19.5
-28.3
-14.9
-26.4
-4.2
-6.8
-12.3
+0.9
-3.2
-7.8
-12.4
-21.9
+10.0
-44.4
-8.4
-9.5
-33.3
-16.1

$
17,147 46,124
1,423,587,295
519,701,445
297.188,443
97,953,996
60,705,030
66,249,026
43,848,847
27,121,200
26,490,026
14,812,592
15,182,709
14,648,488
16,166,174
11,977,055
7,260,104
5,894,100
6,270,670
5,893,371
3,397,157
2,770,482
19,814,414,934
1,743,431,746
82,580,600
42,182,633
30,351,830
22,941.656
21,192,751
17,782,627
12,640,535
9,169,393
5,693,776
5,723,379
1,993,690,926
2,834,936,121
314,772,000
185,004,806
158,272,077
133,092,755
88.436,515
58,969,300
46,243,770
35,537,847
26,196,496
18,859,048
22,834,647
11,044,934
10,824,861
9,213,074
9,957,806
7,888,319
7,593,854
6,788,33
7,160,155
5,215 982
6,839,05
6
5,226,668
4,865,936
5,235,694
3.612,958
3,526,815
3,6434,537
1,780.736
4,034,045,103
409,283,538
115,995,177
90,329,710
70,560,182
51,140,388
64,004,341
49,169,865
18,102,760
7,731,337
6,645,540
6,420,876
5,376,604
894,760,318
418,565,533
250,352,772
149.712,964
118,548,434
91,238,248
67,398,364
37,311,513
28,496,634
15,505,400
17,235,885
13,973,843
12,788,958
10,438,894
7,237,100
6,783,984
4,123,479
1,249,712,005
756,706,980
225,250,044
148,129,876
123,749,119
89,879,500
73,554,159
59,484,011
69,560,042
49,325,776
53.464.173
44,356,675
26,351,994
23,985,733
16,995,086
22,114,076
18,737,545
17,812.627
17,289,552
17,635,712
18,093,843
10,546,680
8,736,484
7,529,588
:3,448,347
4,587.118
1,907,324,796
29,893,948,032
12,746,001,908

3
26,
531. 58,463
4
1842,171,568
,
697,044,515
379,063,936
106,026,460
95,451,513
70,002,357
47,220,620
28,121,282
25,631,825
17,101,146
17,465,647
15,002,141
1:3,150,342
12,801,751
8,805,018
7,226,900
6,651,177
6,345,746
3,426,651
2,382,934
29,941,551,995
2,327,111.393
104,490.400
48,353,502
32,431,479
26,571,503
22,803,813
20,767,514
15,130,219
9,300,712
6,605,723
6,388,574
2,619,963,832
3,034,324,315
359,095,800
217,457,342
170,366,146
141,560,006
104.517,651
70,717,000
53,852,678
38.074,534
30.351,268
27,820,415
25,127,699
13,376,904
11,372,018
10,185,766
9,633.945
9,762,287
8,445,260
8,932,677
7,040,944
0,818,825
6,804,767
5,672,331
5,881,959
5,135,014
4,513,246
3,535,494
3.787,272
1.758.974
4,395,013,197
599,364,942
167,819,063
114,278,694
85,055,340
74,803,548
64,445,111
57,011,086
47,998,692
10,670,199
6,442,862
5,544,401
6,044,554
1,239,478,493
395,241,781
231,435,818
140,912,156
106,'479,074
98,016,958
76,909,688
41,488,920
28,784,763
17,414,841
17,027,082
16,599,1315
12,299,972
9,252,800
9,567,196
7,431,228
4,586,685
1,213,448,577
803,698,760
275,764,715
177,225,983
148,807,964
95,235,000
81,903.411
70,542,078
67,856,046
50,900,682
51,325,520
56.283.413
34,826,352
28.7443,823
23,607,802
23,117,234
20,769,084
10,291,252
18,239,447
18,416,301
19,635,692
13,268,057
9,579,087
6,621,568
5,770,862
4,725,201
2,126,158,334
41,530,514,428
15,005.055,965

ri5- Tables Clearings by Telegraph and Canadian Clearings on Page 833.



ENDING MARCH 28.
Week ending March 28.

Three Months.

March.
Clearings at
1908.

roR WEEK

Inc. or
Dec.

1908.

1907.

Inc. or
Dec.

.
1906.

1905.

-.45.4 1.315117,496 1,994138,55.1 -14.6 1,701,f20,411 1,914262,328
104,599,634 133,947.166 -21.9 143503833 116,480,404
-22.7
50,901.960
43,051,819
47,140,515 -18.3
-25.4
38,533,738
23,284,590
20,603.099
-21.6
23,970,564 -15.6
20,233,766
5,444,622
5,818,231
7,440,757 -6.8
-7.6
6,937,349
3,329,140
4,290,354
6,850,921 -25.8
-36.4
5,083,583
4,333,565
5,351,585
5,456,880 -10.6
-16.1
4,877.327
2,647,064
2.989,755
-7.2
3,295,236 -22.6
2,550,621
1,912,854
1,394,679
-3.6
1,948,824 -2.1
1,908,707
994,534
1,070,899
1,718,120 +2.4
+3.4
1,759,448
1,339,539
1,148,747
-13.4
1,249,340 -0.5
1,242,699
1,086,491
1,262,261
-13.1
1,386,964 -18.9
1,125,793
773,615
883,610
1,134,189 -9.1
-2.4
1,031,429
714,677
900,915
+22.9
1,199,473
1.040,208 +15.3
-6.4
894.035 -5.9
841,245
428,711
538,707
696,024 -27.2
-17.5
507,237
383,700
409,009
505,000 -21.8
:394,900
-18.4
450,232
321,131
• 383,353 -5.7
361,688
-5.7
415,744
422,413 -2.8
457,529
410,534
-7.1
-6.0
228,935
183,045
230,000
243,538
-0.9
+16.3
-33.8 1,509,445,602 2234,162,598 -32.4 1.946,531,473 2,118,487,701
-25.1
120,437,990 171,180.804 -29.6 142,720,714 110,794,922
0,612,000
6,527,400
-21.0
7,132,200 -32.0
4,847,200
2,972,649
2,966,539
-12.8
3,131,335 -16.0
2,630,763
2,125,652
1,972,655
2,107,980 -19.0
-6.4
1.706,745
1,469,470
1,301,178
1,928,176 -20.5
-13.7
1,532,235
1,675.751
1,480,581
1,591,981 -14.9
-7.1
1,354,050
1,514,597
1,261,249
1,702,6.56 -27.0
-14.4
1,242,334
651,504
.642,676
1,160,858 -27.6
-16.5
846,367
1134,940
451,815
557,570 +23.0
-1.4
685,078
407,774
-13.8
421,373
459,305 -21.1
362,659
370,844
436,042 -13.8
-10.4
301.269
376,347
-23.9
136,021,768 191,403,907 -28.9 160,684.070 158.373.482
-6.6
223,947,836 222,457,795
+0.7 188.254,704 179,674,700
-12.3
23,684,800
26,514,100 -10.7
23,814,901
22,354.650
-14.9
15,834,640
15,360,288 +3.4
12934,868
13,902,403
-7.1
11,248,246
11,669.332 -3.6
10,008,318
9,669.119
-6.0
8,708,465
9,519,679 -8.5
7.380,717
6,700,816
-15.4
5,794,507
6,665.700 -13.1
5,412,317
6,102,572
-16.6
4,342,800
5,529,000 -21.5
4,378,200
5,482,200
-14.1
3,413,005
3,923,625 -13.0
3,386,7:32
5,046,228
-6.7
.2,854,510 -11.0
2,570,880
3,124,152
2,593.479
-13.7
1,963,606 -13.2
1,704,679
1.893,828
1,837.225
-32.2
2,0:37,652 -39.3
1,758.290
1,236,420
1,726,499
1,585,127 -0.3
-9.1
1,271,107
1,579,942
1,246,809
-14.1
-19.0
776,796
990,858
802,486
739,774
-4.8
786,707 -5.9
840,902
740,000
6311,174
561,66'
-9.5
765,424 -0.9
758,819
584,735
+3.9
653,697
630,725 -13.2
759,046
547,648
760,836
-19.1
649,523 +4.8
680,629
526,139
567,541
-10.1
789,150 -7.5
730,181
496,678
420,11
511,100
-24.0
662,000 -36.6
485,000
434,912
+1.7
"
545,391
519,760 +4.9
405.225
-23.5
-25.0
03,331
498,163
373,380
603,030
+0.5
339,11
471,292
480,695 -2.0
456,896
-7.9
312,309
329,868
:380,884 -13.4
330,603
-17.3
384,257 -21.1
303,046
292,879
329,027
+2.0
289,349 +36.2
251,688
394,056
314,850
-20.0
275,023
331.275 -17.0
300,906
265,437
-0.2
219,935 +2.8
226,102
222,297
234,361
274,809 +1.9
-3.2
280,000
192,305
246,000
127.398 -21.4
92.41:3
+1.2
100,074
97.748
-8.2 312,094,215 318,861,386 -2.1 270,992,737 263,847,503
42,008,361 -38.7
-31.7
25,742,114
38,946,707
31,237,763
11,280,684 -26.2
-30.9
10,572,675
7,281,737
8,320.227
8,392,895 -21.8
-20.9
8,108,097
6,563,729
4,185.797
6,253,889 -13.4
-17.0
3.952,294
5,417,060
3,387,038
4,63:3,348 -17.5
3,709,352
3,822,354
-31.6
2,562,071
+7.1
-0.7
4,915,760
3,054,030
5,266,640
2,689,215
4,563,940 -17.6
3,808,820
-13.8
3.758,725
2,784,506
-62.3
2,713,155 -54.7
1,228,731
-27.5
837,057
724,234 -29.6
509,732
450,000
+0,04
344,929
476,175 -14.9
464,244
405.089
+15.8
297,092
513,500 -6.5
480,000
276,373
415,899 -9.0
378,379
11.1
-27.8
86,855,840 -28.7
73,631,070
61,892,780
55,317.434
+5.9
32,221,030
28,329,987 +13.7
21,171,327
20,841,149
+8.2
17,819,024
16,350,937
+9.0
15,468,940
15,679,354
+6.2
10,546,649 +14.0
12.022,191
8,617,310
7,814,504
+11.3
7,127,086 +17.0
8,339,428
6,054,523
5,474,478
-0.9
7,219,977 -6.4
6,329.057
6,757,190
5,180,705
-12.4
5,034,497 -0.8
4,686,213
4,996,335
3,912,552
-10.1
2.852,192 +1.2
2,357.855
2,886,268
2,666,759
2,482,452 -9.1
-1.0
2,256,566
1,856,130
1,660,920
+0.4
-11.0
1,239,360
1,244.771
+1.2
1.400,950 +7.6
1,000.791
1,508,065
1,256,030
-15.8
1,088,863 -11.1
1,067.860
967,582
1,001,481
+4.0
968,280 -12.9
654,897
843,993
1,043,042
+12.8
592,698 +21.7
457,663
721,277
435,443
-24.4
600,000
660,000 -9.1
600,000
521,765
-8.7
511,512 -6.0
374,29
480,950
341,021
-10.1
314.564
245.337
350.895 -10.4
194,035
93,979,234
85,510,975 +9.9
70,942.712
+3.0
68,023,278
56,390,776
-5.8
50,676.904
57,038,640 -1.1
54,151,714
-19.1
14,423.053
18,081,4415,950,462 -9.6
16,320,290
-16.4
10,018,744
13,104,040 -23.5
11,432,141
12,351.795
-16.8
8,683,10
10,905,363
10,737,002 +1.6
6,789,955
-5.6
6,182,000
6,299,500 -1.9
5,232,000
4,752,700
-10.2
5,175.857
5,590,002 -7.4
4,792,32
4,408,458
-15.7
3.821,625
4,257,686 -10.2
3,775.12
' 2,960,642
+2.5
4,861,164
3,898,824 +24.7
4,680,891
5,199,221
-3.1
3,399,286 -15.9
2,860,434
4,116,955
3,032,204
+4.2
3,772,825 +17.8
4,444,214
2,327,124
2,824,316
-21.2
2,824,910 -7.2
2,620,203
3.762,805
2,463,209
-24.3
2,427,367 -21.1
1,914,360
1,821.12
1,762,194
-16.6
1,828,222 +3.3
1,868,877
1,990,59 1
1,426,388
-28.0
1,402,256 -10.5
1,255,100
1,333,42
-4.3
1,438,195 -9.9
1,296,748
1,533,261
1,398,993
-9.8
1,355.194
+0.2
1,357,404
1,312,491
1,102,641
-7.7
1,214,577 -7.7
1.117,705
965,848
1,003,240
-5.2
1,109,938
1,112,000
+0.2
1,035,712
797,690
-4.2
1,141,500 +2.2
1,166,160
1,163,582
1,043,619
-7.9
1,427.618 -7.7
1,317,541
1,113.486
1,052,937
-20.5
1,007,534 -8.4
923,049
837.85
-8.8
615,073 -23.1
473.147
657,2 .
473..0
370,000
346.483
+6.8
426,06 +13.7
400.
-40.2
436,907 -37.1
275,000
573,9
-2.9
385.000 -35.1
249,854
387,37
1121r,4§(71
-10.3 136,400,378 143.009,050 -4.6 132,512.80.' 125.572.125
-28.0 2,249,833.977 3.059.845,756 -26.5 2,655,494,867 2,789,612„529
-15.1
934,216.481 1.065.407,225 -12.3 954,374.4
875.059,201

818

THE CHRONICLE

THE FINANCIAL SITUATION.
There have been several features prominent in industrial affairs the past week which for the time have
had more or less influence on security values. A chief
development has been a .further evolution in the
matter we have for two or more weeks touched upon,
and which calls for immediate attention and radical
measures for reform. Other matters may wait; this
stands in the fore-front. We refer to the accelerating
pace with which our worthy President's devices are
heading for the chaos of railroad insolvency. The low
rates which have been forced upon the carrying trade
have so far shortened income as to bring it in very
many cases materially below the point of safety.
Every one knows that, and is aware of the kinds of
lapses which naturally accompany this downward
gradation. Figures are being scattered broadcast
which tell the story of the situation in strong language.
Unfortunately, the public reads them but fails to heed
their teaching; and what is more unfortunate is that
those who have the power to arrest the evil tendency
are not sufficiently alive to its threatenings to take
immediate measures to stay their progress. An old
Washington dispatch which we have several times
referred to seemed to promise a 10% rise in railroad
rates; this looked like a comprehension of the situation
and gave encouragement of curative action, as if a
reform movement was in view, if not, indeed, in close
contemplation along those lines. Instead of such relief being an early event, it seems to be deferred.
In the meantime the rapid increase in railroad retrenchment now in progress everywhere, forced as a
measure necessary for survival, is especially noteworthy. This end is secured by stopping all improvements, extensions and other work except such as are
absolutely essential,and laying off as many men as the
occasion permits. It must be obvious to every one that
we cannot be in the enjoyment of the old high-tide of
progress, or anything like it, while these cuts in expenditure continue, however much we may deceive ourselves into thinking things are getting more active.
Many roads can take these steps without reaching insolvency, and some few without even reducing dividends, because they are only trespassing on a surplus
which in the past has been large and heretofore put into
all sorts of improvement work, adding to the usefulness
of the property, to the development of the country
they drain and of the industries they cultivate. These
instances are conducive to lethargy and prejudicial to
wide-awake remedial action which the occasion demands. The Erie road, which as to income is at present
among the less favored, has been struggling all the
week with efforts to make provision for the payment
of $5,500,000 short-term non-interest-bearing notes
due on the 8th inst., with the alternative facing it of
falling .
into the hands of receiver's. Another class of
statements is the Pennsylvania's for the month of
February, which road was able to decrease its loss
in gross earnings of $2,934,300 by economizing
operating expenses to the extent of $2,541,200 on
its Eastern and Western combined lines; that, of
course, does not mean much of an effort to the road,
but an immense loss to the business of the country,
and especially to the development of the property itself. Taking the recent earnings of all the roads,
they show that affairs are going down fast, and that



[VOL. Lxxxvi.

the Government should make haste and amend the
Inter-State Commerce law, allowing rates that will
make the roads as a body self-subsisting entities and
not parasitic.
The local community by sad experience is being made
aware of the ill effects of governmental interference
with and regulation of the affairs of street railways.
We have in this State, as is well known, two Public.
Service Commissions, which have charge of pretty
nearly everything concerning street railways, steam
roads, electric-light, heating and power concerns, and
gas and express companies, &c. These bodies began
their labors on the 1st of last July, and the first thing
the Public Service Commission for the First District
(the body charged with the regulation of corporations
in the metropolitan district) did was to begin an investigation of'the street railways, the elevated roads
and subways of New York City. There were, as always happens in such cases, some sensational and
damaging disclosures. The effect was to discredit all
the securities of these properties. Arrangements had
been begun a short time before for finanicng the needs
of the different companies for the immediate future,
through contemplated issues of collateral trust notes,
but the investigation referred to, coming at a period
of disturbed monetary conditions, such as prevailed
last summer, rendered carrying the task to completion out of the question. It had been known for along
while that the Metropolitan Street Railway lines were
not earning their dividend and interest charges, but,
through the common control of these street railway
lines and the subway and elevated lines, the surplus
earnings of the Interborough Rapid Transit Co. were
available to meet the deficiency. The burden was a
heavy one, but in effect the financiers who had built
and conceived the subway and had acquired the elevated roads were carrying the load.
This plan of common control, however, was from the
first denounced by the sensational press. They succeeded in egging the Commission on (for a public body,
however high the character of its members, is always
in large degree amenable to public clamor), and the inevitable followed. The controlling interests in the.
holding company—the Interborough-Metropolitan Co.
—were not hound to carry this load, since their only
interest in the street railway lines was in their stock
holdings in the same, and accordingly, when their plans
for new capital needs for the different properties for
the immediate future were so rudely disturbed, and
when at the same time abuse was being heaped on them
thicker than ever, they declined any longer to make up
the growing deficit resulting from the operation of these
street railway lines. The security holders and other
creditors thereupon began to enforce their claims and
receivers took possession. There was great glee in the
camp of those who had so long been seeking to bring
about this very state of things. Their predictions of
general insolvency had been verified, and they delighted in saying "I told you so."
But now that all this has happened, what is the position of the traveling public? Evidence is piling up
with amazing rapidity going to show that, instead of
the financiers, who had been so roundly denounced,
bearing the burden, as was the case before last September, the public will have to shoulder the burden. At
first there was only a general receivership, embracing

APR. 4 1908.J

THE CHRONICLE

819

the Metropolitan Street Railway proper; but gradually During the six months ending Dec. 31 1907 the ratio
separate receivers were appointed for the various of transfer passengers was still further increased, it
leased and controlled lines, as each particular security rising to 55.13%. It is generally supposed that the
interest undertook to enforce its lien covering specific street railways get 5c. per passenger, but allowing
pieces of property. As a consequence, the city street for the transfer passengers carried free, the average
railway system is being dismemliered piece by piece— for all passengers realized for the fiscal year 1907 was
a new receivership this week having been that of the only 3.29c. and for the six months to Dec. 31 1907
Union Ry., covering the lines in the Bronx. With the was but 3.16c. Through the extension of the transfer
courts operating the lines through a multiplicity of system, and in part also through the abuse of the
receivers, the question of course comes up how to privilege, the average realized per passenger has been
make each particular line self-sustaining with a view uninterruptedly declining. As recently as 1902 the
to meeting the obligations resting on it. The Public average was 3.60c., against 3.16c. now. The disposiService Commission, acting as if oblivious of the situa- tion has been to think—and we must confess that
tion, continues to issue its edicts commanding more we have ourselves shared in this belief—that the finan, frequent and better service, and the courts are to a cial troubles of the street railway lines in this city
certain extent aiding it in this regard. For instance, must be ascribed to over-capitalization. But the
Judge Lacombe in the United States Circuit Court on figures we have just cited with reference to the inMonday last granted authority to the receivers of the crease in the numberof the transfer or free passengers
New York City and Metropolitan Street Railway com- carried and the decrease in the average rate received
panies to issue 6% 1-year receiver's certificates to pro- as a consequence, indicate that this view must in a
vide for the rehabilitation of the surface lines of the two measure be modified. A capital illustration of what
companies. These certificates are to have a lien pre- has been going on in this respect is furnished by comceding both the general and collateral trust mortgage paring results for the fiscal year 1907 with those for
and the refunding mortgage. But this process is not the fiscal year immediately preceding. Receipts in
likely to go very far, and could not, in any event, be the latest year were only $18,635,568, against $19,carried on indefinitely; so the situation of the Court 381,622 in the previous year. Yet the aggregate
and the receivers is precisely that of the private owner, number of passengers carried in 1907 was 571,394,913,
and the problem reverts back to the question, how to against 569,994,740 in 1906. The falling off in revenues is explained by the fact that in 1907 out of the
make the lines self-sustaining.
The receivers have convinced the Court that there total number 194,765,342 were free passengers, as
is only one way of accomplishing this end—transfer against only 178,639,866 free passengers in 1906.
Summing up, therefore, we find that every interest
privileges must be either curtailed or cut off altogether.
receiver cannot put his hands in his pocket and has suffered and no interest has gained through the
A
make up a loss for the time being, as can the private success of the plans for the dismemberment of the
owner if so inclined. This week Receiver Whitridge so-called iniquitous combination of the street railway,
of the Third Avenue Railroad reported to the Court the elevated and the subway lines. General insolthat under the system of transfer privileges with the vency of the street railway lines has been brought
Metropolitan Street Railway and other lines the Third about and if anyone can derive satisfaction from that
Avenue Company for the month beginning Jan. 16 fact he is welcome to it. It is true that a "hateful
and ending Feb. 15 had carried 4,067,618 passengers, monopoly has also been destroyed and each separate
of whom 2,944,341 paid their fares with money and piece of road can now be operated on the go-as-you1,123,277 paid with transfer tickets obtained on other please plan. But to whose advantage is this? Selines.. He adds this impressive but pitiful remark: curity holders have suffered a tremendous shrinkage
"I can neither pay wages nor buy supplies with trans- in the value of their shares or obligations and the
fer tickets and they are of no use whatever to the Thrd roads no longer find themselves able to provide for
Avenue Railroad." Acting on this suggestion, the either their physical or their financial needs. The
Court has directed that transfer privileges be in large traveling public has suffered most of all. Instead of
measure discontinued. Some transfers had previously practically a universal system of transfers they must
been cut off, but now all transfers between the Metro- now pay two fares or three fares instead of only one.
politan Street Railway lines and the Third Avenue This is what investigation, Government interference
lines are to be eliminated except in certain places and newspaper and political abuse have accomplished.
where there is common use of pieces of road. As a What open-minded man can view the general wreck
business proposition, Judge Lacombe says it is ob- without learning the lesson which it teaches?
vious that a curtailment of transfer privileges in this
manner will increase the cash receipts, and since
But it is not alone our street railway properties that
receivers are trustees for the creditors, their duty to are in a bad plight. Steam railroads, under the same
operate the roads so as to increase earnings is equally governmental regulative process, are being reduced
by degrees to almost equally unfortunate straits.
obvious.
Incidentally some instructive figures bearing on the And the worst of it is that the only notions for progeneral question of transfers have been published. It viding relief possessed by the politicians and those
appears that in the fiscal year ending June 30 1907 in authority seem to be further interference of the
376,629,571 revenue passengers were carried on Man- same kind. This week, for instance, news leaked out
hattan Island, compared with 194,765,342 transfer that the Inter-State Commerce Commission had asked
passengers, the latter forming 51.71% of the former. for a special appropriation of $750,000, so as to he in
In 1888 the transfer passengers were only 1,996,871, position to undertake a physical valuation of the
or 1.10% of the revenue passengers, and even in 1895 railroads if the opportunity should arise. Railroad
the number was no more than 12,769,810, or 5.06%• securities have already undergone tremendous shrink-




820

THE CHRONICLE

age and the only use that could be made of such
valuation, as far as we can see (for we may be sure
the effort would be to make the valuation as low as
possible in order to justify the Commission in reducing rates) would be to convince security holders that
there ought to be further shrinkage. • In addition
one of the members of the Inter-State Commerce
Board, namely Commissioner Lane, has been issuing
pronunciamento intended to show, that the railroads are not so badly off after all, even though their
gross earnings are falling off '11 to 12 per cent and
their net earnings 25 to 30 per cent. One of the
events of the week has been the reduction in the semiannual dividend on Atchison Topeka & Santa Fe stock
from 3 per cent to 23/b per cent. As net earnings of
the company for the eight months to Feb. 29 have
been only $18,692,240 against $23,033,722 in the
corresponding eight months of the previous year, the
step was undoubtedly judicious.
Another event of the week which has attracted wide
attention has been the effort of the Erie Railroad Co.
to provide for its maturing short-term and other
floating obligations. All through the week financial
interests have been in suspense pending determination
whether the effort would succeed, and there has been
bminous talk of a possible receivership as the only
way out of the dilemma. It should be remembered
that the Erie Railroad is organized under New York
laws and that all the railroads in this State are now
greatly hampered in their operations by the Public
Service Cothmission law of last year. These railroads
are no longer free agents. They can take no step without the approval of that body. No matter how pressing their needs they cannot conclude negotiations
with bankers for relieving the same without ascertaining whether that omniscient and omnipotent body
be ready to approve. Obviously a road like the Erie,
whose credit has never been gilt-edged, even when
business conditions were flourishing, is not in position in times like the present to make its own terms.
Early in the week, the Public Service Commission
for the Second District made an order granting the
company authority to issue $15,000,000 5-year notes
and certain other bonds which are to serve as collateral for these notes, but attached numerous conditions
and restrictions. What the outcome of the matter
is to be is still in doubt, particularly as some of the
holders of the maturing notes seem unwilling to take
the new notes in exchange.
Unfortunately, too, railroad earnings are not improving as expected. Losses in gross earnings• are
running. about the same as before. As to net earnings, where these show up less poorly, it is only because of drastic reductions in expenses, which means
simply• a large degree of idleness among railroad
employees and among the employees of manufacturing concerns from which the railroads purchase their
supplies. The returns which have come in this week
have been mainly for the month of February. For
that month the Atchison shows net of $2,322,420,
against $2,458,734, and the Southern Railway net
of $505,026 against $592,640, both roads having
succeeded in effecting heavy reductions in their expenses; but on the other hand the Illinois Central
has net of only $809,071 against $1,201,462; the
Rock Island system $1,745,201 against $2,504,684;
the Canadian Pacific $357,095 against $621,988; the




[VOL. Lxxxvi.

Chicago & North Western $1,071,172 against $1,411,132; the Louisville & Nashville $795,652 against
$1,062,414; the Missouri Kansas & Texas $368,401
against $530,728; the Norfolk & Western $625,302
against $868,464; the St. Louis Southwestern $66,523
against $204,443, &c., &c.
It is noteworthy that open market discounts at
London this week were lower than those at any European centre, not excepting Faris, which, when money
is cheap, usually records the lowest rates. As the result of this abnormal discount condition, exchange at
Paris on London fell sharply, and gold moved from
the last-named centre to the French capital in some
volume, naturally causing a rise in the market price
of the metal, reflecting competition between the Bank
of England and the French bankers. It would seem
that the recession in the open market discount rate
at London denoted a loss of control thereof by the
Bank, and hence it was thought there would soon be
a further reduction in the official rate of discount.
Such reduction, however, does not seem probable,
judging from the forecasts which are made by London
financial journals of the Bank's reserve condition in
the current month. It is noted that the Bank usually
attains its greatest strength by the middle of March;
indeed, then, as a matter of fact, it was exceptionally
strong. In April, however, the Bank customarily
loses considerable amounts of reserve and with Easter
later than usual this year, the decline in reserve seems
likply to continue until May, by which time it now
seems probable that there will be a decrease in this
item of from 4 to 5 millions sterling, the amount depending upon the movement of gold on foreign, as
well as on domestic, account. As regards new supplies of the metal, it is expected that a portion, if not
the whole, of the gold that will come into the market
from abroad will be taken by the Continent, and that
the Bank of England will receive none with which to
offset the movement to the country. After Easter,
though, the monetary tide should turn from the provinces to London, and then it may be in such
volume as to justify the Bank in reducing its
official rate.
Though it had been expected that the German Government would shortly issue new loans, the emission
was not looked for before May. The announcement on
Thursday of an Imperial loan for 160 million dollars
and of an issue of 100 million dollars of Prussian consols caused surprise. Possibly the negotiation of these
loans may have such an influence as to cause
the Bank of England to defer action on the discount
rate at least until the end of April. Probably gold
will now be needed by the Reichsbank, for it lost 30
million dollars in cash last week, and if there should
be a movement of the metal from London to Berlin,
open market discounts at the British capital would be
affected, thus contributing to a further postponement
of a reduction of its official rate by the Bank of
England.
It is now two and a half years since the advantage
of so low a rate as 3% was enjoyed by the London public. The coin and bullion on March 19 amounted to
403 millions and the reserve to 313. millions—to equal
which figures we have to go back to September 1896,
when the reserve was slightly in excess of the above.
The figures, therefore, of the reserve lend weight to the

APR. 4 1908.1

THE CHRONICLE

821

Transactions in share properties on the various exchanges have likewise been much less extensive thus
far in 1908 than in the similar period of 1907. This
shows an indisposition on the part of the general public
to invest largely in stocks even of leading and financially
strong corporations selling at extremely low values.
But this timidity at this time is not surprising, in view
of the volume of recent legislation inimical to corporate prosperity. Latest developments along these
lines have been, of course, rather more favorable,
as witness the upsetting by the Federal courts of the
railroad-rate laws of Minnesota and North Carolina.
But after the extreme antagonism to railroad and
other corporations which has been recently so manifest
in State and national legislative assemblies, it will require more than one or two rate decisions to stimUlate
the business of stock investments. As indicating how
decided has been the decrease in volume of stock
transactions, we have only to refer to the fact that on
the New York Stock Exchange dealings in March
1908 aggregated only 15,939,255 shares, against 32,208,525 shares in the same month of 1907, and that for
the three months the total was but 42,373,856 shares,
against 71,382,257 shares a year ago. This represents
a falling off of three billions of dollars, the market value
of the shares traded in for the three months this year
having been that much less than last year. And with
Stock Exchange transactions an important factor in
bank clearings, it is not surprising that the loss in the
New York total should be conspicuously large. At
Boston the status of affairs was much the same as at
New York, the month's transactions this year having
been only 970,248 shares, against 1,797,182 shares in
March a year ago, and for the three months the comparison is between 2,776,616 shares and 6,203,867
shares. On the other Exchanges of the country somewhat similar conditions have prevailed.
Directing attention now to the compilation of clearings for March and the first quarter of the year which
appears to-day on the first page of this issue, we find
that only 22 cities of the 114 included show gains over
the previous year, and those as a rule quite small. For
the whole country the decrease in the March aggregate from that for the month ot 1907 reaches 33.3%,
and compared with the like period two years ago the
loss is 24.8%. For the three months this year's total
falls behind last year's by28% and the loss from 1906 is
28.5%. New York is conspicuous with a decline. of
42.5% for the month and 35.4% for the quarter, as
compared with last year, and while outside of this city
the exhibit is not so unfavorable, the aggregate records
a loss of 16.1% for March and 15.1% for the three
months. Considering the returns by groups, the most
Bank clearings continue to indicate a volume of mer- important percentage of loss from 1907, for both the
cantile transactions much. below the corresponding month and since Jan. 1, is found to be in the middle
period of 1907 or 1906. In certain sections of the coun- section, where leading Cities like Philadelphia, Pittstry, confining our judgment to these clearings returns, burgh, Baltimore and Albany, in addition to New
there would seem to have been rece0y some recovery York, show large declines. Decreases of 28.9% for
from the comparative dulness which has been so con- the month and 23.9% for the three months are respicuous a feature of late months, and at a few points corded by the aggregate of clearings for the cities commore business is passing than was the case a year ago. prising the New England group;in the Middle West the
But in the country as a whole there is as yet no discerni- losses are 6.3% and 8.2% respectively, and on the
ble evidence of returning activity. While that is true, Pacific Slope reached 27.2% for March and 27.8% for
there is a better feeling prevailing in general business the quarter. At the South the falling off for the month
circles—a feeling contributed to by the sound state of is seen to have been 9.5%, and for the three months
our financial institutions made in the time of great 10.3%. A majority of the cities included in the
"Other Western" group record gains as compared with
stress.

belief which the "London Economist" expresses that
A
next month will see the Bank rate lowered to 21 %.
Not only has London enjoyed these unprecedentedly
low rates for discounts this week, but like conditions
have existed in our own money market for call loans •
and apparently for the same reasons—depression in
trade and inert speculation. A 1% rate for money on
call was recorded on the Stock Exchange Monday;
this was followed by a fractional recovery, but the
average was low for the remainder of the week. Reductions of supplies of money, through recalls of public
deposits from the banks, seem to have had little or no
effect; the increasing Treasury deficit, which last
millions, contributes to augmonth amounted to
ment market accumulations through the excess of
disbursements over receipts, and the monetary stagnation at Western centres seems to be promotive of a
flow hither of funds in sums unusual for the season.
In view of the growing deficit, and of the need for preparation for providing for the redemption of the 64 millions of 3s of 1908 in August, it is regarded as probable that the Secretary of the Treasury will soon recall
another large amount of public funds from the banks.
As to foreign exchange, a rumor was current of impending gold exports. A reduction in the rate of
exchange at Paris on London to the gold-importing
point from the British capital, and also a coincident
rise in exchange at New York on London to within
half a cent per pound sterling of the normal goldexport point to London, gave rise to some expectations
of the possible shipment of the metal hence to Paris as
an arbitration operation, in case there should be a
further fall in Paris exchange or an additional advance
in that of New York on London. The question of such
gold exports seemed to depend upon the urgency of the
demand for gold at Paris; French bankers were competing in the London bullion market with the Bank of
England for the Cape gold that was offered therein, and
- as a result of such competition the market price of
3
gold has advanced about % of a penny above the
normal. There did not, however, appear to be any
evidence in this competition for gold that the requirements of French bankers were extraordinary; those
bankers were seemingly withdrawing their balances
from London with a view to their employment to better
advantage either at home or elsewhere on the Continent. Possibly, too, the offering of the new German
loans might be the cause for the active bidding for the
metal. Our bankers professed to feel no concern regarding the possibility of gold exports; the impression
prevailed that were any of the metal to go forward
the amount would be small.




822

THE CHRONICLE

[VOL. Lxxxvf.

1907, and as a result the aggregate for all points for of 1907. Insolvencies among manufacturers continMarch exceeded the total of a year ago by 3.5% and ued large in amount of liabilities involved, making up
for the three months an excess of 3% is exhibited.
over one-half of the grand aggregate and more than
trebling the figure for the month of the previous year.
-The statement of failures for the month of March Trading failures also were heavy in March, the lia1908 completes the statiStics for the quarterly period. bilities reported having been $9,303,362, or moderIt shows for the three months 4,909 disasters—a num- ately less than in the manufacturing division, and comber greater than in any other like period in the history paring with $3,273,720 in the month a year ago. On
'of the United States. In amount of liabilities, how- the other hand, a distinctly improved situation as comever, the quarter ended March 31 1878 exceeded that pared with the previous month is to be noted in the
just completed: Moreover, there were several quar- remaining division, which comprises brokers, transters, all of which were later in the year, when the vol- porters, &c. Liabilities reported for March reach only
ume of liabilities arising out of failures was greater $1,260,349, against $6,381,053 in February and $1,than in this first quarter of 1908. This was true nota- 545,365 for March 1907.
bly of the second, third and fourth quarters of 1903,
For the three months of 1908 the number of failures
when the amounts involved were 121 millions, 82M was 4,909, with aggregate liabilities of $75,706,191,
millions and 95M millions respectively.
comparing with 3,136,with indebtedness of $32,075,591,
The current exhibit is, of course, an unfavorable one, in the corresponding quarter of 1907, and 3,335, with
but, in view of antecedent, and to a considerable ex- liabilities of $82,078,826,in the first three months of
tent still existing, conditions, furnishes no cause for 1878—this latter being, as already stated, the only
surprise. Following the crisis of last fall and the re- opening period of any year making a poorer showing
sultant check to commercial and industrial affairs, than 1908. Manufacturing disasters make up $33,it was obvious that mercantile distress would follow. 256,857 of this year's first quarterly total, against
Business in many cases was being conducted upon a $13,779,057 for the same period a year ago; among
plane that took nothing into account except the con- traders the comparison is between $31,459,512 and
tinuation of extreme activity. So, when the panic $13,526,206 and the remaining failures cover liabilicollie, those conducting very extensive operations upon ties of $10,989,822 this year against $2,770,328 in
limited resources got into difficulties, and in numerous 1907. Bank suspensions in March comprehended liainstances, being unable to renew old loans or negotiate bilities of only $6,530,364; but for the quarter the renew ones, were for the time being at least forced to ported liabilities of failed institutions were $69,751,623,
the wall. Among small traders with very little capital, against only $6,985,219 last year.
it takes but little to force failures; in times of great
The Pennsylvania Railroad is one of those roads disstress, such as that experienced during the period to
are referring, bankruptcies are numerous. tinguished for a large saving in the expense accounts.
which we
Such was the situation the latter part of 1907, and it This company is always very liberal in its outlays for
has been so thus far in 1908.
renewals and improvements when times are prosperYet, with the business mortality as great as it has ous and hence in poor times is in position to make
been in recent months, it can be quite safely said.that a large curtailment in its expenses. The system's
developments in that direction have not been as bad. losses in gross earnings for the month were very heavy.
as many believed probable, and now there is some' On the lines directly operated East of Pittsburgh and
slight evidence of a clarifying of the commercial and Erie the decrease in gross has been $1,637,900 and
industrial atmosphere. No special renewal of activity on the lines West of Pittsburgh and Erie it has been
is to be noted in any line of trade, but a feeling of hope- $1,296,400; but these decreases have been offset by
fulness, often the prewsor of improved conditions, a reduction in expenses of $1,298,500 on the Eastern
is apparent. This is really a period of transition—an lines and of $1,242,700 on the Western lines. The result,
adjusting of affairs to suit changed conditions. With therefore,is that for the combined lines, with a falling
the weak pretty well eliminated, the business world off in gross receilits of $2,934,300 there has been a
is in a position to await patiently theslow development saving in expenses of $2,541,200, leaving a loss in net
of another cycle of active and prosperous trade. Among of only $393,100. Last year in February the comthe encouraging features of the current situation is bined lines recorded $1,181,300 increase in gross with
the fact that embarrassments of financial institutions $244,700 loss in net. In the following we show the
are no longer a disturbing factor. Furthermore, the gross and net earnings for the last six years of the lines
banks and trust companies that were forced to suspend directly operated East of Pittsburgh and Erie, being
have,with few exceptions,already resumed, and steps the only portion of the system for which we have the
are under way to open up or liquidate the others. data for such a comparison.
This is a distinctly favorable development, for a full
1904.
1907.
1905.
1008.
1906.
1903.
Lines East ol
*restoration of confidence is largely founded upon the gPtItsburgh.
February.
soundness of our banks and financial institutions.
Grossearnings_ 9,814,960 11,452,860 10,824,060 8,607,760 8,345,424 8,229,524
Passing directly to a perusal of the statement of Oper. expenses 8,165,251 0,463,751 8,528,151 7,451,151 7,034,962 6,915,662
Net earnings 1,649,709 1,989,109 2,295,909 1,156,609 1,310,462 1,313,862
failures for the month of March and the quarter ended
Jan. 1 to Feb.29
March 31, as compiled by Messrs. R. G. Dnn & Co., Grossearnings_ 20,378,272 24,036,572 22,828,572 17,870,872 16,819,298 17,796,698
17,302,564 15,009,964 14,304,302 14,115,202
we find that the data for the shorter period (the month) Oper. expenses 16,452,964 19,105,064
Net earnings 3,925,308 4,931,508 5,434,008 2,860,908 2,454,996 3,881 496
.
makes a somewhat better comparison with the previous
year than was the case in February. At the same time,
the aggregate number of failures is given as 1,339, with
There was no change in official rates of discount
indebtedness of $21,542,106, which contrasts with by any of the European banks this week. It is re857 in number, with liabilities of 88,163,695, in March ported from Berlin that an Imperial German 10-year



APR. 4 1908.]

THE CHRONICLE

4% loan for $160,000,000 and an emission of $100,000,000 Prussian 4% consols will be offered April 11
at 993/2; a strong syndicate is said to have underwritten the issues. It is expected that the Imperial
Bank of Germany will shortly reduce its official rate
of discount from 532% to 4% in order to facilitate
the negotiation of the loans.
One striking feature of the statement of the New York
Associated Banks last week was the large increases of
$15,354,000 in loans and of $16,898,500 in deposits,as
shown by the actual condition on Saturday,and the comparatively small gain of $2,886,100 in the former and
of $7,254,100 in the latter, indicated by the average
conditions. The actual increase in cash was $580,200;
the average gain was $4,177,600; a loss of $3,644,425
in reserve was reported by the actual conditions, while
a gain of $1,440,275 was shown by the averages. The
actual surplus was $38,395,625; the average was $39,788,525. The above-noted actual gain in loans and
in deposits and the loss in reserve were attributed in
part to movements incident to the resumption of
business by the Knickerbocker Trust Company; loans
of non-reporting State banks and trust companies
were augmented, the former by $37,642,000 and the
latter by $47,571,800.
As elsewhere noted, rates for money on call were
abnormally low for the season this week, and the tone
of the market for time loans was easy, with liberal
offerings of contracts at more or less important concessions compared with quotations in iecent weeks.
The call money branch of the market was directly affected by loaning of the temporary deposits with
banks and trust companies of funds in anticipation of
the disbursement of April dividends and interest;
probably some influence was exerted by the resumption of business by the Knickerbocker Trust Company, such resumption having, as above stated, partly
contributed to the expansion last week of deposits
and loans. The inability of trust companies to employ their balances with their depository banks at
better rates than 2% did not seem to deter them from
directly loaning such balances in the market; the prevailing lower rate was accepted, and to the extent that
these concerns effected loans, their offerings were in
competition with bank lenders. The prospect that
call money would continue cheap in the near future
caused commission houses who were not otherwise provided with funds to borrow on call from the market in
preference to borrowing on short time; the business
in fixed-date contracts was therefore confined to
long maturities. Though money is freely offered on
stock collateral, merchants seem to be experiencing
little relief because of such condition of the market,
for rates for the choicest paper have receded but
slightly.
Money on call, representing bankers' balances,
loaned at the Stock Exchange this week at 2% and at
4
1%, averaging about 15 %; banks quote 13.1% as
and trust companies 13/2%. On Monthe minimum
day loans were at 2% and at 1%, with the bulk of the
business at 13/2%. Thereafter during the week transactions were at 2% and at 13/2% with the majority at
1%%. Time loans on good mixed Stock Exchange
collateral were 3% for sixty and 33'1@332% for ninety
days, 3%@4% for four, 4% for five to six and 43/2%
for eight months. Commercial paper was quoted at




823

5@534% for choice sixty to ninety day endorsed bills
receivable and 532% for prime four to six months'
single names.
The Bank of England rate of discount remains unchanged at 3%. The cable reports discounts of sixty
to ninety day bank bills in London 23/2%. The open
market rate at Paris is 23/2@,25%% and at Berlin and
Frankfort it is 431%. According to our special
cable from London, the Bank of England lost £1,040,540 bullion during the week and held £39,722,848 at
the close of the week. Our correspondent further
advises us that heavy shipments to the interior of
Great Britain account for the loss in bullion holdings.
The details of the movement into and out of the Bank
were as follows Imports, £331,000 (of which £150,000
from Egypt and <£181,000 bar gold bought); exports,
£180,000 (of which £130,000 to Buenos Ayres and
£50,000 to Paris), and shipments of £1,192,000 net
to the interior of Great Britain.
The foreign exchange market was active and higher
early in the week; though the tone was firm after
Wednesday the business was small. One feature on
Monday was a sharp rise in long sterling, following
good buying thereof on Saturday of last week; this
movement on the first-named day was attributed to
the fall in open market discounts in London, as elsewhere noted, which made long preferable to short for
remittance. At the same time sight sterling and cables
rose in sympathy with long and there was a good
inquiry for the former for remittance by the fast
Bremen steamer on Tuesday and by the Mauretania
on Wednesday; there was, however, such a scarcity of
bankers' sight drafts that the demand had to be
largely satisfied with long. Another influence operating on the market early in the week was the
effort to cover a short interest which had developed
towards the close of the previous week. Latterly,
when the market had been oversold and rates for exchange had consequently sharply advanced, there
were liberal offerings by one of the prominent
drawers of bills which, as reported, were against
credits resulting from the negotiation of American
securities abroad; speculators have therefore apparently grown more confident in their operations,
expecting that their short sales could be covered with
the bills drawn, as above noted, against credits
created from securities. This week, however, these
expectations were not realized and consequently cover
for short sales had to be procured at a disadvantage.
The coincident rise in exchange in our market and
the fall in rates for sterling at Paris on London this
week seemed to indicate the possibility of an export of
gold hence to Paris as an arbitration operation. French
bankers were in competition with the Bank of England
for the 5 million dollars Cape gold which was offered
in the London bullion market on Monday-3 million
dollars being secured by the Bank and 13/2 millions
by Paris bankers—and consequently the price of the
4
metal was advanced to 77 shillings 97 pence per
ounce and later to 77 shillings 104 pence; this higher
price was an important factor in calculations as to
the advantage that might be obtained by shipments
of gold to Paris. French bankers during the week
were drawing more or less gold from London, as was
shown by the declining tendency there of exchange

824

THE CHRONICLE

on the British capital. It was suggested that as such
exchange rates were even lower this week than they
were last there might be some urgent requirement for
gold at Paris other than that which would be caused
by the withdrawal of capital from London for employment at home or at Berlin on account of the relatively higher discount rates on the Continent, corn
pared with those at London. Should there be such
urgency, it might be that French bankers would offer
inducements for the shipment hence of the metal to
Paris as an arbitration operation. Our bankers did
not, however, seem to be greatly interested in the
speculation as to possible gold exports to Paris. They
admitted that some of the metal might go forward,
and perhaps soon, for calculations showed that a rise
of half a cent per pound sterling or a further fall in
Paris exchange on London would make gold shipments profitable, even though no inducements were
offered to attract the metal. But it was asserted
our exchange market is so narrow that were there
to be a rise in rates on London,it might be difficult to
dispose of the reimbursing bill against the gold shipment at figures which would insure a satisfactory
profit; therefore the volume of the gold exported
would most likely be small and hence it should cause
no uneasiness. Possibly the emission of the new
German and the Imperial loans which was announced
on Thursday may attract capital from Paris and
London to Berlin for investment, but it is thought
unlikely that much gold will move thereto unless
exchange at Berlin on London or Paris shall decline
so as to make shipments profitable.
On Saturday of last week the exchange market was
strong and, compared with the previous day, rates
were 15 points higher for long at 4 8385@4 8390,
20 points for short at 4 8630@4 8640 and 15 points
for cables at 4 8655@4 8665. On Monday long rose
15 points to 4 84(D4 8405, short 15 points to 4 8640@,
4 8645 and cables 15 points to 4 8670@4 8675. On
Tuesday long was 20 points higher at 4 8415@4 8425,
short 5 points at 4 8640@4 8650; cables were unchanged. On Wednesday long rose 10 points to
4 8425@4 8430, short 10 points to 4 8650@4 8655
and cables 5 points to 4 8670@4 8680. On Thursday there was an advance of 5 points in long to
4 8425@4 8435, a fall in short of 5 points to 4 8645@
4 8655, while cables were 5 points higher at 4 8675
@,4 8680. On Friday long rose 5 points and short
and cables fell 5 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
•
Mon., Tues., Wed., Thurs., Fri.,
Frt.,
Mch. 27 Mch. 30 Mth. 31 April I Apri/..2 April 3
Brown
Brothers
Kidder, Peabody & Co
Bank British
North America
Bank of
Montreal
Canadian Bank
of Commerce
Heidelbach, Ickelheimer & Co
Lazard
Freres
Merchants Bank •.
of Canada

60 days 4
Sight- - 4
60 days 4
Sight__ 4
60 days 4
Sight._ 4
60 days 4
Sight__ 4
60 days 4
Sight__ 4
60 days 4
Sight— 4
60 days 4
Sight- _ 4
60 days 4
ISight.. 4

84
87
84
87
8414
8734
8434
8734
8434
8744
84
87
84
87
8434
8734

84
87
84
87
8434
8744
8444
8734
8444
8734
84
87
84
87
8434
8734

8434
87%
87%
84%
8734
84%
87%
84%
87%
84
8744
84
87%
84%
87%

84%
87%
8444
87%
84%
87%
84%
87%
84%
87%
84%
8744
8444
87%
84%
8734

85
87%
85
87%
85
87%
84%
8744
8444
8744
85
8744
55
87%
8414
87%

85
87%
85
8744
85
8744
84%
87%
84%
8744
86
87%
85
87%
84%
87%

The market closed on Friday at 4 8430@4 8440 for
long, 4 8645()4 8650 for short and 4 8670@4 8680
for cables. Commercial on banks 4 8390@4 84 and
documents for payment 4 833'@4 843'. Cotton for
payment 4 833'0,4 8334,cotton for acceptance 4 8390
@4 84 and grain for payment 4 84@4 843-s.




PloL. Lxxxvx.

The following gives the week's movement of moneyto and from the interior by the New York banks.
Week ending AprIl 3 1908. •
Currency
Gold

Shipped by
Received by
N. Y. Banks. N. Y. Banks.

Net Interior
Movement.

$9,768,000
1,147,000

Total gold and legal tenders

$4,924,090 Gain $4,844,000
622,000 Gain
625,000

$10,015,000

$5,446,000 Gain $5,469,000

With the Sub-Treasury operations the result is as.
follows.
1Veek ending Apri/ 3 1908.
Bank s interior movement, as above_
Sub-Treasury operations
Total gold and legal tenders

Into
Banks.

Out 01
Banks.

Net Change in
Bank Holdings.

$10,915,000
39,648,000

$5,446,000 Gain $5,469,000
,
32,805,000 Gain 6,843,000

$50,563,000

,
$38,251,000 Gain 412,312,000

The following table indicates the amount of bullion
in the principal European banks.
April 2 1908.

April 4 1907.

Banks ol
Gold.

Silver.

Total.

Gold.

Silver.

Total.

£
£
£
£
.£
£
England-- 39,722,848
39,722,848 34,340,713
34,340,713
France -- _ 110,649,453 36,069,044 146,718,497 103,258,473 38,964,404 142,222,877
Germany a 30,120,000 12,483,000 42,603,000 27,780,000 11,019.000 38,799,000
Russia d-- 114,113.000 6.812,000 120,925.000 118,513,000 5,537,000 124,050,000
Aus.-Hunb 46.652.000 12,953,000 59,605,000 45,089,000 12,359,000 57,448,000
Spain ---- 15,511.000 26,291,000 41,802,000 15,439,000 25,144,000 40,583,000
Italy___-- 36,400,000 4,480,000 40,880,000 32,367,000 5,047,500 37,414.500
Neth lands 7,695,900 4,442,100 12,138,000 5,145,800 5,651,600 10,707,400
Nat. Belga 4,022,000 2,011,000 6,033,000 3,248,667 1,624,333 4,873,000
Sweden -- 3,899,000
3,899,000 4,160,000
4,160,000
Switz'land 3,376,000
3,376,000 1,350,000
1,350,080
Norway - - 1.500.000
1,500,000 1,635,000
1,635,000
—
--413.661,201 105,541.144519,202,345392,326,653 105,346,837 497,673,490
Tot. week.
Prey week 420,572,616 107,232,355 527,804,971 399,500,499 107,585,364.507,085.862
a The division (between gold and silver) given In our table of coin and bullion
in the Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain; In neither case is it claimed to be accurate, as those banks
make no distinction in their weekly returns, merely reporting the total gold and
silver; but we believe the division we make is a close approximation.
b The Austro-Hungarian Bank Statement Is now Issued In Kronen and Beller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen
has really no greater value than 20 cents, our cable correspondent in London, In
order to reduce Kronen to Pounds. has altered the basis of conversion by dividing
the amount of Kronen by 24 Instead of 20.
d The total of gold in the Bank of Russia includes the balance held abroad—
that is. the amount held for Russian account in other Continental banks. The
proportion so held, and consequently duplicated in the above statement, is about
one-quarter of the total.

THE BOMB-THROWING INCIDENT.
Quite as much that is encouraging as of what is
discouraging may be deduced from the bomb-throwing
episode in Union. Square last Saturday afternoon.
It was disheartening, as it always is, that such a
thing could have happened in this city, and it gave
to those who read of it the sense of helplessness which
the use of such a weapon at the hands of people with
disordered minds must always create. But on the
other hand, the manner in which the episode was
commented on, not only in conservative but in radical and socialistic circles, gave an opportunity for
some very welcome evidence as to the view which
is taken in this country of such a recourse. That the
young socialist in whose own hands the bond prematurely exploded had intended to throw it at the advancing ranks of the police, there seems to be no
question. That he was acting as the agent of a body
of conspirators has been shown to be wholly improbable. It was, in short, one of those acts of a single
disordered mind against which no provision seems
to be possible. Exactly how the community would
have been affected by the incident had the bomb
thrower succeeded in his purpose it is not easy to
say. As it is, there is a double lesson taught by the
fortunate result.
Two questions arise in connection with the incident. One is, whether the prohibition of the mass
meeting of unemployed, as a result of which this man
had planned to throw the bomb at the police who
undertook to disperse it, was in itself wise or not;
the other, whether the bomb-throwing was a • sign
of further underlying danger in the same direction.

4

APR. 4 1908.]

THE CHRONICLE

The first question is not wholly easy to answer. It
must be remembered that the city authorities, and
the police in particular, have always had before them
the incident of the Chicago bomb-throwing in 1886,
where the existence of an organized anarchist• conspiracy was plainly demonstrated after the deed
itself. It must be remembered, too, that by its very
nature the proposed meeting would have been of an
inflammatory order. To gather together a great body of
the dissatisfied and unemployed with the purpose of
addressing them in exciting speeches, and to call, on
them, as the unbalanced young gentleman who organized the meeting had proposed to do, for a demand
on the city and State governments for employment
on public works, was a program embodying undoubted
elements of danger. The police were probably too
severe; yet it must be remembered that physical
severity, falling short of actual brutality, has always
been the only practicable means of dealing with a
great body of angry men under such conditions. The
more serious question is whether the apparent denial
of the right of free speech would not necessarily of
itself help along the spirit of agitation. It certainly
goes some distance toward making martyrs of the
men who proposed to address the meeting and of
the men who attended it. We are inclined to think
that the wiser course would have been to allow the
meeting to proceed, watched and closely guarded,
however, by a sufficient detail of police.
When we ask whether the bomb-throwing incident
indicates an unsafe or unpleasant position of affairs
as regards the disposition of the socialist element to
use violence, the inference is very much more pleasing.
The chief socialist organ in the Yiddish quarter, in
its immediate comment on the episode, declared
bluntly that "if there is an element that had nothing
to gain and everything to lose by the throwing of the
bomb, it is the working class and its socialistic teachers." And taking the same consideration up in a
more virulent, and, perhaps, for that reason more
effective, strain, it added:"One thing is certain. The
throwing of the bomb was highly desirable to the
capitalistic class." The meaning of this statement,
coming as it does from a fairly representative quarter,
is obvious enough. The people who in Russia have
been carrying on deliberately a propaganda for the
use of bombs and the assassination cf objectionable
individuals are in this country as strongly convinced,
not only that the expedient is useless, but that it is
injurious in the extreme to their own cause.
This is a conclusion at which the most intelligent
people arrived long ago regarding the entire
expedient of assassination. But the fact that it has
now been proclaimed with such emphasis by the
leaders of the agitator class themselves, notwithstanding that events in Russia had lent to it a sort of countenance, makes the view now taken 'considerably
more important. The "Chronicle" has always believed that whether this sort of recourse is adopted
in Russia or anywhere else, it is bound to react upon
its authors. The tyranny which immediately preceded the Russian uprising of 1905 was of a character
to provoke almost any retaliation, and it will be remembered that in some very respectable organs of
public opinion, in England and even in this country,
the assassination of Minister Plehve was discussed
as a regrettable affair, to be sure, but as something




825

which was wholly natural under the circumstances.
With this judgment we have never had the slightest
sympathy. Our position in any and all cases of the
sort has been that the assassin necessarily constitutes himself both judge and executioner, and that
when the slightest color of approval is lent to such a
procedure, the safeguards of the entire social system
are instantly undermined. But since neither the
penalties of the law nor the opposition of an enlightened public opinion can stop the use of these terrible
weapons by revengeful individuals, it is of the highest
importance that the arguments appealing so directly
to the self interest of the class represented should
have been brought to light, as they have been in this
latest incident.
SENATOR ALDRICH'S EMERGENCY CURRENCY
BILL AS AMENDED.
Senator Aldrich must be said to have piloted his bill
for an emergency currency through the Senate with
great adroitness, as is evident from the fact that,
on passage in its final form last week Friday night, it
secured 42 votes in its favor, while only 16 Senators
voted against it. In the long discussions in the Senate the bill appeared in peril on several occasions, but
Mr. Aldrich accepted one amendment after another
in open Senate in the endeavor to gain friends for it,
and also made amendments himself in committee in
order to avoid objections which he knew he could not
overcome. The bill, hence, is a widely different
measure from that originally designed. Yet its main
purpose,and the principle underlying the same,remain
unaltered. Its object is to provide an emergency
currency in a time of panic and financial stress, such
as the country passed through last October and November, and the basic principle of the bill is that such
emergency notes shall rest, as does our existing banknote currency, upon bond collateral. There is nothing in the bill suggesting even remotely a credit currency—that is, a currency based on commercial assets.
Perhaps Mr. Aldrich's cleverest move was when he
eliminated that portion of the original bill which would
have allowed the use of railroad bonds as security for
the new notes. At present, as is well known, only
United States bonds can be used as a basis for banknote circulation. Mr. Aldrich had provided that for
the special or emergency currency to be created by
the Act either municipal bonds or railroad bonds fulfilling certain requirements and conditions might be
accepted as security. But political hostility against
the acceptance of railroad bonds appeared to be developing with great rapidity, and at the same time
there were ominous signs that the retention of this
particular provision would lead to the grafting on
the bill of some features entirely foreign to its scope
and purpose. For instance, Senator La Follette allowed it to become known that he intended offering
as an amendment his bill providing for a physical valuation of the railroads, the plea being that such a valuation was necessary before railroad bonds could become
safe collateral for the circulating notes to be issued.
Mr. Aldrich averted both dangers—that is, the danger
of defeat for the bill itself and the danger of its being
made the basis for the enactment of the law providing
for physical valuation of the roads—by striking out
in committee the part of the bill referring to railroad
bonds.

826

THE CHRONICLE

As now changed, only bonds or other interest-bearing State and municipal obligations, and bonds of
Porto Rico and the Philippine Islands, or the City of
Manila, will answer as a basis for the new notes. This
is an important change, but preserves adherence to the
idea that bond security of some kind is necessary in
the issue of the notes. We cannot get ourselves to
think that a bank-note currency conforms to sound
economic principles which retains that feature. It
seems to us that in any scientific system—a system allowing note issues to expand and contract automatically
in response to the needs of the mercantile community—
the notes must rest on mercantile assets, on goods and
products in process of conversion, which process the
notes are to further, returning thence to the issuer
when they have performed their work. Yet, while
obliged to take exception to the bill on that point,
we do not wish to be understood as claiming that the
emergency currency to be created under the bill may
•not possess a degree of utility in certain contingencies.
In the speech which Mr. Aldrich delivered in support of the measure in the Senate, he let it be plainly
known that his chief purpose was to make provision
for such an extraordinary situation as arose during
the panic last October and November. The country
was then in an utterly helpless state, as far as concerns
dealing effectively with the crisis which had arisen
If it had not been for the heroic work done by Mr. J. P.
Morgan and the resort to very unusual expedients on
the part of the United States Treasury, some of which
were of doubtful validity, no one knows when and how
the panic would have been stopped. But with the recurrence of another such panic in the future, the same
methods of dealing with the matter may not again be
and
available. Conditions may be different
we may not possess the same ability to
command gold from abroad as we did last autumn,
while public opinion will certainly not tolerate again
such arbitrary assumption of Government authority
as then became necessary. Mr. Aldrich's desire is
to be forehanded and prepared for such an emergency.
In view of recent experiences, failure to be adequately
prepared, with the recurrence of a like critical and acute
state of panic, would most assuredly be a lasting disgrace. Should the Aldrich Bill become a law, it would
be possible to put out new notes to a maximum of
$500,000,000 with great facility and dispatch. Thus,
the calls of clamorous depositors could be readily and
promptly met, while • the reserve money held by the
banks could be retained for their own use. For it
must be remembered that during the late panic there was
not at any time the slightest discrimination against
bank notes; depositors were just as willing to take bank
• notes in payment of their deposits as any other form
of money.
How the bill, supposing it a law, would work at
other periods can only be determined by practice. It
is urged against the emergency currency to be provided
that it •would he an expensive kind of note issue for
the banks to take out. This might not be a very grave
objection in a time of great need, when the whole
community is panic stricken, and yet might
be a serious bar at other periods, when there
was call for an extra supply of currency. As
the tax on the notes is to be at the *rate
of 6% a year, the ruling rate for money would
have to be above 6% before it would be profita-




[VOL. LxxxvI.

ble to take out any of the notes. It is to be said, however, that the need of an addition to the volume of
the circulating medium could hardly be regarded as
very urgent unless money commanded 6% or over.
At all events, unless the tax imposed were a high one,
notes of the type here provided would be sure, once
they were out, to stay out—at least in periods of trade
activity such as existed from 1896 to 1907. With
authority to issue $500,000,000 of additional notes in
that way, speculation would be fanned and promoted
to .an inordinate degree, and there would be the same
lack of elasticity, the same lack of correspondence with
business needs, that there has been all along. Accordingly, when an extreme emergency was reached,
like the panic of last autumn, the notes, having
previously gone out and been retained in circulation, there
be none available
would
at
the very time of greatest need. The country would
therefore be as helpless as it was last October. It
follows that a high tax is essential—at least
in the case of notes of the character of those proposed.
From that standpoint, too, the amendment incorporated in the bill providing for an increase in the tax
after the notes have been out long enough to meet the
special needs they are to serve must be regarded as
wise. Mr. Aldrich had arranged for a tax on the notes
at the rate of 6% per annum. As changed, this is to
be the rate for the first four months; after that the tax
will be at the rate of 9% per annum—that is, Yl% per
month.
Another objection urged on the score of expense has
been that the banks would not be the owners of bonds
to any considerable extent; that therefore they would
either have to buy them or borrow them in order to
avail of the provisions of the Act. To buy the bonds,
it would be necessary, of course, to pay out money in
the process of acquiring them, and thus a bank would
be denuding itself of currency at the very time when it
needed it most; moreover, it would get back less
than it paid out, since notes are to be issued only
to the extent of 90% of the market value of the bonds,
not exceeding par. There can be no doubt that the
bill is wrong in principle, and that the proper'mode
would be to allow the banks to use their mercantile
assets as a basis for the issue of the additional notes.
Assuming that, instead of purchasing the bonds, the
banks should borrow them, they would be also handicapped, since they would have to pay for the loan of
the bonds. This would mean an additional cost of
1@2% in addition to the tax of 6% a year.
However, one of the amendments incorporated in
the bill will serve to provide a supply of bonds in the
possession of the banks themselves. We have reference to the section requiring the country banks—that
is, the banks outside the reserve and central reserve
cities—to retain a larger portion of their reserves in
their own vaults. The law now is that the country
banks must keep a reserve of 15%, only two-fifths of
which, or 6%, need be cash in their own vaults. By
the amendment to the Aldrich Bill, four-fifths of the
15%, or 12%, must be on hand after Jan. 11909, and
of this 12%,one-third, or 4%, may consist of the State
and municipal bonds enumerated in the Act. As this
4%,if held idle in bank vaults, would be earning nothing, whereas if used in purchasing bonds of the class
designated it would be earning the current rate of interest prevailing for such bonds, we may be sure that

APR. 41908.J

THE CHRONICLE

the 4% would practically always exist in the form of
such bonds.
Moreover, there is a further requirement, to which
we have seen no reference in any of the papers—it was
inserted at the very last moment—that, after Jan. 1
1909, all national banking associations located in
reserve cities shall at all times have on hand, in lawful money or in the securities enumerated in the Act,
not less than two-thirds of the amount of reserves of
lawful money required to be held by existing law and
one-sixth of the reserves so to be kept in vaults may
consist of bonds. Thus a supply of bonds will always
be on hand, both with the banks at the reserve centres
and those elsewhere. And as, when a bank is once the
owner of the bonds, any rate of interest that it can obtain in excess of the tax it will have to pay to the Government on the new notes will be a cldar gain, it is
quite within the bounds that Mr. Aldrich's emergency
currency might, in times of active trade, become a
feature even when there was not a crisis or other extreme emergency—might,. for instance, be availed of
during the crop-moving season.
We should like, however, to see one further step
taken. We should like to have the House of Representatives, which now has possession of the bill, follow
the suggestion made by the Chicago Association of
Commerce last month, and add a clause providing for
the receiving as security for the new notes clearinghouse certificates issued by the banks in reserve cities
and based chiefly on commercial paper. We agree
with the Chicago Association that the bill, so altered,
might prove a wise step towards currency reform. We
should not, however, favor reducing the tax to only
2%, as is urged by this mercantile body.
Another amendment inserted in the measure provides for the payment by the banks of interest on
Government deposits. There is, it will be recalled, a
similar provision in the Fowler Bill. But, while Mr.
Fowler would have a fixed rate of 2% per annum, the
Aldrich Bill as amended would leave the rate at the
discretion of the Secretary of the Treasury, but not
less than 1% per annum, the rate charged at all times
to be equal and uniform throughout the United States.
Still another amendment deserves noting. It was
proposed by Senator,La Follette, and provides that
"no national banking association shall invest any part
of its funds or deposits in the stocks or other securities
of any corporation or association any of the officers
or directors of which are officers or directors of such
banking associations." The purpose of this provision
is laudable enough. It aims at a practice on the part
of unscrupulous directors of using the funds of a bank
to promote their own private schemes. Often possession of a bank is acquired with this very object in
view. This being so, the idea embodied in the proposal is not to be lightly dismissed. On the contrary,
if there is any legitimate and feasible way of eradicating sucil indefensible methods, it should have the support of every right-thinking person.
On the other hand, the question arises whether, in
these times, when commercial and financial relations
are so closely interwoven, a requirement of the kind
suggested could really be carried out, and whether if
carried out it would not do more harm than good?
If the people in control of a bank are dishonest, and
have ulterior designs in view, they can just as surely
accomplish their purpose through dummy representa-




827

tion on the board of directors as by holding places thew-selves on the board. In this sense the provision would{
be ineffective. It would fail to cover the very cases
it was intended to embrace or to attain the object
sought. There remains the case of the honestly:
,
managed institutions, which far outnumber the others.
By these, we may be sure, the provision would be implicitly obeyed, but as business is now almost entirely
carried on through corporate undertakings, and as
these undertakings are managed, controlled and directed by people of leading position in the several lines
of industry and business—men of experience, of judgment, of unexceptional character and of high attainments—it would follow that these men could no longer
be admitted to the boards: of directors of our national
banking institutions. The result would be that the
banks would lose the benefit of the advice and counse)
of men of that class, and suffer by reason of that fact,
making the law oppressive in its operation. All
things considered, the provision referred to would appear to be of questionable wisdom.
THE NEW YORK CENTRAL SYSTEM OF LINES.
Figures from consolidated statements showing the
results for the calendar year 1907 of the New York
Central & Hudson River RR. Company and all its
controlled and subsidiary lines have been given out
this week,and furnish food for thought and reflection
at this juncture. The combined totals may with
propriety be termed the results for the New York
Central System. The innovation is a recent one, the
management having made public consolidated statistics in this form for the first time twelve months ago
in a presentation covering the operations and accounts
of the calendar year 1906. Similar compilations, it is.
proper to say, were also made up the two preceding
years, but these were not at the time of their preparation meant for the public eye, being intended solely
for the use of the officials in the conduct of the everyday affairs of the various properties.
The practice is a most useful and commendable one.
Though the different companies are all separate corporations and make separate reports,and each stands
on its own bottom, they all form parts of the New
York Central combination of roads, and it is hence
both interesting and instructive to see what the New
York Central System is doing as a whole. The Pennsylvania Railroad has for years given out certain
totals covering all the lines owned, operated and controlled, but these totals have been limited to showing
merely the length of road embraced and the gross and
net earnings and the number of passengers and the
tons of freight handled, with the number moved one
mile. The New York Central compilations go much
further than this, including a consolidated balance
sheet and giving many of the details of traffic operations, such as the train load, the earnings per train
mile, &c.
The present consolidated data serve at once to direct
attention to the magnitude of the business and operations and accounts of the New York Central System
and to indicate the trying conditions under which
railroad affairs generally in the United States have
had to be carried on in recent years. Last week we
reviewed the report of the New York Central Company and showed that on the Central proper—comprising the lines directly operated east of Buffalo--

828

THE CHRONICLE

the gross earnings for the calendar year 1907 had
dpproached close to the 100-million mark, the exact
Amount being $98,369,059. But when the Lake Shore
& Michigan Southern, the Michigan Central, the
Nickel Plate, the Pittsburgh & Lake Erie, the Big
Four, the Lake Erie & Western, the Rutland,and the
'other allied roads, are added, we get figures of still
more imposing magnitude. The aggregate of the
:gross earnings in thatevent does not fall very far short
,of a quarter of a thousand million dollars; not counting
at all income from investments, which has also been
growing very fast, gross earnings of the combined
lines for the calendar year 1907 reached $241,456,945.
The earnings have been brought up to this large figure
within a very few years.' In 1904, for instance, the
Central System showed aggregate gross of only.$187,274,529. Hence in the short space of three years
there has been an addition to the gross earnings in the
sum of $54,000,000 per annum, or say roughly 30%.
Thus the record of growth has been a most gratifying
One. To handle the increase in business—passengers
and freight—represented by such a gain in gross earnings obviously required very skilful management,and
waS a task calling for a high order of executive talent.
The officials were equal to the occasion and no fault
Whatever can be found on that score. The Central
lines got their share of the increased traffic resulting
from the tremendous expansion •in the country's industries and the additional business was handled
with promptness and dispatch and with due economy,
so as to yield the best results.
But what additional net earnings flowed from this
:tremendous expansion in gross revenues? In a word,
how far were the large gains in gross revenues productive of additional net? It is when answer is furnished
to this inquiry that the difficult and trying nature of
the conditions under which railroad operations had
to be carriea on becomes apparent. As compared with
the year immediately preceding, we find that net earnings have actually decreased over a million dollars,
notwithstanding that the gross earnings were larger
in 'amount of almost $16,000,000—this, too, in face
of the fact that the outlays for new construction and
- new equipment included in the expenses were reduced
almost two million dollars. If we carry the comparison further back, the result becomes still more impressive. The following table has been compiled with
the view to bringing out the situation in that respect.
Operating
Net
•
Gross
Miles of
Expenses.
Earnings.
Earnings.
MIA Road.
12,282 $241,456,945 *186,997,205 $54,459,740
l
)
Ti 07
169,973,871
225,591,500
55,617,629
12,159
1006
156,168,015
50,560,117
206,728,132
12,029
905
139,691,628
47,582,901
187,274,529
1904
11,183
140,768,701
189,602,486
48,833,785
1903
11,163
Note.
---Operating expenses Include $10,645,396 spent for new construeAlon and new equipment In 1907; $12,595,440 In 1906; $13,705,869 In 1005;
$10,521,782 In 1904; $11,068,368 In 1903.

.
It will be seen from the foregoing that, while gross
earnings in the three years from 1904 to 1907 increased
from' $187,274,529 to $241;456,945, the net earnings
have risen only from $47,582,901 to $54,459,740. In
other words, $57,000,000 of additional gross earnings
brought with it less than $7,000,000 additional net.
Such figures as these show in a graphic way how operating cost has mounted up as the result of the reduction
in rates, the increase in wages and in the cost of materials and supplies, and last, but not least, the additions to expenses occasioned by arbitrary and vexatious Government regulation.
These bare figures, however, do not tell the full
story of the hardships imposed upon the railroads—



Lxxxvi

the Central being only one instance out of many and
typical of them all. It is obvious that to take care of
the additional traffic represented by the great expansion recorded in the gross earnings, very large capital
outlays had to be made in the shape of new stock
and bond issues. The New York Central consolidated
balance sheet enal?les one to get an idea of the extent
of this additional capital, and on which of course
a return had to be earned. We find that at the end
of 1904 the capital stock of the combined companies
was $326,894,698. But at the end of 1907 the amount
stood at $418,783,600. Here in this one item, therefore, we have an increase in the three years of $91,888,902. But the funded debt has also increased,
having risen in the three years from $460,480,579 to
$549,176,672,giving a further increase of $88,696,093,
and making the total increase in stock and funded debt
no less than $180,584,995. Even this, however, does
not tell the whole story. The balance sheet now shows
$55,000,000 of short-term notes, which were entirely
absent in previous years, and also shows $17,850,259
of loans and bills payable which did not appear three
years ago. These two items add $72,850,259 more to
the $180,584,995 of increase already reported, and
brihg the aggregate of addition in stock and debt and
other obligations for the three years up to the huge
sum of $253,435,254.
In the case of the Cleveland Cincinnati Chicago &
St. Louis and one or two of the other companies, the
Central has been obliged to take itself a good part of
the stock increases made by these companies, and has
had to issue its own obligations in one form or another
to provide the means for so doing. To that extent
the increase in outstanding capital and debt, as disclosed by the consolidated figures, is a duplication.
But we are dealing with capital additions of enormous
magnitude—considerably over one-quarter thousand
million dollars—and the general result and the general
conclusion would remain unaffected even after making an allowance of thirty or forty million dollars on
that account.
The salient, the striking, fact, therefore, is that in
the short space of three years, to meet the demands
of a growing business, new capital outlays to the extent of over 200 million dollars had to be made. The
result of this large investment was satisfactory enough,
we have seen, as far as gross earnings are concerned—
an addition of over 54 million dollars having occurred
in the three years—but in the case of the net earnings
there has been a beggarly increase in the three years
of only $6,876,839 as return on an added capital investment of 200 to 25p million dollars. As showing how
a considerable portion of the new money was invested,
we may note that, including the so-called trust'equipment (covering equipment acquired in 1907 under a
trust agreement), the New York Central lines at the
end of 1907 had 5,445 locomotives, as against only
4,095 at the end of 1904, an increase of one-third in
three years; while there are now 4,512 cars in the passenger service, against 4,300 in 1904; 205,255 freight
cars, against 154,309, and 9,369 cars in the companies'
service, against 5,379. In brief, in three years 1,350
locomotives have been added, besides 55,148 cars of
all kinds, the aggregate of the latter in the three years
having been increased from 163,988 to 219,136.
The poor showing as to net earnings has come in
face of growing economy and efficiency in operations.

APR. 4 1908.]

For instance, in the three years the average train-load
has been increased from 445 tons to 498 tons. By
enlarging the train-loads, the management has succeeded in adding to the earnings of the trains, so that
the trains earned $2 77 per mile run in 1907, against
only $2 53 per mile run in 1904. Economy here, however, was offset by the numerous other circumstances
tending to enhance operating cost. In the last analysis,
therefore, it is the public—the "poor, suffering public"
—that is getting the benefit of the economies effected
in management and the application of enormous
amounts of new capital. Aside from the additional
accommodations and train and station facilities which
travelers and shippers are enjoying, further evidence
of the truth of this statement is furnished in the record
of declining rates paid for the transportation services
rendered, the Central in the calendar year 1907 having realized an average of only 6.01 mills per ton per
mile, against 6.20 mills in 1904, and only 1.82 cents
per passenger per mile, against 1.86 cents in 1904.
This was the situation when traffic was still large and
the country's industries remained in a state of activity.
Now, with traffic undergoing enormous contraction,
with a considerable portion of the equipment idle, the
railroads are facing a period of declining dividends
(the Central has already reduced its dividend), and
the weaker lines are fast approaching insolvency, and
some of them have already landed in the hands of
receivers.
Verily, the lot of the railroad manager is a hard one.
And yet, Government officials, instead of recognizing
the fact and modifying their policy towards the roads
accordingly,, are still at work, with one hand cutting
down railroad revenues and with the other adding to
their outlays. During the past week one of the members of the Inter-State Commerce Commission has been
active in an attempt to demonstrate that the railroads
were not so badly off, after all, that they are earning
(according to specious computations of his) as much per
mile now as five or six years ago. But arguments are
of no avail when they run counter to stubborn facts.
The weekly and monthly returns of the roads furnish
incontrovertible proof that revenues are falling away
in an appalling fashion. To attempt to minimize
these losses is merely temporizing with a serious and
critical situation. The effort should be to provide
relief and means of escape. The attitude of hostility
towards railroad interests must be abandoned; otherwise there can be but one outcome—general disaster.
The hope must be that this desideratum will be attained without the country being obliged to endure additional painful experiences.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
—The public sales of bank stocks this week aggregate 242
shares and were all made at auction. The transactions in
trust company stocks reach a total of 124 shares. A lot of
10 shares of Chase National Bank stock was sold at 230, an
advance of 20 points over the price paid at the last previous
sale, and a sale of 10 shares of stock of the Importers' &
Traders' National Bank was made at 520 as against 503( in
January. The table below, given in our usual form, shows
the, actual sales tof New York City bank stocks made during
the week at auction and at the Stock Exchange. Extensive
tables showing the bid and asked quotations, deposits, surplus, &c.,of banks and trust companies in all important cities
of the United States are published monthly in the "Bank and
Quotation" Section, the April issue of which accompanies
to-day's "Chronicle." Bid and asked quotations for all New




829

THE CHRONICLE

York City bank and trust company stocks are also published, '
weekly in another department of the paper, and will be found
to-day on pages 838 and 839.
Low. High.
Shares. BANKS—New York.
230
230
10 Chase National Bank
305
57 Chatham National Bank_ _ _ _ 305
1953i 195U
50 Copper Bank, National
15 First National Bank
64034 641
520
10 Imp'teri & Traders' Nat. Bk. 520
165
165
100 Merch. Exch. Nat. Bank
TRUST'COMPANIES—New York.
160
159
99 Carnegie Trust Co
101
101
25 Lincoln Trust Co

Close.
230
305
1 95 54
641
520
165

Last previous sale.
Feb. 1908— 210
Mch. 1908— 30034
Mch. 1908— 19134
April 1906— 758
Jan., 1908— 50334
Meh. 1908— 165

160
101

Mel'. 1908— .130
May 1907— 340

—For perhaps the first time on record, the galleries of
several of the local exchanges are closed to visitors. The
New York Stock Exchange closed its gallery some time since,
and its example has been followed this week by the Cotton"
and Produce Exchanges. The action is taken as a pre-.
caution against possible disorders.
—A further advance in the price of New York Stock Exchange memberships to $65,000 has been recorded ,a transfer
having been reported on Saturday of last week at this figure.
A sale was recently reported for $60,000 which represente d
an advance of $8,000 over a transfer made some three or
four weeks ago.
—A presentment against New York State AttorneyGeneral Jackson was returned on Monday by the Grand Jury
which has been investigating alleged charges that the Attorney-General sought a division of fees in the receivership
of the Hamilton Bank. The presentment was read before
Judge Foster in the Court of General Sessions, and is as
follows:
Testimony has been given before the Grand Jury affecting the integrity
of the Attorney-General of the State and an offer has been extended to the
Attorney-General to appear before the Grand Jury and give Ws testimony
In respect thereto. The Attorney-General has appeared and testified before the Grand Jury, and there appears to be a conflict of the testimony In'
resnect to the matters brought before us.
The office of Attprney-General Is one of such transcendent importance
in the administration of the business of the State, and the confidence of
the people of theState In theintegrity of the Attorney-General issoessential
to the public welfare, that we deem it our duty to respectfully call the attention of Your Honor to it and request the Clerk of the Court to transmit
this presentment and a copy of the testimony and of the proceedingsto the
Governor of the State of New York, the President of the Senate of the
State of New York and the Speaker of the Assembly of the State of New
York for action.

The Attorney-General sought to have the presentment
expunged from the records of the Court on the ground that,
it was without warrant, and was in contravention of the
statute which imposes secrecy upon the Grand Jury. The.
motion, however, was denied on Thursday by Judge Foster,
who held that the Grand Jury had acted entirely within its
province, and copies of the presentment were accordingly
sent to the Governor and the Legislature.
—The Aldrich Currency Bill was passed by the Senate
late in the evening of March 27 by a vote of 42 to 16. As
reported in an earlier issue of our paper, the bill provides.
that national banks having circulating notes outstanding
secured by a deposit of United States bonds to an amount
of not less than 50% of their capital, and a surplus of notless than 20%, may issue additional circulating notes to be
secured by the deposits of State bonds and bonds of certain
described counties and municipalities. In addition the
bonds Of the Government of Porto Rico, the Philippine
Islands and the City of Manila have also been made a basis
for the security of the notes. The bill fixes the limit of
circulating notes to be issued at $500,000,000. Before the
taking of the final vote on the bill last Friday, March 21,
Senator Bailey's substitute authorizing the Government,'
instead of the banks, to issue the notes, was subMitted, and
defeated by a vote of 42 to 13. Several important amendments to the bill were made just before its passage by the •
Senate. One of these was referred to last week as having
been incorporated in Committee. It provides that after
January 1 1909 national banks outside of reserve or central reserve cities required to maintain 15% reserve shall hold
in their own vaults four-fifths of such reserve (instead of
two-fifths as now), and one-third of the four-fifths so held
may be in the securities named in the Act. A.further
amendment accepted by the Senate at the same time provides that after the above-named date (January 1 1909)
all national banking associations located in reserve cities
shall at all times have on hand in their own safes or vaults,
in lawful money of the United States, or in the Securities
enumerated in the Act, not less than two-thirds of the amount
of reserves of lawful money required to be held under the
existing law, and that not more than one-sixth of .the .re

830

THE CHRONICLE

serves required to be kept in vault shall be held in such
securities. As is known, national banks in reserve cities
are now obliged to maintain a reserve of 25%, of which
12
may be kept on deposit with an approved depositary
in a central reserve city.
The tax to be paid on the proposed notes has been changed
to one-half of one per cent monthly for the first four months;
thereafter the tax is to be three-quarters of one per cent
monthly. A new section has been added to the bill which
stipulates that "no national banking association shall invest any part of its funds or deposits in the stocks or other
securities of any corporation or association any of the
officers or directors of which are officers or directors of
such banking associations. Any officer or director of any
national banking association who knowingly violates or
consents to the violation of the foregoing provision shall be
deemed guilty of a misdemeanor, and shall upon conviction
thereof in any circuit or district court of the United States
be imprisoned not less than one year and not more than five
years." The section with reference to deposits of money
for the retirement of notes has been changed by an addendum
at the end and, now reads as follows:

[VOL. Lxxxvi.

may be applied to meet the country's needs." A resolution
proposed by the committee and adopted by the Chamber suggests the appointment of a commission (substantially as
contemplated in House Bill No. 15,849) to investigate the
currency and banking systems of the United States and of
other leading commercial nations, with a view to reporting
such measure or measures as may be found necessary to
place the country's currency and banking system on a sound
basis.
A conference of national bank presidents was held in
Chicago on Wednesday td protest against the passage of the
Aldrich Bill in its present form. The bankers are particularly opposed, it is stated, to the provisions increasing the
amount of cash reserves to be held by the banks in their
vaults and the proposal prohibiting banks loaning money
to concerns in which their officers or directors are interested.
James B. Forgan, President of the First National Bank of
Chicago,and George E. Roberts, President of the Commercial
National Bank, were appointed a committee to draft a statement of the bankers' objections to the bill, and forward copies
to both branches of Congress and to President Roosevelt.
—Tentative negotiations are now in progress which may
Sec. 5. That Section 9 of the Act approved July 12 1882, as amended
result in a closer business alliance between the Farmers' Loan
by the Act approved March 4 1907, te further amended to read as follows:
Sec. 9. That any national banking association desiring to
circulating notes secured by deposit ot United States bonds inwithdraw its & Trust Co. of New York and the Franklin Trust Co. of
the manner
provided in Section 4 of the it approvedJu
orthatpurposetodepostl
:
June
187 efsurer oheUnited Brooklyn, although nothing definite has been settled.
!shereby authorized
mImoneywtth
States, and, with the consent of the Comptrt. ler of the Currency and the
—The Manhattan Trust Co.,Wall St.corner Nassau,has just
approval of the Secretary of the Treasury, to withdraw
amount of bonds held as security for its circulating notes a proportionate issued, in conjunction with its March
in the order of
25 statement, a tabusuch deposits; Provided, that not more than $9,000,000 of lawful
shall be deposited during any calendar month for this purpose; and money lar statement showing the monthly and yearly
In like
percei,itage
manner and effect any such association desiring to withdraw any of its circulating notes secured by the deposit of bonds other than bonds of the of reserve carried by the company for the past fifteen years
United States may make such withdrawal at any time by the deposit of
lawful money or national bank notes with the Treasurer of the United ending Jan. 11908, the yearly average for this long period
States, and upon such deposit a proportionate share of the bonds so deposited may be withdrawn; Provided, that the deposits under this section to being 31.9% of cash in bank and vault against deposits.
retire notes secured by the deposit of bonds other than bonds of the United This average yearly reserve
was: 26.2% for 1893; 50.1%
States shall nor be covered into the Treasury, as required by Section 6 o'
an Act entitled "An Act directing the purchase of sliver bullion and the issue 1894; 46% 1895; 33.7% 1896; 30.8% 1897; 36% 1898; 33.9%
of Treasury notes thereon and for other purposes" approved July 14 1890,
but shall be retained In the Treasury for the purpose cf redeeming the notes 1899; 28.2% 1900; 27.9% 1901; 28% 1902; 27.4% 1903;
of the bank making such deposit.
35.4% 1904; 26.1% 1905; 23.8% 1906, and 25.1% in 1907.
A further amendment made to the bill provides that "it
This interesting fiscal record of an institution which has been
shall be the duty of the Comptroller of the Currency to cause
a long-time member of the New York Clearing House, and
such reports of notes in circulation to be verified by examhas steadily maintained a heavy cash reserve against deposits,
ination of the bank's records, and any officer of any banking
must be very gratifying to the directors and stockholders
association falsely reporting the amount of its notes in circuand to its customers. While continuously maintaining an unlation shall, upon conviction thereof in any circuit or district
usually strong position, the Manhattan Trust Co. has during
court of the United States, be punished by a fine of not less
the period referred to added over $1,500,000 to surplus and
than $1,000 nor more than $5,000, or by imprisonment for
has paid out in dividends over $1,100,000.
not less than one year and not more than five years, or by
—Gen. Thomas L. James, former member of ex-President
both such fine and imprisonment." A proposed amendCleveland's Cabinet, and President of the Lincoln National
ment to provide for the guaranty of deposits, offered by
Senator Nelson, was defeated by a vote of 49 to 11. An Bank of this city, celebrated his 77th birthday last Monday.
amendment providing for the creation of a "Monetary Com- Gen. James was the honored guest at a private dinner given
mission" to investigate the causes of the recent panic was by a few of his intimate friends at the Hotel Astor.
—Receiver Charles A. Hanna, of the National Bank of
proposed by Senator Overman, but on the assurance of
Senator Aldrich that the matter would be taken up by the North America ofithis city, paid off on Saturday last the
Finance Committee, and some measure presented to the balance of the indebtedness of that institution to the New
Senate .to cover the proposition, the amendment was not York Clearing House, amounting to $250,000. With the
taking up of these certificates, the entire amount issued to
pressed.
—In the New York Senate on Thursday an amendment the banks during the late financial troubles is canceled.
was made to the Assembly bill requiring trust companies to The first of the certificates were put out on October 26.
provide $100,000 capital (in addition to that of the main in—Notice has been issued of a proposed meeting of the
stitution) for each branch opened and to secure the approval stockholders of the Lincoln Trust Company of this city on
of the Superintendent of Banks. As amended, the bill pro- April 16, to vote on the proposition to reduce the capital
vides that the requirement as to additional capital will have of the institution from $1,500,000 to $1,000,000. By vote
to be complied with by institutions with existing branches, of the stockholders on February 6 an addition of $500,000
but that the consent of the Superintendent need not be ob- was provided for, making the capital $1,500,000, and this
tained for continuing such branches; to establish new branches was to become available about the middle of the present
both requirements must be complied with, namely, to supply month. The reduction which is now contemplated is for
$100,000 additional capital for each branch and to obtain the purpose of carrying the amount to surplus, thus making
the consent of the Superintendent.
it available for the general corporate purposes of the comThe Assembly on Thursday passed the bill giving to the pany.
State Superintendent of Banks the same power over insolvent
—The grand jury on Tuesday filed two indictments
State institutions which the Comptroller of the Currency against Nathan Vidaver,formerly a Special Deputy
Attorneyas over national banks.
General under Attorney-General Jackson. The first in—The New York Ch amber of Commerce on Thursday dictment charges the attempted extortion of $1,500 from
adopted it report submitted by its Finance Committee deal- President Montgomery of the Hamiltan Bank for supposed
ing with the pending currency bills. The report disapproves protection against attacks by the Attorney-General against
both the Aldrich and Fowler bills, which are declared to be Mr. Montgomery and the bank. The second'charge is based
"'distinctly at variance with principles approved by the on the alleged acceptance by Mr. Vidaver of $500 from Mr.
Chamber, and so antagonistic to each other that compre- Montgomery on March 4.
hensive legislation at an early date is not probable." "These
—Charles H. Imhoff has been chosen Vice-President of
circumstances, it is added, "point unmistakably to the im- the Chatham National Bank of this
city. Mr. Imhoff has
perative need of further deliberations, the discussion of prin- recently been acting as agent of the
Comptroller of the Curciples and of methods by means of which such principles rency in connection with the liquidation
of the Beaver




APR. 4 1908.1

THE CHRONICLE

831

false entries in the books of the
National Bank and the New Amsterdam National Bank. stated, charge the making of
of the Currency.
He was formerly identified with the Ninth National Bank bank and false reports to the Comptroller
absorption of that institution The bank closed its doors on Jan. 14. Cashier Scott has
as Vice-President before the
insane asylum.
by the old Citizens' National Bank, now the Citizens' Cen- since been committed to an
—At a meeting of the directors of the National Exchange
tral National Bank.
Elijah C. Johnson, formerly
—The Borough Bank of Brooklyn Borough, one of the Bank of Hartford on March 26,
to fill the vacancy
institutions which closed last October, is shortly to resume Cashier of the bank, was elected President,
Court at Kingston on the 28th caused by the death of John R. Redfield. Henry M. Sperry,
business. In the Supreme
Cashier.
ult. Justice Betts, after the presentation of the report of formerly Assistant Cashier, was elected
—At a meeting of the directors of the Philadelphia Naand that of State Superintendent
Referee Walter S. Brewster
*of Banks Clark Williams, ordered the discharge of receivers tional Bank of Philadelphia, held on the 1st inst., David S.
Henry A. Powell and Isaac N. Cox by April 14, provided the Ludlum was appointed Assistant Cashier in charge of credits.
recommendations of Superintendent Williams are complied
—Joseph Channon, Vice-President and Cashier of the
with. These recommendations call for the subscription of Northwestern National Bank of Philadelphia, who had been
$45,000 by the stockholders, the placing of a majority of the sojourning on the Pacific Coast on account of his health,
stock in a voting trust for two years and the election of a died on the 29th ult. at San Francisco, from an overdose of
strong and conservative directorate and management. An a drug, accidently administered. Mr. Channon had been
appraisal of the assets of the bank made by the agpraisers identified with the bank since its formation.
appointed by Superintendent Williams was filed last week. It
—Charges of defalcation for large amounts were made
is of date Nov.271907 and gives the book value of the assets as last week against two employees of the Farmers' Deposit
$4,353,847 and the appraisers' value as $4,298,173, a net de- National Bank of Pittsburgh, namely Henry Reiber, payficiency of $55,674. There was a difference between the two ing teller, and John Young, Auditor. The accused were
-amounts at first of $816,031, but of this $760,357 was made arrested on the 23d ult. charged with embezzling and misgood by what is termed the "restitution fund," bringing applying $85,000 of the bank's funds. Later in the week
the appraisers' value up to the figure given. This fund, it new charges were entered, alleging the embezzlement of
is stated, is composed of items due to the operations of Will- $1,105,000 and the making and causing to be made of false
iam Gow, the late Howard Maxwell, A. D. Campbell, John entries. Two statements regarding the alleged peculations
S. Jenkins, R. W. Haff and Frank W. Doolittle, who have were issued on Saturday last, the 28th ult., one by President
deeded or assigned to the bank properties and securities T. Hart Given and the other by National Bank Examiner
a,mounting to $1,027,785, this forming a restitution fund William L. Folds, by whom the charges were preferred. The
against which their operations have been charged. In, the following is a copy of President Given's statement:
report of Referee Brewster, the value of the restitution fund
At a special meeting of the board of directors held at the banking house,
Wood Street, at 10.30 a. m., It was resolved
Fifth
is given as $1,023,424—$263,067 in excess of the amount in corner of actual Avenue and the defalcation of the paying teller and the
amount of
that the
this amount
Auditor having been deflnitcly ascertained to
the appraisers' report. The report is also said to show that was ordered to be charged off at once out of the be $1,105,000, undivided
surplus and other
$250,000 has been waived, profits of $2,863,000. leaving the capital $6,000,000 and the surplus and
•a claim of the Oriental Bank for
other undivided profits $1,758,000.
T. HART GIVEN, President.
and, further, that the Oriental has agreed to pay to the
The statement by Mr. Folds is as follows:
$90,843, provided the last-named
Borough Bank the sum of
The total amount of defalcation from the Farmers' Deposit Nationa'
resumes before May f. It is reported that nearly 90% of the Bank is $1,105,000. It Is no more and no less. The capital and surplus of
to enable it to
deferred-payment plan of $8,863,000 of this bank are sufficientreflection upon sustain this loss without
,depositors have assented to the
the methods employed
affecting It. The defalcation Is no
any bank
the bank. There are no
the
resumption. The City of New York, which is said to have In the conduct of When the Auditor, who Isbetter methods used In the bank,
supposed to safeguard
in
country.
institution, is stated to be joins the men In charge of the money, a situation Is presented which defies
had $200,000 on deposit with the
the best methods and the most alert officials.
one of these. Under the plan the bank will pay 10% with
The bank examiner's investigation is said to have disclosed
20% after eight
its reopening', 15% after four months,
the fact that the money was lost in stock speculation. Both
months, 25% in one year from the date of resumption and men are held under $250,000 bail. Harry Silverman, the
30% after sixteen months. The bank suspended on Oct. 25.
Pittsburgh representative of a New York brokerage house,
—The quarterly dividend of 2% paid April 1 by the was also arrested on the 25th ult., on charges alleging conFranklin Trust Co. of Brooklyn is a reduction in the amount, spiracy, and released on $15,000 bail.
33% having been paid in previous quarters. This places
—N. W. Harris of N. W. Harris & Co., and President of
the stock on an 8% per annum basis as compared with 14% the Harris Trust & Savings Bank, Chicago, has indulged in
paid since 1906.
a most novel benefaction, in the offering of $5 a week for
—The report of the assets of the Williamsburgh Trust Co. the period of 4 years to any and every boy born in Becket,
of Brooklyn Borough, as made by Appraisers A. K. Alford Mass. (his native town), to be devoted solely to the eduand Claude Hutchins, was filed by State Superintendent of cation of these lads, whether in high school or college; and
banks Clark Williams on the 30th ult. It gives the book conditioned on their maintaining a rank of 80% in scholarvalue of the assets as $8,441,351 and the appraisers' valu- ship. Becket has a population of about 1,100, and it is
ation as $7,935,917, a loss of $505,434. The cash assets are said there are now about fifty boys ready and eager to avail
themselves of this opportunity. A town-meeting of Becket
given as $374,569, of which $66,448 is on hand.
Harris
—Capt. James C. Shearman, Secretary and Treasurer last week unanimously accepted the offer of Mr.
Safe Deposit & Trust Co. of Passaic, N. J., and passed resolutions of thanks for his generosity. Mr.
of the Passaic
Harris is at present traveling with his family in the Orient,
died on the 30th ult., after a short illness, from apoplexy.
—May 1st, approximately, there will be a number of
—W. F. Rose, heretofore Cashier of the National State
brokerage
of removals among the banks, bond houses and
Bank of Camden, N. J., has been elected Vice-President
offices in Chicago. The approaching completion of the
the institution to take the place of E. Roberts. A. D. Ammagnificent new "skyscraper" belonging to the Corn Exbruster succeeds to the cashiership.
change National Bank, on the northwest corner of La Salle
—Watson Depuy, for some years Cashier of the First Na- and Adams streets, affords an excellent opportunity for
tional Bank of Camden, N.J., has been elected Vice-President many financial houses to better their business locations.
of that institution, to succeed the late John F. Starr Jr. H. The Corn Exchange Bank itself will not take possession of
T. Nekervis has been chosen to replace Mr. Depuy as Cashier. its new quarters before June; but other office floors of th
—An extra dividend of 2%, in addition to the regular building will be ready for occupancy by tenants May 1.
semi-annual distribution of 4% has been declared by the Among prominent Chicago bond houses, Eversz & Co. wil
directors of the Second National Bank of Boston. Yearly remove to the most desirable office suite in the building,
dividends of 8% have been paid by the institution since viz.: the corner of'Adams and La Salle, on the floor just
1906, previous to which a 7% dividend was maintained for above the hank. On the same floor Kenneth Cowan & Co.;
seven years.
from the First National Bank Building, and Donald A.
—Indictments against Edwin 1. Scott, Cashier, and Roy Campbell & Co., from the Stock Exchange building, have
W. Van Hoesen, bookkeeper of the People's National Bank leased offices. On the ground floor the brokerage houses
of Franklinville, N. Y., were returned by the Federal Grand of Hulbert, Warren & Chandler, Von Frantzius & Co., and
Jury at Buffalo on the 18th ult. The indictments, it is King, Coleman & Co. will have fine offices. The immediate




832

THE CHRONICLE

[VOL. Lxxxvi.

cause of so many stock-brokerage houses removing to this surplus and profits of $457,918; deposits of $2,056,539, and
locality is the removal of the Chicago Stock Exchange from total resources of $3,014,456.
the corner of La Salle and Washington streets (which
—The Southern Bank of Meridian, Miss., closed its doors
occurs within the next fortnight) to the bank-floor of the on March 16.
A notice issued by the officers stated that
"Rookery" building. Jas. J. Townsend & Co. will, about business
had been suspended for the present and that the.
the same time, remove from the Stock Exchange Building question of placing
the institution in voluntary liquidation
to the spacious offices on the ground floor of the Counsel- would be
submitted for the consideration of the stockman Building (La Salle and Jackson Boulevard), formerly holders and
creditors.
occupied by Shearson, Hammill & Co.; and Wm. A. Read
—N. T. Anders, formerly President of the Central Bank
& Co., the prominent bond dealers, will occupy the.corner
second-floor suite of the same building—one of the most of Mississippi, at Jackson, has been indicted by the Hinds.
eligible office locations in Chicago. W. M. L. Fiske is County Grand Jury on the alleged charge of embezzling
manager of Read & Company's Chicago office. The large $25,000 from the institution. The bank was placed in charge
quarters vacated by the Chicago Stock Exchange will be of a receiver on Feb. 21.
—The First State Bank & Trust Co. of Fort Worth, Tex.,
at once refitted and occupied by the Foreman Brothers
Banking Company, a successful private bank with $500,000 was organized on Feb. 17, and opened for business on the
capital; $500,000 surplus; $141,000 undivided profits, and following day. The institution reports a paid-up capital
nearly $6,000,000 deposits—according to the statement of of $100,000. There is no surplus, the stock having been
sold at par. William Reeves is President and R. M. Mays
February 15.
is Cashier. The directors include the two officials, and the
—The reopening of the National Bank of Commerce of
Kansas City, Mo., on Monday under the presidency of following: A. J. Anderson, Dr. Frank D. Boyd, U. S.
Pawkett, F. W. Wood and F. E. Dycus.
former Comptroller of the Currency Edward B. Ridgely, was
—0. L. Cochran has advanced from the vice-presidency
most auspicious. Flowers sent by the many friends and
well-wishers of the institution, were everywhere visible—in to the presidency of the First National Bank of Houston,
the banking room, the directors' room and on the desks of Texas,to take the place of A. P. Root. J. T. Scott has been,
the various officials. During the first hour, we understand, chosen Vice-President while W. S. Cochran succeeds Mr.
$500,000 was deposited. The bank starts with $2,000,000 Scott as Cashier.
—A meeting of the stockholders of the Humboldt Savings
capital (the amount having been increased from $1,000,000,
and the new shares disposed of at $110 per share) and a Bank of San Francisco is to be held on May 21 to vote on
surplus of $200,000. Altogether, to comply with the con- the proposition to increase the capital from $300,000 to
ditions imposed by the Comptroller, $2,870,000 of new 8600,000. The par value of the stock was recently changed
money was furnished in the manner described in our issue of from $1,000 to $100 per share. The new issue is to be
March 14,in order to effectthe reorganization. Mr.Ridgely was offered to the present shareholders at par.
formally elected President of the bank on March 27, at which
—The stockholders of the fFirst Federal Trust Co. of
time George T. Cutts, who had conducted the receivership, San Francisco are to meet on May to authorize the creation
6
was elected Vice-President, and Edward Ridgely was chosen of a bonded indebtedness of $1,000,000, to be secured, it
is
Cashier. The directors are William B. Ridgely, Edward stated, on the property of the institution at Post and MontRidgely, George T. Cutts, W.S. Woods, J. Z. Miller, Hughes gomery streets. The bonds will be in denomination of
$1,000
Bryant, J. G. Peppard, R. A. Long, David R. Francis, each, will run for 35 years and will bear 5%
interest. A
W. A. Pickering, Theodore Hemmelman, J. C. James, sinking fund at the rate of 2% per annum will begin
in 1918,
D. J. Dean, H. F. Hall, Hugh C. Ward, W. S. Dickey, and is expected to retire $500,000 of the bonds
at their
J. J. Heim, Walter Jaccard, W. R. Clarke, 0. C. Snider and maturity. The company commenced businesson Jan. 6
J. J. Swofford. The bank, it will be recalled, was obliged It has a capital of $1,500,000 in $50 shares.
to close its doors on Dec. 5 last, owing to the severe drains
—Plans for the rehabilitation of the Market Street Bank
made upon it; from Aug. 22 to the time of its suspension the
of San Francisco, which suspended on Feb. 21, are under
bank lost nearly $19,000,000 of deposits, the amount having
been reduced from $35,420,811 to $16,942,695. Its lia- consideration. The proposition, it is said, involves the
bilities on Dec. 5 showed an indebtedness of $3,694,000 to taking over of the assets of the bank by a company to be
the Clearing House; this was discharged by the receiver formed under the name of the Market Street Securities Co.,
some time since. It is expected that under President which is to issue $1,000,000 5% bonds, to be secured by the
Ridgely's management the bank will regain its former pre- assets of the bank. The bonds, it is proposed, are to be
allotted to the depositors in proportion to their deposits,
eminent position.
and are to be paid as soon as the assets are realized on. At
—J. C. Knorpp has replaced David Thornton as Vice- the time of its suspension the bank re ported
a paid-in
President of the Central National Bank of Kansas City, Mo., capital of $109,305;
its authorized capital was increased in
the latter having been made Cashier to succeed J. D. Ander- 1905 from
$50,000 to $500,000. A report of its condition,
son.
made by the Bank Commissioners on the day it closed gave
—The conversion of the Commercial & Farmers' Bank of deposits as $1,042,815 and total liabilities as $1,256,533.
Raleigh, N. C., into the Commercial National Bank went C. G. Fowler is in charge of the institution.
into effect on the 16th ult. The capital of the bank re—The annual report of the Canadian Bank of Commerce
mains unchanged at $100,000, and the management con(head office Toronto) In pamphlet form has been issued.
tinues under the direction of B. S. Jerma,n, President; A. A.
In addition to showing the balance sheet for Nov. 30 1907
Thompson, Vice-President; H. W. Jackson, Cashier; E. B.
(referred to in these columns Dec. 21), the minutes of the
Crow, Assistant Cashier, and J. J. Thomas, Chairman of the
annual meeting held on Jan. 14 are also incorporated. Two
board.
maps are submitted to show the location of some of thenum
—It is reported that the Georgia Savings Bank & Trust erous branches of the bank.
Co. of Atlanta, Ga., will increase its capital next month from
—In its annual report for the year 1907, the Deutsche.
$100,000 to $200,000, selling its proposed issue of new stock
Bank of Berlin reports the number of current ,accounts at.
at a price which will enable it to increase its surplus to $75,the head office, including those opened at the deposit de000. The institution was organized in 1899 with $35,000
partment in Berlin and suburbs, as 158,657, as compared
capital; in June 1903 its capital was increased to $50,000,
with 120,442 at the end of the previous year. The total
and in November 1905 there was another addition, making
the amount $100,000. The institution is to remove on May 1 number of accounts carried at the bank amounted at the
end of the year to 212,214, as against 164,494 in 1906. In
to the quarters formerly occupied by the Neal Bank.
presenting the report, reference is made to the industrial
—George A. Tonsmeire has become Cashier of the City conditions in Germany during the
past year, and the fact
Bank & Trust Co. of Mobile, Ala., succeeding A. J. Selden. is
noted that that country's foreign trade again established
The other officers of the institution are E. J. Buck, Presi- a record,
the imports (exclusive of gold) showing an increase
dent; P. J. Lyons, Vice-President; A. C. Tonsmeire and J. F. of $137,850,000
and the exports an increase of $121,670,000.
Jossen, Assistant Cashiers. The semi-annual statement of For the
first time in many years the amount of gold exthe bank issued Feb. 18 shows capital paid up of $500,000; ported was in
excess of that imported, due, of course, to the.




