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r
CHRONICLE SECTION.
INCLUDING
^
State and City Section (semi-Annnaiiy)
Street Railway Section (Thret^Thnea)
Section (Monthly)
Bank and Quotation
Railway and Industrial Section (Quarterly)
Entered eecordln* to Aot of Congress In
the rear 1906 br William B. Dana Comp ant. In Offioe of Librarian of Congress,
financial.
l^inanciaU
Finaucial.
FISK & ROBINSON
AMERICAN BANK
NOTE COMPANY
78 to 86 Trinity Place, New York
Reorganized 1879
Business Founded 1796.
Engravers » Printers
CERTIFICATES,
BONDS FOR GOVERNMENTS AND COR¬
RANKERS
PORATIONS, DRAFTS, CHECKS, BILLS
EXCHANGE, STAMPS, ETC., WITH
Government Bonds
Investment Securities
$3,250,000.
BOSTON
NEW YORK
The National Park Bank
of New York.
A
Organized 1850.
Capital..
93,000,000 00
Surplus and Profile
8,415,342 14
Deposits March 22,1007.... 91,411,00281
RICHARD
WARREN L. G RE EX,
D. E. WoODHULL, Joseph Fleming, Chas. L. Lee, Frank K. Johnson,
President
Vice-President
Vice-President
-
.
-
-
JOHN CL MCKEON,
VICE-PRESIDENT.
VICE-PRESIDENT.
JOHN CL VAN CLKAF,
VICE-PRESIDENT.
Secretary
MAURICE H. EWER,
T. H. Frekland, Chairman of the Board
Francis L. Potts
Edmund C. Converse
Andrew V. Stout
Warren L. Green
Phineaa C.
Lounsbury
A. Jaretzki
WILLIAM
Charles If. 8tout.
Harvey ST.,
Fisk NEW
& Sons,
YORK
62 CEDAR
-
-
and other
WILLIAM A. MAIN
O. JONES.
ASST. CASHIER.
ASST. CASHIER.
Government, Railroad and
Municipal Bonds,
CASHIER.
TRUSTEES:
'
F. L. Uioe,
<
H. P. Davison,
Arthur F. Luke,
J. Rogers Maxwell.
Ambrose MonelL
Fred’k B. Soheuck.
K. F. C. Young,
Daniel G. Reid.
Charles A. Moore,
Cbartes H. Warren.
Frederick G. Bourne.
Bankers and Dealers in
GILBERT G. THORNE,
Trea« urer
-
.
DIRECTORS:
E. C. Converse,
Baker,
T. A. Gillespie.
Henry C. Tinker '
DKUAFIKLD,
PRESIDENT.
OFFICERS:
FRKD’K B. 8CHEN0K. President.
D. G. REID,
CHARLES LL STOUT
Vice-President.
Vice- President.
JAMES V. LOTT
CHARLES W. RIKCKS,
Cashier.
2d Vice-President.
FRED’K P. MCGLYNN
HENRY P. DAVISON,
Asst. Cashier.
Chairman Exec. Com.
Geo. F.
COUNTERFEITING ft LITHOGRAPHIC
RAILWAY
TICKETS OF IMPROVED STYLES
NATIONAL BANK,
NEW YORK.
SPECIAL SAFEGUARDS TO PREVENT
AND TYPE PRINTING
THE LIBERTY
Capital, Surplus and Undivided Prefits.
BANK NOTES. SHARE
OF
NO. 2180.
APRIL 6 1907.
NEW YORK
VOL. 84.
Washington. D.O
FRED'K O. FOXCROFT ASST. CASHIER.
INVESTMENT SECURITIES.
Philadelphia, represented by
James U. Chapman, 421 Chestnut St,
Chicago, represented by D. K. Drake,
Continental National Banx -Building.
Onr Hat of Investment Securities sent on spplloaUoiu
CHARTERED 1810.
-
Members of Richmond and
t
Baltimore Stock
Kxcnangee.
MECHANICS’ NATIONAL
John :L.Williamsr& Sons,
BANKERS,,
BANK.
Edward B. Smith & Co.
33 Wall Street.
BANKERS
Corner 9th and Main Streets,
Capital,
RICHMOND, VA.
Baltimore Correspondents:
m 11>i)endorf,
Williams A Co
-
Surplus,
-
-
-
-
-
93,000,000
3,000,000
INVESTMENT SECURITIES
Members New York and Phil*. Stock
Exchanges,
\
Direct private
telegraph and telephone wires
to New
York.
Middendorf,Williams $C Co., Francis
BANKERS,
Fayette Streets,
BALTIMORE, MD.
Corner North k
>
Ralston Welsh,
MUNICIPAL- RAILROAD AND OTHER
328 CHESTNUT STREET, PHILADELPHIA.
Clearing House Building
I
Cap. ASurp., $9,436,000 Deposits, $63,345,000
Cashier
GARFIELD NATIONAL
BANK,
Directors:
23d Street and Sixth Ave.,
Henry W.Cannon. Chairman. James J. HUl
Oliver U. Payne George F. Baker John I. Waterbary
New York.
A. Barton Hepburn
George If. Baker Jr.
Grant B. Hchier
Albert H. Wlggln
THE
EQUIPMENT OF THE
FOURTH
NATIONAL
HANK
Capital"
Surplus
OF TI1E CITY OF MEW YORK
-
STREETS
—
IS
ESPECIALLY
ARRANGED FOR HANDLING
MERCANTILE ACCOUNTS.
-
1000 000
Founded in 1784.
THE
—CORNER NASSAU AND PINE
BANK
OF NEW YORK
National
GALLATIN
NATIONAL BANK
OF THE CITY OF NEW
YORK
$1,000,000
Capital ....
Surplus & Profits (earned) 2,300,000
$1,000 000
-
-
ORIGINAL CHARTER 1829.
THE
BONDS.
John L. Williams Sc Son.
A. B. HEPBURN, President
A II. WIG GIN, Vice-Pres. E.J. STALKER,
Philadelphia.
New York.
INVESTMENTS.
Richmond Correspondents:
Chase National Bank
511 Chestnut Street
7 Wall Street.
Banking Association.
ACCOUNTS INVITED.
OFFICERS
,
Samuel Woolverton, President
Alexander H. Stevens, Vice-President
George E. Lewis, Cashier
Howell T. Manson, Assistant Cashier
DIRECTORS
Adrian Iselin Jh.
Chas. A Pkabodt
Frederic W. Stevens
8amuel Wooltebtout
Alexander li. Stevens
Charles U. Tweed
Thomas Dhit Jb.
w. ttumr Roosevelt
[VOL.
THE CHRONICLE
n
LXXXIV
hauliers and -Dfavtuevs xrf foreign E-ecItaugc.
J. P. Morgan & Co., Maitland,Coppell & Co., Kidder, Peabody & Co.,
WALL STREET
STREET,
WILLIAM
52
CORNER BROAD,
NEW YORK.
NEW YORK.
115 DEVONSHIBE
..
Drexel & Co.,
&organ,Harjes&Co.
Cor .of 6th k Chestnut Sta
*1 Boulevard llaussmann,
PHILADELPHIA.
PARIS.
Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
issue Loans.
bills oj
Exchange, lelegraphic Iransfers,
Betters of Credit,
STREET,
BOSTON.
BANKERS.
,
ON
DOMES11C AND 1 (JitElGN
BANKERS.
Union of London & Smiths Hank.
London,
Deposit* received subject to Draft.
Securities
bongutand sold on Commission. Interest allowed on
Deposits.
I oreKn Exchange. Commercial Credits.
Cable Transfers.
Circular Betters for Travelers
available in all parts of the world.
ATTORNEYS AND AGENTS
Banco Nnclonnl de
Gaiana Bank, Detuerara, etc.,
Co.,
August Belmont & Co.,
BANKERS,
59 Wall St.
ALEX.
Agents
Buy and sell first-class In¬
Investment
Securities.
vestment securities on com¬
mission.
Receive accounts
of Banks, Bankers, Corpora¬
tions, Firms and individuals
on favorable terms.
Collect
drafts drawn abroad on all points In the
States and Canada; and drafts drawn In the
States on foreign countries, including South
FOR
Letters
of/Credit.
world.
Telegraphic
DEPOSIT
Buy and sell Bills of Exchange
and make cable transfers on all
points. Issue Commercial and
Travelers' Credits, available In
all parts- of the world.
of
Cuyler, Morgan & Co.,
44 Pine
Street, New
Credit to Travelers
Part of the World;
EXCHANGE AND MAKE
TRANSFERS OF MONEY TO
EUROPE, CALIFORNIA AND THE HAWAIIAN
BILLS
OF
ISLANDS.
AGENTS AND CORRESPONDENTS
-
Investment Securities,
BROWN, SHIPLEY & CO., LONDON.
anv
Buy and Sell Investment Securities..
the other West Indies,
Mexico and California.
Execute orders for the purchase and sale
CERTIFICATES OB'
of
Letters
DRAW
Cuba,
Africa
INTERNATIONAL CHEQUES.
No. 21
TELEGRAPHIC
Available in all parts ot the
Exchange and make
Transfers to EUROPE,
BANKERS,
Broad Street, New York,
Available in
TRAVELERS,
Draw Bills of
United
United
J. & W. Seligman & Co.,
Issue
ROTHSCHILD,
London, Paris and Vienna.
ISSUE LETTERS OF CREDIT
Messrs.
St’k Exch’s.
Y., Phila., Boston k Baltimore
NASSAU STEET.
and Correspondents of the
No. 23
BROWN & SONS, BALTIMORE.
CONNECTED BY PRIVATE WIRE.
Hems. N.
etc.
TRAVELERS’ LETTERS OF CREDIT
Available throughout the United States.
BOSTON.
NKW YOBK,
LETTERS OT CREDIT.
Australasia, the British j
Agents for the Bank of
JTIORGAN Ac CO.,
22 OLD BROAD STREET,
LONDON.
-
PHILA.
FOREIGN EXCHANGE.
Mexico
And its Branches.
OK
Brown Brothers &
INVESTMENT SECURITIES.
j
Paris,
Messrs. Mallet Frercs & Cie.,
Messrs. J. S.
No.
Limited,
OF
Seligman Brother*, London.
Seligman Freres A: Cie., Pari*.
Alsberg, Goldberg Ac Co,, Amsterdam.
Anglo-CalllornlauBk.,Lt.,SanFrancisro
lork.
BANKERS
SECURITIES.
INVESTMENT
TAILER&GD
MEMBERS OF NEW YORK
27 Pine Street,
Mmotidsla.
STOCK EXCHANGE.
New York
KESSLER
&
Foreign & Domestic
CO.,
Bankers
BANKERS,
BANKERS
54
WALL
STREET, NEW YORK. \
Stock Exchange, j
High-Grade Investment
Member* oi the N. Y.
INVESTMENT
Securities
Buy and Sell Bills oi Exchange and
Gable Transfers on all the
.Principal European Cities.
SECURITIES
Letters of Credit
TRAVELERS’
CREDITS, BUY AND SELL RAILROAD
COMMERCIAL
ISSUE
AND
BONDS AND INVESTMENT
SECURITIES. ACT AS FINANCIAL
AGENTS FOR CORPORATIONS.
lor Travelers.
STOCKS.
Winslow, Lanier & Co.,
59
CEDAR
STREET.
Heidelbach- Ickelheimer & Co..
NEW YORK.,
37
Commission,
Foreign Exchange Bought and Sold.
Foreign Exchange, Letters of Credit* Issue Commercial and Travelers’ Credits
available in all parts of the world.
Kean,VanCortlandtScCo
Schulz &
Gene al Foreign
Ruckgaber,
HANKERS,
BANKERS,
a
11 William Street, New York.
Member? New York stock Exchange.
Lorresixmdente ol Messrs.
Fruhlins; & itosenen. Condon,
Joh. Berenberg, dossier & Co.. Hamburg.
Alarcuard & Co.. Paris.
Bremer Bank. Fillale l>re<dner Bank., Bremen.
Issue Commercia1 & Travelers Credits.
Buy and Sell Bills ot Exchange.
IOHK.
ana
Domestic
Banking Business.
CiDie Transfers and investment
Dealers in Investment Securities.
St., New York
New
No. 4 Post Office Square, Boston.
No. 30 Pine Street,
Exchange on London, Pari*,
Zurich and St. liail.
j
Berlin,
i
Carn its Opened and Payments Made by Cable
Paris House—M(JNliOE A: CO.
BANKERS.
No. 007 Chestnut Street,
PHILADELPHIA.
Members Philadelphia
50
High-Grade
INVESTMENT SECURITIES.
Issue Letters of
Wall Street, New York.
i
Interest al¬
lowed on deposits. Securities bought and sold on
commission. Travellers credits available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central America and Spain. Make collections lnand
issue drafts and cable transfers on above countries
London
Hanker*:
—
London Jolnl-tMock
Hack. Limited.
Pari* Hunker*: —Heine A
Uo.
Credit and
Traveler's Cheques.
List of current offerings
16 & 18
draft.
Stock Exchange.
sent on application.
Securities
Hankers,
Deposits received subject to
Use
Issue Circular Letters of Credit lor Travelers’
Abroad Against Cash or Satisfactory
Guaranty of Ucpaymeut.
Graham & Co.,
LawrenceT urnure&Co. MOSLE
John Munroe &York.
Co.,'
33 Pine
William Street,
MEMBERS N. Y. STOCK EXCHANGE.
Deposits Received Subject to Draft. Interest
Allowed on Deposits.
Securities
Execute orders for purchase and sale of
Bought ana bold on
Stocks and Bonds.
Transact
507 Chcstunt St.
Philadeiph.;.
BANKERS.
BANKERS.
80 PINE STREET, NEW
.
BROTHERS,
EXCHANGE PLACE,
NEW YORK.
COMMERCIAL CREDITS,
FOREIGN EXCHANGE.
Attorneys and Agents of
MESSRS. ICONIC
BROTHERS.Bankers
LONDON.
Apr. 6
gauhere.
gankevs.
Wm. A. Read & Co.
Millett, Roe & Hagen,
£5atikere.
,
HI
THE CHRONICLE.
1907.,
BANKERS.
Lee, Higginson & Co.,
44 State
BANKERS
Investment Securities.
3 Broad
Street, BOSTON.
Dealers in
CHICAGO OFFICE,
NEW
The Rookery.
YORK.
205 La Salle St.
203 E. German St.
43 State St.
Member* New York and Boston
Stock
Members New York Stock
CHICAQO.
BALTIMORE.
BOSTON.
HIGH-GRADE BONDS
STREET,
NASSAU
25
Plympton,Gardiner & Co.
Kew York,
Street,
Exchanges
Boston* lO Post OUlce Square;
Exchanges.
J. B. RUSSELL & CO.,
Members N. Y. Stock
Exchange
BANKERS
4U WALL ST.,
J^embers New York Stock Exchange.
NEW VOKK,
DEALERS IN
New York
27 William St.,
Boston.
Chicago.
High-Grade Bonds
AND
Conservative
Lisa'S ON
Investment Securities.
Investments
New York Stock Exchange,
Members:
Financial
Chicago Stock Exchange.
Representatives of the Illinois Tunnel
Company.
Financial
•
HANKERS
William
BRANCH OFFICES:
CARBONDALE, PA.
CHICAGO, ILL.
WILKES BARRE, PA.
READING, PA.
SCRANTON, PA.
DAYTON, OHIO.
BINGHAMTON. N. Y.
ae
letters
eheok
interest on b&lanosi.
fiscal agents for munici¬
Act
NEW Y6BE
36 Wall Street
Receive deposits subject to
palities
Investment Securities
Electric Company.
NEW YORK
allow
Railroad and other
Representatives of the Automatic
N/W.. HARRIS & CO.
and
BANKERS
Safety Deposit Vaults for Use of Customers.
REQUEST.
Fine Street, Corner
Geo. P. Butler & Bro,
and corporations. Issue
deal in
of credit and
v
BONDS FOR INVESTMENT
Goldman, Sachs & Co., Kissel, Kinpicutt & Co,
BANKERS
43
EXCHANGE PLACE, NEW YORK.
New York Stock Exchange.
Members ot
sale
of
Stocks
ADDRESS
York.
Foreign and Domestic
BANKERS
Bon da
and
Bay and Sell Foreign Exchange.
CABLE
Street, cor. Wall, New
and
Execute orders lor purchase
LIST ON APPLICATION
1 Nassau
BILLS OF EXCHANGE
*‘COLON ES8."
CABLE TRANSFERS
Blake Brothers & Co.,
60
Issue Commercial and Travelers*
Letters of Credit,
Available in all parts of tbs
84 State Street, *
Exchange Place,
BOSTON,
NEW YOKE,
DEALERS
INVESTMENT SECURITIES
and Commercial Paper
CITY
and other
MUNICIPAL BONDS.
Commercial Paper.
Investment Securities.
Members New York & Boston Stock
Exchanges.
H. B. HOLLINS &
Cor. ot Wall and Broad Sts., New
Draw Bills ol Exchange
Cable Transfers to Europe,
CO.
Rudolph Kleybolte& Co.
BANKERS.
Mexico.
issue Letters ol Credit lor Travelers,
available in ail parts ol the world.
MUNICIPAL, RAILROAD and
STREET RAILWAY
BONDS.
27-29 PINE STREET, NEW YORK.
DailvandTime Deposits.
9 and 11
for Invest¬
FOREIGN EXCHANGE
Schmidt,
FOREIGN EXCHANGE,
INVESTMENT SECURITIES-
27 WILLIAM STREET, NEW YORK.
Members N. Y. Stock, Cotton and Cofiee Exchanges
NEW YOKE.
Chicago* San Francisco
49 Wall Street,
Philadelohia.
PHILADELPHIA
E. D. SHEPARD & 00.
Bought & Sold
LETTERS OF CREDIT ISSUED.
all Farts of the World.
Cable Transfers to
Stern &
and Corporations,
Exchange,
Orders executed for stocks and bonds
ment or on margin.
LONDON
BOSTON
LEONARD H. HOLE.
S.COLER,
M ern ber
Deposit Accounts.
Wall Street, New York.
Members New York Stock
BIRD
Interest Allowed on
Fisoal Agents for Cities
NBW YORK
BANKERS.
INVESTMENT.
FOR
Forshay,
Zimmermann &
CO„
BANKERS.
and make BONDS
Asia, Aus¬
tralia, the West Indies, Central and
DEALERS IN
N. W. HALSEY &
York.
South America and
Interest Paid on
EUROPEAN
POINTS
world.
IN
Investment Securities
Dealers in
NEW YORK
COLLECTIONS MADE ON ALL
N. Y. Stock Exchange.
W. N. COLER &
CO.,
BANKERS
59 CEDAR ST., NEW
C. B. VAN
NOSTRAND,
S6 WILL ITUIT,
YORK.
INVESTMENTS.
Investment Securities
[VOL.
THE CHRONICLE
IV
©atxadian gawks.
rfCJOS
gWC&tgXL
DEUTSCHE
BANK,
BERLIN) W.
The Union Discount Co. Bank of Montreal
[ Established 1817.]
of London, Limited.
39 CORNH1LL.
BEHREN8THA8SE 9 TO 13.
Telegraphic Address, Udleoo, London.
947,019*090
CAPITAL
M.
900.000.000L
M. 100,000,000.
DmDIVBR PAID DURING LAST TAN YEAR*
10,10*.11,11,11,11.11. IS, 12.18 per cent.
07,600,000
Capital Subscribed
-
-
UNDIVIDED PROFITS
-
.
3,350,000
STERLING.
NOTICE IS HEREBY GIVEN that the RATES
OP INTEREST allowed lor money on deposit are
as follows:
WIESBADEN.
at rates advertised from time to time,
on
General Manager
NEW YORK OFFICE:
No.
31 PINE STREET.
R. Y. Hebdkn,
W. A. Bog,
J. T. MOLINKUX,
approved negotiable securities.
CUHlsTOFUEK K. NUUKNT, Manager.
)
> Agents.
)
Buy and sell Sterling and Continental Exchange
Deutsche Bank (Berlin) London
A^encvt
Lombard 8t.
LONDON, E. C.
FRENCH FINANCE CORPORATION
OF AMERICA.
and Cable Translers; grant Commercial and Trav¬
elers’ Credits available in any part of the world;
issue drafts on and make collections m Chicago and
throughout the Dominion of Canada.
London
Purchasers of First-Class Investment
BANCO ALEMAN TRANSATLANTIC!)
Securities lor the French
(Deutsche U eberseeische Bank.)
Market.
Office, No. 46 A 47 Tnreadneedle St,
F. W. Taylor, Manager.
fforeign.
84,701,000
Subscribed Capital
M. 20,000,000
Paid Up Capital
M. 17,600,000
Reserve Fund
M. 2,500,000
ACT
84,190,000
8595,000
FOR
AS
FINANCIAL AGENTS IN FRANCE
AMERICAN
RAILWAY
CORPORATION
IN THE OBTAINING OF LOANS AND
SALE OF
SECURITIES.
OFFllCEi
BERLIN.
NEW
•
City &
Limited,
HEAD OFFICE:
5 Threadneedle Street,
Bahia-Blanca,Bell-Ville,Buenos Aires,
Cordoba, Tucuman
BOLIVIA: La Paz, oruro.
Chili : Antofagasta, Conoepcion, Iqulque, Oaorno,
Puerto Me ntt, Santiago, Valdivia, Valparaiso.
Peru : Arequlpa, Callao, Lima.
Uruguay: Montevideo.
SPAIN: Barcelona.
Kemiee Agentt: Banco Mexlcano de Comerclo e
The London
Midland Bank,
9, rne Plllet-Wlll
Street.
Broad
25
Branches:
PARIS,
YORK,
Argentina:
London* England.
With Branches in all the Principal
of England.
ESTABLISHED 1836.
$75,428,400
15,714,250
15,714,250
CAPITAL,
CAPITAL,
BE8E&VE FUND,
SUBSCBIBED
Bill* sent for collection, negotiated or
advanced upon.
BASLE, ZURICH, ST. GALL,
Draft$, cable-transfers and letters
GENEVA, LONDON.
of credit issued.
Cities and Towns
Telegraphic Address: Cinnabar, London.
SWISS BANKVEREIN
Industrla, Mexico.
.
159,831.84
K. 8. CLOU8TON..Vlce-Prest. and
and grants
AND THE
HEAD
$14,400,000.00
11,000,000,00
Head Office—Montreal.
394 P«r Cent.
Company discounts approved bank and mer¬
cantile acceptances, receives money on deposit
loans
-
Rt. Hon. Lord strathcona and mount Royal
G. O. M. G
Honorary President
Hon. Sir georgr A. Drummond K-C.M.G.Presldent
The
BREMEN, DRESDEN, FRANKFORT-ON-M.,
HAMBURG,
MUNICH.
LEI P SIC,
NUREMBERG, AUGSBURG
paid in
-
At Call, 8& Per Cent.
At 3 to 7 Days’ Notice,
Branches:
4 George Yard,
CAPITAL
BEST
3,750,000
Paid UpReserve Fend
833,810,000
RESERVE
LXXX1V
PAID-UP
E. H. HOLDEN, M. P., Managing
Director.
Fr. 62,800,000 BOISSEVAIN &
34 BROAD STREET,
Ft. 14,280,000
CO.,
London Agents.
Drptbchk Bank (Berlin) London agency.
4 George Yard, Lombard St„ London,
E.O.
Capital, Paid Up
Surplus
Direction
-
-
-
*
-
-
NEW YORK.
aer
Members New York Stock Exchange.
Adolph Boissevain A Co.,
Disconto-Gesellschaft,
AMSTERDAM, HOLLAND.
Established 1861.
BERLIN, w.,
BREMEN.
44-44 BRHBXN STRABSR.
STntTBRUCKR 1
FRANK FORT-on-M^
Bommaeet la
LONDON, E. a.
58 Cohn hill.
*
•
**
“
*
DISOONTOGR, FHANKFURTMAIN.
SCHWOLDE, BREMEN.
Soondito. London.
AND
Berliner
Handels-Gesellschaft,
NORTflCOTE,
BERLIN, W.,
DUDLEY & COMPANY
Telegraphic Address, Discontogk, Berlin.
"
BehrenstraeseI82-88
and
Fransoslsehe-Strasae 42
49 Wall
Telegraphic Addrew—Handetschaft. Berlin;
11
CAPITAL, fully paid,
$40,476,200
-
E8TABU8HED 1866
$18,712,526 Banking Transaction® of Every Description.
....
01. 67,390,011.
With the unlimited personal liability of
the
A. SOHOXLLRR,
M.Schinckrl.
following partners:
J. Ho mm,
|
A. 8 ALOM ON BOHN
|
E. Russell,
Capital,
-
-
Beiarve,
-
-
Street, New York,
Poultry, Cbeapslde
London, B.C.
807 Monadncck Bloc
Chicago
FOREIGN FUNDS
HI. 170,000,000.
RESERVE,
A GENERAL BANKING
STOCK EXCHANGE BUSINESS.
TRANSACT
M.100,000,000
M. 29,000,000
?*r Investment in the United State*.
Hong Kong & Shanghai
BANKING corporation.
Paid-up Capital (Hong Kona Currency). .$10,000,006
Reserve Funds
”
j {j sifter''’laSo.’ooO f *>.*50,00#
F. URBIG.
10,000.000
Reserve Liability of Proprietor*
Brasilianische Bank
The
fur Deutschland.
CAPITAL
Branches
>
M 10,000.000 00
Head Office; HAMBURG.
Rio de Janeiro. Sao Paulo,
Pokto Alegre.
Santos
Bank fur Chile und
Deutschland.
CAPITAL
The above-named banks, founded and represented
Europe by the
Direction der Disconto-Gesellschaft,
Berlin. Bremen, Frankforto/m and London
Norodeatsche Bank la Hamburg,
Hamburg. Oder their services for every description
regular jo banking transactions.
Company, Limited.
35 CORNHILL.
LONDON, E. C.
Cable Address—Natdia, London.
Subscribed Capital
Paid-Up Capital
831,100,035
4,23 ‘,335
Reserve Fund
3,000,000
($5=r£l STERLING.)
M 10*000,000 00
HAMBURG.'Tith branches In CHILI (Banoo de
Chile A Alemanla): Valparaiso, Santiago, Concep¬
cion, Temnco.
Antofagasta; and in BOLIVIA
(Banoo de Chile A Alemanla Becclon Bollvlana),
La paz and Oruro.
National Discount
NOTICE IS H EREBY GIVEN that the RATES
OF INTEREST allowed for money on deposit are
as follows:
t
GRANT DRA FTS, ISSUE LETTERS OF CREDIT, NEGOTI¬
ATE OR COLLECT BILLS PAYABLE IN CHINA JAPAN,
PHILIPPINES. STRAITS SETTLEMENTS, INDIA, ETC.
WADE GARD’NER, Agent, 50
Wall Ht.
INTERNATIONAL BANKING
CORPORATION.NoCAPITAL At SURPLUS.
*6,600,OO*
Buy and sei? Sterling and continental Exchange and
Cable Transfers. Negotiate Draw or Receive
for Collection Bills on Points in the
a sue tatters ot Credit
Orient. 1st
Branches at London. Bom bay.
pore, Canton,
Calcutta. Singa¬
hong Kong, Manila Shanghai,
Kobe; Yokohama. -San Francisco,
Mexico. Washington, D.C.. panama.
city or
Colon.
Cali, 3& Per Cent Per Annum,
to 7 or 14 Oars’ Notice, 344 •*. C.
Approved bank and mercantile bills discounted.
Money received on deposit at rates advertised from
time to time, and for fixed periods upon terms to be
especially agreed upon.
Loans granted on approved negotiable securities.
PHILIP HAKOLII WADE, Manager.
t 3
H. SCHERER &
CO.,
BANKERS.
Callecttons, Foreign rxebangeand Invest¬
ment
Securities.
MEXICO.
gatiks and Bankers.
Canadian flanks.
THE CANADIAN BANK
OF COMMERCE,
15 Wall Street.
910.000.000
9,000.000
PLACE,
Smith’s bank. Limited.
Continental Ex¬
o in me ret a 1
Collections made at
Travelers* Credits.
all points.
Ranking
of
The Bank
British North
Establish id in
America
Reserve Fund
1840
Buy and
62 Wall Street
sell 8 ter ling and
Municipal, Railway
Corporation Bonds
JACKSON & CURTIS
MONTREAL.
MEMBERS NEW
STOCK
67 MILK
YORK AND
EXCHANGES
1 Nassau
Canada
19 Congress Street,
Boston
Street,
POOR & CO.
H. W.
SECURITIES
New York
86 WALL (TITOV
MTBJCKT
BOSTON
INVESTMENT
‘
NEW YORK
BOSTON
BANKERS
$6,000,060
Profits
3,674,596
NE 0 kOUK OFblVE: 63 and 65 Wall St.
W. M. Ramsay. Aerent.
115 branches in the Provinces of Quebec, Ontario,
Manitoba, Saskatchewan, Alberta and British Co¬
lumbia. Good facilities for effecting prompt collec¬
tion* In Canada.
Bu and sell Sterling Exchange
and Cable Transfers. Issue Commercial and Trav
eiers’ Credits, available in any part of the world.
London A iremw—Royal Bank ol Scotland.
71
stock Exchange
and other
.
CA PITA I.
Rest and Undivided
Sovereign Bank of
& Co.
BANKERS
BONDS.
CHOICE RAILROAD
Continental Exchange
Commercial and 'i ravel
of the world.
Collections In all parts
Merchants' Bank of Canada.
The
Member* Bo-ton
MUNICIPAL AND
GOVERNMENT,
Agents.
and Cable Tran.fe •: Grant
er*’
C edits available in anv Dart
Issues Draft- on and make
of ttie United 8ta es n < t'anada
HEAD OF FIVE:
SECURITIES.
INVESTMENT
H.fti J JlelllCHAEL.t
W T OLIVER.
r
Geo. A. Fernald
E. C.
Gracechurcb 8treet. London,
New York Ottlco
421 Chestnut St.
Philadelphia
Congress St.
Boston
STREET, NEW YORK.
BROAD
94
Head OrncE:
5
15
Street, Boston.
15 State
1886.
91,000,000 Sterling
440,000 Sterling
.
deposits.
on
BANKERS,
Royal Charter in
.
allowed
Nassau and Pine Streets
New York
LONDON.
ESTABROOK & CO.,
issued at lowest rates.
.
for
BROTHERS & C0„ Ltd,
BASING
Bonds and
Securities. In¬
in Government
other Investment
with Canada.
description transacted
Paid-up Capital,
ers
terest
Agents and Attorneys
and Exchange business of every
Incorporated by
Boston Stock
SECURITIES.
INVESTMENT
New York and
Exchanges. Beal
«Members of the
Letters of Credit,
Bay and 8el> Sterling and
change and Cable Tran*l**r*.
and
BANKERS
Exchange.
Commercial and Travelers’
Issue
Bankers In Great Britaint
Th* Bank or England,
•
Th* Bank or Scotland,
Lloyds Bank Limited,
London and
New York.
Buy and Sell Foreign
STRUCT. E. C.
LONDON OFFICE:—60 LOMBARD
Mackay & Co.
BANKERS
FAID-UP CAPITAL.
SURPLUS
NEW YORK OFFICE:
Nes. 10 AND 18 EXCHANGE
Wm. Gray and H. a Walker. Agents
CO.,
BARING &
TORONTO.
BRAD OFFICE,
Onion or
T
THE CHRONICLE,
Ape. 6 1907.1
INVESTMENT
SECURITIES
Branches Throughthe
Dominion
oni
8. d. Loring.
Homer Loring
NEW YORK
AGENCY, 95 PINE
C. Sidney
STREET
Shepard, s
BOSTON
NEW YORK
33 C0N0RE88
33 Wall Street
S. D.
fTovetcm
The English Association of American
Rond & Share Holders Ltd.,
5 GREAT WINCHESTER STREET. LONDON
Acts^ as Agent In England for American and
Railway
Canadian
Industrial Companies.
and
64
LORING & SON,
BANKERS,
Devonshire Street,
.
.
Boston. Tucker,
LordWklby.VV Li
T
di.ey, T.
Reynolds— London
York
Agents in America and Can¬
Trust Co. and the Bank of
P. Fowi.kr— \.<iv
The Association's
ada are The Morton
Anthony & Co.
BANKERS ft BROKERS,
and Directors.
W. smithkks. Chairman
Trustees
Ai.fkei*
INVESTMENT BONDS
S3 STATE
STREET,
BOSTON.
Montreal.
Members Beaton aid New
Exchanges.
THOMASJLINDLEY, Secretary.
THE HAGUE,
*
Place
Tel. Address,
Mortgage A
Securities Company
s>
in Europe.
913 CAMP
ST.,
U. & Lleber.
64,
BEHRENSTR. 48
CAPITAL, !>1k. 95
SURPLUS, i>»k. 9K
Transacts a
pays
Southern
Business and
sped *1 attention to the execution
Transactions with the
the
of all
OF AMERICA
x
Countries
Travelers’ Letters of Credit and Cheques
available In all parts of the world; Interest on 44
Deposits; Foreign Exchange, Gable Transfers;
Investment Securities
Conclude* on next rage
$600,000
Municipal
Real Estate
CO.,
bankers,
Members #/ New
Securities
Loans
to-day pretents the promise
greatest industrial advancement
The South
H. AMY &
York Stock Exchange.
Street,
New York.
•
of
CO.,
High-Grade
Investment Securities
and 46 Wall St.,
New York.
INVESTMENT SECURITIES.
Bills ot
Exchange.
Letters of Credit.
GRISCOM.
BERTRON, STORRS &
BANKEBS,
BANKERS,
and other American
SIMON BORG &
Ne. 20 Nassau
and
Banking
Foreign
LA.
Dealers In
millions
Millions
General Banking
UNITED STATES
NEW ORLEAN8,
CAPITAL PAID IN,
AMERICA-BANK A. G.
BERLIN: W.
-
Voco.
Hartfleld’s Wall 8t., W.
Yerk Steak
Real. Estate,
HOLLAND.
American Investments
Codes.
New Orleans
CO.,
VAN OSS &
8t
Building,
PHILADELPHIA.
Land Title
40 WaU Street,
NEW YOU.
INVESTMENT 8EOURITIE8,
/
VI
THE CHRONICLE.
Ifcrreigii.
National Bank of Cuba
PHILADELPHIA.
E. W.
82
24
33
64
03
03
63
United States Depositary in Cuba.
Depositary for the Funds of the Republic of Cuba.
Investment Securities
J. W. SPARKS & CO.,
BANKERS AND BROKERS
Corner Chestnut and Third Sts.,
52
PHILADELPHIA
f PHILADELPHIA STOCK EXCHANGE
Wm. G.
Hopper
& Co.,
BOND BROKER8,
STOCK AND
Purchasers of First Class Investment Securities
28 Sooth Third Street,
Foreign Markets.
Philadelphia.
Investments receive oar special attention. Infor¬
mation
cheerfully furnished regarding present
holdings or proposed investments.
89 Lombard Street, LONDON. E. C.
| NEW YORK STOCK EXCHANGE
(CHICAGO BOARD OF TRADE
Investment Securities
MEMBERS
Broadway
W. G. HoppeKj
H. 8. Hop pub.
Members of Philadelphia Stock Exchange.
London Correspondents.
BANKERS.
Private
NEW YOBK
.
D. M. MASON & CO
Jordaan Cohen &
\ fSJS^at^Baj^
131 South 6th Street
semi-annual dividend, pay¬
for the JBiitiah and
PHILADELPHIA, PA.
Members of Phila. & N. Y. Stock Exchanges.
DEALERS IN HIGH-GRADE UNLISTED
AND INACTIVE LISTED BONDS
FOR
INVESTMENT PURPOSES
$19,474,629 14
„
Deduct $200,000 4%
able January 1. 1907.
112 So, 4th St, and 100-102 Girard Trust Bldg
Battles, Heye & Harrison
LIABILITIES.
-‘55,000,000 00
500.000 00
a Undivided Profits
263,735 22 $5,763,735 22
Deposits
13.710.893 92
a
Morgan & Co.,
BANKERS & BROKERS
39
Capital
Surplus
Total
CO., Ross,
Members Phila. and New York Stock Exchanges
Interest Allowed, on Deposit*.
lew York Correspondents:
3,769,994
10,496,331
73,171
377.853
74,044
&
PHILADELPHIA
PHILADELPHIA
321 Chestnut Street.
$19,474,629 14
i,
CLARK
BANKEK8,
83
59 54.6S3.234 42
Sundry Accounts
Total
LXXXIV
gaulmrs and grotuers outside Utem ^orfe,
Havana, Cardenas
Clenfuegos Matanzas Santiago,
Manzanillo. Sagua la Grande, Caibarlen, Guan¬
tanamo, Santa Clam, Pinar del Rio, Camaguey,
Galiano Street, Havana
Cuba.
GENERAL BALANCE SHEET DECEMBER 31 1906.
ASSETS.
Cash—
In Vaults
$4,135,064
Banks and Hankers
548,169
Bonds and Stocks Owned—
Government Bonds
$2,585,135
City of Havana Bonds
1,096,255
Other Bonds and Stocks..
88,603
Loans, Discounts, Time Bills, <fcc
Furniture and Fixtures
Bank Bulldln"
[VOL.
Wires, N.Y., Pittsburgh, Chicage
Audenried
&
Bowker,
Drexel Building, Phila.
WATER WORKS BONDS
Guaranteed Principal and Interest by
American Water Works & Guarantee Company,
JOHN H.McQUILLEN & CO.
BenJ. C. Warnick & Co.,
Wennink,
Members Philadelphia Stook
BANKERS Sc BROKERS,
141 South 4th
BANKERS.
Street,
v
Stocks and Bonds
Dealers In
HIGH-GRADE RAILROAD AND OTHER
CORPORATION BOND8 AND STOCK.
PARIS.
Syracuse Rapid Transit
Philadelphia, Fa
-
Exchange
104 South 4th
Street,
PHILADELPHIA
Send for our Circular.
ganlters.
FIRST"
OF
NATIONAL
DEPOSITARY.
Capital and Surplus, $2,500,000
OFFICERS:
Frtd Voo*l Jr., Pres.
Hinrt Klors, Cashier.
Wm. Btqxlow, v.-Pres.
Oscah KAHTSN.Ast.Cash.
Fbid. T. goll, V.-Fres.
K. J. Hughes Ass’tCaah.
A. W. BOOK. Ast.Caan.
W. C. HAAS, Mgr. t orelfm A Savings Dept.
Ladd &
Tilton,
BANKERS,
PORTLAND,
OREGON.
ESTABLISHED IN 180®.
RESPONSIBILITY
Transacts
a
General
$5,000,000 00.
Banking Business*
OOTX*CTTON* Ottkn RpvcrAT, Attmntiop.
Accountants.
LYBRAND,
^
R08S BROS A
MONTGOMERY
Certified Public Accountants
25
Exchange Street, Providence, B. I. Representatives of Spencer Trask & Co.
Transact
a
general banking business. Bonds,
Stocks and .Local Securities. Private wires to
New York. Boston and Philadelphia.
KANSAS
I
bay any of the older Issoes of Kansas bon
D. H.
TOPEKA,
-
-
New York Office. 40 Wall A 37 Pine 8U.
NEW JERSEY.
EDWIN R.
-
-
New York
Special Department for Bank Examinations under
DEALER IN
NEW JERSEY
SECURITIES,
15 EXCHANGE PLACE
JERSEY CITY.
Telephone 75L
L00MI8. 0UWANT&C0.
CERTIFIED PUBLIC ACCOUNTANTS
ffiitamial.
INVESTMENT SECURITIES.
HARTFORO
JOS. B. MAYER, President,
Wa will Purchase
or
Finance Electric
Conn., Hartford & General
Investment Securities.
Railways,
Lighting and Gas Properties
LAR0E PROPOSITIONS PREFERRED.
PUBLIC ACCOUNTANTS
41-43 Vail St.
43-49
Exchange FI,
NEW YORK
ptw.) Certified
henryc- Davis,sk7.
Public
Accountants
j
Telephone 2269-9270 Broad
5J Broadway, New York,
18W LaSalle Street. Chicane.
HOW, ROSE & CO.,
Certified Public Accountants
MEW YORK
Telephone 4861 John.
H.
K. TAYLOR
Toon.
Mutual
&
Bldg.
CO.,
BALTIMORE.
STANDARD AUDIT CO.
perlby mouse
JAMES PARK & CO.,
CERTIFIED
Company,
J>s
30 Brand Street Mew York.
Tel, 4968 Broad.
Weeden &
BANKERS.
the management of a National Bank Examiner
«>f many years' experience.
56 Pine Street
PROVIDENCE.
CASE,
11 Pine Street
CERTIFIED PUBLIC ACCOUNTANTS
BOSTON.
MEMBERS BOSTON STOCK EXCHANGE
KANSAN
FINANCE CO.
Wilkinson, Reckitt, Williams & Co.
COMPANY
BONDS FOR INVESTMENT
MARTIN,
-
&
7 CONGRESS ST.
(Pennsylvania)
Broadway,
BOSTON.
ADAMS
TOPEKA.
MEW YORK
52
Members Philadelphia Stock Exchange.
Laai Tills BnlUUag
Wall Street Ixehaife Building.
125 South 4th Street $
BANKERS,
TRACTION. GAS & ELECTRIC
PDiL.ADBl.PHIA.
■
BANKERS & BROKERS
Richardson & Clark.
BANK
MILWAUKEE.
UNITED STATES
Wurts, Dulles & Co.,
PROVIDENCE
VICKERS
29 Wall St.,
&
PHELPS.
Mew York.
CHOICE NOTES
Circular sent on application
William Wilson A Bone.
Established 1802.
Wilson, Colston A Oe.
Established 1867.
Wilson, Colston & Co.,
Members of Baltimore Stock Exchange,
BANKERS,
316 E. Baltimore Street. Baltimore.
Investment and Miscellaneous Securities a
specialty, and whole issues handled. Exceptional
facilities for dealing in all classes of Southern
Bonds. Loans on Collateral Securities negotiated.
Robert A. Fisher & Co.,
BANKERS AND BROKERS
227 E. German Street, Baltimore
OTBMBKRI BALT. STOCK KXGHAJKtf
9
THE CHRONICLE.
Ape. 6 190 7J
jankers anti prefects
LOUISVILLfc,. kY.
INVESTMENT SECURITIES
Street Railway Issues a Specialty
ROBINSON.,
Y. Stock Exchange
exclusive private wire
Members N.
NEW
Member
111 Broadway
OFFICE, 1000 Elllcott Square
New York
YORK OFFICE,
BUFFALO
MEADOWS, WILLIAMS &
MEMBERS NEW YORK
STOCK
HANKERS AND
OF NEW
PITTSBURGH STOCK
Wood and Diamond
SON,
BROKERS.
STREET
RAILWAY
AND
PITTSBURGH
Sts.,
Sproul & Co.,
Henry
Bankers and
SECURITIES
316 Fourth Ave..
Brokers
PITTSBURGH
-
Specialty.
A
Correspondents. EX.
SECURITIES
YORK AND
EXCHANGES
Established i860.
INVESTMENT BONDS.
EXCHANGE
NIAGARA FALLS
OTHER LOCAL
CO.
MILLER
Correspondent.
LOUiSVILLE, KY.,
CO.,
Hankers,
MEMBERS
Louisville ^tock. Cxcnang?
J. J. B. HILLIARD &
DEALERS IN
BUFFALO,
ROBINSON BROS.,
'Broker.
Banker and
BOUGHT AND SOLD
ESTABLISHED 186 J
DUNLAP,
L.
JOHN
Buffalo Securities
&
PITTSBURGH.
LOUISVILLE.
BUFFALO.
DANN
mttsicle ||e«r Herb.
NORTON A CO.. N. Y.
BOWEN,
&
WOOD
MEMBERS:
NEW YORK,
PHILADELPHIA, CHICAGO
AND
PITTSBURGH STOCK EXCHANGES AND
CHICAGO BOARD OF TRADE.
LOUISVILLE, KY.
TELLER,
GEORGE R.
INVESTMENT
Municipal and
BUFFALO, IS. Y.
Securities
Investment
Local Stocks.
—
BONDS.
SECURITIES.
1
Halsey & Halsey,
BANKERS AND BROKERS.
LOUISVILLE.
ROCHESTER. N. Y.
BONBRIGHT & HIBBARD
100 Powers
Building,
Membersi
\
Rochester
Stock Exchange.
(Chicago Board ol
SPECIALISTS
ROCHESTER
Daily Lists
Mailed on
Trade.
SECURITIES
N.Y. Correspondents:
BANKER
Securities
Rochester
DETROIT, MICH.
& COMPANY
E. MOSS
W.
Otto Marx &
ANJD
BANKERS
Bid?.,
Corooration
DETROIT. HUGH.
MILWAUKEE
C1IAS.
R. M. FRIEND
SCHLEY
BONDS
U
Steiner Brothers,
BANKERS AND
New
York Office;
-
NASHVILLE.
WISCONS N
WILD & CO.,
Bankers and Brokers.
OLDEST BOND
Market St.,
-
Investment Securities
Members
American Nat
Indianapolis Stock Exchange
Bank Bldg.
INDIANAPOLIS
NEWTON TODD
TRACTIONS AND
LOCAL. STOCKS AND BONDS.
Fletcher Bank Building, Indianapolis.
PITTSBURGH, PA
&> Co,,
Black;
Members Pittsburgh
Stock Exchange.
SECURITIES.
PITTSBURGH.
Columbia Bank Bid*,.
We Bay and
Sell
INVESTMENT BONDS
l-NO STOCKS)
Correspondence Solicited
Municipal and Lorporatlon
Securities Co.
Pittsburgh* Pa*
L. L. McClelland,
Sec. A Tress.
James 8. Kshs,
President
PAID-UP CAPITAL,
COULDINC MARR,
4200.000
SOUTHERN.
NASHVILLE, TEW.
LANDIS BANKING
Securities.
-
-
CO..
Railway
Telephone and Street
TENN
ESTATE BONDS 6%
MOTTU
CO.
&
BROKERS
BANKERS AND
NOKFOLK, VA.
NASHVILLE, TENN.
STOCKS AND
BONDS
AUGUSTA.
John W. Dickey,
Hugh MacRae & Co.,
BANKERS,
Investment Se¬
Description.
WILMINGTON, N. CM
Dealers In Southern
curities of Every
AND
WASHINGTON, D. C.
BROKER,
AUGUSTA, GA.
SOUTHERN SECURITIES.
INDIANAPOLIS.
ELLIOTT 8. SONS,
JAS. T.
of
Avenue,
240 Fourth
408 Colorado Building.
HOUSE IN INDIANA
Municipal and Street Railway
Securities—A Specialty
123 E.
specialty of all the Securities
great Pittsburgh District.
We make a
the
ot
NASHVILLE STREET RY. SECURITIES
CUMBERLAND TELEPHONE STOCK
INDIANAPOLIS
J. F.
11 Wall Street.
EXCHANGE,
& CO., THOS. PLATER & CO.,
ESTABLISHED 1850
•
N.Y. Stook Exchange
PITTSBURGH STOCK
BROKERS,
Birmingham.
•
•
Alabama.
Investment Securities.
LOCAL STOCKS AND BONDS.
6% REAL
MILWAUKEE,
BUILDING.
INVESTMENT
COKPOlt ATE
CHAS. SCHLEY
Co.,
ROBERT C. HALL,
W. *X.
AND BONDS.
NASHVILLE,
11 U
BROKERS,
Dealer in
BONDS
Union Trust
Co.
Birmingham, Alabama.
HANKERS
Municipal and
FRICK
BROKERS,
Pittsburgh Members
MEMBER
Application-
GREENE
STOCK
KELLEY, MILLER Sc CO.
Bonds
MYRON W.
Whitney, Stephenson &
INVESTMENT SECURITIES.
STOCKS
4% to 6%
Ertabltibed 1871.
Oldest
BIRMINGHAM. ALA.
Stock Exchange.
C New York
PITTSBURGH, PA.
Corporation Bondi*
Davenport
& Co.,
AND BROKERS,
BANKERS
RICHMOND. VIRGINIA.
WILLIAM E. BUSH,
INVESTMENT
SECURITIES,
AUGUSTA, GA.
Established
Correspondence solicited
uished about
186a
and Information for*
Southern State. Municipal
road Investment
Securities.
Reference—Bank of New York,
*ns Rad-
N. B. A.
ATLANTA
CORRESPONDENCE SOLICITED.
DARWIN C. JONES,
A.
Strassburger,
Southern Investment Securities.
MONTGOMERY, ALA.
ATLANTA, GA,
,
SECURITIES, NEGOTIATIONS.
yiu
THE CHRONICLE
[ V OL LXXX1V,
gsmfters antt groketrs Dutsi&e ^cxo Horfe.
CINCINNATI.
rfVVvvvwv>nrMWWWw^-%ni"i^r'^^'"‘*‘n~^^*
- - — - —
*** * *
CHICAGO.
*i*^i*i*iVi*ii*iv»vwt^>uui
Bartlett, Frazier
NEW LOAN
$250,000
&
CITY OF CHARLESTON, W. VA.,
4>£% Bonds
DUE
Total debt only 2% of the
assessed valuation
Carrington,
IS BROAD’ STREET
NEW YORK.
WESTERN UNION BLDQ. CHICAGO.
410 and 412 Olive Street,
139 East Fourth Street
CINCINNATI, OHIO
FR1VATK
Bonds and Stocks of Ohio'
Jr. & Co.,
New York Htock Exchange.
New Y'ork Cotton Exchange,
New York C’ollee Exchange.
New York Produce Exchange.
Chicago Block Exchange,
Chicago Hoard ot Trade,
OHIO.
-
Members!
ISSUE
Ht. Lout. Merchants
I02H.
-
Exchange.
AND
FRANCIS, BR0.8cCO.
(JOLUMHUS
amounts of Hi^h Grade Muni-
&
cioal and
CO.,
Bonds
members New Vork Stock
Exchange,
St. Louis Stock Exchange,
Chicago Stock Exchange*
Yielding from 4% to 5%, which
are
all Markets
m
STOCK
Corooration
suitable for the investment
Investment Securities.
of trust funds and would alwavs
EXCHANGE
be available
DENVER. COL
as
collateral.
Cor¬
respondence invited.
William E. Sweet & Go.,
W. B. McKeand & Co.,
Municipal and Corporation
The Rookerv
Chicago.
BONDS
WHITAKER & CO.,
Investment Securities
GROUND FLOOR EQUITABLE BUILDING
Special Attention to St. Louis Securities
SEATTLE. WASH
JOHN
E.
Banker A
Municipal
PRICE,
Broker,
and Corporation
BONDS
BANK
.
STOCKS
A. G. Becker 8c
Co.,
COMMERCIAL
PAPER,
S, W. Cor. Monroe & La Salle
WELLS
&
300 N. 4th ST.
DICKEY
G. H. WALKER 8c CO.
CO
307 North 4th
MINNEAPOLIS, MINN.
PHILADELPHIA
ST.
bonds
Municipal and Corporation
MUNICIPAL and CORPORATION
GEO.
<€
COAST
SECURITIES A SPECIALTY
Commercial
B.
Paper
-
MINN.
-
DEALERS IN
Government Bonds and other
Investment Securities.
LOS ANGELES.
CLEVELAND.
CALIFORNIA BONDS
KANSAS CITY. MO.
Municipal, School District and Corporation
THEY PAY A BETTER RATE OF INTEREST
THAN BONDS OF THE SAME MERIT ISSUED
IN THE EAST
Correspond unth
^^t**A*A*"1-
Hayden, Miller 8c Co.
Investment Securities
us
Adams-Phillips Co.
LOB ANGELES, CAL.
WM. R. STAATS CO..
CALIFORNIA MUNHIPAL,
SCHOOL AND CORPORATION
Citizens
4 TO
b
PER
W
J. STILSON
INVESTMENT
CO.,
SECURITIES,
MEMBER LOS ANGELES SIOCK EXCHANGE
.
LOS ANGELES.
and
Established 1885
municipal and Corporation
AlOltllS
r
Missouri and Kansas Securities
OHIO.
dealers
lN
CLEVELAND, O.
J Local
i
BUSTON, MASS.
lNVESTnENT BONDS.
Garfield Building
City. mo.
f K. 0. Ry. &
Emery, Anderson & Co.,
Specialty
Request
COMPANY
Kansas
SONS,
on
a
0RTHWEIN, McCRIM INVESTMENT
Sold.
J. HAYES &
CLEVELAND,
FIELDING
Wright Investment Oo.
BONDS
Bought
PASADENA
CLEVELAND, O.
MUNICIPAL AND
PUBLIC FRANCHISE CORPORATION
CENT
LOS ANGELES
Building:.
H. P.
—i-uinorn"irir~i—i_nj~Lf>n/u~ui-rw
Monthly Offerings Sent
BONDS
NEl
jlouis, mo.
MpmitPrd‘New York Stock Exchange,
st
atocK Exchange.
LANE,
and Investments.
MINNEAPOLIS,
TO
Street,
aiemuers >
BONDS
PACIFIC
ST. LOUIS
-
Sts., Chicago.
MINNEAPOLIS.
MORRIS BROTHERS
PRIVATE WIRE6 TO
PRINCIPAL MARKETS
(INCORPORATED.)
PORTLAND, ORE,
PORTLAND
Street,
8T. LOUIS.
We have at all times lar^e
BONDS
Miscellaneous Securities
MEMBER*
Investment Securities,
214 N. 4th
COLUMBUS
STOCKS
DEALERS IN
OHIO.
-
WHITE, WAGNER
Louis Stock Exchange.
Chicago Board oi Trade.
Chi
J St.
AND DEALER
CINCINNATI,
New York Stock Exchange.
( Nei
Ji Chi
c,|lloago Stock Exchange.
(
BROKERS,
EDGAR FRIEDLANDER
BROKER
Memberst
CHICAGO. ILL.
Barney & Smith Car Co. 6% 1st Mtge. Bonds
Dated July 1. ]90J.
Due July f. 1936Price
Broadway, NEW YORK.
Successors to A.O, SLAUGHTER & CO„
139 MONROE STREET,
Companies.
NEW
71
W 1 It EH,
A. O. Slaughter
STOCK
-
St. Louis.
NEW YORK STOCK EXCHANGE
CHICAGO STOCK EXCHANGE,
CHICAGO BOARD OF TRADE.
INVESTMENT BANKERS
&
SONS,
MEMBERS:
CO.,
EDWARDS
STOCKS AND BONDS,
WEIL, ROTH & CO.
W. E. HUTTON &
A. G.
STOCKS AMD BONDS,
GRAIN AND PROVISIONS.
1927-1941
CINCINNATI,
8T. LOUI8.
Light Securities
Bank Stocks
Kano & Mo Murmvnal Bonds
OTTO JULIUS MERKEL
BROKER
44
AND
46
WALL
ST..
NEW
YORK.
INVESTMENT SECURITIES.
OomapoD^MiM lans
a
Apr. 6
IX
THE CHRONICLE
1907.]
Utem Ujrck jitacli ^change
JOHN P. HARRIS.
) ,
> General
H. R. winthrop,
T. E. CUNNINOttAJT)
j. a. riplky,
McIntyre & Co.,
T. A.
71
Special Partner
Members
Orleans.
CORRESPONDENCE SOLICITED
Exchange
Chicago Board of Trade
Chicago Stock Exchange
Nob. 34-8(1 WALL ST., NEW
Member* of New Tor k and Chicago Btook
CORNER WALL.
Buffalo, N. Y.
Cincinnati, O.
Cleveland, O
Dayton O.
Detroit, Mleh,
Erie, Pa.
CO.,
Y0BK.
Bxohange*
To Institutions, Estates and Private
Investor*— Send for oar special circu¬
lar on “ The Present Situation of the
Investment Bond Market.**
Members N. Y. and
Phila. Stock Exchanges.
PRIVATE WIRES TO PRINCIPAL
BUI L DIN f^, NEW YORK
BANKERS AND BROKERS,
Tran*act a General Banking and Stock
Business. We make a specialty
BRANCH OFFICE, NIGHT Sc DAY
0137 FIFTH AVENUE.
Members of the N.Y. and
100
Phila. Stock Exchanges
Broadway,
6*7 CHESTNUT 8T.,
A. M. KIDDER & CO.,
BANKERS,
MEMBERS OF NEW YORK STOCK EXCHANGE
Allow interest on deposits subject to sight oheck.
Buy and sell on commission stocks and bonds, and
deal In
New York
RAILROAD BONDS
GUARANTEED STOCKS.
PHILADELPHIA
STOCKS-BONDS
CHARLES FEARON & CO.,
Chas. Fairchild & Co.,
BANKERS)
29 WALL
STREET AND 3 BROAD
Stock Exchanges.
STREET
__
earners :
LADD & WOOD,
Exchange,
BRANCH OFFICE
Hotel
ALLEN, McGRAW & 00.,
STREET.
24 Broad 8treet, New
Wilson, Watson & Herbert,
Members N. Y. Stock Exchange,
Order* Executed tor Cash or on
Kargin.
Yerk.
Members
N. Y. Stock Exchange.
INTEREST ON BALANCES.
Hanover Bank
Howard
Bldg.,
NEW YORK.*
Lapsley N.&Y. Co.,
10 BROAD STREET,
Transact
General Banking and Stock
Exchange Business.
W. H.
Goadby & Co.,
BANKERS AND BROKERS,
NO.
74
BROADWAY.
SOLICITED.
INTEBSST ALLOWED ON DEPOSITS.
Private Wire* to Cincinnati and Chicago.
Branch Office. 000 Fifth Ave.
Wm. Fahkmtock,
Memb. N.T. Stock Ex.
R. b. Dodson.
T. J. Mumtobd,
Fahnestock & Co.,
BROKERS AND DEALERS IN
EX. NORTON A CO.,
SB Exchange Place, New Yerk.
Ex-Noktom, Mem. NY. BtookSx. 0*e.F. Nosier
INVESTMENT
SECURITIES
ffitnmctxl.
MEMBERS NEW YORK
BANKERS,
STOCKS, BONDS and
INYESTKENTS,
•ROBS* EXECUTED
Fer Investment er on Margin
JACOBS A CO.,
41 HBW STREET.
WEBB
Orders Executed for
Cash
or on
Margin
Troy N. Y.
EXCHANGE
STOCK
Edwih P. CLampxbll.
Hxotky G. Campbell,
Campbell Yerk.
& Co.,
H. G.
11 Wall Street, New
EXCHANGE.
Sold on Com¬
MEMBERS NEW YORK STOCK
Securities Bought and
mission.
Parkinson & Burr,
7 WALL
STOCK BROKERS.
03 STATE STREET,
STREET,
BOSTON.
NEW YORK.
Members of New York and Boeten Stock Exchange*
Private wire between the two office*.
Information given In regard to all Boston Seeorlttee
,ti4
faffiUhftd
Olipbant & Co.,
Tas. H.
J
BANKERS AND BROKERS,
20 Broad
Street,
JAS. H. OLIPHANT
ALFRaiD L. NORRIS
Member* New
.
•
New Ysrk.
FLOYD W. MUNDY
J. NORRIS OLIPKLANT
York Stock Exchange.
W. R. THURSTON.
&
CO*,
O. J. BRANS &
Member* New Yerk
INVESTMENT
SECURITIES.
CO.
Steek Exchange.
74 BROADWAY.
INVESTMENT SECURITIES.
74
BROADWAY, NEW YORK
INVESTMENT
BE0UBITIES
Y. Stock Bxohange.
Sc CO.,
NEW YORK
18 WALL STREET,
Branch Office,
O. J. BRAND,
Ne. 07 Broadway, New Yerk City
Members New York Stock Exchange
Suoooeeore to
S. F. JOHNSON
TnJPHOn NO.865 RlOTOR
STREET.
B00DY, McLELLAN&CO..
Members N.
York.
SECURITIES.
INVESTMENT
2 WALL
33 Wall Street New
Husky f. taylob
GRAHAM. TAYLOR Si CO.
Co.,
MERCHANT!
BANKERS ft COMMISSION
PHILADELPHIA
Graham
NEW YORK.
R. T. Wilson &
-
stock Exchange
Wm. Sharp Lxqqhtt
a
ACCOUNTS OF BANKS A BANKERS
R. J.
jas. Lobimxr
William M. Vanoe.
INVESTMENT SECURITIES.
T WALL
Stanley D. MoGraw
Exchange
C New York Stock
J phua<ie]phia
Empire, 63d Street and Broadway 888 Chestnut St.,
Bobert H. Allen.
Leading
Orders Executed on All
Members N.Y. Stock Exchange
NEW YORK
Members New York Stock
Building.
Newport Office: Audrain
CITIES
Newburger, Henderson & Loeb,
Membcrt New York /Stock Exchange,
-
BANK,
NEW YORK.
Established 1860.
J. Goodhart & Co.,
57 BROADWAY,
Exchange
of
18 WALL STREET,
BANK AND TRUST CO.
8TOCKS.
P.
Montreal, Can.
Investment Securities.
Miscellaneous Securities
in all Markets.
Specialty of
We Make a
'
HARRIMAN& CO.,
JOHN H. DAVIS & CO.,
BANKERS AND BROKERS,
NO. 10 WALL STREET,
St. Louis, Mo.
Syracuse, N. Y.
Schenectady, N. Y.
Troy, N. Y.
Utica, N. Y.
TRINITY
Telephone 3070 John.
PRINCIPAL CITIES.
PRIVATE WIRES TO
Postal Telegraph Bldg
BRANCH OFFICES
Waldorf-Astoria, N. Y. C.
Williamsport Pa
Flatiron Building, N.Y.C.
Wllkesbarre, Pa.
2 East 44th St.. N. Y. C.
Scranton, Pa.
Rector.
Telephones 41455-4*66-4257
Tel 5553 Bro
principal cities.
Railway Exchange Bldg.
CHICAGO
C. 1. HUDSON &
EFFINGHAM LAWRENCE & CO.
Exokaage,
IN ALL MARKETS
PRIVATE WIRES
Robert H. Simpeoe
NAS8AU STREET
STOCK8, BONDS AND
SECURITIES
MISCELLANEOUS
240 La Salle Street
25 Pine Street
NEW YORK
Branch Offices, 516 Flflli Avenue
Delmonlco’s and 305 Broadway
members New York Stock
Stock Exchange. '*
CHICAGO. ILL.
New York Stock
Direct wire connection Boston,
Board
Chicago
Private wires to
MEMBERS
and Cotto
of Trade and
Stock
York
New
the
DEAL IN-
Stocks, Bonds and Grain
Liverpool Cotton Association.
New York Coffee Exchange,
New York Produce Exchange
Chicago Board of Trade
■
of
Exchanges,
Harris,Winthrop& Co.
SfOngham Lawrence
BROAD STREET
30
Cleveland
New York Stock Exchange,
New York Cotton Exchange
New Orleans Cotton Exchange
Chicago, and New
BROWN & CO.,
A. O.
Partners
BROADWAY
MEMBERS:
1
pauses
mJm GK
BONDS
LOANS
BANK AND TEUBT
COMPANY STOCKS
Zachry & Go.
BANKERS, 46 Wall St., New Yerk
J. S. & R. D. FARLEE,
MEMBER8 NEW YORK
STOCK EXCHANGE.
BROKERS AND DEALERS IN
INVESTMENT
11 WALL
SECURITIES
STREET, NEW YORK
[VOL.
THE CHKONICLE-
X
©tttrent Sc ml
LXXXIV.
gtiquities
Missouri Kansas & Eastern 1st 5s, 1942
Brief
Colorado
Springs & Cripple Creek Dist. 5s
Chicago Peoria & St. Louis 4J^s & 5s
I.
System.
Booneville St. Louis & Southern 6s
Toledo
II
The total Issue Is outstanding and no more
of the bonds can be put upon the market
by the company.
This naturally tends to
Railway & Terminal 4%s
Toronto Hamilton & Buffalo 4s
III.
Ry. & Coal 1st 5s
Washington Terminal
IV.
s
Kansas City Southern Notes
Pere
strengthen the position of the security.
They still have thirty-five (35) years to run,
do not carry a high premium and yield a
liberal
return
for
an
UNDERLYING
FIRST MORTGAGE BOND.
New Mexico
i
facts concerning these bonds:
An ABSOLUTE FIRST MORTGAGE at a
moderate rate per mile upon one of the
most Important parts of the M. K. & T.
Marquette Ref. 4s
Bush Terminal 4s & 5s
They are listed on the New York Stock Ex¬
change, where they always have a ready
market, and they can be purchased to-day
at an extremely attractive figure.
Write for price and further particulars
G. W. Walker A Co.
BANHGKN
Telephone
25 Broad Hu.
New York
3945 Bread
F.
J. LISMAN & COMPANY,
SPECIALISTS
NEWBORG &
IN STEAM RAILROAD SECURITIES
Members N. Y. Stock Exchange
30
BROAD
STREET, NEW YORK.
45 NEW STREET.
Membkbs Niw York stock kxchanox
Land Title & Trust Co.
Building PHILADELPHIA
Boulevard, CHICAGO
Connecticut Mutual Building:, HARTFORD
169 East Jackson
404
Short-Term Notes
New York
City Bonds
Allls-Ckalmers
Railroad Notes
at the Market
‘
All Issues”
LIBBEY&STRUTHERS
30 Broad Street
New York
[New York &
5s, 1936
Wabash New 4s and
Deal in Bonds, Stocks and Investment
Securities and transact an arbitrage
business with the principal European
stock markets.
Telephone, 674B Broad.
Jersey 5s
Scrip.
Cable Address:
“
NEWR08B.”
Erie Consol. 7s
Specialists in Uncnrrent Issues.
Tel* 5950-1-2 Broad.
Long Branch 4s
Central of New
A. LISMAN & CO.,
A
CO.,
44 Sc 46 BROADWAY, N. Y,
Central Pacific
3Js
Westinghouse Conv. 5s
25 Broad 8t«
Commercial Cable Bonds
WeBtem & North Carolina 6s
PROCTER
&
BORDEN
Indianapolis & Vincennes 7s
Hartshome, Bogert & BatteUe,
Texas & Pacific 5s
Equitable Building, New York.
Members New York Stock Excha«e.
26 Broad Steet,
New York.
•
WE OWN AND OFFERJ
OFFFR
at Market
MATURING
BONDS
Wadsworth &
The bond market now affords unusual op¬
portunities to Investors.
Telephone No. 6480-1-9 Broad
UNION TYPEWRITER
Erie Railroad I-Year Notes
160 St. James Street,
Montreal, Canada,
Wright,
Members New York Stock Exchange
Send for our copy¬
Washington Terminal 3I£s, 1945
Illinois Cent. Regis. 4s, 1952
C. B. & Q., Nebraska 4s, 1927
Memphis Cons. Gas & Elect'. 5s, 1943
Southern Ry., E. Tenn. Reorg.5s,’38
Penna. Co. 4s, 1931
Met. St. Ry. (Kansas
City) 5s, 1910
righted book
2 Wall Street.
“INVESTORS’ MATURING BONDS.”
NEW YORK.
COFFIN
with
comparative tables—a useful book for
bond buyers.
April list of offerings sent on application.
Lincoln &
Investment Bankers.
&
COMPANY,
BONDS
34 Pine Street, New Yerk.
Tel. 0100-1-2-3-4-5 John.
Underlying Northwestern
Company
Thomas L. Manson & Go.
Bonds
18 Wall St., N. Y
STOCK BROKERS
New York & Jersey 5s
Pere Marquette Ref. 4s
Terminal of St. Louis 4s
Artesian Water (Memphis) os
Republic of Cuba Internal os
St. Louis Iron Mt. & Southern 5s
Members N.Y. and Boston Stock Exchanges.
Rhoades
Company,
Broadway,
NEW YORK.
Telephone 1135 Rector.
-
NEW YOBK
T.l. 3500 R*cto,
Private Wires to Boston. Hartford, New Haven and
PuLadelphta
.
American Soda Fountain Stocks
18 Wall St., New York
BAKER, AYLINC
71
7 Wall St., Corner New St.,
BECKER & STERLING,
Tel. 985-986-987 Rector.
CaMt Add. -Beckster,”
&
Kirby Lumber Stocks
New England Brick Yard 5s & Stock
City of Austin (Texas) 4s and 5s
Kansas City (Mo.) Gas 5s
&
COMPANY
Dealers In Unlisted Inactive Stocks and Bonds
F.
W.
MASON
&
CO.,
53 Stat* St.. BOSTON. HI ASS.
Investment Bonds
Land Title
Building:
PHILADELPHIA
50 Congress Street
BOSTON
Washington Terminal 1st 3^£s, 1945
American Cigar 4% Notes, 1911-12
Cleveland City Cable 5s, 1909
Buffalo & Susquehanna 4^s, 1953
State of North Carolina 4s and Gs
M.
DESCRIPTIVE CIRCULARS SENT ON APPLICATION"
WOLFF,
Cable Add, "MOWOLF” 27 William St.,
Phones: 6557-0558-6559 Broad
N Y
XI
CHRONICLES
THE
Apr. 6 1907,
Inquiries.
©ttcmrt Solid
5689021—Choemnstap. ke
WANTED
Pennsylvania Railroad Co.
March 15, 1910
5% Cold Notes, due
Missouri Kan. & Okla. 1st 5s
5.65%
9QH and interest,yield about
Price
Texas & Oklahoma 1st 5s
appeal as probably the most attractive of Railroad Notes
not alone because of the high credit of the maker, but because they have what most recent Issues lack
namely, co lateral security consisting of
To discriminating
Investors, these n/»tes
PENNSYLVANIA 4% EQUIPMENT
$45,000,000
10.000.000
8,800.000
Syracuse Lighting Stock
BONDS
WHITE, Jr.,
GEO. C
Co.
Pfaelzer
Greenwich Insurance stock
CERTIFICATES
PENNSYLVANIA 4% WATER SUPPLY
PENNSYLVANIA COMPANY STOCK
Jersey 1st 5s
New York &
20 BROAD
NEW YORK
ST.,
BANKERS
25
BOSTON
BROAD STREET.
Tel. 2672-8*4 Bd
RICHMOND.VA.
5s, 1936
1052
Georgia Midland 1st Mortgage 3s, 194<o
Norfolk & Western Ry. Div. 4s, 1944
From time to time we make studies of railroad
and Industrial properties for the benefit of our
Potomac Electric Power Co. cons.
Union Steel Co. 1st Mortgage 5s,
Consolidated Indiana Coal Co.1st Mort.5s,1935
Waterbury Co. Common
Specialists f yVaterbury Co. Preferred
clients.
We will upon application
the following properties.
Sutton, Strother & Co.,
BROKERS,
BANKERS AND
104 South
Calvert Street,
Broker
LEONARD F. HEPBURN,
Public Service
*'
Corporation Bondi and
Exclusively.**
Stocks
a
&lPontlac Ry. 1st 5s, 1922
(Mo.) Gas 5s, 1922
Ltg. Co. 1st 5s, 1938
Cleveland City Cable ’Ry. 1st 5s, 1909
Second Avenue Ry. (N. Y.) Cons. 5s, 1948
Gas Co. of Luzerne County 5s, 1928
Milwaukee Gas Lt. 4s, 1927
Denver Gas ds Electric Co. 5s, 1949, and stock
Tel. 3785-3786 Rector
20 New St.. N.Y.City
Detroit
Kansas City
White Plains
A E.
PHILBRICK & HALL
BANKERS Sc BROKERS
Members New York
25 Bioad Hi.. N. Y.
TO
Stock Exchange
Tel. 4801-8 Broad
carefully
Richmond Pass. & Power
Sec.
5s
SPILLER & CO.,
Specialists in Inactive
MEMBERS NEW YORK
30 Broad St. N Y.
WANTED
Duluth & Iron Range
Indianpolis & Louisville 5s
Central 1st 5s
j |230 Rector
INVESTMENT
BONDS FOR
Specialists In
Northeastern
Securities
A. N.
Pennsylvania Securities
PINE STREET,
BANKERS.
NEW YORK.
NET
Securities
MORTGAGE 5% RAILROAD, GAS
BONDS, AT PRICES TO
3KETOg5H%. List upon Application „
FIRST
AND
& Lighting Co.
WATER
Burlington (Iowa) Ry.
& Light Co. 5s
Consolidated Gas Co. of New Jersey 5s
Green Bay Gas & Electric Co. 5s
Kingston Gas & Elec.5s(Guar.by Amn.GasCo.)
E.I.duPont
Am.
W. A.
-
THE BOURSE
PHILADELPHIA
BROADWAY
NEW YORK
TELEPHONE 237 JOHN.
Connecticut Railway
CHANDLER <& CO.
•
Jester & Co.,
21
deNemourP. Co. prd.de com .stocks
Vulcanized*Fibre Co. pfa. ds com.
53 William Street
Telephoned 50J bn
GEO. P.
118 Hoath
BISSEL.L,
Fourth St.
Philadelphia. Pa.
WANTED
FOR SALE
Internat. Silver
Debenture 6s, 1933
H7 HATCH,
Dealer In Unlisted Securities
Corporations In the United
TeL 6320
Broad.
U. S.
of Railroads and other
States and elsewhere
30 Broad 8t. Now York.
Steel11st 5s, 1951
Utah Lt. & Power 4s, 1930
Staten Island Water Supply
LEONARD
402 Land
Title Building,
20 Broad St.
N. Y.
YORK
Dist. Cons. 5s
5s
Republic Iron & Steel 5s
Minneapolis & St. Louis. Cons.
INVESTMENT SECURITIES
St. Louis Memphis & S.
Helena Light & Ry. 5s
E. 4}^s
E. C. Stanwood
96 MILK
Rosen, Stillman &
Members N.
Pine Street,
Co.,
Y. Stock Exchange.
New York City
Tel. 4540 John
& Co.
BANKEW8.
STREET
BOSTON
^
PHILADELPHIA
a
Montana Central 6s
Col. Springs & C. C.
6s, 1911
SNIDER,
Broadway, NEW
66
PARMELEE & CO.,
Rector
stocks.
WILLIAMSON,
FREDERIC
1st 5s
Pensacola & Atlantic 6s
C. L,.
Telephones
NEW YORK.
Springfield Ry. «& Light Securities
International Traction of Buffalo and
International Silver prefered
International Silver common
PATERSON & CO.,
Tel. 910-1
Securities
Boston.
-
NASSAU ST.,
9
LouisviUe,
STOCK EXCHANGE.
Ry. & Light
Bonds,
Equitable Gas L. Co. (N.Y.) 1st 5s
New York & E.R. Gas Co.(N.Y.) let 5s
Westchester Lighting Co. 1st 5s
Toledo & Ohio
BANKERS
111
& 5s
Plattsmouth (Neb.) Water Co. Bonds
Beatrice (Neb.) 3s & 4s
Chicago
selected
Bank
Austin, Texas, 4s
Rector.
MECARGEL & CO.
Cor¬
HIGH-GRADE BONDS
Hudson River Electric Co. 5s
St. Louis & No. Arkansas RR.
Tel. 1985-6
%
i\ew Yori*
Street,
New York.
FOR SALE:
Citizens' Central Nat.
1P06 Manual of Northeastern Pennsylvania
Securities, Now Out, Mailed free on Request
HENNING & CO.,
S. C.
Carnegie Trust Co.
97 State Street
Correspondent*: Edward B. Smith & Co.
and Phila. Stock Exchanges
Members N. Y
NET
30 Pine
Pennsylvania Investment
Securities
conservative investment
494% to 6!4%.
for
BONDS
Our
other Traction
H. C.
Northeastern
& Ohio Dividend
BOND8 of Public Service
New Orleans
WANTED
,
HIGH GRADE
Bickmore & Co.,
porations
PA*
-
-
-
DEALERS IN
send our clroulara on
& Ohio
B. &0., C. &0. and N. & W
C. & O. and N. & W.
E. Tworger
J.WtUot Hall
Pbllbrtck
SCRANTON
BANKERS
Baltimore Stock Exchange.
Members of
BANKERS,
of Ga. Income Bonds.
A. H.
BALTIMORE.
CO.,
&
BROOKS
& STRINGFELLOW
Hitchcock SCOTT
Bankers & tvrokeri
Ashmore, Lutz &
25 Broad St.
PHILADELPHIA
NEW YORK
xn
THE CHRONICLE.
[VOL.
ffitroncial.
OFFICE-
OF
LXXXIV.
$?inmxctai
TH ti
^SURPLUS* ° $11,000,000
ATLANTIC MUTUAL INSURANCE COMPANY. Title guarantee
Xew
T
r
andTRUST COMPANY
York, January 22d, 1907.
Trustees, In conformity with the Charter of the Company, submit the following statement of its affairs
on the 31 st of December, 1900.
Premiums
Premiums
Total
on
on
Marine
Marine Risks from 1st January, 1906, to 31st
Policies not marked oil 1st January, 1906
Premiums.
Premiums marked oT from 1st January,
Interest received during the year
Rent, less Taxes and Expenses
Loans
$3,772,433 65
-
1906* to 31st December, 1906
$356,457 98
125,501 '85
$481,959 83
Montague Street, Brooklyn Banking Dept.
Examines & guarantees Real Estate Titles,
$3,190,241 67
582,191 98
December, 1906.
176 Broadway, New York.
175 Remsen Street, Brooklyn.
198
Money
on
$3,081,714 32
Receives Deposits subject to check, allowing
Interest.
Does all Trust
Losses paid during the year which were estimated in 1905
and previous years
$309-,817 14
Losses occurred, estimated and paid In 1906
1,009,224 32 $1,319,041 46
_
In
CLARENCE H. KELSEY.
EDGAR L. MARSTON.
WILLIAM H. NICHOLS.
JAMES H. OLIPHANT.
CHARLES A. PEABODY.
JACOB H. SCHIFF.
JAMES SPEYER.
EDWARD O. STANLEY
257,367 31
$1 ,061,674 15
Returns of Premiums
$62,411 11
Expenses, including officers’ salaries and clerks’ compensation, sta-'
tionery, newspapers, advertisements, etc
$344,098 27
The Company lia3 the following Assets, vl2.:
United States and .State of New York Stock, City, Bank and other Securities
.Special deposits in Banks and Trust Companies
Real Estate corner Wall and William Sts., and Exchange Place
$4,299,000 00
Other Real Estate and claims due the Company
•
75,000 00
...
Premium notes and Bills Receivable
Cash iu
hands of European Bankers to pay losses under policies payable In
countries
Cash In bank.. 1
$5,697,108 00
700,966 67
4,374,000 00
CLARENCE H. KELSEY, President.
FRANK BAILEY, Vice President.
1,191,974 88
EDWARD O. STANLEY, Second Vice President.
foreign
J. WRAY CLEVELAND,
By order of the Board,
0. STANTON FLOYD-JONES. Secretary.
Tit USTEES.
CORNELIUS ELDERT,
RICHARD H. EWART,
DOUGLAS ROBINSON,
GUSTAV H. SCHWAB,
WILLIAM A. STREET.
A. \. RAVEN. President.
CORNELIUS ELDERT. Vice-President.
JAMES L. LIVTNGSTON. 2d Vice-President.
SANFORD E. COBB. 3d Vice-President.
CHARLES E. FAY, 4th Vice-President,
AN
Bmb Mo. 518 Atlantic Building,
49-61 Wall Street,
NEW YORK.
HttflitUeBES
H.
M.
Wm.
INVESTMENT
60 WALL
Barclay Parsons,
THAT IS THE REASON WHY the AUTOMATIC TELEPHONE SYSTEM
makes the securities of the company using it safe, stable and profitable,
why it has been adopted by the Independent telephone
following cities:
Aberdeen S. D.
El Paso, Texas.
Emaus, Pa.
Fall River, Mass.
Grand Rapids, Mich.
Akron, Ohio.
Allentown, Pa.
Auburn, Me.
Auburn, N. Y.
Medford. Wis.
Mlamisburg Ohio.
Mt. Olive, Ill.
New Bedford, Mass.
Oakland, Cal.
Hastings, Nebr.
Havana, Cuba.
Hazleton, Pa.
Holland, Mich
Hopkinsville. Ky.
Jonesboro, Ark.
Lake Benton, Minn.
Battle Creek Mich.
Beaver Falls, Pa.
Bellingham, Wash.
Butte, Mont.
Cadillac, Mich.
Champaign, Ill.
Chicago, Ill.
Lewiston. Me.
Cleburne, Texas.
Columbus, Ga.
Columbus, Ohio.
Lincoln, Nebr.
Los Angeles, Cal.
Ocean Park. Cal.
Omaha, Nebr.
Pentwater, Mich.
Portland, Me.
Portland, Ore.
Princeton. N. J.
Richmond, Ind.
Riverside. Cal.
Rochester, Pa.
Rushvllle, Ind.
San Diego, Cal.
San Francisco, Cal.
Manchester, Iowa.
Marianao, Cuba.
Marlon, Ind.
Dayton, Ohio.
Colo.
New
York
.
City
43 Exchange Place
-
Trust
Spokane, Wash.
Springfield, Mo.
St. Mary’s, Ohio.
Tacoma, Wash.
Toronto, Junction, Can.
Traverse City, Mich.
Urbana, Illinois.
Van Wert. Ohio.
Walla Walla, Wash.
Wausau. Wis.
Woodstock, N. B.
Can.
CO.,
3
Unsatisfactory Oneiatloii Investigated.
WHITE & CO.,
Engineers, Contractors,
G.
J.
ana
Stocks
NEW TOKK
Bonis
and
Curb
Exchange Place.
NEW YORK
•
Investigations nn<1 Reports on Electric
Kail way, lias, Electric Light, and
Powey Transmission Properties
for
PlnanrlHl Institutions
and Investors.
Electric Railways, Electric Light and Electric
Power Plants Financed, Designed and Built.
J.
London Correspondent:
O. WHITE Ac CO,, Limited,
0 Cloak Lane, Cannon St.. E. C.
Canadian Correspondents:
CANADIAN WHITE CO., Limited.
Montreal.
Prlnotoal
Philippine Office.
Manila. P. I.
BEADLE & MAXWELL
Gas and Electric*
ENGINEERS
NEW YORK
Examinations and Reports
ERNEST ABS-HAGEN, C.E., M.E.
MAX B. BORG.
Hisoellaneous
43-49
82 Beaver St.,
CHICAGO, U.8. A.
BRAUN,
Bank,
Fire Insurance
Sioux City Iowa.
South Bend, Ind.
Westerly, Ii. I.
Wilmington, Del.
Morgan Streets
PRIMROSE <&
Saskatoon, Saak., Can.
NEW YORK
Operation
electrical properties
Santa Monica, Cal.
'
AUTOMATIC ELECTRIC
Van Buran and
companies in
ST.,
Examinations, Design, Construction and
„
Denver
WITH
Consulting Engineers
service, than a manual system (and also an absolutely secret service, which
no manual system can
give), and
BECAUSE it costs less to operate, less to maintain,less to enlarge than a manual
system, or
TO SUM IT ALL UP, the AUTOMATIC TELEPHONE SYSTEM produces a
better telephone service, commanding a higher price, at less cost than inferior service can be produced for by a manual system.
the
Brinckerhoff,
Formerly General Manager and Electrical
Engineer the Metropolitan West Side Ele¬
vated RK., Chicago.
ASSOCIATED
There’s nothing more safe, more sure, more profitable—in the telephone
business—than the securities of an Independent telephone company operating
our AUTOMATIC TELEPHONE SYSTEM—
BECAUSE it gives more service, better service, prompter service, more accurate
and
Scrip
JOHN M. GILLESPIE,
t
AS
Banking
Atlantis Mutual Insurance Company
of All Yean Bought and Sold.
W. H. H. MOORE,
NICHOLAS F. PALMER,
HENRY PARISH,
DALLAS B. PRATT,
GEORGE W. QUINTARD,
A. A. RAVEN.
JOHN L. RIKER.
HERBERT L. GRIGGS.
CLEMENT A. GRISCOM,
ANSON W. HARD.
MORRIS K. JESUP.
LEWIS CASS LEDYARD,
FRANCIS H. LEGGETT,
CHARLES D. LEVERICH,
LEANDER N. LOVELL,
GEORGE H. MACY.
CHARLES H. MARSHALL,
Secretary.
ARTHUR TERRY, Treasurer.
L. SNIFFEN
Manager Brooklyn
Department.
FRANK
A dividend of Six per cent Interest on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the Fifth of February next.
The outstanding certificates of the issue of 1901 will be redeemed and paid to the holders thereof,
cr their legal representatives, on and after Tuesday the fifth of February next, from which dati
all interest thereon will cease.
The certificates to be produced at the time of payment, and canceled
A dividend of Forty per cent is declared on the net earned premiums of the Company for the
31st
year ending
December, 1906, for which, upon application, certificates will be Issued on and
after Tuesday the seventn of May next.
*
-
Manager Banking Department.
CLINTON D. BURDICK, Third Vice President.
271,142 54
562,631 63
$12,797,823 72
:
GUSTAV AMS1NCK.
FRANCIS M. BACON,
JOHN N. BEACH.
WILLIAM B. BOULTON.
VERNON H. BROWN.
WALDRON P. BROWN,
JOSEPH H. CHAPMAN,
GEORGE C. CLARK.
CLEVELAND H. DODGE,
Charge of Banking Interests
EDWARD T. BEDFORD.
$107,176 57
150,190 74
Aggregating
Company Business.
FINANCE COMMITTEE. '
.
Less Salvages
Re-Insurances
Bond and Mortgage,
Furnishes Mortgages to Investors.
CONSULTING ENGINEER
Securities
▲ SPECIALTY.
JO BROAD BT.
NEW YORK.
MOB RECTOR.
Water Supply,
Sewerage Systems,
Power Plants
Examinations and Reports
Amerlcan Industrial Pr< jects
1 BROAOWAY
on Latlna Specialty
NEW YORK
xin
THE CHRONICLE
Apr. C 1907. J
ffttrattcial.
ffiuanctal.
THE INTERNATIONAL BANK,
60
WALL
STREET,
Condensed Statement at the close
February 26th 1907
N. Y.
of business
$2,711,903
1,948
11,600
Stocks and bonds
786,538
Cash on hand and due from banks__
*
Loans and discounts
Overdrafts
'
-
-
63
Lincoln Trust Company
07
00
30
MSDISON SQUARE, NEW YORK
—
$3,511.990 00
Certified checks
Deposits
Offers out-of-town
$3,511.990 00
BROADWAY & 72d ST.
ST.
BROADWAY & USPENARD
$500,000 00
113,535 00
27,429 45
2,871,025 95
Capital
Surplus and undivided profits
issue
President
CHARLES B. COLLINS, Cashier
ED WARB C.WILSON, Asst. Treat.
JOSEPH Z. BRAY, Asst. Secy.
G. J. BAYLES, Trust Officer
4% REGD. GOLD BONDS
1956
MATURING NOV
W. STEPHENS & CO.,
MUNICIPAL
RAILROAD
1st Nat. Bank Bldg,
OF NEW YORK
/ 4*>
CORPORATION
for
&
CHICAGO
BALTIMORE
Selected
i-Equitable
TRUST COMPANY
Street, New I orb.
Continental Building.
[to
BONDS
) 6%
conservative
BANKERS.
PINE ST. NEW YORK
Chestnut ^t., Philadelphia
27 AND 29
421
ALVIN
LAWRENCE L. GILLESPIE,
(Established In 1889)
TRUSTEES.
C. F.
Adams 2d
John F.
C
Alexander
Frederick
B.
M.
H.
Hugo Baring
R. Coudert
Paul D. Cravath
W.
T. DeWitt
William
Otto H.
Day
J. Henry
L.
F. Force
H.
Gage E. Tarbell
Van Horne
Sir William C.
M.
H.
George
Moffat
Henry
Morton
Paul
Smith
V. P. Snyder
Krech
D.
S. Redmond
Lyman Rhoades Jr.
Kahn
W.
Alvin
Cuyler
A.
Henry
H.
Bradish Johnson
H. Crocker
Pierce
H. H. Porter
Fulle
L. Gillespie
W.
Harriman
T. H. Hubbard
b.
S.
Winslow
Dryden
Lawrence
Alexander
Ralph
BONDS—
School, City, County and Drainage
Our list gives a wide selection of
many attractive issues in sizes of
$2,000 to SI00,000.
Opinion Chicago counsel, full legal
papers furnished
We buy direct and handle nothing
FREDERICK W. FULLE, Sec. and Trcas
HUGH M. WALKER, Assistant Treasurer.
RHOADES JR., Assistant Secretary.
Henry C. Deming
M
Hartley Dodge
MACON, MISSOURI.
KRECH, President.
W.
Vice-President.
P.
Wiiliam R. Compton
Bond & Mortgage Co.
Surplus $10,000,000
Capital $3,000,000
LYMAN
Barnum k Co.,
NASSAU STREET
15
investors.
LISTS MAILED UPON APPLICATION.
Lawrence
‘
FREDERICK PHILLIPS, Secy.
PRANK TILFORD, Vice-President
OWEN WARD, 2d Vice-President
WILLIAM DARROW Jr., 3d V-Pres.
IRVING C. GAYLORD. 4th V-Pres.
ROBERT C. LEWIS, Treasurer
2 Wall
Institution.
OFFICERS
NEW YORK CITY
T.
a
*
HENRY R. WILSON,
new
of
modern
Banks and dormant accounts
firms and individuals every facility of
jind well-equipped Banking and Fiduciary
THOS. H. HUBBARD. President.
JAMES S. FEARON. Vice-President
JOHN HUBBARD,V1 re-Presldent.
JAMES H. ROGERS. Cashier.
CHAS. S. LIPPINCOTT, Asst. Cashier.
Walker
T.
Wilson
Rogers Winthrop
Peters
MISSOURI MUNICIPAL
Adrian H. Muller & Son
A. B. Leach & Co.,
profit make our
small
offerings attractive
Send for latest circular
New York, Chicago, St.
Kansas City references
149 Broadway,
28 State
11
The United States
IN THE CITY OF
Issues Gaurantced
EVERT WEDNESDAY.
Office
BONDS
ALL
NNLMTXD
35 Congress
liAKKKTABLI
CO.,
Street,
BOSTON.
3 Nassau Street,
NEW YORK.
8ECURITIK6.
Contracts
New York
W. E. R.
SMITH & CO.,
New York..
City Bonds
STATE, COUNTY
EXEMPT FROM
AND
CITY TAXES
Committee
JAMES R. PLUM
CLARENCE H. KELSEY. Pres. Title Guar.
,PORTER
&
DAY
L.
BANKERS,.
AND
President.
STREET
PHILADELPHIA
20 Broad Street
Finance
WILLIAM
66
No.
Corner Ptne Street.
R.
NEW Y0EK
JOHN P. MUNN, M.D.,
Leather
A Tr.Co.
Pree. Chemical National Bank
Good men, whether experienced In life
not, may make direct contracts with
insurance
this Com
nany.for a limited territory If desired,and secure
for themselves. In addition to first year’s commis¬
sion, a renewal Interest Insuring an Income for the
future.