833

THE CHRONICLE

APR. 41908.1

unusual demand from the United States, the excess, according to the Imperial statistics, amounting to $4,047,600. It
should be pointed out, however, the report continues, that,
in spite of the growth of imports, the balance of trade of
Germany during the last decade has, on the whole, been a
decidedly favorable one, and that in all the years from 1897
to 1906 Germany received more gold from abroad than
it sent out, the average for the ten years amounting to
approximately $39,500,000

SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1908.

1907.

M'th
Values.

Number
of
Shares.

Actual.

Par.

Number
of
Shares.

Values.
Actual.

Par.

Jan _ 16,594,895 1,396,403.800 1,015,764,111 22,702,760 1,948,477,92 1.854,950,930
Feb _ 9,839,706 833,199,900 609,986,418 16,470,972 1,318,394,80 1,241,478,649
Mch_ 15,939,255 1,387,712,725 1,014,698,437 32,208,525 2,787,043,45 2,609,820,422
lstqr 42,373,8563,617,316,4252,640,448,966 71,382,257 6,053,916,17 5,706,250,001

The following compilation covers the clearings by months
since Jan. 1:
-The clearings of the Canadian
Canadian Bank Clearings.
banks for the month of March 1908 show a decrease from the
-same month of 1907 of 13.8%, and for the three months the
loss reaches 10.0%.
March.

Three Months.

Clearings al
1908.
Canada
Montreal
Toronto
Winnipeg
VancouverOttawa
Quebec
Halifax
Hamilton
Calgary
London
St.John
Victoria
Edmonton- _ _ _

1907.

Inc. or
Dec.

108,282,582 125,041,649 --13.4
80,860,433 105,319,943 -23.2
41,126,609 41,089,493 +0.09
13,395,469 14,587,073 ---8.0
11,476,588 12,717,672 ---9.8
8,536,311 7,285,282 +17.0
6,514,218 6,462,777 +0.8
'
6,392,646 7.270,368 -25.8
3,957,877 5,626,209 -29.7
4,599,648 5,400,436 14.8
1.4
4,578,317 4,641,425
4,290,782 4,059,507 +5.7
3,000,000 3,870,785 -22.5

Total Canada 296,011,480 343,372,619 -13.8

Inc. or
Dec.

1907:

1908.
319,422,457
256,122,013
127,547,273
40,106,661
34,288,246
24,821,921
21,214,370
17,190,636
12,539,719
13,965,030
14,392,742
12,954,589
8,647,542

360,890,437 -11.5
312,280,593 -18.0
120,887,770 +5.5
40,591,041 -1.2
36,231,605 -5.4
22,190,051 +11.9
21,303,891 -0.4
20,380,602 -15.6
16,432,274 -23.7
15,699,514 -11.0
14,896,015 -3.4
11,719,838 +10.5
10,505,761 -17.7

903,219,099 1,004,009,392 -10.0

The clearings for the week ending March 28 make an un-satisfactory comparison with the same week of 1907, the de-crease in the aggregate having been 11.6%.
Week ending March 28.
Clearings atYei 11F 1908.
Canada
Montreal
• Toronto
Winnipeg
Vancouver
-Ottawa
'Quebec
Halifax
Hamilton
Calgary
London
St. John
Victoria
Edmonton

11 1907.

Inc. or
Dec.

1906.

1905.

26,876,086 28,508,559 -5.7 25,296,910 22,746,371
17,193,174 23,331,019 -26.3 19,000,000 17,812,536
9,234,506 9,411,828 -2.0 7,071,105 5,091,307
2,991,675 13,319,062 -9.9 2,328,927 1,270,369
2,546,1 71 2,912,415 -12.6 2,224,911 2,068,068
1,919,181 1,654,445 +16.0 1,247,350 1,303,185
1,496,482 1,223,198 +22.3 1,096,015 1,290,882
967,261
1,106,053 1,338,796 -17.4 1,104,217
946,636 1,304,261 -27.5
819,651
780,584
999,862 -11.5
885,257
900,630
875,934
1,044,600 1,095,491 -4.6
578,331
934,829
855,294 +21.9
1,042,596
896,709 -28.6
640,625
67,923,042 76,850,939 -11.6 61,999,849 54,809,524

Total Canada

Clearings by Telegraph-Sales of Stocks, Bonds &c.
The subjoined table, covering clearings for the current week,
-usually appears on the first page of each issue, but on account
-of the length of the other tables is crowded out once a month.
The figures are received by telegraph from the leading cities.
It will be observed that, as compared with the corresponding
week of 1907, there is a decrease in the aggregate of 22.1%.
So far as the individual cities are concerned, New York ex.hibits a loss of 27.1%; Boston, 23.2%; Philadelphia, 25.3%;
Chicago, 1%; New Orleans, 24.5; Baltimore, 16.1%; and
St. Louis, 1.6%.
Per
Cent.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,215,721,130
119,155,796
104,139,119
22,368,373
199,931,398
50,001,620
12,043,822

.
1907.
*
$1,666,627,875
155,190,420
139,425,740
26,651,440
201,988,505
50,836,200
15,961,427

Seven cities. 5 days
Other cities, 5 days

$1,723,361,258
388,768,739

*2,256,681,607
432,761,247

Total all cities, ,5 days
1
All cities, 1 day

$2,112,129,997
394,011,064

$2,689,442,854
528,996,142

-23.6
-10.2
-21.5
-25.5

$2,506,141,061

$3,218,438,996

-22.1

Clearings-Returns by Telegraph.
Week ending April 4 1908.

Total all cities for week

1908.

-27.1
-23.2
-25.3
-16.1
-1.0
-1.6
-24.5

Our usual monthly detailed statement of transactions on
the various New York exchanges is appended. The results
tfor the three months of 1908 and 1907 are given below.
Three Months, 1907.

Three Months, 1908
DeserlpPar Value
or Quantity.

Actual
Value.

Aver. Par Value
Price. or Quantity.

Actual
Value.

Aver.
Price.

71,382,257
42,373,856
.St kfSiis.
1 Val _ $3,617,316,425$2,640,448,966 72.9$6,053,916,175$5,706,250,001 94.3
$177,827,600 $141,739,603 79.7 $121,162,000 $115,356,858 95.2
RH.bond
$234,000
$260,916 111.5
$257,820
$288,758 112.0
bds.
$15,666,500
$14,564,465 93.0
$34,028,993 103.8
$32.783,000
.State bds_
$122,700
$97,215 215.1
$240,745 196.2
$45,200
Bank st'k
Total- - $3,828,230,025$2,816,603,535 73.6$6,191,101,375 $5,836,672,985 94.3
126,863,150
104,841,670 82.6
130,410,630 102.9
126,732,450
'Grain, bu
Tot. valu

$2,947,014,165

$5.941,514,655

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1908
and 1907 is indicated in the following:



MONTHLY CLEARINGS.
Clearings, Total All.

Clearings Outside New York.

Month.
1907.

1908.

1908.

1907.

Jan _ _ 11,359,308,232 15,054,655,406 --24.5 4,609,033,277 5,416,984.522 --14.9
Feb _ _ 8.756,701.857 11.823.958.740 --25.9 3,860.671,029 4,492,448,964 --14.1
Mch - _ 9,777,937,943 14,657,900,282 --33.3 4,276,897,604 5,095,622,479 --16.1
1st qr_ 29,b93,948,032 41,536,514,428 -28.0 12,746,601,908 15,005,055,965 --15.1

The course of bank clearings at leading cities of the country for the month of March and since January in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to March 31March
1907. 1906
1905.
1908. 1907. 1906. 1905. 1908.
$
$
$
$
$
$
5,501 9,562 8,377 8,732 17,147 26,531 27,940 23,584
2,740
2,421
3,034
2,835
865
928
1,030 1,066
2,178
1,864
2,329
1,743
658
684
759
534
1,923
1,612
1,842
1,424
569
655
639
466
762
722
504
755
255
249
271
254
579
688
697
520
199
230
242
164
541
412
599
409
153
200
201
134
294
331
359
315
102
109
118
105
307
303
379
297
108
118
127
93
275
321
395
419
102
107
137
146
188
192
217
185
66
62
74
59
252
276
276
225
81
85
83
67
197
222
231
250
71
76
82
84
155
177
177
148
53
59
59
50
135
155
170
158
46
52
58
53
105
123
142
133
36
41
46
42
91
103
104
83
31
33
34
23
105
124
141
150
40
47
54
57
81
92
106
98
27
29
35
31
74
91
106
119
27
32
37
44
78
85
105
88
27
33
26
29
79
84
91
98
34
26
31
28
63
82
21
so
24
74
25
27
67
68
24
74
70
24
21
23
59
114
115
41
22
32
90
43
41
48
46
42
15
16
17
13
40
75
74
51
12
20
23
18

000,000s
omitted.
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore - _
Kansas City-- _ _
Cleveland
New Orleans-Minneapolis
Louisville -Detroit
Milwaukee
Providence
°malls.
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City- Total
Other cities- - -

-

9,107 13,880 12,356 12,367 27,899 39.229 39,900 33,880
1,918
1,537
2,210
1,995
552
651
745
671

Total all
- 9,778 14,625 13,007 12,919 29 894 41,439 41,818 35,417
Outside New York_ 4,277 5,063 4,630 4,187 12,747 14,908 13,878 11,833

MonetargiTommerciaMnalisTIBews
(From our own correspondent.)

London, Saturday, March 21, 1908.
The directors of the Bank of England on Thursday put
down their rate of discount from 4% to 3%, but the reductjon had very slight influence upon the Stock Exchange.
Chiefly this is due to the fact that the Government,for some
unexplained reason, is unusually delaying its payments out
of the Treasury to large contractors. On Wednesday night,
when the Bank return was made up, the Government deposits exceeded 1934 millions sterling, which was more than
three millions in excess of the amount held at the corresponding date last year and is between two and three times
as great as those deposits usually are throughout the year.
There are only eight working days of the financial year yet
to run and therefore the disbursements out of the Exchequer during those eight days must be on an immense
scale. But for the time being the outside market is exceedingly ill-supplied. So scarce,indeed,is money that on Thursday, just at the time when the directors of the Bank of England were lowering their rate of discount, men who were in
the habit of borrowing £100,000 or £150,000 in a lump sum
were running about the market picking up £3,000, or £4,000
or £5,000 when and where they could. It is quite true that
the Bank of England up to Wednesday night was lending
freely at 4% and since midday on Thursday has been lending
at 3%. But the outside market is indisposed to pay these
very moderate rates when the rates quoted outside are
decidedly lower.
The absenee of business on the Stock Exchange is also due
in no small degree to the falling off in the railway traffic
returns shown week after week. There is no question at all
that trade is shrinking in every direction and investors are
not disposed to buy much just when the business of the railways is declining so decidedly. Over and above this, the
engineers have refused to accept the terms suggested for the
settlement of the apprehended strike. It is feared, therefore, that the strike may take place after all, although the
best opinion iS that an arrangement will be arrived at.
Lastly, there is a great absence of Continental buying in this
market. Apparently, for the time being the French banks
are withdrawing balances from London, to be employed
most probably in Berlin, where money is very scarce and
dear. Although on the Paris Bourse there is a fair investment in foreign stocks, more particularly in Russian bonds,
French people in general are not disposed to buy freely.

THE CHRONICLE

834

[VoL.

IMPORTS.
There is a better prospect now of a restoration of some kind
Twenty-eight weeks.
1905-06.
1906-07.
1904-05.
1907-08.
of order in Morocco and therefore of a great lessening of Imports of wheat
cwt_48,932,100 43.026,700 42,645,200 54,379,300
the difficulties of France in that country. But until the Barley
16,096,200 14,087,900 14,503,800 14,333,900
6,680,500
5,956,500
7,293,900
Oats
5,782,600
situation there decidedly improves, it is not likely that there Peas
1,107,205
1,254,451
1.129,960
1,059.00
will be much activity on the Paris Bourse.
970,310
483,030
Beans
585,570
718,990
25,229,400 27,052,400 25,766,200 24,529,600
In Germany the Bank rate continues at 532% and is Indian corn
8.695,100
6,466,520
Flour8
636 500 • 7,518.800
likely to remain so for a long time. Very little is doing on
Supplies available for consumption (exclusive of stock on
the Bourse, although there is a fair investment in Govern- September 1):
.
ment securities where they yield at least 43'%. In London
1904-05.
1905-06.
1906-07.
1907-08.
cwt_48,932,100 43,026,700 42,645,200 54,379,300
there has been a large number of new issues during the past Wheat imported
Imports of flour
6,466,520
8,695,100
7,518,800
8,636,500
The issues have not been, very freely subscribed. Sales of home-grown
ten days.
22,071,740 16,912,840 21,555,871 10,162,794
The public, in fact, can so easily buy good .securities that
Total
70,640,340 67,458,340 72,896,171 71,008,614
high return for its money that it is not inclined to Average price wheat, week
yield a
30s. 9d.
31s. 3d.
28s. 5d.
26s, 8d.
take new issues that give only 4%. Of course there are Average price. season
30s. 4d.
338. 9d.
28s. Id.
26s. 4d.
The following shows the quantities of wheat, flour and
exceptions-where the borrower is an important Government or is in possession of exceptionally great resources. maize afloat to the United Kingdom:
1906.
This week. Last week.
1907.
But, speaking roughly, new issues offering to the subscriber Wheat
qrs.. 4,330,000
4,422,000
3,7%),A8 3,00
0
only about 4% are not proving attractive.
Flour, equal to
qrs_
265.000
328,000
1
490,000
qrs. 255,000
•
Money, as already said, is very scarce in the open market. Maize
575,000
280,000
But it can remain so now only a very short time. At the
English Financial Markets-Per Cable.
latest the open market will be in possession of an immense
The daily closing quotations for securities, &c•I at London,
• amount of funds by the 5th or 6th of April. After that
repor,ted by cable, have been as follows the past week: ,
• there is every reason to look for a long period of cheap as
London.
Week ending April 3.
money. No doubt the Easter holidays will take away many
Sat.
Mon.
Tues.
Wed.
Thurs. Frt.
d
25
25 7-16
25 9-16
2534
people from the city and with them a considerable amount Silver, per oz 234 per cents__ 2534 87 9-16 87 11-16 2534
Consols, new,
13-16
87 546
87 9-16 8754
8734
of money. No doubt, also, the usual spring demands will
For account
88 1-16 87 15-16 87 13-16 87 9-16 8735
8751
96.90
96.65 96.3234
96.80 96.8734 96.90
take both coin and notes into the interior. But these move- French Rentes On Paris)_fr_ 8334
Russian Imperial•48
8334
84
63%
85%
• 83%
ments will be only temporary. The money that goes out
do new 5s
do
9434
9434
94%
Amalgamated Copper
..
(iii
62
6ii
. 0ii
6
will come back soon and there is no prospect at the present tAnaconda Mining Co Co-- - 64
605(
73%
8
834
734
734
754
time of a foreign demand for gold. On the contrary, the Atchison Topeka & Santa Fe 7734
7654
7634
76
7534
7534
Preferred
88
8834
8834
8834
8834
8834
Bank of England up to the present is obtaining a very con- Baltimore & Ohio
8634
8534
8451
85
85
8534
siderable proportion of all the gold offering in the open marPreferred
85
85
85
85
85
85
Canadian Pacific
15754
15634
156
15534
15534
ket, and according to all appearances will continue to secure Chesapeake & Ohio
15534
3434
34
33
3234
33
3234
a large proportion.
Chicago Great Western
534
. 534
Milw.
122
120
12034
The India Council offered for tender on Wednesday 20 Chicago & Rio & St. Paul- _ _120
12034
1203.1
Grande, corn_ 2134
2134
1934
21
20
1934
lacs and the applications amounted to less than 6N, lacs, Denver
Preferred
5734
5654
533.4
55
5351
5734
1734
at from is. 3X to is. 3 29-32d per rupee. Applicants for Erie. common
1634
1534
1434
3d.
1434
1534
First preferred
3534
36
33
3454
34
33
bills at is. 3 29-32d. per rupee were allotted in full.
Second preferred
2534
21
2234
19
23
2534
•
The following return shows the position of the Bank of Illinois Central
130
130
129
129
130
12934
103
102
101
10034
10034
10034
England, the Bank rate of discount, the price of consols, &c., Louisville & Nashville
Mexican Central
1934
1934
1934
1934
20
1934
compared with the last four years:
Mo. Kansas & Texas, com- 25
24
2434
24
2334
2534
1006.

1907.
Mch.

1908.
Circulation
27,784,645
Public deposits
19,509,005
Other deposits
41,375,453
Governm't securities 13,759,916
Other securities
34,230.379
Reserve,notes&coin 31,278,511
Coln&bull.,both dep 40,613,156
Prop. reserve to liabilities
p. C.
5131
*3
Bank rate
p. e.
Consols, 234 p. c___
87%
Silver
25 9-16d.
Clear.-house returns :236,636,000

28,060,005
16,510,597
43,676,152
15,449,756
36.603,254
26,523,861
36,133,856

1905.

1904.
Mch. 23.

28.091,755
19.366,344
42,700,332
16.114,822
35,317,137
28,988,588
38,630,343

27,211,080
17,669,106
39,496,886
15,589,185
28,409,058
31,532,117
40,293,197

27,682,585
15,308,450
38,457,484
19,224,834
26,358,158
26,560,213
35,792,798

46%
44
55 146
493
4
5
4
23's
90 7-16
85%
91 3-16
85 15-16
3034d. 26 13-16d.
30Xd.
253fd.
282,304,000 208,709,000 211,042,000 173,016,000

* March 10 1908.

The rates for money have been as follows:
March 20.
3

Bank of England rate
Open Market rate
262 11-16
-3 mmths
Bank bills
-4 months._ _ 2@2 11-16
-6 months_ -- 2 k02%
-3 months_ _ _ _
3
Trade bills
-4 months
3
Interest allowed for deposits
13
By Joint-stock banks
By discount houses:
I%
At call
7 to 14 days
2

March 13.
33
3@3Y
3
27
3%
33i @3%

March 6.
334
3@331
3
23- Ca
334
33 5)3%

Feb. 28.
4
3%(a334
33
33
37. at4
3 4t4
%

Preferred
5734
National RR. of Mexico_ _ _ 53
N. Y.Cent. & Hudson River.10134
Ontario & Western-- _ 35
N. Y.
Norfolk & Western, com.-- 67
Preferred
79
Northern Pacific
13154
aPennsylvania
6034
alleading Co
5534
4254
a First Preferred
41
a Second Preferred
Island Co
1534
Rock
Southern Pacific
7754
Southern Railway, com- _- - 1634
Preferred
42
1323
Union Pacific. com
%
Preferred
8234
3634
U. S. Steel Corp., common
Preferred
10254
Wabash
1134
Preferred
20
Extended 4s
4534

5734
5534
5334
5234
10034
10034
3
33%
34
66
66
79
79
13134
130
60
5934
%
3
53
5334
4234
4234
41
41
1434
15
7534
753.4
14
1334
40
3734
12934
12834
8234
8254
3434
3434
101
'10154
10
1134
1734
1934
4634
4654

5734
5334
101
35
6634
79
131
60
5454
4234
41
1534
7634
1534
42
13034
8234
3534
10134
12
20
4534

5534
5234
10034
34
6534
79
13034
5934
53%
4234
41
1451
7534
8
13%
39
12834
8254
3454
10134

log

18
46

5534
5234
10031
3334
6536
79
13034
5954
63
4234
41
1434
7534
1334
3834
12834
8234
3434
10034
103.4
1834
46

a Price per share. b £ Sterling. c Ex-dividend.

Toinutevc al and :111iscellantous*Jews

Breadstuffs Figures Brought from Page 869.
-The statements below are prepared by us from figures collected by
23
2%
the New York Produce Exchange. The receipts at Western
23
and river ports for the week ending last Saturday and
The Bank rates of discount and open market rates at the lake Aug. 1
since
for each of the last three years have been:
chief Continental cities have been as follows:

Rates of
Interest al-Paris
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St.Petersburg
Madrid
Copenhagen

2

2

2%

2q
23

March 13.
March 20.
March 6.
Feb. 28.
Bank Open Bank Open Bank Open Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Market.
3
23/
3
234
3
2%
3
2%
534
4%
434
6
434
534
6
4%
434
434
534
534
6
434
6
4%
434
434
6
534
434
534
6
4%
4
4
3%
4
33
334
4
3%
4
4
331
4
33
3%
4
334
434
434
434 4 3-16
434
4%
4%
334
634 nom.
634 nom.
634 nom.
634 nom.
434
4.
3%
4%
4
4%
434
4
634
6
6
634
634
6
6%
6

Messrs. Pixley & Abell write as follows under date of
March 19.
GOLD.
-The arrivals this week were about £600,000, the Bank receiving about
half and the balance after satisfying India and the trade, was taken for the Conti-,
nent. Since our last the Bank has received £500,000, of which £349.000 is in bars
and £130,000 sovereigns from Egypt. £176,000 has been withdrawn, mostly for
the Argentine. Next week we expect £460,000 from South Africa. The Bank rate,
which was lowered to 334% on March 5, was further reduced to-day to 3%. Arrivals
-Cape,£520,000; Bombay,£68,000; West Africa,£15,000; Australia,£11,000;
total, £614,000. Shipments
-Bombay,£74,844; Madras, £7,000; total, £81.844.
SILVER.
-:--The market has again moved within a very small compass,and,after
touching 2534d. and 253 d., closes 1-16d. higher on the week at 25%d. Indian
%
Bazaars have bought moderately for immediate shipment, and the spot market is
still strongly held in Bombay at a premium of 134 rupees over forward. Business
generally has been quiet. America is a readier seller, and it is believed that the U.S.
Government has purchased all the silver it requires for the present. The price in
India is Its. 66 per .100 Toiahs. Arrivals
-New York, £117,000. Shipments
Bombay,£179,000: Hong Kong,£5,000; Madras,£5,000; Freemantle (coin),£4,600;
total, £193.600.
MEXICAN DOLLARS.
-There is nothing to report in these coin.

The quotations for bullion are reported as follows:
GOLD.
Mch. 19. Mch, 12,
London Standard.
s. d.
s. d.
Bar gold, fine, oz
77 9
77 9
U S. gold, oz
76 5
76 5
German gold coin, oz
76 5
76 5
French gold coin, oz__ 76 5
76 5
JApanese yen
76 4
76 4

SILVER.
Mch. 19.
London Standard.
d.
25%
Bar silver, fine. oz%
" 2 mo. delivery_ _ _ _253
27%
Cake silver, oz
nom.
Mexican dollars

Mch. 12.
d.
259
-it
25 11-16
27 9-16
nom.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:



Receipts

at
-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu. 56 lbs.
Chicago -- 169,486
35,000
101,266 1,629,862 2,079,061
316,900
Milwaukee_ _
36,425
18,000
196.800
218 000
61,000
232,000
Duluth
19,750
6,266
3,249
394,705
107,857
Minneapolis_
135,200
16,590
416,510
59.280
1,421,910
Toledo
1,000
51,000
18,000
114,700
Detroit
3,600
14,300
16,800
58,778
Cleveland__ _
1,084
118
103,059
2,908
100,798
47,060
6,080
St. Louis__
31,200
073,600
316,270 1,130,475
Peoria
27,750
4,000
20,000
277,500
8,000
504,700
Kansas City_
105,000
270,900
301,400
Tot.wk.'08
Same wk.'07
Same wk .'06

305,155
374,199
310,276

2,768,759
3,807,990
2,997,105

3,960.993
4,881,974
3,522,472

703,467
4,360,787
4,468,768 1,606,014
3,892,531
869,483

86,936
115,200
52,064

Since Aug. 1
1907-08_ - _ 12,538,312 174,557,647 133,690,014 137,283,327 52,830,069 5,690,175
1906-07.- - 14.471,534 177,875,792 146,681.473 143,332,539 55,290,563 6,053,153
1905-06_ _ _ 13,935,863 188,654,790 132,833,691 166,002,057 66,164,818 6,564,045

Total receipts of flour and grain at the seaboard ports for
the week ended March 28 1908 follow:
Flour,
Receipts at
bbls.
146,935
New York
Boston
39,256
Portland, Me
10.702
Philadelphia
60,992
Baltimore
41 .128
2
Richmond
3,515
New Orleans *___ _
13,851
Newport News_ _
1,051
Norfolk
5.778
Galveston
Mobile
2,500
Montreal
5,578
St. John
5,562
Port Arthur
Total week
Week 1907

Wheat,
bush.
210,000
2,261
69,531
47,807
15,766
13.334

42,000
2.000
140,336
96,000

Corn,
bush.
24,275
18,510
26,866
33,000
91.477
36,736
78,000
54,429
27,857
7,000
1,000
2,200

Oats,
bush.
571,500
121,901

Barley.
bush.
138,060
1,010

Rye..
bush
5,850
4,820

94,585
49,478
52,838
61,000

2,000

1,761
3,697

27,454
6.860

2,000
20,678

214,331

639,035
337,848
615,681
356,794 1,212,353 2,506,370

985,616 164,648
1.259.462 101,833

16,128
8,244

*Receipts do not include grain passing through New Orleans for foreign porta on
through bills of lading.

Total receipts at ports from Jan. 1 to Mch. 28 compare as
follows for• four years:
1908.
bbis. 4,682,584

Receipts ofFlour

1906.
4,016,837

1907.
4,765,595

1905.
3,376,292

bush_ 17,345,924
22,912,214
10,118,356
1.628,858
1,117,332

18,321,911
36,572,822
11,343,190
1,582.574
295,028

18,443,760
53,039,088
23,237,413
5,228,062
450,619

4,276,557
41,506,813
9,046,691
1.
2,111,311

53,122,684

Wheat
Corn
Oats
Barley
Rye

68,115,525

100,395,942

57,111,802

Total grain

The exports from the several seaboard ports for the week
ending Mch. 28 1908 are shown in the annexed statement:
Corn, Flour,
bush.
bbls.
11,456 56,526
26,866 10,702
23.100
118,681 71,826
628,788 11,046
229,584 13,929
1,051
54,429
4,756
3,200
1.000
2,500
5,778
27,857
5.562

Rye, Barley,
Oats,
bush.
bush.
bush.
8,406
5,975 39,134

Total week..._1,001,699 1,317,748 205,220
Week 1907
1,211,803 1.839.159 178,131

13,359 90,562 29,084
28,343
28,110

Exports fromNew York
Portland, MeBoston
Philadelphia
Baltimore
New Orleans -- - Newport NewsGalveston
Mobile
Norfolk
St. John

Wheat,
bush.
186,330
69,531
378,288
16,000
5,000
110,214
140,336

Peas.
bush,
4,635
12,986

8,571
470 42,857
54

20,678

6,860

17,621
19,263

The destination of these exports for the week and since
July 1 1907 is as below:
Flour
Since
July 1
Week
1907.
Exports for week and Mch.28.
bbls.
since July 1 tobbls.
United Kingdom-..J15,078 5,281,252
44,790 1,937,658
Continent
13,402 569,213
So. & Cent. Amer
22.017 1,043,033
West Indies
60,810
Brit. No. Am.Cols._ 9,173
760 224,015
Other countries_ _ _ Total
Total 1900-07

COM^
Wheat
Since
Since
July 1
Week
July 1
Week
1907.
1907. Mch. 28.
Mch. 28.
bus*.
bush.
bush.
bush.
580,469 51.788.076 584,091 20,191,908
419,730 42,184,666 707,738 21,394,170
190,645
1,679
346,679
1,300
22,828 1,092,176
19,607
72,139
1,412
26,918
83,850

. 205,220 9,115,981 1,001,699 94,422,878 1,317,748 42,967,956
178,131 8.449,124 1,211,803 73,057,198 1,830,159 54,552,671

The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Mch. 28 1908, was as follows:
Wheat,
1.024,000

New York

Corn,
536,000

Oats,
559,000

Rye,
122,000

556,000
333,000
320,000

186,000
20,000
1,537,000
319,000
21,000
62,000

3,000
86,000
147,000
126,000

36,000
77,000

Barley,
157,000

afloat
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Toronto
Buffalo
afloat
Toledo
Detroit
Chicago
'
afloat
Milwaukee
Fort William
Port Arthur
afloat
"
Duluth
MInneapolis
St. Louis
Kansas City
Peoria
Indianapolis
On Mississippi River
On Lakes
On Canal and River

266,000
83,000
756,000
1,292,000
437,000
299,000
4,804,000
209,000
341,000
3,544.000
4,155,000
649,000
9.231,000
7,106.000
838.000
1,629,000
13,000
197,000

229,000
156,000
1,510,000

185,000
3,000
449,000
116,000
207,000
55,000
4,203,000

184,000

223,000

180,000
120,000
595,000
212,000
122,000

919,000
1,738,000
147.000
45,000
743,000
52,000

104,000
68,000 " 217,000
314,000
3,000
8.000
9,000
33,000
168,000
9,000

305,000

486,000
28,000
91,000 1,722,000
20,000
1,000
2,000

DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
,
Railroads (Steam).
Atch. Topeka de Santa Fe, cont.(No. 15).
Atlantic Coast Line RR., preferred_
Chicago Burlington & Quincy (quar.)_ _ _ _
Chic. Milw. & St. Paul, com. and pref. _
Cleve. Cin. Chic. & St. L., pref. (quar.)_
Delaware Lack. & Western (quar.)- - Evansville & Terre Haute, preferred
Georgia Railroad & Banking (guar.). _
Kansas City Southern, pref. (guar.).- Louisiana dc Arkansas
corn.(No. 10)..
Minn. St. P. &
Preferred (No. 10)
N Y. Central & Hudson Riv.(quar.)- - Northern Pacific (quarterly)
Pitts. Ft. Wayne dr Chic. reg. gu.(qu.)
Reading Company, 2d pref
Toledo St. Louis & Western, pref
Warren
Street & Electric Railways.
Aurora Elgin & Chicago, corn. (quar.).
Preferred (quar.)
Brooklyn City RR. (quarterly)
Cinc. Newport & Coy., corn. (quar.)- - Preferred (quar.)
Columbus Railway & Light
Duluth-Superior Traction, pref. (guar.).Havana Elec. Ry., pref.(quar.)(No.9).
(qu)
Manchester(N. H.)Tr. Lt. & Pow.
Philadelphia Company, corn. (quar.)- _ _
Toronto Ry.(quarterly)
United Rys.of St. Louis, pref.(quar.) _
Banks.
Fifth National (quar.)(No' 131)
Gallatin National (No. 151)
New York Produce Exchange
Extra
Trust Companies.
Franklin, Brooklyn (quarterly)
Union (quar.)
Fire Insurance.
North River

Per
Cent.

When
Payable.

Books Closed.
Days Inclusive.

1 Holders of rec. May 8
23% June
214 May 11 April 4
May 11
to
April 2
April 1 Mch. 27
2
to
33% April 20 Holders of rec. Mch. 20
13% April 20 Holders of rec. Mch. 27
23% April 20 Holders of rec. April 3
23% April 16 Holders of rec. Sept. 14
2% April 15 April 2
April 14
to
1
April 15 Holders of rec. Mch. 31
13% April 13 Holders of rec. Bich. 16
3
April 15 Mch. 28
to
April 15
34 April 15 Mch. 28
to
April 15
13% April 15 Mch. 25
to
April 15
1% May
May 1
1 April 11
to
I% April 7 Bich. 15
April 4
to
2
May
9 Holders of rec. April 22
2
April 15
April 15 April 12
to
33% April 15 Holders of rec. April 4
April 10 Meh. 24
1% April .10 Mch. 24
2% April 15 April 3
April 15 April 1
134 April 15 April 1
3.5 April 15 Holders
April 1 Bich. 25
1
1% April 15 April 1
April 15 Holders
2
May
1 [folders
1% April 1 Holders
April 10 Mch. 28
3
3
1
2
123%
5

Per
Cent.

Name of Company.
Miscellaneous.
Amer. Agricul. Chem. pref. (No. 18)- - Amer.Brake Shoe de Fdry., corn. (qu.)-.
Preferred (quarterly)
American Caramel, common (guar.).- _
Common (extra)
American Chicle, common (monthly).
American Locomotive, common (guar.)
Preferred (guar.)
Amer. Shipbuilding, pref. (quar.)
Amer.Smelt. & Ref., corn.(qu.)(No.18)
American Telephone & Telegraph (quar.)
American Type Founders,common (qu.)
Preferred (quar.)
American Woolen, pref. (qu.)(No. 36).
AnacondaCopper (quar.)(No. 30)
Associated Merchants, 1st pref. (guar.).
Second preferred (quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsylyania(quar.)_
Central Coal & Coke, common (guar.)._
Preferred (guar.)
Cent. & South Amer.Telegraph (quar.)_
Clallin(H.B.), common (quarterly)
Commonwealth-Edison (quar.)
Corn Products Refining, pref. (guar.)._
Preferred (extra)
Distillers' Secur. Corp. (quar.)(No. 22)
du Pont(E.I.) de Nemours Potod..pf.(qu)
Edison Elec. Ill., Boston(000(No.70).
GeneralElectric (guar.)
Int.Btutonhole Sew. Mach.(qu.)(Ns. 42)
International Nickel, pref.(qar.)
International Paper, preferred (000 Internat. Smokeless Pow.& Chem., pref.
Massachusetts Lighting (quar.)
Mexican Telegraph (quar.)
National Biscuit, common (guar.)
Common (extra)
National Carbon, common (quar.)
National Fireproofing, pref. (quar.)- - Nat. Light. Heat & Pow., pref. (quar.)..
New England Teleph. & Teleg. (guar.).
New York Dock, preferred
Preferred (extra)
N. Y. & N. J. Teleph. (quar.)(No. 98).
Nova Scotia St.&Coal„Ltd.. corn.(qu.).
Preferred (quarterly)
Otis Elevator, common
Preferred (quar.)
Pacific Coast Co., all stocks (quar.)...Pennsylvania Salt Manufacturing
Procter & Gamble, pref.(quar.)
Quaker Oats, common (quar.)
Common (extra)
Railway Steel Spring, common
Realty Associates (No. 10)
Reece Buttonhole Mach.(guar.)(No.88)
Shawinigan Water & Power (quar.)-Standard Milling, preferred (No. 10)._
Standard Underground Cable (guar.)- - Streets' West. Stable Car L.Ine.com.(qu.)
Swift & Co.(quar.)(No. 86)
Union Bag & Paper, pref.(qu.)(No.36)
Union Switch & Sig., corn. & pf.(qu.).
United Fruit (quar.)(No. 35)
United Gas Improvement (quar.)
United Shoe Machinery, corn.(quar.)..
Preferred (quar.)
U.S.Rubber, lit pref.(guar.)
Second preferred (guar.)
U.S.Smelt., Ref.& Min.. corn. (quar.)_
Preferred (quar.)
Va.-Car. Chemical, pref. (qu.)(No. 50).
WesternUnion Telegraph (quar.)
Westinghouse Air Brake (quay.)
White (J.0.)& Co., pref. (qiutr.(No. 20)

3
1

11%
1%
1%

1
2
1
1%
15.4
50c.
1%
1%
2
1%
1%
2
1%
1
1

2
1%
1
4
1%
2%
1%
1
1
1
14
2
1%
2
1%5
1%
6
2
1%
3
2
1
1%
3
50c.
1%
1
3
2
2
2
14
2

1
2
1%cl
2%
1%

Books Closed.
Days Inclusive.

When
Payable.
April
April
April
May
May
April
May
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
May
April
April
April
April
May
April
April
May
April
May
April
April
April
April
April
April
April
May
April
April
April
April
April
April
April
May
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April

Mch. 33
to
15 Meh. 17
Mch. 31
to
1 Mch. 15
Mch. 37
to
1 Mch. 15
April 30
to
1 April 11
April 30
to
1 April 11
April 20
to
20 April 14
May 27
to
27 May 15
April 21
to
21 April 5
April 15
to
5
; April 5
Mch. 31
to
15 Mch. 28
Mch. 31
to
15 Mch. 20
15 Holders of rec. April ID
15 Holders of rec. April 10
April 2
to
15 Mch. 27
15 Holders of rec. April 4
to
April 10
15 Mch. 26
April 16
to
15 Bich. 26
1
15 Holders of rec. Mch. 23
April lb
to
15 April 5
15 Holders of rec. Mch. 31
15 Holders of rec. Mch.31
9 Holders of rec. Mch. 31
April 15
to
15 April 8
May I
to
1 April 22
10 Holders of rec. Mch. 31
10 Holders of rec. Mch. 33
30 Holders of rec. April 9a
,
25 Holders of rec. April 15
,
1 Holders of rec. April 15
15 Holders of rec. Itch. 4a
15 Holders of rec. April 4
1 April 11
May I
to
15 Holders of rec. April 9a
15 Holders of rec. April 30
15 Holders of rec. April 1
16 Holders of rec. Meh. 31
15 Holders of rec.Mch. 28a
15 Holders of rec.Mch. 28a
April 15
to
15 April 5
15 Holders of rec. April I
April 1
to
I Mch. 27
15
15 Holders of rec. April i
15 Holders of rec. April
15 Holders of rec. April 4
April 5'
to
15 April 1
April 5
to
15 April 1
15 Holders of rec. Mch. 31
15 Holders of rec. itch. 31
May 1
to
1 April 16
April 19
to
15 Mch. 24
15 Holders of rec.Mch. 310
15 Holders of rec. Apr 4
15 Holders of rec. April 4
April 22
to
22 April 12
15 Holders of rec. April 4
15 Holders of rec. April 4
20 Holders of rec. April 7a
April 14
to
14 April 5
April 10
to
10 April 6
April 28
to
25 April 12
6 Holders of rec. Mch.14a
to April 15
15 Mch. 15
April 10
to
10 April 1
15 Holders of rec. Mch. 215
15 Holders of rec. Mch. 31
4 Holders of rec. Mch. 14
4 Holders of rec. Mch. 14
30 Holders of rec. Apr.150
30 Holders of rec. Apr.15a
15 Holders of rec. Mch. 31
15 Holders of rec. Mch. 31
April 15
to
15 April 1
Mch. 31
to
15 Mch. 21
April 10
to
10 April 1
2 Holders of rec. April 1

to 3% declared, 13%% payable April 15 and
a Transfer books not closed.
134% Oct. 15. 4 Payable in stock.

614,000 3,366,000
Total March 28 1908_38,082,000 5,989,000 10,006,000
668,000 3,644,000
Total March 21 1908_39,118,000 6,057,000 9,315,000
Total March 30 1907_47.207,000 11,977,000 9,396,000 1,441,000 2,349,000
Total March 31 1906_46,470,000 11,391,000 21.332,000 2,126,000 3,606,000
Total April 1 1905_32',327,000 8,812,000 16,312,000 1,289,000 2,863,000




835

THE CHRONICLE

APR. 4 nos.j

April 10
to
April 10
to
April 15
to
April 15
to
April 15
to
of rec. April 1
to
April 15
to
of rec. April 1
of rec April 1.
of rec. Bich. 16
April 10
to

April 1 Holders of rec. Mch. 31
April 6 Holders of rec. Melt. 25
April 15 April 7
April 15
to
April 15
April 15 April 7
to

-Among other securities the following, not
Auction Sales.
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller dr Son:
Stocks.
100 Merchants' Exch. Nat. Bk_ 165
$1 per sh.
22 Home Realty Co
15 First Nat. Bank,N.Y.6403%-641
1953%
50 Nat. Coppbr Bank
230
10 Chase Nat. Bank
101
25 Lincoln Trust Co
100 St. Jos. & Gr. Isl. 2d pref. _ 153(
10 Walter A. Wood Mowing dc
Reaping Machine Co_ _ _ _ 8
35 North Amer. Underwriting
$12 lot
Co. 6% preferred
5 Hudson Navigation Co_ _ _ _ 7
700 Trinity Syndicate
4
300 Trinity Syndicate_ __ _$1,000 lot
57 Chatham Nat. Bank
305
10 Imp. & Traders' Nat. Bank520
50 Goodwin Car Co
436
4 Home Insurance Co
1 Memb. N. Y. Prod. Exch.
$251
(all dues paid)

Stocks.
15 Casualty Co. of America_ _126
200 47th St. Realty Co__ 41,100 lot.
90
5 Interboro Realty Co
99 Carnegle Trust Co_ _ _159-160

4

Bonds.
$5,000 United Telep. & Telegr.
$4,250'
• Co. 5s 1931
;2.000 011 Fields of Mexico Co.
cony. deb. 6s,1917. J. & J_ _ _ 40
;10,000 Suffolk Gas Co. 1st 55
1932. J. & J. July 1907
$500
coupons attached
$10,000 North. Westchester Securities Co. coll. tr. 5s 1936.. 17
$2,000 Fairmont Coal Co. 1st
,
85
S. F. 5s 1931. J. & J
$10,000 Mercedita Sugar Co. 1st
90
6s 1915

-The following are
Imports and Exports for the Week.
the imports at New York for the week ending March 28; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
F07 the

week.

Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
Total 13 weeks

1908.
$2,155,546
10,607.173

1907.
$3,833,714
16.483,215

1906.

1905.

$3,775,101
12,939,533

13,054.000
14,745,114

$12,762,719 $20,316,929 ;16,714,634 ;17,799,114
$37.962,167 $53,939.845 ;47,152,663 $41,108,971
109,461.306 179,417,259 147,953,777 155.852,731
;147.423,473 $233,357,104 $195,106,440 $196,961,702

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending March 28 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.

1907.

1906.

I

1905.

April 10 April 3

to

Anril 9

$13,119.791 110,888,378 $13,188,228 ;12,350,269
155,618,238 140,337,513 149,875,899 121,949,287

Total 13 weeks

April 1 Holders of rec. Bich. 31
April 10 April 7
April 9
to

For the week
Previously reported

6168.738.029 $151,225.891 $163,064,127 $134.299,560

[VOL. Lxxxvi.

THE CHRONICLE

836

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.

Exports.
Gold.
Week.
Great Britain
France
Germany -West Indies
Mexico
South America
All other. countries

$4,000

Since Jan. 1

Week. Since Jan. 1

264,485

$3,413,212
198,815
7,540
2,513,670
169,737
898,958
1,033,262

536,475
9,735

Total 1908
Total 1907
Total 1906

$4,000
4,500
113,546

$75,500
374
109,730
150,575

$336,179 $8,235,194
139,642 2,989,987
663,698 2,085,657

716,595 $9,273,62
395,000
80,000

3,000
350

*983
4,673
4,647
3,485

$37,315
42,960
39,944
44,597
378,185
263,379
115,337

$798,845 $9,806,696
829.543 10,452,108
1,042,772 14,885,838

Silver.
Great Britain •
France.
Germany
West Indies
Mexico:
South America
All other countries

$810,695
1,706,926
3,765,921

$13,788
73,725
56,851

$921,717
580,028
632,292

2,250

• 'Total 1908
Total 1907
Total 1906

134,664

-1n the case of the Clearing-House banks the deposits are "net" both for
Note.
the average and actual figures; in all other cases "gross" deposits are shown. The
Clearing-House actual figures included U. S. deposits amounting to $43,510,200,
a decrease of $4,741,300 from last week; averages included U. S. deposits of
$44,532,000, a decrease of $3,695,200 from last week.
"Reserve on deposits" includes, for both trust companies and State banks, not
only cash items but amounts due from reserve agents. and in the case of trust companies includes likevglse municipal bonds. State banks in New York City are required by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% Is required, which reserve in both cases need not be more
than one-half in cash. Trust companies in Greater New York are required to keep
a reserve of 15%, of which only 5% need be in cash andf5% more may be in mold
pal bonds, while in the case of the trust companies in the rest of the State the required reserve Is 10%, of which only 3% need be in cash and 3% more may be in
municipal bonds.

The State Banking Department also furnishes the following report for State banks and trust companies outside of
Greater New York.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK
Week ending March 28 1908.
% of
Res.
Reserve.
Loans.
Deposits.
State Banks
$78,427,800 $79,748,100 $14,585,400 18.8
-44,300
--44,800
--263,200
Trust Companies
117,016,600 124,049,000
20,543,700 16.8
-527,200
+579,800
+33,200
+Increase over last week. - Decrease from last week.

Reports of Non-Member Banks.
-The following is the
Of the above imports for the week in 1908, $97 977 were statement of condition of the non-member banks for the
American gold coin and $
American silver coin. week ending March 28, based on average daily results:
Of the exports during the same time, $4,000 were American
We omit two ciphers (00) in all cases.
gold coin and $
were American silver coin.
Statement of New York City Clearing-House Banks.
Loans,
Legal
Deposit with
-The
Disc'1.9
Tender
detailed statement below shows the condition of the New
CaptBank.
Surand
Net
ClearOther
Specie. and
tal.
York City Clearing-House banks for the week ending March 28
plus.
Investing
Bank
Banks, Deposits.
•
ments.
Notes. Agent.
&c.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, however,a departure N. Y. City.
was made with the statement for Feb. 8, so that in addition Boroughs of
Alfan.&Brx.
to the averages for the week the actual figures at the end of Wash. Hgts 100,0 181,5 878,0 13,0 47,0 $,76,0
749,0
200,0
Century ___
144,6 1,330,9
130,3 186,
1,534,5
15,5 100,1
the week are now given.
Colonial _- 100,0
474,1 3,373,5 295,4 173,6
431,8 619,4 4,381,7
We omit two ciphers (00) in all cases.

Banks.
00e omitted.

Capital. Surplus.

Loans.
Average.

Specie. Legals, Deposits, ReAverage. Average. Average. s've.

300.0
Columbia -200,0
Fidelity _500,0
Jefferson- 250,0
Mt. Morris_
200,0
Mutual -- -300,0
19th Ward_
100,0
Plaza
100,0
23d Ward
750,0
Union 'Ex_
100,0
Yorkville
Coal &I.Nat 500,0
NewNethl'd
200,0
Batt.Pk.Nat 200,0
Borough of
Brooklyn.
150,0
Broadway _
252,0
Mfrs.' Nat_
Mechanics'. 1,000,0
Nassau Nat. 750,0
300,0
Nat. City _ _

492,8
157,5
700,7
225,1
305,2
471,3
376,4
179,4
897,8
402,0
668,6
209,4
129,8

4,930,0
970,3
3,322,1
2,283,5
2,800,8
4,399,6
3,587,0
1,568,1
5,586,1
3,383,9
4,070,0
1,342,0
909,8

323,0
41,0
7,4
207,1
25,3
52,2
325,0
151,2
531,1
50,3
589,0
79,0
125,9

273,0
34,3
232,0
29,8
268,7
403,9
133,0
61,7
291,6
494,4
203,0
12,0
30,8

536,0
93,9
218,9
386,7
621,0
70,7
443,0
219.9
630,3
265,8
628,0
58,0
70,4

5,487,0
875,7
97,2 2,865,3
60,1 2,806,6
4,9 3,258,8
262,0 4,694,8
3,968,0
1,832,7
5,477,3
4,092,2
40,0 4,233,0
1,071,0
773,1

844,0 19,360.0 26.7
2,000,0 3,168,7 20,106,0 4.310,0
2,050,0 3,236,6 24,230,0 15,21)5,0 1,457,0 36,700,0 45.3
2,0(10,0 1,613,3 19,837,0 3,719,0 1,528,0 " 20,424,0 25.6
3,000,0 3,704,8 24,029,0 6,151,0 1,371,0 25,563,0 29.4
1,500,0 4,631,9 23,704.8 4.733,9 2,126,2 25,367,8 27.0
71,0 , 6,216,0 27.0
530,0
7,331,0 1,611,0
1.000,0
25,000,0 24,886,0 175,405,1 56,324,3 3,542,0 176,288,2 33.9
3,000,0 5,606.3 31,509,9 6.598,5 1,926,8 32,294,5 26.3
208,4
6,327,1
1,519,5
528,3
6,549,6 26.3
600,0
9,267,4 1,349,5
562,8
7,296,1 26.2
1,000,0 2,411,4
382,1 2,262,1
351,9 207,2 2,964,5
21,4 469,2
1,976.2
489,5
89,1
141,8
300,0
1,873,9 30.9
755,2 5,220,7 673,3 153.6 1,281,2
69, 6,282,4
350,0
0,360,9 1,353,2
723,2
5,908,6 28 8
500,0
860,0 9,170,6 249,9 651,e
744,7 105, 10,600,8
5,000,0 5,136,8 32.421,7 5,289,1 1,400,8 25,710,9 26.0
923,1 5,469,0 293,0 567,0 1,416,0
5,861,0
25,000,0 14,956,3 156,784,0 25,307,0 10,435,9 138,954,3 25.7
551,7 3,210,0 116,0 549,0 1,362,0 289,0 5,055,0
8,784,0 1,058,2
256,8
3.000,0 2,435,4
4,376,9 30.0 Jersey City.
470,5
444,3
3,246.7
82:3,4
400.0 1,199,5 4,281,3 195,7 402,6 2,200,1 695,0 6,217,9
3,055,0 30.0 First Nat _ _
500,0
5,879,1
635,5
835,6
450,0 1,000,4
5,821,3 25.2 Hud.Co.Nat 250,0
737.0 2,168,6 128,6
38,2
186,3 180,
1,850,6
1,794,9
493,9
44,7
470,4
200,0
2,044,4 26.3 Third Nat_ _
200,0
360,6 1,771,9
501,7
54.0 100,3
40, 2,011,8
3,000.0 9,286,3 59,986.8 8.993,0 8,538,6 68,815,9 25.4
Hoboken.
318.1
2.550,0 1,190,0 19,503,8 4,865,8
220,0
19,061,0 27.1 First Nat
597,2 2,285,9 114,0
24,4
130,3
90, 1,922,3
4,355,0
425.7
364,9
799,1
500,0
4,677,1 26.1 Second Nat 125,0
197,1 1,770,4
70,7
57,3
84,6 189,
1,877,0
7,556,1 1,977,8
688,8
1,000,0 1,571,7
8,131,8 32.7
199,0 11,164,7 25.6 Tot. Mch.28 7,747,0 12,584,7 82,346,1 4,748,0 5,802,1 13,139,5 3,136, 92,744,0
2,000,0 1,033,2 11,007,4 2,663;4
42,031,0 9.676,0 3,350,0 49,877,0 26.0 'rot. Meh.21 7,747,0 12,584,7 82,267,0 4,693,4 5,638,8 11,870,8 3,522,3 92,028,7
3,000,0 5.069,5
1,500,0 7,258,7 26,975,7 5,037,0 1,488,0 24,851,0 26.2 'rot. Mch.14 7,747,0 12,584,7 81,848,8 4,605,2 5,784,4 12,722,8 3,744,7 92,887,3
3,000,0 9,265,0 74,032,0 19,991,0 2,359,0 83,964,0 26.6
1,259,4
225,6
118,8
250,0
133,0
26.3
3,000,0 3,321,3 22,547,0 4,723,0 1,566,0 23,426,0 26.7
1,000,0 1,629,2 10,003,0 2,305,0
New York City, Boston and Philadelphia Banks.508,0 10,648,0 26.4
10,000,0 20,085,4 113,326,8 30.427,7 1,025,5 107,138,8 29.3 Below is a summary
of the weekly totals of the Clearing2,000,0 1,267,6 16,434,4 2,943,1 1,379,0 16,643,0 25.9
House banks of New York City, Boston and Philadelphia.
2,535,0
785,0
781,0
250,0
80,0
3,420,0 25.1
6,838,8 1,22:3,6
500,0 1,079,8
611,7
7.179,8 25.5 The New York figures do not include results for non-member
3,571.8
626.0
602,6
750,0
167,1
3,201,5 24.0
5,000,0 4,991,1 71,288,0 18,876,0 2,670,0 80,359,0 26.8 banks.
We omit two ciphers in all these figures.
100,0 1,924,4 11,974,5 2,275.1 1,210,2 33,234,0 26.3
3,830,1
270,0
879,4
625,0
200,0
3,875,5 23.0
5,031,7
918,9
597,7
966,9
200,0
5,924,6 25.5
Capttal
991,
1,000,0 1,175,9 13,166,7 2,380,1
13,771,5 24.5
and
Banks.
Specie. Legals. DeposUs. a Circu- Clearings.
Loans. .
6,401,8 1,577,1
246,3
1,000,0 1,227,2
6,465,3 28.1
Surplus.
lation.
2,964,0
538,7
382,9
250,0
442,5
3,201,7 27.9
1,000,0 1,743,9 11,085,7 1,284.1 1,658,1 11,208,4 26.2 Now York
4,208,0 1.014,0
264,0
200,0
4,796,0 26.6 Feb. 29 284.214.9 1161,057,7 261,318,2 59,850,4 1167,623,7 64,133,6 1,225,514,0
705,7
977,0 22,697,0 26.1 Mch. 7__ 284,214,9 1164,349,2 265,288.7 58,772,4 1175,700,5 62,162,3 1,150,799,7
1,000,0 1,572,9 19,314,0 4,947,0
500,0 13,498,2 26.6 Mch .14_ _ 284,214,9
1,000,0 2,394,4 14,587,6 3,097,2
1160.719.5 264,496.4 59,126,0 1171,829.3 61,400,2 1,244,0.9,5
5,665,3 1,566,5
291,4
1,000,0
646,3
6,647,9 27.9 Mch .21_ 284,214,9
1182,080,2 61,245.0 1,387.443,8
184,0 12,130,0 22.8 Mch 28._ 284,214,9 1161,653.6 271.990.0 60.954,5 1189,339,3 )61,042,3 1,315,617,5
1,000,0
858,6 10,900,0 2.583,0
1164,539,7 275,210,1 61.912,0
608,3
1,000,0
377,4
4,163,5
373,5
4,074,0 24.1
Boston.
Mch. 7-- 44,036,0 187.466,0 18,929.0 2,744,0 202,369,0 10,799,0 127,451,1
Totals, average 124,350,0 159,864.9 1164,539,7 275,210,1 61,912,0 1189,334,3 28.3 Mch .14_ 44.036,0 187,1:32,0 18,876,0 2,787,0 2)2,612,1)
122,000,4
1175,122.4 276,380,5 62,773,0 1203,031.5 28.1 Mch .21._ 44.036,0 185.695,0
Actual figures March28
18.973,0 2,831,0 204,959.0 10,802,0 125,263,0
Mch. 28_ 94,036,0 187,168,0 18,794.0 2,755,0 205,209,0 10,804 0 120,438,0
Phil&
On the basis of averages "circulation" amounted to $61,042,300 and United States
237,851,0 17,731,0 115,571,4
deposits (Included in deposits), $44,532,000; actual tigures March 21: circulation. Mch. 7_ _ 54,440,0 216,403,0
60,293.0
239 748.0 17.706,0 103.355.1)
$60,931,100, United States deposits, $43,510,200.
Mch .14__ 54,444.0 216 331.0
61.298,0
244,269,0 17,668,0 111,837,7
Mch .21._ 54.440,0 217,220.0
62,856,0
The statements compiled by the State Banking Depart Mch. 28.- 54,440,0 218,159,0
244,335,0 17,638,0 104,599,6
62,556,0

Bank of N. Y__
Manhattan Co
Merchants' - - - Mechanics' _ - -America
Phenix
City
Chemical
Merchants' Ex.
Gallatin_ - _
Butch. & Drove
__
Greenwich
Amer. Exch.
Commerce _ _ Mercantile __ _ _
Pacific
Chatham
People's
Hanover
Citizens' Cent_.
Nassau _ _ _ _
Market & Fult'n
Metropolitan _ _
Corn Ex(.hange
Imp. A., Traders'
Park
East River_ _ - Fourth
Second
First
IrvIngNat.Exch
•
Bowery
W. Y.County_ _
German-Amer _
Chase - _ - -- -Fifth Avenue.:
German Exch.
Germania
Lincoln
Garfield
Filth
Metropolis
West Side
Seaboard
Liberty
N. Y. Prod. Ex.
State
14th Street_ _ _ -

ment,'together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these institutions in Greater New York are included.

NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending March 28 1908.
Loans and
Reserve on P.C.
008 omitted. Investments. Specie.
Deposits.
Legals.
Deposits. of Re$
serve.
Clearing-House
Banks Actual.1,175,122,4 276,380.5 62,773,0 1,203,031,5 339,153,5 28.18
+15,354.0
-896,8 +1,477,0 +16,898,5
+580,2
Clearing-House
Banks-Avge _1,164,539,7 275,210,1 61,912,0 1,189,334,3 337,122,1 28.34
+7,254,1 +4,177,6
+2,886,1 +3,220,1
+957,5
State Banks
Average
289,679,6
254,148,5
50,107,0 19,669,9
82,469,4 29.1
+2,820,9 +1,582,3
+2,836,6
+202,9 +659,5
Trust Companies
• -Average - - 737,555,2
714,258,7 203,603,6 28.9
5,735,0
42,994,4
+46,988,5 +22,672,7
+37,161,5 +3,303,0 +496,5
State Banks and
Trust Co's---not
796,755,5 223.008,0 28.1
In Clear.-Flouse 812,982,1
46,450,5 10,888,7
+37.642,0 +3,037,3 +711,4
+47,571,8 +23,258,6
+Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the Item "Due from reserve depositories and other banks and trust companies in New York City," deposits amount to
$653,593,500, an increase of $39,546,600 over last week's figures.




a Includ ng Government deposits, and for Boston and Philadelph a the item
"due to other banks." A t New York Covernment deposits amounted to *44.532,000
on March 28 against $48,227,200 on March 21; at Boston to $4,959,000 on March 28,
against $5,306,000 on March 21,

paulting and

tram:tat.

We shall be pleased to mail to institutions and investors copies
of our Bond Circular entitled "INVESTMENT OPPORTUNITIES."financial we review past events and existing conditions
in which
the
worlds.
in

and business

Spencer Trask & Co.

WILLIAM AND PINE STS.. • -

NEW YORK
N. V.

Branch Offices: Chicago, Ill., and Albany,

MOFFAT & WHITE
Members
5 NASSAU STREET.

New

York Stock Exchange,
HANOVER BANE BUILDING

DEALERS IN INVESTMENT SE,CURITIES
Commission Orders Executed for Cash Only

THE CHRONICLE

APR. 41908.]

Vicaulters7 (gazette.
Wall Street, Friday Night, April 3 1908.
-Erie's finanThe Money Market and Financial Situation.
cial affairs have attracted a good deal of attention in Wall
Street throughout the week and were one of the causes of a
decidedly irregular movement of Stock Exchange prices.
The tendency of the latter, which had been steadily downward for several days, was checked on Wednesday on reports
of what was then regarded as a more favorable outlook for
the Erie plans.
Another matter which is looked upon with some favor is
the evidence in traffic reports which have come to hand
this week of the success that has attended the efforts of
railway managers to reduce expenses.
On the other hand, a reduction of dividend rates by the
Atchison Railway and by the International Paper Company
had a depressing effect, as did the unsettled state of labor in
the bituminous coal regions-and the result of the various
influences which have affected security values is a level of
prices substantially lower than that of last week.
The announcement of a loan by the German Government
is the important event of the week abroad. Otherwise the
situation there as well as here has not materially changed.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
,
from 1% to 2%. To-day's rates on call were 13/2@2%.
Commercial paper quoted at 53®532% for choice 60 to
90-day endorsements and 5%®6% for prime 4 to 6 months'
best single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,040,540, and the per cent
of reserve to liabilities was 49.50, against 48.64 last week.
The rate of discount remains unchanged at 3%, as fixed
March 19. The Bank of France shows an increase of 1,725,000 francs gold and a decrease of 6,150,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
Averages for
week ending
March 28.

Differences
front
previous week.

1907.
Averages for
week endtng
111, rch 30.

1906.
Averages for
week ending
March 31.

$124,350,000
$127,100,000 $116,472,700
Capital
159,864,900
156,057,900 145,655,100
Surplus
1,164,539,700 Inc. $2,886,100 1,056,545,200 1,025,503,900
Loans and discounts61,042,300 Dec.
202,700
51,845,000
50,820,000
Circulation
1,189,334,300 Inc. 7,254,100 1,019,817,300 1,004,290,500
Net deposits
44,532,000 Dec 3,695,200
11,738,900
18,093,600
'U.S. dep. (incl. above)
275,210,100 Inc. 3,220,100 195,659,700 177,895,000
Specie
78,308,900
72,425,900
61,912,000 Inc.
957,500
Legal tenders
Reserve held
25% of deposits

337,122,100 Inc. 4,177,600
297.333,575 Inc. 1,813,525

268,085,600
254,954,325

256,203,900
251,072,625

Surplus reserve
Surplus excluding U. S.
deposits

$39,788,525 Inc. $2,364,075

$13,131,275

$5,131,275

50,921,525 Inc. 1,440,275

17,654,675

837

The transactions in railway and industrial bonds have
fallen off to about one-half the recent amount, and in the
limited volume of business now being recorded there are
few exceptional features.
United States Steel 5s have been the active issues and
relatively strong. Interboro-Metropolitan 43's were active
earlier in the week and have lost just the amount of the'
coupon. Brooklyn Rapid Transit 4s are a point lower on.
limited transactions.
United States Bonds.
-Sales of Government bonds at the'
Board are limited to $14,000 2s, reg., at 10334. The fol/
lowing are the daily closing quotations; for yearly ranger
see third page following.
Interest
Periods

Mch.
28

2s, 1930
registered Q-Jan
2s, 1930
coupon Q
-Jan
3s, 1908-18
registered Q
-Feb
3s, 1908-18
coupon Q-Feb
3s, 1908-18_ _ _ _small coupon Q
-Feb
48, 1925
registered Q-Feb
4s, 1925
coupon Q
-Feb
2s, 1936.Panama Canal regis Q
-Nov

*103%
*104%
*101
*101
*100%
*12034
*122%
*103

lifch.
30

Mch. April
1
31

April
2

April
3

%
*1033 *1033 *103% *103% 103%
%
*104% *104% *x104 *104 *104
*101 *101 *100% *100% *100%
*101 *101 *101 *101 *101
*100% *100% *100% *100% *100%
*120% *1203/, *120% *120;4 *120%
*122% *122% *122% *122% *122%
*103 *103 *103 *102% *1023,

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

Railroad and Miscellaneous Stocks.
-The stock market
has been less active than for several weeks past and the
higher quotations referred to last week were not maintained.
For reasons noted above,prices declined rather sharply on
Saturday, Monday and Tuesday, the active list suffering a
loss averaging nearly 4 points. A general reaction from
this movement on Wednesday resulted in a recovery of about
half the decline mentioned, but the market was weak to-day
and in many cases closing quotations are at or near the
lowest.
The Erie issues were naturally more prominent than usual,
but were not forced upon the market unduly. The 1st
preferred declined 53j points, the 2d preferred nearly 8
points, the common only a little more than 3,.and all have
partially recovered. Reading has been by far the most
active stock, has covered a range of almost 5 points and
closes near the lowest. Union Pacific declined over 5 points
and recovered less than 1. Missouri Pacific has been relatively strong throughout the week.
The copper stocks lost practically all the advance recorded
last week and all the active "industrials" are lower except
Colorado Fuel & Iron and Consolidated Gas, each of which
has been strong for a special reason. The United States
Steel issues are nearly 2 points lower than last week.•
For daily volume of business see page 845.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:

8,066,000

Note.
-The Clearing House now issues a statement weekly show ng the totals
of the actual figures on Saturday morning. These figures, together with the return
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.

-The market was active and higher
Foreign Exchange.
early in the week, influenced by a demand, chiefly for long,
which was due to a fall in open market discounts at London;
short was also in request for remittance, but the offerings
were limited. After the inquiry for the mid-week mail and
to cover short contracts was satisfied, tone was steady.
To-day's (Friday's) nominal rates for sterling exchange
o
were 4 843'®4 85 for sixty-day and 4 874 for sight.
To-day's (Friday's) actual rates for sterling exchange were
4 8430®4 8440 for long, 4 8645®4 8650 for short and
4 8670®4 8680 for cables. Commercial on banks 4 8390®
4 84 and documents for payment 4 833®4 843. Cotton
for payment 4 833'@4 833, cotton for acceptance 4 8390®
4 84 and grain for payment 4 84®4 843.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 18%®5 183'a for long and 5 1634h ®5 16%a for
short. Germany bankers' marks were 94 11-16®94% for
/
long and 9534d®951 4 for short. Amsterdam bankers'
guilders were 40 17@40 19 for short.
Exchange at Paris on London to-day 25f. 13c.; week's
range 25f. 14c. high and 25f. 12c. low.
The week's range for exchange rates follows:
Long
Sterling, Actual
High
4 8430
04 8440
Low -----.4 8385
04 8390
Paris Bankers' Francs
High
05 18%a
5 18%
5 19%
Low
05 18%
Germany Bankers' Marks
94 11-168948
nigh
%
Low
0 91%
94%
Amsterdam Bankers' Guilders
High
Low •

-Slwr

g4 8655

14 8650
14 8630

04 8640

15 16%h
15 16%a

---Cables-----14 8675
14 8655

'05 16%d
05 16%

©4 8680
64 8665

1 955.16 0 95%d
I 95%
0 95 5-16 1
1 40 3-16d 0 40 346 1
1 40 17
40 19 I

Less: a 1-16 of 1%. d 1-32 of. h 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 19 . y3.32 of 1%.
,
9

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying, 50c. per $1,000 discount; selling, 75c. per $1,000
premium. Charleston selling, $1 per $1,000 premium. New
Orleans bank, 25c. per $1,000 discount; commercial 50c.
per $1,000 discount. Chicago, 50c. per $1,000 premium.
St. Louis, 75c. per $1,000 premium. San Francisco, $1 25
per $1,000 premium.
-Sales of State bonds at the
State and Railroad Bonds.
t
toard $25,000 Virginia 6s def. trust receipts at 263' to 27




STOCKS.
Sales
Week ending April 3. for
Week..

•

Range for Week.

. Lowest.

Highest.

! Range since Jan. 1.
1.

Lowest.

Alice Mining
200 $2 !Well 31 $2% Mch 31I $1%
100 5% itch 31 5% Mch 31! 4%
Amer Steel Fdry tr reels
Preferred trust reels
2001 30 Apr 1 30% lIch 3L 27%
Canadian Pac subscrip'n
reds, 1st install paid_ 1,2001147 • Mch 31149% Mch 28:140
Chic TJn Trac trust rects_ 4,700, % Apr 3 2 • Mch 30;
%
100 4 Apr 3 4 Apr 3: 4
Preferred trust recta_ _
1
Gt Northern subscript'n
200 124
Apr 3124% Apr 3114
receipts 95% paid_ -- _
Homestake Mining
300 73% itch 31 73% Apr 1 1 07
200 29 Mch 31 29 Mch 31; 29
Kan & Mich J P M rects_
25 105 Apr 1 105 Apr 11'90
N Y&NJ Telephone
100 15 Apr 3 15 Apr 3' 14
Peoria & Eastern
RR Securities-Ill Cent
50 80% Apr 1 80% Apr 1 79
stock trust certs
4
Standard Mining
100 $13 Apr 3 $11 Apr 3 $1%
%
900 95 Mch 28 95 Mch 28 95
S Leather, pref
1,010 7 Mch 28 7% Mch 30 5
Western Maryland

Highest.

Feb $3% Jan
Feb 6
Feb
Feb 31% Mch
Mch 150
Apr 3
Apr 10

Mch
Feb
Jan

Feb 124% Apr
Jan 73% •Mch
Jan 31
Jan
Apr
Feb 105
Feb 18, MO
Mch 80%
Feb $1%
Jan 100 '
Mch 13

Apr
Mch
Jan
„Jan

Outside Market.
-Curb trading this week, after the excitement attending the introduction of Yukon Gold had sub.
sided, was much less active and irregular. A general weakening of prices ensued and in some instances considerable
losses were sustained. Enormous amounts of Yukon Gold
changed hands at the opening on Saturday last, amid frenzied
trading, between 53- and 732. On subsequent days, however, the stock on lessening activity sank to 4%. It 'closed
to-day at 5. United Copper common was unusually active
4
and gained over a point to 63/. Transactions to-day-were
a feature at an advance of 1% points to 8, though later it
reacted to 63-. Boston Consolidated Copper moved down
2 points to 12 and up finally to 123/. British Columbia
2
Copper declined from 53 to 43' and recovered to 43 .
4
2
Butte Coalition from 223/ advanced to 23, but fell off to
203/. Cumberland-Ely ran down from 93's to 83 and closed
2
to-day at 83-. Davis-Daly Estates sold up froth 3% to 3g.
Greene Cananea went down from 9% to 8%. Nevada Consolidated Copper dropped from 13% to 11%, with the final
figure to-day 11%. -Nevada-Utah was traded in down from
43/ to 3 15-16 and up to 4. Nipissing weakened from 7 to
63/2. Trading in the specialties was limited to few issues,
of which Guggenheim Exploration was conspicuous for a
break of about 35 points to 150, a recovery of 3 pOints to
153 being recorded to-day. Standard Oil went down from
555 to 526,. recovered to 535, but suffered a loss to-day to
530. Chicago Subway sank from 183 to 163/ and to-day
2
%
3
rose to 17%. Consolidated Steamship 4s, after a fractional
advance to 133, sold down to 11. Nevada Consolidated
Copper 6s fell from 132 to 116 and recovered to 119.
Outside quotations will be found on page 845.
fl

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
PA Gr..4
eCTIPV

S7 OCKS-HICHTES7' AND LOWES7'„SALE PRICES
Saturday
March 28.

Monday
March 30.

Tuesday
March 31.

Wednesday
April 1.

Thlosday
April 2.

Friday
Apr11 3.

7458 7373 7434
7313 7434 74
7512 7312 7458 7253 7373
8578 86
8573 8573 *8512 8573 586 .86
86
8573 *85
7112 7112 *71
74
74
*70
*7114 72
72
72
73
/2 82
82
8318 8213 8258
8134 8313 82
3
83 4 8238 83
85
85 *82
*82
85
*82
85
*82
85
*82
85
4
8 443 4614 4413 4512 4414 4513
465
4714 4513 4614 4438
,
65 *____ 85 *---- 65 4 ...._ 65 *_ _ _ 65 *____ .65
4
3
4
15134 15314 15113 152 4 1503 15214 15114 15214 1503 15313 15073 15153
*60
611 *58
*59
60
60
*58
6114
*5012 6114 *5812 61
*173 175 *173 175 *170 175 *170 175 *170 175 *170 175
3
3
3212 3338 3114 3212 30 4 3114 3078 3112 3114 3112 307 3118
14
*10
*1012 14
1313 *10
131; *1014 14
1313 *10
*10
40 *_ _ __ 49 *_ _ _ 49 *_ __ 49 *_ _ _ 49 *____ 49
,
.4 _ _ _
5
5
513
514
5 *5 514
5
L
5
*514 512
*36 _
50
*36
50 *38 ---- *36
38
--- *
441
25
*17
*17
25 *17 /5
23
1714 1714 *17
25
Ail *634 7
*613 714 *634 7
7
7
714 714
3
3 74
75
4
8
4
11814 11953 11713 11853 11513 1173 11614 117118 1163 1173 11513 11733
146 146
144 145 *14212 145 *143 145 *14312 146 *143 147
411114 11214 §11013 11012 11014 11112 111 11112 11112 11214 11112 11112
13412 13412 *134 135
13473 13473 134 134
135 135
135 135
146 14613 14512 14512
14512 14734 14513 146
*147 14834 14712 148
0185 200 §200 200 *185 200 *18.5 200 *185 200 *185 200
122 122
in 12313 121 122 *121 126
127 12714 124 125
*140 160 *140 160 in() 150 *140 160 *140 160 *145 170
5
*2
5
*2
5
5
5
*2
*2
*2
*___
5
20
10
20
20
20
*10
*10
20 *10
20
*9
, ---- --- ---- ---- ---- ---_
173 178 -------114 114
7412
*8512
73
8318
*82
4638

3
4,5, 6i
z
8
- 8
"LSis 0 - 15. iE- "iir '13" *89 4 - - 92
*112 __ _ *92 100 *89 92

3
851 'EC, -

4.:

Twit)

Sales of
the
Week
Shares

STOCK S
NEW YORK STOCK
EXCHANGE

Railroads
37,340 A tch Topeka & Santa Fe
601 /1. Do pref
300 Atlantic Coast Line RR.._
7,160 Paitimore & Ohio
1-) Do pref
33.485 Brooklyn Rapid Transit..
Buffalo & Susque, pref__
18.470 Canadian Pacific
anada Southern
Central of New Jersey__.
8,700 Chesapeake & Ohio
Chicago & Alton RR____
Do pref
1,1300 Chicago Great Western_ _
Do 4% debentures__ _
Do 5% pref "A"
---100
Do 4% prof "B"
50
57,380 Chicago Milw & St Paul_ _
Do pref
700
Do corn etfra 45% paid
2,930
Do pref ctfs 45% paid
1.011
3.690 Chicago & North Western
Do pref
10
1,510 Chic St P Minn & Omaha
Do prof
55
Ch1cago Term in', Transfer
Do prof.
200 Chicago Union Traction_
Do prof
---- cieve chi Chic & St L_
---Do prof
5,510 Colorado & Southern-__ _
Do. 1st preferred
4,140
Do 331 preferred
1.110
2.100 Tlelaware & Hudson
,
1- elavvare Lack & ‘Vest2.800 Denver & Rio Grande___
Do prof
1,120
Detroit United
4,390 Duluth So Shore & Atlan
Do pref
3,570
35;100 Vrie
9,568 -1•Li DO, 1st pref
5,019
Do 2d pref
Evansville & Terre Haute
Do pref.
Iro o
31,684 Great Northernperties..- _ __
pro pret_
Iron
6,800
Green Bay & W.deb ctf-A
deb
' ctf B
Havya Electric

Flange Since Jan,. 1 1008.
bi.sis of 100-share too

flsI

Lowest'

Highest

Range for Ptet-fous
Year (1907)
Lowest

Highest

8
663 Nov 10814 Jan
60 Feb 14 76 Mch27
78 Nov 10153 Jan
,338 Feb 17 8712 Jan 21
t
58 Nov 13313 Jan
5912 Mch 2 7514 Mch2:
3
, 75 3 Nov 122 Jan
7612 Feb 10 1)012 Jan 1
9412 Jan
75 Nov
80 Jan : 8534 Jan 21
8353 Jan
3714 Feb 10 48 Mch25 I 2634 Nov
853i Feb
6414 Mc1121 643iMch2II 7412 Nov
Nov 10512 Jan
140 Feb 17 15834 Jan 11
6512 Jan
52
54 Mch 4 62 Jan 11
, 138 .Nov
160 Feb 1] 183 Jan i:I 144 Nov 220 Jan
56 Jan
2512 Feb 19 :337 Mch27 I x2314 Nov
3
2713 Jan
10 Feb 13 1412 J(Ill 341/3i3 Nov
7 Mch24
4315 Feb 8 4818 M n 4
7 jach23
s):86 NDN cooc: 69 Jan
48 Se n
11:43
18 Jan
3310 NIch 19 491.Jan 4
79 Feb
40 Dec
711. Feb
21 Dec
. c
5
151 Feb 15 31 Jan 6
1
26Ig Jan
10313 Jan 2 12 78 AM 16
15713 Jan
10 '
T
6
138 Jan 3 146 Apr 3 130 Nov 1651, Jan
98!'Jan :3 11214 Mch 24 ,
-85 Nov 141 Jan
125 3Jan 2 136 Jan 20 111 Oct 149 Jan
5
13513.Tran 2 15'213J571 18 126 Oct '205 Jan
5185 Jan 115200 Mch30 185 Oct 234 Jan
114 Feb 25 13212.100 20 106 Oct 170 Jan
14012 Jan 3 153 Jan 2i 13712 Dec 165 Jan
03 Feb
4
4
13 Feb IS
434 Jan 14
313 Oct
878 Mch14 12 Jan 23
!. Mch
25 Jan
2 Jan 14
114 AM' 3
253 Aug
611 Apr
I033 Jan
1212 Jon 14
121..1art 14
7 Dec
s
027 Jan
4813 Feb 19 02 Jan 1:1
48 Nov
88 Dec 1081, Jan
8518 Feb 19 92 Jan 13
2638 Jan 22
21 Feb 1
17 Nov
3873 Jan
1
6912 Jan
41 •Nov
8
503 Jan 2 . 56121/Ich24
5813 .1an
3934 Feb 19 4734 Mch25
291. Nov
14113 Feb 10 168 Jan 10 1235i Oct 2271. Jan
420 Jan ,6 1500 Jan 8 36912 Oct 510 - Jan
16 Nov
8
4273 Jan
1414 Feb 19 213 Jan 6
53 - Nov 8373 Jan
3914 Moir 2 597 Jan 14
33 Feb 25 :3813 Jan 8
8013 Jan
3134 Dec
Apr 2
614 Oct
1913 Jan
6 Feb 11
11
10 Nov
31) Jan
1134 Feb 13 1034 Mch27
1214 Nov
4414 Jan
12 Mch 6 1718 Jan 3
8
757 Jan
28 Nov
3
2438 Mch 4 35 4 JIM 10
20 Nov
67 Jan
16 Mch 6 2814 jail 11)

92
*88
92
*89
2434 25
4
25
2512 25
2514 243 251
25
2513 2534 25
5414
5412 5514 54
5434 55
5414 5414 541.' 55
5312 54
44
$451.1 4514 4534 4534 4412 4412 44
4646
4512 46
154 15414 *153 155
3
15213 15Z14 152 4 153
*15312 15513 15273 154
*450 485 *47434 485 *474 485 *474 485 *474 485 *474 485
8
4
8 183 187
195
1831 2014 *1853 1912 19
2114 '2114 2012 21
5112 5112
5314 5438 5213 5312 5134 52
5514 5514
59
*56
*31
*3112 _
: *311. _
*3112 ____ *3113
*3113.
n
11
39 4 1014 1014 11
5
9 s 1012
934
4
918 i
912 103
1858 1012 1812 1812
1812 19
19
83 18
1914 1814 19
18
1458 1518 1438 .1518 1378 1453
. 1578 1718 1458 1614 1358 15
3012 3113 2934 31
3
32 4 3012 33
3213 3412 29
1 3413 35
1914 2012 2014 2014
24
21
2312 1738 22
*2313 2434 22
80
*65
80
*65
80
80 *65
86 *65
*65
80
*65
80 Mch19 85 Mch26
*80 100
*80 100
100 *81) 100. *80 100
*80 100 *80
1133, Feb 10 x12531 Jan 18
3
4
3
122 4 1233 122 4 12414
. 12313 12433 12318 12438 122 1233 122 123
4812 Jan 2 5934 Mch26
5534 66
56
5638 56
56
57
5712 50
57
. .5734 59
71 Mehl° 75 Mch31
7712
75 *70
*70
80
75 *70
75
75
*65
75
*65
Jan 14 1314 Jan 23
1u2
4 1034 *10
11
*1013 1134 103
*-___ 12 --------11
20 Mch24 20 Mch24
24
*19
24
*19
24
*19
*1778 24
3
*177 24, *1778 24
570 Jan s 170 Jan 8
*63/2 95 *6312 95
*6312 95
3
*637 95
95
05 *65
. *65
69
600 Hocking Valley tr rects- - 62 Feb 10 76 Jan 13
69
73
*69
73
73 *69
73 *69
73
' 7112 72
75
69 Mch19 80 Jan 9
*70
Do prof
75
*70
75
*70
75
75 *70
*70
• *70 .75
12514 12513 1,000 Illinois Central
12212 Feb 17 133 Jan 18
12512 1253 12513 12518 *12313 127
4
126 126
12513 126
63.. Ian 4
878 Jan 31
4 1,400 nteg
tropolltan ..
73
*712
4
8 *714 73
3
7 8 75
3 712
73
3
8
712 7 4
8
171a Feb 19 2314 Jan 29
2012 2,300
prof.
2012 2034 2012 2012, 20
20
20
2034 2134 2014 21
10 Feb 19 1314 Jan 14
0
10
40 Towa Central
3
3
po
12 512 4 12 4
1212 *1112 12
13 *12
*12
1212 1253 *1214 13
2713 Feb 19 34 Mch26
3314 *32
33
33
34
*32
34
*32
*3312 34
34
*33
62 *58
62
ITC Ft S & M,trots pre 5978 Feb 19 70 Jan 13
63 *58
63 *58
65 *58
65 *55
*60
40
18 Feb 25 237 Jan 6
53
2313
x450 lansas City Southern-2212 *2012 2313 :21
*2112 2312 *22
2313 2353 *2113 2312
96 Feb 19 5514 Mch28
660
Do prof
52
*50
54
5412 *52
5514 *52
54
6
10
5 :
3
16
16
3
33
6
1512:
10
5
200 Lake Erie & Western-- 12 Jan 4 1513 Feb 3
16 *14
16 *14
1512 151: *14
Do pref
50
*36
50
*36
50
*40
30 Feb A 3434 Jan 11
37
*32
di
35
Long Island
37 *32 '37 ia- - - *32
*32
37
*32
09
8714 Feb 19 10312 Jan 18
9713 9713 1,400 Louisville & Nashville.,
9712 975: *97
*9812 9912 9612 97
100
99
120 121
4561Vranhattan Elevated__ _ 120 Jan 4 13243 Jan 29
*120 128 §126 126 *120 127
125 125
*123 128
_ *17 ___ *17
15 Feb 24 25 Jan 10
0 -etropolitan Street- _ - _
. 1
_ *17
*17
1413 Jan 2 2013 Jan 28
19 - 1834 19
1818 1812 8,500 Mexican Central
8
19 -Iii8 16" 'IV los 1873 -- 3 *1834 243
4 2413, 2412 2414 2413 1,540 Minneapolis & St Louis.. 20 Mch 2 2614 Jan 15
2413 2412
2413 24
2414 2413 2413
• 61 Feb 29 67 Jan 18
66
*62
Do pref
68 *02
100
66
63 63 *62
66
66 *62
*62
7914 Jan 2 11334 Apr 3
10934
111 11334 5,120 Minn St P & S S Marie_.._
10813
*106 107 ' 107 110 . 10812 109 *125 10913 *125 112
. 12313 Feb 11 1363 Mch25
4
Do pref
135 .
135 *125 135
*125 135 *125 135 *125 135
1712 Mch 2 2713 Jan 14
2378 2313 2312 23
7,100 Mo Kansas & Texas
2313 2234 23
2412 23
2478 2514 24
48 Feb 19 591.Jan 15
Do pre!
55 *53
5534 54
5414 *63
54
5512 1,050
5573 56 , *5312 58
'2812 Feb 19 47 Jan 2
4113 40 *4034 40
8 4114 4213 17.175 Missouri Pacific
423
4034 4213 40
4213 43
9734 Jan 2 11414 Jan 14
*105 110 *105 110 *104 109 *104 109 *104 108 *104 108
Nash Chatt & St Louis.
4
5113 *497 5012 *50
3
at of Mex, non-cum pf 433 Jan 6 52 Mch28
5113 5012 5012
915
15014 5014
5138 52
Do 2d pref
.,„ „ .„. ,:.
, C.._ 29
13
& Hudson.. 90Jan 2 103 Jan 14
N Y Central
14
4
4
i
'4
98
-97'4 - - -96 In 3 -134.5 -671- -663- ii8
99
98
- 241.1Jan 3 :3413 Mch27
3312. *31
34
300 N Y Chic & St Louis.
34l3413 *3212 3412 3112 3113 3214 3214 *31
00 Jan 14 90 Jan 14
05
*85 .95 *85
Do 1st prof
*85 100
*85 100
*90 100 *85 100
60 Feb 8 70 Jan 15
67
200
Do 2d pref
*60
67
88 *60
*62
64
64
69
6613 6812 *62
3
13274 133
500 N Y N Haven & Hartford 128 s Jan 6 13943 Jan 18
13473 13473 *131 13413 *130 135 *129 134
13412 13413
2918 Feb 10 35 Jan 14
33 *32
33
600 N Y Ontario & Western
33 *32
3314 3313 3212 3213 *32
34
34
58 Feb 19 70 Jan 15
3 3,850 Norfolk & Western
6312 6334 6312 6312 *6333 643
6514 6334 64
6413 6512 64
74 Mch24 81 Jan 9
Do adjustment pref
80 .._
*70
80
*70
80
- *70
80 *70
1167 Jan 2 12912Jan 18
Pacific
15,815
- 2 - 8
s
8
3
127 128 4 1267 li83 12618 1277 12612 12712 12653 12734 12633 1271- 1 7,030 Northern
103 Feb 10 112 Jan 18
Do subscrip recta
11012 1103
4
7
3
110 110 4 109 11012 109 8 11012 11012 111
7113 Apr 2 931. Jan 14
110 111
7113 7213 7112 7113 1,010 pacific Coast Co
76
7
8
7534 7534 7614 7614 757 75 3 *73
Do 1st pref
1
*70 100
*80 100
84
*80
*80 100
*80 100
*80 100
79 Mch27 97 Jan 13
Do 2d pref
80
*75
79
*76
*77 . 79
*7713 80 *7712 80
80
*75
4
1083 Jan 2 11834 Mch 14
Pennsylvania
8
5
11613 11758 11614 11714 11512 11612 11534 1161 115 3 1163 11513 11018 58.087 PIttsb Cin Chic & St L.
59 Jan 7 70 Jan 22
50
69
*66
69
*66
69
*66
69
56814 6814 *65
70
*65
8113 Mch 3 00 Jan 10
75
Do prof
00 *82 ' 90
*82
90
*82
90
*82
90
*82
90
*32
0218 Feb 17 x111 Jan 18
10314 10414 10212 10414 10233 10373 684,740 I)cadInT
10533 10714 10414 10578 10258 105
78 Jan 2 84 Jan 18
200 1.1., 1st prat
4
82 *8112 843
8434 *82
8234 82
8434 *82
8434 *82
*82
76 Jan 6 3242 Jail 0
82
400
3d prof
*73
81
8038 80
801p *77
8012 *77
*701. 8012 *77
4
(
1014
602 Feb 3 153 Jan 6
5,000 Rock Island Company
I378 14
14
1418 14
1438 14
1413 1433 14
153; 1513
2034 Feb 3 3033 Jan 6
2638 27
6.900
Do pref
27
2714 2834
2634 2714 27
2873 2714 28
28
4
45 Feb 10 613 Jan 15
55
St L & San Fr. 1st pref._
55 *45
55 *45
55 *45
*45
55
55 . *45
*45
1914 Feb 19 :3014 Jan 13
550
3
Do 2d pref
2413 2534 2534 25 4
28
*26
28
*26
28
*26
28
*28
10 Mch 7 1512 Jan 15
14
100 St Louis Southwestern-1412 *12
*12
14
*1314 1434 *1314 1434 1314 1314 *12
'2412 Feb 19 :34 Mch26
33
*31
33
Do pref
33 *31
32 *31
32
34
*32
34
*32
Feb 17 7812Jan 20
74
36,150 Southern Pacific Co
7473 7512 x7338 7:378 7314 7418 73
3
75 4 783s 7514 76
10633Jan 2 112 .Tan 21
Be pref
1,072
11112 *11114 112 5111 111
8
3
110 4 11114 11138 11112 11138 1113 11114 133.4 13
Jan 10 1614 Mch2.6
91s
1312 13
1338 15,760 Southern v tr cfs stamped
5
8
126 13 3 1314
1518 1578 1212 15
251, Mch 5 42 Mch26
3734 30
do
3712 7,560
Do pref
37
39
4012 3573 3812 38
4113 38
41
71Feb 29 21 Jan 15
123
*151216
17,, *1512 17
1.200 Texas & Pacific
1512 1614 *16
4
1714 1712 163 17
.1
1512 Mch23 223 Jan 29
19
8 19
700 1-hIrd Avenue (N Y)-.,. 4
183 1834 1978 197
18
18
21
*18
*18
20
9 Mch 3 1314 Jan 29
10
3
9 8 *9
1,100 Toledo Railways & Light
*9
3
04
9
*9
g
94,
933 934
9
12 Feb 6 1914 Mch28
5
600 Toledo St L & Western
1812 1858 18 8 *1612 1812
2
3
18 4 *1712 1812 *171
1914 18
19
33 Feb 3 43 Mch 3
4278 4112 43
42
4,610
Do prct
4134 4112 42
4
4
4113 4214 ' 413 4214 41
84
184
8433
84
696 Twin City Rapid Transit. 7814 Feb 7 8014 Jan
84
84
84
84
8414 *83 *83
.
1101 Moir 2 129 Mch27
12433 12613 12334 12558 555,460 1 Tniono
n
4
2
4
4
"26341283 1253 1271- 12313 12573 12412 1253
go
191. Apr 2 8431 Jan 12
*78t,
ne l l..
Pa re e
791A 80
349 ti
80
Rn
*781, 80
*7813 80