Address the Company at its Home Office.
CHICAGO
St., BOSTON
Chestnut St.,
Life
Insurance Co.
No. 277
STOCKS and BONDS
1907
1850
or
OF
NEW YORK
140 Dearborn St.,
Louis and
WILLIAM R. COMPTON, President.
4 Wardell Building
WM.H.
Regular Weekly Sales
BANKERS,
brokerage
Close buying, large volume and
on
AUCTIONEERS.
Broadway. New York City.
THE
Property and
States.
METROPOLITAN INVESTMENT
EDWARDS. President. Charleston.
Scrip
BOUOHT AND SOLD
Investments of every
Kind in all Southern
GEO. B.
Chicago & North Western
SOUTH.
CO.,
8. C..
SCHMIDT & GALLATIN
Members N. Y.
Tel. No. 8260 Reotor
Stock Exchange
-
111
BROADWAY
c
-
XIV
THE CHRONICLE.
[Vol.
financial.
Dividends.
SOUTHERN
Harris Trust
(Organized
Savings Bank
&
N. W. Harris & Co
as
lxxxiv.
Incorporated 1907.)
1882.
30, 1907.
Capital and Surplus, $1,500,000
RAILWAY
COMPANY.
80 Broadway ,„New York, March 8,1907.
A DIVIDEND OF TWO AND ONE-HALF
PER CENT (2^%) out of accumulated Income
has been declared on the PREFERRED STOCK
of the Company, payable April 22, 1907, to stock¬
holders of record at the close of business March
.
The preferred stock transfer books will close at
12 o’clock noon on Saturday, March 30, 1907, and
will reopen at 10 o’clock A. M. on Monday,
April
.1, 1907.
R. D.
Special facilities for Reserves, Accounts of Banks, Individuals, Firms
and Corporations.
Complete equipment for handling Affairs of Trust
Bonds for Investment
Correspondence Incited
MARQUETTE BUILDING,
CHICAGO
.....
LANKFORD, Secretary.
23 Wall Street, New York, March 8,1907.
The transfer books of the Voting Trustees for
Preferred Stock Trust Certificates of the Southern
Railway Co., WHICH HAVE ASSENTED TO
THE EXTENSION AGREEMENT OF AUGUST
27, 1902, will close at 12 o’clock noon on Satur¬
day, March 30, 1907, and will reopen at 10 o’clock
A. M. on Monday, April 1, 1907.
On April 22, 1907, the Voting Trustees will be
prepared to distribute the above dividend of TWO
AND ONE-HALF PER CENT <2^%), when re¬
ceived by them, among the parties entitled thereto
as same appear of record on their books when
closed as above.
J. P. MORGAN & CO.,
Agents for Voting Trustees.
Jones, Caesar, Did;inson,Wilirtot & Co.
Certified
Public
Accountants, (III.)
NEW
YORK
54 WILLIAM STEEET
The Kansas City SoutherneRailway Co.
25 Broad St., New York, April 3 1907.
The Board of Directors this day declared a divi¬
dend of 4% on the Preferred Stock of the comany from the net earnings for the year ending
une 30, 1907, payable on July 1, 1907, to stock¬
holders of record at 3 o’clock p. m. June 10 1907
The Stock Transfer books of the company will
be closed at 3 o’clock p. m. June 10, 1907, and
will be reopened at 10 o’clock a. m. July 2. 1907.
Checks for the dividend will be mailed to
stockholders.
R.
B. SPERRY,
Secretary.
1
CHICAGO
Tribune Bldg.
ST. LOUIS
Stock Exchange Bldg.
SEATTLE
307
SAN
FRANCISCO
Monadnock Bldg.
MEXICO, D. F.
Epler Block
Apartado, 1403
PITTSBURGH
People’s Bldg.
LONDON
MELBOURNE
[ENGLAND]
3 Fredericks Place, E. C.
9 Queen Street
[AUSTRALIA]
UNITED STATES RUBBER COMPANY.
42 Broadway, New York, April 4th, 1907.
The Board of Directors of the United States
Rubber Company has this day declared a quar¬
terly dividend of Two per cent on the First Pre¬
ferred Stock (Including all outstanding old “Prefezred”
Stock)
and a quarterly dividend of
One and One-half per cent on the Second Preferred
Stock, from the net earnings for the fiscal year
ending March 31st, 1907, to Stockholders of
record at 3 p. m. on Monday, April 15th, 1907
payable without closing of the Transfer Books,
April 30th, 1907.
JOHN J. WATSON JR., Treasurer.
HOOENPYL. WALBRIDGE & GO.,
7 Wall
St., New York.
Railroad, Street Ry., Gas & Elec. Light
SECURITIES.
Street
DIVIDEND
An established Bond House dealing in
high grade Corporation Bonds, owing to the
retirement of a partner from active business,
oifers an attractive proposition for a special
partner,with $75,000 or $100,000 Capital.
Party must stand closest investigation.
Address Boston Office, care of Chronicle.
P O. Box 958, New York City.
Scaring & Go.,
T Wall
UNITED FRUIT COMPANY
SPECIAL CAPITAL.
NO.' 31.
A
quarterly dividend of two per cent on the
capital stock of this Company has been declared,
payable April 15, 1907, at the office of the Treas¬
urer, 131 State Street, Boston, Mass, to stock¬
holders of record at the close of business March
30.
1907.
CHARLES A. HUBBARD, Treasurer.
*
PHILADELPHIA COMPANY.
TREASURY
NEW YORK
BANKERS
Investment Securities
SAUNDERS & JONES
Connecticut Traction Bonds
A RESPONSIBLE PHILADELPHIA HOUSE,
Dealers in Municipal and High-Grade Corpora¬
tion Bonds, with a growing clientele and good
connections, will consider a proposition to act as
correspondent of New York or Boston Bond
House not now actively represented iu this
market.
Only houses who handle securities adapted to
the best class of institutions and investors in
this market will be considered.
Address “BONDS,” 918 Land Title Building,
Philadelphia.
DEPARTMENT.
Pittsburgh, Pa., March 21, 1907.
DIVIDEND.—The Directors this day declared
a quarterly dividend on the Common Stock of
One and One-half Per Cent (1 1$ %), payable May 1
1907 to Stockholders of record .April 1, 1907.
Checks will be mailed.
C. J. BRAUN JR., Treasurer.
AMERICAN TELEPHONE & TELEORAPH CO
A Dividend of Two Dollars per share will be
paid on Monday, April 15. 1907, to stockholders
of record at the dose of business on Saturday.
March 16. 1907.
The transfer books will be closed rrom March 18
to March 30, 1907, both days Included.
IV M. R. DRIVER. Treasurer.
Office of the
NEW
35 WALL
ST.,
-
-
NEW YORK
BOND SALESMAN
wanted
BAKER So VAUGHAN
for Boston office of a New York
banking house. Must
have
experience
in
New England territory.
L. W.,
Address
New York. March 22d, 1907.
The Board of Directors has declared a dividend
of TWO PER CENT on the Preferred Stock of
this Company, payable April 15th to stockholders
of record at the close of business on April 1 1907.
GEO. PL SPENCER, Treasurer.
Chronicle Office. P. O. Box 958. N. Y.
care
The
BANKERS
FIRST
AND BROKERS
MORTGAGE
GOLO
BROAD STREET.
BOND
H. P
NEW
WANTED—YOUNG MAN for Bond Depart¬
New York Stock Exchange Bond House.
State age and experience.
A.
B.
C.,
care
Chronicle, P. O. Box 958, N. Y.
at The Oriental Bank, New York.
WANTED—BOND SALESMAN ior Philadelphia
by banking firm handling high-grade public
service and municipal bonds.
Applicant must
have a Philadelphia acauaintancc.
Address
X. Y. Z., care Chronicle, P. O. Box 958, N. Y.
UNITED STATES RUBBER COMPANY.
New Brunswick, N. J., April 4th, 1907.
The Annual Meeting of the Stockholders of the
United States Rubber Company for the election
of Directors, and the transaction of any other
ment
YORK
HOUSE OF
Taylor & Company
948 Fourth Avenue, PITTSBURGH
We
Will
firm
£0 Xcasc
large
and
Lathrop
will
commodious
offices
on
the
First Floor of 66 Wall Street
extending through to Pine Street, with vault am
basement on Pine Street, now occupied by tt»
London-Assurance Corporation, who are soon t
remove to William
Street, corner Malden Lane.
Apply to WM. O. PLATT. 56 Wall St.. R. 40
Lathrop
& Smith,
by
mutual
Bankers
Mr.
consent.
and
Mr.
Henry
continue
the
business
name
LEASE
of
and Brokers, of 37 Broad Street, Is this
dissolved
The
on
•
The
Stanley
under
ftlcctings
business which may properly be brought before
the meeting, will be held at the principal office
of the Company In New Brunswick, New Jersey,
Cop artn crsTttp *.
Buy
Pittsburgh Coal Co. 1st 5s, 1954
TO
GALVESTON COUNTY. TEXAS.
Coupons of Bonds of Galveston County,
10. 1907, to be paid on presentation
due April
Gas Bonds
20
YORK DOCK COMPANY.
day
L.
C.
Haskins
the
Tuesday, May 21st, 1907, at 12 o’clock
by Stockholders who have been of record for
least twenty days before the meeting.
By order of the Board of Directors.
SAMUEL NORRIS, Secretary.
THE
LATHROP. HASKINS & CO.
They have taken the fourth door
One
Wall
will move about
Street,
which
to
at
firm
of
Number
noon.
The Transfer Books will not be closed, but the
New Jersey Corporation Law allows voting only
of
they
*
BATTERY PARK NATIONAL BANK
24
STATE ST. (Opp. New Custom House.)
Shipping and Export Accounts Invited.
April 20th.
L. C. LATHROP.
HENRY STANLEY HASKINS.
r
E. A. De LIMA.
President
CALVIN TOMKINS.V.Pres. EDWIN B.DAY, Cashier
GEO. S. TALBOT. Asst. Cashier.
Ifttraticial
ffitmtjcial.
To the holders
Railway
of Canada
ST. LOUIS, MO.,
hereby given that The Canadian
Quebec Railway Company, successor
Is
Notice
Northern
by amalgamation of Great Northern Railway of
Canada, will, on surrender as below mentioned
not later than April 14th, 1907, of GreatNorthern
Four Per Cent Guaranteed
Bonds, Issue In exchange therefor Four Per Cent
Canadian Northern Quebec Railway Company
Perpetual Debenture Stock (guaranteed both
as to principal and Interest
by The Canadian
Northern Railway Company) at the rate of £95
sterling of such Debenture stock for each $500
of Great Northern bonds, Interest to be adjusted
both on stock and bonds, the said D&enture
Stock to be issued In London. England.
The holders of Great Northern bonds who
wish to make the exchange on the terms above
mentioned may send their bonds to Natlona1
Trust Company, Limited, Toronto, Canada, one
of the Trustees of the Mortgage securing the said
Debenture Stock, specifying In whose name or
names the
Debenture Stock Is to be Issued.
Interest oh the Debenture Stock Is payable halfyearly on the 30th of June and 31st of December,
and the adjustment of Interest will have to be
made with the National Trust Company.
Upon
this adjustment being made, the National Trust
Five Per Cent
Railway of Canada
Company will arrange with Its Co-Trustee In
London, England, for the Issuance of Debenture
the Instructions given
the Great Northern bonds.
Further particulars can he obtained from the
Canadian Northern Quebec Railway Company.
Stock In accordance with
by the holders of
1
Toronto
H.
W.
The Canadian
(Refunding and Extension Mortgage)
1904
Due April 1,
Bonds numbered 1 to 7,000 (aggregating $7,000,000)
are listed on the New York Stock Exchange and appli¬
cation will be duly made to list the remaining numbers.
EARNINGS AND
As officially reported
Gross Earnings
for year ended
December 31, 1906.
2,029,357 53
$1,495,082 87
836,319 38
$658,763 49
Surplus
Light Company, operating, in opinion of counsel, under per¬
petual franchises, owns and controls the entire gas business of the
the fourth largest city in the United States.
Dividends at the rate of five per cent
are being paid on the $2,500,000 of preferred stock and on $8,500,000 of common
stock.
Extensive additions and improvements recently completed will, it is be¬
lieved, largely increase*the earnings of the Company. The substantial
the business of the Company is shown by the increase in the sale of gas during 1908
of more than 400,000,000 cubic feet.
The Laclede Gas
City of St. Louis
growth of
We have
MOORE, Secretary,
previously purchased and sold to
the First Mortgage Bonds and
the
CIRCULAR ON
Chicago Terminal Transfer
Notice Is hereby given that default having oc¬
curred In the payment of the semi-annual Install¬
ments of Interest which matured from January 1,
1905, to January 1, 1907, Inclusive, on the $15,-
entrance
main
on
Pine
N. W. Harris &
Trust Company Issues
,
1-* thoroughly
and
The Guara' ty TriiBt Company s enormous business iu foreign exchange
cial credit?—n«ariy one thousand million dollars in inod—has ma e its
name thoroughly familiar In « • rear, Britain and on the Continent an! should
comme
recommend its letters of credit to intending travelers.
The Guaranty T/ust Company desires to increase the volume
credits and invites co respondence upon the subject-.
1907.
of New York,
Write for
Guaranty
Securities
SPECIALTY
FRANCKE, THOMPSON & ROBB
Members N. Y. Stock Erohange
and travelers*
telegraphicsituated
tie
ode forrear
travelers’ letters of credit
cheques available In all parts of the world. A special
nee of travelers h provided.
Tne London Office, conveniently
the Bank f Et yland, receives and forwards travelers’mail and
equipprd to transact any business of the f’ompanv.
Trustees.
A
Savings Bank
CHICAGO
Foreign Travel
The Guaranty
No bid will be considered
by the Special Master for less than $15,140,000
nor unless accompanied by the deposit with him
of $400,000.
A full statement of the terms of
sale Is contained In the decrees of foreclosure and
In the notice of ?ale, copies of which papers may
be examined by bondholders at the office of the
trustees. No. 45 Wall Street, New York.
Cuban
Harris Triut &
Company
Fifth Avenue of the Grand
United States Trust Compan>
John A, Stewart,
BANKERS
Street Corner William
BOSTON
Illinois.
Dated March 30
REQUEST
NEW YORK
Central Passenger Station at the southwest corner
of Fifth Avenue and Harrison Street. In the City
of Chicago,
INTEREST
HARRIS & CO.
N. W.
Railroad Company
140,000
of outstanding First Mortgage 4%
Bonds of the Chicago Terminal Transfer Railroad
Company, secured by the mortgage dated June 11,
1897, to the undersigned as trustees, a decree of
foreclosure and sale was entered In the Circuit
Court of the United States for the District of
Illinois, Northern Division thereof, on February
20, 1907, and that pursuant to such decree, and
to the decree ancillary thereto, entered In the Cir¬
cuit Court of the United States for the District
ofa Indiana on February 23, 1907, the Special
Master named In said decrees has advertised the
sale by public auction of the railways,’franchises
and other property described In the mortgage,
on Friday, May 3,
1907, at noon, at the east
above
$400,000 additional
Company for recent
investors $7,000,000 of the
bonds, thus establishing a broad market. Having purchased
bonds, the proceeds of which will be used to reimburse the
extensions and additions, we recommend these bonds for investment.
PRICE PAR AND
Coupons of
$3,524,440 40
-
Net Earnings
Bond Interest
Northern Quebec Railway Co.
To the Holders of
1934
EXPENSES
Operating Expenses and Taxes-
March 14th. 1907.
Toronto,
Thirty-Year Gold Bonds
Dated April 1,
Toronto. Canada.
Street,
Light Go.,
Gas
Laclede
GUARANTEED BONDS.
4%
8400,000
of
Northern
Great
XT
THE CHRONICLE
1907J
Ape. 6
capital
special booklet “D.’*
Trust Company
OF NEW YORK
ch.ar.TE.RE.D.!8$2,ooo,ooo
Deposits IIIII~II"IIIIl45!46(L879
r
of its travelers’
28 Nassau Street, New York
33 Lombard Street, E.C. London
43 Exchange Place
Te ephone
1343 B:o»nl
A
E
BRANCH OEM
Bristol
Building, 5 h Ate. and
Telephone H'53 Hrjant
4i£»l St.
Financial
Or
a
Courtship ERVIN & COMPANY,
Plea for Conservative
BANKERS.
investments
Wallace
Knox,
Members N. Y. S'ock
30 Broad
Stri*e
,
& Co.,
Exchange
New York
General Oommission and
Investment Business in Securities
Transact
a
(New York Stock
■.embers
(By Frank W.
Ratlins)
will be furnished
without cost on application to
E. H ROLLINS & SONS, 21 Milk
8t., Boston.
The above book
BOND*
Exchange,
} Philadelphia Stock Exchange.
FOR
43 Exchange Plane,
New York
INVESTMENT.
Drexel Building,
Philadelphia.
XVI
THE CHRONICLE,
1
VOL LWMY.
ffijrattcial.
APRIL
INVESTMENT
LIST.
••
Amount.
—■
-
SECURITY.
1
,
—
Rate.
Princi pal
Payable.
Payable.
5
.Mar.-Sept.
1910
6.75%
5
Feb.-Aug.
1908
6.25%
4#
Apr.-Oct.
1908
6.00%
5
Feb.-Aug.
1910
5.20%
5
Jan.-July
1949
4.33%
5
Mch.-Sept.
1910
6.10%
Jan.-July
1951
5.10%
Jan.-July
1994
4.53%
$50,000 Portland Railway, Light & Power Co.
Three-Year secured
Missouri Pacific
250,000
Notes
Railway Co.
Two-Year Coll. Trust Notes
250,000 Chicago Rock Island & Pacific Ry.
Gold Coupon Notes
100,000 Michigan Central RR. Co.
Three-Year
Notes
100,000 Choctaw & Memphis RR. Co.
First
Atlantic Coast Line
50,000
Mortgage
Three-Year Notes
St. Louis & San Francisco RR. Co.
250,000
4
„
Refunding Mortgage
40,000 Southern Railway Company
r-
5
First Consolidated Mortgage
Louisville Henderson & St. Louis
50,000
First
Mortgage
First
Mortgage
First
Mortgage
100,000 Indiana Illinois & Iowa RR. CoMissouri Pacific
100,000
Railway Co.
Consolidated
Norfolk & Western
25,000
.
Railway Company
First
Toledo & Ohio Central
15,000
7
Consolidated
70,000
35,000
First
and
Refunding
First
Coal Co. of
Refunding
Mortgage,
Northwestern
1920
4.16%
6
Apr.-Oct.
1932
4.13%
4
Apr.-Oct.
1940
4.28%
Apr.-Oct.
1935
4.27%
Apr,-Oct.
1952
Mortgage,
Western
Trust
Union Telegraph
First
Consolidated
May-Nov.
4>2
5
'
4.52%
1930
5.00%
Jan .-Julv
1951
4.33%
Jan .* July
1928
.
5.15%
•
5
June-Dee.
’07-MS
5.37%
4 y2
Jan .-July
1934
4.33%
Bonds
*
Guarantee
-
O
Mav-Nov.
1934
4.43%
6
Apr.-Oct.
1921
4.28%
Mortgage
Extension, First Alortgage
STOCKS—TAX
■
-
75,000 Minneapolis & St. Louis.RR. Co.
Pacific
5
Mortgage
80,000 Minneapolis & St. Louis RR. Co.
«•
EXEMPT IN NEW YORK.
*
\
•
Dividends
SECURITY.
Shares
Mav-Nov.
Mortgage
Telegraph Co.
GUARANTEED
6
-
Pennsylvania.
First
4.10%
Guaranteed
Consolidated
Car
90,000
1950
4
75,000 Omaha & Council Bluffs Street Railway Co.
80,000 Somerset
Jan.-July
Refunding Mortgage
Railway & Lighting Co.
—Not redeemable)
4
5
First and
(Unstamped
4.50%
-
Railway Co.
Connecticut
1946
Western Division, First Mortgage
*
Portland
Jan.-July
Mortgage
Railway Co.
Ulster & Delaware Railroad Co.
35,000
5
New River Division., First Mortgage
150,000 Peoria & Eastern Railway Co.
Yield
about
.
Railway Co.
,
-
Interest
Rate.
Payable.
Par,
"
Yield
-
1
.
1
*
300
Guaranteed by Delaware
Morris & Essex
■
Lackawanna & Western RR. Co.
y
Jan.-July
i
Guaranteed by Pennsylvania RR. Co.
150
50
200
43
140
16
400
100
60
Pittsburgh Fort Wayne & Chicago
United New Jersey Railroad & Canal
Guaranteed by Chicago & Alton RR. Co.
Kansas City St. Louis & Chicago Preferred
Joliet & Chicago
Guaranteed by New York Central & Hudson River RR. Co.:
Rome Watertown <fe Ogdensburg
Guaranteed by Buffalo Rochester & Pittsburgh Ry. Co.
Allegheny & Western
Guaranteed by Michigan Central RR. Co.
j
Canada Southern (Dividend to be 3% after Jan. 1 1910) f
Guaranteed by Lake Shore & Michigan
Ft. Wayne & Jackson
Guaranteed by Philadelphia & Reading
Delaware & Bound Brook
$50
3.78%
Qua r.—Jan.
Quar.-Jan..
$100
$100
4.00%
3.92%
Quar.-Feb.
Quar.-Jan.
$100
$100
4.14%
3.93%
$100
4.00%
$100
4.14%
'
\.i
y
i
10
6
7
•
‘
5
Quar.-Feb.
■
-
6
Jan.-July
.
Feb.-Aug.
-A
After Jan. 1
3
$100
1910
3.79%
4.56%
Southern Ry.Co.
5^2
Ry. Co.
i
•
$100
3.91%
Quar.-Feb.
$100
3.88%
■
8
,
i
.
Mch.-Sept.
•
Om Statistical Department will be jrlad to furnish detailed information in
regard to the above or other securities.
We will prepare on
request lists of cooservati^ investments complying with
special requirements of institutions, estates or individual
ISSUE LETTERS OF CREDIT FOR TRAVELERS, AVAILABLE IN ALL PARTS OF THE WORLD.
TRANSACT A GENERAL FOREIGN AND DOMESTIC BANKING BUSINESS.
PHILADELPHIA,
-
-
507 Chestnut Street
33 PINE STREET, NEW YORK
+8.1
E9.32.141
flnttmtfi#
VOL. 84.
V
CLEARINGS—FOR MARCH, SINCE
1906.
%
S
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
...
Albany.
Rochester
Scranton
'
Syracuse
Wilmington
Rending
Wilkes-Barre
Wheeling
8,377.234.189
654.622,505
9,562,277,803
638,870,194
241.654.858
127,014.515
34,514,542
27,036.106
32.705,512
16,046,496
9.353,118
8,670,603
6.173,393
New York
...
Erie
Binghamton
Chester
229.590,182
117.872.030
'
25,131,676
20,913.759
15.792.325
8,308,029
5.867,703
5,164,156
4,565,583
2,939.74*
6,168,323
5,766.585
,269.821
4,387.1 v0
4.735.669
2.525,461
2,355.600
2.398,900
Franklin
Frederick
Harrisburg
Homestead
,536.658
Tojal Middle
,163.400
,091.051
,923,375
Hartford
New Haven
Portland
Worcester
,043,403
,610.534
,198,585
,874.885
Fall River
New Bedford
Holyoke
,113.860
;
Chicago
Cincinnati
Cleveland
Milwaukee
,099,026
Indianapolis
,311,200
.091,897
,898,600
.087.842
.786,874
,846,157
.305,757
.625,938
,252,925
.313.017
1
..
Rapids..
Dayton
Evansville
Ill
Kalamazoo ;
Youngstown
Lexington
Rockford
Bloomington
Canton
Quincv
Snrineflcld, Ohio
Mansfield
South 'Bend.
Decatur
Jacksonville, Ill
Jackson
Ann Arbor
Total Middle West.
Seattle
Portland
Salt T ake Hty
Tacoma
Fnoknno
Helena
.
Sioux Falls
Oakland_.
San Jose.
Total Pacific
Kansas City
_.
Minneapolis
Omaha
St. Paul
Denver
St. Josenh
Dps Moines
Sioux City-
.
__1.
-
Davenport
Wichita
Topeka
Colorado Srrings
Cedar -Rapids
Pueblo
Fremont
Lincoln
..
...
—9.5
20,707,514
+ 16.2
+ 37.4
+11.9
+ 7.0
26.571.503
15.139,219
9,300,712
6,605,723
,451.928
.905,160
3 ,048,684
,389,898
,685.241
3,005.826
,932.099
,599.828
\-mrn
22273.300
3,368,131
1,959,837
2,144,983
606,827
1.569.538
1,388,748
1,489,265
1,041.785
566,262
1,524,621,209
1,340.539 310
,831,934
.774.693
.395.981
,356,349
.
.
Springfield. Mo
Total other West..
St. Louis
New Orleans
Louisville
._
.
.
.
..
Richmond
Mend phis
Atlanta
Nashville
Savannah
Fort Wort h
Birmingham
Norfolk
Augusta
Knoxville
Charleston
131110 Rock..
Mobile
Jacksonville
Chattanooga
P.caumont
■M°con
Wilmineton
Columbus, C.a
Waco
V; 1 dost a
ColumbiaTotal Southern
Total all
Outside New York.
—4.5
2.17S.076.979
103,346,300
.+ 6.8
+ 1.1
+ 4.7
+ 8.1
6,388,574
2,619.963,832
3,034,324,315
359,095.800
217,457,342
70,717.000
53,852.678
38.074,534
30,351.268
27.820,415
25,127,699
11,372,618
13,376.964
9.762.287
9,633,945
8,445.260
10.185,766
8,932.677
+ 25.2
+ 25.5
+ 5.9
+ 16.7
+ 27.8
—6.3
+ 30.2
+ 7.2
5.072.331
4,513.246
5.881,959
5.136,014
3,535.494
3,787.272
1,758,974
—9.5
+ 22.0
+ 13.7
.
170.366,146
141.560,006
104.507,651
7,040,944
6,818.825
6,804.767
+ 0.4
199.665.648
+ 6.0
53.188.389
56,383.494
—4.9
43.368.848
41,241,421
+
47.2
22,381,401
32.927.6091
19,701,703 + 18.0
23,238,064
+
16.6
17,079.259
19,921,395
+ 39.7
16.667.706
23,276,696
+ 11.4
3.476,624
3,871,866
2,187.953 + 22.8
2.685,701
+ 41.2
1.541.425
2,176,701
In total
14.9 11.44S Not included
Not Included In total
+ 7.1
379.258.956
406,282.099
107.116,209 + 27.7
136,754.040
+ 7.2
76,346,774
81,854.917
47,107.130 + 15.6
54.461.881
31.807.315 + 17.5
37,385.059
28.019,116 + 20.4
33,723.189
25.050,929 + 11.0
27,802.971
13,263,662 + 16.2
15.406.S41
8,714,336 + 19.0
10.372,007
—5.1
5,833.518
.5.53.8,821
4.513.838 + 30.6
5,894.983
+ 5-0
3,706.287
3 891.473
+ 4.3
3,019,911
3.150,203
2,996.692 + 29.3
3,874,659
+
23.5
1,942,949
2.490.096
1.330.006 + 16.5
1,549,849
In
total
6,775.488 Net Included
Not Included In total
360,768.672 + 1776
424.061,483
+ 8.9
248,625,935
270,827,928
—1.5
84,640.779
83.385,193
—0.0
58.537.915
58,535.486
+ 15.1
36.221,813
11 .696,289
24,521.500 + 23.7
30,338,500
+ 8.6
24,901,718
27.039,233
11.2
23,871.016
21 .196.10°
+
13.1
19.553.133
22.117,5.52
11.1
19,452.355
17,287.954
—3.9
16.182.388
15.551.230
49.2
+
11.386,157
10,98.8,452
+ 12.6
8.430,315
9,495.466
9,101,065 + 28.4
11.638.491
+ 14.3
6.199,504
7.0.88,70°
+ 6.0
6.690.915
7.091.875
l.S
5.808,769
5.702.126
5,167,304 + 21.5
6.277,356
+
9.2
7,067.620
7.716.590
5,726.403 + 22.0
6.988,119
4-7.4
5,371,094
5,770,181
1.435.915 + 49.2
2,141.294
+
21.0
2,598,355
3,143.750
14.4
2,332,558
1 ,955.746
—0.9
1.247.607
1.434.867
In total
Not
included
6,909,409
Not included In total
total
2-856.134 Not included in
+ 7.3
635,272,113
681.498.482
14.025.282,323 13.007.090.901 + 12.4
-
31,331.981,208
46.171.032
29,990,853
23,734,475
20,430,366
22,212,757
12,826.270
8,003,518
5,871,580
6.217.746
—3.9
+ 1.6
+ 19.6
+ 18.0
+ 16.2
2,456.887.870
+ 6.6
4,395,913.197
599,364,942
167,819,063
114.278,694
85.055,340
74,803.548
57,011.086
64,445,111
10.670,199
6.442,862
5,544.401
47.998,692
1,185,435.246
395.241,731
231,435.818
140.912,156
106,479,074
98,016,958
76,909.688
41,488,920
28,784,763
16,599.615
17,027,082
12,299,972
9,567.196
9,252,800
7 428,159
4,586,685
17,414,841
+ 14.7
+ 19.9
+ 7.9
+ 5.3
+ 6.8
+ 12.5
+ 2.7
67.856,046
70.542,078
50,900.682
56.233,413
51.325.520
—
—
28,746.823
34,826,352
23.117,234
20,769.084
18,416,301
19,291,252
23,607.802
19,635,692
18.239.447
—
6.621.568
9,579.087
5.770.862
4.725,201
12.936.534
—
5,003.094.520
4,629,856,802
”
“,5,520' 362
2,112.890,277j
1,972,655
1.675.751
1,514.597
1.469,470
642,676
334.940
397.774
370.844
—5.0
+ 12.4
+ 31 2
+ 82.0
+ 66.6
+ 15.6
+ 17.6
~
191,403.907
222,457.795
+8.3
+ 13.5
331.488,650
191,560.190
154,863,078
122.85S.355
85.422,642
+ 10.0
+ 15.2
+ 22.3
+ 1.2
+ 2.3
15.0
+ 7.3
+ 11.7
+ 20.8
+ 3.0
+ 17.7
+7.8
5,529.000
4,738.200
5,475.789
—4.2
+ 18.7
+ 26.9
+ 5.7
+ 2.4
+ 7.4
4.184,181
3.741.011
2.851.007
1.631.991
+ 22.7
—5.5
+ 32.8
+ 7.8
3,978.640,886
541,457,442
143.306,076
115,440,672
59,503.319
+ 10.5
+ 10.7
+ 17.1
—1.0
+ 42.9
+ 0.8
+ 19.2
+ 37.8
+ 12.1
+ 1.8
+ 25.1
74.187.041
47,829,683
46,781.470
9,519,824
0,328,459
4,431.398
Not included
Not included
’
13,478,384
11.355,551
9,320,273
8,069,284
6,230,739
3.678.540
Not included
Not included
1,035,240,684
762,431,487
276,301,758
177.193,296
114.615,473
74,599,000
80,076,548
74.193.431
59.948,297
56.133.158
53.354,224
36.780.100
24,049,200
27.509,193
20.067.676
19,277,751
18,533,7.82
15,865.225
18.759.607
16,988.965
16,456,196
4,714,053
7,648.719
6,535,268
4.164.244
Not included
Not included
Not Included
1,966.196.654
0049.523
6.30,725
789.150
765.424
\ 002.000
*
519.700
498,163
403,331
28.320.987
16*350,937
10,546,649
7.127,086
7,219,977.
5,0.34,497
2
852.192!
1,400,950
908,280
660,000
+ 15-5
+ 5.4
S5.505.463
57,038.640
—0.2
15,950,462
13.104,049
10.737,002
6.299.500
5.590.092
1.088,863i
592 ,698
5,00.000
350.895
3,808,829
3.054.039
8.37.057
344,929
21.171,227
16,408.949
8,617.310
6.054.523
6.329.657
4.686.213
2.357.855
1.856.130
1,067.860
1.000,7"!
654.897
600.000
457.663
374,299
245,337
,239.360 Not Included
Not Included
«
3.898.824
4,257,686
3.399.286
2.824 910
3,772,825
1.828,222
2.427,367
1.438.195
1,355.194
1.141.500
1,214.577
1.402,256
1,427,618
*
1,109,938
346,483
615,073
436.907
385.000
1.419.356
—0.9
143.420.872
1,518.451
1,834,116
1,118,839
1.115,801
748.173
630,912
323,346
392.000
314.634
396,779
179,015
—
+ 17.7
+ 7.8
+ 6.7
4-3.5
+ 58.2
+ 24.9
+ 19,8
+ 60.9
+ 13.5
4-38.1
+33.8
+ 5.7
+ 22.4
+ 17.7
+ 14.1
+ 7.4
+ 21.0
+ 33.7
+ 2.0
4-39.9
4- 4 / .9
+ 10.0
+ 29.5
+ 33.6
+ 43.0
in total
in total
+ 20.5
+ 12.6
—11.8
+ 14.6
70,942.712
50,676,904
18,081,142
11.432.1 10
8,683.107
5,232 000
4.792.321
+ 23.7
2.327 12 >
1.990.596
+ 20.4
+ 16.7
10.7
+ 12.8
17.4
+ 24.9
+ 62.1
8.2
1.821.126
+ 33.3
4,080.890
-
3.775.125
4.116 955
—
3.762.«05
—
1.533.261
1,312.491
1,103.582
065,848
1 ,333.428
Ellfi + sm
—
-
6.2
+3.3
1.9
+ 25.8
+ 5.2
+ 28.2
+ 7.2
18.7
—
22.153,450
12,328.583
111 .102
7.115.333
8
5,857,192
4,000.000
2,760,249
2,502.971
1,521.637
1,560-770
1.726,499
1.246,809
1,055.118
641.914
684.434
422,517
900,972
434,034
036.174
739,774
526,130
759,046
496,678
584.735
485.000
405,225
„
463.006
440.865
665.112
344,840
336.787
151.202
603.030
456.896
330,603
265,437
329.017
314.850
234,361
246,000
97.748
263.847.503
-31,237.763
7,281.737
4,185,797
3,387,038
236,343
221,336
205.000
__
90.053
248,961,364
2.8.725.066
5.854.700
3.533.356
3,476,143
2.562,071
2.784,596
2.689,215
450,000
*•04,244
276.373
1,948.826
1.912,940
55,317,434
20 841.149
48.421,772
19,383.163
11,207,887
7,169,806
4.457,390
15.679,354
7.814.504
5,474,473
5.180,705
3,912,552
2.666.750
1,660,920
1,001,481
1.250.030
1,043.042
521.765
435.443
341.021
194,035
68,023,278
54.151,714
16.320.290
12,351.795
6,789.055
4.752.700
4,406,458
5.199.221
2.06'), 642
3.032,204
2.463 909
2 824.316
1.426,388
1,792.194
1,398.993
1.102,641
1.043,619
1,003,249
1,943.706
466,000
312,211
248,824
3,495 894
4.646.200
2,320,558
1.300.589
1.116,308
1.059.596
799,266
455.718
414.788
160,342
67.987.005
48,448.244
14,604.625
10.905,850
5\438.818
3,744.500
3,795.405
2,962.852
2,523,164
1.839.860
2,550,453
1,233.658
1.110.633
1.651,976
1,063,411
884.270
910.965
808,011
792.4 79
697.953
1,052,937
797,690
400,000
473.576
1,V35_,666
199.490
192,480
125.572.125
15-0 1,789,612.529
875.059.201
+ 11.2
.824.520,105
1.035.712
426,06°
0.4
657.233
573,938 —23.9
—0.6
387,370
+ 6.1
1.337 855
Not Included In total
Not Included in total
—
—
133,012,805
173.553.510
1.837,225
'
'
+ 26.3
+ 8.3
+ 2.6
+ 14.7
+ 19.2
+ 24.7
In total
in total
+7.5
8,108,097
3,952,294
3.709.351
3.056.222.977,2.655.994.867
41.438.983.403
14,907 525.0001 13.877,874.281■
4-9.4
+7.4il 1.061.784.426' 954.874.456
Table Clearings' by Telegraph and Canadian Clearings on Page 783.
41.817.732 v67°
13,902,403
9.669.119
6,700.816
6,102.572
5,482.200
5,046,228.
2,593.4 79
11.6
—3.5
+ 39.0
+ 36.3
+ 29.5
+ 19.5
+ 2.3.5
+ 41.7
+ 22.0
+ 10.1
4-31.2
+ 15.0
1.0
+ 42.9
+ .37.9
297.092 + 72.81
513,500
2,713.155 Not included in total)
Vot included !n total)
73.631.070 +13.8
83.726T7S6
2,482,452!
—
•
476,175
+ 20.0
+ 17.1
+ 0.02
+ 29.8
+ 27.7
+ 2.5
—8.5
+ 17.7
—9.3
+ 5.5
+ 39.6
+ 19.5
+ 26.6
+ 15.2
+ 7.7
—0.6
+ 21.6
+ 25.8
+15.6
+ 10.8
+ 40.5
+ 25.2
11.7
+ 13.5
In totn!
In total
in total
292.879
251 ,688
200 0(17
192305
10.572,075
8,392,895
0,253.889
4,0.3.3.348
4.563.940
4.913,760
724.231
22,354.650
—
300,906
.
179,674.700
+27.6
339,116
312,309
11.280,684
’
+ 23.1
+ 4.2
+ 13.7
+ 17.1
+ 17.1
+ 12.4
+ 19.4
—8.6
1,758.290
1,271 107
1
3,263.118
2.754,951
,118,487 ,707 1 ,229,517.171
116.101.227
140.794 t922
6,420,000
6,527 :4oo
2,353,771
2,966 ,539
1.704,153
.652
2,125
1,485,459
1,480 .581
1.110,484
1,261 ,219
1,302 587
,178
1.301
614,596
651 .504
436.256
471 .815
465,855
421 .373
352.198
391 .269
132,346,586
158,373.482
+ 3.?'
+ 15.9
+ 24.7
—6.4
1 ,893,828
127.398 j.
- 92,413
270.992.737
318 861,380
38.946,707
42.008.361
in total
+ 13.0
+ 19.1
+ 18.5
+ 13.7
+ 18. S
+ 1 6.6
+ 29.0
+ 23.2
+ 16.7
+ 15.9
3.124.152
810,902
776,796
760,8.36
653.697
567,541
561.666
511.100
4.34,91,2
480.695
.380.881
.3.31.275
384.257
289.349
219,935
274.809
in total
1.048,7.85.364
320,982,524
222.151,308
123,959,330
90,966.71.8
83,722,012
68,422,704
34,739.462
23+83,090
14,180,165
.3.386.732
3,923,025
2.854,570
1,963.606
2,037,652
1,585.127
786,707
990,858
+ 18.1
+ 6.4
+ 32.8
6,727,600
7.347,037
5.744.231
5,363,478
5,366,921
4.408,952
188.254,704
23,314.900
12,934 .80s
10,008,318
7,380,>17
5,112,317
—2.7
7,150.682
9,576,909
160.6S4.070
26,514.100
15,360,288
11,669,332
9,519.679
6.665,700
—
-
1,196.030,667
803.698,760
275.764.715
177.225.983
148,807,964
95,235.000
81,903,411
ln^ total
142,720,714
6.612,000
2,972,649
3.131,335
2,107.980
1,591.98]
1,702,056
1,928.176
1.109.858
557,570
459,305
436,042
3,871.327
In total
2.233,268,563 1.946,631.473
171,180.804
7.138.200
.064.278,688
90,770,421
32.172,249
18,920.911
4,883,400
—
Not Included
2,740,291.071! + 10.7
69.848.000
52,619,726
44,786,170
28,275,934
-24,900,883
20,793,224
11.039,277
11,363,198
9.059,657
9,899,842
included
894.035 Not
In total
1904.
1905.
$
+ 17.2 1. 914,562 ,328
116,480 .404
—6.7
43,051 ,619
—7.4
20,603 ,099
+ 2.9
5 44 * .622
+ 27.9
4.333 .565
+2.0
3,329 .140
+ 5.9
2,647 064
+ 10.2
1.394 .679
+ 1.9
994 .534
+ 60.5
1,086 ,491
+ 9.8
1,339 ,539
+ 8.8
773 ,615
+ 28.4
714 .677
+ 15.5
428 .711
+ 29.2
383 ,700
+ 23.5
415 ,744
—7.7
321 ,131
14.8
1 S3 ,045
+ 5.9
$
‘
+ 13.2;
+ 14.9
+ 7.6
+ 18.7
+ 12.1
+ 14.2
+ 23.5
+ 4.4
+ 2.0
—13.8
+8.8
+ 15.4
+ 24.6
+ 1.6
+ 21.2
+ 4.9
—5.2
+ 24.1
+ 14.8
+ 27.8
200,558,252
San Francisco
Los Angeles
3,494.972
2,646,764
,284.099
Fort Wayne
Akron
Houston
On! vest on
927,753.448
109.381.550
62.177,303
51.708.179
40.571.180
26.808,384
23.280,600
18,730.008
16.119.181
9,275,005
8,480.225
7,100,203
4,238,804
3,817,738
3,100.229
,818,643
.986,982
,317,518
Detroit
SpHTiefield,
775.110,126
,282,392
,975,562
,G40,550
Total New England
Columbus
Toledo
+ 11.1
+ 3.8
+ 9.3
+ 13.9
+ 0.05
Not included
Inc. or
Dec.
1.994.438,551 1.701.120,411
143,503,833
133,947.166
—4.2
50.901,960
47,140.515
+ 1.3
23,284.590
23,970,504
+ 4.5
5,818.231
7,440,757
+ 15.6
5.351,585
5.456.SS0
+ 9.0
4.296,354
0.S50.921
+ 46.1
2,989.755
3,295.236
—5.5
1,912,854
1,948.824
+ 10.3
1,070.899
1,718,120
+ 25.8
1,262.261
1,386,964
+2.9
1,148,747
1,249,340
+ 12.6
883.610
1.134.189
+ 10.3
900,915
1.040,208
—2.5
538.707
696,024
+ 10.4
409,000
505,000
+ 2.4
457,529
423,4131
—3.9i
-150.232
+ 9.2
383,353!
230,000
243,538
—7.1
0,0)3,>43
3,688.371
—2.9
2,454,103
Not included In total
6,651.177
1906.
1907.
—5.0
6,345,746
3.426.651
2.382,934
12,801,751
29,928,750,244
2.327,111.393
104,190.400
48.353.502
32,431.479
22,803 813
.089,811
Lowell
Fargo
15,036.753
9,591.446
7,727.208
7.784,644
7,411,059
3,784,665
2,568.OSS
1,974,889
,730,812
Springfield
Peoria
Brand
683,800,433
32.898.800
,442,676
Boston
Providence
Inc. or
Dec.
$
I
$
26,531458,463; 27.939,858,391
1,922,743,572
1,842,171,568
687,599,625
697,044.515
362,721.638
379,063.936
91,697,645
106,026.460
73.134.040
79,002,357
65.343,125
95.451,513
49,951,368
47.220.620
25.497.060
28.121,282
20,377,316
25.631.825
16,979,582
17,465.647
15.191,729
17,10l ,146
13.598.135
15.002.144
13,414.949
13,150,342
7,974,506
8,805,018
7,058,900
7,226,900
—8.4
2,241.324
+ 5.2
2,136,685
—11.0
1,328,264
—3.3
871.605
Not included In total
Not Included In total
9.516,141.814 + 12.8
2,052.725
2.248,814
1.182,387
842.S04
4.408.913
Creensburg
28,847,302
+ 14.1
—2.4
+ 5.3
+ 7.8
+ 19.6
+ 7.6
+ 56.4
+ 1.6
+ 12.6
+ 40.6
+ 7.1
+ 11.3
+ 17.7
—3.6
+ 16.4
—1.8
1906.
1907.
March 30.
Week ending
Three Months.
Inc. or
Dec.
MARCH 30.
JANUARY 1 AND FOR WEEK ENDING
March.
Clearings at—
NO. 2180.
SATURDAY, APRIL 6 1907.
+ 7.9
+
107,288,207
"760,241.41
i
772
THE CHRONICLE.
THE FINANCIAL SITUATION.
What the
daily journals of the United States and
correspondents do not get hold of is not among the
facts and events worth knowing.
They are better
qualified, through the official sources of information
open to them, to speak knowingly and intelligently of
Government policies, present and prospective, affecting
railroad
andcorporation affairs, than any other
authority.
It has for many weeks been a subject of rumor that
President Roosevelt was about to make a speech
showing a material modification or change in his
views on a vital issue affecting the interests of rail¬
roads—a change which was sure to quiet disturbed
feelings, restore confidence in industrial and financial
circles, and wholly establish the credit in Europe and
America of railroad property. Suddenly the President,
‘after Secretary Cortelyou had arrested the worst phases
of the panic (a fact which is slightly suggestive),
concluded not to make his intended speech at present,
and not at all unless the situation again showed more
clearly that it was demanded and needed. But in the
their
n1t?antime the press got
hold of the outlines of his
prepared speech, while Mr. Roosevelt writes a letter
in which he says very little except to deny most em¬
phatically that he has changed his mind. From
divers good sources, however, the substance of what
his plan was seems to be pretty fully disclosed.
If we judge rightly, the amendments to the rate bill
entertained by the Government may be divided up
into four pretty distinct branches of the
subject under
discussion. First, as to the physical valuation of the
railroads—a suggested procedure that probably did
more than any other one
thing to frighten security
holders—was the proposal to let the water out of
stocks; on that point the President, it is claimed,
proposed to qualify the general understanding of his
position by stating that he never meant to apply that
process to the past—that is, discover and let out
water that is now in stocks,
widely distributed for a
full consideration; but rather to prevent the
watering
.of stocks in the future—an eminently desirable
pro¬
whereas
to
cedure;
rip up the whole past would be
simply to introduce chaos.
The second change in the program as claimed is that
[VOL.
LXXXIV.
minimizing of vicious speculation; we should hail with
hopefulness their adoption. There is, though,
a fourth specification we have seen named as a
part of
Mr. Roosevelt’s plan which we could not favor, though
the divers, hasty and extremely onerous recent dis¬
closures of State legislation have given a certain use¬
fulness and excuse for its proposal which it did
not previously possess.
This fourth feature we refer
decided
to
is
the
centralization into Federal control of the
whole
subject of railroad rate law legislation; that is,
the putting into the hands of the general Government
full and sole power over such questions by a broad¬
ening of the inter-State commerce clause. This we
could not favor at all. It would be removing the essential
principle of the United States Government, perfected
when there was great jealousy of a general union of
the States, which led to a federation more stable than
the authors of the plan imagined would be possible.
Nothing now but false pride is leading the nation—a
desire to present as strong and vigorous a front for
fighting purposes as any of the world’s Powers, while
talking loudly about a general peace. All the concen¬
tration of force we would prefer to see with its head at
Washington is a skeleton of a navy and army such as
we have had in the past and which
successfully carried
us through two wars, one internal and the other exter¬
nal.
That would answer for all time unless our policy
is the opposite of peaceful.
The States are necessary
for domestic purposes—the vents through which all the
political froth and bubbleses cape and burst harmlessly.
Discussion is rife with reference to the utilities bill,
as it is called.
It has been supposed that Governor
Hughes drew the bill, thought it
was
stood and would veto the
if
perfect as it
passed with any
made
in
it.
Ex-Ambassador
changes
Joseph H.
Choate appeared this week before the Judiciary Com¬
measure
mittee of the Senate and the Railroads Committee of
the Assembly at Albany and addressed the
joint hear¬
ing
on
that
measure
in favor of certain amendments
which have been
proposed. His views will carry with
and a brief analysis of some of
perhaps, set the portion of the
public who think for themselves into new channels
regarding some of the offered changes. That Governor
Hughes drew the bill or has said any such things, or
taken
any such position on the bill, as the rumors
railroads should be allowed to make
agreements
stated above indicated, Mr. Choate dismisses with a
among themselves, but subject to a rigid Federal scrut¬
iny. Every one who has studied the railroad problem brief but decided negative. Some admirers are overthoroughly would rejoice to see such a provision in¬ zealous in the Governor’s behalf and say foolish things
corporated into the railroad rate bill. The truth is, and give them his endorsement to make them float;
there must be agreements between freight agents work¬ we notice that his staying powers have been proved
ing in a given locality and engaged in the same class of unquestionable by friends who have examined his
business—agents each of whom is all the time seeking mouth! Such stuff is not worth consideration. Mr.
to advance the interests of his own road. If forbidden Hughes has always been reputed not only as a wellby law'to make agreements, the law will be broken and read lawyer but as a man of good common sense.
evaded by rebates, &c. It is the secrecy of the agree¬ No individual of that description could pride himself
on his
knowing it all and having nothing to learn.
ment which harasses the shipper. With the
agreement
Oliver
Wendell Holmes put the case right when he said:
known to shippers, carriers and the Government in all
‘.'In opinion look not always back/
its particulars, no interest could be harmed, but
The wake Is nothing—mind the coming track;
every
Leave what you’ve done for what you have to do:
party tributary to the same lot of roads would be bene¬
Don t be consistent but be simply true.”
them great weight,
his conclusions will,
,
fited. The third feature entertained
that equitable
schedules, having been established, the term of their
existence should be a long one, so that
shippers
was
That is pretty much the same idea that we quoted
from Milton’s “Paradise Lost” last month. Those words
were
“be lowly wise”
might know what they could depend upon.
Mr. Choate, in describing what a bill of this kind
The faregoing suggestions are all of them in the
ought to provide, expressed the exact truth when he
interest of the stability of security values and the said the
great essentials to be covered were the safety
Apr. 6
1907-1
THE CHRONICLE.
public and the safety of the security-holders.
It should make impossible any rebate or discrimina¬
tion, any future watering of stock, or any manipula¬
tion of the companies’ securities to the benefit of the
officers, and leave to a commission reasonable regula¬
tion of traffic.
All these features, however, should
be well guarded,so that while protecting the shipper
the law does not unduly harass the carrier or oppress
those whose duty it is to protect and conduct the busi¬
ness of the road.
He specified, however, certain fea^
tures of the law as it now stands which are highly
objectionable. Of these one was the creation of a
commission to take the control and management of
the railroads, consisting of five men—liable to removal
by the Governor without notice or warning or reason
or assent of anybody else, but
simply because the
Governor so chooses.
Such a grant would mean the
conferring of arbitrary power upon a single individual,
and would hardly need, to be more than mentioned
to be condemned.
Mr. Hughes, or any other Gover¬
nor, could change the whole board any week and every
week until it conformed in every particular to his
own judgment, if such was his will.
Why not let
the Governor be the board and have power to appoint
agents to carry out his purposes ? As* the bill now
stands the appointing power is evidently a mere subter¬
fuge. The appointment should be made with the con¬
sent of the Senate and the appointees should be re¬
moved only on charges. In that shape the law would
not be as easy for a bad man to work, but it would be
safer for the public.
' Another objectionable feature is that the bill vests
in this board final and absolute power that cannot in
most cases be reviewed, and wherever it can be re¬
viewed the provision inflicts upon the railroad com¬
panies the burden of the judgment order until the
court pronounces it illegal or void.
In the meantime
thisLill provides that the railroads shall, nevertheless,
be compelled to obey the law under penalty of $5,000
for each day’s violation and the parties concerned in
That
it are liable to fine or imprisonment or both.
is to say, the person or company “against whom such
an order is made, if he seeks for a review, finds that
of the
773
day to figures above the gold-import
point, due largely to easier money here, the price of
bar gold, which had been maintained at 77 shillings
on
the following
partly in order to obstruct the
gold-export movement hither from London, was re¬
duced to 77 shillings 10 pence and later to 77 shillings
9% pence; moreover, it is reported that the metal
which had been bought on Tuesday for shipment hither
was re-sold by the American bankers because- it was
more profitable to sell than to ship.
The Continental
security markets were more or less deranged, but
this condition was principally the result of the pre¬
vious week’s strain at the^settlements, and also of the
10pence per ounce,
unfavorable situation at Berlin.
through Treasury operations, of
cash representing deposits of customs collections in
our local banks and of
the proceeds of redemptions
of 4% bonds, greatly increased after the close of the
last bank week and they were this week daily reflected
in large debit balances by the Sub-Treasury at the
Clearing-House. Together with the payments of
April dividends and interest, the result was a large
augmentation in the supplies of money in the loan
market, causing almost ^abnormally low rates for the
season on call and offerings for fixed periods much in
excess of the demand.
By Thursday, the amount of
new public deposits in the banks, which, as originally
stated by Mr. Cortelyou, would be made to the extent
of $15,000,000, reached $17,297,000, and there were
then indications that New York City’s quota of such
deposits had been filled. The payments for 4% bonds
of 1907 under the offer of March 14 had then amounted
to more than $16,500,000, and the anticipated April
interest on Government bonds to $2,500,000, so that
the actual relief to the local market extended by Secre¬
tary Cortelyou was about $36,297,000.
The effect upon foreign exchange of the easierhnonetary conditions, of a demand for remittance and of
operations incident to the relaxation in tension abroad
was observable this week in a decided advance in rates,
the most notable being that in sight, which on Tues¬
day rose to figures (4 8475) that made gold imports
impracticable; thus, since Tuesday of the previous
he has got to pay $5,000 a day if he loses the appeal week recording an advance of two cents per pound
until it is decided, and be liable in the meantime, and sterling. On Thursday afternoon there was an active
his officers, to fine and imprisonment.” Such a market*and an unusually urgent demand for exchange,
statute would be an abomination.
No official would due largely to purchases for remittance to pay off
loans in London on American securities, with the object
in any doubtful case—and nearly all law suits have
in them the element of doubt—would dare, with such of shifting such loans to New York.
The announcement by Secretary Cortelyou on
accumulating fines and penalties hanging over him,
contest
an
order and assert his own rights. Full Wednesday of his plan for the disposition of the 4s of
and free review should without doubt be given the 1907—which provides for the refunding into 2%
consols of $50,000,000 and the redemption of the recourts of any order made by this commission .
The distributions,
,
in cash at maturity—
There was a noteworthy reflection at all the Euro¬ seemed to give assurance of the maintenance, at least
until the beginning of the crop-moving season, of
pean centres this week of the practical restoration of
normal monetary conditions in New York, which re¬ normal monetary conditions. Bonds intended for
sulted from the entirely successful intervention by refunding may be offered on and after April 6, so that
Secretary Cortelyou, in the previous week, for the re¬ this process can begin at once and be continued until
lief of our money market.
Tension in discounts abroad refunding shall be completed, giving ample time for
showed material relaxation, allaying apprehensions banks desiring to exchange for consols their 4%
of the need for a further advance in official rates at pledges held for circulation to effect such exchange.
Paris for the protection of the French Bank’s stock of It may be noted that the consols will be issued at a
gold. The withdrawal from the London bullion mar¬ premium of 3%; when refunding operations began in
ket on Tuesday of a substantial amount of the metal 1900 these bonds were issued at par, while in 1905 they
for shipment hither caused no concern.
On account were emitted at a premium of 1%.
of the sharp rise in New York exchange on London
mainder, about $47,000,000,
•
i
774
THE CHRONICLE.
The exhibits of bank clearings and commercial
failures for the first quarter of 1907 cannot but be
considered as favorable, and furnish evidence of a
continued
satisfactory business situation. As regards
clearings, it is true, of course, that the aggregate
for the whole country records a
slight loss from the
total for the corresponding quarter of
1906, but the
decrease is due entirely to the loss at New
York, and
that, in turn, arises through the less active dealings
in Stock Exchange properties
this year. Since the
institution of the Stock Exchange
Clearing House some
years ago, and the gradual including in its operations
of practically all the prominent and
largely traded in
stock issues, dealings on the Exchange
have contrib¬
uted in a much lessened
degree to the volume of bank
clearings; but they are still an important factor.
When, therefore,'it is noted that for the three months
bank
of 1907 the total number of shares dealt
in at the
Exchange was only 71,382,257, of a par value of
$6,053,916,175, against 79,680,032 shares, of a par
value of $7,212,641,200 in 1906, and that transactions
in all classes of bonds reached
an
aggregate of but
would
[VOL.
LXXXIV.
to have
prepared us for a rather unfavor¬
able statement of failures. But
anticipations have
not been met and reports to Messrs. Dun & Co. indi¬
cate a continued large business in
progress
seem
generally.
Furthermore, despite the serious decline in the value
of railroad and industrial
properties in March, which,
it was believed, wTould
adversely affect the general
business situation, the aggregate liabilities of failed
firms for the three months this year are
only $32,075,-
591, or about
million dollars less than for the like
period of 1906, and only in three of the last twenty
years have smaller liabilities been reported for the first
quarter—$30,162,50 in 1905, $31,703,486 in 1901
and $27,152,031 in 1899.
Examining the record of
insolvencies by sections, we find that in the Middle
States, embracing New York, New Jersey and Pennsyl¬
vania,, liabilities were much heavier than in 1906, and
in the Pacific Division this
year’s total was moderately. ^
greater than that for a year ago. On the other hand,
the remaining sections exhibit smaller totals this
year ■
than last, the comparison
being conspicuously favor¬
able in the Central Western
States, there having been
a drop from liabilities of
$8,159,450 in 1906 to $4,172,708 in the three
months
of
the
current
$137,185,200 against $216,123,650, it is readily under¬
stood why New York
clearings show a decrease.
Furthermore, it is not apt to escape attention that for year. '
the last month of the
quarter (March), with an im¬
portant increase in stock transactions, clearings
One of the encouraging events of the week has been
showed a gratifying increase.
Although it is impossi¬ the Chicago election. This resulted just as conserva¬
ble to arrive at means of
determining the amount of tive people had hoped and confidently believed it
clearings contributed by stock operations, it seems would, for in the last
analysis it was an appeal to the
safe,' in view of the facts, to assume that exchanges better instincts of the
community. In the mayoralty
for the quarter
arising from ordinary business affairs contest, Edward F. Dunne, the
present
New
at
York
' were
greater
this
year
than
last:
'
When
we
turn
to
the country at large,
to the exhibit
being
however,
satisfactory.
Out of 109 cities for which
comparative figures are
given in our compilation, less than a score record
losses, and those generally unimportant and due to
local setbacks, such as flood, bad
weather, etc. The
middle section, excluding New York, shows an increase
of 6% over the quarter
of 1906, the gain at Albany
being conspicuously large. The total for New England
exceeds that for 1906 by 6.6%, for the Middle Western
group of cities an augmentation of 10)4% is shown,
there is
no
doubt
as
occupant of
the
office, who had been championed by William R.
Hearst and his newspapers, was
decisively defeated,
the plurality against him
being 13,000 votes. But
the matter of greatest moment
was
the vote
on
the
adoption of the ordinances granting new franchises
to the street railways in
Chicago and providing for
settling the long-standing controversy between the
city and the trolley "companies. These ordinances
seem to be
exceedingly liberal to the city, and yet do
not apparently involve that confiscation of the
prop¬
erty of the street railways which had at one time
been feared.
They give the city the right to take over
the properties for municipal
operation at any time on
the Pacific Division exhibits a
gain over a year ago six months’ notice by paying
$50,000,000, the agreed
of 13%, and the cities
comprised in “Other Western” present valuation, plus the cost of rehabilitation. The
do even better, recording an
increase of 15)4%. At roads are in wretched physical
condition and it is
the South a number of
important cities—New Or¬ estimated that some $40,000,000 will have to be
spent
leans, Louisville, Memphis, Nashville—do not make
This arrangement will insure the
upon them.
raising
a
favorable showing, and, as a
result, the gain of the needed capital for the purpose. The
companies
indicated for that section—7.5%-—is rather less than
are to? be allowed
5%
on their investment over and
in most other divisions,
although at many points above expenses, taxes, repairs, renewals and
depre¬
additions
to
the
1906
large
figures are seen. Finally, ciation. Any surplus
remaining above the 5% on
the result for the whole
country is, as already inti¬ the investment is to be divided between the
city and
mated, quitfe satisfactory, and indicative of continued
the company—the latter
taking 45% of the amount
prosperity, especially when it is remembered that this and the
city getting 55%. It is difficult to conceive
year’s gains over 1906 follow much heavier increases of
in
that
year
over
1905,
and
of
1905
over
1904.
The record of commercial failures for the
quarter
ending March 31, as compiled by Messrs. R. G. Dun &
any arrangement more favorable to the
municipality
than this, and yet Mayor Dunne vetoed the
ordinances,
which were then passed over liis veto and have now
received popular endorsement
by a large majority.
The result must be very
gratifying to the citizens of
Chicago, who, owing to the long conflict with the
Co., is certainly reassuring. Reports of
diminishing authorities, have had to put up with street railroad
business activity which have been current from
time facilities which are little short of
disgraceful. Now
to time since the
opening of the new year, and the they will get a modern and
up-to-date system.
violent drop in the values of share properties in March
'
Apr. G
775
THE CHRONICLE.
1907.]
:
Many returns of railroad gross and net earnings for
the month of February have been received this week,
and in the case of nearly all the larger companies—
barring the Southern Pacific, which, as heretofore,
Lines
1907.
o]
East
i
Pittsburgh.
S
February.
Gross earnings.
Oper. expenses
.
(
1903.
|
'
s
t
j
1
1902..
s
8,345,4241 8.229.524, 7.553,324
7,451,151! ,7.034,962 ! 6,915,662;1 5,532,862
S,607.760
11,452,860 10,824,060
9.463,751
i
s
§
S
'
1904.
1905.
1906.
S.528,151
1
,
1.310.462} 1.313.862 2.020,462
i
;
t
j
1
'
Jan. 1 to Feb.28
22.S26.572117.870
872j
16,819,29Sl
17,796,698;
16.136,098
Gross earnings 24,036,572
Oper. expenses 19,105,064 17,392,564] 15.009.964 14.364.302j 14.115.202; 11.386.802
Net earnings <,931.50S 5.434,00S 2,860,908 2,451,996j 3,681.496! 4.749,296
Net earnings
1,989,109
1,156,609
2.295.909
i
-
.
remarkable gain in both gross and net,
doubtless because traffic, by reason of the weather
conditions, was deflected from th'o northern trailscontinental routes to those lying further to the South
—the showing as regards net is, as a rule, very poor.
There was no change in official rates of discount by
Gains -fin gross earnings have been lacking in hardly
any of the European banks this week; unofficial, or
any case, but the augmentation in expenses has been
open market, rates were, compared with last week,
of such magnitude as completely to over-balance such
% of 1% lower at London, }/$ of 1% at Berlin and
gains. Of course the advances in wages and the en¬ Frankfort and steady at Paris. The easier tone at
hanced cost of materials, fuel and supplies are,among
London was due to the decided improvement in the
the most important elements in this augmentation in
monetary situation at New York and also to the re¬
the expense accounts, but there have also been some
moval of the menace to the British market, through a
special circumstances that have served to intensify
sharp and indeed quite extraordinary advance in
and aggravate these ordinary causes for enlarged
exchange at New York on London, of gold with¬
expenditures. Three companies which have suffered drawals therefrom for shipment hither.
with especial severity in this respect have deemed it
The notable feature of the statement of the New
‘proper to send out explanatory statements. The Nor¬ York Associated Banks last week was an increase of
folk ck Western Company states that the unusual
$8,421,825 in the surplus reserve, to $13,131,275.
charge to maintenance, of way and structures during This
resulted, in great part, from a gain of $12,840,000
the month was occasioned by heavy outlays incident
in cash and an increase of $4,418,175 in reserve re¬
to restoring track and roadway damaged , by high
water on the Ohio and Scioto rivers.
The Chesapeake quirements. Loans were expanded by $6,555,600
and deposits were augmented $17,672,700; Govern¬
Ohio Company explains that its increase in expense
ment deposits showed an increase of $3,500,000.
The
of maintenance of equipment and conducting trans¬
statement was somewhat deranged through the ab¬
portation has followed largely from the interruption
sorption by the Mechanics’
Traders’ of the Union
to traffic occasioned by weather conditions and the
Bank of Brooklyn, which consolidation took place
increase of wages of train and shop employees which
last week.
reports' a
.
£
became effective
February 1.
The statement issued
Railway states that the February
results “reflect unusual conditions through increased
expenditures for the maintenance of equipment and
for fuel and overtime due to congested conditions which
also temporarily interfered with the development of
In this case we are told that March
new traffic/’
operations reflect similar conditions, but that the con¬
gestion is now being relieved and anticipations are that
beginning with April, traffic will move more freely.
by the Southern
the bank state¬
daily debits of
the Clearing House of the distri¬
large increase in cash shown by
ment, together with evidences in the
The
the Sub-Treasury at
public funds in large amounts among the
payments for maturing 4s of 1907
contributed to extremely easy monetary conditions
this week and to lower rates for call money than have
been recorded in
many mouths.
The indications
that the loan market would be abundantly sup¬
plied in the future—not only as the result of the
The Pennsylvania Railroad return for February is
policy of the Secretary of the Treasury in placing
also distinguished mainly for the continued augmenta¬
TTustoms collections in the local banks, in redeeming at
tion in the expense accounts, over-topping the gains
maturity, with cash, about one-half of the 4s of
in gross.
On the lines directly operated East of Pitts¬ 1907, and in refunding the remainder, thus contributing
burgh and Erie there is an increase of $628,800 in to an increase in bank-note circulation^and the fact
gross, but attended by an addition of $935,600 to that immediate requirements would be fully met
expenses, thus producing a loss in net of $306,800.
through the distribution already of more than 36
On the Western lines there is $552,500 increase in
millions of Treasury cash at this centre, had a marked
gross, offset by an addition of $490,400 in expenses, influence
upon rates for time money, causing a ma¬
leaving only $62,100 gain in net. In January the terial decline in those for all periods. Corporation
showing had been much the same, and the result is
notes, which recently were affected by monetary ten¬
that for,the two months, with $2,067,500 improvement
sion,, were in increased demand by individuals and
in gross on'the Eastern and Western lines combined,
institutions for investment, and the new Erie notes,
there isja loss of $583,500 in the net, owing to an in¬
amounting to $5,500,000, that were emitted partly
crease of no less than $2,651,000 in the expense ac¬
for refunding those which are about maturing, were
counts.
It is proper to state that comparison is with
promptly taken.
unusually favorable results a year ago, the improve¬
Money on call, representing bankers’ balances,
ment in the gross in February 1906 having reached
loaned at the Stock Exchange during the week at
the extraordinary figure of $3,093,100, and even the
4j^% and at 1%, averaging about 3%; banks and
net earnings for the month at that time recording a
trust companies quoted 2% as the minimum. On
gain of $1,396,600. In the following we set out the
Monday loans were at 4J4% and at 23^%, with the
gross and net earnings for the last six years on the
bulk of the business at 4%. On Tuesday transactions
bution of
banks and of
,
directly operated East of Pittsburgh and Erie,
being the only portion of the system for which we have
the data for such a comparison.
lines
3%% and at
with the majority at 3%.
Wednesday loans were at 3% and at 1% with the
were
On
at
776
bulk
THE CHRONICLE
of
the
business at
2b£%.
On Thursday and
Friday transactions were at 2J^% and at
2% with the majority at 234%. Time contracts
were freely offered by all institutions
,*but business
was reported as only moderate, it
being expected that
concessions in rates would soon be made. Quotations
on good mixed Stock
Exchange collateral were 434 @
5% for sixty and 5% for ninety days arid 534% for
four to six months.
Commercial paper is 6@634%
for sixty to ninety-day endorsed bills receivable,
G@6J4% for prime and 6%@7% for good four to
six months’ single names.
The business is confined
to Western buyers chiefly, though some local insti¬
on
tutions
are
in the market.
The Bank of
England rate of discount remains un¬
changed at 5%. The cable reports discounts of
sixty to ninety-day bank bills in London 454 @4)4%.
The open
market rate at Paris is 334% and at Berlin
and Frankfort it is 524%. According to our 'special
cable from London, the Bank of England lost £655,529
bullion during the week and held £34,340,713 at the
close of the week. Our correspondent further advises
us that the loss was due wholly to
large shipments to
the interior of Great Britain.
market reached
Purchases in
the’open
moderate aggregate.
The details
of the movement into and out of the Bank were as
a
follows:
[VOL.
LXXXIV.
count rates in London
directly influenced long sterling
and commercial bills were in only moderate supply.
There was an engagement on Tuesday in London
of about S3,000,000 gold for shipment hither, but, as
above noted, the purchaser of the metal later in the
week re-sold it in the London .market because the rise
in exchange and our monetary conditions made such
a
desirable; the price of gold was reduced
Thursday to 77 shillings 924 pence. There
an arrival
this week of SI,386,951 gold from
course
on
was
London.
Nominal
quotations for sterling exchange are 4 S134
@4 82 for sixty-day and 4 8534 @4 §6 for sight. Sat¬
urday of last week was a partial holiday and very little
business was done; compared with the previous day
short rose 10 points to 4 8320@4 S325 and cables 20
points to 4 8410 @4 S420. On Monday long advanced
25 points to 4 79@4 7910, short 45 points to 4
8365@
4 8370 and cables 40 points to 4 8450 @4 8455.
On
Tuesday long rose 120 points to 4 S020@4 8025,
short 100 points to 4 8465 @4 8475 and cables 75
points to 4 8525@4 8530. On Wednesday there was
a slight recession but the market closed firm at a decline
of 5 points for long to 4 8015@4 8020, short 25 points
to 4 8445@4 8450 and cables 10 points to 4 8515@
4 8520.
On Thursday there was a sharp, rise all
around—long 75 points to 4 8090 @4 8110, short 65
points to 4 85 @4 8515 and cables 70 points to 4 8580 @
4 8590.
The market was strong on Friday and 50
points higher for long, 20 points for short and 5 points
Imports, £323,000 (of which £9,000 to
Australia, £5,000 to France and £309,000 bought in
the open market, including £120,000 French coin and
£5,000 Austrian coin); exports, nil, and shipments of for cables.
The following shows daily posted rates for sterling
£979,000 net to the interior of Great Britain.
exchange by some of the leading drawers.
There was a most remarkable advance in foreign ex¬
Fri.,
Mon.,
Tues.,
Wed.,
Thurs., Fri.',
change this week and the striking feature was a rise
Mch. 29 April 1 April 2 April 3 April 4 April 5'
in sight sterling by Tuesday to rates which not only Brown
60 days 4 SO
81
8034
82
8034
8134
Bros & Co
85
85
Sight.. 4 8434
8534
86
8534
f
60 days 4 SO
80
entirely precluded imports of gold but made it desirable Baring
81
81
8034
82
t
& Co
Sight.. 4 8434
85
8434
86
8534
8534
for American importers who had secured the metal Bank British
60 days 4 80
80
81
81
8034
SI 34
t
North America
85
8434
.Sight.. 4 84J4
8534
8534' 8534
Ban k of
60 days 4 80
in
London for
81
8034
81
82
t
8034
shipment to
re-sell their con¬
Montreal
Sight.. 4 8434
85
85
86
8534
8534
Bank
60 days 4 80
80
81
8034
8134
8134
signment instead of transferring it hither. Later in Canadian
of Commerce
Sight.. 4 8434
85
8434
8534
8534
8534
60
4
80
Ickeldays
81
8034
8034
82
8134
the week there was a further important rise in sight Heidelbach,
lieimer &Co—
85
Sight.. 4 8434
85
86
8534
8534
Lazard
60 days 4 80
SI
8034
82
8034
34
S134
exchange to figures nearly 2 cents per pound sterling
Freres
Sight.. 4 8434
85
85
86
8534
8534
Merchants’Bank
I 60 days 4 80
81
8034
81
8034
82
above those ruling on Saturday of the previous week
of Canada
85
85
Sight.. 4 8434
-86
8534
8534'
r-m
EGI
and 245 points higher than the rates recorded on
The market closed on Friday at 4 8140 @4 8150 for
Tuesday of that week, which rates were almost un¬
precedentedly low. The potential factor contributing long, 4 8520@4 8525 for short and 4 8585@4 8590 for
Commercial on banks 4 8080@4 8090 and
to this remarkable recovery in exchange was the fall in cables.
local rates for money.
This naturally stimulated documents for payment 4 8034 @4 8124- Cotton for
buying for remittance, covering of futures and invest¬ payment 4 80J4@4 8024 cotton for acceptance 4 8080
ments.
The rise in our securities market during the @4 8090 and grain for payment 4 8134 @4 8124period from Thursday of last week to Tuesday, while
the foreign bourses were closed on account of the
The following gives the week’s movement of money
holidays, was reflected in London at the opening of to and from the interior by the New York banks.
the last-mentioned day; speculators then sold freely
! Received by
Net Interior
Shipped by
to realize the profit, and remittance against such sales
Week ending April 5 1907.
Movement.
j.V. Y. Banks. N. Y. Banks.
was prompt, thus causing an
urgent demand for ex¬ Currency...
S6,906.000
SO,400,000 Gain
$506,000
Gold
2,029,000
2,000,000 Gain
29,000
change. Operators in London who were paying high
Total gold and legal tenders
S8,935,000
S8,400.000 Gain
$535,000
contangoes on holdings of American stocks, which
they were carrying over to the next settlement, either
With the Sub-Treasury qperations and gold imports
•
,
..
>
-
sold their stocks
or
shifted their loans to New York
the result is
as
follows.
take
advantage of the low money rates in our
market, and this movement largely contributed to
the sharp advance in exchange. The fact that the
inquiry for remittance was greatly in excess of the
offerings of bills will account for the rapidity of the
^rise, especially on Thursday, when sight moved up¬
wards in the afternoon nearly^halQa cent. Easier dis¬
to
Into
Week ending
April 5 1907.
(f
Banks’ interior movem’t as above
Sub-Treas oper.
Total gold
The
in
and gold lmpts...
and legal tenders
Banks.
Out oj
Banks.
SS ,935,000
41,600,000
88,400.000 Gain
28,000.000 Gain
S50,535.000
Net Change in
Bank Holdings.
S535.000 *
13,600.000^
836.400,000 Gain $14,135,000
following table indicates the
the principal European banks.
amount of bullion
Apr. 6
THE
1&07. |
Bank- oj
1
I
Gold.
i
Silver.
j
-
Total.
April 5 1906.
Gold.
Silver. • Total.
34,340,713 37,175,809
33,337.000
92,199,000
45,924,000
Spain
15,439,000 25,144,000 40,583.000 15,084.000
32,367.000 5,047,500 37,414,500 28,297,000
Italy
5,145.800 5,051.000 10.797,400
Neth’lands
0,053.200
Nat.Belg. : 3,248,067
1,024,333 >4,873,000 3.320.000
Sweden
4,100,000
..
4,160,000 3,784.000
Total week 390.600,200 104,027.986 494,68S.ISO382,172.317
England.J 34,340.713
France
103,259.020 3S,904,553
Germany I 29.098.000
Russia d.. 11S,513,000
Aus.-Hun ! 45,089,000
—
:—
April 4 1907.
142.223,573 110.902,30S
9.700.000 38,798,000
5,537.000 124.050,000
12,359,000 57,448,000
777
CHRONICLE.
37,175.809
42,037.084 159,029.992
11,112,000 44,449,000
4,803,000 97,002,000
-
■
i
long before Kruger’s
reactionary policy brought about the crash with
England, on the side of reform of the obsolete Trans¬
vaal institutions.
He has lost no time in. defining his
official attitude. His speech to the new Assembly
frankly declared that the policy of the Dutch inhabit¬
had taken
a
conspicuous position,
58,758.000
38.094.000
32,152.000
12,080,800
4,989,000
j 3,784,000 ants should be that of loyal supporters of the British
105,942,884 4S8.115,201 Empire. The past was, in short, accepted, and in¬
deed we imagine that the more enlightened leaders,
looking back at that past, have no regrets for the oldtime policy which was forever abolished by the war.
THE NEW TRANSVAAL.
General Botha has not only stated his own attitude of
When the Constitution for the Transvaal Colony was
promulgated by the Campbell-Bannerman Ministry a loyalty to the British Empire, and commended the
same attitude to his adherents, but has gone a consid¬
few months ago, there was warm discussion in London
erable step further in announcing his purpose of par¬
as to what would be the result of the privilege of free
12.834.000
23,010.000
3,855,000
6.027.000
1,003,OOU;
of a Colonial Government by ticipating personally in the conference of Colonial
Prime Ministers called to assemble at London.
The
open majority.
In the end, after a good deal of agi¬
result of this last announcement has been most happy
tation English opinion settled itself down to the com¬
in all directions; it is not too much to say that it has
fortable assurance that, after all, the English voters
would be able to hold their own against the Boer fully reconciled to the policy of a free vote in the Trans¬
vaal even the most angry opponents of that policy
natives, and at any rate retain virtual control in their
when first proposed by the British Ministry.
own hands.
The election, which was held at the
Much has been said, in comments on this episode, as
opening of March, showed that the Boer constituency
to the wisdom of the traditional British colonial policy
had won thirty-seven seats in the new Colonial
to which this Transvaal situation was a sequel.
It
Assembly, while the other parties, four in number,
is only reasonable to recall, however, that England
mustered altogether only thirty-two. ‘In other words,
learned the advantages of such a policy only through
the Dutch element had carried the new Parliament by
long and trying experience in the consequences of
what might properly be called a sweeping majority.
the opposite policy. The British rule in India is a
Now this was precisely the situation toward which a
notable case in point; it showed conclusively that
great part of Er. '!sh opinion had looked with dismay
nations with Colonial possessions do not learn wisdom
when the plan for Transvaal elections was first an¬
in management of such dependencies overnight.
Had
nounced. It had been pointed out, by those who op¬
it not been for the polemics of Burke, the exposure of
posed the proposition to grant free voting rights, that
the Dutch would be eager to vent their resentifient gross abuses under Warren Hastings, and the later
scandal in connection with that otherwise admirable
against their conquerors, and that even if this were not
administrator, Lord Clive, it may be doubted if the
so, their prejudices were such that the welfare of the
Indian dependencies would even to-day be enjoying so
mining industry would be hopelessly jeopardized.
That a Dutch majority would permit, for instance, any intelligent a share of self-government.. What sort of
sort of continuance of coolie labor—presuming their imperial] regulation was attempted by England, and
with what results, in the case of the American Colonies
traditional hostility to the gold-mining industry—was
a century and a quarter ago, no American reader
taken to be altogether improbable.
needs to be informed.
People who have followed the vicissitudes of politics,
England, in short, has learned wisdom from experi¬
even in this country, are aware how often such pre
That the moral should be drawn for ourselves,
ence.
dictions are completely upset by the event. In the
as regards our own administration of the Philippines,
case of the Transvaal there was no more than a super¬
was inevitable.
We think, however, that the conten¬
ficial reasonableness about them. They ignored two
tion is right which holds that with England’s example
important facts: first, the change which was bound to
before us there exists no such excuse for misrule or
have come over the more intelligent Boer citizens as a
result of their contact with the outside world; and, misjudgment of the proper management of a native
second, the certainty that a reactionary policy would colony as did, perhaps, exist in the case of England’s
earlier experiments. A constituent assembly of the
defeat itself from the fact that it would be fighting
against the inevitable. Perhaps the most important Philippines has already been called; it is to be hoped
that this is only a beginning. We should not consider it
consideration of all was the broader knowledge which
a gratifying fact in our own history, if the episode in
the Transvaal residents have gained since their collision
the Transvaal, different as the conditions undoubtedly
with Great Britain brought them into the light of
are in that country from those which exist in the
modern civilization. Much stress may also properly
be laid on the influence which an honorable trust and Philippines, were not taken seriously to heart.
It remains to be added that the radical home rule
confidence shown the conquerors to the conquered
History element in England has based much argument for its
will have on the conduct of the conquered.
own behalf on the example of the Transvaal.
Whether
is full of instances of the important and beneficial
the cases are exactly analogous may possibly be doubt¬
results which have followed such experiments.
ed. Whatever views may be held in regard to the
However this may be, the result of the new elections
has been of the highest interest.
The new Assembly wisdom or unwisdom of granting to Ireland a separate
Parliament, such as neither Scotland nor Wales pos¬
has organized by choosing as Premier General Botha,
sesses, the fact will remain That the question of home
one of the most vigorous, and successful leaders of the
Boers in the Transvaal war.
In the selection of this defense, always a vital problem for the British
Islands, causes some natural reluctance in allowing
man there was promise for the future; General Botha
suffrage and election
,
778
THE CHRONICLE.
control
part of the British Isles themselves
out of the hands of the Parliament of London.
over
any
[VOL.
LXXXIV.
appeared and is touring Cape Cod.
Every manifesto
speech which he puts forth shows in language
Nevertheless, we should suppose that the spirit shown which
might be quoted from the evidence for the
by the Boers in response to the confidence imposed prosecution in decided anti-trust cases that the cran¬
in them by the British
Empire would encourage berry grower is urged to adopt the methods and or¬
Englishmen to look more favorably on any reasonable ganization of a trust and to
participate in conspiracy
claims Ireland may make for home administration.
and combination.
The promoter points out that there
to pass
and every
is
AN ABSURDITY UNDER TIIE SHERMAN ANTI¬
TRUST LAW.
it has
probably been the law of the
land that
bination to organize and direct the sale of
of
an
a
com-
article
a
the
thousand-acre increase expected in the bogs of
Cape, that it is absolutely
should be done to prevent
j
commerce
sale is
a
in the
course
of its distribution and
crime and offense
prices to the
that something
consumer
from
diminishing, a result which will sooner or later force
the growers to combine if
they do not do so now.
With the crop under the control of the new
concern,
necessity which is necessari-lv the subject-of inter¬ however, it
state
necessary
guarantee the retailer that the fruit
below a named selling price. Of course
this involves a counter obligation on the
part of
can
will not go
against Federal law, whether
unreasonable, beneficial or injurious. retailers
the
prices on goods sold them by the
The other elements of this crime had been defined
trust.
But the power will exist, for
already sixtv-five
before. The decision mentioned
puts the crowning or seventy per cent of the Massachusetts
growers have
touch because it seems to establish that the courts
joined the concern and the promoter tells the public
are not allowed to listen to
proof of the public ad-' that he is confident that with the*
major portion of
vantage. The statute does not even allow them to the
Cape crop placed in his control, and hence command
give weight to what the common law lias defined as over the market for
more than
three-quarters of the
reasonable.
If such a law were enforced with reason¬
entire output of cranberries in the United
States, the
able impartiality, it would
paralyze trade. Under its consumer will have to pay the
piper.
partial application to-da\ the chance of being branded
We have not exaggerated. This
description is taken
as
a
criminal because of the aggressive and wellalmost verbatim from the promoter’s
descriptions of
organized conduct of any ordinary large business his means and end.
Out of his own mouth he is con¬
depends entirely upon how far the business catches the victed of an
attempt to monopolize inter-State com¬
public eye, and not at all upon real immorality or merce in a
necessity. We commend his case to the
offensiveness. Occasionally, however, one can find
Federal authorities at Washington for their
early
an organization much in the
public eye which may attention. We do not suggest a
prosecution. On the
it be reasonable
serve as a
or
text for the illustration of this vicious
ar¬
rangement without exposing one who writes about it
to the charge of
driving business men into the crimi¬
nal's pen.
We are furnished with such,an
not to cut
contrary no
sane man
could fail
to
see
either the
neces¬
conclusion that this is a trust or the even more
necessary duty not to make himself absurd by prose¬
cuting the cranberry. But this and a thousand other
opportunity by the such cases are open daily for the consideration of
any
recent systematic organization of the
cranberry busi¬ one who will look into the facts of trade and commerce,
ness in
Southeastern Massachusetts. Joking
aside, and those who arc responsible for such legal absurdities
but not without a few humorous
thoughts'by the way, will also be responsible to the country in a
heavy
the cranberry is an article of prime
necessity through¬ measure if they do not remember the
ringing advice
out all the States and Territories where
turkey 'is of John Adams, that every one ought to receive
right
eaten and Thanksgiving celebrated.
So many cran¬ and justice
freely and conformably to laws, that the
berries are raised on Cape Cod that the sale of the
power of suspending the execution of the laws ought
crop necessarily involves delivery of the major
part never to be exercised but by the Legislature, and that
outside of Massachusetts.
We could cite law reports, the ideal of freedom with
justice is that we should have
volume, case and page, to show that each of these a. government of laws and not
of men.
We are quot¬
points is of criminal import. Prices to the poor
bill
of
ing from the
rights of the Constitution of the
jobber whose livelihood is threatened, and hence it is State whose affairs we are
discussing, and we respect¬
conclusively to be presumed to the consumer, have fully commend its
perusal to those who think that
in the past often been
gratifyinglv low, carrying the State constitutions and rights are inferior to Federal
agreeable fruit within the means of the modest purse legislation in
their virtue and justice.
of the small grocer and his customers.
This has been
because the small grower has sent his
THE DECISION REGARDING THE
goods to market
GREAT
without conspiracy or combination. There are on
NORTHERN’S INCREASE IN STOCK.
Cape Cod over a thousand small growers who own each
The full text of the opinion in last week’s decision
less than three acres of bog. They have
shipped direct of the Supreme Court of Minnesota,
upholding the
to the jobber.
One need scarcely suggest the waste right of the Great Northern
Railway Co. to increase
of such a course, the lack of
uniformity in quality, its capital stock without first applying to the State
packing, brand and appearance, the lack of systematic Railroad and Warehouse
Commission, makes it apparent
realization, the ignorance about the action of the com¬ that certain points
in that decision are of general ap¬
mission merchant or his justification for the
prices he plication—that is, would apply in other States where
sells
at.
Even
•
.
sary
the circumstances and conditions
are
the
same.
Ac¬
special Assistant Attorney-General or a cordingly, it is important
to examine the grounds upon
special agent of the Inter-State Commerce Commission which the Court rests its
judgment overruling the
can see that
organization would bring improvement. district Judge who had issued a
temporary injunction
The ground is fruitful for the promoter and he has
restraining the railroad company from making the
a
Apr. G
770
THE CHRONICLE.
1907.]
It is certainly to be hoped that the capital stock they may have, the purposes for which
mistake made in the present case will not be repeated they may increase their capital stock,and the limita¬
elsewhere, inasmuch as the consequences in this in¬ tions and conditions to be imposed upon the right to
proposed increase.
been so serious.
last December the company
stance have
such
increase, are exclusively matters for legislative
determined to action which cannot be delegated. The State, having
conferred upon them
issue $60,000,000 new stock for the purpose of provid¬ created such corporations and
for public purposes, great and extraordinary powers
ing funds for additional equipment and terminals,
second track and various other added facilities required and franchises, including the sovereign power of emi¬
for carrying on its business.
The need for such action nent domain and the right to levy tolls or taxes upon
all who use for traffic or travel these modern highways,
was urgent in the extreme, as all the roads in that part
of the country were at the time suffering from a con¬ the railroads, it logically follows that the Legislature
gestion of traffic which has never previously been has the undoubted right to enact statutes regulating
equaled, and found it practically impossible for the the increase and disposition of their capital stock. In
time being, to meet public wants in full for transporta¬ the exercise of this right it may pass a statute providing
tion services. Yet a State official steps in at this generally for what purposes and upon what terms,
juncture, out of an overabundance of zeal we must conditions and limitations an increase of capital stock
suppose, and appeals to the courts to restrain the rail¬ maybe made, and confer upon the Commission the ad¬
road in its laudable purpose of spending millions of ministrative duties of supervising any proposed in¬
capital in orderjto put itself in shape adequately to meet crease of stock. The Legislature may also delegate
its public functions; As a consequence, the hands of to the Commission the duty of finding the facts in each
the managers have been tied for over three months particular case and authorize and require it, if it finds
and they have been prevented from affording the re¬ the existence of facts that bring the case within the
lief so imperatively demanded.
In the end it is found statute, to allow the proposed increase; otherwise to
it.
But further than
that
the
Leg¬
that this State official was wrong in his contentions. refuse
Statutory regulations of
Obviously, much mischief would have been avoided islature may not go.
the
increase
of
the
capital stock of railway corpo¬
if it had been recognized at the outset that the position
of the State was an untenable one—or, better still, rations, the Court argues, tend to prevent secrecy of
if the Legislature, in enacting the statute upon which operations, and guard against the issue and sale of
It
was
fictitious
the State officer rested his claim, had in the first in¬
stance
recognized that it had no power to pass such a
law.
The company
rested its contefition that it could issue
additional stock without leave of the State Commission
or
watered stock by such public agencies.
pointed out that in Minnesota it has been a
felony since 1887, punishable by fine or imprisonment
or both, for any officer of a corporation to issue, sell
or dispose of any fictitious shares of its capital stock or
to issue any of its stock or bonds until they have been
paid for in full, in money, labor or property.
There was therefore no question as to the right oU
the Legislature to regulate the increase of the capital
stock of railway corporations.
The question was sim¬
ply whether the Legislature had exceeded its powers
in delegating to the Commission determination of the
The Attorney-General, of course, contended
matter.
that the statute did not attempt to delegate to the
Commission any legislative function, but referred to
it merely the administrative duty of supervision of
I the increase of stock by ascertaining- the facts
!
in
each particular case.
But the Court could
It is also
According to Section 2872 of
the Minnesota Revised Statutes of 1905, railroad cor¬
porations in Minnesota before making any increase in
their stock must apply in writing to the Railroad Com¬
mission, which may “allow” the proposed increase or
not.
The Great Northern company urged that such
a law was invalid in that it delegates legislative au¬
thority to an administrative body. The Minnesota
Supreme Court endorses this view unqualifiedly.
It holds that passing on proposed stock issues in the
manner prescribed by the law in question is purely a
legislative function, and that under the Minnesota
Constitution the Legislature has no power to delegate
its powers.
The second claim of the company, that | not see its way clear to adopt this view. Sup¬
under an amendment touts charter it had the right posing a railroad makes application to the Oommisto increase its stock free from all restrictions, and that ! sion setting forth the amount of a proposed increase
land the purpose for which it is desired, what then
any law attempting to take from it this right was an
impairment of the obligation of contract,and therefore must the Commission do, casks the Court. Must they
unconstitutional, the Court found itself unable to allow the increase if they find the amount and purpose
on
two
main
grounds.
!
accept.
On this last point it. is held that if the charter | are such as are authorized
amendment referred to could be construed as conferring
the- company the power to issue stock without
limit, nevertheless the Legislature would have the
right to prescribe such reasonable regulations for the
exercise of the right as might be necessary to prevent
fraud in the issuing of fictitious stock and to protect
the public from the consequences thereof, since the socalled police power of the State cannot be abdicated.
Upon the point' that the Legislature cannot delegate
upon
-
by law ? On the contrary, the
j language used is—“if they allow it, they .-.hall prescribe
|
the manner in which and the terms upon which the
I
same
i
the
If they disapprove such increase,
therefor shall be stated in their next an-
shall be made.
reasons
| nual report.”