1

-iai2 -ow, --------

90 Apr
10712 Octt 18934 Jan
85 Jan
37 Oct
75 Oct
75 Oct
1412 Jan
634 Oct
47 Jan
2412 Oct
8612 Jan
72 Apr
63 Nov 114 Mats
94 Jan
64 No
116 Nov 172 Jan
:19 Jan
478 Oct
14 Nov 7514 Jan
2873 Jan '
912 Nov
51 Jan
29 Dec
80 Jan I
88 Oct
3034 Jan s
18 Mch
45 Mob 6114 Jan 1
2813 Jan
11 Nov
6713 Apr :
3
39 4 Nov
6713 Jan
26 Dec
8512 Nov 14618 Jan
.3
1007 Oct 146 Feb
23 Dec 167 Jan
2753 Jan
3
12 4 Nov
12
23 Dec' 59 Jan
90 Jan ;
26213 Dec
60 Oct 14014 Jan
110 Oct 168 Jan
8
3
20 4 Nov 443 Mch
53 Nov
4
723 Jan
9234 Jan
4418 Dec
97 Dec 147 Jan
5933 Jan
3912 Nov
34 Ja b
O ec
Dct 12734 Fen
x813a12
631. Jan
3
19 4 Oct
85 Nov 110 Jan
.
4)i3 Jan .
41 Oct
8
1273 Nov 189 Jag
4833 Jail.
28 Oct
0214 Jan
56 Oct
0012 Jan
70 Oct
10012 Oct 18913 Jan
9113 Nov 134 Feb
56 Nov 12413 .Tan
65 Nov
76 Nov
85 Dec 125 Mch
8
x10313 Nov 1413 Jan
78 Jan
51 Oct
6912 Oct 10513 .lan
7013 Oct 13913 Jan
92 Jan
73 Oct
94 Jan
67 Nov
3013 Jan
1114 Nov
6413 Jan
2613 Nov
70 Jan
58 Oct
4838 Jan
24 Nov
2512 Jan
11 Nov
6212 Feb
25 Nov
9614 Jan
6314 Oct
100 Oct 1914811:.
N v
34 Jan
10 Nov
2013
Jan
1712 Nov
3718 Jan
16 Nov 123 Jan
9 Dec
29 Jan
1634 Dee
333; Jan
2934 Nov
5473 Apr
683 Nov 10102 Jan
4
100 Oct 183 Jan
,
, /No.
7

-BROKERS' QUOTATIONS.
BANKS AND TRUST COMPANIES
Ask
Ask
Bid
Bid
Banks
Banks
Bid Ask
Bid Ask
Banks
Banks
-- _ Oriental II__ __ _ _ ..
..Metropolis 1: 390
Fifth Aveli- 3700 3850 Imp & Trad I520
105
...
250
Pacific 11___ '230
300 350 Interboro If- --- 1115 Metropol'nn 158
410 Fifth
Chemical __ 390
240 Park
mama York
395 405
Mt Morrlsn. 220
First
164012 1641 Irving N Ex 170 , 180
..
Citizens Ctl 130 135
170
..
etna
260
People's IT.. 50)
.
Mutual %.... 250
185
170
.
- - lefrorson 11.. 170
25) 260 14th St 11
City
.
480-_-..rner(ca I
-145
1:15
Phenix
Nassau IT.. _ 205 212
175
Fourth
180 F.Iherty•---- 435 165
mer Exch_ '420 230 Coal & Iron 190 200 Gallatin
- ---- Plaza 11_ , 575
Arast
New
---320
125 Colonial 11... 700 500 Garflew_ 330 Liner-An . -:, MO 565
attery Pk_ 115
0
- 0 220 Prod Exch
- -T. 14) 1-45
325 fkianimttaya 275
285 New Neth'd 2 --- Columbia 11_ 409
...
owery 11 -= 315
--- rtiverslde 11_ 200
_ NewYorkCc 1200
154 Germ Am T 125
135 Marlet &Ful 235
-- Commerce. 150
350
ranxiloroll 300
280 290 Seaboard - 3:30
York
ilechanics', 210 215 New
125 Germ'n
475 500
115
-155 Consol't'd
..
)(tell & Dr 150
b360
_ . Gro-man1-411 500
- - - - _ N'ilt &Dal --- 400 Second
--- Mcch&Tra 1;
_ fls)514
'35
170
entury 11
185 Conner -=_
---- 490 State II...- 325 3
-14
_ 1118 19th Ward
---- Corn Ex 1].._ 275 286 Greenwich 11 259 270 Mercantile tills
t230
base
___ North Amex --- - 12th Ward 11 , - 300
145 Ham liton11_ -_-. - Nterch Exc'.
---- East River_ 135
'ratham -,, 1305
____ 160 230 Ward 11 199
160 Nr-rthern
NIcri-hants'.. 115
165 Hanover _ 470 4 5
-,
11_ 160
',.]..aEx 11 200
---- Fidelity
( n( rig
.•
ate all Ci
s - ay.
3
Hi-rights.,Less Clan 10 s tart:4
lid and asked prices no sales were illat1, on
c Ex-beneficial Interest in ore pr
h 1st Insta lim't paid. n Sold at private sale at this price.
at Stock Exchange or at auction this week
Banks

Bid

Ask




Banks

Bid

Ask

nx11

New York Stock Record-Concluded-Page 2

APR.4 1908

839

•••

STOCKS-HIGHES7' AIVD LOWEST SALA!: EMU:AS
Saturday
March 28

Monday
March 30

Tuesday
March 31

Wednesday
April 1

Thursday
April 2

APrti 3

Sates 01
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Range Slate Jan. 1 1908
On basis ol 100-share Lois
Latcest

Highest

400 Unit Rys inv't of San Fr_
15 Jan 24 2112 Jan 28
19
18
18
209
2712 Jan 22 3818:Jan 30
Do pref
34
3712
; *35
3,360 'Wabash
634 Mch 3 1134 Mch28
10
4
1114 1113
13 Mch :3 1912 Mch28
Do pref
1712 ' 2,200 VT
1912 1912
7
909 Wheeling & Lake Erie
9 Jan 3
412 Mch 7
7
7
600
1612
Do 1st pref
13 Mch14 19 Jan C
1518
15
400 • Do 28 pref
6 Feb 27
11 Jan 1
812
*712 1012
100 Wisconsin Central
15
1312, Feb 28 1714 Jan 15
*14
1534
100
Do pref
40
33 Feb 10 , 4:312 Jan 20
40
*38
Industrial&Miscelianeous
20 A dams Express
164 Jan 1' 4185 Jan 17*165 177 1166 166 *165 177 *165 177 *165 177 *165 177
[
718 712 1,060 'ION-Chalmers
812 Mch25
5 Mch
712 4714 714
7
718 718
4 8
*73
4918 918 *1813 1912 *1812 191; *1812 19
400
Do pref
14 Mob 6 22 Jan 14
1858 1878 *1812 1878
*1812 20
5812 6018 5778 5912 5814 5934 5814 5938 232,09! Amalgamated Copper_
4518 Feb 19 6234 Mch28
8
4 595 61
6012 623
1812 Mch28
4
18
1714 *163 1712 *163 1712 2,200 Amer Agricultural Chem.. 13 Jan 4
4
1712 173
4 17
1814 1812 18
Do pref,
81
81
781. Jan 4 .8412Jan 31
8212 *75
*75
81
*76
*78
81
95 *75
*75
91. Feb'10 1314 Mch2F
800 American Beet Sugar___ _
1112 1112
1212 1212 1134 1134 1112 1112 1114 1114 *1112 12
Do KO
75
65 Jan 2:: 75 Mch21
80 - *.._ 80 *___ 80
80
*70
80
400 American Can
4 Feb 20
:12Jan 11
4
*478 5
434 43
478 478
*478 5
44 47
8 *47
8 5
2,100
pref
44 Jan
523 Jan. 10
8
50
50
50
49 4 49 4 4912 50
4914 5018 50
3
3
60
50
2512 Feb 13 3:.'34 Mch2
3112 3218 8,500 American Car & Foundry
3
3112 3114 33
317 3212 3078 3112 31
3212 33
400
Do pref
8414 Mch 4 0412 Apr 1
941. 041. 9412 *88
9412
*88
0212 9213 *83
95
93
93
725 American Cotton Oil
'2434 Feb -19 :14.33J50 14
273
4
28
*265; 28
*265 273 *26
8
4
3
2814 28 4 2814 2814 128
Do pref.
180 Jan 16 032 Mch14
85
*82
86 *82
85
85
*82
85 *82
*82
85
*82
170 Feb 26 200 Jan 1,
American Express
*175 190 *175 190 *173 190 *178 190 *178 190 *178 190
37 Jan 8
750 American Grass Twine
(3 Me1(23
6
6
63
4 5 4 *512 6
3
3
53
4 63
4
63
4 53
4
54 5 4
3
234 Feb 26
300 American Hide & Leather
37 Jan a
3
312
*3
3
34
312 312 *3
3 4 *3
3
312
3
18 3
4 *3
1212 Mch 4 1612 Mch3(1
810
Do pref
*14
16
16
16
1512 1512 *14
11618 1618 1512 1612 *14
1212 Feb 8 2134 Mch26
20
2034 1034 2018 1912 2018 1912 193
2018 21
4 1912 1912 5,094 American Ice Securities_ _
6 Mch I
130 American Linseed
83 Jan 10
3
*7
812
8
812 *7
812 *7
*712 9
712 712 *7
17 Mch 5 22 Jan 3:3
Do pref
24
*18
24
*1712 24
*17
25 *17
22 *18
*17
24
313 Feb 26 43 Mch26
3
4312 4414 435s 443
4514 4612 447 4512 4314 45
8
4 4358 4438 15,375 American Locomotive_ _
8513 Jan 3 9434 Mch25
Do pref
*9312 95
9338 9314 9314 x9138 9138 1,100
9312 9378 93
9314 93
Mch 2 634 Mch27
200 American Malt Corp_ _ _
*512 0
*512 6
6
*5
*512, 6
633 63
8
6
6
21 Jan 13 3412 Mch27
Do pre
35
35
0
30
*3313 3412 *31
35 *2
*30
3312 *30
35
4Jan 20
7(1 Jan 17 803
Amer Smelters Se': pre 13
78
78 *76
78 *75
78
*76
73 *74
78 *77
*77
6812 265,175 AmerSmeittng & Relining 5512 Feb 17 7914 Jan 15
7112 7334 6938 7134 67
66
68.38 6612 6858 67
70
Do pret
3.152
95
87.:14 Feb 2C 98 Mch25
195
9412 9434 9418 95
96
97
9778 943 97
95
4
American Snuff
*175 195 *170 240 *170 240 *170 240 *170 240 *170 240
Do pref
80 Mch23 85 Jan 6
*8212 88
*82
88
*S212 88 *8212 83 *8212 88
*81
88
412 Feb 14
7 Jan 13
100 American Steel Foundries
512 512 *5
.
*5
8
*512 0
6
*514 6
*5
6
2618 Feb 14 34 Jan 20
32
100
Do pref
*3012 3112 3112 3112 *3012 3112 *3012 3112 *3012 3112 *311
4 2,800 American Sugar Relining 9834 Jan 2 128 Mch23
124 124
124 12434 124 1243
124 125
*124 126 *124 126
105 Feb'18 11934 Mch21
Do pref
*120 125 *120 125 *121 125 *120 125 *112) 122 *120 125
American Teleph & Teieg 101 Jan 6 112 /Oh 18
3
*10914 109 4 *10812 110 *108 110' *108 10934 *108 110 *103 110
85
500 American Tobac (new), pf 7212 Jan 2 .8512 1dch31
85
85
80
*85
8514 8514 8514 85
8512 *8412 86
1512 Feb 17 711.2 Mch27
•
19
8
2014 1814 191. 1838 185
8 1834 18 4 1,600 American Woolen
*21
2134 2014 21
7814 Feb 19 fill" Jar' 18
Do pref
83 . *8212 85 - *82
60
8412 *82
8412
483
85
*8312 8518 *83
28,400 dAnacondaCopper Par$25 $271. Feb 19 f.4934 Mch!-7
3912 4034 3812 3912 3712 3812 3718 3 3
8 4 3712 3812 x3712 38
dBalakiala Copper Par310 $17 Jan 2 5414.1an 17
8
47,150 dBatopilasMining Par $20 3213.Jan 23 55 Mch 20
353 4
438 - 35
33
4 44
44 418
4
-514 7ia;
rooklyn, Union Gas___ x85 Feb 21 110 Apr 3
100
110 110
*104 110 *104 110 *104 110 *105 110 *105 110
t? Jan :,
Mch23
*7
9
8
8
mini:wick Dock &C Imp
200
9
*7
8
74 77
*712 812 *71. 812
25 *22
110 Feb 7 123 Jan 15
95
25
*21
tterlck Co
120
25
*20
20
*1412 20 *18 - 25
1012 2014 20
1512 Feb 10 214 Apr 1
2118 20
2078 1978 2038 20,320 (lentral Leather
1934 1938 2038 87
19
3,918 V
7531 Jan 2 83 Apr 3
) Do pref
8778 8733 8734 8712 8734 8712 88
8534
4
85 8 863
7
3
8 2318 23 4 55,100 Colorado Fuel & Iron.
5
15 8 Feb 11 2538 Apr 1
3
2234 2318 2214 2438 2312 2473 2378 2538 23 4 247
1,960 Col & Hock Coal & Iron
19
1434 Mch 6 21 Mch24
1912 1912 1814 1834 19
19
2014 2038 1914 1978 19
96 Jan 3 1171. Apr 2
11212 11312 11334 11712 11514 11612 10,000 Consolidated Gas(N Y)
112 113
11212 115
113 4 115
3
1034 Feb 10 1434 Jan 18
2,200 Corn Products Refining
1318 1278 13
8 1334 1378 1318 1314 1313 1314 13
1378 137
56 Jan 2 66 Jan 20
100
Do pref
*03
65
*63
65
65 *63
64
65 *82
65
66
*65
3 178 3134 313
3112 3112
8 30 4 3214 31
4 2,000 Distillers' Securities Corp 2714 Feb 10 35 Jan 18
3
3312 3312 3212 325
Federal Mining & Smeit'g
*50
81
*50
81
*50
81
81
*5(3
*50
81
81
*50
59 Feb 10 74 Mch26
300
72
Do pre
,
71
71
*69
*66
72
69
60
72
*69
71
71
4-Mch25
111 Jan 1 1283
1,700 General Electric
127 12738 12614 12612 125 12614 *125 123 *124 128 *124 129
4Jan 2 0812 Mch31)
95
95
100 Granby Cons AI S & P- 783
*90
99 *90
99
*90
*91
99
9812 9812 *90
8 Mch28
Mchll
200 r nt Mer Marine stk tr cif&
912 *634 8
912 ' *7
718 *7
*7
8
*7
712 8
420 1. Do pref
16 Feb 25 21 Mch26
19
1918 194 *1612 1914
12012 2012 19
21
21
*2) 21
1214 Jan 18
8 Apr 1
814 8.14 2,620 International Paper
8
834
834 9
814 812
10
912 912 *3
52 Jan 2 63 Jan 16
55
5514 1,885
Do pref
*5313 56
55
5318 5434
*54 4 5612 1312 5534 63
3
35 Mch 2Z 35 Mch25
*34
37
37
International Power
*34
37
37
*34
*34
*34
37
*34
37
13 Jan 2 26 Mch23
8
8 1,510 internat Steam Pump
2212 2233 2238 217 217
2212 2234 22
2212 23
23
23
3
65 Jan 10 743 Mch 13
Do pref
•
320
8
71
1707 7078
71
72
*7012 72 *70
7112 7012 7038 *70
52 Feb 25 (3) Jan 11
100 Mackay Companies
60
60
*57
*557 CO
8
*57
57
57
*5718 60
*57
60
597 Feb 25 64 Jan 13
8
Do pref
516
62
§62
62 *6214 64
6134 623
8 62
*6234 6318 623 62 4
4
3
68 Jan 3 8212 Mch24
ational Biscuit
100
79
78 *77
78
*7612 80
80
80 *77
*78 105
*73
102 Jan 2 11312 Mch 25
Do pref
*96 ___. 112 116 *111 116 *111 116 *111 116 *112 116
712 Feb 14 10 Mch25
25 Nat Enamel'g & Stamp'g
*9
10
3
*912 10
*83
4 94
4 93
4
*
9
9 4 *83
3
1104 1018
179 Feb 25 §80 Jan 18
Do pref
100
*70
80
80
*70
80
*70
80
*72
76
76
77
*74
36 Feb 10 00 Mch25
6534 7,045 National Lead
5612 55
5578 57
55
5612 55
5834 5612 58
68
871,Jan 13 9012 Mch26
Do pre
125
96
*9312 9512 *9312 9512
91
9512 9522 *91
494
*9512 96
678 ' 673
633 678
678 7
7
0
4 714
612 612 5,600 Newhouse hi & S_Par $10 $612 Apr 3 504 Jan 20
733
60 Jan 2 72 Jan 14
8115 New York Air Brake_ _ _
86
66
611
66
67
6738 673
4 66
66
*69
6933 166
3,414 North American Co, new 4218 Mch 5 541. Jan 13
51
50
5012 *50
51
51
50
50
53
5212 5338 51
25 Feb 10 3312 Mch24
Mail _
2934 29
29
29
283
4 9,100
2912 28
3012 3134 2934 3114 29
8912 8812 8912 8878 89
L
L & C (Chic) 80 Jan 2 1934 Mch24
*8813 8912 4,975 People's
8912 8934 8914 897
8 89
812 Mehl7 1033 Jan 9
*9
*912 1014 *914 10
800 Pittsburgh Coal Co
933 038
10
10
10
934 10
3012 Feb 14 4278 Jan 13
*39
42 *39
Do pre
42
200
41
4012 41
*39
42
*411
*4012 44
1714 Feb 10 2512 Mch24
234 2312 2312 23
23 4 3;435 Pressed Steel Car_
3
4 2312 2414 23
3 2414 243
2412 247
69 Jan 3 811. Mch25
Do pre(
79
670
178
78
7514 7514 47812 7812 *76
79
79
80
80
160 Jan 20
147 .Jan
100 Pullman Company
*15212 15412 *153 15412 *152 15412 152 152 *15012 154 *15012 153
3312 1,500
allway Steel Spring_ _ _ '2334 Feb 8 3614 Mch26
34
34
34
34
33
3434 35
3614 3614 3
5
35
,
90
75 Jan 29 80 Jan 22
*75
90
• IA Do prof
*75
*75
90
*75
90
90
*75
90
*75
1434 Feb 11 20 Mch28
1838 185
8 173 1834 21,500 Republic Iron dc Steel
4
138 1818 19
19)2 20
18 4 19 4 1778 19
3
3
Do pref
65 Feb 29 74 Mch 16
4 7018 7078 6812 7012 16,820
8 7112 7212 7014 713
7212 733
74
73
3,000 Qloss-Shefficid Steel&Irn 36 Jan 2 52 Mc1124
47
48
4612 4612 46
46
4912 474 4812 4612 47
*4312
1
8712 Jan 7 93 Mch30
100 .9 Do pref
93 *90
93
*90
93 *91
93
93
94
*02
8 4178 4238 41)2 4214 45,860 dTennesseeCopper Par$25 $2512 Feb 17 $4134 Mch30
4238 4133 417
4 41
8
4218 417 423
41
100 Texas Pacific Land Trust 95 Feb 11 19 Mch 16
58
*56
60
*56
60
58
*50
60
*56
60
60
*56
6 Mch27
4 Feb 21
Union Bag & Paper
*412 6
*412 6
*412 6
*512 6
*412 6
6
*5
4475 Jan 6 55 Mch27
130 %--) Do pref
55
55
55
155
55
*53
*53
65
57
53 *53
155
1712 Feb 26 2712 Mch26
1,769 U S Cast) Pipe & Foundr
2512 12312 25
24
25
2518 §24
2612 2612 2312 2512 124
Do pref
220
,6812 6812 *64
583s Jan 2 7114 Mch25
70
70
*67
70
*65
*6912 75
70
70
10 United States Express_ _ _ 70 Feb 18 90 Jan 6
*78
90
90
90
*78
*78
90
85 *78
485
90
*78
41
42 *40
1.000 U S Realty & Improver/3'i 3614 Feb 5 42)3 Jan 21
42
40
*40
41
40 *38
40
40
40
9 Mch 17
4 Feb 21
*6
U S Reduction & Refining
9
*6
*6
10
6
9
10
10
*6
10
*6
16 Feb 10 25 Mch17
*20
25
Do pref
100
*21
22
25
22
26 *21
25 *22
*22
1734 Feb 10 26 Jan 14
2112 2112 2218 2212 *22
21
1,050 United States Rubber
23
21
23
123
23
23
76 Feb 19 881,Jan 14
*8412 8612 84
85
Do 1st pref
1,610
84
85
83
3
85
8534 *8412 85 4 85
*52
42 Feb 21 611.1 Jan 23
62
400
62
62
Do 2d pref
54
52
63
*55
2534 Jan 2 3614 Mch 24
.1
-3-4-5-3 -333' "ii" 3338 3433 3312 3418 323 3312 367,900 United States Steel
3412 3518 -5514
57)' Jan 2 100 Mch24
Do pre!
58 9814 98 4 9818 9812 9758 9818 24,078
3
9733 98
9858 9918 9814 99
.
25,960 dUtah Copper.- _Par $10 520 Jan 2 5341 Mch27
31
2934 31
8 3034 3278 29
3358 3412 3312 3418 3218 337
16 Feb 27 2053 Mch24
*1934 20
1912 1912 1,100 Virginia-Carolina Chem_ _
*1912 203 *1912 20
4
204 2012 19 4 20
3
r81 Jan '2 9414 Mch28
*89
9114 9012 9012
91
Do pref
700
*91
9214 91
9414 94
94
94
Virginia Iron Coal (Sc Coke 43 Jan 7 531. Jan 28
*50
*47
51
*47
61
61
51
*50
52
*50
55 *47
15
ells Fargo & Co..... 1250 Feb 13 1260 Mch30
*250 300 4260 260 *250 300 *250 300 *250 300 *250 300
41 Feb 19 60 Jan 18
2,800
55
estern Union Teleg
*54
5358 64
54
53
64
5212 53
*53
57
53
5418 5512 5412 57 8 8,980 Westingh'seEl &Mfg assen 38 Mch 11 58 Mch26
5012 65
7
53
513 53
8
5012 52
63
514 Mch24 80 Mch30
300
Do 1st pre.
80
*70
90
77
77
*75
80
80
____
*79
90
*78
1712 1712
3712
*35
1158
11
1834 19
7
6
1512 16
8
7
1512
*14
40
*37

*15
*35
912
17
*6
*1412
*7
*14
*37

19
3712
1058
1838
712
1612
9
1512
40

*1612
*3512
10
1714
*6
*13
*7
*1412
*3712

16
17
35
36
1014 1014
1712 17
712 *0
1612 #14
812
712
*1412
16
37
40

*16
16
34
35
1014 10
17
18
*512
7
1612 *14
712 *7
15
16
37
*37

B

N

R

Range lot I'revious
Year (1907)
1.ou'est

Highest

1018 Nov
20 Nov
8 Oct
1418 Nov
• Oct
13 Oct
• Oct
11 Nov
28 Oct

62 Jan
71.s Jan
1813J an
381: Jan
igs, Jan
3734 Jan
21i Jan
2578 Jan
5112 Jan

4150 AU7
• Aug
14 Nov
34134 Oct
10 Oct
75 Oct
4
73 Nov
75 Mch
3 Oct
34 Nov
s
243 Oct
73 Oct
21 Nov
70 Nov
175 Oct
3 Oct
212 Nov
10 Oct
811, Oct
(13 Oct
5
1612 Oct
3214 Nov
83 Oct
212 J'ne
17 Nov
60 Oct
5814 Nov
4
813 Oct
150 Oct
170 Nov
438 Nov
20 Nov
9234 Dec
x106 Nov
88 Oct
60 Oct
11 Oct
(is Nov
$2518 Oct
$112 Nov
$3 Oct
ill Nov
6 Oct
27 Oct
1178 Nov
68 Nov
14 Nov
14 Dec
74 Oct
8 Oct
46 Oct
25 Dec
50 Oct
47 Oct
891. Oct
60 Oct
412 Oct
10 Nov
712 Nov
51 Nov
35 Nov
8 Oct
10 Oct
40 Oct
50 Oct
581. Oct
90 - Nov
618 Nov
475 Sep
33 Nov
80 Oct
$5 Dec
471. Dec
37 Nov
19 Nov
7014 Oct
7 Nov
37 Nov
153 Nov
8
(54 Nov
13514 Nov
2112 Oct
72 Nov
12 Oct
50: Oct
2
26 Oct
8() Oct
517 Oct
42 Dec
4 Oct
11,33 Nov
17 Oct
49 Nov
70 Nov
36 Nov
Si. Nov
181; Dec
13i2 Nov
62 Oct
39 Nov
2178 Oct
794 Nov
313 Oct
1233 Nov
75 Nov
31 Oct
250 May
54 Dec
32 Nov
60 Dec

1330 J'ne
1678 Jan
433i Jan
12178 Jan
8
253 Jan
95 Feb
2312 Jan
so Jan
7, Apr
,
COI. Apr
4514 Jan
103 Jan
3612 J'ly
90 Jan
247 Jan
814 Jan
614 Jan
301. Jan
88 Jan
1914 Jan
36 Jan
75 4 Feb
3
1111, Jan
471. Apr
40 Feb
931s Jan
2155 Jan
8
1173 Jan
205 Jan
110
102 J.
1034 Jan
471? Jan
1371 Feb
:
131 Jan
133 Jan
9844 Jan
36), Jan
1024 Jan
:40234 Feb
$11 J'ly
91s May
125 May
141. Jan
491i Jan
40 Feb
102 Feb
577s Jan
283g Apr
14014 Mch
243 Jan
4
88 Jan
78 Feb
163 Jan
97 Jan
163 Jan
152 Feb
318 Jab
24 Apr
1812 Jan
81 Feb
503 Jan
4
41 Jan
81 Jan
7514 Jan
71 Jan
35) Jan
4
11734 Mch
153 Jan
8
87 Feb
7614 Jan
103 Jan
3'201, Apr
14112 Jan
891 4 Jan
,
4112 Jan
985 Jan
8
164 Jan
gobs Jan
57 Jan
yg7 Jan
8
18118 Jan
571, Jan
991.. Feb
41 - Jan
100 Jan
773 Jan
4
i107 Jan
$5312 Atoll
85 Jan
81, Jan
61 :An
4912 Jan
89 Jan
4117 Jan
9012 Jan
3014 Jan
gg Jan
5212 Feb
Imps Jan
7818 Jan
5ON Jan
1073 Jan
4
13918 -Jell
:3938 Jan
103 Jan
97 Jan
300 J'ne
85 Jan
159 Jan
4169 May

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
ask
Ask
Ask
Trust Co's Bid
Trust Co's Bid
Trust Co's Bid
Brooklyn
190
.. 425 Mut All'nce 175
Fifth Av Tr
_ NY Life&Tr 900 930 Brooklyn Tx 393 410
-0
4
310 Fulton ____ 2 - 410 - N Y Trust_ 480 510 Citizens' _
-:
.
_.._ Guar'ty Tr. __
:
130
it- II6 N f_ ontauk -- ii6" 270
2•
1
11
-- 170 Standard Tr 350 390 Flatbush - _ !
1160 - Guardian Tr 150
50
Nassau --210
3 . 70 TItieGu& Tr 350 381 Franklin __
ilsogb
--.... lacek ...ici. .2
400 iii- Nat Clty___ 275 300
Tr Co of Am 210 220 dam ilton - .5-(i- 275
-North Side ¶ 320 330
I-16me
1121: Us oitz ecl t -_ 1200
- uniln Trus
,r
160 Law T!Aar
170
Prosp'ctPlc¶ 180
Brooklyn
385 .Jenkins ___
--125 Lincoln Tr_ t101
____ l'ernilnal 11.. -_ 130
Borough ¶ 6.95_
:
45 3:100 1/
28
Kings Co __ ; - 1 1.
6
Manhattan_ 350 ids - Unit States_ mitiS335
Broadway 1, 4Cf;- ___..
0
. 80
11 si
L de . 0
__ 130 !IsI3u ....11:r
310 Mercantile _ 775 825 VanN'd'nTr
---. Trust Co's
10o
First
Metropol'tn 445 470 Washington 400
N Y City
1100
Bk ¶. -Honle
.
I
-165 kIliiI tm b i 27
iii- People'ss_ _ ...
Westchester 165
.___ Morton Tr_ 400 420
275
- --Manufac'rs' 390 425 Astor
106 Windsor .. _ ---Mutual ____ 95
Ilankers"Pr 420
Mechaniesull ---- '265
dollars per share.
* Illd and asked prices; no sales on this (lay. 1 Less than WU s iares. 5 Ex rle;nts. b New stock. c Ex-div. and rights. d Now quoted
State banks.
t Sale at Stock Exchange or at auction this week. s Trust Co. certificates. 11 Banks marked with a paragraph (I) are
Banks
Union Exe li
11 S Exch ¶ Wash H'ts'i;
West Side I
Yorkville II.

Bid
175




Ask

Banks
Brooklyn

Bid

Ash

Trust Co's Bid
N Y City
Bowl'g Gen 290
I3'way Tr-_ 110
Carnegie __ 1159
Central Ti. 1500
Columbia _ _ 185
Commercial 150
Com'wealth 100
Empire ___ 325
_
Equleble Tr
7
0
Farm Lo&T 16- - Fidelity ___ 185

Ask

Ng

•

New York Stook Exohange-liond iteoord, Friday, Weekly and Yearly
OCCUPYING FOUR PAGES
BONDS
N. Y. STOCK EXCHANGE
WEEK ENticso APRIL 3

tO.

Price
Friday
April 3

Week's
Range or
Last Sale

o
'f.,
Range
Sz
Since
-; i. January 1

Ma
Act ho..
Ill
H Wit lvo
Ii. rs. (love!
U S 28 consolregistered.d1930
1033 Sale 1033 1033 14 1033 1041
4
4
,
4
/
4
U 3 its °onset coupon....d193i) 14-J 104
11 418.Tan '08 -... 30414 1041
/
4
k1911, (t.f 1004101 4 1014 Mar'08
U S 3s registered
101 14 1011
4
k1918
101 102 101 Mar'08
U 36 coupon
1.01 1013
4
107 J'ne'in
U S 3s reg Mail bonds k1911k1911- 4.1.1e 1001
/
4
101 1 Feb'08
.2
U S 33 con small. bonds
1.01/1011
1
4
/
4
1923 g•F 1201
/
4121 1 1201 Mar'08
/
4
U S 4s registered
11811224
/
4
• l9'2.
/
4
F • 1221
122.2 Mar'08 .... 12U3 12214
U S 48 Coupon..
4
4
U S Pan Can 10-30 yr 2s..1c1113, Q N 1023 1034 1034 Mar'08 .... 1034 103/
1
4
F
111 May'Oli
Phiiinnine islands 48.1914-34
and imp rag 4s 1937, Q- 8
Pub wks
tem-elan Government
Imperial Japanese Governin'i
1925 F A T 8614 Sale 86
1
4
8
sterling ,.oitn 4/
861- 56 854 91
1025 j• J f 853 861 - 861
4
/
4
8
2i1 series 41
:
4
861 '7 837 80.
/
4
6
1931 J-J
Stening loan 43
80
7771 8 76
I"%Sal / 1090
' 7736
4 1014 2. 10014 104
4
Bevil))of Cuba 58 exten debt.. It-ti 1101 1011
U s or Al exico RI g. tes of 1891, Q-3
975 Sale 975
s
083
4
6 96
991
/
4
1959 ci.0 931 Sale 934
/
4
Gold 46 of 1904
931/4 3t 901 941
/
4
/
4
7 Item are pr ices on tlj..e I, asis of $5 to Z.
State and City Securities
Alanaina curr fund 46
1920 j.j 97
111 Mar'02
Dist of Columbia 3-65s
1924 F-A
1171
/
4J'ne'Ou
Louisiana new cousol 48 1919 J -J
97
1051 Dec'04
/
4
York City
New
New 4/ (tee ipts)
16
4
1957 51-N 107 Sale 106% 1073 138 i055 1073
4
8
4
New 4/ (receipts) _1917 51-N 1021Sale 1112¼ 1023$ 59 01¼
1
4
8
/
4
1031
/
4
4.290 Corporate Stock 1957 M-N 1071 Sale 107¼ 1073 03k. 105 1081
..
/
4
4
/
4
•
ease,.smt boa s
/
4
1917 Ps-N 1021
103
1031
4
-, 102 104¼
New York State-Higha ay
Improvem't 48 (rects) 1958 M-S 10941093 1093 Mar'08 .... 109 1093
4
6
4
5011.11Car00011 C01180/ 48 1911, J -J
97
1001 Apr'07
4
60
1919 A-0
126 51ar'07 .
So Carolina 4/ 20-40
1
4
8
1933 3-J
120 Mar'Ol
Tenn new settlement 36-1913 J -J
93
4
921 Oct'07
Virginia fund debt 2.36 1991 J -J
9014
90 3tar'08 .
90
90
6s deferred Brown Bros otfs.
261 Sale 261
/
4
/ 27
4
25 22¼ 27
Railroad.
A labama Cent See So By
LI-laba Mall See At Coast Lint
Albany & Suso See Del&
Allegheny Valley See Penn RP
Alleg & West See Bull H &
111995 Q.J
Ann Arbor 1st g 48
auk rr& S Fe-Gen g 48.1995 A.-0
1995 A-0
Registered
111995 No
Adjustment g 45
111095 So%
Registered
111995 51-N
Stamped
1955 J -D
Cony g 4a
1917 J-1)
10-year cony g 5a
Debentures 4s Series G 1909 F-A
1910 F
Series H
Series I
1911 F-A
1913 F•A
Series K
East Okla Div 1st g 48 1928 M-S
Atl Knox & N SeeL&N
Atlantic Coast 1st g 4s.h1952 51-S
Charles & Say 1st g 76 1936 J -J
Say & W 1st gold 66 1934 A-0
1934 A-0
1st gold 5s
Ala Mid 1st gu gold 58 1928 M-N
Bruns& W 1st gu g 4s -1938 J -J
o1952 M.14
L N coll g 48
SU Sp Oca & G gu g 4a -1918 J -J
Atlantic & Deny See South Ity
Pacific
Austin & N W See Sou
8.1925
/
1
alt & Ohio prior Ig34
Registered
41925 Q-J
711948 A-0
Gold 4a
741948 (34
Registered
Pitts Juno 1st gold 6s...1922 J -J
PJun & Id Div lat g 31281925 31-N
PLE& W Va Sys ref 461941 111-N
Southw Div 1st g 31
2a-1925 J -J
Registered
111925
Monou Riv 1st gu g 56-1919 V-j
-A
Cen Olito 11 1st o g412s...11130 M-S
• Lor & W con lst g 63 1933 A-0
Ohio River RR 1st g 58 1936 .1)
1937 A-0
• General gold 6s
Pitts Clev &Totlat g 68 1922 A-0
-J
Pitts & West 1st g 48-1917 j
Stat 1st Ity 1st gug 4 a 1943 J -1)
/
1
4
Bat Creek & S S'ee Mich Cent
Beech Creek See N
&H
Bellev & Car See Illinois Cent
Bklyu ab Montauk See Long I
Bruns &a West See Atl Coast L
Buffalo N Y & Erie See Erie
Buffalo It & P gen g 6s 1937 11-s
AU di West lat g 46 gu 1998 A-0
(11 & Malt 1st gu g 58.-1943 J -J
Hoch & Pitts 1st g 68-1921 F -A
Copse! 1st g 63
1922
Buffalo & Southwest See Erie
Bolt eb Snag 1st ref g 4841951 J -J
Bur R & ;31 3iee CR f&P
'Ian So 1st 5s J PM & Co recta
‘..J2d 58
1913
Registered.
1913 M-S
Carb & Shawn See 111 Cent
Carolina Cent See Seab Air L
Carthage& Ad See Is; C& JH
Ceti 11 !a 1'& N See BC R&N
Cen Branch By See Mo Pao
Cent of Ga RR lat g 5a..p1945 F-A
Consol gold 65
1945 M-1•1
Registered
•
1945 51-14
1st pref income g 5s.
...p1945 Oct
Stamped
2o nret income e ba....p1945 Oct

B

-=
o
BONDS
.t
N. Y. STOCK EXCHANGE •••,,,,,
Werra Errol:19 APRIL 3
4 ,
.7.'"`••

Weelc's
Range or
Last Sale

Prtce
F'riclay
April 3

Range
Since
Jam,
ary

A'

JIiiIi No Low 11 riA
But
Ask Low
Cent of Ga R11
--(Con)
1 44' 4512
45¼
4'a
2d pref income g 68 stamped ....
35
12 '27
35
S73
4
34
30
prof income g 56. ..p194: 9ct
30
36 Ms
37
36
27
3d pref income g5s siampe , ...
8
93
806 Feb'03
Chatt Div pur mon g 48.1951 J -I,
89% 8113
6
.
/
4103 1.001 Feb'08
/
4
1001 100 1j
/
4
Mac & .Nor Div 1st g 56.1940 3-3 1011
115 Novq)3
Mid Ga & At! Div 5s. .1947 J•J
105 Deo'07
1046 J -J 107
Mobile Div lat g 56
93 109
97 Mar'ilp
1.2 100
Cen RR &. 11 of tia col g 5s 1937 A-N
,
117 124
Cent or NJ genii gold 58.1987 J.J , 123 12414 1233$ Miti'0•
III / Mar'08
1
4
h1987 la-3 1211
/
4
Registered
120%1211
/
4
11,7 Feb'Os
4
107 19614
Am Dock & Imp gii 53..1921 J -J 1083
/
4
Le & Hurl R gen gu g 58 1920 J.J 1021
93%
08 Jan'08
98
98
Leh & Wilke B Coal 5s..1912 II-N
08131ar'08
/
4
99 100
/
4
s.
/
4
Con ext guar 41 ..g1910 Q-M
981 991
/
4
951 •
/
4
N Y & Long Br gen i48 1941 1.1-S
Cent Pacific See So Pacific Co
83 May'01
CentVermont 1st gu 948.81920 Q-F
•.....
Cilt18 & Say see Ara Coast Line
001101
/
4
Cites & Ohio g 6s ser A..h1908 11•0
10316 6 102 1054
a1911 A-0 10218 sate 102
Gold Os
4
1939 M-N 1093 112 110
1101 la 10712 112
/
4
1st consol g 58
1939 M-N
1(71 12 D '07
42
0.
Regisnred
Genera oi(i428
1992 M.S I
9818 9818
083 26 im mei
6
1902 M-S
104 May'09
Registered
1,4
1
Fe b:
e oic
Craig Valley 1st g 58. 1940 J• J
93¼ 941 93P4
/
4
R & A Dtv lst con g 48-1989 J•J
'31's
1989 J4
1111
2c1 consol g 46
02
1131 e'eu'uo
4
/1-S
Warm Spr Val 1st g 56 1941 1
9838134 Feb',;k
118 --.•
)
Greenbrier By latgug Is'40 Nal
Mar
•
Chic & Alt lilt ref g 3s 19411 11.0 63 70
67.4 78
62
61 Mar'im •-.• 60
s-1950 J-J
/
4
Railway 1st lien 31
04
1950 J.J
8014 Alny'06
Registered
97%
98
98
3 97 10014
Chic Burl& Q-Denv D 46 1922 F-A
88¼831e 88
881 20 86
/
4
1949 J• J
/
1
6
Illinois Div 34
901
/
4
90 Sep '06
1940 J•J
Registered.
991 38 9718 lot%
/
4
6
1049 3-J ' 993 Sale 9914
Gold 48.
104¼
6 ye b
188,8 Jaii
0
Iowa Div sulk fund 6s 1011) 11-0,
108 106
Sinkingfund 4s
1919 11-0 9514
90
1,91
/
4
4 . eV 1004
.2
Nebraska Extension 4s 1927 M-N 10014 Sale 1004 1901 2
97
t
lo'Os
1:De03,
103
10
Registered
1927 M-N
921
/
4
90 Oct'07
Southwestern Div 4s.. 1921 NI-S
Joint bonds Bee Great North
debenture 55
1913 M-N 1024
9714103½
Han els St Jos consol da 1911 M-S
1056 Fel-P00
8
1053 195.8
8
92 Apr'07
81'6 92
chic& FA Illref & imp g 4s 1965 J.J
lat consol re 6s
193411-0 117
General comet lat 5s
1111
1061
/
4
/
4112
1937 M-N
04IM er';°0"71.5
8 F()cab
51 )
/
Registered
1937 51-N
,
1093 Jan'08
Chic & Ind 0 Ity lat 56 1936 J-J
1093 10113
4
4
Chicago & Erie See Erie
Chic In & Louisv ref 6s. .1947 .1•J 1194
1174 118
1 15 0ct 1
0714 Mar:0
Refunding gold 58
1947 J-J 103
8
0 , 51 i08
0033 .4„ m 0
03
100 101 /
Louisv N A & Oh lat68 1910 J-J 100%
1
4
1031 1031
Chic Mil & St P term g 5a 1914 J -J 10314
/
4
/
4
100 103
General g 4s series A..e1989 J.J 103
''I03$6
4
,8
184/
071
Registered
e1989 Q-J 100
OctS
87J4 Sale
87
General g 3 s series B.e1989 J-3
44
/
1
4
/
4
1134 Oct'05
.....
Chic & L Su Div g 58....1921 5-J 1061
110
tI
90ito
Chic & Mo Riv Div 56-1926 5- J 110 •sale 110
110
1021 105
/
4
104 104
Chic & Pac Div 6s
1910 J -J
26 1083 119
Chio & P W 1st g 5s
6
1921 J-5 109% Slue
8
31 104 14 10J1
Dak (fa Gt So g 58
/
4
1916 J•J 1043
118
111 040 12• 11Y 9
113
1581 7177100;
Far & Sou assu g 6s
:358161
1924 J -5
10.2 32 Jan'08
Haat & D Div lat 76
1910 J •J 104
1)12141-9's
1013 1013
8
8 2 101 8 1013
,
lat5s
8
1910 J •J 101
1821 Apr'06
/
4
I & D Eaten 1st 7s
1908 5-3
4
1063 1064
LaCrosse & D 1st 58...J919'5-J jou 14 108 1063 FelPiJts
4
101
100% 1003
Mineral Point Div 5s....1910 5- J
4
10 39
34
0
So Minn Div 1st Os
1910 J -J 103
10114 1034
/
4
101 Jan'08
Southwest Div 1st68
101 101.
1909 J-J 1021
1084
1081 Mar'08
/
4
Wis & Minn Div g5s
1921 J-J
108. 1081
/
4
100 Deo'07
1910 J-1) 103
Mil & No 1st 51 L 68
10814 Jan'08
lat conaol (is
1918 J-1) 105
108 4 108¼
116 118 117 Mar'08
116 118
Chic & .l'orthw cons 73
11)15 (4-F
974
Extension 4s
1886-1926 F- A
96
0133 SaP 08
98 4 Jen i,8
8 mario7
, 983
4
Registered
1886-1926 F-A
9'21
4
90
General gold 34
U11
4
/
1
s
1987 M-N
9214 95 Feb'07
Registered
p1987 1•F
(
1071 1071 6 107.21071
/
4
/
4
Sinking fund 6a...1879-1929 11-0 107¼
/
4
108¼ Jan'08
1081 1084
1879-1929 11-0
/
4
Registered
/
4
109
109
2 108 109
Sinking fund 5s 1879-1929 11-0 1061
104 Nov'67
11-0
Registered
1879-1929
102
102
1 10014102
1609 51-N 102
..
Debenture 5s
/
4
1011 Mar'08
/
4
1600 51-N 1011
10114101¼
Registered
105 10514.
Debenture 5s
1921 A-0 106 ....., 105 Feb'08
103 J'ne'07
1921 A•0
Registered
1081Feb'08
/
4
Sinking fund deb 5s
1081 108h
1933 MN 108
;
108¼ 107 Mar'08
Registered
1933 M-N
107 107
U51
99 Deo'07
North Illinois 1st 58
1910 M-,.. . ;
8
993
4
1003 May'07
8
Ott C F & St Paul 1st 58 1909 M-b
/
1
118 Mar'08
118 118
Mil LB & West 1st g Os 1921 M-N 1171-4
1101 Mar'08
/
4
110 11012
Ext& Imp eland g 5a 1929 F-A 110
1184
1421 Ifeb'02
/
4
Ashland Div 1st g 6a 1925 M..1183
4
1281 Feb'06
/
4
Mich Div lat g 6s
1924 J - J
109 Sep '03
Incomes
1911 M-N
Chic Rock lel & Pao 66 1917 JJ 113 14 Bale 11310 113., 1 112 1134
-.
116/Mar'07
1
4
Registered
1917 J - J
e
951 15 ill 10014
I/b.:43am, 958
/
4
General gold 4s
1988 J -.I
92 Sep'07
Registered
1988 J -J
847
8
87 194 831 8714
/
4
Refunding g 4s
1934 A-0 84'4 85
137 J'ly'04
Coll trust Serleall 4s 1910 MN
921 Nov'06
/
4
, M-N
34s
901 Jan'07
4
Al as
1916 MN
93 May'01
N 48
1910 M-N
003 Feb'07
4
04s
1917 M-N
63
,
84 Aug'01 11:3
602
P45
1018 M-N
6112 Salo
Chic RI & Pao RR 4s 2002 M-N
553 61%
4
69'4 Jan'08.
Registered
624 624
2002 M N
67 1 12 591 74
.
Coll trust gold 55
1913 M-S 65 Sale 05
/
4
Bur Ced R ea Northern
1107 Mar'08
6
Con lat & col tr g 5s 1934 A-0 108
106 111
1201 Mar'03
/
4
Registered
1934 A-0
111 Nov'03
ORD' NW latgu 56
&
A-0 101
.T1
At
Li, .
192Xfi.S0

5

781
8
961 Sale
4

7812751aVOS.
.
99 231
4
963
ins
98
1
3
86
861 Sale 86
/
4
86 Apr'07 ..
80i,salt 661
/ 86¼
4
6
/
4
/ 881 33
4
87 Salo 861
07
971. 067,
2
973$ 32
98% May'ir,
/
4
.
961 altu'Oe ....
681 Nov104
/
4
94 Nov106 ..,
93 way'07 ....
83

821 871
/
4
/
4
853 89
4
941 983$
/
4
061 136¼
/
4
......

4
843 Mar'08 .... 80

83

90

/
4
1111 Mar'OE ... 11111111
/
4
/
4
8Jan'04 ..
1123
1143 Noy'05 „„
8
991 Mar'06
/
4
75
75
6 74
76
94 J'ly'07
.

109
102
1013$
76
80

7812 611
/
4
95%1011
/
4
951 100
/
4
83
8814

76

901 Sale
4
891
/
4
9711 Sale
/
4
97

901
4
903 38 90
4
031
/
4
891.A Jan'OS
891 891
/
4
/
4
974 10(3
37 961 102
/
4
951 Mar'08
/
4
951 961
/
4
/
4
120 (Jot '01
82
801 Dec'07
/
4
8918
891
4
891 6 87
/
4
921
/
4
87 Sale 866
8
871 8 833 88%
/
4
4
86 Oct'06
99
......
1057 Feb'07
8
9- 6
28
109 Apr'06
......
1046
8
1003 J'ne'07
4
......
1004
...,...
116 litay'06
1
41loy'06......
113/
1064
11912 Mar'04
90
881 Oct'07
4
100 Nov'04
•

108
110
98
103
1.03
1131..
/
4
115¼
1171%12938 117
91

Mar'08.
108
Dec'07
Apr'97 .
1154 1 114
Mar'08
117
Feb'08

91

108
1151
4
117
91

100 Sale 1057 106
8
85 10214 106
9814 5.1ale 981
984 8 984 101
4
4
1003 blay'07

108
116 Mar'07
1021 Sale 1013 1021 '2 97¼i02'
/
4
4
/
4
113 Apr'06
65 Mar'OP
67
55
70
88 May'07
4510
95.o in an
45
A l2

11
1

MISCELLANEOUS BOA Ds
-Continued on Next Pavre.
street Railway
Brooklyn Rap Tr g 5s
90
96
1945 A-0 9412 97
3
1st refund cony g 4s
714 479
'2002 J.
70 Sale 70
99%
BkCity 1st con 53.1916 1941 J.J 100
99% 1
13k Q Co& S con gu g 58 1941 M-N
957 Oct 'O'r
8
Bklyn tin El 1st g 4-58 1950 F-A
963
4 8
/
4
86
971 8634
1050 F-A
118 Sep '07
Stamped guar 4-3s
Kings Co El 1st g 48.-1940 51- A
87 Feb'07
Stamped guar 43
79',, 4
1949 F-A
791 791/
4
Nassau Elec gu g 4s
77 Feb'08
195I 3.3
'77
Conn lia- 3.)1,1st& ref g 41
1)5 Mar'08
/
4
3'51 3.3 • 96
Stamped guar 4 12s
94 Mar'98
1%1 J -J
93
Den Con'Ir Co 1st g 58 1933 A-0
95 J'ne'00
hat United 1st con g 4's3 11)32 •.1
791Dec'07
/
4
Havaiia Klee consol g 5s 1952 F -A •
04 Jan '08
91
Inter-Met colt 4 1ss
1 13(3 A.0 5714 Sale 574
,
130'-. 1153
011.
4
Internal Tree colt tr 46-1941! J -J
6'14 Mar'08
Louis Ity Co 1st con r53 1930 J..)
109 Mar'98
Manila Eleo lat & colt 58 1953 M.S
98 May'06
No pride Friday; latest Price this week. aDuo Jan d Due Apr




Street Hallway
91
983 Met St By gen col tr g 56 1997 F-A
4
6612 733$
Ref g 43
2002 A-0
99% 997
Bway& 7th AY latog5s 1943 J-D
8
Col& 9th Av lat gu g 58.1993 NI-S
931 1014
/
4
Lex Av & P FlstgugSs 1993 51-S
Third Ave RR con gu 432001) J -J
Cent Trust Co certfs.......
77
Third Ave By 1st g 58 1937
821
/
4
75
Met W SRI(Chic)1st g4s 1938 F-A
78
95
93
Mil El By & L 30-yr g 58 1928 F-A
93/ 95
1
4
Minn St By 1st con g 58 1919 J -J
N On Ry & Lt gen 41
/
4
8 1935 J.J
St Jos RyLtH & P lstg
51.N
94
St. Paul City Cab con g 58_1937 J -J
94
997 033$ Underground cf Lou Os. .1908 J-D
00
65
Union El((3hic) 1st g 68_4045 A-0
United Ills San Fr t, f 48.19'27 A-0
United ltys St L 1st g 48.1934 J -J
e Due May g Due o
hDue J'ly If Due Aug

4
'721 751 741
/
2
/ 75
4
42 08 88
42
44
42
40
49
101) Jan'08 .... 100 100
93
05 Mar'08 .... 96
98
1132¼ 90 Jan'08 .... 90
90
53
53's 16 49¼ 55
52
631 Sale 4814
/
4
49
8 481 53
4
/
4
1031
1031 104
/
4
41 101 104
9312Ply'06 ...
100
109 -Ply'OS ...
10712 Feb'06
00/s4ip '06 ...
1
4
1034 Oct'0
1101 Nov'thi
/
4
6414 Sep '1)7
1007 Mar'08
8
100%1007
8
61
084
031Mar'08
/
4
79
71)
83
3 76
85
°Due Oct
p Due Nov a OpSion Selo

APE,. 4 1908.3
BON Ds
N. Y. STOCK EXCHANGE
Witsk ENDING APRIL 3
Chi() Rock I 43 Pac-(Con)
Odle Ok 31, G gen g 5S.019111
1952
Consol gold 5s
1923
Keok & Des 31 1st
5s...
Chic
L & N 0 See 111Cent
Chic St L & Pitts See Penn Co
Chic St P M & 0 con 6s 1030
Cons Os reduced to 3¼s 193')
4
Cli St I'& Minn lstg 6s 191'
Nor Wisconsin 1st 6s 1930
St P & S City 1st g 611 19111
Chic & West Ind gen g Os g1932
1952
Consol 50-year 48
Chic CVO W MicEA'iee Pere 31arq
Choc0& Gulf Nee C R I Se P
/
43-1937
Ulu It & I) 3d gold 41
Clu D & I 1st fru g 6s 1941
C Find & Ft W 13t gu 43 g.'23
CmI & W let cii g 4e.1953
Ind Dec & W 1st g 55 1935
1935
1st guar gold 68
OIStL&O b'es000&St1,
(lin S & 0 See (1 C St I.
Clearfield & Mall See B B & P
Clev Cin (.1 & St L gen g 4/31993
Cairo Div 1st gold 43.-10311
CIitW& 16 Div 1st g 48.1091
St L Div 1st col tr g 4s 1990
Registered
1990
Spr & Col Div 1st g 48 1040
W W Val Div 1st g 4s 1940
CI St L & C consol 65 1920
1st gold 4s
k1936
Registered
k1030
Cm i S & (11 con 1st g 5s..1928
O C C& I consol 7s
1914
Consol sink fund 7s
1914
General consol gold 68 1934
Registered
1034
Ind BE & W 1st prof 4s 1940
0 Ind & W 1st pf 58..41938
Peo & East 1st con 4s 104.)
Income 4s
Cloy & Marietta See Pena Rd
Clev & Pitts See Penn Co
Col Midland 1st g 4s
1047
Colorado & Son 1st g 48 1029
Refund & ext 4¼s
1935
Column & Ureenv See So fly
Col & Hoot Val See Rock Va.
Col & Tot See Hock Val
Col Conn & Term See N & W
t
Conn & Pas Rive 1st g 4/3.11143
se6 1 K & y
t
)c&2 SoSel(1 .‘1 &S i
al
ai
Waco
Del Lack & Western
Morris& Essex 1st 7s 1914
1915
let conso1 guar Is
1015
Registered
2000
1st ref gag 31-es
N Y Lack &W 1st Os 1'321
1923
Construction 6s
1923
Term & improve 4s
/
4
8
Warren 1st ref gu g 31 2000
Del .18 Mid 1st Pa Div 7s 1917
1917
Registered
1916
10-yr cony deb 45
1922
1st lion equip g 413s
1946
.9.11)& Sus cony '31
/
4s
110118 5* Saratoga 1st 7E4 1921
Del Rim RR Bridge Bee Pa RR
Deny & It Grist con g 48 1936
Consol gold 41
1036
/
4
s
Improvement gold 5s 1928
Rio Or Juno let gu g 63 1930
Rio gr So 1st gold 4s
1940
Guaranteed
Rio Cr West 1st g 48. 194-30
:
9 11
Mge and col trust 4sX 1(149
Utah Cent 1st gu g 4s a1917
L
Des Mm & Ft D See :11
Des Mot On By 1st g 53 1917
Dot & Mack 1st lien g 4,5 1995
1005
Gold 4s
Detroit Southern
Ohio Sou Div 1st g 4s 1941
Dul & Iron Range Dabs-1037
1937
Registered
1016
3d 6s
Dul Short Line See Nor Pac
Dal So Shore & ALI g 53 1937
1ast of Minn See StP &
1,
riast Ten Va & Ga See So By
Elgin J ol & East lat g 65 11141
Elm Cort & No h'ec Leh& N
1947
Eno 1st ext gold 45
1919
26 ext gold 5s
1923
36 ext gold 4"28
1020
4th ext gold 58
1028
6th ext gold 48
1020
1st consol gold 75
1920
let C0118olg fund 7s
Erie let con g 48 prior 1996
1996
Registered
tat COI1801 gen lien g 4s 1996
1906
Registered
1051
Penn coil tr g 48
1053
60-year cony 43 A
do
Series B 1953
Bull N V & Erie 1st 7s 1916
Butt & S W gold Os
11108
elite & Erie 1st gold 5s 1982
chiv & Mahon Val g 53 1938
Jolt lilt 1st gu g 5s....a1909
Long DOCK consol g 68 1935
Coal& RE 1st cur gu 63 1922
Dock & Imp 1st cur 68 1913
& Green L gag 53 1940

Iias

New York Bond Record-Continued-Page
.4
Price
Friday
April 3

Week's
Range or
Last Sate

o8

Range
Since
January 1

BONDS '
N.Y. STOCK EXCHANGE
W ERK ENDING APRIL 3

841

2
Price
Friday
April 3

Rid
High No
Bid
Ask Low
High No Low High Erie-(Con)
43A Loss
103 Dec'07
/
4
1021
/
4
/
4
1041 1041
10413 Jan'08
Y Sus & W 1st ref 58 1937 J-3
1001 Dec'08
/
4
105 110 111 May'00
2(1 gold 41
/
4
s
1937 F-A
/
4
97 4 921 Feb'06
4
971
/
4
983 100
991 jan'08
/
4
General gold 58
1940 F-A
110 Jan '08
Terminal 1st gold 5s 1943 M-N
Regis$5,000 each 1943 M-N
1263 Salt 1263 1263 10 121 1263
4
102 Jan '08
Mid ItRof NJ lstg 68 1910 A-0 100%
4
4
4
/
4
1001 1001 Mar'08
Wilk & Ea lat gu g 53 1042 J-1)
93 Dec'03
/
4
& Ind lst con gu g 6s 1926 J-J
124
110 Mar'08
124 124
121 Jan '08
120
Erie & Pitts See Penn Co
120. Mar'04
110 117/ Evans & '1' II 1st cons Os.1921 J -J 107
2
1141
/
4
1
4
112 Jan '08
1173 Mar'08
8
111
1st general gold bs
112 113
96 Jan'08
112 Feb'08
1942 A-0 96
Mt Vernon 1st gold 68 1023 A-0
114 A pr'05
/
4
14
J
951
/
4
051 051 Feb'08
4
Suit Co Branch let g 5s 193u A-0
1061 Feb'06
/
4
L.argo & So See Cli
& St P
1.• lint& PereM See Pere Mar
113 Oct.'0),
Fla C & Penin See Sea Air Line
102 Vue'07
Fort St U D Co 1st g 4133.1941 J-J
105 Mar'98
Ft W & Den 1st g 6s....1921 J D 106
107
11.7
83 Jan '07
.....
761 5
/
4
Ft W & Rio Cr 1st g 4s...192), J - J
9814 Oct '07
75
761 74
/
4
/ al Har & S A See So Paco,
......
1071 Dec 02
/
4
/
4
90 Dec'07
k
II of 1882 lat 58.1913 A-0 871
Georgia & Ala See Sea A Line
Gil Car & Nor See Sea A Line
037, 94,
12 921 95
94
Georgia Pacific see so Ry
/
4
861
/
4
Gibs V (1 & Nor See So Pao Ci
110/18.lan
Gouv & Oswegat See N V Cern
115 Sep '07
22 90
110
* 88
Grand Rap & Ind See Penn RR
90
90
Gray's Pt Term See St L S W
91 Oct '07 .
943 Sale 941
4
92
/ 951 150
4
/
4
89
93
Gt Nor
-0 B& Q con tr 4s 1921 -3
02 Feb'08
92
3418
85
1
Registered.h
1921
98 Sep '06.
94¼
1031
/
4
Greenbrier Sty flee Ches & 0
1115 Jan '04 .
93 Nov'07
Gulf &S I Istref &tg 5s 61952 J-J
95
1)33 85 Dec'07 .
8
an & St Jo See C B & Q
981 Oct '0. .
/
4
ousatonic See N Y N II& II
100 J'ne'07 .
/
4
/
4
/
4
!lock Val 1st consol g410.1999 J.J 100%1021 1021 1021 14
1101 Nov'07 .
/
4
99 Oct'07
Registered
1999 J -J
98% Nov'06
Col &It V 1st ext g 48..1948 A-0
115
127 j'ly'07
91
95 Dec'07
Col & Tol 1st ex 48
1155 F-A
Roust E & W Tex See So Pac
1041 Nov'01
/
4
Roust& Tex Con See So Pac Co
10312 103L.
00
87 Sale 87
87¼
5 85
Illinois Central 1st g 43..1951 J -J *103
107% Apr'07
60
23 45
50
44
50
I. Registered
45
1 151 J -J
(
91%
91%
913
4
J -J
1st gold 31
/
4s
1961
951 3'1y '11t.
/
4
Registered
1951 J-J
691Sale 59
/
4
89 Nov'07
591 24 551 62
/
4
/
4
Extended 1 st g 31
2s
1951 A-0
87 sale 87
70 Oct'04
/
4
001
2 82
87
let gold 3s sterling
1951 M-S
771 Sale 761
/
4
1011 Feb'08
/
4
771
/
4
/ 771 172 73
4
/
4
Coll Trust gold 4s
1952 A-0
68 Martri
Registered
1052 A-0
1/7 101 101 Mar'Ot
L N & Tex gold 4s _1953 31-N
97 May'07
Registered
1953 M-N
1023 Jan '07
4
Cairo Bridge gold 45
1(150 JD
83
85 FeLVOt
LouisvDiv&Term g3/ 1963 J-J
1
4
8
123 May111.
Middle Div reg 58
1021 F-A
/
4
781 Apr'06
Omaha Div 1st g 35
1951 F-A
783 Feb'07
4
St Louis Div&term g3s 1961 J -J
117's
117' Mar'08
/
4
1141 1181
4
Registered
1951 J -J
1171
/
4
85
/
4
1171 Sep '07
/
4
87% 831 Oct'07
Gold 31
/
4
s
1951 3-J
127 j'ne'05
101¼ Oct'99
Registered
1951 J -J
81
100 Nov'00
Spring Div 1st g 3 2s 1951 J -J
,
1171
/
4
97% Ang'07
117 Mar'08
101
1101 117
/
4
Western Lines 1st g 4s 1951 F-A
107%
102 Nov'07
122 Dee'05
Belley ciS Car let 63
1923 J .13 106
958
90
871 Nov'07
/
4
07 Mar'07
Carb & Shaw 1st g 4s...1932 M-S
78¼
102 Feb'03
/
4
106 Dee'07
Chic St L&NO g 58...1951 J-D 1121
120
123 Jan'08
123 123
4
Registered
1103 Mar'04
1951 J-D
140 Aug'01
881 Feb'07
/
4
Gold 31
/
4
s
1951 J-D
1)6/ Sale 061
1
4
3
1163
4
941 987
/
4
8
Registered
1951 J-D
961
/
4
97 111ar'06
96
97
101)
Mempli Div 1st g4s 1951 J-D
100 100
2
05
113
941
/
4
1
4
941 13 013 97/
/
4
4
St L Sou 1st gu g 4s
97 Mar'07
1931
128
12811.'130'05
1288128¼ Ind Ill& West See C C & St L
/
4
90
95
lnd Ill & Ia 1st g 4s
9312M/0'07
1950 J-J
2 901 951 Int & Great Nor lst g 6s 1910 M-N 1031
/
4
92
/
4
92
102 .Mar'08
/
4
73
75
Jan'08
70
98
98
70
2(1 gold 5s
1909 M-S
• 115 13 08 100 Jan'08
60 Oct '07
101) 100
3d gold 43
1921 31-S
*98
102 Mar'08
07
98
Iowa Central 1st gold 5s 1938 J-D *103
741 75
/
4
/ 11
4
741
/ 741
4
70 Dec'05
Gold 4s
1951 M-S
85 Mar'08
85 .85
Jetterson RR See Erie
/
4
89
90
90 Mar'08
831 901 ValA&
/
4
R See LS&MS.
72
70
75
73
74 'YU 70
Man & Mich See Tol & 00
88
97 Jan'02
......
KOFtS& 31 SeeStL&SF
KO&MR&13 BeeStL&SF
111) Sep '04
......
Kan 05* Pacific See AI K & T
85
71
92 Mar'07
Ran City Sou 1st gold 3s..1950 A-0 70 Sale 70
8()
83 Jan'06
83
63 Oct '00
80
Registered
1950 A-0
Kentucky Cent See L & N
78
773 773 Keok & Des Mo Bee C 11 I&P
4
4
773 Jan '08
4
103 108 108 Mar'08
102 108
Knoxville & Ohio See So By
1061, 1061 2.1.1.te08
/
4
1001
/
41061
/
4
ako Erie & W 1st g 58 1937 J-J 110 110% 1101 Mai'OS
/
4
101 Mar'08
26 gold 5s
1941 J-J
107. 105 Mar'Ot
/
1
4
North Ohio 1st gu g 58 1945 A-0
109
1118 Mar'08
1077
8109
L 81(0 5* Mich S See N I Cent
1011
4
/
4
1041 1041
/
4
1
Leh Val N Ylst gu g 48s 1940
1()6 Mart),
Itegistered
1940 J -J 102
102
1103 J'ne'07
4
idt
94 Mar'ut.
Lehigh Val(Pa)cons g 46.2003 M-N
108 Jan '08
Leh V Ter By 1st gu g 58.1941 A-0 112
98
105 Jan'08
99 105
1091 Oct '1/9
/
4
Registered
1.141 A-0
104
104 Mar'08
1011 104
/
4
Leh V Coal Co 1st gu g 53.11133 J -J 104 110 100 Oct '07
933
4
Mat'68
933 1001 Leh & N Y 1st guar g 4s..1945 31-S
4
/
4
8
941 051 1/33 Pne'117
/
4
/
4
10418 Mar'08
/
4
[04'S 1091
Registered
31-S
93
8Jan'00
93 Dec'0 i
1137
El C & N 1st pf 68 ......1914 A-0 102
/
4
1171Sale 1171 11714
1051
/
4Jan '116
/
4
1 117¼ 132
Gold guar 35
1914 A-0 137's
/
4
120 Jan'08 .•.. 120 1201 Leh 28 Jim) 11 See Cent of N J
81
801 84
/
4
861 Leh & Wilkesb See Cent of NJ
/
4
844 30 82
70
Leroy & Caney Val see 310 P
711 Jan'08
79
65 Sale 61
721 Long Dock ,ste Erie
/
4
681 42 55
/
4
851 Feb'07
/
4
1083
Long Ii40(1-1st con g 5s.h1.931
1.10 Jan'OS
4
(18 Sale (18
931
/
4
1st cons(/' gold 15
70
77
17 68
41931
443
61
49
General gold 4s
541 58 43
/
4
/
4
1038 -1) 802
851 Mar'i)8
42
47
56
Ferry gold 41
102 Nov'05
48
50
/
43
1922 m-S
35 41)
113 118 Jan'08
Gold .is
0011 Oct '06
118 118
1032 3-1)
09
1048 Feb'06
Unified gold 4s
82 Jan'ut
1949 M-S
/
4
1081 1101 111 Mar'08
/
4
110 J'ue'04
1081 112
/
4
Debenture gold Ss
1934 J -D • Ln.., 12
103
1161 Jan 'OL
/
4
951
/ 951 4
4
Guar ref gold 48...
/
4
......
1:149 M-S
973
4
91)
101 Aug'07
liklyn & Mont 1st g 68 1911 M-S
981
/
4
124 Feb'08
1st Os
11113 Sep '117
.
«117'5
121.. 124
1911 M-S
N I It& 31 B bacon g 531938 28.0 100
118 309'O(5
4ov'06
1101
N Y& It B 1st g 58
106 3111'
708
105 Apr'07
.
1927 11-S
.
166 106
100 Feb'08
96%
Nor Sli B 1st con g gu5s o1932
109 N ov'Ou
100 IOU
102 sep '07
Louisiana & Ark let g 58.1927 31-S
111SCELLA5E)US BON Ds--Continuen




Low Riga.
'32¼
91
110 110
102
/
4101
1001
110 110
112
93

112
116

104 110
751
71

921 981
/
4
/
4
921 116%
/
4

111

Oil

081 103
/
4

102

1031
/
4

01.4 004

97

1011
/
4

'388 101
85

85

100 100
......
.
101
70

109
90 y
,

100, 1,18
4
70
78

69

71

1068110¼
100 101
105 105
102%10414
871 92
/
4
108 1(.8

105

110

8314 871
/
4
81

82

90

115/
1
4

......
......

Next Page.

and Electric Light
Gum rind Electric Light
Atlanta C L Co 1st g 5s...1047 .7.1)
/
4
/
4
Lac Gas Lof St L 1st g 5s.e1919 Q-F 1011
1.011 10114
U Gas 1st con g 53 1945 M-N
Ref and ext 1st g Os
102 Feb'07
92/ 102
1
4
1034 A-0
101 102 Mar'08
13ullalo Gas let g 5/4
1947 A•0 • 55
91'3 Jan '07
55,
65
5 55
601 Milwaukee Gas L 1st 43 1927 M-N • 83
/
4
Consol Gas cony deb 63.-19119 J -J 1161 Sale 113
92%
92
93
103 1171 N I' G E L H & P g 5s 11148 3.0 93
/
4
117¼
/
4
11123 J
Detroit City Gas g 65
Purchase money g 4s 11/49 F-A
761 Sale 761 768
/
4
/
4
96
97
97
97
1 9313 1)7
Dot Gas Co con let g 58 1918 F -A
Ed El ill let cony g 55-1910 M-S 97
'38¼
IOU Apr'07
087
8
......
ElIR Bkn See K Co E L& P
1st consol gold 58
191)5 J -J 102 113 1131 J'ne'06
/
4
EtiElll BeeN YU&ELli&P
NY&Q El L&P 1st con g5s1930 F-A
85 Apr'07
Kq
LN Y lat con g 5s 1932 M-S 100
N Y & Rich Gas 1st a 56.1021 M-N
1113 N ov'115
96 Mar'08
96
96
Gas& Elec Berg Co o g5s 11140 J-1)
Pat & P5.30& E con g 53.1049 M- S
104% Nov'03
01 13(let '01
Peo Gam & C 1st con g 6,1 11143 A-0 10'
Gen Electric /lob g 31 194'2 FA
/
4
8
81)
70 Mar'08
112¼ Man/8
79
80
1917 J.D 1131 Sad, 1138 114
10-yr g deb 54
Refunding gold 5s
94
/
4
1947 31-S
9714
1/7
15 106¼ 110
Or Rap G L Co 1st g 6s 1015 F-24
Cl,ti-L& caw 1st git g 58 11)31 J • J 100
Id) 1074 Dec 00
.....
.
100 4 Feb'OS
Con (1 Cool (Ili 181 gag os.'36 J -D * 'J5
Iludson Co Gas let g 5s 11/49 M-N 1011
/
4
100 Oct '0,
102 j'ly'07
......
Ean City(310)Gas lat g 5e 1922 A-0
Mu Fuel Gas lat pi g53,1047 31-N
'ot
'33 Eel,
110
1 9 Dee'00
2
Kings co El & P g os 1037 A-0 92
Syracuse Lighting let g ('s.'51 J -I)
Purchase money 68
Trenton (15* El let g 58-11141..M- a
4097 A-0 1031
110 Ai ay'05
/
4
1051 Mar'08 .
4
104 107
11.1 El 11 Bail 1st eon g 48 1939 J.j
43
Westchester Light'g - 614.10501J •D
84 4 83 Mar'08.84
,
101 h Feh'117
• 0 pnoe Friday; latest bid and asked this week.a Duo Jan bDue Feb a Due :1pr e 1010 -1157 it Due
a Due Aug o Due oct g Due ./uo
4;111,0

Range
Since
January 2

Week's
Range or
Last Sate

1

99

102

28 88
051
/
4
81%
17 73
90 981 981
/
4
/
4

107,
2112'9
8 '34
1.8
111 1008
......
112 100

3 til•Litill

.15.110

New York Bond Record-Continued-Page

842
a

BOND:.
N. Y.STOCK EXCHANGE
WEEK Elwin° Anal,3

Price
Ifiridau
April 3

z

Week's
Range or
Last Sale

c

Range
Since
January

Bid
484 Low
litgh No Low High
,
1125 Mar'0
9
1125 117
9
Lonisv & Nashv gen g 68 1930 J -D 113
M-N 1084
110 Oct'07
Gold 58
1/64 sale 953
1940 J-J
9
961 15 95 100
4
Unified gold 48
1941 J -J
1014 Ply'06
Registered
1910 A.0
107 Dee'05
Sink Hind gold 6s
101 Feb'08
1931 M-N
104 105
Coll trust gold 58
924 37 88
5-20-yr col tr deed g 48 1923 A-0 914 Sale 11
114
111 Nov'07
4
1919 J-D 1103
E H & Nash lat g 6s
1031 104
4
105 104 Mar'08
L Cie 8. Lex gold 44s-1931
115-14 Jan'08
115% 117
N 0 & hi 1st gold 68.-1930 J -J 117
1930 J -J
122(4 Alar'Vti
N 0 M 2d gold Os
Pensacola Div gold ds 1920 M-S
1074 Aug'416
117 May'07
1921 M-S 108
St L Div 1st gold 66
624 Aug'07
• 2.1 gold 3s
1980
8814 7 86
At!Knox & Cin thy 4s 1955 M-N 88
8814 87
89'-1
110 Ply'06
et 11 Knox ero Nor 18E 5s1944; .1 0 111./
1084Jan '06
Render Bdge 1st sr g 68.1931 M-S
904 Mar'08
Kentucky Cent gold 48 1987 J -J
88
92
lOS J'ly'06
L&N& M 8. Allat g 4461945 ‘1-s
95
87 Jan'08
L& N-South M joint 48.1952 J J
85
87
87
1134 Alar'07
N Fla & lat gu g 5a 1937 F.A 104)
......
NeSC Bdge gen gu g 4431945 J -J
113 Jan'08
Pens & At!1st gu gtSs 1923 F.A 102
113 113
I 1 1 May'07
S & N Ala con gu g 56 1931; F- A 1014
9112Jan'Os
L& J.311 lidge Co gu g4s 1945 M-S
914 9114
L N A & Ch See C 1
L
ahon Coal b'ec L &
S
921
4 2 92
ltianhattan Ry consol46 1990 A-0 92 Sale 92
98
104 Apr'05
Registered
19180 A-0
1013 101%
4
8
Metropol El 1st
*, 1)9 4 1013
,
J -J 1017
4
al cK'pt & B V See N Y Cent
Metropolitan El See Mau Ry
83' 64 741 55
83 Sale 824
61ex Cent consol gold 46 1911 J -J
4
1914
20(4
193 Salt
4
1st con8o1 income g 38.a1939 I'ly
1412 20'2
17 19
18 311 10
17% sate
20 consol income g 36..a11139 Ply
18
90 J'Iv '01
9
Mex internat 1st con g 48./977 11-s
80 Feb'08
Stamped guaranteed....1977 /41-S
80
80
105 blaruu
Mex.North 181 gold tis.. .11)1E •C
,
Mich Cent See N. YCent
Mid of J See Erie
Mil L S & W b'ee Chic Se
W
hill & North See Oh Al 8. St l'
• 125(4125'
4
Minn & St 14 1st gold 78 1927 J-1' 125N 1304 12514 Feb'08
103
1.1,3
4 103 103
Iowa Ex lat gold 78
1909 J•1) 1014
118 Jan '07
Pacific Ex 1st gold lis 1921 A •0
...... 113'4 Al ar'03
......
South West Ex 1st g 76 1910 J -D
100 Jan'08
100 luu
1934 11-N
181 consol gold 58
80 Mar'08
80
80
82
18t and refund gold 48 1949 91- S
u7 Apr'011
Des M & Ft D 1st gu 4s .'35 J -J
.
Minn & St L gn See li0K & N
95 Nov'07 -••- ......
StP Oh SS M con g 4 int gu'38 J • J
102 J'ne.V1
MSSM& A 1st g 4 int gu 1920 J - J
doM
Minn Un See St P
6
96
11 94
D 96 Sale 951
Ks
Mo Kan (11, Tex 1st g 4s 1990
804 11 7714 84
791 804 78N
4
g..9011 F-A
20 gold 46
u8 Mar'08 •... 95
118
1944 "I-N
1st ext gold 5s
74% Alar'128
73
747 78
9
2004
let a,refund 46
744 183 71
74
744 Sale
77',
1936 J -J
Gen a f 448
8404 83 Jan'08
83
83
2001 A•0
St 1, Div 1st ref g 4s
104',Jan '07
101)
Dal & Wa 1st gu g 58 1940 3.1-N
004 AprO7
Kan(J& Pao 1st g 4s 191)0 F- A
106 Mar'08
11/53 106
9
Mo K & 11. 1st gu g 56 1942 A-0 1034
4
Al K & Ok lat gu 5s
1942 M-N 1014 103 iO4 F.41,'08 •..• 1023 104
1)9(4
914103
ME &TotTlat gug58 1942 M.S [19', Sale 1194
Sher Sh & So 1st gu g 56 1943 J -D 99 101., 105 Ang'07 ..•
103
2 103 103
Tex & Okla lstgug5s 1943 31-S 103 Sale 103
100
'2 1044106
Mo Pacific 1st con gds
1920 31•N 1064 108 106
90
90
OU
2 8s
09
stamped.a1917 31-6
Trust gold 511
1044 Feb'07 .•.• ......
al917 31- S
Registered
8914 Mar'118 .•.• 88
1920 F-A .89
98
let coil gold 5s
764 Mar'06 ..•• 68
1945 M-S '71',
764
40-year gold loan 4s
95
95
98
95 95
1938 31-N
ad 76 extd at 4%
83(4 83 Feb'08
85
85
Cent Br Ity 1st gu g 481919 -A
844 Jan'08
8414.194s J •I.
8314 8414
Cen Branch U P 1st
110 Mar'uo
Leroy & OVA Llstg5s 1920 J -J
9914 Feb'08 •
95 101
.
.
994 l)9'4
Pao R of Mo 1st ex g 48.1938 E -A
112 Dec'07
20 extended gold 5s 1938 J -J
103 110
St L Ir Al& Sgen con 531931 A- U 10314 Sale 1034 103',
100
2 11/0 100
Gen con stamp gtii g 5s 1931 A-0 •104) 105 WU
76
77
76
Unified .11. ref gold 4a 1929 .j 70
68
704
80 :38.1e
771
6
82
Itiv&U Div 1st g 43 11133 M-N
28 76
86(4
Verdi V 1 & W 12t g 56 1926 NI- S '764 80 1074 Apr'013
1.03 Dec'06
MobJ & K C 1st cons 856 11153 J -J
113 Feb'08
Mob & Ohio new gold 68 1927 J •
113 1134
1054 Jan 0.8
./t1927 Q.J 1064
1st,extension gold Os.
1054 10514
844 .b'eb14)8
1938 31-S
General gold 48
844 544
994
1024 Oct '07
Montgom Div 1st g 58-14147 F-A
......
924 Ang'06
St L & Cairo cell g 48_61930
101 NovS0,1
-J
1931 4.
Guaranteed g 48
......
M & 0 cell 48 See Southern
Mohawk & Mal &ell I C& H
Monongahela Riv See B & 0
Mont Cent See St P 31. &
Morgan's EA & T S'ee S P Co
Morris & Essex See Del L& W
6 ? 11214 1123
ki ash Chat & St L 1st 78 1913 J -J 1124 113 1124 1121
9
LI 1st consol gold 58
1 1054 108
1928 A-0 1054106 10514 1.1)5
116 4213Isy'W.
Jasper Branch 1st g 08 1923 J.J
117(4 Marl/5
cAl
W & Al 1st 6s 1917 J-J 108
......
113 J'ly'04
'1'& P Branch 1st Os.. 11)17 J • J
Nash Flor & Shot See L & N
J 100
10019 Mar'08
Nato! Alex prior lien 448 1920
99 10019
80 Mar'u8
77
76
1st consol 48
1951
82
New
I) bee N YNH&H
N J Juno RR SeeN Y Cent
New & Cin I3dge See Lou& N
NO 8,N E prior lien g
p1915 A..0
N Y Bklu 8e Alan Bch See 14 I
SON
89 Sale 89
N Y Cent & Ii Riv g 343 14)97 -J
9 8'74 91
Registered
88% Jan'08
88% 885
1997 J • J
9
i'414 7 91
94 Sale 94
Deben g 4s
1934 VI-N
95
77
78
41 75
Lake Shore coll g 346 1998 F-A
77(4 Sa
82
753 Mar'08
4
70
•Registered
75
73 '78
1998 F-A
75L
75'-i
Mich Cent coil g 348- 1998 F-A
76
75
744 81
71 Nov'07
Registered
1998 F -A
..
102 Feb0)7
Beech Creek let gu 846 1936 J -J
957
9
102 Mar'04
Registered
1930 J -J
20 gu gold 5.1
1930 J -J 102

1

[VOL. Lxxxvi.

3

BONDS
.)
.c
r..
N. Y. STOCK EXCHANGE :: .,s
2.7,a;
WEEK ENDING APRIL 3

Plied

PrIliay
April. 3

,
Week's
lit
.
Range
Range or 23^..„
Since
Lag sale :.q:Z January.?

Rig h No Low Rig/1
N Y Cent cts FE R-(Continued )
Ask Low
Bid
Beecher Ext 1st g 34 61951 A-0
as
Cart & Ad 1st gu g 4s...1981 J.0
Gouv& Oswe 1st gu g 58 1942 J.1)
Moll 8, Mal 1st gll g 4s.1991 M-S 984
98 Mar'08 .... 98
1/8
NJ Juno it gu 1st 43. .1986 F-A
105 Oct '0-2
78
N Y & Harlem g 34s. .2000 M-N
101 La•Ply'06
86
1104 May'07
N Y& North 1st g 5s...1927 A.0 974
N Y 84 Pu lat con gu g4/4 1993 A-0 95
10114 Deu'06
Nor & Mont 1st gn g 56.1916 A-i)
Piiie Creek reg guar 68.1932 Jo 115(4.107 Nov'07
0
it W8. con latext5s.01922 A-0 107 114 1097 Mar'08 .... 101/7 1 il4
9
9
Oswe & R 20 gu g 5a. .e1915 1f-A
105 Jan 'Os .... 105 105
It W 8.0T RDA gu g 58.1918 M-N
Rutland 1st con g 44s-11)41 J • J
4064 Oct '06
Og&I,Chain lat gu 4s 81948 J -J
• 87(4 87 Feb'08 .... 844 87
lint-Canad lat gu g 43.1949 J -J
85
85 Jan 'Os .... 85
It Law & Adir 1st g 58.1990 J • J
108 122 Jan '06
20 gold 14s
1096 A-0
125 Feb'08 .... 125 125
Utica & 131k .RW80848.1922 J-J
/43
103 Oct '07
Lake Shore gold 34s....1997 J-D 91'2 93
4
132 Feb'08 .... 8115 924
Registered
924
1997 J -D 110
91 Jan '08 .... 90
Debenture g 4s
11128 M-S
913
9114 :,2i 111.4
4 7 881 95
25.year g 48 .. .... 914 91
9
.1931 M-N
92
41- 4 15 885 944
2
Ka A &(4 It lat-gtio56.1938 J • J 110'4
.
Mahon C'l RR 1st 56 1934 J-J 105
109 uct '07
Pitts & L Erie 20g 5s.a1928 A-0 98
1074 Nov'06
Pitts McK & Y lat fan 69 1932 J.J 10
154115 139 Jan '413 .... ..... ......
5
20guards
1934 J -J 110
McKees& B V lst g 6s 1918 J •.1
Alfch Cent 18t consul 66.1909 M•S
104 Dee'06
1931 FA.s 1075
51t.
4
105 Dee'07
Registered
Ili) J'ne'06
1931 Q-M
45
92
1003 Jan '07
4
1940 J -J
Registered
1940 J -J
10614 Nov'00
J L& S 1st g 314-s
11414 Dec'00
1951 11-S
lat g .34s
924 31aY'07 • -- • ...... •
1952 M-N 87
Bat C & Stur I st gn 838 19811 J-D
N 1( Clue& St L 1st g 46 1937 A.0 98
994 9714
99
53 96% 101
Registered
1024 Mar'07 .
1937 A-0
West Shore 1st 4s gu 2361 J-J 100% Sale WO% 100%
1 118 103
Registered
910 16
99% 2 96(4101
9914 Sak
2361 J-.1
9 17 8, tireeuw Lake See Erie
9 Y & kiur See N Y 0& Rut!
9 Y Lack & 4A' See D L & W
9 Y L E & W See Erie
9 Y do Long Br See Cent of N J
9 Y N R & H-Conv tis subs.. ..
.. 1234 Sale 1204 123(4161 1154 1244
Housatonic It con g 6s 1937 .71-NI•N 112
112 Marl/8 .... 112 112
N H et, Derby con ay 58 1918 M-N
..
ST 17 & North See N I El de H
9 Y 0 & W ref 1st g 48.41992 31.S
94
94 Sale 94
2 924 98
Regis $5,000 only
1014 J'ne'0.4
g1992 M•S
9 V 8, Pu t See N Y 08 H
9 Y& R 11 See Long Island
9 Y IS & W S'e. Erie
9 Y Tex & 31 See So Pao Co
Sor & South 1st g Oa
100 Oct'07 .
1941 NI-N
Sort & West ger. g 66
1931 pal.N 120',
121/1 Jan '08 .... 120 12019
9
Improvetif t & ext g Os 1934 F-A 1174
1174 Jan'ub .... 117 4 1174
New River 1st g 6.1
127 Oct 'O((
1932 A-0 117
N & W IV let con g 43 1990 A-0
2 924 974
94
9
93% 931
Registered
ill Sep '07 .
1996 A-0
DAYS 1st I& geu g4s 1944 J • J
.
12 844 881
88
88
81
88
10-25 year cony 48
8414
8114 49 78
11.32 J-D 814 Sale 81 le
Pocali 0 8, El Joint 48 1941 4-0 817 Sate 84%
6
847 11 77
9
;
86
0C& T 1st gu g 58
101)4 Feu'u5
1922 J -J
Selo V & N E 1st gu g 48 1989 3.1-N
9014 '7 8714 05
9014
11014
9orth Illinois See Chi & N W
lorth Ohio See L Erie 8, W
100'. 1341 99 10114
!tor Pao-Prior lien g 46 1997 Q j 09 Sale 99
Registered
11)0
9914 Mar'08.. . 98 100
1997 Q.J
General lien gold 3a....a2047 -F
72
7014 16 68
7014 Sale 70
Registered
70
70 Feb'08 .... 70
a2047 Q-F
964
St Paul-Dul Div g 4s. .1996 J.D
9616Jan '08 .... 89
Dul Short L 1st gu 58..191e 1.1-8
o B& Q coll tr 48 See Gt Nor
St P & N P gen g 6s....1923 F-A 115
116 Mar'08... 116 117
Registered certitio's..1923 Q•F 116
132 J'Iy1)11 ...
117'4 J'ly'07 .... .
St Paul 8. Dul 1st 5s....1931 b'-A 1014
2i1 bs
100 Oct '07
1917 A-0
984 Oct'06 ....
1st CoD801 gold 48
1908 J -D
Wash Cent let g 46
93 May'Oi, ..„
81
1948 (-M
112 Feb'08 .... 112 114
9or Pa,o Ter Co 1st g 6a 1933 J-J 112(4
!for By Cal See So kac
9or Wis See C St P bl & 0
9or & Mont See N Y Cent
Ind & W See C C C & St L
hio Riv RR See Halt & 0
)re 8, Cal See So Pao Co
)re RR & Nav See (In Pao
Ire Short Line See (In Pao
)swego & Rome See N Y C
)(.1.1i8oStP SeeC&NW
ac Coast Co 1st g 5s
1946 J-D 102 1034 103 Mar'08 .... 1014105
ao of Missouri See Mo Pao
k'eun RR 1st real eat 848.1923 M-N 103 .... • 105 Jan '08 .... 102 105
Consol gold 5.3
105 Nov'0•
1911. 31-S
101 Dee'07
Con-so! gold 4s
1943 M-19 101
95 4 124 1.14 954
Convertible g 3 28
,
Convertible g 3Las.
.
4
01 4 121. 88
91 4
1 9 2 A1 11 " Zille 94 1‘
915 . 1 11 914 ie 410 4
99 J'ne'll/
A/leg Val gen gu g 46 11/42 MI-,
s.
94
D IA R R & Bge 1st gu 488.'30 F.A
1974 OCt 'Ut. .... ...... ......
Philo Bal & W 1st g 48 11)43 31-N 102
102 Jan '03
iod Bay & So let g 56 1924 J - J
11014 sop '04 .
U NJ RR & Can gen 43 1944 VI- S 11/0
4
1031 Mar'08 .... 1023 1044
4
Penn Co
-Guar lat g 4 48 1921 J-J 1023
4
1035 J'Iy'07 .... .
Registered
1921 J -J
90 4.1'110'0E1 ..
Guar 346 coil trust reg 1937 31-S
8311'
2s
86(4 Alarlis .... 80(4 86'4
Guar 34 coil tr aer B 14/41 F-A 86'4
Tr Co (wain; gu g 31.8 1916 31.N
2
1)314 ------9214 Yeti'. 8 .... 924 [1214
6414 Feb'08 .... 84'4 844
Gu 3Las tr ctfs Et
1942 .1-0 84-.,
. ..
9014 31410(10 .... . . .. ,
G.314e tr ctIs D
.
1944 J • D 85
9/(4 Mar'08 ... U-0
Guar 15-25 year g 4s. 1931 A 0 *34
1)6
ci & Mar 1st gu g 448_11)35 WA. *1004
110 .11.11 '01
1084 Aug'03
GI So P gen gu g412aser A.'42 J -J 101(4
Series B
1942 A-0 100
081 Deo'05
6
Series C 348
8334
1948 M-N
Series D 3Lis
094.
1080 10-A
116 Jan '04

0
P

1111SUELL 4ENEOUS BONDS
-Continued on Next Page
Telegraph and Telephone
Coal and Iron
751,Jan '08
80(4 Mar'08 •
Col F & I Co gen s f g 58..1943 F-A
Am Telep & Tel coil tr 4s 1929 J.j
82
754 754
794 82
65
Convertible deb g 58....1911 F-A
60
853 Mar'08
4
Comm Cable Co 1st g 4s..2397 4 J
46 50
853 853
4
0.3
4
1Col Fuel Co gen gold 68.19111 M.N
10714 Oct'04
104 Feb'Oi
31et T& T 1st s f g 58
1918 64-N
Gr RR Coal & C lat g 68111111 A-0
92'-., Feb'/8
Mich. State Telep. 181 55.1024 F-A
10214 Apr'06 •...
1124 924
......
Clear( Bit Coal IsIs f 4s...1940 J -J
95 Apr'112
105 4XV'03
N I & N J Tel gen g 58 1920 64-N
Col Indn 1st& coil 5s 811_1934 F-A
' s4
514 204 38.4 524 West Union col tr cur 58.1938 J.J
84
52 Sale 49%
82(4 84's 81
94
Contlu'talC 1stt gu 58 8.1952 F-A •
23
FO anti real est g 4. _1950 M-N
95 10714 Dec004
84
88
833 Sale 834
4
1'2 83
Jett & Clear C & t 1st g 58.1926 J
.
107 Alay'97 • _•• ......
76 Mar'08
Cony 4s, Se...leA A
80
774
1936 MN
75
74
......
Kan& H.C &.0 1st s tg 58.1951 J -J
/
4
1051 Dee'06
Mut Uu 'Tel a Rind 66. 1911 Ni•N
102(4 104 Apr017
Pleas Val Coal lat g f 58.1928 J.J
105 Oct'00
Hanntacturing
Industrial
Sunday Cree,c Cog 5s....1944 J. J
78 Fe1.007 •.. ......
75
Tenn Coal gen 5s
90
9114 90 Mar'08
924
91
1951 J • J
Am Cot 011 ezt 44s
8-2(
4
1915 Q•li
91
86 80
Tenn Div 1st g 66
103 Mar'08 •
'75.9 '804
1011 1)
80
80
Am Hide & L lat f 69_1919 31cs1917
11
8014
1
Birm Div lat conaol 68_11)17 J -J 103 100 103 Mar'08
00
1111 103
1
)
Amer Ice Secur deb g 68..1915 A-0 60
0
4
605 61 1-8'-, 66
9
Cah M Co ltst gu g 66.1922 J -D 102 107(14 103 Mar'08 •
91 100
.
Am Spirits 3148 1st g 66-1915 M•S
1004 97 Mar'08
100 Jan '08 •
De Bar C& I ect gu g 68 1910 F-A 98
84
100 100
83
84 Mar'08
Am Thread lit col tr 46. .1919 J•J
83
Vs Iron Coal &Colst g 56.1949".`,144 83
814 83
901 1.0
, 1N
80
9
87', Am Tobacco 41)-yr g 6s....1944 A-0 102% Sale 1027 1)10(4
1)3', Feb'07
Victor rlel late t 58
1933 •a -J
48..
1951 F- A (37(4 8, , 67
68 134 604 01314
11 .
No price Friday; latest Ind 4n.16,8ked. aDue Jan b Duo Feb eDne ..ar it Due A.pr h Due 'ly Due ..ug o Due Offt p Due -Nov g Dne DOG sOPtion 45.14




Arn. 4 1908 I
HON 1/8,
IC Y. STOCK EXCHANGE
WEEK ENutrin APRIL 3
(Joattnuect)
-Penn Co-(
Erie & Pate gn g31-28 B 1940
1940
Series C
U
Or It & I exist gu g 4128111,
Pitts Ft W & C 1st 7e 1912
1912
207s
h1912
30 78
Pitts Y& Ash let con 58.1927
sA...1.1140
4
/
.PCC&StLgu41
1942
Series B guar
1942
Series C guar
1945
Series D 48 guar
1949
4
/
Series E 31 guar g
1953
Series F 45 guar
C St L & P 1st con g 58 1932
.415 Atl See L& Nash
'Pensacola
-Peo & East Nee OCCA St L
1921
Peo & Pek Un 1st g 08
/4921
2. gold 412s
Pere Al arq-Ch & ‘,Nr AI fie 1921
Flint & P M g Os... .....1920
1939
let COU801 gold 55
Pt Huron Div lst g 5s 1939
Sag Tus & 11 1st gli g 48 1931
B & W See Penn 1111
Phan & Reading cons 78.1911
eine Cm & St L See Penn Co
Pitt8 Cleve & Tot See II& 0
Pitts 1ft W & Cli See Penn Co
Pitts bl °Kees & Y See N Y Gen
-Pitta Sit & L E 1st g 55 1940
1943
1st 0011801 gold 58
Pitts & West Neeli &0
1997
11 sailing Co gong 48
tL Registered
1997
ersey Cent coll g 46 11/51
Renseenier & Sat See I)& It
Rich & Dan SetSouth Ry
Rich & Meek See Southern
Rioter West See Den & Rio Or
Both & Pate See BRAY
Rome Wat & Og See N Y Cent
Rutland See N Y Cent
%ass TU8 86 II See Pere Marq_
.
1 7t. Jo & Gr lel let g 4s 1947
St L & Cairo See Mob 46 Ohio
St L & Iron Mount See M P
St L IC 0 61, N See Wabash
SILM Br See 'I' Rlt A of St L
St Louis & San Francisco1931
Gleneral gold 65
1931
General gold 5s
St L S RR cons g 46.290
Bouthw Div let g 5s 1947
1051
Refunding g 48
8
4
/
5-year gold notes 11_190
.
StL M & Su East gu 41 .4;1909
KU It S& Ai con g 6s 11128
K C FtS& Ai Ey ref g 4s 1936
KC& M BA Bletgu 58.1929
Os'rk& Cli Cita gu5s g.1913
St Louis So See Illinois Cent
St L S W let g 45 bd otfe.1980
2d g 45 inc bond ctfs...p10811
1032
Conaol gold 411
Gray's PtTer let gug5s 1947
St Paul & Dal See Nor Pacific
Ural:11 M a, Man 2d 6s 1909
1933
let consol gold Os
1933
Registered
8
4
/
Reduced to gold 41 1933
193:3
Registered
1010
Dakota ext gold 68
1937
Mont ext let gold 4s
1937
Registered
E Alinu 1st thy 1st g 55 1008
1948
Nor Div let gold 4s
1922
Main Union 1st g 6s
1937
Mont C 1st gn g 68
1937
Registered
1937
let guar gold 58
Will & S F 1st gold 5s 1938
St P A Nor Pao See Nor Pao
St P,lb S'x City Nese St P &O
SA& A Pass latgug4s 1943
e Pres A Ph Itit g 58_1942
8 If A N P 1st sink t g 58.1919
Say F& West See Atl Coast L
Scioto Val & N E See Nor& W
Seaboard Air Line g 48 1950
1911
Coll tr tefund g 58
Atl-Birm 30-yrIst g 4s.e1933
Car Cent let con g 45 19411
Fla Cen & Pen 1st g 513 1918
1st land gr ext g 6s- 1930
1943
Consul gold 55
Ga & Ala Hy 1st con 5801145
Ga Car (15 No 1st gu g Os 1929
80515 & Rol' 1st 5s
1926
Sher Slir & So See MKAT
811 Hp Oca & U See Atl Coast L
So Car ,31, Ga See Southern
Southern Pacific Co
Gold 48(Cent Pao coll) k1949
Itegiatered
k1949
Cent Pao let ref gu g 4.11149
Registered
1949
AI ort guar gold 31
4e..k1029
/
Through St L 1st gu 48 '54
Gal Bar & SA 1st g 68_1910
1931
Alex & Pan 1st g 5s
Gila VG& N letgug5e 1924
lions E & W T 1st g 58 1933
1933
let guar 55 red
& T lst g 5s int gu 1937
Consol g Os int guar 11)12
Gen gold 45 int guar 1921
Waco& N W div Dag 65131i
A ANW let gu g 511.-1941

843

New York Bond Record-Concluded- Page 4
Price
Friday
April 3

Week's
Range or
Last Sale

Range
Since
January 1

BONDS
N. I. STOCK EXCHANG E
WEEK Ei-inixo APRIL 3

Price

71
8, Z

April 3

Week's
Range or
Last sale

15.

Range
Since
January 1

481, I,ow
Molt NO Low IIig A,
Rid
_High Southern Pao Co-(Continued)
127 Sep '06
Alorgan'a La A T 1st 7s 1918 Au 107'2
. 116 Nos-'06
1920 J -J 108 .
1st gold 68
112 Feb817
No of Cal guar g 5e
1938 A•0
, 4
1 73 Nov11;
Ore & Cal 1st guar g 58 1927 .• *;
9819 Jan '1.8
4
/
4
/
981 981
4
/
1011
So ['or Ar gu let. g 6s...e1909 .3
101 Dec'07
4
933
lst, guar g 68
e191A J -J
So Pacific of Cal
104
4
1
4
/
1041 104/
4
/
1011 MarOs
1st g 68 series E& F...1912 A-0 103
108
1043
4
4
/
1141 Dec'04
let gold 68
1912 A-0
108
104
,
1st con guar g 58
1937 34-N 106 4 112 116 Alay817
4
/
1021
104 Mar'07
102
PacaN Alox 1st g 63 1911
* 07
So Pao Coast 1st gu 4,4 g 1937 J -J
8
853
4
1
107/ Feb '0'7
Tex&NOSabDivlst g6s 1912 31-S
4
4
/
951 973
4
973 Mar'08
Con gold 58
1943 J J
109
4
1083
11 871 1,3
4
/
89
89 Sale 802
.-o Pac RR let ref 45
1955 J -J
4
/
4
" 131 821 97
1994 .1 •3 903 Sale
southern-let con g 58
114 Nov'06
Registered
1994 J J
4Jan '05
/
1231
10:3
77
75
75 12 31ar'08
75
Mob & Ohio eon tr g 48 1938 M-S
4
97 1003 Deo'05
4
/
12 95 1021
98
,
119
93
4-5s. 1996 J•J
/
Mom Div 1st g 41
100 Apr'02
76
4 70
'71
72
71
thy let g 4e, 1951 J -J
St Louis
11219 Aug'07
101
113 Jan '06
1918 J -J
Ala Cen R 1st g 68
1003 Apr'07
4
'Jf1 J'ue'0,5
1948 J • J
All & Danv 1st g 4s
'
1061 8e '06
4
/
92 J'ne'0,.,
1048 J • J
2d 48
At!& lad 1st g guar 48 1949 A •0
111 Feb'07
1916 3.3 106
Col & Greenv let Os
4
/
1151 Mai'06
8
1103 j'ly'0;
E T Va & Ga Div g 58 1930 3-3 *100
4
4
/
1044 1041 1043 1 102 105's
1956 -N
Con let gold 58
4
/
991 1 lo/ J'Ile'0';
4
1
19354 M-8 •
E rl'en reor lien g 58
68
65 Sep '07
. ..
1946 A -0
Ga Midland let 3s
1061 8.881 8
106 107
4
/
1922 J.3 8103
(la Pac Hy 1st g 6s
"
1091 Feb'08
,
4
/
4
/
1091 109 4
107%
108 Jan
107 108
.1925 J • J
Knox ,31, Ohio let g
937
8,4'1y'97
8712
115% Apeo8
(Is..
slob& Sir prior lien g 551945 J • J
uct '06
83
.1945 J -J
Mortgage gold 48
4
/
971
95 Sale 9434
4
/
951 10 93
103 Mar'08
4
/
103 11,7
Rich & Dan con g 68.-1915 J•J 1031
4
/
941
94 14 951 941
4
/ 2 90
941
4
/
4
/
4
/
091(Jot '07
1927 A-0
Deb 5s stamped
4
/
Si) 041
92
4
/
921 92 Mar'08
4
/
721 08 Feb'05
Rich & Meek let g 4e 1948
1151, Alaeort
4
/
971
951 95
; '4
1919 M-N
So Car &()a let g 58
112 Oct'06
Virginia Mid ser C 6s 1916 M
4
/
1081 Dec'ou
11?',
1921 M.S
Series D 4-58
113 Dec'0.5
1926 M-8
Series E 5s
103 Oct '07
1936 M-N
General 5s
107 May'07
1936 M-N
Guar stamped
4
/
90% 961 Jan '07
W 0& W 1st cy gu 46 1924 F -A
10t119 8ep'07
West N 0 let con g_68 1914 J • J
83
85
4
/
821 Mar'08
82
N Ala See L & N
8
117 J'ly'00
tok Falls & Nor let g13,3.1939 J -J
.
8
111 Ply'07
' er A of St L 1st g 412s-1939 A-0 101
4
/
1101 Fe1/118
109;4111
109
let con gold 5s....1894-1944
4
/
4
/
921 Feb'08
4
/
112
1301 921
1953 J -J
Gen refund s I g 48
111 Dec'06
......
1131
4
/
113 Feb'08
, St L M Bge Ter gu g 55 1930 A-0 100
1143
113
10312 105 101
4
104
1 103 1051 Tex & N 0 See So Pao Co
4
/
103
103
9 09 1121
2000 J-D 103
90 Jan'08
00 'Vex & Pao let geld 58
90
92 Nov'96
92000 Mal
2t1 gold Inc Sc
1021 Ang'OL
4
/
110 Alar'06
1931 J • J
69 Sale 687
La Div 11 List g 5s
8
6919 166 6819 75
4
/
1061 Nov'04
W Min W,58 NW 1st gu 54'30 le- A
98 Nov'013
109.. l034
4
/
14)219 Felfu8
1935 J J 1031
'Vol & 0 C 1st g 5s.
111 May'04
113
Western Div let g Os. 1935 A-0 IOU
113 Mar'08
4
/
ill 1141
117 MaCtIS
116
95.-A 98
11135 J -D
General gold 55
71
71
5
4
877 69
4
1 663 723
89 Jan '68
89
84
Ran & 5(1st gu g 4s. 1990 A•0 85
83
83
1 763 83
81
84
4
1917 J -J
Tol P & W let gold 48
4
/
961 90 Deo'07
80
85
85
84
85
Tol St 1.,& W prllen g 3128 1925 3.3
72
4
/
73
67
1950 A-0• 71 8aic 711
50-year gold 4s
86
11 841 893
85
4
/
4
/
851 87
4
93 Dec'09
Tor Ham & Buff let g 48.It1940 -D
70
66 Feb'08
136
105
3 104 105
later& Del let con g 55 1928 3-1) 103 105 104
4
/
8
663
4
/ 601 21 58
591
59% 60
93 Sep '06
1952 A-0
let refund g 48
10119 Apr'07
4
993 Slue 11912
093 119 99 102
4
Un Pact RR A 1 gr g 4s 1947 J -J
1/8 Mar'08
98 1001
4
/
1947 .1• • 98.,
Registered
4
/
1041 104%
4
1013
10419 Mar'08
84 '(ale 831
4
/
4
/
871
4
/ 851 ith& 83
1927 J-J
20-yr cony 4s
4
/
1201 128
4
/
12(11
4
/
1261 Mar'08
4
/ 95
91
983
4
Ore Ry & Nay con g 413 1946 J -1) 95 Bale 941
134 Dec'06
118
115 1203
4
Ore Short Line 1st g 6s 1922 F•A 118 Sale 118
4
/
102 1061
1051 1053 1053 Mar'08
8
4
/
4
111
111
8.
1 106 111 12
1946 J •3 1103
let consol g 58
11t11-8 Apr'01
4
/
891 42 853 891
4
/
2
19211 J-D 89 Sale 89
Guar rotund 48
4
4
1043 1013
105 tb
4
1043 Mar'08
4
873 Mar'07
1929 J-D
Registered
,
98, 1/812 Mat'08
98
4
/
081
94
100 Oct'07
1908 3-3
Utah & Nor 1st 7e
4
/
97 1001 Oct 'Ott
43'1y'07
/
1051
1926 J J 102
Gold Os
1011 Jan'us
4
/
10114 10114
tint N J RR A C Co See Pa RR
06
Utah Central See Rio ter Wee
108
124 May'05
Utah & North See Un Pacific
125
128 Jan'08
128 128
Utica & Black lt See N 1( Cent
4
/
1361 Alay'06
911 Oct'07
4
/
1955 F-A
antialla comet g 48
109 121111 105 Dec'07
4
/
ih) Sep'06
era Cruz &Piet gu 4'01934 J -J
1151 Dec'06
4
/
10914
Ver Val Ind & W iS'ee Mo P
Virginia Mid See South IV
99
99
99
80
80
4
80
833 Va A Southw't let gu 58 2003 J -J 100 105 1011 Jan'OS
'78
1 78
4
/ 1053. III 102 1093
106
4
1939
/ abash ist gold 5e
100
102 Sep '07
at,
87
87
4
/
1931/ F-A
24J 841 114
20 gold 5s
110 Oct '05
91/ J'ne'07
1939 J •3
eerie,' A
Debenture
45'2
47
20 37
47
1930 J J
Series B
62 J'ne'0
Certificates of deposit.
4
/
453 Aftte08
4512 49
4
431 55
102 Feb'08
100 102
fd g 5s 1921 M-8
1st lien equip s
90 Dec'07
80
55
93 Max'06
let hen 50 yr g term 46 1954 -J
88 Jan'07
4
441
46 220 .
44', --sale
4719
let ref and ext g 48
1950 J.J
901 Mar'06
4
/
lt/0 104 Oct W.
Del & Ch Ext let g 5s 1941 J •J
1071 Ang806
4
/
97 Nov'U4
Des Mont Div 18t g 48 1939 J -J
80 Feb'07
Oni Div 1st g 31
8
4
/
1941 A-0
1091 blue05
4
/
8
963 J'ne'07
115
Tat & Ch Div 1st g 48. 1941 M-8
92
92
92
112
1.00 May'07
St Chas Bridge 1st g 68 191/8 A-0
uu loo 110 Jan'05
45
45
56
41
4,3
Wab Pitts Term list g 48 1954 -1) 4:3
106 Mar'07
,
117 229 83 19
211 gold 40
4
1954 J-1) 11. Sale 11
Warren See Del Lao & West
Wash Cent kiee Nor Pan
Wash 0& W See Southern
8719 J'ly'07
Wash Tent let gu 312a-1945 F-A
4
12 833 87
86
85
4
/ 86
851
,
653 18 49
66
West Maryland 1st g 4s 1952 A-0 fib Sale 64
84 J'ne'07
34
332
4
/
30
47
1952 A-0 331
Gen & cony g 4s
90
111 94
95
1.15
96
J
103 10619 Ang'OC
W Va Cent & P 1st g es 1911
8J'ne'07
•
94
11:33
4
1103 Mar'08
,
4
1
108/ 111
West NI IA Pa let g 513-1937 3.3 1103
85
7 80
4
/ 84
831
4
/
881 85
575 Jan 'Or
4
/
871 873
4
1943 A-0
Gen gold 3-4s
88
88
88 F8188113
34 Feb'07
01948 Nov
Income Os
11./0 1021 1031 Apr'07
4
/
4
/
Weet No Car See South Ry
Ha 107
11(819 107 Jan '08
100
100
2 100 107
Wheel'g cfa L E 1st g 5s...1920 A-0
4
/
106 1061.Ply'06
103 Mai.'08
103 103
Wheel Div let gold 55..1928 J • J IOU
100 101
101 Jan 818
4Jan '08
/
981
4
/
4
/
981 981
Eaten & Imp gold 5s. .19:30 F-A
104 Aug'00
4
/
721
63
8
86 60
41101
/
1091
4
/
RR let consol 48........1949 11-8 63 Sale 623
1101 Fet,'08
4
/
4
1103
104 Oct'07
equip a f Os..1922 J 4
20-year
8
1073 Nov'07
108
Wilkes A East See Erie
87
87
8 87
4
/
861
88
Wit & Sioux if See St P 61 & M
116 Dec'06
85
8219 30 80
82 Sale 82
4
/
1091 Feb'06
Wia Cent 50-yr 1st Ken 4s 1940 J-J
ilia

4
/
811
4
/
841

ASS

High No Low
Low
92 Apr'07
.
983 Apr'04
108 Sep'08
127% Oct '02
119 J'ne8/6
119 Apr8/4
110 At ay'05
108 Feb'08
108
108 Feb'08
108
112 12.1'1/8
'05
4
1003 Mar'07
91 Feb'07
....
109 Jan'08
109

......

......

......

......

.„.

U

...... -.M..

vV

......

-•

81118CELLANKOUS BON DS-Conclutled.
Miscellaneous
3Lans4inciurhig 81c industrial
1948 M-S
Adams Ex not tr g4s
96 Ang'06
85
Beth Steel let ext sf 55..19'16 34
1920 M.N
Am 88 Co of W Va g 58
94
4
/
4
/
89 851 '94
;
Cent Leather 20-year g 58.1925 A-0 911 Sale 911
1,01(1'n FerryCo 1stcons g 58'48
48.1951 F.A.65
4
663 Mar'08
68
62
Consol Tobacco 50-yr g
Chic Jo A St Yard col g 58.1015 J -J
74
75
Distil Sec Cor cony 1st g 56.'27 A-0 70 Sale 70
59 64
Set M & M Id gr incomes 1911 A-0
4
/
102 105
1021 1021 Mar'08
4
/
Int Paper Co 1st con g 6,3.1918 F-A
8
4
/
Int Mercan Marine 41 1922 A-0
J -J
86
81
81
1 80
79
1935
COI1.10i cony e f g 5s
93
91 Sale S0 14
4
/
941 Int Navigation 1st 5 55 1922 F-A
27 90
Int St Pump 10-yr cony.6e '13 J -J
Man Boh 11 16 L gen g 4s 1940 M-N
4
/
971 Oct '05
Knicker lee(Chic) 1st g 5e.'28 A-0
851 Mar'08
Niewp No Ship & D D 5s81990 J -J
4
/
89
84
1923 A.0 8719
Lackaw Steel 1st g 5e
N Y Dock 50-yr let g 41951 F-A
8312 Aug'07
78
85
N atStarch Mfg 001st g es 1920
Providence Sec deb 4s---- --357 M-N
76
70 Apr'07
Starch Co s f deb 5s 1926 J.J •
Nat
8.1921 11-8
4
/
Provident Loan Soo 41
80 Dec'07
Repub I& S let& coltr5s 1934 A-0
0.1930 J -J
St Joseph Stk Yd,1st48
1053
106
4
,
10 3
Leath Co s deb g6a 1912
4 101 106
4
/
701 34 641 701 St L Ter Clippies Stat'n dr Prop
70
4
/
69
4
/
118 Realty & I cone dot)g 58'24 j•J
s
4
/
, Co let g 41 0-20 year-1917 3.1)
4
/ 951 1847 851 951
4
/
4
/
941 Sale 931
4
/
U S steel Cerp--1 coup 41983 11-N
4
/
Yuba Wat Co con g 6s 1923 J -J
4
931 Sale 937
4
/
1)51, 18 853 1151
8
kif 10-611 yr 55. 1 reg _01963 '114
/
941 Sp Val Wat Works let 68 114083 1.1-8
89
114 18 Mar'08
9
Va-Oar Chem col ir 5,1 g 1812 4.-0 93,
80
US Fled & Ref let s f g 68 1931
80 male 731
4
/
Westinghouse BA Al t 55 '31 J -J
80 145 67
No
. priest) Friday; latest bid and asked this week. a Due Jan b Due ifeb 4 Due Apr •Due b/ey g Due J'ne




4
/
871 Sal8

•

103
50
69

100

85

89

97
81/
85
92

85

4
/
901

4
/
4,/ 871 1 83
871
4
1003 J'ne'02
41 Oct'06
100
100 Jan'08
70 Sep'06
68
72
26 03
80 Mar'08
75
50 Feb't/2
87 Mar'08
85 Oct 8
/7
99 May'013
10012Sep '05
112 J'ly'04
4
/
1131 Ply'On
85 Mar'08

It Dam J-fly

72
80

......
85..
7*I".

p Ds* Yew tOitim gam

CHICAGO STOOK EXCHAN- C4E-3tock Rocord-Daily, Weekly and Yearly
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
Mc 28
-e.a

Monday
March 30

Tuesday
March 31

Wednesday
April 1

Thursday
April 2

Friday
April 3

155 190 *155 195 *155 195
*155 190
2
2
*2
*134 214
214
2
2
11
*8
11
*8
*8
11
11
*3
1812 1712 173,s
18
1714 1712
1873 187s

Last Sale 175
Jan'08
*2
214 *2
214
Last Sale 919
MchalS
17
18
1814 1812
Last Sale 212
Mch'08
Last Sale 18
July'07
, 43
.- *4012 42
*4Oi 42
;1,151- - - '14512 12
Last Sale 4212 Mch'08
*7312 74
*73
74
74
74
*72
74
*72
74
*72
74
*_
17 *
17 *____ 17 *_17
Last Sale 16
*47
50
*:4- 1-2. 50 ;*2 50
7
- 50
2
Last Sal, 49
Mch'08*471
Mch'03
45
*40
*40
48
45
*40
*35
45
Last Salt 86
July'07
*___ 2112 ___ 2119
2112 *____ 2119
Last Sale 20
Jan'08
__ 50
50 50 *____ 50
Last Sale 60
Sept'07
*62
65
*65
70
60
65
60
60
60
61
60
60
2713 2738 2714 273
8 2718 2738 27
8 2718 273
2738 2718 2 s
73
9012 9034 *8912 91
90
9034 9034 903
4 90
90
*90
91
*..___ 30 *____ 30 *---- 30
Last Sale 33
30
July'07
513
50
*135
*117
*41
*94

518
5112

473 2
478 518
478 47
8
47
3 47
8
47
8
47
8
4934 493 *4912 5012 *4912 5014 49 4 4934 4978 497
3
8
4
*135
*135
_ _ 138 138
140
140
117 127 *147 127 *135127
Last Sale 117 Mch'08
*108 11712
42 *41
42
*39
41
45
45
4012 402
95
Last Sale 95
---Mch'08
Last Sale 42
Jan'08
*2513 2613 *t25
26i -i5- 25
25
278
25 - .- *24
24
2.4
9112 9113'9034 9034 *91 9112 *91 9112 *90 9112 *91
0112
44
*---- 4412 -- -- 4412 *---- 4412 *____ 4419 44 44
46
•
Last Sale 165 Mch'07
_
Last Sale 16
Mch'06
*1
DE *1
Last Sale 1
118 *I
118
118 *1
Oct'07
*4
5
*4
5
*4
5
Last Sale 5
*4
5
Nov'07
2412 247
8 24
2378 24
*23
25
2414 2418 2438 *2312 25
11712 11713 11634 117
4
11512 11614 1143 11512 114 11412 114
114
Lo-st Sale 214
Mch'08
*Mil 11 - i5W 110- *108 110 *108 116- 10814 10814 *108
6
110
91
91
9012 91
92
91
91
91
91
91
903 92
4
128 128
126 127
12512 12512
12712 1273 12714 12712 12658 127
4
*3012 3112 3014 31
31
3012
*30
3014 3014 3014 3014 *30
Last Sale 3114 Nov'05
Last Sale 80
Feb'06
Last Sale 41
Aug'07
Last Sale 212 June'07
Last Sale 2614 July'07
79 *-_-_-_-_ 16- 7712 78
8013
7812 7812
8012 161- -7512 7912 79
2
112
11312 11312 11312 11312 *11212 11314 112 112 *112 113
112
*58
61 *____ 61
59
59
60
60
*58_ *58
110 110 *108
*108 112 *108 112
*108 fli
103
112
Last Sale 534
May'05
Last Sale 85
Feb'08
*25
27
*25
-2614 2614 ;*H- 27
27
79
*77
79
*78
79
7712 7814 7814 7814 7814 7814 *77
9718 9712 9713 9738 97
9738 9714 9712 9738 9758 9714 9738
*128 130
130 130 *128 130 *128 130 *125 130 *125
130
93
95
*94
95
95
95
*94
95
*94
95
112 119 *112 158 *112 15
114 114 *114 112 *11 1
158
8
3
9
914
87
8 87
8
85
8
85
8
912 95
918 912
91
4
93
8
*14
16
*14
16
*14
16
*14
16
15
15
1512 1512
Last Sale 3212
Last Sale 10
Last Sale 16
Last Sale 4

Jan'07
Nov'06
May'07
Nov'06

Sales
of the
Week
Shares

interest

Period

Price
Friday
April 3
Bid

American Biscuit 6s_1910 F - A
Amer Strawb'd 1st 63_1911 J - J
Cass Ave .3: F G (St L)
1912J - J
5s
Chic Board of Trade 4s1927 J - D
-A
Chicago City Ry 5s_1927
Chic Consol Br&Mit 6s____ J - J
Chic Consol Trac 430-1939 J - D
Chic Amiltorlutnist 5s1929 F' - A
Chic Dock Co 1st 4s_1929 A - 0
Chic No Shore Elec 6s_1912 A - 0
Chic & Mil Elec Ry 5s-1919 J - J
Chic Pneum Tool
1st 5s
a1921 J Chic It I & P RR 4s_2002 M- N
Collat Trust g 5s___1913 M - S
Commonw'aith-EdisonChic Edison deb 681913 J 1st g 58 ___ _July 1926 A - 0
Debenture
__ 1926 M - S
Commonw Elect5sb1993 hi - S
5s_Illinois Tunnel 5s,,_,,_1928 J - D
Kan City Ry &LtCo5s 1913 M - N
Knick'b'ker Ice 1st 5s_1928 A - 0
Lake Street El
1st 5s
1928J
J
Income 55
1925 Feb
Metr W Side El
1st 4s
1938 P A
Extension g 4s
1938 J
North Chic St 1st 5s 1009 J - J
1st 5s
1916J - J
Refunding g 430_1931 A - 0
No Chic CityRy4301927 M- N
North Western El
1st 4s
1911 M- S
Ogden Gas 5s
1945 NI - N
Peatsons-Taft 55
1916 J - D
4.40s
38- S
4.60s Series E
M- N
4.80s Series F
-N
Peo Gas L&C 1st 6s__1943 A - 0
Refunding g
-1947 M- S
Chic Gas L &C5s_-Is 1937 J - J
1st
Consum Gas 1st 53_1936 J - D
Mut'l Fuel Gas 1st5s1947
-N
South Side Elev 430 1924 J - J
Swift & Ca 1st g 5s___1914 J - J
Union El (Loop) 5s___1945 A - 0
Union Pacific cony 43_1911 M - N
United Box Board col 651:6
West Chic St 1st 5s,,,,,,1928 M - N
'runnel 1st 5s
1909 F - A
Debenture Os
1914 J
D
Consol g 5s
1936
- N
Was DIvCityRy 4 301932 J - J
Stone Co 5s...1909 A - 0
Western
J

Week's
Range or
Last Sate

Ask Low

____ 10112

55
100
__ 98
----- -69 Sale

Range for Previous i'car
(1907)

Highest

Lowest

Lowest

160 Jan 24 175 Jan 27
234 Feb 12
158 Feb 3
912.Mch27
7 aich16
15 Feb 10 21 Jan 10
219 Mch27
2 4 Feb 13
3
3912 Mch 9
6814 Jan 4
16 Mch10
42 Jan 6

46
79
19
50

Jan
Jan
Jan
Jan

19
20
22
23

20 Jan 31

20 Jan 31

60 Mch 9
27 Jan 3
00 Jan 23

71 Jan 13
2912 Feb 21
9238 Mehl°
,

4 Feb 1%
512 Jan 11
4112 Jan 1
52 Jan 10
125 Jan 10 140 Apr 3
11612 Jan 31 117 Feb 11
37 Mch 19 5512 J an 16
91 Jan 2 9512 Feb 7
42 Jan 9 42 Jan 9
24 Jan 3 30 Jan 11
00 Jan 10 08 Jan 27
40 Feb 20 46 Apr 3

•Highest

150 Mch 1205 Apr
134 Nov
5 Jan
10 Oct
16 Apr
11 Oct
4612 Jan
214 Dec
614 Apr
14 AM' 1914 Jan
28 Nov
65 Jan
87 .ran
6334 Nov
28 Jan
17 Dec
72 Jan
43 Nov
47 J'ly
3412 Apr
2512Jan
20 Sep
66 J'ly
58 Apr
90 Jan
60 Nov
34 Jan
26 Oct
96 Apr
99 MaV
35 Apr
20 Mch
3 Oct
3412 Nov
120 Dec
112 Nov
:1) Nov
83 Nov
30 Jan
23 Dec
90 Dec
45 Oct
165 Feb

714 Apr
60 Apr
14018 Sep
130 Apr
8012 Jan
109 Jan
4() Mch
40 J'ne
111 Feb
54 Jan
165 Feb

21 Feb 26 28 Jan 7
106 Jan 3 121 Mch23
3 Feb 25
4
234 Feb 21
100 Jan 4 111 Feb 4
80 Jan 3 95 aich25
113 Jan 2 128 Mch24
30 Jan 22 39 Jan 14

1 Jan
5 Aug
21 Dec
15 Oct

1 Jan
619 J'ne
51 - Feb
13412 Apr

95 Oct
77 Oct
10812 Nov
34 Nov

11212 May
3758 Oct
12912 May
57 May

70 Jan 3 83 Mch24
10134 Jan 2 114 Mch24
51 Mch 3 60 Mch31
91 Mch23 110 Apr 2

41 Aug
212 Jan
25 Feb
5813 Oct
91 Nov
50 Nov
9734 Nov

4(1 Jan
212 Jan
27 Melt
86 Jan
11734 Jan
8414 Jan
120 Jan

8012 Jan 3 89 Jan 15
24 Jan 24 27 Mch24
72 Jan 16 7914 Mch25
8812 Jan 2 9978 Jan 27
1143 Jan 3 134 Jan 29
4
87 Jan 3 9614 Feb 5
114 Apr 1
13 Jan 4
4
858 Apr
12 Jan 15
15 Jan 10 1612 Jan 21

72 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
34 Nov
6 Jan
16 Dec

92,33 Apr
57 Jan
95 Jan
11312 Jan
17312 May
10231Jan
214 Apr
4
123 Apr
3)) Feb

3212 Jan

3212 Jan

1614 Apr

20

Jan

Chicago Banks and Trust Companies
B'ds
Sold

Rangs
Since
Jan. 1 19%

NAME.

Outstand1ng
Stock
S

Surplus
and
Profits
t

Dividend Re:ord
In
1906

In
1007

Per. Las, Paul
lod
..c.

High No, Law

---- ioo- mciai

-9612 Sale

Range Since
Jan. 1 1908

Railroads
Chicago City By
100
100 Chicago & Oak Park_100
Do pref
100
-217 Chicago Subway
.
100
-- -- Chic Union Traction_100
Do pref
100
Bans City By & Lt100
Do pref
20
100
Metropol W S Elev
100
Do pref
.
100
North Chicago Street_100
---- Northwestern Elev_100
____
100
287 Sopo Side Elevated _100
uth
140 Streets W Stable C L-100
Do pref
159
100
____ West Chicago Street- -100
Miscellaneous
950 American Can
100
Do pref
522
100
35 American Radiator_ 100
Do pref
100
-- b2 Amer Shipbuilding_ _100
;7
100
A• m er Stre w Board
po P rar
--8 B• ooth (A) & Co
9100
Do pref
'25
100
98 Cal & Chic Canal & D_100
Central Trust Bank100
____ Chicago Auditorium
..- Chic Brew'g & Mait'g_
pref
Pne ur
Pneumatic
Pre
15;
Chlca
i
596 ChD o go Telephone_ _100
Do rights
30 Chic Title & Trust_ _100
466 Commonw'th-Edison..100
100
278 Diamond Match
475 Illinois Brick
Knickerbocker Ice
10%
1 )
Do prof
100
Masonic Temple
M• llw & Chic BrewingDo pref
100
-588 N• ational Biscuit
Do pref
00
100
100 National Carbon
100
Do prof
_10
__
100
Wov Wire Fence_
Page
People'sGasL&Coke 100
--Hi Sears-Roebuck com 100
Do pref
95
100
732 Swift & Co
100
2 The Quaker Oats Co,, 100
pref
Do
105
100
150 Unit Box Bd & P Co_100
Do pref
100
1,075
Stone
10 Western
100
Mining
Bingham Con Mining_ 50
Black Mountain
Daly-West
20
Hubbard-Elliott

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending April 3

SfOCKS
CHICAGO STOCK
EXCHANGE

9912 Jan os
.
100 May'07
0812
96
103 Apr'04
55 Aug'07
9634 Jan'06

18

87 Fel)
7136
68
69
79 Nov'04
80 Apr'04

99 10014 100 Jan '08
9312 9812 9812
98
9719 Sale
9719 9734
98
98
90 Dec'06
93
93 Mch'08
93
85 Dec'07
8714

83
83
80 Mch'08
90 Dec'06

•

6
1

8812 Jan'08
16 May'05

Sale
83
_.__ 80

3

High Bankers National
$2.000,000 $1,328,958
Q-J Mch '08.3
8
8
Calumet National
100,000
An, Dec '07, 6
27,770
5
6
---- -- Chicago City
500,000
142.495 10
10
J-J Jan '08, 5
Commercial National
12
Q-J Apr '08, 3
3,000,000 4,326,490 12
9912 9912 Continental National- 4,000,000 3,315,703 • 8
Q-J Apr '08, 2
8
Cook Co State Savings
7.226
6
6 Q-J Apr '08, 112
50,000
9478 9612 Corn Exchange National 3,000,000 4,953,474 12
12
Q-J Apr '08, 3
Drexel State
6
44,192
Q-J Apr '08. 112
200,000
6
Drovers Dep National
a
Q-J Apr '.18, 212
600,000 • 379,190
8
Englewood State
33,268
3
200,000
Q-J Apr 'Os. 112
6
National
First
12
Q-J Mch '08 3
8,000,000 7,744,658 12
First Nat hisgiewood
Q-J Mch'08, 212
160,603 10+10 10
150,000
Foreman Bros B'k'g Co_
690,833 Priv ate Ba k
500,000
Fort Dearborn National_ 1.000,00(3
8 0-3 Apr '08, 2
0
397,560
J-J Jan '08. 213
7219 Hamilton National
68
5
176,389 -___
500,000
Hibernian B'k'g Assn..
8
Q-J Apr '08, 2
988,666
8
1,500,000
Kaspar State Bank
J-J Jan '08, 5
10
10
100,000
200,000
Live Stock Exchange Nat 1,250.000
324,458 __-- Q-J Apr '08 213
Monroe National
Q-F Feb '08, 1
4
3
100 100
56,238
300,000
Mutual Bank
412 sn. Jan '08, 411
97
99
82,709 __
250,000
97
9814 Nat Bank of Republic
6
8
Q-J API' '08, 2
2,000.000 1,27.1,819
Feb 5 1907
National City
93 100
420,500 Began busino s
1,500,00(
Aug 20 1907
National Produce
250,000
55,976 Began , nisine qs
Dec 8 1906
--934 North Avenue State,,__,,
61,880 Began busine 1
200,000
Q-3 Apr '08, 112
6
North Side State Savins
50,000
7,413
6
Q-J Apr '08. 112
0
Oakland National
6
37.174
100,000
8813 Prairie National
70,790
88
250,000
8 ii-:./ Mch '08, 2
Prairie State
d38
57,415
-500,000
Jan '08. 2
Railway Exchange
250,000
16,946 __
Security
115,346 orga nixed Oct 12 1906
8114 84
300,000
6
Q-J Apr '08, 113
8012 South Chicago Savings
80
77,603
534
200,000
9+1 Q-.1 Apr' 312
8
08,
State Bank of Chicago
1,000,000 1,156,805
.1-1) Dec '07, 3
6
0
153,439
250,00(1
Stock Yards Savings,,_,,_
6 M-N Noy'0'7, 3
6
Union Bank of Chicago
41,596
200,000
6
Q-J Apr '08. 112
6
60,727
Union Stock Yards State
200,000
8
Q-.1 Mch '08, 2
8
American Trust & Savgs_ 3,000,000 2,478,539
7
Q-J Apr '08, 134
8614 90
986,178. '7
Ceti/ Trust Co of III _
2,000,000
8014 gg
02,041 Obleo I Say Bk & Tr..
n500,000
6
Q-J Apr 'Os, 112
6
Chica,,o Title & Trust,,,,,, 5,000,000 x1.154,548
3 A-0 Apr '08, 2
3
7,104
------- Citizens Trust & Savins
50,000
10
Q-J Apr '08, . 1 g
533,060 10
Colonial Trust & Savings
600,000
6
6
Q-J Apr '08, 2
81,557
-9'71-2 - -1- Drovers Trust & Savings . 200,000
67 2
i.566,000
55,663 orga ized Apri 1 ., 1907
Farwell Trust Co
10912 112
94 100i, Fitst Trust & Savings
2.000,000 1,476,576 ---- ---323,513 _ - - -Harris Trust & Savings
_ Apr '08, 2
9712 103
1.250,000
Illinois Trust & Savings_ 5,000,000 7,808,312 12- I-4 144
g Mch'08, 4
9434 98
6
43,460 ---Q-J Apr 'us, It:
98
200,000
98 4 Kenwood Trust & Savgs_
3
2
Q-J Apr '08, 1
94
34,759 _--9612 Lake View Trust & Savgs
200,000
12
93
Q-J Apr '08, 3
08 4 Merchants' Loan & Tr Co 3,000,000 4,542,710 12
3
Metropolitan Trust & Say
6
366,455
6
Q-J Apr '08, 11;
90
90
750,000
8
Northern Trust Co
8
Q-J Apr 08, 2
1,500,000 1,817.172
68
68
Northwest Trust & Savgs
6
45,081 ---J-J Jan '08. 3
200,000
6
71,981
Peoples Trust & Savings_
200,000
6
J-J Jan '08, 3
Pullman Trust & Savings k500,000
8
k8
Q.J Apr '08, 2
151,667
8
571,483
Royal Trust Co
Q-1? Feb '08, 2
8
500,000
11.125 -5
-- ---- Stockmen's Trust & Say_
J-J Jan '08, 21
200,000
Union Trust Co
- Q-J aich '08 2
1.000.000 1.038,801 ---28,450 Forme rl- Jell nine - ItE'L ACT]
United States Trust
y
200,000
Western Trust & Savings 1,000.000
317,872 6+1
6
Q-J Apr '08, 11;
d prices
Sept 6 1906
37,446 Began busine se
West Side Tr & Say Bank
200.000
6
vimaa iawn Tr& Say 111,
MO non
.42 177
a
n_.1 Anr '08. 11.

8

'
-7 A0g 05
7507
75 Feb.
87
8712
6
8738 Sale
1
89
89
88
90
10012Mch'06
99
95 Mch'08 ____
95
98 July'07 ::__
96
g7i2 a1208
J
97
112
-1
112
117
1
9712 12
918Sale
97
93 999 _
1
100142 - _1_12 1005s 10058 3
,
_
98 Mar'08 ---9834 Feb'08 --,
94
94
1
1
98
98
68
90 Feb'08 ---38
114 Nov'04
68 Jan '08 ____
65
70
90 May'07
6812 Sep'05
73 June'07
73 June'07
87 Dec'06
9012 Jan'06

-Accrued Interest must be added to all Chicago bon
Note.

* Bid and asked prices* no sales were made on this day.
8 Feb. 14 for national banks and Feb. 15 for state Institutions.
5 No price Friday:
latest price this week. a Duo Dec, 31. 5 Due June. d Includes special dividend of 30% paid Dec. 18 1906. k Capital Increased from $300,000, it
crock dividend of 33 1-3% being declared in part payment therefor.
n • La) and surplus to be increased
q Dividends are paid Q-J, with extra
payments Q-1. X As of Dec. 31 1907.
0




APR.

845

THE CHRONICLE

4 1908.J

Industrial and Misce
Bid A sk
Cons Ry Lgt&Refrig_10
112
Consol Rubbe Ti10
Preferred --------10
STOCK EXCHANGE
TRANSACTIONS AT THE NEW YORK
Debenture 4s 1951A&
60
DAILY, WEEKLY AND YEARLY.
50 Cons Steamship Lines 10
Coll tr 4s 1057___J&.
100
40 Cons Storage Batt'y__10
Railroad,
Stocks.
105 Corn Prod Ref See Stoc Exc list
U.S.
State
Week ending
51
10
534
105 eCrucible Steel
Bonds.
Bonds.
Bonds.
Par value.
Shares.
April 3 1908.
10
363 37
ePreferred
70
8
812
90 Cumberland Ely Copper.
$126,000
403,287 $35,306,200 51,377,500
Saturday
eDlamond Match Co_10 126 128
294,000
2,729,000
614,888 54,377,800
Monday
1
218
2
Dominion Copper
Ferry Companies
158,500
2,307,500
698,430 60,390,500
Tuesda*
41
5
Douglas Copper__.....
1,566,000
88,000
562,087 49,210,350
Wednesday
Brooklyn Ferry stock 100
Econ'y Lt & P (Joliet, Ill
12 2
261,500
1,484,500
464,907 40,073,700
Thursday
B & NY 1st es 1011J•J 380
1st M s I g Is 1956_J- c... 100
86
673,500 $14,000
1,351,000
388,909 33,747,900
Friday
25
15
10
NY &ER Ferry stk_100
60
Electric Boat
104
45
1st Is 1022
Preferred
M-N - - - 60
3.132,508 $273,196,450 $10,815,500 $1,601,500 $14,600
Total
10(
N V & Hob Is May 46 J-D 85 88
Electric Vehicle
5
10
Bob Fy 1st 5s I 046M-N 396 100
Preferred
Jan. 1 to April 3.
Week ending April 3.
Sales at
10
10
90
Empire Steel
NY &NJ 58 1946___J-J 187
New York Stock
30
52
45
10
Preferred
10th ec 23(1 Sts Ferry_100
1907.
1907.
1908.
1908.
Exchange.
6 60 eFederal Sugar of N Y 10
63
1st mtge 5s 1919_J-D 5-5 15
ePreferred
90
5
10
76,902,765 eUnlon Ferry stock_100 60
3,132,508
5,610,509
43,789,759
-No. shares___
10
Stocks
65 eGeneral Chemical
70
50
M- N
elst Is 1020
$273,196,450 $402,557,650 $3,740,348,375 $6,546,473,835
value
Par
9212
ePreferred
10
85
$122,700
$36,200
CJna :I Mtnes_l
Bank shares, par
Short-Term Notes
.
I-%
51
Gold Hill Copper
Bonds
34
$243,000
,
$271,820
$9,000
$14,000
Glovernment bonds
Greene Cananea
91
2
873
3
*8
587
A 9s
16,398,000 Am Cln ser Mch 15
731,500
33,806,000
1,901,500
Greene Consol Gold__.10
st
State bonds
1,9
Ser B 4s
'12111 S 485
4
3
134,423,500
182,229,100
10,815,500 13,261,500
RR.and misc, bonds
12
*7-1
30714 075: Greene Gold-Silver_
Am Tel & Tel g Is '10 J-J
9512 Guggenheim Explor'n 100 155 170
Atlan Coast L Is '10..M-S 394
$151,064,500
$216,306,920
$12,431,000 $14,002,000
Total bonds
Ches & Ohio 6s J'o 28 '08 110018 10012 eliackensack Water Co
Ref g 45 '52 op '12__J-J 82
85
3
Os, July 1 1010..„ _J-J 398 , 0914
10
Hall Signal Co
27
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
35
8
Ch R 1 & Pac 4)4s'08A-0 3997 100
10
8
EXCHANGES.
Chic & W Ind Is'10_F&A SO9
9912 Havana Tobacco Co _ 10
16
Preferred
18
65
Clu Ham &D4 44s '08 M-S 50
45
1st g Is June 1 '22-J50
C C C & St L 5s, June '11 497% 98
Philadelphia.
Boston.
Hecker-Jones-Jewell Mil
113
492
Erie 6s, Apr 8 1008
Week ending
119 103
1st Os 1922
In terb lIT g 4s 1908 M-N 39812 99
Bond
Unlisted
Listed
Bond
April 3 1908.
Listed Unlisted
1312 Her'g-Hall-Mar, new_100 35 95
5s Mch 1910
Al-S 492
sales.
shares.
shares.
sales.
shares. shares.
Hoboken Land & Impl0
Kan C So g Is Apr '12..J-J 18912 91
M-N 495
Os 1910
09
92
Lack Steel g Is 1909_M-S 483
$19,100
3,882
13,517
533,000
8
10
Saturday
Houston 011
12,232
01
18,334
84
M-S
5s g
44,100 Lake Sh1910 So 59'10 F A 378
9,939
28,210
69,000
10
Monday
17,892
26,452
Preferred
45
35
49914 9912
& AI
23,200 Lou & Nash g 5s '10-111-S 5983 90
7,593
18,584
10 100 110
112,500
Tuesday
Hudson Realty
15,584
10,069
s
4,305
50,500 Mich Cent Is 1910_ F
20,374
34,000
11,594
17,081
Wednesday
-A
4 99 elngersoll-Rand com_100 40
61,100 Minn & St L g Is '11.F-A 3983 04
4,687
19,548
31,000
101) 80 1;0
ePreferred
9,808
13,067
Thursday
390
15,000 Missouri Pacifie6,775
11,634
49,000
Internat'l Banleg Co_10U
7,409
15,490
Friday
115
Exc- list
99 Int'n1 Mer Mar See Stk
rs Feb1010convop F-A
37,181 $213,900 NatofIdex Is ext to'00 A-0 497
10
74,519 $328,500 111,867
• Total
80 90
109,493
9912 Internat'l Nickel
10
Preferred
70
75
F-A 49834 99
N Y Cent Is 1910
10
10
12
9914 International Salt
Pa RR Is Mch 15 '10 M-S 199
1st g 5s, 1051
A-0 45
50
StLMS'east 4 44s '00...1-1) 88 9112
100
10
5
87 9112 Internat'l Silver •
,
St L&SFg 413s
10
Preferred
67
50
85
South'n coil tr Is'00_A-0 78
1st Os 1048
.J-L) 103 105
A weekly review of Outside Market Will be found on a preceding paqe.
South By g Is I910 P-A 565 70
38
U S Rubber g Is '09_M-S 597 9714 Lackawanna Steel_ 100 34
Lanston Monotype__20
81
91
Street Railways
1418 Ask Wabash Is, May 10 1900 480
Bid Ask
Street Railways
100 1771 185
Lawyers' Mtge Co
87
WestIngh El &M Os 1910 480
Pub Serv Corp N J (Con)
eLch & Wilkes-B Coal 50 70
City
New York
80
87
Wheal & L E Is '08-F-A 380
J C Hob & Paterson25
100
Lord & Taylor
Bleeck St & Ful F stk_100 15
13,)
61
M- N 59
48 g 1040
80
100 Preferred
i6 100
e 1st mtge 45 1950-J-J 72
Railroad
So J Gas El& Trac_100 100 105
eLorillard (P) pref_100 115 135
& 7th Ave stk__100 120 132
B'y
05
Gu g 58 1953_ M-S 392
Mackay Corn panles-See Stk S xlist
e 2d mtgo 55 1014_J-J 90 100
No Huoi Co Ry6s'14 J-J 3104 106 Chic Peo & St L pref_100
Madison Sq Garden_100 10
Con 5s1943 See Stock Exc Ilst
20
Deposited stock
J-J 99 103
5s1928
2d 8s 1919
1.1-N
Surf 1st Is gu 1924 3 92 96
B'way
89
70
Undeposited stock ___ _
Ext Is 1024____M-N 395
150 250
e Cent'l Crosst'n stk_10
5
3
.
Prior lien g4448 30M&S 16- 90 eManhat Beach Co-100
3105
Pat City con 6s '31-1-D
e 1st mtgo 6s 1922.M-N 100 110
Manhattan Transit.._ 20 *2
3
Con nitg g 58 1930_J&J 45 60
2d 6s__1014 opt A-0 3100
10 • 1
e Cen Pk N de E B stk 10 100 130
Mitchell Mining
Income Is, July 1930._
5
So Side El (Chic) See Ch icago GC
e Cheer & 10th St stk 100 100 125
100 1712 1812 Monongahela R Coal 50 * 41 __
Chic Subway
50 *243 26 Col & 9th Ave 55 See Stock Exc List Syracuse R T Is'46.M &S § 98 101
Preferred
Trent P & H 58 1943..1-D § 02 98 Ft %V & Den Cy std_104) 90 100
DryDEB&BMortgage Bond Co___100 70- 82
Gt North'n Ore-See Stk Exc ust
United Rys 01St L
95
e 1st gold Is 1032_J-D '90
Nat Bank of Cuba___100 85
95
NYNH& Hartford
100 2112 22
Corn vot tr ctfs
75
e Scrip Is 1914....__F-A co
IOU 15) 155
National Surety
Can deblis'48-See Stck Exc list
6514
100 65
e Preferred
Eighth Avenue stock_100 225 300
Cony deb 3 43s '56 J&J 48512 8712 Nevada Cons'd Copper_5 *113 1112
Gen 48 1934 _See Stock Exc list
e Scrip 6s 1914__F-A 97 105
Nev-Utah Mln & Sm__10 *4
414
125
North'n Securities Stubs_ 100
UnitRys San Fran See Stk Exc list
e 42d & Gr St Fy 8tk_100 225 300
50
50 *30
33 eNew Central Coat _._2U 25
Pitts Bess & L E
25
100 23
Wash By & El Co
75
42d St M & St N Ave_100 50
N J Ter Dock & Imp..100
70
50 * 65
71
Preferred
100 70
Preferred
97
e 1st mtgo Os 1910..M-S 194
N Y Biscuit Os 1011_M-S 1116
78 eRaliroad Securities Co
4s 1051
J- D 76
50
2d income Os 1915_J-J 35
8412 N Y Mtge & Security_100 130
111 0 stk tr cfs ser A '52
.100
30
100 26
Inter-Met-See Stk Each ange list e West Chicago St_.
eNew York Dock
Seaboard Company
e Con g 5s 1036
-M-N
100 71
ePreferred
Lex Av &PavF Is See Stk Exc list
40
100 20
1st preferred
Metropol St By-See Stk Exc list
N Y Transportation___20 4.2
Corn & 2d pref-See Bait Exc list
(Ias Securities
Ninth Avenue stock_ _100 121 148
Niles-Bern-Pond com_100 110' 100
Seaboard Air Line
New York
Second Avenue stock _100 100 120
Niplissing Mines
612
*61
Coll Is eat May '11 M-S 380 85
06
100
6 1st mtge Is 1009..M-N 90 95 Cent Un Gas 55 g '27_J&J 392
eOntario Silver
4
31
-See Stir Exc ilet
88 Con Gas (N Y)
1(10 30
Consol 55 1048..___F-A 84
Otis Elevator com
40
100 126 145
Industrial and Miscel
100 80
•Sixth Avenue stock_100 120 130 e Mutual Gas
Preferred
410
New Amsterdam Gas
Boulev 55 1945-J-J $90 100
Brewing_ 50 • 17
Sou
18
25 55
A li me ck Alait n
Alliailee Reiniyg
60 Pittsburgh
8
9
1st consol Is 1048-J-J 12 87
So Fer 1st 55 1919_ _ _ A-0 590 100
SO *38 39
Preferred
100
110
NY &ERGas 1st 5844 J-J
Third Avenue-See Stock Exc list
Pittsburgh Coal_See Stk Sac list
Allis-Chalmers Co 1st mtg
J-J 385 90
Consol Is 1045
80
& M Is 1028 §63
Tarry W P
12
J-J 362
65 Pope Manufacturing_100
5 1 55 '30 opt '16
N Y & Richmond Gas 100 32
o
100 15
YkersStRR5s 1046 A-0 570
1st preferred
30
100 120 135
65
- -- American Book
Nor Un 1st 58 1927--M-N
100
2d preferred
28th & 20th Sts 1st Is '06 75 85 e Standard Gas com 100 85
100 100 110
American Brass
75
pref_100
stir 100 250 325
e Twenty-Third St
100
100 70 100 eAmerican Can-See Stock Exc list Pratt & Whitn
e Preferred
Realty Assoc (13klyn) 1411) 112 116
Union Ity 1st Is 1942 F-A 480 00
American Chlele Co-100 180 186
1st 53 1930
M-N 491
96
Royal Bak Powd pref 100 60
Westchest 1st 5s '43 J-J 570 80
100 84
93
Preferred
88
Other Cities
Lt_100 111 116
Brooklyn
95 Am Graphophone com100
35 Safety Car Heat &
Amer Light & Tract_100 93
25
Atlan Ave Is 1009._ A-0 490 100
100
45
Preferred
75 Seneca Mining
95
100 84
Preferred
86
100 alio 310
A-0 00
Singer Mfg Co
Con 5s g 1031
100 100 104
Amer Hardware
78 1
50
13 B & W E Is 1933-A-0 05 100 Bay State Gas
1
95 AmMaltIng Os 1914-J-D
98 100 Standard Cordage.._IOU
184
Bingh'n Gas 5s '38..A&O 85
Brooklyn City stock___10 178
1st M g Is '31 red_ A-0 x 24
2512
Amer Press Assoc'n 100 98 102
Brooklyn Union Gas deb
Adjust .111 Is Apr 1 1931
Con 5s-See Stk Each Exc list
4
3
18
Am Soda Fount com-100
65 1900 cony 1907_111-S 10312
1908.1-J com100 32
Skin Crosst'n Is
40
100
1st preferred
20 Standard Coupler
712
95 .166- Buffalo City Gas stock100
512 -1-100 100 110
Preferred
Bkn ligts 1st Is 1041 A-0
100
2d preferred
2
1st Is 1947-See Stock Exc list
131(111 Q Co & Sub See Stk Exc list
7
4
Am St Found Os '35 A&O 115
87 Standard Milling Co._100
36-J-J 480
-See Stk Exc list Con Gas of N J Is .
100 27
Bklyn Rap Tran
Preferred
20
50 145 155
American Surety
1st Is 1930
M- N (19
e Coney 1st & 131clyn _100 50 100 Consumers L H & Pow
71
Is 1938
J-D § 97 105. American Thread pref__5 *312 41-2 Standard 011 of N J
80
1st cons g 4s 1948-J-J 70
530 537
Am Tobac(new) com_14/0 290 305
.
Brk C &N Is 1939-J-J 90 100 Elizabeth Gas Lt Co_100 275 0 Amer Ty pefders com _1 OU 32
35 Swift & Co-See Bost Stk Exc list
Essex & Hudson Gas_100 108
1st 58 11)10-1014„-J-J
Gent&LorSt 1st Os..M &N
9$
30
1011 90 95
Preferred
Fort Wayne (is 1925-J-J 28
eTexas& PacIlle Coal_100 75 85
Kings C El 4s-See Stock Exo list. Gas & El
Paper_100
10ting
AmerlVrl
.
134 21
50
Bergen Co_100 41
100
1st Os 1908
A-0
Nassau Elec pref
20
1- 6 e Gr Rap G 1st 55 '15-F-A 495 08Preferred
17
6
A-0 93
Ss 1944
100 125
1st s 1 g Is 19 op'09-J-J 78 80 Title Ins Cool N
Hudson Co Gas
100 92
94
4.71, 7%
1st 4s 1051-See Stock Exc list _ Indiana Nat & Ill Gas
Barney & Smith Car_100
50 Tonopah Min (Nevada)..1
N Wbg&Flat 1st ex 4 33s
12
IOU 1- _.- 120 Trenton Potteries com100
e prf fr rrd
Preeeereed
00
1st Os 1908
294055
51-N 14805
15
Preferred, new____10u -.
Steinway 1st 6s 1022-J-J 317 103 Indianapolis Gas
91; 55
10
eBethl'in Steel Corp
1214
12
50
100
Other Cities
40
100 30
3512 Trow Directory com1M) 30
18t g 5s 1952
A-0
Union Typewriter
Buffalo Street Ry95
48
50 100 110
Bliss
corn
Jackson Gas 55 g '37 A-0
IOU
lit preferreci
1st consol Is 1031 _ _F-A 1103 106
1)3
50 00 100
sreCfeormrepdany
Kansas City Gas
100 388
50 89
100 88
A-0 10312 10012 e Laclede Gas
Deb Os 1017
2d preferred
92
Bond & Mtge Guar_ -100 290 310
75
100
ii et
Chicago City By -See CI'!cago
United 13k Note Corp 50 *46
50
wr No
Borden's Cond hillk_100 134 137
e Preferred
100 .
50 *47
Prefer red
Columbus (0) St Ry_100 92 9212 Lafay'eGas 1st
100 105 108
51
Preferred
30
6s'24_M-N
23
100 101 105
Preferred
1)0
5 *412 434 eUnited Cigar blig,pf_100 80
British Col Copper
25
Log&WabV 1st Os'25 J-1) 20
100
United Copper
Colum By con 5s-SepPhi la list
61
64
Butte Coalition Mining 15 *2012. 21
Madison Gas Os 1026_A-0
100 28
Preferred
Crosst'wn 1st Is'33 J-D 3100 101 Newark Gas Os 1944 Q-J 394112 106 Casein Co of Am com_100
40
3
1
121 123
50
100 40
Casualty
1419 200 215
By.
US
Grand Rap'ds
100
70
Preferred
Newark Consol Gas 100 SO
83
85
100
U S Envelope com_100 25
Preferred
y Coof Amer_100 125 135
e Con g 58 1048_
J-D 100 10112 Casualty C
ePreferred
100 ss
Lake St(Chic) El-See Ch leap) list
100 118 153
Celluloid
Hudson L
&Pow
e Louisv St Is 1930 J&J 5105 10012 No 1938
15. U SSteel Corporation7
5s
A-0 4 03 ___ Cent Fireworks com 100
.Col tr 158 '51 opt '11 31081 1091s
Lynn & Dos 1st 5s '24 J-I) 100 101
100 50
60
Preferred
034 14114 e () & Ind C Nat&I11_100
Col tr if 5is'51 not opt 4110 112
(3 New On Itys & Lgt_100
100
112 2
1st 68 1920
H
J-D -1i- 6
63 - 9- CentralIoundry
26
100 23
e Preferred
U S Tit Gu & Indem_100 50
Oh
100
9
7
Preferred
Gas& Elec_100
Gen M g 4 148 '35 See S tk Ex list Pat & Pas 5s 1049_51 s 495
M-N 53 69 EU tab Copper Co-,See Stir Exc list
Deb Os 1019 op '01
08
e Con g
Waterbury Co, com_100
North Chic Street See Ch icago list
35
100
180
85 Century Realty
80
85 St Joseph Gas Is 1037-J-J 475
100
Preferred
Pub Serv Corp of N J .100
90
Chesehrough Mfg 00_100 380 - 410
Tr ctfs 2% to 6 pperpet 63
6212 Westchester & Bronx Tit
Electric Companies
City Investing Co....-100 60
0
9
Coll Is g notes 09.10-N f88 -- - 100 140 160
& Mtge Guar
eClallin (It 13), com 100 05
40 Chicago Edison Co See Ch icago list
North Jersey St By 100 25
100
Western lee
3 10
100 90
elst preferred
111-N 16112 64 e Kings Co El L&PCo 100 93 102
1st 45 1948
WestIngh Air Brake__ _50 *9/ 100
100 90
eal preferred
Narraan(Prov) El Co_50 * 85
65
Cons Tract of N J__100 63
- West El & Mfg Is-See St Esc list
78
N Y&El L 14PowCo_1(.1i) 15 -2-5-- Col & Hock Coal&I p1100
14
J-D 5101 102
10
lit its 1033
White Knob Mln
114
-j 16 93
j
1st g Si 1017
50
100 40
Preferred
1
New'kPaaRy Is '30 J-J 5104 106
lis
Preferred
11
10112
Col tr Cs Oct 1956-J-J
United Etc() of N J__ _100 50 60
Rapid Tran St Ry..100 235 245
5 Ion
25 2/12 Worthing Pump oreflooi
J-D 359 61 Consot Car Heating _100
1st g 48 1049
A-0 41(i0
1st (Ss 1021
No-nlnal. 3 Sale price.
a 4x-rights. o Set s on Stk. Ex.. bllt not very active, I New stock.
Buyer I ays accrued tat
* Per share

Volume of Business at Stock Exchanges

Outside Securities




Telegr & Telephone
Bid
eAmer Telen & Cable_100 52
eCen tral & So Amer__100 95
Comm'l Un Tel (NY)_25 100
Emu & Bay State Tel 100 50
Franklin
100 40
eGold & Stock Teleg _100 98
Hudson River Teleph 100 35
eN Y & N .1 Teleph
100 x100
eNorthwestern Teleg_50 95
Pacific & Atlantic
25 50
Southern & Atlantic_ _25 80

A PA"

65
LOU

BOSTON STOCK EXCHANGE-Stook Record, Daily, Weekly and Yearly
-NOT PER CENTUM PRICES
SHARE PRICES
Saturday
March 28.

Monday
March 30.

Tuesday
March 31.

WednesdayWednesday
April 1.

Thursday
April 2.

Friday
April 3.

Sales
ol the
1Veek
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since
Jan. 1 1908
Lowest

Highest

Range Jar l'revtous Year
(1007)
Lowest

Highest

•
Railroads
*7212 723
74
*7378 7418 7414 747
6712 Nov 1071. Jan
4 73
57 Atch Top & Santa Fe_100 675 Feb 11 75% Mch24
8
8
*8512 8612 *8512 8612 *8512 8812 85
8
70 4 Nov 1013 Jan
3
8618
2 Do pref
100 8312 Mch 3 87 Jan 16
200 200
199 200
111 Boston & Albany_ -100 18112 Jan 2 20018 Feb 27 180 Dec 240 Feb
19934 1993 200
200
4
129 129 *129 ____ ,
Elevated
1 129
11000(001 125 Feb 17 140 Jan 20 11734 Nov 152 Jan
_ 129
132 Boston
129
210 210 *210 ____ *210
-- 210
210
27 Boston & Lowell
20014 Feb 11 210 Jan 18 200 J'ne 231 Jan
135 136
13512 13512 135 135
161 Boston & Maine
135
130 Mch 19 140 Jan 28 129 Nov 170 May.
135
Do pref
Last Sale 150 Mch'08
_
136 Feb 13 156 Jan 22 150 Oct 165 Jan
i66- *286 290
*iW2 28712 28712 28712•
290 290 *287_ _ - Boston & Providence:199 284 Jan 10 "..90 Apr 2 285 Oct 301 Feb
100
8
*11
14
10
10
13
*12
13
14
*12
9 Mch 4 13 Mch27
14
15 Feb.
1212 1212
8 J'ly
78 Boston Suburban El Cos_
51
51
*51
*51
*51 ____ *51
45 Jan 31 51 Mch25
Do pref _
65 Jan
42
50 Aug
51
51
_
__ _
__
*10 -_-Boston & Wor Eke Cos._
*10
10 Feb 28 17 Jan 25
Last Slle 14
283 Jan
4
Mch'08
16 Nov
55 *10- - *5212 - - *53
55
*51
55
55 *1054
*50
55
50 Feb 27 6012 Jan 10
Do pref
io
80 Jan
*54
55
55 Nov
_ *137_ *137 ___
*137 ---- *137
Chic June Ry & USY.100 128 Jan 2 13712 Jan 22 128 Dec 160 Jan
Last Sale 137 Mch'08
*____ 108
▪
16 4____ 108
'
8
Do pref.
100 102 Jan 10 110 Jan 24
85
108 10812 109
109
4
993 Oct 120 Jan
les% 16314
8 Con & Mont,Class 4-100 16314 Mch 5 165 Mch 4 170 Oct 188 Feb
Conn & Pass Illy pref-100
Lat Sale 152 July'07
152 J'iy 156 Moly
*Ha- Eiti
Connecticut River_ _100 '244 Jan 14 250 Apr 3 244 Dec 280 Jan
250
250
129 *125 129
125 116'- *125 116- *128- -_-_-_-_ 125
12 Fitchburg pref
125
100 117 Jan 2 125 Me1127 118 Nov 135 ,
iall
*____ 73
*____ 73
71 7312
7112 *____ 711: 7012 701^
41 Ga By & Electric_ _100 7012 Apr 3 79 Jan 27
6912 Dec 114 Itch.
Do pref_
Last Sale 73
Oct'Of
88 Melt.
73 Oct
- M• aine Central.
Last Sale 190 Sep'07
Jan
190 Aug 198
- 4
1612 -193 *10 - 2 -1612 -161- ;Jo- 1034 *____ 1012 4_ _1761-550 Mass Electric Cos_ .. _1 90 0
2
10
1( 1'
1)
,
8 4 Jan 2 1213 Jan 8
2012 Jan
7 Dec
47
47
47
47 4_
Do preL..
207
*45
46
47 *_ _ _ 47
100 40 Jan 2 51)1.. Jan 8
--- 37 Oct
711. Jan
*1812 1912 *1914 2014 ia
*1812 1912 *1812 1912 *1778 1878
50 Mexican Central ___ .100 1712 Feb 13 19 bich31
19
14 Nov
25 4.Jan
513514 13512 13312 135
673 NYNH& Hartford_10() 128 Jan 6 1:4013 Jan 20 12712 Nov 19012 Jan
13312 134
132
133 13312 13134 133
1333,
2 Northern N H
145 145
145 145
100 144 Jan 0 145 Apr 1 245 N,
Dec 22) r
10
6
ov 16( Jan
Norwich & Wor pref_100 205 Feb 26 205 Feb 26 205
Last Sal, 268-iia- 186
Colony_
--La Old
200 *MC 188
188 188
_ _100 175 Jan 11 188 Apr 1 175 Oct 20014 Jan
186
lag- 188
186
Pere Marquette
Last Sale 12
Nov'07
100
52 Jan
5 J'iy
6()Do pref
LC31 Sale 25
Nov'07
-100
_
7
aa
uo gv
534 Jan
8234 Nov
25
3
-ig- 28
29
Rutland laid
29
29
20
100 25 Jan 15 29 Apr 2
25 Nov
45 Jan
Seattle Electric
75
Last Sale 70
Feb'08
4____ 75
100 70 Feb 17 75 Feb 11
Il
*90
9014 9014 9014 *---- 0014 9014 9014 --Li
91
Do pref
88% Jan 2 95 Feb 8
91
5i
127 12818 126% 127 *-.;;;- 125 4 124 4 1243 1243 12512 12438 1243k 1,885 Union Pacific
11012 Mch 2 1283 Mehl, 11,012 Oct 1821^ Jan
4
4
3
14.78
3
8
*7914 80 4 *7914 8014 *7914 8014 47912 8012
Do pref
80 Jan 3 84 Jan 13
Mch'08
Last Sale 81
,
18 j Nov
3
93 - Jan
Lc:7i Sale 155 Mcif08 -- V• ermont lie mass____ 101; 150 Jan 13 155 Feb 11 145% Nov 170 Jan
-110000
1
-5512 1E3
922 West End St
50 76 Jan 2 8734 Mch31
4
8/3
4
171- -871. -813- -£1634 - - 86
2
863
4 8612 87
4
/4 Dec
95 Jan
4
Do pref
*102 _ _ 104 104
10212 1021;
110
101 102
50 96 Jan 2 104 1\21.ch:'.0
103 104 *100 102
94 Nov 110 Melt.,
7 Wore Nash & Roch_100 139 Meh30 140 blch3t) 140 A1112 147 Jan
140
140
139 140
Miscellaneous
1712 17
1712 *17
305 Amer Agricul Chem-100 13 Jan 3 18• Mch 14
1814 18
17
*18
173 175 *17
18
4
4
14
10 Oct
26 Jan
Do pref
81
42
81
100 77 Mali 85 Jan 31
81
80
81
*80
81
81
81
81
81
*80
721. Nov
95 Feb
514 512
512 512
512
4 Feb 10
512 1,325 Amer Pneu Service50
- 0
Ii Mch27
58 5 4
3
1434 Jan
3% Nov
3
.
5 3 53
3
53
4 6
4
385
Do pref
14
13
*13
30
912 Feb 25 14 Mch27
1314 1312 1314 13 4 1312 131. 1314 13 4 13
,
912 Oct
,
33 Jan
12334 12412 124
1.2412
709 Amer Sturar ROM _ _ 100 9914 Jan 2 1278 Mc1123
124 12412 124 124
12512 12512 125 125
93 Dec 13714 Feb
Do pref
240
120% 121
120 121
100 106 Feb 18 12312 Mch25 105 Dec 1313 Jan
120 120
122 123
121 122
12112 123
4
109/4 2,308 Amer Telep & Teleg...100 99 Jan 2 11212 Mch 18
109
10814 109
10812 109
109 1093 10812 109 4 108 109
4
3
8914 Nov 1342. Jan
112 American Woolen_ _ - _100 16 Jan 2 22 Jan 4
*1812 20
2012 *1812 20
*1812 20
21
2114 2018 2018 19
36r Jan
2
1214 Nov
84
Do pref
8312
280
83
8414 85
84
-100 7734 Feb 19 88 Jan 4
85 85
8412 85
8412 83
69 Oct 10212 Jan
334
Last Sale 3
Jan'08 -_ Boston Land
1
*3
3 .fan 7
334 *3
10
334 *3
4 Jan
3 Mch
3 Jan 7
3 4 *3
3
Cumber Teiep & Tel_100 9612Jan 11 11078 Feb 3
,
10512 10512 *10612 108 *10612 108 *10612 108 *10612 108
*105 108
9322 Nov 115 Jan
Dominion Iron & Steel__
Last Sale 15
Jan'08
*1534 16 4 *1514 163 *153 1612 *153 1612
1434 Jan
4
20524 Feb.
3
15 Jan 25
4
t
t
1321122
4
East Boston Land
514 51,Jan 25
414 Mch 13
*5
Jan
*4% 514 *4%
512
8 514
*5
Oct
514
5 4 514 *47
,
*205 207
262 Edison Elec Ilium...100 '201 Mch 17 212 Jar, 13 185 Nov 230 Jan
205 205
205
205
1 10
204 205 *204 206
(
205 205
' 127 128
178 General Electric
12612
126
12618 12812 12512 12814 125 126 *128 127
111 Jan 2 12812 Mch24
91 . Oct 162 Jan
716 Massachusetts Gas Cos101) 49 Mch23 57% Jan 15
5012 5012
51
5114 51
5012 5018 51
5114 50
51
51
8
685 Jan
43 Oct
Do pref_ - - _ -...100 77 Jan 2 85 Jan 20
338
8314 8312 8312
8312 8312 83
84
84
833
8212 83
4 83
195 195 *104 195 *194 195
16 bfergenthaler Lino ,..100 193 Jan 8 200 Jan 18 185 N0% 285 .‘11,71.
105
195 195 4.___ 195 *_
0v
. 16 1 1
7
*118 112 *118 112 *118 112 ;1 18
15 Mexican Telephone_ 10
112
*118 112
434 Jan
1
114 Dec
1 Mch 2
1
2 Jan 23
*40 __
_ _ N E Cotton Yarn_ _100 40 Mch f, 5910 Jan 14
Mch'08
Last Sale 40
*40
05 .J' y
7
0 J ,Llo
_ *40
43 J'ut
5,1 Oc e
(
_ _ *40 ____
10_
Do pref
Mch'08
*75
Last Sale 75
_ *75_
75 Mch23 80 Jan 14
*75
__
_
114 N E Telephone
109 100
108
108 108
108
100 105 Jan 4 119 Jan 20
10012 16.62 *10812 10912 *__ _ 108
*75- Nov
127 Pullman Co- - -1110 147 Jan 2 159 Jan 18 137 Nov 182 Jan
15412 15412 154 15412 15312 154
153
153 153
153
153 154
922 912
912 912
912 912
410 Reece Button-Hole_ 10
914 Jan 2 10 Feb 21
912
912
912 9,
912 912
2
1289w lit & Co
9712 97
9712
9712 9712 *963 97 2 0678 9712 9612 9714 97
_100 8812Jan 2 100 Feb 4
4
,
5 Torrington, Class A__ 25 20 Jan 3 22 Feb 6
22 *20
22'
22 *20
2112 21% *20
*20
22
22 *20
*23
25
*23
25
5 Do pref
25
25
25 24 Jun 27 25 Jan 14
*23
25 *23
*23
25
25
26 2 *I zoo ve :712 Janjjj,1aaa nn
:7969:2 Nov
4
2611 l
22123
112
Union Cop L'd & M'g_ 25
112
•
200
114 Mch23
*114 - - *11
*114 -- *114 -212 Jan 28
- *114
1 Oct
87 Jan
8
12312 124
12334 124
918 United Fruit
12612 127
100 11412 Jan 2 12712 Mch 24 10112 Oct 120 Dec.
- 12512 12612 12512 12612 12312 124
44814 4812 4634 46 4 2,102 Un Shoe Mach Corp
47
3
47
49
50
25 3813 Jan 4 5012 Mch 27
48
4712 47
49
69 Jan
36 Oct
Do pref
148
27
2712 2714 2712 2712 2712
•
27
27
25 2472 jaw 3 2812 Feb 28
27
27 4 27
3
27
2358 Nov
29 Jan
327
8 3312 17,112 U S Steel Corp
3434 3518 34
3412 3338 34
33% 3414 3312 34
100 26 Jan 2 3814 Mch24
729212
105073384
Do pref
98% 98 8 9812 9812 9814 9814 9734 9818 1,149
3
8712 Jan 2 997 Mch24
99
9918 98
99
,Jan
8
Nov
115 West Telep & Teleg_ 196
*612 7
4 Feb 3
713.
•
7
7
00
*612 7 2 *814 714 *914 714 *612
,
n
79812 n
8 Jan 31
v
6212 8312 *6212 64
38
Do pref
*6212 6412 6212 8212 *6212 64
*82
65
100 59 Jan 9 70 Jan 16
50 Nov
82 Jan
Last Sale 1978 Feb'08
.--%Vesting El & Mfg._ 50
_
19% Feb 18 2178 Jan 30
Jan
---2814 Nov
4
Last Sale 3478 Feb'08
....
Do pref
_
---50 3478 Feb 19 34% Feb 19
78 May 80 Feb
Mining
*178 2
2
150 Adventure Con
17
8 17
*134 2
8 *112
2
2
*134 2
25
112 Feb 21
3 Jan 18
764111
205 Oct
8 No)/
*2412 25
25
2412 2412
324 Allouez
26
2612 2512 2512 2412 2412 25
Jan
25 2412 Mch31 3312 Jan 20
5834 60
58
60
58 62 4 5934 61
598 583 5912 5814 5918 51,408 Amalgamated Copper 100 45 Feb 19 62 4 Mch28
3
3
4218 Dec 121 Jan
24
2312 *23
685 Am Zinc Lead & Sm.. 25 2034 Jan 13 2812 Jan 20
23% 2338
2312 22
2334 23 4 2312 2312 23
3
19 Nov
53 Jan
Last Sale 40
Mch'08
Anaconda
25 28 Feb 19 4018 Mch27
75 J.Fa n
153 en
234 0
o
28 0ct
3
*33
4 4
312 334 *312
490 Arcadian
4
--1/8 37 --5 4 -174
4
1
3
6 Jan 15
3% Feb 21
25
18
18
1,139 Arizona Commercial-- 25 14 Jan 2 20 4 Jan 29
19
19
1812 1824 1814 18
1812 18
1912 19
3
)
4
.3512 s5toalt
73 Oc y 2812 M a •
4..45 ____
Last Sale .45
*.45
Mch'08 __-_ Arnold
*.45
*.45
25 .40 Feb 14 .45 Feb 12)
Last Sale 12
Aug'07
Ash Bed
25
912
912
912 912
912
931
340 Atlantic
*10 -1-61; "io- -4512 -- - --912 -.
25
612 Oct
912Jan 3 14 Jan 23
Last Sale 214
:a
a
Feb'08
2214 jjaeon
3337 jjA pr
1221 F nnb
Balakla fa temp certfs__
2 Jan 2
4 Jan 18
4111: DecNo v
114 113 112 112
113 - 134
112
.99
16.87 1178 1
;
Bingham Con Min &
Si) .75 Mch 14
83 Jan 20
4
*12 .55
*.50 .55 .50 .50
.55 .55
.55 .55
.50
.50
a)B• onanza (Dev Co)_- _ 10 .35 Feb 19 .7412 Feb 27 .35 Sep
3
8 1214 125
1312 1418 13
1253 123 18,
1358 1114 12% 1218 123
Boston00nC&O (rots) 4:1
4
1118 Jan 3 17 Jan 28
8% Nov
3918 Jan
2078 21
2112 2012 21
2212 22 4 22
21
3
5,769 Butte Coalition
22 4 21
3
21
10 Oct
15 1512Jan 2 23 Mch24
100 100
104 107
99 100
9912 100
9978 101
100
101
1,443 Calumet & Arizona__ 10 93 Feb 20 118 Jan 20
89 Oct 198 Feb
825 625
835 640
840 640
630 635 620 830
830
635
58 Caluntet & Hecia ____ 25 x565 Mch 5 700 Jan 15 535 Oct 1000 Feb
2112 2112 *2112 22
22
23
22
2212 2212 *2212 23
23
540 Centennial
16 Oct
25 21 Feb 10 2814 Jan 15
.35 .35 .35 .35 *.37
.30 .33
*.38 .40
.33 .33
.40
1,150 Cons Mercur Gold_ _ _
.25 Mch 6 .40 Jan 23 .25 Oct
n
ja n
120548025:12 JanJjka: nb
6512 8834 8478 8558 65
6434 65
65
6534 3,798 Copper Range Con Co.100 5513 Feb 18 663 Mch28
6514 85
85
4471142 DecOc
4
9
9
812 9
9
9
*812
*814 812
12. Daly-West
924
712 8 8
7 Jan 3
3
0% Jan 18
20
7012 bich
Last Sale 40
Oct'07
40 Oct
-Dominion Coal
100
Last Sale 89
Dec'07
85 Nov 114 Jan
-Do pref
100
3 Nov
4
114
418 Jan
-f- *1
--114
114 *1
*1
5 Elm River_
114 *1
114
2 Jan 18
12 .99 /doh 6
1014 M ch
:: 2752 A or
8 0
514 0
74 8
3
342 Franklin
73
4
73
4 74
4
7
3
12 7 2
7 Feb 19 1012.Jan 27
712 712
73
714 714
,
25
*90
95 95
__ _ _
95
*90
99
*90
65 Oct 151 Feb
15 Granby Consolldated_100 80 Jan 2 95 Mch27
858
834 9
878 914
878 9,006 Greene•Cananea
834 9
858 -178
67 Jan 2
8
918 912
058 Mch27
20
514 Jan
2 Dec
Last Sale 212
Mch'08
2 Feb 28
278 Jan 22
Guanajuato Consoi_ ._ 5
19
361. Jan
18
19
18
1112 Oct
1914 1914 - Ho" -ia- 18
18
18
16-8iL Isle Royale (Copper). 25 1734 Feb 17 2814 Jan 27
14
11
30 Feb
15% 1518 1422 1412 1224 1232
8 Oct
14
14
4 2 424
3
25 1214 Jan 2 1714 Jan 14
635 La Salle Copper
3
*212
212
21. 2,300 Mass Consol
914 Jan
23 Nov
214 214
*14--214 212
214 Mch 6
2 4 28
3
7
25
414 Jan 18
*.40 .50 4.40 .50 *.40 .50 4.40 .50
Last Sale .50 blch'Og
13 Jan
4
25 .25 Jan 10 .50 Jan 22 .40 Nov
Mayflower
47 Feb 19
838 612 *614
818 614
81. 1,605 Mex lgonons M & S
10
63
4 64
3
6 4 67
3
8 Jan 18
6
C
63
4
8
11
714 Feb 25 1234 Jan 20
*11
11
11
11
*11
11 .634 Oct 241. Jan
1112 11
1112 11
110 NI icolch
25
11
51
35:62j n
7 O
;
4912 4912 4812 4910
49
5012 4978 50
N
5178 49
49
95 2 J a
1 :'
25 45 Feb 19 58 Jan 18
318 Mohawk
4
Last Sale .98 bIch'Og
.90
1 Nov
.95 4.75 1
31,, May
.75 1
_ _ Montana Consol C & C 10 .55 MO 6
12s Jan 24
12% 1314 1214 125
11% 11% 5, 35 Nevada Consolidated_ 5
534 Nov
2 11% 1218 1112 1134 1114 115
2017, Jan
4
8 8 Jan 2 1334 Mch25
3
56
57
5334 56
5314 5414 53
30 Oct 120 - Jan
3
53 4 5314 5414 5312 5414 14,441 North Butte
15 4034 Feb 19 5712 Mch27
12
12 4.45 .55 4.45 .55 *.45 .55 *45
,
2
.
1
.55
12 Sep
21., Jan
25 .50 Jan 15 .55 Jan 28
400 Old Colony.
3712 38
37
3714 3614 3718 3612 3612 3614 3614 3534 3614 1,360 Old Dominion
18 Oct
63 Feb
25 28 Jan 2 40 Jan 28
85
85 *82
85 *82
*80
85 *82
85
*82
85
85
71 Oct 181 Feb
25 77 Feb 19 92 Jan 14
5 Osceola
19
1912 1812 19
1814 1814
1814 1814
1814 1811 19
19
7
834 Oct
35 Jan
828 Parrot (Silver & Copp) 10 1012 Jan 11 19 8 Joo 2,
114 Mch 25
1
5
h
*.54) .90 *.50 .90 *.50 .90 4.50 __
Last Sale
12 Dec
Mch'08
Phoenix Consolidated 25
e3 Jan
85 85
82
85
8112 83
82 *83 -- *83
80
84
70 Oct 148 Feb
-ig6 Quincy
25 77 Feb 19 9312 Jail 15
3 1-16 3 1-16
3
3
*3
314
3
3
3
3
3
3
Island
2 Oct 4123 Jan
370
412 Jan 20
25
4
2 Mch26
178 178
2
2.
153
*134 2
15
8
134 17
71., Jan
520 Santa Fe (Gold & Cup) 1(1
112 Nov
258 Jan 20
8 *134 2
13 Apr 3
1218 1235 12
1214 1178 12
1131 1134 1112 117
4 113 4,063 Shannon
8 113
4
11)
034 Feb 19 135 Jan 20
718 Oct
243 Jan
8
65
*GO
*64
64
' *81
60
63
80
63
*60
81
64
51 Tamarack
513:482 Oct 1737:44 Jm c i
2
24777 DNOO eccoottv
25 56 Mch20 77 Jan 20
7
10 j an
an
1434 1518 1434 15
8
1412 145s 14
1414 137 1414 14
14
25 1218 Feb 19 183 Jan 14
2,037 TrinIty
4
0214 •Nt lly
4 1 Iaa
20238 N
512 51
*5
534
518 518
5 4 53
3
230 tJnited Copper
4 *
65
3
6
88
5
619
458 Mch24
100
812 Jan 8
Last Sale 2134 Feb'08
- _100 2134 Feb 13 26 Jan a
Do pref_
Oct
93 10
4
93,,
-io- 1013
9
918 914
9 h eo 10 1
9
'4
,
914 2,800 UnitedStatesCoal &Oil 25 37 itch31 41 14 1 7
111 1 2
:;
i
3734 x36 - 91.4 3512 3512 3578 358 3512 3558 1,279 U S Smelt Ref & Min_ 50 28 Mch 6 38 Mch27
9 3
37
37% 38
6
70 Jan
3912 39 4 3 4 39 4 303
41
x391.
4118 41
.41
4 3914 3912
3
93
3
954
Do pref
51)
3
38
4014 4112 4014 40 4 x381i 3912 3812 3878 3812 3878 38
61:790402 Utah ia
5 2912 Jan 3 4112 hich28
2512 Oct
3
3
3
3
3
3
3
3
3
3
333 312
3 Mch 7
Victoria
25
Oct
5 4 Jan 14
3
Last Sale 1.0614 Jul'07
.5
teinnb
47101 '4 bch
. 11. jjEa
Washington
t
O
)2 Na N
514 -114
5
51' - 534 -.72 6 512 512 *5
*5 -. ."
.5
512
1,14
.Jan
741 Winona
41.Jan 2 (834 Feb 7
c21. Nov
125 125 *12a 130 *125 130 125 125 *125
12g 12.,
130
.1
34 1% olverine
181fi b
25 11513.34111 2 132 Jan 20
93 - Oct 104 'en
.75
*.60 .70 *.65 .75 *.65 .75 4.65 .75 .70 .70 * .65
60 Jun 2 1.0614 JIM '29 .10 No‘
3
58 Jan
300 Wyandr.t
25 .
c Before pay't of assess'ts called in 1907. * Bid anti asiscd prices. (1 New stock. e Ass't pald. 11 Ex-rlgats. a Ex-dlv. and rights.
h Ex-stuck d1,4
*7438 745
s
*8512 8612
200 200
12912 12912
*207 210
134 134

7312 7312
*8512 8812
200 200
129 129
209 210
135 136

*iir

*186

-aa-




.3.

Boston Bond Record.

APR. 4 1908.1
1106 Ds
BOSTON STOCK EXCIPGE
WEEK Elctiolu A19111.3
.

Price
Friday
April 3

Week's
Range or
Last Sale

.z1:F,
1

Range
_nee
January 2

847

BONDS
BOSTON STOCK EXCIPGE
WEEK ENDING APRIL 3

••••

Price
Friday
April 3

Week's
Range or
Last Sale

Range
;-;,
since
nc January t

Ask Low
Bid
High .Vo
Bid
t
Ask how
Jitgh A-, Low Bigh.
98% '3814 Feb'08
98
,
08% 997 Illinois Steel deben 55....1910 J-3
993
4
.100
997
997
,
Am Bell Telephone 48.-1908 J
Non-convert deben 6s...1913 A-0 96
97'.. 96%
9
Am Teton 8,7'rat coil tr 48.1929 J -J
79% 10:-' 78% 81 7
791
.4:laic 79%
120,1 Nov'e,
4
4
1J783 li783 la Falls &Sioux Clst 78..1917 A-0
4
Am Writ Paper 1st s 115s g 1019 3.3
5
j7r 3 Mar'08
4
Kan C Clin & Spr 1st 5s. .1925 A-0
1)6 Mar'08
104 Mar'06 tell & Nebraska 1st 78..1008 M4
4
1001 Mar'08
t: 96'8 90% Kan C Ft S & Gulf 1st 75..1908 J-1) 1001
&ten Ton 41:: 8 Fe gen.g 48..1995 A-0 96% 971 06%
'36%
5
Wan C Ft Scott & 31 08....1928 M-N 114 4 Sale 114% 115
11
85
,
83
88
85 Jan'08 .... 85
Ad)ustmont g 4a.....1'ly 1905 Nov
Kan C 31 & 11 gen 4s
90
1934 M-S
88%
911
J'ly 1995
Stamped
853 Pne'07
.
s5
88
Assented income Os
89 Sep '0'
1034 M-S
88
Boston Elect. Light 1st 68.1008 M.S
Kan C & 31 Ry& Br 1st 581929 A-0
9:0 May•07
1,124 11-S
110 Feli'04
Consol Os
Maine Cent cons 1st 78. .1912 A-0
113n Nov'UO
11116 J -3
1(11 Sep'06
Boston & Lowell 48
Cons let 4s
1941 J -J
1912 A-0
101 14 Sep '01,
114 Mar'06
Boston c.t.: Maine 4 Lus
NI aro Hough & Out 1st 68 1925 A-0
118 .0.004
1121a Jan '03
Boston Terminal 1st 3's 1947 F -A
Mexican Central cons 45..1011 J-3
81. Mar'08
4
1918 J.
83
11)1 Oct '07
1001
Bar & Me itiv ex 65
81
4
..
1st cons inc 3s
1918 J
Jan 1939 J'ly
Non-exempt 68
102 103 102 Sep '05
2014 Oct '0('
"ti COOS Inc .48
Jan 1939 1'ly
4
1910 3.J
173 Ante05
98'
Sinknig fund 48
'38%
.97
98 198%
Mich Teleplst 58
1917 J - J
flutte & Boston 1st 68.-1917 A-0
100 3'110'01
AI June Gen Elec con g 58 1929 J -J
Cedar Rap & Molt 1st 78 1016 M-N
102% Aug'/4
123 14 Nov'06
New Eng Cot Yarn 58. .1929 F-A
1900 3-1)
2t1 78
06
9614 Mar'08
.Ply'06
111 1
New Rug Teleph Os
1908 A-0
80
IOU Feb'(
Cent Vermt 1st g 45...May192o Q.
'76
73 Mar'08
71)
Os
1915 A-0
0.11 & 4.4 Iowa Div 1st 58 1919 A-0
1(5014 Jan '07
11103 out'07
5s.
1916 A-0
Iowa Div let 48
1919 A.-0
98 Oct'07
New Ellie-land cons g 58 1945 J -J
Debenture 58
913 M-N
100
100
1 100 100
Boston Term 1st 48
1939 A-0
Denver Eaten 45
1922 F -A
07% Pne'07
48105e .3
•NYN 1I& H con deb 3 1,
Mebra8ka Eaten 48
843 Mar'08
4
1927 M-N
1027 J'ne'06
.
1924 F-A
Old Colony gold 48
&SWat 4s
10112 Sep '06
1021 M-S
971
.31E0.'07
Oreg Sty & Nay con g 48..1946
11027
5Jan '05
Illinois Div 31
1949 J -J
58
86 Jan'08
8,6
80
1922 F-A
Oreg Sh Line 1st g 68
lilt's Mar'00
Joint bonds See Ut Northern
102 Aeg'07
, Repel b Valley let s I 6s 1919 J-J
Jhio Jo Ity & Stic Yds 55.1015 J • J 101
09 1021
101 14 111l4
4
107.1 No7 05
864 Rutlanit 1st con gen 4%8 1941 J-3
Coll trust refunding g 451940
85 Mar'08
85
o
86
'
Itutland-Canaduin 1st 131949 J4
102 Mat'02
Oh Mil tlit St P Dub 1) 68..11)20 3.3
122 Apr'06
Savannah Elec 1st cons 513.1952
981 May'06
.
Oh 1,1 & St P Wle V thy 68102() J.3
126 Fe0'05
1930 F-A
Seattle Elea 1st g Os
:17% Dee'07
Chic as No Mien 1st gu 58.1934
,
35
95
96
05 Feb'08
19210 1,1
07 Apr'lj,
Terre Haute Elea 14 Is
Ohio & W Mich gen 58....1921 .7-0
U9 101 100
100
97 100
1918, M-S
991 NOV.11 1,
.
Torrington 1st g 58
Concord (A, Mont cons 48..1920 J -D
......
91 `D - :."117
.
1191.7 Feh'08
.
Union Pac RR & 1 gr g 48 1947 3-J
Conn & Pass It 1st g 4s...1943 A-0
112% Jan 103
1927
20-year cony 48
11843 Mar' 8
.
,
1927 A-0
Oarrent Diver 1st 65
104 Nov'00
116 Jan '08
Cotten Fruit cony gen 58 1911 M-S
80 80
Dot Ur Rap & W let 4s 1946 A-0
80 Mar'08
1193% 1194
U S Steel Corp 10-60 yr 55 11063 111-N
110
Dominion Coal 1st s 1 58 1940 MN
90
1)0 Feb'08
00% Feb',./5'
West End Street Sty 48. .1915 F-A
1,
11.8 MN
Fitchburg 5s
98 Apr'07
1914 M-S
95 Nov')
Gold 4 Lis
1915 M-8
48
103% Apt'05
1916 M-N
l02 Jan .00
Gehl tieuenture1s
1927 51-S
4s
100 May'07
911% May'07
1917 F-A
Gold 45
Fremt Elk & Mo V let 68 1933 A-0
128 128
128 Mar'08
86
84
Western Teleph & Tel 55.1932 J
80
5
Unstampen 1st Os
84
11)33 A-0
140 4i.pr'05
Sep '05
93% U4
Gt Nor 0.11 & Q coll tr 4s 1921 J-J
16 92141197% Wisconsin Cent 1st gen 481940 3.3
94
9.114
j.j
10113 Aug'05
.
0314
Registeret14s
11)21
.
93%
967 Wisconsin Valley lst, 78-1009
9314 6 92
Nara-Buyer pays accrued interest In addition to the purchase price for all Boston Bonds. • No price Friday; latest bid and asked.

Low High4
071
97
95
96
90
11)))
1 0.1
,
1010-, 115

87% 110

74

81

03
116%
1.00 100

79% 88

T1997
6
.
1'84% •847
116 117
.,
1186 11951
,
96% 96 4

79

87%,

11F at price.

Philadelphia and Baltimore 2took Exchanges--Stock Record, Daily, Weekly, Yearly
-Not Per Centuan Prices
Shure Prices
riaturdall
March 98

Mon/tali
March 30

l'uesday
March 31

Weanesaay
Apra 1

'1 ursday
April 2

Priddy
April 3

Lowest

Highest

Range for Previeue•
Year(190?)
Lowest

hieghest

Haiti
Con. Gas EL L. & Pow.100
100
Do pret
60
50
11 Northern Central
100
740 Seaboard(new)
100
Do 2d pref
23
260 United Sty & Electric 50

20 Jan 1::
65 Mar25
So Jan 2
Feb ii
10 Feb18
10 Jan 8

20 Jan 15 33 4,Jan 35 Jan
70 Apr 1 80 May 85 Jan
80 Jan 21 78% Nov 97 Jan
5% Jan 21) 10 Nov 23, Jan
4
113 Mar25 24 Dec 48 Jan
4
117 Mar28
8
87 Oct 15 J'ne.
.