The Court holds that the
in which and the terms noon
prescribing “the
manner
which” the increase
mav;
legislative power, not an administrative
duty, and-cannot be delegated. Justice Start says
its powers to an administrative body, the language of the ‘simple truth seems to be that, the distinction be¬
the/opiuion, which is by' Chief Justice .Start, is clear tween the delegation of maninisirative duties to secure
and emphatic, and the reasoning convincing. Justice the execution of a statute did not occur to the person
Start says the terms and conditions upon which rail¬ j who drafted the statute, and that it was the real as
way corporations may be created, the powers and ■I well as the expressed intention of the statute to com-
be made is
;
,
a
[VOL. LXXXIV.
THE CHRONICLE.
780
mit.the whole subject of the increase of
capital stock
corporation papers on the ground that the capital named was
below the limit fixed by law, a Superior Court Judge ruled
that the Legislature had no right to grade capital according
by railway corporations to the judgment and discre¬
tion of the Commission.
This view is strengthened to population.
by the fact that at the time the statute was enacted
—According to advices received last week by G. Brucerailway corporations were authorized to increase their Webster, the New York agent of the Chartered Bank of
capital stock but there was no statute limiting the in¬ India, Australia and China (head office London), the di¬
rectors of that institution are to recommend to the share¬
crease to any particular purpose or prescribing the
holders at the annual meeting April 17 the proposition to
terms upon which such increase might be made.- The
increase the capital to £1,200,000.
The additional stock
Legislature having never enacted any terms, condi¬ is to be issued at £40 per share, payable in installments
tions or limitations with reference to the increase of between June 4 and December 31 1907, such installments
capital stock, it could not consistently impose upon to bear interest at 5% per annum. The new shares will
the Commission the duty of ascertaining whether the rank on the same basis with the existing shares from January
The bank’s present capital is £800,000, consisting
1 1908.
purpose and terms of a proposed increase were in ac¬ of
40,000 shares of £20 each, on which there is a reserve
cordance with the requirements of law, when there
liability of an equal amount. The proposed increase of
such law.
was no
points out that the prototype of
have been certain
sections of the General Statutes of Connecticut.
In the
Connecticut case, however—and here is the distinc¬
tion of importance—the Railroad Commissioners, after
finding the facts, report them, with a recommendation
whether the increase of stock should be allowed or
not., to the Legislature for its determination.
On the
other hand, in the Minnesota case, the whole matter
is delegated to the judgment and discretion of the
Commission.’" There thus being an unmistakable at¬
tempt to delegate legislative power to a commission,
the Court had no alternative but to declare the law
Justice Start also
the Minnesota
statute seems to
in conflict with the Constitution.
ITEMS ABOUT BANKS, BANKERS
AND ’TRUST CO’S.
public sale of stock of the Irving National
Exchange Bank was made at auction this week, when 10
shares were sold at 175.
No other sales of bank or trust
—The
first
company stocks were made cither at the Stock Exchange
at auction.
The table below, given in our usual form,
or
shows the actual sales of
New York City bank stocks made
during the week at auction and at the Stock Exchange.
showing the bid and asked quotations, de¬
posits, 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 York City bank and trust company
Extensive tables
stocks
are
the paper,
published weekly in another department of
and will be found to-day on pages 78S and 789.
also
BANKS—New York.
Irving Nat. Exchange Bank
Shares.
10
—A
Low.
175
High. Close.
175
175
Last previous sale.
First sale.
Clearing House Association has been formed in Mont¬
The officers, chosen at a meeting March 27,
are:
President, A. M. Baldwin, President' of the First
National Bank; Vice-President, Michael Cody, President of
the Exchange National Bank; Secretary and Treasurer,
A. J. Jones, Cashier of the Fourth National,
W. B. Strassburger has been chosen as Manager. The organization will
begin business as soon as quarters have been secured.
gomery,
Ala.
—At the recent session of the California
law
was
Legislature
a new
passed regulating the capital of State banking institu¬
tions, which in no instance is to be less than $25,000. This
new
section, which applies to all banking institutions,
except savings and loan
corporations, takes the place of the
graded capital section, whereby the capital was fixed ac¬
cording to population. It provides that all institutions
coming within its provisions must at all times have actually
paid in a capital equal to at least 10% of their total deposits,
the minimum amount of such capital to be not less than
$25,000; it is further provided that the maximum amount
of such capital shall in no instance be required to exceed
$1,000,000. In construing the provisions of this section,
net surplus, it is added, may be treated and considered as
part of the paid-in capital. The reason for the repeal of the
old law ,(which had been in operation since March 1905) and
the enactment of the new is that several months ago, in the
case of a new Sacramento bank which had been refused in¬
capital means, presumably, the issuance of ^20,000 new
shares at £20 (or £400,000) and the addition to reserve fund
of|£20|(or £400,000), so that the figures will thenstand:. Cap¬
ital, £1,200,000; reserve liability of shareholders, £1,200,000;
reserve fund, £1,475,000; undivided profits 1906, £93,000;
total, £3,968,000.
°
•
Bank, 57th Street
and Third Avenue, this city, have called a special meeting
of the stockholders fo” April 17 to vote upon a proposed
increase of capital from $200,000 to $300,000.
If effected,
the institution’s combined capital, surplus and undivided
profits wall be advanced from $470,000 to $770,000. The
new stock will be issued at $300 per share.
The bank’s
deposits have grown from $1,500,000 to $5,000,000 in the
past four years. Lately it purchased the property at 152
and 154 East 34th Street, for the erection of a bank build¬
ing, to be used as a branch. The other branches are situated
at 72d Street and Third Avenue and at 86th Street and
Second Avenue.
Warner Van Norden, President of the
Van Norden Trust Company, is the bank’s executive.
—The directors of the Nineteenth Ward
Exchange Bank of this city has
declared a semi-annual dividend, of 3% and an extra divi¬
dend of 1%, making 4%, both payable April 15.
The
previous payment, made Oct. 15 1906, was 3^%.
—Robert B. Armstrong, formerly Assistant Secretary of
the United States Treasury, has resigned as President of
the Casualty Company of America, 52 William Street.
Mr.
Armstrong’s resignation is occasioned by his desire to take
an extended trip abroad in an endeavor to regain his health,
which has become impaired through an attack of typhoid
—The New York Produce
fever.
,
—Application to change the name of the proposed Irving
Company of this city to the Fidelity Trust Company
will be made to the State Banking Department on May 6.
The proposition to increase the capital of the institution
from $500,000 to $750,000 will be acted upon by the share¬
Trust
holders
on
the 9th inst.
Beaver National Bank of this city is to
begin
business to-day in the Beaver Building, junction of
Pearl and Beaver streets.
George M. Coffin, lately
Wall,.
Vice-
—The
new
President of the Phenix National Bank of this city,
dent of the
new
bank.
P. Welsh
Assistant Cashier.
Frank Bornn, of
S. H. Vandergrift and T.
Vice-Presidents and J. V. Loughlin is
Besides the President, the directors are
are
is Presi¬
Co., exporters and importers, this city; John B.
Fassett, President Citizens’ National Bank, Johnstown, Pa.;
Thomas A. Ii. Hay, Vice-President Washington National
Bank, Washington, N. J.; Martin W. Littleton, ex-Prcsident
Borough of Brooklyn; George Mercer Jr., of George W.
Mercer & Son, this city; Thomas E. Murphy of Philadelphia;
Augustus K. Sloan, of Sloan & Co., manufacturing jewelers,
this city; S. H. Vandergrift, director of the Pittsburgh Trust
Company and Keystone National Bank, Pittsburgh; Earl
Vogel, of Gorham & Vogel, attorneys, and T. P. Welsh, of
T. P. Welsh & Co., coffee merchants.
The Beaver National
has a capital of $200,000 and surplus of $100,000.
It will
clear through the National City Bank and the Empire Trust
Company. Mr. Coffin, the President, was formerly a Deputy
Comptroller of the Currency. He is the author of several
w’orks pertaining to financial matters.
—The establishment of a new State bank in the- East New
York section of Brooklyn Borough is planned.
The Liberty
Bornn &
Ape. 6
1907.]
Bank is to be the name of
THE CHRONICLE
the projected institution,
which
781
G.Lestr,
The bank met all demands made upon it, andfby
following day little trace remained of the scare, which
was ascribed to the circulation of a baseless report.
28th ult.
the
a capital of $250,000, and is to locate at Liberty
Pennsylvania avenues. The President is to be William
—The organization of the Farwell Trust Company of
T. Wyckoff, President of the Woodhaven Bank, at WoodChicago has been completed with a capital of $1,500,000. It
haven, L. I.
—The directors of the City Bank of Hartford, Conn., have begins business at once in the quarters long occupied by
Granger Farwell & Co. at the corner of La Salle and Quincy
elected Edward D. Redfield to the presidency to fill the
streets.
The new trust company takes over the building
vacancy arising through the death last month of Maro S.
(hereafter to be known as the Farwell Trust Building), and
Chapman.. Elizur S. Goodman has been elected Vice-Presi¬
will alter the bank floor to suit its requirements.
The re¬
dent of the bank and Edward H. Tucker advances from
the office of Assistant Cashier to the cashiership.
The new organization of the stock-brokerage firm of Granger Farwell
& Co. will be announced in next week’s issue.
It is under¬
head of the institution entered its employ in 1894 as Assistant
stood that the Farwell Trust Company will not compete with
Cashier.
He was elected Cashier twTo years later, and in
existing banks and other financial institutions, but will co¬
1904 was given the additional office of Vice-President.
operate with them and supplement them. Neither checking
—The new building of the National Shawmut Bank oj
accounts nor trusteeships will be accepted.
Its officers
Boston, a substantial office structure, is now practically are: Granger Farwell, President; Douglas Smith
and Albert
completed, and already houses as tenants a number of in¬
Vice-Presidents; John Barry Sears, Treasurer;
dustrial corporations and banking organizations.
The bank John J. Bryant Jr., Secretary. The directors, including the
itself is to take possession of its new banking .rooms some
President and Vice-Presidents, are: William Butterworth,
time during the current month.
The property was pur¬ Robert W. Chapin, Charles H. Deere, Joshua H. Defrees
chased by the bank in 1904; it fronts on Water Street, ex¬
A. L. Farwell, William B. Jansen, George A. McKinlock
tending from Congress to Devonshire streets.
Gilbert B. Shaw, E. R. Stettinius.
—Frederick W. Rugg has been elected successor to the
—The plan to increase the capital of the Pullman Loan &
late Robert B. Fairbairn as President of the National Rock¬
Savings Bank of Chicago from $300,000 to $500,000 was
land Bank of Roxbury (Boston).
Anselm L. Bacon replaces ratified on Tuesday by the stockholders, who also approved
Mr. Rugg as Cashier.
the change in the title to the Pullman Trust & Savings Bank.
—Walter S. Swan, President of the Charles River National
As part payment for the additional capital, a stock dividend
Bank of Cambridge, Mass., and a director of the National
of 33 1-3%, or $100,000, is to be decla.ed out of surplus;
Shawmut Bank of Boston, died on the 31st ult. at the age
the other $100,000 of stock is to be sold to present share¬
of sixty-four years.
He had been President of the Cam¬ holders at par.
bridge institution since 1887.
—The Minnesota Title Insurance & Trust Company of
—That the new management in control of the Chapin
Minneapolis was closed March 26 by the State Banking De¬
National Bank of Springfield, Mass., is desirous of placing
partment. In a statement issued by State Bank Examiner
the institution on a thoroughly sound basis, is evident from
Anton Schaffer, the liabilities are placed at $580,219, of
the general elimination from its accounts of doubtful assets.
which $556,119 are deposits.
Total assets as booked by the
In discarding every piece of doubtful paper the bank’s
company are, he states, $853,313, which the department
surplus, according to the “Springfield Republican,” has been estimates as likely to produce $405,554, leaving a deficiency
reduced from $100,000 to $30,000, and the undivided profits
of $174,665.
In addition to these assets President J. U.
from $78,688 to $18,542.
There has been a like change in Barnes,
the principal stockholder, has turned over to the
the book value of its bonds and securities, which has been
Department real estate equities valued by him at $300,000
reduced from $112,967 to $77,613.
It is noted, however, which
it is estimated will produce approximately $175,000.
that while the bank building has been carried at $115,000,
The institution had an authorized capital of $500,000,
its full worth is believed to be $200,000.
Since the new
$250,000 of which was reported to have been subscribed
management assumed charge in February the sum of $25,000 and nearly all paid in. James D. Shearer has been appointed
borrowed money has been repaid, and some $3,000 earned.
receiver.
The individual deposits in the latest statement are $1,—At a meeting of the directors of the Mercantile Bank of
246,533.
Memphis on the 28th ult., A. S. Caldwell tendered his resign
—Oscar Edwards, President of the Northampton National
nation as President because of his expected absence from the
Bank, at Northampton, Mass., died on the 4th inst. He
city on a foreign tour. His successor, C. H. Raine, wai
was eighty-six years of age, and had been President of the
formerly at the head of the institution. He was elected to
institution for thirty-three years.
the post (from the cashiership) in March 1904, but resigned
—William C. McEldowncy has been elected President of
about a year ago in order to be relieved of business careg.
the Washington National Bank and of the Washington Trust
Another change is the election as Cashier of Claude Anderson,
Company of Pittsburgh, to replace the late John C. Reilly. P. S. Smith having relinquished the office to become active
Isaac R. Whitaker, formerly Second Vice-President, succeeds
Vice-President of the First National.
Mr. McEldowney as First Vice-President in both institutions.
—Application will be made to the Comptroller of the Cur¬
John B. Larkin and Eugene S. Reilly have been chosen
rency for authority to convert the State Bank of Virginia, at
respectively Second and Third Vice-Presidents of the two
institutions.
A first dividend of l%% quarterly has been Richmond, into a national institution. A resolution to
this effect was passed by the stockholders at a meeting held
declared by the directors of the trust company.
on Tuesday.
—The Union National Bank of Pittsburgh this week
is to have
and
’• —Albert
E. Thornton, Vice-President of the Atlanta
opened, in its new twenty-story office building erected on the
National
of Atlanta, Ga., died on the 2d inst after a
Bank,
site of its former home at Fourth Avenue and Wood Street.
few
weeks’
illness.
The bank occupies the entire first floor.
—The Arkansas Valley Bank of Little Rock, Ark., organ¬
—The Citizens’ Bank, capital $50,000, has been organized
ized
Dec. 29 1906, has been in operation since Jan. 14.
The
in Harrisburg, Pa.
The institution is to open shortly in the
institution reports a capital of{$100,000, fully paid, in shares
East End section, under the management of the following:
of $100 each.
It is managed by’M. B. Summers, President;
E. C. Thompson, President; S. F. Barber, Vice-President;
E.
E.
Wilson, Vice-President; R. C. Helmick, Cashier, and
F. K. Kitzmiller, Secretary and Treasurer.
T. U. Andrews, Assistant Cashier.
—At the annual meeting of the stockholders of the Union
—The annual meeting of the Mississippi Bankers’ Associa
Savings Bank & Trust Company of Cincinnati on the 1st
tion is to be held at Gulfport on May 8 and 9.
At the close
inst, J. G. Schmidlapp retired as President, and was elected
of the session the bankers, according to the “Memphis Ap¬
Chairman of the board of directors.
Clifford B. Wright, a
Vice-President of the First National Bank of Cincinnati, has peal”, are to visit the City of Mexico, stopping at points of
interest along the route.
B. W. Griffith, President of the
been chosen to the presidency of the Union Savings & Trust,
First National Bank of Vicksburg, is Secretary and Treasurer
succeeding Mr. Schmidlapp. R. D. Barney retires from the
of the association.
board of the latter to give place to Mr. Wright.
—The Comptroller of the Currency on March 21 approved
—The Licking County Bank & Trust Company of Newark,
an application to organize the Lumberman’s National Bank ol
Ohio (capital $200,000), was the scene of a “run” on the
»
782
THE CHRONICLE.
will be Issued In the same order In lieu thereof.
A letter of transmittal
should accompany each package of bonds for exchange, setting forth the
purpose for vwilch they are forwarded and giving the address to which
new bonds ana cheeks for the Interest thereon shall be sent.
Bonds held uy the Treasurer of the United States in trust for a national
bank may be surrendered by letter addressed to the Secretary of the
jhe
Treasury, accompanied with the Treasurer’s receipt representing the bonds,
together with a resolirklon of the board of directors of the bank authorizingthe Treasurer to assigrkthe bonds.
The priority of Issue ot the new bonds will be determined by the date of
the receipt by the Secretary of the Treasury of the outstanding bonds or
the papers representing thV same, provided that the bonds or papers are in
proper condition Ifor such surrender, as set forth hereafter In this circular.
If any correction is requlredVthe priority of the bonds to be issued will take
date from the receipt and acceptance of corrected bonds or papers at this
.
banking institution, the Spokane State Bank,
Spokane, Wash., on March 25. The
bank was organized on Feb. 27 with an authorized capital of
$50,000, all of which has been paid in. There is no surplus
new
commenced business in
Any registered bonds forwarded should be assigned to the "Secretary of
the Treasury for exchange Into 2 % bonds."
The assignment should be
dated and witnessed fiy one of the officers named In the note, which Is
printed on the back of each bond.
Where a new bond Is desired In the name
of any one but the payee of the old bond, the old bond should be assigned
to the "Secretary of the Treasury for exchange Into 2% bonds for account
of
(here Insert the name of the person in whose favor the
bond Is to be issued).” '
Registered bonds Inscribed In the name of an Institution, forwarded for
exchange, must be accompanied by a resolution of the board of directors
of the institution
authorizing their assignment to the Secretary of the
Treasury for such exchange.
The resolution must bear the seal of the
Institution, or. If the Institution have no seal-, there must be furnished with
the resolution an affidavit setting forth that fact.
All bonds surrendered for refunding should be accompanied with a re¬
mittance of cash or bankable funds made payable to the order of the Treas
urer of the United States, equal to the premium of 3% which Is
charged
for the 2 % bonds.
When the new bonds are issued the amount found due
the owner on account of the present worth of the 4 % bonds to yield an In¬
come of 2 ]4% per annum, plus the difference In accrued Interest between
the two classes of bonds from April 1 1907 to date of exchange wUUbe paid
to the owner by a check drawn in his favor by the Treasurer of the United
the stock of the institution having been sold at
par, namely, $100.
The bank is located in a retail'district
on the north side of the
city, about a mile from the larger
banks.
John E. Argo; is President; Thomas H. Brewer,
and Henry A. Steinke an* the Vice-Presidents, and George
J. Wallbridge is Cashier.
Mr. Brewer is also a Vice-Presi¬
dent of the Fidelity' National Bank of Spokane.
—Continued
growth is shown in the deposits of the Fi¬
delity Trust Company of Tacoma, Wash., which are reported
as $3,258,616 on March 22.
At the same date in 1902 the
amount was only $892,891.
Total resources now are $3,687,358. As a consequence of the expansion in the business,
it has become necessary to increase the size of the banking
rooms, and work on the contemplated improvements in its
offices is already in progress.
The banking room is to be
enlarged to three times its present size, giving a floor space of
over 6,000 square feet.
The safe deposit vaults, located in
the basement, will be thoroughly overhauled.
The improve¬
ments are expected to be completed tnr June 1.
States.
The
new bonds will be Issued In denominations as follows:
Coupons
$50. $100, $500, $1,000.
Registered, $50, $100, $500, $1,000, $5,000.
$10,000, $50,000, and In order that they may be uniform, as to date of
maturity, with the 2 % consols of 1930 now outstanding, they will be dated
April 1 1900, but Interest thereon will begin April 1 1907.
All bonds forwarded for exchange will be regarded as the property of
the person, lirm or Institution In whose favor the new bonds are to be Is sued,
but if the agent forwarding the bonds shall desire, and so request, the new
bonds may be forwarded to such agent’s address for delivery to the owner.
Packages containing bonds for surrender, or papers representing bonds
held by the Treasurer of the United States In trust for a national bank,
should be addressed to the Secretary of the Treasury, Division of Loans
and Currency, Washington. D. C., and be plainly marked "Bonds (or
papers) for exchange."
Blank forms of application for the exchanges herein authorized and blank
resolutions for use by Institutions have been prepared by the Department,
and may be obtained on application to the Secretary of the Treasury.
Any bonds received for refunding after the limit of $50,000,000 shall
have been reached will be held for redemption on July 2 1907 or will be
returned, as the owners may desire.
In either ease the premium above
provided for will be promptly returned to the owner of the bonds.
The circular of March 14 1907 providing for the redemption of $25,000,000
of the 4% bonds of 1907, with interest to July 1, will remain In force until
—The Bank of British North America at- its annual meet¬
ing on March 5 reported net profits for the six months
ending December 31 1906 of $327,310, this comparing with
$300,571 for the half-year ending June 30 1906 and $287,462
the credit of balance and loss June 30
1906
The amount at
$330,257,
paid the October dividend calling for
$146,000, leaving the sum of $184,257 to be added to the
net profits of $327,310 on December 31 1906, giving a total
of $511,567.
< hit of this, appropriations wen* made asfollows:
Transferred to bank premises account. $97,333;
out
of
which
transferred
to
was
that amount of such bonds shall have been received.
was
GEORGE B. CORTELYOU.
Secretary.
RESULT OF
REFUNDING $100 4 % BONDS OF
CIRCULAR.
Cost of a $100 2% bond on April
Face value and premium at 3%
Accrued Interest to April 10
fund, $97,333; transferred to Officers’
reserve
\
office.
at the start,
for the six months to December 30 1905.
lxxxiv
cular; they will be accepted for that purpose In the order of the surrender
of them to him, and new bonds bearing Interest at the rate of 2 % per annum
Houston, Tex., capital $400,000. This institution is to take
place of the projected Lumberman's Bank & Trust
Company, to the formation of which we referred last August.
Practically the same people are identified with the present
movement, the applicants being S. F. Carter, Jesse H. Jones,
William A. Stilsoy, W. H\ Norris and J. M. Rockwell.
the
—A
[Vol.
1907
UNDER THIS
10.
$103 00
05
-
Total cost
Widows’ and
$103 05
Orphans’ Fund. $2,500; transferred to Officers’ Present worth of 4 % bond
100 39
Accrued Interest to April 10
10
Pension Fund, $4,827; staff bonus. $19,467, making in all
of
4s_
Proceeds
ioo 49
$221,460, and leaving a balance of $290,107 available for
Net cost of the 2 % bond (premium)
the April dividend and bonus.
2 50
Tin* bank pays dividends
semi-annually at the rate of 6% per annum; provision for
an extra distribution of
1 % has been made (this to be in.
Canadian Bank Clearings.—The clearings of the Canadian
the shape of a bonus and not a> increased dividend), making
j banks for tin* month of March 1907 show an increase over the
in all 7% for ih<* year.
The paid-in capital is ’$'4,866,667 j same month of 1905 of. 12.9 and for the, thn *e month is the
arid the res mat fund $2,238,667.
The remarks of Hen-y gain reaeh( s 7.7%.
J. B. Kendall, who pn s’ded at the meeting in London, j
March.
Thu
Months.
together with the full balance sheet, will be found on another j
1
.
-
e
Clearings at
page.
For tin* quarter
.
since
1
—
1901.
C inada
Montreal
foronto
.
.
..
Winnipeg
\
incomer
Ottawa
..
Halil'.!-;
Quebec
.
.
St John
\ ioforia
London
caisrarv
Edmonton
-
JRFFUXDlXO
A XL)
RFI)EMPTIOX
OF
TIIF
FOURS
{
OF 1907.
The
following Is tin- circular of Secretary Cortelyou offering
to exchange $50,000,000 of the maturing -is-of 1907 into
2% consols, and-calling the residue of the outstanding 4s
for redemption July 2 1907:
|
REFUNDING AND REDEMPTION OF THE 4 PER CENT BONDS Oi;
TILE FUNDED LOAN OF 1907.
1
.
.
Inc. or
Dec.
1900.
1
s
—
.
Hamilton
•
■
1907.
ending April 30 the directors of^the j
Imperial Bank of Gahada (head office Toronto) have declared ‘
tt dividend of
2:; G (
or at the rate of 11% per annum. ;
Tills is an menus * of 1% yearly, 10% having been paid I
—
-
(
s
.5.400.430
5,020,209
.
...
.
,
.
.
4.32.x ,095
2 l.s
Not inch in total'.
Not inch in total.
Tim
.
!
1907.
Canada
.M-mtrc.il
10-onto
\\ innipeg
\anconver
< Utawa
I lulifa-v
.x
.
.......
•
......
.
9.41 1 .828
.
3,500.000
•..
.
..
2.012.41.5
.
.
J
j
'
'
V ictoria
London
enlgiry
1
..
.
ymimiten
...
..
.
....
Total Canada
1900.
i
Inc.
—
+ S.5
+ 14.0
+ 10.9
total.
total.
907.000.270
-r
7.7
very
or
1905.
Dec.
-
75.020+59
1904.
■
8
25.290, .910
19 .000 000
7.071.105
2.328.027
2.224.911
1.090,015
■
r;
+ 12.7
+22.8
+331
+50.3
+ 30.9
01.999.819
+ 21.0
$
-
1,223,198
+ 11.0
1,050.000
1.247.350 +32 3
1.338.790
1.104.217
+ 21.2I
1,09,5.491
4-25.1'
875.934
1.050.090
934.829
-t- 12.3
99!'.802
819.051
+ 22 0
1,300 9<H) Not included in iot.il
900 000 .Nut-included in total
.
| Quebec
Hamilton
j St. John
j
'
s
28.507.850
23,331.019
-•
..
j
4-00.S
+ 21.4
1.9
+ 7.2
+ 20.9
Week ending March 30.
—
!
i
+ 29.9
.
Cl firings at
|
j
? 7
+ 7.0
—
satls‘a«*tory comparison with the same- week of 1906, the
men as * in the
aggregate having been 21.0%
Division of Loans ami Currency.
I
291.821.511
93.040.709
25.238,4x0
29.S40.O13
21 .715.179
20.707.9.58
10.803.082
13.720,3.54
10.27S .000
13.420.327
Not inch in
-Not inch in
977.071.257
or
C’
£
370.940.731
clearings for the yveok ending March 30 make, a
Department Circular N't. 25.
;
4-
Inc.
j Dec.
1900.
.
?
•300.S90.437
312.2x0.503
120.XX7.77U
40.501.nil
30.231 .00,51
21 303 Mil
22.190.051
20.3x0.002
14.890.01.5
1 1.719.83s
1.5.099,5! 1
10.432.274
Total Canada 333,875.024 295,010:890 + 12.9
|
I
I
'
125.041.049 1 lO.iil 5.094
4- 4.5
105.319.943 93,327 .53 1 + 12.X
Il.li.s9.493) 31.201.034 + 21.4
14.5S7.073
0.382.075 + 55.5
12.717.0721 10.572.049 + 20.3
;|
0,402,7771' 0.332.294 -+2.1
4 Ji
7-2S5.2S2,
0.901.2x3;
7,270.30s
5.743.571 +20.0
4.041,425 j
4.212.249' +10.2
4.059,507
3.X73.215
+- l.s
1907.
Treasury Departnunt,
Office of the Secretary.
Washington, April 2 li>07.
Public notice Is hereby given to the owners of United States regi t Ted
•and coupon bonds of tin* 4 r., funded loan of 1907 that the Secretary of tin*
Trea-oiry will receive, on and after April f> and before June 30 1907/any of
the bonds of the said lean to an amount not exceeding $50,000,000 for
refunding under provisions of Section 11 of the Act of March 14 l'joo.
entitled "An Act to define and fix the standard of value, to maintain the
parity of all forms of money issued or coined by the United States, to refund
the public debt and for other purposes. ’ ’
The residue ot the bonds of the said loan, after the refunding hereby provlded for, will be reserved for redemption on and after July 2 1907, and
the bonds constituting the said residue are hereby called for redemption,
and will cease to bear interest on the 2d day of July 1907.
The bonds of the loan above mentioned may be surrendered on and after
April 0. and will be received at a valuation equal to their present worth to
yield an Income of 2 *4% per annum, and like amounts of United States
registered or coupon bonds bearing Interest at the rate of 2 % per annum
will be-i .sued in <-\cl au.e therefor at a premium of 3%.
To effect the e^ change. the out tandim'- bonds should he surrendered to
the Secretary of the Tr» usury. in accord a-tee with the terms of thU ri -
1
1907.
22.740,371
17.x 12.530:
5.091.307
1.270 ,-309
2.008.008
1.290,8x2
,
1.303,185
-
907,201.
900.030
57v .331
7x0.ext
51 >09.521
X
lh.120,540
10.822,227
3,440.759
1.115,181
1.589.404
1,164,890
1,112.804
Nln.pi 1
733.599
500.325
080.571
38 1 11,551
pXcnteta r a| C o m w c vc ia l £ unit s h items
Clearings by Telegraph—Sales of Stocks, Bonds, &c.—
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 other leading
It will be observed that, as compared with the corresponding
week of 190(i, there is a decrease in the aggregate of 3.6%.
So far as the individual cities are concerned, New York ex¬
hibits a loss of 9.4% and Baltimore 2.6%’.
Boston records
a ga'n of 5.1%, Chicago 17.3%, St. Louis 2.3%,
4.5% and New Orleans 5.8%.
The
(From our own
March 23 1907.
Business on the Stock Exchange continues very inactive.
There is a more cheerful spirit, and prices, generally speak¬
ing, have recovered somewhat.
But there is a certain
amount of apprehension all the same that at the fortnightly
No¬
settlement next week there may be several failures.
body anticipates serious failures, for people in good credit
have ample time to obtain all the accommodation they re¬
quire. But that weak people, who have speculated beyond
their means, may in several cases be unable to meet their
differences is probable. The settlement will end on Wednes¬
day next. Until that is over, it is very unlike ly that there
Philadelphia
'
Clearings—Returns, by Telegraph.
Week ending April 6.
Per
Cent.
1907.
1906.
$1,666,627,875
$1,838,704,116
155,190,420
139,425,740
26.651,440
201,988,505
50,836,200
15,961.427
147.666.356
133,494.731
27,359,595
172,170,783
Seven cities, 5 days
Other cities, 5 days
$2,256,681,607
$2,384,194,910
421,069,723
389,117,681
Total all cities, 5 days
A’l cities, 1 day
$2,677,751,330
$2,773,312,591
New York
Boston
1
Philadelphia
_
.
_j
Baltimore
Chicago
St. Louis
New Orleans
.
_
week
__
—9.4
+ 5.1
+ 4.5
r
+ 17.3
+ 2.3
+ 5.8
—5-4
+ 8.2
540,168.381
563,256.878
—3.4
—4.1
$3,217,919,711
$3,336,669,469
—3.6
How it will go afterthat business will coi 'tintie very quiet.
events
wards will depend, li stly, upon the course
York.
If nothing a< verse happens there,
does not take large mounts of gold, the general
If, how¬
is t hat there will be a decided recovery in London.
of
in New
and if New York
impression
transactions on
appended. The results
given below.
Our usual monthly detailed statement of
the various New York exchanges is
for the three months of 1907 and 1905 are
Three Months
Three Months 1907.
or
Aver.
Price-.
Actual
Par Value
Descript'n
Value.
Quantity.
'or
$234.0001
Total
Grain, bu.
_.
$260
S122.700
to
Price.
552
93.7
97.2
$187,935,100 $182,626 484
$544,400;
$586 811107.>
916111.5
$24,822 735 90 0
$351 723 201.4
$27,469,550)
$174,600’
305 93.8
$6,191.101.375 $5.836.672 ,985 94.3 $7,428,764,850 $6,964,885 880; 82 3
82.6
97,238,700,
80,068,
,670
126.S63.150
104.841
$7,044,952,185'
£5,941,514,6551
Tot. value
properties on the
January 1 in
The volume of transactions in share
New York Stock Exchange each month since
1907 and 1905 is indicated in the following:
SALES OF STOCKS
AT THE NEW
| Number l
j
•
j
o)
Shares.
Actual.
Par.
<
Meantime, Paris has been
dividend of £3 per share on
—
V<ilues.
Number
of
j Shares.
Values.
marked speculation in Paris.
cheered by the declaration of a
Rio Tinto shares. The share is
nominally a £.5 share. When the dividend came out, the
quotation was about 91 %. It rose almost immediately to 95.
There has been a very great speculation in these shares in
Paris for many months past, and the good dividend, followed
bv a large recovery, has given courage to operators.
In Germany, on the other hand, business on the bourses
has been bad.
There has been throughout the week a steady
fall in almost all prices and the public is preparing itself for
exceedingly dear money at the end of the month. Next
week will be the end of the month and of the quarter, and
Good Friday and Easter Sunday fall within it likewise.
Consequently, preparations will have to lie made for the
usual quarterly requirements and the holiday calls.
In
consequence, everybody is prepared to see an enormous in¬
crease in the note circulation of the Imperial Bank.
Im¬
The state of the money market this week is curious.
mense sums have been obtained at the Bank of England,,
both by borrowing and by discounting bills.
It is said that
the Bank has taken an immense number of bills running for
sixty days and even for ninety days, and that it has taken
some bills running for as long as six months.
Consequently
the Bank will have a considerable hold upon the outside mar¬
For the moment, however,,
ket for a long time to come.
the loans and discounts have given the outside- market a
great increase of funds which, of course, will have to be paid
back early in April.
In addition to this, the Government
is disbursing very large sums, for the financial year comes lo¬
an end with the month of March.
Therefore, the Treasury
give rise/to a
1906.
1907.
M'th.
probably be a sharp rise in Russian securities,
wonId--g4Wt ly enrich the Paris Bourse and probably
there will
which
EXCHANGE.
YORK STOCK
Actual.
Par.
$
‘
i
1,948.477,925
1,318,394,800 1.241,478,64921,699,8001,968.990.6001,831,598,764
2.7S7.043,450 2.609.820.422 19,467,684 1.729.841.900 l ,591,417
1
$
$
.
,
S
•
1.854,950.9303S,518,5483,513.808.7003.333.481.498
290
!
i
lstqr 71,382,2576.053,916,1755,706,250,001 79,680.032 7,212,641.200 6.756.497,552
Jan
22.702,760
Feb
16,470,972
Mcb. 32,208.525
.
.
i
■
.
The following compilation-covers
since January 1:
MONTHLY
Clearings. Total
Jan...
,
$
i
Clearings Outside Ntu'
%
1906.
$
1907.
j
1906.
s
1
$
York.
%
(
—S.l 5.383.076.858!j 5,095.403.426
4,152.614.053
12.477.037,577! —5-5 4.461.444.022
13,007,090,991j +12.4" 5,063,004,520 4,629,856.802
+ 5.4
+ 7.4
+ 9.4
41,438.983.463;41,S17,732.672; —0.9 14.907,525.000 13.877,874,281
+ 7.4
15.020.747.342 16,333.604.104
11.792.953,798
Feb
Mcb.. 14,625.282.333
..
1st qr.
CLEARINGS.
All.
Month.
1907.
months
the clearings by
The course of bank clearings
for the month of March and
last four years is shown in the
BANK
000,000s
oniittid.
New York
Chicago
-
Boston
_
639
271
242
201
US
127
137
74
S3
N2
Philadelphia
St. Louis
Pittsburgh
San Francisco.
Cincinnati
.
Baltimore
Kansas City
_
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Providence.
Omaha
Buffalo
59
58
46
34
54
35
37
<
.
Paul
Indianapolis
St.
33
34
27
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
...
•
21
41
17
23
*
52
41
33
47
29
32
27
28
25
24
43
16
20
each of the
subjoined statement:
March
1905.
1906.
S
$
8.732
8.377
865
928
658
684
569
655
255
249
199
230
153
200
102
109
1 0s
118
1112
107
62
X5
76
59
of the country
since January in
CLEARINGS AT
1907.
$
9.562
1.066
759
r
at leading cities
66
Si
71
53
46
36
31
40
27
27
26
26
21
24
•>Q
15
12
LEADING CITIES.
Jan. 1 to March 31-—
1904.
1906.
1904.
S
1907-
4.804
765
514
26.531
3.034
2.329
1.842
504
697
599
449
241
160
126
97
98
93
56
96
62
45
41
34
28
35
26
26
24
IS
19
24
18
13
11
359
379
395
217
276
231
177
170
142
104
141
106
106
105
9S
82
08
114
48
to
1905.
S
s
S
S
27.940
23.584
14.925
2.740
2.421
2.17S
1 923
1 .$64
2.164
1,594
1.347
709
762
OSS
541
331
363
321
192
270
222
T77
155
123
103
124
92
91
S5
s4
80
74
115
46
74
1.612
722
579
112
294
307
275
462
362
2x7
262
276
169
'
1SS
252
197
155
135
105
91
105
SI
74
7-S
336
-
184
136
119
103
90
97
t
•>
71
i
i
79
63
6.7
59
41
40
53
61
7S
49
34
37
7.923
39.900
1.9 IS
24.157
474
39.229
2.210
33.SS0
Total
Other cities
13.880 12.356 12.367
552
651
745
1.537
1 .419
Total all
Outside New
14.625 13.007 12.919
4,187
4,630
5.063
8,397
3,593
41.439
14.908
41,818
13,878
35,417
11,833
25.576
10,651
York.
depends
what will happen in Russia. A most favorable view
is taken botli in London and Paris just now of the prospects
in Russia, for the Russian Prime Minister at the beginning of
this week made a very satisfactory speech in which he de¬
clared in the plainest language that Russia must be made a
constitutional country, and promised a long list of very im¬
portant reforms.
It was known that he would make such a
speech. What was feared was that the Douma might refuse
to co-operate with him; might, in fact, insist upon his resigna¬
tion.
On the contrary, the Constitutional Democrats had
the good sense to adopts motion for the Order of the Day,
and since then they have also shown political capacity in.
adopting similar orders. Hence, the hope is now strong t hat
a great Centre Party will be formed and that it will
accept
all the real reforms offered by t he Government.
In t lmt case,
Aver.
$7.212.641.200iS6.750.497
$14,564,465 93.0,
$240,745 196.2
$15,666,500,
the Bank of
1906.
79.680.032!
71.382,257]
St'k/Sh’s.
001 94.3
IVal. $6.053.910,175'$5.706.250
$121,162,000, $115,356 ,858 95.2
HR. bonds
Gov’t bds.
State bds.i
Bankst’ks
Quantity.
much gold is taken for New York, nobody doubts that
England will promptly put up its rate of discount
0%. Secondly, the course of events next month
ever,
upon
Actual
Value.
Par Value
following
them will
wiil be any increase! of activity. Friday and the
Monday will be Bn ink holidays. Large numbers of persons
will go out of town for the week end, and many of
not return during the following week.
Until, therefore, the end of the first week in April, or rather
the beginning of the second week, the general impression is
—2.6
49,708,199
15.091,130
correspondent.)
London, Saturday,
cities.
Total all cities for
783
THE CHRONICLE
1907.|
Ape. 6
amounts during the
moment, is giving
the outside market command of considerable money.
On
the other hand, there is so much uncertainty ns to whether
New York will take much gold that the joint-stock banks are
doing little in the way of discounting. The result is that
while day-to-day loans have been decidedly easier than they
a few days ago, bills are almost quite up to Bank rate.
Since Thursday, even day-to-day rates have somewhat stif¬
fened. for late on that day the Bank of France put up its
It had remained at
rate of discount from 3% to 3J^%.
3%, since May 25 1900, that is, almost seven years. The
rise was expected whenever the Bank of England moved its
rate upwards.
But that the Bank of France should take the
initiative, nobody anticipated. Consequently, the change*
will have to pay out exceptionally heavy
remainder of the month.
All this, for the
were
Paris.
sensation here as well as in
The India Council offered for tender
lacs and the applications exceeded 302
has made a
Wednesday 50'
ranging
from Is. 4 1-10d. to Is. 4 5-32d. per rupee.
Applicants
for bills at Is. 4 3-32d. and for telegraphic transfers at Is.
4 5-32d. per rupee were allotted about 58% of the amounts
.
on
lacs, at prices
applied for.
784
THE CHRONICLE.
f The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,
compared with the last four years.
Public deposits
Other deposits
Governin' t securitie
Other securities....
Prop,
i
1907.
Mch. 20
1906.
Mch. 21.
1905.
Mch. 22.
£
£
£
28,060,005
16,510,397
43,676,152
15.449,756
36,603,254
26,523,851
36,133,856
27,211,080
17,669,106
39,496,886
16,114,822
15,589,185
15,308,450
38,457.484
19,224,834
35,317,137
28.988,588
38.630.343
28,409,058
31,532,117
40,293,197
26,358,158
26,560,213
35,792,798
28.548,265
16,406,610
41,161,440
14,668,318
34,009,624
27,309.100
37,682 ,365
494
47 5-16
44
5
p. c.
p. c.
Consol. 24
464
Silver
55 1-16
4
90 7-16
854
p. c
24
4
“
91 3-16
26 13-16d.
Reading, second preferred
Southern, preferred
Toledo St. Louis & Western, preferred..
Street Railways.
Aurora Elgin & Chicago (quar.)
Boston Suburb. Elec. Cos., pref. (quar.)
Brooklyn City RR. (quar.)
Cape Breton Electric Co., Ltd., preferred
Cln. New.&jpov.Lt.&Tr., pref. (quar.)..
Cincinnati &.Hamilton Trac. com. (quar.)
City RailwaySDay ton .Ohio, com. (quar.).
90 7-16
304 d.
304d.
22 7-16d.
254d.
,282.304.000 208,709,000 211,042,000 173,016.000 165,110.000
The rates for money have been
March 22.
5
Bank of England rate
Open Market rale—
Bank bills—3 months
5@5 1-16
565 1-16
5
—4 months
—6 months
Trade bills—3 months
—4 months
lntxnst allowed for deposits—
By Joint-stock banks
follows:March S.
1-16@54
1-16@54
44
44
444@4
5 @ 5 V\
5@5}4
March 1.
5
5
5
54 @54
5‘2 Cao%
54 'abH
54 Gi-oK
44 @4 13-16
44
44
5
5
days..
34
34
34
34
34
34
34
34
34
34
34
34
-
The Bank rates of discount and
open market rates at the
chief Continental cities have been as follows:
March 22.
Bank
Opm
Rate Market.
Rates of
Intirest at—
Paris
Berlin
...
Amsterdam
...
Brussels
Vienna
-.-
.
-
6
6
6
6
4
44 4 7-16
---
Petersburg
March 9.
Bank
Open
Rale. Market.
3
3
'
6
54
54
54
54
54
6
6
5
4
3 15-16
44
44
44
7
Madrid
---
Copenhagen
Messrs.
March 21:
34
54
54
54
54
4 4
6
6
6
6
5
...
Hamburg
Frankfort
St.
34
...
March 16.
Bank
Open
Rate. Market.
3
3
...
Pixley
44
7
44
4
44
4
6
54
6
44
54
6
&
3 15-16
4 3-16
Abell write
as
54
44
6
54
Arrivals—South Africa, £479.000
Australia. £139,000; Bombay, £62,000; Brazil.
£17,000; West Indies, £17.000
total, £714.000.
Shipments—Bombay, £117,564: Madras, £8,750; total, £126,314
SILVER.—The reaction In silver lias continued, and we have fallen
ll-16d.
during the week.
3here have been some large sales from the
East, and, with only
afcnoderate demand from
the Bazaars
the course has been downward.
News of a
French tender for 20,000 kilos failed to cause
any improvement.
We quote to-night
30 13-16d., l-16d. above the worst, and close
fairly steady. The Indian price is
Rs. 7S4 Per 100 tolahs.
Forward silver is quoted 5-16d. under cash.
Arrivals—
New York, £177,000; West Indies,
£10,000; total, £187,000.
Shipments—Bom¬
bay, £384.900; Madras, £2,500: total, £387,400.
i • MEXICAN
DOLLARS.—There is no business to report in these coins.
Arrivals
—New York, £106,000.
,
Shipments—Bombay,
Tlje quotations for bullion
German gold coin,
Frencli gold coin,
Japanese
*
yen, oz
oz
oz
Mch. 21.
s.
d.
77 94
..76 5
.76 5*
.
70 5*
.76 5*
reported
are
as
Mch 14.
d.
31 7-16
31 3-16
33 15-16
"
,
nom.
©omincvciitl and IFl t s c c lla n c o us gleius
Sales.—Among;other securities, the following, not
regularly dealt in at the Board,
By Messrs. Adrian II. Muller
were
recently sold at auction:
& Son:
Stocks.
Bonds.
8 Mercantile Safe Deposit Co.
466 $1,000 Amer. Steel Foundries Co.
5 Liquid Air Power & AutoOs, 1935, A<5cO
71
mobile Co.. $10 each
$2 lot ^ 1,000 Inter-State Ry. Co. Coll. Tr.
50 Guggenheim Explora’n Co.
233
4s, 1943, F&A
61
748 The Nason Mfg. Co._le.
per sh. $12,000 Allis-Chalmcrs 5s, 1936..75
37 St. Louis Ore & Steel
Co._$7 lot $17,000 United Box Board &
Paper
IT Carrington <5c Co.’s
Express
Co. Gen. 6s. Issued 1905
>
56
& Purchasing Agency.-51 lot $5,000 New
Amsterdam Gas Co.
rMemb. N. Y. Produce Ex1st 5s, 1948, J&J
95 4 and int.
change (all dues paid).. $300
30 Homesdale Realty Co
_.$1 lot
10 Irving Nat. Exch. Bank..
175
^
dividends.
Heretofore our record lias included
only
the dividends announced each
week, but for the convenience
of-our readers we now enlarge the
scope of the compilation
so as to show also dividends
previously declared, but the
date of payment of which has not
yet arrived.
In the new
form the statement indicates all the dividends
announced
by all large
or
important corporations.
Dividends announced this week
Xante of Company.
Railroads (Steam)
Atchison Topeka A- Santa Fe, common... I
A tlantic Coast Line Hit.,
preferred
j
BetiRR. d- Stock Yards Ind.. pref.
(quar.)
Pelt Railuay, Chicago (guar.).
|
Chartiers
Chicago MIlw. & St. Paul. com. & pref._j
Chicago d- Western Indiana (quar.)
j
Cleve.Cin.Chic.A St.Louls.pref. (quar.)..;
Cripple Creek Cent. com. (quar.) (No. 7)
Preferred (quar.) (No. 8)
Cumberland Valley (quar.)
Delaware Lackawanna & West. (quar.).
Erie RR second preferred
Georgia RR. <fc Banking (quar.)
Kansas City Southern, preferred
Minn. St. Paul & S. S. M., com. (No. 8).
Preferred
are
Per
Cent.
printed in italics.
When
,
Books Closed.
Payable.\
Days Inclusive.
24
14
2
34
14
14
14
1
2
;June
May
Apr.
Apr.
Apr.
!Apr.
Apr.
; Apr.
'Apr.
24
Apr.
'Apr.
'Apr.
2
i April
24 'Apr.
4
July
0
! Apr.
34 Apr.
1
10
1
May 11
May 2
‘
to
to
June
2
May
9
J.
1,.
1 Holders of
20 Holders of
i!
20
20
20
1
20
rec.
rec.
Mch. 18a
Mch. 20
Holders of rec. Mch. 30
to
Apr. 11
Apr. 20
Apr. 11
to
Apr. 20
Not closed.
Apr.
4
to
Apr. 19
Mch. 13
to
April «
15 Apr.
2
to
Apr. 14
1 June 11
to
Julv
1
15 Holders of rec. Mch. 29
15‘Holders of rec. Mch. 29
May |H
6
15 Mch. 30
to
15 Apr. 11
to
1 Mch. 26
to
15 Holders of rec.
1 Holders of rec.
15 Apr.
to
1
1 Mch. 23
to
1 Apr.
2
1 Mch. 31
1 Mch. 31
to
to
to
20 Holders of
15 Holders of
May
3
1
Apr.
Apr.
5
124
-
...
Bell
Telephone (Philadelphia), (quar.)..
CentralCoal&Coke.com. (quar.) (No. 26)
Preferred (quar.) (No. 55)
Central & South Amer. Telegraph
(quar.)
14
14
14
14
5
1
2
3
1
3c
•
Chicago Pneumatic Tool (quar.)
common (quar.)
!
Consolidated Cotton Duck, preferred
j
Com Products Refining, pref. (quar.)
Preferred (extra).
..j
Distillers' Secur. Corp. (quar.) (No. 18). i
Distilling Co. of America, pref. (quar.)
•
Claflm (II. B.),
rec.
rec.
common
Common, extra
6
to
Apr.
9
Apr. 16
May 11
Apr. 2
to
to
to
Apr. 21
May 26
Apr. 21
5
iApr.
May
24
!
May
Apr.
j May
!
2
j
24
|
l
1
1
j
■
j
.j
U. S. Realty & Improvement (quar.)
U. S. Smelt., Ref. & Min., com. (quar.).
Preferred (quar.)
*
Utah Consol. Mining of N. J. (quar.)...;
Extra
i
Va.-Car. Chem., pref. (quar.) (No. 46)._ !
Vulcan Detinning, preferred (quar.)
j
Western Union Teleg. (quar.) (No. 154).
j
Westinghouse Air Brake (quar.)
|
Extra
j
Westinghouse Elec. & Mfg. all stks.(qu.)|
Apr.
14
|
Union Bag & Paper, preferred (quar.)..:
Union Switch & Signal, common
(quar.):
Preferred (quar.)
I
United Copper, common (quar.)
j
United Fruit (quar.) (No. 31)
.;
United Gas Improvement (quar.).
United Shoe Mach. Corp., com. (quar.). ji
Preferred (quar.)
i
U. S. Finishing, pref. (quar.) (No.
31)--!
United States Glass (quar.)
United States Rubber, first
pref. (quar.)..
Second preferred (quar )..
United Slates Telephone, common
(quar.).
9
4
(quar.)
Standard Underground Cable (quar.)
Streets West.Stable Car Line.,com. (quar)
Tennessee Coal, Iron & RR., com.(quar.)
Apr.
j
;
Reece Buttonhole Mach, (quar.) (No.S4)
to
i A pr.
|
Quaker Oats,
3
'
Mexican Telegraph (quar.)..
National Biscuit, common (quar.)
!
Common, extra.
National Carbon, common (quar.)
National Fireproofing, preferred (quar.).
j
New England Telephone &
Telegraph (qu.)
New York Air Brake (quar.)
New York Dock, preferred
___i
N. Y. & N. J. 1 elephone (quar.)
(No. 94)!
Nova Scotia Steel
Coal, common.
Otis Elevator, common
10 Apr.
10 Apr.
2
2
j
1
Apr.
May
Apr.
Apr.
April
14
•Anril
Apr.
20
27
22
V
15
15
15
15
15
15
15
18
15
15
15
15
15
15
15
151
Apr.
1
Apr.
1
9iMch. 31
27 Apr. 26
25 Apr. 16
15 Apr.
6
to
to
to
1 Mch. 21
10 Mch. 30
10 Mch. 30
to
to
to
27
15
15
25
1
1
7
5
to
to
June
6
to
to
Apr. 16
Apr. 16
rec.
rec.
10-Holders of rec.
of rec.
1 Apr. 11
to
15 Holders of rec.
to
15 Apr.
2
16 Mch. 31
to
15 Mch. 29
to
to
15* Mch. 29
to
15 Apr.
6
15 Holders of rec.
15'Holders of rec.
Apr.
Westinghouse Machine (quar.) (No. 46).|
Apr.
'Apr.
Apr.
24 IApr.
15,Mch. 21
1
10; Apr.
1
10 Mch. 31
10 Apr.
1
a
Transfer books not closed,
on common,
e
b Payable in common stock at par.
May 2
Apr. 1!
Mch.l4<
Apr.
a
Apr.
-
May
]
April 3C
Apr. 1;
Apr. it
April
April U
Apr. 1 =
Apr.
1
Apr. 2C
Apr. 2!
]
Apr.
Apr.
I
to
to
May
May
to
to
to
to
April
Apr.
Apr.
Apr.
15
10
Mch.
Mch.
Mch.
Mch.
30
20
20
21
rec.
rec.
rec.
rec.
of rec.
of rec.
of rec.
of ree.
7
7
10
29
Mch. 30
Apr. 15a
Apr. 15a
Mch. 25
l
1
of rec. Mch. 15
of rec. Mch. 15
to
Mch. 22
to
Mch. 22
to
Apr. 15
to
May 2
to
Mch. 31
to
Apr. 10
to
Apr. 10
to
to
to
On account of accrued dividends to date.
payable Oct. 15 1907.
IS
Mch. 23
Apr.
5
1
y
14 %
15
15
IS
IS
IS
of rec.
of rec.
of rec. Mch. 31
of rec. Mch. 31
of rec. Mch. 3(
Mch. 3C
to
Apr. 14
rec. April
5
rec. April
5
rec. Apr.
5
rec. Apr.
5
to
Apr. 15
to
Apr. 10
to
Apr. 25
rec.
10 Apr.
Anr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 25
15
1
10
10
2S
15
15,Holders of
to
Apr. 10
Apr. 10
AprApr.
Apr.
Apr.
Apr.
Apr.
to
15'Holders
Mch. 30
Mch. 30
Apr. 15
April 15
Mch. 30
Apr. 15
Apr. 15
Apr.
9
Apr. 2s
Holders of
1 Apr.
14 ! Apr.
14 : Apr.
1
Apr. 25
2
; Apr.
30 Holders
14 Apr.
30 Holders
1 Holders
4 j Apr.
10 Holders
14 'Apr.
1 Apr. 25
14 'May
14 April 15 Holders
14 April 15 Holders
$1.25 I April 15 Mch. 16
25c.
April 15 Mch. 16
2
15 Mch. 31
Apr.
14 Apr. 20 Apr. 11
14 ;Apr.
to
to
to
Apr.
Apr.
1
24
24
24
Apr.*15
Holders of rec.
Holders of rec.
to
Apr.
5
to
April 6
Mch. 18
to
Holders of rec.
Holders of rec.
Mch. 31
to
to
Apr.
7
Mch. 28
to
Mch. 28
to
Mch. 28
to
Mch. 28
to
Holders of rec.
Holder's of rec.
Apr.
May
2
Apr. 22; Apr. 6
2
15 Holders
\pr.
14 Apr.
15; Holders
15 Holders
1.4 Apr.
2
15'Holders
iApr.
1
Apr.
15 Holders
14/I
14/
14 Apr.
15 Holders
! Apr.
6
15 Mch. 26
14 i A.pril
4 j April
3
Apr.
0
Apr.
15 Apr.
14 Apr,
7
10 Apr.
3
Apr.
6
1,'
Apr. 25 Apr. 10
l" May
1 Apr. 11
O
; May
T Apr. 11
1
April 15 Mch. 16
3
Apr.
10 Mch. 31
3
10 Mch. 31
Apr.
14 Apr. 29 Apr. 17
2
Apr.
:
14
2
2
Mch. 30
Mch. 27
Apr.
14
14
14 IJune
..j
Internat.Buttonhole Mach.(quar.)
International Nickel, preferred (quar.)
Int. Smokeless Powder & Chem., pref
Lanston Monotype Machine
rec.
rec.
1
1
1
1
1
May
1
Mch. 15
Apr. 10
Apr.
Apr.
Apr.
May
Apr. 15
.
14
Eastman Kodak, common (extra)
Edison Elec. III.. Boston (quar.) (No. 72).
General Electric (quar.)
International Banking Corporation
Mch. 31
to
to
to
May
Apr.
April
Apr.
Apr.
April
Apr.
Apr.
Apr.
Apr.
Apr.
-Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
: Apr.
'Apr.
Apr.
Apr.
iApr.
Apr.
2
1
(quar.).
Mch. 31
Apr. la
Apr. 12
Apr. 14
Apr. 21
15 Apr.
8
15 Apr.
8
Apr.
l
April 15
Apr. 15
May
1 Apr. 21
to
4 Holders of rec.
10 Mch. 28
to
1
14
14
14
9
Mch. 28
6 Holders of rec. Mch. 25
15 Holders of rec. Mch. 15
15 Apr.
to
5
Apr. 15
1 Holders of rec. Apr. 15
15 Mch. 31
to
Apr. 15
1 Mch. 16
to
Mch. 31
1 Mch.21
to
Mch. 31
1 Mch. 21
to
Mch. 31
1 Mch. 26
to
Mch. 31
8 Holders of rec. Mch. 25
1 Apr. 16
to
May
1
1 Mch. 26
to
Mch. 31
20 Holders of rec. May 10
20 Apr. 16
to
Apr. 20
1 Holders of
6 Holders of
Preferred (quar.)
14
American Woolen, pref. (quar.) (No. 32)
14
Anaconda Copper Min. (quar.) (No. 26) 81.75
i
Associated Merchants, first pref.
14
(quar.)j
First preferred (extra) (quar.)
4
Second preferred (quar.K
j 14
Second preferred (extra) (quar.)
4
[
Bell Telephone of Canada
2
(quar.).
Preferred (quar.)
3
to
Apr.
Apr.
Preferred (quar.)
\
for the future
Apr. 11
May
10 Holders of rec. Apr. 25
22 Mch. 31
to
April 1
15 Mch. 31
to
April 15
4
14
14
American Shipbuilding, pref.
(quar.)...
Am. Smelt. & Ref., com.(quar.)(No. 14)
American Telephone & Telegraph (quar.)
American Type Founders, com.
Realty Associates. Brooklyn (No. 8)
DIVIDENDS.
\W have changed the method of
making up our weekly
list of
1
25
6
1
Preferred (quar.)
Nominal.
Auction
14
75C.
24
...
Century Realty.
follows:
Mch. 14.
SILVER.
Mch. 21.
s.
d. |
London Standard. '
d.
77 941 Bar silver, line, oz
30 13-16
76 5
2 mo delivery, oz.304
|
70 5*
Cake silver, oz
1..334
76 5* I Mexican dollars
mmi.
76 4 3 2
10 Apr. 21
to '
15 Holders of rec.
April
Apr.
2
!
GOLD.
London standard.
Bur gold, line, oz
U. S. gold, oz
£93,300.
May
May
2
Mount Morris
New York Produce Exchange
Extra
Fire Insurance.
North River
Trust Companies
Union (quar.)..^
Miscellaneous.
American Chicle, common (monthly)...
American Locomotive, common (quar.).
Preferred (quar.)
Amer. Seeding Machine, com.
(quar.)..
follows under date of
fm GOLD.—ThelBank'has
again succeeded in keeping this week's arrivals of gold,
but has found it necessary
to raise the price to 77s. 94d.
During the week the
Bank bought £852,000, of which £595.000 was in bars
and £245.000 in coin from
Paris.
Against this £30,000 was withdrawn, £22,000
going to South America
£550.000 is due next week from the Cape.
Apr.
Banks.
44
4
May
14
14
24
Fifth A venue (quar.)
Gallatin National (No. 149)
7--
4
Days Inclusive.
'
March 2.
Bank
Open
Rate. Market.
3
3
6
44
6
44
6
44
5
44
4
34
54
54
44
2
-
„
By discount houses:
At call
7 to 14
5
5
as
March 15.
5
Books Closed
Payable
Apr.
April
Apr.
$3
May
14 Apr.
2
Apr.
14 Apr.
Preferred (qhar.)
14 Apr.
Col. (O.) Newark & Zones. El. Ry.pf.(qu.)
\ 14 Apr.
Dallas ElectricfcCorporation, preferred.
24 April
Detroit UnitecrRailway (quar.)
14 May
Duluth-Superibr Traction, pref. (quar.).
1
Apr.
Georgia Railway & Electric, Atlanta, com. 33 1-36 May
Preferred (juar.)
14 Apr.
Green & Coates Sts. Phila. Pass. Ry..
$1.50 Apr.
Havana Elec. Ry., pref. (quar.) (No. 5).
1
April
Lincoln (Neb.) Traction, common
4
Apr.
Macon (Ga.) Railway & Light, preferred..
3
Apr.
Manchester (N. H.) Trac. Lt. & P. (quar.)
14 Apr.
Montreal Street Railway (quar.)
24 May
New Orleans Ry. & Light, pref.
(quar.).
14 Apr.
Omaha & Coun.Bluffs St. Ry., pref. (quar)
14
Apr.
Philadelphia Company, common (quar.)
14 May
Rockford & Interurban Ry., com. (quar.).
1
Apr.
Preferred (quar.)
14 Apr.
Spokane <fe Inland Empire RR., pref. ctf.
14 Apr.
Tampa (Fla.) Electric Co
5
May
Toledo Railways & Light
1
May
Toronto Railway (quar.)
•_
2
Apr.
United Railways. St. Louis, pref. (quar.)
14 Apr.
4
85 15-16
When
LXXXIV.
Railroads (Steam) (Continued)
£
27,082,585
Per
Cent.
Company.
Missouri Kansas <fc Texas, preferred....
New York Central & Hudson Rlv.
(quar.)
Northern Pacific (quar.)
1903.
Mch. 25.
28,091,755
19,366,344
42,700.332
reserve to lia
bilities
Bank rate
1904.
Mch. 23.
£
Name of
[Vol.
Apr.
May
Apr. 10
Apr. 10
f Also
THE BANK
OF BRITISH
REPORT OF THE
financial.
Dividend paid
Deduct—
Transferred
-
the Chicago
canned meat
revelations.
Glancing now at our
Cr.
By Cash and Specie at Bankers and
By Cash at Call and Short Notice
By Investments—
22
12,810,441 05 $17,1S6,5S9
in Hand_$4,376,14S
00
219,000 00 §1,472,410
at 90
Dominion of Canada
Other Securities
00
681,664 27
568,655 10
Bonds £144,400 at 97.
$2,722,729 37
Security apd Other Accounts
and the Branches..
required by Act
Bank Note Circu¬
lation
Note.—The latest monthly return received from Dawson
is that of the 30th November 1906. and the figures of
that Return are introduced into this Account.
The
balance of the transactions for December with that
Branch has been carried to a suspense account pending
By Bills
Receivable, Loans on
By Bank Premises, <fcc., in Loudon,
at
By Deposit with Dominion Government
of Parliament for Security of General
making it now stand at £460,000. The building
up of our reserve ranks with us, as it has ever done, of the first importance.
In this we have always had, and trust we still have, your hearty con-
currence.
observed, to bank premises
to £157,768. The
than that. There is,
building program
of £20,000, which
prudence dictates should be provided for out of profits. Every year we
opening new branches, necessitating the construction of bank build¬
ings, and it is necessary to improve and enlarge some of our existing
premises. We cannot but keep step with the wonderful progress of the
Dominion, nor can we rest satisfied with some of the buildings which
contented us a while ago.
At the same time, you can rest assured that
our expenditure on premises is no more than is absolutely necessary.
Subject to your concurrence, we have made the usual appropriation to
the officers’ widows and orphans fund and to officers’ pension fund, and
this occasion we ask you to sanction a bonus to the staff of 5 per cent
their salaries.
A dividend for the half-year at the rate of 6 per cent •
per annum, as before, abs rbs £30,000, and we have now the pleasure of
adding a bonus of 1 per cent, making 7 per cent for the year.
We think
you will concur in the wisdom, on general grounds, of making this extra
distribution in the shape of bonus, and not as increased dividend, taking
further into consideration the fact that rates for money have been
unusually high and lucrative during the past twelve months. This will
add £10,000 to the amount required for the half-year’s distribution in
April licxt, which will be thus £40,000, and will leave a sum of £19,610,
appropriated, as you will have
the sum of £20,000, thereby writing it down
actual value of our premises is considerably larger
therefore, no depreciation to provide for; but our
for the current year will require at least this sum
We have
account
are
on
on
Richard
H.
account.
Glyn seconded the
resolution, which was
unanimously.
Messrs.' J. H. Brodie, R. H. Glyn and F. Lubbock were
directors, and the election of Mr. J. H. Mayne
to
vacancy caused by the death of Mr. II. R. Farrer was
Messrs. G. Sneath and N. E. Waterhouse were appointed
and a vote of thanks to the Chairman, directors and staff
carried
re-elected
Campbell
fill the
confirmed.
auditors,
closed the
proceedings.
29,121,178
78
767,808 00
162,S92 75
accounts.
of the December
the receipt
$49,961,198 17
find it to
Books
Branches, and
true statement of tlae Bank’s affairs.
EDWIN WATERHOUSE.
examined the above Balance
We have
in London
and the
present a
Sheet with the
Certified Returns from the
\
& Co., Chartered Accountants)
Auditors.
GEORGE SNEATH,
Waterhouse
(Of l^rice,
:
balance
fund £20,000,
be carried to next
27
Consols £303,000 at 85
§1,253,410
National War Loan, £50,000
February, 1907.
London, 22nd
usual liberal pro¬
£67,255. Adding
we have a
have transferred to
profits for the half-year, after making our
vision for bad and doubtful debts, amounted to
thereto the amount carried forward in June last of £37,861,
sum of £105,116 to deal with.
Out of this sum we
290,106 53
territory is returned
sheet, the
Mr.
*
221,400 15
$49,961,19817
principal increase being in copper. The gold won in
officially as $5,232,000, against §7,110.000 in 1905.
Although this shows a continuous decline in the value'of
gold produced, there appears, from the statement of the Commissioner of
that-district, to be a prospect of a revival of this industry, considerable
amounts of capital having, been invested in hydraulic works, which are
supplanting the old system of shaft sinking. On the Pacific Coast the
Commission appointed by the Ministry of Marine and Fisheries reported
most favorably on the condition of the canneries in the Fraser River
district.
The publication of its report should go far to allay any fears
on the [tart of consumers of canned salmon which wme engendered by
to
2,500 00
4,826 82
19,466 67
Dividend and bonus
available for April
Balance
§4,000.000, the
reserve
Pension
Fund
record. From the Agent-General’s report we learn
of minerals produced in British Columbia is estimated
$22,460,000 for the year, showing an increase over 1905 of nearly
the Yukon
327.309 45
$97,333 33
97,333 33
Staff bonus
cellent—in fact, a
that the total value
at
Bank Premises
and Orphans Fund
Transferred to Officers’
over
in the Ottawa
this there is an
that the industry
is prosperous.
As regards agriculture, the latest estimates we have seen
from Winnipeg point to a total of 90,000.000 bushels of wheat as the crop
of the past season.
This is larger than the crop of the previous season
by 4,000.000 bushels, and the quality of the past season’s wheat is ex¬
to
Transferred to Reserve Fund—
Transferred to Officers' Widows
the feature
brought in, and therefore the amount of lumber cut
mills was 25 per cent below the average.
As a set-off to
unusual demand for lumber at ever-increasing prices, so
146,000 00
Account
employed at very profitable rates. Greater activity was
during the 5'ear 1906 the world over, with a consequent
pressure, causing a demand for money at high rates,
earning power of our agency has returned.
But naturally
not be
330,257 23
October, 1906
$511,566 68
of trade
crease
June
half-year ending this
date, after deducting all current charges
and providing for bad and doubtful debts.
in
financial
and with this the
the greater
part of our increased profits has arisen from the prosperity of the Domin¬
ion. This has continued with the steady, irresistible impulse of a great and
growing nation. There is.Jat present atleast.no sign of slackening in the
wonderful progress of that great country. The tide of immigration con¬
tinues to.flow.
Official returns for the year ending June 30 1906 give a
total of 189,064.
Of these, S6.796 were from Great Britain and Ireland;
44,349 from Europe, and 57,919 from the United States, the total in¬
the previous 12 months being 43,000. One of the great
industries of Canada is lumbering.
Our report from Ottawa tells us that
the quantity of logs cut during the previous winter was about an average;
but owing to. the scarcity of water in the rivers a great deal of this could
Account—
forward from 30th of
profit for the
Net
changed
been
200,000 00
184,257 23
and accounts,
congratulating you on the
favorable result we are able to put before you. This is due
some
measure to the change in the financial situation in the United States,
where our results have been somewhat disappointing, owing to the low
rates previously ruling for money in New York.
All this was
.in 1906, and that part of our resources which is held in New York has
of
no
To Profit and Loss
Balance brought
1906
15,852,453 70
111,595 16
$137,388 25
under Guarantee in respect
Claim is anticipated..
To Liability
March 5,. at the
C., London, Mr.
very
Provision
Liabilities, including
which
seventy-first yearly general meeting was held on
office of the corporation, 5 Gracechurch Street, E.
Henry J. B. Kendall presiding.
The Chairman, in moving the adoption of the report
said:
I am glad to preface my remarks by
§4,S66,666 67
2,238,666 67
45
23,091,115
3,510,593 99
each, fully'paid:
To Reserve Fund
To Deposits and Current
To Notes in Circulation
To Bills Payable and other
for Contingencies
To Rebate Account
To Liability on Endorsements...
MEETING.
The
BALANCE SHEET
Accounts
TO THE
SEVENTY-FIRST
GENERAL
Capital
20,000 Shares of £50
DIRECTORS PRESENTED
YEARLY
DECEMBER 1906.
31ST
Dr.
To
NORTH AMERICA.
PROPRIETORS AT THEIR
NORTH AMERICA
BANK OF BRITISH
THE
gnwkmg awd
785
CHRONICLE
THE
1907.]
Apr. 6
The
as
English Financial Markets—Per Cable.
daily closing quotations for securities, &c., at
reported by cable have
been as follows the past
f80 .3-16
94.77%
■
l
:
:
:
1
I
1
viy..
1..
Illinois Central
/--Louisville & Nashville.
Mexican Central.
/.
Missouri Kansas & Tex., com
Preferred
J
National RR. of Mexibo.....
N. Y. Central & Hudson Riv.
N. Y. Ontario & Western...
Norfolk & Western .corn
Preferred
Northern Pacific.
Pennsylvania
a
ReadingCo
1
»
179,%
41%
14%
:
138
31
138
31
73
73
63
40%
62
41%
14
26
o?
J*
<;
148
m
S
o
1
Debenture Bs i
a
Price per
1
<
122
.
1
37
a
65%
66%
j
49%
share.
SB
:
;
131
80
»
1
1
82%
64%
54%
1
:
:
:
t
43%
43%
22%
.
1
:
:
1
1
1
:
;
1
«
1
;
:
1
I
8i%
22%
73
142
90
37%
102%
u%
26
)
14
138
31
73
26
62%
41
53
123
c
For May
account.
91
1S1%
42%
14%
141
31%
77%
26%
62%
42%
,
150
152
121%
123%
\
22
37
:
66%
:
>
39%
80
82%
136
64
54
43%
43%
22%
80%
22%
75%
139%
90%
36%
101%
14%
26
61%
.
b £ sterling.
41%
149
122
37
Fri.
30 1-16
85%
S5 13-10 86,%
94.72% 94.80
74%
74%
83
83%
96%
93%
13%
12%
99%
98%
98%
97%
102%
99%
91
41%
22%
Thitrs.
30 1-16
85 9-10
180%
25%
22%
123
39
?
91
iH
O
1
98
is2%
§£
1
12%
96% I
:
:
P
:
Wabash
Preferred
95% i
101
'
1
First preferred
a Second preferred
Rock Island Co
Southern Pacific
Southern ltv.. com
Preferred
Union Pacific, com..
Preferred
U. S. Steel Corp., com
Preferred
a
94
10 L
90
_
a
74%
83%
95%
97
i
i
Wed.
30
85 9-16
85 13-16
94.70
74%
83%
13
t
l
Chesapeake & Ohio
Chicago Great Western
Chicago Milwaukee & St. Paul
Denver & Rio Grande, com..
Preferred
Erie, common
First preferred
Second preferred
85%
I
I
l
Preferred
Ohio
Baltimore
Preferred
Canadian Pacific
30%
I
i
Amalgamated Copper Co
b Anaconda Mining Co
Atchison Topeka & Santa Fe
Tues.
Mon.
Sat.
Week ending April 5.
t
Silver, per oz.
cl.
1
Consols, new, 2% per cents..
For account
French Rentes (in Paris).. fr.
Russian Imperial 4s
1
do
do
new
5s..
London
week:
53
123%
39
79%
82%
134
64
55
43%
43%
22%
80%
22%
75
140
90
37%
101%
15
25%
01%
23
38
67
53
125
39%
81%
82%
139
65
56%
44
44
23%
85%
23%
76
144%
90
38%
102%
14%
26%
780
THE CHRONICLE.
Statement of New York City Clearing-House Banks.—
following statement shows the condition of the New
York City Clearing-House banks for the week
ending March
30.
It should be distinctly understood that as to all items
divide this aggregate
by the number of days.
We omit two ciphers (00) in all
cases.
is
We omit tiro
Capital.
Surplus.
Loans.
Specie.
Lcgals.
S
S
S
Deposits,
a
■
/>*'•
s'rve
ciphers (00) in all these figures.
I
Capital
Banks.
Loans.
Specie.
Surplus.,
^Bank of N. Y..
Manhattan Co.
Merchants’
Mechanics*
America
Phcnlx
S
2,912.2
2,908,8
1,537,8
2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1,000,0
...
City
3,624,6;
4,080,5
416,6
21,629,3
5,315,0
499,5
2,390,4
25,000,0
Chemical
3.000,0
600.0
1.000,0
300,0
Merchants’ Ex.
Gallatin
Butch .&Drovc.
Mech.&Traders’
Greenwich
Amer. Exch...
Commerce
Mercantile
Pacific
Chatham
500,0
5,000,0
25.000.0
3.000,0
500.0
450.0
200,0
153,8
910,3
698,6
4.802,4
14,295,6
4,903,6
784,0
1.029,1
469,5
North America.
Hanover
Citizens’ Cent..
Nassau
Market & Fult’n
2,000,0
3,000,0
2.550,0
2,246,0
8,173,0
879,0
Metropolitan
Corn Exchange
2,000,0
3,000.0
750,0
1.500,0
3,000,0
250,0
3,000.0
500,0
10,000,0
1,000,0
250,0
200,0
2,000,0
People’s
500,0!
1,000,0
..
Oriental
Imp. & Traders’
Park
East River
Fourth
-
Second
First
Irving Exeh
Bowery
N. Y. County..
German-Amer
Chase
Fifth Avenue..
German Exch..
Germania
Lincoln
Garfield
750.0
.
.......
Fifth
Metropolis
N. Y. Prod. F.x.
New Amsterd’m
250.0
3,276,8
18,439,2
1,662,8
1,153,6
9,362,3
3,294.1
5,586,0
2.201,3!
15.960,8
53,492,7
19,124,8
3,500.0
7.266,7
10,604,1
35,417,0
10.029,5
24.552,7
69,772,0
1,248.3
17.667,0
9,849,0
78,604.8
14,808,5
3,520,0
4,982,7
3,729,5
48,428,1
400,5
2,830,7
9,898,0
3,332,5
224,3:
1.459,8:
l,924,6j
12,030,8
6,041,2
4.663,7
12,632,0
1,569,6
18,509,0
470,7
533.9
3.808,4
7,103,6
31.0
26.5
26.8
27.6
28.3
23.9
20.7
23.7
25.7
16.0
20.0
29.1
28.3
26.4
26.5
20.4
18.2
28.0
40,616.0125.7
10,019,3 19.5
-
16,139.0j 3,913,0
-
196,5
1,483,3
19,287,0
9,328,0
62,297.0
14,727.0
3,830,0
6,009.2
3,513,0
947.6
51,393,8125.0
627,6
10,871,7125.8
955.0
671.8
1,827,6
27.3
24.7
24.8
24.1
24.0
21.4
24.7
25.9
21.2
10,356.5 26 3
6,974.2 25.6
26.2
20.6
25.5
27.3
25.9
21.5
24.4
24.9
4,173,5
6.090,8
12.829.6
7,961,3
3,152,7
9,254,0
4,716,0
19,221,0
4,613,0
325,4
199,9
1,439,3
519,0
1.800,0
345,0
735,7
433,3
423,9
194,0
5,238,8,20.6
15,269,0 25.1
127.100.0 156,057.9 1056,545,2 195.659,7 72.425,9 1019,817,3 27.2
1
a
Circulatum.
a
'
| Clearings,
!
i
S
1038,431,8 52,787,2
1019,889,1 '52,281.3
1003,974.4 51,502.3
1002,144,6 50,920,3
.
-
I
I
$
1.9S7,464.0
2,158,480,4
2,514,930,1
2,095,084,2
1019,817,3 50,820,0 1,994.438.6
208.500,0; 8,491.0!
208,627.0! 8,489,0!
202,722,0; 8.500,0
8,473,0'
201,774,0;
169.933.3
182.649.6
170.981.3
171,180.8
!
..
249,695,o! 13.796.0
141,250,0
250,145,0 13.7S5.0;
247.048,0 13,956,0.
246,100,0 14,035,0!
144.706.7
155.794.8
133,947,2
Including for Boston and Philadelphia the item "due to other banks" and also
Government deposits.
For Boston these Government deposits amounted on March_
30 to S3,474,000; on March 23 to $3,479,000.
•
a
Imports and Exports for the Week.—The following are
the'imports at New York for the week ending March 30; also
totals since the beginning of the first week in
January:
FOREIGN IMPORTS AT NEW YORK.
..
For week.
1907.
Dry Goods
Total
!
1906.
$3,833,714
16,4s3,215
General Merchandise
$20,316,929
-1905.
1904.
,
$3,775,101;
$3,054,000
12,939,533
14,745,114
$2,354,164
8,758,215
$17,799,114
$11,112,379
$47,152,663! $41,108,971
$36,098,830
127,412.636
$16,714,634
Since January 1. -
i
Dry Goods
$53,939,845
179,417.259
General Merchandise
Total 13 weeks
78,520,0 26.8
95,0
489,5
3,640,0
23.0
25.0
27.9
27.3
Deposits,
sis
21,073.0! 24.4
1,636,4
589,4
650,0
3,180,0
633,0
1,995,0
1,355,6
659,5
25.5
10,184.0,20 7
1,253,0
3,237,3
2.266,5
626,5
262,2
611,4
1.303,8
2,324.3
15.115,0
61,430,1
4,131,0
417,8
1.277,0
4.610,0
151,6
2.077,0
1,537,6
3,869,0
16,480,0
288,2
3.057.0
1,130,0
15,412,4
687,0
200,0
3,572.2
5,738,1
826,5
257,5
1,168,1
6,442,1
189,2
6,335,0
557,6
549,7
-
145,254,7
23,509.1
6,168,1
5,583,8
2,145,2
18,926,0
6,255,6
18,658,6
108,144,3
15.130,4
752.6
435,3
279.5
844,2
3,095,5
9.849,1
4,380,0
16,595.0
4,825,0
1.000.0
1,000,0'
1.046,8
1,361,7
1,598,4
1.467,1
1,334,5
450,6
1,718,0
852,7
1
a
133,577,9
21,552,7
14,082,0 ,26.8
2,227,0
2,251.6
95,0.
7,238,5
1,828,8
103,2
593.6
70,2
1,018,0
3.508,0
% '
23,188,0
13,139,7
18,416.0
23,177.8
7,434,0
1,053.3
4,237,4
1.941,0
37,894,5
4,408,8
1 552,1
950,5
539,2
12,245,9
7.807,4
500.0
1,000,0
250.0
l.OOO.Oj
Totals
7.906,9
2,388.1
16,338.0
5.927.3
26,912,7
1,696,0
2,470,0
2.391,0
10,157,6
3,403,2
4,889,4
4,436,1
1,894,1
831,4
944,6
l.ooo.o!
State
24.774.8
5.756.1
2,086,0
3,460,0
2,052,3
730.0
978,9
679,8
11.944.S
2,185,0
185,0
838,7
5.000.0
100,0
200,0
200,0
300.0
1,000,01
Liberty
156,845,4
346.7
1,486,1
890.7
4,834,2
1,204,8
6.993,1
8,213,7
118,i
3,101,1
11,873
19,909,1
523,1
779,1
831,.'
604,0
1.000,0
West Side
Seaboard
1st Nat., Bklyn
16,472,0
21.152,0
11,998,0
19,433,0
21,400,9
7,854,0
$
Lcgals.
'
’
.
$
!
;
and
New York
S
!
S
s
!
Mch. 2.. 281,949,5 1079,185,6 189,065,2,74,401,4
Meh. 9
'282,402,3 1006,950.9i 185,456,7 71,566.3
Mch. 16. J2S2,402.311053,576,6] 183,454,4 70,572,3
Mch. 23-.i28l,280,7:1049,989,61184,974,4170,271.2
Mch. 30..!283,157,9! 1056,545,2i
195,659.7'72,425,9
Boston.
Mch. 9
! 43 .680,01 183.907
15,670,0! 4,200,0
Mch.16.J 43 ,680,01 IS 1,522,
16,403.0! 4,168,0
Mch. 23.43 ,680,0
179,148,
15,S50,0; 4,027,0
Mch. 30.
43 ,080,0
178.166,
!
Phila.
i
Mch. 9.. 51 ,165,0; 223.064
52,3S4,0
Mch. 16.
51 ,165.01 222,729,
51.032,0
Mch. 23.
51, ,105,0; 221,221,
52,016.0
Mch. 30.. 51, ,165.0, 219,512,
51,331,0
-
Banks
00s omitted.
LXXXIV.
New York City, Boston and Philadelphia Banks.—Below
a summary of the
weekly returns of the Clearing-House
banks of New York City, Boston and
Philadelphia. The New
York figures do not include results for non-member banks:
The
except capital and surplus the figures are the averages of the
daily results, not the totals at the end of the week. In
other words, in reporting loans and
deposits and holdings of
specie and legal tenders, the practice is to take the aggre¬
gate of the amounts for the several days of the week and
[VOL.
147,953,777! 155,852,731
$223,357,104 $ 195.106,440 $ 196,961,702 $163,511,466
i
!
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 30 and from Jan". 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1907.
For the week
1906.
$10,888,378
150,337,513
Previously reported..
Total 13 weeks
1905.
$13,188,228
149,875',899
1904.
$12,350,269
121.949.287
$7,759,560
120,562,293
$161,225,891 $163,064,127 $134,299,556 $128,321,853
C
•
The
following table shows the exports and imports of
specie at the port of New York for the week ending March 30
and since Jan. 1 1907, and for the
corresponding periods in
1906 and 1905:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
1
Total of United States deposits included, $18,093 600.
statement of condition
week
of the non-member banks for the
ending March 30 1907, based
We omit two
on
average
ciphers (00) in all
Capi¬
Sur¬
and
tal.
plus.
Invest¬
Week.
Imports.
Since Jan. 1'
Specie.
$754,673
331,087
4,500
-
-
$351,590
$9,6941
1,355,336
6,207 j
63.120
60,621
Total 1907
Total 1906.
Total 1905.
Other I
Net
Banks. Deposits.
Arc.
i
ments.
Since Jan. I
Germany
Deposit with
;
Week.
Great Britain
France
West Indies
Mexico
South America.
All other countries
eases.
Loans.
Banks.
daily results.
Exports.
Gold.
Reports of Non-Member Banks.—The following is the
$4,500
113,546
728.199
$1,706,926
3,765.921
1.033.634
104,406
45,026
604,015
117,146
$139,642' $2,989,987
663.698
31,680,270;
j
779,561'
2,085.657
3,958.499
Silver.
Man.&Br'x.
Wash. H’g’ts
Century
-...
Chelsea Exch
Colonial
Columbia
Consol. Nat.
....
Fidelity
14th Street..
Hamilton
Jefferson....
Mt. Morris..
Mutual
19th Ward..
Plaza
Riverside
12th Ward..
23rd Ward..
Union Exch.
Yorkville
Coal Sc I.Nat.
34th St. Nat.
Batt.Pk.Nat.
Borough of
Great Britain
France
$
100,0
174.7
200,0
154,0
100,0
103.7
100.0
427,8
300,0
442,3
1.000,0 1,108,2
200,0.
144,4
1,000,0
424,0
200,0
243,3
500,0
642,7
250,0
219,5
200,0
286,5
200.0'
260.7
100,0
342.9
100,0
101,1
200,0
211,3
100,0
174,6
750.0
839,6
100,0
3S4.7
500,0
575.6
200,0
206.3
200,0
119,2
...
..
Mfrs.’ Nat
Mechanics'
Nassau Nat.
Nat. City
North Side..
..
.
Hud Co Nat.
Third Nat
Hoboken.
First Nat
Second Nat.
4,407,9
6,141,0
6,382.2
1,041,2
6,958,3
4.973,8
4,232,3!
2,610.6
3,402,7
3,493,9
3,914,0
1.934.3
2,470,0
1.718.9
8,849,1
3,353.6
4,521,0
1,307,5
756,7
s
$
'12,4
25,8
77.3
85,1
265,0
767.0
9.2
252,4
255,8
10,9
145,8
25.8
28.2
232,0
15.2
36,0
60,6
400,0
43,2
200,0
150.0
300,0
252,0
1.000.0
750,0
300,0
100,0
127,8
515,3
468,0
201,6
76,6
288,9
185,1
229,0
143,3
66,0
327.9
209,3
258,4
276,8
233,8
92,0
434,2
324.2
225.0
124,7
*
198.0
176,9
376,6
210,0
34.1
158,0
567,8
166.0
98.6
162.0
130,3
550,4
161,8
497,0
264,6
108.7
6.4
76,6
88,0
'
j
$
39.2!
147,7'
225,6
8
714.4
1,410,7
1,466,3
5,013,0
5,648
j
j
Total 1907
Total 1906
Total 1905
4,961,0
j
466.1,
475,9!
983,7
7.093,0
$1,022
58
$7,308
16,584 i
49.8331
1,7861
i 6,489.0
320.0
$9,S71,789 j
510.000
1,000:
37.533
$829,543 S10,452.10S'
1.042.772! 14,885.838
A..
-
1
1
527.200!
9,349,20.1
5,679,3
j
$73,725!
56.851!
48,101 i
34,349
„220.853
319,472
4,274
$5S0,028
632,292
654.303
143,9, 4,122,9
58,2!
1,41
501,7i
3,003.3
3,542,1
j
4.571.4
4.183.0
87,9:
2,097.8
1
2.775 0
Of the above imports for the week in
1907, SO,100 were
American gold coin and S300 American silver coin.
Of the
exports during the same time .*1,4,500 were American gold
coin and $4,000 were American silver coin.
110,7! 2.050.7
.
;
—
7,965,7
33.3j 3,828,3
60,0
9,0.
4,118,0
1.349,3
621,5
Banking and Financial.
'
3,056.5
2,786,7
1.905,8
4,555,1
10,948,3
5.989.0
3,123,0
1,747.5
1,169,3
341,2
4.263,3
2,589.2
1,796,0
110,0
125.0
580,3
191,9
2.429.8
1,601,8
45,9
13,0
129,0
434.4
256,0
212.0
129,0
26.6
188,9
185,6
79,3
111.2
257.1
677,5
538,9
431,0
337,0
1.078,9
598,0
373,0
113,0
41.1
190,9
89,9
69.1
319,1
74.4
102.2
135.5
66.9
18,1
41.1
■
16^41737,0 15659.7
267,000
1
400,0
250.0
200,0
712.0
$556,895
;
West Indies
Mexico
South America...
All other countries:
1
156,3
405,4
152,8
704,0
896,5
918,2
614,3
212.5
."
Germany
:
;
.
Tot. Mch. 30 10737,O'14632,8 122584,8 5,570.1
Tot. Mch. 23 11737.0 15659,7 133243.2 5,952,7
Tot. Mch.
134720,0 6.195,9
$
50,3
72,8
42.0
67,8
38,4
304,6
607.0
307.6
J
Jersey City.
First Nat
$
940,0
1.246,8
1.137,0
*
Brooklyn
Borough
Broadway
Brooklyn
...
.
S
156,2
178,0
1.742,2
308,5:
404.2 i
*
167,9
91,9
134.2'
34.5!
We shall be
3.274.8
55,2| 2.809,9
2,132,0
179.3
4.882.0
151,6; 12.596,7
oircular
,
r»>at
485,0
117.1
5,433.8
2.331.7
28,0
2,033.0
86,8
82,2
2.091,9
1,607.8
6,693,2. 11.228,0! 4,270,8 127698.6
7,460,7 16.940,3 5,012,0 144154,6
7.549,2 17.310.4 4.S80.8 146865.6
and
Collateral
Spencer Trask & Co.
5,200,0
1,837.6
Note*
lloniiM.
65,0j 3,428.0
170,4
pleased to mail investors cop:es of our 10-page
describing 57 Short-Term
Branch Office,
Albany, N.Y. William and Pine Sts.. New York
Moffat
&
White
.lleinbers Sew, York Stock Exchange.
5
NASSAU STREET.
HANOVER BANK BUILDING
Dealers in Investment Securities.
COMMISSION ORDERS EXK> IITRD FOR CASH I1M.V
787
THE CHRONICLE
1907.J
Apr. 6
^Bankers’ (Gazette.
For Dividends see page
784.
Wall Street,
been
demand,
entire market
& Hudson
& Quincy
The market for railway and industrial bonds has
active than for a long time past, on a better
and under the lead of a few strong issues the
has shown a tendency to advance.
Delaware
conv. 4s have advanced 6% points, Burlington
more
Thursday Night, April 5 1907.
Situation.—There has
this week. The up¬
interrupted by frequent
reactions, and prices are still in many cases 20 points or more
below those prevailing earlier in the year.
The stock market has been only moderately active but the
The Money Market and Financial
been further recovery in security values
ward movement has, however, been
4s nearly 4,
S. Steel 5s,
issues from
2 points within the week.
Among the latter are Read¬
Pennsylvania, Colorado Southern, Atchison, Baltimore
joint 4s nearly 5 points, Brooklyn Rapid Transit
Erie 4s, series A, 3%; Rock Island RR. 4s, 3; U.
3, Atchison conv. 4s over 3, and several other
1 to
ing,
shows decidedly
several
bond department at the Exchange
more
animation than for a long time past, and in
cases
The improve¬
there has been a notable advance in prices.
ment noted is due mainly to influences mentioned last
week,
especially that of the money market. Large deposits of
customs receipts in New York City banks and the proceeds
of bonds purchased by the Government have so far relieved
the money market as to cause a decline in call-loan rates to
the lowest figures in many months.
In addition to this,
$2,250,000 gold was bought in London early in the week
for shipment to this port.
The better feeling abroad con¬
tinues, although the weekly statements of the three principal
banks show a smaller percentage of re-serve than is usual at
this season of the year.
Among the developments of the week attracting more
less attention in railway circles have been the increase,
of the. Atchison dividend rate to 0%, the terms of sale of
Interboro-Metropolitan bonds.
United States Bonds.—Sales of Government bonds at the
Board include $6,000 2s reg., 1930, at' 104%, and $3,000
3s, coup., 190S-1S, at 404.
The following arc the dailjr
closing quotations; for yearly range see third page following.
& Ohio and
1
!
•
1930
2s,
2s.
3s,
3s,
1930
1908-1918--.
1908-1918
.registered Q—Jan
coupon Q—Jan
.-registered Q—Feb
cou pou Q —Feb
1908-1918-.small coupon Q—Feb
3s,
4s,
4s,
4s,
4s,
2s.
1907
2
registered Q—Jan
.coupon Q—Jan
1907
1925
registered Q—Feb
1925
..coupon Q—Feb
1936 Panama Canal regls 1 Q—Nov
Meh.
30
.4 pril
1
April ! April
April
I
3
2
April
5
4
*! 03 )$
H
O
L
I
D
A
Y
...
*
or
Interest
I>criods
104 H *104 H *103)$ 1*103 34
**0451 *104*1 *103 *$1*103 *4 *103)4
*1023* *102*1 *102*!1*102*1 *102)1
*1031$ *1031$ 104 |*103*4 *103)$
*102 *i * 102*1 * 102*1! *102 M *10234
*101
*10031 *100*! *101 6*101
*101
1*101
*x003l *100*4 *101
*130 q *130*1 *130*$1*130*4 ,*130*,$
*130'! *130*4 * 130*4; *130 >4 !*130**
*104*1 *104*1 *104*1
j*104>4 *104*$
This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.—As noted
above, the
normal
allowed
report and a settlement of the threatened strike in Chicago.
to go on...without interruption.
The open market rates for call loans on the Stock Ex¬
On Tut
lay and Wednesday there was a good deal of
change during the week on stock and bond collaterals have
and net declines were recorded in a number of
irregularity
ranged from 1 to 4%%. To-day’s rates on call were
Thos? were more than offset by the advance which
2@~%%. Prime commercial paper quoted at 0(a)0%%
renewed on Thursday and continued to-day, so that, as
Erie notes,
the increase shown by
Southern Pacifie s traffic
stock market has made
conditions; although this
further progress towards
movement has not been
s
cases.
single names.
j&jThe Bank of England weekly statement on Thursday
showed a decrease in bullion of £655,529, and the per¬
centage of reserve td liabilities was 41.42, against 40.95
for endorsements
ami 0@(>%% for best
last week.
£-• The discount rate remains as fixed
Bank of France shows a decrease of
gold and 5,450,000 francs
NEW YORK CITY
Surplus
discounts
Loans and
Circulation
Net
deposits
6pecie
Legal tenders
.
Reserve held
.1"
25% of deposits
_
.
22,725,000 francs in
in
silver.
CLEARIN'* MI OUSE
Differences
from
1907.
March 30.
previous week.
S
8
127.100,000
150,057,900
1,050,545.200
50.820.000
a 1019,817,300
195,659.700
72,425,900
Capital
1906.
1905.
March 31.
April l.
S
43.718.700
51,845,000
17.672.700 1,004,290,500 1,138,601.300
209.4Sl.100
177,895,000
10,685.300
83.848,800
78,308.900
2,154.700
100.300
..
13,131,275 Inc.
S
115,972,700
0.555.600 1,025,503,900 1,099,289,700
256.203,900
251.072,625
26S.0S5.600 Inc. 12.S40.000
4.418,175
254.954.325 Inc.
Surplus reserve
RANKS.
116.472.700
145,655,100
Inc.
Dec.
Inc.
Inc.
Inc.
The
Jan. 17 at 5%.
293.329.900
2S4.665.325
was
a
result of the week’s
list is from 3 to
5.131,275
to-day.
x
daily volume of business see page 795.
following sales have occurred this week
represented in our detailed list on the pages
to
114
For
The
on
March 23.
Note.—Returns of
separate banks appear on
the preceding page.
Foreign Exchange.—The market was active and higher
this week, influenced by easier money, by an urgent demand
to remit for stocks sold for London account and by a scarcity
of bills.
The gold that was bought in London on Tuesday
for shipment hither was re-sold. To-day’s (Friday’s) nominal
rates for sterling exchange were 4 81% @4 82 for sixty day
and 4 85)4@4 86 for sight.
To-day’s (Friday’s) actual
rates for sterling exchange were 4 8140@4 8150 for long,
4 8520@4 8525 for short and 4 8585@4 8590 for cables.
Commercial on banks 4 K080@4 8090 aRil documents for
payment 4 80%@4 81 %. Cotton for payment 4
4 80%.
Cotton for acceptance 4 SOSO (a)4 S090 and grain
for payment 4-8%% @4 81%.
To-dav’s NTridav’S) actual rates for Paris bankers’ francs
were 5 23 % a @52T% for long and 5 20% @5 20h for short.
bankers’ Uprks were 93% @93 15-16 for long and
Amsterdam bankers’ guilders were
94 9-16@94% for shota
40.07@40.09 for short.
Exchange at ’Paris oh London to-day 25f. 28c.; week’s
range 25f 28 %c. high and 25f. 27%c*. low.
The week’s range for exchange rates follow:
—Cables
-Short-
-Long-
Sterling Actual—■
High.,
4 8140
Sales.
lor
STOCKS.
,
ILcrt ending April 5.
Wetk.
fit 4 S525
© 4 8325
4 85S5
4 8410
© 4 8590
© 4 S420
Range for week.
pf.
!
Highest.
Lowest.
900 $5
April
April
150 03
400 12
April
10 49*3 April
85
April
100
Mining
Assn*. Merchants. 1st
Bethlehem Steel
1
$5'4 April
April
EUl April
4934 April
5.103
3
1-
Preferred
2 85
April
Cleve Lorain & Wheel..
16.500 27c April 2 40c. April
Comstock Tunnel
$6,0(10 18c. April 5 20c. April
1st incomes 4s
2 125
April
110 123)$ Apri
Diamond Match
April
200 80)$ April 2 82
Federal Sugar, preferred
2
100
April
30 100
April
General Chemical, prcL.
i
1134 April
8 51 April
Great Northern rights.. 90,106
April 3 52 April
52
100
. . Ingersoll-Rand
100 92)$ April 3 92 *4 April
Preferred
-----..
.
New York Dock, pref ..
N Y & N J Telephone...
Ontario Silver Mining...
82 70
April
164 113)1 April
6- April
1,200
April
100 25
Peoria & Eastern
i
St L &■ S F—C & F III
63
new stk trust certfs— $5,000
100 85
—
Vandalia
Range since Jan. 1.
Highest.
Lowest.
V[
1
$4
5 100
2
10*1
45
2 85
51 23c.
18c.
5
2 123)$
76
5
I
o
->
80%@
Germany
A
of shares not
which follow:
i
Alice
week and
deposits
7.475
5
points above the lowest reached during the recent slump.
To-day’s market was by far the most active of the week and
net gains of from 1 to 3 points were general in the list.
Among the exceptional features is Canadian Pacific.
It
sold on Monday 35 points above Phe price on March 23d,
has covered a range of IS points within the week, and is the
only active* stock that clos *s lower than last week. Other
trans-continental issues have covered a wide range. North¬
ern Pacific is over 10 points higher than last week and 23
higher than on March 25lh. Reading has been the most
active stock on the list and advanced from 103 on Monday
8,664.575
a $18.093,G00 United States deposits
included, against $14,512,100 last
$11,738,900 the corresponding week of 1900. With these United States
eliminated, the surplus reserve would be $17,054,075 on March 30 and §8,33
entire active
than last week and from
to 22
....
8.421,825
operations, practically the
10 points higher
April
April
4
6*1 Apr 11
5 25
April
70
1114
5
4
3
3
65
95
50c.
23c.
Mch
April 125
Feb 8534
Mch 102*4
97*4
8 51 April
49*1 Mch
o
April
Feb
Feb
11)$ April
Jan
Jan
94*$
April 70
April
Mch 115
451
18
Jan
Mch
Jan
Jan
Mch
Jan
Feb
60
Mch
92
5 70
4 108
5
$734
106*1
20*$
Mch
Mcli
Mch
Mch
Mch;
Mch
Mch
!
30
Jan
71
93
Feb
Jan
*
j
April
April
Jan
Feb
Jan
4
63
1
85
April
April
4
1
60
85
Mch
Mch
securities has
distinctly firmer feeling
in prices being
received
large share of the
Cananca from 15% moved up to 17 then
It recovered to 16% and ends the week
Outside Market.—The
market for unlisted
been dull and irregular, though a
has been in evidence, a further improvement
noted.
Copper shares have
a
attention.
Greene
fell back to 15%.
23%
reaching
58% to 60,
16%. Greene Consolidated Copper advanced from
25%, went down to 24, but moved up again,
26% to-day. United Copper common rose from
weakened to 58% and ran up again to 62%.
Balaklala
at
to
sudden activity
10%, the close
advanced 3% points to 13%
to-day being at 11%.
on
but fell off to
Boston Consoli¬
went up from 23% to 26%, at which figure it
closes to-day.
British Columbia Copper from 6% reached
® 5 20/j
! 5 20H
High.......5 235-80
© 5 23)$
8%.
easing
off
to 8. -Butte Coalition sold up from 26%
5
21*4(1
i®
5
20**
Low
5 2151
40 5 21 34
to 29%-, sank to 25% and recovered to 28.
The close to-day
Germany Hankers' Marks—
© 945 6
94 9-10
© 93 15-10
High
9378
was at 27%.
Douglas
after
a
Copper,
fractional
decline to
©
94
5-10
94 3-10
Low
93 *4
(n) 93 Vi
9% ran up to 11%. Trinity was weak , and after advancing
Amsterdam Bankers' Guilders—
@ 40 09
i 40 07
It advanced finally to
High
from 25 to 31% dropped to 21%.
39 13-10 © o397
Low
23%. Newhouse lost 3 points to 18% but moved up again
Lessa 1-10 or 1%.
d 1-32 of 1%. h 3-32 of 1%.
to 20%, closing to-day at 20%.
Nipissing rose from 12% to
Plu-s:
k 1-10 of 1%.
x 1-32 of 1%.
?/3-32 of 1%.
13%, easing off to 13%. Business in industrials has been
The following were the rates for domestic exchange on
Havana Tobacco common gained
limited to few stocks.
New York at the under-mentioned cities to-day:
Savan¬ a point to 15. The preferred opened the week at 20, went
nah, buying, 50c. per $1,000 discount; selling, 75c. per $1,000 down to 19 and up finally to 22. Waterbury Company , after
an early advance from 54 to 55%, sank to 49%, recovered to
few Orleans banks, 35c. per $1,000 discount; commercial, 50 and closes to-day at 49%.
Chicago Subway advanced
60c. per $1,000 discount.
Chicago, par; St. Louis, 20c. per from 19 to 20%, fell to 17% and then went up to 20%. The
$1,000 premium. San Francisco 20c. per $1,000 premium.
close to-day was at 20%.
State and Railroad Bonds.—Sales of State bonds at the
Outside quotations will be found on page 795.
Board are limited to $4,000 Tennessee settlement 3s at 96.
@ 4 S150
@ 4
Low
4 7875
Paris Da7ik(rs' Francs—
—
79
! 4 8520
|4 8320
dated Copper
,
8
Sremium. Charleston, selling, $1 per
$1,000 premium.
New York Stock
Exchange—Stock Record. Daily, Weekly and Yearly
\
OCCUPYWfi
TWO
STOCKS—HIGHER T A HD LOWEST BALE PRJC E8
Mlv trdav
Mar eh 30
Monday
April I
Tuesday
April 5
Wednesday
April 3
PA«E*
Sales 0
the
Week
Shares
STOCK#
Thursday
tridav
April 4
April 5
NEW YORK STOCK
EXCHANGE
Range tor Year 190?
On oasis of 100-share lots
Lowest
Uan<je
Highest
Previous
tor
Year
i 1 uun j
1 Highest
Lowest
J
89 ®0
93 4
944
y4 4
103
914
934
95 4
1014 103
974 984
884 8«4
66
59
93 4 954
95
954
101
102
Railrflaiia
944 964
95 4 95 4
1024 1044
97
994
90 4 97 4 \ tch.
TopekadfcSanta Ft
96 4 97
Yx.
Do pref
105
1064 Atlantic Coast Line KR..
994 102 4 Baltimore A Ohio
90
90
Do pref
1
80 -30 M ay ,1194 SeP
z98
1 >«:«: i 190
Jan
131 V J '1 y 107 7ti Jau
105Ji Mnv 1125 4 Sep
91
Oct | 99 4 Jan
71
94 4 Jan
J’ly
124
Nov 163 -j Sep
29S,'410
82 4 Marl 4 10814 Jan 7
92
Mar 2 5 101'e. Jan ,‘2
94
Mar26 133 *8 Jan 0
98»4
964 974
41,390 90'8 Alar25 122 Jan 6
90
92
884 884 *88
496
87
Mar 2 5 94 v Jan lo
567*
58
618s
607* 63 4
614 624 Brooklyn Rapid Transit.. 174,910 45 *4 Marl4 KS'-gJan 7
128
•80
128
*90
95
128
95
*90
128
106 96
Buffalo Rochester A Pitts
Mar 14 115
Jan 20
139Hi *110
1394 *110 1394 ♦110
1394 *110 1394
Do pref...-.
135
Jan 4 135
Jan 4 139 Hi Xm Ifxi
*
*
Dec
*
*
*
85
85
85
87
83
Buffalo A Susque, pref...
83
Feb 10 S534 Feb b
83
Jan
87
Feb
177 4 1S93«
175
1804 171 4 1744 173 4 177 4 176
178
/ tanadian Pacific
101,796 155 Mar23 195HiJan 4 155% May *t»l 4 Dec
62
til’s 614 *60
60 4 00 4
02
.02 4 02 4 V 'anada Southern
624
5u0 09
Marl 4
05
05 ^J’nt 707e Jan
Hi Jan 14
♦
*175
185
*170
190
*lr0
*180
190
190
185
195
Central of New Jersey...
105
Mar 26 219 Hi Jan ? 294
Alay 239 7e May
40 4 41
4O®0 414
394 41
404 41V
414 42 4 Chesapeake A Ohio
18,456
56
3634
Mar
2d
Jan
6
51
Hi Nov 05r>.j Aug
15
15
15
15
15
*15
15
18
10
104 Chicago A Alton RR
709 1434 Mar 7 27HzJan 5
*
25
*
Ts
*
35 :«0 Oct
*
Sep
♦
00
60
59
60
00
Do pref
59
Mar 19 69
Jan 5
70
Dec
77 l4 Oct
13 4 14 4
14
14
13 4
134
134 14
134
144
3.40U
12
Jan
Chicago Great Western..
>4 Mar20 18
10
J'ne •23% Jan
♦75
70 4 *75
76 4
♦76 4 70 4
764 * 75
*75
70 4
Do 4 p. c. debentures
70
Mar lb
79
Feb2o
79 Hi Sep
80 4 J an
694 6l»4 *58
61
60
*574 01
00
62 4
014
5c
Do
5
1,7
99
79
4
Apr
1
p. c. pref. “A”..
7134 P’ebl)
89
Jan
184 19
19
184 184 * L7 4 19 4
20
19
19‘V
599
Do
17
4 p. c. pref. “B”..
Mar 25
20,aJan
5
247h
N'p\
39\t Jan
132
13l>i 132 41344 1318e 1334 1324 1304
1304 139
128,199 122 62 Mar2o 157 Hi Jan 14 1146 4 1 lire 199 yi Dec
Chicago
Milw.
A
St.
Paul.
148 4 150
149 4149 4 148
148
151
1494 150
152 4
Do pref
.Mai 25 105 Hi Jan 5 flOO Dec 218
1,738 145
Aug
1174 1174 1174118
116
120
119 4122
1174 118
Do com.ctfs.HP'npaid
0,389 112
Mar 20 141
J an 14
132
133 4 133
133 4
132
133
132 4
185
135
138
Do pref.ctfs.lO°opaid
0,781 129
Mar26 149
15
Jan
148
1474 150
148
1494 147
1494 152 4 152
1534 Chicago A North Western 13,899 137 8a Mar 35 205 Jan 10 192 A pi 249 Jau
*180
200
*195
200
♦195
2( 0
200
200
*210
220
199 209
Do
234
Jan
10 225
Apr
4
pref
Mar
Au*> 270
133
133
135
135
135
135
130
139
138
1394 Clue. St.*P. Minn. A Oni.
1,309 129 Mar26 170 Jan 8 108
J’ne 198
Jan
*159
180
*150
*160
180
180
*160
*150
180
180
Do
169
Jan 18 165
pref
Jan 19 175
Nov 202
Jau
*5
*5
74
7
*5
*5
7 4
■5
74
10
5
Mar 2 8
Chicago Term’l Transfer.
934 Keb21
10
184 Jan
104 *104 17
*10
*15
15
*10
17
17*
299
9
Mar:7 25
Do pref
Jan 11
25
Dec
4 2 ’i Jan
5 4
54
44
5 4
54
♦5
54
64
0
65«
4
Marl 4
Chicago Tjmou Traction. 10,196
GtjApr 8
37a Alay 1334 Feu
144 17
16 4 18
17
17 4 174
19
17
174
11 v»Mari4
Do
19,001!
11
pref
I9'j0
Jan
9
47
's J’ly
4 *'i ai
70
714 72
71
70
70
7034 71
714 734 Cleve. Cin. Chic. A St. L.
Mar2t
3.70U 63
89
927sJan 7
Dec 1997& Jan
*100
*103
109
109
*103
*103
109
109
•106
109
**
190
Feb21 108 Hi Jan 7 119
118
J an
25 4 26
J’ly
25
25 4 26 4
25 4 264
254
26
284 Colorado*A Southern
10,850 22 Ha Mar25 387s Jan 9
29 Hi Jan
4 1
Oct
00
004
604 004 *00
61
01
004 60 4
014
Do
1st
1,106
59j4 Dlar20 GOHiJan 7
00 Hi Apr 73 4 Feb
preferred
47
404 404
48
48
484
483s 49
484 48 4
Do
4,299
44
Mar25
2d
58
43
Hi Jan b
preferred
Deo
May 59
1614 184 4 182
184
18L
183
183 *4 1854
1854 1804 |4elaware A Hudson....
Mar *5 227 Hj Jan 2 189
7,910 107
*407
May 23t4 Nov
415
460
*450
470
406
476
470
470
470
1 Jelaw. Lack. A West’n.
300 4 45
Mar2o 510
437
Jan
24
J4
Ma\
509
30 4 30°b
Alay
30
314
29-4 304
304 314
304 31
3,720 28 4 Marl ^ 4 2 7h Jan 7
Denver* Rio Grande....
30'8 Mu; 5170 Jail
•72
76
573
73
*71
75 4
754 77
75
75
6L0 097@ Mar2o
Do pref
83
>37H
Jan
lt>
Ocl
91
70
71
4
Jan
*70
72
73
734 73 4 *734 80
500 05l4 Marie 89*8 Jan 10
Detroit tinned
79 7e Dec 192
Feb
144 15
14
14 4
14
14
*14
009
9 *4 IVlar 14
Duluth So. Shore A Atl..
10
194 Jan &
25
25
J’ly 22 7a Jan
23
244 24 \
23
*23
20
400 20
Marll
32
39
4
Jan
45
Jan
Apr
244 264
24
234 25 4
25 4
25
244 25 4
254 L4ie...*
60,850 2L7?.Mai27 44LJuu 5 38May 59 78 Jan
694 60
69 4 004
58
59 4
59 4 60
584 00
Cj Do 1st
6,526 57
Mar 2 5
74j4
Dec
pref
S3
39 4 40
7578
Jan
7
Jan
39 4 40
39 4
40 *,
4U34 41
404 414
Do 2d
2,900 34;j4 .vlui25 GY J 3,u 7« 02 '•> Apr 704 Jan
*03
70
*63
70
*63
70
*06
7o
*65
70
Evansv.
A
I'erre
Haute..
os
Dec
70
*86
Jan
j
90
*85
90
*85
90
95
92
91
92
550 90
Do
pret
Apr 4 92 Api i>, 89 J’ly
94
1304 14 14 *130 1334 1304133
Aug
137
1394 Great Northern, pref
13041374
110,980
120
Mar25
0178
Dei;
148
Feb
67 4 694
18934 Jail 2
68
694
674 694
60 4 614
584 614
Temp ctfs for ore prop. 22,8*0 60 Mar 2 5 85 J an 5 7(Jij Dec a 5 Dec
«
l,4ot
8,49.'
1
101
97
*85
63
*80
*llo
95 4
......
.
......
*■
.
......
....
•
__
......
t.
-
r
/
....
l3
o
......
Q
ft
ft
.
.
j>ref
M
......
a
ft
►
Q
ft
*11
114
35
35
TTavana Electric
72 4 72 4 IV Do
pref
*81
85
Hocking* Valiev tr rects.
85
85
Hocking
Valley, pref
147 4 148
1 UmoisT Ceutral
204 274 1
nterboro-Metropolitan.
02
63
Do pref
19 4
194 Iowa Central
37
38
Do
......
-.....
92 V Jau
M ar p
8
14 u, J an 17
liSi Oct
23 4 Jan
33 U Mar29 4 7
J an 3
33Jail
53
72
Aug
*72
*72
73
700 72
7i
Apr J Hgi^Jan 4
J4 Jau
*814
974 MaF
84 4
86
85
496
75
Mur2b
114
Mar
0
*
•83
•80
65
85
106 83 -<a Mar292
94
Jan 5
Non
99 4 J’ne
1404
145 41454
145
1454 145 4148 4
2,006 134
Mar2». 172
M a\ 1 84 4 J’no
Jan 3 104
244
25
244 254
264 27 4
26°0
22
18.950
Mar2.
39
Jan 23
33fl8 J ’tie 654 May
58**j
60 4 014
02
59-4 604
62 4
6,82.
62
llar:.‘
•( 5 >4 Jan
7 79^ J’ly 874 Alay
184 184
184 184 $19 4 19 4
184 19S
1,710
18
Marll
24
4
28s,Jan
34 ‘4 Jan
*34
35
34
J’ly
34 4
34 4
344 37
34'n
0.I60 39 'b Mar25 51
48
pref
Jan 7
*73
76
*75,
J’ly 034 Jau
*75
76
70
*75
76
70
764 fT" C.Ft.S.«8jM.,tr. cts. pfd
300
i*iar29
74
<7
J
an
10
89
Oct
84
'-3
24
23
-i Feh
20 4 27 4
25 4 25 4
274
254 264
IVansas City Southern.. 14,706 18 Marll 30;,4 J an 5 22 7s J’ly 374 Jan
62
54
54
57 4
dS
58 4 594
5ii
584 694
Do pi el .'
27,79u 45 Mar zd Gl34Jan 8
*
49
71
Jan
*17
23
18
J’ly
23
*18
20
23
4 20 4
23
25
309
T ake Erie«fe Western...
19 >4 Mar if
2 i V J
28 w, J an 12
*50
00
65
’ly 44 ’8 Jau
65 4
*55
GO
*55
70
05
05
i-» Do
4 40
55
7
5
pref
Apr
65
Apr ..
*50
00
*50
Sep >9z 4 Jan
60
*55
GO
65
54
57
54.~ Long Island
009
52
-Marls 07
117 4 119 4
J an 9 0 l54 oct SI4 Juu
11741194 117*8 118
1184120
11941*31 4 Louisville & Nashville... 11,850 108 MMiij : 4 5 Hi
13J
J
an
6
S150 bi Jan
134
134
May
136
18441344 134 4136
138
138
139
4,225 126
Mar.;. 14*3
Feb to 14 > .sep 102
Jan
*90
\/J anhattau Elevated...
95 4
93
*90
93
934
934 95
94
94
7
09
99
Ala:
2b
metropolitan Street....
107
Jan 23 1*3 .J’ly 12 7
J an
21
21
214 *214 22
214 22 4
22
22 4 Mexican
21*8
15
Central
Marl
4,334
4
18
J 311 O
2 (
:,e May 29 V Deo
49 4 49 4 *49
50
49 4 49 4
494 494
4y4 494
506 49 . Mar.'7
Minneapolis A St. Louis.
59
Jan 15
58‘u Dec' 84 ^ J an
*80
85
•80
85
*»0
*80
fcT5
85
•80
&5
Do
80
26
Alar
99
pref
90
Jan
24
105
107
104 4106 4
107
Apt !994 Jau
]074 1U0°6 1U778 168
1104 Minn. S.'P. A S. S. Marie.
0 >0 J 0
97
Alar 2 6 14()i4 Jan
Dec i Lt>4
Alar
1314 1314 129 4 132 4 132 4 136
3 134
130
i37
138
141
Do
Alar 14 108
3,420 123
103
pref.
Jan
3
Apr
35
354 304
1834 Jan
364
344 30 4
354 37
364 374 Mo. Kansas A Texas
41,000
29
3014 Mar26 44.^ Mar 1
034 04 4
MaJ
13*4 Nov
64
t-5
64 4
637g 644
05 4
66-4 c64
3.390 59
Do pref
Alar 26
7 234 J an 4
04’4 Apr 70 Nov
74 4 76-\
74
75
74
7o
744
7 64
70 4 '(7 4 5Iissouri Pacific
17.000
04
AlarL4
Sd
Ha
A*
*118
122
a) IU04 Jan
123
* 120
9234 Jan 5
*120
123
125
I25
125
125
20c 119
Alar 2 2 147
Jan b 133
*494 62 4
X] ash. Cliatt. A St. Louis
62
May 149 4 Jau
*52
♦52
62
63
*52
300
at.of Mex, non-cum.pf
30
4834
Mar
23
*20 4 23 4
^pigJan
9
Apr! 594 Dec
*2o78 23 4 *204 2 3 4 *20 4 23
*204 23
Do 2d pref
18 ‘4 .1 ’uet 30
2930 Mar21
27
Feb 14
Dec
11741184 1174 119 4 ll?3# l i84 lib 1194 1194 1214 N. Y. Central
20.705 111 *a Mar 14 1343* Jan 19 120
A Hudson..
Novi
37
39
*36
*3?
40
39
150-4 Jan
41
40
39
42
3.900
N.
Y.
Clue.
A
St.
35
59
Louis...
^
Alai
23
Alai
03 Hi Jan 'i
73 4 Apr
*1U0
120
*10u
120
105
♦lOo
120
120
*105
120
Do
1st pref
199
AIar2u 110
Jan 10 111
•70
80
72
*70
72
Apr 129-0 Jan
*70 - «o
80
75
79
7 L'O 79
Do 2d pref
Mar2i:
89
92
9ia4Jan
7
May
*1724 179
173 4175
Dec
176
175
175
1.0
175
$177 N. Y. N. Haven 6b Hartf.
435 173Mar27 lS9
Jan 9 1 -9 8; Dec! 294 78 Jan
38
384
374 38 4
374 38
374 384
38 4 39 4 N. Y. Ontario A
6,2.0 34 H. Alar2.
Western.
57 4 j an
4334
;ua\
483gJan
6
774 784
77 4 774
78
704 77 4
79 4
79
b0
0 jSS'O
Norfolk & Western
71
M ar 4
84
y 2
J an 5
Feb
*76
85
*80
S5
*7o
$75
97-4 oet
75
83
*76
83
19
Do adjustment pref.
89
Alari'i
po Hi Jan lo
90
1204 12834 12 f
Jan
«y^API
1324 1234 1314 129 4136
130
139
Northern
Paciiic
i4l,970
179
11414
Alar23
189
4
*
Hi Jan
118
232 4 Feb
1184 1174 120
117
118
ns
120 4
12U4 12i.4
Do
110
16,140
AlarZi
subscrip,
rects...
134
Feb
13
974 984 *98
*90
99
98 4 98 4
99
*98
99
900 10
AliUiD I2410Jau
pacific Coast Go
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106
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7 193 Jan M2 J’ne
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105
103
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95
103
t Do 1st pref
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Jar 1190
102
102
102 4 102 4 103
Jan
103
103
104 4 *103
105
700 95
Do
2d pref
Alar21
L‘25
Mar S 195 4J an 135
122 4 125
1224 125
May
1224124
1234 1*264 1254 <23
222,009
114
Alar14
Pennsylvania
U L-\ Jan b 122.iJ’]y! 147 4 Jan
09 7b 09
70
694 694
70
70
71
4
$72 4 72 4 Pittsb. Cin. Clue. A St. L030 07
Mar2»
7d
Jan
22
78
87
*94
98
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May|
Jan
98
•94
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98
98
"84
yy
Do pref
93 Hi Alar lb 105H2Jan 5 190
Ma\! lu9 Aug
103
1064 104 4 1064 1034 1074 1004 1104 109 4 li t
*
91
922,250
Alar 14 139^Jan 7 112
P
ending
*
r
1
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84
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84
80
84
84
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804 804 IV 1st pref
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89
92
Jan 7
*S4
80
83
83
85
Sep ; 90
Jau
b3
84
85
*85
87 4
V 90
2d pref
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83
99
94
Juu b
21
22
214 22 4
Apr 192 Jan
214 22
214 224
22 4 23 4 Rock Island
Company.... 19.850 17 ^ Alar2i 30 *8 J*'** ^ 22
*44
40
40
4 l 4 50
47
324 Nov
464 47 4
49 4 50
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pref
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t
00
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07
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07
0/
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St. L. tfcS.Fr., 1st pref
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Miirlb
09
Jan
|-Vi
70
11
35
35
35
36
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j 72*4 Apr
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384 39
Do
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700 29
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49 V.J’lv
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214
204 214
204 20 4
19*8 20 4
20-0 224 St. Louis Southwestern..
2,906 IS Alarli 25Hi Jan 7
29 4 Ala27 -h Jau
61
514
514 53
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0 2
52 4
544
514
57
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4514
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02 -2 Feb If,
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77 4 79 4
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764 7S4
82
854 Southern Pacific Co
23-.913
09
01
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Mavi 97 4 Sep
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114
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114 4 114'h 1 15
i ,010 lt2
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214. 22 4
2l4 22
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3 i
;>
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Noi | 4 ’ 4 J an
70 4 714
09 4 714
704 704
714
704
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do
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63 8i Dec! 193
26
28 4
Jan
28
284 284
284
2b4 204
2.14 294
5,706 24’4 .Mar25 37 'a Jan 7| 2b Alay l «4 Oct
Pacific
*lU5
*105
115
*105
120
110
114
*107
120
1. hirtfk.venue (N. Y.).._
216 191
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123
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12
L
Nov rl39>j Jan
*25 4 27
254 26
8|
254 254 *25
26
26
264
Toledo Railways A Light
496 24
Alar.b
29
Jan 7
25 -4 Dec
38
27 4 28
Jan
274 274
27 7a 274
2 3
274 274
29
ToL St. L. <fc W. v. tr. ctfs
2,9
25
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614 514
404 Jan
Fly
514 624
52 4 524
5 24
614 624
53 4
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pref. vot. tr. cits.1
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7I 43 1 ’ly 594 Jau
34
o
ft
o
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ft
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oo
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ft
ft
ft
O
ft
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72
85
90
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254
004
35 4 354
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86
85
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84 4
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j
•
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Ask
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American
...
215
509
Amer Excb.. 235
Astor
759
Battery Park
llowery^i
120
329
Bntch’stfc Dr 155
Century 1].... 190
Chase
5290
Chatham
310
Chelsea Ex c? 195
....
....
*
Ranks
Bid
Chemical....
KKW TOBK
Bid and asked
Citizens’ Ctrl
225
525
245
130
339
105
City
Coal & Iron.
Colonial*,i
Columbia^
...
..
Commerce...
Consolidated
C’ru
Exch’ij
Discount^
..
East River..
320
Fidelity!!
....
Fifth Ave^i..
prices;
AsIc
390
410
135
145
269
255
239
250
799
500
525
102
108
155
165
295
305
159
160
159
100
195
205
3900 4200
TRUST
Bojiks
Rid
Fifth
First.
14 tli Street^.
Fourth
Gallatin
Garfield
German Am*
German Ex4,
Germania!)
Greenwich
Hamilton!)
COMPANIES—BROKERS’ ^UoTAITuNS
..
^
..
Hanover
Imp A Trad.
340
025
225
185
359
509
115
4 35
509
240
250
500
550
Ask
650
300
195
370
155
Hunks
Bid
Interborol]..
150
IrvingN. Ex. f 175
200
Jettersoulj
Liberty
Lincoln
515
575
no sales were made on this
$ Less than 100 shares, l Er-rights.
t Sale at Stock Exchange or at auction this week, day.
c Ex beneficial interest in ore
2 15
510
1100
M
anhaU.m*; 300
310
Market A Ful 200
208
.Mechanics’
230
240
Mech A Tra! 172
177
A1 ereanfile
209
Merck Lxch. 170
190
Merciiants’.. 155
105
Metropolis!!. 390
.
295
Ask
1 GO
properties,
Hanks
i
BANKS AND
Banks
Rid
Metropoli’n*
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Mt Morris*..
Mutual*,
240
Nassau!,
195
.
New Araster
New York (\i
Night A Dav 409
19tli Ward*. 359
I Oriental!;....
205
172
265
Hunks
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299
219
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399
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1 50
579
>’<).»
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.
Plaxa1|
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..
....
075
182
275
Ask
239
440
Park..
1 290
New York... 299
! Northern
Ask
172 4
250
465
IO5"
1 75
280
370
250
359
700
"
"
359
34th Street
12 th
Ward^i.
229
400
23d Ward*.. 190
*
-
1j State banks, a Ex-dividend and rights, b New atoek.
h 1st instalm’t paid, n Sold at private sale at thin once.
9
-
Monday
Tuesday
Weancvday
I Kurt day
•»a'uraau
March 30
April 1
April 2
April 3
April 4
1.3*5** i39«8 1*30“ i’38% i‘33% i.36%
06
8 )•%
-31
5J
14*4
25
Hn^
35
51
32
54
86%
33
54
86
34
63
34
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14%
14%
26
24%
80 %
14%
14%
26 Hr
2j
12%
17
12%
27%
17
18^4
18*4
12
27
12
12*4
2-7
17
27
17
2s
17%
19
42 H
18%
18%
39
39
28
7
*10
19
*39
20
12*4
20
18%
42 H
42
42
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*
10 %
2,200
5,800
Wabash
27
Do
1,300
7u0
300
yoo
220
prof
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;
Highest
Dev 132 ‘4 Jan
102
$ 15t» Oct, J150 oct
r»
i.20% Marl4 t>3 Jan 5! 138% Mu; 195•‘fe Sep
Jan
85% Apr 5 94 Jan 7! 91% Max 99>4
Jan
1; 50 Apr 98 Jan
27
Mar 25 62
93
Si
J an
55
Apr
44
Mar27 71%Jan 7i
Dec 20Hi Jan
IS
12% Alar 14 18% Jan 6
21 % Mar2 5
38% Jan 7| 30 4 Dec 50% Feb
10
A pi
21% Feb
9 % Alar 4
10% Jan r.
4>% Feb
30
Max
22% Mar 14 37% Jan i
29
Si Feb
2 l >4 Oct
Alar 14 21% Jan 10
14
J an
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23
10
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04
Jan
44
J’ly
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36
2.000
Do
prof...
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Vi-.
Do 1st prel
Do 2d i>ref
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18% Wisconsin Central
17%
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.*
met'
Do
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20%
12%
14%
26
87% Marl4 1.08%Jau
i ,840
Transit.
for Pieviout
Year'>
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j
j
Highest
Lowest
700,110
1,243
2,380
UnitRyslnv’tol San Fran
38
69
30
59%
8
.
14%
25%
12
*25
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12%
2
42%
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'
34%
55
55
lot■
Week
U
85
35
iyo? j
On oasis of loo-share
Shares
0
97 % Twin City Kaput
Do pret
mon Pacific
139*4 14 3%
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i*39%
13*%
$85
NEW VOKK STOCK
EXCHANGE
-n u
97
98
96
95
*94
95
94%
95
>r-
April
Range >or i ear
Sales 0
the
8TOt’K>
SALE PRICKS
S'lOChti—HIGUKS’f AND LOWEST
95
789
York Stock Record—Concluded—Page 2
Hew
1907.]
Apr. 6
Industrial *fc lUiseell
1300 Aug
$280 Alar 14 $295 FebU $240 J’ue
300
*280
300
300
*280
300
Atari 4
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16%Jan 5 10 J'ly 2 7 V Jan
1,500 10
llis-Chalmers
12%
07
Jau
*11
11%
12
40
Sep
•il
12%
12
Mar. 4 43% Jail 3
12
2.200 25
Do
3>’ % 3 1 %
prel
50
29
*20
29% 29 28
92% J’ly 11S14 Feb
28
28
121%
J
an 5
027,885
78%
Mar.i
AmalgamatedConper
91
94
93% 97
34% Jau
20
91 % 94
89% 92
J'ly
350
19
Alar25 25%Jan 8
sp-'V 93%
20 Hi
20 % Anier Agncult Chemical.
VI
19
$21
90
Dei 102- Jan
20%
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Feb 2d
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90% Alamo 95
Do
95
*8
>
95
pret
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35
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85
95
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95
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*
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17
5 .Hi
89 Hi Jau
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so
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15
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6
l.»%
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80
♦
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75
76
720
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:> %
6
»% American Can
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6
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5%
5 7b
5%
1,000 48 % Mar26 55
Do
5
1
i
ref
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53
%
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4<
Jau
52
52
51
51%
%
51%
31
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5134
13,800
A
American
Car
Foundry
37
37%
Jau
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35% 37
3u78 36%
Jan ivj 9> % J ly 105
35 % 30 %
500 92 L Mar25 luJ
Do
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101
VS
pret
98
11
'4 Jan
in.'
28
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97
97%
O
l1 ob i
-.7
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9734 97%
2,901
American (Jetton Oil
30
29
.30*4
30
%
Jan
%
95
%
30
90
Dei
29%
29% 30 %
i l)
Jan 2 li
29 % 30
S8
AlarlO
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pret
88
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♦so
hS
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88
88
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Apr 1272
Aug
Jan 5
88
247
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10, 200
Mar25
American Express...
<20 5
220
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2.0
♦20U
220
<200
220
a Max
11 4 Jau
210
210
300
8% Jan 11
5% Mar 13
American Grass Twine
0%
6%
Jan
10
0%
7
6%
u hi Xox•5%
0%
0%
*0
056
0‘, Jan u.
200
4 % Mar 5
Arner Hide A Leather....
4 %
y
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Jau
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24
Nov- 43
*4%
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20
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4%
IOC
1
4%
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23
*21
23
9 i % Sep
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35 *4 J an
23
'I'A
•21
22%
1 ,008
88
Jan 2
22
Atari1
76
American Ice Securities
82
82
SO
80
29
79
79
‘4 J an
78 %
£78
16% Dec
71
77
l.ioo 12% Mar26 19% Jan lo
encan Linseed
15
15
15% 1 5 %
3 3
15
lie.
15
55% Jau
i4 "4
14%
i2 Hi 13 H
Jan 7
70o 27
Mai 2a 30
Do
38
33
3 1 % 32%
prel
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35
53
2d
,
7s
*v Jan
29
’<
Max
29
29
10,000 55% Alar2 . 75% Feb l.
63 Hi 65
64% 60% American juocomotive...
120 % Jan
62% 62%
02*8 04
02*4 04
000 lol
Marv 5 11 1 % Jau 21 iU.3% Dec
Do
110
no
•106
pref
110
*104
no
106
106
*100
107
24
$7% Ayr •_ $7%Apr 2
Amer. Malt Corp
*6
10
*5
10
*b
10
7%
8
$7%
*0
40
Feb21
486 2a% Marii
Do
prel
31
31
31%
31%
♦30
33
92 % Dec 101% Jan
80 .
30
30
30
96
Mar25 :>3%Jau 7
*85
*85
91
91
Jau
*85
91
92
*89
91
*89
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104%
Alar25
245,940
er. smelt’g <fc Ketin’g.
Jan
Dec 130
112
121*4 123% 123% 127% £125% 128%
121% 125
119*4 123
100
Alar25
117%.Ian
7
10,700
Do
108
prel
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109
108%
104% 105% 105% 106%
104
i 04%
197 % Jau i 1 205
Jau is 2uO J’ly 220 Jau
Snutt
American
*2o0
2uO
240
240
Jan
*2UU
240
100
Dec to7
*200
240
240
*200
22 $95
Apr 1 99 Marl 2
Do prel
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*90
100
100
*yo
100
15>4 Jan
•/
•90
U% *n»>
100
95
700
$95
% Alar2t> )o% Jan 5
lerioan
Steel
Foundr’s.
•8
8%
53
9
*8
8%
9
40
A1
ax
*4
Jan
8
8
8
8
1 ,100
34
Murll 47%Jau 7
Do prel
39
38
38
39
Jan
37
37
*30% 38
38
*30
137 % Feb 13 12 7 Hi 51 ax 157
14
17,511
114%
Mar
lencau
Sugar Refining
127
12 0 *s 127%
Jan
127%
126%
125% 126 % 1-25
12b
131
J an 2 128 Hi Dec 140
124
122
Mar
r>
Do
<123
pref
.
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12S
128
<124
128
130
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dan 4 130 J’ly 144% Jan
loo 1 IS % Alar-5 133
ler.
* L17
121
A
Teleg...
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Teleph.
1*2 L
121
109
J an
121
90
♦117
121
121
118
3,210 80% Maria 98% dan 5 28 J’ly
Jan
92*4 92 **i Amer. Tobac. (new), prel.
91*4 92
91
91 %
Nov 48
90 78 90%
*90 Hi 91
4 ,324
24
Alar20 30%Jan 7
American
Woolen
30
31
30%
1
3o
Jan
*28
29%
10%
101
J’ly
28% 29
28
28
95
Alum
102%dan
5
1,494
Do
96
prel
:.
Feb
90%
96
95% 95% $96% 96 %
90
90 %
90
63
Alai 14 302% Feb lo 223 4 Aluy 300
134,U40
01 % 03 % £62 % 63% 1 Anaconda Cop., i'ur $2-5
178
Jau
03
64%
60% 62 %
03
04%
20x LOS
Alar 19 121 % Feb 14 105 % Nov
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Ijrooklyn Union Gas
*110
T-0
120
no
110
21% Apr
13u J’ly
♦iia 120
no
14 w, Jau 4
110
100
ll
Alar 15
12
70
O “
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12% Oransw. Dock A C. Imp’i
*10% 12
4I>
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13
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49%dan 3
41
.xi ur s
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49
$49
%
49
49% Jan
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*42 Hi 49
*42 % 49
7,080 25 Alar2b 40 ken Id 33% Dec LOT Hi Jau
30
31
31%
30
%
31%
30%
29% 31%
300
Feb 8 98% Dec
29a4 31%
39
Alar 20 102
/ Do
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pref
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98% 98%
95
99
40 *8 .xi a)
S3% Jan
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*92% 94
Main 57%Jan 8
30,2 5U 29
33 % 35%
Noy
37
34
35%
17
May 3*.
%
35%
35%
34
20
Mar 6 28% Apr 5
34*V 35%
9,880
27
2d
28%
26%
26% 25%
25 H,
25
25% 25%
110
Marlfc 140% Mar 1 130% Apr 181% Jan
6,550
126% 131%
28
124% 125 % 125% 126
18% J’iy
Apr
125
125
123% 120%
7,195 17% Mai 20 24% Jan 22
193,
19
21
85% Apr
19%
7 4 Hi M a)
19% 19%
19% 19%
19 Hi 19%
2,440 78 Alar 14 88 Jan 28
Do
80
80
7
80
prel.
i
81
80
80
51
J
an
%
Sep
79
79
79% 80
Feb 13
Mar20 7s
20,53i 62
72
73% £71% 72%
70
71%
70
70%
Jan 16 138 Jau 199 Jau
144
Mar2. 163
69% 71
Federal Mining A SmeltV
•136
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170
112 % J an
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150
91
170
J'ly
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160
100
Jau 14
*130
-I.8O0 SO* Marl5 97
Do
pref
Oct
88% 88%
86% 88%
S3
86
Dec 18 i
85% 85%
80*4 86*4
5,300 xllki% Ma, 14 103 Jan 22 £156
148
li8
148
149%
145
146%
146% 148 ''j
140 H.
140
152
Feb 13
635 120
Alar2«
130
126
125
130
20%
Jau
♦116% US
136
130
130
135
Mar 2 b 18% Jau V xTOHi Sep
10.2UU 13
15
90
14
Jan
Dux
14
15%
15%
14*4
14
14%
14 *3 14%
Feb 11 80
3,165 73 Apr 1 81
7 4%
Do
pref
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Jan
74
75%
74%
48
73%
74
73%
Sep
74
73%
73
Marl 4 60% Jan 15
200 40
45 %
00
Jan
44% 44% International Power
28
44% 44 % *43
Alaj
*43
45%
46 %
*43
25
Mar2 5 41 Jan 7
1,500
lnternat
Steam
Pump....
kb
27
93
Jau
27% 28
26 %
26
79
28 %
Maj
74 Hi Mat 2 6 81
Jan 14
27*6 27% *27
1,155
Do
78
7
rf
79
prel
79
77
77
77
77%
76
$75
l,8»»o #62 Hi Mar 15 75% Jau 24
69
70
08%
67%
67*4 67%
07 % 08 ,
Jau24
67 *y 08
Mur 15 71
1.023 xo3
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68
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7 o Hi Deo
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07*4 07 *i
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1,910 75 Hi Marl4 80% Jan 15
77%
77%
< 7%
77%
78%
77%
77%
77
77
77%
Mar20 U7% Alar 5 113% Jan 118 Hi Oct
120 111
* 112
1
lo
Do
pref
18 % J an
% 115
1 13 S
12
Ma>
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*110
114
*112
115
1,730 10% Mar2u 16% Jan 5
12
88 % Mar
12
12% Nat EnameungASt&mp’g
82
Sep
11% 12
*1L % 12
$12
12
*11
Feb 15
79
Mar28 87
*
Do
nb
81
pref
*81
95‘V
85
Jan
*80
85
85
*80
86
*79
Alai'2,
7«%Jau 7 00 At a)
15,bat. 49
6J
61% 02% National Lead
61%
58 % 60*4
100 % J’n. 100*4 Jan
69% 00
Jan
5s*4 00
Mari 5 103
2.28 a
y8
Do pref
99
103%
Jan
99%
99%
133
98%
J’ly
y9
93%
99‘4
99
98%
99
Mar 2 5 141 Hi Jan
4.470 100
New York Air Brake
£115
116
Jan
*7 Hi Nov 107
112% 116
no
112%
113
114
1 10
112
09 4 Mar ,4 89% Jan
3,525
North American Co., new
74 % 73
74% 75
73% 74%
28% J ’ne 514 Jau
74% 74%
72% 74%
21 Hi Marj., 41 4 J an
3,8
>0
Jau
28% 29%
26% 28
88
*20
27%
20
J'ly 103
20
26%
25
Man 4 98% Jan
13,490 85
18 *b Nor
cop. Gas-L.A C. (Chic.)
92% 92%
13 % il U)
92
91% 92%
Alar2u
89 % Jl
89% 91%
300
12
16% Jan lo
12
Pitts
02
ourgh
Coal
Co
12
50
Hi
j an
'11%
12*4
12
J'ly
14
12
Marlu
*12
750 49
6u%Jan 4
Do
04 % Jan
*50
pref
54
•52% 55
Ma;
5 1 *4 52
Mar2o 57
Jan 10 43
61% 51%
30
8,010
Pressed Steel Car
Feb
37% 38
95
3 5'V
35% 37
Ala; 105
30
35
Mar20
34% && l4
99% Jau 24
l.OsU Sti
Do prel
93 % 94
93
93
Not
Dec 27o
92
92% 93
92
*91
Murl4 181V Jan 8 180
OOu 150
$92
105
Pullman
Company
165
163%
44
•161
Aluy 92’4 Jan
161% 163
103
Mai2u 57 Hi Ja» lo
39
161*6 102% ♦101
2,551
45
46
Ijailway Steel Spring...
45% 40
44
45
97% J’ly 107 Jau
Mar23
99 % Feb 15
44% 45
44% 45
425 90
.EWdo
91
4 1 a4 Doc
92
pret
k
*91
92
*90
22
92
92
>4 Max
92
$93
20,200 22 Hi Mal'20 41 Jan 7
28
-6 % 28%
91
Mux Uo % Jan
29% Republic Iron A Steel...
25% 20%
26%
20
78
Mar25
‘2534 20*4
100
Jau
7
12,095
Do
85
97 % Jan
86
pref
08 Hi J’ly
84% so %
82
bl% 84%
81
Mar 14 7 7% J an 7
81% 83
2,boi- 42
54 %
54
54% 55%
53
53
53
Apr
53
Jau 11 101 % Oct 113
63% 54%
lOo 100
Mar .) 107
Do
loo
100
pref
100
*
*95
100
99
99
Jan 4 129 Jan *100 Not
Mar2B 102
80. 130
*280
12
12 H
*280
Adams Express
300
*
......
_
.
*
*
.
.
„
_
..
*
,
,
,
..
-
....
.
♦
.
-T-T--
•
•
-
-
•
*
*
Cieniral Leather
-
*
International Paper
National Biscuit
Pacific Mail
......
9
^
i’40
39
*70
0%
52 Hi
35
n
<
3c
89%
eO
0%
52%
oti
81 %
77
*100
74
no
75
*14
20
47
4 3
47
143
*138
9
Sloss-Shellleld SLA Iron
T
*
%
♦70
0%
54
10
*45
43
43%
103
101% 103
73%
7 134 73
35%
35*8 37
93%
98%
97%
30 % 31 %
30%
29%
29 % 29%
102*4 102-4 *102
05 %
05 % 05%
♦225
*230
300
81*4
80% 81%
147% 147 % *144
♦147%
*147% 105
38%
38 ‘b
80
76
6
6%
62%
35%
64
35 % 36
77
77
♦
108
loo
74% 75
*
*138
*75
*100
20
*
75
16
50
4 2 3*
63
44
lo4
lo4
99%
$73
35%
97%
31%
29%
73 %
36%
143
40
76
6
145
38% 40
‘74
76%
0%
6%
*
52%
36%
80
108
......
36 % 37
80
80
*100
108
7o%
20
60
43 %
104
73
Bid
Uniou Ex chi
U S Exclia’el
Wash.K’hts',
West Sideli..
YorkvilleTj
..
Ask
240
220
12 2% 132%
225
bin)
490
Bid
Banks
Bread wayli..
Brooklynli
..
175
125
475
145
77%
19%
19%
35%
98%
ASk
!
Unionli
215
prel
77% U S Realty A Ituprove’ni
20 % U S Reduction A Retin’t;
5
52
64
44
74
75
pref
38% Uuited States Steel
37
99% 100%
37%
99%
2d
Do
Do
pref
30% dUtah Copper....Par$10
29% Virgima-Carolina Chem..
Do
104
73
300
82
pref
Virginia Iron
175
325
400
165
225
1,40.
4.14'
2,445
1,85,
370,701
73,835
Coal A C..
V\l
ells Fargo A Co
Vt est’n Union Tele’gpl
147% West’gli’seEl A M tg assen
Do
1st pref
~
7
5
Jan
01
49 Hi <lan
89
Jau
00
Max
5 Hi Sep
52
Dei
43 Hi -Ma)
53 l4 Dec
88
Mm
84
15
Mar20
Mar 5 $117 Jau 9 109
75
Mar 25 90 H2 Jan 4
Mar25 30% Jau 28 24
00
08
Jan 7
43% Marl
38
5‘2 4 Feb 10
30% Mar2
99 Hi Mar2. 109V dan 7 zl04*i
08
Mari;
78% Jan 7 .75
31 Hi Alar26 60% Jau 7 *32'%
9s%
9 LHi Mar20 107% Jan 7
Max25 $39 Hi
7,000 $'24
25 Hi Mai'25
39%
3,70.
325 101
Alar25 108
Alar2o 97
3,100 55
270
Mar 5 $290
2,2 On 79 Hi Mar b 85
Mai'20 154
100 14b
Mar 4
Jau
7'
3i
Jau 9 104
38
Jan 22
105
Get
15 V j an
s4
j an
53
Jan
9d7a Jan
138*2
Jan
Ma)
94 % Jan
Am
Mai
•10% j’nc
59*2
J’ly
J'ly £115
£87%
Mu;
00 %
J’ly
j ’iy 113%
J’ly
58
J ’ly 117
ixi»)
93
Mar 305
Jno
UCt
Jan
Jan
oot
Jan
Jan
Hi Jan
Dec
233
Oct
94 *4 Jan
Jan io £83*4 Dec
Aug 170
Ji
Jan 2 148
Ill 02
Novi 188 Jan
Jan 26
COMPANIES—BROKERS’ QUOTATIONS
TRUST
Tract Cos.
Bid
ASkl
Trust Co’s
Bid
CITY
Bankers’ Tr. 500 « 540
450
Bowi’gGreeu 440
160
Hrnad wayTr. 150
220
200
Caruesis.
Central Tr’si 1850 2050
410
400
Colonial
240
Columbia.... 220
Commercial. 220
145
Commonw’th
310
330
Empire
435
Equitable Tr
Farm Lo & Ti 1.25P 1300
..
Ask
550
Fif tli Ave Tr
300
Fulton
510
Guaranty Tr 480
Guardian Tr 240
100
90
Hudson
Knick ’rb’k’r 1250
275
Law T I & Tr
390
Lincoln Tr... 380
470
Manhattan..
850
Mercantile..
580
Metropo litan 550
725
MortonTrusi
120
130
Mutual
......
..
...
Trust Co’s
Bid
Mut. Alliance 195
N Y Lite&lT louo
New York Tr 725
Atk
205
......
740
425
StaudardTr’t
560
TitleGu <te Tr
760
Tr Co of Am. 75o
Union Trusl 1300 1325
480
U S Mtg&Ti- 470
Unit States. 1240 1270
300
275
VanN’denTr
.....
Washington
Windsor
400
200
215
Trust Co’s
BROOKLYN
Brooklyh Tr
425
Citizens’
Flatbush
Franklin
Hamilton....
Home
310
315
100
....
....
150
260
200
Jenkins
Kings Co.... 450
L 1 si L dfc Tr. 310
Nassau
250
People’s
310*4
Williamsb’e.
450
160
!
320
330
176
326
276
•220
bNewstock. cEx-dividenu and rights, d Now quoted dollars per share,
certificate*. % Banks marned witti a paragrapu 01) »*• 8»*t* banka.
t Bid and asked prices; no sales on tins day. j Less than 100 shares. tEx-nglits.
•sole at Stock Exohange or at auction this week. 0 Ex stock dividend, s Trust Co.
50%Mar2„
30% Mar25
74
100
72
2,50'
13 Hi
400
6ot
United States Express...
105
-
390
Home Bank^ 160
Manufacrrs’. 390
315
Mechanical;
250
Nassau
305
Nat City....
350
North Side*
ProspectPk* 160
140
Terminal
Do
400
2,52.
Foun.
Do
prei
United States Rubber...
43%
Do
1st pref
103
104%
53 %
44
1
U. S. Cast 1. Pipe A
38
81
30
28
N. Y.
.
Borouglill....
78
19
60
43
104*4 104%
36%
98%
30%
BROOKLYN
.
BROOKLYN
81
•100
30
30%
29 %
28%
29%
29 %
104
104
103
*101%
104
$102
69
70%
66
65
65 %
*62%
*230
300
•230
300
*225
300
Si
82
81% 81% *81% 82
147*4 •144
147% *143% 147% *144
*147
165
<147
105
*147
165
e*
425
37 %
78
73
2,80v $34 % Mar2t» $53 Hi Mur 1
Jau 17
Mar2u 85
30u 08
S%Jan 15
6% Mar29
1,10'
Union Bag A Paper
......
•
BANKS AND
Bnnks
Teuu. Coal, Iron A RR...
142
144
39 % 39% ^Tennessee Cop. Par $25
76-j 70% Texas Pacific Land. Trus:
6 *4
6%
Do
•52 % 55
prel
*135
__
New York Stock Exchaa^e—Bool Record. Friday. Weekly aad Yearly
occupy im;
BONDS
15 *
trice
M. Y. STOCK EXCHANGE
Wkkk Enolvg April 5
il
Friday
April 5
t. S. OoTeruinenl
V Bit uonsul registered.dl93o
U 8 2e oonsol eoupon
dl93o
U A ka registered
.kl918
|-J
«
FBSa coupon
kl91h
U A 3a reg small bonds.. If 1918
U A S*
<v>n
Pori;
page-
O
Week's
Last
or
Sale
*
small hnnda..Icl918
1024
TT
Since
P
-S-c
January 1
No Low
High
6 104 V 106*8
Bui
Ask Low
High
103 4 105
104 V
104*4
103S 105
106 V Mar’07
*-J
10234 103 4 103 4 Aug’06
104
1034104 * 104
»-F
J’ue’02
107
F
U 84a registered
hi 907 t-j
U 8 48 ooupou
hl907
-j
U S 4s registered
1925 0 -F
U s 4« coupon
1925 (., -F
U 8 Pan C?n 10-30 yr 2*.ki936 n XT
Rh(l>p»dTie inlands 4s. 191 4-34
fr
BONDS
Range
Range
..
.
106
.
3
102
102
•
100*8 1014
1007fc 101v
129
130V
1294130 4
...
....
....
....
Le & Hurt K
Leh & Wilke
104 4 105 4 105 4 Oct ’06
If
V
Mexico s f g
©old 4« Of 1904
of
5s of
Slate SecurificN
Alabama curr fund 4s
Dtat of Columbia 3*65s
97 4
97 4
88 4
87 V
97 4 Sale
A .0 $
A-O t 97 4
F-A t 89)y
J j f 89 4
J j i 81
M-S *1004
964
j
1999
1954 J -D
9.^
t 7 hese a
sale
sale
Sale
Sale
Sale
99
938
-
19*2ti
m
»m
80°h
99V
99
93
0
111
117 4
105 4
101 ”
126
mm
103
-
120
96
-
J -J
.
.
6s deferred Brown Bros ctls.
.
21
96*4 100 V
9678 100*8
100«p 198
99
89V
H9*s
81
101
94V
87 4 92V
79
.86 4
Cent
See bo
94
$0 to £.
87
99
<J -J
A-O
A-O
Nov
SalSale
*4
914
Jan ’07
20
Mar’07
i‘26
....
Sale
_t
......
__
4
126
95
95 V
20 *
....
_
J
-
93
..
92 V Sale
87
88 4
1U0 4 Sale
88 V
93
90*4 Sale
1913
Registered
93 4 108 V
.
_
f
96
96
i)2
93 4
J’ne’06
100 4
4
100
4
Oct ’01
Mar’07
93
90 4
98
98
120
S9
93
8
....
91
1*15
116
103
103
124
Feb’OT
Apr’97
Apr *06
118V Mar’07
122
J -J
6s
Oct
T
_
100V Sale
......
......
100*4
1084 Sale
107
85
Sale
76
Sale
74*4
65 '
pl945 Oot
62
9S7h
=
w
....
.
^;
T
....
*84
12
73
89 4
90 4
90
15
93V
984 102*8
98 4 1014
....
10
i>8
89
93
96
88V
90V
90
...
1
....
1
....
<*578 105 V
110
_
_
113V
rt__
tft-tt
....
....
.
94
94
...
Sale
^
.
•
17 112
102
•
•
118 V 123 4
96*8 Feb'07
150V
101
103
100V
94V
44
Mar’07
96V
100
1014
101
105 4
116
105
116
111
Nov'06
116
Mar’07
108
108 4
113
Apr’06
86
85
89
Feb’07
74 V
76
74V
74V
63 4 Jan ’07
62
1184
103 4
....
63
"36
2
30
10
•io
85
89
75 4
73
63 4
02
DilMJKIiliANEOlJb
90
90
76V
1st refund
BkCity
1945 A-O
4a
Bk QCoiS con gu g 5s. 1941 WIN
Bkiyn U11 El 1st g 4-5s.l950 F-A
Stamped euar 4-5s
1950 F-A
Kings Co El 1st g 4s....1949 F-A
Stamped guar 4s
1949 F-A
Nassau Elec gu g 4s.... 1951 J-J
Conn By A L 1st A ref g 4 4s ’51 J-J
Stamped guar 4 4s .1
1951 J-J
Don Con Tr Co 1st g 5s...1933 A-O
Dot United 1st con g 44s. 1932 J-J
Havana Elec consol g 5s. 1952 FA
Inter-Met coll 4 4s
1956 A-O
Internat Trac coll tr 48..1949 J-J
Louis Hr Co 1st con v 5s..1930 J-J
Han 11a Elec 1st A coll 5s. 1953 M-S
•No price
110 4 HI
.
99 *4 100 4
99
101
....
1927
Southwestern Div 4a. ...1921
Joint bonds See Great North
Debenture 5s
1913
Han & St Jos consol tis.. 1911
ChiCtfc.E Ill ref A impg 4s 1955
1st s f cur 6s
19o7
1st consol g 6s
1934
General cousol 1st 6s
1937
1 937
Retrial ered
Clue A l i.d C Ry ast 5s. 193<
Chicago A Erie .See Erie
Chic In A- Louisv re! Os...l 'll
101
......
*..
97 4
933,
100
76
69V Sale
97
90
..
101V
9 7
100
100 4
Vf.s
103 4
M-N
......
M-S
J-J
102 3a saie
J-D
A-O
114
M-N *112
VI-N
J-J
......
......
......
......
j-j
j-j
j-j
j-j
j-j
j-j
j-j
j-j
j-j
j-j
j-j
j-j
j-j
J-D
J-D
Registered
1879-1929 A-O
BOND*'—Continued
on
105
107
107
113 4 116
100
....
14
......
994 L1534
104
112
Feb’06 .....!
1
96 4
96 4
92 4 Mar’07
113 4 Feb’05
^
__
.
^
104
101.
103
loo
il‘4
99:V Feb’00
76
Mar ’07
68 4
694
80 4 May’05
99 G Mar’c7
89 4
904
90
Sep ’0..
1004
101 4
110 4 Jan ’05
100 4 Mar’07
J’ly’06
1U3
Mar’07
1184 Feb’oo
1134 Feb’u7
......
......
101
io L^
105 4
105 4
102
.
,
_
2
_
i b ‘24
_
.
112
1 17
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....
113 4 113 4
....
125
10 <
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■
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126
111 4
-
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'll
1' 6 4
03
lo7
101
•
•
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-
...
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jil24 1*1*34
i'
....
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Jan’07
1 •
jiiVo** l
i t 4
ll'OV 1»>6V
l 08 4
1<'84
102
! 04
lot
lo5*V
4103
lt!4
107 4 1 i 0a4
Feb'07
1064 1; 6 4
1104 HI 4
l 19 4 f_ 1
Feb’U/
Feb u 7
Jan’o.
Feb 0 7
•102
l U2
104
104
*.'5
95
V Mar’07
95
lli
114 4
106 h
107 4
101 V
Feu’07
Oct ’06
Feb’06
Nov’06
J’ne’06
10 L 4
o
100 4
rut)
loi*4
V J01
107
107
108V Jan '04
..
23 1.134 114 V
106 4 10.2*4
.
102
122
J16
142
12 -
i 00
113
1 i4
.
......
994
99 V Sale
9UV Sale
72 4 Sale
867a Sale
4
122*4 1-2*4
4
Mar’u7
114
116**
110 4Mar'07
116 4 116*11
99
99V 128
984 100 4
99 4
99V Feb’OT
9934
S 1
90V 166 89
914
97
J’ly’04
92 4 Nov’06
90 V Jan ’07
90 8
90 4
93
May’Of
90*4 Feb’07
9u;,4
90
Mar’07
69 4
73
79
Dec ’05
83
86 V 130
90 V
90
68
90
117
118
Jan’07
117 4 120 4 Mar’03
111
Nov’05
lstgu58.1921
gu g 7s..1927
1024
ltd) 4
1004
....
100 4
lot) V
Jau’o.
LO 7
v
100
10U
.
10
Mar07
Dec ’06
Feb’OT
4 Oct ’06
4 Feb’02
4 Feb'06
109
sep ’03
......
luu'-j
92 4
4
102 4 103 4
1084 109 '
....
113 4 •'>ale
113 4
1H4
Feb’up
113 4 117
105 V Dec’ll.
100 V Mar’u7
4
100
100
102
119
80
7 6\
1014 102
....
lo7 4 Mai’()7
/
99
89
Mar’07
1 j'7
105 4 Sep’06
Mar’o/
103
101
Maro7
104 4 Get ’t/i
92
Mar u7
11 6 4 oct ’u5
Feb’07
113
10S
Apr’Oc
110
ill
104
95
76
67 V
42
92
uct ’06
102
1024
132
Oct’06
112 4
112 4
106 V
i 1 1 4
i 20 4
.
.
_
8
1084 Jan ’07
102
i06 *i
_
Dec’06
101 4
100
104
U6
.
_
18
101*4 Feb’07
10*2 4 102 4
101
Sale
)00
107
iu2
105
119 4
.
„
96 4 100 4
92 4 92 4
....
125
107
89 4
89 4
1
10 2*8 1 44
May’Ob ....!
106V Feb u7
137 4 *» ly’90
10Si4 Feb'O.
106
Aug’04
182 4 Apr’06
111
A.xVt,
F-A
1909 .\J M
1909 M-N
1921 A-O
Registered
i.l
..1921 A-O
Sinking fund deb 5s
1933 wi-n
Registered
1933 tul-N
North Illinois 1st 5s....1910 M-S
Ott C F A St Paul 1st os 1909 M- S
Winona A St Pet 2d 7s.. 1907 M-N
Mil L S A West 1st g 6s 1921 M-N
Ext A Imp sfund g5s 1929 F-A
Ashland Div 1st g 6s..192.) M-S
Mich Div 1st g 6s
19*24 J-J
Incomes
1911 M-N
Clue Rock 1 si A Pac 6s...1917 J-J
Registered
1917 J-J
General goid 4s
1988 J-J
Registered
1988 J-J
Refunding g 4s
1934 AO
Coil trust SenesH 4s ..1910 WIN
J 4s
1912 M-N
M *s
1915 M-N
N 4s
1916 M-N
O 4s
1917 M-N
P 4s
‘
1918 M-N
Chic R J A Pac RR 4s..2002 M-N
Registered
2002 M N
Coll trust gold os
1913 AI-S
'Bur (Jed BA NorthernCon 1st A col tr g 5s...1934
Be sristered
1934
St.L 1st
.
FA
M-N
Debenture 5s
Registered
Debenture 5s
M A
112V
liiv
......
o-F
Sinking fund 5s... 1879-1929. AO
Registered
1879-1929 AO
65
...
9 1 **4
1(6 '
11 1
102 4
in
j
Registered
#1987 <t>-F
Sinking fund 6s...1879-1929 A-O
CRIFA NW
00
..
4 Sale
125
J. J !
J-J. *108
102
4
Louisv N A <fc Cli 1st 68.1910 J-J
Chic Mil A St P term g5s 1914 J-JI
General tr 4s series A..C19S9 J J | 102 *j 103
Chic A Mo Riv Div 5s...1926
Chic A Pac Div 6s
1910
Chic A P W 1st g 5s
1921
Dak & Gt So g 5s
1916
Far A Sou assu g 6s
1924
Hast A D Div 1st 7s
1910
1 st 5s
1910
1 A D Exteu 1st 7s
190b
laiCrossc A D 1st 5s
1919
Mineral Point Div 5s....1910
So Minn Div 1st 6s
1910
1909
Southwest Div 1st 6s
Wis A Minn Div goa....l92l
Mil A No 1st M L 6s.... 1910
1st consol 6s
1913
Clue A Northw cons 7s.... 1915
Extension 4s..
1886-1926
Registered.
1886-1926
Getreral gold 3 4s
1..1987
07
....
A-O
M-N
M-N
-
iUu'V
......
964
1947
Refunding gold 5s
89 4 Feb
100
100
107
Feb’(>7
113 V
114
116
J’ne’uC
77
*82*’ *914
117
117
Next Page.
Street
2002 J-J
1st con 5s. 1910.1941 J-J
eonv g
9934 Mar’07
*
J-J
J-J
J-J
A-O
74V
Street
Railway
Brooklyn Bap Tr g 5s
HiyS
lou4 108
123 4 I264
123 4 125 4
1004 Mar’07
99 V
102 *8 Sale
f.i
91
92 V
....
114
112
Stamped
os....pl945
Low
....
.
......
VI-S
M-N
A-O
J-J
r - j
F-A
<>'1989
Registered
General g 3 4s series B.c! 9S9
Chic ifc LSn DivgGs
1921 j
__
1
Mar’07
Nov’04
100
......
F-A
J -J
M-S
M-S
No
....
......
........
95
94
J -D
1945 M-N
g
92 4
...
89
Oct ’06
105 V Feb.’oT
109
Apt’05
110
110
1094
116
May’utl
107 4 111 4 U3 4Nov’o6
119 4 Mar’04
114
97
lat pref income g 5s....pl945 oct
Stamped
So pref income
Stamped
90
....
......
......
92 V
96V Dec’uu
98
•
.
....
84
84
86
A1-S
A-O
J -J
Carb A bhawn .See III Cent
Carolina Cent .See Scab Air L
Cartilage A Ad See N Y C A H
Ceil B la F A N See B C B A N
Oen Branch Ry See Mo Pac
Cent of Ga RR 1st g 5a..pi945 F-A
Consol gold 5s
1945 M-N
*0 prei income g
.
1145s -N>ov 05
99 4 Mar’06
...
90
See Long 1
Registered..
D4a 192*2
22
....
132 V J an ’06
112
J an ’04
-
<
55
94 V 135
......
...
......
....
Feb’U?
94 V Sale
J
M-N
M N
J -J
0 -J
F -A
M-S
A-O
J -1)
Pitts A West 1st g 4s...1917 J J
Btat Isl Ry 1st gu g44a 1943 J -D
Bat Creek A b .See Mich Cent
Beech Creek See N Y C A H
Believ A Car .See Illinois Cent
Bruns A West .see Atl Coast L
Buffalo N Y A Erie .see Erie
Buffalo RAP gen g 5s...1937
All & West 1st g 4s gu.. 1998
CIA Mali 1st gu g 5s. ...1943
Roch A Pitts 1st g 6s...1921
Cousol 1st g Os..
1922
Buffalo A -Southwest .See Erie
Buff A busij 1st ref g 4s.rtl951
Bur CHAN
.see C li 1 A P
/Canada bouth 1st 5s
1908
V-)2d 5s
1913
5a.. 1941
95 V
864 91
97 4 102 4
lo 1
i(i iV
Sep 05
92 ^ 34
102 4 887
914
O-J
Registered
hl925
Morion Riv 1st gu g 5s..1919
Cen Ohio B 1st cg4 4a..l93o
Ol ljor A W con 1st g 5s 1935
Ohio River RR 1st g 58.1936
General gold 5s
1937 A -O
Pitts Clev A Tol lstg 6s 1922 A-O
Bklyu A Montauk
g
96
...
4
96
127
*
9JV
98 4 8**v’04
94
Nov 06
91
91
.
......
3
■>52
87
Feb’07
1001 Jan ’06
.....
......
-
rttte J unc 1st goid 6«
192*2
PJun A M Div 1st g 3 4sl925
PLEA W V« Sys ref 4sl941
Soutliw i>iv 1st g34a... 1925
95
90
99
99
984
-
hl94S
Val 1st
-
Jan’oV
914
lor
90
91 7e >aie
102 4 Sale
..
Registered
Warm Spr
Clue Burlcfe Q— Denv
....
Mar’07
Mar’oi
95 V
864
97 4
104
114
....
By
ft 1925 y-J
hi948 A-O
Since
1054 Feh’07
88
100
Mar’02
J’ne’Ot
Dec’04
Feb'07
Alieg A West
13
Regis te red
©old 4s
January 7
1 OR
A-O
Be;
Registered
No\
.M -N
-Oonv g 4s
1956 J -D
Debentures 4s beries F. 1908 F -A
Benes G
1909 F-A
Aeries H
1910 FA
Aeries 1
1911 F-A
Series K
1913 FA
Kaat Ok la IMv 1st g 4s.. 1928 M S1
Ail Knox A X
See L A N
Atlantic Coast 1st g 4s.hl952 M -S
Charles A bav 1st g 7s..1936 J -J
8av FA W 1st gold 6s.. 1934 A -O
1st gohl 5s
1934 A -O
Ala Mid 1st gu gold 5s
1928 M -N
A
Bruns
W 1st gu g 4s ..193s J -J
LAN coll g 4s
01952 M -N
Ml 8p Oca A G gu g 4s ..191s J j
Atlantic A Dauv^S'ee South Ry
AoaUn A N W .see bou Pac 1 tic
|>*lt A 01iiO)»rior Ig3 4a.l925 J J
4c
14
123 V,
123 4
12 3 4 Mar’07
111
Feb’OT .**.
Sale
994
M-N
M-N
M-S
M-S
J-J
J-J
J-J
92 4
ol
A la bn Midi .See At Coast Line
Albany A buso <S'ee Dei A Huo
Allegheny Valley .See Penn RB
.see Bull H A l
Ann Arbor 1st g 4s
/il995
A tell T A b Fe—Gen v 4s. 1995
Registered
1995
Adjustment v 4s
*1995
Registered
hi 995
Stamped
hi 995
100
Range
1024
a!911 A-O
98V 103V
96*8 99
Mar’07
9
94
n the h asis
Railroad
A iubatna
Gold (is
87V
66
639
96
96
Sale
100% 206
....
pr ices
re
1 .7
1924 F-A
T^tniaia.nn new consol 4s..1914 J J
North Carolina cousol 4s.1910 J J
1919 A -O
6a
fio Carolina 4 4M °O-40.. ..1933 J J
Tenn new settlement 3s..1913 J J
Virginia fund debt 2-3s...l99i
M-N
Is
High
93
J’ne’06
115 4 Dec '05
115
Nov’05
115 4 Aug’05
Q-F
FoitUhi Government
2d series 6s
1911
£ loan 4 4* Ofs lull prt.1925
2d series 4 4* ctfs full paid.
£ loan 4s ctfs full paid.. 1931
Boimbof Cuba 5s exten debt..
121
109
or
Sale
Cent Pacific
c
y-x
Japanese Govt 6s sterl’g.1911
Ask Low
i‘23*4
J-J
Q-J
J-J
J-J
Q-M
7 lli ~ May’06
1094
La.?t
105
M-N
10(J8fc Mar’07
1017e Mar’07
1804 1314 130V Mar’07
1304131V 130 4 Mar’07
.
Sid
J-I>
J-J
J-J
j-j
102V 104
Range
April 5
Cent of Ga R R—(Con)
1064
Week's
trice
Friday
Si
1044 Oct ’05
101
101
c
^
c £
N. Y. STOCK,EXCHANGE
wkkk enihnu apkil 5
102 4
106V Mar’07
85*. Sale
102
106
82
103V Feb’07
1014 Mar’U?
bale
102
4 Sale
81
84
110
87
87
82
8
85 V
<
3*0*2
......
......
......
89
90
80
Sale
714 Sale
......
Friday; latest prioe this week.
,
88 V
104
95
93 V
92 4
75*8
71
92*8
1102*4 103 V
jlOl 4 loi 4
*4*5
87
89
10
84V
884
k::4
1i*.
41
81
85
Dec’06
J’ne’OO
Mar’9>
May’06
108
j
....
80 4 365
714 Vjf.
98
100
....
Oct '06
Jan ’o7
109
aDueJan
107
79*4
106
Feb’96
Feb’07
87 4
103*4 Nov’06
......
T05
91
93
74
71
82
714
....
d Due Apr
e Due
May
Railway
Ry geu ool tr g 5a. 1997
Vi et St
Bef g 4s
2002
BwayJfc7thAvlstcg5a 1943
Col & 9tll Av lat gu g 58.1993
Lex Avcfe P FlstgugSs 1993
Third Ave RR con gu4a 2000
Third Ave Ry lat g 5s..1937
.Met W S El (Clue) 1st g4a.1938
.Mil El Ry <ic L 30-yr g 5a. 1926
Minn St Ry lat con g 5a..1919
N Orl Ry & Lt gen 4 4a ..193 *
St Jos By Lt H
P latg 5s ‘37
>t Paul Jity Gab con g 5s, 1937
Underground of Lou 5a...1908
Union El (Chic) 1st g 5s.. 1945
United HRs San Fra i 4s. 1927
( uited Rvs St L 1st g 4s. 1934
W Chic St. 40-yr con a 5s. 1936
^uaojue
hDuej’ly
F
A
J
M
M
A
O
D
S
s
103
J
J
F
F
J
J
J
86 4 Sale
111
Sale
J
A
A
103
Sale
203
82
s2V Mar'07
110
Sale 108
110
108 4 112 4 113V Feb’07
'
......
J
*9U*V
J
M N
J
J I)
A 0
A O
J J
M N
J
k Due Aug
l 103
108*4
82
85
9 108
113
113 V 113 4
76
Sale
75 4
83
ohuo uct
113V Dec’06
85 4
86 4
111
93
109
LOT
90
lo3
110
76
100
...
45
111
4
J’ly ’06
J’ly’Op
4 Feb’OG
4 Sep ’06
2
85 4 89
111
1144
...
....
....
V Oct ’06
4 Nov’06
77
Jan’07
78 V Mar’07
83
Mai’07
99
Dec’97
pDueNov
i6
75
100
-
94
100
78V
83V
83
85
....
a
Option Sale
Apr.. 6
'
O
N. Y. 3TOCK EXCHANGE
Week Ending April 5
7“
Cliic Rock i & Pnc-(Con)
Choc Ok. & o gen g 5a .t>1919
Consol gold 5s
,..1952
Keokdfc D» a M 1st a#i..'..1923
Clue st i. AN o
see u, Cent
Clue St L do Pitta
oee PennCu
Chic St P M A O ron 6s...1990
Cons os reduced to 3 4s.1930
Cli St P A Minn 1st g 6a 191b
Nor Wiaeon8in lat
St P A S City 1st g
110
J-l>
M-N
J-J
A-0
J-J
125'6
1st guar
gold 5b
Week* s
Range or
April 5
Last Sale
.1995
*07** "*."
100
Registered
fc'lVoO
Cm s A cl con 1st g 5a.. 192s
l’ l C a i consol7a
1914
Consol sink lund7s
1914
Geueral consol gold 6a. 1934
118
Del Lack A Western 7a... 1907
MorriaA Eaaex 1st 7s...1914
let consol guar 7a
.1915
Registered
1915
1st ref gu g 3 4a
200U
N Y Lack AW Iat6a...l921
1923
Construction 5s
Term A improve4a.... 1923
Warren 1st ret gu g 3 48.2000
Dei do Hud 1st Pa Div 7s. 1917
Kegiatered
1917
Guaranteed
Mgeand col trust
Registered
694
Safe
"""
*
1st gold 3 4a
62
72*4
67
80 4
95
74 4
94 4
96
Registered....
1951
Extended latg34a
1951
lat gold 3asterling
1951
Coll Trust gold 4a
1952
Registered
1952
L N 0 A Tex gold 4a ...1953
Registered
1953
Cairo Bridge gold 4a....1950
lamiavDivATerm g3 48.1963
Middle Divreg5a
1921
Omaha Div 1st g 3a
1951
1014104 4
119 4 Nov’06
1213b
1213*
J‘ne’06
127
i 2141214
121*4 Sep *06
11034 Fen’07
102-4 Aug’06
110*4 1114
Registered
Gold 3 4s
Registered
Spring Div 1st
121
Aug’01
95 4109 4
95
110
93*4 97*<
1024102 4
1044 106 4
94
9*4
944 Sale
102 4105 4 102 4 Jan’07
*
105 4 Feb’o?
106
109
Mar’03
76
1940 J - J
1939 J-J
824
804
4aA.1949 A-0
93
A-O
M-N
J-I>
J-L
14
110
Sep’04
92
Mar’u7
92 4 Mar’o?
90
89
M-S
A-O
5a..1937 J-J
Dec’06
89
Jan ’05
914
91 4
87a4 Feb’07
97
Jan’02
914
95
874
87*4
112
110
M-N
1919 M-S
1923 M- S
1920 A-O
1928 J-D
1920 M-S
7a
1920 M-S
prior.. 1996 J-J
Registered
1996
1st consol gen lien g 4s., 1996
Bevlatered
1996
1951
Penn coll tr g 4a
1953
50-year conv 4s A
J-J
J •J
J-J
F-A
A-o
B...1953 A-0
Y A Erie 1st 7a..1916 J-D
S W gold 6s
1908 J - J
Series
Bull N
Bull A
Chic do Erie let gold 5a..1982
Clev A Alalion Val goa.1938
Jeff UK 1st gu g 5a....al909
M-N
J-J
A-O
consol g 6s.. 1935 A-O
M-N
J-J
M-N
Coal A BB 1st cur gu 68.1922
Dock A Imp let cur 6a.. 1913
N Y dc Green L gu g os. 1946
924
11141114
110V112 '
1144 Not*08
1014
126
128
954 Sale
"83**
Sale
9
90 4 Oct ’06
81
83
1*6
10o7e 1007e
1294
125
954
994
80
88
85 4 854
84
914
76
103*4
85
87
85 4 Feb *07
2
85
864 85
76 4
83 289
814 Sale
85
Feb’07
•704
Nov’05
127
119
122
104
38
Feb’06
102
104
1154119
116
116
117 4 116
116 4 Jan ’0<>
115
101
101
101
Mar’07
984
130
130
130 Alar’O?
124
130
118
Sep’06
109 7e Oct ’05
106
121
4
Dec’06
110
..
Buffalo Gas 1st g 5a.1947
Consol Gaa conv deb 6a.... 1909
Consum Gaa See P G A C Co
Detroit City Gaa g 5a
1923
Det Gaa Co con lat g 6a...1918
Ed El 111 Bkn See KCoELAP
Ed Kill See NYGAELHAP
Registered
Kentucky Cent
J-J
F-A
•99
100
Purchase money 6a......x997 A-O
E4 Ki 11 Bkn 1 at oon g 4s 1039 J-J
No
prioe Friday, latest
100
100
5 100
6 100
105
Feb 07
614 Oct ’01
105
M-S
Eq G LN Y lat con g 5a..1932
G uA Elec Berg Co c g 5a. 1949 J-D
Gen Electric deb g 3 4s.. 1942 F A
Gr Bap G L Co lat g 5a...1915 F-A
Hudson CO Gaa lat g 5a..1949 M-N
Kau City' (Mo) Gas 1st g 5a 1922 A-0
A-O
Hinge Co El LAP goa... 1937
*
88
103*4 Salt
864
86*4
107*4 Dec’OO
103
1034
98
Dec’OO
Feb’(>7
1144 117
93 4 Mar’06
bidand asked tlua week, v Due Jan
4
38
41084
Feb’06
5a..1945
Mich S See N Y Cent
Leli Val N Y lat gu g 4 4a. 1940
Registered
-.1940
Lehigli Val (Pa) cons g4a.2003
Leh V Ter By latgu g oa. 1941
Gold 4a
1932
Unified gold 4a
1949
1934
1949
92
91
96*, 57'
894
98V
91
6s6g
06 4
4102 V
102 4
Feb’07
102
105
103
105
Nov'Ud
103*8 105 V
1094
101
Sep’06
1044 Aug te
IO04
95 4
9U4
70
10L
102
Sale
"""
1*02*4
1004 1U0V
Feb’U?
«J’ly ‘Oi
J’ne’Oo
Oct ’04
101
Oct ’01
102*4
101
ioi)4 j 08 4
100*4 Mar’07
May’06
102*4 Jan ’u7
89at Feb’U?
May’99
123
784 Apr’06
78*4 Feb’07
100
91
’*
V
.""" *8*6’
80
101 4
100
102'
122
'.•7
121 4
Mar’07
Oct ’90
Nov’Ou
Jan’07
Dec’05
100 4
100 4
97
97
Mar’u7
Mar’07
89 4
102-*4 102*4
89*4 91
78*4
784
88*4
80
lo2
i
97
97
Mar’07
02
Dec’06
119*4 Mar’04
yj^May’Ol
LM» 4
97
100
Feb’07
1134
114
95
96
?1
71
7534
111
Feb’07
Feb’07
80 • 85
99
114
1
96
65
100
68*4
67 4
68*4 Sale
63
100 V
97
1T3 4 115 4
95
99-V
71
79
109
111
85
21
7*
674
Oct ’00
113
Mar’07
112
106 4 107 7e 1077g Feb’U7
1104
1104
108
11241U
107 V 107 V
1104 110V
J-J
J-J
106*4 HO
107 4 Mar’07
112 4 Nov’06
95
Oct ’06
116
Oct’06
109 4 Oct ’99
107 4 107\
M-N
AO
A-O
J-J
....
lu7 4
"""
96*
1114112*4 113
3:4
n
94
lat 5a
'.
1911
N Y B A M B lat con g 5a 1935
N Y A B/irTSKg 5a
1927
Nor SUB lat oomggu5aol932
M-S
J-D
M-S
M-S
M-S
A-O
M-S
58.1927
112*4 Apr’06
06*4 Jan ’07
97
96*4
96*4
1134 Jan ’06
1064 Jan’Oo
102
97 4
*98
91
6a..1911
Loutsiana-A Ark 1st g
10a
100
Gold guar 5a..,
1914 A-0
Leh A Hud B See Cent of N J
Leh A Wilkeab See Cent of N J
Leroy A Caney Val See Mol*
Long Dock See Erie
Long Ial’d—lat con g 5a. /il93l Q-J
latconsol gold 4a
/il931
General gold 4a
1938
Ferry gold 4 4s
1922
Bklyn A Mont latg
100
110
J-J
J-J
A-O
1941
Debenture gold 5a
Guar ref gold 4a
Mar’07
A-0
6«CU1&P
See So By
Mar’98
96
Nov’05
99*4 Oct ’06
93 4
95 4
95
J’ne’04
107 4 110
96
98
98 4
96
96
102
100
100
113
Mar’07
Mar’O
13
114V
95 4
99
94
96 4
96
99 4
loo* * i’02’4
1104Nov’O6
Q-J
M-S
105
105
109
Nov’061
1034 Feb’07
105
1094
103 *4
1*0*3 v
1024
10 102
102
BONDS—Continued on Next Base.
6 106
1064
1064
63
64
Mar’07
i*o*8 116
123
131
100
100
104
100
1074
73 4
139*4
E^i&tric Light
5a.el 919 Q-F
1934 AO
Milwaukee Gaa L lat 4s.. 1927 M-N
N Y G E L H A P g 5a... 1948 J-D
Purchase money g 4a. ..1949 F-A
Ed El ill lat conv g 5a..1910 M-S
lat consol gold 5a
1995 J-J
Lac Gaa Lof St L lat g
Ref and ext lat g 5a
1024
102
102
102
102
Sale
•80 4
'
100
Bale
105 4 105 4
111
87
108
A-O
A W lat g5a...1941
1937
Lake
2d gold
Erie 5a
.
107
63
70
1304 Sale
1104
108
84
106
M-S
1950
see LAN
Keok A Dea Mo
....
J-J
M-N
A-O
1104
98*4 Nov’06
Dec’06
Leh V Coal Co lat gu g 5a. 1933
Leh A N Y lat guar g 4a..1945 M-S
1945 M-S
Registered
E1C A N lat pffia
1914 A-0
1084 Aug’Ob
110 4 Oct ’06
1U0 4 Feb’07
127
Mar’o7
133
Feb’06
95 4
964
100*4 io*3
100
J-D
J-D
J-D
J-D
J-D
M-S
KCAMBAB See St L A S F
Kan C A Pacific See MEAT
Kan City Sou 1st gold 3a..1950
<*an and
Bklyn U Gas lat con g 5a. 1945
1951
1951
Registered
1074 Jan'06
1094 Dec’06
...
108
844
J-J
F-A
J-D
M-S
1951
North duo lat gu g
.U1S6KLLAISEO0S
tins and Electric Light
Atlanta G L Co lat g 5a...l947 J-D
1951
1923
1932
Gold 4s
1951
Jederaon BB See Erie *
A
See
1/ al A
G B
LSA M S
IVan A Mich See Tol A O C
K C Ft S A M
See St L A S F
P Al A M
M-N
hiq/i
108
84
Sale
105
Mempli Div lat g4a...l951
St L Sou lat gu g 4a
1931
Ind B1 A West See C C C A St L
J-J
Ind Ill A la 1st g 4s
1950 M-N
Int A Great Nor lat g 6s.. 1919
M-S
2d gold 5a
1909 M-S
3d gold 4a
1921 J-D
Iowa Central lat gold 5s..193f
Knoxville A Ohio
Jan’07
Low
Apr'05
1084
99
FA
J-J
J-J
J-J
j -J
L Slio A
107
Dec’06
104 4
104 4
114
106 4
9G8* Sale
A-0
M-S
A-0
A-O
M-N
M-N
J-D
J-J
F-A
1961
Registered
92
92
92
Oct ’00
86
1114 Jan ’07
112 4 Feb’06
111
g
Lines lat g 4s..
Bellev A Car lat 6s
Carb A Shaw lat g 4a...
Cliic St L A N O g 5a...
Registered
102 4 377
994 132
964
133 4 Dec’06
1024 Sale
994 s&i**
A-O
M-N
117
Sale
105
J-J
J-J
J-J
J-J
1951
1951
34s...1951
Gold 3 4s
Feb’03
Feb’06
102
133
149
99
105 4
Api’Oi
FA
g3a.l951
1951
western
9*8*
1916 J-J
See Nor Pac
2d ext goln6a
3d ext gold 4 4a
4th ext gold 5a
5th ext gold 4a
1st consol gold 7a
1st consol g Lind
Erie let con g 4a
64
105 4
116
A-O
1951
96
94
21
Mar’07
101 »*
121*8
M-S
58.1939 J -D
s....1940 J-J
g
Mar’07
110 4
1084
84
Sale
J-J
J-J
Illinoia
Central lat g 4a..1951
Registered
1951
6
69
69
804
914 100
95
Feb’07
191
M-S
5a...1928 J-I)
l^ast of Minn See St
Long Dock
'
.1937 A-O
Atl
1314132
St Louis DivAterm
F-A
Xiaat Ten Va A Ga See So By
Elgin .Jol A East let g 5s.1941
Elm Cort A No See Leh ANY
Erie 1st ext gold 48
1947
do
884
J -D
J.J
F-A
M-N
Utah Cent lat gug 4s al917
Dee Moi A Ft D See M A St L
Des Aloi Un By 1st g 5s..1917
Det do Alack 1st hen g 4a.1995
Gold 4s
1995
Detroit Southern—
Ohio Sou lnv iat g 4s...1941
Dui do iron Bange Iat5a..l937
2d 6a
Dui Short Line
Dui So Shore A
64
92
j.p
1936 J-J
BioGr West 1st g 4s
68
914 8ale
M-S
M-N
j-D
g48.1936 J-J
Bio Gr Juno 1st gu g
Bio gr So 1st gold 4
11841184
Hail
A St Jo SeeSeeS CY BN AHAH
ouaatomc
llock Val latconsol g44a-1999
tered......
1999
CoiJbH V lat ext. g 4a.. 194S
Col A Tol lat ex 4a
195.'
Houst E A W Tex
See So Pac
Houat A Tex Cen See So Pac Co
A-0
AlbASua conv 34a
1916
neua & Saratoga 1st 7a.1921
Del Biv BB Bridge See Pa Bit
Improvement gold
94 4
62
97
1916 J-D
10-yr conv deb 4a
99
99 4
1044Nov’01
income 4a
1990 A pi
Clev do Marietta .See Penn Bit
Clev A Pitta See Penn Co
Col .Midland 1st g 4a
1947 J-J
P A
Colorado A Son 1st g 4s...1929
1936 M-N
Re.und A ext 4 4a
Coiun. A vjieenv &C4 So By
Col do Dock Val See Hock Va.