Philadelphia
13 A tnerican Railways_ 50
*42% 4:1
.42% 43
*42% 43
423 423 •42% 43
4
4
50
28% 28% 2,278 Cambria Steel
.
'28% 29
.
'29% 29% 287 29% 287 29
(3
827 Electric Co of America 10
91
.
9
9%
1.1 1
. 9¼
9
9
I)
100
80 Gen Asphalt tr ctls
*4
5
Do prof tr ctfs _JOU
70
23
23
.23
24
*22
23
*23
23 23
.100
610 Lake Superior Corp.,.
7
7
7%
.63
4 71
.4
*7
7
7
7
7
4
82% 84
85
82% 85
85% 833 84
84% 844 1,347 Lehigh C & Nay tr ctfs 50
2
50
.
, 543 56% 55% 56% 8,090 Lehigh Valley
.
54 1-4 55% 54% 54% 543 517
100
1% 114
622 Slareden Co
131. 13i.
50
58% 571516 5.551e 57 5s1 . 573 58% 1,760 Pennsylvania RR
5814 6501. 58
1
4
*36
37
.
36
325 Philadelp'aCo(Pitts.) 51.
36% 307 37
•35% 364
•35 1% .36
475,, 77
8
73. 71.1"
73
. 73
4
. 7% 77 1,106 Philadelphla Eloctrict 25
77
. 77
, 17,14
17 14 17,
4
17 1
4 1714
173
17
17
4.627 Pills Rapid Transita, 50
167 17 14
.
52%5215w 513 5271. 513 521
50
.
.
4
. 51 14 521 5131e 517 55,837 Reading
e
60
Do let pref
42
•41) 41
16
•40
41
41
50
Do 20 mei
40
*311% 40%
40
40
100
)39
40
•39
41
50
.
513 51% 517 52
4
51% 52
186 Union Traction
5214 52'4
62
52
52
50
77% 2,726 United Gas lnipt
77
7814 7812 763 7634
x781 79
.
4
80
80% 80
10
Welsbach Co
.21
24

423 Mar 11
4
267 Feb110
.
8%Jan 25
3%Jan 9
197
.Jan
33 Feb211
.
78% Jan 2
52% Feb29
vsie Jan .2o
54916 Jan 2
39.5 Mar 3
5142 Feb'?'
73) Jail 22
5
9631 Feb 17
.
39 Jan 3
371-2Jan 2
447 Mar 5
.
.Jan k
731

431 Jan 16 43% Dec 51 Jan
5
310.2 Mar24 22 Oct 4711Jan
77 Oct 11's -Jan
.
Ulliojan 6
6 Jan
3 Oct
5 Jan 20
.
25 Jan 18 133 Nos 36 Jan
7 Mar10
4 Dec 16 Jan
8.0, Jan 17 09 Oct 103 Jan
4
,
61 Jan 13 48% Oct 787 Jan
.21. J an
2
%Nov
1 14 Jan 10
iieMarlt; x52 Nov 70110 Jan
39 Jan 30 333 Nov 48 Jan
4
18 Mar18 63).. Nov 9 Apt
.
18.. Marl8 d12 4N OT 4261 May.
,
8
57.5Jan 1, 353 Oct 693 Jan
.Jan
42 Jan 2l) :4614 Nov 453
91110 .1 an lu 32% Oct 47 Jan
5
5215 Mar20 Al% No. 601 Jan
1 Jan.
80% Mar25 66% Oct U6.
25 May 30 Feb.

*84
85%
85
85
63
. 51
.
5% 5%
4
514 51
10% 101.2
4
4
117
. 113 113
. .
117 117

70
70
85
65
5% 514

70

70

.85
86
5% 5% *514 51.,
*101 11
.
111
.
12
•11

423 423
.
4
4
293 2113
4
9
111e
.
414 41
•221 23
.
*7
7'.
871
4
86
55%
65
1318 13.15
683
.48111e
361
.
36
73
. 7.4
18
18
52131. 53%
.40
52
80

Range Since
Jan 1 1903

Sates
ACTIVE STOCKS
QI the
Week (JOT Bonds and _Inactive
Stocks see below)
Shares

PHILADELPHIA

Bid

Inactive Stooks
Allegheny Val prof... 5)1
American Cement
50 323
4
100
Amer Pipe Mfg
Bell Telephone (Pa) 100
Cambria Iron
60 46
Central Coal & Coke.10I)
Oonsol True ot N J...100 65
Diamond State Steel 10
10
Preferred
Easton Con Electric 5 60
Eleo Storage Batt....100 27%
Preferred
100
Ft Wayne &W V
100
Germantown Pass
60
Indianapolis St
100
Indiana Union Tr.. 100
Insurance Co of N A..10 '20
Inter Sin Pow &
Keystone Telephone _50
Preferred
50
KeystoneWatchease.100
1(5
14
Lit Brothers
10)
Little Schuylkill..
311nehill & Schuyl 11 50
N Haven Iron & Stee1.5
51)
Northern Central
North Penusylvania 50
50
Pennsylvania Salt
.100 ...• ••
Pennsylvania Steel.
100 92
Prelerred
37
Phila Co(Pitts) pref...50
Phil German &Norr18 50
Philit Traction
50 81J
10
Railways General
Susqueli Iron & Steel..5
Tidewater Steel
10
ProtErre0
10
Tonopah Mining of Newt
Union Tr of lud
10o
United NJ RR & C 100
Unit Trao Pitts pref..50
Warwick iron dl titeel.10
West Jersey & Sea Sii.50
Westmoreland Coal ,50
Wilkes Gas & Elec 100

7

Ask

PHILADELPHIA

Honda
Al Val It ext. 78 1910 A-0
Alt &LVEleo 1 128133.F-A
Am Rys cony 58 1911.J -D
At! City 1st 5s g'10.31-N
Balls Ter let 5s 1926.J-1)
Berg&EBrw let 68'21 J4
Betide Steel 68 1998.Q.F
Choc& Me 1st Os 1949 34
Cli Ok & G gen 58'19 34
Col St Ry let con 5s 1932
29% Con Trac of N J 1st 58.'33
ES,A let 1)1 Os 1920 DI-N
Elec&kPeo'Jr stk tr ctts
Eq II Gas-L let g 5s 1926
11 & 13 Top con 5025 A-0
Indianapolis Sty 48.1933
343 ..F.A
201 Interstate 45 1,
.
Lehigh Nay 4128 '14.Q-J
1914.Q.F
lilts 4s g
5
5s
Gen 31 4, g 13924.4-1,
Leh V (7 1st Os g '33. J-J
Leh V ext 4s let 1918.J-1)
10
31-8
207s 1910
3-1)
Como' Os 1923
J-D
Annuity (i8
2%
Gen cons 48 2003.M-N
Leh V 'Iran con 48'333-1)
New Con Gas Os 1948 3.1)
...... Newark Pass coals 1030
NY Ph& No lst 4s'30 J-J
38
Income 48 1039...M-N
No011ioTrac con5s'19.34
87
Penn gen Oar 1910 Var
Cense! 6s r 1919. Var
Penn & Ma Steel con 6s.
Pa & NY Can 6s '39.A-0
Con 4s 1939
A-0
75 Penn Steel let 58'17 31•N
e
People's Tr tr certs 48'43
P Co let& col tr 58'49 154-8
Con& cot tr 68 1951M-N
Phil Elec gold trust otfe
Trust certifs 48
Egon Al 5 g'20.A.0
P
Oen M 4s g 1920..A&O

Bid

Ask

98%
101
991
.
100
106%
10
102% 103
1011
/
4
106%
80
105
97%
84
42
42 4
,
102%
96
100
107%
118%
933
4

95
89
102

103%

102%
93
115
102% 103
94% 93
U8
08%
663 67
4
00

PHILADELPHIA

Bid

Ask

Ph & Read 20 Os'33.A-0 115%
O
Con M 78 1911
J-D 108% i• •
Con M 6s g 1911. J-D 102
Imp AI 48 g'47.A-0 94
Terminal 58 g1941.Q-1 115%
'
,
P W& B col tr 48'21.34
131 1.4 98
Portland By 1st 6s 1930.
Hoch ity& Leon 58'5434
1)7 1U Trao Ind gen 58'19.J4
Un Rya Tr oils 48'49J&J
60% 70
United Rye Inv 1st colltr
4
3I-N
70'4 703
51 58 1926
U Traci Pit gen Os'97 J-J
14
Welsbach a 155 1930.J.1) 08. ou
100
Wlks-B(1&E con58'5534
BALTIMORE
I nactivo Stocks
Ala Cons Coal& Iron.100
Prof
100
Atlanta & Charlotte..109
Atlan Coast Line RR.100 71
Atlan Coast L (Conn)100 167%
Canton Co
100 ......
Cons Cot Duck Corp _ 50
50
Preferred
Georgia Sou & Flu.,,100
100 70
1st prof
100 40
20 pref
100
G-11-8 Brewing
Bonds
Anacostia & Pot 5s
AtI & Ch 1st 7...1907 J-J
Allan C L R1t481115231-S
Atl Coast L(Ct)ctfs Os J-D
.
Ctrs of indebt 4s. ../4
34
5-20 yr 48 1925
Balt C Pass lat5s'11 31-31
Bait Fundg 58.1916 31-N
Exchange 3.5s 193034
Balt& P 18t6smI'll A-0
Balt Trao 1st 5s. '29 M-N
No Bait Div Os 1942 J-D
Cent'l Hy con381932 31-N
Ext& Imp 58.1932 31-8
Chas Citylty 1st58'23J4

88
74
101%
,98
108
110
107
107

BALTIMORE
Chas Ity & E1514'99 3.1-S
Charl C& A ext 58.'09 J-J
2d 78
1910 A-0
City& Sublet 58-'22 J-D
City& Sub(Was)Ist68'48
Coal ,5 lily let 54'201f-A
Col&Grnv 1st 68.1016J-J
Consol Gas de. .1910 i-i)
19393-B
Os
Ga& Ala 1st con 58'453-J
GaCar.feN lot 58 g'29J4
Georgia P 1st 68. '22 J-J
OaSo& Fla 1st 5s 1945,1'4
U-B-S Brew 3-48 195131-S
20 income 5s 1951 M-N
Knollv True let 58'28A-0
LakeR El 1st gu68'4231;S
Memphis St 1st 55'45 J-J
MetSt(Was101st5s'251f.A
Mt Ver Cot Duck 1st Is.
Zipt N&O P let 53'38111-N
General Is. .1011 M.s
Norfolk St let 58'44 J-j
North Cent41461925 A-0
Series A 58 1926.....1.3
Series B Gs 1'320. .J.J
Pitt Un Trac 5s 1997.3-3
Poto Val 1st 511 1941..J -J
Say Fla& West 58'34 A.0
Seaboard A L43 1950A-0
Scab & Roan 58 1926.-7-J
South Bound let 55-A-0
UE1 L&P D44128'29 M-N
Un Ry& El 1st 48'411 11-8
Income 48 1949
J 1)
Funding Is 1936...J-D
Virginia Midland.
20series 68 1911. .31-S
3d series 6s 1916 M.-6
1
4th aer 3-4-5s 1921.51-S
5th series 58 1926.51.8
Va (State) Its new'82.34
Fund debt 2-3s 1991.3.3
West N 0 con Us 1914 .1-.1
WesVa C& P lst6g'11
Wit & Weld 58_1985,14
.

Pia

Ask

83% 87
108
97
91
1()4
1023
4
107
91
91 1.
1001
4
981,
40
14 5
,
102%
1116

109
100

95

41
15

108
69 4 .701
,
4
105
105
103
100
104, 105
,
471 473
,
4.
1.11
U3
83
89 ;
85. 85%.
1
503
a
76
76.*

9-r.

101

100%
;
106% 1071-

* 13Id and asked; no sales on this day. tEx.rights. 04;7.50 paid. t 11214 paid. 4 $10 pant. 1 $35 paid. a Receipts. b $25 paid. e $30 paid. 44(4214 paid.




THE CHRONICLE

848

[VOL. Lxxxvi.

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

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

Ala Great Southern -See Sout hern Rail way.
Ala N 0 & Tex Pac.
N 0 & N East__r 1st wk Itch
54,000 2,115,178 2,089,670
46,000
29,000 1,093,252 1,056,597
Ala & Vicks---r 1st wk Mch
26,000
28,000 1,070,717 1,072,031
Vicks Sh & P......r 1st wk Mch
25,000
4,842
27,633
Ala Tenn 4: North.._ January __
4,201
27,195
Atch Top ec S Fe _ r February - 6,752,552 7,426,660 62,802,855 60,059,258
Atlantic Birm & Ati January 126,278 139,904 1,095,013
900,372
Atlantic Coast Line February.... 2,231,525 2,308,539 17,441,190 17,340,585
'Baltimore & Ohio_ _ February - 4,682,348 5,030,203 52,744,611 54,076,050
'Bangor de Aroostook January
216,588 275,661 1,712,844 1,809,434
4,303
42,709
4,009
Bellefonte Central.._ February.._
38,610
27,270,576
Boston & Maine_ -_r February.... 2,491,615
2,914
34,066
2,860
'Bridgeton & Saco R January -28,773
Buff Roch de Pitts_r 3d wk Mch 164,568 147,388 6,504,272 5,952,335
187,621 145,251 1,179,158
896,300
Buffalo & Susq By.. December
Canadian Northern_ 3d wit Mch 142,800 109,400 6,780,500 4,940,400
'Canadian Pacific..__ 3d wk Mch 1,247,000 1,389,000 53,083,100 49,937,206
Central of Georgia__ 2d wk Mch 210,300 265,800 9,026,267 9,088,931
Central of N Jersey_ February _ 1,745,343 1,887,745 18,325,255 17,373,636
80,455
3,493
1,448
113,109
Chattanooga South.. 2d wk Mch
Chesapeake & Ohio_ February__ 1,575,574 1,931,139 18,436,434 16,514,827
43,667
32,630
5,196
5,917
Chestorfield & Lane February....
Chic & Alton Ry__r February__ 882,593 081,819 3,392,500 8,670,559
54,495,044
'Chic Burl & Quin.. r February.... 5,205,805
152,907 171,561 5,972,915 6,643,125
Chic Great West_ _r 3d wk hfch
90,536 111,768 3,801,947 4,267,580
Chic Ind & Loulsv_ 3d wk Meh
'Chic Ind & Southern -See New York Cen tral.
Chic Milw & St Paul January __ 4,135,355 4,776,378 35,473,987 33,378,864
Chic & North West.. February__ 4,078,222 4,834,236 44,608,789 16,014,710
Chic St Paul 1145e0 _ r February__ 894,542 074,563 9,055,675 9,547,001
30,666
30,938 1,165,653 1,147,075
Chic Term Tran RR 1st wk Mch
573,900
5,184,920
Cln Ham & Daytonr January _ _
N 0 & Texas P -See Sout horn Rail way.
Cincinnati Northern -See New York Cen trai.
Cley Cln Chic de St L -See New York Can tral.
158,222 130,470 1,455,433 1,487,685
Colorado Midland..r January
h Col de South Sys_r 3d wk Mch 270,847 282,018 10,036,547 9,746,532
205,533
210,690
28,384
24,929
Col Newb & Laur__ February....
502,134
466,564
60,467
54,895
January -_
'Copper Range
07,760
143,586
16,886
3,609
February_
Cornwall
188,615
33,015
242,1)64
12,546
-Cornwall& Lebanon December
February.... 222,086 183,043 1,275,211 1,166,445
Cuba Railroad
January _ _ 1,472,395 1,375,751 112301,120 /10581,895
1.Delaware & Hud
22,045,534
Del Lack & West_ _r February.... 2,288,920
Denver & Rio Gr..-1 3d wic Mch 292,100 367,900 15,451,852 14,882,453
864,811
29,941
25,683
916,351
Detroit & Mack__ _ _ 3d wk Mch
72,719 3.027,750 3,104,877
61,806
Det Tot do Iront Sys 3d wk Mch
5,290,062
89,215
'Dui do Iron Ralge_r February _
58,021 2,267,166 2,261,672
50,736
Dui So Sh do Atl___r 3d wk Mch
3,561,328 4,126,002 31,187,061 31,151,205
January
Erie
Evansville & Ter H -See Rock Island S ystem.
12,407
1,715
1,309
February..
12,079
Fairchild & N E
47,030
44,016
533,779
520,110
FondaJohns & Glov February _
Georgia Railroad _ _ February.... 220,675 250,686 2,000,173 2,063,983
-See Bout horn Ball way.
Georgia South & Fla
Grand Trunk Syst_ _ 3d wk Mch 694,762 783,370 31,171,790 10,911,038
Gr Trunk West.... 2d wk Mch 114,693 117,837 4,364,053 4,213,182
20,838
34,815 1,297,551 1,295,453
Det Gr Hay & Mil 2d wk Mch
27,554
35,107 1,476,995 1,417,335
Canada Atlantic.. 2d wk Mch
Great Northern......1
2,840,938 2,656,873 40,847,911 35,778,643
Montana Centralj February
38,669
56,750 1,623,355 1,770,125
Gulf de Ship Island_ 3d wk Mch
February.... 348,912 498,594 4,396,460 9,524,776
Hocking Valley
Illinois Central _ _ _ _ February... 4,096,613 4,428,661 37,740,200 37,047,718
Inter & Great North 3d wk Mch 121,000 147,000 5,224,602 6,595,697
oa Interoccanic(Mex) 3d wk Mch 147,908 145,077 5,625,505 5,127,256
57,628
63,987 2,260,029 2,311,876
3d wk Mch
Iowa Central
Kanawha de Mich_ .. February.... 120,505 188,706 1,449,306 1,538,305
657,489 722,927 6,344,939 5,843,802
-Kansas City South_ February
Lake Eric & West'n -Sec New York Can tral.
Lake Shore & M Sou -See New York Cen tral.
24,241,955
Lehigh Valley......-r February _ 2,116,331
February....
30,589 •42,250
358,737
Leixngton & East
360,196
February..
Inc.13, 383
Inc. 225 .537
Long Island
75,705
763,884
92,735
Louisiana & Arkau_ February....
768,617
Louisv & Nashv_r 3d wk Mch 795,855 939,010 33,527,580 34,443,000
11,507
102,766
16,050
Macon & Birming'm February _
120,513
5,345,849
Maine Central
January -- 601,355
2,171
40,203
Manistique
5,160
February..
54,445
237,104
23,755
23,053
Maryland de Penn.... January __
211,298
a Mexican Central.... February.... 2,970,693 2,548,389 24,378,404 19,628,866
a Mexican Internat.. 3d wk Mch 166,702 105,520 6,205,780 5,857,934
a Mexican Railway_ 2d wk Mch 158,500 162,600 5,658,000 5,280,200
020,477
27,944
27,587
a Mexican Southern 2d wk hich
809,776
Michigan Central -See New York Cen tral.
762,800
04,852
67,828
Midland Valley
February _
490,722
580,337
15,323
15,897
Mineral Range
3d wk Mch
546,486
76,896 2,918,276 2,772,452
72,527
Minneap & St L..-r 3d wk Mcb
,
Minn •St P S & S M_ 3d wk Mch 225,966 220,509 8,847,941 8,841,558
Mo Kansas & Texas February__ 1,668,914 1,975,822 16,761,762 17,605,686
Mo Pao & him Mt-o 3d wk Mch 784,000 873,000 32,674,188 33,579,254
34,000 1,158,000 1,100,000
29,000
Central Branch_o 3d wk Mch
Total system_ __o 3d wk Mch 813,000 907,000 33,832,188 34,760,254
35,053 1,032,143 1,000,060
23,555
Mobile Jack & K cj Wk Feb 29
Nashv Chatt & St L February.... 831,414 992,703 7,486,794 7,731,970
•a Nat RR of Maxie 3d wk Mch 307,470 310,457 11,597,064 10,963,885
18,844
728,286
18,955
Hidalgo & N E._ 3d wk Mch
718,209

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

July 1 to Latest Date.

Previous
Year.

N Y C & Hud River January -- 6,636,494 7,412,494

Previous
Current
Year.
ear.
---$
58,074,656 56,623,035
26,296,378 25,401,907
2,983,634 3,100,033
1,753,621 1,431,895
16,669,264 15,935,269
15,829,829.15.001,194
1,819,670 1,839,488
626,155
582,240
8,448,400 8,526,485
1,857,473 1,726,234
6,019,886 5,832,505
249,250
11)4,701
52,028
50,132

Lake Shore & M S January __ 2,932,442 3,464,616
Lake Erie de West January __ 349,233 413,503
Chic Ind & South January __
248,640 245,428
Michigan Central. January __ 1,956,139 2,278,826
Cleve
& St L.. January __ 1,821,799 1,828,801
Peoria & Eastern January __ 251,247 241,766
Cincinnati North.. January __
56,855
74,190
Pitts dc Lake Erie January _ _
586,057 1,092,148
Rutland
January _ _
185,884 194,895
N Y Chic de St L.. January -- 775,238 816,297
Nevada-Cal-Oregon. 3d wit Mch
1,633
6,057
Nevada Central____ February__
5,388
4,323
N Y Chic & St Louis -See New York Cen tral.
N Y Ont & Western February.._ 515,485 518,985 5,415,698 5,427,123
NYNH& Hart__r February__ 3,359,707
36,536,010
N Y Susq & West__ January _
276,064 278,094 2,017,526 1,775,352
Norfolk & Western_ February.... 1,818,320 2,438,708 20,749,301 20,083,721
Northern Central __ February... 785,479 903,579 8,664,869 8,166,469
Northern Pacific__ February _ 4,011,287 3,577,006 49,032,075 44,137,353
Pacific Coast Co.._ January
470,140 569,764 4,774,714 4,296,539
Pennsylvania (.7o_...r February.._ 1,475,478
31,418,128
d Penn-East & E February.. _ 9,814,060 11452860 106049713 102449613
West of P & E.. February.... Dec. 1,2 06,400
Inc. 241 ,400
Peoria & Eastern... -See New York Cen tral.
Pere Marquette_r_ January __ 1,026,787
8,505,9861
Philo, Halt & Wash.. February__ 1,107,116 1,166,716 11,469,104 10,918,494
Pitts Cin Chic & StL February _ 1,937,310 2,385,912 20,203,540 20,230,359
Pitts de Lake Erie -See New York Con tral.
Raleigh& Southport February _
80,048
7,496
62,280
9,168
Reading Company_ February_ 2,626,041 3,113,101 20,086,886 27,842,177
Coal & Iron Co __ February__ 2,650,581 3,519,340 26,804,080 25,326,848
Total both cos___ February__ 5,285,622 6,632,531 55,890,006 53,169,025
Rich Fred & Potom. January _
136,068 168,088 1,128,134 1,045,529
Rio Grande Junc...._ January __
528,238
503,113
64,081
51,250
Rio Grande South__ 2d wk Mch
439,945
430,465
8,763
0,432
Rock Island System February.._ 4,266,011 1,628,137 11,045,892 39,373,458
e St L & San Fran February_ _ 3,487,061 1,060,911 33,389,056 32,531,973
j Evansv & Ter H February.._ 157,474 169,848 1,540,470 1,550,923
Total of all lines_ February__ 7.010,546 8,858,897 75,976,319 73,456,354
Rutland
-See New York Celt
St Joseph de Gr
905,884 1,015,930
January - 124,383 140,069
St Louis & San Fran -See Rock Island S ystem.
St Louis Southw__r 3d wk Mch 179,125 203,867 7,338,332 7,513,561
Seaboard Air Line.... January __ 1,215,680 1,457,257 0,275,041 9,196,816
Southern Indiana__ February _ 149,004 121,077 1,312,064 1,061,223
c Southern Pac Co__ January
9,320,488 10783544 78,424.844 /2.919,858
Southern Railway .r 3d wk Mch 985,382 1,180,033 40,055,577 10,901,824
Mobile & Ohlo....r 3d wk Mch 154,459 103,800 7,239,787 7,473,025
Cin N 0 &T P__r 3d wk Mch 132,012 140,023 5,862,514 5,872,139
68,046 2,673.278 2,827,976
Ala Great Sou....r 3d wk Mch
54,140
Georgia Sou & Fla 3d wk May
49.516 1,675,530 1,640,409
37,601
21,382
Texas Central
3d wit Mch
858,265
894,542
16,783
Texas & Pacific
3d wk Mch 236,838 314,796 11,431,841 12,301,321
Tidewater & West.. February.. _
7,366
62,119
57,630
6,174
Toledo & Ohio Cent February.. _ 281,754 349,721 3,078,739 3,246,666
20,155
Toledo Peo & West.. 3d wk Mch
918,057
925,228
23,208
77,180 2,951,717 3,000,131
Toledo St L & West 3d wk Mch
68,191
40 ,030
Tombigbee Valley.._ February.._
5,328
41,917
4,000
77,140
595,764
Tor Ham & Buffalc Fcbruary-529,990
66,740
Union Pacific Syzt January - 5,189,921 5,054,978 18,100,217 15,018,1329
6,503,655
Vandalla
r February.... 648,810
83,710
748,127
Virginia & So West_ February....
674,468
66,087
Wabash
lth wk Mch 654,058 716,000 19,972,347 20,441,315
Weitern Maryland_ 1st wk Mch
95,626 104,000 4,067,698 3,579,614
277,344 272,244 4,002,080 3,611,160
W Jer ea Seashore
February__
85,592 4,174,925 4,098,347
Wheel & Lake Erie_ 2d wk Mch
90,078
5,084,984
Wisconsin Central_r February..
495,232
198,422
188,979
22,775
Wrightsv & Tenn_ February _
25,684
Yazoo & Miss Vall_February„ 815,448 826,593 6,285,553 6,426,509
--Current
Previous
Year.
Year.
Period.
Various Fiscal Years.

CC

P

Bellefonte Central
Jan
Delaware & Hudson
Jan
Jan
Manistique
Mexican Railway
Jan
Mexican Southern
fan
Jan
New York Central
Lake Shore & Mich Southern_ Jan
Lake Erie & Western
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Cin Chic & St Louis....... Jan
Peoria de Eastern
Jan
Cincinnati Northern
4- Jan
Pittsburgh & Lake Erie
Jan
Rutland
Jan
New York Chicago & St Louis Jan
Northern Central
Jan
d Penn-East of Pitts & Erie...... Jan
a West of Pittsburgh & Eric.... Jan
Phlla Baltimore & Washington_ Jan
Jan
Pitts Cin Chic & St Louis
Dec
Rio Grande Junction
Texas & Pacific
Jan
Jersey & Seashore
Jan
West

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
o
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Feb
Jan
Feb
Mch
Melt
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Molt
Feb

9,526
9,472
1,472,395 1,375,751
7,307
9,140
29
14 1,658,400 1,666,400
275,q23
259,830
31. 6,636,494 7,412,494
31
2,032,442 3,464,616
413,503
349,233
31
248,640
245,428
31
31 1,956,139 2,278,826
31 1,821,709 1,828,801
251,247
241,766
31
56,855
31
74,100
586,057 1,092,148
31
185,884
104,805
31
775,238
31
816,297
29 1,659,815 1.305.815
29 20,378,272 24.036,572
20 Dec.2,94 0,30;1
29 2,314,056 2,411,856
29 3,937,51)7 4,892,334
31
131,634
130,583
21 3,153,916 3,090,201
29
500.754
552.254
29
31

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
2d week .7;31
3d week Jan
4th weck Jan
1st week Feb
1.1 week Feb
3dweek Feb
4th W eelc Feb
1st week Mch
2d week Melt
3d week hfch

Cur'nt Year Prey's Year Inc. or Dec.

Cur'nt Year Prev's Year Inc. or Dec.
------- ----•
3
,
Month May li 07 (121 roads).. 105.943,305 165 890.345 +30 052 000 18.12
Month June 1907 (121 roads). 18 115,657 101,235.109 +21,890,548 13.59
Month July 1907 (116 roads). 187,069,700 163 685,258 +23,384 532 14.28
Month Aug 1907 (121 roads)... 107,288 033 175,726,323 +21 561,710 12.-7
Month Sept 1907 (11.8 roads).. 192 543,022 175 505 030 +17,042.983 9.71
Month Oct 1007 (120 roads).. 213,697,727 1911,843,078 +16.854,049 8.50
Month Nov 1907 (120 roads). 189,988,564 184,107,391 +5,701 173 3.1,4
Month Dec 1907 (123 roads)- 174,422,451 184893,810 -11,471,359 6.-0
Month Jan 1908 (122 roads).. 151,758,400 172,283,000 -21,524,600 12.49
Month Feb 1908( 59 roads).. 47,582,490 53.289.074 -5.706,584 10.71
Monthly Summaries.

,204,111 --1,244,738 13.52
7,950,373
roads).-.8,911,729
-691,258 7.75
8,220,471
ronds)-- - _
-1,149.585 8.55
roads)- - -- 12,292,331 13,441,916 -1,082,449 12.84
7,270,407 8.352,856 roads)- - - 9,004,015 1,146,935 12,74
roads)........
7.357,030
9,61)0,421 -1,611,648 16.78
roads).- - 7.988,773
--598,062 5.77
9,770,6913 10,a68,758
roa(Is)--- 9,470,700 -1,106,623 12.63
8,274,167
roads)
9,754,748 roads)..„ _
1,253,261 12.85
8,501,487
9.640,584 roads)........ 8,554.987
1,094.597 11.34
a Mexican currency. b Includes earnings of Gulf & Chicago D1vlsio, c includes the Houston & Texas Central and Its subsillary lines in both
rears. d Covers lines directly operated, e Includes the Chicago & Eastern Illinois in both years. I Includes Evansville & lnilana ltd. it includes
earnings of Col. & South.. Ft. Worth & Denver City and all affiliated lines, exceotinT 'Vanity & Ilrazos Valley Ita• k Includes In both years sarnInTs
nf ,tenver Enid & Gulf RR.. Pecos Valley System and Santa Fe Prescott & phoenix Ry.
I The%) figures do not Incittle receipts from slie of call.
Figures here are on the old basis of accounting-not the new or Inter State Commerce Commission method. r These figures are on the new
basIs prescribed by the Inter-State _Commerce Commission.
,
_ _
(46
143
(47
(43
(44
(45
(45
(44
(43
(40




THE CHRONICLE

APR. 4 1908.1

-For the third week of
Latest Gross Earnings by Weeks.
March our final statement covers 40 roads and shows 11.34%
decrease in the aggregate over the same week last year.

849
-Gross Earnings- --Net Earnings
-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Roads.
Northern Central_ b
Feb
785,479
903,579
33,184
55,284.
Jan 1 to Feb 29
1,659,815 1,895,815
153,712
188,112
1908.
1907.
Increase. Decrease. z Penna
Third Week of March.
Company_ bFeb 2,475,478
539,302
--July 1 to Feb 29
31,418,128
9,576,873
$
64,072 1,076,123 Pennsylvania-Lines directly operated.
Previously reported (32 roads)- 8,055,003 0,067,054
East of Pitts & Erie___Feb 9,814,960 11,452,860 1,649,709 1,989,109
54,149
14,797
68,946
Alabama Great Southern
Jan 1 to Feb 29
20,378,272 24,036,572 3,925,308 4,931,508
152,907
18,654
171,561
Chicago Great Western
132,012
8,011
140,023
Cincinnati New On & Texas Pac
West of Pitts & Erie__Feb
Dec 1,296,400
Dec 53,700
61,806
10,913
72,719
Detroit Toledo ec Ironton
Dec 2,949,300
Jan 1 to Feb 29
Dec 635,500
37,601
11,915
49,516
Georgia Southern & Florida___ _
Philo, Balto & Wash_b__Feb 1,107,116 1,166,716
70,313
67,413
38,669
18,081
56,750
Gulf & Ship Island
Jan 1 to Feb 29
2,314,056 2,412,856
237,996
234,796
6,057
1,633
4,424
Nevada-California-Oregon
16,783
4,599 Rio Grande Junction_ ___Jin
51,250
64,081
21,382
n15,375
Texas Central
n19,224
Dec 1 to Jan 31
131,634
139,583
n39,490
n41,874
8,554,987 9,649,584
Total (40 roads)
68,496 1,163,093 Rock Island system_a___Feb 4,266,011 4,628,137
671,267 1,204,501
1,094,597
decrease (11.34%)
Net
July 1 to Feb 29
41,045,892 39,373,458 10,218,134 12,564,140
St Louis & San Fran_a Feb 3,487,061 4,060,911 1,024,375 1,251,766.
July 1 to Feb 29
33,389,956 32,531,973 8,942,351 10.861,225
, Net Earnings Monthly to Latest Dates.
-The table folEvansv & Terre H_a__Feb
157,474
169,848
49,559
48,417
lowing shows the gross and net earnings of STEAM railroads
July 1 to Feb 29
1,540,470 1,550,923
497,105
590,521
Total of all lines_a____Feb 7,910,546 8,858,897 1,745,201 2,504,684
reported this week. A full detailed statement, including all
July 1 to Feb 29
75,976,319 73,456,354 19,657,590 24.015,885
roads from which monthly returns can be obtained, is given
L Iron
1,642,596
459,230
once a month in these columns, and the latest statement of z St July 1 Mtn & Sou_ b Jan14,028,543
to Jan 31
4,165,316
this kind will be found in the issue of March 28 1908. The St Louis S'western _a_ __ _Feb 685,439
842,853
66,523
204,443
July 1 to Feb 29
6,833,593 6,912,135 1,584,644 1,946,818
next will appear in the issue of April 25.
•
505,026
-Gross Earnings- .--Net Earnings
592,640
- Southern Rallway_a____Feb 3,786,152 4,507,702
July 1 to Feb 29
37,083,649 37,440,727 7,166,662 8,381,261
Current
Previous '
Previous
Current
Year.
Year.
Year.
Mobile & OhloaFeb
Year.
666,821
891,535
173,767
286,818
Roads.
. July 1 to Feb 29
6,785,513 6,894,948 1,790,750 2,144,893.
$
Abington & Rockland
Cin N 0 & Tex Pac_a_Feb
512,822
654,735
83,560
121,008
6,075
2,282
El Lt & Power Co_ _Jan
2,783
4,822
July 1 to Feb 29
5,467,085 5,438,586 1,050,931 1,017,847
Atch Top & Santa Fe_b_Feb 6,752,552 c7,426,660 d2,322,420 d2,458,734
Ala Gt Southern _a--__Feb
239,718
324,001
32,203
51,163
62,802,855c60,959,258d18,692,240d23,033,722
July 1 to Feb 29
July 1 to Feb 29
388,267
494,546
2,509,893 2,624,369
579,888
566,243
Atlantic Coast Line_a___Feb 2,231,525 2,308,539
Ga South & Fla_a
33,332
_Feb
167,022
17,441,190 13,340,585 3,662,105 4,364,135
July 1 to Feb 29
July 1 to Feb 29
227,031
1,391,800
4,009
1,152
Bellefonte Central_ b____Feb
4,393
191
14
6,174
7,366
deli ,753
9,472
2,173 Tidewater & Western_ b_Feb
801
Jan 1 to Feb 29
9,526
3,774
July 1 to Feb 29
62,119
57,630
3,731
537,100
Buff Roch & Pitts_ b___-Feb
184,353
205,378
582,817
Toledo & Ohio Cent_a_--Feb
64,885.
349,721
82,066
281,754
Feb 29
6,129,601 5,509,171 2,349,074 2,119,009
July 1 to
July 1 to Feb 29
878,464 1,031,610
3,078,739 3,246,666
x Boston & Maine_ b_ ___Feb 2,491,615
349,301
27,270,576
907
July 1 to Feb 29
Tombigbee Valley
5,328
1,271
6,760,176
Feb
4,090
8,731
13,171
July 1 to Feb 29
41,917
40,030
Feb 4,129,044 4,268,206
Canadian Pacifica
357,095
621,988
July 1 to Feb 29
49.513,100 45,938,206 15,412,109 15,756,182 United Mo Riv Pow Co_a Feb
49,717
63,033
99,906
Jan 1 to Feb 29
126,772
Chesapeake & Ohio_ b___Feb 1,575,574 1,931,139
446,415
582,169
July 1 to Feb 29
18,436,434 16,514,827 6,203,395 5,924,123 z Vandalia -b
165,632
Feb
648,810
1,562,135
July 1 to Feb 29
6,503,655
Feb
5,917
Chesterf & Lane_ b
5,106
1,730
2,415
July 1 to Feb 29
43,667
32,630
39,362
12,092
11,520
13,668 Virginia Southwestern_b Feb
66,087
83,710
July 1 to Feb 29
196,220.
748,127
674,468
225,813
Feb 882,593
Chicago & Alton_a
981,819
3269,219
3236,990
8,392,500 8.679,559 32,661,346 33,108,239 West Jersey & Seash_b_Feb
July 1 to Feb 29
277,344
272,244 def73,816 def101,016
Jan 1 to Feb 29
560,754
552,254 def155,312 def200,812'
xChic Burl &Quincy_ b_Feb 5,205,865
1,493,219
54,495,044
July 1 tb Feb 29
17,512,047
Wheeling & Lake Erle___Feb
120,196
311,919
449,404
24,034
July 1 to Feb 29
3,957,273 3,951,404
814,016 1,302,757
Chicago North West_ b_ -Feb 4,078,222 4,834,236 1,071,172 1,411,132
44,608,789 46,014,710 13,468,960 15,404,987 z Wisconsin Central_a_ Feb
July 1 to Feb 29
495,232
*
68,449
July 1 to Feb 29
5,084,984
1,399,090
974,563
894,542
285,450
x Chic St P Minn & Om_ bFeb
9,055,675 9,547,091 3,017,003
Yazoo & Miss Valley_a__Feb
815,448
July 1 to Feb 29
826,593
156,097
95,421
July 1 to Feb 29
6,825,553 6,426,569
936,466 1,033,891
28,384
2,877
24,929
4,792
Columb Newb & Lau_a_ _Feb
210,690
4,506
a Net earnings here given are after deducting taxes.
19,468
205,533
July 1 to Feb 29
b Net earnings here given are before deducting taxes.
def1,100
16,886
8,017
3,609
Cornwall a
Feb
c Figures revised for previous year so as to accord with the netv calssiflca37,677
143,586
65,885
97,760
July 1 to Feb 29
tion of earnings and expenses now required by the Inter-State Commerce.
102,258
81,303 Commission.
188,043
Cuba RR
222,086
Feb
332,865
415,310
July 1 to Feb 29
1,275,211 1,166,445
d The company now includes the earnings of the Denver Enid & Gulf RR..
Pecos Valley system and Santa Fe Prescott & Phoenix By. in both years.
874,685
z Del Lack & West_ b_ __Feb 2,288,920
For February, taxes and rentals amounted to $241,765, against $196,025.
July 1 to Feb 29
9,707,266
22,945,534
c416,604 in 1907: after deducting which, net for February 1908 was $2,080,655,
Denver & Rio Gr-a
376,793
Feb 1,223,008 c1,485,440
against
July 1 to Feb 29
14,580,152c13,794,153 4,695,133 c4,636,147 rentals $2,262,709 last year. For period from July 1 to Feb. 29, taxes and
were $1,902,016 In 1908, against $1,545,488 in 1907.
Dunkirk Alleg Val & Pitts_ b
g These results are in Mexico currency.
Oct 1 to Dec 31
75,517
7,990
79,109
def7,252
n These figures represent 30% of gross earnings.
July 1 to Dec 31
151,100
11,296
161,441
def3,103
s After allowing for miscellaneous income, which was a debit item for
Jan 1 to Dec 31
276,014
290,266
def2,663 the month of February 1908, total net earnings were $247,648 in Feb. 1908,
def4,313
Ed El Co (Brockton)_a__Jan
22,351
19,073
8,427 against $238,808 last year, and for period from July 1 to Feb. 29 were
9,381
Fall Riv Gas Wks_a___ _Jan
39,272
38,252
16,599 $2,586,180 this year, against 13,024,261.
14,319
x These figures are on the basis of accounting required by the Inter-State.
229,675
Feb
Georgia RR_a
250,686
22,735
6,508 Commerce Commission.
2,060,173 2,063,983
July 1 to Feb 29
326,616
407,589
Interest Charges and Surplus.
151,365
204,827
Gulf & Ship Island_a____Feb
16,111
64,776
1,504,984 1,611,065
July 1 to Feb 29
320,451
445,726
-Int., Rentals,
-Bal. of Net W77,0.
Current
Current
Previous
348,912
Previous
498,594
Feb
Hocking Valley-a
59,047
101,616
Year.
Year.
Year.
Year.
4,396,460 4,524,776 1,214,830 1,403,827
July 1 to Feb 29
$
Roads.
25,070
27,852
13,812
Houghton Co El Lt Co_a Jan
16,248
80,378
101,975
52,022
29,885 Abington & Rockland
Hud Rlv El Pow Co____Feb
El Lt & Power Co___Jan
150
2,474
2,132'
219,145
177,270
309
114,315
75,937
Jan 1 to Feb 29
•
849'
Bellefonte Central
def 66
257
303
Feb 4,096,613 4,428,661
Feb
809,071
Illinois Central_a
Jan 1 to Feb 29
1,567
37,740,200 37,047,718 8,923,137.10, :
287
514
606
619 961
July 1 to Feb 29
Cuba RR
601,528
Feb
31,954
28,329
70,304
52,974'
677,530
222,150
gInteroceanic of Mexico_Feb
171,504
July 1 to Feb 29
237,880
5,174,834 4,685,005 1,471,079 1,167,440
177,430
120,252
212,613
. July 1 to Feb 29
120,505
188,796
298,324
5,723
298,098
dI03,636 d118,732
35,121 Denver & Rio Grande__ _Feb
Kanawha & Michigan_a_Feb
July 1 to Feb 29
1,449,306 1,538,395
2,530,443 2,375,375 d2,530,254 d2,562,409'
111,212
July 1 to Feb 29
350,819
86,241
82.087
41,199
41,519 Dunkirk Alleg Val & Pitts
Keystone Teleph Co_a__Feb
Oct 1 to Dec 31
698,823
2,898
647,085
2,921 zdef9,495
x5,191
329,180
298,080
July 1 to Feb 29
July 1 to Dec 31
8,444
6,467 zdef8,653
x5,071
30,589
42,250
6,718
Lexington & Eastern_b_Feb
21,115
Jan 1 to Dec 31
13,536
13,559 zdef16,675 zdef15,725,
358,737
360,196
117,549
143,533
July 1 to Feb 29
Edison El Co (Brockton) Jan
692
708
8,689
7,719
Inc 13,683
Inc 88,016
Feb
Long Island b
Dec 18,861
Inc 100,207
Jan 1 to Feb 29
Fall River Gas Wks
201
148
Jan
14,118 ' 16,451
92,735
75,705
13,616
Louisiana & Arkansas_a_Feb
27,134 Georgia RR
58,063
Feb
51,032 xdef33,317 zdef44,513
768,615
763,884
July 1 to Feb 29
220,591
458,123
225,267
July 1 to Feb 29
x412
413,274xdef124,524
Louisville & Nashvillo_b Feb 3,253,872 c3,696,996
795.652 c1,062,414 Hocking Valley
84,380
Feb
66,455
x20,084
x34,169
31,114,965c31,519,445 7,475,538c10,173,863
July 1 to Feb 29
627,213
July 1 to Feb 29
507,202 x1,298,857 x1,135,795
28,747
Lowell El Lt Corp_a____Jan
31,334
11,888
11,653 Houghton Co Elec Lt Co Jan
2,594
11,218
2,187
14,061
gMexican Central
761,538
Jan 2,901,259 2,732,003
22,815
x15,211
819,664 Kanawha & Michigan..__Feb
2,409 zdef4,604
February
2,970,693 2,548,389
917,729
x79,647
July 1 to Feb 29
177,175
173,737
x181,365.
806,241
July 1 to Feb 29
24,378,404 19,628,866 6,865,179 5,587,040 Lowell El Lt Corp
10,288
Jan
1,181
10,472
1,600
675,294
g Mexican Internat
Feb
194,397
587,560
230,462
8,887
25,044
Elec Co
Jan
24,388
32,912
July 1 to Feb 29
5,722,954 5,303,144 1,820,124 1,711,178 Minn Gen
527,843xdef107,760
Mo Kan & Texas
Feb
514,260
x17,645.
84,267 , 49,432
Minn Gen Elec Co_ a__ - _Jan
93,936
41,799
July 1 to Feb 29
4,338,543 3,907,901 z1,565,268 x3,031,882
702,339
Minn St P & S SM_b- -- -Feb
168,033
680,365
123,744 Nashville Chatt & St L__Feb
149,448
149,017
32,154
78,544
July 1 to Feb 29
8,215,783 8,209,165 3,241,848 3,636,822
July 1 to Feb 29
1,224,824 1,195,434
367,206
436,468
Mo Kansas & Texas_b __Feb 1,668,914 1,975,822
368,401
530,728 N Y Ont & West
85,896
73,831 def14,015
Feb
29,865
July 1 to Feb 29
16,761,762 17,605,686 5,618,000 6,821,681)
658,852
593,484
July 1 to Feb 29
969,589 1,164,085
992,703
831,414
181,602
Nash Chatt & St L_ b___ -Feb
227,561 Norfolk & Western
441,060
402,206
Feb
184,243
466,258
July 1 to Feb 29
7,486,794 7,731,970 1,592,030 1,631,002
3,488,573 3,076,876 3,674,324 4,367,985
July 1 to Feb 29
450,837
g National RR of Mex___Feb 1,264,002 1,262,358
435,106
8,333
Grande Junction_
Jan
8,333
7,042
10,891
10,720,416 9,993,079 3,776,497 3,638,062 Rio Dec 1 to Jan 31
July 1 to Feb 29
16,666
16,666
25,208
22,824
77,378
72,363
20,270
Hidalgo & Nor East__Feb
11,935 St Louis Southwestern_Feb • 171,715
146,571 xdef42,180
x94,948
669,170
664,029
July 1 to Feb 29
157,877
181,240
1,328,384 1,195,623 x726,806 x1,008,786
July 1 to Feb 29
Feb
4,323
1,350
Nevada Central-b
1,794 Toledo & Ohio Central__Feb
39,547
36,962
x54,459
x28,753
52,928
6,889
July 1 to Feb 29
15,838
327,934
July 1 to Feb 29
295,486 x693,346 z742,800
515,485
71,881
518,958
N Y Ont & Western_a_ _ _Feb
103,696 United Mo Riv Pow Co_ _Feb
23,038
26,679
5,415,698 5,427,123 1,628,441 1,757,569
July 1 to Feb 20
55,924
43,982
Jan 1 to Feb 29
651,74,1
z N Y N H & Hartford_ b Feb 3,359,707
d These figures are after allowing for other income and for discount and
36,536,010
10,018,293
July 1 to Feb 29
exchange. The sum of $10,000 is deducted every month from surplus and
625,302
Norfolk & Western_ b_Feb 1,818,320 2,438,706
868,464 placed to the credit of the Renewal Fund.
20,749,361 20,083,721 7,162,807 7,444,881
July 1 to Feb 29
x After allowing for other income received.




58,111

THE CHRONICLE

850

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

Week or
Month.

Current
Year.

•aAmerican Rys Co_ _ February _ 192,592
85,552
cAur Elgin & Chic Ry February _
,
February_
21,364
Binghamton By
Btrm Ry Lt & Power February _ 167,017
Brockton & Ply St Ry January _ _
6,587
20,864
U.ti.:e Breton Elec Co_ January _ _
Central Penn Trae_ _ _ February _
50,722
58,231
Char! Con By Gas&EI February _
aChicam, ec Oak Park February _
62,612
Cleve Panlesv & East February _
15,917
Cleve Southw & Col_ _ January _ _
52,811
Columbus Electric Co January _ _
30,432
Dallas Electric Co_ _ _ January _ _
89,616
Detroit United Ry_ _ 3d wk Mch 111,381
Aluluth Street Ry_ _ _ 3d wk Mch
15,732
Louis & Sub_ February _ 157,722
East St
El Paso Electric
January _ _
46,802
Ft Wayne & Wabash
Valley Traction Co_ February_ _
07,455
Galv-Hous Elec Co_ _ January _
80,615
Havana Electric Ry_ Wk Mch 22 39,707
Honolulu Rapid Tran
& Land Co
29,910
February_ _
Houghton Co St Ry_ _ January _ _
18,678
Illinois Traction Co
February _ 304,538
-Jacksonville Elec Co_ January _ _
32,860
Kans City Ry& Light January _ _ 496,321
Lake Shore Electric
68,476
December
I,ex & Inter Rys Co_ _ January _ _
43,043
Met West Side Elev_ _ March ___ - 225,275
Milw Elec fly & Lt Co January _ _ 308,192
Milw Lt Ht & Trac Co January _ _
54,354
Montreal Street Ry_ _ Wk Mch 26 63,996
Nashville Ry & Light January .._ 123,835
27,437
NJ &HR Ry&FyCo February
119,301
:North Ohio Trac & Lt February
74,202
North Texas Elec Co_ January_ __
Nor( & Portsm Tr Co February_ _ 131.799
11,470
No Westchester Lt Co December
Northwestern Elev_ _ \larch _ _ _ _ 159,851
17,013
Oklahoma City By_ _ February _
14,711
:Peekskill Light & RR December
18,156
Pensacola Electric Co January _ _
PortlandRy Lt&PCo January _ _ 340,813
Puget Sound Elec By January __ 122,978
'Rio de Janeiro Tram
545,105
Light & Power_
42,264
Rockford & Interurb
•St Joseph (Mo) Ry Lt
86,812
Heat & P wer Co_ _ February _
Sao Paulo Tr Lt & P_ February_ _ 186,689
48,321
:Savannah Electric Co January _ _
17,093
Schuylkill By Co_ __ _ December
Seattle Electric Co.._ _ January _ _ 384,203
South Side Elevated_ March _ _ _ _ 178,081
11,149
:Sou Wisconsin By Co February _
99,110
Syracuse Rap Tr Ry_ February _
45,293
Tampa Electric Co__ January _ _
Toledo Rys & Light_ February _ 207,878
_ Wk Mch 28 62,024
Toronto Railway_
Twin City Rap Tram. 3d wk Mch 109,836
United RR of San Fr_ December 8481,285
775,454
United Rys of St L _ February
32,537
Whatcom Co Ry & Lt January __

'1`encuel7ei:-

Previous
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

3
403,683
401,879
192,967
175,433
179,537
86,940
43,799
42,308
20,229
352,047
344,570
164,126
6,587
6,195
6,195
20,864
19,734
19,734
103,447
104,069
49,763
119,800
107,812
52,478
130,882
139,153
66,382
34,180
33,487
15,456
52,811
49,558
49,558
30,432
26,654
26,654
87,616
87,324
87,324
117,111 1,305,536 1,318,527
171,965
154,540
14,650
330,788
311,570
146,273
46,802
37,043
37,043
83,340
75.641
33,567

200,475
80,615
379,561

174,518
75,641
348,086

29,702
15,944
282,363
31,727
479,021
6(5,675
39,714
239,925
304,991
53,467
58,920
122,945
23,571
116,858
74,952
128 558

58,083
15,944
541,441
31,727
479,021
806,970
39,714
688,900
304,991
53,467
752,334
122,945
51,262
242,049
74,952
280,577

138,483
14,005
13,299
17,308
267.018
107,516

59,915
18,078
632,448
32,860
496,321
938,161
43,043
648,297
308,192
54,354
801,314
123 835
58,311
245,426
74,202
276,680
112,956
458,513
33,929
169,658
18,156
340,813
122,978

41,389

545,105
591,395

62,711
171,844
45,442

138,971
378,420
46,321
207,035
364,203
509,474
22,409
201,532
45,293
424,839

399,676
28,912
146,498
17,308
267,018
107,516
510,032
131,410
346,812
45,442

292,816
292,816
433,118
155,350
22,390
10,862
187,549
90,424
43,994
43,994
420,891
199,701
60 293
106,581 1,249,901 1,196,345
562,200
764,680 1,602,852 1,591,017
32,537
29,063
29,063

a Figures for the month In both years Include operations of the Scranton
'Ry., acquired Jan. 1 1906. c These figures are for consolidated company.
d These arc results for main line. f No earnings for Detroit Jackson &
'Chicago By. for Jan. 1907 Included in these figures. h Decrease due to
-strike and boycott.

-In the following we show
Street Railway Net Earnings.
both the gross and tile net earnings to latest dates of all
STREET railways from which we have been able to procure
monthly returns. As in the case of the steam roads, the
returns of the different roads are published by us each week
as soon as received, and once a month we bring together all
the roads reportinelaslis done to-day.
-- -Net Earnings
--Gross Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Roads.
85,552
86,940
33,131
30,727
Aurora Elgin .& Chic_ _ _Feb
962,759
876,639
402,832
435,280
July 1 to Feb 29
21,364
6,413
7,006
20.229
IlInghamOn Rallway_ _Feb
42,308
43,799
14,829
15,238
Jan 1 to Feb 29
6,587
6,195 def.1,216
361
'Brockton & Plymouth_ a Jan
20,864
7,807
5,891
19,734
Cape Breton Elect Co_a_Jan
6,428
50,722
2,258
49,763
Central Penna Tract Co.Feb
12,654
103,447
8,037
104,069
Jan 1 to Feb 29 _____ _ _
Charleston Consol By Gas &
18,821
17,398
52,478
58,231
Feb
Electric Co
260,579
654,391
727,661
239,948
Mch 1 to Feb 29
5,906
15,458
15,917
5,593
Feb
Clev Painesv & E'n_a
13,367
33,487
34,180
13,294
Jan 1 to Feb 29
49,558
16,369
19,954
52,811
Cleveland Southw & Col_Jan
26,654
15,164
12,618
30,432
(Columbus Elect Co_a--Jan
87,324
21,074
16,159
89,616
_Jan
Dallas Elect Co_a
133,480
466,054
136,222
465,526
Detroit United Ry Co_a_Feb
976,655
303,072
307,621
974,591
Jan 1 to Feb 29
19,784
52,857
19,954
62,115
Duluth St By Co_ b- _ - _Feb
40,788
112,341
45,835
126,845
Jan 1 to Feb 29
78,635
146,273
63,720
157,722
East St L & Suburban_ _Feb
168,836
311,570
138,550
330,788
•
Jan 1 to Feb 29
13,613
8,341
37,043
El Paso Elect Co- a
Jan 46.802
40,775
31,070
83,340
Ft Wayne & Wab Val_ _ Feb
97,455
86,298
67,453
174,518
Jan 1 to Feb 29
200,475
25,531
25,873
75,641
.Galv-Houst El Co_a- -- _Jan
80,615
13,160
13,268
29,702
29,910
HonoluluRT&LandCo.b.Feb
25,341
25,210
Jan 1 to Feb 29
58,083
59,915
5,200
$07
15,944
Houghton Co St Ry_a-Jan
18,678
121,170
115,159
Illinois Traction Co_ a_Feb
262 363
304,538
255,420
Jan 1 to Feb 29
229,504
541,441
632,448
10,235
9,475
•Jacksonville Elect Co_a_Jan
31,727
32,860
241,004
237,490
Kansas City Ry & Lt_ b_ _Jan
479,021
496,321
2,034,814 1,954,902
to Jan 31
June 1
4,175,059 3,851,642
25,542
27,223
66,675
68,476
Lake Shore Electric_a__ Dec
390,712
418,602
938,161
866,970
Jan 1 to Dec 31
14,120
11,633
39,714
Lexington & Interurban Jan
43,043
127,547
141,913
304,991
308,192
Milw Elect By & Lt Co b Jan
23,605
25,643
53,467
54,354
3111w Lt Ht&Tr Co_ b- - _Jan
68,775
61,193
Feb
270,224
243,468
Montreal St By Co
514,986
439,265
1,158,462 1,327,460
Oct 1 to Feb 29




--Gross Earnings-- --Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.Year.
3
$
$
Roads.
6
3 43
07:604
43,520
128,558
131,799
Norfolk & Portsm Tr Co Feb
80,760
280,577
276,660
Jan 1 to Feb 29
44,148
40,835
116,858
119,301
Northern Ohio Tr & Lt_ _Feb
89,758
85,068
242,049
245,426
Jan 1 to Feb 29
28,856
28,346
74,952
74,202
North Tex Elect Co_a- -Jan
5,370
470
11:
NorWestchester Lt Co_aDec
49,648
112,956
Jan 1 to Dec 31
4,093
4,754
14,005
17,013
Oklahoma City Ry Co_ Feb
10,008
7,455
28,912
33,929
Jan 1 to Feb 29
5,570
6,495
13,299
14,711
Peekskill Lt & RR Co_a_ Dec
68,543
76,949
146,498
169,658
Jan 1 to Dec 31
5,732
5,399
17,308
18,156
Pensacola Elect Co_a__ _Jan
24,996
32,743
107,516
122,978
Puget Sound Elect Ry_aJan
95,094
167,224
287,018
340,813
Portland Rys L & P Co...Jan
189,786
522,315
Rio de Jan Tr L&P_a- Feb
394,904
1,067,420
Jan 1 to Feb 29
16,379
19,064
41,389
Rockford & Interurb_a-_ Dec
42,264
214,831
264,333
510,032
591,395
Jan 1 to Dec 31
29,104
30,749
62,711
66,812
St Jos Ry Lt Ht & Pow _Feb
60,101
62,992
131,410
136,971
Jan 1 to Feb 29
114,774
121,794
171,844
186,689
Sao Paulo Tr Lt&P__ - _Feb
233,837
249,819
346,812
378,420
Jan 1 to Feb 29
14,829
5,755
Savannah Eelect Co_a- -Jan
46,321
45.442
92,035
104,874
292,816
Seattle Elect Co_a-..--Jan
364,203
9,554
SchuykIll By Co_a
17,093
Dec
102,951
207,035
Jan 1 to Dec 31
38,816
37,864
90,424
Syracuse Rap Tr Co_ _ _Feb
99,110
82,294
73,069
187,549
Jan 1 to Feb 29
201.532
12,841
14,319
45,293
43,994
Jan
Tampa Elect Co_a
80,542
Feb
91,577
Cob
199,701
207,878
Tot Rys & Lt
171,404
183,450
420,891
424,839
Jan 1 to Feb 29
202,334
200,301
419,802
453,944
Twin City R T Co_ b_ _ __Feb
411,991
416,074
876,639
923,835
Jan 1 to Feb 29
255.914
9
216,.01
764,680
United Rys of St Louls.a Feb 775,454
528,953
464,688
1,602,852 1,591,017
Jan 1 to Feb 29
14,178
13,088
29,063
32,537
Whatcom Co By & Lt_a Jan
a Net earnings here given are after deducting taxes.
b Net earnings here given arc before deducting taxes.

Interest Charges and Surplus.
:
y ngs
-Int., Rentals. dec.- -Bai, of Net E ea r..Previous
Current
Previous
urr r
Cyeaent
Year.
Year.
3
Roads.
$
3
3
6,000
2,122
27,131
28,605
Aurora Elgin & Chic_ _ __Feb
192,514
214,079
221,201
210,318
July 1 to Feb 29
def.1,618
8,031 def.1,263
Binghamton RyFeb
8,269
16,565
16,004 def.1,327 def.1,175
Jan 1 to Feb 29
2
1,873
1; 50
4 732 def.3,089 def.1,371
Brockton & Plymouth- _Jan
1,641
3,373
4,434
Cape Breton Elect Co__ _Jan
Charleston Consol Ry Gas &
3,996
13,402
Feb
Electric Co
13,443
82,846
157,100
5373
98:57°
Mch 1 to Feb 29
def1,620
def1,321
7,213
:
2 208
167 027
Clev Palnesv & East'n__ Feb
def1,131
def1,073
14,425
Jan 1 to Feb 29
14 441
1 1:650
2,214
3,513
10,404
Jan
Columbus Elect Co
19,739 def.2,581 def.3,580
Jan
23,655
Dallas Elect 0)
x17,745
x2,671
123,348
135,122
Detroit United By Co__ Feb
7
2 42
x70:425
x41,832
246,483
271,168
Jan 1 to Feb 29
17,529
Dulth
Feb
18,417
St By Ca
10,731
1 357
3:9°5
35,104
83
503
36:0 0
Jan 1 to Feb 29
3,873
Jan
El Paso Elect Co
1 1 374
x7:377
038
9:
4,4687 713
14,499
Galvest-Houst El Ca_ _ Jan
16,495
6,134
Honolulu R T&LandCo_ Feb
xfIlp
x13,365
1
1A8
1.2
: 1
12 268
Jan 1 to Feb 29
d e9 f.3,652
,2
3,959
Co St Ry_ __ _Jan
Houghton
3 98
3,139
6,810
Jacksonville Elect Co- _ _Jan
6,336
86,212
3, 44
94. 85
4
5
3:519
147 475
151 ,278
Kansas City Ry & Lt_ _ _ _Jan
806,792
789,767
1%185,135
, 1,228,022
June 1 to Jan 31
194
22,679
Shore Electric._ Dec
25,348
Lake
122,529
254,198
130,514
294,073
Jan 1 to Dec 31
x35,954
x52,380
94,050
98,109
Milw Elect Ry & Lt__ __Jan
9 0
22 63
24 687
27,398 xdef. :560 xdef.1:700
Tr Co_ _ _ _Jan
33,292
Mliw Lt Ht &
36,493
46,206
Montreal Street By Co_ _Feb
294,962
195,667
243,598
220,024
Oct 1 to Feb 29
def1,570
41,400
2,748
42,405
Northern Ohio Tr ec Lt_ _Feb
161
7,019
Jan 1 to Feb 29
7
1 751
16: 74
1 11
10 73
18,718
82, :8
7
Northern Texas El Co--Jan
14 0 2
81; 7
3,618
Pensacola Elect Co
Jan
c: 2
: 41
21 2
3i543
7 13
23,840 dcf :5 1 3 def.2 894
Jan
$8,155
Puget Sound El By
Savannah Elect Co
12,568
Jan
0:556
42 20
0
42,622
19 583
41:417
62,674
Jan
Seattle Elect Co
13,770
25,100
28,573
Syracuse Rap Tr Co_ _ _Feb
16,680
32,884
49,719
57,030
1 to Feb 29
Jan
13,343
11,881
960
976
Jan
Tampa Elect Co
x23.948
x18,465
63,154
68,449
Feb
To! Rys & Lt Co
x47,995
x47,638
125,462
137,053
Jan 1 to Feb 29
77.512
87,078
115,258
122,789
Feb
Twin City R T Co
167,247
230,517
185.557
244,744
Jan 1 to Feb 29
22,496 def.15,123
231,324
419
233,
United Rys of St Louis _Feb
1
672:03870
462,868
968,872
Jan 1 to Feb 29
,214
6.874
8,797
Whatcom Co By & Lt- _ _Jan
x After allowing for other incnne received.
_____-.....--------

ANNUAL REPORTS.
Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies whieh
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of March 28. The next will appear in that of April 25.
New York Central & Hudson River Railroad
(Combined Results of Allied Lines for Calendar Years 1905,
1906 and 1907.)
The following statement has been compiled showing the
combined results of the allied lines for the calendar years
1905, 1906 and 1907. See also statistics of operations in
editorial remarks on a preceding page.

APE. 4 1908.1

THE CHRONICLE

COMPANIES INCLUDED.
N. Y. Central & Hudson River RR. Lake Erie & Western RR.
Chicago Indiana & Southern RR.
& Dolgeville RR.
Little Falls
Dunkirk Allegheny Val.& Pitts.RR. Indiana Harbor RR.
Lake Shore & Michigan Southern Ry. Cleve. Cin. Chic. & St. Louis Ry.
Lake Erie Alliance & Wheeling RR. Peoria & Eastern Ry.
Cincinnati Northern RR.
Michigan Central RR.
'Chicago Kalamazoo & Saginaw RR. New York Chicago & St. Louis RR.
Pittsburgh & Lake Erie RR.
Detroit & Charlevoix RR.
Rutland RR.
ROAD MILEAGE.
1907.
6,532.29
704.69
4,575.10
470.13

Lines owned (corporate)
Lines contr'd through ownership of stk
Lines leased or operated under contr'ct
Lines operated under trackage rights_

1906.
6,348.80
747.22
4,583.20
480.34

1905.
6,247.03
680.65
4,647.93
453.12

851
INCOME ACCO UNT
.

Receipts1907.
Net earnings
$4,406,584
Income from investm'ts_
702,519

1908.
1905.
$3,543,583 $3,455,950
402,004 . 315,812
$3,945,587 $3,771,762

1904.
$3,340,277
63,471

$3,894,659
50,928

$3,280,493
a123,255

Total income
$5,109,103
83,403,748
Disbursements
Rent (Incl. Can. Sou.)
$568,200
$566 310
$561,202
$541,310
2,098,230
2,073,850
Interest on debt
2,015,320
1,989,663
Interest on loans, &c
702,007
317,599
221,785
Int. on equip, tr. ctfs_- 11,300
Dividends
____ -(8%)1,499,040(5%)93.1,900(4%)749,520(4%)749,520
Total
Surplus

$4,878,778
230,325

$3,547,827
223,934

a There was received also from sale of property, premium on bonds
12,028.73 sold, &c., $397,215.
12,282.31
Total miles operated
12,159.56
FINANCIA TRANSACTIONS AFFECTING INCOME.
BALANCE SHEET DEC. 31.
SUMMARY OF
1906.
1907.
1906.
1907.
1907.
1005.
1906.
Assets$
$
$
Liabilities$
12,028.73
Miles operated
12,282.21
12,159.56
Capital
Cost of road and
18,7'08,000 13,738,060
Earnings$
$
$
49.429,400 Bonds (see "Ry.&
equipment
50,220,400
Freight
163,341,695 152,124,382 139,483,818
Ind." Section)_26,765,000 25,265,000
12,546,802 10,833,338
Passenger
59,454,532 55,073,759 50,614,828 Investments
Bills payable
14,711,111 6,250,000
5,883,685 Real estate, &c.,
Express
7,363,501
6,195,498
not used in opWages
866,182
862,609
6,600,024
Malls
6,536,640
6,901,308
eration
308,557 Traffic bal. pay'le_
624,596
302,597
473,349
3,366,830
Rentals
3,595,867
3,846,212
Interest unclaimed
25,537
286,273
Miscellaneous
798,047 Loans and bills re914,364
800,686
ceivable
354,960 Divs. unclaimed- _
3,783,422
5,463
5,257
Sundry accts. pay. 2,269,861 3,820,005
Totals
225,591,500 206,728,132 Traffic balances re241,456,945
ceivable
594,813
4,252,857 2,913,749 Acced int.& rent_
362,597
Expenses(73.03%)
(69.76%) (68.91%)
Dividends
9.16,900
t62.140
Maint. of way and structures
32,553,051 27,723,909 25,180,133 Sundry collectible
accounts
1,889,892 1,260,677 Canada Southern_
4,911
254,238
Maintenance of equipment
34,737,427 34,169,593 30,674,067
Conducting transpirtation
103,545,223 90,410,003 81,876,044 Fuel and supplies_ 2,390,346 2,119,735 Insur. fund, bidgs. 117,962
1,318,774
578,653 Items in suspense_ 1,913,626 1,906,640
General expenses
4,751,002 Cash
5,516,107
5,074,026
Income account__ 9,131.127 9,012.962
Totals
176,351,809 157,378,431 142,462,148
Total
76,705,090 67,799,069
76,705,090 67,799,069
Total
Additions, &c.
New construction
8,121,468 -V. 86. P. 108
7,007,781
8,441,720
New equipment
3,637,615
5,584,401
4,153,721
Total expenses

186,997,205 169,973,872 156,168,015

Net earnings
Other Income

54,459,740
18,362,217

Gross income
First Charges
Bond interest
Rentals
Taxes
Other charges
Totals
Net income
Dividends

46,852,948
25,060,008
23,420,623

55,617,629
12,711,817

50,560,117
10,764,012

72,821,957

68,329,446

61,324,129

21,795,126
12,361,894
7,775,710
4,420,210

20,554,463
12,379,202
8,462,170
1,955,332

19,824,218
12,225,261
7,793,947
1,552,762

43,351,257
24,978,190
18,000,178

41,396,188
10,927,941
15,410,279

2,542,385
6,969,012
Deductions from Surplus in 1907 and 1908.
1907.
$2,542,385
Surplus for the year
Deduct on account of special Improvement funds,
607,045
reduction in value of assets, &c

4,508,662
1006.
$8,969,012

Amount carried to the credit of profit and loss. $1,935,340

81,837,628

Surplus

5,331,384

COMBINED BALANCE SHEETS OF DECEMBER 31.
1906.
1905.
1007.
AssetsCost of road and equipment
692,596,494 662,218,418 607,797,330
Advances to leased lines and other
companies
65,323,494 47,489,357 35,140,807
Securities owned and acquired
238,291,013 269,153,130 239,817,758
Other property
3,030,138
3,04-1,100
4,950,419
Fuel and supplies
21,973,162 17,418,041 14,503,080
Cash
11,257,346 17,424,790 11,460,300
17,141,999 15,133,122 16,509,907
Traffic balances receivable
37,307,306 24,398,904 22,043,274
Loans and bills receivable
40,763,012 28,611,152 20,762,377
Other current assets, &c
1,177,690,464 1,084,889,014 972,875,232
Total
Liabilities
366,352,500 355,726,600 294,630,063
Capital stock, common
52,431,100 52,431,100 47,431,100
Capital stock, preferred
549.176,672 534,088,672 488,454,673
Funded debt
55,000,000
Gold notes
150,000
150,000
150,000
Bonds and mortgages, real estate_ _
32,871,463 20,414,706 24,047,574
Wages and supplies
7,183,321
5,201,751
7,526,743
Traffic balances payable
17,850,250 14,855,405 15,561,551
Loans and bills payable
41,370,704 39,558,435 42,417,409
Other current liabilities, &c
55,304,445 53,482,345 52,647,029
Profit and loss
Total
-V. 86, p. 708, 790, 721.

1,177,690,464 1,084,889,014 972,875,232

Michigan Central RR.
(Report for Fiscal Year ending Dec. 31 1907.)
On subsequent pages is published the report at length,
signed by W. H. Newman, President; also the balance sheet
and various tables of interest.
Statistics.-Operations, earnings, charges, &c., and the
comparative balance sheets w3re as follows:
OPERATIONS AND FISCAL RESULTS.
1906.
1907.
1005.
1904.
1,745
1,746
Miles operated
1,745
1,653
Equipment
523
544
Locomotives
512
481
443
420
Passenger equipment_ - 391
383
18,889
Freight equipment
18,938
16,394
15,097
Operations
4,479,173
Passengers carried
4,981,631
3,657,010
3,923,866
Passenger mileage
312,790,973 277,360,478 249:329,847 220,794,138
2.10 cts.
2.06 cts.
Rate per pass. per mile_
2.05 cts.
2.06 cts.
Revenue tons moved.._ _ 16,538,163 15,816,491 14,159,886 13,551,195
Revenue tons mileage
a3,027,734 a2,910,834 a2,585,063 a2,336,886
ton per mile 0.641 cts.
0.628 cts.
0.615 cts.
0.641 cts.
Av. rate per
Earnings•
-Passenger
$6,541,103 $5,928,874 $5,225,528 $4,818,764
19,926,803 18,650,230 16,255,481 15,273,012
Freight
1,401,169
52,070,204 61,696,484 61,802,859
Mall, express, &c
Total gross earnings- -$28,547,110 $26,275,588 $23,283,888 $21,492,945
Operating ex pensesMaintenance(Away, &c. $4,091,923 $3,489,189 $3,418,740 $3,135,125
,512,578
3,281,044
Maintenance of equipm't 4,070,277
4,388,927
Transportation
13,503,987 12,141,721 10,518,814 10,130,382
556,778
541,435
514,464
565,563
General
1,001,741
1,008,776
962,002
1,111,653
Taxes
'fetal oper. expenses_$24,140,526 $22,732,005 $10,827,018 $18,152,668
(84.65)
(88.55)
(85.15)
(84.46)
P.c. oper. exp. to earns_
4,406,584 $3,543,583 $3,455,950 $3,340,277
Net earnings
a Three ciphers omitted. b Includes rentals ($24,862 In 1906 and $72,562
In 1905), this Item being Included In other Income in earlier years.




Cleveland Cincinnati Chicago & Bt. Louis Railway.
(Report for Fiscal Year ending Dec. 311907.)
On subsequent pages is published the report at length,
signed by Mr.W.H.Newman,President; and also the balance
sheet.
Statistics.-Operations, earnings, charges, dm., and the
comparative balance sheets were as follows:

OPERATIONS AND FISCAL RESULTS.
1905.
1904.
1907.
1906.
1,983.42
1,891.02
Miles eperated
1,982.90
1,983.28
Tons of freight canled
20,617,199 18,149,086 16,873,876 14,771,277
Tons carried one mile.. _3157791079 2769222527 2465708374 2131943327
Rate per ton per mile
.572 cts.
.598 cts.
.592 cts.
.620 cts.
Freignt earn. per tr. mlle
$2.41
$2.33
$2.09
$2.03
Aver. train-lead (rev.)
422
394
349
327
Train-load (all freight) _ _
449
429
376
348
Frt. earn. perm. of road
$8,693
$7,908
87.205
$7,094
Passengers carried
6,701,.012
6,225,337
5,989,534
6,271,669
Passengers carried 1 ml1e379,921,520 357,434,713 328,227,823 410,927,144
52
49
Passengers per traln mile
48
61
1.841 cts.
1.910 cts.
Rate per pass. mile 1.903 cts.
1.781 cts.
Earnings
$17,238,348 $15,683,733 $14,291,108 $13,015,507
Freight
6,963,864
6,379,056
7,127,049
Passengers
7,452,558
648,767
613,966
564,662
849,999
Express
782,577
787,297
771,950
741,728
Malls
413,616
487,727
336,047
464,583
Rentals
32,720
30,248
386
26,147
Miscellaneous
828,447,804 $24,594,916 $22,517,763 $22,141,110
Total earnings
Expenses
Maintenance of way. &c. $3,432,738 $3,286,477 $2,999,105 $2,730,943
Maintenance of equipm't 4,g09,998
3,573,927
3,390,675
3,082,236
Conducting transport'n_ 11,868,537 11,0i:8,629
t,,oisk,,oiu
9,625,515
822,356
General
563,680
499,896
45o,908
$20,133,629 $18,432,713 $16,879,345 $15,895,602
Total expenses
234,942
New construction
569
New equipment
$20,133,629 $18,432,713 $16,879,345 $16,131,113
Total expenses
(74.96%)
(71.79%)
Per cent exp. to earnings (76.13%) (74.95%)
$6,314,175 $6,162,203 $5,638,418 $6,009,997
Net earnings
208,589
241 ,477
186,544
284,217
Dividends, Interest, &c.
$6,500,719 $8,370,772 $5,879,895 $6,294,214
Gross income
Deduct
Interest on bonds
$2,989,581 $2,948,801 $2,865,299 $2,736,349
610,174
671,408
752,586
Taxes on real estate_ _ - 758,158
67,424
Taxes on gross earnings_
78,043
70,070
84,737
RR.c- mm'rs' assessm'ts
1,009
1,002
1,018
988
Use joint facilities
209,740
157,808
204,505
205,080
Rentals other property_
80,214
80.328
97,881
74,948
Miscellaneous interest
242,314
111,607
244,763
414,586
Pref. dividends (5%)_ _500,000
499,925
499,925
499,925
Common dividend_ (370)1,411,689(4)1,511,754(4)1,328,950(4)1,119,612
$6,439,190, $6,317,719
Total
$53,053
$61,528
Surplus
Net profit from sale of
securities, and adjust112,804
ments of sundry accts.

$5,838,344
$41,550

$5,534,915
$759,299

$53,053

$41,550

$759,299

$174,333

CONDENSED GENERAL BALANCE SHEET DEC. 31.
1906.
1907.
1907.
1906.
Liabilities
Assets
Road & equipt_122,490,294 114,393,891 Common stock_ 47,056,300 40.000,000
Stocks other cos. 2,049,971
3,531,109 Preferred stock_ 10,000,000 10,000,000
1,457,275 Fund. debt (see
Bonds other cos. 1,482,530
"Ry. & Ind."
Equip. tr. Ws_
2.438,171
Section) ____ 64,612,727 63.612,727
2,839,460
Advances
*3,421,299
1,433,850 4-year g. notes_ 5,000,000
Fuel & supplies_ 1,629,801
2,402,146 Wages & supp__ 6,742,683
1,785,731
6,368.015
Cash .
Loans&bilis pay 3,013,990
5,615,925
Cash in banks to
Traffic bal. pay_
184,870
321,588
pay coupons,
320,614 Interest accrued
459.612
462,741
diva., &c
438,631
40,000 Bond Int. due
Loans & bills rec
131.935
846.253
Jan. 1
963,091
543,020
409,020
Traffic bals. rec.
1 58,480
Bond Int. unci'd
Sundry collecti57,490
2,422,353 Div. on pref. _ _ _
125,000
124,981
ble accounts_ 3,015,946
Div. on cons _._
470,563
800,000
New car conDivs. unclaimed
21,792
17,785
tracts(per con2,549,594 New car contracts
• 1,468,306
tra)
295,592
2,549,594
Other Items_
32,160
(per contra)_ 1,468,306
Kankakee& SenPeoria & East.
. eca RR
27,250
273,939
Ry. Co
47,054
397
Kan.& Sen. Ry.
5,378
Mt.G.Sh. L.Ry.
4,433
1,673,235
Profit and loss__ 1,847,568
Total

141,659,528 132.268,705

Total

141,659,527 132,268,705

*Kankakee & Seneca Ry.. $117,000; Central Indiana Ry.. $703,935; Short Line
division, $1,228,480; real estate. $1,106,758; Springfield Union Depot, $1,840
Cincinnati Union Depot. $60.000; Evansville Mt. Cannel & Northern, $191,858•
Saline Valley Ry., $11,448.-V. 86, p. 794, 284. 282.

[VOL.. Lxxxvi.

THE CHRONICLE

852

Chicago Indiana & Southern Railroad.
(Report /or Fiscal Year ending Dec. 31 1907.)
President W. H. Newman says in substance:

OPERATIONS. EARNINGS, EXPENSES AND CHARGES.
1904.
1905.
1906.
Operations1907.
888
880
880
886
Miles operated Dec.31__
1,800,890
1,851,380
1,570,818
1,539,505
Passengers carried
46,858,872 47,958,770 44,292,545 48,592,744
Passenger mileage
2.18 cts.
2.05 cts.
1.90 cts.
1.73 cts.
Rate per pass. per mile_
$0.77
$0.77
$0.72
$0.72
Earns per pass. tr. mile_
3,542,331
3,790,365
4,189,604
4,309,639
'Freight (tons) moved
'Freight (tons) mileage_561,202,840 586,855,234 552,450,690 539,897,162
0.688 cts.
0.681 cts.
0.675 cts.
Av. rate per ton per mile 0.702 cts
$2.21
$2.18
$2.21
$2.33
Earns .per freight tr. m_
$5,598
$5,658
$5,833
$5,689
Earns, per mile of road_
316.83.
324.41
327.93
tons
331.69
Av. train-load(rev.)
• Revenue freight only.
$
$
Earvings$
$
$
1,020,200.
987,225
931,31.2
832,696
Passenger
3,727,157
3,802,434
4,006,831
3,984,152
Freight
250,653
247,635
274,669
250,092
Mall, express, &c

Bonds.-FItty-year 4% gold bonds have been authorized to the imount of
$20,000,000 (V. 85, P. 1401). Of these there are outstanding $10,000,000
and there are issued and in the treasury $4,540,000, leaving a balance unissued of $5,460,000; of these last, $4,850,000 are reserved to retire the
same amount of outstanding first mortgage bonds of the Indiana Illinois
& Iowa RR. Co., reducing the balance available for general purposes to
$610,000.
-To obtain the locomotives and cars necessary for
Equipment Trust.
immediate requirements, the company has become a party to an equipment trust agreement and lease dated Nov. 1 1907, known as "New York
Central Lines Equipment Trust of 1907." The cost of the equipment to be
leased under the terms of the agreement by this company will approximate $4,200,000. Of the equipment certificates issued on account of rolling
stock delivered prior to Dec. 31 1907, this company Las purchased $548,000.
4,998,010
5,037,294
5,066,940
5,212,812
Total earnings
Delivery of the remainder of the equipment will be made during 1908.
(Compare N. Y. Central & Hudson River RR.in V. 86, P. 108; also V. 86,
Operating Expenses
9
p. 78.)
823,965
668,947
716,720
654,976
Contracts.-An agreement was entered into between this company and Maintenance of way,&c.
730,271
874,897.
814,382
816,343
the Pullman Company providing for Pullman car service for 25 years from Maint. of equipment
1,973,759
1,926,186
2,169,542
Jan. 1 19054 also an agreement with the Western Union Telegraph Co. Transportat'n expenses_ 2,179,443
120,340
125,123
134,330
142,239
providing for telegraph service for 30 years from Jan. 1 1906. These con- General
213,913
257,521
263,065
211,381
tracts supersede all prior agreements with these companies, and are more Taxes
--•
favorable in their terms.
3,802,248
3,852,675
Total
4,036,296
4,086,126
-The gross earnings for the year increased $071,751, as
General Results.
1,135,wo
1
1,1801.1).
1,176,516
1,000,814
last year. Freight earnings increased $599,470, due prin- Net earnings
compared with
11,736
6,930
cipally to the large increase of bituminous coal handled over the Danville Other income
Division. Passenger earnings increased only $32,000, owing to the reduc1,136,302
1,192,930
Total income
1,188,252
1,007,744
tion In passenger rates on Intra-State business. The earnings from express increased $13,478. Miscellaneous earnings decreased $19,508 and
Deductrent earnings increased $44,791, due to rental received account Dune Park Int. on 1st mtge. bonds..
543,750
543,750,
543,750
543,750
branch and Gibson yards.
125,000
125,000
125,000
125,000
Maintenance of way and structures increased $94,957, mainly on the Int. on N. 0. bonds_ __ _
Div. on
(2)236,800 (3)355,200 (3)355,200 (3)355,200
Division, due to relaying tracks with heavier rails, additional Rentals pref. stock
Kankakee
56,465
80,530
ec miscellaneous
69,341
95,329
ballasting and strengthening and renewing of bridges. Maintenance of
44,858
70,139
87,092
equipment increased $155,681, $45,231 of this being due to replacement of Additions & betterments
transportation decreased $150,287.
destroyed freight cars. Conducting
1,125,073
1,174,617
Total
1,180,383
1,000,879
"Other income" increased $55,929, due to profit on fittings purchased for Surplus
11,289
18,313
7,869
a6,864
new equipment.
-The first charges show an increase of $671,482, due to
Fixed Charges.
asFrom surplus in 1907 should be deducted betterments on leased line,
increase in interest on gold bonds and loans, heretofore the Interest having
1, leaving $5,573.
been charged to cost of road and equipment. There are also slight increases $1
in taxes and rental of terminals.
GENERAL BALANCE SHEET DEC.31.
.-During the year $212,387 was expended for new equipNew Equipment
ment and charged to "cost of road and equipment," viz.: Locomotives,
1906.
1907.
1907.
1906.
$43,598; freight cars, $138,617; other cars. all classes, $30,172.
$
$
AssetsLiabilities-There was expended $1,313,328 Cost of road
New Construction and Improvements.
32,601,782 32,409,177 Common stock_11,840,000 11,840,000
to the property, and charged to Cost of equipment_ 3,267,832 2,652.5201 Preferred stock__ _11,840,000 11,840,000
for new construction and improvements
"cost of road and equipment," viz.: New yards, shops, general office and Securities owned- 153,506
158,506 First mtge. bonds_ 7,250,000 7,250,000
other facilities at Gibson, $778,695; land for right of way between Gibson Interest in KokoSecond M. bonds__ 3,625,000 3,625,000
and Ivanhoe, $82,346; various industrial and passing sidings, other new
1,021,9511 1,247,352
13,987
13,987 Bills payable
mo Belt Ry
construction, &c., $359,112; improvements on Kankakee Division, $93,175. Advances Northern
Accts. payable_ _ _ 474,7331
304,150
53,983
Ohio Hy. Co-50,015 Accrued interest_ 314,596
RESULTS FOR CALENDAR YEARS.
171,776
429,273
331,219 Unpaid wages- 168,590
Cash _
1906.
1905.
1907.
236,800.
118,400
461,407 Divs. payable_ _ __
Fuel and supplies_ 478,371
$
$
Earnings from operation1,450
250
Traffic and other
Divid's unclaimed_
2,080,406
1,800,990
2,679,876
Freight
accts. receivable 448,548
306.104 Cleveland & New
174,884
113,186 Coup. & div. acct..
206,864
82,086
Passengers
84,802
5,300
274,3501 Castle Ry. Co__
19,781 Items in suspense_
21,801
36,799
Mall and express
399,606
136,107
163,6791Equiat. contracts_
35,987
31,152
75,943
Rents
Aced. taxes & misc 222,338
46,100
24,509
5,001
222,417
All other
228,424
Profit and loss____
----- 2,115,044
2,332,732
3,004,483
Totals
37,588,689 36,821,631
Total
37,588,689 36,821,6311 Total
Expenses
352,341 -V. 86, p. 795. 285.
348,596
443,553
Maintenance of way and structures....
273,660
348,232
503,914
Maintenance of equipment
970,469
873,461
1,023,747
transportation
Conducting
Rutland Railroad.
86,864
122,203
106,377
General expenses
30,014
24,726
Construction and betterments
(Report for Fiscal Year ending Dec. 31 1907.)
875
130
New equipment

$

1,943,130
1,061,353
88,178

Grand total
Net earnings from operation
Interest on loans and deposits

1,851,808
480,024
32,249

1,714,222
400,822
5,428

$

I
I

President W. H. Newman says in substance:

Capitalization.
-The capital stock remains unchanged. $9,257,000_
Equipment bonds purchased and canceled, $70,000.
General Results.
-The gross earnings show an increase of $258,878. or
513,173
406,250 9.24%. The freight earnings increased $181,021 or 10.93%, and passen1,149,531
Gross Income
ger earnings increased $58,548 or 6.05%.
DeauctThe expenses of operation show an increase of $225,779, or 11.58%..
194,000
194,000
594,000
Interest on funded debt
485 Maintenance of way and structures increased $34,081, due to expenditures.
485
24,885
Rentals
55,636 for new and heavier steel rails and increased rates of pay for labor. Main60,384
74,782
Taxes
28,009 tenance of equipment increased $48,211, due to heavier outlay for repairs
232,705
Interest on loans
to locomotives, passenger and freight equipment, and renewals of loco278,130 motives, and Increased rates of pay for labor. Conducting transportation,
254,869
926,352
Total
increased $140,592, caused by advance in wages and the larger volume
128,121
258,304
a223,180
Surplus
of business.
were purchased, and
Two switching
a To the surplus for 1907 as above was added $1,415 net profit in ad- payments thereonand six large freight locomotives
amounting to $41,512 were charged to income as adjustment of sundry accounts, making a total of $224,595.
ditions.
10697.
The net earnings show an increase of $19,673.
CONDENSED GENERAL BALANCE SHEET DEC.193017.
First charges and taxes were $646,758, an increase of $25A22, due to
1906.
1907.
increased taxes, and interest paid on account of loans. Interest on funded
Liabilities$
$
Assetsof equipment bonds.
Road &equipment.38,682,829 37,234,8491Common stock__ _15,000,000 15,000.000 debt decreased $5,276 by reason of the retirement dividend on preferred
The prollt from operation after payment of 1 %
[Preferred stock__ - 5,000,000 5,000,000
50-yr.4% gold bds.
stock was $7,308.
1 1st mtge. bonds
4,540,000
in treasury
The expenses for the year included $125,666 for extraordinary items.
(I. I. & I. RR.). 4,850,000 4,850,000
Equip. tr. certfs- 547,470
180,184150-yr.4% gold bds 14,540,000 10,000,000 among them new 80-lb. steel rail, $44,394, and new bridges, $24,987.
64.631
Agents & cond'rs.
974,379'Awl. vouchers_ ___ 1,527,144 '2,493,259
454,726
Cash
OPERATIONS, EARNINGS, EXPENSES AND CHARGES.
98,794 '348,240
89,157
Remit.In transit
I Attd. pay-rolls__
1904.
1905.
74,2261Int. & rent accrd
.- 214,9821
2,460
52,935
1908.
Traffic bals. recle_
1907.
408
468
648,139 Int. & div. unci'd_
920f
Misc. coliec. ac'ts_ 1,589,923
468
Miles operated
488
308,857'Loans & bills. pay.. 4,085,800 1,125,000
Fuel and supplies_ 261,840
Operations
1,329,106
1,222,221
'Traffic bats. pay'le 347,356
289,526 Passengers carried
.
1 547,886
1,621,104
'Miscellaneous _ _ _ _
135,616
53,845 Passengers carried 1 mile 44,529,700 42.498,086 39,019,283 37,807,282'
2.16 cts.
2.16 cts.
IProfit and loss_ ---482,899
258,304 Rate per pass. per mile . 2.225 cts.
2.19 cts.
1,986,210
1,821,603
2,055,569
3,351,923
Tons freight carried.
46,283,511 39,420,634 Tons freight carried 1 m.248,378,345 213,003,588 187,108,005 172,904,79
46,283,511 39,420,6341 Total
Total
0.858 cts.
0.835 cts.
0.812 cts.
-V. 86. p. 793.
Rate per ton per mile__ _ 0.781 cts.

, $

$

1
I

1

1

I

. Lake Erie & Western Railroad.
(Report for Fiscal Year ending Dec. 31 1907.)
President W. H. Newman says in substance:
-The capital stock and funded debt remained unchanged
Capitalization.
during the year
General Results.
-The gross earnings decreased $145,872 as compared
with last year. The freight earnings show a decrease of $22,680, due to
decerased movement during the last two months. The passenger earnings
decreased $98,815, due to decrease in number of passengers on account
of Increased competition of electric lines and to the two-cent rate laws in
the States of Indiana and Illinois.
Maintenance of way and structures shows an increase of $61,744, due to
Increased expenditures for general repairs to roadway and track, and in
pay for labor.
The net earnings decreased $140,294. First charges decreased $25,696.
The profit from operation for the year, after payment of 2% in dividends
upon the preferred stock, was $6,864.
Improvements, &c.
-There was charged to cost of road for additions and
betterment to the property, including change of grade of main track through
Indian Creek Hollow, west of Lafayette. Indiana; the completion of second
main track between Lafayette and Montmorenct, Indiana, and bridges
over the Wabash River at Lafayette, Indiana, and the Sandusky River
at Fremont, Ohio, the sum of $192,605., and to cost of equipment for
new cars and engines, partly paid for in previous years, the sum of $015,306,
making a total charge to cost of road and equipment of $807,911.
During the year, 18.53 miles of main track were renewed with 75-lb.
steel rail and 8.01 miles of main track were renewed with 90-1b. steel rail;
13.54 miles of main track were ballasted and surfaced with gravel; 6.38
miles of new sidings were built; 6.81 miles of sidings were removed and
325,331 eross ties and 252 sets of switch ties were laid.




Earnings
Freight
Passenger
Malls and express
Rentals
Miscellaneous

1,837,280
1,025,846
155,730
23,989
15,256

$1,656,244
967,298
135,917
23,841
15,909

$1,509,282
879,201
131,108
21,729
20,768

$1,441,601
841,003
116,945
18,173
19,315

Gross earnings
$3,058,087 $2,799,209 $2,502,089 $2,437,03
7
Expenses
$378,887
$452,673
Maintenance of way, &c.
$318,288
480,754
380,640
320,326
319,022
of equipment_ _
Maint.
428,851
1,027,104
923,101
008,772
Conducting transport'n
1,167,695
87,782
84,288
89,237
General expenses
90,678
29,805
New construction
1,808
New equipment
41,512
Operating expenses_ $2,217,298
71.0
P. c. of exp. to earnings.
$840,789
Net earnings
Dividends, interest, &c_
49,141

$1,973,094
(09.60)
$821,115
49,951

$1 ,715,803
(06.00)
$848,486
48,862

$1,035,310
(67.10)
$801,717
48,806

Gross Inc3me
Deduct
Interest on bonds
Rentals
Taxes
Equipment sinking fund
Interest on loans
Div. on pf.fstk. (1 14%)_

$889,930

$871,000

$895,348

$850,323

$493,644
19,000
108,398
100,000
25,716
135,864

$498,920
10,000
87,078
100,000
16,338
135,864

$504,005
19,000
78,170
100,000
2,425
135,864

510,553
19,000
70,348
100,000
1,483

Total
Surplus

$882,622
$7,308

$857,200
$1 3,866

$840,365
$54,983

$701,364
$148.959

CONSOLIDATED BALANCE SHEET DEC. 31.
1906.
1907.
1906.
1001.
Liabilities
$
Assets199,400
199,400
20,116,644 Common stock__ _
•Construe.& equip_20,051,995
9,057,600
„Stocks and bonds_ 1,748,380 1,746,880'Preferred stock _ - _ 9,057,600
163,398 Bonds (see "Ry. &
314,488
on hand
Cash
50,000) Ind." section)_ _11,570,000 11,640,000
50.000
Cash loans
363,819
363,819
172,o34 Notes payable_ __
Fuel and supplies_ 272,558
135,870
5,609 Wages and supplies 150,120
27,065
Traffic balances36,955
42,619
263,119'Traffic bal.payable
283,392
Bills receivable
21,940
21.705
45,907 iInterest accrued__
85,568
Items in suspense_
212,031
66,500 Sundry accts.pay. 476,344
36,500
Car trust sink. fund
7,033
7,060
'Int. unclaimed_ __
.Sundry collectible
3,821
4,391
95,302 Divs. unclaimed83,176
accounts
135,864
Div. pay'le Jan. 15 135,864
911,659
__ _ 924,200
Profit and loss_
Total
-V.86, p.795.