Col A Tol See Hock Vai '
Col Conn A Term see N A W
97 4
99 4
Feb’u7
132
1934
4a.l940
O ind A W 1st pi 5s...cil93s
Peu A Bast 1st con 4s...l94o
DenvA B Gr 1st oou
Consol gold 4 4a
Mar’07
97
Jan ’07
994 Feb ’05
98
Sep ’06
Jan ’04
165
97 4 Mar’ti?
99 4 Jan ’07
1134 J’ue’06
1184 Jan ’07
106 4
Feb’07
llOm
1
97
97
97
97
100 4
*1*044 Ocr’OC
104 4
105
09
See Cli Al
St 1‘
r lint & Pere M
See Pore Mar
Fla C dk Pemn See Sea Air Line
Fort St U D Co 1st g 4 4s. 1941
104 4105 4 Ft W do Den C 1st g 6a....1921
Ft W do BioGr 1st g 4a.. .1928
’ ai Har ASA
See So Pac Co
83 83
UalH&Hof 1882 1st 5a.l913 A-0
1U44105
Georgia & Ala See Sea A Line
See Sea A Line
Ga Car & Nor
Georgia Pacitic See So By
Gila V G & Nor See So Pac Co
Gouv & Oawegat See N Y Cent
96 4 102
994 99 ;<b Grand ltap<fc Ind See Penn BB
97
98 c Gray’s Pt Term See St L S W
J-J
97
9 8 *4 Gt Nor—C BA Q coll tr4s 1921
97
97
Registered, h
1921 Q-J
Greenbrier By See Clie.s do o
Gull A s I 1st ret' A t g 5a 61952 J-J
Ac
L'argo do So
974 98
99
974
99.4 Jan ’o7
Sale
99
*1930
W latprel
1 lo7e 113
83
Jan ’07
104 4 Feb’07
107 4 Dec 02
88
100
99 4
97
Oct’06
104 4
164 4
1044
97*4
9734
9734
9734
113
consol 6a..1020
Registered
11 6:tb 1204
98
97
1104
1 lU78
Feb’07
97
4
977t
llO'e
j.agistered
199u
Spr A Col Div iat g 4a.. 1940
W W Val Div 1st g 4s..-194ti
Ind Bl A
"
131*4 131*4
110
‘110
1UI
luo
hani.--
jr
Hxyti
108
Mar’O.
100 4 Dec’Oi
J-J
i
fijjj/annarv
*s<n^
Astc Low
Rid
S \ bu.i ct W let ref 5s. 1937
2d gold 4 49
1937 F-A
General void 5a
194'‘
Terminal 1 st void 5a... 1943
Reels 6o,U00 e.icu.,.1943
M i<IBB of N J 1 st l- 6s. 1910
Will; do Ea 1st gu u 5s.-194*2
iVit I nd 1st con gug6s..l926
Erie do Pitts see Penn C.o
Evans cfe T H 1st cons 6a. 1921
1st general gold 5s
1942
Mt Vernon lal gold 6s.. 1923
Suii Co Branch 1st g 5s. 1930
131
128
E
Erie—(Con)
Hiyti
Loxo
Sale
*98
A St L
L
Clearfield A Mali See B K A 1J
Clev Cm C A st L gen g 4s 1993
Cairo Div 1st gold 4s....1939
Cln \Y A Ai Div 1st g 4a. 1991
St n. Div 1st col tr g4s.. 199U
C 1 St 1. A C
1st gold 4s
No
Dec’03
1314 Feb ’07
1294 Mar’04
1163*
1164
120*4
97*4
Chicago Ter Trans g 4a... 1947
Coupon oil
Chic A West In<l gen g 98 01992 Q-M
Consol 50 year 4s
1952 J.J
Chic A W Alien .set? PereAlari)
Choc O A Galt .See CKt&P
Oin HAD 2d gold 4 4s... 1997
Cln d ct 1 1st gu g 5s. ..1941
C Find A Ft VV 1st nu 4sg.’23
Cm i A W 1st gu g 4s.1959
Ind Dec A W 1st g 5s...1935
January
1284
|1284
130
123
N. Y. STOCK EXC H A N G
Week
Ending April *>
109 ' Nov’06
illl
May’06
11054 Nov’06
J-J
J
5 s
High
Ask\Low
M-N
A-C
Ga...1930
tia...l919
Clstn&i
tiee U C C
Cln S & C See C C O St
Range or
sale
Last
April 5
H %a
Range
Sine<•
Weed's
Since
SYiriav
-
^.
Ilrtce
Anting
ii **
liltit
791
BeCOrd—Continued-Page 2
New York Bond
1907.J
864
100
100
105
864
1*0*3** 1*03*4
NYAQE1 LAP latcou g5sl930 F-A
M-N
N Y do Rich Gaa lat g 58.1921
Pat A Paa G A E con g 5a. 1940 M-S
Peo Gaa A C 1st con g 6a. 1943 A-O
Refunding gold 5a
Cli G-L A Cke lat gu g 5a 1937
Con G Co of Cli lat gu g 5a.’36
Mu Fuel Gaa latgu goa. 1947
Syracuse
117.117
1947
Lighting 1st g 5a.’51
El 1st g 5s.. 1949
Livht’e: e 5s. 1950
Trenton G A
Westchester
b Du© Feb d Due Apr e Due
M-S
J-J
J-D
M-N
J-D
rd- 8
J-D
98*4
Feb 07
914 Jan ’07
09 4
102
81
83 4
994 Mar’07
113 4 J’ne'06
99
09
Nov’05
104** Nov’05
105 4
102 4
014 914
99*4 103 4
80
847»
09
994
"y*9** **e*9*'
103
119
Feb’07
118
103 4 103 4 Mar’07
100
Mar’i>7
100
102
Jan’07
iOO
103 4 Dec ’06
105
100
1044
110
May’(>6
1014 Feb’07
99*4
,>lay ADiej 'ly n Duo Aug 0 Due uct <7 Due Deo
119
102
100
102
1104
1034
100
108
101410*
j Option
792
New York Bond Record —Continued—Page 3
uum)»
N. Y. STOCK EXORAXrtI
,
Wekk KKUisn
w
C
J
Price
u
Friday
Week's
Bia
0
7
0
0
0
1
1
9
1
0
)
)
l
)
J-D
M-N
J-J
J-J
A-O
M-N
A-O
J-D
M-N
J-J
J -J
M-S
M-S
M-S
Ask
1133s
:
99 4 bale
108
109 4
...
*
.
120
*
72 4
106
101
109
98
112
112
121
i29
120
72 4
724
98
Salt
103
974
Salt
*95 4 97=8
•i
HO
92
113 4 113 4
..
.
.
Jan’o7
104
......
11
112
.
...
14
99
Apr’05
102*s
1
102 4
112
...
97 4
10056
Lou *4 102 4
81 4 Sale
81
62
47
81
J’ly
J’ly
23
Sale
22*4
23
30
20‘e
18
17
18
n
27*4
Sale
14 4
21
908a J’ly ’oi
” May’OU
106
125
J-D
j :d
Mar’07
111*8 Oct ’05
118 'Jan’07
*
118
113*4 Mar’05
109 4 105 ^
107 4
89
93*8 Feb’07
97
98
Apr’U6
See H C K<fcN
J-J
4
95
J-D
F-A
96
83
104
99
103
-
86
130
5
....
Mar’07
Nov’Ol
118 4
105 4
92
110 4
99
M-N
M-S
J -J
A-O
M-N
97
95*4
81*4
97 4
83
Mar’07
Mar’07
'6
Mar’o?
......
......
25
73
....
40
....
Jan ’07
.
.
.
.
F-A
Mo K <fc E 1st gu g os...1942 A-O
M-N
Mo Pacitle 1st con g Gs ...1920
Trust gold 5s stamped.a 1917
Registered
M-S
J-D
M-S
M-N
M-S
al917 M-S
1920 F-A
1st coll gold 5s
40-yeur void loan 4s
3d 7s extd nt 4"o
Cent Bi uy 1st gu g 4s.
Ceil Branch U 1* 1sttr4s.
1945 M-S
1938
119
1 lo*4 Mar’07
11,7
Feb’07
103 4
103-8
104
Mar’07
104
104
i 18:,4
118*4
saj«~
100‘p
110
103
1037b Sale
104
i04
118
ioL
.
.
Sam
......
98
93
95
95
110
81
88
csai<
88 7t
107 4
.
98
121
122
914 Sale
107*4 110
•
*104111*8
106*4 107*4.
5 102
1064
l
....
.
.
.
l
.
.
.
^
96*4
.
ioi
101*4
117*4
116
109 4 114
10941094
.
81
1
Apr’06
y3
„
w
14
88
105
90
^
.
85
101
86
.
Mar’07
80
88%
92 *4
85
.
Dec’06
122% Mar’07
......
984
88
104
104
3 104
107
y 118
119%
19 lOO *8 105
.
110
1104 110
109 4 Mar’07
95
80*4
102
104
81
86
83
8f*t
82
87.
104 4 104 4
v*f> s 95 4
.
«...
110
101
116 4
.
Mar’07
Nov’06
Mar’05
101
j
Sale
no
......
.
iOi
101
....
Dec ’Ob
-
914
914
1084 Mar’071
92 4 Aug’UO
101
Nov'04
121*4 124
.
.
1
....
MoM M W«fe Al 1st 0s..1917
T «fe P Branch 1st 0s....1917
N ash Flor «fc Shef See L & N
Natof Mex prior lien 44s.1926
1st consol 4s
1951
New li «v. 1) SeeN Y N H «te 11
N J J uno HR See N Y Cent
N ow it; Cm Bdge See Lou & X
KOit.N E prior lien g 0s pinlo
K Y Bkln & Miui Bon See L l
NY Cent tk 11 Kivg34s.l997
A-O
J-J
j-J
j j
-
J-J
...
102 4 Jan ’07
60 4
85 4 Mar’oT
A-O
102*4 102*4
84% 87 4
9234 Sale
......
90%
93
92 4 Jan ’07
94*4
95*4
......
94
85
Sale
83 *4 Salir
85
.....
83
85
83*4
83*4
83
77
90
92 4
93%
92 4
»W
94
9
20
83
99
88 4
1
Feb 07
102
102
b7
t-7%
83
84*4 Jan ’u7
......
81*4
84%
Feb’07
84*4
102
102*4
Mai'04
:
....
Low
97 4 Mar'07
105
Oct ’02
High
97 4
974
1014 J’ly’06
1194 Mar’06
IOII4 Dec’06
97
A-O
iio’
137
Nov’97
1104 IIOI4
11334 Jan ’02
94 4
95
92
96
Sale
106 4
Oct ’05
96
95
122
Feb’07
Feb’07
110*4 114
95
95
95
95
Jan’061
1037b Auc’06
92 ‘
92
6
92 \ Mar’07
93 4
964 113
913+
9270
94 34
92
93 4
94
125 4 Mar’Ori
j 07 4 Nov’U6
139
Jan’03
i()4
Dee’06
118*4 J’ly ’06
119
J-J
MS
M-N
J-D
A-O
100 4 «ale
102
101
Sale
94
96
J’ue’“-
100*4 Jan ’
1064 Nov’„.,
94 4 Dec ’06
94 4 Jan ’07
100*4 100*4
1004
100 4
102*4 Mai’07
944
94 4
102
100
103
190 4 103 4
102 4 102*4
10g
105
102 4
1004 1034
124
Feb’06
96
96
101 4 J’ne’Ot
102
104
123
Sep ’06
130
Feb’07
*
95
1014
....
i 2 9 4 1*30
--
130*4 Feb’06
127*4 127*4 Oct ’06
98 % Sale
9-%
98*4
100
Feb’06
48.1996
A-O
85
87
Sale
98 4 Sale
101*4 Sale
-
100 4
70-4 Sale
......
-
......
......
....
8
95
Mar’07
85
•
8.
loll 4 Fen’05
98 4
98 4
100*4
1014
99
99
69*4
7. *4
71
......
......
106
110
.
....
......
90
Ill
96*8
914
i
98
4
73 100
99 4
102*4
98 4102
i
35
69%
Feb ’O',
Mar’07
J
’99*4
95
85
95% Jail ’07
120
132
113
974
39
99
74%
71
71
95%
95*4
120
-
120
iy ’99
Mar’06
I0s*4 Feb’07
98 4 Oct ’06
93
May ’06
108% 108*4
T-
113*4 Mar’07
113*4 113*4
107
107
Mar’07
107
109
iou
103
iOi
J’ly’06
ioi
ioi
_
See So Pac Co
See IJn Pac
See Un Pac
Nav
Short Line
swego A Rome See N Y C
C F A St P See C A N W
Jac Coast Co 1st g 5s....1946 J-D
ac of Missouri
See Mo Pac
1
Consol gold
Consol gold
Convertible
Convertible
Aileg Vai
5s
1919
4s...
1943
g 3 4s
1912
g 3 4s
1915
gen gu g 4s... 1942
A-O
Wl-N
M-S
M-N
.M-N
J-D
M-S
F-A
M-N
D R R R A Bge 1st gu 4sg.’30
Phils Bai A W 1st g 4s..1943
dod Bay A So 1st g 5s... 1924 J J
Bull A .Lewis 1st g 48...1936 J-J
U N J RR A Can gen 4s. 1944 M-S
eun Co—Guar 1st g 44s. 1921 J-J
Registered
..1921 J-J
Guar 3 4s coll trust, reg. 1937 M-S
Guar 3 4s coll tr ser B...1941 F-A
Tr Co certif’s gu g 3 48.1916 M-N
Gu 34s tr ctfs <'
1942 J -D
G 3 4s tr et i s I)
1 944 J-D
Guar 15-25 y ar g 4 s
1931 A-O
Cl A Mar 1st gu g 4 4s.-1935 M-N
Cl A P gen gu g 4 4s ser A. ’42 J-J
Series B
1942 AO
Senes C 34s
1948 M-N
Senes D 34s
195U F-A
i(>3
106
salt
91*4 Sale
97
97 4
......
on
94
Auc’03
96-
388
90*4 100*4
90%
91*4 171
j
104 % Oct ’05
88 4
-...
......
1U7 4 Oct ’06
102
95
...
....
......
........
i05
107
Jan ’03
....
iu5
U04 Sep ’oj
105 4. 1**54
‘4 •.
4
105*4 Feb ’07
90 4 J’ue’06
87%
94
m
96
•S7%
.
BONUS—Continued
Mar’07
1114 Sep ’04
101
96
-
\ .O
No
A WHRSeeSeeCCC&btL
)1iiioudRiv
Balt A O
<
116 4117%
113*4 116
31 ISC ELI. 4.NEOUS
Friday; latest bnl
97^4
F-A
M-N
M-N
A-O
1996 A-O
Div’l lstl A gen g4s..,1944 J-J
Pocali C A C joint 4s.. 1941 J-D
CCA T 1st gu g 5s
..1922 J-J
Scio VANE lstgu g4s 1989 M-N
forth Illinois See Chi A N W
2 forth Ohio See L Erie A W
N
[or Pac—Prior lien g4s..191
Q J
Registered
1997 y-J
General lien gold3s....a2047 t^-F
Registered
a2047 O-F
St Paul-Dul Div g4s
1996 J-D
Dul Short B lstgu 5s.. 1916 M-S
UB&Q colltr 4s See Gt Nor
St P A N P gen g 6s....1923 F-A
Registered certitic’s..l923 Q-F
St Paul A Dul 1st 5s....1931 F-A
2d 5s
1017 AO
1st consol gold 4s
1968 J-D
Wasli Cent 1st g4s
1948 Q-M
>
or Pac Ter Co 1st
g 6s.. 1933 J-J
or Ry Cal
See So Pac
? or Wis
See C St P M A O
>
or A Mont
See N Y Cent
L re
1154 1164 LI7*8 Mar’07
1114
113*4 Mar’07
1 15*b
119*4 Feb’06
117*4 Mar 05
113
J’ly’04
Since
1932 A-O *124
i
€
Registered
1998 F-A
Beech Creek lstgu g 4s. 1930 J-J
Registered
1930 J-J
2d gu gold bar
1930 J-J
Beech Cr Ext 1 st a 3 4s 51951 A-O
*No price
Registered
1
J-J
Regis terisl
1997 J-J
Deben g 4 s
M-N
1934
Bake Shore coll g 34a... 1998 F-A
Registered
1998 F-A
Mich Cent coll g34a
1998 F-A
Coal and iron
Coi F A 1 Co gen s f g 5s.. 1943
Convertible deb g 5s
1911
Coi Fuel Co gen gold 6a. 1919
Gr Riv Coal A C 1st g6sl919
Clean Bit Coal 1st s 14a... 1940
Collndu 1st A coll 5s gu..ld34
Contin’taiO l.stst guosg.1952
J eu A Clear C A 11st g 5s. 1926
Kan A H C A C 1 st s f g 5s. 1951
Pleas Val Coal 1st g s f 5s. 1928
Sunday Cr.*e.; Co g 5s
1944
Ten 11 Coal gen 5s
1951
l'enu Div 1st g 6s
al917
Birm Div 1st consol Os.. 1917
Call O M Co 1st gu g 6s. 1922
De BarC A I Co gu g 6s. 1910
Vfclron Coal AColst g 5s.1949
Victot F. el lftt s f 5s
1953
New River 1st g 6s
N A W Ky 1st con g
re <fc cm
t re RR A
•
Range
January 1
High
103^
II-S
gl992 M-S
K Regis 55,000 only
N Y A Put See N Y C A H
1 T Y A R B See Long Island
1 Y S A W
See Erie
: T Y Tex A M
See So Pac Co
Tor A South 1st g 5s
1941 M-N
: fori A West gen g 6s
1931 M-N
Iniprovein’L A ext g 6s..1934 F-A
<
J-J
j4sk Low
"St:
J-D
Housatonic R con g 5s..1937 M-N
N H A Derby con cy 5s. 1918 M-N
r Y A North See N Y C A R
.7 Y O A W ref 1st g
4s..^1992 M-S
C
....
See B »fc O
Mont Cent See St P M & M
Morgan’s Da <fc T See S P Co
Morris <fe Essex See Del L«fe W
\T ash Chat <fc St L 1st 7s.1913
Bid
LXXXIV.
< Y A Har See N Y C A Hud
4 Y Rack AW See D L A W
< Y B E A W
See Erie
914 94
108% 108 4
Mouougaheia Riv
J-*l1st consol gold 5s
1928
Jasper Branch 1st g 0s.. 1923
Last Sale
J-D
1937 A-O
Registered
West Shore 1st 4s gu...2361 J-J
Registered
2361 J-J
sT Yr A Green w Bake See Erie
99
....
........
93
85
.
107 4 Feb’06
lol
102
86
Mar’07
..
M-N
/...
.
1014 102
1919 F-A
194s J -1 >
J - J
Leroy&OVA \j\stg5s
Pac R oi Mo 1st ex g 4«.
F-A
2d extended gold 5s...1938 J-J
St L Ir .V cfc/sgen con g 5s 1931 A-O
Gen tain-stamp gtd g 5s 1931 A-O
U hilled & ref gold 4s.. 1929 J-J
Riv & G Div 1st g 4s.. 1933 M-N
Verdi Vr 1 «fc W 1st g 5s.1920 M-S
Mob J & K C lstcons g5s.l963 J -J
Mob & Ohio new gold 0a..l927 J-D
1st extension gold 0s..h 1927 O-J
General gold 4s
1938 M-S
Montgom Div 1st g 5s..1947 F-A
St L & Cairo eoU g 4s..eT930 Q-F
^Guaranteed g4s
1931 J-J
M <fc O coll 4s See Southern
Mohawk «fc Mal
See N Y C & 14
.
Range
April 5
»
103
81
Hi ^*>1©
85
83 4 iV2
104 4
Sale
Week's
or
Friday
.1931
1940
Registered
1940
J L A S 1st g 3 4s
1951
1st g 3 4s
1952
Bat C A Stur
Istgug3s.l989
NY Chic A St B 1st g 4s 1937
94
See St P M &M
1st ext gold 5»
1944
1st «fc refund 4s...
Gen s f 4 4s
St B Div 1st ref g 4s....2001
4s
130
118
Ending April 5
Registered
...
130
b
AO
J-D
RWAOcon Istext5s./il922 A-O
Oswe & R 2d gu g 5s...el915 F-A
R VVdfcOTR 1st gug 58.1918 M-N
Rutland 1st con a 44s-.194l J-J
OgALCham lst gu 4s gl948 J-J
Rut-Canad 1 st gu g 4s. 1949 J-J
St Law <fc Adir 1st g 5s. 1990 J-J
2d cold -0s
199( A-O
Utica & Blk Rivgug4s.l922 J-J
Bake Shore gold 34a. ...1997 J-D
Registered
199f J-D
Debenture g 4s
1928 M-S
Ka AcfeG It lstguc5s. 1938 J-J
Mahou C’l RR 1st 5s.. 193-4 J-J
Puts<M B Erie 2d g 5s.al928 A-O
Pitts McK& Y lstgu 6s.1932 J-J
2d guards
1934 J-J
McKees A B V 1st g 0s 1918 J-J
Mich Cent 1st consol 6s. 1909 M-S
5s
1931 M-S
....
J-J
J
„
115*4
117*4
121
115*4 Mar’05
97
M ay’06
J-J
li
2
Jan ’07
112 4 112
See Man Ry
A-O
J-D
M-N
M-S
Minu U
112
Mar’05
Mar’07
i
~
N Y Cent <fc H 14— {Continued.
Cart«fc Ad 1st gu g 4s... 1981
Gouv & <.)8we 1st gu g 5s 1942
Moll & Mai 1st gu g 4s..1991
N J June R gu 1st 4s...1986
N Y <fc Harlem g 34a...2000
2000
Registered
NYdfc North 1st g 5s... 1927
N Y ifc Pu Istcon gu g4s 1993
Nor & Mont 1st gu g 5s.1916
Pme Creek reg guar 6s. 1932
Hxofi
109
95
....
724 Feb’07
J’ly’bC
A-O
■Vf-S
J-D
Minn <fc St B gu
Mar’07
1084 Jan ’Ob
974
95 4
95 4
108
J’ly ’Ot
87
86%
86*4
112 4 113 4 Mar’07
M
Midi Cent See N Y Cent
MidofNJ
See Erie
Mil LHcfe W
See Chic &
MU & North
See Cli M <fc
Minn & St B 1st gold 7s..
Iowa Ex 1st gold 7s
Low
116
108
97
116
'
>
Dec ’Of
Mar’O"
Mar’07
107*4 Aug’Ofc
no
M-S
J-J
M-S
L<fc N-south M joint 4s.
J-J
N Fin & S 1st gn ft 5s...las'! F-A
J-J
F-A
3 F-A
L «fc JerT Bdge Co gu g LNA&Ch SeeC L&
& L
ahon Coal Sec L S «fe M S
) A-O
n hat tan Ryconso
Registered
1 A-O
J-J
rMcK’ptA B V iwN V Cent
gold 4s..11*1]
...
Wkr
1014 J’ly ’Ot
1
7
■>
l
Mex Cent consol
No
’
Mar’Or
99*- 13t
107 '
109
96*4 95
112
109
121
122 4
1 .1 -D
Metropolitan El
High
115*4 Mar'd'
Price
N. Y. STOCK EXCHANGE
January J
Lew
108
97
BOX 1)8
Range
Since
or
Last Sale
April 5
APRIL 5
2-5
Range
[Vol.
98
—...
y6
90
105% 105*4
...
Oct ’06
95 4 Mar’07
89
Oct ’06
90 4 Mar’06
974 Jan ’07
llo
Jan’05
108 4 Ang’U3
-
95
95 4
97 4
97 4
98 4 Dec’05
•;
....
Next Page
Telegraph and Telephone
F-A
F-A
M-N
A-O
J-J
F-A
F-A
J-1)
J-J
J-J
J-J
J-J
A-O
J-J
J-D
F-A
M-S
90
96
95
Mar’07
87
8?
107 4 Oct ’04
6i
Sale
......
......
106
63
107
107
87
65
% Dec’04
Muy’9 7
104
106
99
90 4
59
76 %
<»ct’00
78
94% sale
104*8
15U
....
1054 Deo’06
105
Feb’07
93
96
1 06 4 Jan ’07
105
105
102
Dec’03
100
Feb’07
J-J
90
90
9J 4 Feb’07
a
100*e
87
102% Apr’06
95
Apr’02
......
and asked,
95
10
Due Jan
5 Due Feb
78
784
19
93
95
106 4 106 4
i 104 4 1064
10
....
100
90
100
9S
93 4
cDue .»iar
9.14
Am Telep A Tel coll tr 4s 1929
Oonim Cable Co 1st g 4s..2397
Met Y A T 1st h t gns
1918
Midi. State Telep. 1st 5s.1924
N Y A N J Tel gen g 6s.. 1920
West Union col tr cur os. 1938
Fil aud real est g 4 4s... 1950
Mm UuTel stuuii 6s...1911
Northw Tel gu t 4 4s g.. 1934
J-J
......
......
90
Jan ’07
Q-J
1U4
97
M-N
105% Jly’o3
J-J
M-N
M-N
J-J
j 90
90
104
98
104
98
102
95
104
lo3
90
86
84
98
90
93
....
M-N
F-A
102% 102
98
>aio
104
105
97
104
103
Feb’O,
Feb’07
!
t
Mar'07
98
Mar’07
J'ly’04
20
100*4
104
....
Manufacturing A Industrial
Am Cot Oil ext 4 4s
1915
Am Hide A B 1st s t g 6s.. 1919
Amer Ice Secur deb g 6s...1925
Am Spirits Mtg 1st g 6s.. 1915
Am Thread 1st col tr 4s. ..1919
Am Tobacco 40-yr g 6s
1914
4s
d Due Apr
Q-F
91',
51- S
b
A-O
M-S
J-J
A-O
1951 F-A
h Due .i iy «c Hue .-vug
o
64
98
92*4
7 4
Sale
p
91*4
87
84
104%
78 4
i
■
s-
98
98
92 4 Mar’07
luO 4 sale
Dueoct
91*4
87
84
21
0
1
91*4
89
102
93
106% 786 104*4 110*4
74
615
714 79*»
Due Nov q Due Deo sOptionSale
793
Record—Concluded—Page 4
New York Bond
Apr. 6 1907.
<
UiKNUn
STOCK EXCHANGE
Wkkk Ending AraiL 5
N. Y.
Penn Co—{Continueaj
Eriedfc Pittsgug34s B.194G
Series C
194U
Gr KJfc I ex 1st gu g 4 4s 1941
Pitts FtW«fcC 1st 7s.. .1912
2d 7s
1912
A1912
3d 7s
Pitts Yde Asli 1st coil 58.1927
FCC&St Lgu4 4»A...1940
Series B guar
1942
Series C guar
1942
Series D 4s guar
1945
Series E 3Hi guar g.,.,1949
Series F 4s guar
1953
C St L A P 1st coil g 58.1932
Pensacola <fc Atl 6« L A Nash
Peo A East See <J O U A St L»
Peo A. Pek U n 1st g 0s....1921
1920
1939
6s.1939
Sag Tub «k 11 1st gu g
48.1931
Last Sale
Mai’07
98
91
100*4
115
1164
....
*
*
*
*
91
Tex&NOSabDivlst g6s.l912
Con gold 5s
19-13
19o5
-oPac BB 1st ref 4s
Southern—1st con g 5s
1994
Registered
1994
:
1154 Mar’06
Mar’06
120
98
j’iy’97
974 220
954
9634 Sale
100 4 J’ne’00
924
924 Sale
17
944
944
9S4
924
90 4
V
5s..1947
1951
44.-190*
6tL M A So East gu 4 4glU09
K C Ft S A M coug 0fl..l92t
K C Ft S A M By ref g 4s 1930
KC<fc M K«fc B 1st gu 58.1929
Oz’rk& Ch C 1st guos g.1913
St Louts So Sec Illinois Cent
St L S W 1st g 4s lid oils. 1989
2d g 4s luc bond ctfs...jil989
1932
1947
92 4 Feb’07
92
J.J
924
91
....
A-O
A-O
Rich A Dan con g 6s....1915
Deb 6s stamped.
1927
Rich A Meek 1st g 4S...1948
So Car A Ga 1st g 6s—1919
Virginia Mid ser C 6s. ..1916
Series D 4-5s
1921
Series E 5s..
1926
1936
General 5s
Guar stamped
1936
W O A W 1st oy gu 48..1924
West NO 1st eon g 6».. 1914
8 A N Ala
See L A N
O
12341284
1234
1234
a 107
110 4
1084
1084 1084
01
93
91
Feb’07
91
1024 Aujj’05
145
774 82 4
78
81
Salb
98
Nov’06
*
......
A-O
j.j
J-D
J-D
M-N
A-O
81
09
119
‘*814 Sale'
Jan’07
82
784
119
*67
784
A-O
J-D
J-D
St Paul & Dul See Nor Pacitlc
St Paul M A Man 2d 0s... 1909 A-O
1st consol guld 0s
1933 j.j
1933 J-J
Registered
Reduced to gold 44s.. 1933 J.J
Begistered
1933 J.J
1937
79 4
75
Sale
102
104
129 4 131
97 4
07
93
Mar’07
77
12
92
79 4
73
*12
1054 Jan ’07
131
Mar’07
134
Deo’o6
i‘07
....
1074 Mar’07
99 4
994 994
1004 Oct ’0»i
1004 Dec’06
99
i‘24
il7
131
824
97 4
95
83
.79
1054105*4
108
Mar’07
116 4 Apr’01
io7
Dakota ext gold Os......1910 M-N
Mont ext 1st gold 4s....1937 J-D
Begistered
1937 J-D
E Minn 1st div 1st g 5s.. 1908 A-O
Nor Div 1st gold 4s....194b A-O
Minn Union 1st g 0s....1922 J-J
Mont C 1st gu g 8s
1937 J.J
Will A S F 1st gold 5s.. 193b
8t P A Nor Pac see Nor Pad
St P A S’x Citv See C St P M AO
S A A A Pass 1st gug4s... 1943
8 Fe Pres A Ph »st g 5s...l94v
8 F & N P 1st sink l g 5s. 1919
See Atl Coast JL
Sav F A West
8cioto Vai A N E See X or A W
Seaboard Air Line g 4s ...195U
Coll tr refund g 6s
1911
Atl-Birm 3o-yrl st g 4s.el933
Car Cent 1st con g 4a...1949
Fla Cen A Pen 1st g 6s. 191b
1st land gr ext g 5s... 1930
Consol gold 5s
1943
Ga A Ala By 1st con 5s o 1945
Ga Car & No 1st gug 5s 1929
Seab tfc Boa 1st Gs
1920
Sber Shr A So See M K A T
8ii bp Oca A G see Atl Coast L
So Car A Ga See Southern8outh ern Pacific Co—
Gold 4s (Cent Pac coll).fcl94lJ
924
93
80
76
M-N
J-J
1937
97 4 Feb
98
A-O
119
131
131
108
108 4
10641074
i
97 4
97 4
98 4 Sale ' 914
109 4
111
Sid.*
114
88
91- Sale
113 4 115
38
91 4 92
113
108
914 96
92
•904
117
84
J-J
Sale
J
-,1-S
J-J
25
2
74
Mar’07
Jan’07
96 4 Mar’06
M-S
J-J
81
87
10641084
74
97
88
764
994
A-O
M-N
74
97
88
824
100 4
89
....
J-J
J-J
J-J
J-J
J-J
J-J
kl949
1949
Begistered
1949
Mort guar gold 3 4s..&1929
Through St L 1st gu 4s ’54
Begistered
Cent Pac 1st rei gu g 4s
Gal BLar A S A 1st g 0s..1910
Mex A Pac 1st g 5s
1931
Gila V G A N 1 st gu g 5s. 1924
Hous E <fc W 'i' 1st g 5s. 1933
1st guar 5s red
1933
H A T C 1st g 5s int gu.. 1937
Consol g 0s int guar...1912
Gen gold 4s int gaar.,1921
Waco A N W div 1st g 6s ’30
A A N W 1st eu g os..*.1941
Mar‘u6
1U6 ” Mar’07
110
Jan’05
106
Mar’07
J 09 4
•
106
106 4
87
J-D
J-D
.
9 )
974
F-A
F-A
96
1094
110
105
1034
1104
J.J
A-O
A-O
M-N
106
108 4
100” ibo”
48
874
85
90
Dec’06
96
974
99
Jan ’07
95
1004
99
82 4 80
984 984
103
105 4
61
99
Mar’07
984 Feb’07
Mar-07
i(*3
Nov’ue
109
100 *4 J ’Jy ’06
107 4 Feb’05
104
Aug’06
110 4 Mar’07
1114 Jan’07
93
Mai’07
116
Dec’06
109 4 Feb’06
10941104
111
112
92 4 944
"
J-J
1074
....
83
84
J-D
A-O
F-A
M-N
WIN
M-N
M-N
854
Bale
Sale
Sale
Ill
J-J *105
Sale
86
85
81
1084112
Certificates of deposit....
1114 Sale 1104
1014 101
100
95
60
62 4
63 4 Sale
100
M-S
J -J
..'.1954
2d gold 4s
Warren
See
106
106
M-N
F-A
J-J
J-J
5s 4
102
93
54
107
97
80
102
5 -)4 Sale
107
'
80
A-O
M-S
974
70
Salt
24 4 Sale
76
Sal®
.
,
By
06 106 4
l
4
111
110
1094110
94*4 96 4
1094109 4
17
....
108 4
108
117
117
93 4 94
«...
....
1 114
1184
2 111
111
....
.
...
.
..
1024 102 4
97
97
80
89
85
87 4
81
82
.
8
99*4 102
1014
191°b 193
1004 20
25
99
118
1114
93 **
98
974 99 4
120
114
1 118
10 111
73
94*4
88
o7*4
874
103 4
103
100
Mai’07
1114 101 110
2U
99
101
Nov’06
72
61
854
A-O
J-J
F-A
M-S
j .J
80 4
....
.
102
70
Mar’07
4 Aug’O s
03*4
109
80
a
Jan’o7
70
694
22 4
24 4
74
60
114
101
54
107
Feb’07
Lee’06
93
1114
-57
764
57 4 76
101
102
20
614
69 4
Mai’07
Mar’Od
594
Mar’07
Nov’04
102
47
77
69 4
80
20
32 4
99
74
55
824
08
....
106
ill 4Mar’07
93 4 Jail ’07
34
Feb’07
.
See South
1114113
102
A-O
J-D
J-D
Del Lac<fc West
Wash Cent See Nor Pac
Wash O A W See Southern
A-O
West Maryland 1st g 4s...1952
1952 A-O
Gen A conv g 4s
W Va Cent A P 1st g Os 1911 J -«J
West N Y A Pa 1st g 5s..1937 J-J
A-O
Gen gold 3-4s
Nov
West No Car
.
....
1024 Feb’00
98 ~ Sep ’00
Debenture series A
1939 j.j
Certificates of deposit
1939 J-J
Series B
1st lien equip s tdg 6a..1921
1st lien 50 yr g term 4s. 1954
Interim ctfs 50-yr 4s
Det A Ch Ext 1st g 5s..1941
Des Moin Div 1st g 4s..1939
Om Div 1st g 34a
1941
Tol A Ch Div 1st g 4s...1941
St Chas Bridge 1st g 68.1908
Wab Pitts Term 1st g 4s. 1954
..
.
103 4 Feb’07
110
J’ne’00
1064
1184
15 11C
874 Mar’o7
Gold 6s
19!i0 J-J
Uni N J BB A C Co See Pa BR
Utah Central See Bio Gr Wes
Utali<fc North See Un Pacific
Utica <fe Black B See N Y Ceui
F-A
J.J
era Cruz«fcPlstgu4 4al934
1939
....
80
Mar’07
Mar’07
Dec’00
Mar’07
Sep ’00
994 1004
Sale
984
99
118
119
1114 Sale 111
90
93 4 Sale
Utah
1939
....
Jan’07
100*4
10 L 4 Salb
•
48.1946
Wabash
1st5sgold os
2d gold
....
117
97
85
85
81
95
110
93
111
1127(* 113*i
2 110
117*4
1104114
68
694
117*8 U94
111
Sale 111
111
May’04
1L1
1024 102 4 Mar’07
Ill
106
944
ill'
114
114
92
Nov’06
110
Mar’OO
100 4 Nov’04
115
J-D
\fnr
94
116
88
115
92
.
....
J’ly’OO
Jail ’07
Jan’07
11‘i
93
4 Jan’07
954
111
Deo’06
J-J
A-O
......
t
.
.
117
108
117
•
JFer Val Ind A W See Mo P
Virginia Mid See South By
J.J
Va A South w’t lBt gu 58.2003
82
84
106 4 Feb’07
110
Oct *U5
Nov’OG
91
Mar’07
Mar’07
Jan’06
J’uc’00
J’ne’OG
1154 Apr’00
96
Oct '05
1114 Mar’0 7
1124 Jan ’Oti
Feb’05
98
Mar’07
106
112
Oct’00
1084 Dec’Ob
113
Dec’05
110
110
109 4
110
904 Jan ’07
109 4 Jan ’07
Vandalia consol g 4s ....1955
116
Aug’06
1154 Dec’06
112
109
103
105
Ill)
110
1*0*7 4
1074
....
93 4 138 90 4 95
29 108*4 113*4
HI
117
io3
103*4 104
....
Mar’O.
Jan’07
1174 117*b Mar’07
Sale
107
1 107
68
il24
M-N
M-N
M-S
M-S
M-S
M-N
M-N
F-A
j.j
....
110 4
Ill
66 4
....
111
Feb’07
113*8 Mar’07
1164
H64
1164 Sale
1:2
112
98
lol
103 4 10.'.4
104 4 104*b
....
Sep ’06
104
107
112
!
....
4 Feb*’07 ."77!
1074 107
......
\Low i/tyA
...
....
Mar’07
104
......
Ulster A Del 1st con g 6s 1928
13141314
....
"
1935
1364 May’06
J-J
J-J
J-D
107
107
1144 Dec’04
119 " Jan ’06
F-A
J-J
A-O
J-D
General gold 5s
Kan A M 1st gu g 4s....1999 A-O
Tol P A W 1st gold 4s....1917 J-J
TolStL & W urlien g348-1925 J-J
50-year gold 4s
1950! A-O
Tor Ham A Butt 1st g 4s. A1U46] J-D
J-D
1st refund g 4s
1952 A-O
Un Pac BR A 1 gr g 4s ---1047 j.j
Registered
1047 J-J
J-D
Ore By A Nav con g
Ore Short Lino 1stg6s.. 1922 F-A
J-J
1st oonsol g 5s
...1946
Guar refund 4s
1929 J-D
Begistered
1929 J-D
A Nor 1st 7s
1908 J.J
May’06
131 4 Feb’07
1074
J.J
A-O
Gen refund s r g 48
1953
St L M Bge Ter gu g 5s. 1930
Tex A N O See So Pac Co
Tex<fc Pac 1st gold 5s
2000
2d gold ino 5s
fl‘2000
La Div B L 1st g 5s
1931
W Min W A N W 1st gu 5s ’30
To! A O C 1st g 5S
1935
Western Div 1st g 5»...1935
Feb’07
Feb’07
1
Jauinirv
A0
Hi
Sep’oO
Xoy’OU
Feb’*)-'
Mar’07
1044
102
out Cr
«\
lUJ7ft
1184
J-J
J-J
MS
J-J
J-J
J-J
J-J
M-S
J-J
J.J
J-J
J.J
Range
-
Sale
ask Low
101
i
102 4 103 4 103 4
Spok Falls A Nor 1st g 6s. 1939 J-J
•
Per A of St List g 4 4s.. 1939 A-O
-L 1st oon gold 58
1894-1944 F-A
123 4
0
'll
Mob& Ohio coll trg 4s.. 1938
Mem Div 1st g 44*5s...1996
St Louis div 1st g 4s....1951
Ala Cen B 1st g 6s
1918
1948
Atl A Danv 1st g 4s
2d 4s
1948 j-j
Atl A Yad 1st g guar 48.1949 A-O
Ool A Greenv 1st 0s
1910 J.J
E T Va A Ga Div g 5s..1930 J-J
M-N
Con 1st gold 6s
1956 M-S
E Ten reor lien g 5s
1938
Ga Midland 1st 3s
1940 A-O
Oh Pac By 1st g 6s
1922 j.j
Knox A Ohio 1st g 6s,..192o J-J
alolxfc Bir prior lieu g 5s 1945 J-J
Mortgage gold 4s
1945 J.J
115
116
.cl909
1st g 6s..
Range or
Last
127
116
112
A-O
J.J
A-O
J-J
J-J
J-J
So Pacific of Cal—
1st g0sseries E<ft F...1912
1st gold 0s
1912
1st bon guar g 5s
1937
8 Pac of N Mex 1st g 0s.. 1911
So Pac Coast 1st gu 4s g. 193 <
109 4109 4
...
109 * Apr’02
115
Jan’07
106
Nov’06
106 4 Sep ’06
J.J
A 0
St Louis A S an Francisco—
General gold 08
1031 J-J
General gold 5s
1931 J-J
8t LA S F BB cons g 4s..’96 J-J
Begistered
1st guar gold 6s
Apr’04
May’05
10*'4 Oct ’06
1064 Feb’07
112 4 J ’ne’05
1004 Mar’07
91
Feb’07
Cal 1st guar g 5s. 1927
So P of Ar gu
1234 Jan’05
1004 Dec’05
J.J
See Pere Marq
g 4s...1947
81 L A Cairo See AloU A Ohio
Iron
St L A
Mount See A1 P
StLKC&N See Wabash
St L M Br See T BB A of St L|
Gray’s PtTer 1st gug 5s
Ore A
J’ue’06
119
119
110
A-O
J-J
A H
Consol gold 4s
-
April
Rid
High,
Low
....
J-D
Qt Jo A Gr lai 1st
Befuntling g 4s
6-year gold notes
1 January 1
High Ao
'.Mi4 Jan *06
98q A pi ’04
li»8
Sep’00
J .74 Oct ’02
113 4...... 116
Bleb A Meek See Southern
Bio Gr West See Den A Bio Gr
Booh A Pitta See B B A P
Borne Wat & Og See N Y Cent
Kutland See .\ Y Cent
Soutliw Div 1st g
aq/:
£ >
,
15;
Week's
Hr ic'
LYfo.!,
N. Y. STOCK EXCHANGE
Wkkk Ending April 5
St nee
6
....
J-D
A-O
M-X
A-O
F-A
*.1997
BOND-'
Range
Low
u
Jersey Cent coll " 4s...1951
Rensselaer A Sar See D <& U
Bloh A Dan see Sonth By
Oag Tus
ASh
•100
J-D
A-O
Phil B & W See Penn BK
Pluladfc Beading cons 7a.1911
Pitta Cln A St L See Penn Co
Pitts Clove A Tol ties B & O
Pitts Ft W A Ch Su Penn Cc
Pitta McKees A Y SeeN YCen
Pitta Sh A L K 1st g 5s...1940
1st oonsol gold 5s
1943
Pitta A West See B A O
1> ©ailing Co gen g 4s
1997
XV- Registered
April 5
1094
M-N
F-A
gold 4 4s
Flint A PM g 0s
1st consol gold 5s
Pt iiaron Div 1st g
Range or
A-O
A-O
M-N
51921
PereMarq—Cli«fc W M 5a 1921
2u
Frtce
Friday
Rl>‘
92
J-J
94
J.J
J-.l
J-J
J-J
A-0
VI. N
33
Weetc's
1114 115 4
93 4 934
....
....
34
34
87 4
874
89
1094 Deo’06
ill) ’ Doo’00
105
84
111 4
87 4
Aug’05
Jan’07
1024 Dec’05
Wilkes A East See Erie
Wil A Sioux F/SwStPMA M
J.J
Wis Cent 50-yr 1st gen 4s. 194
87
Sale
80
87
12
86
99
Sale
99
99
»
98*4 1U3
^
■—Concluden.
MISCELLANEOUS* BONDS—Conclu
frianutncturiiig A Ind list rial
Beth Steel 1st ext sf 5s.. 1926 J-J
Cent Leather 20-vear g 5S.1925 A-O
Consol Tobacco GO-vr g 4s.1951 F-A
Distil Sec Cor ecu v 1st p 5s. ’27 A-O
Int Paper Co 1st con g 6s. 1918 F-A
1935 J-J
Consol conv s f g 5s
Int St Pump lo-yr conv. 6s To J-J
Knicker Ice (Clue) 1st g6s.’2S A-O
Lackaw steel 1st g 68.“... 1923 A-O
Nat Starch Mle Go lstg 6a 1920 M-N
Nat Starch Co s t deb 5s..1925 J-J
Repub I A S 1st A coltros.1934
U b Leath Co s 1 oeb g6s..l913
U S Realty A 1 conv deb g 5s’24
U S steel C’orp— s coup .d 1963
Sf 10-60 yr 6a. ^ reg
Va-Car Chom coi ir 5s
..<71903
g.,1912
Westingliouse E<fc M si os
*
No pnee
’31
A-O
M-N
J-J
M-N
M N
A-O
J-J
Friday; latent bid
IUisQ*?fhuieoi
•
97
73
93
Sale
96
93
Aug’06
74
Mar’07
M-S
99
93
130
72 4 79
20
82 4 90
141
85
19 103 4 108 4
104
1
894 92
89 4
97
82 4
844 Sale
104 4 103 4
104
89 4
89 4 Sale
97 4 Mar’07
90
97 c oct ’05
*94 4
94’f,
94
82
Jan ’07
72*4 Nov’06
7o
96
9u
96
Salt
-
-
974100
+
2
lor*
>84 Sale
99
Sale
9 >4 Sale
96 4
94
Sale
Imp 5s
See Cent N J
Hoboken L A 1
947a 102
82
T,--r-r-
Am Dk A
824
50-yr 1st g 4S..1951
Provident Lohu Soc 44s.1921
N Y Dock
97
95
104
1004
104
Mar’07
88
88*6 i00 87 4 96
93 4 99
1265
95 4
99
964
93** 15 94 4 994
984 99
98 4 Mar’07
43
934 974
93 4
94
2
and asked this week. oDueJau
M-N
F-A
J-J
AO
M-N
M-N
M-N
J-J
F-A
M-S
J -J
1004 J’no’02
41
103
*
......
103
93
93
99
100
year..1917
Sp Val Wat, Works 1st 6s. 1906
U S Bed A Ref 1st s l s 6s. 1931
b Due Feb d Due Apr
....
93
94
Oct ’06
Mar’07
Sep ’00
......
50
St Joseph Stk Yds 1st 4 4s. 1930
St L Ter Cupples Stat’n A Prop
J-D
Co lstg 44s 5-20
S Yuba Wat Co con g 6s.. 1923 J-J
M-S
’
101
70
.
Feb’02
93
....
......
........
......
1
lol
......
......
.
......
"93
92
May’06
4 Sep ’05
112
J’ly’04
113 4 •Fly’00
90
Mar'07
«DueM»y jrDueJ’no A Doe J’iy
i'*i
...
......
....
.
....
...
....
90
95
pDucNov t Option Sal*
CHICAGO STOCK F1XOHA.YGE—Stock Record-Daily. Weekly and Yearly
STOCKS—HIGHEST AND LOWEST SALE PRICES
Saturday
March 30
Tuesday
Monday
April 1
Thursday
April 4
Wednesday
April 3
April 2
STOCKS
Friday
April 5
Range lor Year
Sales
the
Week
EXCHANGE
Range tor Previous
Year(1903)
1907
or
CHICAGO STOCK
Share.'
Ijovsest
Highest
lowest
Highest
iCtuii-oailH
155
155
6
*13
15
20
194
160
*4
15
20
6
*4
5 4
5
164
03 4
64
83^
85
26
65
42
25
60
,*23
*64
40
82
2o
*93
25
25
60
82
29
P5
30
.
w
*80
84
29
2° 4
95
32
*54
6
4
514
514
4
*
•
128 4
524
132
128
106
38
87 4
110
63
*
.
.
•36
*106
*45
P
M
P
8
M
*1
o
14
"578
139
41
124
«
w
H
*1
6
140
◄
42
P
50
<1
■d
*40
*1*26
•102 4 104 4
123 4 124
51
514
o
M
50
14
6
149
43
*578
140
124
1024 102 4
133% 124
w
e
H
P
H
77*8 78
H241134
71
71
no
7 634 7H34
113
1134
•71
72
110
•
*
60
90
105
*136
99
90%
♦
M)'*,
91
90
105
1054
140
101
105%
"136
140
99
99
14
14
104
l^
104
274
10 4
•26
*26
)
Do
pref.
City K)
pref.
tropoi W ;
Do
pref.
54%
)
Do
1
49
83
24
64
38
25
59
76
28
96 4
20
1
lo-.
J
l
600
1
Do
Do
pret.
195
225
51
778
)
pret
1 i;mc
street
MarlC 180
Apr 6| 140
5
Marl
Jan2-i| 5
Feb2»
15
Jan24
15
Marl4 464 Jan 2
39%
Marl3
16% Jan 2f
325
150
230
>
ns
83
*
*5 4
*51
6
106
J*
Q
W
pref.
81 150
4
5(
14
88<
15
635
4%
1
83
Last Sale 27
Mar’07
64 4
64
65
65
40
42
45
43
Last Sale 15
Jan ’0
Last Sale 60
Feb’Oi
*82
83
83
85
29
29
*28 4 294
97 4 97 4
9 4
34 4 34%
35
35
98
35
*64
514
r.m99mm 130
M
17^
Do
5 if*
IS
6%
*17
6
17%
ISO
Mar’07
15
*13*2
20
20
6
% Apr
19 % J an
Mar 2;
Mai 26
Mar 1
87
28
72
Apr 4
Jan 4
Jan 7
Feb26
Marl 4
Mai 25
4 5
1%
11%
28
57s
6
5%
63
52
53 4
Do -pref
130
132
130
Amor Radiator
Last Sale l;2 4 Mar’<)7
Do
pref
69
69
69%
69%
103
104
104% •103
Do pret
10«
•35
38
38 4
38
Amor Straw Board
*36
*36
37 4 Bootli (A) & Co
37 4
101
Last Sale 111
Feb’07
Do pref
10(
50
*50
53
50
Last Sale 165
Mar’07
Last Sale 16
Mar’06 Chicago Auditorium
Last Salt l
Mar’07 Chic Brew’gdc Malt’g....
Last Sale 6
Jan ’07
Do pref
•145
145
147
147
42 4 42 4
42 4.
42 4i
135
1344134 4 130
104
104 4;
104^
104% Chic Title & Trust... 100
124
125
125
Diamond Match
100
51
614 514
514
Last Sale 31U
Nov’06
Last sale SO
Feb’06
Do pref
100
Last Sa le 4\
Jan ’07 Masonic Temple ........
La si Salt 24
Jan ’07 M11& Chic Brew’g
Last salt' 27
Mar 07
Do pref.
77
7 b ‘t- National Biscuit
774
77%
100
113 4
Do pref
11341134 113 4
100
71
71
•72
77
National Carbon
100
no
’109
llu
110
Do
pref
100
Last Sals 5%
May’05 Page Wo Wire Fence....
Last Sale 99 4
J’ly ’06 People’s Gas L&C’kelOO
Last sale 54
Mar’U/ Sears Roebuck com. 100
*90
90
91
91
Do
100
pret
105 4 Swift & Co
106% 1054 105 4
100
Last Sale 140
Mar’07 The Quaker Oats Co. 100
99 4100
99
100
Do pref
100
2
1%
Unit'd Box Bd»fe P C0IO0
2
1%
11% 12
Do
11%
11%
pref
lOu
•20
27
27 4
27
Western Stone
100
Last
Last
Last
Last
I
Sale
Salt
Sale
Sale
52 4
10
294
4
CHICAGO STOCK EXOH’GE
Wicek ending April 5
Price
Week's
Friday
April 5
Bangs or
Last Sale,
.
4
25
15
Feb 2*
Marl9
4
16
21
3
100
7
Feb28
4% Jan 25
437
Feb 16
48% -Mario 56
20 129
Jan 7 133
Feb 21
Feb25
1224 Mar28 129
35 63
Mar 20 M) 4 Jan 14
10 106
Apr 3 109 Jan 7
20 30 = Jan 2 4 0
.'-I .n 28
o5
36 4 A pi
1 38 4 Feb 1
107
Jan 22 111
Feb 8
50 50
Mar 13
54
Jan 8
165
Feb 27 165
Feb27
1
Jan 9
1
Jan 9 •6
3<>6 129
Mar2! 149
140 40
Marlf. 51
60 1154Jau 2 134 4
110 lo*2% Mario 108 *
861 119 4 Jan 24 126
286 44% Feb 1
51 4
Jau
Jan
6
46% Jan 31
......
2 4 Jan 23
25
Feb 5
______
481
764
306 112
of
71
10 110
Mar29
3
Feb
8
Apr
4
Fen
28 4 Dec
54
Jau
Jau
101
Feb
17
J an
36
i >ct
L06
55
Mu)
Feb
16
Mar
1
6
Nov
L36
J’ly
48 4* Dec
.01
1
Apr
1 03
Mar
1 18
J’ne
41 42 Sep
Jan 11
4 Jau 23
27
86
Mar 4
Jan 14
J’ly
I
Jan 3
Mar 12
Apr 4
46
2
May
13^ Feb
46% Mar
J’ne
!
9
Apr
28 V Jan
_
78
Jan
1
32 4 Jan 24
18% Jan
20
20
3
Feb
Sep
2)5 Feb
23
Mar
95
Mar
122 4) 51 ar
'y:54
50
Aug 63 42
92 ‘4 Nor
99
i
Jan 11 y 42
t
<>
152
Ma)
99 4 Dec I0634
______
% Dec
5)4 Dec
Jan 32
)>’eb
May 7 9 4a Dec
Oct
Jan 119
88% I’ly
324 Jan 24
6)4
175
May
16 42 Feb
1
Mar
7
Jan
Feb
165
65
Feb
Jau
139,
Jan
118
! 47
t eb
7 1% Jan
48
1
Nov
Jan
Nov
Nov
40
Feb
113 42 J’ne
80
J'ne
Jau
3.4 Dec
46
21
62
250 90
Jau26
Apr ) 95
730 1014 MarlS 113 4 Jan 16
134
Jan 24 149
Feb 7
213 98% Mar’j: 102% Jan 16
1
Jan 2
2
4,369
Apr 4
6
Jan 2 12
4,993
Apr 4
100 26
Mar 20
30
Feb 14
Mar’07 Daly-West
Nov’06 Hubbard-Elliott
11% Jan
72
130
136
81
1 12
79% Feb
May
1% May
Mar2c? 117% Jan 7
Mai 29
84 % Jan 11
Mar20 120
Jan 17
o-t
J’ly
6
51
9
iHininir
Jan ’07 Bingham Con Mining 60
Not *06 Black Mountain
Chicago Bond Record
BONDS
*
A pr
Dec
J'Jy
12 42 Ma*
54 Sj Jan
6<
Feb
8 *
Oct
03 4> Feb
Oet
25
30
J’ne
72 4 Nov
654 Oct
.5
Mar 85
M ar
23 42 J’ly
28 42 Feb
60
M ay 68 42 Mar
80 42 Apr
90
J’ne
27
May 35% Nov
07
Dec 102
J’ne
23
Feb
Apr 60
Jau 24
Jan lo
25 4 Jan
64 4 Jail
90
Jail
31
Jan
Jan
98
35
Ajir
Sep 200 Jan
T >ec
7% Jan
4
3
9
J ciu 1 ^>i
Jan 17
t>5
Miscellaneous
*105 4 106
*35
38
864 36 4
*106
110
"48
63
<
5*4
54
40
?
20%
84
26
♦
20
84
*50
•23
-
15
20
1H4
*25
*e
...
5
64
184
544
164
53 4
834
175
’160
Last Sale
160
28
Dec
29%
7%
14%
34a
J’ne
May
Dec
Sep
sop
Jan
Feb
2%‘Jan
17 '4 .J an
42
Mar
J’ly
41% Fob
14 ‘4 Mar
Mar
20% Xov
J’ly
4
*8 Oct
Chicago Banks and Trust Companies
h
II
Range
Outstand¬
NAME
for year
1907
ing
Stoek\
Dividend
Surplus
Profitsf
K*
In
1906
<es
Reenru
Per¬
Last JJuiu
iod
1
Bid
Amer Biscuit 6s
1910
Amer Strawboard Ist6s..l9ll
Cass Ave A F G (St L)—
5a
1912
Clue Board of Trade 4s ...1927
Chic Consol Br <fc Mlt 6s
Chic Consol Trac 44s
1939
Chic Edison—
Debent 6s
1913
1st cold 5s
A1926
Chic Auditorium 1st 5s...1929
CI110 Dock Co 1st 48
1929
Clue No Shore Elec 6s.... 1912
Clue A Mil Elec By 5s
1919
Chic Pneum Tool—
1st 6s
al921
Clue Rock 1 <fc Pac RR 48.2002
Collat Trust g6s
1913
Commonwealth Elect—
os
61943
Illinois Tunnel 5s
1928
Kans City Ry A Dt Co 5s. 1913
Kmckerbcker Ice 1st 5s.1928
Lake street Ei¬
lat 5s
1928
Income 6s
1926
Metr W Side El—
1st 4s
1938
Extension g 4s
1938
North Chic St 1st 5s
1909
1st 5s
1916
^
.
........
Refunding
g 4 4is
No Chic City Ity 4 428
North West’u El—
J-D
j.j
A-0
F-A
A-0
A-0
j.j
J-J
794 Sale
*101
Note.—Accrued interest
mus
J-D
M-N
J-J
J-J
A-O
M-N
Sale
994
1014 102
55
56
55
90 42
Sale
iof
*ibT
*99*
100
*73
M-N
F-A
J-D
85
M-N
70
100
101
99
Sale
Sale
78
J-J
98“ ”984
93%
90 f. 9085
80-
90
83
Dec’06
Aug’06
Feb’07
90
93 4 Mar’07
17
75
76
89*4
90 4
92
97
-Nov’06
101
Mar’07
100*4
984
100%
984
114
Nov’04
70
73
85
85
68 4 Sep'06
72 4 Deo’06
76
78
68
75
3H 85
16
A-0
t be added to all
Okie ago ho nd
70
78
prioee.
Begar,
•
12
10
l
8
6
10
12
Railway Exchange....
South Chicago Savings
Security
State Bank of Chicago.
Stock Yards Savings
Union Bank of Chicago
..
Citizens Trust A Sav..
colonial Trust A Sav..
Drovers Trust A Sav..
First Trust A Savings
Harris Trust A Sav
Illinois Trust A Sav..
Kenwood Tr A Savings
Lake View Tr A Sav..
Merchants’ L’nATr Co
2,000,000
£2,000,000
...
etropolitan Tr A Sav
Northern Trust Co....
Northwest Tr A Sav...
Peoples Trust A Sav..
Royal Trust Co
Stockmen’s TrA Sav..
Union Trust Co
Westers Trust A Sav.
W Side Tr A Sav Bk..
Weedlawn TrASav Bk
500,000
50,000
600,000
200,000
,
1,250,000
4,500 000
200,OOu
200,000
3,000,000
an
Q-J
Q-J
Q-J
Q-J
.Apr
Apr
Apr
Apr
Q-J Apr
Q-J Apr
6
12
6
•••
6
Apr
10
Q-J
”3
Q-F
6
Q-J
Began busin less
12+3 12+3 Q-J
58.8i >1
33,751
Beuan
6
6
Began
4
Orga
8
i 141,613 .None
’ll 3*8
~
-TMT
*
.
47,418
*i(7
639,6.6 5 + 5
6
6
70,03*
863,892
258,122 Bogan busin
7,6 i.6,360 12 + 4 12+4
i 33,381
$26,673
urga nized
12
12
4,116,636
6
6
328,745
^
q'-’j
y
.
U
8
8*
■'
334,012
"
•••
’07.
1 4
?’eb
’07,
’u7, 14
lb, 190').
1tpr ’u7,
.J)pr. '0 7, 14
ltpr ’07, 2
:an
Nov
C+F L
200,000
1907
e<s
~6
6
Feb
1
Q-J
Incor porate d M
319,253 Began
’07. 1
’07, 4 4
_
Orga nized
200.000
Feb
12, 1906
Q-J
Q-J
Q-J
J’ly
8
’07, 14
’07, 2 4
’07, 2
Q-J
8
Q-J
busin ess
5
Q-J
nized uct
a
(qj* J
537,67i Began May 1, 190
6
444,76t None
Q-J
2,454,86b
8
8
Q-J
7
4959,113
64
Q-J
n§87,653
750,000
1,500,000 51,795,559
200,000
331,236
200,000
348,526
500,000
3559,630
35,421
200,000
1,000,000
898,992
1 JFK),000
288,760
2
14
3
14
2
14
7, 3
busin 'ess
Dec 8, 1906
6
Q-J Apr ’07, 14
6
Q-J
"8
8
6
5
3
10+10 Q-J Apr ’07, 24
8
•
’06.
’07,
’07,
’07,
’07,
’07,
’07,
’07,
’07,
8
3
Q-J Apr
busin ess Oet 16. 1905
12
Q-J Apr ’07, 3
F-A Feb
200.000
300, oot
1,000,000
250,001)
200,000
200.000
Q-J Apr ’07. 2
J-J
J-J J
Priv ate Ba 11k
6
6
*200,001)
250,000
2,000,000
1.5.00,00<
1,000,000
200,000
50,000
100,000
250,000
c500,000
300,000
250,000
’
8
200,001
Mutual Bank....
Nat Bank of Republic.
National City.
National Live Stock...
North Ave State
North Side State Sav..
Oakland National
Prairie National
Prairie State
Pullman Loan A Sav..
M
T
....
1,000,000
3,000,000
1004
1024
984 99
12
500,000
8,000,000
100,000
500,000
1,000,000
500,000
)
n
98
100
42
)
Chicago Sav Bk & Tr..
Feb’ol
8
200,000
97
101
1024
104 4 104*4
101
102
Mar’07
994
,
95
Sep ’06
994
Federal National
First National
First Nat Englewood..
Foreman Bros B'k’g Co
Fort Dearborn Nat
Hamilton National
Hibernian B’k’g Ass’n
8
5
10
12
8
6
12
6
7
?
)
1
)
50,000
3,000,000
200,000
600,000
Union Stock Yds State
Amer Trust A
Savgs..
Central Trust Co of Ill
Mar’06
Mar’07
Oct '06
87
Deo'06
964 Jau ’06
H Dividends are paid Q-J, with extra
an-i March 23, 07 for State
institutions,
were made on this day.
f No price
10234
May’05
8934
Cook Co State Savings!
Corn Exohange Nat...
Iirexei State
Drovers Dep National
Kaspar State Bank
90
100 4
97
99
99 4
118
101
104 4
101
103 4
81%
5
Commercial National.. o2,000,000
Continental National..! 4,000,000
-Monroe National
914 Feb *07
79
75
91
93 4
77
13 100
90
82
90
$2,000,000
100,000
500,000
Englewood State
100 4101
101
90
Dec’06
98
Jan '07
99 >4 Nov'06
100
Bankers National
Calumet National
Chicago City
78 7s
794)
79
Nov’04
80
Apr *04
16
97
98
99
Consumers’ Gas 1st 5s.. 1936
Mutual Fuel Gas 1st os. 1947
South Side Kiev 4 4>S
1924
8Wirt A Co 1st g 5s
1914
Union El (Loop) 5s
1945
Union Paeilic conv 4s ....1911
United Box Board 6s
WeetChie St 1st os
1928
Tunnel 1st 5s
1909
Debent 6s
1914
Consol g 5s
1986
West DivCity Rv 4 4s.. 1932
West’rn Stone Co '5s
1909
100
1004jNov’(>6
M-S
M-N
1947 M-S
g 5s
Chic Gas LtAC 1st 6s..1937 J-J
High
Apr’04
100 4j 1004
100 4.
100
96% Jan ’06
98
87
Feb’06
J-J
Feb
Refunding
Ixm
100
Mar’06
100
M-S
M-N
Gas LAC 1st 6s. 1943 A-0
101
103
55
Sale
90
92
4*60s Senes E
4*80s Senes F
No.
Mar’07
155
M-N
M- S
J-D
M-N
A-0
High
101% Mar’07
J-D
j.j
1911 M-S
1945 M-N
1916 J-D
Pearson s-Taft 5s
4*40s,
100
j.j
90
83
Ogden Gas 6a
Ask Lots
99 4a
F A
J-J
J-J
J-J
1931 A-0
...1927 M-N
1st 4s
People’s
F-A
j.j
a
6+1
Q-J )
busin
6
ess
--ep
Q-J
,
5, 15*0(3
payments Q-F.
Includes special dividend of 30% paid Dec. 18, 1906.
t Ma ch 22, ’07 for National Banks
except those designated by (3) which are of date Jan. 26 and Jan. 28. respectively.
* Bid andaskod uncos; no saies
Friday; latest price thir week, a Dae Dee. 31. b Dae June, c Capital increased Jan. 1.1967 from $*50,000, a cash divi¬
dend of 30 per cent being declared and to be taken as
part payment for now stock. K Due July. £ One million dollars transferred in Dec 1906 from surplus
accouut to capital, making latter
$2,000,000. nCapita. and surplus to be increased. oCapital to be increased to $3,000(009. s Japdal to bo increased to $30),000
tVlegr ifc Telephone
Bid
75
1; Amer Telegdb Cable 10b
*125
'iCeutraidb SoAmer. 100
113
Cummer Un Tel(N Y).25
75
Emp <fc Bay Stale Tel 100
45
Franklin
100
liGold do Stock ....... 10O 105
55
Hudson River Teieph i.00
1lN Y «& N J Teieph... 100 112
11 North western Teleg. 50 105
Volume ot dusiuess at Stock oxciianges
Stocks
*nding
Par value
Shares
1*<7
U S
Bonds
State
Bonds
Railroad <kc
Bonds
April 5
KXCHANOK,
THE MEW VORK STOCK
WEEKLY AND YEARLY
i'KAxNSACTIUNS AT
DAILY,
Week
Wednesday
Thursday
Friday
94,954,600
82.214,000
2,675,5G0
$70,590
118,500
166,000
10-.741,300
117,207,100
3,345,000
2,710,000
218,600
$1,739,000
$91,440,650
1,031,5*. 1
1,054,886
947,943
1,226,813
1,349.316
2,792,000
Sales at
Bew Icork Stock
Government bonds
731,500
bomls
RILaiidima. bomts
State
bonds....!
13,261.500
$14,002,000! $17,236,500
TRANSACTIONS AT THE
j
iyol
1906
$151,064,500
$232,201,550
Unlisted
Bond
share~s
sales
Saturday
MonilayT
Tuesday
Total
HO LI DAY
31,366
$37,500
26.167
16.030
36,293
112,000
53,872
57,000
47,332
18,000
70,957
47.564
*2 i *4*6*3
45,i8
31,567
40,101
14,474
37,529
39,538
235,371
128.440
15,436
Bond
sales
Unlisted
shares
LackSteel
...
....
"
Wednesday..
Thursuay
Friday
<
Listed
shares
$2jj$>,500
$81,200
10,676
_
193,030
...
89,000
14,486
18.136
17,263
11,622
119,700
95,000
101,300
72,183
$486,200
Outsid# Securities
A Wee kin
Street
Review o'
Outside Market will be found on a
Kailwuy*
Bid
NRW YORK CITY
Heecktetdb Pul
lilalinortis 1950
£
on
31
90
235
104
10U
Exch list
105
100
300
250
116
108
190
176
170
160
Exch List
28
F atk ]
5a 1943
Dry DEBdi B—
106
95
350
100
350
60
1
108
93
400
400
70
$101^ 103
72
07
Av.
2d St M
J42ddb
GrdbStStP’yN atk.
111st mort 6a
1910
list
clia’ge
k Exc
list
95
160
185
96
180
195
102
LOU
170
104
106
)
J
)
$lUO
$106
155
$100
)
Sou Boulev 6a 1945.
So Per 1st 5a 1919...
Third Avenue See S
28th db 29th Sta
lat 5s
.
85
220
..,
lilat gold 5s 19323.
TjScrii) 5a 1914 ...
Eighth Avenue stk.
IjScrip 6a 1914 ...
Street
Ask
Railway*
Bid
$ 67
1949
M-N 112
So J Gas El <fc Trac 100
$ 96
6a’14 J-J $103
J-J $100
5a 1928
M-N
Ext os 1924
$110
Pat City con Gs ’31.J-D
$100
2d 6s
1914 opt A-O
So Side El (Chic)
See C
1946
Syraouse Rap Tr 5s
V36
*28
Tl West Chicago St ....100
liCon g 5s 1936....M-N
100
Amsterdam Gaa—
) i
1st consol 5a 1948..J-J
NYdsERGas lat 5a’44J-J
t
Exch list
105
Consol 5s 1945
J-J
1 $100
102
) $100
N Y<fc Richmond Gaa. 100
105
Nor
Un
1st
5a
1927.M-N
H«
3 $100
400
J
3i0
^Standard Gaa com ..100
New
106
105
$100
$100
101
k Exc h list
181
165
1
99
200
list
)
109
)
J
i
J
170
s
i.
[)
3
t
s
1st 6a 192
105
list
list
210
100
100
115
7
©H*
1st 5s 1947 See
Con Gaa of N J 5s
Exch list
92
122
50
56
103
ill
45
Wayne 6s 1925..J-J
52
75
Gasdb El Bergen Co..lot)
65
104
11 Gr Rap Gist 5s*15 F-A $109
108
10U
k Ext h list Hudson Co Gaa
Indiana Nat & ill Gas—
99
10
112
lat 6a 1908
M-N
$108
Excli
list
Fort
$107
$105
50
15
60
93
100
55
$
94
$ 95
110
59
99
List
)
liicago
Chicago City Ry
See
94
90
103
Coiuiubua (O) St Ry..l( ) 102
50
45
L09
Laiay’eGasl8t6s’24.M-N
Preferred
H 9 107
30
35
Colum Ry con os See 1 1 ila list
$10(i»* 110
105
Crpaat’wu lat5a’33. J- J $100
132
70
Newark Gas 6s 1944.Q-J $128
66
Grand Kapida Ry....lt 0
90
88
87
84
Prelerred
....It 9
104’ 100
: hicago list
l^ake St (Chic) El
See 1 $109 E 1111*
$102
107
) $103
)
_
1)
lx
26 E
2678
■
x list
IjGenM g4Ea’35 S e
North Chic Street See ; hicago list
95
90
Pub Serv Corp of N Jl( )
03
62
Tr ctf8 2% to 6% perp t
93 *a
$ 92
Coll 5s g notes ’09 M50
J
40
73
$ 71
72
7o
)
105
) $ 103
110
$108
) 235
$105
lst 5s 1921.
IBuyer pays accr’dint. tPrioe per ah.
»
-
T
29
65
71 ^
Stk E
St
$100
Joseph Gaa os 1937.J -J $
Electric Companies
Chicago Edison Co See C hicago
35
7 0
102
85
Prelerred
100
UuitedElectricof N J100
4s 1949 ..1
J-D
120
60
70
124
99
70
HO
75
>
1
1
90
60
67
fsala price. aEr-rights.xEx-div.
69
225
92
84
UE
22
63
107
1*0*3
7
50
135
7*4
22
69
105
Internat’l Nickel
100
83
Preferred
]0o
15
International Salt
lOb
60
1st g 5. 1951
a-O
5
International Silver. lot>
VO
Preferred
loo
1st 6s 1948
**J-D loo
50
Lackawanna Steel...lot,
Lanston Monotype
20 t-CiL^
135
8
23
70
11 5
87
18
60
10
109**
185
52
125
95
125
,
vJe.x,Al11
Construe, pi luo
Mitohell .Mining
Hi
t>S
10
20
0
19 >4
70 -Stk E
x
Monougahelu R
Prelerred
Coal.*50
5(i
Co’*.iou
3°b
t
1
7
23
f
list
imp.ioo
*90
26
125
78
165
....
See Stoc
k
150
Ex
list
180
190
101
103
41 Hi 43
Ain Grapliopho com..loo
80
83
10b
Preferred
115
118
Ainer Hardware
1 Ou
1U0
104
Am Malting 6s 1914.J-D
90
100
3
30
6
95
Am St Found 6a ’35 A So O $ >94
187
E
195
American surety
5u
4'4
4*4
.American Thread preL.d 1
315
AuiTobac(new) comluO 300
Pref, 4s, 6a
see Stock Exch list
40
42
Am 7 yp^o’rs com..
95
100
Prefei red
American
Chicle Co.
2*4
19
82
’09.J • J
n
H Betlil’m Steel Corp
11 Preferred
latest 5s--See
12
23,
21
83
72
140
liNew York Dock ....100
1iPrelerred
loo
N Y Tt» usportatiou .* .2b
5
Nipissiiig Mines
IjOntano Silver
49
t
1*100
Otis Elevator com... loo
Preferred
*H>0
Phoenix
Securities'll....
5u
Pittsburg Brewing
*
l
fat preferred
lOu
2d preferred
100
Pratt So Whitn pref..ioo
Public Serv Corp of Va¬
let m g 5a Jmy 1936 opt
Realty Assoc (iiklyu)loo
Royal Bak Powd pref.ioo
Salety Car Heat do Ltloo
25
Mining
.’loo
Sinner Mig Co
Standard Cordage
.100
latM.g.5s.’3i red.. A.O
Adjust..U.5s. Apr 1.1931
stanuard Coupiercoinloo
Prelerred
loo
Staudard Milliug Co.100
Prelerred
HR)
1st 5s 1930
J*M-N
Standard Oil ol N J.. loo
Swift do Co See Boston St
1st 5s 1910-1914...J-J
..1st 6s 1908
Title Ins Co of
3
100
13
5‘*4
35
85
......
Preferred
50
Pittsburg Coal See Stock
Pope Manufacturing.loo
Senecu
39
80
4
7o
1
NUes-Bem-Poud com. 100
14^ lii'exaado Pacific Coai
\
100
A-O
Y..100
115
13 E
6*<
45
90
e
E
*
31
60 E 51
Exch [181
2
60
10 E
13
98
102
......
95
145
100
250
97 E
155
IU4
260
80
100
510
7
E
43
50
8
U
45
6.”>
115
125
6
9
3 1
34
77
80
515
620
k Exc h’gi
iOi
$
74
85
3
$104
160
N
list
135
1 45
Tonapah Mm (Nevada). 1 r 18 E
14
Trenton
Potteries
comlOO
130
134
92
Prelerred new
loo
3/6
35
.100
ioo I/O Trow Directory
E
Union Copper.
10; 1
106
109
83
8 E Union Typewr
8
British loI Copper
5 t
115
lat preferred
27 ^ 28 E
10U
Butte Coalition Min.. 15
2d preferred
2
5
100 112
t 52
United
Note
Bk
Corp..50
70
80
Preferred
50 t 50
130
140
s5
127
132
HUnited
loO
Celluloid Co...
617s
Uniteil Copper
10
15
100
80
Preferred
i.,100
75
65
U S. Casualty
lOu 225
3
2E
30
U S Envelope com...luo
HE 13
97
71
73
II Preferred
loo
Deb 6s 1919 op '01M-N
U S Steel Corporation—
105
185
Col tr a f os’61 opt ’ll .. $106
400
430
Coltrs tos’51 not opt.. $107
icago list
Chic Pneum Tool.
U S Til Gu db Indem.. lOO
98
95
tk Ex
102
110
1i U tah Copper Co. see S
Stk Ex chaug
170
1834
17
100
••••••
com..*ioo
JigarMfg.,p*L
90
93
74
list
200
60
12 E
195
96
Lawyers Mort Co
loo
70
99-\ IjLehdb Wilkeab Coal.5b
130
Lord db Taylor
99
10b
100
Preferred
luo
99 E
140
97*4 DLoriiiard (P) pref ...HRi
Mackiy Companies See Stk E x list
15
25
Madison Sr Garden..100
73
2d 6a 1919
.\1.2s
3
6
3
IjMaulmtt BeaeliCu.loo
3\
20 t
Manhattan Transit
3
3<E
13
17 •
100
98E
97 E
Alliance Realty
100
Allis Chalmers Co 1st m
s f 5s ’36 opt T6.. J- J $ 72
American Book
.100 155
140
lou
American Brass
..
1iKingaCo El LdfcP Co 100
Narragan (Prov) El Co 50 t
N Y db Q El L&PowColOU
99 E
n
275
118
102
99°g
99S
Seaboard Air Line98;
Coil 5aextMay ’ll.M-S
SeaboardCo
See Bait Exch list
lat sf g 5s’19 op
$102
ludiauapolia Gaa
4
Stock
’36 J -J
92
OTHER CITIES
Ry—
7ie
^
'
Exch
Exch
i
102
921*
$ 94
98
Buftalo Street
102
90
88
104
Steinway
99
80
100
109
210
99E
Prelerred
104
1U0
42
102
35
$
) $ 98
) $103
BkinC$ Code Sub
Bklyn Kap Tran
*963b
$ 94
$100
$ 97
12
10
51
9
90
luO
Mortgage Bond
105
Nat Bank of Cuba....10b
175
National Surety
10b 165
t
14'4
14 E
$ 105 ** 106 E Nevada Lous’d Copper.5
4;v
4fla
Nev-Utah Min j* sTu.li r
100
125
36
40
36
‘[New Central Coa!
2t
t 30
35
74t 70
NJ.Ter Dook<fc
N A Biscuit 6s 1911.M-S 102 E
HRailroad Securities Co.180
190
N Y Mtge«& Security. 100
83
e
86
ILLC.stk.tr. cts.aer.A’52
31
KAuienoun Can
OTHER CITIES
BROOKLYN
Con 5a
99
100
M-N $ 99
1i Preferred
1st 5s 1930
income 5« 1930
Clue Subway
100
Ft W co Den Cy i>td..l00
Great Northen Ore
see
N Y N H db HartfordCon deb 3 Es 1956. Jdb J
North’n Secuntiea Stubs
Pitta Besadb L E
60
Preferred
50
Ahmeek Mining
NEW YORK
IjMutual Gas
1
99 E
98
99 E
industrial and Jliscel
78
Securities
g’27.JdbJ
See St
$
$
$
$
$
$
$
$
Ui.ag
98^
99 L,
97
09
98;*4
9 3 3b
99 Hi
987a
9434
96°4
95 Lj
99
98*4
983,
96^i
pref.100
Deposited stock
Undeposited stock
Prior Hen g 4 Es’30MdbS
Con uitg g 5a 1930. J A J
34 7*
67 °g f 07^
Exch list
Gen 4s 1934....Sea Stk
Extlr* list
U mt RyaSan Frau £e«Stk
37
34
Wash Ry & El Co....100
81
79
100
Preferred
83
81
4s 1951
J-D
Cent Un Gas 5s
Con Gaa (N Y)
$
$
$
$
49
96«8 lnt’n’1 Merc Marine. 100
Prelerred
100
99«s
Col tr d 4 V22op’07A-O
98 7b
$
Ohio Peo So St L
list
106
102
»
$
$ 967b
$ 96\
$ 94*4
$ 96
*7*6
102
1943J-D
United Rys of StL—
Com vot tr otfs
100
1! Preferred
100
Gu*
73
Ask
116
98
M-S $105
Trent P&HDs
98 7b
Ruilrouvi
35
4a g
Gu g 6s 1953
No llud Co Ry
99 \
98 S.
$
WestinghEldb M 6 s. 1907 6
Whooi’gdb L E 5a ’Os-F-A $
preceding page.
Pub Serv Corp N J (Con)
J C Hohdb Paterson loo
g5a 1909 ..M-S
5a g lylo
M-S
Lake Sh & M So 5a’l0 F-A
Lou So Nash g os TO.M-S
Mich Centos 1910
F-A
Mmndb StLg 5s’l 1.. F-A
MO Pac 5s Feb 10 ’08. F-A
Nat of Alex 5a’u7.opt A-O
F-A
N Y Cent 5s 1910
Penn Co gu4 \s 1907 M-N
PaRR 5s Mar 15 T0.M-S
StL&SF g4 E’08... J-D
South’n ooutr os ’09. A-O
South Ry g 5s 1910.. F-A
Tidewater Con Co 6sl9ou
U S Rubberg5s’08..M.S
10
5
ilackeusack Water Co —
Ref g 4s 52 op 12...J-J $ 90
77 E
Hall Signal Co
10u
93
14
91 E Havana Tobacco Co..100
20
Prelerred
HKi
97 E
60
1st g 5s June 1 ’22. J-D
97 '4
flecker Jones-Jew’l Mill
98
lat 6s 1922
M-S 104
99 x
38
983* Her’g- Hall-Mar, new. 100
200
99 7e Hoboken Landdb ImplOO
93 E
1,5s 1910
M_2s $100
5
200
99 *s Houston OH
Preferred
*100 40
80
97 E Hudson Realty
luo 120
49
97E TIngeraoll-Raud com 10b
90
95 E
II Preferred
10u 126
97 E Interuat’lBankingColOO
98
$
$
75
GnggenheimExplo’u.lOO
Short Term Notes
Cig ser A 4s ’11.M-S $ 91
Ser B 4s Mchi5’12.M-S $ 90
Am Tel So Tel g 5a’ 10 J-J $ 97 **
Atlan Coa>t L . a ’ 10.M-> $ 97
BulfRochdbP g4 Es’OUF-A $
4Ea 190A-O
Ohio So W Ind OaTOFdbA
Cin Ham & D 4 ^s’OS.M-S
Interb R T g 4a 1908 M-N
5a Mch 1910
M-S
KanCSo g5a Apr’12 J-J
5*4
12
33
..
81
28
Am
Cent Cross n gu5sMay’09 $
Chic db Alt 5s 1912... J-J $
Ch R 1 So Pao 4 *jS’07. J- J ✓
5
10
30
*
Preferred
HR
40
3<>
1i Federal-Sugar, com.. 100
5
80
1! Prelerred
loo
70 - 75
20i»
Jeueral Chemical
1UC
O'
*1 Prelerred....
10(i
2
2E
Gold Hill Copper
1 t
17
f
16
E
Greene Caiiunea
2o
f
25
24*4
E
Greeue Con Copper...lo
IE
1*4
Greene Consol Goid...lu t
1=*
17*
Greene Gold-Silver.... 10 t
70
80
M-N
1.11st 5a 1920
$607,400
20,726,650
201,867,600
M-N
"9 E
73 E
73 E
124 E
123
*9*
”lOb
Empire Steel
$103
iiobFy 1st 5a 1946
Exch
100
2 ot>
100
HR
Electric Vehicle
Preferred
i.S*
’* L
list
8
5
Electric Boat
Preferred
S3
101
N Y&N J 2d 5a 1946.J-J $100
30
10th db 23d Sts Ferry 100
1st mort 5s 1919...J-D $ 70
25
1iUnion Ferry stock .100
90
Philadelphia
Listed
Douglas Copper
105
106
106
BOSTON AND I’UUAOKLPHIA
shares
^Diamond
Match Co. loo
Dominion Copper(ne w) 1 (
114
tio
IOO
EXCHANGES
April
115
65
Brooklyn Ferry stock 100
Bdb NYlstOs 1911.J-J $ 95
60
N Y <fc E R Ferry atk.TOO
$9,000
134,423.500
Boston
.75
Cramps’sh<v:Eu Bldgiuo
uOrucibie .-teel
..100
H Preferred
....u>b
Bin
| Cons
S3
70
1st 5s 1922
M-N
N Y So Hob con 5a ’46. J - D $100
April 5
$243,000
16.398,000
$66,000
2,558.500
14 612,000
$9,000
140
ana il.vc.
Storage Battery loo
i Corn Prod Ref see Stock
! Industrial
A sk
Ferry Companies
76,992,765
5,415,574
BONDS
DAILY
95
8 4,658,252
$462,567,650 $481,1*29,200 $6,546,473,835 $7,653,260,000
$189,600
$122,700
$>25,000
5,610.509!
Stocks—M o.sharea
Par value
Bank shares, par..
Total
IjSoutheru db Atlantio 25
3,000
1907
1906
1907
Exchange
$6,000
$731,500
January 1 to
April 5
Week ending
75
158,000
$13,261,600
5,610,509 $492,557,650
Total
25
Pacific db Atlantic
HOLT DAY
Monday
795
THE CHRONICLE.
Apr. 6 1907. j
1st g 5s
1917
J -J $ 82 E
*76
85
Waterbury Co, com..lOu
Preferred....
100
Westchester
db Bronx
Title db Mort Guar.lot)
48j4
45
34
89
120
120
56
53
95
62
90
E
101
109
110
100
list
49E
102
167E 172E
27
27 E
luo
101E Western Ice...
50
westingh Air Brake..50 1144
3 E
4 E 11 West El & Mfg— 5b See Stk E X list
4
Wnite Knob Min
10
6
2E
2*4
Preferred
10
30
20
Worthing Pump pref.100 110 - 118
37 E 43
97
46
tNewatook. uSelia ou St’k Exon., but uot a ~ery aotiv® aeoarlfy.
BOSTON STOCK EXCHANGE— Stock Record, Daily. Weekly and Yearly
■•liare Fricew—Not Per Centum Price*
8atur<lfl-v
Tnseday
Monday
April l
March 30
Wednesday
April 3
April 2
STOCK!*
BOSTON STOCK
Frida u
Thursday
April 4
EXCHANGE
April 5
O„
€
Zfj
1
■
^anne
7 907
J
Lowest
s
1
Yeat
tor
h'anae
r-
Treviotu
tor
Year(1906)
Lowest
Hitihent
Kailroad;,
90S,
_
92H»
90H
95*8
94
94
953 ,
*94 V, 95V
*95
*94*5 95 *2
230
2XUu i *230Hi233
231
231
*143
! 144
144
144
l43Hi 144
*
I*...... 23 *
230
i 160 160
100
100
159
100
*
1•
166
165
*.
105
•
297 *
297Hi298
!
23 •» 23 *<
23 Hi 23 *■i
*22
23
*
*
72
72
72
147
147
115
116
i
«
*
*
129*4 130
129*4 130
l06
109
*80
*
112
88
109
17
17
17
GO
5934
*2la4
2234
17
17
603<
22:,4
*
17
ios
*
195
130
111
88
60*4 61
*2 1 *2
22 H
17434 176
174H 175
195
*
*109
*80
88
58
*21 *4
174^175
130
96
96*>
Atch Top
90*2
97
Santa FelO D
Last Sal e 94
Do
Alar’O'
pref
101J
231
231
*33
Boston & Albany.... 101 )
233
144
144
144
Boston Elevated
144
10<J
*
229
225
225
Boston & Lowell
10< J
100
160
100
Boston & Maine
160
10< J
Last Sal t 165
Do
Feb’O'
pref
101 )
300
3UO
3d0
300
Boston <& ProvidencelOi )
*22
23*5
233i Bosion&Wor Elec Co...
23 *2
Oast Sa l • 74
Do pref
Mar’O';
Chic June Ry «fe U S Y1(H
114
114
Do
pref
10(
Last Sal
18S
Feb’Dl Con & Mont Class 4. IOC
Last Sal* 156 Mar’Cl Conn & Pass Ri v pref 10<
130
*109
Last
Last
18
60*2
Last
17434
Last
Last
194Hi
128
130
111
*108*2
Salt 83,
Salt 19?'2
19
18
01
62
So it 19J4
175
175
Salt 159 Hi
2i5
Salt
194 H *195
_
•
90
*
*
97
*
*
*
90
97
♦
135 *8 139
*8d l4 87 Vi
13738138H
80*8 86**
90
90*4
105 *2 106 *2
90 H
90
105 *a 105 Hi
134
90
97
134
97
1353-, 139 V,
95
140
20
*
80
7
7 Hi
7 Hi
17 *2 18
125 Hi 120 *4
125
127 4
17
125
125
11934 120
27 Hi 28»4
96 Hi 90
119*2 120*4
29
18
1v534
120
29
90
*3
*3
3 Hi
S*s
3*2
*119*2120
*119*4ll934 *119*2 120
20
2u
8
«9
8 Hi
834
bo
208
20m
210
147
Q
59
82 Vi
95*2
*3*4
208
148
208
146
208
140
00
00*4
69*2 60
82 Hi 82 *a
82 Hi
82*2 83
204 *2 2u4 Hi *203
4 *2 Hi
*2 Hi
3
3
«
♦2*2
*
*
*
65
65
55
*
*
88
88
88
88
1 lOHi 117
117
117
117
117
102
102 Hi 103
103
102H:163
10
10
y34 10
97« 10
105*4 105 4 106 106*2 105
106
*21
22
*21
22
*21
22
*26
27 Hi
*20
27 Hi
*20
27*2
3
3
*2*4
3
*2*4
3
100
10634 10634 108
100*4 107*4
*59
59 Hi 69 *2
00
68
68
*27
27 Hi
27 Hi 27 Hi
27*2 27 Hi
30
30
30 Hi
35 H4
3634
30*8
98 Hi
98*8 99 V.
98
9878 99 *B
p*
w
to'
>
*25
Q
M
O
f
O
CO
P3
M
f
1
M
>
0
CO
00
0
*0934
H
fcrj
-
7
6
*70
0
4
5o
4
55
9134
93 -H
0
0
*7u
a
'
*
K
4
c
tr1
8934
4
01*4
Mar’07
176
Jan ’07
Mar’07
190*4
3*2
Sa*
86
7
8u Hi
7
18
17
120 7u 127 Hi
3 1 225
7*2
17*2
Jan 1
80*4 J’li
‘
240
Feb 1'.
11, i 140
JMar2 7 152
Jan
1 3 225
231
Jan i
Apr
34! J 152
Marl 4 j 102
Jan r
165
Jan
)105 Jan
3: f 297 H Apr
801
Keh*27
60() 23
Marl J 2834.fan *.
72
.Mail
80
Jan 23
147
£
lOo
Jan 17
Apr
>114
Mar25 * 1*20
Jan i
188
Feb U i 188
Feb 11
150
Marl
150
Alar 11
l.
.....
*
lot 128
Apr
7 135
Feb
1 87
Feb 1 i
88
Alar 7
Deo
«9
95
1197 *2 Feb 1;' 198 Jan 1; 197
Ala; 2(h)
14 Hi Mar 2
818
20 Hi Jan
l
17
23
Jan
871
55
Mar2t
71H,Jan 9
59 Hi Jau
75
193* Mar i
2534 Jan 2 2156 Aug 28 ‘4
984 173
Mar2V 190Hi Jan 2 190
J’ly 207 *4
159*2 Jan 2i 160
Jan 8 155
Sep 103
)•114
..100
..
100
.