22,953,122 22,725,9941

Total

22,953,122 22,725,994

Pittsburgh Cincinnati Chicago & Bt. Louis Railway.
.(Report for Fiscal Year ending Dec. 31 1907.)
President James McCrea, Pittsburgh, Pa., March 25 1908,
-says in part:
capital

-There was an increase of $3,858,900 in the common
New Stock.
of the franchises
stock, $3,853,800 having been Issued in the acquisition balance of $5,100
and corporate property of the Chartiers Railway, and the
conversion of scrip and underlying stocks.
in the
of
-The funded debt increased $6,038,000, due to the Issuethe
Bonds.
and
-consol. mortgage 4% bonds, series "G, due 1957, $6,000,000,due Oct.
of first mortgage 334% bonds Chartiers By. Co.,
assumption
bonds, series "E,"
1931, $625,000; less $580,000 consol. mortgage 334% Jeff. Mad. & Indi.redeemed through sinking fund, and $7,000 7% bonds
and canceled.
anapolis RR. Co. matured
the Jeff. Mad. &
In order to provide for the second mortgage bonds of
to repay advances made by the
Ind. RR. maturing in the near future, andexpenditures, purchase of real
Pennsylvania Company for construction the report for 1906 the creation
,estate and new equipment, as mentioned inwas authorized, to' known as
'
be
of $10,000,000 of consol. mortgage bonds for 50 years, and bear a rate of
series "G," to be dated Nov. 1 1907, to run $6,000,000 have been sold to
interest not exceeding 4%. Of these bonds,
the Pennsylvania Company.
The
-The gross earnings increased $2,735,106, or 9.24%. due
Earnings.
or 11.49%,
operating expenses, Including taxes, Increased $2,545,572, pay prevailing
handled, to the increased rates of
.to increased business
cost of materials and supplies used in
throughout the year, and to higher of 6.44% in taxes.
all departments; also to an Increase increased $2,125,147, or 9.72%; the
traffic
The earnings from freight
indrease
The items showint the
.ton mileage increased 12.11%.
lumber and pig and bloom Iron. The
were grain, coal, coke, stone, sand, 6.1 mills, a decrease of 2-10 of a mill,
-average earnings per ton mile were the same as in the preceding year,
and the average cost was 4.7 mills,
1.4 mills, a decrease of 2-10 of a
mile
resulting in net earnings per ton1906. of
mill as compared with the year traffic increased $337,143, or 5.81%, the
earnings from passenger
The
511,793, or 6.05%, and the passennumber of passengers carried increasedThe average earnings per passenger
ger mileage 37,777,095, or 13.55%.
were 1.89 cents, while the cost was 1.99 cents, resulting In a loss
per mile
passenger per mile.
of 1-10 -of a cent per Additions.
-The charges to capital account for conImprovements and
equipment, &c., were as follows:. Second, third and fourth
struction,
sidings and coal storage tracks,
tracks, $657,192; freight tracks, passing
elevation, Chicago, Ill., $47,625;
$178,218; bridges, &c., $85,147; track of interest In certain main tracks
less amount from sale
total, $968,182;
main tracks from Northwestern
at Chicago (being a half interest In the four sold to Chicago Milwaukee &
Ave. to Union Depot tracks at Canal St., $491,126; car trust and other
$477,055; balance,
-Ed.),
St. Paul By. Co.
equipment, $610,894; total, $1,102,020.
also charged with the
"Construction, right of way and real estate" was Railway, $4,496,540,
cost to this company of acquiring the Chartiers $4,987,666.
making the total charge to the first-named account and liabilities, the net
General Results.-After providing for all charges of dividends of 5% on
earnings were sufficient to provide for the payment supply nearly $600,000
the preferred stock and 4% on the common stock, to $900,000 for extraorfor one-half the principal of maturing car trusts, nearly account, and leave
dinary expenditures not properly chargeable to capital
the profit and
a balance of $437,746, which was transferred to the credit of
loss account.
in gross
All the roads operated directly by your company show increases Chicago
earnings, and also in net earnings, with the exception of thecondition
Indiana & Eastern By., whose property was in poor physical
when acquired, and large expenditures thereon thus made necessary. The
Chicago Indiana & Eastern By.. extending from Converse to Muncie, Ind.,
1907 by the Pennsylvania
about 43 miles,was acquired on May 1 bonds, and has since that Company,
date been
through the purchase of its stock and
operated by your company for the owner, who is responsible to your company for any deficit in the operations.
by the financial panic
Owing to the changed conditions brought abouta very large falling oil
which occurred in November last, there has beenyour system. This has
that date in the traffic and revenues of
since
equipment
resulted in the enforced Idleness of a heavy percentage of your
and a material reduction in your operating forces. the agreement effective
Miami mt. Securities -in accordance with
Little
all the outstanding
Jan. 1 1907,further modifying the lease of Feb. 23 1870,
Feb. 1 1901,
the Little Miami RR. Co.
334% betterment bonds of which had been heretofore Issued in payment
to $2,422,000,
amounting
made upon that property and nearly one-half of
Tor betterment expenditures
amount of
which were held in your treasury, were exchanged for an equalthe rate of
Its special guaranteed betterment stock bearing dividends at
of the betterment bonds was canceled
4% per annum, and the entire issue
and the mortgage satisfied of record. Additional special guaranteed
the
betterment stock to the amount of $775,950 was also received from for
company
Little Miami RR. Co. on account of the balance due this
expenditures made upon the property of that company to Dec.
betterment
31 1906.
-On Sept.23 1907 a new contract was entered Intowith
Telegraph Lease.
of the telefor the
the Western Union Telegraph Co. providingperiod ofoperation from Oct. 1
20 years
graph system on your company's lines for a
1907.
OPERATIONS AND FISCAL RESULTS.
1904.
1905.
1906.
1907.
1,169
1,168
1,171
1,171
Miles operated
Operations
8,098,665
8,172,563
8,460,586
8,972,379
Passengers carried
316,500,600 278,813,505 257.028,637 275,911,403
Pass. carried 1 mile
1.96 cts.
2.01 cts.
2.03 cts.
1.89 cts.
Rate per pass. per mile_
25,740,993
Freight (tons) carried.._ 31,906,181 20,377,709 a3.166,075 22,772,832
a2,552,648
a3,905,540 a3.483,744
Freight (tons) 1 mile
0.61 cts.
0.65 cts.
0.63 cts.
0.61 cts.
Rate per ton per mlle
$
$
$
Earnings5,286,153
5,551,022
5,804,897
6,142,040
Passenger
23,982,545 21,857,398 19,314,409 16,520,384
Freight
1,982,007 n,138,084
1,043,901
2,216,718
Mall, express, &c
29,606,196

26,583,559

24,209,492

10,783,004
6,019,224
3,801,644
580,318
968,822

10,051,661
5,243,220
3,210,461
545,171
895,396

9,426,831
4,571,711
2,676,874
530,820
903,702

24,698,583
Total
(76.36)
P. a. of exp. to earns.. _
7,642,720
Net earnings
Profit on St. L. V. de
T H
298,949
Miscellaneous
106,248
Rents (net)

22.153,012
(74.84)
7,453,184

19,945,909
(75.03)
6,638,650

18,109,938
(74.81)
6,099,554

146,405
54.457

130,511
248,869

8,047,918

7,654,046

7,018,030

32,341,303
Total
Expenses
12,030/162
Transportation
Maint. of equipment... 6,448,229
4,590,646
Maint. of way, &c
597,997
General expenses
1,031,249
Taxes

Total




853

THE CHRONICLE

Alin,. 4 1908.1

59,056
65,970

1904.
1905
1907.
1906.
$
$
Disbursement
2,307,837
2,344,754
2,295,145
2,324,440
Interest on bonds
139,344
106,213
137,483
138,218
Rentals paid
659,146
325,238
330,655
276,9211
Interest on car trusts_ _ _
596,133
596,133
506,112f
Car trusts, principal_ _ _ _
374,912
154,622
Interest, general acc't_ _
133,746
54,477
185,303
167,693
Loss on L. M RR
690,058
875,233
900,000
1,000,000
Extraordinary expenses
63,624
D. & W. sinking fund_ _
379,890
449,990
444,390
455,400
Consol. M.sink. fund_ _ _
Hire of equipt. July 1
63,181
to Dec. 31
3,222
64,469
10,868
33,864
Advances & mlscell's _ _ _
5)1,372,980(5)1,372,838 (4)1,098,196 (4)1,098,122
Dividends on preferred(
4)1,068,404(330867,310 (3)743,400 (3)743,390
Divs. on common
Total
Balance, surplus

7,322,731
331,315

7,610,170
437,746

'6,279,426
def. 54,846

a Three ciphers (000) omitted.
b Rents in 1904 were included in mall, express, &c.; net rentals are now
included in other Income.
BALANCE SHEET DEC. 31.
1904.
1906.
1907.
1905.
AssctsRoad and equipment_ _ _115,883,821 110,285,260 106,240,545 103,938,878
1,956,518
5,571.930
2,927,870
Bonds and stocks owned 7,130,885
1.682,788
2,125.487
1,868,662
2,503,343
Supplies on hand
Little Miami RR., for
265,781
847,149
562,050
362,387
betterments
1,377,732
1,164,655
1,451,882
1,389,949
Cash
1,974,418
Cash on special deposit_
472,376
349,100
451,840
354.669
Cash in transit
168,078
182,520
176,713
165,938
Cash to pay interest_ _ _ _
Bills receivable and accounts due by agents,
3,302,083
3,564,317
3,998,335
3,634,195
companies, &c
6,459
497,007
783
521
Sinking funds
131,425,707 124,225,028 117,181,995 116,004,191
Total
Liabilities
29,095,569 25,226,769 25,328,889 25,330,939
Stock common _a
27,563,922 27,563,922 27,461,802 27,459,752
Stock, preferred_a
Bonds (see "Ry. and In_ 56,959,000 50,021,000 52,055,000 52,260,000
dustrial" Section)
Car trust principal chged
1,107,353
out in advance
Taxes charged out and
827,780
awaiting settlement
2.500,000
Collateral obligations._ _ 2,500,000
1,772,754
2,755,345
2,998,538
2,167,971
Current accounts
563,726
602,185
592,411
331,238
Due other companies_ _ _
690,309
679,204
665,161
708,592
Interest on bonds_b
920,762
921,088
1,182,028
1,259,346
payable
Dividends
2,238,310
2,285,852
2,845,567
3,425,042
Sinking fund
4,250,000
900,000
Pennsylvania Co.'s adv's
Misc., including mtges.
1,007,715
1,310,969
1,653,143
760,375
and ground rents_ _
3,759,925
3,781,661
3,826,489
3,819,520
Profit and loss balance
131,425,707 124,225,028 117,181,995 116,004.191
Total
a Includes amounts for other companies' stocks not exchanged.
b Includes accrued Interest and matured interest unpaid.
-V, 86, p. 286.

Green Bay & Western Railroad.
(Report for Fiscal Year ending Dec. 31 1907).
Gross earnings
Freight
Passenger
Mall, express & miscell's
Total earnings
Operating expenses
Maintenance of read- _
Maint. of equipment_ _ _
Traffic expenses
Conducting transport'n.
General expenses
Taxes

1904.
$446,852
119,862
25,682

1907.
$445,144
140,843
80,851

, 1905. mil
1906.
$437,502
$466,796
122,349
129,325
26,569
40,000

$666,838

$636,121

$586,420

$592,397

$130,123
81,856

$134,365
53,818

$105,070
62,942

$116,430
r
' 54,792

18;:ga)
23,177
22,041

179,873
30,709
21,461

169,500
179,277
28,294 'E 1 25,730
20,359
18,294

$442,260
$224,578
20,000

$420,226
$215,895
30,000
25,000

$394,507 1
$101,9131
30,000

$386,811
$205,586
40,000

$204,578
Balance
$36,000
Paid on deb."A's",5%.
125,000
Paid on steel(. 5%
Paid on deb."B's"- -(34 %)35,000

$160,894
$30,000
125,000

$161,913
$30,000
125,000

$165,586
$30,000
125,000

Total oper. expenses_
Net earnings__
Depreciation, &c
Special (back) tax /kind_

$155,000
$155,000
$190,000
$6,913
$5,804
$14,578
Balance, surplus
GENERAL BALANCE SHEET DEC. 31.
1907.
1906.
1907.
$
$
Liabilities$
Assets2,500.000
Const'n dr eqalp't_10,067,088 10,070.837 Capital stock
"A" debentures_ _ _ 600,000
Material and supT.000.000
10.209 "13" debentures
8,400
plies
16,726
33,278 Pay-rolls
29,243
Cash
16,043
195,697 Accounts payable_
MarkT.Cox,Treas. 239,076
8,600
12,065 Replacement funds
11,711
General Auditor
11,619
4,458 New rail acct
4,217
P.0.Department.
22,400
518 Tie account__
622
U.S. Express Co- 2.400
8,657 Sundry accounts
7,463
Due from agents
5.948
Gen. improv. fund
Due from railroad
20,184
6,815 Special tax fund
14,478
companks
190,000
94.680 Dividends due__
97,318
Stocks and bonds
85.693
Profit and loss....._
10,479,615 10,437.215
Total
10,479,615
Total
226.
-V.86, p.794,

$155,000
$10,586
1906.
2,500,011
$
600,000
7,000,000
15,769
26,907
7,945
641
3,009
16,314
15,514
25,000
155,000
71,117
10,437.215

Louisville Railway.
(Report for Fiscal Year ending Dec. 31 1907.)
1907.
*$2,510,734
1,696,004

Net earnings _
Miscellaneous income
Total income
Interest paid and accrued_
Dividends on pref. (5%)._
Dividends on common

1906.
$2,523,343
1,563,314

1905.
$2,298,619
1,422,953

$814,730
85,467

Gross earnings
Expenses and taxes

$960,029
69,653

$875,666
57,202

$932,867
$900,197 $1,029,682
$351,504
$350,271
$368,126
125,000
125,000
125,000
(3%)371,737(4%)471,706(4%)376,707

Surplus
Depreciation of cars
Depreciation of machinery.
Charged off for accidents
Balance

6,224,58

6,740,827
277,203

*There were two strikes In 1907.

$864,863
$35,334

$946,077
$82,705
$35,000
35,000

$853,211
$79,657
$25,000
40,000

$12,705

814,857

16,327
$19,007

THE CHRONICLE

854

Lxxxvi.

BALANCE 'SHEET DEC. 31
1907.
1906.
1907.
1906. 1
Assets$
$
1 Liabilttles$
*
Real est.,b1dg.&water
debt
5,001,900 4,175,500
Capital stock
power prop
Bonded
2,126,767 1,914,6951,600,000 1,600,000
Elect. Lt.& P. prop_3,865,060 2,746,849 Notes 5% due July 1
1,997,000 920,000
Electric Ry. prop_ _2,490,561 2,223,947
1908
Supplies
188,118 . 139,537(Temporary loan_ __
. 200,000 150,000
Paid on contracts &
tickets
ICitoyutsRtaYn.di kets
unfinished con'ts
3,850
3,049
784,389 269,560
Stocks of other cos
11,860
10,700(Accounts current and
Bills & accts. rec'ble_ 125,817 114,0231 pay-rolls
260,253 100,107
644,861 492,959
Cash sinking fund._
4,141 Surplus
sh
115,292
15,983,406 15,625,370 - o.ta861. p. 669.
CaTy
18,1651
1
9,707,864 7,441,615
9,707,865_7,441,6151 Total

BALANCE SHEET DEC. 31.
1907.
1906.
1907.
1906.
Assets
Securities owned
7,456.500 7,456,500
Capital stock
(inc. inter. lines) 1,451,098 1,264,605 Funded debt
6,999,300 6,999,300
Bills & accts rec__
16,808
118,5731Taxes & insurance 128,450
114,530
Materials & supp's 212,585
193,9221Interest and diviCash
75,439
201.856
310.425
dends accrued
325,829
Real est. & bidgs_ 1,030,218
500,000
958,249 Collat. trust notes_
Mach y&car equi . 2,268,665 1,940,739 Accounts payable_
150,513
80,450
PermaRent way,
'Profit and loss acfranchises, &c_ A0,928,593 10,838,856 count
546,787
648,761
Total
15,983,406 15,625,370
-V: 85, D. 346.

Total

(The) Washington Water Power Company, Spokane,Wash.
American Malt Corporation.
(Report for Fiscal Year ending Dec. 31 1907.)
(Report for Six Months ended Feb. 29 1908.)
Henry M. Richards and
The report signed by President
Vice-President and General Manager David L. Huntington
President Charles A. Stadler, New York, March 20 1908?
under date of Spokane, Dec. 31 says in substance:
writes in substance:

-During the year the company's expendiImprovements and Additions.
Stock of American Malt Co. Owned, &c.
-The amounts of capital stock
tures for betterments aggregated $148,000, including cost of completing of the American Malting Co. (1) Issued (2)
new office building ($68,193), paid on account of purchase and development readjustment of capitalization and owned bydeposited under the plan of
your company and (3) held
&c. The extensions to electric-light
of additional water power ($55,123),
and power system amounted to $1,577,410, notably, station buildings and by the public is as follows:
Owned. Not Owned.
station apparatus, $219,317: extension of distributing system, $301,685;
$13s 4T0,000 $12,455,400 $944,600
7, d
underground distributing system, $221,964; steam relay station, Spokane, Common stock
14,440,000
634,500
13,805,500
$458,859; Coeur d'Alene Transmission line No. 2, $248,442; other trans- Preferred stock
(The balance of the outstanding $14.500,000 common stock of the
mission lines, &c., $127,162. The extensions to electric railway system
cost $624,529, including additions to car barn, $84,162; new cars and American Malting Co. ,viz., $1,100,000, is held in the treasury of that
of
n y.)
co
equipment, $167,357* suburban line to Cheney, $250,233, &e., &c.
Stock
American Malt Corporation.
-In accordance with the plan of
Electric Railway System.
-We have completed the 9-mile branch line to
Cheney and have operated it since December, with satisfactory results. readjustment (V. 81, p. 266, 1043), the following disposition has been made
The principal work on our street railways has been renewals of special of the capital stock of the corporation, namely:
Preferred.
track work and replacing light rails with 60 and 70-1b. steel rails, and a Issued in exchange for stock of the American Malt- Common.
Ing Co., deposited under the plan
$5,480,376 $8,559,410
moderate amount of paving. Seventeen additional passenger cars and
11 freight, flat, sand and sprinkling cars have been added to our equipment. Reserved for outstanding stock of Malting Co. as
yet undeposited_.
415,624
393,390
The addition to our car barn is completed. The automatic sprinkling
system will be completed early in the year and will considerably reduce Lett free in Treasury for general purposes of the
Corporation
104,000
47,200
insurance premiums. There has been a substantial increase in the number
of passengers carried, and we expect a continuance of Increase through
Total authorized capital stock of American Malt
-----the coming year.
$6,000,000 $9,000,000
Electric Light and Power System.
-The Palouse transmission line has been
oratioh
a nd 0utlook.-The Corporation, therefore, is in the position of
completed, and the business done over It fully equals our estimates. We
tl to and holding virtually all of the preferred and common stock of the
8 n ursp
have added one more unit of 2,250 kilowatts (i. e., 3,000 horse-power) to ow n aCga
our Post Falls plant, making the capacity of that plant 9,000 kilowatts American Malting Co., thereby being In practical control of saidcompany,
(1. e., 12,000 horse-power). Another unit of the same capacity will be naming at each annual election the board of directors.
The current expeRses of the corporation consist only of incidental exinstalled during 1908. Two additional motor-generator sets of 1,000 kilowatts capacity were installed at our Spokane station. The duplicate line penses of maintaining organization, such as the annual franchise tax to
to the Coeur d'Alenes from Post Fails through the Fourth of July Canyon the State of New Jersey, cost of transfer and registry of stock to meet
is completed to Cataldo, Idaho, 38 miles, connecting there with the existing requirements of New York Stock Exchange, etc. The officers and directors
line, leaving 21.7 miles to be completed to Wallace. The distance by this serve without salary or fees.
The American Malting Co., whose fiscal year ends on Aug. 31, has furroute from Post Falls is 35 miles shorter than from Spokane to the Coeur
d'Alenes by the old line, and it has twice the capacity of the old line.Our nished your directors with a brief statement summarizing the conditions
steam relay station at Spokane is nearly completed as to the first unit affecting the business this year, together with a balance sheet as of Feb. 29
of 3,000 kilowatts capacity, and was of temporary service during the low- 1908, which are herewith submitted. It will be seen by this statement
water period. This plant Is installed to insure the continuous delivery of that the outlook for the current year ending Aug. 31 1908 is very encouragthe maximum capacity of our hydraulic development. The company owns ing. (Compare statement to New York Stock Exchange in V. 84, p. 156.)
Annual Meeting.
-As the annual meeting of the American Malting Co.
water power on the Spokane River aggregating 248 feet of head, of which
only 120 feet have been developed. Approximately 27 miles of service lines Is held in November in eacli year and the fiscal year of said company ends
have been added to our distributing system in Spokane during the year. on Aug. 31 in each year, your directors at a recent meeting amended the
Work will shortly begin on the czistructin of a transmission line by-laws so that the annual meeting of your company will be held on the
90 miles in length to the Big Bend country, southwest and west of Spokane. same day as that of the American Malting Co. namely, on the second
A number of local flour mills in that district now using steam power have Thursday of November In each year.
agreed to change to electric power, and contracts of requisite amount have
Wilberforce Sully, Chairman of American Malting Co.,
already been signed. Among the new towns in that district that will take
the company's service for general lighting and power purposes are Reardan, under date of New York, March 20 1908, says:
Davenport, Sprague, Harrington, RItzville, Paha, &c. When this line is
General Results.
-The unfavorable weather conditions during the spring
completed,our transmission lines will reach points about 100 miles distant
from Spokane to tie east, south and west. Underground ducts have and summer of 1907 resulted in a barley crop estimated by the Governbeen laid to the extent of 57 duct miles,In which have been drawn 14 miles ment at 153,317,000 bushels as against an estimate by the Government
of lead-covered cables, all within the fire district. The total ducts now of 178,916,484 bushels as the production of 11)06. Furthermore, an unusually la:ge percentage of the 1907 crop is unfit for malting, leaving that
installed measure 84 duct miles, in which are drawn 24 miles of cable.
-The increase shown this year in the gross and net earnings portion graded as desirable malting barley relatively small. The quality
Financial.
of 29% and 36% respectively indicates the rapid growth of the business in of the barley was adversely affected by the cold and wet weather of the
early spring and summer. These conditions resulted in high prices for
all departments.
At the annual meeting in March 1907 an increase in the capital stock from all grades of barley from the opening of the season in August. The de$5,000,000 to $10,000,000 was authorized. An issue of 20% of new stock sirable malting grades have ruled in the chief markets therefor at prices
was sold to our stockholders, pro rata, at par. During the year we also ranging from 80 cents to $1 12 per bushel.
Our current fiscal year beginning with Sept. 1 1907 will be a notable
sold $1,077,000 of our 5% coupon notes due July 1 1908, and negotiated
one in the history of the malting business because of the short supply of
temporary loans of $200,000.
malting barley and high prices for the same, combined with a reduced
During the past eight years (1900 to 1907 inclusive) we have charged
off for depreciation $785,061, and in addition have spent from earnings demand for malt, keen competition and financial panic. However, not$576,240 for betterments, extensions and addlitons to the company's withstanding these adverse conditions, it can be said confidently that
property, making a total of $1,361,301 spent on the property out of current the operations of the American Malting Co. will result in satisfactory net
receipts. We estimate that the requirements of the company in 1908 for earnings, sufficient, It Is hoped, to enable that company In October 1908
unfinished construction, and such extensions and Improvements as are to resume the payment of dividends on its preferred stock, the greater
absolutely necessary, will amount to more than $1,000,000 above the portion of which will be paid Into the treasury of the American Malt Corsurplus earninos applicable thereto after paying dividends, &c. It is pro- poration, thus enabling that company to inaugurate the payment of diviposed to issue $3,000,000 of 6% coupon notes, payable In three years from dends en its preferred stock.
Balance Slic.t,&c.-The balance sheet ofWeb.29 1908 shows net working
July 1 1908,using the proceeds to retire the $2,000,000 of notes due July 1
1908, and the balance for extensions and betterments. (See offering and capital (including inventories, &c.), $5,050.458; deduct outstanding bonds
(including treasury bonds). $3,714,000; balance of net oulek assets, $1,official statement in V. 86, p. 669.)
We anticipate that 1908 will show a considerable Increase over 1907 in 336.458. The reserve fund of $100,000 is much more than sufficient to
both gross and net earnings, and will justify the large expenditures for cover all possible losses that might accrue by reason of bad debts, &c..
betterments ($2,304,468), made during the past year.
so that this $1,336,457 represents the actual cash value of the net balance
of the quick assets after deducting all offsets, Including bills payable and
COMPARATIVE STATISTICS.
outstanding bonds at par.
1904.
Plants.
1903.
1906.
1905.
-At the time the properties were mortgaged In 1899, competent
1907.
76,352
126,461
Incand.lamps(No.). 65,373
94,019
163,288 appraisers valued the real estate and plants of the company under oath
Equiv. In 16-candle
at $8.000,000. Since that date a large modern plant has been built at
60,600
06,170
power lamps_ _ _ _
72,387
54,113
122,792 Buffalo costing $1,300,000, and additions and improvements have been
1,473
1,799
2,043
Enclosed arc lamps
1,233
2,346 made to other plants of the company, the equivalent of new construction,
Horse-power of moof a value of $700,000, making upwards of $2,000,000 expended in new
3,839
2,954
tors in Spokane_
5,097
2,300
6,863 construction since the appraisal above-mentioned. During this period
various unimportant parcels of real estate have been sold realizing the
do on transmis5,166
3,489
5,905
sion lines
2,290
10,569 sum of $530.000.
6,534
8,060
Metres in use (No.)
5,252
4,107
10,503 Therefore in view of the above facts, It would seem that the real,$7
73
83 •
Miles of track
42
50
estate and plants now owned by the American Malting Co. 1,336.459
96
Pass. carried (No.).8,209,740 9,208,058 11,210,958 13,015,570 17,249,527
may safely be valued at
,000,000
1,409,458 1,745,790 2,242,143 2,914,502 3,111,563 To this add the net quick assets shown above, after deducting bills
Car miles run
payable and outstanding bonds, namely
Total gross earn_ _ _ $801,253$1,011,670 *1,266,557 $1,614,689 $2,094,281
307,997
364,893
Net earnings
$203,013
206,358
473,110
valuation_____ the __________ of
_
..
And we would have as z_t_c_o_tirti_
RESULTS FOR CALENDAR YEARS.
the company, over and above all indebtedness of every kind
1906. ' 1905.
1907.
and nature
,336,458
331,458, therefore fairly represents
The last-named amount, namely, $8,
1,614,690
Gross earnings
2,094,282
1,266,557 what may be said to be the book value of the preferred stock of the Amer 314
2,103
Sundry reelpts
11,362 can Malt Corporation. (Compare list of plants, &c.. V. 84, P. 156.)
Total receipts
Expenses, including taxes
Net earnings
Deduct- 'Interest on bonds
Interest on loans
Written off for depreciation of plant- Profit and loss account
Dividends, 7%

2,006,385
1,262,610

1,615,004
1,002,442

833,775

612,562

80,000
46,000
200,000
34,664
321,209

80,000

1,277,919
766,393
511,526

No income account is given but the balance sheet shows
"Profits (six months) to Feb. 29 1908, $368,622."

CONDENSED BALANCE SHEET FEB. 29 1908 AND .2 31A 9 .31.07
F UG..0 1ug 7
9 8 0.
Feb.2908 Aug.31 '07
Assets
L ltbts irk,pref.14,440,000 14,440,000
Pla
-will.27,449,394 27,403,395 Capiaalitlo
161,469
123,101 Common stock___ 1,100,000 1,100,000 Capital stock, corn
14,500,000 14,500,000
6,199
427 Securities other cos
18,725
18,725 First M.bds.,6%. 3,714,000 3,714,000
267,950
225,410
601,629
961,624 Bills payable
1,651 680
Aa ct
Ccshs. & bills rec_ _ 1,391,043 1,850,8051Accounts payable.
10,941
13,694
681,873
515,618
Total interest, dividends, &c - - - 428,938 Taxes &insurance.
41,777
46,455 Accrued taxes13,926
29,814
151,902
96,944
Balance, surplus for year
82,588 In nds ptir
4.193,294 1,407,780 Acc'd int. on bonds
Inventories
39
Bnyentorie
4,197,294
3
55,710
55,710
from previous year.
492,959
396,015
Surplus
313,428
,000
397,0001Reserve funds_ _ _
100,000
100,000
Sinking fund
801
7121Profit and loss_ _
478,031
478,031
644,861
492,959
Total surplus Dec. 31 1907
396,016 Mortgages on real
1Profit six months
-Interest on the cost of new construction Is charged to construction
Note.
estate
142,000
142,000 to Feb.291908_ 368,622
account until the work is completed and in operation. The amount of
interest thus charged was In the years 1905, $25,859; 1006, $52,085; 1907,
Total
35,335,663 33,328,496
Total
35,335,663 33,328,496
$71,993.
-V. 84, p. 156. 104.




80,000

THE CHRONICLE

APR. 4 1908.1

Eastman Kodak Co. of New Jersey, Rochester, N. Y.
(Report for Fiscal Year ending Dec. 31 1907.)
Secretary Albert 0. Fenn says:

855

leasehold, it terminates three months before the leases under which they
are contos.lied expire.
Mining Operations Under Aforesaid Lease.
-Mining and exploration
operations under the lease during the snort time It has been In effect have
been satisfactory, and it is expected, that during the coming season
additional mines will be opened and the tonnage correspondingly increased.
Ore Mined During Season Under Lease Made Prior to Dec. 7 1906.
Under the leases made prior to Dec. 7 1006 3,307,244 tons of ore were
mined and shipped during the past season.
STATEMENT OP RECEIPTS AND DISBURSEMENTS.
Moneys received by the trustees to be held and applied upon
the terms of the trust agreement
$1,650,000
Expenses of administering trust_
$67,750
Distribution to certificate holders Sept. 16 1907.1,500,000
1,567,750

The directors submit herewith the audited statement of accounts for
the year ending the 31st of Dec. 1907. In the balance sheet presented
period
the earnings of all the subsidiary companies are Included for the twelve
mentioned. The balance sheet shows carried to surplus for the year at
months the amount of $1,003,931 after paying dividends for thecommon
the rate of 6% per annum on its preferred stock and 25% on its
stock, and after charging off liberal amounts for depreciation and renewal
of plants.
COMPANY AND ITS SUBSIDIARIES-INCOME ACCOUNT FOR
CALENDAR YEARS.
Balance undistributed income
$82,250
1904.
1907.
1906.
1005.
-On Feb. 1 1008 the trustees collected dividends that are to be
Note.
x$6,265,423 $4,015,700 $4,013,013 $3.339,148
Net profits
applied under the terms of the trust agreement to the amount of $1,500,000.
Divs. paid and accrued
$360,347 -V. 86, p. 483.
369,042
$365,217
$369,042
On pref. stock (6%)
1,920,619
2,342,964
4,891,550
3,418,260
On common stock_
(10%)
(12%)
(25%)
(1734%)
Do rate per cent
International Salt Company.
400
5,232
Shares of old comp's_
(Report for Fiscal Year ending Feb. 29 1908.)
6.:
$5,261,492 $3,788,202 $2,713,414 $2,281,366
Total
$1.003,931 $1,127,408 $1,300,499 $1,057,782
The report of Treasurer Mortimer B. Fuller, presented at
Surplus
x After deducting $750,000 for renewal of plants.
EASTMAN KODAK CO. OF NEW JERSEY AND SUBSIDIARY COMPANIES
-COMBINED BALANCE SHEET DEC. 31.1907.
1907.
0
19 6.
1906.
1
$
$
$
$
I LiabilitiesAssets'Common stock- _19,586,200 19,536,278
Plant, patents,
good-will, &c_ _22,625,717 20,739,3501Preferred stock__ _ 6,165,700 6,165,700
732,181
5,425,143 4,179,106 Accounts payable_ 886,880
Supplies
02,486
92,486
'Pref. div. Jan. L.
Accounts and bills
488,405
489,655
receivable ____x 2,362,846 1,779,9021Com. div. Jan. 1_
stocks y 3,012,202 3,570,271 Ex. common div.
Bonds ard
079,310
2,703,681 2,594,1941 Feb. 1
Cash
86,405
Miscellaneous --78,467 Reserve for deI prec., renewals,
1 capital purp., oke 2.427,597 1,342,006
5,588,165 4,584,234
Surplus

the annual meeting in Jersey City on March 23, says:

-The business of your company, while healthy, has
General Results.
suffered recently on account of the general business depression throughout
the country during the past five months, and the tonnage shipped as well as
the price received shows some decrease for this period as compared with the
same period during the previous year.
-In the last annuri
New Plants-New Process for Manufacture of Salt.
report (V. 84, p. 802) we recommended and the shareholders approved I
the policy of devoting the eat nings to the acquisition and Installation oo
manufacture of salt. Since the susnew and Improved processes for the
pension of dividends In December 1906 this policy has been rigidly adhered
to. It was hoped that this No one, which was commenced over a year ago,
would be completed by this time, but notwithstanding that it has been
pushed very rapidly, and the greater part has been finished, three of the
four plants which were authorized are not yet completed. Two of them
will be completed within sixty days and the other one within ninety days.
One of the new process plants has now been in operation for the past three
months, and the results obtained have fully met the expectations of the
Total assets-- _36,215,994 32,941,2901 Total liabilities_36,215,994 32,941,290 management.
The expenses incident to the installation of these new processes and the
$3,312,202.-V. 85, necessary new buildings and machinery have been large, but the results
x Net amount. y Taken at market value Dec. 31 1907; cost
p. 1341.
thus far obtained have fully justified this expenditure,and have convinced
the management that the best interests of the company would be conserve('
by erecting at least three more of these plants. 1% hlie the locations of
Great Northern Iron Ore Properties.
these additional plants have been decided upon, It is deemed advisable to
defer their erection until the work now under way has been completed.
(Report for Fiscal Year ending Dec. 7 1907.)
-Your company was incorporate d
Earnings, &c., during Last Six Years.
in Nov. 1.101, but, owing to the preliminailos incident to tile acquisition of
The trustees, Louis W. Hill, James N. Hill, Walter J. Hill subsidiary companies, it practically commenced active operations March 1
and E. T. Nichols, under date of St. Paul, Minen., March 16 1902 net earnings of the company to March 1 1908 were $5,455,700.
The
1908, have addressed a report to the holders of the 1,500,000 During this period there have been retired and canceled $819,000 of the
bonds of this company and subsidiary companies.
certificates of beneficial interest (no par value), saying:
interest, for the
In addition to the expenditures
-The trent purchase of additional properties for dividends and bond
Interest ini Companies Owning and Leasing Iron Ore Lands.
and other capital requirements, there
holds stocks in certain companies. These c.,mpanies control by ownership has been expended for new construction $1,948,835.-V. 85, p. 1464.
leasehold valuable iron lanos In the Missane district in Minnesota,
and
aggregating.65,091.40 acres, of which there have been leased to vai ions
National Fire-Proofing Company, Pittsburgh, Pa.
lessees prior to Dec. 7 19(16 1,506.51 acres.
The lease referred to in our circular of Dec. 7 1906 was executed in
(Report for Fiscal Year ending Dec. 31 1907.)
August 1007 with the Great 'Western Mining Co., whose performance
thereof is guaranteed by the United States Steel Corporation. This lease
a large return to the holders of certificates. It
President W.D. Henry, Pittsburgh, March 16 1908, says:
should ultimately secure
covers 31),205.88 acres.
Earnings.-Nctwithstanding the financial stringency which prevailed
Of which there are owned In fee. -------19,933.81 acres
through )ut the country, causing the suspension of many large operations,
Owned in fee jointly with other parties (of
the earnings for the year. after deducting all expenditures for operation,
which the trustee's preportion Is
repairs, interest, &e., and before providing for depreciation, were $502,233.
15,972.26 acres
7,914.05 acres)
-During the year the bonded debt was reduced $250,000.
Bonds.
3,380.81 acres
eld by lease
-The t„tal undivided surplus, alter making all deductions
Surplus.
Of the above fee lands in this lease, 3,691.66 acres are owned by the was 51,114,825.
hold about 91%.
North Star Iron Co., of whose capital st ck the trustees
-During the year $104,073 was expended on adImprovemenls, &c.
-This
Terms of Lease Guaranteed by United States Steel Corporation.
improvements, and in the purchase of real estate and clay
lease provides for the mining nod shipment of at least 1,500,000 tons of ditions andincluding (1) 525,000 frr realty situate in Chicago and eccupled
properties,
ore during the year 1908, and for an additional 750,000 tons in each year by the company for a testing station and st;rage yard. (2) $12,130 for
thereafter, until the total annual amount mined and shipped shall reach
clay properties adjoining those en which we have plants.
8,250,000 tons In 1917. From that year 8,250,000 tons remains the additional
Department.
-In February 1907 It was decided to engage
annual minimum amount to be mined and shipped. Compare V 83, in Sewer Pipe
the manufacture of other prcducts, and having several plants advanp. 1261, 1290; V. 84, p. 635, 603.
sewer pipe,
by the Great Western Mining Cr'. to the Trust tageously heated for the manufacture of end, which the company joroceded
The royalty to be paid
have been
on
to make the changes necessary to that
is based upon the quality of the ore mined. Ore containing 59% of metallic several of the plants with satisfactory results, and work Is now effected
progressing
iron is the unit on which all royalties are computed. The lease fixes the on ether plants.
ore delivered at the di ck for 1007 at $1 65.
royalty for each ton of such
RESULTS FOR CALENDAR YEARS.
The royalty rises or falls 4.82 cents for each increase or decrease of 1%
in the amount of metallic iron contained In the re. This makes the
1906.
1905.
1907.
minimum payment for the year 1907 51.1680 per ton of ore carrying Net earnings, all sources
$502,233
$943,180
$472,053
49% of iron, the hwest grade, and the maximum.$1.0874 per ton of ore Dividends on pref. st ock
_(4)$316,020 (3)5237,015(5U)5417,540
of iron. On all Intermediate grades the royalty is fixed Depreciation
carrying 66%
100,000
100,000
100,000
by this sliding scale.
48,353
Adjustments and allowances
These royalties increase 3.4 cents per tan annually during the life of the Net loss reinforced concrete venture158,105
royalty, therefere, for ere containing 59% of Iron is
lease. The basic
$1.6840 for 1008. 'There Is the same annual increase of 3.4 cents per ton
sur.$86,213 sr.$557,812 def.$203,592
Balance for year
on all other grades carrying more or less than 511% of mteallic iron. Ore
containing 49% of metallic Iron Is fixed as the minimum merchantable
BALANCE SHEET DEC. 31.
standard, but If ores of 1,wer grade than this arc shipped, the lessees pay
1905.
1906.
1907.
a minimum royalty thereon of 51 10 per ton.
$
$
$
AssetsThese royalties include the cost of handling and delivery, sorting, rail Plants, real estate, prcperties, &c.,
transportation and dockage. All these charges, amounting at the present
12,584,001 12,479,929 13,258,685
including Improvements
time to MO cents per ton, are paid by the Trust out of the royalty receipts. Stocks and bonds(wned
88,329
95,001
75,089
The lessees of the :nines deliver the ore at the nearest convenient p lot Accounts receivable
) 1,402,251
1,486,993 11,862,237
to the Great Northern By. Co. and it Is re-delivered to the lessees at the Bills receivable
81,622
1
Wis.
docks at Supellor,
1,251,140
644,261
231,528
Cash
Payments of royalties must be made to the Trust at St. Paul quarterly Supplies and Inventories
883,545
1.065,269
665,912
for ore delivered during the preceding three months, and for any deficiency
the required minimum, on Jan. 20 In
as hereinafter mentionedabelow
15,770,872 15,972,303 16,412,618
Total assets
each year.
Liabilities
An Important provision to insure the full working of the properties Preferred stock
7,051,450
7,900,500
7,900,500
and all the revenue anticipated under the lease relates to the possibility Common stock
4,461,300
4,484,500
4,461,300
of shipment in any year falling bel-,w the minimum quantity of ore pro- Mortgages
2,000,000
1,750,000
shipped in such year. If there`is any such de- Preferred dividend accrued
vided by the lease to be
158,010
79,005
$iciency in shipments, royalty must be paid the same as if the ore had Bond Interest accrued
25,000
21,875
been mined and shipped, and this royalty is fixed at the basic rate of 51.55 Accounts payable
766,346
248,881
220,480
per ton additional for each year
per ton for the first year and :3.4 cents
1 ,528,000
Bills 'payable
succeeding, less the transportation, dockage and other charges regularly Res. for replacem'ts. adlustm'ts, &c_
50,000
194,849
22,886
paid by the Trust. The fixed minimum revenue from royalties as pro- Reserve for depreciation
100,000
200,000
vided by the lease for each year is thereby secured; but any such deficiency Surplus
1,114,825
1,028,612
1,487,472
payment may be credited against the surplus shipment of any subsequent
year when more than the minimum amount stipulated for that year shall
15,770,872 15,972,303 16,412,618
Total liabilities
•
be shipped.
Lands on which merchantable ore has been exhausted may be given up -V. 86, p. 725.
lessees.
by the
The Great Western Mining Co. pays all taxes on the properties and
guarantees the Trust against labor and all other liens. P ull protection
Is afforded by a provision that title to the ore does not pass to the lessees
until It is delivered at Superior. Wis., and all their obligations relating
thereto have been discharged.
RAILROADS,INCLUDING STREET ROADS.
'Po insure immediate development, the lease requires, under penalty
of forfeiture, exploration first of the lands held under leases, and then of
Atchison Topeka & Santa Fe Ry.-Dividend Reduced to5%
with not less than forty drills, until fully covered. At least five
fee lands,
holes must be sunk In each forty-acre tract, and where ore bodies are Basis.The directors on Wednesday declared a semi-annual
found, the extent of every such ore body must be determined. The lessee
1% on the common stock, payable June 1 to
has fulfilled these requirements. over 50 drills being now operated upon dividend of 2,
the lands in question. Larire bodies of ore have been discovered upon holders of record May 8, thus reducing the annual rate to a
lands not heretofore explored, and the results of the work have been very
5% basis, contrasting as follows:
satisfactory.
The lessees, if they have complied with all the conditions of the lease,
Annual Dividend Record (Per Cent.)
surrender the same In 1015, by giving two years' written notice.
may
-a.
1899. 1900. 1901.1902 to '05. 1906. 1907. 1908 (s.
Unless so terminated, the lease continues in effect until all merchantable
June,2;4
6
434
314 4 yearly.
0
stcck__
ore containing 49% of iron has been shipped from fee lands and as low* Common stock---- 0
5
Feb.,254
5
5 yearly.
5
4
2
royalty is paid. As relates to lands held under Pr ferred
thereafter as the minmum




I

GENERAL INVESTMENT NEWS,

856

THE CIIRONICLE

Victor Morawetz, Chairman of the Board, says:
Every one knows the conditions which made it advisable to cut the rate.
How long the stock will remain on a 5% annual basis will depend upon
future conditions.
Crop prospects are good along the lines of the Atchison, and In my opinion
traffic returns will show a slow but gradual improvement. The falling off
In net earnings of the company has been due chiefly to the decline In the
volume of high-grade traffic, such as merchandise, machinery, &c. There
has been little or no decrease in the volume of business originating along
the company's own lines. The movement of merchandise ought to increase
from this time, but it Is hard to tell how soon machinery shipments will be
resumed on the usual scale. That will depend on money conditions.—V.
86, p. 284.

Camden & Trenton Ry.—Receivership.—More than a majority of the company's first mortgage bonds has been deposited with the Union Trust Co., Philadelphia, under the
call of the protective committee. The committee has decided to receive further deposits up to April 20th inst.—V.86,
p. 793, 601.
Carolina Clinchfield & Ohio Ry.—New Name.—At a meeting held at Bristol, Tenn., on March 23, arrangements were
completed for changing the name of the South & Western
RR. to the Carolina Clinchfield & Ohio Ry., in accordance
with the papers recently filed at Nashville. It was also
voted to authorize the making of a mortgage to the Farmers'
Loan & Trust Co. of New York as trustee, to secure an issue
of $15,000,000 5% 30-year first mortgage bonds dated June
'
1 1908. There will be reserved $3,000,000 to retire the bonds
of three constituent railroads of the former South & Western
RR.in Virginia, Tennessee and North Carolina, which latter
bonds are deposited as collateral to secure the recent issue
of $3,000,000 Cumberland Corporation 1-year notes. See
"Chronicle" of May 14, p. 668. There will be a further
amount of $3,000,000 of the new bonds reserved for equipment. The balance will be issued for construction. See
South & Western RR.in "Chronicle" of May 14, page 669.
Chicago Cincinnati & Louisville RR.—Notice to Bondholders.—In view of the receivership, a committee consisting of N. W. Jordan, John F. Hill, A. C. Raymond, Felix
•Rosen and G. H. Kinnicutt, and representing a large amount
of the "general and refunding mortgage 432% bonds," requests deposits of those bonds without delay at the American Trust Co., 53 State St., Boston. A. C. Raymond, 67
Milk St., Boston, is Secretary to the committee, and its
counsel are C. K. Cobb, Boston, and Underwood, Van Vorst
& Hoyt, New York. See advertisement on another page.—
V. 86, p. 793, 479.
Chicago City Ry.—Bonds Offered.—E. H. Rollins & Sons,
Boston, Chicago, Denver and San Francisco, are offering
by advertisement on another page, at 963/ and interest,
yielding about 5.3%, $1,000,000 first mortgage 5% gold
bonds, dated July 1 1907, of which $14,000,000 are outstanding as of April 1 1908. The firm says:
The above bonds are secured by an absolute first mortgage on all property
now owned or hereafter acquired, which on Jan. 31 1908 comprised 244
miles of single track,covering the South Side of Chicago, operated by the
company under a franchise which runs until Feb. 1 1927, tinder the terms
of which the City of Chicago, through its Board of Engineers, appraised
the property at $21,000,000 as of June 30 1906. The net earnings for the
year ending Jan. 31 1908 (January estimated), after deducting operating
expenses, taxes and renewals, were $2,464,948, being nearly fourtimes the
annual interest charge on the bonds now outstanding. The company
has paid dividends uninterruptedly since 1870, and since 1901 dividends of
9% on $18,000,000 of.capital stock have been paid. See further particulars in V. 84, p. 1550; V.86, p. 668.

Chicago Indiana & Southern RR.—Earnings, &c.—See
"Annual Reports" on a preceding page.
Report Denied.—As to the reported sale to J. P. Morgan
& Co. of $10,000,000 50-year 4% gold bonds which appeared
in the daily papers last week, E. V. W. Rossiter, Vice-President of the New York Central, replying to our inquiry, says:
"The report referred to above is unwarranted and incorrect."
—V. 86, p. 793.
Chicago & Milwaukee Electric RR.—Application to Issue
Receivers Certificates on. Wisconsin Division.—On March 30
receivers Osborne, Haugan and Hanna, filed a petition
in the United States Circuit Court at Milwaukee in behalf
of the Chicago & Milwaukee Electric RR. of Wisconsin,
asking authority to issue on that division $1,000,000 6%
receivers' certificates. "Chicago Inter Ocean" March 31 said:
The petition recites that it will require $896,000 to finish the line to
Milwaukee, so that through trains from Evanston can be operated by
June 1. The corporation has built 2 out of 334 miles in the city of Milwaukee, and has laid tracks to a point 12 miles north of Racine, Wis.,
with grading running 8 miles farther.
The certificates are to be a prior lien to the $10,000,000 bond Issue of the
Chicago & Milwaukee Electric RR. of Wisconsin. It will have no priority,
however, over the $5,000,000 bond issue of the Chicago & Milwaukee
Electric RR. Co. of Illinois, which is the parent company. Over $5,000,000
of the par value of the bonds of the Wisconsin corporation. It Is announced,
have already been deposited in assent to this agreement.—V.86, p. 668, 336.

Chicago Railways.—Assessment.—See Chicago UnionTraction Co. below.—V. 86, p. 602, 545.
Chicago Union Traction Co.—Assessment Called.—In accordance with the reorganization plan, each depositing shareholder of the Traction Company and the underlying properties has been assessed to represent his "ratable proportion
of the indebtedness incurred by or for account of his company in the protection of its interests and the preservation
of its rights since April 22 1903, other than so much thereof
'
as may have been heretofore otherwise provided for./ The
assessments, which aggregate $905,078, are as follows:
Chicago Union Traction preferred
Chicago Union Traction common
West Chicago Street Ry.Co
Chicago West Division By. Co
North Chicago Street By. Co
North Chicago City RR.Co




— Assessment -Stock
Per share.
Assessed.
Total.
$12,000,000 $3.33 1-3 $399,996
1.00
20,000,000
200,000
1.28
9,973,000
126,454
7.65
624,600
47,782
1.98
5,897,400
111,768
7.65
249.400
19.078

[VoL. Lxxxvx.

The assessment on the shares of the Chicago Union Traction Co. must
be paid at the Central Trust Co., New York, on or before May 1. Only the
shareholders who pay the assessment will be entitled to receive "participation certificates" In exchange for their holdings.—V. 86, p. 52.

Chicago West Division Ry.—Assessment.—See Chicago
Union Traction Co. above.—V. 85, p. 530.
Cincinnati Hamilton & Dayton Ry.-74% of the $11,558,000 Refunding Bonds already Exchanged.—The committee,
consisting of J. N. Wallace, Frederick Strauss and Mark T.
Cox, under date of April 2,makes the following announcement to holders of the 4% refunding mortgage gold bonds:
The undersigned committee under the bondholders' agreement of Dec. 9
1905 has already effected the exchange of over 74% of the above-described
bonds for the 53 -year collateral trust 4% gold notes of the Railway Co.
maturing July 1 1913, bearing interest from Jan. 1 1908, payable semiannually Jan. 1 and July 1, redeemable at the option Of the Railway Co.
on any half-yearly Interest day at par.
The notes, which are now ready for delivery, are issued against the deposit, dollar for dollar, of refunding mortgage bonds of the Railway Co.,
under a trust agreement with the Central Trust Co. of New York. Holders
of the bonds may now effect such exchange at the office of the Central Trust
Co. of New York, 54 Wall St., on paying $9 per bond on account of the expenses and compensation of the committee.
[The new note issue is to be limited to $14,286,000; of this amount $11,558,000 is to be reserved for Issue to purchase the $11,558,000 refunding
bonds outstanding, and the remaining $2,728,000 Is `to be reserved to be
used only to take up, on their issue, $2,728,000 additional refunding bonds
which may be Issued to refund a like amount of consolidated mortgage 5%
bonds of the Dayton & Michigan RR. Co. maturing Jan. 1 1911, and except for this purpose it is contemplated that the refunding mortgage shall
be closed."] See further riots in V. 86, p. 108, 337, 720.

Colorado Texas & Mexico RR.—Bond Issue.—This company, which was originally incorporated in 1889 and in 1905
had completed the grading of a piece of road from Llarno
to Fredericksburg, Tex., 48 miles, has recently made a
mortgage to the Carnegie Trust Co., as trustee, to secure an
issue of $75,000,000 5% bonds, to be issued at the rate of
$30,000 per mile to provide for the construction and equipment of its projected lines of railroad as hereafter constructed in Wyoming, South Dakota, Nebraska, Colorado,
Kansas, Oklahoma and Texas, or in the States of Coahuila,
Chihuahua and Sonora, in Mexico.
The bonds are dated Jan. 1 1908 and will mature Jan. 1 1958„without
option of earlier redemption. Denomination $1,000; interest payable
July 1 and Jan. 1. Bonds issuable at the rate of $30,000 per mile of road
constructed (and equipped) in sections of 25 miles, upon sworn certificate
of President and Chief Engineer. Morris R. Locke is President and General
Manager; W. E. Oliver, Vice-President; H. M. Ferguson, Secretary and
Treasurer. General office, Mangum, Okla.
President Morris R. Locke, Mangum, Okla., is quoted as saying that there
will first be constructed 285 miles of main line and branches between Mangum, Okla., and Abilene, Tex., including the Hollis, Okla., branch, and
the Vunn and Merkel, Tex., branches, and that this division, will be fully
completed and In operation within eighteen months.—V. 84, p. 930; V. 80,
P. Delaware&
245'

Atlantic City (Electric) RR.—Receiver for
Defunct Project.—William S. Casselman, Vice-President of
the West Jersey Trust Co. of Camden, N. J., has been appointed receiver for the company.

The company was incorporated July 11 1899 with $6,000,000 authorized
capital stock to build an electric road from Gloucester City to Atlantic City,
52 miles, and went as far as depositing $104,000 with the State Treasurer,
as required by the Railroad Act. Its assets now Include this deposit.
No construction was ever done. Newspaper reports speak of loans aggregating $172,600, of which $52,000 due the estate of V. C. Sweatman.
The receivership was sought by the executors of this estate.

Delaware & Hudson Co.—Proposed Merger of Controlled
Property.—Arrangements having been made to acquire the
last outstanding share of the (common) capital stock of the
New York & Canada RR., application has been made to the
Public Service Commission for authority to merge the company with the D. & H. The price paid for the share is said
to have been $1,500.—V. 86, p. 720, 668.
Detroit Flint & Saginaw Electric Ry.—Sale Ordered.—A
press dispatch from Flint, Mich. March 31, states that this
road has been ordered by Judge Wisner to be sold to satisfy
$479,775 due on the mortgage for $1,000,000 under which
the Detroit Trust Co. is trustee.—V. 83, p. 1290.
Erie RR.—$15,000,000 New Notes Authorized Due July 1
1913.—At Albany on March 31 the up-State Public Service
Commission authorized the company to issue $15,000,000
notes, dated April 11908, and payable on or before July 1
1913, or any earlier date; also to issue $9,457,000 general lien
bonds secured by the first consolidated mortgage and
$750,000 bonds secured by the Pennsylvania collateral indenture and to pledge both blocks as part security for
the notes. It is stipluated that the bonds so pledged shall
not be sold at less than 80% and that if sold the amount of
the notes shall be proportionately reduced.
On April 8 $5,500,000 of one-year notes will mature
(see V. 84, p. 803), and negotiations, it is understood, are in
e
progress looking to the exchange of the same for notes of ths
new issue.
Removal of Office.—It is announced that on May 1 1908
the general offices will be removed to the Fulton Building
of the Hudson Terminal, at No. 50 Church St.,this city.—
V. 86, p. 602, 546.
•
----Called Bonds.—First
Houston & Texas Central RR.
mortgage bonds of 1890 aggregating $125,000 have been
drawn by lot and will be redeemed at 110 and interest on presentation at the company's office in the Equitable Building,
this city, interest ceasing May 29 1908. See advertisement
on another page of to-day's "Chronicle."—V. 85, p. 1645.
Idaho Northern RR.—New Enterprise.—This company,
incorporated in Idaho in 1906 with $2,500,000 of authorized
capital stock, all of one class (par $100), of which $875,000
is outstanding, recently filed a mortgage to the Guaranty
Trust Co. of New York, as trustee, to secure an issue of
k 875,000 first mortgage 5% gold bonds of $1,000 each;
("ated Nov. 1 1907 and due Nov. 1 1927; interest payable
May 1 and Nov. 1 at office of trustee.

APR. 4 1908

THE CHRONICLE

The company was organized to build 76 miles of standard-gauge rallr.ad
!tithe Coeur d'Alene distriet,of which 33 miles,extending from Enaville on
the Wallace-Teka branch of the Oregon Railroad & Navigation Company's
line 'mar Kingston, Idaho, to a point on Prichard Creek, about 6 miles east
of the t wn of Murray,and adjacent silver lead mines,Is under construction
and will probably be completed by Dec. 1 1908, about 20% of the work
having already been cumpleted. The cost of this 33 miles of railroad, it is
,
stated, will be ab, ut $800,000. Tile road will be operated at the start
with steam, but probe,'y within two years' time by means of electric power
.
furnished by the 13ig Bend Water Power Co.,(see under"Industrials" bel, w)
Branches aggregating about 43 miles will be built as soon as conditions
warrant. The officers are: President, B. F. O'Neil, Wallace, Ida., President of the State Bank of Commerce at Wallace and also of the Big Bend
Water Power Co. (see that company under "Industrials" below); VicePresident and General Manager, E. P. Spalding, 418 Lindell Block,
Spokane, Wash., Vice-President Big Bend Water Power Co., and E. L.
Proebsting, Secretary and Treasurer.
•
Neither the p' wer c mpany nor the railroad company owns any of the
stock of the other corporation, nor does the p wer company guarantee the
bonds of the railroad ccmpany, as they are being financed and operated
as two distinct companies.

The Idaho Northern Railroad should not be confounded
with the Idaho Northern Railway, which is in operation from
Murphy to Emmett,Idaho,59 miles, with 45 miles additional
under construction.
Interborough Rapid Transit Co., New York.—New Bond
Issue Authorized.—The shareholders on March 28 adopted
the proposal of the directors to execute a mortgage for $55,000,000 on the company's property, with a view to using a
portion of the issue to refund or extend the $15,000,000 of
4% notes which mature on May 1. Compare V. 86, p. 603,
664, 668.
Inter-State Commerce Commission.—No Control Over
Ocean Transportation.—The Inter-State Commerce Commission on March 22, in the case of the Cosmopolitan Shipping
Co. of New Jersey against the Hamburg-American Packet
Co., the North German-Lloyd Steamship Co. and the Wilson
(Hull) line and Scandinavian-American line, constituting
the so-called "Baltic pool," held that "the pooling of traffic
by water carriers is plainly a matter over which the Commission has no jurisdiction.'
The complaint alleged that the "Baltic pool" determined the ultimate
rates for forwarding merchandise on through and local bills of lading from
Chicago, St. Louis, Kansas City and other points in the United States via
the North Atlantic ports of the United States to European points reached
by the steamships of the defendants, and divided such freight traffic on the
basis of the following percentages: Hamburg-American Packet Co. via
Germany, 56%; North German Lloyd, via Germany, 17.5%; Wilson
(Hull) Line, via England, 2.5%; Scandinavian-American Line, direct to
Denmark, 24%.
The Commission holds that there has never been such a thing as stability
of ocean rates, and perhaps It is not desirable there should be, the ocean
being a highway free to all, and In the end the public will be more equitably
served by leaving the water carriers to foreign lands entirely unhampered
by such restrictions as it has been found necessary to impose on railroads.

Alleged Rebating.—The Commission on March 17 announced, on the report of Commissioner Lane, that it has
recommended the prosecution of the Chesapeake & Ohio Ry.
for alleged rebating at the expense of the Seaboard Air Line,
Atlantic Coast Line and Southern Ry., its connections at
Richmond, Va., and the destruction of certain records late
ast year by the Auditor of Disbursements.—V. 86, p. 603.
Klondike Mines Railway Co.—New Mortgage Trustee.—
The company has duly appointed 'Sir William Lawrence
Young, Baronet, of London, England, as a trustee under
the mortgage dated July 29 1908 in the stead of John Carlisle
resigned. The co-trustee is Robert Allen Lawther. Andrew Hayelon of Ottawa is Secretary of the company.—
V. 81, p. 725; V. 82, p. 509.
Lima-Honeoye (N. Y.) Electric Light & RR.—Reorganized
Company.—This company was incorporated under the laws
of New York on March 20 with $50,000 authorized capital
stock as a reorganization after foreclosure sale of the LimaHoneoye Electric Light & Railroad Co. Incorporators:
C. E. Georger, E. A. Georger, J. Jewett Jr., J. 0. Moore,
Buffalo; E. D. Watkins, Lima.—V. 69, p. 1103.
Little Miami RR.—New Securities.—See Pittsburgh Cincinnati Chicago & St. Louis Ry. under "Annual Reports"
on a preceding page.—V. 84, p. 271.
Louisville Traction Co.—Earningsof SubsidiaryCompany.
—See "Annual Reports" on a preceding page.
New Preferred Stock.—The shareholders will vote April 15
upon a proposition to increase the share capital to $18,500,000
by raising the preferred stock from $2,500,000 to $3,500,000.
—V 86, p. 168.
Matamoras & Santa Cruz Street Ry.—Sold.—The property of this company, it is stated, was recently purchased by
Henry E. Scott, Samuel Fordyce and other stockholders of
the Union Trust Co. of St. Louis. An exchange says:
The purchase it:eludes all the in idine's of the ferry company and tracks
at Santa Cruz. It is underst,)od that the present mule-car line is to be
operated by electricity. The same parties als) own the Rio Grande RR.,
running from Brownsville to P Int , Isabel, which, it is said, will later be
converted into an electric railway.

Metropolitan Street Ry., New York.—$3,500,000 Receiver's
Certificates for Rehabilitation.—Judge Lacombe of the United
States Circuit Court in this city on Monday granted the
receivers of the New York City and Metropolitan Street Railway companies authority to issue $3,500,000 6% receivers'
certificates to provide for the rehabilitation of the surface
lines of the two companies. Judge Lacombe said:
There seems to be a very urgent necessity for the issue of certificates to
the amount asked for, $3,500,000, and the prayer of the petition is therefore granted. 'File certificates will be superior in lien to the two mortgages,
viz.: the general and collateral trust mortgage and the refunding mortgage. The certificates are to run for one year and to pay 6% semi-annually.
Details as to offering for sale may be arranged on settlement of order. The
order will not contain any specific appr-priation of the proceeds, but instead there shall be inserted a general clause to the effect that the receivers
shall keep a separate account of the proceeds of these certificates, and that
no part thereof shall be used except in the Improvement,acquisition, preservation or maintenance of property which is covered by both of said mortgages, and that all rolling at ck bought with such proceeds shall be marked
to that effect
See further particulars in V. 86, p. 668, 603.




857

•
Default—Offer to Purchase Coupons.—In view of the default in the payment of interest due April 1 1908 upon the
$16,604,000 of outstanding 4% refunding mortgage 100-year
gold bonds, Kuhn, Loeb & Co., referring to their letter of
March 27 addressed to Edwin S. Marston, Chairman of
the bondholders' committee, offer to purchase, on•or before
May 15, at its face value, the semi-annual coupon due
April 1 from such of the bonds as may be deposited with
the Farmers' Loan & Trust Co., depositary, subject to the
bondholders' agreement, prior to May 15 1908. The purchase is made for the firm by the aforesaid trust company.
This offer is in line with similar action of Kuhn, Loeb & Co. in the matter
of the default in the payment of the Jan. 1 coupons of the first consolidated
mortgage 4% 100-year gold bonds of the Third Avenue RR. Co.
The bankers take this course simply that the bondholders may have full
opportunity, with income unimpaired, to investigate the present financial
position of the Metropolitan Company and the value of the bonds. The
coupons have no prior lien over the bonds and the bankers take their
chances with the bondholders to get back any part of the moneys which
they will now disburse.
In 1002 Kuhn, Loeb & Co. brought out $11,000,000 of these bonds. At
that time President H. H. Vreeland stated in a letter to the firm that the
Metropolitan in the previous year had earned a surplus over and above all
its fixed charges of $3,431,567, while the interest on the new $11,000,000
of bonds would call for a disbursement of only $440,000 per annum.

Rental Payments Delayed.—The dividends due April 1 as
rental on the stocks of the following companies were not
paid at maturity, owing to lack of funds, but will probably
be met after a short delay, as in the case of the January installments: Broadway & Seventh Avenue, Central Crosstown, Christopher & Tenth Streets, Central Park North
& East River, Ninth Avenue, Eighth Avenue and Sixth
Avenue.
Pay-as-You-Enter Cars.—This new type of car was put in
service on the Fourth Avenue line on March 22. It is
expected to increase materially the receipts of the road,
which, it is claimed, have suffered seriously from dishonest
and careless conductors.
Transfers with Third Avenue Line to Be Abolished.—Judge
Lacombe, in the United States Circuit Court on March 31,
directed the receivers of the Metropolitan Street Ry. and
of the Third Avenue RR. to discontinue transfers between
the two systems on ten days' notice, except in certain places
where lines are used in common for over 1,000 feet, and
the further exception below noted.
Judge Lacombe says: "As a business proposition, it is obvious that a
curtailment of transfer privileges in this manner will increase the cash
receipts, and since receivers are trustees for the creditors and owners,their
duty to operate the roads so as to increase earnings is equally obvious.
As to the Dry Dock East Broadway & Battery RR., there appear to be so
many places where it and the Metropolitan lines use portions of each other's
track exceeding 1,000 feet in length (the limit set by law without the
issuing of transfers) that it seems inadvisable to undertake to make any
changes now; possibly future modifications in operation of the line may
eliminate enough of these 'used in common"to leave a less complicated
situation."
The receivers for the Metropolitan system show that in 1907 376,629,571
revenue passengers were carried on Manhattan Island, compared with
194,765,342 transfer passengers, the latter being 51.73% of the former,
the average fare paid being 3.29 cents. In 1888 the transfer passengers
were 1,998,871, or 1.10% of the revenue passengers, and the average fare
4.94 cents. During the six months ending Dec. 31 1907 approximately
29,500,000 passengers, or about 28% of the entire number (194,765,342)
of transfer passengers carried on Manhattan Island surface lines, were
transferred from the Third Avenue to the Metropolitan lines, or vice versa.
Receiver Whitridge of the Third Avenue lines says that the property
cannot be taken out of the hands of the court or reorganized until an approximate idea of its earning capacity can be obtained, which cannot be
done without the abolition of transfers; this, he thinks, will increase earnings from 10 to 20%.
The statement of the receivers of the Metropolitan lines says that,ellminating all dividends on the stock and bonds of the Third Avenue system,
the guaranteed dividend on the Metropolitan stock, the interest on the
Metropolitan 4% refunding and 5% general and collateral trust mortgage
bonds, and paying only the operating expenses, taxes, dividend rentals
and the interest on securities of the lessor companies, there will probably
be a deficit of $1,000,000 for the fiscal year ending June 30 1908, without
including any expenses charged to construction.—V. 88, p. 668, 603.

Missouri & North Arkansas RR.—John Scullin Notes Offered.—Francis Bros. & Co. of St. Louis have bought $300,000
and the Mercantile Trust Co. (the trustee) also of St. Louis
has bought $600,000 6% "John Scullin collateral trust (coupon) gold notes" of $1,000 each, dated April 1 1908 and due
Oct. 11911. Total amount of issue, $900,000. The notes
are offered at 100 and accrued interest, yielding 6%. A
circular says in substance:
The John Scullin 6% notes are secured by a deposit with the Mercantile
Trust Co., trustee, of $1,123,000 Allegheny Improvement Co. 5% collateral
trust gold not(s due Oct. 1 1911, the total authorized Issue of which Is
$6,000,000. (Compare offering V. 85, p. 101.)
The Allegheny Improvement Co. Is an Illinois Corporation and has contracted with the Missouri & North Arkansas RR. Co. to construct 211 miles
of extensions for which it is to receive the railroad company's bonds and
stock at tile rate of $25,000 per mile of completed line. The railroad
company had 122 miles in operation before the contract above referred
to was made and the securities dn this portion of the road are deposited
as additional collateral for the note-holders. The notes of the Improvement Company are therefore secured by collateral constituting a first
lien on the entire line constructed and to be constructed. and will be a
collateral first lien on the 333 miles at the rate of about $18,000 per mile.
The proceeds of said notes are disbursed under the joint' direction of the
St. Louis Union Trust Co. and the following committee: David R. Francis,
John F. Shepley, John Scullin, Powell Clayton and Ft. C. Kerens.
The railroad company WWI incorporated under the laws of Arkansas in
, August 1906 with a capital of $11,500,000, and an authorized issue of
$11,500,000 first mortgage 50-year 4% bonds, Issuable at the rate of
$25,000 per mile of completed main line and $1,500,000 for terminals,
as successor of the St. L01119 & North Ark. RR. Co. It is now operating
over its own lines between Leslie, Ark., through Eureka Springs to Seligman,Mo.,122.62 miles.and between Woodruff and Neosho, Mo..(32 miles).
It operates between Seligman and Woodruff over the St. Louis & San
Francisco RR., 9 miles. and will shortly be operating between Neosho
and Joplin, Mo., 19 miles, under an agreement with the Kansas City
Southern. An extension of 179 miles from Leslie to Helena on the Mississippi River is now in course of construction. It is expected this will be
completed and in operation the latter part of this year. The company
will then own 333 miles of main line with trackage rights of over 28 miles
additional.
Mr. Scullin Is a resident of St. Louis, a man of large means, and a railroad builder of years of exnerlenee,and we have absolute confidence and
belief In his ability to pay these notes at maturIty.-1- 86, p. 168.
.

Montreal Bridge & Terminal Co.—Contracts With Raroad
Companies.—The company announces its intention to apply
to the Parliament of Canada for an Act extending the time

858

THE CHRONICLE

for the completion of the bridge, to confirm agreements
entered into with certain railway companies, and for other
purposes. Compare V. 80, p. 2621.
-Merger Proposed.
New York & Canada RR.
-See Dela-V. 79, p. 2697.
ware & Hudson Co. above.
New York City Ry.-Receivers' Certificates.
-See Metro-V. 86, p. 669, 338.
politan Street Ry. above.
North Chicago City Ry.-Assessment.-See Chicago Union
-V. 85, p. 531.
Traction Co. above.
-Assessment.
-See Chicago
North Chicago Street RR.
-V. 86, p. 53.
Union Traction Co. above.
St. Louis & San Francisco RR.-4pplication to List.
The New York Stock Exchange has been asked to list
$995,000 additional 4% refunding mortgage bonds, due
1951, making the total listed $64,447,000.-V. 86, p.
286, 230.
Seaboard Air Line Ry.-Coupons, &c., Due April 1.
-The
semi-annual interest due April 1 on the $12,775,000 4% first
mortgage bonds remains unpaid. The following payments
were made promptly:
Equipment bonds, Series C, .4%s, $42,000 of principal paid at office of
Blair & Co., New York.
Equipment bonds, Series E. 5s, interest and $25,000 of principal paid at
office of Blair & Co., New York.
South Bound RR., $2,033,000 first mortgage 5s, interest paid at Baltimore Trust & Guaranty Co.
Roanoke & Tar River $55,000 first mortgage 6s, interest paid at Mercantile Trust & Deposit Co., Baltimore.
-V. 86, p. 795, 722.

[VOL. Lxxxvi.

West Chicago Street RR.
-Assessment.
-See Chicago
Union Traction Co. above.
-V.85, p. 532.
Western Maryland RR.
-Receiver's Certificates.-Judge
Morris, in the United States Circuit Court at Baltimore on
March 27 authorized receiver Benjamin F. Bush to issue 6%
receiver's certificates for a sum not exceeding $850,000, to
provide funds to pay the semi-annual interest due April 1
on the $42,518,000 first mortgage 4% bonds, upon petition
by the Bowling Green Trust Co., trustee under the "general
lien and convertible" mortgage. This issue of certificates
has been sold to friendly interests. "Baltimore Sun" says:
,
The rtceiver's certificates are to be payable In Installments of $140,000
on the 30th days of April, May, June and August, and $150,000 on Sept. 30
next, or sooner, under the order of the c )urt. They are to be a first lien
on the Inc,me of the pr perty in the receiver's hands, after paying operating
,
expenses, taxes, rentals, interest on underlying bonds and receivership
expenses.
rnti the
further order of the court the net revenues fr'm the c'al properties of the Western Maryland RR. and from the Davis C ,al & C ke Co. are
to be applied to the payment of interest on the first m utgage b nds and to
the payment of the principal and interest of the receiver's certificates.

-Receiver Bush accordingly announced on
Coupons Paid.
March 31 that he would "pay at maturity, upon presentation
at the office of The Mercantile Trust Co., No. 120 Broadway,
New York City, coupons due April 11908," from the aforesaid first mortgage bonds.
-The stockholders and "general lien and
Time Extended.
convertible" bondholders' committee, of which Richard Sutro
is Chairman, announces that the time for the deposit of stocks
and bonds with the Bankers' crust Co. has been extended
to April 10, after which date no securities will be received
except on such conditions as the committee may prescribe.
V. 86, p. 796, 722.
Yonkers RR., New York.
-Interest Paid.
-The semi-annuannual interest on the $1,000,000 5% first mortgage bonds
was paid at maturity on April 1.

Spokane & Inland Empire RR.
-Dividends Suspended.
The last dividend paid on the $6,286,900 preferred stock, we
are informed, was the fourth quarterly distribution of 1U%,
Oct. 20 1907.-V. 86, p. 721.
Third Avenue RR., New York.
-Transfers with Metropolitan System to Be Abolished.
-See Metropolitan Street
Ry. above.
The Urilon By. Co. which guaranteed the aforesaid bonds, principal and
interest, was placed in receiver's hands April 1. The Yonkers RR. was
Receivership of Subsidiary.
-See Union Ry. below.
put in charge of a receiver on Jan. 20. (Compare report of Third Avenue
-See Yonkers RR. below.
-V. 86, receivers in V. 85, p. 1642.)-V. 86, p. 230.
Payment of Coupon.
p. 722, 548.
Toledo & Indiana (Electric) Ry.-Receivership.-Judge
INDUSTRIAL, GAS AND MISCELLANEOUS.
Brough at Toledo on March 30, upon application by Schuyler
Aetna Portland Cement Co., Detroit.
-Sale May 6.
-Judge
C. Schenck and Jacob M. Longnecker, respectively President Wisner of Flint,
Mich., on March 23 ordered the foreclosure
and director of the railway, appointed C. F. M. Niles re- sale of this
ceiver of the company, on the ground of insolvency, pending -V. 84, p. company's property, to take place on May 6.
1054.
reorganization. The `Toledo Blade" of March 31 says:
Allegheny Improvement Co.
-See Mis-Notes Pledged.
As explained by the attorneys representing the various interests, the
receivership is only temporary, and is a friendly arrangement made to souri & North Arkansas RR.
-V.85, p. 101.
obviate the necessity of the trustees taking charge for the bondholders.
American Caramel Co.
-For calendar year:
-Earnings.
Mr. Niles is President of the Security Savings Bank & Trust Co., which is

trustee for the $1.650,000 bond issue of the railway company.
defaulted on its bonds Jan, 1.-V. 86, p. 53.

The T. & I.

-Receivership.
-Judge
Union Railway Co. of New York.
Lacombe, in the United States Circuit Court in this city on
Wednesday, in a suit brought by the Lorain Steel Co. of
Pennsylvania to recover $23,323 for materials furnished and
labor performed, the railway company assenting, appointed
as receiver of the property Frederick W. Whitridge, already
receiver of the Third Avenue RR.
The company's entire $2,000,000 capital stock is pledged as part security
for the first consolidated mortgage bonds of the Third Avenue RR., dated
1900. According to the allegations In the aforesaid suit there are $4,715,064 notes of the defendant outstanding issued to the trustee under said
consolidated mortgage of the Third Avenue RR. Co.; there are notes held
by the New York City Railway Co. or its receivers amounting to $127,013;
also $200,000 additional indebtedness outstanding. Claims for $500,000
arc pending. On April 1 the cash balance was only $75,000 (compare
V. 85, p. 1643). On June 30 1906 the company's outstanding "loans"
additional to the $2,000,000 first mortgage bonds as reported to the
New York State Railroad Commission agga gate $6,272,502.-V. 70, p. 77.

-Report.
-For calendar year, of all lines
Vandalia RR.
directly operated:
Net
Other
Fixed
Gross
Cal.
Dividends
Balance
on Stock.
Year. Earnings. Earnings Income. Charges.
Surplus.
1907_$10,053,186 $2,105,714 $27,772 $1,053,541 (5%)$729,320 $350,625
994,322 (4%) 647,009 413,543
1906_ 8,904,859 1,972,969 81,906
From the balance as above was deducted $80,542 for extraordinary
expenditure fund in 1907, against $400,000 in 1906, leaving $270,083 in
1907, against $13,543 In 1906.-V. 86, p. 110.

Virginia &Southeastern Ry.-Reduction of Capital Stock.
It was this paper company which last week reduced its capital
stock from $1,000,000 to $65,000, not the Virginia & Southwestern Ry., formerly controlled by the same interests, but
recently sold to the Southern Railway Co.
-V.80, p. 223.
Virginia & Southwestern Ry.-Correction.-See Virginia
-V. 80, p. 796.
Southeastern Ry. above.
-Southern Ry. Defers Reduction to July 1.
Wages.
-Chairman Knapp of the Inter-State Commerce Commission and
who were asked under Section 2
Commissioner of Labor Neill,
of the Erdmann Act to act as mediators between the Southern Ry. and allied companies and their employees working
under contract, Make substantially the following announcement:
The employees are unwilling at this time to accept a reduction of wages
because, in their opinion, the present depression in business has not continued for a sufficient period to justify a reduction. Under all circumstances of the case. Irrespective of Its merits, the interests of the public
and of all parties to the controversy will be promoted if the companies
shall not insist upon the proposed reduction at this time. We have recommended to the companies to continue the present schedule of wages
until July 1, upon the understanding that if, by that time, business conditions have not substantially improved, the matters in dispute will be
taken up again by the mediators with the view of reaching such an agreed
adjustment of the wage scale as may seem to be just under the conditions
then existing.
This recommendation has been accepted by the companies and their
employees in the operating, mechanical and roadway departments reprerented by their organizations. Compare V. 86. p. 604.
Norfolk et. Western.
-The employees on March 21, after a conference of
the °litchis of the company with the labor unions connected with the road
annoi nc ,t1 that they declined to accept the proposition that in any month
in which the gross earnings are less than $2,500,000 their pay shall
be compoted on the rates In effect previous to the last adjustment, this
arrangemmt to remain in effect for 10 months. Compare V. 86, p. 604.




Common Balance,
Bond
Mis- Pref.Div.,
YearProfits. Interest. cellan's. (8%)
Dividend. Surplus.
1907
$213,876 $2)1,125 $3,741 $80,000 (8%) $30,000 $30,010
1906
188,960
80,000 (8%) 80,000
1,679
5,656
21,625
1905
80,000 (43) 45,000
223,988
6,413
23,125
69,450
Dividends on the common stock were resumed in May 1905 after an
intermission of nearly 2% years, 1 A % quarterly being paid In May, August,
and November of that year; from Feb. 1906 to and Including the distributions just declared payable May 10,the dividend has been 1 A % and A %
extra, or 8% per annum. The preferred shares receive 2% quarterly
Jan. 1, &c. Total su.'olus Dec. 31 1903, $361,900.

New Director.
-J. P. Lyman of Boston has been elected
a director to succeed C. R. Weedon.-V. 83, p. 1346.
-New Director.
American Ice Securities Co., New York.
W. A. Tucker and Louis G. Boissevain have been elected
directors, succeeding Isaac Guggenheim and Charles M.
Schwab.
-V. 86, p. 796, 422.
American Screw Co.,'Providence.-Dividend.-This com1%, being
pany paid on March 31 a quarterly dividend of 1Y
the same amount as paid in December 1907, previous to
which the company paid 23/2% quarterly. Compare V. 86,
p. 549.
-New Directors.
American Telephone & Telegraph Co.
Harry H. Brigham and George L. Green have been elected
directors, succeeding Frederick P. Fish, who resigned, and
Charles E. Perkins, deceased.
Bernard E. Sunny has been made Vice-President, to take
-V.86, p. 722, 733, 718.
the place of Thomas Sherwin.
-This company,
-Bond Issue.
Big Bend Water Power Co.
incorporated in 1905 under the laws of the State of Washington, has filed a mortgage to secure an issue of $250,000 first
mortgage 6% gold bonds; denomination $1,000 and $100;
dated Nov. 1 1907 and due Nov. 1912; interest payable
May and November at office of Washington Trust Co.,
Spokane, trustee. The whole issue has been sold; capital
stock, $2,000,000; outstanding, $1,116,000; par $1. The
officers are: President, B. F. O'Neil, Wallace, Ida.; Secretary and Treasurer, A. M. Phillips, Spokane, and Vice-President and General Manager, E. P. Spalding, Spokane, Wash.
The same interests are back of the Idaho Northern RR.,
which see under "Railroads" above.
The Water P wer Ccmpany Is developing a power site on the Spokane
River 30 miles west of Sp )kane which will furnish 20,000 h. p. over a line
132 miles lung at a tension of 80,000 volts, for operation of mining machinery and railroads in Coeur d'Alene district, Idaho. No portion of the
plant Is in operation, but It Is expected that the 20,000 h. p. will be available for use In 1909. The cost of this development, It is said, will be
$1,750.000.

Bituminous Coal Companies.
-Many Miners Suspend
Work.
-The miners' convention at Indianapolis having failed
to obtain a response from the operators, finally consented
to a renewal of the district contracts for one year only, with
existing wage rates as a minimum, but without withdrawing
from the position in favor of a general inter-State agreement.
On April 1 the old agreement expired and the union bituminous coal miners in large sections of the country stopped work
pending the making of neW agreements,

APR. 41908.'

THE CHRONICLE

859

holders, paid its last dividend, 2%, in February 1908. An
officer writes: "Further dividends deferred until June 1,
-V.86, p. 112.
from which date they will be paid quarterly."
-The
-Interest Payment Deferred.
Majestic Copper Co.
directors have voted to defer for a short time the payment
of interest on the $514,000 7% bonds due April 1. Im-V.79, p.2150.
portant plans, it is asserted, are pending.
-Called Bonds.
-Bonds
Marquette (Mich.) Gas Light Co.
No. 78 and 103 called for redemption will be paid at the
American Trust & Savings Bank, Chicago, on May 1 at 105
and interest.
-V. 79, p. 273.
-At
-Management Re-elected.
Nashville (Tenn.) Gas Co.
the annual meeting on March 11 the old management,
headed by President D. S. Williams, was re-elected by a
-The bond- vote of 6,176 shares.
-Reorganization.
Brooklyn (N. Y.) Ferry Co.
The opposition vote was 4,756 shares, the total capital stock consisting of
holders' committee, consisting of James Jourdan, Chairman,
11,500 shares
rept,rt submitted by PresiJoseph J. O'Donohue Jr., George H.Prentiss, Marcus Mayer, dent Williams of $100 each, or $1,150,000. A of $93,519, a gain of 811,600
shows total net earnings for 1907
Theodore F. Jackson and Isaac Jackson, with H. M. Delanoie over 1906; "total value of manufactured products," $349,099, an increase
paid
of $29,679. Dividends have
as Secretary, 66 Broadway, New York, has addressed a circu- some time past. No bonds. been86, p. at the rate of 6% per annum for
340.
-V.
lar dated March 25 to the holders of the first consolidated
-Whit-Earnings for Calendar Years.
National Candy Co.
who have deposited their bonds under the
mortgage bonds
agreement dated Aug. 2 1906, and the plan adopted there- aker & Co., St. Louis, report as follows:
Net
-Dividends(7%)- Balance,
Total
under, dated Dec. 18 1906, saying in substance:
Buns.
1st pref. 25 pref. Surplus. Surplus.
YearThe "Iron Age" of April 2 said:

It is estimated that over 225,000 bituminous coal miners stopped work
March 31. It is not believed that a prolonged strike will result. However.
there are Sharp differences between operators and miners in some districts.
In the Southwest District a meeting is being held at Kansas City which may
result in an agreement affecting 35,000 men. in the Kanawha field in West
Virginia an agreeetnent is probable. President-elect Lewis of the miners'
national organization says that no move will be made for some days. In
Michigan it was agreed that last year's scale of wages should continue in
effect until March 31 1009. At Pittsburgh it is said that mine owners
employing 45,000 miners will insist on a two-year contract, with the sympathatic strike eliminated and with a proviso for arbitration of differences.
The open winter and much reduced demand for coal for industrial purposes
have resulted in considerable accumulations, and the strike will, therefore
not be detrimental to manufacturing unless It should be prolonged.
[Press reports say that the one-year wage agreement has been signed in
Central Pennsylvania and that in the Indiana block-coal district the men
are working pending negotiations. Thomas L. Lewison April 1 succeeded
-Ed.
John Mitchell as President of the United Mine Workers of America.
"Chronicie."1-V. 86, p. 667.

There has been deposited with your committee approximately $6,000,000
of the aforesaid bonds out of a total outstanding Issue of $0,500,000. A
judgment of foreclosure has been obtained, but your committee has thus far
deemed it best to cause the sale to be postponed.
The ferry business has become unprofitable through the construction of
subways and bridges, and the gains that are to be expected through growth
of population will probably be offset by the diversion of traffic to new bridges
Your committee has therefore, in connection with the
and tunnels.
holders of more than a majority of the capital stock, approved the method
described herein for carrying out the plan of Dec. 18 1000, by which it is
expected that the property can, upon acquisition thereof, be devoted to
the purposes of a freight terminal instead of to the ferry business.
A committee of stockholders has co-operated In the organization of the
New York Terminal Co. under the laws of New Jersey. It is intended that
the Terminal Co. shall acquire the consolidated bonds, and,for said purpose,
shall issue its 0% income collateral trust mortgage gold bonds limited to
the same aggregate par value as the said outstanding consolidated bonds,
to be secured by a collateral trust mortgage to the Knickerbocker Trust Co.,
as trustee, with the consolidated bonds as security therefor. The new
bonds will provide that the property, when acquired by the Terminal Co.
by means of said consolidated bonds, shall be transferred to the trustee as
security for the new bonds, in which event the collateral trust mortgage will be a lien upon such property, subject to the present outstanding
$1,000,000 first mortgage of the Brooklyn & New York Ferry Co. maturing'
Jan. 1 1911. Said new bonds will provide for the payment of Interest. If
earned at a rate not exceeding 6% per annum, and for their redemption
at
at the option of the Terminal Co. as follows: On or before Aug. 1 1008 %
at an increase of 2
70%, with interest accrued, If any, and thereafter Interest day, until%
the
of the principal for each succeeding semi-annual
redemption price shall reach 110% of the principal, and thereafter for one
year at 110% of the principal and said accrued interest, if any.
It is the Intention of your committee that the said consolidated bonds
deposited by you be exchanged at par of principal for said new bonds.
If an adequate offer is made by the City of New York to the New York
Terminal Co. It may sell to the city all or part of the property and utilize
such part of the proceeds as may be required to redeem the said new bonds
in the manner provided In the mortgage.
All depositing bondholders who dissent may withdraw their bonds from
participation in this plan by paying their proportionate share of the expenses incurred to the date hereof, and withdrawing their bonds within
thirty days from the date hereof, otherwise they shall be deemed to have
-V. 813, p. 422.
expressly consented to the action of the committee.

$319,242 $70,000 $118,951 $130,291 $534,213
1907
70,000 118,951 149,749
338,700
403,922
1906
79,051 df.3,229
70,000
145,822
254,173
1905
79,051
10,884
70,000
165,935
257,402
1904
79,051
70,518
70,000
219,569
240,518
1903
The c mpany is paying 7% yearly (M. & S.) on $1,000,000 first preferred
and $1,699,300 of an authorized issue of $2,000,000 second preferred stock,
both cumulative issues. There Is also $5,294,700 commn stock, total
authorized $6,000,000. Par of shares $100.-V. 82, p. 1500.

-Bonds.
Niagara Falls Hydraulic Power & Mfg. Co.
J. R. Heintz & Co., Buffalo and New York, recently offered
a small block of first mortgage 5% bonds, due 1917.
These bonds are part of the total outstanding Issue of $1,200,000, dated
Jan. 1 1902 and due in 1917, but subject to call for payment at par on any
Interest date In any amount on 6 months' notice. Denomination $1.000.
Interest July 1 and Jan. 1. Fidelity Trust Co. of Buffalo, trustee. Authorized capital stock, $500,000, all common; par $100. President, Geo. B.
Mathews; Secretary and Treasurer. Arthur Schoellk^pf.

-Thirty-four
-Called Bonds.
North American Sugar Co.
Central Narcissa plantation bonds, drawn for redemption,
were payable on March 31 at the company's office, No. 128
-V. 82, p. 695.
Aguacat St., Havana.
North Shore Electric Co., Evanston, &c., Ill.-First Cash
-The directors have declared a quarterly cash
Dividend.
3
dividend of % of 1% on the present stock ($2,650,000), payable May 1 on stock of record April 17. A stock dividend of
6% was paid out of accumulated surplus during 1907.
-Shareholders of record April 17, it
Option to Subscribe.
is announced, will be permitted to subscribe at par for $530,000 additional capital stock to the extent of 20% of their
present holdings receiving on payment in full a further
amount of stock equal to 20% as bonus.

Subscriptions will be payable in eight equal installments, May 1, Aug. 1
Consolidated Steamship Lines.-$47,000,000 4% Collateral
May 1, Aug.
Nov. 11909 and
Nov. 2
-There have been deposited and per cent1908; Feb. 1,be allowed on 2 and partial payments,Feb. 1 1910.
Trust Gold Bonds Deposited.
or subscribthese
interest will
Six
with the Krech committee $47,000,000 of the above-named ers may pay in full May 1,'In which case new shares will be issued entitled
further deposits will be sub- to the August 1908 dividend. Compare V. 85, p. 1459.
bonds. On and after April 6,
ject to charge of two-tenths of 1% to reimburse the comPioneer Telephone & Telegraph Co., Oklahoma City, Okla.
-V. 86, p. 796.
mittee for advertising expenses.
-Report.-For calendar year 1907:
Net
Dividend Balance, Stations
Operating
Gross
-Dividend ReDe Long Hook & Eye Co., Philadelphia.
Earnings. Expenses. Earnings. (6%). Surplus. Dec.31.
Year-The directors on March 19 declared a quarterly divi- 1907
duced.
$1,125,388 $935,908 $189,420 $125,475 $63,945 28,046
55,108
0,000 22,719
61,108
711,621
772,729
dend of 134% on the $1,000,000 stock (par $10), payable 1900_
April 1 to holders of record March 21. From July 1905 to -V. 85,p. 38.
-The share-New Stock.
Pottstown (Pa.) Water Co.
was paid every three months. The
Jan. 2 1908 2
holders will vote June 1 on increasing the capital stock
"Philadelphia News Bureau" says:
organization in May 1900 30 quarterly divi- from $225,000 to $400,000 in order to provide funds for
The company has paid since
dends, aggregating $750,000, in addition to the dividend just declared,
make other
amounting to $15,000, making a total of 8705,000, or over 70% on the the construction of a filter plant and to
-V. 84, p. 999.
needed improvements.
capital stock.
(E. I.)du Pont de Nemours Powder Co.,Wilmington,Del.
(John) Scullin.
-Note Offered.
-See Missouri & North
-Change in Time for Declaration of Dividend on Common Arkansas RR. under "Railroads" above.
-The directors have declared the regular quarterly
Stock.
-At the recent
-Directors.
Sloss-Sheffield Steel & Iron Co.
dividend of M% on the preferred stock, payable April 25
to holders of record April 15. The time for the declaration annual meeting the board of directors was reduced from
of the next dividend on the common shares has been changed 12 to 11 members by the retirement of E. W. Rucker.
from April 1 to May 27, as appears from the following an- Henry Parsons was elected director to succeed his father,
George Parsons, deceased.
nouncement.
-The directors have declared a diviThe regular quarterly meeting of the directors has been changed from • Dividends for 1907.
first Wednesday in January, April. July and October to the last Wednes- dend of 7% on the preferred stock, payable in four quarterly
February, May, August and November, so that the declaration of
day In
first on April 1 to holders of record March
dividend on the common stock will not come up until the next quarterly installments, the
18.-V. 86, p. 665.
meeting, which Is on Nlav 27.-V. 86. 0. 667.
M.
-Bonds AuEmpire Oil & Development Co., New York.
Smart Bag Co.,ontreal.-Bonus of 10%
-The shareholders have authorized an issue of Stewart & Co., Montreal, referring to their offering of a
thorized.
$4,000,000 6% 10-year first mortgage bonds, to provide, it is block of 7% preferred cumulative stock at par, say:
said, for developing property owned by the company in
Please note that the bonus of common stcck which we offered Is only 10%
(not 100%). This is not a new issue of stock, and we are not acting on
California. Sec V. 86, p. 723.
behalf of the company in offering it, but on behalf of private individuals,
-Preferred Dividend Reduced from clients of our firm.-V. 86. p. 725.
International Paper Co.
-The directors on Wednesday declared a
-Dividend Reduced.
-The di6% to 4% Basis.
United Metals Selling Co.
quarterly dividend of 1% on the $22,406,700(6% cumulative rectors, it is stated, have declared a quarterly dividend of
preferred stock, payable April 15 on stock of record April 9. $5 per share, reducing the annual rate to 20%,contrasting,
From organization in July 1898 to Jan. 15 1908 inclusive, it is said, as follows:
the preferred shares received their full 6% per annum. In
Annual Dividend Record (Company Organized Jan. 29 1900.)
1898 1% and in 1899 2% was paid on the common stock. 1000-01. 1901-02. 1902-03. 1903-04. 1904-05. 1905-06. 1900-07. 1907-08.
10%
10%
20%
20%
30%
10%
5%
15%
An official statement says:
Compare V. 84, p. 630, 698.
Although the earnings have been well maintained and would warrant the
-Dividend Action
declaration of the usual dividend on the preferred stock, the directors, In
United States Glass Co., Pittsburgh.
view of the general business depression, have decided that a conservative
-The directors have decided to defer action on
Deferred.
policy in the interest of the stockholders justifies a temporary reduction In
the cumulative dividend in order that Important improvements to the plant the dividend, of late 1% quarterly, in April, &c., until it
may be completed and the finances of the company maintained in a strong
can be seen how the spring trade opens. Compare V. 83,
-V. 86, p. 423.
position.
-Dividends.
--This company p. 822; V. 84, p. 54; V. 85, p. 467.
Lindsay Light Co., Chicago.
which previously made monthly distributions to its stock
"nor other Investment News see page 86.3.




860

THE CHRONICLE

Ileparts and

[VoL. Lxxxvi.

Aacumentso

MICHIGAN CENTRAL RAILROAD COMPANY.
SIXTY-SECOND ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1907.
Increase (+)
or Decrease (-).
1906.
+524,379 46
52,073,850 55
+1,890 42
566,310 00
+7,035 09
1,001,740 70

To the Stockholders°, The Michigan Central Railroad Company:
The Board of Directors herewith submits its report for
the year ended December 31 1907, with statements showing
the results for the year and the financial condition of the
company.
The report covers the operation of the following mileage:

First charges.
1907.
Interest on funded debt _- _ $2,098,230 00
Rentals of leased lines _ _ _ _
568,200 42
Taxes
1,008,775 79
Interest on loans, notes and
bills payable
702,006 59
Interest on equipment trust
certificates
11,300 00

Main line
Proprietary fines
Leased lines
Lines operated under trackage rights

$4,388,512 80

$3,059,500 47

+5429,012 33

Balance available for dtv__ _ 51,729,365 48
Cash dividends (in 1907,
8%; in 1906,5%)
1,499,040 00

$987,827 52

+$741,537 06

270.07
345.05
1,117.34
14.00

Total road operated

1,746.46

A statement showing in detail the miles of road and track
operated will be found upon another page. (See pamphlet.)
The capital stock authorized and Issued to December 31 1907.
was
$18,738,000 00
The funded debt outstanding on December 31 1906 was_ __ _$25,265,000 00
It has been increased during the year ended December 31
1907 by the Issue and sale of Michigan Central-Joliet &
Northern Indiana fifty-year 4% first mortgage bonds_ _ _ $1,500,000 00
Total funded debt December 31 1907 (details on another page)$26,765,000 00

On July 10 1907 there were issued $1,500,000 00 of an
authorized amount of $3,000,000 00 Michigan Central-Joliet
and Northern Indiana first mortgage fifty-year four per cent
bonds, as shown above, the proceeds being used to retire
$800,000 00 Joliet & Northern Indiana seven per cent bonds
maturing on that date, and to provide funds for future
betterments, improvements and extensions of the property.
On May 1 1907 this company acquired the entire capital
stock of the Detroit & Charlevoix Railroad Company, the
road of which extends from Frederic, Mich., to East Jordan,
Mich., a distance of 43.50 miles.
During the year there were issued $10,000,000 00 threeyear five per cent gold notes maturing February 11910.
Total c )st of road and equipment to December 31 1907_ _ $35,213,257 09
Phis represents per mile owned (270.07 miles), 3130,386.
JThet & Northern Indiana Railroad constructionaccount was
increased ------------------------------------

$791,000 00

To obtain the locomotives and cars necessary for their
immediate requirements, the Michigan Central Railroad
Company, together with the New York Central & Hudson
River Railroad Company,the Lake Shore & Michigan Southern Railway Company, the Cleveland Cincinnati Chicago &
St. Louis Railway Company and the Chicago Indiana &
Southern Railroad Company, has become a party to an
equipment trust agreement and lease, dated November 1
1907, known as "New York Central Lines Equipment Trust
of 1907," This agreement provides for an issue of $30,000,000 of equipment trust certificates; being ninety per
cent of the total cost of the equipment to be furnished under
the terms of said agreement. The cost of the equipment,
to be leased under the terms of the agreement by this company will approximate $4,200,000. Certificates representing
ninety per cent of the cost of the equipment delivered prior
to December 311907, to all of the railroad companies parties
to the agreement, were issued, and this Company purchased
$1,357,959 72 of such certificates. Delivery of the balance
of the locomotives and cars to be furnished under the "trust"
agreement will be made during 1908, and the annual report
for that year will contain full particulars concerning the
character and cost of the equipment.
An agreement was entered into between this company and
The Pullman Company providing for Pullman car service
for twenty-five years from January 1st 1905; also an agreement with The Western Union Telegraph Company providing for telegraph service for thirty years from January 1st
1906. These contracts supersede all prior agreements with
those companies, and are more favorable in their terms to
the railroad company.
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
1906.
1907.
Increase(
1,746.46 miles 1,745.34 miles or Decrease(-).
operated.
Earnirrgs(mei operation.
operated.
+1.12 miles.
From freight traffic
$19,926,803 28 $18,650,229 56 +51,276,573 72
From passenger traffic_ _ _ _ 6,541,102 67
5,028,874 02
+612,228 65
From express traffic
901,415 00
1,241,632 68
+340,217 68
From transportation of
malls
454,594 24
429,173 16
-25,421 08
From rentals
24,862 36
31,786 18
+6,923 82
From miscellaneous sources
315,612 95
376,611 97
+60,999 02
Totals
$28,547,109 94 $26,275,588 13 +52,271,521 81
Expenses of operation.
(82.70%)
(81.03%)
-(1.67%)
For maintenance of way
and structures
$4,991,923 14 $3,489,189 03 +51,502,734 11
For maintenance of equip% 4.070,27711
5,542,578 33 -1,472,301 22
For conducting transporen 13,503,986 92 12,141,720 64 +1,362,266 28
565,563 48
For general expenses ___
556,775 99
+8,787 49
Total expenses..
Net earnings
Other Income
Gross Income




$23,131,750 (15 $21,730,263 99 +51,401,48666
$5,415,359 29
702,518 99
$6,117,878 28

$4,545,324 14
+5870,035 15
402,003 85
+300,51514
54.947,32709 +51,170,550 29

Totals .

Surplus

$230,325 48

+384,407 87

317,599 22

" +11.30000

9311,900 00

+562,140 00

$50,927 52

+5179,397 96

From the surplus for the year
There should be deducted
Net amount transferred to the debit of profit and loss, in
adjustment of sundry accounts

5230,325 48
112,160 03
$118,165 45
9,012,961 89

Amount to credit of Profit and Loss, December 31 1006
Balance December 31 1907......

$9,131,127 34 •

The gross earnings were $28,547,109 94, an increase of
$2,271,521 81 over the previous year.
The freight earnings were $19,926,803 28, an increase of
$1,276,573 72. This was due to an increased movement in
nearly all commodities.
The passenger earnings were $6,541,102 67, an increase of
$612,228 65„due to a general increase in both local and interline business.
The express earnings were $1,241,632 68, an increase of
$340,217 68.
Earnings from transportation of mails were $429,173 16,
a decrease of $25,421 08; due to decreased compensation
allowed by the United States Post Office Department from
July 1 1907.
The expenses of operation were $23,131,750 65, an increase of $1,401,486 66.
This increase is largely due to the higher cost of material,
and the increase in rates of pay for labor.
Maintenance of way and structures showed an increase of
$1,502,734 11.
Maintenance of equipment decreased $1,472,301 22.
Conducting transportation increased $1,362,266 28.
The principal fluctuations were as follows:
"Fuel for locomotives," increase $276,971 51.
"Superintendence," increase $45,191 47.
"Loss and damage," increase $143,989 71.
"Car mileage and per diem," increase $31,016 94.
"Injuries to persons," increase $116,633 90.
"Engine and roundhouse men," increase $158,883 75.
"Switching charges," increase $72,462 34.
"Station service," increase $156,793 11.
*"Outside agencies," increase $120,785 41.
"Train service," increase $38,184 20.
"Train supplies and expenses," increase $45,119 16.
"Switchmen, flagmen and watchmen," increase $128,341 02.
*Changes in method of book-keeping account for a large portion-of this
increase.

The heavier general expenses are largely due to increase in
clerical force and to expenses occasioned by the additional
requirements as to reports, &c., for the Inter-State Commerce and State Commissions.
The net earnings were $5,415,359 29, an increase of
$870,035 15.
Other income was $702,518 99, an increase of $300,515 14,
due to increased revenue from securities and interest on advances.
First charges, $4,388,512 80, increased $429,012 33, theprinicpal items being interest on additional bonds issued, and
interest on loans.
The profit from operation for the year, after payment of
8% in dividends upon the capital stock, was $230,325 48,.
which has bEen carried to the credit of Profit and Loss:
W. H. NEWMAN,
President.
SUMMARY OF FIRST CHARGES.
Interest on funded debt
-- Rentals of leased lines
Taxes
----Interest on loans, notes and bills payable
Interest on Equipment Trust Certificates
Total first charges

$2,008,230 00.
568,200 42'
1 ,008.775 79 •
702,006 Si)
11,300 09
$438851280

DIVIDENDS.
Payable July 201007, 3% on 187,380 shares of capital stock_
Payable Jan. 29 1908, 5% on 187,380 shares of capital stock_
Total

8%

5562,140 00
936,900 00
$1,499,040 00,

THE CHRONICLE

APR. 41908.1

861

CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1907.
ASSETS.
Cost of road and equipment
Michigan Central Railroad-Main line
Michitan Air Line Railroad
Gran River Vallez Railroad
Saginaw Railroad
S
Jackson Lansing
Kalamazoo & South Haven Railroad
Detroit do Bay City Railroad
Bay City & Battle Creek Railroad
Battle Creek do Sturgis Railroad
Terminal Railroad, Chicago
,Joliet do Northern Indiana Railroad- _

$35,213,257 09
53,299,652 23
2,501,715 87
2,599,921 64
815,610 24
4,168,297 78
7,171 75
330 59
823,443 17
791,000 00 15,007,143 27

$50,220,400 36
Total cost of road and equipment
' 'Securities owned
7,836,866 01
sundry companies
Sleek in
Bonds of sundry companies ------- -3,351,976 00
1,357,059 72 12,546,801 73
Equipment trust certificates
Other ProPeril/
Real estate, etc., not used in operation of the road
Fuel and supplies
Current assets
Cash charged Treasurer and Lccal Treasurer_51,318,773 80
Loans and bills receivable
3,783,421 64
Traffic balances receivable
4,252,857 27
Sundry collectible accounts
1,889,891 08

302,597 18
2,390,345 69
.

11,244,944 69

LIABILITIES.
Capital stock
518.738,000 00
Funded debt
$14,000,000 00
Michigan Central 334% bonds of 1952
2,600,000 00
Michigan Air Line 4% bonds of 1940
1,500,000 00
Grand River Valley 6% bonds of 1909
4,000,000 00
Detroit.& Bay City 5% bonds of 1931
Kalamazoo & South Haven 5% bonds of 1939 700,000 00
725,000 00
Terminal RR 4% bonds of 1941
Jackson Lansing & Saginaw 3%% bonds of
1951
1,740,000 00
Jollet do Northern Indiana 4% bonds of 1957 1,500,000 00 26,765,000 00
Total capitalization
Current liabilities
Wages
Loans and bills payable
Traffic balances payable
Interest and rentals accrued
Interest unclaimed
Dividend payable January 29 1908
Dividends unclaimed
Sundry accounts payable

$45,503,000 00
$866,181 92
14,711,111 12
624,596 10
594,812 58
25,537 50
936,900 00
5,463 00
2,269,861 42

Accounts with lessor companiesCanada Southern Railway Company
Other Accounts
Insurance Fund-buildings
Items in suspense
Profit and loss

20,034,463 64
4,910 67
117,962 37
1,913,625 63
9,131,127 34

$76,705,089 65

$76,705,089 65

CAPITALIZATION-CAPITAL STOCK.
Number of shares issued and outstanding
187,380 Total par value issued and outstanding
Number of shares authorized
187,380 Total par value authorized
Par value per share
$100 00
Amount of capital stock per mile of road owned (270.07 miles), $69,382.00.

518,738,000 00
_ 18,738,000 00

FUNDED DEBT.

. Class of Bond, Michigan Central First mortgage
Grand River Valley First mortgage
Grand River Valley First mortgage
Detroit & Bay City First mortgage
Kalamazoo & S3uth Haven First mortgage
Michigan Air Line First mortgage
Terminal Ralir:ad First mortgage
Jackson Lansing & Saginaw First mortgage
Joliet do Northern Indiana First mortgage

Date of
Issue.
' 1902
1879
1886
1881
1889
1890
1896
1901
1907
•

Date of
Maturity.
May 1 1952
Sept. 1 1909
Sept. 1 1909
Mch. 1.1931
Nov. 1 1939
Jan. 1 1940
July 1 1941
Sept. 1 1951
July 10 1957

Total amount of funded debt
•
_
*3260,000 purchased and retired by the Land Grant Trustees.
•

• AMOUNT OF FUNDED DEBT PER MILE OF ROAD.
Amount
per Mile
Funded
Miles. of Road.
Debt.
Road270,07 551,838
$14,000,000
Michigan Central Railroad
17,902
83.79
1,500,000
Grand River Valley Railroad
22,762
175,73
4,000,000
Detroit & Bay City Railroad
17,722
700,000
39.50
Kalamazoo & SGuth Haven Railroad._ - 22,577
115.16
Michigan Air Line Railroad
2,600,000
47,262
725,000
1.5.34
Terminal Railroad
4,588
Jackson Lansing & Saginaw Railroad- _ _ _ 1,740,000
379.23
1,500,000
45.00
6,667
Joliet & Northern Indiana Railroad

Amount of
Authorized
Issue.
$18,000,000
500,000
1 ,000,000
4,000,000
700,000
2,600,000
1,500,000
*2,000,000
3,000,000

Amount Issued
and now
Outstanding.
$14,000,000
500,000
1,000,000
4,000,000
700,000
2,600,000
725,000
1,740,000
1,500,000

Rate of
Interest.
334%
0%
6%
5%
5%
4%
4%
3;i%
4%

Payable on the First Days of
May and November.
March and September.
March and September.
Melt., June, Sept. and Dec
May and November.
January and July.
January and July.
March and September.
January and July 10th.

$26,765,000

FREIGHT RESULTS.
1906.
Increase (
or
1907.
Decrease.(-)
Earnings from transportation
519,412,008 10 $18,287,092 83 +51,124,915 27
Earnings from miscellan+151,658 45
eous sources
363,136 73
514,795 18
Total freight earnings_ _ _ _ $19,926,803 28 $18,650,229 56 +51,276,573 72

+$0.01
Earnings per ton
$1.16
$1.17
Earnings per ton per mile _
+cts. 0.013
cts. 0.628
cts. 0.641
-$0.07
$2.76
Earnings per train mile
$2.69
Earnings per mile of road,
trackage included, operaFREIGHT CARRIED AND TON MILEAGE.
$10,685 73
ted in freight rervice
+$724 10
$11,409 83
Increase (+) or Density of freight traffic (i. e.
1906.
1907.
Decrease (-)
tons carried one mile per
16,538,163
15,816,491
+721,672
1,744,591
Tons of freight earning revenue_
+60,969
1,805,560
mile of road
1,797,461
+178,472 Average number of tons of
1,975,933
Tons of company freight
revenue earning freight
17,613,952
+900,144
18,514,096
Total number of tons carried_
19
carried per train mile- _ - _
420
439
Average number of tons of all
Tons of revenue freight carried
freight (including com3,027,734,750 2,910,834,923 .4-116,899,827
one mile
pany's) carried per train
Tons of company freight carried
22
mile
459
437
125,603,560
134,069,720 -8,466,166
one mile
Average number of revenue
tons per loaded car m Ile16
16
Total number of tons carried
3,153,338,310 3,044,904,649 +108,433,661 Average number of all tons
one mile
17
per loaded car mile
17
Average number of miles
DESCRIPTION OF FREIGHT MOVED.
one ton carried
183
184
Average number of miles one
Products of Agriculture
ton carried (including corn1,055,044
1,031,075
-26,031
(I rain
--3
173
170
pany's)
240,756
Flour
188,155
-I-52,601
218,229
188,251
4-29,978 Average number of loaded
Other mill products
140,684
--1.29
27.22
25.93
cars per train mile
137,579
4-3,105
Hay
12,399
13,040
-541 Average number of empty
Tobacco
35,182
34,711
4-471
.36
10.26
Cotton
cars per train mile
9.90
240,022
190,899
4-49,123 Average number of freight
Fruit and vegetables
230,459
239,213
--8,754
• Other articles
--1.65
37.48
35.83
cars per train mile
Products of Animals
399,422
361,454
+37,968
Live steck
248,187
208,367
4-39,820
Dressed meats
PASSENGER RESULTS.
118,014
106,697
.4-11,317
Other packing-house products
31,820
22,804
4-9,016
Poultry, game and fish
11,495
7,214
+4,281 Total earnings from ,passen- $6,422,952 73
Wool
gers
55,825,882 13 +5597,070 60
34,692
33,451
+1,241
Hides and leather
66,034
4-15,850 Other passenger train earn50,184
Dairy products
+9,267 24
103,483 43
ings
94,216 19
25,917
-articles
4-11,667
14,250
Other
14,666 51 ,
8,775 70
+5.89081
From miscellaneous sources_
Product; of Mines
1,215,746
060,087
4-255,659
Anthracite coal
2,827,084
4-66,265
2,760,819
Bituminous coal_
Total passenger earnings_ $6,541,102 67 $5,928,874 02 +5612,22865
193,569
4-24,235
169,334
Coke
26,639
38,546
--11,907
Ores
Earnings from mall and ex1,615,383
4-56,316
1,559,067
Stone,sand 6: other like articles
$1,670,805 84 $1,356,009 24 +5314,796 60
press
217,214
197,045
4-20,169
Other articles
$1 30
-$0.01
Earnings per passenger-_ _ _
$1.29
Products of Forest
988,100
--20,687 Earnings per passenger per
1,008,787
Lumber
-cts. 0.05
cts. 2.10
cis. 2.05
1,140,955
mile
+38,442
1,102,513
Other articles
$1 01
+50 08
Earnings per train mile_ _ _ _
$1 09
Manufactures-'
102,827
--6,405 Earnings per train mile, in109,232
Petroleum and other oils
85,890
cluding mall and express
96,057
--10,167
Sugar
+$0 12
$1 18
$1 30
earnings
197,230
168,991
4-28,248
Iron: pig and bloom
30,196
33,035
-2,839 Earnings per mile of road
Iron and steel rails
operated in passenger ser630,646
700,866
-70,220
Other castings and Machinery_
324,846
vice, trackage included
386,822
4-61,976
Bar and sheet metal
mall and ex(incli
365,196
376,022
Cement, brick and lime
4-10,826
$4,827 05
+5540 94
54,286 11
82,255
press
77,210
--5,045
Agricultural implements.
113,223
-59,640 Density of passenger traffic
Wagons, carriages, tools, &c_ _
53,583
36,150
38,651
-2,501
Wines, liquors and beers
(i. e. passengers carried
+20,724
183,911
163,187
one mile per mile of road)
39,991
44,972
--4,981
Household goods and furniture_
1,582,178
4-318,635 Average number of passenOther articles
1,900,813
5.95
-1.33
4.62
ger cars per train mile_ _
.2tfiscellaneousAverage number of passenOther commodities not pre47
52
+5
1 ,287,728
1,483,447
gers per train mile
--195,719
viously mentioned
Average number of miles one
62
+1
63
passenger carried
15,816,491
+721,672
16,538,163
Total




$26,765.000

1,123.82

$23,816

THE CHRONICLE

862

[VOL. LXXXVI.

CLEVELAND CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY
NINETEENTH ANNUAL REPORT-FOR YEAR ENDED DECEMBER 31 19 07
To the Stockholders of The Cleveland Cincinnati Chicago it:
St. Louis Railway Company:
The Board of Directors submits herewith the following
report for the year ended December 31st 1907:
The mileage embraced in the operation of the road is as
follows:
Main line_ -----Branches
Trackage rights

1 ,68l'64
168.64
134.82

Total length of road operated
•
Second track
Side tracks

1,982.90
300.58
1,059.83

Total mileage of track

3,343.31

The total mileage of track operated has been increased
during the year as follows:
Main line: increased
Second track: increased
Side tracks: increased

1.73
48.27
109.37
159.37
2.11

Branches: decreased

Chicago Division
Re-location and second track between Cincinnati
$92,399 39
and Indianapolis
70,075
Separation of grades, Indianapolis
1,669,744 14
Beech Grove shops
96,327 95
Beech Grove yards
34,755 13
Belt Line improvement, Indianapolis_
26,774 06
Side tracks
Miscellaneous; buildings, structures, &c
84,696 59
----- 2,074,772 39
Cairo Division
Re-location of track between Danville and Harrisburg
$1,624,249 34
Shops, Mt. Carmel-Engine houses, Harrisburg
and Lyons
90,004 21
Side tracks
43,187 81
_ .
Miscellaneous; buildings, structures, &c.
28,179 10
1,785,620 48
Michigan Division
Side track
89,308 85
Miscellaneous; buildings, structures, &c
31,378 23
40,685 08
593,797 42
For new equipmentTotal

$8,096,402 52

There has been advanced for real estate and easements
on the Cairo Division during the year, $104,599 47.
There has been advanced on account of the St. Louis
The following is a statement of the capital stock authorized Short Line Division
during the year, for construction,
and outstandiing:
$216,247 42.
Preferred stock authorized to December 31 1907
$10,000,000 00
Evansville Mt. Carmel dr Northern Railway Company
The
C)mmon stock authorized to December 31 1907
50,000,000 00
was organized under the laws of the State of Indiana AugTotal preferred and common stock authorized to Decemust 1 1906, and under the laws of the State of Illinois
ber 31 1907
$60,000,000 00
November 7 1906, to construct a railroad from Mt. Carmel,
Preferred at,ck issued and outstanding De$10,000,000 00
cember 31 1907
on the Cairo Division, to Evansville, Indiana. There has
Common stick issued and outbeen advanced on account of this property during the year
standing December 31 1906_$40,000,000 00
Common stock sold during the
$106,501,26
year under resolution of
The Saline Valley Railway Company was organized under
stockholders October 31
1906, to provide for current
the laws of the State of Illinois April 6 1907 for the purpose
expenditures for additions to
of constructing a railroad from Harrisburg, Saline County,
the property and other corIllinois, to Marion, Williamson County, Illinois. There has
porate purposes, and to reimburse the treasury for
been advanced on account of this property during the year
payments on account of con$11,448 30.
struction and purchase of
equipment prior to 1907_ . 7,056,300 00 47,056,300 00 57,056,300 00
There has been advanced on account of the new Union
Passenger Station at Cincinnati, during the year, $.10,000 00.
Balance common stock authorized but not issued ;December
Total additional tracks

157.26

31 1907

$2,943,700 00

The funded debt outstanding December731 1906 was
$63,612,727 45
This has been Increased during the year by the issue of
C. C. C.& St. L. Ry. general mortgage bonds for Improvements
1,000,000 00
Total funded debt outstanding December 31 1907

$64,612,727 45

There were issued during the year $5,000,000 00 of this
company's four-year five per cent gold notes dated June 1
1907.
There were sold during the year 45,000 shares of the common capital stock of the Chesapeake & Ohio Railway Coinpany, for the sum of $2,586,475 00.
To obtain the locomotives and cars necessary for their
immediate requirements, the Cleveland Cincinnati Chicago &
St. Louis Railway Company, together with the New York
Central & Hudson River Railroad Company, the Lake Shore
& Michigan • Southern Railway Company, the Michigan
Central Railroad Company and the Chicago Indiana &
Southern Railroad Company, has become a party to an
equipment trust agreement and lease, dated November 1
1907, known as "New York Central Lines Equipment Trust
of 1907." This agreement provides for an issue of $30,000,000 of equipment trust certificates; being ninety per cent
of the total cost of the equipment to be furnished under the
terms of said agreement. The cost of the equipment to be
leased under the terms of the agreement by this company
will approximate $3,900,000. Certificates representing
ninety per cent of the cost of the equipment delivered prior
to December 31 1907, to all of the railroad companies parties
to the agreement, were issued, and this Company purchased
$2,438,171 32 of such certificates. Delivery of the balance
of the locomotives and cars to be furnished under the "trust"
agreement will be made during 1908, and the annual report
for that year will contain full particulars concerning the
character and cost of the equipment.
There was expended. during the year for additions to the
property, improvements, double-tracking, equipment, &c.,
and charged to cost of road and equipment, the sum of
$8,096,402 52, as follows:
Cltroetand DivisionSeparatl n of grades at Cleveland
Water treating plants
Side tracks
Miscellaneous; buildings, structures, &c

Totals
$26,447,804 27 *24,594,915 82 +51,852,888 45
Expenses of operation.
(74.95%)
+(1.18%)
(76.13%)
For maintenance of way
+5146,260 75
and structures
$3,432,738 28 $3,286,477 53
+636,071 03
3,573,927 27
For maintenance of equip't 4,209,998 30
For conducting transportation
+859,908 27
11,868,537 02 11,008,628 75
For general expenses
563,879 78
+58,875 83
622,355 81
Total expenses

St. Louis Division
Re-location and second track between Terre
$2,892,608 10
Haute and Indianapolis
Yard extensien, Duane,Indiana20,287 57
Separation of grades, Indianapolis-_ - _
8,690 36
53,291 24
Side tracks
10,430 61
Miscellaneous; buildings, structures, &c

$20,133,629 21 $18,432,713 33 +51,700,915 88

Net earnings
$6,314,175 06
Other income
Dividends on stocks owned
$78,452 24
Interest on ralir. ad bonds
wned
43,012 11
on Vans, notes and
Interest
sundry accounts
65,079 38
Totals

+5151,972 57

5113,973 90

-535,521 68

42,802 70

+209 41

51,792 39

+13,286 99

$208,568 99

-$22,025 26
+$129,947 31

64,306,039 92

+5221,461 43

Net Inc me
$1,973,217 44 $2,064,731 56
Cash dividends preferred,
$499,925 00
four, ae•grecating 5%._ _
$500,000 00
Cash dividends, c mm n,
two, aggregating --(3%)1,411,689 00(4%)1511754 00

-$91,514 12

51,911,689 00

52,011,679 00

--$09,990 00

$61,528 44

553,052 58

+$8,475 88

Totals

$186,543 73

$4,527,501 35

Surplus_ .
$134,265 07

*6,162,202 49

Gross Inc-me
$6,500,718 79 $6,370,771 48
First charges.
Interest on funded debt__ _ $2,989,581 11 $2,946,800 90
752,588 33
Taxes en real estate
758,155 98
78,042 55
Taxes on gross earnings__ _
84,736 96
Railroad c- mmissioners assessments
1,002 40
988 07
Use joint facilities; fixed
205,080 05
interest basis
204,505 08
80,213 49
Rentals of other property_
74,948 31
Interest on loans, notes and
242,314 20
bilis payable
414,585 84

Totals
$40,750 84
26,143 70
5,363 91
62,006 62

Cincinnati Division
Re-I )cation and second track between Cincinnati and Dayton
$330,674 00
Springfield terminals
7,178 15
53,838 92
Sharon yards
34,110 23
Water-treating plants
19,015 16
Side tracks
Miscellaleous; buildings, structures, &c
36,149 76




SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
Increase (-1-)
1906.
1907.
Miles operated /if Hes operated or Decrease(-).
Earnings from operation.
-0.38 miles
1,983,28
1,982.00
From freight traffic
$17,238,347 59 $15,683,733 05 +51,554,614 54
+163,185 21
From passenger traffic_ _ _ _ 7,127,049 44
6,963,864 23
+203,231 83
From expres§ traffic
648,767 01
849,998 84
From transportation of
mails
-40,848 97
782,577 02
741,728 05
-23,193 32
Fr- m rentals
464,533 10
487,726 42
-4,100 84
Fr m miscellaneous sources
30,248 09
26,147 25

2,085,397 88

-14 33
-574 97
-5,265 18
+172,271 64

+$75 00
--100,065 00

To the surplus for the year ______________
_
Add
Net profit fr- m sale of securities and adjustment of sundry
_
accounts
__
Amount to credit of profit and loss, December 31 1906

481,864 22

+$42,780 21
+5,589 13fi
+6,694 41

Balance, December 31'1907

561,528 44
112,804 50
$174,332 94
1,673,234 94

81,847,567 88

The gross earnings were $26,447,804 27, an increase of
$1,852,888 45.
The freight earnings were $17,238,347 59, an increase of
$1,554,614 54, due to the large increase in coal traffic from

V

TIIE CIIRONICLE

864

[VOL. Lxxxvi.

%he Tomuterzli Wi-varz.

COTTON.

Friday Night, April 3 1908
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
Friday Night, April 3 1908.
week ending
Although general trade is still quiet, there are indications 98,683 bales,this evening the total receipts have reached
against 92,994 bales last week and 90,038
of a little more activity in certain directions. A rather more bales the
previous week, making the total receipts since
confident tone prevails in the financial world. Prices have
the 1st of September 1907, 7,328,528 bales, against 8,920,481
been in the main steady.
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,591,953 bales.
Sotcks of Merchandise.
April 1 March 1 April 1

COMMERCIAL EPITOME.

1908.

Lard
Cocoa
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Sugar
Hides
Cotton
Rosin
Spirits turpentine
Tar
,_
Saltpetre
Manila hemp
Sisal hemp
Flour
,

1908.

1907.

tierces
1,856
8,225
6,250
bags
12,340
11,420
12,500
bags 3,344.002 3,314,929 3,392,893
mats
65,240
63,500 • 264,220
bags 227,382 206,234 245,153
hogsheads
None
None
None
bags, &c.
None
None
None
No.
12,800
5,500
2,250
bales
95,341 102,521 170,071
bat rels
12,871
barrels
968
barrels
1,949
bags
4,325
3,600
3,850
bales
22,430
26,509
18,500
bales . 4,675
4,500
3,950
barrels and sacks
52,200
48,900
76,900

Receipts at

Sat.

Galveston
Port Arthur_ _ _ _
CorpusChristi ,doc
New Orleans _ _ _
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown _ _ _ _
Wilmington _ _ _ _
Norfolk
Newp'tNews,&c.
New York
Boston
Baltimore
Philadelphia

Mon.

Tues.

Wed.

Fri.

Thurs.

6,712

5,770 10,752

6,290

4,231

2,755
195
5,135
12
1,403

3;865
770

8,;185
611

2,179
703

4,717
411
600

1;58.
6

3,059

3,401

1,574

67

287

87

10

134

195
1,503

201
1,438

528
633

411
788

231
696

55

13

51

46

Total.

4,096 37,851 50
50
3,400 25,053
784
3,474
5,735
75
.87
1,369 12,161
1,214
1,214
79
664
431
1,193
128

1,997
6,211
128
165

2,197
1,205 3,402
LARD on the spot has continued to advance, owing to a
---54
26
371
451
further rise in the future market at the West, moderate
____
receipts of hogs, strong hog prices and light offerings. Trade Totals this week_ 18,086 13,453 26,608 13,828 12,594 14,024 -98,683
of late has been less active. Western 8.50c. and City
The following shows the week's total receipts, the total
83 48Mc. Refined lard has been quiet but stronger for
A
the reasons above stated. Refined Continent 8.90c., South since Sept. 1 1907, and the stocks to-night, compared with
America 9.75c. and Brazil in kegs He. Speculation in lard last year:
futures at the West has been active and at times excited.
1907-08.
1906-07.
Stock.
There has been some irregularity, owing to realizing, but in
Receipts to
the main the tone has been strong, owing to the diminished
April 3.
This Since Sep This Since Sep
week.
1 1907. week.
1 1906.
1908.
1907.
movement of live hogs and buying by packers and commission houses.
Galveston
37,851 2,182,186 37,673 3,603,086 135,048 266,233
DAILY CLOSING PRICES
Sat.
8.22}
May delivery
8.45
Jul- delivery
Septentber delivery
8.6754

OF LARD FUTURES IN CHICAGO.
Man.
Tues.
Wed. Thurs. Frt.
8.60
8.50
8.47M 8.42 ;.6 8.30
8.80
8.70
8.72M 8.87 M 8.57
9.00
8.90
8.95
8.85
8.70

PORK on the spot has advanced, owing to the strength of
other provis:ons a rise in the future market at the West
'
and light receipts of live hogs. Trade has been dull at the
advance. Mess $15 25@$15 75, clear $164$17 50 and
family $16 50. Beef has advanced, with the demand fairly
active and offerings light. Mess $124$13,'packet $144
$14 50, flank $12, family $15@$15 50 and extra India
mess $23. Cut meats have been quiet but stronger; pickled
hams 93 ®10Mc.; pickled bellies, 10414 lbs., 8()9c.
4
Tallow has been quiet hut firmer; City 59'c. Stearines have
been dull but stronger; oleo 9c. and lard 93 c. Butter has
4
been fairly active and firmer creamery, extras, 29c. Cheese
has been quiet and firm; State, f. c., small, colored, fancy,
153 c. Eggs have been active and steady; Western firsts
4
15Y1@)153.2c.
OIL.
--Cottonseed has been more active and firmer; prime
tiummer yellow 414413c. Linseed has been moderately
active and steady; City, raw, American seed, 43444c.;
boiled 44445c. Lard has been quiet but stronger with the
raw material; prime 70472c. Cocoanut has been quiet and
firm; Cdchin 8481 c. Olive has been quiet and firm;
4
yellow 67@70c. Peanut has been quiet and steady; yellow
65@80c. Cod has been quiet and steady; domestic 42443c.
COFFEE on the spot has been dull and easy; Rio No. 7,
6c. West India growths have been quiet and easy; fair to
good Cucuta 9%©10c. Speculation in future contracts has
been dull,with prices somewhat easier,owing to weakness in
the European markets, foreign selling of the distant months
and.liquidation by tired holders. Local dealers and roasters have been the principal buyers.
The closing prices were as follows:
April
May
June
July__ ____

.5.70c. August
5.70e. September
5.7.,e. October
5.75c.I November

5.75c.
5.80c.
5.80c.
5.80c.

December
January
February_ ___ _
March

5.85c.
5.85c.
5.90c.
5.90c.

SUGAR.
-Raw has been active and firm. Centrifugal,
96-degrees test, 4.36c.; muscovado 89-degrees test, 3.86c.,
and molasses, 89-degrees test, 3.61c. Refined has been
moderately active and firm. Granulated 4.30c. Teas and
spices have been in moderate jobbing request and generally
steady. Hops dull and steady. Wool more active and
easier.
PETROLEUM has been active and firm. Refined, barrels, 8.75c., bulk 5c. and cases 10.90c. Gasoline has been
active and firm; 86 degrees in 100-gallon drums, 22c.• drums
$8 50 extra. Naphtha, has been active and firm; 73476 degrees in 100-gallon drums, 19c.; drums $8 50 extra. Spir2c. Rosin dull; common to good
ts oi turpentine quiet at 55Y
strained $3 70.
-Trade in domestic leaf has continued quiet,
TOBACCO.
with prices Ow. The consumption of cigars is still on a
greatly reduced scale, and manufacturers are buying only
enough leaf to fill immediate needs. A somewhat better inquiry for Havana is reported, though actual sales have been

Port Arthur
Corp. Christi, &c_
New Orleans ____
Mobile
Pensacola
Jacksonville, doc_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
NewportNews,&c
New York
Boston
Baltimore
Philadelphia
Total

107,676 5,034 128,708
50
37,612 11,984
40,300
25,053 1,712,966 25,110 2,104,038
3,474 294.788
1.607 239,777
5,735 147,575
123,240
87
7,746
6,871
12,161 1.396,433 9,283 1,364,544
1,214 197.656 5,829 159,530
664 190,265
1,156 143,783
387
1,095
1,997 468,137
778 311,524
6,251 489.367 5,313 516,039
128
5,998
522
34,943
3,180
861
16,821
165
10,719
2,759
66,973
3,402
67,963
809
52,783
451
7,874
290
6,336
98,683 7,328,528 100,008 8,920,481

186,043
19,520

238,201
21,469

75,017
1,186
15.217

72,391
11,978
10,949

9,100
26,301
97,333
11,865
11,333
2,118

11,553
28,172
175
167,919
12,399
10,429
1,827

590,171

853,695

In order that comparison may be made with other years,
.we give below the totals at leading ports for six seasons:
Receipts at
-

1908.

1907.

Galveston, &c
PLArthur,&c.
New Orleans _
Mobile
Savannah _ _ _
Brunswick _
Charleston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others_ _ _ _

37,851
50
25,053
3,474
12,161
1,214
664
1,997
6,251
128
9,840

37,673
17,018
25,110
1,607
9,283
5,829
1,156
778
5,313
522
4,719

Total this wk_

98,683

109,008

1906.
34,228

1905.

1904.

1903.

32,016
2,366
24,322
2,148
1,807
1,731
6,720
598
3,317

58,911
12,842
55.781
2,979
19,091
1,988
2,917
5,658
12,304
468
10,981

12,769
148
11,292
295
3,958
107
224
6,959
998
3,383

12,834
620
27,780
1,551
14,882
1,264
46
490
4,899
148
2,912

109,253

183,920

40,133

67,426

Since Sept. 1_ 7,328,528 8,920,481 6,754,997 7,889,210 6,741,742 7,080,010

The exports for the week ending this evening reach a total
of 98,785 bales, of which 32,101 were to Great Britain,
9,124 to France and 57,560 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
Exports
from-

Week ending April 3 1908. From Sept. 1 1907 to April 3 1908.
Exported toExported to
Great
ContiGreat
ConnBritain. France new. Total. Britain. France. nent.

Total

Galveston
24,295 24,295 846,852302,923 740,4291,890,204
Port Arthur_
47,200
60,476 107,676
Corp.Christi,dic
2,687
2,687
New Orleans__ 19,847 3,132 6,722 29,501 740,365220.676 543,700 1,504,741
5,876
Mobile
5.876
64,186 52,588
99.887 216,641
Pensacola ____
600 ---- 5,135 5,735
42.861 43.452 66.214 152,527
Fernandina
Savannah - 4,021 ____ 4,099 8,120 161.401 86,519 574,449 822,369
Brunswick.... 4,771
4,771
87,707
86,328 174,035
Charleston
10,468
34,050
44,518
Millington_
5,270 5.270 122,757 28,520 301,211 452,488
Norfolk
26.561
5,362
31,923
Newport News
1,638
1,636
504
116 9,054 9,674 221.756 30,130 243,300 495,186
New York____
809
Boston
609 130.205
7.520 137,725
Baltimore ___. 1,800
1,800 38,621 4,038
61,240 103,899
Philadelphia __
149 -___
250
399
37,907
10.600
48,507
Portland, Me
1
1
San Francisco_
48,052
48,052
Seattle
2,735 2,735
69,621
69,621
Tacoma
29,338
29,338
Portland, Ore_
100
100
Pembina
Detroit
2,111
2,111
_.,_
.
Total
32,101 9,124 57,560 98,7852,582,595768,8262,984,5646,335,985
Total 1906-07_ 81,31138.012 78.306197,6293,292,684828,5033,1136217,234,808

COPPER dull and easier; lake 12.87%413.12Ac., electrolytic 12.75413c. Lead quiet and steady at 4c. Spelter
In addition to above exports, our telegrams to-night also
dull and steady at 4.6544.70c. Tin quiet and steady; give us the following amounts of cotton on shipboard, not
Straits 31%c. Iron has been quiet and steady; No. 1 North- cleared at the ports named. We add similar figures for
ern $17 75®$18 75; No. 2 Southern $16 754$17 25.
New York.




863

THE CHRONICLE

APR. 1908.1

the Cairo Division and to a general increase in other commodities handled.
The passenger earnings were $7,127,049 44, an increase of
$163,185 21. The local earnings show a decrease of 2%
and the interline an increase of 11%.
The express earnings were $849,998 84, an increase of
$203,231 83, due to increased business and increased compensation.
The mail earnings were $741,728 05, a decrease of $40,848 97, due to decreased Government allowance from July 1
1907.
The rent earnings were $464,533 10, a decrease of $23,193 32,due chiefly to decreased rentals received from foreign
roads.
The expenses of operation were $20,133,629 21,an increase
of $1,700,915 88.
Maintenance of way and structures showed an increase of
$146,260 75, due to increased track mileage, increase in rail
renewals and increase in rate of wages.
Maintenance of equipment showed an increase of $636,
071 03, due to increased equipment,increase in rate of wages
and to heavier general repairs.
Other income was $186,543 73, a decrease of $22,025 26,
due principally to decreased interest earned from notes and
deposits.
First charges were $4,527,501 35, a net increase of
$221,461 43. The principal fluctuations consisted of an
increase in interest on funded debt, due to the issue of
additional bonds, increased taxes and increased interest on
loans.
The net income for the year, after paying first charges,
was $1,973,217 44, out of which was paid a dividend of 5%
on preferred stock and 3% on common stock, leaving a
surplus for the year of $61,528 44,
An agreement was entered into between this Company
and the Pullman Company, providing for Pullman car service
for twenty-five years from January 1st 1905; also an agreement with the Western Union Telegraph Company providing
for telegraph service for thirty years from January 1st, 1906.
These contracts supersede all prior agreements with those
companies, and are more favorable in their terms to the
railroad company.
The Mt. Gilead Short Line (for which separate accounts
are kept) shows earnings for the year $6,081 27, operating
expenses and taxes $7,026 50, deficit $945 23.
W. H. NEWMAN,
President.
FIRST CHARGES.
Interest on bonds
Taxes on real estate
Taxes on gr-ss earnings
Railroad c mmissl ners' assessments
.
Use j. Int facilities: fixed interest basis
Rentals of Utile,: pr perty___
Interest on loans, nctes and bills payable

$2,989,581 11
758,155 98
84,736 96
988 07
204,505 08
74,948 31
414,585 84

CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1907.
ASSETS.
$122,490,293 56
Cost of road and equipment
Securities owned
$2,040,970 59
Stocks of other companies
1,482,530 07
Bonds of other companies
5,970,671 98
2,438,171 32
Equipment Trust Certificates
Advances
Kankakee & Seneca RR. Co
Central Indiana Ry. Co
Short Line Division
Real estate
Springfield Union Depot Co
Cincinnati Union Depot
Evansville Mt. Carmel & Northern By. Co
Saline Valley By. Co

$117,000 00
703,935 16
1,228,459 84
1,106,757 81
1,840 00
60,000 00
191,858 18
11,448 30

3,421,299 210
1,829,800 54

Fuel and supplies
Current assets
Cash charged Treasurer
$292,861 84
Cash In transit
1,492,868 87
Cash In banks to pay coupons, dividends, etc_
459,611 87
Loans and bills receivable
131,034 79
Traffic balances receivable
963,091 23
Sundry collectible accounts
3,015,945 59

6,356,313 91
)

Items in suspense
New car contracts (per contra)
Other Items

,
1,763,897 60

$1,468,305 95
295,591 65

Accounts with lessor and other companies
Kankakee & Seneca RR. Co

27,250 18
$141,659,527 14

Capital stock
Common
Preferred

LIABILITIES.
$47,056,300 00
10,000,000 00 $57,056,300 01)

Funded debt
C..I. St. L. & C. By. 1st mtge. 6% bonds__ $641,000 00
C. I. St. L. & C. Ry. gen. IstM. 4% bonds_ 7,395,000 00
C. C. C. & I. By. 1st consol. mtge. bonds-. 4,138,000 00
C. C. C. & I. By. gen. consol. mtge. bonds_ 3,205,000 00
I. & St. L. RR. 1st mortgage bonds
2,000,000 00
I. & St. L. Ry. 1st mortgage bonds
500,000 00
C. C. C. & St. L. Ry.(C.V.&C.Ry.)1st M.bds. 5,000,000 00
C. S. & C. RR. 1st c .nsol. mtge. bonds_ ._ _ 2,571,000 00
C. C. C. & St. L. By.(Springfield & Columbus
Div.) First mortgage bonds
1,103,730 00
C. C. C. & St. L. By.(W. W. Valley Div.)
Mortgage bonds
650,000 00
C. C. C. & St. L. By. (St. L. Div.) First
collateral trust mortgage bonds
_10,000,000 00
C. C. C. & St. L. By. (C. W. & M. Div.)
Mortgage bonds
4,000,000 00
C. C. C. & St. L. By. General mtge. bonds_ _22,980,000 00
C. S. & C. Preferred stock and scrip
428,997 45

z

r
I, Niri

64,612,727 45

Total capitalization
4121,669,027 45.
I
5% Four year ,id notes
5,000,000 00.
Current liabilities
pps
Wages and supplies
$6,742,682 94
Loans and bills payable
1*1
e3,013,989 55
Traffic balances payable
pm
184,870 45
Interest accrued
462,740 09
irl
_
Bond tntzrest due ,,an. 1 urns
MI
543,020 00
_
Bond Interest unclaimed
rgs
58,479 50
Dividend unpaid-preferred stock payable
TR4
Jan. 20 1908
rgi
125,000 00
Dividend unpaid-c mmon stock payable
wig
March 2 1008
470,563 00
Dividends unclaimed__
21,792 37 11,623,138 80
New car contracts (per contra)
..
Accounts with lessor and other companies
Peoria & Eastern Railway Co
Mt. Gilead Short Line Railway
Profit and loss

1,468,305 95
$47,054 01
4,433 05

51,487 06
1,847,587 88

$4,527,501 35

$141,659,527 14

United States Rubber Co.
-Earnings.
--The directors on
Thursday declared the usual quarterly dividends, viz.: 2%
on the first preferred stock (including the outstanding old
"preferred" stock) and 13% on the second preferred stock,
for the quarter beginning Jan. 1 1908, payable to stockholders of record April 15 1908.

-On April 1 the new firm of Davenport & Co. will commence business at 3 Broad St. This firm consists of Mr.
David Orr Davenport, of the late firm of Morris, Smith &
Davenport, who is the Stock Exchange member; Mr. Robert
G. Kennedy, who was for several years with the United
States Trust Co., and Mr. Henry K. McHarg, special.
Mr. Henry M. Libby, lately associated with the firm of
R. A. Lancaster & Sons, will also be associated with thenew firm.
-The seventeenth annual dinner of the Berkeley Alumni
Association was held at the Hotel Astor on March 28 and was
attended by a large number of graduates of the school.
Officers of the association were elected for the ensuing year
as follows: Horace F. Poor, President; Arthur D. Little,
Vice-President; Gerard P. Herrick, Treasurer; Frank Gulden,
Secretary
-Among the municipal securities now being offered by
the William R. Compton Bond & Mortgage Co., which
recently removed from Macon, Mo., to St. Louis, are the
following: $50,000 St. Louis City 4s due 1928, being the
unsold portion of the $1,000,000 recently offered, and
$100,000 City of St. Joseph 4% school bonds, due 1937.
-Julius Christensen & Co., Philadelphia, are offering for
sale a block of Danville Urbana & Champaign Ry. second
mortgage serial 6% bonds, unconditionally guaranteed as to
principal and interest by the Illinois Traction Co. Authorized issue, $500,000; outstanding, $414,000.
-George B. Atlee & Co., Philadelphia, are offering, at
983/i and interest, a block of Darby Media & Chester Street
Ry. Co. first mortgage 43% bonds, guaranteed, principal
and interest, by the Philadelphia Rapid Transit Co. Compare V.84, p. 1113. •
-H. Tuthill Spence, formerly of the Boston bond house of
131odget, Merritt & Co., has recently taken charge of the bond
department of Trowbridge & Co., members of the New York
Stock Exchange, 100 Broadway.
-A. B. Leach & Co., bankers, 149 Broadway, New York,
will mail upon request their eight-page circular descriptive
of over sixty different issues of investment bonds.

,
Total First Ci arstes

Earnings tor Year ending March 31 (March 1908 partly eqimated.)
1906-07.
1905-06.
1904-05
Net earns., after deducting all Interest.
Provisions for bad debts. &c.,about_ _ $2,617,267 $3.906,075 $3,604,500
Dividends received on stork holdings
In Rubber Goods Mfg. Co
890,733
276,770
684,308
Total net earnings
$3,508,000 $4.500,383 33,881 .270
Dividends at the rate of 8% have been paid on the first preferred stock
during all the years named and on the second preferred at 6% since Oct.
1905. The annual dividend charge on the $36,263,000 first preferred and
$9,965.000 second preferred stock, as now reported to be outstanding by
the New York Stock Exchange, is about 53.500 000.-V. 86 p. 606, 55.
-Sec
Washington Water Power Co., Spokane.
-Report.

"Annual Reports" on a preceding page.
Notes All Sold.
-The syndicate headed by Moffat & White
and Lee, Higginson & Co., which recently purchased and
offered to the public $3,000,000 3-year 6% notes, it is announced, has sold the entire amount. Compare V. 86, p.669.
Westinghouse Machine Co., Pittsburgh, Pa.
-Out of Receivers' Hands.
-On March 31 this company was taken out
of the hands of receivers under an order handed down by
Judge James S. Young of the United States Circuit Court,
the creditors having generally accepted the plan of reorganization. Compare V. 86, p. 113, 106, 550, 803.
-Announcement is made this week of the dissolution of
the firm of Winmill & Fish, 20 Broad St., and the organization of the new house of Gude, Winmill & Co. The
banking business formerly carried on by Winmill & Fish
will be continued by Edward C. Gude and Robert C. Winmill,
the two remaining partners of the old firm, and Phillipse
E. N. Greene and Chichester C. Kerr. Mr. Greene is the
stepson of Mr. L. C. DeCoppett of the Stock Exchange
house of DeCoppett & Co. Mr. Kerr is the son of Dr. James
Kerr of Washington, D. C., and the nephew of Mr. Charles
J. Bell, President of the American Security &Trust Co. of
that city.




AYR. 4 1908.

THE CHRONICLE
On Shipboard, Not Cleared for
-

.April 3 at

GerGreat
Other CoastBritain. France many. Foreign wise.
New Orleans.._
Galveston _ _ _ _
Savannah _ _ _ _
Charleston_ _ _ _
Mobile
Norfolk
New YorkL _
Other ports

Total.

6,243 1,622 20,563 13,703
31,020 13,891 23,722 11,764
1,270 3,431
1,377

534 42,665
1,964 82,361
900 6,987
600
600
2,000 1,800 6,300
____
960 11,060
16,197 16,197
100 1,200 2,000
500
____
3,800
3,000
____
4,500
200
____
7,700
--------- ----------Total 1908_ _ 42,763 18,692 59,716 29,044 21,155 171,370
70,782 11,520 56,574 52,349 25,376 216,601
Total 1907
Total 1J06_ _ 30,851 10,440 54,080 27,225 19,210 141,806

Leaving
stock.
143,378
52,687
68,030
14,617
•8,460
10,104
93,533
27,992

865

FUTURES.
-The highest, lowest and closing prices at
New York the past week have been as follows:
0
g
a

CIT

EgLig
goa.
P .P P PIP P P

-C25
17
°W(9-V
"
V752e-C2 V79-Va5 -4
1
gglao

@

418,801
637,094
562,964

op
44
co4
I@
cc
66

cp
o4
tow
I0

W.
1 (6°

0

CC

Fair
c 1 75 on Middling
Basis Good mid. tinged_
Even
Strict mid. fair_ _ _ _1.50 on Strict low mid_ _ _c_0.30 oft strict mid.tinged c..0.20 oft
Middling fair
1 25 on Low middling
1 00 oft Middling tinged_ _ _0.30 off
Strict good mid._ _0.75 on Strict good ord_ _ ..l.50 oft Strict low mid. ting.1.00 off
Good middling__ _0.50 on Good ordinary
2 00 off Low mid. tinged_ _ _1.50 oft
Strict middling_ _ _ _0.25 on Strict g'd mid. tgd_0.35 on Middling stained _ _1.25 oft

. The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mch. 28 to April 3Middling upland

Sat.
10.40

Mon. Tues.
10.40 10.50

Wed. Thurs. Fri.
10.50 10.40 10.50

NEW YORK QUOTATIONS FOR 32 YEARS.
•
The quotations for middling upland at New York on
April 3for each of the past 32 years have been as follows:
1908_0
1907
1906
1905
1904
1903
1902
1901

10.50
11.00
11.55
8.15
15.35
10.15
9.06
8.56

1000..c
1899.
1898
1807
1896
1895
1804
1893

9.56
6.25
6.10
7.38
7.88
6.38
7.75
8.50

1892_0
1891
1890
1889
1888
1887
1886
1885

6.50
9.00
.11.44
10.25
0.81
10.62
9.19
11.19

1884_0
1883
1882
1881
1880
1879
1878
1877

11.50
10.06
12.06
10.68
13.00
11.00
10.56
11.75

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

Futures
Market
Closed.

Quiet
Quiet
Quiet, 10 pts. adv_ _
Quiet
Quiet, 10 pts. dec.. _
Quiet, 10 pts. adv__

Very steady_
Steady
Steady
Steady
Steady
Steady

Total




Sales of Spot and Contract.
Con- ConExport sunen. tract.

Total.

200

4;866 4,F,t5o
300
300
3,500 3,500
50
50
200

200

50 8,300 8,550

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Speculation in cotton for future delivery, though not at
all active,has been dominated on the whole by bullish influences, and prices show some advance for the week. The
idea has been very general, apart from other considerations,
that after the recent severe decline a rally was due, an idea
re-enforced by the fact that a large short interest seemed
to exist in some of the months, particularly in July. Moreover, the Liverpool market has shown greater activity on
the spot, the Continent has been buying there and more
than' once the unexpected firmness of the English quotations has set the pace for a New York rise. And spot
markets at the South have been in the main firm, particularly for the better grades, despite some increase at times
in the receipts and reports from time to time that it was
somewhat difficult to dispose of the lower grades. The
statistics, too, have been in the main of an encouraging kind
to the believers in higher prices, showing a much greater
decrease in the visible supply of all kinds of cotton than
at the corresponding period last year and some increase
recently in the spinners,takings,which has not been without
its effect, despite the admitted fact that there is a considerable deficit in the totalof such takings for the seasonthusfar.
The smallness of the Bombay movement has also had some
influence and of late the weather at the South has become
colder. The weather news has had no very great effect
but it has,nevertheless, been remarked upon, and the time
is approaching when it may possibly have a more direct
bearing upon quotations. Of late, too, Liverpool has been
buying here pretty steadily and also certain prominent
spot interests, while some of the local operators have been
rather aggressive on the bull side. The South at times
has also,bought, some of the purchases being against sales in
New Orleans. The belief among some of the bulls that
the trade of the country is gradually improving has also
counted for not a little in their attitude towards the market,
-while it is also contended that unless the receipts increase
very materially, there is every likelihood that by the first
of September the visible supply in this country will be re.duced to a very low stage. Meantime, however, speculation
contnues quiet. Nothing seems to be able to revive it.
In other words, it remains for the most part a narrow,
professional affair and the belief of most people is that
it must remain so unless something new and striking is
injected into it in the shape of bad weather, a crop reverse,
or something no less pronounced, which shall have the
power to dispel popular indifference and bring about a return of former activity and widespread interest. To-day
prices advanced, owing partly to unexpected firmness in
Liverpool, liberal spot sales there and European buying.
Cold weather, some Southern purchases, local covering and
buying by commission houses also had more or less effect.
Spot cotton has been dull. Middling uplands closed at
10.50c.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:

1
CC

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12 12

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
April 3Stock at Liverpool
Stock at London
Stock at Manchester

1908.
1907.
1906.
bales.1.027,000 1258,000 1,062,000
9,000
9,000
11,000
82,000
80,000
67,000

1905.
804,000
12,000
49,000

1,118,000 1,347,000 1,140,000
13,000
14,000
10,000
441,000 450,000 233,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

263,000
4,000
47,000
35,000
18,000

272,000
3,000
16,000
131,000
13,000

188,000
4,000
9,000
43,000
8,000

865,000
10,000
334,000
1,000
142.000
3,000
31,000
46,000
5,000

821,000

809,000

495,000

572,000

Total European stocks
1,939,000 2,246,000 1,635,000 1,437,000
India cotton afloat for Europe_ _ _ 136,000 217,000
126,000
115,000
American cotton afloat for Europe 287,506 504,195 347,289 452,000
Egypt,Brazil,&c.,afloat for Europe 36,000
46,000
01,000
39,000
Stock In Alexandria Egypt
233,000
192,000
161,000 204,000
Stock in Bombay,India
606,000 757,000 997,000 731.000
Stock in U.S. ports
590,171
853.695 704,770 643,104
Stock in U.S. Interior towns
485,712 466,919 480,736
572,556
U.S. exports to-day
4,771
32,650
12,863
29,217
Total visible supply
_4,318.160 5,315,459 4,525,658 4,222,877
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales. 003,000 1,130,000 946,000 720,000
Manchester stock
70,000
66,000
57,000
40.000
Continental stock
746,000 829,000 443,000 537,000
American afloat for Europe
287,506 504,195 347,289 452,000
U.S. port stocks
590,171
853,695 704,770 643,104
U.S. Interior stocks
485,712 466,919 480,736
572,556
U.S. exports to-day
4,771
32,650
12,863
29,217
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil, &c., afloat_
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

3,087,160 3,882,459 2,991,658 3,002,877
124,000
9,000
12,000
75,000
136,000
36,000
233,000
606,000

128,000
9,000
14,000
70,000
217.000
46,000
192,000
757,000

116,000
11,000
10,000
52,000
126,000
61,000
161,000
997,000

75,000
12,000
9,000
35,000
115,000
39,000
204,000
731,000

1,231.000 1,433,000 1,534,000 1,220,000
3,087,160 3.882,459 2,991,658 3,002,877

Total visible supply
4,318,160 5,315,459 4,525.658 4,222.877
Middling Upland, Livernool
5.73d.
6.03d.
6.10d.
4.27d.
Middling Upland, New York
10.50c.
11.00c.
11.60c.
8.05c.
Egypt. Good Brown, Liverpool_ _
84d. 11 5-16d.
1034d. 7 5-16d.
Peruvian. Rough Good. Liverpool 10.10d.
9.00d.
10.00d.
8,75d.
Broach. Fine, Liverpool
5 5-16d.
5,
4d.
5.(d. 4 5-165.
Tinnevelly, Good,Liverpool
5 1-16d. 5 5-16d. 59-16d.
43(1.

Continental imports for the past week have been 173,000
bales.
The above figures for 1908 show a decrease from last week
of 148,337 bales, a loss of 997,299 bales from 1907; a decrease of 207,498 bales from 1906, and a gain Of 95,283
bales over 1905.

AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
out in detail below.

' QUOTATIONS FOR MIDDLING corrON AT OTHER
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week.

,
00,....0.•[ ,0000r.0,00,0000000000noo0,m,0,,0,0

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Movement to April 3 1008.

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Total, 33 towns

to

The above totals show that the interior stocks have increased during the week 13,235 bales and are to-night 18,793
bales more than at the same time last year. The receipts
at all the towns has been 10,118 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE SEPT. 1.
Overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two year
are as follows:
----1907-08---Since
Week. Sept. 1.
344,761
7,192
166,589
5,064
27,931
731
42,866
685
37,790
1,011
80,170
4,268
199,863
3,681

April 3S/rippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipments
Overland to N. V.. Boston, &c
Between interior towns
Inland, &c., from South
Total to be deducted
Leaving total net overland •

----1006-07---Since
Week. Sept. 1.
13,424
672,031
4,061
196,665
2,284
68,389
1,652
71,153
1,172
47,361
108,843
3,209
284,981
19,278

22,632

899,979

45,080 1,450,323

4,018
994
1,421

89,736
59,388
48,908

8,433

108,032

16,199

701,947

4,719
9,547
5,439

142,913
68,741
48,720

19,705
260,734
-25,375 1,189,949

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement has been 16,199 bales, against 25,375 bales for the
week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of
488,002 bales.
-----1007-08----- -----1906-07----Since
Since
In Sight and Spinners
Week.
Sept. 1.
Week. Sept. 1.
Takings.
Receipts at ports to April 3
98,683 7,328,528 109,008 8,920,481
25,375 1,189,949
701,047
Net overland to April 3
16,199
48,000 1,466,000
Southern consumption to April 3 _ _ 43,000 1,456,000
Total marketed
Interior stocks in excess

157,882 9,486,475
405,120
•13,235

182,383 11,576,430
*18,795
370,643

Came into sight during week_ _ _ _144,647
9,891,604
Total in sight April 3

163,588

North.spinners' takings to April 3_ 21,778 1,376,577

47,553

11,947,073
2,255,230

• Decrease during week.

Movement into sight in previous years:
Week1906-April 6
1905-April 7
1904-April 0
1903-April 10




Bales.
141,930
252,819
76,315
120.860

Since Sept. 11905-06-April 6..
1904-05-April 7
1903-04-April 9
1902 03-April 10

Bales.
9,331,725
10,673,852
9,164,996
9,564,795

Sarday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
10 9-16 10%
10%
10%
10%
10%
10%
10%
10
10
10%
1034
10%
10%
10.40
10.40
10%
10%
10.65
10.65
10%
10%
10%
10%
10%
10%
10 7-16 2 10 7-16
10%
10%

10%
10%
10%
10%
10
10%
10%
10.40
10%
10.75
10 9-16
10%
10%
10 7-16
10%

10%
10%
10%
10%
10
10%
10 7-16
10.50
10%
10.75
10%
10%
10%
10 7-16
10%

10%
10%
10%
10%
10
10%
10 7-16
10.50
10%
10.65
10%
10%
10%
10 7-16
10%

10%
10%
10%
to
10
10%
10 7-16
10.4(1
10%
10.75
10%
10%
10%
10 7-16
10%

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

00

,
t...0 00m0000000nN0c.0000nn0,000r woon0,h0000evo 0
,, ,

a.

Galveston
New Orleans_ _ _
Mobile
:iavannah
Charleston
_
Wilmington_
Norfolk
Boston
Baltimore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Little Rock_

Sarday, Monday, Tuesday, Wed'day. Thursd'y, Friday.
Mch. 28. Mch. 30. Mch. 31. April 1. April 2. April 3.
,----

IN

04
000NOOVNOONM.N....NNNOCCO0WNO0O0500000WNOTrhM
,44
0
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.
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7NOC.N0.44:Nr. Mt. 1 n
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n0000039nn.1.00 h00NWC.0000600000..40
0
n
, ,......0

Closing Quotations for Middling Cotton on_
Week ending
April 3.

co
,o-c.nooNt-t-0-N,,,,.....0.0.-.,...,,,,,. 1,0
t':.
- --Z: N=4"=',V=2222==244=4'
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n
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yl
Cl)

[VOL. Lxxxvx.

THE CHRONICLE

866

Alarch-liange
Closing
April
Range
Closing
May
Range
Closing
June
Range
Closing
July
Range
Closing
August
Range
Closing
September
Range
Clogng
October
Range
, Closing
December
Range
Closing
Tone
Spot
Options
• Nominal.

- @-- ® -- @

.05- @ 10.03 - 10.00

qp
-- ®9.80 - 9.80 -- 9.91 - 9.96 - 9.90 -- 10 05 .
9.73-.84 9.77-.87 9.80-.91 9.93-.01 9.86-.97 9.88-.00
9.80-.81 9.79-.80 9.90-.91 9.95-.96 9.90-.91 10.00-.01

--9.97 •

9.76 •

-@-@-9-@0.86 • 0-02 • 9.87 • 9.96 •

9.68-.79 9.74-.84 9.75,87 9.88-.97 9.82-.93 9.84-.86
9.76-.77 9.75-.76 9.85-.86 9.01-.02 9.85-.86 9.96-.97
- ® -- @ -9.60 - 9.59
0.60

-- @
- 9.75

- @ -- @ -

-

9.50
.

-@9.70 9.69

@-

--

-

9.40-.49 9.44-.53 9.47-.53 9.52-.59 9.52-.61 0.56-.65
9.46-.47 9.45-.46 9.51-.53 9.59-.60 9.55-.56 9.63-.64
9.42-.45 9.44-.52 9.47-.50 9.54-.59 9.54-.60 9.55-.66
9.45-.46 9.45-.47 9.51-.53 9.59-.60 9.55-.56 9.04-.65
Quiet.
Quiet.

Quiet.
Quiet.

Quiet. Steady. Steady. Very st'y
Steady. Steady. Quiet.. Steady.

-Our adWEATHER REPORTS BY TELEGRAPH.
vices by telegraph this evening from the South denote that
the weather, as a rule, has been favorable during the week.
Rain has fallen in most sections, but with light precipitation,
and over a considerable area dry weather has prevailed. A
cold wave was reported from some sections toward the close,
but no complaint of damage is made. Farm work is making
good progress and planting is actively under way in many
districts.
Galveston, Texas.
-There has been no rain the past week.
The thermometer has averaged 73, ranging from 68 to 78.
March rainfall, sixty-nine hundredths of an inch.
Abilene, Texas.
-It has rained on three days of the week,
the rainfall reaching ten hundredths of an inch. The thermometer has ranged from 30 to 94, averaging 62. Month's
rainfall seventy-seven hundredths of an inch.
Corpus Christi, Texas.
-No rain during the week. Average thermometer 67, highest 80, lowest 54. March rainfall
fifty-three hundredths of an inch.
Taylor, Texas.
-We have had rain on one day, the precipitation reaching four hundredths of an inch. The thermometer has averaged 65, the highest being 88 and the lowest 42. Month's rainfall two inches and four hundredths.
Fort Worth, Texas.
-We have had rain on five days of the
week, to the extent of one inch and fifteen hundredths.
The thermometer has averaged 65, ranging from 42 to 88.
March rainfall two inches and ninety-five hundredths.
San Antonio, Texas.
-There has been no rain during the
week. The thermometer has ranged from 46 to 90, averaging 68. Month's rainfall one inch and thirty-one hundredths.
Palestine, Texas.
-Rainfall for the week, one hundredth
of an inch, on one day. Average thermometer 63, highest
84, lowest 42. March rainfall two inches and twenty-four
hundredths.
-There has been rain on one day
New Orleans, Louisiana.
of the past week, the rainfall reaching sixteen hundredths of
an inch. The thermometer has averaged 73.
Leland, Mississippi.
-We have had rain on one day, the
precipitation reaching ten hundredths of an inch. The thermometer has averaged 64.9, the highest being 80 and the
lowest 54.
Vicksburg, Mississippi.
-We have had rain on one day
the past week, the rainfall being one hundredth of an inch.
The thermometer has averaged 64, ranging from 48 to 82.
Little Rock, Arkansas.-lhe rain, sleet and snow of the
past week have interfered with farm work. We have had
rain on three days during the week to the extent of one inch
and nine hundredths. The thermometer has averaged 60,
the highest being 80 and the lowest 40.

THE CHRONICLE

APR. 4 1908.]

-Labor is more plentiful for farm work
Helena, Arkansas.
and much land in this county not in cultivation last year
will be put under crops this year, of which a good proportion
will go to cotton. Rain has fallen on two days during the
week, the rainfall being ninety-two hundredths of an inch
Average thermometer 61, highest 82, lowest 42. Month's
rainfall three inches and fifty-six hundredths.
-Crop preparations are progressing,
Memphis, Tennessee.
but the latter part of the week has been cool, with hail on
Thursday. We have had rain on three days during the week,
the rainfall reaching one inch and seventy-two hundredths.
The thermometer has averaged 64.6, ranging from 40 to
79.2. Month's rainfall five inches and two hundredths.
Nashville, Tennesiee.-We have had rain during the week,
the rainfall being ninety-nine hundredths of an inch. The
thermometer has ranged from 34 to 83, averaging 59. March
rainfall four inches and sixteen hundredths.
Mobile, Ala barna.-Fine weather in the interior and farm
work is making good progress. Planting has commenced
in many sections. River floods have subsided, except in
the lower Tombigbee, where, however, the water is now receding. Dry all the week. Average thermometer 72,
highest 85, lowest 54.
Montgomery, Alabama.
-Cold wave this morning but no
frost and the weather is warming up again. Prospects are
good and farming is progressing well. We have had no rain
during the week. The thermometer has averaged 70, the
highest being 84 and the lowest 58. Month's rainfall five
inches and thirty-six hundredths.
Selma, Alabama.
-We have had no rain the past week.
The thermometer has averaged 71, ranging from 46 to 90.
Madison, Florida.
-We have had no rain during the week.
Thertnometer has ranged from 60 to 85, averaging 74.
Augusta,Georgia.
-There has been no rain during the week.
Average thermometer 70, highest 83, lowest 55.
-It has been dry all the week. The
Savannah, Georgia.
thermometer has averaged 71, the highest being 87 and the
lowest 57. March rainfall two inches and forty-four hundredths.
Charleston, South Carolina.-There has been no rain during the week. The thermometer has averaged 69, ranging
from 58 to 86.
-Cotton planting in a small way
Stateburg, South Carolina.
was begun this week by some farmers. There has been no
rain during the week. Average thermometer 68, highest
88, lowest 56.
-We have had rain on one day
Charlotte, North Carolina.
of the week, the precipitation reaching two hundredths of
an inch. The thermometer has averaged 65, the highest
being 82 and the lowest 41.
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Above
Above
Above
Above
Above

zero
zero
zero
zero
zero

of
of
of
of
of

April 3 1908
Feet.
gauge_
17.8
32.9
gauge_
16.4
gauge_
14.5
gauge_
46.8
gauge_

1907-08.

Receipts at
Week.
Bombay

1906-07.

Since
Sept. 1.

Week.

Since
Sept. 1.

Week.

Since
Sept. 1.

Since September 1.

Ilombay1907-08
1906-07
1905-06
Calcutta
1907-08
1906-07
1905-06
Madras
1907-08
1906-07
1905-06
All others
1907-08
1906-07
1905-06
Total all
1907-08
1906-07
1905-06

1,660

Total.

•
40,000 40,000
64,000 65,000
11,000 11,000
2,000
5,000
4,000

Great
Britain.
16,000
34,000
43,000

Continent.

Total.

411,000
688,000
523,000

427,000
722,000
566,000

2,000
5,000
4,000

3,000
4,000
5,000

13,000
77,000
67,000

16,000
81,000
72,000

1,000

5,000
2,000
2,000

25,000
19,000
34,000

30,000
21,000
36,000

8,000
3,000
7,000

0.000
7,000
10,000

102,000
71,000
77,000

111,000
78,000
87,000

1,000 50,000 .51,000
1,000 72,000 73,000
22,000 22,000

33,000
4'i,000
60,000

551,000
855,000
701,000

584.000
902,000
761,000

1,000

8,000
3,000
7,000

Cotton Takings.
Week and Season.

1907-08.
Week.

-




Season.

4,318,160 4,318,1605,315,459 5,315,459
354,984 10,574,288
252,984 8,140,288
102,000 2,434,000

373,231 11,723,770
282,231 8,962,770
91,000 2,761,000

• Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
1907-08.

1906-07.

1905-06.

85,000
6.699,460

Receipts (cantars)This week
Since Sept. 1

21.000
6,758,884

30,000
5,790,473

This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.

To Liverpool
To Manchester
To Continent
To America

1;500 11i4,935
161,746
4,000 264,302
400 50.604

Total exports

5,900 661,047

Note.
-A cantar Is 99 lbs.

750 176,137 1,750 180,906
172,752 4,500 147,341
8,000 276,656 12,500 254,002
400 95,937
300 63,042
-9,150 721,482 19,050 645,291

Egyptian bales weigh about 750 lbs.

This statement shows that the receipts for the week were
85.000 cantars and the foreign shipments 5,900 bales.
- MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market
continues quiet for both yarns and shirtings. The demand
for both yarn and cloth is poor. We give the prices for today below and leave those for previous weeks of this and
last year for comparison.

32s Cop
Twist.
Feb. d.
21 9%
28 93-1
Mch
6
13 84
20 8%
27 8%
Apr.
3

g gggg eg.

-The market for jute
JUTE BUTTS, BAGGING, &c.
bagging has been without animation the past week. Prices,
7X cents per yard for 2-lb. domestic bagging and 63/i cents
per yard for re-woven and inferior foreign. Jute butts dull
at 2@3 cents per lb. for bagging quality.

Week.

4,673,144 14,892,448 5,688,690 17,039,229

1907.

1908.

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
99,000 bales. Exports from all India ports record a loss of
22,000 bales during the week and since Sept. 1 show a
decrease of 318,000 bales.

1906-07.

Season.

Visible supply March 27
4,465,497
5 372,102
,
Visible supply Sept. 1
2,291,844
f.Yeta ,i ii
American in sight to April 3..._
144,647 0,891,604 163,588 11,947,073
Bombay receipts to April 2
41,000 1,467,000 140,000 2.005,000
Other India ship'ts to April 2
11,000 • 157,000
8,000
180,000
892,000
3,000
10,000
Alexandria receipts to April 1_
901,000
193,000
Other supply to April 1 •
2,000
222,000

Export (bales)
-

Exports fromGreat ContiBritain. nent.

WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amount gone
out of sight, for the like period.

Alexandria, Egypt,
April 1.

1905-06.

41,000 1,467,000 140,000 2,005,000 81,000 1,952,000

For the Week.

NEW YORK COTTON GRADES.
-Further Eliminations.
-With the elimination of strict low middling stained
from among the official grades of the New York Cotton
Exchange it is believed that everything within reason has
been done to silence criticism of that body and its futuredelivery contract. Up to the time of the beginning of the
agitation for a cutting down of the number of grades officially
sanctioned by the Exchange and a bettering and simplification of its option contract, there were in all thirty full or
fractional grades into which cotton was classed by the
classification committee. Some time ago eleven of the fractional grades, including some stains and tinges, were done
away with, and on Wednesday of the current week strict low
middling stained was eliminated.
The result has been to reduce to eighteen the number of
grades ienderable, with good ordinary the lowest in value.
The list as it now stands comprises seven grades above
middling, the price basis, which call for premiums ranging
from X of a cent to 13 cents upon the middling quotation,
%
nine grades below the official standard of quality upon
which discounts varying from 1-5 of a cent to 2 cents are
allowed, and one grade good middling tinged, which classes
on a parity in value with middling.
It is worthy of mention in this connection that the New
York Cotton Exchange is stated to be practically the only
body classing cotton up to the American standard adopted
some twenty years ago, and we have the authority of one
of the best versed cotton merchants for the statement that
its contract is now unassailable, being virtually the best.

Total supply
April 5 1907.
Deduct
Feet.
Visible supply April 3
16.5
34.7
Total takings to April 3
10.3
' Of which American
5.2
Of which other
44.6

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:
April 2.

867

84 lbs. Skirt- Corn
ings, common Mid
to itnest.
Upl's

321 Cop
Twist.

834 lbs. Shill- Corn
ings, common Mid
to finest.
Uprs

d. s. d.
s. d.
104 5 6 @810
10M 5 5 €48 9

d. d.
5. A. d.
s. d.
6.14 9 11-16
101 6 7
10
6.00 9 13-160 10% 6 7 00 9

d.
6.03
6.14

104 5
10 5
91-1 5
9%5

6.04 9 15-160 11 6
6.00 9 15-160 101-1 6
5.86 91-1 @ 10 15-16 6
5.68 9 13-160 101-1 6

4408
4 0)8
3 08
1308

94 5 1

8
7
6
44

68 4

60

7409
7409
8 09
8 09

9
9
9
9

6.24
6.03
6.01
5.97

as

9

6.03

5.73 9 13-16,g 103-1 6 8

THE CHRONICLE

868

-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 98,785 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales
NEW YORK-To Liverpool-April 1-Celtic, 72 upland. 58 foreign_
130
To Manchester-March 31-Calderon, 374
374
To Havre-March 27-St. Laurent, 50 upland, 50 foteign
Aptil 2
-La Gascogne, 16 foreign
116
To Bremen-March 28-Rhein, 50
50
To Hamburg-March 27-Pennsylvania, 101
101
To Rotterdam-April 1-Estonia, 231
231
To Antwerp-March 27-Zeeland, 200
200
To Barcelona-March 27-Valetta, 250
250
To Genoa-March 27-Cretle, 1,910; Konig Albert, 354; Regina
d'Italia, 1,003_ _ _ _March 28-Luls ana, 550_ _ _ _March 30
Hamburg, 729
4,546
To Naples WMarch 27-Konig Albert, 1,408
1,408
To Venice-March 30-Laura, 210
210
To Trieste-March 30
-Laura. 46
46
To Flume-Match 30-Laura, 100
100
To Piraeus-March 31-Napolitan Prince, 125
125
To Japan-March 28-Dacre Castle, 1,787
1,787
GALVESTON-To Bremen-March 28-Inkum, 14,697_ _ _ _April 1
-Dictator, 6,979
21,676
To Hamburg-March 28-Kariba, 2,619
2,619
NEW ORLEANS
-To Liverpool-March 28-Collegian, 11,714_ _ _11,714
To Manchester-March 30-Manchester Port, 7,933
7,933
To Havre-April 2
-Matador, 3,132
3,132
To Genoa-April 1-Slcania, 6,722
6,722
MOBILE-To Havre-March 26-Lugano, 5,876
5,876
PENSACOLA-To Liverpool-April 2-Vivina, 600
600
To Bremen-March 28-Chiswick, 5,135
5,135
SAVANNAH-To Liverpool-March 27-Bangor, 2,608_ _ _ _March
31-iitomsdalen, 1,366 ___ _ _ _ _ _ ___
3 974
To Manchester-March 30-Romsdalen:47------------47
To Bremen-March 28-Glenfruin, 3,113
3,113
To Hamburg-March 28-Glenfruin, 500_ _ _ _April 1-Corfe
Castle, 486-- _ ------ --- --986
BRUNSWICK-To Liverpool-April 2-Tantallon, 3,123
3,123
To Manchester-April 2- rantallon, 1,648
1,848
1-Torgorm, 5,270
WILMINGTON-To Bremen-April
5,270
BOSTON-To Liverpool-March 31-Devonian, 328
328
To Manchester-March 27-Iberian, 281
281
BALTIMORE-To Liverpool-March 27-Rowanmore, 1,800
1,800
PHILADELPHIA-To Liverpool-March 28-Haverford, 6
6
To Manchester-March 17-Manchester Commerce, 143
143
-Dania, 250
To Rotterdam-March 2
250
SEATTLE-To Japan-March 31-Tango Maru, 1,062_ _ _ _April 1
Kumerlc, 1,673
2,735
Total

98,785

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex.,
/
Britain. ports. many. North. South. &c. Japan. Total.
431 6,685
151
1,787
New York
116
504
9,674
24„295
____
____
Galveston
--- 24,295
____ 6,722
New Orleans_ _ _19,847 3,132
---29,501
5,876
---Mobile
---5,878
--5,155
_
Pensacola
600
--- 5,735
4,099
Savannah
4,021
8,120
Brunswick
4,7'71
4,771
____ 5,270
Wilmington_ _ _ _ ____
5,270
609
Boston
609
Baltimore
1,800
1,800
___ _
-igi
149
Philadelphia _ _ ..
39:9
2,735
Seattle
2,735
--- ----- --- --881 13,407
32.101 9,124 38.959
Total
4,522 98,785

The exports to Japan since Sept. 1 have been:145,835bales
from Pacific ports and 33,584 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Sat.
10
Liverpool-April __
12
Manchester
223
Havre-April
20
Bremen-April
25
Hamburg
21
Antwerp
26
Ghent, via Antwerp
28
Reval
Reval, via Canal_ _ _
Barcelona-April _
25
18
Genoa-April
32
Trieste
40@45
Japan-April

:Ion.
10
12
22%
20
25
21
26
28
ii
18
32
40®45

Tues.
10
12
21
20
25
20
26
28

Wed.
10
12
21
20
25
20
26
28

ii18
18
32
401gt45

Thurs.
12
12
21
20
25
20
26 •
28

Fri.
12
12
21
20
25
20
28
28

tia

18
32
40®45

18
32
40(4)45

18
08
32
40@45

-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c., at that port:
Me/i. 13.
45,000
bales..
Sales of the week
4,000
Of which speculators took_ _.
1,000
Of which exporters took..__
43,000
Sales, American
7,000
Actual export
67,000
Forwarded
1,027,000
Total stock-EstImated
903,000
Of which American-Est
24,000
Total import of the week_ _ _ _
Of- which American
12,000
97,000
Amount afloat
„ Of which American
61,000

Me/i. 20.
43,000
1,000
3,000
40,000
10,000
74,000
1,112,000
988,000
90,000
68,000
78,000
55,000

Mc/t. 27.
37,000
1,000
36,000
12,000
58,000
1,076,000
955,000
34,000
28,000
80,000
37,000

April 3.
43,000
4,000
1,000
43,000
7,000
87,000
1,027,000
903,000
24,000
12,000
97,000
61,000

•

The prices are given in pence and 1001hs.

[Yar.. Lxxxvi.
Thus: 5 23 means 5 3-100a.

Wed.
Thurs.
Fri.
Mon.
Tues.
Mch. 28
------12% 12% 12% 4 123-i 4 1231 4 1251 4 1234 4 to
April 3. pan. p.m. p.m. p.m. p.m. P.m. p.m. P.m. p.m. p.m. P.M. P.m
--a.
a. it.
d.
a.
a. (1.
d.
d., d.
d.
March
5 23 27% 27
28
37 31% 31
38
Mch.-Apr.
5 23 27 27 27% 2113- 343.1
4
36 29% 29 36
-May
5 22% 26 26 26.1.1 27% 3334 34
Apr.
5 23 27% 27 27% 28 3434 35 37 30% 30% 37
May-June
5 22% 27 27% 28
June-July
2834 35 35% 9734 3134 3131 37%
30% 36
5 21
26 26% 27 27% 34 34% 3634 31
July-Aug5 17 22% 23 23 23
Aug.
-Sept
29% 30% 32 27 26% 32
5 12% 18 1834 17% 18 23 245 26% 22% 21% 26
-Oct.
Sept.
16 21
5 08% 13% 14
-Nov_
19% 22 18
Oct.
13 13
18
Nov.
-Dec.
5 06 10% 1134 10 10 15 16% 19 15 13% 18
14 13 1734
-Jan_
5 05% 10 11 09% 09% 1434 15% 18
Dec.
5 05 09% 10.1.1 09 09 14
-Feb_
Jan.
15 17% 13% 12 17
Sat.

•
BREADSTUFFS.
Friday, April 3 1908.
Prices for wheat flour have been steady as a rule, though at
times the tone of the market has been somewhat easier,
owing to continued stagnation of trade and an easier market
for wheat What changes have occurred, however, have
been largely nominal, though .it has been reported at times
that sales have been made at prices lower than those ruling
in the open market. Export business has been at a standstill not only here but also at the large milling centres of
the Northwest and the Southwest. The output of springwheat flour last week showed a material reduction. Rye
flour has been dull and easier. Corn meal has been dull
and steady.
Wheat has declined, mainly owing to rains in Kansas,
where they were much needed. Prices have been dictated
very largely of late by weather conditions, at times advancing, owing to reports of drought in parts of Kansas and
Nebraska, colder weather and a blizzard at the Northwest,
light receipts there and elsewhere and a better milling demand, especially at the Southwest. The two most prominent factors of late have been the reports of damage by
drought in'the Southwest and small receipts. On the other
hand, however, the Argentine shipments have been large,
despite repeated predictions of a decided decrease with
which America has been favored for some time past. The
foreign markets have not responded to drought
reports from this country, but have been very
evidently under the influence of big Argentine shipments and
a favorable crop outlook in most parts of Europe. Moreover, the flour trade in this country has continued dull,. and
millers as a rule are buying only from hand to mouth. A
rather striking corroboration of this is the fact that although
the Northwestern receipts have fallen off sharply, stocks at
Minneapolis during the week have increased 100,000 bushels.
Then, too, despite the reports of damage to the crop in the
Southwest, not only by dry weather but also by bugs,
reports not without the suspicion at times of sensationalism,
the crop advices in the main have been favorable. The
plant is making good progress and the outlook appears to be
improving. It is said, too, that the spring-wheat crop will.
be planted under better conditions than have existed for.
some years past. To-day prices were firm for a time, owing
to better cables than had been expected, continued dry
weather in Nebraska and parts of Kansas, bullish crop
reports from some parts of the Southwest and light offerings
and receipts. Commission houses bought and shorts covered. But later on prices weakened, owing to predictions
of showers for the Southwest, large Argentine shipments,
favorable crop reports from most sections, dulness of the
cash market, bearish pressure and liquidation.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
100% 100%
No. 2 red winter
9934 100
100% 101
101%
May delivery In elevator
102% 101% 101 , 10134 102
06% 96%
July delivery In elevator
96 34 06% 9531 96
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
May delivery in elevator
8351 03% 9231
July delivery In elevator_- 883i 87
,
88 X 88% 8831
89
9
8
8
September delivery in
"4
_ 8631 8631 8551 8:: 9671 90%

Indian corn futures have been easier in the main, though
the fluctuations in prices have been confined within a comparatively narrow range. But the grading has shown a.
The tone of the Liverpool market for spots and futures noteworthy improvement of late, and shorts show less nereach day of the past week and the daily closing prices of vousness. Cash interests, too, have sold to some extent at
times, and leading bulls at Chicago are believed to have respot cotton have been as follows:
duced their holdings. The cash market has been dull. Crop reports from the Southwest have been very favorable as a rule,'
Wed'day. Thursday. Friday.
Spot.
Saturday. Monday. Tuesday.
and ground is being broken in the more northern sections
Market,
Fair
for the new crop. Liverpool has been weak at times. Larger
Steadier.
12:15
Good
Dull.
business
Quiet.
Good
P.M.
doing.
demand. demand.
shipments from Argentine are expected in the near future.
To-day prices were easier, owing to the depression in wheat
Mid
5.77
ds
4.70
5.79
5.66
5.69
5.73
favorable weather and crop reports, dulness of the cash trade
Sales
10,000
3,000
10,000
5,000
8,000
10,000
and liquidation.
SpecAtexp.
500
300
1,000
500
300
1,000
Futures.
Dull at
Quiet at Steady at Steady at Very st'dy, Steady at
Market I 304 pts. 5@)6 pts. practically 2®3 pts. unch. to 1 1(42 pts.
opened
decline. advance. 1 pt. dec. advance.
pt. dec.
decline.
Market
4
P.M.

Quiet at
3%04
pts. dec.

Quiet at •t'y at 1% Steady at Sly st'y at Very sty
i.514
35-i
pts. dec. to 60734
at 3@)(3%
pts. adv. 13-pts.adv. pts. adv. pts. dec. Pts. adv.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
ce i
corn
Ca7h d or
72
7451 7431 74% 75%
71
ery In elevator
753-1 7551 75
7531 7551 75 X
/
July delivery in elevator
7231 738 , 73
7351 7351 7251
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator_
853-1 66 V, 6631 6651 6631 6651
July delivery In elevator
6331 641/, 64
6431 6451 63
September delivery In elevator
6234 033-1 633-1 033-1 0331 63

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of uplands, good ordinary
Oats for future delivery in the WeStern market have been
clause, unless otherwise stated.
somewhat easier, though as the trading has been extremely



APR. 41908.]

THE CHRONICLE

dull the changes in prices from day to day have been unimportant. Prominent Chicago interests are believed to he
still committed to the long side, especially pf the May option. From present appearances, however, the deliveries
on May contracts are likely to be heavy, as stocks of contract
grade at Chicago are already relatively heavy and elevator
concerns there are manufacturing contract oats in considerable volume. The cash trade has been dull. Unfavorable
reports in regard to the new-crop prospects have had little
effect. To-day prices were easier, owing to favorable
weather, reports of Argentine shipments to this country and
liquidation..
DAILY/ CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Tues.
Sat.
F
Wed.
Thurs.
57
57
543
5555
54;
55

No.2mixed
White

clipped,
32 to 34
593-61
59M-61
58-60
lbs
56-50
56 M-5955
57-59
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
53% 53% 533
53 m 53% 53%
i
47 M 473
July delivery in elevator
46M 47% 47% 47

The following are closing quotations:
FLOUR.
$3 85 (0$4 CO Kansas straights
Low grades
)
$4 05 @ 4 80
5 60 @$5 2(
Second clears
3 3 @ 3 03 Blended clears
5
4 10 (0 4 20 Blended patents
Cleats
5 50 @ 6 0
:
Straights
4 80 It 5 09 Rye flour
4 50 @ 5 20
Patent, spring
5 30 (0 8 15 Buckwheat flour
Nominal.
Patent, winter
4 '75 (cb 4 ; Graham flour
0
Nominal.
Kansas patents _______at__ _ _ Corn meal
3 30 @ 3 90
GRAIN.
Wheat, per bush.C.
c.
Corn (new), per bush.- .
N. Duluth, No. 1
112
f.o.b. 61)3
No. 2 mixed
'N. Duluth, No.
• Nt..minal
2No. yellow
2
Red winter, No.2
61 M
. . . 00
No. 2 white
fob109%
:
Hard "
"
10955 Rye per bush.
Oats,. per bush.No. 2 Western
84
Natural white
56M (057 M
State and Jersey •
Nominal
.•
mixed
54 M
Barley-Malting
N.minal
Feeding
Nominal
white,clipped_ 57 409
For other tables usually given heer, see page 834.

THE DRY GOODS TRADE

869

standstill. Trading is very slow in coarse, colored cotton
goods, but there are still some contracts to be filled and
mills are shipping small quantities of goods all the time.
Linings are in quiet demand at unchanged quotations.
Buying of domets and other napped goods has continued
on a moderate scale, as it is felt that the prices asked are
about as low as they are likely to go. Discounts on prints
have been widened and goods are being shipped on memorandum, indicating that there may be some further revision
on these goods in the near future; in the meantime the demand for staples is generally poor, but there has been some
purchasing of fancies. Ginghams move slowly, but for the
moment there are no signs of any price changes. Print
cloths have again been reduced and regulars are now quoted
nominally at 33o. Standard gray goods have been sold
at 41
/0. and at the lower levels established there has been
more general inquiry.
WOOLEN GOODS.
-The men's wear woolen and worsted
goods market has been extremely quiet during the week
and more attention has been paid to the delivering of
sample pieces than to the selling of goods. There have been
some few duplicate orders, but the whole situation at the
present time depends upon the retailer, and his position will
hardly be disclosed until more definite knowledeg has been
secured of the amount of spring business. Should this be
nearly normal, buyers will have more confidence in placing
orders for the fall, and re-ordering in the primary market
would, of necessity, have to be unusually heavy, owing to
the small amount of orders placed during the initial buying
period. In the meantime curtailment is not only being
continued but is increasing, the latest mill to shut down
being the Wanskuck. There is still a fair demand for
spring goods, but, as in the recent past, it is confined almost
exclusively to goods which are already sold out or nearly
so; this has resulted in buyers being forced to take other
lines than those they wanted and in this way business is
becoming more evenly distributed and the whole situation
healthier. In dress goods buyers at the present time are
more occupied in getting out their spring goods than in
ordering for fall, although the volume of business already
placed in heavy-weights is quite satisfactory. Some attention has been given to cloakings but the demand will not
become active until spring trade is further under way.
FOREIGN DRY GOODS.
-Some importers of woolen
and worsted dress goods have announced important price
reductions and it is expected that this will affect domestic
manufactures, if continued. There has been little doing
in silks or ribbons. Linen prices are still firm for goods
already on this side, but buyers are looking for reductions
in the future. Burlaps are slightly easier.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Mch. 28.'1908 and since
Jan. 1 1908, and for the corresponding periods of last year,
are as follows:

New York, Friday Night, April 3 1908.
The process of readjustment continued in the cotton goods
market during the past week and materially lower prices
were named on several lines. In some instances, owing to
reselling by second hands, levels were reached which agents
refused to consider, but in other cases the reductions were
made by manufacturers themselves in an effort to attract
business. In this they were partially successful, for
not only were inquiries larger but the volume of sales showed
an appreciable increase over that of the past few weeks.
There is a feeling that some classes of goods have now been
marked down as low as can reasonably be expected, even
after the decline in the price of the raw material and the
general wage reductions have been taken into consideration;
in others, however, there is still room for revision and in
the opinion of many this is bound to come. An indication
of what may be expected is the fact that manufacturers have
Cl
leg
been willing to Ship goods on memorandum, to be paid for
4.-3 m•r1(nr.,
t
Cs
at the prevailing,'price when the goods are sold. Curtail.,41 g 84
5. m 92°V3
107
F
4
• o
E.
,
0-9
,
2J2. w. gait'
ment, particularly in the South, is even more drastic than --FL.
0
o p.
0 0
it has been in the recent past and some mills have closed
F: E
to
down indefinitely; it is estimated that not more than 70%
cc
a
a
of the cotton-mill machinery of the country is now in operaP,
P,
tion. The bookings by mills during the first quarter of the
year are variously- estimated at from 30 to 40% of the
Si
'5
ro ,
normal quantity, but sales by jobbers during the same period
o
0
5'
0
0
w
were probably in the neighborhood of 75% of normal.
Many contracts for goods will expire during the current
i•-• 0 », c.,
o 0000 to
month and this is leading agents to look for a larger business. 7,1 " .1 *i.,,r.....1.-. Cli '0. ',0 - 0....,,, h, Q0 N .N '
a4
'
C
c ez1
000ow...1
we,'
N....
Collections generally are good, but in some districts,notably C cs..., 00424..4 Zo•P NN ..,ioi.o.w cc 0 000 4 !.;•1 C.
N
0,..-40.p.
NO
to
.3 4'
4'* 0
.
•
the Southwest, they are not satisfactory. The woolen and
rti .1, _
IN .3.
...
w
worsted goods market continues quiet.
•t41- ,,,
-1 Z
,
.
0tn
.6.3.3
tri
- -4
c,
0
,..,
C. ... 4.. A, C .0 to C,
.3 :3 P!! I:4,7
I
C 1
;1.. 1: - a
ti
0... 0.cn..cno
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DOMESTIC COTTON GOODS.
-The exports of cotton cn .
Cs ....4:. iv - be Co lo . .! -r,
cn
, -, ,,.....-. .0.-4.0 ••
.
C. Ca C4 C4 .3 C
goods from this port for the week ending March 28 were
C. 1 4 C3 0 . c., en 0 Ea
,
+4
+4 A, Co CA -4
2,187 packages, valued at $146,488, their destination being
Da ..
totto the points specified in the table below:
na oco CO
G0
; :::::
Z
.
.. '
'...
.... '
h

1
395
25
347
093
332
2,187

5,631
444
3.495
11,401
4,033
42,403

1907.
-Since
Week. Jan. 1.
718
46
170
6,101
4,022
50
14,733
50
2,989
5
6,504
551
632
20
4,490
354
1,450
13,055
692
11,131
3,218

64,635

The value of these New York exports since Jan. 1 has been
$2,852,901 in 1908, against $3,979,653 in 1997.
Some very low prices have been named on heavy brown
drills and sheetings, but in spite of this the volume of business passing has been very small. Four-yard sheetings are
again lower and there has been some improvement in the
inquiries for these and for lighter-weight drills and sheetings.
The export trade has been very dull, principally owing to the
continued decline in prices, which has unsettled the minds
of exporters; and rumors of a sale of $2,500,000 of goods to
China by one mill have been denied in the local market.
There have been some re-orders for bleached goods for quick
shipment, brit buying for future delivery has been at a




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Since
Jan. 1.
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201
6,574
3,124
6,189

Week.
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New York to March 28.
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Other Europe
China
India
Arabia
Africa _ _
West Indies
____
Mexico - _ --- _
Central America
South America
Other countries

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•LOOT (IN'V 9061 I NVf

5§ .

THE CHRONICLE

SO
D

6 AT
T

C

ITY I)E

'RIVENi•

ix Thronicle.
PUBLISHED WEEKLY.

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News Items.
Des Moines, Iowa.—New Commission Plan of Government
Declared Constitutional.—The constitutionality of the new
form of city government which the people approved at the
election held June 20 1907, and which we outlined in V. 85,
p. 113, was unanimously affirmed by the Supreme Court of
the State of Iowa on Feb. 18. The opinion, which was written
by Judge Charles A. Bishop, is very lengthy and overrules
every contention of the opponents of the plan. The city,
it is stated. will now proceed to elect five commissioners,
to be composed of the Mayor and four Councilmen, and
who will take charge of all the business and discharge all of
the duties of managing the affairs of the municipal corporation.
Eau Claire, Wis.—Water-Works Litigation.—The Milwaukee "Evening Wisconsin" of Feb. 26 has thefollowing to
say in connection with the ruling of the Supreme Court
regarding the purchase of the water-works by the city:

[VOL. Lxxxvi.

dollar on all taxable property of the city to create a general
park fund to be, used by them in carrying out the provisions
of this Act. In order to obtain funds for various improvements the board has the authority to sell,at not less than par,
negotiable bonds of the city in a sum not to exceed the estimated cost of the proposed improvement.
The case reached the Supreme Court on appeal from the
District Court of Wyandotte County, where the bonds were
declared valid by Judge McCabe Moore in a suit brought by
H. F. Wulf and others.
According to the Kansas City "Star," the only portion of
the law not upheld by the Court is that provision which makes
the term of office of the Park Commissioners six years. This
is declared void because of a constitutional prohibition that
officers must not be appointed for more than four years.
The court holds, however, that this does not invalidate the
law,as the term of office is made optional with the appointing
power, and the Commissioners may hold their positions as
long as the Mayor sees fit to appoint them.
Maryland.—Legislature Adjoins.—The 1908 Legislature
of this State adjourned March 30 after a session of ninety
days, the limit prescribed by law.
North Dakota.—Amendments to State Constitution.—At the
1907 session of the Legislature resolutions were adopted providing for three amendments to the State Constitution, to be
voted on at the next general election in November. One of
these relates to the number of judges of the Supreme Court,
another pertains to the sale of State lands, while another.
proposal amends Section 162 of the Constitution and prescribes the manner in which moneys of the State Permanent
School Fund and other educational funds shall be invested.
If approved by the people, this Section will read as given
herewith:
SECTION 162. The moneys of the permanent school fund and other
educational funds shall be Invested only In bonds of school corporations
or of counties, or of townships, or of municipalities within the State, bonds
Issued for the construction of drains under authority of law within the State,
bonds of the United States, bonds of the State of North Dakota, bonds of
other States; provided such States have never repudiated any of their indebtedness, or on first mortgages on farm lands in this State not exceeding
in amount one-third of the actual value of any sub division on which the
same may be loaned,such value to be determined by the Board of Appraisal
of School Lands.

For comparison we give below this section as it now stands:

SECTION 162. The moneys of the permanent school fund and other
educational funds shall be invested only in bonds of school corporations
within the State, bonds of the United States, bonds of the State of North
Dakota,or in first mortgages on farm lands in the State, not exceeding In
amount one-third of the actual value of any sub-division on which the same
Eau Claire, Wis., Feb. 25.—(Special).—Eau Claire has, It is thought, (nay be loaned, such value to be determined by the Board of Appraisers of
won out in the water-works case after the Supreme court last week ordered School Funds.
the case tried on Its merits in the lower courts. Judge Vinje of Superior
Virginia.—Legislature Adjourns.—The 1908 session of the
has decided that Eau Claire has the right to take over the water-works
plant at the price specified by the appraisers—$253,000. The case will Legislature of this State came to an end at 7 p. m. on March
again be appealed, this time by the attorneys for the water-works company
and the Farmers Loan & Trust Company of New York. The city has the 27.
$253,000 which was raised by $200,000 in bonds and 153,000 by taxation.