100
100
IOC
IOC
IOC
50
50
.
.
225
Mar It
31 194 *2 Apr 4
52 • Janlfc
56
Jan 23
40
Marlt
90
Mario
9 95
Apr £
Mar2H
4,32b 124
30 847g Apr 4
105
Mar 7
316 90
Mar25
131 105 Hi Apr ;2
Feb
228
200*4 Jan 7 198
52
Jau 16
53
57
J an 18
50
45
J an 2 4
47 Hi
1*4
Jan 21
06
103
Jan 7
95
18‘2H>Jan 7 139 Hi
93
Jan 15
91
170
Jan 30 170
95
Jan 25
92
110
Mar 4 107
2
Oct
Jan
1207.
120
147
Miscellaneous
AgTir.nl (’hrm 1 0(1
Do
pref
100
127
493
Jail
Apr
Jan
1 >HO
J’ne
J’ne
! >eo
Jan
Feh
J’ly 233 *2 Mai
Dec 210
Jan
Sep 53 H2 Dot
8:5
Jan
Oct
Nov
Jau
Jan
99
Oct
l06
Feb
Mhj 195
Sep
Alaj 9934 Jan
Sep 178
Apr
Dec 101
Jan
Sep 116*2 Apr
i
*>8 OCt
Jan 15 147
Jan 15 150
Feb 150 Hi Feb
20
84
Mar2b
26
Jan
►
Mar‘?7
95
Feb
7
J’ly
0
Hi Mar 14
143„ Jan
8
21
90
1,073
3,22.
34
Jan
Dec
10 H.Dec
29
Alar
Aug 40
Apr
Ala* 150 78 Jan
Dec 141
Jan
J’ly 144 78 Jan
Nov 4734 Jan
DominiolT^on
11034 Feb
4 *2 J ’ill!
11834 Mar
250
184
Jan
Oct
6434 J’na
90
210
Sep
H*(\
534 Sep
.
90 V* Vnu
141 *v.
2 61 Hi
11
120
23
27 *2
5 V
Apr
N
ov
Dec
Sep
Feb
Nov
Deq
11334 May
80 *8 Feb
32^ J’ly
50 *« Oct
113*8 Feb
'
64
3 Hi
65
917e
91*4
3 Hi
Minina
3°* Adventure Cou
3*2
2?j
3 Hj Mar2.5
25
25
17 Hi Jan
98 ‘2 J an
98
Jan
1,125
6 Hi Feb20
4 Hi Dec
8 H: Oct
65
Allouez
45
:M ar26|
295
31 Hi J’ly
55 *4 Deo
74*4 Jan 14
90 7b Amalgamated Copperloo 60.170 79
Mart*1
J
aa
121
6
92
4
118
Feb
J’ly
40
40 Hi 40 H.
40
40
37
40
40
Am Zinc Lead & Sm. 25
1,915 33 Hi Mario! 53 Jan 22
Dec
Aug || 4 5
04
04
01
02
63-V, 03°b
03Hj 63 H X0*c8
02 5s Anaconda
25
Mar2o 75
935 59
Feb lb
57*2
74
Feb
May
8
6*4
8*,
838
7*2
7*2
7*2
734
Arcadian
734
0
77e
26
Mar
14
*
2 *8 J ’ly
*
1,355
15^ Jau 10
15*4 Nov
1
1
1
Last Sa It 1
Mar’O < Arnold
1
25
Mar2,
•j
J an 7!
78 J ’Uf
15
15 *v
15
15
14
14H,
14*2
14*4 15
14**4 Atlantic
25
1,085 13
MarJ'j 22
Feb2b
10°4 Alay 28V* Jau
12
11*2 12 H
103b
Baluklala temp certfs
34,694 lo^ Apr 5 l2H»Apr 4
19 Hi 20 ‘4
19 Hi 20*4
19
19
20
19
19
20*4 Bingham Coil Mind; & 50 1,700 14 Hi Mar 20 37
Junl4
*
25
*•00
J'ly 49 'a Feb
-05
*05
•00
*00
*.00
*•00
•05
-65
Bonanza (Dev Co)... lo
51 ar 19 •SO
200 •00
Jan 17 •46
Alay •90
20
Oct
2 6 Hi
20
2 0 *4
*26
20
2434 25
20
26*2 BostonConC<feC4(rets) £1
vO
Hi
Mar20
1,980
33*4 Jau 6
20=8 Mai 35 % Oct
27 Hi 28'*t
2034 2,5 s4
20
27
25‘h 20*4
27 H
Butte Coalition
277g
16 L5.770 20 H) Aiar20 39 *e Jan 7
25
J’ly 42
Oct
102
1*;4
103
105
101
10j
163
104
103
Uaiuniot dfc Ariz
105
10
Alar 15 198
1.148 148
Feb 8 107
Lee
S50
J’ly 184
870
870
S7t>
850
805
800
850
875
853
CJalumet <fc Hecla.... 25
lu3 320
MaivO
Feb
1000
16
075
Alav
yOO
33 Hi 34
Deo
33 Hi 337g
31 *4 32
33
33 78 Jentcuuiai
32Hi 34
26
1,935 29*4 Mar 20 47
Feb 1»17 *2 J’ly
40 *8 Deo
•38
*39
*•38
*38
•38
*•35
*•35
*38
"38
Uons Mercnr Gold...
5
MurjS •52
400 •35
Jau ib
*35 Dec •7 0
j an
8U *4 82 Hi
81
82
79
80*s
80
83
8i34
8l34
72
Mar 20 105
L’opper
RajageCon
ColOO
13,240
Janl4
6034 J’ly 80 Hi Jan
1 i) -J JO
10
10
15*2 10-5
10
10 Hi Daly- West
1534 1534
14 ;-i Mario
20
809
20 Hi Jan 23l 14
Mai 21 *2 Nov
Last Sale 00
Mar uv Dominion Coal
00
l<eb 6
100
70 *2 Mar 2j 01 Hi Oct
8*
Fob
t.ast sg. (.( 110' a
Kfth»H7
Do
pref
200
113
Nov Lsj-t
*2
ar
2 Hi
*2
2 Hi
*2
2 H
2
2
2*4
2*4 Elm River
2
12
150
Marl;
1*2
3
4*a
Jan
10
19
H*
Deo
J’ly
20
19*4 1934
17 *2 18
18
18
18 \
18-2 ■Trank iin
25
10>4
.Mar20
1,980
29 *4 Mar 1
14 Vi May
130
130
130
130
21»** Sep
130
130
130
130 Vi
130
130*2 Dranby Consolidated. lOu
210 128
Alar26 151
Feb 8 131
Dec 140
beo
16
] 0 *4
16°^ Tlreene-Canfinefl. t-ein ctfs 3 778
23“, 25
24*2 24Hi
Jreens ConsoLidate<i. lo
701 20''b Mari t
33 Hi Feb 13
19*2
J’ly
3j*4
Deo
4
4
5
4u^.itii.jimto Consol
^
2 OH
o
an
21
21 *2
213t
19*4 20 V,
20*4
19*2 20*2
21*4 Isle Reyale (Coi)perj. 25 6,991 1334 Alar20 30 Hj Jran 14
15*2 J’ly 29-*8 Jan
17 Hi 18
17
18
17
17
La Salle Copi>er
1734 -1734
n\
1734
26
1434
Mai'14
Feb
8!
30
1,353
0 *4
0
0
ti *4
5 Hi
5 *2
6 Hi
6 8
6*2
6*2 Mass Consol
5 H2 Mar26
25 1,095
*
*
9 *4 J an 1 ( j
*
12 ’a Jan
OV2 J’ly
*
*90
*85
*8j
-85
*2
*2 Mayflower
25
110 •50
Apr i;
134 Jau 24 •40 J’ne
1 *2 J an
lit! 1L34
11 Hi 114
1134 i 1 •*<
114 11*2
12
1134
Mexico Cons M & S...10 1,205
11*4
Mart
/
15
13
Not
*4
Jan
2<i
16 Hi
O
1
1434
Deo
15 *v
Hi 1 0 *4
15
15 Hi
16*2 1534
10
•15*2
Michigan
13
Alai
25
2b 24 Hi Jan It
1,573
1034 J’ne 22 Vi Deo
80
80 Hi 80 Hi
81
79
80
79
81
80
ilohawk
82Hi
26
08
Alai
2*
1,549
90 Hi Jau lv
54 *2 Mai
8.5
1)00
2 Hi
2 Hi
2 *4
2 >4
*2*2
234
*2*2
234
234
234 k£ontona Coal A Coke 25
150
134 Jan 18
234 Apr 5
7 Hi Feb
*
1*8 Dec
14*^ 11\
14
14*4 14H
14
Nevada Consolidated
1334 144
5
13 Vi Alar21
081
11
20*i
Jan
It
Jan
90
23;>8 Oct
91 s,
90*4 92 *v
87*4 90
90
94
North Butte
91*4
91s4
15 :1,485 72
*
Ala; 20 L2U
Jan 6
7434 Mai 17 *2 Oot
*1
1 Hi
*1
ll4
1*5 Last Sale Z*4
Mar’07 < Did Colony
1
26
Marl4
•70
2*sJan
2 *8 Deo
4
60
53 Hi
J’ly
53
51
64
64Hi
51
(Did Dominion
66
6434
65*8
25 l9,092 30
Mar2t- 63
Feb 1*
33
130
13;>
135
J’ly
135
135
135
nu
no
141
Dsoeoia
140
Mar2b
25
L15
181
Feb21
93
1,808
Mai L 01
23
2 3 3,
23
Dec
23 H,
23
23
23
23
23
23*2 Parrott(BUv<fc Copp) 10
015
1934 Mar-26 35
Jan 14
*
22\ J’ly 48 Jan
2
Last Sale f78
Mar’07 1 Phoenix Consol
1
Jan 6
25
•00
|3
Jan2t
Don
119 Hi 123
May
120
124
117Hill7Hi 120
120 . 122
123
t Juincy
25
Feb <
80
1,905 08 Alar25 48
14
(
7 *4
7 *4
Jan
J’ly
7
7
V *4
7
7
7
7
: abode Island
0
Alarl4
25
810
9 *8 Deo
3 Hi
1234 Jan 16
3*4 J’ly
3 *2
3 Hi
3 h
3 Hi
3 *5
3*2
3*2
3*2
3Hr< ianta Fe(Gold & Cop) 10 2,530
3
Mar27
7 Hi J an b
1*8 J’ly
1 9 *8 19 *4
Nov
184 19*4
17 7e 19
18*4 19
Jhaamon
187g
19*4.*
10
{ 114
l43j
Alar26
5
0,493
24;*s Jan l7
4 Jail
115
112
187e Nov
114
1U4
109
\
108
114
1Fumarack
111*5 110
Alar26 70 “Jan is
632 Oo
25
90
J’ue
22
Jan
Last bale 39 Hi
Mar’07 1 [*enn ©eee e".
29 *j Ala 1-29
26
5 5 Hi J an T
40
Mai
52
20
2 <
Jan
31 Hi
3134
19 Hi 23 H>
2 2
23 Hi
2034
22*4: [^ruiitv
14 7g Mar20 42V« Jan 24
25 t 4,283
20 *2 Dec
68 *4 69 *(.
734
J’ne
6 8 H: 69
59*8 59 H
59
00
01 Hi
02 *2 Jnited Copper
AlarJt
loo 3,052 53
77*4 Mar 7
57*4 Mai 78
Feb
80
Mi
5<k>
11
10
10*4 *10
10
10
10*4
10‘e 1034
Jnit States Coal&OU 25 3,196
1034
1034
y *2 Mario
9
13
65
*4
J
an
22
14
*4 Sep
60
o5
38 Mai
6534
5334 54Hi
6434 3l34
54*2
56*4 ' J S Smelt Itef.&Miu. 50 3,234 5o
Alar 14
Jan 2
70
51
Alai
4 4*4 4434
60
•i 4 *4
Jan
4 134
44
4 1*2
4 4 *2 44 *2
45
44Hi
Do
iiret
50
2,689
Jan
7
43
41^
Alar.5
49
Af
at
01
47
02
6Z
7„ sep
03
00
01*2
02
01*2 02*4
03
J tab Oon (Gold)
Alar] 4
6 0,641 51
79
Jau 14
52*4
J’ne
8 Hi
3*4
8 Hi
6934
Jan
834
8
8
77a
8
8*4
8*2 ^Victoria
25
0
Alar15 llf*8 Feb 27
1,821
0
9 *4
678 Nov
9*4 Mai
8 Hi
9 >,
8 *2
8*4
8 H Vinoua
8*2
8*4
25
7 H2 Afarj 4
435
Jan 23
4
14
loo
100
101
101
J’ly 13 Hi Oct
100
100
100
IGo
100
100
Volverino
25
297
00
AIarJ7
y8
Feb
11
1 Hi
31
Jan
90
1
1 34
Dec
1 *4
1-4
l3^
1 *2
1 34
1 Hi
1 Hi > Vyandot
•IV,
285
1 *4 AIar27
26
3^ Jan 22 •70 J’ly
234 Deo
Before pay 1.tofassess’tsoa’.ledin 1907.
-Bidandastced pr.ooj; uj sales m ulo oa oius iUy. ,t .id ,v sterna.
r A.n’c p u.i. f Ei-nguts.
a Kx-div. & right*
65
65
93 Hi
40 Hi
54
90
55
937s
40*4
55
93
7*
„
*
•
•••»••
#•••••
......
..
...
3
...
*
......
.
**
*
'
c
14 •
107
2
Amer
7*2 Amer Pneu Serv
50
18
Do
pref
50
12738 Amer Sugar Retin.... 100
120 >2
Do
pref
100
122*2 Amer Telep & Tele«.100
31
Amer Woolen
100
Do
97
>20
Jan b | j 132
Alar22 1 95
10
Mar 27 33
Jan 8
20
11
Mar26 13 7*4 Feb 11 128
39 0 120
Mar 25 13i34 Jau lb 130
121*2
2,230 115 Hi Mar20 134 Hi J an 2 128
*30
J95
25
MarJ5 30*uJan 7
28
95*2 967*
90
100 1,409 aJ93'4 Alar‘29 102 *2 Jan 8 10u34 Dec
pref
Last Sals 3
Mar’07 Boston Land
3
10
Mart 8
4
Jau15
334 Jan
Last Sale 107
Mar’07 Coinberl Telep A Tei 100
107
Marj‘2 115
Jan 10 115
J’ly
10
JO
Mar20
*4
19
A Ht
25
Feb
•8*4
8*2
8 Hi East BostonXfind
*8*4
7
Mar 7
9 *4 J an 3
5 ag Jan
1,230
208
208
208
208
Edison Elec Ilium...100
196 208 Apr 1 230 "Jau 7 225 ” Dec
147
147
147*2
148
General Electric
100
81 13*Jcg Mai 25 02
J an -2-1
01
01
01
6*
Mass’chusettsGasCoslOO 2,022 54 ■, Mar2(* 00 5s J an 10 44 Maj
83
83
Do
83*4
83*4
80
838
Mar
20
80
Jan 15
84 Hi Dec
pref
100
-204
-203Hi205
Mergenthaler Linn loo
6 199
Jan 2 9 ] f,
M ar 1 190
Mar
Last Sals 3
Mar’07 Mexican Telephone.. 10
234 .Mai 2»i
3
Jan
434 Jan 19
Last Sals 54
Mai ’07 N K Cotton Yarn
loo
54
Mar 12
*
88
Do
uref
100
60 x^7
Jan 80 90
Jan lv
80
Mai
118
118
118
N E Telephone
118
100
177 114
Mar27 126
Jan 7 120
Dec
105
10234 164
105
Pullman Co
100
Mai 15 182
,270 150
Jan 7 180
Dec
10
SC9 *4
10
9*4 Reeoe Button-Hole.. 10
390 x9 *4 Apr 6
Jan 10
11
9 Hi Jan
105*4 105*2 *105*4
105^ Swift & Co
100
296 x: 04 Marl5 113
Jan iO 10l34 J’nt
Last Sale 22H»
Mar’07 Torrington Class A.. 25
21 *2 Jan 23
22 Hi Jan It
22‘4 Dec
Last Sals 26
Do
Mar’07
25 *2 Mar 14 26 Hi Feb 19
pref
26
26
J’ly
3
*2*4
*2*%
3
Union Cop L’d <te Mk. 25
3
25
Mar 5
2
J’ue
07e Jan 24
107 *b 10834
108*2
109
United Fruit
100
1,490 lo.-*3* Marl 1 109
103
Apr 5
*4 May
08
68
58
Un Shoe Mach Corp. 25 1,224
68
67
Marl 5 69
Jan 2 £00*2 Dec
27H» 28
**7*2
Do
28
pref
25
134
2o*a Mar2 -< 29
Jan 4
28 *8 Dec
37
30*8 37*4
38
U S Steel Corp
100 12,192 3134 Mar25 503bJan 7
3234 J’ly
99
99*2
Do
9934
10Ua4
pref
100 1,031 92*4 Marto lu734 Jan 7
99
J’nc
Last Sale •5u
Dec’00 West End Lund
‘>6
*6
0
6
0 H: West Telep A TelegllOO
6
Mar 2.5
20b
9 ’ Jau it
8
Not
Last Sale 70
Do
Mar’07
70
Mar21
pref
loo
82
79
Jan 17
Nov
Last Sale 74'2
lVf«r’07 Wesrin'r El A M
50
74 Hi Mar 7
73:H o«*t
Last Sale SO
Do
Feb’07
80
Feb 28 8j ~ Feb
pref
50
75
Nov
120*4 120 Hi
120
J 20*2
2834 29 V,
110*2 *ep
c97 7e De« (105 *e Jan
231*
De* 257*4 Feb
14/
Jau
Au, 100
230
De< *>40*o Apr
100
Dei 180 *2 Apr
104
Oct
99 Hi Dec 31 4
Apr
25
Jau
39 Hi Apr
72 Hi Jan
90
Apr
150
Oct
117 *a J’ly 127
Jan
Mar
18734 Not 190
15-<
A pr
oct 1 03
10( 1107
]>ref
10(
Maine Central
10(
Mass Electric Cos....l0(
Do
pref
IOO
Mexican Central
IOC
N Y N H & Hart....101
Northern N H
IOC
Norwich <fc Wor preflOi
Old Colony
100
Per© Marquette...
100
Oct ’05
Do
.100
pref
Jan ’07 Woic Nash A. Tifir.h
100
20
P3*HMiiiT 4 107 *-2 Jan
927g Mar 2 )■ 101 ^ Jail
Ry<fc Electric....10<
Mor’tn
-20
6*2
7
37
18
124
1254
125
1 19 4 120
28
28
95*4 96
18
IOC
.
Do
*
Last Sale 60
Last Sale 147
85
Feb’07
Fitchburg pref
Ga
14*34 Union Pacific;
*85Hi 80Hi
8478 84 7e *85*2
Do
80*2
pref
Last Sals l?U
Mar’O 7 Vermont & Mass
90
91
90
90
90*a 91
West End St
100
1U6
*105
105 Hi
106
Do
1064
pref
7 7a.
20
Ho
5Iar’07
Jan ’07
Jau ’07
Do
Dref...
Mar’07 Rutland pref
Mar’07 Seattle Electric
95
Do
pref
Last sa It 56
Last Sals 40
Last Salt 90
97
130
59 j
APR. 0
ROM)*
3
UOAUS
Price
Week's
Range
BOSTON STOCK EXOH'GI
wmk Mkdlnh April 5
Friday
Range or
Last Hale
Since
^
April 5
*s
4m.... 1908 J-J
tr 48.1929 J.J
Am Wnt Paper 1st 8t 6b g 1919 J.J
Atcli A Nebraska 1st 7s..1908 M-S
AtehToo A 8 Fegen g 4a.. 1996 A-O
J’ly 1995 Nov
Adjustment g 48
Boston Elect Llglit let 6s. 1908 M-8
Am Bail Telephone
Am Telep A Tel coll
1924
Consol 6a
Boston A Lowell 4s
4a
Boston A Maine 4*as
Boston Terminal 1st
Bur A Me Bit ex 6s
J-l)
J-J
J.J
F-A
J-J
J.J
J-J
A-O
M-N
J-D
1944
3*28.1947
1918
Non-exempt 6s
1918
Sinking fund 4s
1910
A
Boston
Butte
1st 6s....1917
Cedar Rap A Mo R 1st 78.1916
1909
2d 7s
Cent Vennt 1st g4e..Mayl920
C B A Q Iowa Div let 5a.1919
lows Dnf- 1st 4a
1919
...1919
Debenture 5s..
Denver Exten 4a
1922
105
'97'
83
ioi" ioa'
Nebraska Exten 4s
1927
B A 8 W b t 4b
1921
Illinois Div 3*ss
1949
Joint bonds See Gt Northern
Ohio Jo Ky A 8tk Yds 5s .1915 J-J
90*4
J-J
J-J
M-N
99
M N
M-S
M-S
A-O
A-O
J-J
1915
1927
Fremt Elk A M o V1 st 6a.. 1933
Unstamped 1st 6a
1933
Gt Nor CBAQcolltr4a 1921
4a
4s
Trustiau
Apri l 2
April 1
M-N
M-S
M-S
A-O
J-J
A-O
A-O
A-O
J-J
90
83
100*3
ibVi'i-i
5a
New
England cons g 5a... li»45
Boston Term 1st 4s
Df39
Old Colony cold 4«
/(B24
Oreg Ry A Nav con g 4ja1946
993,
98
90*0
*91'^
89
90
100
100
Apr’05
91 *s
1195 *0
92*3
92*3
13S
88*4
97*4
5
92*3
96
Wisconsin
Wisconsin
the purchase prioe for all Boston
1'hurt day
April 3
April 4
80*3
89
O
£
80*3
80*3
88=4
89
89
89*s
tr
101 *3 Sep ’06
.
O
Pi
11*3
(For Bonds
49«0 48=0
9=4
9=fc
*32*3
12*3
13
li*4
ll7a
ll*8
49
49>V
37=4
934
49*8
37=0
9*4
49*3
49*3
38*3
49*3
49*3
387s
38*4
10
10*0
10
*6
38
970
CP
tt
O
10
82
62*4
1
Pi
\r
‘*8
Clai«
1
H
*
1*1
»
4
2
*3
7"e
15 ‘4
w
c
tr1
10*4
83*3
63*4
1 *3
62*,.
43
8u16
16
51*16
53*0
•42
43
43
55
0
*42
54 *4
>
85 38
11
85
64*3
63
1*
IS
62**
6134
ie
*10*3
84*3
42*3
A'A *3
8*3
8=0
16'8
52=i6
63*4
16*3
43
3
*42
4
*42
87=4
64*3
87
Rid
PHILADELPHIA
o;»
88*4
Bell Telephone
Cambria Iron
Central Coal A Coke.
50
50
100
Consol True ot N J...100
Diamond State Steel..10
Preferred
10
Easton Con Electric 6.50
Elec Storage
Balt....100
100
Preferred
Ft Wayne AW V
Germantown Pass
100
Indianapolis St
100
Keystone
85
63=4
1*4
85*0
64Q
86
65*0
61=8
423*
S=h
16*4
62*18
•42
*41 *3
55 *3
88 *3
42 *3
51*3
61
47
62
55
22
Preferred
50
Keystone WatchCase.100
Lit Brothers
.10
Little Schuylkill
50
Minelull A Schuyl H..50
N Haven Iron A steel.5
Northern Central
50
Preferred
100
United NJ HR it C.. 100
Unit Trac Pitts prel..50
Warwick Iron A steel. 10
West J ersey A Seal Sh.50
Westmoreland Coal....50
Wilkes Gas A Elec..101);
Union Tr of 1
4
9
•42*3
*42*3
67
57
67*3
91*3
923b
93
42 4
53 *3
45
92*3
88=4 Lenigh C A Nav tr
67*3 Lehigh Valley
138 Marsden Co
63'8 Pennsylvania RR
93
1834 |
■
i
:
r\
92*3
*2 7
Rid
J-I)
Penu
Steel 1st 5s T7 M-N
Peo pie’s Tr tr certs 4s ’43
PCo IstA coltr5s’49 M-S
ConA col tr 5s 1951xVl-N
trust ctfs.
4s
M 5g’20.A-O
Gen M 4s g 1920..AAO
I Phil Elec gold
Trust certifs
i
PA E gen
I
prices; no sales on this da)’.
1] Ex-rights.
100=8 Feb’07
100*011102
<19^4
107
110
94
1199*4
100*3 100**
102
102
100 »* 100**
100
100*3 Jan ’07
102
Jan ’97
93
98
100
100
102*0 Jau 90
100*3 Jan ’9/
91*3
92
91 *3 Sale
91*3
99
,1H»4 *3 Sep ’05
ioy°0 Aug’uo
U Flat price.
60 1,150
! Ask.
686
1,475
10,793
Ph A Read
9734
108
109 *3 110
i*U*7*4
147'3 148
96*3
68
90 Q
06
J-D
J-D
Ex Imp M 4s g’47.A-O
Terminal 5s g 1941.Q-F
col tr 4s ’21.J-J
Portland Ry 1st 5s 1930.
Roeh RyA E con 5s’54J-J
U Trac ind gen 5»T9.J-J
Un Rys Tr ctfs 4s’49J AJ
United Rys 1 uv 1st coll tr
P W A B
M-N
sf 5s 1926
U Trac Pit gen os ’97 J-J
Weis bach h f 5s 1930. J-D
Wiks-B G AE con5s’55J-J
Fla...100
100
G-B-S Brewing
100
Atl A Ch 1st 7...1907 J-J
Atian C L RR4sl952M-S
Atl Coast L(Ct)ctfs 5s J-D
Ctfs of indebt 4s
J-J
6-20 yr 4s 1925
J-J
BaltCPass lHtSs’ll M-N
Balt Fundg 58.1916 M-N
101*3
99*4
10534
99 <e 100’*
98
70
i
Exchange 3*38 1930 J-J
Balt A P 1st 6s m 1T1 A-O
Balt Trac 1st 5a..’29 M-N
No Balt Div 5s 1942 J-D
Convertible 5s.’06 M-N
Ccnt’l Ry con5sl932 M-N
Ext A Imp 58.1932 M -S
U $7*50 paid, t $15
Mar25
Marl 4
Mar ,4
Marl9
Mar 15
Mar 14
43
42
53
80*3 Marl 4
26 *0 Feb 11
Ask
......
110 *4
107
106
101
118*3
100 *v
.....
......
98
9
1
*3
7
3
48
13*9Jan
83
110
71
73
......
•
64
170
1 (IQ
240
88
11
3o34
30
95
72*3
100*3
94-4
105
82*3
82*3
102*3
80
97
22
48
13
105
27**
92
J’ly
41
90
111 *4
32
62 *3
19
J’ne
J’ne
51
Jan
5034 Sep
3034 Jan
il
May
6
Nov
llJfcJan 14
Apr
4
Jan 22
69=0 Jan 7
453b Jan 14
Jau14
60**b J an 22
96*8 Jan 6
47
30
FeblB
14
Jan
48
Jan
23 !« Jan
Jau
118
86
J’ne
25
Bid
ChasCityRy lst5s’23J-J
Chas Rv G A El os ’99 M-S
Ciiarl C A A ext 5s.’Oi* J-J
‘*(1 7m
191 0 A-O
City A Sub 1st 5s..’22 J-D
City A Sub(Was)lst 5s’48
Coal A I Ry 1st 5s’20F-A
Col AGruv 1st 6s.1916-1 -J
6s...1910 J-D
Georgia P 1 st 6s...’22 J-J
GaSo A Fla 1st 5s 1945J-J
G-B-S Brew 3-4s 1951M-S
2d income 5s 1951 M-N
K Ilox v Trac 1st 5s ’28A-U
LakeR El 1stgu5s’42.M-S
M et.St( Wash)lst5s’2o
Mt Ver Cot Duck 1st
Incomes
32
Dec
FA
5s.
Mar
Ask
1UO
90
92
137
107
107*3 110
100’4 102
102
1 12*3
110
104
103
109 *4 1 HI
107
106
107
106
119
116
0s34 109
1
63
s
23*3 21
104 '4 105*4
111
109
108
79
7 6‘'4
62
99
......
.
4th ser 3-4-os
5th series 6s
1921.M-S
1926.M-8
iib
109
Wil A
116
Jan
1270 Nov
92*3
Xpt N AO P 1st 5s’3S M-N
General 5s
1941 M S
10!)
Norfolk St 1st 6s’44..J-J
1 1 u.
North Cent 4 *38 1925 A-O 107
31
Series A 5s 1926
J -J 1 LO
Senes B 5s 1926
J-J 110
109
Pitt Uu Trac 5s 1997. J-J
Poto Val 1st 5s 1941..J-J
Sav Fla A West 5s’34 A-O
74
Seaboard A L 4« 1950 A-O
-Scab A Roan 5» 1926.J-J
102
lbs
South Bouud 1st 6s..A-O
90
U El LAP 1 st 4 *38*29 M-N
94*3
87
U n Rv A El 1st 4s ’49 M-S
6l34
lucbiue 4s 1949
J-D
85
Va Mid 1st 6s 1906..M-S
85
108
2d series 6s 1911...M-S
i.04
108
3d scries 6s 1916..M-S
110*3
99 *s
Jan
3*=ie Jan
73**10 Jan
a54 v Mar
6*0 Dec 9310 Oct
cl '.**4 Dec £34q Jan
Jan
56*4 May 83
4 3 =0 Apr 47*&ie Jan
Jau
4470 Ala) 51
Aug
68*sT)ec 6>
Feb
|)81 *v May 101
BALTIMORE
Consol Gas
Deo
Jan
39*4 Nov
Jan 25
Dec
Jan 26 31
36
14 *3 Nov
Jau 8
10
Dec
193
Jan 7 100
7'vbJuu 5 65 May
i71HOct
2*3Jau 7
70** 10Jan 8 61**6 J’ly
47
Apr
4S'«Juu 4
8
Va (State) 8s new ’32.J-J
Fund debt2-3s 1991.J-J
W est N C con 6s 1914 J -J
Wes Va CAP 1st 6g*l 1 J J
i‘12
Highest
Oct
5s
1939 J-D
Ga A Ala 1st con 6s ’45 J -J
Ga Car AN 1 st 5s g ’29 J-J
fc2 *v
110
99
Jan
Dec
Dec
Dec
9
100
Bonds
Anacostia A Pot 5s
7
24
BALTIMORE
Mtock*
Georgia Sou A
1st pref
2d pref
23*4 Jau
97
7 *4 Marl4
Inactive
Ala Cons CoalA Iron.100
Pref
100
Atlanta A Charlotte.. 100
Atian Coast Line RR.lOo
Allan Coast L (Conn) 100
100
Canton Co
Cons Cot Duck Corp...60
Preferred
50
35*3 D©c
85
15*0 Mar27
4534 Mar26
Rid
2d 5s ’33. A-O
Con M 7s 1911
Con M 68 g 1911
J an 14
Mar 15
1 *0 Mar20
68*3Mar25
42 *9 Apr 2
60 2,699
60 24,184
100
PHILADELPHIA
Jan 8
Jan 1U
Jan 26
51
Jan 2
47*3 Jan 24
7
20
8*3
78
67
(1906)
Lowest
Highest
48=8 Apr 1
32*4 Marl4
87e Mar21
894
8,996
4,045
600
100
60 7,138
67*3 Union Trac ton
93 *» United Gas Irnpt
Welsbach Co
30
Year
35
ctfs. 50 2,0; 3
60
Range tor Previous
33*3 Jan 15
80*3 Apr 1
86
Mar 14
19 *« Feb 26
35
Mar 15
10*3 Mar 12
......
67*4
Penn A Md Steel con 6s.
! Pa A NY Can os ’39.A-O
A-O
i
Coil 4s 1939
181
105
98
Lowest
9
Consol 5s r 1919... Var
|
105
190?
Philadelp’aOo (Pittsb). 60 1,277
Philadelphia Electric*. 25 30,59b
18*8 PhUa Rapid Transitc.. 50 *7,257
50 5J,B07
64ia165d*=ie Reading
100
Do
1st pref
43
50
43
Do
2dptef
60
•42*3 43 *3
Income 4s 1939...M-N
NoOlnoTrac con5s’ 19.J -J
Penn gen Os r 1910..Var
46
105
Mar’07
1U2
Dec '06
99*3 Nov’06
Range tor fear
45
7g
1734
8
Annuity 6s
J-D
Gen cons 4s 2093.M-N
Leh V Tran con 4s ’35 J-D
New Con Gas 5s 1948 J-D
Newark Pass con 5s 1930
NY Ph A No 1st4s’39 J-J
luu
ud
Bid and asked
44=4
Consol 6s 1923
10
10
Tonopah .Mnnue of Xevl
44*4
8*3i0
17*3
63
*44*3
RHs 4s g
1914.Q-F
Gen M 4*38 g. 1924.Q-F
Leh V C 1st 5s g ’33..J-J
Leh V ext 4s 1st 1948. J-D
2d 7s 1910
M-S
16*4
Railways Geiici.u
10
Susquen Iron A steel..5
Tidewater Steel
62*0
l'V
63
18 =h
55 *4
43*3
43 *3
43
87*a
65=4
•1*4
66=0
100
Philadelphia'
45*3 American Railways.... 50
Cambria Steel
50
89
10*3 Electno Co of America 10
9934[100
AmUysoonvSs 1911. J-D
Atl City 1st 5s g T9.M-N
Balls Ter 1st 5s 1926.J-D
BergA EBrw 1st 6s’21 J -J 1Q3
119*3
Bet hie Steel 6s 1998. Q-F
Choc A Me l8t 5s 1949 J -J
106
Ch Ok A G gen 5s T9 J-J
Col St Ry 1st con 5s 1932
10534
Con Trac oiNJ 1st 5s.’33
E A A 1st M 5s 1920 M-N
■93" 93 *3
Elec A Peo Tr stk tr ctfs
Eq II Gas-L 1st g 5s 1928
105**3
H A B Top con 5s ’25 A-O
84
Indianapolis Ry 4s. 1933
63
Interstate 4s 1943 ..F-A
102 *3
Lehigh Nav 4*38 T4.Q-J
North
Preferred
100
Pinla Co ( Pitta) pref...50
Phil German A -N*orris.50
Phila Traction....
50
1*4
62*4
43=4
8*3ia
l7-*8
53=8
103
1J98a4 Sale Hl9e34
J.J
J.J
J-J
27
114
7
Gen Asphalt tr ctfs ....100
Do * pref tr ctfs
27*3
100
13*4 Lake Superior Corp....100
25
13
13
88*3
PHILADELPHIA
Telephone ..50
Pennsylvania..50
Pennsylvania" Sait
50
Pennsylvania Steel.. 100
1134
Pow.100
100
60
100
Seaboard (new)
Do
2d pref
13*« United Ry A Electric..
20
40
BoihIh
A1 Val E ext 7s 1910 A-O
Alt ALVElec 4 *28’33.F-A
50
Indiana Union Tr....l00
Insurance Co ol N A.. 10
Inter Srn Puw A Cbem.50
11*4
I Ask
Inactive Moclis
AUegheny Val pref....5C'
American Cement
50
Amer Gas of N J
109
1034
103
il 150*8 Apr’06
107*3Mar’07
F-A
Sales
the
Week
Shares
and Inactive
Con. Gas El. L. A
Do
pref
Northern Central
90
11*
37*4
9=4
38
37
89
19*3
105
of
Stocks see below)
35
84
*30
•82
90
*18
12
CP
Q
t1
O
89
*
103
Jan’07
107*3 Nuv’ou
Mai’02
102
98*3 May’06
103
Exchanges—Stock Record, Daily, Weekly, Yearly
lYiday
April 5
40
*36
ll3#
80*3
89
19*3
♦
’07
100*0 Jan
11102*8 Jan ’06
1112130 Mar’06
Baltimore
Pi
Pi
97*4 100*i
99*3 99H
99*3 100
I00*8l00*i
97*4
97*4
99 *3 .Tan ’07
100
Mar’97
Bonds. * No price Friday; latest bid and asked.
ACTIVE STOCK.H
Wednesday
102*3 Aug’04
98
J-D
F-A
1917
A Tel 6s. 1932
Cent 1st gen 481949
Valley 1st 7s..1909
85**
84
Feb *07
26*3 net ’06
FA
Gold 48
Western Teleph
92
101
92
100
17*4 Aug’06
Rutland lgT'con gen 4*38.1941
Rutland-Canadian 1st 4sl949 J-J
Savannah Elec lstcona os. 1952 J-J
Seattle Elec 1st g 5s
1930 F-A
Terre Haute Elec g 5a....1929 J rJ
1918 M-S
Torrington 1st g 5s
Union Pac RR & 1 gr g 48.1947 J-J
1st Uen oonv 48
1911 M-N
United Fruit conv gen 6s. 1911 MS
M-N
U S Steel Corp 10-60 yr 6s. 1963
West End Street Ry 4s....1916 F-A
Gold 4*38
1914 M-S
Gold debenture 4s
1916 M-N
100
Hi
„8434
83
80
Line letjtJS«rTT..1922 J-J
Repub Vallev^JWTis f 6a... 1919 J-J
100»a 102
99
99
98**
98
l'u" i'2'6*’
101*4 Sep M»5
118
May’04
A-O
A-O
J-J
AO
Oreg Sh
13 100
102*3
94*3 96
100
1908
1915
6s
ifs" ibo\
"2
117
117
94*3 Dec ’0*5
Mar’o7
92
Mar’07
100
1 90 *4 Sep ’06
113=8 Nov’OU
117
110
1
High
Low
so
Nov’OGj
102*3
Out 1st 68.1925
Mexican Central cons 4s.. 1911
lstcona inc3a
Jan 1939 J’ly
2d cons inc 3a
Jan 1939
Mich Teleplst 6a
1917
Minne Gen Elec con g 5s 1929 J-J
New Eng Cot Yarn 5a.... 1929 F-A
New Eng Teleph 6s
1907 A-O
Prices—Not Per Centum Prices
Monday
A-O
J-D
1912
Cons 1st 4a
Mara Hough*
*98'
A-O
since
January
Ask Low
High
99
I00*e Oct ’U6]
98 i
98
Sale
122*4 Xov’06
Jau ’07
98
j.'i
Philadelphia and Baltimore Stock
Saturday
March 30
92
103*« Apr ’05
100 v Oct ’06
13434 Nov’00
140
J.J
A-O
deben 5s....1910
Non-convertdeben 5s... 1913
la Falls ASioux Cist 7s.. 1017
•Kan C Clin A Spr 1st 5s... 1925
Kan C Ft S A Gulf 1st 7a.. 1908
Kan C Ft Scott & M 6a....1928
Kan CNi B gen 4s
1934
Assented income 5s
1984
Kan CAM Ry A Br 1st 5sl929
KanCStJo A C B 1st 7a..1907
Maine Cent eons 1st 7s... 1912
Illinois Steel
107 *0107 *0
May’05
accrued interest in addition to
Share
Jiia
High
98*4
90*4
90 =4
9034
100*3 Feb’07
102*3 J’ly’06
Mar’07
98
1921 Q-J
Registered 4s
99
100
100
Feb’07
95
122
Apr’06
Feb’05
126
Feb’o7
97 *3 100
100 *2 Mar’07
99
Mar’07
112 *4 J an ’03
Nov’06
104
89
Mar’07
89
loo
Jau’u7
103*3 Sep ’05
100
J-D
J-D
A-O
A-O
A-O
M-N
36
102*0 J’ne'06
98\ Dec’08
90‘s 90S. Mar’07
A-O
Chic A W Mich gen 6s.... 1921
Concord A Mont cons 4s.. 1920
Conn A Pass R 1st g 4s...1943
Current River 1st 5s
1927
DetGr Rap A W 1st 4s... 1946
Dominion Coal 1st s f 6a.. 1940
Fltohburg 6s
1908
96*4
82-Sj
1111® J’Jy’05
83
83
109
A-O
A-O
M-N
F-A
M-N
M-S
J-J
Low
25
Feb’04
110
104 Si Apr *00
101
Sep ’06
Mar’06
114
112*3 Jan ’03
107 Si Jau ’07
102
Sep ’06
9930 Oct ’06
J’ne’01
100
123 U Nov’06
Q-F
Coll trust refunding g 4sl940
Ch MU A St P Dub D 6s.. 1920
Oh M A St P Wis V div 6sl920
Chic A No Mich 1st gu 58.1931
98»,
9034
99*4 Sale
b03< Salt-
M-S
1907
1916
A
97^0
83 »4
HS7 *0 Nov’06
104
Mar’06
Week'*
Range or
Last Sale
April 5
Range
fat
Price
Friday
^
<*Q
BOSTON STOCK EXCH’GK
Wrek Ending Aprils
January 1
ao
High
Ask Low
97
9? 3e Sale
823g
83*4 Sale
Bia
Noth—Buyer pays
797
Boston Bond Becord.
1907.]
Weld 5s.. 1935.J-J
paid. 1 $10 pauL £ $20 paid, a Receipt*.
L15
no
111
74 *3
110
92*3
87*4
55Q
....
106
107
94
91
91*3 94
106
UUJ4
106
104
111
115
b $15 paid. c $30 paid.
798
THE CHRONICLE.
Juuestumit
ifUuUoad
and
RAILROAD
[VOL.
GROSS
LXXXIV.
intelligence.
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 of month, and the last two
columns the earnings for the period from
July 1 to and including such latest week or month. We add a
supplementary
statement to show the fiscal
year totals of those roads whose fiscal year does not
begin with July, but covers some other
period. The returns of the street railways are brought together
separately
Week
Current
Year.
or
Month.
Ala Great Southern
Ala N O &
Pac
N O 6c N East
Ala & Vicksburg.
Vicksburg Sh & P
AlaTenn & North..
k Atch Top & S Fe.
Atlanta 6c Chari
Atlan Iiirm & Atl’c.
Atlantic Coast Line
Baltimore 6c Ohio
Bangor & Aroostook
Bellelontc Central.
Bridgeton & Saco R
Bull Roch & Pitts..
Buffalo & Susq____
_.
.
-
Canadian Northern.
Canadlan Pacific
Central of Georgia..
Central of N Jersey.
Chattan Southern..
Chesapeake & Ohio.
—See
Copper Range
Cornwall
Cornwall 6c Lebanon
Denv & Rio Grande
Detroit & Mackinac
July r to Latest Date
Previous
Year.
January
February
January
February
February
February
February
February
54,000
30,000
28,000
25,000;
4,842
_.
_
_
.
January
4th wk Mch
February
_
4th wk Mch
4th wk Mch
3d wk Mch
February
_
3d wk Mch
_
.
_
February
February
February
_
23.835
4,331,720 4,045.356 40,711,382 37,427,598
4.834,236 4,589,363 46,000,992 42,370,548
975,086
943,828 9,547,394 8,935,870
3d wk Mch
29,342
32,005 1,224,567 1,250,722
—See Sout hern
Ra i’.vvay
_
_
—See New
See New
January
York Cen tral.
York Cen tral.
4th wk Mch
February
January
February
January
_
..
_
190,413
298,326
28.384
60,467
16,886
39,399
553.100
.
Fonda Johnst&Glov February
Georgia RR
February
Georgia Coast 6c P't December
.
.
47,939
250,686
8,095
187,253
1 ,296.228
1,498,893
279,970 10,072,018 8.846,015
25,832
210,689
195,768
56,968
466,562
399,541
18,062
143,582
136.164
39,856
282,362
269,161
487 100 15,653,181 14,557,311
34,556
956.628
838.565
82,001
3,077,723 3,061,884
53,264 2,311,912 2,186,864
3,635,419 34,901,848 33,696,843
1,687
46,324
233,195
2,495
_
.
.
_
.
•
12,083
520,119
2,063,980
39,935
16,494
484,496
1,909,432
32.203.111 29,516,329
4,334,527 3,987.808
1 .333,212
1,164 672
1,445,929 1,404,345
33.969.111 33,131,167*
1.809,534 1,834,238
35,778,645 34,965,405
1,771,067 1,502,857
4,524,772, 4,493,083
37.047,718 34,202,570
_
_
February
York Cen tral.
York Cen tral.
6,575,555
5,125,707
2,390,984
1,538,394
5,900,216
5,235,177
4,453,386
2,257,274
1,452,762
4,945,463
a
2,349,156 2,306,797 23,453,733 22,560,883
41,919
41,279
318,8561
303,360
Inc. 45, 934
January
Inc. 631,''917
February
92,735
94,700
768,614j
647,331
3d wk Mch
927,300
794,865 34,654,25 2! 30,714,574
February
14,290
14,067
116,849!
112,450
January
45,259
49,579
February
5.1 69
4,761
54,4451
60.779
February
23,432
24,547
234,728'
241,467
January
2,732,90312,457.188 17,080,477 15,955,490
3d wk Mch
189,804!
150,522 5,840,666 4,995,154
2d wk Mch
158,700!
131,500 5,231,000 4,565,300
2d wk Mch
27,587!
26,865
882,922
834,844
—See
_
_
__
_
_
..
_
'
Nevada Central
January
N Y Chic & St Louis
See New
..
5,299
York Cen
7,731,967
10,940.378
2,32
7,050,658
9,783,446
718,246
195,100
44,744
164,053
27,560
(tral.
AGGREGATES OF GROSS
week Jan
week Jan
week Feb
week
week
week
week
week
week
week
Feb
Feb
Feb
Mch
Mch
Mch
Mch
Cur’nt Year Prev's Year.
$
(42 roads)....
(46 roads)
(43 roads)....
(39 roads)
(42 roads)
(43 roads)
(43 roads).
(43 roads)....
(44 roads)
(22 roads)
.
.
.
..
d Penn—East P& E
February
d West of P 6c E.
February
Peorla & Eastern__ —See New
Phlla Balt 6c Wash. February
.
.
_
Philadelphia & Erie December
Pitts Cin Chlc&St L February
&
Lake
_
Erie —See New
_
__
8
6,562,113 6,582,1 24 63,185 .149 60,673.928
3,263,827 3,030,876 38,665,725 26,872,910
373,168
413,7041 3,474,102 3 617,791
217,972
187,299! 1.648,967 1,400,219
,988,988 2,020,993 18,024,258 16.657,445
’l 321,259 1,743,632 16,882,445
15,894,421
225,342
228,032! 2,064,831 2,144,478
71.S84
63,2221
698,049
601,667
1,022,316
964,753j 9,548,802 8,864,881
177,943
175.7571 1,903,277 1 .793,410
808,315
751,532 6.640,821
0.384.826
518,958
457,866, 5.427,124 5,047,280
226,109
204,497 2,001,459 1,878,417
2,438,706 2,233,548 20,083,718 18.496,052
903,579
835,579 8,166,469 7,433,069
3,511.651 4.023,404 44,450,088 41,545,725
569,764
482,835 4,206.538 3,985,119
11452860 10824060 102449613 94.<73,713
Inc. 552 ,500
Inc. 4,92 9,000
York Cen tral.
1.166,716 1,097,216 10,918,494 9,968,494
669,853
692,367 4,698,338 4,631,658
2,385,912 2,149,467 j 20,230,359 18,803 ,055
York Cen tral.
9 499
._
4,675
54,71-1
34,844
3.113,191 3,253,274127,842,175 27.528,268
3,519,340 2,943,198 25.326.845 23,861.239
6,632.531 6,196,472 53.169,020 51,389.507
168,088
142,718
1,045,529
932,690
64,081
47,784
503,113
412,040
3d wk Mch
11,530
7,395
443,9.18
412,906
February
4,635,562 3,979,204 39.452.596 35,167,655
February
4,096,767 3,396,492 32,746,373 28,580,711
P’ebruary
169,351
139.588
1,543,627 1,408,724
February
8,901,680 7,535,284 73.742.596 65,217,090
—See
_
_
_
__
_.
Rio Grande South._
Rock Island System
e St L 6c San Fran
f Evans & Ter H.
Total of all lines.
Rutland
\ew
St Jos & Grand Isl. February
St Louis 6c .Sa 1 Fran —Sec- Rock
St Louis Southwest
4th wrk Mch
Seaboard Air Line
January
Sierra Railway
February
Southern Indiana.. February
cSouthern Paeilic Co February
Southern Rallway.j3d wk Mch
_
_
York i%-n
.
tral
144.538
_
111,971
Island Sy ■item.
268,620
227,685
1,457,237 1.314,669
1,160,468
1,049.096
7,975.479
9,196,816
293,334
1,094,499
6,780,054
8,551 ,925
28,104
25.799
237,329
125,152
120,290
971,394
10057098 8,001,844 82,323,983 69,780,156
1 ,164.200 1,069,691 40,828,96.)
3.8,897,062
Mobile & Ohio
3d wk Mch
193,800
158,383 7.500,204 6 622,003
Cin N O & Tex P._ 3d wk Mch
140.023
170,222 6,044,841
5,954,143
Ala Great South. 3d wk Mch
68,946
70,658 2,916,276 2,714,516
Ga South & Fla._ February
196,911
172,624
1.491 .85, )
1 ,281,515
Texas Central
3d wk Mch
21,382
15 824
894,541
715,296
Texas & Pacific
4th wk Mch
454,696
393,470 12,830,344 10,041.874
Tidewater 6c West. February
7,366
7,033
57,631
58/214
Toledo 6c Ohio Cent
February
349,721
346.596 3,246,665 2,911 ,260
Toledo Peo & West. 3d wk Mch
20,155
20,864
924,231
972,909
Toledo St L & West 4th wk Mch
97,739
99,799 3,092,259 3,123,750
Tomblgbee Valley.. February
5.328
4,667
41,918
32,041
Tor Ham & liufialo February
59,253
54.025
503,1U2
488,181
Union Pacific Syst. February
5,053,241
,728. 351 50,029,263 45 ,060,612
Virginia & So West. February
83,710
75, 472
674.468
639,752
Wabash
4th wk Mch
716,000
687, 211 20,441,31 1 18 ,775,765
Western Maryland. 4th wk Mch
152.300
134, 267 3,991,393 3 ,443,137
West Jersey & Sea. February
272,244
265, 444 3,611.160 3 ,373,160
Wheel & Lake Erie. 3d wk Mch
86.771
98. 601
4,257,793 4 060,409
W'import 6c N Br_. December
1 a 78;)
12,96*.
87,1 7 J
94,300
Wisconsin Central .January
540,531
532, 099 4,347,834
4 ,184.621
WrlghtsvA Tennlllc February
18,355
871
17.
153,293
142,637
Yazoo & Miss-Valley February.
826,5.13
791, 247 6,426,569 5 583 266
..
.
_
.
.
_
.
_
_
.
_
_.
_
Cu rrent
Various Fiscal Years.
Period.
d.
._
Ohio
—See Sout hern Rail wav.
Nash Chatt 6c St L.
February
992,703
878,447
a Nat RR of Mcx.
3d wk Mch
311,761
284,135
Hidalgo & N E__ 3d wk Mch
18,833
Nev-Cal Oregon
3d wk Mch
1 .633
2,8787
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
.
..
Ralelgh& Southport January
Reading Railway. February
Coal & Iron Co.. February
Total both cos.
February
Rich Fred & Pot
January
Rio Grande June
January
S
Previous
Year.
Year.
*
__
Pitts
to Latst Dale.
1
Cu rrent
.
<*c
Monthly Summaries.
Lj February
Michigan Centra*_ February
Clove C C 6c St,L-| February
Peoria & Eastern
j February
Cincinnati North. February
Pitts & Lake Erie February
Rutland
February
N Y Chic 6c St L_
February
N Y Ont & Western
February
N Y Susq & West..
February
Norfolk & Western- February
Northern Central
February
Northern Pacific.
February
Pacific Coast Co
January
__
Mexican Internat.
Mexican Railway.
Mexican Southern
Michigan Central
New York Cen tral.
Mineral Range
3d wk Mch
15,323
14.072!
553.117
542,995
Mlnneap & St Lohls 4th wk Mch
99,287
99,644 2,856,216 2,813,844
Minn St P & S S M_ 3d wk Mch
220,509
208,767
8,841,557; 8,367,605
Mo Kansas & Texas 4th wk Mch
836,676
592,235 19,772,058 16,311,282
Mo Pac & Iron Mt_. 4th wk Mch
1,413.000'1,320,000
34.876,928
32,125,319
Central Branch.. 4 th wk Mch
51,000j
43,000 1,233,3 22 1,458,313
Total
4th Wk Mch 1,464,000 1,363.000
36,110,250 33.593,632
b Mob.tr Jack <5c K C December
139,700
743 ,021 j
92,98 i
466,475
Mobile
a
a
February
February
February
Year.
July
Previous
Year.
-
.
Erie 6c Wcst’n —Sec New
Lake Shore 6c M Sou —Sec New
N Y C & Hud River
Lake Shore 6c M S
Lake Erie & West
Chic Ind & Sou.
Current
_
Georgia South6c l- Ja —Sec Sout liern Rail way.
Grand Trunk Sys__ 4th wk Mch
1,291,136 1,114,803
Gr Trunk West.. 3d wk Mch
121,346
100,221
Det Gr H 6t MIL
3d wk Mch
37,662
36,201
Canada Atlantic- 3d wk Mch
28,595
35,510
Great Northern
February
2,479,799 2,970,511
Montana Central. February
177,074
217,748
Total system
February
2,656,873 3,188,259
Gulf 6c Ship Island- 3d wk Mch
56,462
36,180
Hocking Valley
February
498,594
533,510
Illinois Central
February
4,428,661 1,366,911
Inter & Great North 4th wk Mch
231,000
197,000
olnteroceanlc (Mex) 3d wk Mch
144,475
149,764
Iowa Central
4th wk Mch
81,429
89,745
Kanawha & Mich.. February
188,796
174,103
Kansas City South- February
726,988
667,330
Lake
Manistlque
Maryland 6c Penn..
a Me.xlcan Central..
930,512
849,609
27,194
7,352,247 6,711.890 60,624,009 53,345,295
345,373
325,517j 2,492,923 2,375,203
116,306
708 934
90,9711 1,016,676
2,308,539. 2,172,973 17,340,583 15,889,701
5,939,293' 5,802,508 54,076,049150,986,382
243,458
205,631' 2,052,890' 1,572,832
4,393
4,466
41.302
38,610j
2,914
2,902
28,773
29,347
211,057
231,127 6,168,752 6,654,220
131,629
140,204 1,191,517 1,057,116
149.100
162,300 5.089,500 3,796,100
2,099,000 1,646,000 52,036,206 45,080,118
260,900
229,500 9,077,329 8,482,473
1,887,745 1,876,568 17,373,634 16,713,276
3,695
2,583
117,092
97,854
1,931,139 1,967,689 16,514,824 16,057,659
5,196
3,723
32,630
24,794
1,004,418
867,479 8,752,110 8,084,937
171,561
165,037 6,931,319 6,402,671
111,768
92,006 4,267,589 4,260,831
_
Loulsvllle & Nashv.
Macon & Binning._
Manistee & No East
1,116,309
3,232
Week or
Month.
Year.
3d wk Mch
3d wk Mch
Sec New York Cen tral.
January
ROADS.
1,971,925
page.
Latest Gross Earninas.
Previous
57,000, 2,214,314
26,000, 1,072,296
4th wk Mch
4th wk Mch
40.279
Det Tol & I root Sys|3d wk Mch
70,126
Dul So Shore 6c Atl. 3d wk Mch
58,021
Erie
February
3.750,645
Evansville it Tor ll —See Rock island S
ystem.
Fairchild & N E
1 ,715
February
Lehigh Valley
Lexington <& East..
Long Island
Louisiana & Arkan.
Current
Year.
Soul hern Rail way.
1st wk Mch
1st wk Mch
1st wk Mch
February
Chesterfield & Lane February
Chicago & Alton Ry February
Chic Great Western
Chic Ind 6c Loulsv.
Cfiie I ml & Southern
Chic Mllw & St Paul
Chic 6c North West
Chic St Paul M & O.
Chic Term Tran HR
Cin NO 6c Texas Pac
Clnclnnat Northern
Clev Cin Chic & St L
Colorado Midland..
hCol 6c South Sy.s__
Col Newb & Laur._
Earnings.
subsequent
i
Latest Gross
no A DS.
on a
9,337,337
14,215,644
8.688.996
9,477,481
9,780,541
10.82S.667
9,747,374
10,161,319
10,149,406
9,306,669
Inc.
t
8.982 678
13,830,670
8.564,371
8,672,351
8,954,573
10,201,031
9,025,944
0,292,598
8,978,802
8,107,314
or
Dec.
Atlanta & Charlotte Air Line
Bellefonte Central
Manistee 6c Northeastern.
Mch
Jan
Jan
Manistlque
Jan
Mexican Railway
Jan
Mexican Southern
Jan
New York Centra*!
•Jan
Lake Shore & Michigan South Jan
Lake rErie 6c Western
iJan
l Chicago Indiana & Southern I Jan
Cleve Cin Chic & St Louis
Peoria 6c Eastern
Cincinnati Northern
jPittsburgh & Lake Erie
Rutland
N Y Chicago 6c St Louis
Northern Central
d Penn—East of Pitts 6c Erie
d West of Pittsburgh 6c Erie..
Phlla Baltimore 6c WashlngtonO
Philadelphia & Erie.
Pitts Cin Chle & St Louis
Rio Grande Junction
Texas 6c Pacific
West Jersey & Seashore
...
...
EARNINGS—Weekly
%
+805,130
+ 825,968
+ 627,636
+ 721.430
+ 868.721
+
+
1,170,604
1.202.355
3.95
2.78
1 46
0.28
9.22
6.15
7.99
9.35
1 3; 1 5
14.82
,
jJati
1
Feb
Jan
Jan
Jan
Jan
Jan
Jan
1
1
1
1
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Dec
Feb
Jan
Meh
Feb
Monthly Summaries.
Month June 1905 (113 roads),
July 1906 (117 roads)
Aug 1906 (118 roads)
Sept 1906 (122 roads)
Month
Month
Month
Mo.ith
Month
Month
Month
Month
Oct
Nov
Dec
Jan
Feb
1906
1905
1906
1907
1907
'Jan
Jan
:Jan
Jan
1’
1
1
1
1
1
1
1
Jan
Jan
Dec 1
Jan 1
Jan 1
31
28
Previous
Year.
Year.
3,822,696
9,526
45,259
31
28
9,140
14
14
1,640,700
28
28
28
28
28
28
28
28
28
28
28
28
28
28
28
31
28
31
31
28
3 619.432
10.149
49,579
,098
a
1
403,300
255,516
13.974,607 13 767,892
6,728,443 6 439,043
269,402
786.671
462,500
4,367 814
3,650,051
869,869
382,048
4 100,735
3 607,084
467.108
490,659
146 074
2,114,464
')
371.938
134 085
080,437
373,613
1,624,612 1 ,619,007
1.895,715 1 783,315
24,036,572 22 826,572
Inc. 857. 500
2,412,756 2 284,556
8.364.26U
s ,2 76
4,892,334
139,583
4,467,970
552,254
4 ,593,843
.
<
5 1
103,695
3 557,467
529,854
and Monthly.
$
+ 354 659
+ 384,974
+ 124,625
1
1
1
Jan
Feb
Jan
Fet)
Mch
Mch
Feb
Feb
Feb
Feb
.
Michigan Central.
1
1
r
(119 roads).
(123 roads).
(127 roads)
(123 roads).
( 67 roads).
Cur’nt Year Prev's Year.
3 '
146,010,301
168.336,461
179,191,945
184,551,471
198,733,229
186 696,274
184,235.595
173,212,305
65,168,022
Inc.
or
Dec.
5
130,233,293
148,013,565
159,835,022
171,553,520
179,405,267
175,727,985
+ 15.777,008 12.11
+ 20,322,896 13.73
+ 19,356,923 12.11
7.58
4-12,997,951
+ 19.327.962 10.77
+ 10,971,289
6.24
170,746,769' + 13,488 826
162,623,883 + 10,588,422
63,850,213
+ 1,317,809
7 90
6.51
2.06
a Mexican
currency,
b Includes earnings of Gulf 6c Chicago Division,
c Includes the Houston &
years,
u Covers lines directly operated,
Texas Central and Its subsidiary lines in both
c Includes the Chicago & Eastern
Illinois In both years,
earnings of Col. & South., Ft. Worth & Denver
f Includes Evansville 6c Indiana RtL
h Includes
City
and
all
affiliated
lines, excepting Trinity & Brazos Valley RR.
of Denver Enid & Gulf
k Includes In both years earnings
RR., Pecos System and Santa Fe Prescott & Phoenix Ry.
I Figures prior to April 10 1905 are those of the
and Indiana Harbor of Indiana.
Indiana Illinois 6c Iowa
*
t
THE
1907.]
Ape. 6
799
CHRONICLE
Gross
Weeks.—In the table which
the earnings for the fourth
covers 22 roads and shows
14.82% increase in the aggregate over the same week last year.
Latest Gross Earnings by
follows we sum up separately
week of March.
The table
•
1906.
1907.
March.
:
S
$
$
!
231.127'
162,300
211,057
149,100
453,000,
j 2 099,000 1 .646,000'
267,402
265,924
18" 356
279,970
f 298,326
66,000
487,100,
' 553,100
5,723j
34.556;
40,279
176,333
1.291,136 1,114,803!!
Buffalo Rochester & Pittsburgh!
j
Canadian Northern
Canadian Pacific
Chicago Great Western
_ j
Colorado & Southern
Denver A Rio Grande
j
j
Detroit A Mackinac*..
Grand Trunk of Canada
1j
Grand Trunk Western
|
Detroit Grand Haven & Mllvv}
Canada Atlantic
jj
Internat. A Great Northern
Iowa Central
1
S
$
Pennsylvania—Lines directly operated—
East of Pitts & Erie...Febl 1,452,860 10,824,060
Decrease.
Increase.
Year.
.
20,070
13,200
1,478
1
to
Southern, b-Feb
RIo Grande
July 1 to Feb 28.
St Jos A Grand Island,
July 1 to Feb 28
_
b-Feb
Feb
Southern Indiana.b
July 1 to Feb 28
144 538
1
1,160,468
$
2,295,909
5,434,008
167*913
379.596
67,413
234,796
nl4 ,335
nl9,224
n41,874
n31,108
21,978
172,503
28,822
359,057
45,240
380,294
13,281
165,681
59,324
471,845
52,067
465,571
,049,096
120,290
971,394
125,152
1,094,499
Year.
5
Inc 62,100
Dec 81.000
47,784
103,695
43,078
387,136
111,971
64,081
139,583
45,708
412,386
Jan
Rio Grande Jet
Dec 1 to Jan 31
Year.
1,989,109
4,931,508
Feb 28
.24,036,572 22.826,572
West of Pitts A Erie. .Feb
Inc 552,500
Jan 1 to Feb 28
Inc 857.500
Phlla Balt & Wash.b
Feb 1,166.716 1,097,216
2.412,756 2,284,556
Jan 1 to Feb 28
Jan
Preriotis
Current
Previous
Year.
Roads.
!
i
i
Fourth week of
Net Earnings
Earnings
Current
2,012,441
3,160,962
S,001,844
Feb 10,057,098 69,786,156
Southern Pacific.a
30,502.098 23,424,301
July 1 to Feb 28
82,323,983
357
Southern Railway system—
1,075,852
99,287
Minneapolis & St. Louis
,
592,640
244,441!
4,433,002
Feb 4,507,702 35,590,801
Southern Ry.a
Missouri Kansas & Texas..
j
836,676 1.320.000! 93,000!
8,381,261 10.216.767
to Feb 28
37,440,725
July
1
Missouri Pacific & Iron Mtn.. .11 1,413,000:
8,000!
260.377
43,000!
275,760
788,371
887,987
Central Branch
|
51,000‘
Mobile A Ohio.a
Feb
40,935
227,685'
2,044,303
2,212,560
6,127,619
6,922,127
St. Louis Southwestern
j 268,620
1
to
Feb
July
28
r.
61,226
393,470:
165,364
131,900
Texas A Pacific
' 454,696
709,423
2,060
686,396
99,7991
Cine N O A Tex Pae.a Feb
1,280,322
1,056,106
Toledo St. Louis A Western
:
97 739
5,451,291
28.789
5,611,288
687,21 1
July 1 to Feb 28
Wabash
!
716,000
47,455
55.192
IS.03 3
134.267
326,189
336,847
Ala Gt Southern.a---.Feb
Western Maryland
:
490,863
152,300:
504,928
2,505.302
2,712,669
July 1 to Feb 28
45.481
34,826
37,140
9,309,669 8.107.314 i 1 ,247,836;
172,624
196,911
Total (22 roads)
Georgia Sou A Fla-a. - Feb
i
333,214
[1.202,35,V
275,686
1,281,515
1,401,859
Net increase (14.82%)
July 1 to Feb 28
5,256
7,054
10.848
14,761
Feb
Tacoma Gas Light Co
33,733
52,772
86,457
111,726
June 1 to Feb 28
1,925
14
For the third week of
our
7,033
7,366
Tidewater A Western _b. Feb
14.208
3.774
58,214
57,631
44 roads and shows
July 1 to Feb 28.
107,695
64,885
346.596
349,721
Toledo A Ohio Central .a. Feb
the same week last year.
829,713
2.911.260 1.031 .609
3,246,665
July 1 to Feb 28
p75,277
p66,719
312,998
307,684
Feb
.1906.
Tol St L A Western.a
1907.
Increase. Decrease.
p662,301
Third week of March.
p748,51.4
2.822.005
2,778,798
July 1 to Feb 28
1 .884
8
1,271
4,667
$
8
.
5,328
$fl
Tomblgbec Valley Co
Feb
31,542
6,799
7,190
17.597
22,169
9,598,667 8,445,534 1,184,675
Nov 1 to Feb 28
1 .712
Previously reported (38 roads) .
1 .937,951
68 946
70.658
j
1 .881 .774
4.728.351
Alabama Great Southern
.'
30,199
Union Pacific.a
Feb 5,053.241 45,669.612
170,222
23,395.738 21 ,398,918
140,023
Cincinnati New Orl A Tex Pac._;
11,875
July
1
to
Feb
28
50,029,263
70,126
82,001
382,644
483.944
Detroit Toledo & I ronton.
j
1 .940,554
Wabash, b
Feb 1,988,266
56,462
36,180
20,282
4 755,045
5,440.127
Gulf & Ship Island
16,675.269
158,383
193,800
July 1 to Feb 28
18,236,959
Mobile A Ohio.
27.084
265,444 deftOl .016
15,824
21,382
5,558 :,
272,244
West Jer’.v A Sea -shore. b Feb
Texas Central
38.388
f
529,854 def200,8 12
552,254
Jan 1 to Feb 28.
..
75,328
6,131
4,383
10,149,406
8,978,802
1
,245,932
si7,871
si
•'‘Total (44 roads)
...Jl,170.-604,
Wrightsvllle A Tennllle. bFeb s 8,355
54.627
41 .454
si 42,637
153,293
Net Increase (13.15%) —
July 1 to Feb 28
.
3,094
6,694
11 .146
14,787
Wyom Vail Gas A Elec .Feb
7,886
16,215
24,070
32,819
)Jan 1 to Feb 28
._
147,615
156,097
*91
,247
Net Earnings
820,593
Yazoo A Miss Vail.a
Feb
633,160
1,033,891
5,583,266
6,426,509
July 1 to Feb 28
lowing shows
gross
34,000
1 97,000i
231,000
81,429
89.745)
99,644
592,235
8 316
final statement covers
March
13.15% increase in the aggregate over
I
35,417!
____
>
The table fol¬
Monthly to Latest Dates.
the
and net earnings of STEAM railroads
reported this week. A full detailed statement, including
roads from which monthly returnscan be obtained, is given
once a month in these columns, and the latest statement of
this;kind will be found in the issue of March 23 1907.
next will appear in the issue of Aprijpif). 1907.
all
The
Gross Earnitigs-—
Current
Previous
Year.
Year.
Roads.
Atlanta Birm &
Atl.a..
*
Feb
.
1
_
90,971
.016,670
708.934
$
9,104
249,513
325 ,517
40,596
$
-
.
17,340,583
July 1 to Feb 28..
Feb
243,458
Bangor A Aroostook, b2,052,890
July 1 to Feb 28..
1
3,619,432
2,172,973
5,889,701
Buff A
1
July 1 to Feb 28..
t
Canndian Northern
July 1 to Feb
,191 ,517
333,200
Feb
.
,057,116
301,400
3,354,500
def30 ,400
.
.
.
1
.228.300
582,169
5,924,123
'
2,415
13,217
271.625
2,648,597
4,792
33,567
.
.
240,955
2,476,890
4,765
38,691
71 1 ,537
9,638,468
JMi74Lj82
8,017
65,884
39,613
660,835
*18jfcfc5
17,9
232 ,321k
24SL640
.
58.456
54,758
.
72.363
75,513
583.292
55,096
389,617
83,300
1 .172,700
780.481
6,389.519
1 ,671
9,328
9,247
71,416
40,491
679,945
701 ,747
.
.
'
449.371
376,035
1 1 .935
181 ,240
Northeastern Fel)
664,028
July 1 to Feb 28..
194,627
101 ,616
533,510
498,59 4
Feb
Hocking Valley.a
1 .689,573
1 ,403,827
4,493,083
4,524,772
July 1 to Feb 28..
1 ,389,381
1 ,201 .462
4.366.911
Illinois Central.a— .. Feb 4.428,661 34,202,570 10,619,961 10,527.676
37,047,718
Hidalgo A
Feb
68,144
524,845
Feb
Atl. .
July 1 to Feb 28.
Feb
Hocking Valley
July 1 to Feb 28.
Kanawha A Michigan. ..Feb
July 1 to Feb 28 .
86,641
685.688
Northeastern Jari
Feb
Maryland A Penna...
6.865
.
.
..
-----
20,409
173,736
Manistee A
July 1 to Feb
28
-----
Mineral Range.
July 1 to Feb 2S.
Nash Chatt A St L.. .
July 1 to Feb 28.
Norfolk A Western
July 1 to
Rio Grande
Southern.
*def8,378
*31 ,044
*3l” ,048
78,544
436,470
460.258
543.252
2,707,295
4,367,985
4,780,989
8,333
16,666
10,891
25,208
6,002
14,442
142.744
17,733
143,880
*def3,773
*31,350
*4,623
*36,627
21 ,033
163.763
21,434
167,3 12
38,291
308,082
191.715
36,962
38,418
309.740
*28,735
*742,799
*69,715
*523,678
,195,431
402,206
Feb
3,076,874
..
.
.Jan
Feb
.,
July l to Feb 28
Feb
Grand Island.
July 1 to Feb 28
Toledo A Ohio Central ..Feb
St Jos A
9.947
.
8,333
16,666
17,066
295,485
28.
for
other
allowing
income received.
July 1 to Feb
x
After
STREET
RAILWAYS AND
Latest Gross
Name of
Road.
•
174,103
1
,452.762
67,533
535,043
647,085
July 1 to Feb 28..
94,700
92,735
.Feb
Louisiana A Arkam-as.a
647,331
768.614
1
to
Feb
28..
July
3,432,952
Louisville A Nashville, b Feb 3,729.143 28,265,179
31,766,912
July 1 to Feb 28..
49,579
45,259
Manistee A Northe’n.b-Jan
24,547
23,432
Feb
Maryland A Pennsylv.a
241 .467
234,728
July l to Feb 28._
.
Mexican Cenfal
July 1 to Feb
.
28..
Mineral Range, b
July l to Feb 28.
Minn St P
Feb
.Feb
A S S M.b.. .Feb
2,548,389 2,229,926
19,628,866 18,185,422
56,295
500,726
59,271
508,545
764,745
702,339
8,209,164
July 1 to Feb 28..
992,703
Nash Chatt A St L. b ... .Feb
7.731.967
Julv 1 to Feb 28..
226,109
N Y Susq A Western .a.. .Feb
7
758,117
878,447
7,050,658
204.497
1 ,878.417
2,001,459
July 1 to Feb 28._
2.233.548
.Feb 2,438,706
Norfolk A Western.b..
20,0S3,718 18.496,052
July 1 to Feb 28..
835,579
903,579
.Feb
Northern Central b
1,783,315
1.895,715
Jan 1 to Feb 28..
_
_
_
-
35,121
350,819
47,566
403.658
$
41,519
298,080
30,897
242,705
25,976
218,017
242,735
868,328
34,586
913,714
8,604,065
8,276,636
21 ,956
26,453
6,001
7,432
83,771
78,364
806.241
635,795
5,587,041
5,328.790
11,924
,351
109,427
1
123,744
106,010
322,409
3,636,822
227,561
1,631 .901
4,174,575
53.602
570,319
868,464
36,548
568,562
913.049
7,444.859
7,488,284
55,284
188,012
77,484
237,768
1
,739,258
267,512
j
j
!
27.1251
Wabash1
.January __|
Co!January --j
Ry February
Electric Ry.!Wk Mch 31 j
Ft Wayne
&
Valley Traction
Galveston Electric
Hartf & Spring St.
Havana
Honolulu Rapid Tr A;
Land Co
’January
Houghton Co St Ry.. January ..
Houston
Electric Co. January
..
89,268
o65',509
7,388
91,178!
25,548;
9.166;
32,053;
28,381
15,944
50.093
to latest date.
Previous
Current
Year.
Year.
Previous
Year.
$
*
*
25,241
178.091
75,61 1
!December
Hudson
Rys Co
February . 192,829
86,940
& Chic Ry February .
19,364
20,229
’February . 164,126
Binghamton Ry
138.788
Birm Ry Lt & Power February .
5,736
6,195
Brockton & Ply St Ry January ..
6.-"0;
6,217’
Burlington (Vn Tracj Jan nary ..
19,900,
19.734
Cape Breton Elec Co.;January ..
49,763,’ 45,531
i February .
Central Penn Trac
50,793
52,478
Chari Con Ry GasA El! February .
36,593
52,777:
Chicago A Milw Elec.!February .
74,145
73,916
dChlcago & Oak Park ;March.
15,858
18.m*1 ;
Clove Painosville & El January ..
39.718
44,707
Cleveland A Southw. February .
84.735
80,439J
Dallas Elec Corp'n
I December
6,194,
Detroit Jack’n & Chi. 3d wk Mch
91,429
109,763’
/Detroit United Ry__!3d wk Mch:
19,381
21 ,696;
Duluth Street Ry
4th wk Mch 144,638!
133,818
East St Louis & Sub. February _
27.346
37,043:
El Paso Electric
January
a American
cAur Elgin
1
.Jan.
Earnings.
Year,
Albany &
*2 202
TRACTION COMPANIES.
Current
Month.
.
July 1 to Feb 28...
188,796
Kanawha A Michigan .a .Feb
1,538,394
July 1 to Feb 28..
82.687
a
Keystone Telephone Co. Feb
76,572
148,500
1.196.006
347,540
1
Feb 28
RIo Grande Junction..
Dec 1 to Jan 31.
3,590
47,104
149,017
Feb
..
1,995
40,291
9,947
79.62.*
Feb
.
3,833
36.667
4,006
38,073
..
Year.
$
Year.
$
de 14,313
16,388
159,750
152,655
91,641 Xdcf45,947 *def49,710
703,803 xdefl5,717 *defl4,689
*131 ,123
*34,169
62,006
525,030 *1,135,794 *1.363,040
*28,420
*15,211
19,699
*248,308
*181.365
160,196
19,687
15,091
6,766
66,455
507,201
..
Current
%
59,1 25
423,542
$
Roads.
Duluth So Sh A
398.392
_
175.610
—Bal. of NetE'ngs.—
Previous
Year.
Year
703,571
63,831
4.600,700
1 ,967,689
f .931 ,139
Chesapeake A Ohio.b.. Feb
16,51 4,824 16,057,659
July 1 to Feb 28._
3J23
5,196
Clies field A Lane’ster.b Feb
24,794
32,630
July 1 to Feb 28..
895,272
1 ,033,815
Colorado A Southern.a Feb
7,907,655
8.987,118
July 1 to Fel) 28._
25,832
28,384
Col Newberry A Lan.a. .Feb
195,768
210,689
July 1 to Feb 28..
18,062
16.886
Feb
Corn wall, a
136,16 1
143,582
July 1 to Feb 28..
204.559
216,131
Duluth So Sh A Atl.b.. Feb
2,021 ,931
2.146,752
ft'**
July l to Feb 28..
3.635,419
Feb 3,750*645
Erie.a
..
34,901,848 33,696,843
July 1 to Fep 28
46,324
47,939
Fonda Johnsv A Glov.a Feb
484,496
520,119
July 1 to Feb 28..
179.342
205,086
Gulf & Ship Island.a .. Feb
1 ,367,067
1 ,612,873
July 1 to Feb 28..
28.
$
19,342
5,293,908
677,500
23,566
1
—Int., Rentals, Ac.—
Previous
Current
579.888
,042,556
and Surplus.
Interest Charges
4,364,133
1
205,63 1
131.629
Susquehanna.a- .Feb
here given are after
Bangor A Aroostook.b
July 1 to Feb 28.
.572,832
140,204
1
Net earnings
b Net earnings here given are before
These figures represent 30 % of gross
n
53,821
877,632
.
..
deducting taxes,
deducting taxes.
earnings.
V For Feb. 1907 additional Income was 83,244, against $551; and from
July 1 to Feb. 28 was $25,026 In 1907, against $15,256 last year.
s Includes $426 other income for Feb. 1907, against $430 In 1906, and
$3,662 from July 1 to Feb. 28 1907. against $3,656 last year.
a
Year.
$
1 16,306
July 1 to Feb 28
345,373
Atl'& Char Air Line.a. Jan
3,822,690
Mch 1 to Jan 31
Atlantic Coast Line.a.- Feb 2,308,539
J
-
-
,
Net Earnings
Current
Previous
Year.
'
80,145,
19,350
9.140
28,0S7j
27.9581
14,832!
43,077
403,560
378.53'*
175,832
42,308
352,047
0,195
155,869
39.835
286,724
5,736
6,200
19,900
95,362
104,306
6.217
19,734
104.069
107.812
115,408
213,069
18.031
80.036
211,809
15,858
86,285
934,707
04.205
1 .023.136
044,402
1,243,533
176.236
309,148
37,043
1,067,926
91 ,178
80,145
19,350
25,548)
19,737 j
431.5491
162,619
277,010
27,346
18.434
395,602
28,3811
27,958
15,944,
50,093-
43,077
14,832
800
THE CHRONICLE.
Latest Gross Earnings.
Name of
Road.
Week
!
or
Current
Year,
Month.
Jan.
Previous
j
Year
21 ,087 1
10,104:
31,727
423,509
__
__
February
_
Lake Shore Elec Ry. i
December
Lex& Inter Rys
Co..,February
Madison & Int
Trac_.)February
Met West Side
Kiev..:March
Milw Elec Ry & Lt Co
February
Mllw Lt Ht & Trac Co
February
9.745,
24,913:
386,751
35,267!
10,862!
239,925
277,271
48,607
.
_
8,503;
8
542,402
449,320
240,034
10,104
31,727
210,259
9.745
902,530
866,970
788.268
75,032
22,390
688,900
582,262
102,074
710,276
232,443
51,262
68,316
17,309
40,804
Montreal Street Ry.JWk Mch
23
61,873!
51,619
Nashville Ry & Light
February
109,498:
97,232
N J & H R
Co February
Ry&Fy
23,571:
22,006
N O Ry & Light Co.
February
535,338: 506,508 1,076,992
Nor Ohio Trac & Lt..
February
116,858;
106,472
Nor Texas Trac Co..
242,049
December
78,750:
57,296
854,136
Norf & Portsm Tr Co
January
147.789
123,831
147,789
Northwestern Elev.. March
138,483
131 ,989
399,671
Oklahoma City Ry. J February
14,005:
8,916
28,912
Peeksklll Light & RR
10,957;
9,133
23,596
Pitts M’K & Green.. i February
December
13.045;
13,879
211,170
Portland Rys Co
January
127,584! 125,617
127,584
Rockford & Interurb
February
37,365
32,685
St Joseph (Mo) Ry Lt
78,814
i
Heat & Power
February
Co..]
62,711
60,214
131,410
Savannah Electric Co
45,442!
49,618
45,442
South Side Elevated. January
:March
155,350 147,972
433,118
Syracuse Rap Tr Ry. February
90,424,
78,766
187,549
Tampa Electric Co.. January
43,994
37,839
43,994
Terre Haute T & L Co:
January
76,471
59,831
76,471
Toledo Rys & Light.
February
153,744
142,811
324,428
Toronto Railway
Wk Mch 30
60,293
52,926
TrI-CIty Ry & Lt Co.!December
157,239
144,535
Twin City Rapid Tran i 3d wk
Mch
106,581! 95,179 1 ,196,34 1
United RR of S F
December
^562,200 631,004 ho,955,787
United Rys of Balt..
j
December
6,579,82’
United Rys of St L..
764,680 713,664
1,591,017
Wash Alex & Mt Ver. February
December
18,459
20.528
273.260
Whatcom Co Ry & Lt
January
29,063
23,971
29,063
.
,
.
.
605,026
530,533
85,650
622,035
203,164
45,974
,005,086
221,440
_
1
_
.
.
661,037
123,831
..
374,856
18,273
19,343
.
.
182,630
.
125,617
67,981
._
.
_
126,792
__
37,839
59,831
__
.
301,864
1 ,068.229
7,059,003
6,023,698
1,495,452
.
.
2-M .6-13
.
23,971
Figures
for the month In both
years
operations of the Scranton
Ry.., acquired Jan. 1 1906. b Figures areinclude
from Feb. 1.
c These
for consolidated
company,
d These are results for main line, figures are
cludes Rapid Ry.
f Now in¬
Syst., Sandwich Windsor & Amherst
burg Ry. and Detroit
Monroe &, Toledo Short Line
Ry.
h, These are early
decrease due to
preliminary returns;
earthquake, fire and strike among employees,
Sept. 5 1906.
Aug. 26 to
Street
Railway Net Earnings.—The following table gives
of STREET
railway gross and net earnings
reported this week. A full detailed
statement, including all
roads from which
monthly returns can be obtained, is given
once a month in these
the
returns
columns, and the latest
statement of
this kind will be found in the
issue of March 30 1007.
The
next will appear in the issue
of April 27 1007.
-Gross Earn’gsCurrent
Previous
Year.
Year.
Roads.
8
Aurora Elgin & Chicago.Feb
July 1 to Feb 28
Duluth Street Ry.b
Feb
-Ncl
Current
75,611
788,062
Year.
33.131
28,365
364,755
20,626
41,328
402,832
50,348
104,772
..
171 ,386
1
,954,198
262,105
_
507,202
47,805
191,542
393,888
Interest Charges and
Surplus.
—Tnt., Rentals, <fee.—
Current
Previous
Year.
Zi’or.
Roads.
8
Feb
July 1
Jan
».
Feb
Feb
1
to
Feb
146,876
1,312,011
.
Feb
28.
1
60,401
322,961
1
8
6,000
192,514
2,425
46,319
836,086
129,766
148,471
296,162
37,417
725,043
113,634
246,941
211 ,040
87.076
185,558
81,834
174,472
Miles operated
*
Operations—
Passengers carried
1903.
1,164
8.460,586
8.172,563
8,098,665
Pass, carried 1 mile
7,860 ,826
278,813.505 257,028,637 275.9 1,493 243.971
Rate per pass, per mile.
J
,280
2.03 cts.
2.01 cts.
1.96
cts.
2.09 cts.
Freight (tons) carried.. 29,377,709
25,740,993
22,772,832
Freight (tons) 1 mile
22,841,680
03,483,744
o3.1 66,075
<12,552,648
Rate per ton per mile
02.674,856
0.63 cts.
0.61 cts.
0.65 cts.
0.65 ets.
Ea rning s—
8
S
8
Passenger
Freight
Mail, express, &e
.
_
Total
Expenses—
Transportation
Malnt. of equipment
Malnt. of way, &e
General expenses
Taxes
Total
P.
e.
.
of exp. to earns
Net earnings
•iThreelclphersg(OOO)
8
1,943,901
5.286,153
19,314,499
1.982,907
16,520,384
&2,138.084
17.418,568
b2.144,041
29,606,196
26,583,559
24,209,492
24,650,4 01
10,783,004
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
9,592,917
5,006.087
2,829,395
518,1 86
828,931
22,153.012
19,945,909
21,857.398
6,019,224
3.801,644
580,318
’“>*
(74.84)
Y 7.453,184
omitted
(75.03)
6.638 650
5,551 ,022
18.109,638
(74.SI)
6.099,554
Total
Disbursements—
Interest on bonds
Rentals paid
Interest on car trusts,.__
Car trusts, principal
Interest, general acc’t..
St. L. V. & T. H. loss
Loss on L. M. RR
Extraordinary
expenses
D. & W. sinking fund
Consol. M. sink. fund..
5,087.792
18.775,516
(76.17)
5,874.885
146,405
54,457
130,511
248,869
59,056
65,970
61.182
Dividends
Dlvs.
on
on
b
'
b
7,654,046
7,018,030
6,224,580
5,936,067
2,324,440
138,218
330,655
596,133
154,622
2,344.754
137,483
2,307,637
139,344
2.1S6.113
132,361
589,988
185,303
900,000
167,693
1,000,000
276,921]
506,112/
659,146
133,746
690,058
63,624
379.890
64.469
pf
common
180,611
(4)908,036
(3)743,390
Total
!
Balance, surplus
7,322,731
331,315
6,740,827
(3)743,378
6,279,426
def. 54,846
277,203
b Rents In 1903 and 1904
were Included In
are now Included in other
Income.
179,660
241,593
347.357
60,000
359,860
.
449,990
455,400
3,222
10,868
(5 %) 1 ,372,838 (4)1,098,196
(4)1,098,122
(3 ^4)867,310
(3)743,400
Miscellaneous
5,928,951
7,116
mail, express, &c.;
net rentals
BALANCE SHEET DEC. 31.
1906.
8
1905.
8
1904.
3,302,083
3,564,317
3,998,335
RoacVand equipment
1903.
8
8
110,285,260 100,240,545 103,938,878
Bonds & stocks owned.
101,791 .040
5,571,930
2,927,870
1
1,950,518
,453,269
Supplies on hand
1 .868,662
2,125,487
1,682,788
Little Miami RR., for
2.249,462
betterments
847,149
562,050
265,781
Cash
447,585
1,451,882
1,377,732
1,164,655
Cash on special deposlt.
691,959
1,974,418
Cash In transit
472,376
451,840
349,100
Cash to pay Interest
306,173
168,078
182,520
176,713
Bills receivable and ac¬
252,770
__
...
counts due by
agents,
companies, &c
Sinking funds
Total
497,007
4,965,74!)
405,519
124,225,028 117,181,995 116,004,191
112,563,527
783
.
Liabilities—
Stock, common.a
Stock, preferred-a
25,226,769
27,563,922
“Ry. and
Industrial” Section).. 50,921,000
Collateral obligations...
2,500,000
Current accounts
2,998,538
Due other companies
592,411
Interest on bonds.b
665,161
Dividends payable
1,182,028
Sinking fund
2,845,567
Pennsylvania Co. adv’s.
4,250,000
MIscl., Incl. mtges. and
ground rents
1,653,143
Profit and loss balance..
3,826,489
Bonds
(see
_
._
6,459
25,328,889
27,461,802
25,330,939
27,459/752
25,332.306
27.458,183
52,055,000
52,260,000
48.867,000
2,755,345
602,185
679,204
1 ,772,754
2,134.194
828,05S
921.088
2,285,852
920,762
2,238,31!)
1 ,310,969
3,781 ,661
1
563,726
690,309
,007,715
3,759,925
754,373
1
825,715
,703,523
953,336
3.706.833
124,225,028
117,181,995 116,004,191 1 12,563,527
Includes amounts for other
companies’ stocks not exchanged
b Includes accrued
Interest and matured interest
—V. 84, p. 391.
unpaid.
American (Bell)
Telephone & Telegraph Co.
{Report for Fiscal Year ending Dec. 31 190b.)
The remarks of President
Frederick P. Fish, together with
the company’s income account
and balance sheet and a table
showing the growth of the Bell system for a series of
will be found
years,
815 and 817. The reports of all the
subsidiary companies furnishing the data will
be given in a
later issue of the
“Chronicle.” Our usual
comparison
of
earnings and balance sheet for four years
past was published
in last week’s “Chronicle”
on
page 740.
on
pages
for the
&
British
Manufacturing
'{Report for Fiscal
Louis Railway.
Year endin'] Dec. 31
1000.)
The report of the President
will be found on
pages 812
to 815.
The operations,
earnings and charges, and the
general balance sheet for four years were as below.
AND FISCAL RESULTS.
1905.
1904.
1 .1 68
1 .169
Rents (net)
American
Reports.
1906.
1.171
5,874,885
;.')
late fiscal
will be found on subsequent
pages of this issue,.
The usual comparative
statement of earnings and balance
sheet was given in the ‘‘Chronicle”
of March 10 on
page
025.
(Report for Fiscal
OPERATIONS
6,099,55-1
year
3,176
6,342
Pittsburgh Cincinnati Chicago & St.
,
6,638,650
Sloss-Sheffield Steel & Iron
Company.
{Report for Fiscal Year endin'/ Dec. 31 190
The report of President J. C.
Maben
4,259
169,553
10,731
133.969
115,258
109,708
Jan 1 to Feb 28
230,516
219,416
After allowing for other income
received.
annual
8
-
,229,155
Feb
x
Previous
Year.
24,106
195.199
17,450
34,986
17,529
35,104
1
June 1 to Feb 28..
Jan
27.131
E’ngs.—
Current
Year.
$
210.318
..
—Bal. of Net
7,453,184
a
8
19,954
Jan 1 to Feb 28
45,835
Kansas City Ry & Lt.b.Feb
423,509
386,751
193,195
June 1 to Feb 28
4,275,151
3,858,120
2,148,097
New Orleans Ry &
Lt.b.Feb
535,338
506,508
290.167
Jan 1 to Feb 28
1 .076,992
1,005,086
569,902
Portland Rys Co
Jan
127,584
125,617
35,148
Twin City Rap Tran Co b Feb
419,802
380,385
202,334
Jan 1 to Feb 28
876,639
788,250
416,074
a Net earnings here
given are after deducting taxes,
b Net earnings here given are
before deducting taxes.
Miscellaneous.
Total
Previous
Year.
8
8
86,940
876,640
52,857
112,341
Earnings'
1903.
5
$
T. H
49,618
_.
1905.
$
Net earnings of P. C. C.
& St. L
Profit on St. L. V. &
424,309
164,368
_
a
1906.
Receipts—
Year.
LXXXIV.
INCOME ACCOUNT.
Previous
24,913
814,081
70.845
.
latest date.
8
262,363:
_
to
Current
Year.
S
Illinois Traction Co..
February
& South j December
Jackson Consol Trac.
January
Jacksonville Elec Co. January
Kan City Ry & Light
indianap Col
1
[VOL.
Co.
of
Providence.
Year
ending Dec. 31 190b.)
This company, controlled
through stock ownership by tlie
International Power Co. (V. 79,
p. 2799; V. S2, p. 51; V. S3,
p.-2G8), lias called a meeting of the shareholders
for April 24
at the office, 74
Broadway,
New York, to vote on
reducing
the common stock from
$8,000,000 to $2,000,000, through a
reduction in the number of
shares, the par value of single
shares ($100) as well as the
amount of the
preferred issue
($2,000,000) to remain unchanged. President
George W.
Hoadloy, Providence, Dec. 20 1900, writes:
The
gross earnings were 81,725,478 and
show anase over 'mere the
1905 of 8771,701.
year
The earnings Include the
revenue from the manufacture
of ordnance,
ammunition, caissons, lathes and automobile
parts, and sundry
commercial work at the
Bridgeport, Conn., and “Diesel,” and steam
gines and general repair work at the
en¬
Providence,
R.
I.,
works,
together with
sundry items of income from other sources.
*
The expenses were
•)
81,384,407, an increase of 8601,913 over the
year.
The expenses include all
preceding
direct and
facturing. maintenance and administration.Indirect charges against manu¬
They also include a liberal
depreciation charge on all patterns,
drawings/templets, flasks and dies,
and a readjustment of material
and stock values'by careful
To provide for
inventory.
necessary improvements and additions at
the two plants,
8150.000 has been appropriated out of
the^m'plus earnings.
• »'
After deducting the interest
charges. New York expenses and the 8153.337•,
charged off, 88,527 is carried to profit and
loss.
The
amount charged off
covers not only all
Improvements and patterns and
the year 1906, but
drawings made during
charges off all Improvements, real
estate, development
and patterns and
drawings acquired by the company since its
in 1902, and leaves the
organization
plant, property and pattermand
at less than they were taken
drawing accounts
over for by the
company.
The steady increase of orders
for Diesel engines and the
the Wilkinson engine at the
development of
Providence plant, and the
mobile parts department at the
activity of the auto¬
Bridgeport plant, makes it Imperative that
additional facilities In the
way of modern building and machines be
for at once at both
provided
places—hence the appropriation noted
The company suffered a
.heretofore. • • *
loss by fire Dec. 5 1906,
resulting in the total de¬
struction of the Diesel engine
testing department.
The material loss is
covered by Insurance, but the
delays
andfinconvenience
suffered will be felt
forborne llttleltlme.to
come,r».'
•
r*l
•
Apr. 6
'
The engineers of the company look upon the Wilkinson turbine engine,
which has been built and thoroughly tested at the Providence plant during
the past year, as a coming source of great resource to the company.
This
new field, together with the Increased demand for Diesel engines and ex¬
tended facilities for
automobile parts, to.
pressed steel and drop-forging
practically
gether with the heavy line of contracts on hand at both plants,
assure continued and increasing activity for some time to come.
INOOME ACCOUNT FOR YEARS ENDING DEC. 31.
Surplus
Improvements, &c
Extraordinary improvement fund._
.
30,405
41,924
$311,864
£$153,337
150,000
$140,878
$*|8,238
$140,878
$48,238
charged off from plant
surplus to profit and loss.
$8,527
“Expended during year for Improvements and
account and patterns and drawings."
BALANCE SHEET
1905.
1906.
|
$
$
!
Liabilities—
2,000,000
2,000,000
j Preferred stock
8,000.000 8,000,000
4,667,022 Common stock
444.201
336,485
i Bills payable
69.902
74,547
5,205,451 i Accounts payable.
150,000
300,120 jExtraor. tmpt. fd.
24,347 j Mortgage on plant
60,000
60.000
41,6931
No. 2
490,205
498.732
144,992 |Surplus
199,9971
480,CS6!
|
11,119,764 11.064.308
11,064,308 i
Total...
Plants at
Providence & Bridg’t. 4,625.000
Patent rights, con5,205.451
tracts, &c
341,563
Mach., patterns,&c
Improvement acct.
a
75.913
Cash
Accounts receiv...
Inventories
324,705
204,006
Work In progress..
343,126
.
_.
DECEMBER 31.
1905.
S
1906.
S
Assets—
so
—
duck companies
bonds of the
total of $6,000,000
outstanding. Since my
bonds outstanding, $208,000
therefore become
By consulting table "D,’’ you will note that the actual valuation of the
properties Is approximately $18,000,000.
Yet the present market value
of al the securities of both the constituent companies and the Consolidated
Cotton Duck Co. aggregates only $12,750,000, a difference of $5,250,000
between actual value and present market values, or an excess In actual value
of over 40 %.
No reason for this can be found In the earnings of your prop¬
erties.
You have no bonus stock In this company.
In the exchanges of
securities which have taken place, not only does the preferred stock repre¬
sent cash paid In to its full par value, but your common stock represents a
originally paid In. Your company deals as a
which has a world market, and it owns
by most successful cotton duck mill
;ors.
Your mills have been acquired after careful consideration both
location and environment, and in the J. Spencer Turner Co. we have
selling house with established headquarters for the sale and distriof goods throughout the world.
EARNINGS FOR CALENDAR YEARS.
itial cash payment
icturer In a staple commodity
Ive brands previously
own*d
Telegraph Company.
YEARS.
1005.
1904.
$1,475,507
$1,316,249
$1,140,454
$481,364
$430,950
43,374
(6%) 463,536
$413,422
*
Receipts from all sources
Deduct—
Operating expenses
Cable used in repairs.
Dividends
55,034
(6%)463,536
..
.
67,922
(6%) 463,536
'
Total
$378,390
1.016,487
$195,574
$1,394,877
$1,016,487
$475,573
1,304,877
Surplus for the year
Previous surplus
$1,870,450
surplus Dec. 31
820,913
BALANCE SHEET DEC. 31.
Spare cable.
Cash in banks:
RR. bonds <fe other
securities
(par
464.073
274.400
$456,300), cost.
Treas. stock (par).
debtors,
Sundry
8.252,556'Capital stock
S,000,000
885,6971 Earnings invested
•77,6071
in plant
514.800
53,8181 Profit from sale of
128
I
treasury stock..
115,884
| January dividend.
163.565
469.073 I Sundry creditors. _
274.4001 Surplus
revenue
!
Dec. 31
1.870,450
223,6831
8,252.557
1,266.597
150,664
33.335
...
223,201
incl. traffic bal.
participation
Addition to
U.
5101,233
30,000
24,000
11,676
263,068
191,260
38,002
29,088
191,260
5319,987
2,004,947
$328,758
1,676,189
$253,350
1 .422,838
$2,324,934
$2,004,947
$1,676,188
32,431
Deduct, construction account ex¬
—1
$2,004,947
$1,803,537
1906 about $91,500.
mentioned in circular of
y
Plant
.'ash at banks
Construction account
re 3d cable
Constr'n loan to Cent.
«fcSo. Am. Tel
2ent. «.v South Amer.
Teleg. Co.'s stock.
1,634 shares (cost)
1906.
S
.816.561
282,834
150,000
127,386
Spare cable
traffic balances...
anees
A stock
36,801
31,654
40,743
9.834
38.493
37,318
38.088
8,940
47.815
71,753
Dividend
Surplus revenue end
of year.
1 803.537 2,004,94;
209.195
dividend of 50%
1906.—See V.82, p.
392,966
363,225
29,742
$908,915
$283,735
(6%) 360,000
$553,947
(?)
$354,967
companies, including first mort¬
bonds of the Mount Vernon-
ent
gage
Balance, surplus
Charged to depreciation
Dividends on pref. stock
$265,180
divi¬
operations
of
Note.—Of the balance surplus In 1906/$908,915 (before deducting
dends and charges to depreciation). $370,003 is derived from the
of the Consolidated Cotton Duck Co. and $538,912 from the operations
Vernon-Woodberry Cotton Duck Co.
(a) Capitalization of the Consolidated Cotton Duck Co.
Preferred stock ^Including reserve for outstanding Income}$6,000,000
bonds. See text above
Common stock
I
\ 7,000,000
First mortgage 5 % bonds of the Mt. Vernon-Woodberry Co
8,000.000
tile Mount
bonds
Other
^
Total
(81,000,000)
4.999.986 4,169 937
was paid June 1
1104, 1383, 1500.
.
Turner Co.
Controlled through the J. Spencer
7,500
—
$2,100,000
.55,000,000
17,000
2
1,08f>
Mt. Vernon,
of Company.
Woodberry, Druid, Ontario, Aretas,
Frankllnvllle, Green¬
Selkirk,
woods, Vigilant, Bear, Polhemus, Charter Oak, Oliver Extra.
Elkwood, Excelsior, Columbia, Stark, Ozark. Laurel. Montana.
Tallassee, Puritan,
Yellow Jacket, Imperial, La Grange, Lake
Parneton, Parkslde, Richland, Yammassee, Royal, Lion,
Avondale,
Roland,
Hartford, Per¬
fection.
Valuation of Properties.
Report of Barrow, Wade & Guthrie (exclusive of valuation of
brands), with additional machinery Installed (hut exclusive of
replacements which are not figured), approximately.
$18,000,000
Bonds of constituent companies at
Total issue of preferred stock....
par
properties over bonded debt
(equity of $7,000,000 common stock)
—V. 84, p.
8,420,000
6,000,000
...
and preferred stock
3.5SO.OOO
452.
Eastman Kokak Co.
of New Jersey, Rochester,
Year ending Dec. 31 1906.)
(Report for Fiscal
Secretary Albert O.
N. Y.
Fenn says:
In the balance sheet presented the earnings of all the subsidiary com¬
panies are included for the period mentioned.
The balance
carried to surplus for the twelve months the amount of $1,127,566. after
paying dividends for the year at the rate of 6% per annum on t
stock and 17 H % on the common stock, and after charging off liberal amounts
for depreciation and renewal of plants.
COMPANY AND ITS SUBSIDIARIES—INCOME ACCOUNT FOR
CALENDAR YEARS.
sheet shows
he preferred
1905,
1906.
1903.
1904.
$2,925,691
profits.
£$4,915,700 $4,013,913 $3,339,148
Dividends paid and accrued—$368,059
$360,347
Net
On preferred stock (6%)..
On common stock
Do
rate per cent
Shares of old companies
$369,942
3,418,260
(17 AA%)
$365,217
2,342,961
(12%)
1.920,619
(10%)
Total
x
After deducting
in substance;
400
78.404
$2,281,366 52.313,668
$612,023
$1,057,782
$£00,000 for renewal of plants.
CO. OF NEW JERSEY AND SUBSIDIARY COMPANIES
—COMBINED BALANCE SHEET DEC. 31.
1905.
1906.
1905.
!
1906.
$
Liabilities—
patents,
j Common stock ...19,536,278
good-will, &c...20.739,350 19,525.138 j Preferred stock... 6,165,700
report (V. 83, p. 433) six months only had elapsed
the company. Within the past twelve months the
United States Cotton Duck Corporation, as such, has gone out of existence,
its securities having been acquired; all the mill properties, real, personal and
otherwise, formerly owned by that corporation arc now owned ny this com¬
pany.
The entire capital stock of the J. Spencer Turner Company of
York has also been acquired; this company acts as the distributing house
At the time of ray last
from the organization of
4,179,106
Accts. & billsrec-.xl .779,902
Bonds and stocks.y3,570,271
Cash
2,594.194
Miscellaneous
months ended Dec. 31 1906
earnings of $908,915, after
underlying securities of both of the
78,467
....
i
3,098,7481Accounts payable.
1,632,924 i Pref. div. Jan. 1..
3,430,766!Coni. div. Jan. 1..
3,602,521 Reserve
for de-.
68,5821 prec:,
renewals,
| capital purp., &c.
|Surplus
New
thereof.
$
$
Assets—
Plant,
Supplies
for your company and disposes of the products
Your President’s statement for the twelve
shows income of over $10,000,000 and surplus
taking care of fixed charges on all the
.866,805
(10%)
100
5,232
S3.788.202 $2,713,414
$1,127,498 $1,300,499
.
Surplus
1
EASTMAN KODAK
Baltimore/
(Report for Fiscal Year ending Dec. 31 1906.)
report of Chairman S. Davies Warfield, under date of
420,000
.
(b) Location ,&c., of Mill Properties. Total Number 20.
1 Tallassee, Ala
Maryland
__11 Columbia. S. C
1 Canada.*
Manchester, N. H
1 Hogansvllle, Ga._
La Grange, Ga.
1 Nova Scotia*
New Hartford, Conn. 1
Consolidated Cotton Duck Company,
The
Feb. 18 1907, says
Duck Co.
Wood berr
fry Cotton
Special reserve
288.840;
4,999.986 4,169.937j
Total
3 ,009.000 2,000,000
(Earnings invested in
|
Improvements
399.553 | Profit from sales of
i treasury stock ...
iSinking fund..
j Sundry creditors, in|
eluding traffic bal23.834
127.3S6I
1905.
$
52.1731
51.777 |
steamship Mexican.
Sundry debtors, inel.
1906.
S
1905.
|
S
I
Liabilities—
1,855,164 I Capital stock
i
RR. bonds
other
securities (cost)
1 .283.810 1,283,8101
87,400!
129,900
Treasury stock (par)
$384,709
Valuation of
$1,676,188
Includes interest on Investments and deposits, in
Re third Gulf cable and other betterments, as
Dec. 30 last.
BALANCE SHEET DEC. 31.
x
Assets—
$917,172
$666,807
$289,277
bonds of constitu¬
(d)
r
521,397
penditures
$1,301,881
Netearnings
Deduct interest on
(c) Leading Brands
$612,933
in
surplus for year
dec. 7,178
1904.
1905.
>
$114,448
Dividends (10 % per annum)
$9,358,017
$8,138,150
302,694
Operatives' houses owned..
$670,142
repairs
Total income
$10,024,824
Cost of materials, labor, supplies, &e. $8,427,427
Current Interest and general expense.
295,516
Land owned (acres)
YEARS.
$126.3S6
earnings
Cable used in
dec. 5,472
Operatives, all mills
Annual wages, all mills, approximately..
Raw cotton annually consumed (lbs.)
$771,872
Deduct—
Gov’t’s
1.394,877
ending Dec. 31 1906.)
1906.
Receipts from all sources
89.145
*
RESULTS FOR CALENDAR
Mexican
128
115,884
'211,145
Telegraph Co.
(Report for Fiscal Year
x
514,803
subsequent page of
Compare quarterly statement on a
this issue.—V. 82, p. 1499.
Mexican
8.000.090
10.664,827 10.236.834
Total
10.664,827 10.236.S34I
Total...
$
Liabilities—
$9,268,872
Balance
1905.
$
1906.
1905.
1906.
$
Assets—
Plant
i
Const ruct ion. exp.
$672,279
$9,941,151
83 ,673
!
Income from sales
Income from other sources
ending Dec. 31 1906.)
RESULTS FOR CALENDAR
1006.
Increase.
1905.
1906.
(Report for Fiscal Year
to meet
modern requirements.
Under the plan of exchange of securities of the two cotton
for those of the Consolidated Company, $5,608,000 Income
Mount Vernon-Woodberry Cotton Duck Co. out of a
have been exchanged, leaving only $392,00fr
last report, which showed $600,000 Income
have been exchanged.
Over 93% of these bonds have
the property of your company.
268.
Central & South American
spared,
depreciation account with every dollar that can possibly be
and they are being, equipped without delay
that the mills may be,
.....
11.119,764
Total
V. 83. p.
condition, the management has been replacing obsolete ma¬
of date. To provide, these replacements with the
the management has deemed It advisable to credit
chinery, long since out
promptness demanded,
the
$90,162
$171,283-
Balance,
x
companies
In the proper
772,049
$341,071
29,207
Net eamings.
Interest charges.
6 % dividend on
After providing for the
companies.
the $6,000,4)6d-etj>rfcrerred stock, there remained a surplus from the opera¬
tions of the year equal to nearly 8 % on the entire Issue, $7,000,000, of com¬
mon stock.
The.net earnings of the J. Spencer Turner Co. for the twelve
months, after providing for the fixed charges on Its $1,600,000 of debentures,
was approximately $100,000, giving combined earnings of the two
of over $1,000,000, equal to over 9% on the total issue of common stock
after paying bond interest and the 6 % dividend on the preferred stock.
With the view of placing the mills of the Mount Vernon-Woodberry Co.
$862,211
$953,777
782,494
1,384,407
.
former constituent
1904.
1905.
1906.
$1,725,478
.
■
801
THE CHRONICLE
1907.J
Total assets
x
Net amount,
p: 751:
32,941,290 31.35S6S0
y
Taken at cost
market
$
19.524.828
6,165,700
92,486
572,543
92,486
878.612
1,342.006
4,584.234
3.4.56,736
732.181
4SS.405
667,777
31.35S.GSOvalife Dec. 31 1906 $3.590,895.—V-34
Total liabilities.32,941.290
802
THE CHRONICLE.
United Cigar Manufacturers
Company, New York.
{Report for Nine Months endinq Dec. 31 1906.)
An annual statement has been issued
covering the earnings
ofjthe company for the first nine months of its existence,
The holders of the preferred stock
shall have no voting power,
provided,
that If there shall occur two successive
quarter-yearly defaults In the pay¬
dividends on the preferred stock, not due
solely to losses by
reason of a strike or to any order of a
court, then and until the time when
such defaults shall have been made
good out of the surplus or net earnings
properly available for that purpose, the holders of the
preferred stock shall
have the exclusive right to vote; but all
directors so to be voted for shall be
of the class whom they succeed and shall be
elected to serve only until all
existing defaults on the preferred stock have been made
good as aforesaid.
Subject to the foregoing limitation, the voting
power shall be vested ex¬
clusively In the common stock, and the control and management
shall al¬
ways be therein.
The company shall not create
any lien, by way of mortgage or otherwise,
upon any of Its real or personal property, or assent
to the creation of
any
mortgage or lien upon the real or
personal property How owned or hereafter
acquired by any corporation whereof it may
acquire
the controlling stock,
without either the previous written consent of the
holders of at least threefourths of the then Issued and
outstanding preferred stock of the company;
but this prohibition shall not
operate to prevent the giving of purchase
money mortgages or other purchase
money liens or any pledging of the
stocks, securities or warehouse certificates of the
as collateral
security for the payment of moneys borrowed In the company
regular course of busi¬
ness.
OPERATIONS OF NEW COMPAN Y FOR 9 MONTES
ENDING DEC. 31
190G—ALSO FOR OLD COMPANY FOR YEARS 1904
AND 1905
AND 3 MONTHS ENDING MARCH 31 1906.
Old
Net sales
3
$
9,127,543
8,103,876
1,067,410
9,284,352
1,222,824
2,276,270
316,398
7,224,681
1,125,875
1.328,054
1,232,993
*70,280
*54.794
323,572
*9,696
776,987
64,260
1,398,334
1,287,787
333,268
841,247
25,000
25,000
6,250
1,373,334
1,262,787
327,018
de¬
Net profit for period
$
2,916,240
•
on
-New Co9 Mos. to
to
11,740,169
Profit from operations
Mlscel. profit & lnt. received.
Total profit
Deduct—lnt. at 5 %
benture notes
Mos.
Mch.31’06 Dec. 31'06.
.10,499,340
Deduct —
Cost of manufacture
Admin. & selling expenses..
k
Company
Officers; Jacob Werthelm, President; Charles
HIrschbom,
President; Fred HIrschbom, Second Vice-President; Edward First ViceA.
Treas.; Walter A.Schiller,Secretary. Directors: C. HIrschhorn, F. Kerbs,
Hlrschiiorn, M. 11. Mack and H. S. Stern, of the first class
Jacob Werthelm, Edward
A. Kerbs, Walter A. Schiller,
Edmund L. Haas, of the second class;
Henry
Goldman, Philip Lehman, D. G. Bolssevain, A. Barton
Hepburn, of the
third class, all of New York City.
office, 1018 and 1020 Second
Principal
Ave., New York City.
Loading stockholders
841,247
Surplus for last 9
owing to disagreement
$331,924
$509,323
months of 190G
—Old Co.—
Vrw Company
Men. 31 ’06. Apr.
2 ’06. Sept. 30 ’06. Dec. 31 ’06.
$
$
$
$
a5,500,871 b\6,934,862 cl 6,94 1,4 60
16,936,492
—
.
150,108
Bills receivable
Accounts receivable
Marketable stks. & bds.
Cash
Advances
3,937,199
94,843
1 ,707.614
18,200
295,297
150,108
4,137,199
94 ,843
1 ,761,114
18,200
295.297
454,004
4,465,251
572,680
30,337
Y
Total
Liabilities
Common stock
Preferred stock
Accounts payable
Bills payable
Loans and deposits
11,704,132
23,391,623
23,877,182
23,701,617
5,000,000
15,000,000
5,000,000
650,934
2,740,689
15,000,000
5.000,000
15,000,000
5,000,000
158,554
2,661,563
—
1 ,000,000
543,059
2,740,689
Surplus
2,420,384
158,518
3,096,805
230,062
391,797
.
Total
11,704,132
23,391,623
23,877,182
372,177
509.323
23,701,617
Includes ‘•trade-marks, patent rights,
good will (including the capital
stock of the Strailon & Storm Co.,
par $300,000, and Lichtenstein Bros.
Co., par $.’5,000, and all excess value over
cost—$118,ooo of the stock of
the Geo. L. Storm Co.),
buildings and machinery, $5,376,309; investment in
allied company, $118,000; furniture and
fixtures. $6,562; tot.'ii, $5.5)0,871.”
b “Cost of property, including
trade-marks, patent
real estate,
buildings and machinery, $16,359,862: investments inrights,
allied companies;
Geo. L. Storm Co., $250,000; Lichtenstein
Bros., $25,000; Straiten & Storm,
$300,000.”
a
c Trade-marks, brands,
patent rights, $15,941,895; real estate.
$213,824;
machines and fixtures, $207,731; stock in
other companies,
$578,000.—
d After deducting reserve for
discounts, $50,000.
Following is a digest'
to tho Now York Stock
Organized
of the text of tho statcunont made
Exchange
as
of Nov. 60 1906:
April 28 1906 under the laws of New York State.
Of the
$40,000,000 common stock tall Issued), $7,650,000 is
deposited under a
voting trust agreement.
The Central Trust Co. of-New York Is
the voting
trustee.. The agreement is for live
on
years and terminates on June 1 1911.
The company went into active
operation on May 2 1906.
It acquired
the business, property, assets and
effects of “United Cigar
Manufacturers”
as of April 2 1906.
The company took over the entire
property and business of the “United
Cigar Manufacturers,” a New York corporation
(since dissolved), giving
therefor $5,ooo,ooo preferred
stock and $14,999,400 common
capital
stock and $108,475 in cash.
Among the assets so taken over, it acquired
the total capital stock Issue of the
following New York corporations, namely:
Straitoti & Storm Co. of New York
City, capital stock $300,000; Lichten¬
stein Bros. «Sc Co. of New York
City, capital stock $25,000.
It.In like man¬
ner acquired and now owns
$236,000 out of a total authorized issue of
$400,000 of the capital stock of Geo. L. Storm
& Co. of New York City.
Strailon <fc Storm Co. and Lichtenstein Bros.
Co. have no separate books.
Their transactions are carried on the
books of United Cigar Manufacturers
Co. as part of its own business.
Geo. L. Storm & Co. carries on an
inde¬
pendent cigar business, being Important to the
company for the distribu¬
tion of its products.
Tiie company acquired from United
Cigar Manufacturers and now owns
the following modcra brick factories
and warehouses and the
ground
whereon they stand, viz.: Factories
at New Brunswick, N. .1.;
Perth Amboy, N. J., and York. Pa.,respectively
and warehouses at Mlamlsburg.
Ohio,
and Edgerton. Wls.
In like manner it
acquired a factory at Harrisburg,
Pa., and a warehouse at Portage, \Yls.. but not the
ground
whereon
they
stand.
The warehouses and factories were
taken over at $212,491,
no more than
being
original cost, and they are carried on the
books
at the same
figure, with additions for actual Improvements since
made.
Tile company has under lease
three factories in the Borough of
Manhattan,
a
factory In Brookyln.
Reference to the financial statement shows*
healthy condition with no lia¬
bilities other than those In process of
payment and an adequate working
capital fully employed.
Sales of properties not In use resulted In a deduc¬
tion or $191,036 from plant Investment
account.
Raw materials have con¬
tinued to advance and are now at the highest
point In the history of the com¬
pany, but provision lias been made in the
Inventory for any probable shrink¬
age In values.
The efficiency of plants has been
maintained by expendi¬
tures fur repairs and maintenance
aggregating $188,418, which was charged
to the cost of operation.
The aggregate volume of business done
(expressed In tons) was slightly
less than the preceding year, due,
we conclude,' to the rapid advance In
prices and the reluctance of consumers to believe in their
continuance.
With tiie dose of the year,
however, we find orders for future business In¬
dicating an increased distribution., and at the date of this
report the busi¬
ness so far tills year shows a
large Increase over that of last.
The mining property referred to in the
last annual report had a very
successful year and added largely to the
sinking fund created for the puipose
of paying its initial cost.
The property Investments referred to In
our. last annual report have by
their earnings justified the predictions then
made, and confirm our judg¬
ment as to the wisdom of their
acquisition.
Since tiie close of the fiscal
year negotiations pending for ether
businesses have been concluded, and
In payment therefor an Issue of
$3,750,000 In preferred stock has been
made for properties possessing net cash assets
and lands, buildings, ma¬
chinery and fixtures appraised at above $3,800,000.
The net earnings of
the properties so acquired have
averaged In excess of.$600,000 for the last
three years, as determined by Messrs.
Haskins & Sells, chartered account¬
ants.
The object of late Investments has
been to so diversify the busi¬
ness of the
company as t > render It less susceptible to
depression In any one
feature without departing from Its es
entlaily
metallic foundation.
All features of tin* business are
participating
the general prosperity
in
of the country, and the present outlook Is
most encouraging.
Statistics.—Results for four
were as
Deduct—
Div. on preferred (7%).
Div. on common (3%).
Surplus
Previous surplus
Remaining surplus
Rights of Preferred Stock. Briefly Stated.
*The preferred stock shall bo entitled to
receive, and tin* company shall be
obligated to pay, out of the surplus or net
earnings, a cumulative dividend
at the rate of, but not
exceeding, 7% per annum, payable
quarterly, the
lirst year beginning June 1
1906; and no dividend shall at
any time be
paid or set apart on the common stock until
dividends
at the rate of 7 %
annum from June 1 1906 shall
per
have been paid or set
apart
on all of the out¬
standing preferred stock.
Out of the .accumulated
surplus or net earnings,
after providing for all accrued and
unpaid dividends on the preferred stock,
there shall annually In
April be set apart not less than $100,000 (which shall
be added to and used
only as part of the capital of the
company) until the
aggregate of such additions shall equal
dividend shall be declared or paid or set $1,000,000; and until such time no
apart on the common stock in any
year in which said sum of not less than
$100,000 shall not first have been
so set apart, and until
said additions to
capital shall equal $1,000,000
there shall not In any yeai
be paid or set apart any dividend In
exocss of
6% on the common stock.
Upon dissolution or liquidation, there shall be
paid to the holders of the preferred stock the
par
value
thereof,
and all
accrued and unpaid dividends thereon
before any sum shall be
paid on the
common stock. •
and tin* balance sheets
19U6.
1905.
$2,499,632
1904.
1903.
$2,082,632
$1,595,693
$1,569,069
$1,395,744
619,662
$1,043,280
$1,043,280
$1,043,280
$484,226
3,554,596
$1 ,039,352
2,515,244
$552,413
1,962,831
$525,789
1,437,042
$4,038,822
$3,554,596
$2,515,244
$1,962,831
-
—
.
.
Total
-V. 84,p.452.
a
’
years
•:ual BALANCE SHEET DEC. 31.
GENERAL
1906.
1905.
! *
1906J
1905.
Assels—
$
$
j
Liabilities—
$
?
Plant investment. 23,913,477
24,104,513ICommon stock...20,750,000 15.000.000
Other mvestm’ts.. 10.506,449
979,8121 Preferred stock...20,713,600 15.000.000
Stock on hand
5.910,738
6,104,602!Surplus’
4.038,822
3,554,596
Treasury stock
190,600
190,600 j Mortgages..
12,603
Cash in hank
1,214,834
S18,3011 Notes payable
47,000
67.000
Notes receivable.
2,014,930
133,3541 Accounts payable.
184,298
131,059
Accounts recciv’le. 1.982.692
1.434.0761
a
aggregate annual rentals of about $59,000.
The buildings above described are
equipped with machinery and appli¬
ances, and all of them are in active
operation in the
handling and storing of cigars, eigarros and cheroots. manufacture, packing,
The annual capacity
of the plants Is about 400,000.ooo
cigars; the present annual output Is about
380,000,000 cigars.
There Is no mortgage or other
encumbrance ot any
kind o)i any of the other assets or effects
of the company.
follows:
Net earnings...^
factory in Lancaster, Pa., two auxiliary factories
factory each at Dallastown, Spinnerstown, Coon
ersburg, Middletown, Perkasie and
Quakertown, in Pennsylvania, and
warehouses at Perth Amboy, N. J.. Casluon and
Viola and Lodi, W'is., at
In New Brunswick and
-
ending Dec. 31 1906, discloses a
profit of $2,499,6$2.
In addition, the company has an interest ex¬
ceeding $600,000 in undivided earnings of other
companies, which Is re
served by them for working capital and other
uses.
After the payment of
regular quarterly dividends on preferred stock and of three
quarterly divi¬
dends of 1 % each on the common
stock, payments of which were commenced
on July 1 last, the whole
aggregating $2,015,406, a remainder of $484,226
was added to
surplus account, which at the dose of the period under re¬
view was $4,038,822.
1,842,706
234.169
"
Company. ‘
The statement for the 15th fiscal
year,
98 ,28 1
d
through,
to price.—V. S3, p. 147.5,
net
143,147
4,077,974
88 ,498
1,993,800
recently reported in
{Report for Fiscal Year endinq Dec. 31 1906.)
President L. A. Cole says in substance:
•
Insurance, &c
Supplies. &e
as
National Lead
BALANCE SHEETS.
Assets—
Cost of property
were
negotiation respecting a proposition of the latter to
purchase
control, but the negotiations, it is understood, fell
.
’
in the enterprise and representatives
of the American Tobacco interests
Charges and Preferred Dividends of New Company. 9 Months.
Interest on loans and deposits
$106,924
Special reserve for discounts on customers accounts
50,000
Dividends on pref. stock (two quarterly,
each 1 %%)
(3 ]$%) 175,000
Total
LXXXIV.
ment of the
namely,from April 2 to Dec. 31 1906, and balance sheet. We
compare these figures with those of earlier dates as
reported
tcTthe New York Stock
Exchange last November upon the
listing of the $5,000,000 7% cumulative preferred stock.
Culendar Year1904. .
1905.
$
$
[ VOJL.
45.733.720 33,765.258;
Total
45.733,720 33,765.258
International Salt
Company.
{Report for Fiscal Year Endinq Feb. 2S 1907.)
'Fiit* report
of the Treasurer, presented at the annual meet¬
ing of the-stockholders in Jersey City on March 25,
says:
As >cou have been
previously advised (compare V.
tors, after a careful consideration, decided that the 84, p. 53), the direc¬
Interests of the stock¬
holders would be best conserved by
discontinuing for a time the payment
of dividends and devoting the net
earnings to the acquisition and installa¬
tion.of new and improved processes of manufacture.
The control of these
processes is of vital Importances your
the costs of manufacture to such an company, as It will result In reducing
extent as to place It In a
practically
unassailable position.
It was at first thought advisable to raise
the necessary funds for
thp pur¬
pose from the sale of bonds.
The conditions of the
money market, however,
were such that this
plan was abandoned and a decision arrived at to
devote
the net earnings to that end.
This work Is now well under
way at several
of your plants; one will be
completed within six months and two others with¬
in
a
year.
Since my last report there has been
expended $729,120 for dividends,
(being 4% on the $18,228,000 of outstanding
stock.—Ed.); $323,495 for
bond Interest, $108,000 for
sinking funds for redemption of bonds and
$696,752 for accounts properly chargeable to
capital.
On March 1 the
available net quick assets were
$1,258,252 (and the outstanding bonds
amounted to $6,450,000.—Ed.)
Regarding the disposition of the claim based on certa
debtedness issued by the National
Salt Co., re erred to
eport, there are still pending In the Court of
Chancery
n
o
certificates of In¬
my last annual
the State of New
n
,
A PR. 6
THE CHRONICLE.
11)07.]
$80,000 of the
determined
receivers
di¬
verted to capital account, and It Is the opinion of every director that this
temporary suspension of dividends Is being reflected In a more than propor¬
tionate increase In value of your securities and that the distribution of pro¬
fits to shareholders, when again resumed, will be on an enduring and satis¬
Jersey proceedings against the receivers based on about
cer¬
tificates, and until these proceedings are finally
the
cannot be discharged nor distribution made of the funds In their hands.
The entire net earnings of the company are now of necessity being
factory basis.—V. 84, p.
53.
GENERAL INVESTMENT
RAILROADS,
INCLUDING
NEWS.
STREET ROADS.
803
empowered the board to make an issue of bonds to retire
existing $14,000,000 first and $6,000,000 second mort¬
gage bonds maturing, respectively, in 1908 and 1913, and
the
additions and improvements as the directors
might authorize.—V. 82, p. 927.
Chicago & Alton RR.—Defense of Re-capitalization.—At
a hearing before the Inter-State Commerce
Commission at
Washington on Thursday Mr. Paul D. Cravath submitted
a brief respecting the proceedings in
the re-capitalization
of the Chicago & Alton Railroad Co.
He contended:
(1)
They were conduetecl lawfully. - (2)
They were conducted openly,
and all of the essential facts were given wide publicity, and have at all
times been accessible to the stockholders and to Investors in Chicago& Alton
securities.
(3)
They were In accordance with the approved methods
which were at the time in vogue In re-capitalizing other railroad companies
and large Industrial enterprises.
(4) They were conducted for the equal
benefit of all stockholders, and there was no discrimination or Injustice.
While the Chicago & Alton transactions may be regarded as typical
(5)
of a class of financial transactions that have been common In the past and
which have generally been regarded as proper, whatever basis there may be
now be for objection to such transactions as a class, there is no basis for
singling out for special criticism the Chicago & Alton transactloris and the
for such further
Topeka & Santa Fe Ry.—Dividend Increased.—
on April 3 declared a semi-annual dividend of
3% on the $102,998,000 common stock, payable June 1 to
holders of record May 10.
This increases the annual rate
to (5%, contrasting with 3J^% hi the calendar year 1901,
4% from June 1902 to June 2 1900, both inclusive, and 5%,
the rate established last fall by the declaration of a semi¬ men by whom they were conducted.
annual dividend of 2\4%, payable Dec. 1.
The manage¬
The full text of Mr. Cravath’s argument is printed on sub¬
ment, it is understood, expect that the road will show earn¬
sequent pages. There was also filed with the Commission
ings for the current fiscal year equal to 14% on the common an elaborate report of 60 pages, regarding the reorganization
shares.—V. 84, p. 5G9, 389.
• prepared by J. H. McClement, a railroad accounting expert.
Atlantic City & Suburban Traction Co.—Readjustment.— This report describes very fully the facts relating to the re¬
The creditors’ committee, consisting of John L. Clawson of
capitalization and also gives a number of instances to show
Philadelphia, H. von H. Stoerer of Chester, Pa., and A. C. that the Alton plans were on similar lines to those adopted
Stamm of Harrisburg (Secretary), appointed at a meeting in the cases of other railroad companies.—V. 84, j). 626, 507
held in Philadelphia on Feb, 15, issued under date of March 5
Chicago Indiana & Southern RR.—Earnings.—Cal. years:
a readjustment agreement, accompanied by a circular letter,
Year—
Gross.
Net.
Other Inc.
1st Chgs.
Bal.,sur.
which says in substance:
1906
$2,332,732
$480,924
$32,249
$254,869
$258,304
2,115,044
400,822
278,130
5,429
128,121
The company defaulted In the Interest due Feb. 1 1907 upon Its $750,000^ 1905
The
operating expenses for 1906 Include $24.856 for construction and new
of outstanding bonds (viz., $500,000 first mortgage, dated Aug. 1 1902,
equipment, against $30,889 In 1905.—V. 82, p. 867, 803.
and $250,000 refunding mortgage, dated Aug. 1 1903; trustee for both,
The company has a floating
West End Trust Co. of Philadelphia.—Ed.).
Chicago Union Traction Oo.—Traction Ordinances Ap¬
debt of about $100,000; has. Issued $27,000 of ear equipment bonds, $4,000
of which become due In June 1907; and has entered Into a contract. In pur¬
proved.—At the, city election on April 2 the Republican can¬
suance of Its franchise In Atlantic City, to pave Florida Avenue, at a cost
didate for Mayor for the next four years was elected by a
of about $15,000, which will have to be paid during the coming summer.
The plan herewith seems best adapted to accomplish the readjustment.
plurality of 13,476 over Mayor E. F. Dunne, his Democratic
Many of the creditors. Including the largest of each of the several classes,
opponent. The traction ordinances were approved by a
have approved It.
On the part of the first mortgage bondholders, the plan
majority of 33,126, clearing the way for the rehabilitation of
contemplates simply deferring the payment of the Interest maturing Feb. 1
and Aug. 1 1907 (negotiable scrip to be Issued therefor, payable with Inter¬
the trolley lines and the reorganization of the Chicago Union
est at 5 % per annum from the date of each coupon respectively, the princi¬
Traction Co.
Compare V. 84, p. 338, 390.
pal to be payable at option of the company), without any Impairment of
the lien or relative position with respect to other creditors of the bonds or
Cincinnati Hamilton & Dayton Ry.—Receiver’s Certifi¬
of the coupons maturing upon those dates.
The refunding mortgage bond¬
cates.—Judson Harmon, receiver of this company and the
holders are asked to agree that the Interest for two years upon their bonds
shall be deferred upon the same conditions, and also to buy (at par, nonPere Marquette RR. Co., replying to our inquiry about the
cumulatlve, 6%) preferred stock to an amount not exceeding $30,01)0
receiver’s certificates which are to be issued in connection
(In amounts equal to 12% of their respective holdings of the bonds), to
with the Chicago Cincinnati & Louisville settlement (V. 84,
provide for the paving of Florida Ave. and other pressing obligations.
The unsecured creditors are asked to accept preferred stock in full payment
of their claims (as of March 1 1907), amounting to $50 and upwards.
The p. 693), writes, under date of March 30:
taxes must be paid In cash, as well as odd amounts not equal to $50, the
The $400,000 of receiver’s certificates you mention are those of the Pere
value of a share of preferred stock; but If the plan Is to succeed and the prop¬
Marquette alone.
There are 400 of them for $1,000 each, running one year,
with
Interest at 5%.
You are right In your understanding that no certifi¬
erty be saved from a receivership or foreclosure sale, every unsecured cred¬
itor for advances, supplies, machinery, <Scc., with the limitation just sug¬
cates have been Issued by cither road since July last except those above
mentioned.
gested, must accept preferred stock for the amount of his claim.
The holders of more than a majority of the capital stock have agreed to
Stephen H. Gale of Exeter, N. H., Chairman of a Pere
assign their certificates to this committee, that the committee may control
and manage the company.
The present officers and directors will resign.
Marquette minority shareholders’ committee, has issued to
Those assenting to the plan were asked to communicate
the shareholders a protest against the issue of receivers’
with the Secretary of the committee before March 15.
At a certificates on that road, -claiming that the purchase of the
meeting of the shareholders in Atlantic City on March 30, Chicago Cincinnati & Louisville was in fact a C. H. & D.
more than 14,000 shares of stock, it is stated, were voted in
affair and should be treated as such.—V. 84,. p. 693, 507.
favor of issuing the $30,000 preferred stock called for by
Detroit Mackinac & Marquette Railroad Land Grant.—
the plan.—V, 84, p. 692.
April Interest Omitted.—The semi-annual interest due this
Birmingham (Ala.) Railway, Light & Power Co.—Bonds month will not be paid, owing to there having been no sales
Offered—Earnings.—N. W. Harris <fe Co., the Harris Trust & of land for some time past.—V. 83, p. 818.
Savings Bank and Perry, Coffin <fc Burr are offering for sale
Erie RR.—Notes Sold to Replace Notes Maturing.—The
$250,000 general mortgage refunding 4D$% gold bonds.
company has sold to J. P. Morgan & Co. $5,500,000 one-year
Total authorized Issue $10,000,000, of which $8,720,000 outstanding (In¬
notes to provide for the retirement of the $3,000,000 notes
cluding those now offered); $1,080,000 reserved to retire $981,000 under¬
maturing April 8 and also to take up about $2,000,000 other
lying 5s and $200,000 reserved for future Improvements and extensions.
Results for Year Ending Feh. 28 1907.
notes which will fall due on or before July 1.
The new notes
$1,998,2701 Bond Interest
Gross earnings
$406,322 carry no interest, the notes being discounted at the outset.
Net earnings (over taxes)_
808,925[ Balance, surplus.,
402,603
Kissel, Kinnicutt <fc Co. and Clark, Dodge & Co., both of
Compare V. 82, p. 508. 567; V. 83, p. 1590.
New York, are offering a limited amount of these notes,
Boston Elevated Ry.—New Stock for Subsidiary.—See
dated April 8 1907 and due April 8 1908, denomination
West End Street Ry. below.—V. 84, p. 270, 155.
$1,000, at 7% discount, yielding about 7)^% interest on
British Columbia Electric Railway.—Consolidated Deben¬ the $930 per $1,000 note invested.—V. 84, p. 693, 390.
ture Stock.—Subscriptions were invited recently in London
Gainesville & Gulf Ry.—New Name.—This road, extend¬
for £300,000 4*4% perpetual consolidated debenture stock
ing
from Sampson City to Fairfield, Fla., 48 miles, and pro¬
at 98%, payable, on application, 5%; on allotment, 10%;
jected
from Tampa to Jacksonville, 186 miles, of which 10
on May 6, 25%; on July 5, 25%, and on Sept. 5 1907, 33%,
miles are under construction, is now operated under the
or in full on allotment or on any Wednesday prior to Sept. 5
name of Tampa & Jacksonville Ry.—V. 81, p. 613.
1907 under discount at 4p2% P('r annum.
Galveston Harrisburg & San Antonio ‘Ry.—Suit as to
The stock Is perpetual and Irredeemable and Is entitled to the benefits of a
Second Mortgage Interest.—See Southern Pacific Co. below.—
trust deed dated Feb. 23 1907, whereby the whole of the assets and under¬
taking, Including uncalled capital, are charged by way of first floating
V. 81, p. 1242.
charge according to English law, subject to £238.000 first mortgage de¬
bentures and £220,000 Vancouver Fewer debentures now outstanding.
Georgia Railway & Electric Co., Atlanta.—Stock Dividend.
The trust deed provides that the total amount of the debenture stock shall
—We now have official confirmation of the report that
be limited to the amount of the share capital for the time being Issued and
at meetings of the stockholders and directors held on March.
paid up; that no mortgage or charge shall be created ranking In priority to or
part passu with It; that so long as any of the first mortgage debentures or
26 the common caiptal stoc#of the company was increased
the Vancouver Power debentures remain outstanding.an amountof deben¬
ture stock excecdingthe amount of all the first mortgage debentures and
$2,004,800. A resolution was also adopted declaring a stock
Vancouver Power debentures outstanding shall be retained unissued.
In¬
terest is payable on March*31 and Sept. 30.
The proceeds are required more dividend of 33 1-3% to the common stocj&holdcrs of the
company, payable in this increased common stock at par on
particularly In connection with Increasing the capacity of the hydraulic
electric plant at Lake Buntzen and with the construction and equipment
May 20 1907 to the common stockholder of record at the
of further railways.
close of business May 10 1907.
The stock itself will be dis¬
New Share Capital.—The shareholders were to vote Nov..
tributed and not the proceeds.—V. 84, p. 749.
0 1908 on increasing the capital to £1,500,000 by the creation
Great Northern Railway.—Subscriptions for the- $60,000,of 500,000 new shares of £1.
,
000
New Stock.—A circular dated March 29 says:
Dividend on Deferred Stock.—The company on Nov. 6
The decision of the Supreme Court of Minnesota In the suit brought by
1906 paid a semi-annual dividend of 3%, free of income tax,
the State of Minnesota to restrain the Issue of this company’s capital stock
on deferred ordinary stock for half-year ending June 30 1905,
having been favorable to this company, the company will proceed with the
issue In accordance with the resolutions of the directors and the terms of
making 6% for year 1905-08.—V. 82, p. 1322.
the circular of the President dated Dec. 11 1906.
(V. 83. p. 1469). The
Canada Southern Ry.—Refunding.—A committee of the stock transfer books will be closed at 3 p. m: April 2 and will remain closed
until 10 a. m. April 15 1907.
Subscriptions from stockholders who have not
directors, it is understood, has been appointed to prepare already subscribed will be received by the company up to the close of busi¬
ness April 2 1907.
Assignments of rights will be received up to the close of
a plan for the refunding of the first mortgage 5% bonds
which mature Jan. 1 1908.
In June 1903 tlie shareholders business April 6 1907.
Atchison
The directors
7
804
THE CHRONICLE.
The first four Installments, of 10% each, payment of which has heretofore
been postponed, will now fall due on
April 9 1907, and the remaining In¬
stallments as follows: May 7, 5%; June 7, 5%:
84, p. 272.
Panama RR.—New
made at the annual
Change in Officers.—At a meeting of the board of directors
held April 2 the organization of the
corporation was enlarged
by the election of a Chairman of the board of directors.
James J. Hill was elected Chairman of the board, Louis W.
Hill President and Frank H.
McGuigan Vice-President.
Mr. McGuigan will have direct charge of
operating the road.
—V. 84, p. 749, G93.
V.
_
648,647
__
Total estimated net Income
Dividend on preferred stock (4%)
$1,965,012
840,000
Balance
$1,125,012
—V. 83,p. 1547.
Lincoln (Neb.) Traction Co.—Increased Dividend.—A semi¬
4% has been declared on the common
stock, payable April 15 to holders of record
April 10, being
at the rate of 8%
per annum; 6% was paid in calendar year
annual dividend of
1900 and
5% previously.—V. 82,
p.
751.
Louisville Traction Co.—New Stock.—An advertisement
states that the shareholders will vote
April 13 on a
to increase the authorized common stock from
Compare Panama Canal
under
“Industrials”
below.—
83, p.688.
Pere
Marquette RR.—Receiver’s Certificates.—See Cincin¬
Dayton above and in V. 84, p. 693.—V. 84,
nati Hamilton &
p.
749, 509.
Philadelphia Rapid Transit Co.—Another Call.—The direc¬
on Thursday made.a
call of $5 per share on the 600,000
shares of $50 each ($30 paid in), payable on or before
May 6.
Books close April 29 and re-open May 7.
The last call, also
$5, was paid Dec. 10 1908 (V. 83, p. 1171).—V. 84, p. 749.
Poughkeepsie & Eastern Ry.—Sale Consummated.—The
estate of Russell Sage has
completed the sale of this property
tors
1906.$8,45
City Southern Ry.—First Dividend.—The direc¬
on the $21,000,being the full annual
4%, payable July 1. An official statement says:
Whereas, It appears that the company has already earned,
during the
first eight months of the current fiscal year, an amount
largely In excess of
that required to pay the full 4 % dividend on the
preferred stock; Resolved,
that a dividend of 4 % on the
preferred stoek .be declared, payable July 1
1907, out of the earnings of the fiscal year ending June 30 next to
stockhold¬
ers of record at 3 p. m. June 10 1907.
Partly Estimated Results for Fiscal Year ending June 30 1907.
Net Income for the first eight months of
theYpresent fiscal
year, after meeting all charges for Interest, taxes, car
trusts, &c$l ,316,365
Estimated net income for the remaining four
months, charges
deducted
were
-
New members of the Panama Canal Commission were
elected to the
seven old members, and the board was
enlarged to thir¬
teen to admit R, R. Rogers, General Counsel for the
Commission.
C. W. Goethals, who has been
appointed Chief Engineer In charge of
the canal work, was elected President of the
road, to succeed Theodore P.
Shonts.
The other
officers elected were E. A. Drake,
Vice-President,
T. H. Rossbottom, Secretary, and S.
Demlng, Treasurer,
George Heazelton of this city, the well known bond dealer, has purchased
the street railway In Eureka. Humboldt
County, known as the Humboldt
Transit Co.
This company has been In successful
operation about four
years.
It. is capitalized at $500,000 and has a bond Issue of $180,000 In 5
%
30-year bonds.
It has Its own power-house, with 15 miles of
track, which
traverses Eureka In all directions,
Including .the business and residence
Kansas
Officers.—The following changes
on April 1:
meeting
board, succeeding
Humboldt Transit Co., Eureka, Nev.—Change in Control.—
The ‘‘San Francisco Commercial News” of March 23
says:
tors on Wednesday declared a first dividend
000 non-cumulative preferred
stock,
LXXXIV
being uninjured and the efficiency of the plant unimpaired. —
V.
July 8, 5%; Aug. 7, 5%;
Sept. 6.5%: Oct. 7, 5 %; Nov. 7,5%; Dec. 6,5%;
1908, Jan. 7,5%; Feb.
6, 5 %; March 6,5%; April 7,5%.
sections.
[VOL.
to the New York
New Haven & Hartford RR. for
a
sum
currently reported as $400,000.—V. 84, p. 694.
Rio de Janeiro (Brazil) Lighting &
Transportation Enter¬
prises.—New Franchises.—We have received the following
regarding a proposed new hydro-electric power and lighting
enterprise:
The Government of Brazil has just’granted
permission to Gulnle & Co.
of Rio de Janeiro to sell electricity In the
capital city as well as other impor¬
tant cities In the republic.
The contracts for light and power In Nlctheroy
and other cities along the proposed transmission lines
have already been
let.
The Initial electric power sources will Include
several
hydro-electric
by Gulnle &
stations just being completed on various wTater falls
controlled
Co.
These have an aggregate capacity of some 50,000 horse
power.
The
electrical equipment was furnished by the General Electric Co. of New
York.
It Is expected that work on the transmission
lines will be started next June.
A consular report in January last
gave
specting a projected elevated railroad:
the following
re¬
A 70 year franchise has been granted to Carlos
Schmidt and others of
Rio de Janeiro for construction of ah elevated
railroad to serve the city
of Rio de Janeiro and Its suburbs.
Tills franchsle was obtained for an
American company.
It represents a purely American enterprise, and pres¬
ent plans are that all the
equipment will be purchased In the United States.
Charles E. Browne of New York City Is President of the
company.
Within
four years 1 3-5 miles must be in operation.
Plans call for about 60 miles
of rlght-of way, which Is to be double-tracked
throughout.
The third rail
electric system will be used, motive
power to be derived from Its own plant
or from one of the two great concerns now
preparing to develop water power
In the mountains near Rio dc Janeiro.
For Its privileges, the company
holding the concession must pay the municipality $16,666 for the first
year,
$20,000 per annum for the next 30 .years and $23,333
per annum for the
following 30 years.
proposition
$12,000,000 to
$15,000,000, so that the total capital authorized shall be
$17,500,000, the preferred remaining as at present, $2,500,000. —V. 84, p. 570.
Maine Central RR.—Purchase.—This
company, it is stated,
Rio de Janeiro Tramway, Light & Power Co.—See Rio de
has arranged to purchase control of the Somerset
Ry. (com¬ Janeiro
Lighting & Transportation Enterprises above.—
pare V. 83, p. 97) for a sum said to be about $300,000.
The V.
directors of the Somerset Ry. were to meet
84, p. 571, 391.
yesterday to ratify
-the sale.
V. S3, p. 814.
Rochester Syracuse & Eastern (Electric) RR.—Bonds
Metropolitan West Side Elevated RR., Chicago.—Earn¬ Offered.—E. H. Gay & Co., Boston, New York, etc.., on
March 28, when offering at 9Sl/o and interest
ings.—For years ending Feb. 28:
$440,000 first
Year.
mortgage
Gross.
40-year 5% gold bonds, due May 1 1945, said.
Net.
( Other Inc. 1st digs.
Bal.,sur
—
1906-07..
1905-06
—V. 84. p.
..$2,697,238
2,452.327
r 70. 220.
Missouri
Kansas
&
$1,385,083
1,279,897
r
$9,654
12,636
$990,283
969,901
$404,454
322,632
Texas
Ry.—New* Directors.—J. G.
Metcalfe*, of New York, and C. Haile, traffic manager of
the road, of St.
Louis, have been elected directors to succeed
Otto Miller and fill a vacancy.
A third vice-presidency was
also'created, Mr. Haile being elected to the position. The
executive committee now cons'sts of Adrian H.
Joline,
Charles G. Hedge, James N. Wallace,
Henry W. Poor, J. G.
Metcalfe and James Brown Potter, Messrs. Wallace and
Metcalfe being added to the committee.—V. 84,
p. 508.
s
New York New Haven & Hartford
Grand Trunk Ry.—The
RR.—Agreement with
following is pronounced substantially
correct:
-The company has completed plans
for the most Important trunk line
connection made since President Mellen took charge
of the system.
A new
route Is being surveyed from Palmer to
Southbrldge, ghlng the New Haven
road a through connection from Boston to the
West.
At Palmer a connec¬
tion will be established with the New
London Northern, which Is owned bv
the Central Vermont, which, In
turn, Is a part of the Grand Trunk system.
A traffic agreement has been established
between the New Haven road and
the Central Vermont, thus
connecting up with the Grand Trunk, giving it
an outlet to the West over the lines
of the latter company.
Ponds Offered for
Subscription in Paris.—A press
from Paris on March 29 said:
dispatch
Subscriptions were'opened to-day for the issue
of $29,000,000 in 4% 15Haven & Hartford RR.,
placed In
The Issue price.,Is 98.
Compare V.
year debentures of the New York New
this
city through Kuhn, Loeb & Co,
84, p. 391.508.
Purchase Completed.—See
Poughkeepsie & Eastern be¬
low and also in V. 84,
p. 694.—V. 84, p. 749.
New York & Queens
County Ry.—New President.—VicePresident and General Manager F. S. Fuller has been
President
elected
,n
place of Arthur Turnbull, who is abroad.—V. 83,
p.752.
Northwestern Elevated RR., Chicago.—New
Officers.—
Mason B. Starring
(formerly Vice-President, of the Chicago
City Railway) has been elected President, succeeding Clar¬
ence
Buckingham, who at his own request is made Vice-Presi¬
dent.
Mr. Starring and Samuel McRoborts
(a director of
various Armour enterprises) have been elected
directors in
place ot Walter B. Smith and C. Ledyard Blair, who resigned.
V. 84, p. 571.
Pacific Gas & Electric Co., San Francisco.—Fire
Insignifi¬
—
•
cant.—The fire
on
Wednesday,
we are informed, was con¬
power-house, involving a loss of only
about. $50,000, fully covered
by insurance, the machinery
fined to the roof of the
Over 75%. or $1,560,000,of the
present authorized Issue of $2,000,000
bonds have been placed with national
banks, savings banks, trustees and
private investors.
The section of the road upon wiilch bonds are now
being
sold is the completed portion from Rochester to
Lyons, which has been
open and
In operation since October last. Construction on the
remaining
portion, i. e., from Lyons to Syracuse, is being pushed
rapidly.—V. 84, p.
272.
Somerset Ry.—Change
RR. above.—V.83,p,97.
in Control.—See
Maine
Central
Southern Pacific Co.—Suit.—Thomas H. Hubbard of New
York and the Crocker Estate Co. of
California, each as hold¬
er of more than $1,000.000 of the
$6,354,000 Western Division
second
mortgage bonds of the Galveston Harrisburg & San
Antonio, have brought suit to recover interest on these bonds
and to enjoin the Southern Pacific from
paying dividends on
its common stock until such interest is
fully met. The
interest on the bonds was
originally obligatory, but in
1898 the holders, being closely allied with the
Huntington
management, agreed to the endorsement, of the bonds with
statement making the interest
payable onl3r if earned.
a
Compare V. 58,
p.
719.
The plaintiffs claim that the G. H. & S. A. Is an
integral part of the South¬
Pacific system, and Is only showing a deficit
because of the methods of
accounting adopted by the management. -The Southern Pacific
Interests
contend that the G. H. & S. A, has not earned the
Interest on its bonds,
and that Its earnings do not contribute to the
Southern Pacific dividends,
but that, on the contrary, the Southern Pacific has
advanced money to the
G. H. & S. A. for payment of first
mortgage Interest and for Improvements.
—V. 83, p.1528.
ern
Tampa & Jacksonville Ry.—New Name.—See Gainesville
Ry. above.
& Gulf
Vandalia
Cal.
Ydor—
-
RR.—Earnings.—For calendar
Gross
Net
Other
Int. &
years:
Dividends
Balance.
Earnings. Earnings. Income. Rentals.
on stock.
Surplus.
$1,972,969 $81,905 $994,3*2 (4 !£%)$647,009 $413,543
7,845,223
1,695,169 34,271 ' 743.974
(4%)564,282 421,184
Payments to the extraordinary expenditure fund reduced the
surplus
for the year to $13,543, as against $96,184 In 1905.
The dividend rate was
increased to 5% from beginning Feb. 1907. but
only 4 l£% was paid from
the earnings of 1906.—V. 84, p. 160.
Vera Cruz & Pacific RR.—New Director.—Carroll
Van
Ness has been elected a director to succeed Michael Jenkins.
L. S. Zimmerman of Baltimore is Assistant
Secretary and
Assistant Treasurer.
Earnings.—For three calendar years:
1906.
1905.
1904.
Gross earnings
$968,998
$761,141
$572,862
Operating expenses
935,668
990,011
676.822
Net earnings
33,330 def.228,870 def.103,960,
The gross earnings above Include construction
freight as follows: 1906,
$64,659; 1905, $99,122; 1904, $82,132.—V. 81, p. 1846.
Wabash RR.—Extension
ranging to extend for
of Notes.—The
two years
company is ar¬
the $6,160,000 3-year 5%
Apr. 6
collateral trust notes maturing May 10. Holders not desir¬
ing to participate in the extension plan will receive payment
in cash and accrued interest.
Formal announcement will
272, 222.
West End Street Railway.—Approved.—The Massachu¬
setts Railroad Commission has authorized the company to
issue $420,000 additional common stock at $S5 per share,
par $50, to cover the cost of improvements and additions.
The shareholders will vote April 13 to authorize this amount
shortly.—V. 84,
be made
of
new
p.
stock.—V. 84, p. 572.
pending at Chicago for some time past, resulted Thursday
in a settlement arranged by Chairman Knapp of the InterState Commerce Commission and Commissioner Neill of the
Government’s Department of Labor, by which, it is said,
the trainmen will get an advance of wages of about 10%,
or 2% less than was demanded, and waive their nine-hour
reqiust. The agreement was expected to be ratified yester¬
day.— V. 81, p. 1376.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Acker Process Co., Niagara Falls.—Fire—Attachment.—
company’s plant, insured for $260,000, was
destroyed
by fire on Feb. 25. On March 25 an attachment for $23,002
in favor of the Niagara Falls Hydraulic Power <fc Manufac¬
turing Co. for electric power and rent was received in this
city from Erie County. Another attachment for $879 was
also received.—V. 68, p.668.
American & British Manufacturing Co.—Reduction of
Stock, Ac.—See “Annual Reports” on a preceding page.—
V. S3, p. 268.
American Tobacco Co.—Bonds Purchased.—The company,
it is announced, has purchased for cancellation out of surplus
funds an additional $3,000,000 of its 4% bonds, making,
with the $500,000 mentioned last week, a total of $3,500,000
canceled within the past month.
The amount reported as
now outstanding is $52,731,000.
In addition, $500,000 of 6s have recently been retired by
the sinking fund.
Compare V..S4, p. 750, 625.
Anglo-Califomian Oil Syndicate, Ltd.—Listed in London.—
The London Stock Exchange has appointed a special settling
dav for 9,300 vendors’ shares of £1 each, fully paid,
1
Nos.
to
9,300.
American Writing Paper Co.—Payment of Dividends Post¬
poned Giving to Litigation.—The first dividend of 1% on the
preferred shares, which was declared last October, payable
April 1 1907, will, it is announced, not be paid at present,
owing to the suit recently brought by a stockholder to test
its validity.
Treasurer George B. Holbrook, in a circular
letter addressed to the shareholders, says:
that there were those who claimed that
from which a dividend could be paid any
impairment of the capital resulting from an over-valuation of property or
good will at the time the company was formed must llrst be made good.
Appreciating the possibility of action by some stockholders to settle this
question, the directors provided In the vote declaring said dividend that, In
case such action should be brought, the payment of the dividend should
be postponed until the final determination thereof.
The proceedings In
stltuted to try the question are pending In the courts of New Jersey, and
they will be prosecuted to final judgment as rapidly as possible, of which
It wa- known to the directors
before there could be net earnings
due notice will be given
the stockholders.—V. 84, p.
506, 451.
Report.—Receiver George
Pepper of Philadelphia has filed in the United States
Bay State Gas Co.—Receiver’s
\Y1 lart en
Circuit Court at Boston a
detailed report of his receipts and
disbursements, showing in brief:
July 8 1908, witness fee received Kldder-Peabody suit
.Dec. 2 1905, received from Thomas W. Lawson under settlement
agreement
„...
Jan. 26 1907, received from Randal Morgan as earnest money In
H H.Rogerssult
Feb. 13 1907, balance from
Randal Morgan under settlement
agreement, H. H. Rogers suit.
Total
receipts
-
(Rogers suit, $158,563; Lawson suit, $35,421;
Kldder-Peabody & Co. suit, $39,943; miscellaneous expenses,
$4
$350,000
250,000
1,250^000
$1,850,004
Expenditures
235,576
$1,614,428
200,000
.'.$1,414,428
$1.649)
Balance for distribution
Remitted to Delaware receivership
Net balance.
A
preliminary report filed March 12 says:
Increased
time
authorized capital
$1,000.$175,000,000. At or
$75,000,000
par
of the said
mentioned date the
funds for Its
purposes, t he company receiving at llrst as high as $10 per share and at last
as. low as 46
cents per share.
The total amount received from the sale
of said stock was $6,739,613, or an average of $1.98 per share.
(The re¬
ceiver's settlement with Addicks In the stock suit Involved the cancellation
of $51.062 (5,)0 of the $75,000,000 Issue, and the company Itself had bought
in $14,850,000, leaving $184,587,500 stock outstanding.
Compare V. 79
The stock of the Bay State Gas Co. of Delaware was
from
to time until on or about May 26 1902 the
was
000,000 and the amount issued and outstanding was
anout that time there was Issued to J. Edward Addlcks
at
of the stock of the Delaware Co. in settlement of an alleged claim
Addlcks against the said company.
Up to the last
stock of said company had been sold by the company to raise
p.
269S.)
-
Th<* “Boston News Bureau” says:
It Is understood that Receiver Pepper has about $100,000 In Delaware
after settling a suit against the company there, making about $1,500,000
net cash awaiting the direction of the court for the receiver’s compensation
and the distribution of the money.
Receiver Pepper began his work with
$80.70 In the treasury of
handsome compensation.
the company, and Is
certainly entitled to a very
outstanding $184,587,500 stock (par
$50) and $507,000 7% non-cumulative income bonds
on which no interest lias been paid since May 1 1893, the
interest being payable only out of net earnings which would
otherwise be applicable to dividends—nothing is due if
There
of shares
are
nothing is earned. The bonds are not due until 1939,but,
may be called at par at any time, but only on payment
of interest at 7% in full to date, less interest paid.
Com¬
they
V. 84, p. 273.
Bethlehem Steel Corporation.—Report.—The earnings com¬
pare
pare as
Results
follows:
1905.
$
1906.
$
Mfg.
profits
Est
losses
(see
647,193
.4,212,160 3,468,802
152,015
153.673
Total Income .1,364,175
1905
1906.
$
$
Deductions—
1,859,353 3,468,802
Net profit
Other income
Us Subsidiaries.
Years for the Company and
for Calendar
below)
Western Trunk Lines.—Xo Strike..—The negotiations be¬
tween the committee of conductors and trainmen and the
officials of. the leading Western lines, which have been
This
805
THE CHRONICLE.
1907.]
561.405
601,426
Interest
-400,000
Depreciation
Tot. deduct’n. 601,426
Bal net Income
762,749
Previous surp.,1,843,619
_
961,405
2,661.070
Total surplus.2,606,368 2,661,070
3,622,475
surplus as above were deducted In 1906 pre¬
From the total accumulated
ferred dividends $894,480 and
extraordinary losses $1,118,467, leaving the
profit and loss surplus Dec. 31
1906 $593,421
Of the extraordinary losses
uncompleted ship contracts taken since the formation of
the corporation, being due largely to the unfavorable labor conditions
existing at the Union Iron Works In San Francisco following the earth¬
$500,973 was on
quake; and $439,092 was on Government cruisers contracted for by the
United States Shipbuilding Co.
The "estimated losses” In the table are
the year’s proportion of the estimated loss on uncompleted contracts.
See also V. 84, p. 573.
Boston Suburban Express & Parcel Co.—Mortgage.—The
voluntary association organized with this name under the
laws of Massachusetts in 1904 with $500,000 capital stock,
to merge local and suburban express companies conducting
business within a 10-mile radius of Boston, has been dissolved,
and the property turned over to a Massachusetts corporation
under the same name, with a share capital of $175,000 and &
bond issue of the same amount, secured by a mortgage cover¬
ing the entire property to the American Loan & Trust Co. of
Boston, as trustees. The directors are Edward P. Shaw
(President), Walter E. Simmons (Treasurer) and William R.
Buckminster (Secretary)
The express companies which. It was said In the newspaper reports, would
be acquired by the association (but to what extent acquired does not appear)
were:
Merchants’ Parcel & Express Co., Boston; Sawln’s, Cambridge;
Danforth, Brookline; Benjamin yaughan, Malden; Welch, Medford; Ban¬
croft. Somerville; Churchill, Winthrop; Cheney, Chelsea; Johnson, Arling¬
ton;
Eames, Newton Centre; Barstow, Wakefield;
Joy, West Roxbury; and Shelnut, Auburndale.
Newcomb, Newton;
Smith, East Boston;
Company.—Con¬
which August Bel¬
the proposed canal
across Cape Cod from Barnstable to‘Buzzard’s Bay and con¬
struct wharves, breakwaters, etc., necessary therefor, for
the sum of $11,990,000, of which $0,000,000 is to bo paid in
bonds and the remainder in stock of the Canal Co.
The
authorized capitalization of the Canal Co. (originally incor¬
porated in Massachusetts in 1899) is $(>,000,000 stock (par
$100) and $9,000,000 first mortgage 5% 50-year gold bonds.
Work is to begin at once, and, it is thought, will be com¬
Boston Cape Cod & New York Canal
tract.—The Capo Cod Construction Co., of
mont is President, has the contract to dig
pleted in three or four years.
The canal, which will be built without locks, will be about 8 miles In
length, 25 feet deep at low water with a minimum width at the bottom
of 100 feet, and at the surface of from 250 to 300 feet.
The Construction
Co. was incorporated under the laws of Maine with $1,000,000
authorized
capital stock, the officers being August Belmont, President; Arthur L.
Dcvens, of Devens, Lyman & Co., of Boston, bankers and brokers; and
John B. McDonald of New York, Vice-Presidents; John F. Buck. 23 Nassau
Street, New York, Secretary and Treasurer; Wm. Barclay Parsons, Chief
Engineer.
Directors, In addition to Messrs. Belmont, Devens, McDonald,
and Parsons, De Witt C. Flanagan and E. W. Lancaster of New York, and
Dudley Plckman of Boston.
Bush Terminal
Year—
1906 (12 mos.)
1905 (12 mos.)
1904 (11 mos.)
Co.—Report.—For calendar year:
Gross.
Net.
$885,025
$507,777
429,407
362.933
740,954
521,936
The dividend above shown was
Charges.
$415,722
309.334
184.475
Pref. Div.
(5 %)$75,000
paid In Feb. 1906; none has been
Bal.,sur.
$17,055
120,073
178,458
declared
since.—V. 82, p. 1441, 1039.
Cadillac
(Mich.) Gas Light Co.—Control,
dec.—See Chat¬
tanooga Gas. Co. below.
Central Brewing Co., East St. Louis, III.—Called Bonds.—
Mortgage bonds numbered 1 to 20, both inclusive, $1,000
each, were payable on April 1 1907 at the Franklin Bank,
St. Louis, Mo.
Central & South American Telegraph Co.—Report.—See
“Annual Reports” on a preceding page.
Partly Estimated Earnings.—For quarters ending'March 31:
3 Mos.—
Net Inc.
Bnl.,sur. Tot.surp.
Tot. Inc.
Dividends.
1907
$412,500
(1 \&%)%\ 15,884 $171,616 $2,042,066
$287,500
1906....... 348,000
239.000
(1 H%) 115,884
1,517,093 '
123,116
—V. 82,p.
1499.
Chattanooga (Term.).Gas Co.—Bonds Offered.—The Ameri¬
can Trust <fc Savings Bank of Chicago, the mortgage trustee,
is offering at par and interest $200,000 first mortgage 5%
gold bonds of $1,000 each (c *), being the unsold portion of
the present issue of $500,000, dated Jan. 1 1907 and due
Jan. 1 1927, but optional after Jan. 1 1917 at 105 and in¬
terest.
Interest payable Jan. 1
in Chicago or at First National
says
and July 1 at office of trustee
Bank, New York. A circular
in substance:
Capitalization.—
Common stock
Preferred stock (6%)
First mortgage 5 % bonds.
Issued
Authorized.
$750,000
$750,000
400,000
500,000
1,500,000
500,000
held In escrow and may be Issued frr
$1,000,000 unissued bonds are
exceed 80 % of the actual cash cost of permanent extensions and
tions, but only when the net earnings for the preceding year have been
least twice the Interest on the bonds outstanding and those to be
The trust deed provides a cash sinking fund from 1912 to 1926
of $15,000 yearly when $500,000 bonds are outstanding, and a further
equal to 2 % of any additional bonds Issued: $225,000 bonds
redeemed before maturity.
The
not to
addi¬
at
Issued.
inclusive
amount
should thus be
Statement of
now
Earnings for the Year ended Dec.
Gross earnings
Net (over taxes)
Full year’s Interest on
Surplus
$500,000 bonds
31 1906.
$164,157
$52,477
25,000
-
$27,47
806
THE CHRONICLE.
The $75,000 to be expended for
Improvements and the modern, aggressive
methods of the new management will
substantially Increase gross earnings
and decrease considerably the
percentage of operating expenses.
The prop¬
erty Includes a commercial gas apparatus for
making coal and water gas,
with one holder of 225,000 and
two holders each of 60,000 cubic feet
ca¬
pacity, and approximately 40 miles of mains to which are
connected 3,832
meters; also a FIntseh gas plant for
supplying
compressed
gas
to
the
rail¬
roads for car lighting.
The cash cost of this property after the
$75,000 has
been expended for Improvements will have
been more than $850,000.
On
Jan. 23 1907 the city granted the
company a 21-year franchise, under which
the city contracts that it will
permit the company to sell gas In Chattanooga
at $1.10 per 1,000 cubic feet with
discount of 10c. for prompt payment of
bills.
The company is required to make cash
payments to the city of $500
In 1907, increasing to $5,000 in 1917
and each year thereafter.
Officers:
President, J. P. Hoskins; Vice-President, Guy W.
Rouse; Secretary. How¬
ard A. Thornton; Treasurer,
Ralph S. Child; Assistant Treasurer, and Man¬
ager, J. M. Robb; Chairman executive
committee, Frank T. Hulswit.
All but J. M. Robb and J. P. Hoskins are
from Grand Rapids.
Child, Hulswit & Co.
of Grand Rapids,
company, also control and operate:
dated Nov. T 1906, of which series A,
$600,000, was issued to
existing indebtedness (no prior liens remain out¬
standing), and series B, $400,000, is reserved for improvements
and extensions.
The bonds mature, in installments from
Nov. 1 1909 to Nov. 1 1926, but are
subject to call at any
interest period at 105.
Interest payable May 1 and Nov. 1
at
office of trustee.
The company has
completed and on Feb. 1 put In operation one new
stack adjoining the Calumet River
between 107th Street and 109th Street
at South Deering, Ill. (see
“Iron Age’’ of July 19 1906). and
proposes Imme¬
diately to erect a second furnace of the same size and
The two
capacity.
furnaces will have an annual estimated
of
240.000
tons
capacity
of foundry
and malleable Bessemer iron.
William L. Brown is
Presidentr C. P.
Wheeler, Vice-President; and A. F.
Maynard,
and Treasurer.
Franchise Taxation in New York.—Valuation
for 1907.—
The State Tax Commission on March 30 made
public the
special tax franchise valuations for the year 1907. The tofal
assessments in New York
City amount to
Light Co. (capitali¬
zation, recently, $100,000 stock and $105,000 5%
bonds, due 1925); La
Porte (Ind.) Gas Light Co. (V.
81, p. 1496); Fort Dodge (la.) Light Co.
(V. 82, p. 1043); Mattoon (Ill.) Gas
Light & Coke Co. (V. 81, p. 730), &c.
$466,855,000 for
223 corporations, firms and
individuals, as against a total
of $361,479,300 last
year, being an increase of $105,375,700.
Cheboygan (Mich.) Gas Light Co.—Control, &c.—See
Chattanooga Gas Co. above.
Citizens’ Gas Co., Jacksonville, Fla.—Bonds
Called.—All
The
New York Telephone Co
Bush Terminal RR. Co
Coney Island & Brooklyn RR. system
Long Island RR. Co
New York Central & Hudson River RR
^
New York & Harlem (Steam) RR
Hudson & Manhattan RR. Co
New York & Long Island RR. Co
New York & Queens
County Ry. Co
Pennsylvania New York & Long Island RR. Co__
Offered.—N. W. Harris & Co., New York, Chicago
and Boston,
recently offered for sale $350,000 first mortgage
30-year 5% gold bonds of $1,000 each (c*) dated Dec. 1
1906 and due Dec. 1
1936, but subject to call at 110 and
interest on Dec. 1 1911 or
any interest day thereafter.
Interest payable June 1 and Dec. 1 at the office
of N. W.
Harris & Co., New York.
United States Mortgage & Trust
Co., New York, trustee.
.i
Gross.
estd
$75,215
...
..
$33,047
62,960
24,335
$17,500
$15,547
At the present rate of Increase It Is
estimated that the net earnings
1907 will amount to over
during
$10,000, or considerably more than twice
the
Interest charge on the outstanding
bonds.
Jacksonville
has
a present
estimated population of 40,000, which Is
Increasing
rapidly.
The
does the entire gas business of the
company
city.
The plant Is In good physical con¬
dition and capable of economical
operation.
Buildings
substantially
con¬
structed of brick, with slate and
corrugated iron roofs.
Present facilities
capable of handling a large Increase in production at
a very small expendl
ture.
Franchise perpetual, free from burdensome
restrictions and favor¬
able from a business
standpoint.
(R. B. Goodman Is Treasurer.—Ed.)
—V. 72. p. 582.
(The) Dean Electric Go., Elyria,
company was
re-incorporated
0.—Re-incorporated.—This
Dec. 7 1906 under the laws
Ohio, the authorized capital stock being increased from
$1,000,000 to $4,000,000, of which $1,000,000 is 7% cumu¬
lative preferred;
outstanding, all the $3,000,000 common
and $500,000
preferred; par of shares, $100. A mortgage
has also been made to the Guardian
Savings & Trust Co. of
Cleveland, as trustee, to seeure an issue of $500,000 6%
gold bonds ($250,000 outstanding) dated Dec. 8 1906 and
due December 1926 without
option of earlier
denominations $100, $500 and $1,000; interest redemption;
payable June
of
on
10 and Dec. 10 at
office of trustee.
Sinking fund $30,0Q0
yearly after 1910. The company manufactures
telephone
switchboards and electrical apparatus.
Samuel
President,
B. Rawson; 1st
Vice-Pres., W. W. Dean; 2d Vice-Pres., A. E.
Barker; See. and Treas., A. G. Bean. A special
dispatch
to the “Cleveland Leader” from
Elyria recently said:
The
Increase In the capital stock was made on
account of Increase in
business, the company having between
$600,000 ami $700,000 worth of
orders ahead.
The capacity of the plant will be
doubled arid new buildings
will be erected.
The working staff will be
Increased by 500 men, making a
total of 1.000 employees.
Compare V. 82. p. 694.
Dering Coal Co.—See Kelly Coal Co. below.—V.-84,
p. 696.
(E. I.) du Pont de Nemours Powder Co.—Acquisition.—
A London financial paper on March
16 said:
The directors of the
American, “E. C.” & “Schultze” Gunpowder Co.,
Ltd., recommend that, pursuant to the terms of
the agreement between
_the company and the E. I. du Pont dc Nemours
Company, this company
should (under Its
option) call upon the Dupont Company to buy up the
whole of the shares of this
company at the rate of 12s. 6d. per share, the
purchase to be spread over four years.
commenclm^ with the present year.
(The authorized capital stock is £100.000
In shares of £1 each;
Issued,
£75.000.
Under an agreement dated
to the du Pont
of
Nov. 9 1903 the business was
leased
99 years from June 1 1903 at a
yearly rental
449.
p. 690.
Company for
£3,750.)—V. 84,
Eastman Kodak Co. of New
nual
Reports”
on a.
preceding
Jersey.—Report.—Set'
“An¬
page.
Extra Dividend.—The directois have
declared an extra
dividend of 5% on the common
stock, payable May 1 to
stockholders of record
April 15. The common shares have
received regular
quarterly dividends at the rate of 10% per
annum since Oct.
1902, and last
in
year extra dividends of
January, 2}4% in May and 5% Dec.
1.—V. 84, p/751.
2%
Federal Furnace Co.,
Chicago.—Stock Increased.—This
company, which was incorporated in Illinois in
Sept. 1905,
and in Dec. last increased its
stock issue from
$600,000 to
$800,000 (all sold, par $100), has filed a first
mortgage
to
the Superior
Savings A Trust Co. of Cleveland, as trustee,
to secure. $1,000.000 of
5% gold bonds of $1,000 each,
Valuation.
Increase.
$24,0(H),000
54,645,000
74,900,000
$6,000,000
16.166,000
12,200,000
.103.600,000
100,500,000
Consolidated Gas system
Brooklyn Union Gas system
Bonds
Year—
1906 (partly
1905
following shows the larger corporations:
Interborough Rapid Transit Co
Brooklyn Rapid Transit system.t.
Manhattan Elevated Ry..._
Metropolitan Street Ry. system.....
the SI50,000 bonds dated Dec. 31 1900
and Dec. 1 1898 (see
V. 72, p. 582) were called for
payment on Feb. 1, either at
the Columbia Trust
Co., Middletown, Conn., or the National
Bank of North America in New York.
Last Two Months of 1906
Being Estimated.
Net.
Pres. Interest.
Bal.,Sur.
Secretary
Offices, The Rookery, Chicago.
Muscatine (la.) Light & Traction Co. (V.
83, p. 1171); Cheboygan
(Mich.) Gas Light Co. (having outstanding at
last-ac^unts $100,000 stock
and $50,000 5% bonds due
1924); Cadillac (Mich.) Gas
Earnings for Calendar Years, the
LXXXIV.
refund
who -control the
Abstract of Letter from President .4. S.
Hubbard, .Jacksonville, Dec. 7 1906
This company was
originally chartered on July 17 1874, and does the
entire gas business of
Jacksonville, Fla.
Preferred stock Issued, $50,000;
common stock authorized,
$250,000; Issued, $100,000.
First mortgage 5s,
authorized Issue, $1,000,000;
outstanding,
$350,000.
The unissued bonds
are reserved in escrow with the
trustee and can be Issued
only for 80% of
the cash cost of additions and
extensions, providing the net earnings for
the year preceding issuance are at
least double the Interest
charge on all
bonds outstanding together with
those proposed to be Issued.
The earnings have shown an
uninterrupted and large annual Increase for
a number of years.
The net earnings for 1906 will show
an Increase as
compared with 1904 of over 73%.
[Vol.
19,120,000
27,400,000
350,000
._
-
Consolidated Telegraph & Electrical Subway Co__
Edison Electric Illuminating Co..
Brooklyn
Empire City Subway Co., Ltd.
New York & New Jersey
Telephone Co
Western Union Telegraph Co__
—V. 82, p.868.
Greene-Cananea
Copper
management issued
a
4,700,000
100,000
2,400,000
11,650,000
1,500,000
1,010,000
2,275,000
1,500,000
6,435,000
10,100,500
7,840,000
8,560,000
671,500
Go.—Official
statement
2 4,
f3 0,000
17,579,000
1 .170,000
10,312,000
225,000
1
534,000
70,000
750,000
325,000
1 ,000,000
800,000
850,000
300,000
T ,310,000
3,380,000
2,055,000
3,570,000
100,000
Statement.—The
April 3 denying that the
$10,000,000 of the authorized share capital ($60,000,000),
not issuable
(V. 84,
on
for the stocks of the two constituent
p.
510),
was to
be issued
present for any other purpose.
as
companies
promoters’ bonus, or at
Should the company deckle to issue it at
any time in the future, for ac¬
quisition of additional properties or other
purposes. It would only he done
pro rata to Its stockholders.
The promoters simply
their stock
precisely as the bulk of the other stockholders have exchange
done.
About three
fourths of the stock of both the old
companies has already been ex¬
changed.—V. 84, p. 510, 105.
Huber
Manufacturing Co. of Marion, Ohio.—Stock Offered.
Columbus, Ohio, recently ‘offered at
—Stevenson & Vercoe,
104 and
interest a block of the new
6% cumulative preferred
stock, subject to redemption at par after 1917. “Dividends
payable quarterly in Feb., May, Aug. and Nov. Assets
over four times amount of
preferred issue. Average net
earnings for last eight years over five times amount required
for preferred dividends.”
•
Incorporated In Ohio about 1879;
manufactures traction engines, thresh¬
No bonded debt.
Authorized capital stock recently
Increased from $500,000 to $1,000,000
by the addition of $500,000 6%
preferred stock; there Is outstanding $500,000 common
and $400,000 pre¬
ferred; par of shares, $100.
Officers: President, S. E:Barlow;
Secretary,
E. Durfee; Treasurer, S. E. Barlow.
The “Monetary Times” of Toronto
on Feb. 16 said:
The Huber Mfg. Co. of Ohio has
amalgamated
with the
Portage Iron & Machine Co. and the new
plant to be erected will be one of
the largest for the
manufacturing of machihery in the West.
ing machines, etc.'
Hudson River Telephone Co.—Dividend.—The
directors
this week declared a
quarterly dividend of 1%, payable
April 15, thus- reducing the annual rate from 6% to 4%.
See V. 84, p. 511.
Illinois Car & Equipment
Co.—Dividend—Reduction of
Stock.—A London paper
recently had the
following:
The directors have declared a
dividend of 4 % (7 t^d.per share)
per an¬
(Interim), payable May 1.
Last year no dividend.
Shareholders are requested to forward their
share certiorates to the of
flee, 31 Lombard St., London, E. C., In order that
they may be stamped
with notice of the reduction of
capital to $600,000 by the reduction of the
nominal amount of each share to
$7.50.
Compare V. 84, p. 53.
num
Imperial Paper Mills of Canada, Sturgeon
Falls, Ont.—
New Securities.—A
meeting of the holders of the 6% coupon
bonds was to be held
yesterday in London, to consider reso¬
lutions: (1) for the creation and issue of
5% mortgage deben¬
tures for £400,000,
maturing in 30 years, at a premium, and
secured in priority to the
6% coupon bonds; and (2) that all
interest on the coupon bonds due
up to July 1 1909 shall re¬
main unpaid until that date.—V.
S3, p.-1415, 1350.
Ingersoll Rand Co., New York.—New Stock.—This com¬
pany, having outstanding $4,500,000
preferred stock and
$3,000,000 common stock, the total issues thereof
being
$5,000,000 each, lias resolved to issue $225,000 additional
preferred stock “i^ payment for property acquired or to be
acquired,” and offers to its shareholders of record
April 4
the privilege of
subscribing at par and before April 19 for a
further $75,000 preferred stock to the extent of
one share for
every 100 shares held by them respectively.—V.
84, p. 511.
International Power Co.—Report of
Subsidiary
and Reduc¬
tion of Its Stock.—See American &
British
Co. under “Annual
p.
216.
Jenkins
Reports”
on a
preceding
Manufacturing
page. — V.
83,
Steamship Co., Mentor, O.—New Stock.—The
company has filed-a certificate of increase of authorized
capital stock from $286,500 to $1,000,000.
Compare V.
$4, p. 162.
Kelly Coal Co., Vermilion County, Ill.—Change in Control.
—Concerning the sale
of th's company, mentioned in V. 8-1,
Apr. G
6'96, under the heading “Dering Coal Co.,”
ing and Mining Journal” of March 10 said:
p.
the ‘‘Engineer¬
coal property near
Hammond, J. K. Dering,
connected with the
the Dering Company
Individual property.
have been $3,000,000 bonds outstanding.—Ed. ‘•Chronicle.”).
The property Includes 13,000
acres of land /on which live mines have been opened, which are producing
6,000 tons of coal a day.
The new directors are: President and General
Manager, R. R. Hammond: Vice-President, Hugh Shlrkle; Secretary and
The stock of the Kelly Coal Co., which owns a large
Danville, Ill., has been bought outright by R. R.
Hugh Shlrkle and Edward Shirkie, all of whom are
Dering Coal Co.
The purchase, however, Is not by
but by the four men named, and the stock Is their
The face of the stock Is $3,500,000 (and there are said to
Treasurer, J. E.
Hitt. J. K. Dering
are offering for sale this company's first mortgage 5% serial
gold bonds. Total issue, $205,000, maturing alternately in
annual installments of $20,000 and $21,000 on Jan. 1 from
1908 to 1917, both inclusive.
The issue is secured by a first
mortgage on
and Edward Shlrkle.
another page an
statement in V. 79, p.
10,000-tctfi steel steamer,
$410,000.
(Bell) Telephone
J. Q. Riddle,
Co.—Report.—For
Divid'd.
Balance. Tot. surp
$9,839
$163,231 def.$283,888
212,817 def. 189.965 293.727
31 1906, including sub-licenses
92,929, agalnct 67.526; increase, 37.6%.—V. 84, p. 274.
'National Fire Proofing Go., Pittsburgh.—No Extra Divi¬
Yr.
Gross.
Net.
Interest.
1906 .$2,035,421
$390,109 $510,767
1905
1,503.884
211,866
234,718
Total number of Bell stations Deo.
.
previously placed $7,000,000 “first and refunding” 5%
offering at par and interest by advertise¬
ment on
new
Missouri & Kansas
calendar year:
Co., St. Louis, Mo.—Bonds Offered.—r
and Harris Trus. & Sav. Bank,' having
bonds, due 1934, are
the
which cost in cash
Laclede Gas Light
N. W. Harris & Cu.
^7
THE CHRONICLE
1907.]
additional $400,000.
See full
March 29 declared a dividend of 1 %
preferred stock, payable April 15, to stock of record
April 1. In January an extra dividend of 1% was paid
along with the quarterly 1%. Preferred dividends were re¬
sumed last October with a payment of 1% after a year’s
dend.—The directors on
on
1644.
the
Earnings.—The firm publishes the following earnings as
calendar year 1906; we annex for intermission.
comparison the results for the calendar year 1903 and the
Annual Dividend Record (.per cent per annum) Prior to 1907.
1900. 1901. 1902.
1903. 1904. 1905. 1906.
years ending Feb. 28 1905 and Aug. 31 1905:
7
Year
Gross
Net
Interest
IH
7
7
7
5 yA
1
Balance, Preferred
3%
5
4'^
0
0
0L
Earnings.
Surplus. Common
Ending—
Earnings.
on Bonds.
—V.
Dec. 31 1906
$3,524,440
$1,495 083
$836,319
$658,764
84,p.747,697.
761,389
555,996
Aug. 31 1905
3,318,219
1,317,385
Nebraska (Bell) Telephone Co.—New Stock—Option to
Feb. 28 1905
3,273,660
1,378 777
691,806
686,971
Dec. 31 1903
2,425,448
1,148,533
500,000
648,533 Subscribe.—Stockholders of record April 1 are offered the
Dividends at the rate of 5 % are being paid on the $2,500,000 of preferred
stock, and on $8,500,000 of common stock.
Extensive additions and Im¬ right to subscribe on or before April 25 for $2,05S,000 new
stock in the ratio of five shares of new for each eight shares
provements recently completed will, It Is believed, largely Increase the
earnings.
The substantial growth of the business Is shown by the Increase
held.
Subscriptions may be paid in four installments of
In the sale of gas during 1906 of more than 400,000.000 cubic feet.—
V. 83, p. 1169.
25% each on the 25th day of April, July and October 1907
and January 1908, or in full oil any of these dates. The pro¬
La Crosse (Wis.) Water-Power Co.—Bonds Offered.—The
Trowbridge & Nivel* Co., Chicago and. Boston, is offering ceeds will be used to retire a floating debt of $1,043,084 and
to defray other construction expenditures.—V. 84, p. 452.
at prices to yield 6% the unsold portion ($289,500) of a block
Nevada-Galifomia Power Co., Denver, Col.—Enlarged En¬
of $500,000 first mortgage 5^% gold bonds dated April 2
Denominations $500 and $1,000. Due in annual terprise-—Xew Bond Issue.—This company, incorporated un¬
1906.
installments on April 1, viz.: 1916, $10,000; 1917 and 1918, der the laws of Wyoming in January 1907 with $5,000,000
$15,000; 1919-1921, $20,000; 1922-1923, $15,000; 1924-1926, of authorized capital stock, all of one class, of which $3,350,$20,000; 1927-1928, $25,00(); 1929-1930, $30,000; 1931, $200,- 000 is now outstanding (par of shares $100), has taken over
000, but these last are subject to call on April 1 1916 or any the property of the Nevada Power, Mining & Milling Co.
•interest date thereafter at 105 and interest.
Interest paya¬ (V. 83, p. 382), including the Tonopah, Goldfield, Silver Peak
ble semi-annually at State Bank of Chicago, Ill.* (the mort¬ and Manhattan, Nevada, light systems, and has made a
mortgage thereon to the International Trust Co. of Denver,
gage' trustee), dr the First National Bank, New York City.
A circular says in substance:
as trustee, to secure an issue of $3,000,000 6% bonds dated
The location of the power-house Is a natural granite ledge near Hatlleld.
April 1 1907, providing for extensions and additions and the
The electric power will be transmitted for manu¬ retirement at or before maturity of $700,000 bonds of the
Wls., on the Black River.
facturing and lighting purposes to La Crosse, Wls., 47 miles south, and to
old company (V. 83, p. 382).