Florida.—Amendments to State Constitution.—The Legislature, prior to adjournment on May 31 1907, adopted resolutions proposing three amendments to the State Constitution to be voted on this November. One of these
relates to the salaries of the Justices of the Supreme Court,
Circuit Court Judges and Judges of Criminal Courts of
Record. Another relates to the establishments of Courts.
The third amends Article 12 of the Constitution and provides for a special tax of one mill on the dollar of all taxable
property in the State for the support and maintenance of
the University of Florida, the Florida Female College, the
Institute for the Blind, Deaf and Dumb,and the Colored
Normal School. If approved by the people, the following
will be known as Section 16 of Article 12: •
Section 16. A special tax of one mill on the dollar of all taxable property
In the State shall be levied annually for the support and maintenance of
the Universty of Florida, the Florida Female College, the Institute for
the Blind, Deaf and Dumb and the Colored Normal School, which shall be
paid to the State Treasurer and set apart by him to the credit of the
State Board of Education,to be apportioned and disposed of for the benefit
ofsaid institutions as required by the Act creating and maintaining the
same,known as.Chapter 5384 of the Laws of Florida. approved June 5,1905

Greenville, Greenville County, So. Oar.—Bonds Declared
Valid.—The Charleston "News and Courier" of March 28
has the following to say regarding the decision of the State
Supreme Court in a friendly suit brought by Thackston &
Son to test the validity of the $18,000 5% refunding bonds
awarded to them (V. 86, p. 620) on Feb. 26:
Columbia, March '27.—(Special).—The Supreme Court this afternoon
flied an opinion dismissing the petition for an injunction in the case of
John M. Jordan against the city of Greenville, in which it was sought to
restrain the sale of certain bonds. The case is similar to that of Thackston
against the city of Greenville, which was recently decided In the same way
by the Supreme Court.
In Feb. 1888 the city of Greenville issued $18,000 In bonds for the purpose
of erecting graded school buildings and the bonds were to run for twenty
years, falling due this year. The city council passed a resolution to make
another issue of bonds to refund these school bonds, and the issue was made
and placed on the market. Mr. Jordan, a taxpayer, brought suit to restrain
the sale, and the Court now dismisses his petition for an injunction.
The grounds in the petition were in the main that there had been no election on the bond issue, but the Court holds, as in the Thackston case, that
the city may Issue bonds to refund outstanding maturing bonds without
aeelectIon when it is so authorized by its charter. The validity of the
new bond issue, is thus established, the suit being a friendly action.

Kansas City, Kan.—Park Law Held Valid.—Justice Benson of the Kansas Supreme Court handed down a decision
on Feb. 8 declaring valid and constitutional the Act passed
by the last Legislature (Chapter 85, Laws of 1907) relative
to the establishment of a Board of Park Commissioners in
cities of the first class having a population of more than fifty
thousand, for the acquisition, maintenance, improvement
and regulation of public parks, playgrounds, parkways,
boulevards, streets, bridges, viaducts, public buildings,
grounds and places. Under the law the board is authorized
to levy an annual tax of not to exceed one-half a mill on the




Bond Calls and Redemptions.
Cape Girardeau Township, Cape Girardeau County, Mo.—
Bond Call.—Call was made for payment April 2 of 41
4% refunding bonds for $1,000 each numbered 18 to 22 inclusive
and dated April 2 1900.
Cole County (P. 0. Jefferson City), Mo.—Bond Call.—
Court-house 4% bonds Nos. 18 to 24 inclusive will be paid
June 1. Denomination $500.
Dade County (P. 0. Greenfield), Mo.—Bond Call.—On
April 1 this county redeemed $4,000 5% refunding bonds
numbered 347 to 350 inclusive and dated June 1 1894
Denomination $1,000.
Denver, Colo.—Bond Call.—W. J. Fine, City Treasurer,
called the following bonds for payment March 31:
STORM SEWER BONDS.
South Capitol Hill Storm Sewer District, Bond No. 25.
Sub District No. 8 of the Capitol Hill Storm Sewer District No. 1, Bond'
No. 14.
Sub District No. 11 of the Capitol Hill Storm Sewer District No. 1, Bond
No. 15.
SANITARY SEWER BONDS.
North Denver Sanitary Sewer District No. 5, Bond No. 19.
SIDEWALK BONDS.
Side Walk District No. 5, Bond No. 22.
Side Walk District No. 12, Bond No. 14.
South Broadway Side-walk District No. 1, Bond No. 25.
IMPROVEMENT BONDS.
Capitol Hill Improvement District No. 2, Bond No. 86.
Capitol Hill Improvement District No. 3, Bond No. 90.
East Colfax Ave. Improvement Dist. No. 1, Bond No. 33.
East Denver Improvement District No. 1, Bond No. 73.
Highlands Improvement District No. 1, Bond No. 27.
Ogden Street Improvement District No. 1, Bond No. 11.
South Broadway Improvement District No. 2, Bond No. 29.
South 14th Street Improvement District No. 1, Bond No. 20.
Thirteenth Street Improvement District No. 1, Bond No, 9.
VIADUCT BONDS.
Fourteenth Street Viaduct District. Bonds Nos. 767 and 768.
PARK BONDS.
Highland Park District. Bonds Nos. 192 to 202 Inclusive.

Holden, Johnson County, Mo.—Bond Call.—Call is made
for payment May 1 at the National Bank of Commerce in
St. Louis of electric-light bonds of the issue of 1897 numbered
aa d 20.
19m nson
Township, Marion County, Mo.—Bond Call.—
This township redeemed on April 1 4% bonds of $1,000
each, dated March 15 1898 and numbered 16 to 100 inclusive.
Mobile, Ala.—Bond Call.—Interest ceased April 1 on
all bonds of this city issued under Act of Feb. 24 1881 and
holders are notified to present their holdings at the City
Bank and Trust Co. of Mobile.

APR. 41908.1

THE CHRONICLE

871

5% coupon street-paving assessment bonds described in
V. 86, p. 746:
Breed & Harrison, Cin_ _ _ _$3,972 14 1 J. McNeice, Barnesville-- 43,909 58
G. B. Kirk & Co., Allegheny 3,960 58 Dayton Savings & Trust
3,913 58 Co., Dayton
Well, Roth & Co.,Cin__
3,87358
Bonds mature part yearly on Jan. 15 from 1909 to 1918
inclusive.
Bay City, Bay County, Mich.-gond Offering.
-Proposals will be received until 3 p. m. April 7 by C. J. Barnett,
Comptroller, for $125,000 5% improvement bonds.
City
Authority vote of 33 to 1 by the City Council. Denomination $1,000. Date May 1 1908. Interest semi-annually
in New York City. Maturity on May 1 as follows: $60,000
in the year 1911; $40,000 in the year 1913 and $25,000 in
the year 1916. Certified check for $500, payable to the
City Comptroller, is required. Purchaser to pay accrued
this week interest.
Bond Proposals and Nedotlations
Bay Island Drainage and Levee District No. 1 (P.0. New
have been as follows:
Boston), Mercer County, Ill.-Bond Sale.
-This district
-We are has sold at private sale to Duke M. Farson of Chicago $160,-Bond Sale.
Adrian, Lenawee County, Mich.
advised that this city recently disposed of an issue of $10,364 5006% drainage bonds. The price paid was par and interest.
Denomination $500. Date Sept. 1 1907. Interest annual.
Paving District No. 3 assessment bonds.
-Bond Offering.-Proposals Maturity from "Sept. 1 1910 to 1927 inclusive."
Akron, Summit County, Ohio.
-The
will be received until 10 a. m. April 28 by William A. Dur- • Beaver City, Furnas County, Neb.-Bond Sale.
-20-year (optional) water-works bonds, menand, City Auditor, for $30,000 5% bonds for the purchase $25,000 6% 5
disposed of to the National
of real estate for public purposes. Denomination $1,000. tioned in V. 86, p. 618, have been Bend
at 104. DenominaDate April 1 1908. Interest annually at the National Park Construction Company of South
Bank in New York City. Maturity $6,000 yearly on April 1 tion $500. Date April 1 1908. Interest annual.
Beaver Pond School District (P. 0. Bluefield), Mercer
from 1909 to 1913 inclusive. Certified check on a bank in
Akron for 5% of the amount of bonds bid for, payable to County, W.Va.-Correction.-On March 21 the 8150,000 6%
the "Treasurer of the City of Akron," is required. Bids to 20-year gold coupon bonds described in .V. 86, p. 618, were
purchased by E. H. Rollins & Sons of Chicago and not
be made on blank forms furnished by the Auditor.
-We are A. B. Leach & Co. of Chicago, as inadvertently reported last
-Bond Sale.
Alameda, Alameda County, Cal.
informed that the $305,000 4 2% 1-40-year (serial) coupon week. The price paid was 110 and accrued interest. The
municipal-improvement bonds described in V. 86, p. 494, following bids were received:
107.16
_110
E. H. Rollins
were awarded on March 27 to the Alameda Savings Bank A. B. Leach && Sons, Chic_ _108.347 Spitzer & Co., Toledo
First Nat. Bank, Bluefield_ _ _106.11
Chicago_
for $305,100 (100.032) and accrued interest. No other Seasongood & Co., Cin_ _ _107.45 Alb. Kleyboite & Co., Cin_ _ _105.098
Mayer,
A. J. Hood & Co., Detrolt_af 100.206
Well, Roth & Co., Cin., and
bids were received.
81103.20
Prov. S. B. & Tr. Co., Cin_107.38
-Bond Offer- Alba, Jasper County, Mo.-Bonds Not Sold.
a For 5;is. b For 6s.
purchase of the
-All bids received on March 20 for the
ing.
All bidders, except A. J. Hood & Co., offered accrued
two issues of 6% improvement bonds, aggregating $13,000,
described in V. 86, p. 681, were rejected. Proposals for interest in addition to their bids.
-Bond Sale.
Bedford, Lawrence County, Ind.
-An issue of
these bonds are again asked, and will be received this time
$13,808 55 6% 1-9-year (optional)street-improvement bonds
until April 17.
par on March 3 to Ewing Shields, con-Bond Offering.-Proposals was disposed of at
Albany, Albany County, N.Y.
will be received until 11 a. m. April 15 by Howard N. Fuller, tractor, of Seymour,in payment for work done. Denominations: twenty bonds of $500 each and ten of $380 85 each.
City Comptroller, for the following bonds:
$200,000 4% registered water-supply-Improv(ment bonds. Denomination Date June 1 1908. Interest semi-annual.
$1,000. Maturity $10,000 yearly on April 1 from 1909 to
Bernalillo County, School District No. 1, N. Mex.-Bond,
1928 inclusive.
-On March 1 the $3,500 6% coupon school-house
,
128,000 4% registered Improvement bonds. Den mination $12,800. Sale.
to 1918 inclusive. bonds mentioned in V. 86, p. 433, were awarded, we are
Maturity $12,800 yea-ly on April 1 frrm 1909
Date April 1 1908. Interest semi-annually by mailed informed, to William E. Sweet & Co. of Denver, Colo.
checks. Certified check for 2% of the bonds bid for, pay-Papers state that this
-Temporary Loan.
Boston, Mass.
able to Otto Jantz, City Treasurer, is required.
city has negotiated a temporary loan of $1,500,000 in antici-Propos- pation of the collection of taxes.
-Bond Offering.
Aliquippa, Beaver County, Pa.
als will be received until 7:30 p. m. April 6 by W. W. Lester,
Brockton, Plymouth County, Mass.
-Temporary Loan.
Borough Secretary, for $14,000 5% coupon street and sewer This city has borrowed $100,000 from Bond & Goodwin of
bonds. Denomination $1,000. Interest Jan. and July at Boston. Loan is due in one year.
the First National Bank in Aliquippa. Bonds are exempt
Brown County, (P. 0. New Ulm), Minn -Bond Sale.
from State tax. Bonded debt,including this issue, $50,800.
We are advised that the $16,000 2-9-year (serial) coupon
Assessed valuation 1908, $750,000.
bonds offered on March 18
- ditch-construction to the Union Investment Co.(V. 86, p.
Arlington Heights Independent School District, Tex.
495) have been sold
of Minnea-We are advised that the $11,000 5% 40-year polis for $16,045 (100.281) for 5s.
Bond Sale.
Comptroller on
school-house bonds registered by the State
The following bids were received for 6% bonds as adJan. 31 (V. 86, p. 433) were recently awarded to the Texas vertised:
$1,000. Union Invest. Co., Minneap_a$16,705 S. A. Kean, Chicago
Building Co. of Fort Worth at par. Denomination
$16,336
Date Jan. 1 1908. Interest semi-annual.
J. W. Goldsberry, Minneap__ 16,700 C. H. Coffin, Chicago
16,161
Wells
Boston
16,160
-Proposals will be Minn.& Dickey Co., Minneap. 16,670 J. P. O'Brien,Co., Detroit_ _ _16,090
-Bond Offering.
Atlantic City, N. .T.
Loan & Tr. Co., Minn_b16,665 A. J. Hood &
received until 12 m. April 11 by A. M. Heston, City Comp- First Nat. Bank, Cleveland__ 16,510 W. J. Hayes & Sons, Cleve 16,003
a Also bid $16,045 and blank bonds for 5s. 8 Also bid $16,040 for 5s.
troller, for the following bonds:
% gold coupon Pacific Avenue paving bonds dated Jan. 1 1908
365,000
Brutus (Town) Union Free School District No. 2 (P. 0.
maturing Jan. 1 1028. Certified check for $1,300 is Weedsport), Cayuga County, N. Y.
and
-Bond Offering.
-Prorequired.
55,000 4;i% gold coupon Boardwalk-Improvement Bonds dated Jan. I posals will be received until 12 m. April 6 by F. E. Smith,
Jan. 1 1028. Certified check for $1,100 Clerk Board of Education, for $30,000 5% regidtered school1908 and maturing
is required.
35,000 4)4% gold coupon Atlantic Avenue improvement bonds dated building bonds. Denomination $500. Date May 1 1908.
Oct. 1 1907 and maturing Oct. 1 1937. Certified check for Interest annually at S. W. Treat & Co.'s Bank in New York
$600 is required.
funds. Maturity $1,500 yearly on May 1 from 1909 to 1928
Denomination $1,000. Interest semi-annually at the inclusive. Certified check for 10%, payable to the Clerk
Hanover National Bank in New York City. Bids must Board of Education, is required. Bonded debt, this issue.
be made on blank forms furnished by the city and accom- Assessed valuation 1907, $1,029,750.
Bryan County (P. 0. Durant), Okla.
-Bond Sale.
panied by certified ckecks in the above amounts. The
-This
opinion of Dillon & Hubbard of New York City as to the county has disposed of $45,000 5% bonds at par. Denomination $500. Interest annually in January.
legality of the bonds will be furnished without cost to the
-Bond Offering.
Buffalo, N. Y.
purchaser. Delivery on or about May 1. Purchaser to ceived until 12 m. April 10 by GeorgeProposals will be reM. Zimmermann,City
pay accrued interest. The bonds will be certified to as to Comptroller, for $500,000 4% registered water bonds.
their genuineness by the Columbia Trust Co. of New York Authority Chapter 203 of the Laws of 1906, as amended
by Chapters 84 and 724 of the Laws of 1907. Date April 10
City.
1908. Interest semi-annually at the City Comptroller's
The official notice of this bond offering will be found among office or at the Gallatin National Bank in New York City.
the advertisements elsewhere in this Department.
Maturity April 10 1958, subject to call after April 10 1928.
- Certified check for 2% of the amount of bonds bid for, payBarboursville, Cabell County, W. Va.-Bonds Not Sold.
No award was made on March 23 of the $15,000 5% 10-30- able to the City Comptroller, is required. Bonds are exempt
year (optional) coupon water-works and sewerage bonds from taxation.
described in V. 86, p. 558.
Carbon County (P. 0. Red Lodge), Mont.
-Bond Sale.
-Follow- On March 23 the $20,000 coupon road refunding bonds,
-Bond Sale.
Barnesville, Belmont County, Ohio.
on March 30 for the $3,854 58 described in V. 86, p. 683, were awarded, we are informed,
ing is a list of the bids received

-Payment will be made May 1
Omaha, Neb.-Bond Call.
at the office of Kountze Bros. in New York City of $50000
paving bonds dated May 1 1888.
-Bond
San Miguel County School District No. 1, Colo.
-S. A. Bailey, District Treasurer, calls for payment
Call.
May 1 at the office of L. C. Lomax, County Treasurer, in
Telluride, of $20,000 building bonds dated July 1 1902.
Denomination $500.
Webster Groves School District (P. 0. Webster Groves),
-Call was made for paySt. Louis County, Mo.-Bond Call.
ment March 10 of $1,000 4% bonds dated May 1890. Bonds
are in the denomination of $500 each and are numbered
7 and 8.




872

THE CHRONICLE

[VOL. Lxxxvi.

to the Harris Trust & Savings Bank of Chicago at 103.255 offered on that day (V. 86, p. 619), were sold to A. D. Giland accrued interest for 5s. Purchaser to furnish blank more of Toledo at par and accrued interest. A bid was
bonds.
also.received from S. A. Kean of Chicago at 100.25.
Carleton County (P. 0. Ottawa), Ont.-Debenture Sale.
East Bloomfield Union Free School District No. 8 (P. 0.
On March 20 an issue of $15,000 5% bridge-construction East Bloomfield), Ontario County, N. Y.
-Bond Sale.
-On
debentures was awarded to W.A. Mackenzie & Co. of Toron- March 30 the $25,000 1-25-year (serial) coupon or registered
to at 100.76 and accrued interest. The securities are of school bonds, bids for which were rejected on Feb. 25 (V. 86,
various denominatrons. Date Dec. 31 1907. Interest p. 559), were disposed of, we are advised, at par for bonds
annual. Maturity part yearly for twenty years.
carrying 4.548% interest.
Campbell County, (P. 0. Jacksboro) Tenn.
-Bond OfferEast Cleveland (P. 0. Independent Station J, Cleveland),
-Proposals will be received until 12 m. May 2 by the Ohio.
ing.
-Bond Offering.
-Proposals will be received until 12 m.
County Judge for the $50,000 coupon road bonds'men- April 11 by K. T. Leet, Village Clerk, for $12,600 5% bonds.
tioned in V. 86, p. 241. Authority Chapter 585, Acts of Denomination $1,400. Date May 1 1908. Interest semi1907. Denomination not less than $100 nor more than annually at the Superior Savings &
$1,000. Interest, rate not to exceed 5%, payable semi- Maturity $1,400 each six months Trust Co. of Cleveland.
from Nov. 1 1908 to
annually. Maturity thirty years, subject to call after ten Nov. 1 1912 inclusive. Certified
check for 10%, payable
years. Certified check for $1,250, payable to the "Road to the Village Treasurer, is required;
Commission of Campbell County," is required.
East Rutherford (P.0. Rutherford), N. j.
-Bond Election•
Cass County (P.0. Logansport), Ind.
-Bonds Not Sold.
- -The electors of this borough will vote on April 27 on a
No bids were received on March 30,we are informed,for three proposition to issue $105,000 bonds for the construction of
issues of,bonds aggregating $32,966 29, offered on that day. sewers. Maturity "probably thirty years."
Charlotte, Clinton County, Iowa.
Elizabeth City County (P. 0. Hampton), Va.-Bond Sale.
-Bond Election.
-An
election will be held April 6 to vote on the question of issuing -On March 25 $12,000 6% East
Hampton bridge-con$5,000 water-works bonds.
struction bonds of this county were awarded to the Bank
Hampton at par . Purchaser to pay the cost of printing
Charlotte, No. Car.
-Purchaser of Bonds.
-We are advised of
that the purchaser Of the $100,000 5% 30-year funding the bonds. Denomination $2,000.
bonds disposed of on March 13 (V. 86, p. 746) was EstaFindlay School District (P. 0. Findlay), Ohio.
-Bond
brook & Co. of Boston and not the American Trust Co. of Offering.
-Proposals will be received until
Charlotte, as stated in local papers. The price paid for the by John E. Priddy, Clerk Board of Sinking12 m. April 10
Fund
issue as 102.50. Denomination $1,000. Date April 1908. sioners, for $15,000 4% coupon refunding bonds. CommisAuthority
Interest January and July.
Section 3970-3, Revised Statutes. Denomination $1,000.
Chicago Heights School District No. 170 (P. 0. Chicago Date April 11 1908. Interest semi-annually at the office of
Heights), Cook County, Ill.
-Bond Sale.
-On March 13 this the Board of Sinking Fund Commissioners. Maturity $1,000
district sold 315,000 4% 20-year school-building bonds to yearly on April 11 from 1911 to 1925 inclusive. Bonds are
Rudolph Kleybolte & Co. of Chicago at 101.036-a basis of exempt from all taxes.
about 4.423%. Denomination $1,000. Date April 11908.
Florence School District (P. 0. Florence), Florence
Interest semi-annual.
County, S. C.
-Bond Sale.
-The $35,000 5% 20-year school
Chinook, Ohouteau County, Mont.
-Bonds Withdrawn bonds offered on March 20 (V. 86, p. 619) have been disposed
of,it is reported,for 835,150-the price thus being 100.428.
from Market.
-Under date of March 2, we are advised that
the Town Council has concluded to grant a franchise for
Flushing,School District (P. 0. Flushing), Belmont
electric power instead of issuing the $14,800 6% 14-20-year County, Oho.
-Bond Offering.-Proposals
received
(optional) coupon electric-light-plant-construction bonds until 2 p. m. April 11 by M. T. Guthrie, will be Board of
Clerk,
offered on Dec. 12 1907. See V. 86, p. 241.
Education,for $3,000 5% coupon refunding bonds. AuthorClifton, Washington County, Kan.
-Bonds Voted.
-An ity Section 2834 Revised Statutes. Denomination $200.
election held in this city on Feb. 11 resulted in a vote of 79 Date March 1 1908. Interest semi-annually at the Dollar
"for" to 31 "against" a proposition to issue $4,000 5% water- Savings Bank in Flushing. Maturity $200 yearly on Sept. 1
works-extension bonds. Maturity part yearly from 1911 to from 1911 to 1925 inclusive. Bonds are exempt from all
1916 inclusive. We are informed that the prospects are taxes. Certified check for $500, payable to the Clerk
Board of Education, is required. Bonded debt, including
that they will all be subscribed for by local people.
issue, $16,000. Assessed valuation 1907 $263,660.
Columbia, Marion County, Miss.
-Bond Sale.
-We see it this
Forest County (P. 0. Crandon), Wis.-Bond Sale.
reported that John Nuveen & Co. of Chicago have pur-We
chased $50,000 6% 25-year water-works and sidewalk bonds are advised that on March 16 $45,000 5% 5-14-year (serial)
court-house -bonds dated April 1 1908 were awarded to
at 101:
Cook County (P. 0. Chicago), Ill.-Description of Bonds. MacDonald, McCoy & Co. of Chicago at 103.30-a basis of
-We are advised that the $2,000,000 gold bonds which about 4.568%. The following bids were received:
'Emery, Anderson & Co..
are to be voted upon on April 7 (V. 86, p. 619) are to bear MacDonald, McCoy & Co.$46,485 001
ChicaTo
$45,481 50
Clevtiand
4% interest, payable semi-annually. If authorized, they Harris Tr.& Sav.I3k
46,4'4) 00 IA. 11. Leach & Co.,
_ 45,000 00
Co., Chic.
Mason,
Bank,
will be dated June 1 1908, and mature $100,000 yearly on Thos.J. Lewis &Co., Chic_ 46,295 00'American National OhicBolger
45.600 001 Marshneld
45,00000
June 1 from 1909 to 1928, inclusive. These bonds are to
Fort Bend County (P. 0. Richmond), Tex.
-Bonds Not
be issued for the purpose of erecting an infirmary for con-No award has been made of the $110,000 4%
Yet Sold.
sumptives and a poor farm near Blue Island.
bonds (three issues) mentioned in V. 86, p. 496.
Orafton School District (P.0. Craton), Allegheny County,
Fowler School District, Fresno County, Cal.
-Bond Sale.
Pa.
-Bonds Not Sold.
-Bond Offering.
-No bids were received on March 21 for the $10,000 4% 7-26-year (serial) On March 14 $35,000 5% 1-10-year bonds were awarded to
D. S. Snodgrass, Cashier of the First National Bank of
coupon funding bonds, described in V. 86, p. 683. The
rate of interest on these securities has been increased to Selma, on a 4.85% basis.
Galt, Ont.-Debenture Sale.
4%, and proposals are again asked for, this time until
-We are advised that the
$66,000 power-plant debentures voted recently have been
7:30 p. m. April 7.
disposed of.
Cuyahoga County (P. 0. Cleveland), Ohio.
-Bond Sale.
Grand Rapids, Kent County, Mich.
-On
-Bond Sale.
We are advised that $28,875 5% road-improvement bonds
were awarded on March 11 to Otis & Hough of Cleveland March 30 the $300,000 flood-protection and $50,000 water
for .$29,702, the price thus being 102.864. Date March 1 432% coupon bonds described in Vol. 86, page 811, were
awarded to A. B. Leach & Co. and E. H. Rollins & Sons,
1908. Interest April 1 and Oct. 1.
On March. 25 the $12,000 5% 1-12-year (serial) coupon both of Chicago at 106.51.
Following are the bids:
St. Clair Road Bridge bonds described in V. 86, p. 683, were
$300,009
$50.000
awarded to Dennison & Farnsworth for $12,649 25 (105.41)
Mood
Water
and accrued interest.
Bonds.
Bonds.
A B. Leach & Co. and E. H. Rollins & Sons of ChiDaviess County (P. 0. Washington), Ind.
-Note Sale.
- cago ((or both)
On March 28 the $7,000 6% road notes offered on that day O'Connor & 'Cattier and Mackay & Co.,N.Y.(both)--- 372,360-----(V. 86, p. 496) were awarded, $3,500 due in 3 months to Blake Bros & Co. and Blodgett, Merritt & Co.,
Boston (both)
369,705-__---the People's National Bank and $3,500 due in nine months N. W. Halsey & Co., New York (both)
____----366.923 50-----Harris Trust & Savings Bank, Chicago (both) _
-- 365.595----to the Washington National Bank at par and accrued in- Estabrook & Co., Boston
$316.737 50 ;52,239 50
terest.
R. L. Day & Co., Bcr.ton
315,891 00
52,198 50
306,900 00
50,910 00
Douglas, Converse County, Wyo.-Bond Offering.
-Some Mason, Lewis & Co.,Chicago
W. R. Todd & Co.. Cincinnati
304.650 00
50,775 00
additional details are at hand relative to the offering on. Jas. A. Hutchinson
53,530 00
Well, Roth
April 10 of the $50,000 5% coupon bonds for the enlarge- Seasongood & Co., Cincinnati
50,381 00
& Mayer. Cincinnati
50,833 00
ment of the water-works-system. See V. 86, p. 683. Pro- Emery. Anderson & Co.. Cleveland
51,510 00
posals will be received until 7:30 p. m. on that day by F. H. Denison & Farnsworth, Cleveland
51,205 00
Granville County-Oreedmoor Special Sch.Dist.,'N. 0.
Castro, Town Clerk. Authority Chapter 15, Division 1,
De
Wyoming Statutes. Denomination $500. Date, Bond Election.
-On April 7 an election will be held here to
Title 2,
issuance. Interest annually on Jan. 1 at the Town vote upon a question of issuing $6,000 bonds for the purpose
day of
Treasurer'soffice. Maturity thirty years,subject to call after of erecting and equipping a school-building.
ten years. Bonds are tax-exempt. Bonded debt at present,
Hamilton, Butler County,Ohio.
-Bond Offerings.
-Pro$25,000. Floating,debt, $500. Assessed valuation for 1907, posals will be received until 12 m. April 18 by Henry A.
$657,224.
Grimmer, City Auditor, for the $50,708 10 4% coupon
Dundee, Monroe County, Mich.
-Bond Sale.
-On March Henry Street ditch-construction bonds mentioned in V. 86,
27 the $13,357 74 6% Special Paving District No. 1 bonds p. 559. Denomination $500, except one bond of $708 10,




APE. 4 1908.1

•

THE CHRONICLE

873

Date Feb. 1 1908. Interest semi-annual. Maturity on
Knox County (P. 0. Vincennes), Ind.
-Bond Sale:
-On
Feb. 1 as follows: $15,000 in 1918; $15,000 in 1928 and March 13 $35,246 20 4j,% gravel-road bonds were disposed
for 5% of the bid, of at par to the First National Bank, the Second National
$20,708 10 in 1933. Certified check
payable to the City Treasurer, is required. Accrued in- Bank and the German National Bank,wall'"of Vincennes.
Denominations $594 50, $455 36 and $117_95. Date Oct. 1.
terest to be paid by purchaser.
Hamilton School District (P.0.Hamilton), Butler County, 1907. Interest semi-annually in May and, November. Maturity "ten and twenty years."
-The Clerk of the Board of
•Ohio.
-Description of Bonds.
Ladysmith, Wis.-Bond Sale.
Education writes us that the $23,000 school bonds recently
-This city has awarded
awarded to the Hamilton Clearing House Association of $4,000 5% water-works and $4,000 5% school bonds'top the
Hamilton for $23,005-100.021-(V. 86, p. 747), are in Minneapolis Loan & Trust ,Co. at par. Denomination
denomination of $500 and carry interest at the rate of 4%.
$1,000. Date July 1 1907. Interest annual. Maturity
Hartsville School District No. 32 (P. 0. Hartsville), part yearly on July 1 from 1917 to 1920 inclusive.
-Bond Sale.
-We are advised that
Lansingburg Union Free School District No. 1 (P. 0.
Darlington County, S. 0.
an issue of $25,000 6% 20-year coupon school-house bonds Troy), Rensselaer County, N. Y.
-Bond Sale.
-On March', 31
was recently disposed of. Date July 11908. Interest semi- this district sold the $15,000 4
7-21-year (serial) regisannually in New York City. These bonds were to have been tered or coupon school-building bonds described in V. 86,
p. 811, to Hannah M. Earl of Troy at 101.50 and accrued
offered at public sale on May 15.
-a basis of about 4.357%. The bids were as follows:
Herkimer County (P.0. Herkimer), N. Y.
-Bond Offering. interest
Hanna
101.50 Uniln Nat. Bank,Try
par
-Proposals will be received until 12 m. April 8 by B. A. Security M. Earl, Troy
Trust Co., Troy
101.00 Bumpus-Stevens Co., Detroit_ _ _ _ par
Russell, County Treasurer, for $60,000. 4% coupon or W. N. Coler & Co., N. Y_ _ _ _100.173
registered highway-improvement bonds. Denominations $500
Le Mars, Plymouth County, Iowa.
-Bond Sale.
-On
•or $1,000 to suit purchaser. Date April 1 1908. Interest March 24 $6,000 434% 10-year funding bonds were awarded,
semi-annually at the Herkimer National Bank in Herkimer we are advised, to the German-American Savings Bank of
in New York exchange. Maturity $12,000 yearly on Le Mars at par. Denomination $500. Date March 27 1908.
April 1 from 1912 to 1916 inclusive. Official circular states Interest semi-annual.
that this county has never defaulted in the payment of
Ligonier, Westmoreland County, Pa.
-Bond Election.
principal or interest on any of its bonds and that there is In local papers it is stated that a special election
no litigation pending or threatened affecting the validity called for April 11 to allow the voters to decide has been
upon the
of these bonds.
question of issuing $40,000 to enlarge the borough water
Highland School District, Alameda County, Cal.
-Bond mains.
-On March 23 $22,000 6% 1-20-year bonds were
Sale.
Linneus, Linn County, Mo.-Bond
-On March 23
awarded to the Central Bank of Oakland for $23,305 90, the the $3,500 5% 5-20-year (optional) Sale.
coupon electric-lightprice thus being 105.935. Denomination $1,000. Date plant rebuilding and equipment
bonds desclibed in V. 86,
July 1 1908. Interest annual.
p. 684, were awarded to Moore & Mullins of Linneus at par
High Point, Guilford County, N.0.
-Bond Offering.
-Pro- and accrued interest. The bids received were as follows:
posals will be received until April 20 (date changed from M awe & Mullins, Linnetts._ _par W. R. C.mptln Bond & Mortbpar
April 1) by M.J. Wrenn, Mayor, for $60,000 5% gold coupon Little & Hays Invest. Co., St.C.apar I gage Co., St. Louis
a Less $50 for legal expenses. b Less $75 for legal expenses.
bonds. Denomination $1,000. Date April 1 1908. Interest semi-annually in New York City or in High Point. MaListowell, Ont.-Debenture Offering.
-Proposals will be
turity April 11938. Certified check for $1,000, payable to received until 12 m. April 6 by W. Climie, Chairman of
the Mayor, is required. Official circular states that there is Finance, for $15,000 5% debentures. Maturity part yearly
no litigaton pending or threatening the validity of these for thirty years.
bonds and that the city has never defaulted in the paymentof
Lore City School District (P. 0. Lore City), Guernsey
principal or interest on any of its bonds. Bonded debt, in- County, Ohio.
-Bond Offering.
-Further
cluding this issue, $225,000. Floating debt, $60,000. relative to the offering on April 7 of thedetails are at hand
$6,000 5% schoolAssessed valuation, $3,700,000.
building bonds mentioned in last week's issue. Proposals for
Holdredge, Phelps County, Neb.-Bonds Not Sold.
-We these bonds will be received until 12 m. on that day by
.are advised under date of March 27 that no sale has been David A. Pott, Clerk Board of Education. Denomination
made of the $20,000 5% coupon sewer bonds offered on $500. Date, day of issuance. Interest March 1 and Sept. 1.
March 17. See V.86, p. 683. Interest payable in New York in Lore City. Maturity $500 yearly on March 1 from 1911 to
City.
1922 inclusive. Bonds are tax-exempt. This district has
Holyoke, Hampden County, Mass.
-Temporary Loan.
- no debt at present.
'This city is reported as having borrowed $75,000 from Blake
Lyons, Rice County, Kans.-Bonds Voted.
-Bond OfferBros. & Co. of Boston.
-On March 12 this city voted in favor of issuing $15,000
ing.
(optional) water-works-system-extension bonds.
Homestead, Allegheny County, Pa.
-Bond Sale.
-On 5-30-year
March 25 the $25,000 4 27
07,20-year coupon refunding bonds Proposals for these securities will be received at any time.
described in V. 86, p. 747, were awarded to the Cleveland J. H. Eble is City Treasurer.
Trust Co. at 100.20 and accrued interest. A bid of 100.032
McCulloch County (P.0. Brady), Tex.
-No Bond Election.
was also received from Otis & Hough of Cincinnati.
-We are advised by the County Treasurer, F. N. Miller,
Hugo, Okla.
-Bond Sale.
-John Nuveen & Co. of Chicago that the report that this county would hold an election to
have purchased at par the $150,000 6% 25-year coupon vote on the question of issuing the county jail bonds, menwater-works bonds dated April 1 1908 offered on March 18. tioned in V. 86, p. 560, is erroneous.
See V. 86, p. 497, for description of these securities.
McKinley School District No. 18 (P. 0. McKinley),
Ithaca, Tompkins County,'N. Y.
-Pro- St. Louis County, Minn.
-Bond Offering.
-Bond Sale.
-On March 21 an issue
posals will be received until 8 p. m. April 6 by Randolph of $6,000 6% bonds was awarded to the First National Bank.
Denomination $1,000. Date March 1 1908. InterestJan.
Horton, Attorney for the Ithaca Water Board, for $31,000
coupon or registered water-plant-extension and improve- and July. Maturity $1,000 yearly on Jan. 1 from 1909 to
ment bonds. Authority Chapter 181 of the laws of 1903 as 1914 inclusive.
amended by Chapter 377 of the laws of 1907. Denomination
Madison County (P. 0. Jackson), Tenn.
-Bonds Not Sold.
to suit purchaser. Date Jan. 11908. Interest (rate to be -No satisfactory bids were received on March 26 for
named in bid) semi-annually at the Union Trust Co. in $200,000 4% 30-40-year (optional) road bonds describedthe
in
New York City. Maturity twenty years, subject to call after V. 86, p. 560.
five•years. Official circular states that there has never been
Martinsburg School District (P.0. Martinsburg), Berkeley
any default in the payment of any of the city's obligations
-The Presiand that there is no controversy or litigation pending or County, W. Va.-Bond Sale Not Consummated.
threatened concerning the validity of these bonds, the cor- dent of the Board of Education writes us that, owing to a
difference of opinion as to the validity of the $50,000 5%
porate existence of the municipality, or the title of the present
10-30-year (optional) coupon school-building bonds awarded
.officers to their respective offices.
on Feb. 17 to N. W. Harris & Co. of New York City (V. 86,
Jackson County School District No.40, Ore.
- p. 560), the question of issuing these bonds will again be
-Bond Sale.
We are advised that an issue of $40,000 5% 10-20-year submitted to a vote of the people before the sale is consum(optional) high-school bonds was recently awarded to the mated.
Jackson County Bank at 102.55. A bid was also received
Middlesex County (P. 0. Lowell), Mass.
-Temporary
from Morris Bros. of Portland at 100.25. Denomination
Loan.
-Through dispatches,we learn that Blake Bros. & Co.
$1,000.
of Boston have loaned this county $100,000 at 4.03% disJohn Sweet Union High School District, Contra Costa count and $1.75 premium. Loan is due next November.
County, Cal.
-On March 3 an issue of $25,000
-Bond Sale.
Milwaukee, Wis.-Bonds Not Sold.
-No offers were re5% bonds was awarded, we are informed,on a 4.80% basis.
ceived on April 1 for the $250,000 Washington Avenue and
Kalispell School District No. 5 (P. 0. Kalispell), Flathead the $75,000 Highland Boulevard 4% 1-20-year (serial)
County, Mont.
-Bond Election.
-An election, we are advised, coupon viaduct bonds described in V. 86, p. 812.
is to be held to-day (April 4) to vote on the question of
Monroe, Monroe County, Mich.
-Bond Election.
-We are
issuing $14,500 10-20-year building bonds at not exceeding
advised that an election will be held on April 6 to vote on
6% interest.
the question of issuing the following bonds:
Kettle River Township (P. 0. Willow River), Minn.
- $47,000 sewer bonds. Maturity on Oct. 1 as follows: $3,000 In
the year
Bids Rejected.
-We are advised that all proposals received
1912; $3,000 yearly from 1913 to 1923 Inclusive. and *2,000 yearly
from 1924 to 1929 Inclusive.
for an issue of $5,000 refunding bonds offered on March 21
8,500 funding bonds. Maturity *1,500 on Oct. 1 1910 and part yearly
were rejected. Our informant adds, however, that applion Oct. 1 thereafter.
cation will be made to the State of Minnesota for this loan.
Interest rate not to exceed 5%.




874

THE _CHRONICLE

April 11 by H. E. Hodgins, Clerk and Treasurer, for
River aux Raisin drainage debentures.
-Bids Refected.-All
Oxford, Lafayette County, Miss.
bids received on March 21 for the $15,000 6% copuon light
and water bonds described in V. 86, P. 561, were rejected.
-The
-Bonds Voted.
Pasadena, Los Angeles County, Cal.
election held March 13 to vote upon the question of issuing
the $150,000 434% bonds to improve the city schools, mentioned in V. 86, p. 622, resulted in favor of that proposition.
Bank of Montreal
97.025 W. B. Chapman, Montreal
The vote was 657 "for" to 118 "against."
Hanson Bros., representing
(for $100,000)
94.32
Coates,Son & Co., London .96.975
($5,000_95.25
-We are advised that the $50,000 electricBond Sale.
Aemillus Jarvis do
or___95.80 Toby & Kirk, N. Y_ I 5,000_95.75
1-40-year
Dominion Securities
Co.,do
95.08
5,000__96.125 light and the $50,000 sewer-construction 434%
Brown Bros., New York
95.625
(serial) coupon bonds described in V. 86, p. 812, were
5,000__96.50
H. W.Poor & Co., Boston (for
L. Stearn, Montreal ($10,000) _90.02
awarded on March 31 to the First National Bank of Pasadena
$1,250,000)
94.68 W. S. Johnson, Montreal (for
at par.
0. E. Heard, Mont.($10,000) _ 95.03
$100,000)
85
New Britain, Hartford County, Conn.
-Loan Offering.
Paterson, Passaic County, N. J.
-On April 2
-Bond Sale.
Proposals will be received until 12 m. April 6 by George N. W. Harris & Co. of New York City were awarded the
M. Landers, Mayor, for the following bonds:
$100,000 4 M% 20-year coupon renewal bonds described in
$30,000 4% coupon sewer notes.
Maturity Jan. 1 1936.
V. 86, p. 748, at 101.817 and accrued interest
-a basis of
15,000 434% coupon school bonds. Maturity Jan. 1 1938.
about 4.363%. Following is a list of the bidders:
Denomination $1,000. Date Jan. 1 1908. Interest semi- N. W. Harris & Co., N. Y__101.8171Rod. Kicybolte & Co., N. Y.100.770
& K abler,
& Co.,N.Y.100.501
annually at the New Britain National Bank in New Britain. O'ConnorWhite, New N. Y__101.81 !Kissel, Kinnieutt Institution
York__101.7741Paterson Savings
Ferris &
Bonds to be engraved under the supervision of and certified Spitzer & Co., Toledo
101.57 1 Paterson
100.30
as to their genuineness by the City Trust Company of Boston,
-An issue of $350,000 434%
-Bond Sale.
Pensacola, Fla.
Mass.
20-year' bonds to purchase the plant of the Pensacola Water
Newport, R. I.
-Temporary Loan.
-According to dis- Co. and pave streets was recently purchased, it is stated,
-the price thus being
patches this city recently disposed of $35,000 5M months' by New York investors for $335,908
notes to Loring, Tolman & Tupper of Boston at 4.08% 95.973.
discount.
Philadelphia, Pa.
-Bond Oflering.-Proposals 'will be
Newtown Hamilton County, Ohio.
-Bond Election.- received until 12 m. April 27 by John E. Reyburn, Mayor,
The Village Council on Feb. 22 passed ordinances providing for $4,875,000 various municipal improvements and $1,'
for an election to be held April 7 to vote upon the question of 000,000 grade-crossing-abolition 4% registered bonds.
issuing $1,800 light bonds, $4,200 drain and ditch-construc- Denominations $100 or multiples thereof. Interest Jan. 1
tion bonds and $5,000 street-repairing and improvement and July 1 at the Farmers' & Mechanics' National Bank
of Philadelphia. Maturity thirty years. Bonds are ex•
bonds.
-This city on March empt from all taxes. Bid must be made on a blank form
Niagara Falls, Ont.-Debenture Sale.
16 disposed of the following debentures to Wood, Gundy & furnished by the Mayor and accompanied by a certified
check or certificate of deposit for 5% of bonds bid for, made
Co. of Toronto:
$16,400 5% sewer debentures at 96.25. Date March 20 1908. Interest payable to the Mayor.
Maturity part yearly for thirty years.
annual.
-Bond Offering.
Pima County School District No. 1, Ariz.
10,300 5% sewer debentures maturing part yearly for thirty years.
-Proposals will be received until 12 m. April 8 by E. L.
12,000 5% sidewalk debentures maturing part yearly for twenty years.
-Bond Offering.-Proposals Vail, County Treasurer (P. 0. Tucson), for $50,000 gold
Niles, Trumbull County, Ohio.
will be received until 12 m. April 9 by B. L. Hogan, City bonds at not exceeding 5% interest. Authority Section VII,
Title XIX, Revised Statutes. Denomination $1,000. Date
Auditor, for the following bonds:
Sept. 16 1907. Interest annually at the County Treasurer's
$12,866 39 5% Vienna Avenue sewer construction assessment bonds.
3,302 30 5% Beaver Street sewer construction assessment bonds.
office or at the First National Bank in New York City. MaAuthority Section 1536-281, Revised Statutes. Date turity Sept. 16 1927. Certified check for $500'is required.
March 15 1908. Interest semi-annual. Maturity part year-Bond Election.
-On April
Pineville, Rapides Parish, La.
ly on Sept. 15 from 1909 to 1913 inclusive. Certified check 9 an election will be held to vote on the question of issuing
on a Niles bank for 2% of the bonds bid for, payable to the $7,500 water-works bonds.
City Treasurer, is required. Purchaser to pay accrued in-Description of Bonds.
-Official adverPittsburgh, Pa.
terest.
tisement states that the $220,000 coupon (with privilege of
-Bond Election.
,Yakima County, Wash.
- registration) public-park-improvement bonds authorized by
North Yakima
An election will be held April 6, according to reports, to the Finance Committee of the Select and Common Councils on
to decide upon the issuance of $150,000 Feb. 4 (V. 86, p. 561) carry 432% interest, which is payable
allow the voters
434% 20-year refunding and paving-intersections bonds. semi-annually at the City Treasurer's office. These securiDenomination not less than $100 nor more than $1,000.
ties will be issued in denominations of $100 or multiples
-On March 17 $25,500 thereof to suit purchaser, and will be dated March 1 1908.
Oakville, Ont.-Debenture Sale.
(not $25,000 as at first reported) 5% cement side-walk de- Maturity $7,300 yearly on March 1 from 1909 to 1928 inclubentures were awarded to W. C. Brent of Toronto at 95.83 sive and $7,400 yearly on March 1 from 1929 to 1938 inclusive.
and accrued interest. Following are the bids:
W.C. Brent, Toronto- _- -$24,439 00'Wood, Gundy & Co.. Tor.$24,150 00
Portsmouth, Norfolk County, Va.-Bond Offering.
Ltd., Tor_ 24,355 00 AemIllus Jarvis & Co.,
Dom. Sec. Co.,
23,602 00 Proposals will be received until 12 m. May 28 by L. P. Slater
Browse, Mitchell & Co.,
J Toronto
24,204 14
Toronto
City Clerk, for the following coupon (with privilege of registration) bonds:
Maturity part yearly on Feb. 10 for twenty years.
$30,000
school bonds.
Omaha, Neb.-Bids.-The following bids were received on 30,000 4 36% paving and street-improvement bonds.
,%
bonds, aggregating $510,- 110.000 4 A % sewerage bonds.
March 2 for the six issues of 4
Denomination $1,000. Interest semi-annual. Maturity
500, awarded on that day, as stated in V. 86, p. 812, to
R. L. Day & Co. of Boston at 100.159 and accrued interest. July 11938. Certified check for 1% of the amount bid, pay$50,000 $49,000 $30,000 $50,000 $100,000 $231,500 able to George A. Tabb, City Treasurer, is required.
Bonds. Bonds. Bonds. Bonds. Bonds. Bonds.
Prairie School District No. 121 (P. 0. Marquette), Man.
R.L.Day & Co.. Boston- _100.159 100.159 100.159 100.159 100.159 100.159
103.07
103.07
103.07
Estabrook & Co., Boston_103.07
103.07
-On March 18 $2,000 6% 1-10-year (serial)
Debenture Sale.
101.32
103.01
W.N.Coier & Co., N. Y__102.51
building debentures were awarded to the Credit Foncier
Kountze Bros., New York 101.377 101.377 101.377 101.377 101.377
101.35
101.35
E.H.Rollins & Sons, Den.101.35 101.35 101.35
F. C., Winnipeg, at 97.4275. Denomination $200. Date
Blodgett, Merritt & Co.,
April 1 1908. Interest annual.
101.159 101.159 101.159 101.159 101.159
Boston
101.09
101.09
101.09
101.09 101.09
Mackey &Co
-An election will be held
-Bond Election.
Quincy, Ill.
101.02
J. N. Frenzetr, Agent- - -101.30
April 7 to vote on the question of issuing $105,000 town-hall
Seasongood & Mayer, Cinc.101.33
N. W. Halsey & Co. and).
bonds.
101.42
101.42
101.42
101.42
R.Kleybolte & Co.,Chicj101.42
101.17
101.40
101.17
101.17
101.17
Harris Trust Co., N. Y
Reno, Washoe County, Nev.-Bond Offering.
-Proposals
W R.Compton Bond &
will be received until 4 p. m. April 13 by H. E. Christie, City
101.91
Mortgage Co., Macon- ______ 102.03 102.28
101.50
gold coupon bridge-construction
Charles Metz_
Clerk, for $24,000 5%
100.666
Well, Roth &Co.,Clncin
bonds. Denomination $1,000. Interest annually in JanAll bidders offered accrued interest in addition to their uary at the City Treasurer's office. Maturity $1,000 yearly
bids.
in January from 1912 to 1935 inclusive. Bonds are exempt
-Bond Of
from State ahd county taxes. Certified check for $1,000,
Orange, Orange County, Texas.
details are at hand relative to the offering of the $15,000 4% payable to the "City of Reno", is required.
coupon 40-year street and drainage-improvement bonds menRichmond County . 0. Rockingham), No. Caro.
-Bond
tioned in V.86, p.561. Proposals for these bonds will be re- Sale.
-On March 2 the $10,000 Steeles Township, $5,000
W. Bancroft, Mayor. Denom- Black Jack Township and $5,000 Mineral Springs Township
ceived at any time by George
ination $1,000. Date, April 1 1908. Interest annually at 6% 30-year good-roads bonds were awarded to C. V. Williams
grange. Bonds are exempt from all taxation.
and the Richmond County Savings Bank of Rockingham,
-Bond Election.
• Oroville, Butte County, Cal.
-The ques- W. L. Parsons, Agent, at par and accrued interest. Detion of issuing $80,000 5% Levee bonds will be submitted to nomination $500. Date Jan. 1 1908. Interest semia vote of the electors of this city on April 6. Maturity $2,000 annual.
yearly.
-Note Offering.
-Proposals will be reRochester. N. Y.
Osnabruck Township (P. 0. Osnabruck Centre), Ont.- ceived until 3 p. m. April 8 by Charles F. Pond, City Comp-Proposals will be received until 7 p. m. troller, for n97,000 notes. Date April 10 1908. Interest
Offering.
Debenture

Montgomery, Montgomery County, Ala.
-Bonds Not Sold.
-We are advised that no sale has yet been made of the issue
of 6% 1-20-year (serial) sidewalk and roadway improvement bonds, mentioned in V. 86, p. 498.
Montreal, Que.-Debenture Sale.
-On March 27 the
£1,000,000 sterling or $5,000,000 currency 4% gold "registered stock" or "coupon bonds" described in V. 86, p. 747,
were awarded to the Bank of Montreal at 97.025. Following is a list of the bids received:




APR. 4 1908.1

THE CHRONICLE

875

success (V. 86, p. 1661), were awarded to N.W.Harris & Co.
of New York at 101.60 and accrued interest. Bidstwere
also received from Weil, Roth & Co. of Cincinnati at 101.55
and E. H. Rollins & Sons of Boston at par, less $1,875 for
expenses. Denomination $1,000. Interest semi-annually
for"1
"1
$1,800 5% sewer-construction (village's portion) bonds. Denomination atithe National Park BanKiniNew York City.WV-Maturity $180 yearly on Feb. 13 from 1909 to 1918
*1,000.
INSandusky County (P. 0. Fremont)T0hio.-Bond 7/77
inclusive.
2,000 5% sewer-construction (village's portion) borids. Denomination On March 30 the $1,100 10 Ida Patterson and the $1,050
Maturity $200 yearly on Feb. 13 from 1909 to 19181n,
$200.
Clara Straub 5% 1-year coupon ditch-construction bonds
elusive.
3,200 5% sewer-construction assessment bonds. Denomination $320. described in V. 86, p. 685, were awarded to the Fremont
$320 yearly on tFeb. 13 from 1909 to 1918 inclusive.
Maturity
Savings Bank Co. of Fremont at 101.158 and accrued inDate Feb. 13 1908. Interest semi-annual. Certified check terest
-a basis of about 3.812%. Following are the bids:
for $100, payable to the Village Treasurer, is required. Ac- Fron ,nt S. Bk., Fremont_$2,175 00 iColonial S.B.&Tr.Ca.,Frem$2,161 00
Gib'g 2.15500
Frem_ 2,162 10 l Gibs- nburg Bkg.
,
crued interest to be paid by purchaser, who will also be Crog•aan B. ec S
required to furnish blank bonds.
San Francisco, Cal.
-According to the
-Bond Election.
Rocky Hill School District (P. 0. Rocky Hill), Somerset San Francisco "Chronicle" of March 12 the Public Utilities
-Bonds Not Yet Sold.
County, N. J.
-Up to March 25 no Committee of the Board of Supervisors has decided on
award had yet been made of the $8,500 43.% registered May 11 as the date for a special bond election to vote on
the question of issuing $15,200,000 5% bonds for the followschool-building bonds mentioned in V. 86, p. 501.
Royse City, Rockwall County, Texas.
- ing improvements: $5,200,000 for an auxiliary water system
-Bonds Not Sold.
for fire protection, $4,000,000 for a sewer system, $5,000,000
No award was made of the $15,000 5% 10-40-year (optional)
school-house bonds registered by the State Comptroller for schools, $2,000,000 for hospitals, $1,000,000 for a garFeb. 15 (V. 86, p. 562), and offered on March 25. De- bage-disposal system and $1,000,000 for a Hall of Justice.
As stated in V. 86, p. 562, it was proposed to call an election
nomination $500. Date Feb. 1 1908. Interest annual.
to vote on the question of issuing $32,000,000 bonds, but
Russellville School District (P. 0. Russellville), Logan the Committee recommended that a special election be
County, Ky.-Bonds Voted.
-Reports state that an election called next November, when it is thought that the balance
held March 10 resulted in a vote of 347 "for" to 12 "against" of the bonds can be floated at a lower rate of interest.
a proposition to issue $12,500 bonds.
6 Seneca County (P. 0. Tiffin), Ohio.
1
-Bond Offering:
St. Johns, Multnomah County, Ore.
-Bond Election.
-An Proposals will be received until 1 p. m. April 11 by Romanus
election will be held on April 6 to vote upon the question of R. Bour, County Auditor, for an $800 5% bond due Oct. 11
issuing the $60,000 6% park and public-dock-construction 1908, an $800 5% bond due April 11 1909 and a $400 5%
bonds, mentioned in V.85, p. 1661. Interest semi-annual.
bond due Oct. 11 1909. These securities are coupon in
St. Mary's, Auglaize County, Ohio.
-Bond Sale.
-There form, are authorized by Chapter 1, Title.6, Revised Statutes,
are reports that an issue of $30,000 5% 10-year sewer boncis and are issued for the purpose of constructing the Wm.
has been disposed of to W. R. Todd & Co. of Cincinnati for Schaaf Ditch. Date April 11 1908. Interest semi-annually
$31,550-the price thus being 105.166-a basis of about at the County Treasurer's office. Bonds are exempt from
4.358%.
taxation. Bonded debt at present $10,000. Floating debt
Salisbury, Rowan County, N. 0.
-Bond Sale.
-We are $7,000. Assessed valuation 1908 $23,000,000.
Shelbyville, Shelby County, Ky.-Bond Sale.
advised that on March 25 the $100,000 5% coupon street
-The
and general improvement bonds, recently offered without $30,000 5% gold coupon sewer bonds described in V. 86
(rate to be named in bid) payable at thelUnion Trust Co. in
New York City. Maturity June 10 1908.
-Pro-Bond Offering.
Rockford, Mercer County, Ohio.
posals will be received until 4p. m. April 18 by F. W. Miller,
following bonds:
Village Clerk, for the

NEW LOANS.
101,000,000

NEW LOANS.
•••••••••••••••••04•ON,V.,,W.......

1#1155,00t,

NEW LOANS.
0120,000

Westchester Countv, N. Y. ATLANTIC CITY, N.J. Yankton County, So. Dak.,
4% SEVVER BONDS.

456% BONDS.

The City of Atlantic City will receive sealed
proposals for

Sealed bids will be received by the Bronx Valley
Sewer Commission at their office, No. 2 Grand
$63,000 PAVING BONDS
Street, in the Village of White Plains, N, Y., in denominations of $1,000 each, dated January 1,
until 2 o'clock p. m., on the
1908, maturing January 1, 1928, without option,
with interest at 4 A per cent per annum, payable
21st DAY OF APRIL, 1908
semi-annually at the Hanover National Bank,
for the purchase of One Million ($1,000,000) New York City.
Dollars Westchester County Bonds, known as
the Sanitary Sewer District Bonds of the County $55,000Clry IMPROVEMENT BONDS
of Westchester, which bonds are issued pursuant in denominations of $1,000 each, dated January 1,
to the provisions of Chapter 646 of the Laws of 1908, maturing January 1, 1928, without option,
1905, as amended by Chapter 747 of the Laws with interest at 4A per cent per annum, payable
of 1907. The said bonds mature and are pay- semi-annually, at the Hanover National Bank,
able at the office of the County Treasurer. White New York City.
Plains, N. Y., as follows: Twenty Thousand
($20,000) Dollars on January 1st, 1933, and
$35.000 ATLANTIC AVENUE
Twenty Thousand ($20,000) Dollars on the first
IMPROVEMENT BONDS
day of January of each succeeding year to and
in denominations of $1,000 each. dated October 1,
including the year 1982.
Said bonds are in form coupon bonds, but with 1907, maturing October 1, 1937, without option
privilege of registration, are exempt from all with interest at 43 per cent per annum, payable
semi-annually at the Hanover National Bank,
taxation and bear interest at the rate of
New York City.
FOUR PER CENT (4"l.) PER ANNUM
All of these bonds are free from tax in New
from the first day of January 1908„ payable Jersey.
The City Comptroller will receive bids for these
semi-annually on the first days of January and
July of each year, at the office of the County bonds until twelve o'clock noon of SATURDAY,
Treasurer of Westchester County, White Plains, APRIL 11, 1908, reserving, however, the right
to reject any or all bids.
N. Y.
The legalitylof these bonds has been approveff
Said bonds are of the denomination of One
$(1,000) Dollars each. Bids will be by Dillon & Hubbard, of New York, whose cerThousand
received for a part or the whole of said bonds. tificate as to legality will accompany the bonds
All bids must be enclosed in sealed envelopes when delivered, without cost to the purchaser.
,
and endorsed ,"Bids for the Purchase of Sanitary The bonds will be engraved under the supervision
Sewer District Bonds of the County of West- of and certified as to their genuineness by, the
chester," and delivered to the Bronx Valley Columbia Trust Company of New York.
All bids must be upon forms furnished by the
Sewer Commission at its office, No. 2 Grand
Street, White Plains, N. Y., on or before 2 o'clock City Comptroller. Delivery of bonds will be
made about May 1, 1908. Circular letter giving
p. m. on the 21st day of April, 1908.
The Commission reserves the right to reject full particulars furnished on application to
A. M. Heston, Comptroller.
any and all bids. Each bid must be accomAtlantic City, March 28, 1908.
panied by a certified check on a bank or trust
company for five per cent (5%) of the amount
of the par value of the bonds bid for. The suecesful bidder must pay for bonds on the 5th day
of May, 1908, at 10 o'clock a. m., at the office
of the County Treasurer, White Plains, N. Y. SCHOOL DISTRICT 4%% BONDS.
at which time said bonds will be ready for delivery.
The Scottdale, Pa., School District offers at
Dated March 14, 1908.
par $24,300 44% bonds, denomination $500,
WILLIAM ARCHER,
maturing $500 annually from date of issue, Oct. 1
JOHN E. ANDRUS,
1907, Interest semi-annually. Assessed valuaJOHN J. BROWN.
tion $3,338,000.
Bronx Valley Sewer Commission.
O. I. HESS, Secretary.

$24,300 SCOTTDALE, PA.,

HARRIS COUNTY (Houston), TEX.

Cuban Securities

BOND SALE

FRANCKE, THOMPSON & ROBB

(1) Balance of $500,000 Road and Bridge
Bonds (now unsold $374,000), dated Oct. 10th,
1907; 4%. 40-year now selling by County Judge.
(2) $500,000 Court House Bonds,dated April 10
1908, ready for delivery April 15, 1908, same.
Sealed bids opened noon, April 11, 1908, for both
of above. Minimum par and accrued interest.
Certified check for 5% of bid to secure compliance
within 10 days of award. Address bids to A.B.
Amerman, County Judge, Houston, Texas,




CLAY CREEK DITCH BONDS
Sealed proposals will be received up to APRIL
30, 1908, at 2 o'clock p. m., at the office of the
County Auditor of Yankton County, South
Dakota, for $120,000 of Clay Creek Ditch bonds.
Said bonds to bear date July 1, 1908, and to be
in denominations of $100, $500 and $1,000.
payable as follows: $12,000 July 1, 1920, with
the option to the makers to pay the same at any
time after July 1st, 1910; *12,000 July 1, 1920,
with the option to the makers to pay the same at
any time after July 1st, 1911; $12,000 July 1.
1920, with the option to the makers to pay the
same at any time after July 1, 1912; $12,000
July 1, 1920, with the option to the makers to
pay the same at any time after July 1, 1913:
$12,000 July. 1, 1920, with the option to the
makers to pay the same at any time after July 1.
1914; $12,000 July 1, 1920, with the option to
the makers to pay the same at any time after
July 1, 1915; $12,000 July 1, 1920, with the option to the makers to pay the same at any time
after July 1, 1916; $12,000 July 1, 1920, with
the option to the makers to pay the same at any
time after July 1, 1917; $12,000 July 1, 1920.
with the option to the makers to pay the same at
any time after July 1, 1918; $12,000 July 1, 1920,
with the option to the makers to pay the same at
any time after July 1, 1919, and to draw interest
at 6% per annum from date, payable annually,
commencing July 1, 1009, and on the first day
,
of July in each year thereafter until the full payment of said bonds.
Bids will be received for the whole or any part
of said bonds. As a guaranty that bids are made
In good faith, a certified check for 1% of bid must
accompany same.
By order of the joint boards of county commissioners of Clay and Yankton counties.
•- f
Dated at Yankton, South Dakota, March:28,
1908.
DAVID M. FINNEGAN,
Auditor Yankton County.
F. A. ERICKSON,
Auditor Clay County.

INVESTMENT BONDS
Lists upon request.

Denison & Farnsworth
BOSTON
CLEVELAND and PHILADELPHIA

A SPECIALTY

Members N.Y. Stook Exchange

MacDonald, McCoy & Co.,

43 Exchange Place

MUNICIPAL AND CORPORATION

Telephone 6444 Hanover
BRANCH OFFICE
Bristol Building, 5th Ave. and 43d Mt.
Telephone 1558 Bryant

*BONDS.
az La Salle Street, Chicago.

IY0L. Lxxxvi.

THE CHRONICLE

876

p. 814, were awarded on March 31 to a syndicate headed by day, were awarded to William C. Brent of Toronto for
the Citizens' Bank and the Bank of Shelbyville, both of $24,773, the price thus being 97.149. Date day of sale.
Shelbyville. Bonds mature $2,000 yearly on Nov. 20 from Interest is payable in Tillsonburg. Maturity twenty years.
Total debt, including these issues, $82,682 50. A.ssessed
1909 to 1923 inclusive.
valuation for 1907 $1,086,977.
-Debentures Not Sold.
-No sale was
Quebec.
Sherbrooke,
-Bonds Not Yet Sold.
Tipton County (P. 0. Tipton), Ind.
20 of the $170,000 5% coupon debentures
made on March
9
43/% gravel-road bonds mentioned
for the purchase of the property of the Sherbrooke Power -None of the $307,000
March 28.
Light & Heat Co. mentioned in V. 86, p. 623. Denomina- in V. 86, p. 562, had been disposed of up to
-No sale was made on
Toledo, Ohio.
-Bonds Not Sold.
Date March 2 1908. Interest semi-annually
tion $1,000.
at the Eastern Townships Bank in Sherbrooke. Maturity April 1 of the three issues of 4% coupon bonds aggregating
twenty-five years. Debentures are exempt from taxation. $390,000, described in V. 86, p. 814.
Trumbull County Road District No. 1 (P. 0. Warren),
Sheridan School District No. 7 (P. 0. Sheridan), Wyo.-On March 27 the $10,000 5% 15-year
-Bond Sale.
-On March 18 the $18,000 5% school-building- Ohio.
Bond Sale.
construction bonds mention of which was made in V. 86, coupon road-improvement bonds, a description of which
p. 624, were awarded to the State at 100.555 and accrued was given in V. 86, p. 624, were awarded to Seasongood dr
interest. Denomination $1,000. Date March 1 1908. Mayer of Cincinnati at 110.135-a basis of about 4.09%.
Interest January and July. Maturity $1,000 yearly from The bids were as follows:
Seasongood & Mayer,Cin_$11,013 50 Otis & Hough, Cleveland.$10,802 00
1915 to 1932 inclusive.
Well, Roth & Co., Ctn. _ _ _ 10,927 001 Security S.B.&Tr.Co.,Tol. 10,710 00
South Pasadena School District (P..0. South Pasadena), New 1st Nat. Bk., Colum_ 10,835 00 Breed h Harrison, Cin__ _ 10,707 00
-This district on Hayden, Miller & Co.,Clev 10,817 00 Union Nat. Bk., Warren__ 10,600 00
-Bond Sale.
Los Angeles County, Cal.
United Counties of Northumberland and Durham, Ont.March 9 disposed of $25,000 43% bonds at par and interest.
-On March 26 the $20,000 43,% 20-year
- Debenture Sale.
-Bond Sale.
F' Stephens County (P. 0. Duncan), Okla.
debentures described in V. 86, p. 751, were awarded to
On March 2 the State of Oklahoma purchased at par $30,000
John Helm at 101.185 and
5% 10-year funding bonds of this county. Securities are a list of the bids received: accrued interest. Following is
dated March 2 1908 and bear annual interest, payable on John Helm
a$20,237
20,2
W.A. McKenzie & Co__ _a$19,228 00
Corp ____a19,556 00 Aemillus Jarvis & Co
jDoomn
Jan. 1 each year.
a19,213 00
Standard Life Assur. Co.._ 19,360 00 13rouse Mitchell & Co...._alt),076 87
-On W. C. Brent
-Bond Election.
Stillwater, Payne County, Okla.
al9.289 00 T. G. Brereton (for $10.000)____par
19,261 00 P. Deianty (for *3,000)
par
April 7 the electors of this city will vote on propositions to Stlmson AG Co & Co
a19,241 00
Wood, Gundy
issue 5% bonds for the following purposes: $33,000 for water,
a These bidders offered accrued Interest in addition to their bids.
$27,000 for sewers, $7,000 for the extension of electric
Wagoner County (P. 0. Wagoner), Okla.
lights and $10,000 for building schools. The school bonds
-Bond Sale.
will mature in twenty years while the other issues will mature We are advised under date of March 24 that an issue of
$30,000 5% 10-year current expense bonds has been disin twenty-five years.
-On March 24 posed of to the State School Land Commission. Denomina-Bond Sale.
Tell City, Perry County, Ind.
an issue of $2,248 20 5% sidewalk bonds was awarded to tion $500. Date March 1 1908. Interest Jan. 1.
Brennet & Giles at 101. Date Dec. 1 1907. Interest semi- , Wakelon Graded and High School District, Wake County-The Board of County Commission,
-Bond Election.
No. Car.
annual.
-On March 20 two ers has ordered an election to be held in this district April 7
Tillsonburg, Ont.-Debenture Sale.
issues of debentures, aggregating $25,500, offered on that to vote on a proposition to issue $10,000 6% coupon high-

NEW LOANS.

NEW LOANS.

NEW LOANS.

its,250,000
004o,000
075,4)00
City of Mount Vernon, CITY OF ST. PAUL TERRITORY OF NEW MEXICO,
WESTCHESTER COUNTY, N. Y.,
ASSEbSMENT BONDS
The common council of the city of Mount
Vernon, N. Y., will, at the Lucas Building,
Depot Place, In said city, on the 7TH DAY OF
APRIL, 1908, AT 8 O'CLOCK P. M., receive
sealed proposals for the purchase of forty (40)
assessment bonds of the said city of Mount Vernon, numbered consecutively as issued from 1053
to 1092, both inclusive, and that the said forty
(40) bonds will be sold to the highest bidder at
A public sale to be held at said time and place.
These are a series of bonds which are authorized
to be Issued under and pursuant to Section 201 of
Chapter 182 of the Laws of 1892. as amended by
Chapter 692 of the Laws of 1896 and as further
amended by Chapter 275 of the Laws of 1900,
and by Chapter 374 of the Laws of 1905. Each
bond will be for the principal sum of One Thousand
($1,000) Dollars, and will bear interest at the
rate of five per centum per annum, payable semiannually at the office of the City Treasurer of
the City of Mount Vernon, N. Y. They will be
dated April 1, 1908, and payable on the first day
of April, 1914. The bonds will be delivered to
the purchaser on or before the 14th day of April,
1908. Each bid for said bonds must be accompanied by a certified check for One Thousand
($1,000) Dollars as security for the performance
of bld if accepted. That the said common council
will at said time and place open such proposals as
may be received and accept the highest thereof,
unless it be deemed for the best Interest of the
city to reject any or all of said proposals. Bonds
will be engraved under the supervision of and
Certified as to their genuineness by the United
States Mortgage & Trust Company of New York
City, and their legality approved by J. H. Caldwell, Esq., of City of New York, whose
opinion as to legality will be furnished to the
purchaser. By statute the bonds cannot be sold
for less than par and accrued interest.
By order of the Common Council.
Dated, Mount Vernon. N. Y., March 17th, 1908.
BENJAMIN HOWE, Mayor.
A. W. REYNOLDS, City Clerk.

FOUR PER CENT
THIRTY YEAR BONDS.
Sealed proposals will be received at the office
of the City Comptroller by the Sinking Fund
Committee until 12 o'clock, noon, on April 15th,
1908, and opened at that time, for tile whole
or any part of $250,000 of bonds of the City of
St. Paul, described as follows:
$125,000 of Sewer Bonds, dated January 1,
1908, and maturing December 31, 1937. These
bonds are Issued to aid In the construction of the
St. Anthony Park Sewer System.
$50,000 of Refunding Bonds, dated April 2,
1908, and maturing on April 2, 1038, issued for
the purpose of refunding a like amount of bonds
due April 1, 1908.
$75,000 of School Bonds, dated May 1, 1908,
and maturing April 30, 1038, Issued for the purpose of building four additions to grade schools.
All of the above bonds will be Issued in denomination of $100 or any multiple thereof, not
exceeding $1,000, as the purchaser may desire.
They all bear interest at four per cent. Interest
and principal payable at the Financial Agency
of the City of St. Paul in New York City. Bonds
to be delivered at the Comptroller's office, where
payment must be made, the purchaser to pay
accrued Interest to date of delivery. A certified
check payable to the City Treasurer of the City of
St. Paul for two per cent (2%) of the par value
of the bonds bid for must accompany each bid
that will be considered.
Bids for "all or none" of the three issues will
not be considered. The committee reserves the
right to reject any and all bids. All coupon
bonds after their Issue can be exchanged for
registered bonds. Any further information on
application.
Proposals to he addressed to
LOUIS BETZ, City Comptroller.

R. M. GRANT & CO.,

. BONDS.

SEASONGOOD & MAYER,
Mercantile Library Building,
CINCINNATI.

ROAD BONDS
Sealed bids for the sale of $50,000 Burnt County.
Kentucky, Road bonds will be received by J. F.
Coombs, Commissioner at Shepherdsville, Kentucky. until 12 o'clock noon April 25 1908.
Said bonds bear Interest at rate of 5% per
annum, payable semi-annually, and run from
5 to 23 years. The County at its option may
pay any of said bonds at the expiration of 15
years from date of issue.
Foraurther puticulars address
J. P. COMBS,
Commissioner.




We own and offer long-term Municipal bonds
of a Municipality located within ten miles of New
York City at a price to yield 5.50%. The payment of principal and interest Is assured by the
power of taxation.

MUNICIPAL AND RAILROAD 31 Nassau St.,
LIST ON APPLICATION.

Bullitt County, Kentucky,

5% IONDS

Sealed proposals will be received by the undersigned Treasurer of the Territory of New Mexico.
at Santa Fe, New Mexico, until April 30th 1908
at 10 o'clock a. m.. for the following-described
bonds of the Territory of New Mexico. Delivery
to be made at New York, Chicago, St. Louis or
Denver:
$25,000 00 New Mexico Agricultural College
Bonds to be dated July 10th, 1901, due In 30
years from that date, and optional on and after
20 years from date of Issue, payable in New York.
bearing Interest at the rate of five per cent per
annum, payable semi-annually in New York.
$25,000 00 New Mexico Insane Asylum Bonds
and $25,000 00 New Mexico Military Institute
Bonds, both Issues to be dated July 1st, 1901.
due In 20 years from that date, and optional on
and after 10 years from date of Issue, payable In
New York, bearing interest at the rate of five
per cent per annum, payable semi-annually In
New York.
No bids for less than par and accrued Interest
from date of last matured coupon will be entertained; the right being reserved to reject any or
all bids.
The Acts of the Territorial Legislative Assembly
authorizing the above-described issue of bonds
were approved by Act of Congress entitled "An
Act to validate certain Acts of the Legislative
Assembly of the Territory of New Mexico with
reference to the issuance of certain bonds";
approved March 2d, 1907.
J. H. VAUGHAN,
Treasurer of New Mexico.

Blodget, Merritt & Co.
BANKERS,

60 State Street, Boston

-

-

New York

BLACKS TAFF & CO.
INVESTMENTS
1332 Walnut Street

PHILADELPHIA

LIST OF SPECIALTIES ON REQUEST
Hostabilmbed INNS.

H. C. Speer & Sons Co.

First Nat. Bank Building,Chicago
CITY COUNTY
STATE, CITY a RAILROAD BONDS
AND TOWNSHIP
36 NASSAU t•TREET, NEW YORK

BONDS.

APR. 4 1908.1

THE CHRONICLE

school building bonds. Interest semi-annual. Maturity
within thirty years from date of issuance.
Warsaw, Wyoming County, N. Y.
-Bonds Voted.
-The
issuance of $3,000 fire-department bonds was authorized
at an election held in this village on March 17. The vote
was 178 to 83. Interest not to exceed 6%. Maturity
"$1,000 yearly."
Washington Township School District, Defiance County,
-Proposals will be received until 11
-Bond Offering.
Ohio.
a. m. April 18 by John W. Garber, Clerk Board of Education, P. 0. Ney,for $7,500 5% school bonds. Authority
Sections 3991 and 3993, Revised Statutes. Denomination
$500. Date April 1 1908. Interest semi-annually at tne
office of the Treasurer of the Board of Education. Maturity
$500 yearly on Sept. 1 from 1909 to 1923 inclusive. Certified check for 1% required.
Wichita, Kan.
-Bond Sale.
-On March 16 the $7,535 78
5% coupon paving bonds,maturing part yearly from one to
ten years and described in V. 86, p. 503, were purchased by
D. E. Dunne at par.
Bonds Not Sold.
-This city recently offered without success
$295,866 90 5% 1-10-year (serial) bonds dated March 11908.
Denomination $1,000. Interest semi-annual.
Wilmington, Del.
-Bond Sale.
-We are advised that the
three issues of 4% 223' -year bonds, aggregating $35,000,
offered on March 20 (V. 86; p. 625), have all been subscribed for at par by local people.
Worcester, Mass.
-Temporary Loan.
-A loan of $100,000
dated March 30 1908 and maturing Oct. 15 1908 has been
negotiated with Blake Bros. & Co. of Boston at 4.04% discount and $1.25 premium.
Worcester County (P. 0. Fitchburg), Mass.
-Temporary
Loan.
-This county recently borrowed $50,000 from Bond &
Goodwin of Boston at 4.05% discount. Maturity Oct.1908.
Yankton County (P.O. Yankton), S. D.
-Bond Offering
Proposals will be received until 2 p. m. April 30 by David M.
Finnegan, County Auditor, for $120,000 6% Clay Creek
Ditch bonds. Denominations $100, $500 and $1,000, Date
July 1 1908. Interest annual. Maturity July 1 1920, sub-

NEW LOANS.

87'7

ject to call $12,000 yearly on July 1 from 1910 to 1919 inclusive. Certified check for 1% of bid is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Yorkton, Sask.-Debenture Sale.
-This town has awarded
the $10,000 5% 20-year debentures described in V. 86,
p.
503, to Nay St James of Regina at 87.375 and accrued interest.
Youngstown, Mahoning County, Ohio.
-Bond Sale.
-The
following bids were received on March 30 for the $15,000
5%
street-improvement (city's portion) bonds and the
$3,500
5% sanitary bonds described in V. 86, p. 625.
Dayton Savings & Trust Co., Dayton
Seasongood & Mayer,Cincinnati
Otis & Hough, Cleveland
Hayden, Miller & Co.,Cleveland
Breed ec Harrison, Cincinnati
Well, Roth & Co., Cincinnati
Denison & Farnsworth, Cleveland
Rudolph Kleybolte & Co.,Cincinnati
First National Bank, Cleveland
Firemen's Pension Fund, Youngstown
C. S. Butler, Boston

$15,000
$3,500
Bonds.
Bonds.
*$15,525 25 $3,580 50
15,474 00 *3,581 00
15.491 00
3,503 00
15,477 03
3,553 00
15.450 00
3,517 50
15,432 00
3,538 50
15,430 50
15,401 00
15,230 00
3,515 00
3,571 00
3,521 8E.

*Successful bidders.

All bidders offered accrued interest in addition to their
bids. The street bonds mature $3,000 yearly on Oct. 1 from
1910 to 1914 inclusive, while the sanitary bonds mature
on Oct. 1 as follows: $500 in 1909 and $1,000 in each of the
years 1910, 1911 and 1912.
Zanesville, Muskingum County, Ohio.
-Bond Offering.
Proposals will be received until 12 m. April 11 by H. H.
Kennedy, City Auditor, for $9,000 4% coupon fire-stationconstruction bonds. Authority Section 2835, Revised Statutes. Denomination $1,000. Date April 11908. Interest
semi-annually at the City Treasury. Maturity 'April 1 1913.
Bonds are exempt from all taxes. Certified check for 5%
of bonds bid for, payable to the City Treasurer, is required.
Accrued interest to be paid by purchaser.
Bonds Voted.
-An election held March 25 resulted, it is
stated, in favor of a proposition to issue $65,000 high-school
building bonds.

MISCELLANEOUS.

TUE
HUDSON COUNTY, NEW JERSEY, ATLANTIC MUTUAL ipiiJRANCE COMPANY.
tiOt.450,000

New York, January 21st. 1908.
The Trustees, in conformity with the Charter of the Company, submit the following statement of Us affairs
on the 31st of December, 1907.
By virtue of resolution of the Board of Chosen
Freeholders of the County of Hudson, State of Premiums on Marine Risks from 1st January, 1907, to 31st December, 1007
$3,440,427 06
New Jersey, passed at the meeting held Thursday, Premiums on Policies not marked off 1st January, 1907
690,719 33
March 19, 1908, sealed bids and proposals will be
Total Marine Premiums
received and opened at the meeting of said Board
$4,131,146 39
to be held In the Court House, Jersey City, on
Premiums marked off from 1st January, 1907. to 31st December, 1907
;3,387,757 38
THURSDAY, APRIL 16TH, 1908
Interest received during the year
$348,234 $7
at 4 o'clock p.• m.
Rent less Taxes and Expenses
124,935 79 $473,170 16
for the sale of $850,000 "New County Building
Losses paid during the year which were estimated In 1906
Bonds."
and previous years
$807,375 70
Said bonds to be coupon bonds of the County
1,400,691 49 $2,008,067 19
of Hudson, In denomination of not less than Losses occurred, estimated and paid in 1907
$1,000 each, to run for a period of forty years.
Less Salvages
$126,595 24
to bear date April 1, 1908, with interest at 43
Re-Insurances
302,387 66
428,982 90
per centum per anunm, payable semi-annually,
and to be sold for not leas than par and accrued
$1,579,084 29
Interest.
Each proposal or bid must be enclosed in
$42,071 10
sealed envelope, endorsed "Proposals for Bonds," Returns ofl"remiums
and to be accompanied by a certified check, Expenses, including officers' salaries and clerks' compensation, stationery,
newspapers, advertisements, etc
$348,854 83
enclosed therein, drawn to the order of Stephen
M. Egan, County Collector, on some National
ASSETS.
Bank or Trust Company, or cash in the sum of
LIABILITIES.
five thousand dollars.
United States & State of New York
Estimated Losses and Losses UnBidders may bid for the whole or any part of
Stock, City, Bank and other Sesettled
12.058,165 00
the Issue.
curities
$5,483,622 00 Premiums on Unterminated Risks_
743,389 01
The Board reserves the right to reject any or Special deposits in Banks &TrustCos.
all bids If It be deemed for the best interests of Real Estate cor. Wall de WilliamSts., 650,000 00 Certificates of Profits and Interest
Unpaid
268,528 75
the County so to. do.
6: Exchange Place $4,299,000 00
Return Premiums Unpaid
122,696 16
By order of the Board of Chosen Freeholders. Other Real Estate &
Certificates of Profits Ordered Reclaims due the comWALTER O'MARA,
deemed, Withheld for Unpaid
pany
75,000 00 4,374,000 00
Premiums
Clerk.
22,334 55
Certificates of Profits OutstandBidders will please furnish certified check Premium notes and Bills Receivable
1,376,916 51
ing
7,412,630 00
Instead of cash, if convenient.
Cash In the hands of European
Real Estate Reserve Fund
270,000 00
Bankers to pay losses under policies payable in foreign countries_
185,005 17
Cash In Bank
595,353 43

43i Per Cent Bonds.

Albert Kley bolte & Co.,
409 Walnut Street,
CINCINNATI,0.

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

Perry, Coffin & Burr,

INVESTMENT BONDS.
60 State Street,
BOSTON.



Aggregating

$12,664,897 11

Aggregating

$10,897,743 47

A dividend of Six per cent Interest on the outstanding certificates of profits will be paid to
ers thereof, or their legal representatives, on and after Tuesday the fourth of February next. the holdThe outstanding certificates of the issue of 1902 will be redeemed and paid to the holders
thereof,
or their legal representatives, on and after Tuesday the fourth of
next, from which date all
Interest thereon will cease. The certificates to be produced at theFebruarypayment
time of
and canceled.
A dividend of Forty per cent is declared on the net earned premiums of the Company
ending 31st December, 1907, for which, upon application, certificates will be issued for the year
on and after
Tuesday the fifth of May next.
By order of the Board.
O. STANTON FLOYD-JONES.Secretary.
TRUSTEES.
GUSTAV AMSINCK,
HERBERT L. GRIGGS,
NICHOLAS F. PALMER,
FRANCIS M. BACON,
CLEMENT A. GRISCOM,
HENRY PARISH,
JOHN N. BEACH,
ANSON W. HARD,
DALLAS B. PRATT,
WILLIAM B. BOULTON,
MORRIS K. JESUP,
GEORGE W. QUINTARD,
VERNON H. BROWN,
LEWIS CASS LEDYARD,
A. A. RAVEN,
WALDRON P. BROWN.
FRANCIS H. LEGGETT,
JOHN L RIKER,
JOSEPH H. CHAPMAN,
CHARLES D. LEI/P.:RICH,
DOUGLAS ROBINSON,
JOHN CLAFLIN,
LEANDER N. LOVELL.
GUSTAV H. SCHWAB,
GEORGE C. CLARK
GEORGE H. MACY,
WILLIAM SLOANE.
CLEVELAND H. DODGE.
CHARLES H. MARSHALL,
ISAAC STERN,
CORNELIUS Ir.LDERT,
W. H. H. MOORE,
WILLIAM A. STREET,
RICHARD H. EWART.
A. A. RAVEN, President.
CORNELIUS ELDER'''. Vice-President.
SANFORD E. COBB. 24 Vice-President.
CHARLES E. FAY. 34 Vice-President

Lxxxvi.

TIIE CHRONICLE

878

*titst(Companies,

....•••••••

MercantileTrust Co. CITY TRUST CO. OLD COLONY
TRUST CO.
MASS.
50 STATE STREET. BOSTON. MASS.
BUNKER HILL BRANCH:
City Square, CHARLESTOWN. MASS.

St. Louis. Mo. •
Association
Member St. Louis Clearing House

Capital and Surplus,$9,500,000

FESTUS J. WADE
President.

WM. MAFFITT
Treasurer

Capital Sc Surplus, -

Commenced btisine3s Nov. 16, 1899
DEPOSIT S
ov.16, 1899
S17,051 19
Nov.16, 1900,
$2,807,245 97
Nov. 16, lutn,
$5,019,688 60
I Nov. 16,
$11,984,523 33
I Nov. 18. 1903,
$11,851,679 92

ii

Nov.16,1904,$16,564,820 43
Nov.16,1905, $17,194,262 79

I

Nov. 16, 1906, $17,919,949 08
Nov. 16, 1907, $21,767,256 57

BOSTON,

$4,000,000

Transacts a General Trust and
Banking Business.
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other Mortgages; also as Agent for the Registering
and Transfer of Stock.
A. legal Depositary for Court Funds, and authorized to act as Executor, Guardian. Ad-.
minIstrator and Trustee.
DIRECTORS.
PHILIP STOCKTON. President,
George E. Keith,
Charles F. Adams 2d.
Gardiner M. Lane.
Orlando H. Alford.
Arthur Lyman,
F. Lothrop Ames.
Maxwell Norman,
John S. Bartlett,
Robert T. Paine 2d.
Charles E. Cotting.
Andrew W. Preston.
Alvah Crocker,
Richard S. Russell.
Cushing.
Livingston
Howard Stockton.
George A. Draper.
Charles A. Stone.
William F. Draper.
Galen N. Stone,
R. Evans.
Wilmot
Quincy A. Shaw Jr.,
Frederick P. Fish,
Nathaniel Thayer,
Robert F. Herrick,
Henry 0. Underwood,
Francis L. Higginson,
W. Seward Webb.
Henry 0. Jackson.
Sidney W. Winslow.

Capital and Surplus, - $7,000,000
TRANSACTS A GENERAL BANKING
ON
BUSINESS. ALLOWS INTEREST
T TO
DAILY BALANCES SUBJEC
MORTGAGCHECK. TRUSTEE UNDER
ES. TRANSFER AGENT. REGISTRAR.
BOARD OF DIRECTORS:
Chairman
T. JiterEnsort CooLIDOR JR., . . .
Henry S. Howe,
Gordon Abbott,
Walter Hunnewell,
Oliver Ames,
Thomas L.Livermorel,
C. W.Amory,
Charles S. Mellen,
Charles F. Ayer,
Georue v. L. Meyer.
Samuel Carr,
Laurence Minot,
B. P. Cheney,
Richard Olney,
T. Jefferson Coolidge,
Robert J. Paine,2d,
Charles E. Cotting,
Philip L. Saltonstall,
Philip Dexter,
Nathaniel Thayer,
Eben S. Draper,
Lucius Tuttle.
Frederick P. Fish,
Stephen M. Weld,
Reginald Foster,
Charles W. Whittle&
George P Gardner,
Robert F. Herrick,

Boston Safe Deposit The NEW ENGLAND
AND
TRUST COMPANY
CENTRAL
BOSTON, MASS.
Trust Company
ST COMPANY

The Proof of Good Service is Constant Growth

TRU
OF ILLINOIS,
CHICAGO

BOSTON. MASS.

Transacts a General Trust and
Banking Business.

$2,000,000
Capital,
900,000
and Profits Surplus
CHARLES G. DAWES,President. ent.
W. IRVING OSBORNE. Vice-Presid
A. UHRLAUB, Vice-President.
WILLIAM R. DAWES, Cashier.
Cashier.
L. D. SKINNER, Asst. Asst. Cashier.
WILLIAM W. GATES,
A. G. MANG, Secretary. Asst. Secretary.
MALCOLM McDOW ELL.

Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other
Mortgages and is authorized to act as Executor.
Guardian. Administrator and Trustee.

BANKING, SAVINGS AND TRUST
DEPARTMENTS.

Girard Trust Company.
SURPLUS,$10,000,000.
CAPITAL and

CHARTERED 1836.
Acts as Executor. Administrator, Trustee,
Assignee and Receiver.
Financial Agent for Individuals or
Corporations.
Interest Allowed on Individual and
Corporation Accounts
Acts as Trustee of Corporation Mortgages
Depositary under Plans ot Reorganization
Registrar and Transfer Agent
Assumes entire charge of Real Estate.
Safes to Rent in Burglar-Proof Vaults.

E. B. MORRIS. President.
W. N. ELY. 1st Vice-President.
A. A. JACKSON, 2d Vice-President.
C. J. RHOADS,3d Vice-Pres. and Treasurer.
EDWARD S. PAGE, Secretary.
MANAGERS:
Effilngham B. Morris, 0 Hartman Kuhn.
James Speyer,
John A. Brown Jr..
Augustus D.Juilliard,
Benjamin W.Richards
Edward J. Berwind,
John B. Garrett,
Randal Morgan,
William H. Jenks.
Edw. T Stotesbury,
William H. Gaw,
Charles E. Ingersoll,
Francis 1 Gowen,
John Story Jenks Jr.
McFadden,
Geo. H.
Henry B. Coxe,
Henry Tatnail
E. C. Felton.
Isaac H. Clothier,
DeWitt Cuyier,
Thos.
N E. Cot Broad and Chestnut Streets.

PHILADELPHIA.

The Trust Company
of North America
503-505-507 Chestnut St., Philadelphia.
$1,000,000

CAPITAL

ADAM A. STULL, President.
HENRY G. BRENGLE, 1st Vice-Pres. & Tres,..urer.
108. S. CLARK, 2d Vice-Pree., Superseg Trust Dept.
.CHAS,P.LINEAWEAV ER.See. & Asst Trust Officer
DIRECTORS.
Henry G. Brengle,
J. Levering Jones.
James Crosby Brown. Malcolm Lloyd,
John Ca.dwalader,
John McIllienny,
Richard Wain Meirs.
E. W Clark Jr..
Eckley B. Core Jr.;
Clement B. Newbold.
John W Pepper.
Edwin S. Dixon.
Eugene L. Ellison;
W tiara F. Read.
Frank Samuel,
Joseph C. Fraley
Adam A. Stufl,
Harry C. Francis,
Edward D.'roland,
Henry L. Gaw, Jr.,
Howard S. Graham, Joseph R. Wainwright
Samuel F Houston; Milian. D. Wieser.




- $1,000,000
Capital 2,000,000
Surplus (Earned)
DIRECTORS
CHARLES E. ROGERSON. President.
George R. White
James Longiey
Costello C. Converse
William E. Putnam
Abel H. Proctor
Benjamin F. Stevens
Edward W. Hutchins
Henry S. Shaw
James R. Dunbar
Gerard C. Tobey
Elwyn G. Preston
Nathaniel J. Rust
Richard M. Saltonstall
Frank G. Webster
Jerome Jones
Arthur F. Estabrook
Nehemiah W. Rice
William 13. Rice
Nathaniel F. Ayer
George B. Wilbur
Richard C. IlumphreIrs
Charles F. Fairbanks
George W. Wheelwright
Wallace L. Pierce

Mississippi Valley Trust Co.

CAPITAL. $1,000.000: SURPLUS, 42,000,000
Safe Deposit Vaults
Authorized to act as executor and to receive
and hold money or property In trust or on deposit
from Courts of Law or Equity, Executors,
Administrators, Assignees, Guardians, Trustees,
Corporations and Individuals.
Also acts as Trustee under Mortgages and as
Transfer Agent and Registrar of Stocks and Bonda.
Interest Allowed on Deposits Subject to Check.
OFFICERS
DAVID R. WHITNEY, President
CHARLES P. CHOATE, Vice-President
FRANKLIN HAVEN,'Vice-President
ALEXANDER COCHRANE, Vice-President
JAMES R. HOOPER, Actuary
HENRY N. MARR. Secretary
N
FRED. W. ALLE, Asst. Sec. & Treas.
THOMAS E. EATON, Asst. Treas,
FRANCIS R. JEWETT,Trust Officer
CHAS. E. NO'rT, Mgr, Safe, Dep, Vita,
BOARD OF DIRECTORS,
William Endicott, Chairman
James G. Freeman
Walter 0. Bayllea
Morris Gray
Alfred Bowdltch
Franklin Haven
E. Byrneal
Timothy
James R. Hooper
Charles F. Choate
Ernest Levering
Alexander Cochrane
James M. Prendergast
T. Jefferson Coolidge
Herbert M. Sears
George Dexter
Lawrence H. Stockton
Philip Dexter
Nathaniel Thayer
William Farnsworth
George WIggle,sworth
Frederick P. Fish
David R. Whitney

Fourth & Pine Sts., St. Louis
A

CAPI2'AL. SURPLUS
8,600,000.
and PROFITS)S
GENERAL FINANCIAL AND FIDUCIARY
BUSINESS TRANSACTED

Rhode Island Hospital
Trust Company,

DIRECTORS
Ern. D. Orthwein
D. R. Francis
Henry W. Peters
August Ceuner
PROVIDENCE R. I.
it. Clay Pierce
S. E. Honman
$1,000.000
Chas. ii. Hunk; J. Ramsey Jr.
CAPITAL
13reckin'ge Jones August Sehlany
52,000.000
Itobt. H. Stockton SURPLUS
%V. J. McBride
Nelson %V. McLeod Julius S. Walsh
DIRECTORS:
Saunders Norvell Rolla %Vella
Rowland 0 Hazard,
Royal C Taft,
J. o'Reilly, D
Aldrich,
Robert H. I. Goddard, Nelson W.Dorranee,
OFFICERS
Matteson, Samuel R.
Geo. W.R.
JULIUS S. WALSH, Chairman of the Board
Howard 0. Sturges,
William D. Ely,
0. Metoalf,
BRECKINRIDGE JONES. President
Robert I. Gammell, Stephen R. Callender,
JOHN D. DAVIS, Vice-President
Walter
William Binney.
A. Phillips,
SAMUEL E. HOFFMAN, Vice-President
William B. Weeden, Gilbert Holbrook,
JAMES E. BROCK, Secretary
Edward
Edward D. Pearce,
HUGH R. LYLE, Asst, Secretary
James E. Sullivan
Robert Knight,
HENRY C. IBBCritiON, Asst. Secretary
Benjamin M. Jacksall,
John W. Danielson. Jahn R. Freeman,
C. HUNT TURNER Jr.. Asst. Secretary
Herbert J. Wells.
LOUIS W. FRICKE, At. Secretary
Charles S. Mellen,
John C. Pegram,
FREDERICK V IERLING. Trust Officer
Robert W. Taft,
Lyman B. Goff,
HENRY SEMPLE AMES. Asst. Executive Officer
Webster Knight.
CHARLES H. POLK, Asst. Trust Officer
WELLS, President.
HERBERT J.
WILLIAM G. LACKEY. Bond Officer
EDWARD S. CLARK, Vice-President,
WM. McC, MARTIN, Asst. Bond Officer
HORATIO A. HUNT, Vice-President.
TOM W. I3ENNETT. Real Estate Officer
WILLIAM A. CIAMWELL. Secretary.
GEO. KINGSLAND. Asst. Real Estate Officer
PRESTON H GARDNER, Trust Offletd,
C. W. MORATII, Safe Deposit Officer
CYRUS E. LAPHAM, Asst. Fee'y.
,
JOHN E. WILLIAMS, Asst. Sees
HENRY L. SLADER, Asst, Seo'y,.
WALTER G. BROWN, Mst, Seor.
RY 25
READY FEBRUA

John I. Beggs
Wilbur F. Boyle
James E. Brock,
Murray Carleton
Charles Clark
Horatio N. Davis
John D. Davis
Aug. B. Ewing

FINANCIAL REVIEW.
1908 ISSUE.

PRIMROSE et BRAUN,
York City Bank, Truitt and
Fire Insurance Stocks
43 Exchange Place - NEW YORK

New

320 Pages.

PRIOE, TWO DOLLARS.

R. T. Wilson & Co.,
Commercial 86 Financial Chronicle,

B ANKERS k COMMISSION MERMAN=

76% Pine Street, New York.

35 Wall Street Now Ysrk