Winona, Minn., 48 miles southwest, the two cities having a combined popu¬
lation of more than 50,000, and using about 13,500 steam horse-power.
The increased bond Issue Is to be used for building a transmission Hue to
J. G. White & Co. have been awarded the contract for the construction and
Rhyolite, 75 miles; for building a duplicate transmission line from the power
Installation of the entire plant and system.
The flow of the river, taken in plant
to Tonopah and Goldtleld, 113 miles, and to Increase the genreatlng
connection with the natural storage reservoirs, covering an area of 2,100
capacity from 4,000 to 12,000 horse power through two additional power
acres (owned by the company In fee simple), show that there are 15,000
plants and reservoir; estimated cost or all, $1,500,000.
The new bonds are
electrical horse power available from an 85-foot head, It being one of the
In 1927 but are subject to call In 1912 at 105; denomination $1,000: In¬
most remarkable powers In the Central West.
A favorable market is af¬ due
terest payable Oct. 1 and April 1 In Denver and at Morton Trust Co.,
forded In La Crosse and Winona.
On the basis of heat units produced, New York. Sinking fund after 1910. The stockholders of the old company
the cheapest fuel coal In either city costs $4.25 per ton. thus raising the cost
met on Jan. 8 to ratify the sale of the property to the new corporation.
of steam power far beyond the price at which electric power can be furnished
President, F. J. Campbell: Secretary and Treasurer, G. S. Wood.
Office,
by the company.
In addition to these two manufacturing centres, a variety Symes Building. Denver, Col.
of railroad and industrial Interests In the locality are negotiating for all the
power which the company can furnish.
Nevada Power, Mining & Milling Co.,"Denver, Col.—SucCapitalization: Common stock’. $3,500,000; preferred stock. $1,500,000.
cessor Company. —cc Nevada-California Power Co. above.—
First mortgage bonds, $3,000,000. of which $1,000,000 are 5!^%, the re¬
mainder 5%.
The present bond issue (limited to $1,000,000), It Is esti¬
V. 83. p. 382.'
mated, will cover the cost of developing about 15,000 horse power, but the
electrical equipment Immediately Installed will be for 0,000 horse power.
New York & Cuba Mail Steamship Co. (Ward Line).—
The plant will be so arranged that additional units may be added when re
Xew Officers.—-The following officers are announced: Calvin
quired; further bonds may be taken down from the trustee for this purpose
only, or for the acquirement of other properties at 85% of the cost of such
Austin, PitsRent; Alfred G. Smith, Vice-Bits'dent; and
acquisition. Long time contracts aggregating over $100,000 for the sale
N. H. Campbell, Sectvtarv and Treasurer.—V. 84, p. 576,
of power have already been entered into, representing 3,300 horse power
and the Immediate sale of all the power available Is assured. When the 391.
product of the present Installation of 6,000 horse power is sold, the net reve¬
nue will amount to nearly three times the Interest charges.
Niagara Falls Power Co.—Xew Bonds.—'This company’s
The officers are- W. J. Ferris, President and General Manager; E. G.
s ibs d ary, the Canadian
Niagara Power Co., has applied
Boynton, Vice-President, and Col. Orlando Holway, Secretary, all of Lti
to the Ontario L ‘g s'ature for permsson to increase its
Crosse.—V. 83, p.496.
Landers, Frary & Clark Co., New Eritain, Conn.— In¬ bonded debt from,$8,000,000 to $10,000,000.
The Niagara Falls Power Co. control-? the Canadian company and hai
crease of Stock .--The stockholders of this company, which
made three series of bonds. Issued, or issuable, against the bonded debt of
manufactures lia-dua v and tablo.cutlory, voted on March 26 that corporation, deposited as security, namely: Series “A.” dated 1901,
58,000,000: “B.” 1904. $2,000,000: ”C.” 1906, $5,000,000.
(Compare
to increas * the capital slock from $1,000,000 to $1,250,000;
V. 84, p. 163.)
The Niagara Falls Power Co. has petitioned the Gas and
par of shares $25.
The new stock is offered to stockholders Electricity Commission of the State of New York for consent to the pur¬
of record March 26 pro rata at par, payable on or before chase of the entire capital stock of the Tonawanda Power Co. Compare
V. 84, p. 163, 224.
t
May 15, to provide for improvements and extensions. The
stock is quoted at about $75 p t share.
NipiSBing Mines Co.—Xew Directors, Ac.—Samuel NcwCharh s F. Smith,
hous3 oi Salt Lake and Lyman B. Kendall of New York
Pres.; George M. Landers, Sec y and Treas.
Mackay Companies.—Increase in Telegraph Bates.—See have bein added to the board.
1
Statement for 11 months ending March 30 1907
Western Union Telegraph Co. bciow^—Vf 84, p. 447, 394.
Estmateu * number of tons produced for eleven months’ period follows:
Memphis (Term. Telephone^Co. -Xcw Securities—Xew First-cla?s ore. 1,100 tons; second-class ore, 1.300 tons; Cohalt ore, 32 tons.
Control .—The company hasyfptfangod to issue $200,000 addi¬ Amount received from sales, including ore on hand, $1,008,000; invent'ry
May 1 1906, $624,000: total. $1,632,000; cost of production and all other
tional capital stock and a further $400,000 of its 5% bonds, expenses, $176,000; net, $1,456,000; dividends, &e., $80 ).000; surplus,
making the outstanding capitalization, according to press $656,000. The surplus Includes cash and ore en route and at smelters,
$546,000; accounts receivable, $28.O00- mining equipment, 582,000; total ,
reports) 8600.000 stock (being the entire authorized issue), $656,000.—V. 84, p. 752.
and $1,000,001) of its $3,000,000 5% bonds.
An exchange
Ohio Oil Co. of Findlay.—Increase of Stock.—The capital
says:
stock has been increased from $2,000,000 to $10,000,000; par
Local capitalize-- have acquired the control
the company on condition
of share s $25.
The company is a subsidiary of the Standard
that three-iifths ol the stock be deposited with tint Union & Planters’ Bank
Trust
that
officers
&
Co. for ten years,
all the
and a majority of the direc¬ Oil Co. (see tabular statements in V. 83, p. 1294).
officially reported for the
....
tors
shall be Memphis-men,
and that there shall be no
effort to sell out to
Telephone & Telegraph Co. people within a specified time.
Harvey Myers-, of Kentucky. President. will retire in a short time and be
succeeded by a Memphis man.
Compare V. 83, .p. 382.
the Cumberland
Metropolitan Light & Power Co., San Francisco.—.Vere
Gas Co. below; also, in
Xantei—See San Francisco Coke AV. 81, p., 731, and V. Slip. 275. Mexican
Telegraph
Cof— Report.—S-*e “Annual Reports”
preceding peg .
Partly Estimuli d Earnings.—For quarters ending
on a
March -31:
Xr-t.
Mcx.Gort.
Dividends.
B'tl.sur.
$177,000
59.000
(2 %>$71.750
$90,2-18
156.500
7.500
(2 >4%) 47.815
101,185
surplus March 31 1907. $2,042,066.—V. 82. p. 1500.
Milwaukee
Steamship Co.—Bonds Offered. — Peabody,
3 Mas.
1907
1906
Total
Gross.
$185,000
163,000
Houghtchng *.V Co., First National
Bank Building, Chicago,
Commission.—In connection with
F. Stevens as Chief Engineer, the
reorganization of the Isthmian Cana! Commission
Panama Canal.—New
the resgnation of John
following
was
recently announced:
Engineer.; Major 1J. DuB.
Senator Joseph
ReaieAdmlral M. T.
Major George W. Goethals, Chairman and Chief
Gaillard and Major William Slbcrt. Col. William C. Cargos.
C. S. Blackburn of Kentucky, Jackson Smith and
Kndleott.
Instructions were given by
all bids for the construction of
V. 84, p. 342, 106.
Tn s'dent Rooswelt to reject
the canal bv private contract.
—
Pocahontas Tanning Co., Wheeling, W. Va.—Called
Bonds.—There have been called for redemption at par and
iiih res
at the
S curitv Tn st Co.,
Wheeling, W. Va.., on
808
THE CHRONICLE.
[VOL.
?
April 1 1907, $225,000 5% bonds of 1908, including various
ranging from 20 to 935 inclusive.' Compare V. 78,
numbers
p.
1396.—V. 80,
p.
1061.
ItXXXlY
United States Rubber
Oo.—Earnings.—The directors on
the usual quarterly dividends, viz.:
12%
upon the first preferred stock (including the
Thursday declared
“preferred” stock) and 1^% upon the secondoutstandingjold
preferred stock
beginning Jan. 1 1907, payable, without clos¬
ing of transfer books, to stockholders of record April 15
1906.
An official statement
says: “The net earnings for the
San Francisco Coke & Gas Co.—New
year
Name—New Stock (March partially
estimated) after payment of all interest
and Bonds.—The shareholders at a
meeting
held at San Fran¬ charges, are approximately
cisco on March 25 voted to
$4,405,874, which includes divi¬
change the name of the company dends amounting to $684,308
to the Metropolitan
received upon stock of the
Light & Power Co. in order to avoid con¬ Rubber Goods
fusion with another
Manufacturing Co., in this company's treas¬
light company in the city with a similar ury.” The
comparison with previous years is as follows:
name, and also because the company intends to furnish elec¬
Earnings for Year ending March 31 (March 1907
partly estimated.)
tricity as well as gas. The company, it is understood, will
1906-07.
obtain its electricity from the Stanislaus
1905-06.
1904-05.
Net
after
earnings,
Electric Power Co.
deducting all Interest,
provisions
for
bad
debts,
&c,
(compare V. 82, p. 570), but it has not, we are informed, Dividends received
About$3,721,566 $3,604,500 $3,761,922
on pref. stock holdpurchased either that company or any other.
lngs ln Rubber Goods Mfg. Co., j
684,308
276,770
The shareholders also voted to increase the
capital from
Total net earnings
$4,405,874
$3,881,270 $3,761,922
$5,000,000 to $7,500,000, the new’ shares to be used as needed
Dividends at the rate of 8 % have been
to provide for extensions and
paid on the first preferred stock
improvements and also to in¬ during all the years named and on the second
preferred at 6 % .since Oct.
1905.
crease the bonded debt from
The annual dividend charge on the
$2,500,000 to $7,500,000. The $9,848,600
$35,463,000 first preferred and
second preferred stock,as now
new bonds will be
reported
to be outstanding by
40-year 5s of $1,000 each, secured by the New York Stock Exchange, Is about $3,425,000.—V.
84, p. 343, 225.
mortgage to the Knickerbocker Trust Co. of New York,
United States Steel Corporation.—New
as trustee.
Plant.—The di¬
Leopold Michels is the President and Charles rectors
this week authorized the construction of a steel
G. Lyman is Secretary.—V.
84, p. 275.
plant
at Duluth to meet the
requirements of that section of the
Standard Oil Oo.—Increase of Stock
by Subsidiary.—See country. The plant will probably cost from $5,000,000 to
Ohio Oil Co. below.
$7,000,000,and include, it is said, one blast furnace, six
California Matters.—The “Engineering and Mining Jour¬ open-hearth furnaces, one
blooming mill, one rail and
nal” of Feb. 23 1907 had the
mill, two bar mills, by-product coke ovens, coal docks, shape
following from California:
etc.—
The Midway district oil producers of Kern
V. 84, p. 755, 630.
County have come out success¬
fully In their contest with the Standard Oil Co. A contract has
been en¬
tered Into by which the Standard agrees to take
(The) Wellman-Seaver-Morgan Co., Cleveland, Ohio.—
3,500,000 barrels at 30c.,
the highest price paid for five
years; the pipe line recently surveyed
Bonds
must be
built and ready to run oil within 60
Offered—Status.—Peabody, Houghteling & Co.,
days; all oil of 14 gravity or above shall
be accepted; a minimum of
7,000 barrels a day must be delivered, with
Chicago, are offering at par and interest $100,000 of the
option to take all.
51^%
There Is no limit In which the
bonds (marketed by them in
producers’ end of the con¬
tract must be fllldd.
1905; see V. 81, p. 1440) at
The Oil City and Twenty-eight Oil
par and interest, to net 5^% if they run to
properties In
district, Fresno
maturity and
County, have been purchased ,Sby parties InterestedCoallnga
over 7% if redeemed in 1910.
with the standard Oil
The present circular says:
Co., for $955,000.
The properties Include 320 acres
St. Louis Ore
& Steel Co.—Stock at Auction.—At auction
in this city on
Wednesday 37 shares of the company stock
were sold at $7 for the lot.
owned by the Oil City
Co. and 160 acres owned by the
Twenty-eight OH Co. and many
wells in Coallnga.
The lands are under a lease to the Hanford producing
Company,
which is controlled by the Western Fuel
Co., back of which Is the Standard
O’..
The product from Coallnga will be
running to Point Richmond soon,
where, the great refinery
plant of the Standard Oil Co. on tills coast Is sit¬
uated.—V. 84, p. 512.
Topeka (Kansas) Independent Telephone Co.—Bonds
Of¬
fered—Status.—The H. P. Wright Investment Co of Kansas
City recently offered for sale at 91and interest $50,000 of
the outstanding issue of
$390,000 5% gold bonds (total au¬
thorized issue $1,000,000, of which
$104,000 reserved to
retire $100,000 old
6s); denomination $1,000, dated May 1
1903 and due May 1
1920; interest payable May 1 and Nov. 1
in St. Louis.
A circular then issued said:
The company operates In
Topeka, Kan., and vicinity, serving a popula¬
tion of over 45,000, and now has
4,925 telephones In operation, with new
subscribers coming In steadily.
Their city franchise runs until
July 17
1931 and Is favorable.
Estimated earnings for year 1907:
Revenue, $135,000; operating, maintenance and taxes,
$67,500; reserve, 10%'of gross earn¬
ings to olf-set depreciation, $13,500; net
earnings, $54,000; Interest on out¬
standing bonds, $25,500; balance, surplus, $28,500.
Compare V. 82, p.
1444.
United Box Board & Paper
—The new management, it is
Co.—Change of Management.
announced, has completed
plans for financing the company. Of the $914,000 bonds
offered to the shareholders at
80, more than half, it is said,
have been subscribed for.
James Todd, attorney for the
protective committee, and Gustave Wuerst have been elected
directors, succeeding Messrs. Fleming and Wiley. The only
representatives of the Barber interests still
remaining in
office are E. M. Watkins of
Chicago and S. D. Theiss of
Akron, and they are directors only of the American Straw
Board Co. Sidney Mitchell is now President of
both com¬
panies. Compare V. 84, p. 630, 512.
United Gas Co., Wichita, Kan.—Bonds
Offered.—The
Royal Trust Co., Chicago, the mortgage trustee, is
offering
at par and interest the unsold
portion of $250,000 first mort¬
gage 6% gold bonds, dated Sept. 1 1906 and due
$25,000
yearly on Sept. 1 from 1908 to 1917, both inclusive, but re¬
deemable on any interest date at 105.
Coupons bonds of
$100 and $500 (c*), interest
payable March 1 and Sept. 1.
Abstract of Letter from President J. O.
Davidson, Wichita, Jan. 2 1907.
The company was Incorporated
under the laws or Kansas with a
paid-in
capital of $250,000 and has a franchise
running until 1926 for the sale of
natural and artltlclal gas.
It being the purpose to operate with natural
gas, the company has entered Into an exclusive
contract with the Wichita
Natural Gas Co. for Its
supply.
The latter company, controlled by T. N.
Barnsdall of Pittsburgh, Pa., and his
associates, owns 80,000 acres of gas
leases In the Kansas gas belt near
Independence, Kansas, about 110 miles
Southwest from Wichita.
The Wichita Natural Gas Co. has built a
12-lnch
steel pipe line to Wichita at an
expense of over $1,000,000.
Their wells
now average a dally tested flow
of over 400,000,000 cubic
feet,
which
will,
upon completion of the work under way, soon be
Increased to 700,000,000
feet.
Wichita will consume about
6,000,000 feet per day.
Mr. Barnsdall
has been prominent In the natural
gas development of Pittsburgh and
vicinity for thirty years, as well as In Ohio and Indiana.
Experts advise
us that Indications
point to many years of ample supply of natural
gas In
the Kansas fields.
Under the terms of the above-mentioned
contract,
which continues until 1926, the
United Gas Co. receives Its supnly of
gas
at or near the corporate limits of
Wichita.
(See Wichita Natural Gas Co.,
V. 84, p. 512.)
The United Gas Co.’s system
comprises about 60 miles of four to twelveinch wrought Iron and steel mains
with house services and meters for
5,000
consumers, all located within the city of Wichita.
The mains are con¬
structed with the ultimate
object In view of converting the entire system
to the use of artificial
gas at any time
The authorized bond Issue Is
$500,000, $250,000 being reserved by the
trustee under suitable restrictions for
future acquisitions and
betterments,
Including the construction of an artificial gas plant,
should one become
I estimate the net earnings as follows:
necessary.
First
year,
$30,000;
second year, $70,000: third year and
thereafter, $100,000.
The Interests
owning the United Gas Co. have
recently acquired the only other lighting
plant In Wichita—an artificial gas and
electrlc-llght property. Wichita Is
a growing
city of about 40,000 population.
(Officers of United Gas Co.:
President, J. O. Davidson; Treasurer, C. H.
Randle; Secretary, J. B. Wil¬
bur Jr., of'Chicago.)
.
•
....
for the quarter
The company Is
enjoying a full share of prosperity, Is employing
1,500
running both of Its plants day and night, and Its entire
product Is sold
ahead for a considerable time.
The management Is In
unusually
strong
hands.
The first maturing $100,000 of the bonds
were promptly paid on
their due date, March 15.—V.
84, p. 698.
men,
*
Western Union Telegraph Co .—Increase, in
Telegraph
Rates.—On April 1 an adjustment in the
telegraph rates
throughout the country was made by this company and
simultaneously by the Postal Telegraph Cable Co., which is
controlled by the Mackay
Companies through ownership of
the Commercial Cable Co.
(compare V. 84, p. 447, 448).
The adjustment amounts in some few cases to
33% or more,
but the officials assert that “the
average increase has not
been more than 2%, and
probably less than 2%.” Night
particularly have been advanced.
An official statement issued
by President Clowry of the
Western Union explaining the
necessity for the increase Was
published in the “New York Times” of April 3. In an inter¬
view on March 31
Colonel'Clowry said more briefly:
It Is
rates
simply a readjustment of the rates, made
necessary by the fact that
the Western Union has been
losing money on many of Its messages for
several years.
We have been losing money on a
great many 25 cent mes¬
sages.
Such messages have been costing us In
many Instances from 28 to
30 cents to handle.
Another thing Is the great Increase In the
cost of
running the business.
For Instance, copper wire now costs
twice as much
as It did a few
years ago.
The Increase In cost of telegraph material
has
been from 25 to 100%.
The cost of labor Is higher.
On March 1 the com¬
pany gave an Increase of 10% to all Its
operators.—V. 84, p. 630
Wilson Distilling Co.—Incorporation.—The
company was
incorporated under the laws of New Jersey on Feb. 28 with
a
capital stock of $5,000,000, of which $1,500,000 is
7%
preferred and $3,500,000 common, to manufacture and
distill alcohol, spirits,
whiskeys and other liquors, &c. We
are informed that the
incorporation is “merely a matter of
reorganization to extend charter and enlarge and
perfect
organization.” The incorporators are: Herman Ellis, New
York; Jacob Albert Ulman, Brooklandville; Albert
Marburg,
Spring Lake, N. J.; and William Augustus Marburg,
Balti¬
more.
York Haven (Pa.) Water &
The “Electrical .World” of MarchPower'Co.—Description.—
2 contained an illustrated
article describing the electrical transmission
system of the
company.
j
The total present Installation Is 10,000
horse power, which has all been
contracted for, although only
about 6,000 horse power Is now being delivered.
The company Is
ready^Bp deliver the balance, and will do so as soon as the
consumers have their machinery
ready, which should be not later than
June 1st.
A contract was recently made to
furnish about 1,500 horse¬
power to the Pennsylvania Steel Co.
The power company has now out¬
standing: Stock, $3,000,000; 1st mort. bonds,
bonds, $1,000,000.—V. 79, p. 1026.
$1,500,000;
2nd
mort
—Redmond & Co. are offering an
exceedingly attractive
list of bonds, guaranteed stocks and short-time
notes, the
latter at prices to yield as
high as 6.75%. In addition to
the Pennsylvania and New York Central
issues may be
mentioned the Missouri Pacific 5s of
1908, to yield 6.25%,
the Chicago Rock Island & Pacific
4J^s of 1908, to yield 6%,
and the Portland Railway
Light & Power Co.
3-year 5%
notes, to yield 6.75%. The Portland notes are secured
by
deposit of general mortgage 4s of 1935, and the earnings of
the company, after payment of all
charges, are equivalent
to about ten times the interest
on this note issue.
—We have received from Geo. Eustis &
Co., Mercantile
Library Building, Cincinnati, a copy of the 1907 edition of
“Cincinnati Securities,” published
by the Finance Pub¬
lishing Co., and containing financial data
local to the Cincinnati market.
,
of
corporations
Apr. 6
feOO
THE CHRONICLE.
1907.J
price slightly above par. Would any one question the pro¬
priety of the Company selling five per cent bonds to its own
stockholders at par?
(b) All stockholders shared alike.
It is true that, by reason of the low interest rates which
prevailed in 1900 and of the great demand for bonds which
were savings bank investments in the State of New York, a
part of the $32,000,000 of three per cent bonds sold by the
Company at 65 were resold by the stockholders at an average
price somewhat in excess of 90, thus producing a profit to
the stockholders much greater than was originally contem¬
plated. But no one was injured, inasmuch as all the stock¬
holders shared pro rata in the purchase of the bonds and in
the opportunity for profit.
As a matter of fact, the mem¬
bers of the Syndicate who elected to hold the bonds as an
investment have to-day a very small profit, as, owing to the
change in investment conditions, the bonds are now selling
at but a small advance over the price at which they were
a
itcports and Bomwaits.
THE CHICAGO & ALTON
REORGANIZATION.
Inter-State Commerce
Commission, in the inquiry into the reorganization of the
Chicago & Alton property, Mr. Paul D. Cravath, of counsel
for the company, filed an elaborate memorandum respecting
At the
hearing Thursday before the
transactions
the
connected with this reorganization.
In
prominence which the subject has assumed
and
importance of having the facts clearly and accurately
presented, we give Mr. Cravath’s argument in full below.
view of the
the
(a)The
Memorandum'Respecting the Chicago & Alton Transactions.
It is presumed that the primary purpose of the Commission
in investigating the various steps taken in the recapitaliza¬
tion of the Chicago & Alton property was to ascertain the
basis of the issue of the present outstanding securities of the
Chicago & Alton Company, and the character and amount
of the investment which those securities represent.
Upon
this assumption any discussion of the details of the various
transactions regarding which witnesses were examined would
be unnecessary, as having no bearing upon the formal con¬
clusions which the Commission will reach as the result of its
investigation. Inasmuch, however, as the testimony taken
in the recent investigation has resulted in a widespread mis¬
understanding of the facts respecting the recapitalization
of the Chicago & Alton Railroad Company, the following
brief is submitted at the risk of carrying the discussion be¬
yond what would ordinarily be the scope of an inquiry by
the Inter-State Commerce Commission.
Submitted herewith is a report upon the Chicago & Alton
recapitalization by the eminent authority on railroad finance,
Mr. J. H. McClement, to which report and the Appendix
thereto references will be made in this memorandum.
There are three important facts which seem not to have
been generally understood and which should const anti
borne in mind:
Schiff and Stillman were
of the capital stock of the
Chicago & Alton Railroad Company which was purchased
The stock simply stood in their
in their name in 1899.
names as the representatives of a syndicate which included,
besides themselves, about one hundred firms, individuals
and corporations, so that the stock was in effect owned by
about one hundred stockholders, who shared in all of the
transactions in question.
,2.
In all of the benefits of the transactions in question
all of the stockholders shared equally.
No one was “frozen
out” or discriminated against.
3.
All of the transactions were carried through in the
most public manner and every important fact brought out
upon the recent investigation had been made public through
reports and circulars to stockholders, listing applications
to the New York Stock Exchange,and other publications.
Full information regarding the manner of issuing and dis¬
tributing the securities, the prices at which they were
sold and the basis of the capitalization of the Ghicago &
Alton Companies has been obtainable from Poor's Manual
and other similar manuals which are published for the
information of investors.
(See Appendix B at the end
of this brief.)
Tt will be unnecessary to re-state in detail the steps which
were taken in the Chicago & Alton recapitalization.'
We will
simply discuss the particular transactions which, because of
the misunderstanding and unjust criticism which they have
caused, seem to call for special comment.
*
•
I.
The sale to the stockholders of the Chicago & Alton
Railroad Company of^$32,000,000 of 3 per cent bonds at 65.
1.
Messrs. Harriman, Gould,
not the sole owners of the 97%
issued.
\
The pro rata sale of bonds ana stock to stockholders at less
than market value has been vbry common for many years,
and has not until very recently provoked adverse comment.
For illustration: In April 1S99, shortly prior to the issue of
the Chicago & Alton bonds, the Chicago Burlington & Quincy
Railroad Company sold to its stockholders at 75 $16,166,00(3
of 3^2 per cent bonds, which immediately upon their issue
sold above par.
This transaction seems to have provoked
no criticism.
Another conspicuous case is that of the St.
Paul Minneapolis & Manitoba Railway Company, which
1883 sold an issue of its 6 per cent Mortgage Bonds to
in
its
stockholders at ten per cent of their face value, which bonds
soon after their issue sold at over par.
A number of other
illustrations of such sales will be found in
51-54.
Most of the discount on the bonds
Appendix to Mr.
McClement's Report, pages
(c)
surplus.
was
charged against
justification for the sale of these bonds to the
had a surplus
of $14,824,931 against which $8,155,751 of the discount on
these bonds was charged.
In other words, the sale of the
bonds at less thaiy the market price may be regarded an in¬
direct and entirely proper means of giving to the stockholders
benefit of part\f this surplus that had been created from
the’earnings oT the^Company which had in the firs^nstance
'
been diverted to capital expenditures.
(d) No danger of deceiving investors.
There was not the slightest danger of deceiving the pur¬
chasers of, and investors in, these bonds.
The fact that the
bonds had been taken by the stockholders at 65 was widely
known and could have been readily ascertained by an intelli¬
gent investor by consulting any banker, or the Stock Ex¬
change listing applications, or any of the investors’ manuals
or financial publications.
(Appendix B at the end of this
A further
stockholders at 65 is the fact that the Company
brief.)
II.
The action of the Chicago & Alton Railroad Company in
readjusting its accounts and carrying to Surplus $12,444,177
which during previous years had been taken from earnings
and expended for additions and permanent improvements,
but in the first instance charged upon the books of the
Company to current expenditures.
ALL AGREE THAT THE
CAPITAL ACCOUNT.
That the
EXPENDITURES IN QUESTION WERE FOR
Company had during the previous years devoted
expenditures no
questions, and that these expenditures might have been
charged from year to year to Capital Account and carried to
Surplus is equally clear. The witness Hilliard, the. present
Comptroller of the Company, testified (testimony, page 451):
“I have not any doubt that they might have been fairly so
charged at the time.” Mr. Blackstone, the President of
the Company, in his annual report of 1894, stated that the
capitalization of the Company, including its bonds and al
obligations assumed by it, aggregated less than 60 per cent
“of the actual cost of the property in its present improved
condition,” and that “a dividend of 8% is, therefore, the
A NEW BOND ISSUE WAS NECESSARY.
equivalent
of about 4 %% upon such a number of shares as
No one can doubt that at the time when the Syndicate
would, together with the funded debt, represent the actual
acquired control^tjie Chicago & Alton Railroad Company cost of the property.”
was under the necessity of isoon creating a new issue of se¬
THE READJUSTMENT OF ACCOUNTS WAS ENTIRELY PROPER AND
curities to provide for the refunding of its high interest
bonds which were soon to mature, and to provide for very IS SUSTAINED BY HIGHEST ACCOUNTING AUTHORITY.
After these expenditures for Capital Account had from
large capital expenditures that would soon have to be made
upon the property, if it -was to maintain its position among year to year been charged to Current Expense, the board of
the railroads of Illinois.
Accordingly there is no question directors could properly and lawfully readjust the accounts
as to the propriety of the decision of the Company to create
and transfer these expenditures to Capital Account, thus
its issue of $40,000,000 of 3 per cent bonds.
The question is: correspondingly increasing the Company's surplus. It is
Was it. proper for the Company to sell $32,000,000 of these respectfully submitted that, notwithstanding the opinion
bonds to its stockholders at 65 ?
of the witness Hilliard to the contrary, there is not the slight¬
est doubt about the legality and propriety of such procedure.
REASONS WHY THE SALE OF THE BONDS TO STOCKHOLDERS AT 65
WAS PROPER.
In Appendix A, at the end of this brief, will be found the
opinion of Messrs. Price, Waterhouse & Co., Haskins &
bonds were sold on a 4J/g per cent basis.
In selling three per cent bonds at 65 the Company was se¬ Sells and J. H. McClement, three of the most prominent
experts in railroad accounting, who join in the opinion that
curing money upon an interest basis of about 4% per cent
In Appendix
after making a proper allowance for the distribution of the such procedure is lawful and permissible.
discount over the period of the bonds.
In other -words, the to Mr. McClement’s Report (pages 35-47) will be found
effect of the sale, so far as the Company was concerned, was several examples of similar procedure by conservative and
precisely the same as if five per cent bonds had been sold at reputable corporations.
.
,
at least
one
$12,444,177 of its profits to capital
810
THE CHRONICLE.
IN THE READJUSTMENT OF ACCOUNTS THE NEW
MANAGEMENT
SIMPLY CARRIED OUT THE DECLARED POLICY OF
THE BLACKSTONE
MANAGEMENT.
That the capitalization of these
past
expenditures for per¬
proposed and recommended by
the old management is shown
by the following circular
issued by President Blackstone in
February 1899, shortly
after Mr. Mitchell had issued his circular
communicating to
the stockholders the offer of
purchase which had been made
by the Harriman syndicate:
manent
improvements
was
“February 1899.
11
To Chicago & Alton Stockholders:
“In my communication addressed to
you under date of
B1 st of January (1899), I made certain statements with
reference to an offer made by Mr. J. J. Mitchell to
pur¬
chase your shares.
I now wish to supplement- that
statement by advising you that in case a
majority of
the shares of the Company arc'not sold to the
syndicate
represented by Mr. Mitchell, I shall advise that you
authorize the refunding of the
outstanding bonds of
the Company and the issue of a stock dividend to
repre¬
sent earnings heretofore invested in
permanent im¬
provements.
“T. B.
BLACKSTONE/
This procedure is also amply supported
by the decisions
A
LXXXIY.
worth the price of $175 a share which the
Syndicate paid for
it.
What possible impropriety,
therefore, could there be in
the stockholders
deciding that their investment in the stock
should be reduced by the payment
of a 30 per cent dividend,
funds for that dividend to be furnished
inter!st-bearing bonds?
under- such
r
The distribution
by the sale of low
of
a
stock dividend
circumstances is exceedingly common.
It is
equally proper to pay out a cash dividend and issue a
reasonable amount of low.
interest-bearing bonds for the
purpose of producing the cash for that dividend.
This was
not a case where a bare
majority of the stockholders were
forcing their will upon an unwilling majority, for practically
all of the stockholders
joined in the declaration of.the divi¬
dend and all of the stockholders without
exception shared
in the distribution of the dividend.
The balance of the proceeds
of the sale of the three per
cent bonds 'was
applied to the refunding of high interestbearing obligations, to improvements and betterments and
to other purposes
regarding which no question has been or
can
be raised.
IV.
The
DECISIONS OF COURTS.
of the courts.
[Vol.
case
precisely in point is Mills
Northern
In that case
considerable period pursued
Ry., (See., Co., 5 Chancery Appeals, <121 (1870).
vs.
railroad company had for a
the practice of charging the cost of certain
locomotives and
a
other
organization of the Chicago & Alton Railway Com¬
pany and its issue of $22,000,000 of 31/2 P$r cent
bonds,
$19,644,000 of 4 per cent preferred stock and $19,542,800 of
common stock, in payment for
the 97 per cent of the stock
of the Chicago & Alton Railroad
Company owned by the
Syndicate and for the line between Springfield and Peoria.
THE CHICAGO & ALTON RAILWAY
COMPANY' HAD A CLEAR LEGAL
RIGHT TO ISSUE THESE SECURITIES.
rolling stock to Revenue, but, finally, in order to in¬
It may fa’rly be assumed that the
the surplus available for distribution
primary purpos * of the
among the stock¬
holders by way of dividends, the directors
organization
of the Chicago <fc Alton Railway
proposed to re¬ the
Company and
creation of the 3*4 per cent
adjust the accounts and transfer these expenditures from
bonds, preferred stock and
the common stock, above
Income Account to Capital Account, and to distribute
mentioned, was to create new
by
way of dividend among stockholders part of the surplus thus securities to represent the investment of about $3,000,000 in
created.
Against this procedure the plaintiff made pre¬ the line from Springfield to Peoria and to represent the stock
cisely the objection which Mr. Hilliard has made against the (approximately $22,000,000 par value) of the Chicago &
Alton Railroad Company which the
similar procedure adopted
Syndicate had acquired
by the Chicago & Alton Railroad
Company, but the High Court of Appeal overruled the ob¬ at an orginal aggregate cash cost, of about $39,000,000,
which cost had been reduced bV
jection and said (page 631):
approximately $6,000,000
by the cash dividend of 30 per cent. There can be no
I have no hesitation in
saying that the circumstance question that the
Chicago & Alton Railway Company had
that they had been paying what ought to be
charged to the
legal
right
to
acquire stock of the Chicago & Alton
capital out of revenue does not prevent their right or Radroad
Company,
and also the line from Springfield to
their duty to tin* persons who arc*
looking for their pay¬ Peoria, and to iss le stocks and
bonds in payment therefor
ment out of revenue to credit back to revenue
those in such amounts
as the directors
determined
would represent
things which have been carried for the time to capital the
fair worth of the
property acquired, considering its pres¬
account. ’’
ent value and
earning capacity and its future prospects.
In this oas', as in the other eas s
III.
already considered, the
legality of the transaction is so ch ar that the discussion may
The use of 86,669,180 of the
proceeds of the sale cf the be confined to iis
propriety. that is, to its moral aspects.
$32,000,000 of 3 per cent bonds to pay a dividend cf 30
per cent upon the stock of the Chicago & Alton Railroad
THE METHODS APPLIED TO THE
CHICAGO & ALTON
A PITA LICompany, against the Company’s surplus, most of which ZVI'ION WERE THE METHODS GENERALLY IN USE ANDRF.C
REGARDED
AS
PROPER
AT
THE
TIME.
was the result of the
readjustment of accounts discussed |
in the preceding paragraph.
The undoubted purpos.1 of the
Syndicate in adopting the
new scheme of
capitalization
was to create low interest-bear¬
A COMPANY HAVING A SURPLUS MAY LAWFULLY USE THE PRO¬
j
ing securities (bonds-and preferred stock) to represent tin*,
CEEDS OF BONDS AS A DIVIDEND FUND.
value of the
property based upon its actual cost and its past
As the readjustment of accounts and the
carrying of past annual dividend distribution, and common stock to represent
capital expenditures to surplus were lawful, so it was equally the future additional < (train;
capacity which was expected to
lawful to pay out $ >,669,180 of that s
irplus by way of a result from a lib: nil expenditure of capital i:i improving tlie30 per cent dividend upon the stock.
The proposition that property and from the application of
progress ve ’methods
money can i> ' borrowed for t he paying of dividends (assuming
of management.
That was the basis of recap: taliza ton
that th(> books of the corporation show a s ifficient s
irplns) which at that p wiod was bring applied to many railroad and
isjamply supported by tin* authorities.
industrial properties both ininvoluntary and voluntary
In 2 Cook on Corporations (5 th
Edition), Section 5 Hi, reorganizations. In almost all of the great industrial
re¬
U is said:
organizations that were carried through in tlms * days the
“When the company has used profits for
improve¬ par rdlui of tin* new securities gi’oatly-exeerded lhe"par value
ments, it may lawfully borrow an equivalent sum or of the old seeurftks, and in most cases'the imw securities
money for the purpos-' of a dividend.
And it may eons sled of (a) preferred stock or bonds, or both, which
properly borrow money to pay a dividend if, upon a absorbed the eanrngs of the property bas'd on past experi¬
fair estimate of its ass us and liabilities, it has ass us ence, and (id) common
stock, which, ropu suited the future
in excess of its liabilities and
capita! stock equal to the and the beie-fifs that wen* exp cted to r s «it from consoli¬
amount of the
dation or reorganization, as Th:> ca.s ' nrgiit be.
proposal dividend/’
'Precis dy the same theory of
It is difficult to s '.e how the Irptiky of the dividend can
cap"taliza1 ion was applied.in most of
be questioned.
It is, therefore, only necessary to discuss the great railroad reorganizations res ill big from fotvclosure.
In the Appendix to Mr. McCk m en's Rits propriety.
port will b“ found
many well-known eas s ol iucr-eis s of > apdal stock
upon
TIIE PROPRIETY OF A DIVIDEND TO REPRESENT THE EARNINGS
recapitalization s'milar to flic inert-as • upon the recapitaliza¬
INVESTED IN PERMANENT IMPROVEMENTS WAS RECOGNIZED BY
tion of the Chicago A Alton.
THE BLACKSTONE MANAGEMENT.
In other u'ords, in the Chicago S' Alton
the Syn¬
^In declaring this dividend the new management sunply dicate w( re simply adoptint tht mt thuds <;<n-adjustment
tic rally in vogue and
carried out the purpose of the old
management as publicly considered proper at that time,
li is not necessary for our
declared in the circular quoted above
(page 6), except'that prt s lit purpos; to eith'-r criticize or defend thos'
methods;
tftteTTFuXidend was pa’d in cash and rep ns uited only a pari we are
simply s'eking to demonstrate that our clients were
of the (awnings invested in permanent
improvements, while put suing commonly accepted and well recognized methods.
apparently the purpose of the prior management had been
THE ("I ITU A GO ARUG YPIT.V LIZATION WAS JUSTIFIED
to issue a stock dividend to
BY
represent all the earnings thereto¬ THE VALUE OF THEALTON
PROPERTY AND ITS ANTICIPATED GROWTH.
fore invested in such improvements..
As President Blackstone
Now, let us analyze flit* results of the application of the
pointed out in his annual report
of 1S91, such huge amounts of
preva’ling
an a hud of recapitalization to the Chicago A Alton'
earnings had been expended
upon permanent improvements that the Company’s s *curi- property.
tit s outstanding, taken at their
par value., represented “kss .:-The agar- gam cash, valu ■ of the property as of
June 30 T.U)‘t. basal
t-han’00% «>f the actual cos; of 1 he property” * * * ‘Cwid
upon the price paid for
while dividends had bet n paid at the rate of
the old slock by the
upon the
Syndicate and including
tile expenditures for extens'ons and better¬
par va’ut of tho stock, the rate upon .the investnuuit. which
tht' slock represented, that is.
ments was approximately
upon the actual cost of "the
$77,000,000
prop Tty, was only T!.ji per cent.
That, of conus', is the
*t\ir t-lic details of the
crease
“
.
,
chief
reason
why the
common
stock of the Comoanv
was
r-mipulations <m tills .’paere, see Appendix C at the end
this brief and page to of Append.x to Mr.
McCien.eni’s Report.
o
Apr. G
As
1907.)
result
THE CHRONICLE
the
of
recapitalization the total
(bonds at approximate
market value, stocks at par value) outstand¬
ing against that total cash value on June 30
1906 was about.
$105,000,000
The resulting increase in capitalization is, ac¬
cordingly, about
$2S,000,000
The aggregate amount of the preferred securities
under the recapitalization (bonds at approxi¬
mate market value, stocks at par) was about- $85,000,000
An excess over the cash value,of only
$3,000,000
The average annual amount which the Chicago
Alton Railroad Company had been paying
a
amount of securities
out in
interest and dividends for
manv vears
prior to the recapitalization was
The annual fixed charges as of June 30 1906, in¬
cluding interest upon all obligations, rentals
and 4% dividends upon the preferred stock,
,
-
were
An increase of
$3,228,864
$321,937
only
1.43% per annum upon
capital which the present management
has expended upon the property and the amount (about $3,000,000) paid for the Springfield & Peoria line.
new
THE PREFERRED SECURITIES (INCLUDING THE PREFERRED STOCK)
REPRESENT APPROXIMATELY THE INTRINSIC VALUE OF THE PROP¬
ERTY AT THE TIME OF THEIR ISSUE
^
It will thus be
that the fixed
charges under the new
the preferred stock,
were
based on an annual disbursement approximately
equaling the amount which had been annually disbursed
by the Company for interest and dividends for many years.
It was, of cours?, a fair assumption that the additional earn¬
ings resulting from the expenditures for improvements would
yield at least a fair rate of interest upon the amount of such
seen
capitalization, including dividends
(which included four
sion) was
on
expenditures.
It should b
' borne in mind that
every $100 share of Chi¬
cago & Alton stock represented ail actual cash investment of
about $175 and that 8% upon the par value of the sthek was
only 4M% upon the cash investment which the stock repre¬
sented (President Blaokstonets annual report of 1894).
This is without making allowance for the enormous increase
which must have taken place in the actual intrinsic value of
the company's terminals and its large holdings of real estate.
It would, therefore, be conservative to say that every SI00 share
of old Chicago A’ Alton stock represented at least $200 in actual
cash value without any allowance for future additions to earn¬
ing capacity. Accordingly*, the issue of $20,000,000 of.
additional stock could not from any point of view be consid¬
ered as watered stock. * Stating the case differently, there
could be no possible criticism of a recapitalization the result
of which would be that a property having a conservative
value of $40,000,000, based on actual investment and past
earnings, should he represented by $10,000,000 of stock,
earning dividends at 4%, in place of $20,000,000 of slock,
earning 8% dividends. The doubling of the par value of
the securities without increasing the annual charge is pre¬
cisely what happened when the New York Central issued $200
in 3po% obligations for every $100 share ofLalce Shore stock,
and when the Great Northern and Northern Pacific
issued $200 in 4% obligations for every $100 share
years
of business depres¬
—
If to this amount be added 5 per cent upon the ad¬
ditional cash invested (about $22,500,000) as the
$3,082,573
estimated additional income .which should result
therefrom
1,125,000
We have as the assumed income based on past
achievements
1
$4,207,573
This sum would enable tin1 Company to pay all its
,
existing fixed charges and dividends at the rate
of four per cent per annum on both preferred and
common stocks, and show a surplus of
$197,000
In the case of most railroads of the West, the net
earnings
have increased since 1898 in a greater proportion than have
the. gross earnings.
This increase represents only
$19,500,000 of
The average annual net income of the Company
for eight years from 1891 to 1898 inclusive
,
$2,900,927
811
companies
of Chicago
Burlington & Quincy stock.
Tne preferred securities under the recapitalization
were
sound investment securities.
This was so because of the
relation which their amount bore to the earning capacity of
the property as demonstrated by* a record of many years.
It has. also been shown by .subsequent experience, since the
property has regularly*- earned and paid not only interest
upon both issues of bonds, but also regular dividends at
4 per cent upon the preferred stock, notwithstanding
the
unexpected heavy decline in rates.
It seems clear, therefore, that the criticism of the Chicago
& Alton recapitalization must be confined to the $20,000,000
of new common stock; for if the capitalization had been re¬
duced by that amount there would have been no conceivable
basis for criticism, inasmucli as, in that case, the aggregate
amount of the new securities would have only slightly, ex¬
ceeded the actual cash invested, while the annual disburse¬
ments for interest and dividends would have been substan¬
tially less than the average disbursements for that purpose
preceding, plus a fair rate of interest upon the
new capital invested.
for many*- y*ears
THE FRAMERS OF THE PLAN OF RECAPITALIZATION WERE JUSTI¬
FIED IN PROVIDING FOR $20,000,000 OF COMMON STOCK TO REPRESENT
THE FUTURE OF THE PROPERTY.
If the Chicago & Alton Company had
earnings in only- the same proportion as the
gross earnings increased, it would have resulted in net earn¬
ings for the fiscal year of 1906 amounting to $4,900,000,
which amount would have been sufficient to pay all fixed
charges, rentals, four per cent dividends on tlfe preferred
stock and leave a surplus of $1,671,000, or over eight per cent
increased its net
on
the common stock.
The failure of the
Chicago & Alton Com pay* to make the
expected earnings for the common stock is duo mainly to two
cans s: first, it took over $19,000,000 to modernize and
fully
equip the property* instead of about $6,000,000, as had been
originally estimated; and,second, while the new management
succeeded iii promptly* increasing the gross revenues of the
Company (an increase of about 84 per cent), the increase in
net earnings was very slight because of
unexpected reductions
in rates, which, in the case of freight
rates, seem to have
averaged about 30 per cent. Had the freight rates of the
Chicago & Alton remained on a parity with the rates of most
Western railroads, it would have earned over eight per cent
on the common stock.
.Is it was, in 1905 the Chicago &
Alton earnings, after the payment of all preferred charges,
amounted to more than four per cent upon its common stock.
(Appendix to Mi-. McClement’s Report, page 19.)
THE CAPITALIZATION OF THE CHICAGO fc ALTON RAILWAY COM¬
PANY IS NOT EXCESSIVE COMPARED WITH THAT OF OTHER RAIL¬
ROAD COMPANIES SIMILARLY SITUATED.
Nor is the present capitalization of the
Company excessive
other railroads of
a
as
Chicago <fc Alton
compared with that of a number of
similar character.
This is demonstrated
by* the following comparison between the Chicago & Alton
and other railroad companies;
*
Present capitalization, including stocks and bonds,
all taken at their par value (which is unfair to the
Chicago & Alton, because of the fact that all of its
bonds bear either 3 per cent or 3? £ per cent interest
and are therefore worth much less than par), per
mile:
ChicagoAlton
Seventeen other railroads
$114,481
$150,895
-
(average)
Fixed
charges, per mile:
Chicago & Alton (including dividends
ferred stock)
on pre¬
$3,328
Twenty-four other railroads (fixed charges only)
(average)
$4,997
Percentage of gross earnings required to pay fixed "
charges as shown by the Inter-State Commerce Com¬
mission Report of 1905:
Chicago & Alton
19.57%
All railroads of United States (average)
IS.63%
Disbursements per mile required to pay* fixed charges
and demands for dividends (4% on Chicago &
Alton
common
stock assumed):—
Chicago & Alton
Thirty-five other railroads (average)
$4,515
$5,729
An
apparent misapprehension has resulted from the testi¬
of Mr. Hilliard that the mortgage securing the 31/>
per cent bonds covered, as an unimportant part of the
security, a short piece of road which the Company was
authorized to build but which had not actually been con¬
structed.
It will be remembered, however, that Mr. Hilliard
(testimony* page 450) admitted that there was no illegality
or impropriety’ in
mortgaging an unconstructed line, and
mony*
stated in substance that he had called attention to the fact
purpose of pointing out that no financial pro¬
vision had been made to defray the cost of this line, which is
simply for the
being constructed. As a matter of fact, in this respect,
Chicago & Alton mortgage is in accord with the practice
As has just been stated, the common stock, which is the prevalent at that time of drawing general railroad mortgages
only part of the new capitalization that from any point of so that they would cover all of the lines and franchises and
view can be attacked as watered stock, was issued to
repre¬ other mortgageable assets of the mortgagor.
sent the future of the property and the additional earning
In many instances, the after acquired property clauses of
capacity which was expected to result from the methods ap¬ such mortgages are so stringent that equipment and even
plied by the new management. This stock, in practical new lines are subjected to the lien of such mortgage, even
effect, was like the deferred or founders’ shares which arc so though they are paid for out of earnings. In order to avoid
common in European practice.
It is respectfully submitted this, when no mortgage bonds are available, payment for
tnat those who framed the plan of recapitalization were en¬ equipment is often made by the issue of,equipment notes,
tirely justified at the time in their judgment that the future title to such equipment remaining in the vendor or the
ot\the property was worth $20,000,000 over and above the trustee, until all the notes are paid, when the equipment
amfrunt of the preferred securities, and that with new man¬ passes under the mortgage.
agement that amount of common stock would under normal
♦For the details of the following computations see Appendix of Mr. McClement’s
conditions readilyr earn a fair dividend.
Report, pp. 15-19
now
the
812
THE CHRONICLE
CONCLUSIONS.
following conclusions with respect to the various
proceedings in the Chicago & Alton recapitalization are cl
fidently submitted:
1. They were conducted
lawfully.
2. They were conducted openly, and all of the essential
facts were given wide publicity and have at all times been
The
accessible to the stockholders and to investors in
Chicago
& Alton Securities.
3. They were in accordance with the
approved methods
which were at the time in vogue in
recapitalizing other
railroad companies and large industrial
enterprises.
4. They were conducted for the
equal benefit of all stock¬
holders, and there was no discrimination or injustice.
5. While the Chicago & Alton transactions
may be re¬
garded as typical of a class of financial transactions which
have been common in the past and which have
generally
been regarded as proper, and whatever basis there
may now
be for objection to such transactions as a
class, there is no
basis for singling out for special criticism the
Chicago &
Alton transactions and the gentlemen
by whom they were
conducted.
New York, April 3 1907.
PAUL D. CRAVATH.
APPENDIX A.
Opinion of Expert Accountants.
New York, March 29 1907.
Paul D. Cravath, Esq,, 52 William
St., New York City.
Dear Sir:
The following hypothetical question has been
put to
fsume that
[VOL.
LXXXIV.
American railroad corporation has pur¬
a long period of time of expending each
■^ear a portion of its earnings for additions and permanent
improvements which should properly have been charged to
cost of road and
equipment; that after this practice had been
pursued for many years the President of the Company made
a
report to the board of directors showing the amount of
such expenditures for additions and
permanent improve¬
an
sued the practice for
ments which had from time to time been
charged against
operations, and recommended that the accounts
of the Company be re-stated and that the
amount of such ex¬
penditures be added to the cost of road and equipment and
the surplus of the Company
correspondingly increased and
income
or
that proper entries be made upon the books of
account; and
that the board of directors
thereupon took the action recom¬
mended by the President,would such a
re-stating of the
accounts and the making of
proper entries upon the books
in accordance therewith be
permissible under the rules of
accounting?”
In our opinion it is correct
accounting practice for an
American railroad company to charge each year to
the cost
of road and equipment all
expenditures made for additions
and permanent improvements.
We are also of the opinion
that upon the facts assumed in the
hypothetical question the
readjustment of accounts and the entries upon the books of
the Company, as assumed in the
question, would be ad¬
missible under the rules of
accounting.
(Signed)
PRICE, WATERHOUSE & CO.
HASKINS <fc SELLS.
us:
J. H. McCLEMENT.
THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RAILWAY
COMPANY.
SEVENTEENTH ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1906.
(SYNOPSIS.)
Pittsburgh, Pa., March 25 1907.
To the Stockholders of The
Pittsburgh Cincinnati Chicago & St. Louis Railway Company.
GENERAL INCOME ACCOUNT FOR THE YEAR ENDING DECEMBER 31
1906, AND COMPARISON WITH
ALL LINES DIRECTLY OPERATED.
Earnings—
From freight traffic
1906.
.
Gross earnings
(+ ) Increase or
(—) Decrease.
1905.
$25,191,920 89
From passenger traffic
From express traffic
From transportation of malls
From miscellaneous sources
YEAR 1905.
7,021,852
1,021.394
1,228,872
21,461
$22,317,916
6,439,548
943,221
1,216,719
134,195
26
39
06
33
$34,485,500 93
88
55
15
35
32
$31,051,601 25
+ $2,874,004
+ 582,303
+ 78,173
+ 12,152
01
71
24
71
—112,733 99
+ $3,433,899 68
Expenses—
For
For
For
For
For
For
maintenance of way and structures
maintenance of equipment
.
conducting transportation—traffic
conducting transportation—operation
general expenses
.
taxes
,
Operating
expenses
Net earnings from operation
$4,604,247 14
6,748,520 05
$3,902,857
5,958,730
666,724
11,323,987
619,535
1,047,550
706,955 85
12,093,128 23
657,943 59
1,139,554 62
62
24
76
20
28
72
+ $701,389
+ 789,789
+ 40,231
+ 769,141
+ 38,408
+ 92,003
52
81
09
03
31“
90
$25,950,349 48
$23,519,385 82
+ $2,430,963 66
$8,535,151 45
$7,532,215 43
+ $1,002,936 02
650,932 30
565,253 29
+ 85,679 01
$7,884,219 15
$6,966,962 14
Deduct—
Rentals paid roads operated on basis of net earnings
Net operating earnings of the Pittsburgh Cincinnati Chicago & St. Louis
Railway Co
To which add—
+
$917,257 01
,
Dividends and Interest received from Investments
Interest, general account
Rents
Miscellaneous Income
$146,404 73
a
$91,646
38,864
365,494
89,992
r
Gross Income
83
0*>
90
08
15
09
—267,600 24
—38,465 51
$295,825 22
$585,. 97 22
—$290,172 00
$8,180,044 37
$7,552,959 36
97,893 91
51,526 58
+ 54,757
—38,864
+
$627,085 01
Deduct payments—
Fixed rental of leased roads
Rental paid for use of tracks of other companies under contract
Interest on funded debt
Interest, car trusts
Interest, general account
Advances to Cincinnati Richmond & Fort Wayne Railroad Co_.
$711,301
138,218
2,324,440
330,654
154,622
3,220
£
Net Income
.
From this net Income for the year
the following amounts have been deducted, viz.:—
Contribution to sinking fund for Pittsburgh Cincinnati Chicago & St. Louis
Payments on account of principal of car trusts
Dividend of 5% on preferred stock
Dividend of 3 ^ % on common stock
50
08
00
98
30
93
$702,621 50
'
137,482 84
2,344.754 31
6276,920 98
+ $8,680 00
+ 735 24
—20,314 31
+ 53,734 00
+ 154,622 30
10,868 28
—7,647 35
$3,662,457 79
683,472,647 91
+ $189,809 88
$4,517,586 58
6$4,080,311 45
+
$437,275 13
$4,517 586 58
Railway Co. consolidated mortgage bonds..
$449,990 00
596,133 08
$1,372,837 50
867,310 50
2,240,148 00
3,286,271 08
$1,231,315 50
900,000 00
Deduct extraordinary expenditures In revising grades and alignment, and other outlay not
properly chargeable to capital account
Balance transferred to credit of profit and loss
Amount to credit of prollt and loss December 31 1905
Less amount paid in settlement of old accounts
$331,315 50
_
;
$3,781,661 34
286,488 17
3,495,173 17
Balance to credit of
profit and loss December 31 1906
$3,826,488 67
a Commencing January 1 1906 the net balance of rentals received and
paid is credited to Income account; prior to that date rentals received wer®
credited to earnings, and those paid charged to expenses.
b For purposes of comparison the amount paid In 1905 on account of the principal
of car trusts ($506,112 25) has been separated from the Interest
thereon, which will account for the difference between these figures and corresponding items In the report for 1905
.....
...
813
THE CHRONICLE
Apr. 6 1907. J
PITTSBURGH CINCINNATI
& ST.
CHICAGO
DECEMBER 31 1906.
GENERAL BALANCE SHEET (CONDENSED)
Liabilities—
i
Assets
Construction, right of way, real estate and equipment
$110,285,260
Securities of other companies
5,571,930
Due by other companies
.
1,527,361
Due by Little Miami Railroad Co. for betterments
847,149
Due on miscellaneous accounts
1,005,309
Due by station agents and ticket receivers
767,910
Bills receivable
1,500
Material on hand
2,125,487
Cash In hands of Treasurer.
$1,451,881 86
Cash deposited with linancial agents for pay.
.
00
48
472,375 37
Funded debt
550
445,918
27,456,800
474
Deferred
106,648 OS
2,500,000 00
liabilities
84.551 75
[! Accounts payable for current expenditures
Due
2,998,538 20
4,250,000 00
592,411 07
Pennsylvania Co., advances for construction, etc
Due other companies..
;
Matured interest on bonds
I Accrued interest on bonds
Miscellaneous liabilities
1S2.213 25
482,947 50
1,568,282 25
:
.«
I Trustees’ sinking fund eonsoidated mortgage bonds
Dividend of 2 % on common stock, payable Feb. 15 1907
783150
Dividend of 2 14% on preferred stock, payable Jan. 15 1907.
Balance to credit of profit and loss
308 50
2,844,783 50
i
50
783
495,606
686,422
3,826,488
00
5Q
67
$124,225,028 13
Total
--..$124,225,028 13
82
20
00
34
50,921,000 00
A
Collateral obligations..:
!
! Unclaimed dividends
j
[ Contributions to sinking fund Pittsburgh Cincinnati Chicago f
j
& St. Louis consolidated mortgage bonds
j
Sinking fund Pittsburgh Cincinnati Chicago &
St. Louis Ry. Co. consolidated mtge. bonds.$2,844,783 50
Less bonds redeemed and canceled
2,844,000 00
Total
5» $24,7S0,300 00
27 | Capital stock common
•
5..-.
06 ! Capital stock common—scrip
96 i Capital stock common—constituent. companies.*.
A.
48 | Capital stock preferred
04 ; Capital stock preferred—scrip
\
90 I Capital stock preferred—constituent companies
1,619,960 07
Cash remitted by agents, In transit
(Cash In hands of trustee of sinking fund JeffJ effersonvllle Madison & Indianapolis Railroad
Co. first mortgage bonds)
LOUIS RY.
INCOME ACCOUNTS OF ALL CORPORATIONS FOR THE YEAR ENDING DECEMBER 31
1906.
'
Operation bv Operating
Results of
Financial Results of
Company.
Mileage.
1,171.16
9.07
23.52
28.03
194.86
2.33
Rentals to
Cos. by
Net
Operating
Expenses.
Gross
Earnings.
$
$
Lines Operated Directly.
Pltts.Cin.ChIc.& St.L.Ry. 29,606,195 22,153,012 7,453,184
61,789
287,135
Ohio Connecting Ry
348.924
492,685
262,091
Chartlers Railway
754,777
344.342
60,312
Pitts. Wheel.* Ky. RR._
404,654
2,870,039
474,472
Little Miami Railroad._ 3,344.510
&2*044
28,481
26,437
Englewood Connect.* Ry.
Earnings.
$
,
$287,135
262,091
60,312
711,301
Interest
A Other
(+) Inc.
Surplus
-
Dividends.
$
Net
Income.
$
or
or
-
Deficit.
Charges.
$
$
$
$
S.1,231.315
200,862 7,654,040 4,182.582 3,471,463 2.240,148
146,207
246,207
80,000
100.000 S.
326,207
39,072
64,480 S. 183.521
248,001
28,800
14,709
276,801
71 ,180
35,076
25,074
60,150 D.
46,107
10,868
395.448
51 526
762,828
367,380
fl395,448
D.
2,027
11,233
2,027
13,260
4,071
(—) Dec.
$
—45,887
+ 102,907
+ 35,333
+ 42,958
+ 13,085
S
34,485,500 25,950,349. 8,535,151 1,320.840
Total
1,428.97
Oper. Co.
$
Gross
Income.
Other
Income.
Respective Companies Mentioned.
Lines Operated under
their own
Organizations.—
845,396
694,410
423,880
147,497
230,639
118,051
1,416,773
1,043,100
148.45 Cln. & Musk. Val. RR..
20.56 Pitts. Chart. AYough.Ry.
28.15 Waynesburg & Wash.RR
197.16
Total..
150,985
193,242
29,446
43,390
194,395
193,242
5,810
35,256
85,835
28,794
40,000 S.
50,400 S.
16,044 S.
108,541
164,448
35,256
b Excess of
*
operating expenses over gross earnings.
Comparison with 1905.
GENERAL STATISTICS.
Comparison with 1905
$574,129 47
9.14
410,66
0.10
$7,114,780 27
$574,540 13
8.78
operated directly
operated under their own or¬
ganizations
39,368,970
4,345,364
12.41
3,787,361
748,669
24.64
Total--
Total
43,156,331
5,094,033
13.38
—
%Inc.
Increase.
1906.
Tonnage Mileage—
3.844.058,691
361,553,141
10.38
87,392,186
9,241,915
11.83
3.931.450.877
370,795,056
10.41
$24,816,719 24
operated directly
operated under their own or-
$2,820,164 49
12.82
178,242 92
19.44
Lines operated directly
Lines operated under their own or¬
Freight Revenue—
1,095,291 12
$25,912,010 36
$2,998,407 41
13.09
10,797,054
337,067
3.22
789,112
26,415
3.46
11,586,166
.363,482
3.24
340,815,295
24,525,670
7.75
11,625,944
501,255
4.51
352.441.239
25,026.925
7.64
Passcngcrs—
Lines operated directly
Lines operated under their own or¬
DIRECTLY AND INDIRECTLY.
(Statement of Average Earnings, Expenses and Net Earnings per Ton and
per Passenger per Mile.)
Comparison
Total
Passenger Mileage—
Lines operated directly
Lines operated under their own or¬
ganizations
i
Earnings per ton (cents)
Expenses per ton (cents)
Net earnings per ton (cents)
Earnings per passenger (cents)
Expenses per passenger (cents)
Net loss per passenger (cents)
1906.
It
Inc.
0.66
0.66
0.49
0.49
0.17
0.17
2.02
2.02
2.12
2
0.10
0.10
0.02
0.01
0.01
0.02
•
-
Dec.
_
—
—
o’o*
0.10
-
FUNDED DEBT.
The
ganizations
Total
-
with 1905.
ganizations
Lines
Lines
Lines
Lines
ALL LINES OPERATED
Vo Inc.
Increase.
1906.
Passenger Revenue—
$6,854,368'88
operated directly
operated under their own or- .
ganlzatlons
260,411 39
Lines
Lines
+ 9,913
+ 38,491
+ 9,319
373,673
Pittsburgh Cincinnati Chicago & St. Louis Railway Co
Tonnage—
68,540
108,047
19,212
amount
of
funded
debt
December
1906
31
was
$50,921,000, a decrease of $1,134,000 as compared with
1905, due to the redemption during the year of bonds
amounting to $1,134,000 as follows, viz.:
Redeemed
bonds
through sinking funds, consolidated mortgage 3 \i%
$560,000 00
Jeffersonville Madison & Indianapolis Railroad Co. first mort¬
gage 7 % bonds5,000 00
Matured and canceled, Jeffersonville Madison & Indianapolis
Railroad Co. first mortgage 7% bonds
549,000 00
Union & Logansport Railroad Co. first mortgage 7 % bonds
20.000 00
CAR TRUSTS.
Payments
mkde under Car Trust contracts, and balance due
on
account of principal, December 31 1906.
No. of
Cars.
Series.
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
1,000
Rolling Stock Trust, Series K
Car Trust, Series B
Car Trust. Series D and E
Equipment Trust, Series A
Steel Car Trust, Series F and K
Steel Equipment Trust, Series E
Steel Equipment Trust, Series F, G, H, I and K
Steel Rolling Stock Trust, Series B, C and G
Steel Rolling Stock Trust. Series H, I and K
Steel Freight Car Trust, Series A and B
510
1,200
100
700
210
*.
2,790
1,500
2,308
1,692
1,524
.13,534
CHICAGO
CINCINNATI
PITTSBURGH
&
ST.
LOUIS RAILWAY
Including Steubenville Extension Pennsylvania
Railroad (1.23 miles)--.
944.73 Miles.
169,44
-
56.99
with other companies
1
Total
Gross earnings
Total expenses-..
1,171.16
1906.
1905.
$29,606,195 78
$26,584,559 18
19,945,908 97
22,153,011 86
Net earnings from operation.
Dividends and Interest on securities
Rents
-
-
Total
$7,453,183 92
$
$6,638,650 21
146,404 74
54,456 95
130,510 98
248,869 17
$7,654,045 61
$7,018,030 36
Commencing January 1st 1906 rents are showm as an Item of
Income” Instead of Gross Earnings.
*
The gross
due chiefly to
increased
00
50
19
00
40
34
00
50
38
$155,733
109,855
411,724
30,800
477,507
145,034
2,373,255
53
44
80
01
1,458,516
1,952,970
1,454,074
1,524,258
67
92
20
11
$3,888,671 59
13
00
60
02
12
7 rust.
10 years.
44
44
44
<«
44
« ft
44
« «
Ma
tures.
1909
1909
1910
1910
1912
1912
1913
1913
1915
««
1915
• 0
1916
$10,093,795 27
The operating expenses increased $2,207,102 89
11.07%, due to heavy repairs to roadway and equipment
larger transportation expense^incident to the increased
traffic and to an increase of 8.2% in taxes.
In the case of
freight car repairs, the high cost is incident to the transition
the year.
Eeriod
during
steelwhich
heavier
cars. the old wooden cars are being replaced
y
earnings from freight traffic increased $2,542,899 49,
13.17%; the tonnage increased 3,636,716 tons, or 14.13%,
and the ton mileage increased 317,669,158, or 10.03%.
The
classified tonnage items showing the largest increase were
coal, stone, bar and sheet metal, lumber, cement, brick and
lime, pig and bloom iron, grain, flour and other products of
agriculture. The average earnings per ton mile were 6.3
mills, an increase of .2 of a mill, and the average cost was
4.7 mills, an increase of .2 of a mill, resulting in net earnings
per ton mile of 1.6 mills, the same as in the preceding year.
The
or
*
$303,377
256,329
017,586
46,200
318,378
96,689
1,017,109
625,078
216,997
161,563
169,362
Balance.
or
Main line,
Branches
Line used jointly
Length of
Amount
Paid.
“Other
earnings
$3,021,636 60, or 11.37%,
the increase^ volume of tonnage handled during
814
THE CHRONICLE.
The earnings from passenger traffic increased $518,743 48,
or
9.81%, llio number of passengers carried increased 288,023,
3.52%, and the passenger mileage 21,784,868, or 8.48%.
The average e arnings per passenger per mile were 2.03'cents,
while the cost was 2.10 cents, resulting in a loss of .7 of a
or
mile.
and two second-hand locomotives were
received during the year, thirty-six of which completed the
number authorized in 1905, and seventeen replaced an equal
number destroyed during the year.
Thnre were four vacancies in the passenger car .equipment
December 31 1905 and four vacancies were created during
the year; to partially fill these, four coaches and one com¬
bination bftggage car were received, leaving three vacancies
at the close of the year.
Six coaches and two postal eais
authorized as additions to the equipment in 1905 were.;
received, and eight coaches, live combination passenger cats
and three horse cars were added to the equipment during the
year.
Then;
Construction, Right of Way and Real Estate<rfSecond and third tracks Pittsburgh Indianapolis & Logans-'
port Divisions
were
seventy-six vacancies in the authorized freight
$1,164,955
177,610
359,520
163,128
178,004
262,692
136,144
Third track, Pittsburgh Division...
Dennison round-house Improvements, etc
Third and fourth tracks, etc., Chicago, 111
new
equipment on December 31 1905 and 454 cars were de¬
stroyed during the year; to partially replace these cals 330
new cars wen* received,
leaving 200 vacancies on Deccipwr
lxxxiv.
The charges to capital account duringHs^year for construe-’
tion, equipment, etc., were as follows:
cent per passenger per
Fifty-one
[Vol.
Track elevation, Chicago, Ill..
Real estate for new engine-house, Chicago, III
Leonard Avenue yard, etc., Indianapolis Division.
Bridges, etc., Richmond, Logansport and Louisville Divi¬
sions
06
81
58
24
99
31
09
132,230 07
Equipment—
1,470,429 00
Total
$4,044,715 75
LITTLE MIAMI
RAILROAD.
Main line.
Xenia and
119.63
19.31
53.43
2.49
Sprlngiield Branch
Dayton and Western Branch
Cincinnati Street Connection’Tracks
Miles.
car
31 1906.
Sixteen cabin cars authorized as additional
ment in 1905 were received.
There were 1,078 low
equip¬
capacity
destroyed during the year out of the 1,359 cars dropped
from the authorized equipment in 1905, leaving 281 still in
cars
service.
New interlocking
plants were installed at Jewett, Hagenbaugh, Summit and Ripley to control and protect third track
and passing sidings, at Bradford to control the east end of
the yard, at, Air Line Junction to control the crossing of the
Chicago Indianapolis & Louisville Railway, and cat Kentland to control the crossing of the Indiana Harbor Railroad
and the interlocking plants at Bulger,
Burgettstown, Milford
Centre, Anderson and Dolton were extended to protect
Total
194.86
1905.
1906.
Gross
earnings
Expenses
Net earnings irom operation
Add miscellaneous Income
*
Rents
.
:
Deduct guaranteed rental
Loss
*
Commencing January 1 1906 Rents
Income”
$3,344,510 75
$3,043,728 98
2,870,038 56
2,692,960 10
$474,472 19
9,869 01
4 l ,657 57
$350,768 88
$525,998 77
711,301 50
$534,929 00
702,621 50
89,992 09
94,168 03
$185,302 73
are
shown
as
an
instead of in Gross Earnings.
The gross earnings increased $300,781 77, or
the operating expenses $177,078 46, or 6.58%,
$167,692 50
Item of •'Other
9.88%, and
and the net
earnings increased $123,703 31, or 35.27%.
The freight earnings increased $216,647 07, or
10.99%,
additional tracks.
The block system was practically com¬ the tonnage 426,318 tons, or 13.48%, and the ton mileage
pleted on the main liius and the work of extending the block 33,574,677, or 13.68%. The classified tonnage items show¬
system to control all main line divisions and all branch lines ing largest increases were coal, stone, bar and sheet metal,
with heavy traffic is well under way and will be
completed pig and bloom iron, and cement, brick and lime.
The average earnings per ton per mile were 7.8
early in 1907.
mills, a
The freight running track from Bulger to RS
decrease
of .2 of a mill, and the average cost increased .2 of
Tower, on
the Pittsburgh Division, was completed and put into service a rriili, resulting in net earnings of .9 of a mill as
compared
early in the year. This work involved a complete change in with 1.3 mills in the preceding year.
There was an increase of $66,210 16, or 8>35%, in the
alignment, and the replacement of tunnel No. 3 with a cut
wide enough for four tracks.
The grading for 6.6 miles of passenger earnings, the number of passengers transported
west-bound freight running track between Central City and increased 40,216, or 4.14%, and the passenger mileage, in¬
creased 1,961,132, or 4.71%, as compared with t he
Chit ville and/for 5.3 miles of east-bound freight
year 1905.
running track
The average earnings per passenger per
between Summit and Big Walnut, on the Columbus & Newark
mile were 1.93
Division, was completed and a large part of the track laid. cents, an increase of .07 of a mill, or 3.76%, and the average
The double-tracking of the Indianapolis Division between cost was 2.16 cents, a-decrease of .34 of a cent, resulting in
Columbus and Bradford with improvement in the grades a net loss of .23 of a cent per passenger per mile as compared
with a loss .64 of a cent in the
and alignment, ;$nd of the Logansport Division between
preceding year.
*
*.
*
*
*
*
*
*
*
Logansport ancf*Tjhicago,was vigorously pushed during the
year.
The section between Woodstock and Urbana, a dis¬
Charges to Construction and Equipment Account were:
tance of 16.1 miles, with necessary passing sidings at Brush
Rlifht of way and real estate.$55,113 68
tracks
150,052 95
Lake, Milford Centre and Hagenbaugh was completed; con¬ Additional
Stations and other structures
.j
31,467 72
siderable progress was made with the work of
Locomotives
constructing
J/_
,/Z\
48,464 65
second and third tracks, on an entirely new line and grade,
Total
..$285,099 00
a distance of 9.1 mill’s, between Urbana and St.
Paris, and
on second and third tracks on
present line with revised grade,
GENERAL REMARKS.
between St. Paris and Jordans, a distance of 13
miles, the
The continued prosperity of the country was reflected in
second track from Summit to Bradford, a distance of 7.56
the operations of the railroads comprised in your system, all
miles, was nearly completed, and the second track was ex¬
showing large gains in tonnage, a slight increase in the num¬
tended castwardly from Irvington, a distance of 3,600 feet.
ber of passengers carried, and a larger increase in the
average
The second track was extended 43.9 miles,from
Aylcsworth distance traveled by each
passenger.
to Thornhopc, completing the double-tracking between
The large volume of traffic moved on your lines
during the
Logansport and Chicago. New east and west-bound freight
year 1906 was handled promptly and without congestion at
running tracks, each having a length of four miles, were con¬
any point, thus fully justifying the policy you have pursued
structed between Kouts and Aylcsworth.
The west-bound of
greatly increasing your facilities of all kinds during the
classification yard at Columbus was completed.
New passing
pasLJhrec
years.
The only failure in the furnishing of facilisidings were constructed in connection with the second track
tie$gp>r all traffic offering was in the matter of ear supply,
at a number of points and at Newell, Irvington,
Jackson Hill, and this was not because
your company had neglected to
Red Key, Horatio and Rendcomb Junction, and the
passing
sidings at a number of other points were extended. There
ility, under existing conditions, of controlling it after it was
were 79 miles of track ballasted with stone, 350 miles with
placed
in service. Every effort was made to meet the situa¬
gravel and 50 miles with cinder. In the construction of tion
through joint action with other lines, but while an
additional tracks and sidings there were used 11,088 tons
of new and 5,567 tons of partly worn steel rails and 349,176 agreement was entered into between a number of the railroad
companies owning a large proportion of the freight equip¬
cross-ties.
ment of the county, providing for an increased
per diem
:
The net increase in track was 94.S3 miles, made up as
rate; and thus giving the owning company a more
equitable
follows:
compensation for the use of its equipment, it was imprac¬
Second track
C9.44 Miles.
ticable to effect any arrangement whereby a company could
Third track
7.06
enforce
the prompt return of its cars.
Fourth track
4.10
If your company
Sidings
14.23
could have had the use of the equipment owned or controlled
Total
by it, there would have been an ample supply for all the
94.83
business offering on your lines during the past year.
The new engine-house at Dennison, with necessary re¬
The total tonnage handled on all lines was 43,156,331, an
arrangement of tracks, was completed, and .as a result the increase of 5,094,033, or 13.38%. The ton mileage was
handling of locomotives and trains at that point has been 3,931,450,877, an increase of 10.41%.
very greatly facilitated.
The average rate received per ton mile was 6.4 mills, an
New coaling stations were erected at Indianapolis and increase of .2 of a mill as
compared with the preceding year.
Aylcsworth, and plants at Collier and Louisville are in course The cost per ton mile increased .1 of a mill, so that, the net
of re-construction, and water-softening plants were installed earnings
per ton mile were 1.7 mills, or an increase of .1
at Indianapolis and Hartsdale.
A new freight station was of a mill over the preceding year.
built at Carnegie, a passenger station at Raccoon, a combined
The total number of passengers carried was 11,586,166,
freight and passenger station at Bethevan, a modern rest an increase of 363,482, or 3.24%, and the passenger mileage
house for use of employees at Bradford, and the rest house at was 352,441,239, an
increase of 7.64%.
59th Street, Chicago, mentioned in the 1905 report, was
The average earnings1 per passenger per mile were 2.02
completed.
cents, an increase of .02 of a cent. The cost per passenger
__
Eurchase sufficient equipment, but because of the impossi-
•
;
Apr. 6
mile was 2.12 cents, a decrease of .08 of a cent, and the net
loss per passenger per mile was .1 of a cent as compared with
.2 of a cent in 1905.
After providing for all charges and liabilities, the net earn¬
.
were sufficient to provide for a dividend of 5% on the
preferred stock and a dividend of 334% on the common
stock, supply nearly $600,000 for one-half of the principal
of maturing car trusts, $900,000 for extraordinary expendi¬
tures in the revision of grades and alignment, improvement
of freight equipment and other outlays not properly charge¬
able to capital account, and leave a balance of $331,315 50,
which was transferred to the credit of profit and loss account.
As shown in the general balance sheet, there was charged
to capital account during the year for construction, right of
way and real estate the sum of $2,574,286 75, and for equip¬
ment $1,470,429, a total of $4,044,715 75;
The balance
sheet also shows that this company was indebted to the Penn¬
sylvania Company for advances for construction, etc., at the
close of 1906 to the amount of*$4,250,000.
This amount will
be largely increased during the year 1907, on account of
further advances by the Pennsylvania Company for construc¬
tion and equipment, and provision will have to be made
through the issue of bonds or stock, or both, to re-pay these
ings
advances and also to furnish funds for the construction of
the second track between Columbus and Chicago which the
demands of the traffic make it necessary to complete at the
earliest possible date.
The first mortgage 7% bonds of the Jeffersonville Madison
& Indianapolis Railroad Company, one of your constituent
companies, matured on October 1st. There were $563,000
of these bonds outstanding at the close of 1905, and, with
the exception of $9,000, which were not presented, they were
paid off and canceled.
There
were
Logansport Railroad Com¬
$20,000 of Union
pany first mortgage 7% bonds which had not been presented
at the close of the year 1905;
these bonds were paid off
and canceled during the year.
Under the terms of tlie sinking fund provided for the re¬
demption of the consolidated mortgage bonds of The Pitts¬
burgh ; Cincinnati Chicago
St. Louis Railway Company
$560,000 of these securities were redeemed and canceled
and the amount
815
THE CHRONICLE.
1907.J
outstanding at the close of the
year was
$44,439,000.
Of the roads
operated directly by your compamr, the Ohio
Connecting Railway, the Chartiers Railway and the Little
Miami Railroad show large increases in gross and in net
earnings, while the Pittsburgh Wheeling tfc Kentucky Rail¬
road and the Englewood Connecting Railway show decreases
in gross earnings, increases in expenses and decreases in net
were
installed between JC
Tower, Rosslyn and DU Tower,
a distance of about eight miles.
The Cincinnati & Muskingum Valley Railroad shows an
increase in gross earnings of 6.46%, in expenses of 5.57%,
and in net earnings of 10.78%.
The net income was suffi¬
cient to pay a dividend of 2% on the capital stock and leave
a substantial balance for permanent improvements.
The Waynesburgh & Washington Railroad, which is con¬
trolled by the Chartiers Railway Company, shows an increase
Temperanceville,
gross earnings, a decrease of 2.16% in the
increase of $10,363 63 in net earnings. The
new
station being built by this company at
Washington, Pa., was nearly completed at the close of the
of
5.56% in the
and
an
passenger
expenses
year,.
The Pittsburgh Chartiers & Youghiogheny Railway, onehalf of which company’s capital stock is owned by your
shows an increase of 42.52% in gross earnings, of
22.46% in expenses and of $84,164 42 in the net earnings.
After paying a dividend of 6% and purchasing and canceling
$29,000 of its first mortgage bonds, the company had a sub¬
stantial surplus available for betterments,.
Additional capi¬
tal stock of this company was issued to the extent of $240,000
and used to pay off its floating debt.
The authorized betterment expenditures on the Little
Miami Railroad having exceeded the amount of the better¬
ment bonds that had been provided for such expenditures,
it was necessary to further modify the provisions of the lease
of February 23 1870.
An agreement was therefore entered
into with The Little Miami Railroad Company under which
either bonds or special betterment stock can hereafter be
issued as in the judgment of your company may be most
available with respect to economy of interest and negotia¬
bility, such bonds or special betterment stoek to bear interest
or dividends not exceeding 4% per annum.
This agreement
has been approved by the stockholders of The Little Miami
Railroad Company and will be submitted to you for approval
at the annual meeting on April 9, 1907.
The Little Miami
Railroad Company has increased its authorized capital stock
to $10,000,000, and the betterment bonds which have been
issued to your company under the lease as modified by the
agreement of May 1st 1899 will be exchanged for an equal
amount of the betterment stock, which will also be hereafter
used in settlement of betterment expenditures until other¬
company,
wise
A
arranged.
general advance of 10%, taking effect December 1 1906,
was made in the salaries and wages of employees permanently
in the service and receiving less than $200 per month.
This
advance, which was made in consideration of the increased
cost of living, will necessarily add materially to the cost of
operation during the current year.
#
#
.
r
earnings.
New interlocking plants were constructed on the Ohio
It gives pleasure to the management to again express its
Connecting Railway at SQ Tower, on the Duff Branch, to
control the cross-overs and main line connection, at DJ appreciation of the efficiency and fidelity with which the
Tower to control the connection with the P. C. <fc Y. Railway officers and employees have performed their respective duties
and the end of the Scully Yard, and at FD Tower to control, during the past year.
Bv order of the Board.
the cross-overs and the operations over the hump at the
JAMES McCREA, President.
entrance to the yard.
Electric automatic spacing signals
AMERICAN TELEPHONE
ANNUAL REPORT FOR THE
Xeu' York, March 26 1907.
1906, as shown
by the Treasurers statement appended, were as follows:
$24,526,007 82
Expenses, Including: interest and taxes
11,555,161 06
__
12,070,056 76
Net Revenue
Dividends paid.
Carried to Reserve
Carried to Surplus
♦
The1905:
following
10,105,233 50
;
_
_
1,773,736 62
1,001,966 64
J
were
the corresponding figures for the year
$21,712,831 20
Gross Revenue..'.
8,678,702 90
Expenses, including Interest and taxes
Net Revenue
♦Dividends paid
Carried to Reserve
Carried to Surplus
1,743,295 16
^
1,424,388 23
of telephones during tlit* year 1906 was
1,409,578, making the total number in the hands of the
operating companies 7,107,836.
The number of exchange stations at the end of the year
operated by the companies which constitute our system in
the United States was 2,727,289, an increase of 485,922.
In addition to this number there were 297,220 exchanges
and toll stations operated by so-called sub-licensees, namely,
associations under sub-license or
making use of our telephones.
Adding also our telephones employed for private-line pur¬
poses, our companies had a total of 3.008,833 stations as
against 2,528,715 stations at the close of the previous y( ar.
The total mileage of wire in use for exchange and toll
service was 7,468,905 miles, of which 1,688,987 were added
during the ve'ar. These figures do not include the mileage
of wire operate 1 by sub-licensees.
independent companies
1900.
Including the traffic over the long distance lines, but
excluding sub-licensees, the daily average of toll connections
was about
462,000, and of exchange connections about
16,478,000, as against corresponding figures in 1905 of
368.000 and 13,543,000; the total daily average for 1906
reaching 16,940.000, or at the1 rate of about 5,455,000,000
per year, being 64 telephone calls for each man, woman and
child
in the United States.
The amount added to construction and real estate by all
the companies, excluding sub-licensees, constituting our
system in the United States during the year
For Exchanges
For Toll Lines
For Land and Buildings..
or
and
1906, was:
$59,971,004
13.585.659
•_
5.810,196
$79,366,949
9,866,355 00
-
The net output
contracts
31
13,034,038 39
* The increase of dividends in 1906 was due to the fact that the last two
dividends declared in that year were each two per cent, while the correspond¬
ing dividends in 1905 were respectively one and one-half and two and onequarter per cent.
connection
COMPANY.
YEAR ENDING DECEMBER
To the Stockholders;
The results of the business for the year
Gross Revenue
& TELEGRAPH
$31,619,100; in 1901,
$31,005,400; in 1902, $37,336,500; in 1903, $35,368,700;
in 1904, $33,436,700;
and in 1905 $50,780,906; making
the grand total of expenditure upon these properties during
The
amount
added in
1900
was
$298,914,255.
J906 the amount expended for mainten¬
ance and re-construction, independent of construction, by
all the Bell telephone companies in the United States was
$32,814,568. This amount came from the earnings of the
properties, and was charged into tlie expenses of the year.
As a result of these expenditures for maintenance and re¬
construction, the plant of our companies is in a better con¬
That plant could not at the present
dition than ever before.
time lie
reproduced for a less sum than $70,000,000 in
excess of its cost.
The scrap value of the lead and copper
in the lines and cables alone is not less, at present pyiccs,
than $80,000,000.
Every year the plant becomes more
permanent in characier and of longer life.
There is no
reason to doubt that at the present time it is substantially of
a type which need not be re-placed until it is worn out.
The amount contributed by the American Telephone &
Telegraph Company in 1906 by way of investment in its
the
seven
years
During the
year
816
own
THE CHRONICLE.
long-distance plant ($5,642,000), in telephones ($1,-
737,000), in real estate ($330,000), and in the purchase of
[VOL.
LXXXIV.
upon the plant increase is a sound practice even though it
involves an investment based upon the certain requirements
of the future rather than upon wiiat is immediately neces¬
operating companies
($53,432,000), was in all $61,141,000, an addition of almost sary.
The great extent to which the telephone business wras sure
26% to its entire investment up to January 1 1906.
This greatly increased investment was made with the view to develop became apparent about the 3rear 1901, when the
number of new subscribers increased nearly 220,000, as
of lifting the entire business to a distinctly higher plane
specifically and as compared with its competitors. Your compared with about 167,000, the largest increase in any
directors believe that the expendture was wise and that,
prior year. The increase vus 257,336 in 1902; 247,184 in
because of it, the position and business of the Bell companies
1903; 274,466 in 1904, and 441,734 in 1905.
These large increases in the number of subscribers, wiiich
were never so secure as at the present time.
The controlling
were attended by an equally large increase in the demand
of
telephone
even
importance
our companies in tlie
field is
for toll service, practically exhausted the plant of the Bell
more marked than before, and there is hardly a district of
any extent throughout the country in which their business companies and\mvolved rebuilding that plant to h large
The ye^t 1906 has seen additions to construction
is not supported by a satisfactory plant, a good organization extent.
which not only Enabled the companies to take care of the
and good service.
While even in these important phases of the business the 2,241,367 subscribers connected with the system on the first
situation requires constant watching and there still remains of January 1906 and the nearly 500,000 added during the
much to be done, particularly in some places, the improve¬ near 1906, but which resulted in plant conditions, based on
scientific study, which will enable the growth of future years
ment, generally speaking, has been marked and constant.
In the expenditures,for construction during the past year, to be taken care of with an economy and efficiency due to
the Bell com panic s have proceeded more positively than ever the application of the most approved methods of work. Con¬
before upon a definite theory which is believed to be that stant additions will have to be made to the plant, but they
required to meet the conditions of the business as now will largely be on predetermined lines, utilizing, extending
known.
They have built for the future as far as was con¬ and rounding out the systematic plant conditions that now
sistent with sound economy.
They have laid the founda¬ exist.
The effort has been made to design buildings and provide
tions for the development that is sure to come and have
central office equipment that will not be exhausted in a
not limited their construction to the business actually in
short time.
Careful engineering studies have been made
sight.
of nearly all the large-cities in the country, open wires have
In the earlier stages when, as in 1896, there was a gain of
only 43,549 stations,or,as in 1900, a gain of only 167,934, been displaced to a large extent , and underground construc¬
tion and aerial and underground cables have been installed
it was impossible to realize how rapidly the demand for
that
were not merely adequate for the growth then in sight,
telephones would increase. It seemed consistent with sound
policy to assume a rate of growth not greatly in excess of but for a substantially larger growth. ' The lines upon wiiich
that then prevailing.
If this policy were to be continued, increases of plant should Ixrmade have been laid out in ad¬
it would be a matter of great difficulty to adjust the plant
vance, so as to fit into the work now done.
The same general engineering plan
conditions to the demands of a vastly increased business,
has characterized
and the difficulty would be greater every year.
If buildings the work of our companies in their toll-line equipment. It
has been necessary to erect from time to time lines of poles
were erected and central office equipment installed only for
the business practically then in sight, it would not be long which carried a single circuit, or only a small number of
before those buildings and central office equipments would circuits, no larger number being required to do the business
be inadequate.
It is inherent in the nature of the business between the points connected by the pole line. Every cir¬
cuit added to such a pole line reduces the cost of the installa¬
that when telephone buildings and central office equipment
become inadequate, they can be enlarged, in many cases, tion per circuit mile, and it is a satisfaction to know that the
only at an expense altogether out of proportion to the number of miles of wire, per mile of pole line has increased
increased facilities gained by such an enlargement.
In fact, from 5.6 January 1 1900 to 9.4 January 1 1907. For the
it has not unfrequently happened that, because of the unex¬ year 1906 the increase in miles of pole lines wras 9,334, while
pected demahds for service, it has been found necessary to the increase in miles of wire was 195,937, the ratio being
abandon a building and central office equipment and start more than twenty to one.
Another, and by no means the least important, advantage
again from the beginning, with a new building and new
apparatus, as the most economical way of meeting the of systematic engineering, such as now characterizes our w’ork,
situation.
lies in the fact that, by reason of it, wre shall be much better
The same is true, even to a greater extent, of the line able to meet promptly and satisfactorily the demands of
construction which connects the exchange with the sub¬ the public for good service.
It does not seem extravagant to say that, as the result of
scribers’ stations.
The improvement in cables made within the past few the wrork of the past few years, the companies have started
years has revolutionized the art of telephone line construc¬ on a new7 line of development, in so far as plant and business
tion.
Not only is it now possible to place in underground are concerned, which is of the utmost importance and sure
ducts cables containing four hundred or even six hundred to-result in better service and more economical operation,
circuits, but a pole line, the carrying capacity of which would and thereby in distinctly better returns on the investment
have been exhausted by forty pairs of open wires, can carry than w’ould otherwise have been the case.
six hundred pairs of wires in the form of cables.
As an indication of the extent to which the companies
The oldfashioned exchange pole line rarely carried more than have built for the future, attention is called to the fact that
twrenty pairs of open wires.
When an open wire aerial line at the present time not less than $25,000,000 are invested
has reached the low limit of its carrying capacity, it must in circuits in cable that are not yet in use, but all of which
be taken down and a larger line built unless there is an will soon be in service, and that pole and conduit facilities
opportunity for a new line, which frequently is not the case. are now installed which will take care of a very large number
In either event, there is a great waste as compared with a of cables over and above those that now exist.
Large expenditures will be required in the future, as in
type of construction in which, by the use of cables, a given
pole line may have a capacity many times as great. Sound the past, to enable our companies to do the business that is
economy has many times in the past year required the forced upon them by the increasing demand for telephone
scrapping of all the wires on a pole line, cable being substi¬ service. It is the opinion of your Directors that the plant
tuted for them, as the only way of securing the enlargement was never in better condition to meet the demand upon our
of facilities that was required, and not unfrequently it has companies, and that the additions to it which are surely
been necessary to re-construct the whole line as the cheapest
necessary will not only result in a proper return, but will
create an adequate revenue from a substantial portion of
way of securing the opportunity for growth that was re¬
the
plant that now exists which in the nature of the case
quired.
In so far as cable construction is concerned, it is not only
has not yet been utilized.
The extensive building for the future and the very high
of great advantage, as a matter of economy and as affording
cost
of labor and material during the past year have some¬
opportunities for growth that are not possible with open
wires, but by the use of cables the chances of interruption what increased the cost per station added to the Bell system
of service are lessened, and the expense of maintenance is
over the corresponding costs of 1905.
The cost per mile of
toll wire did not increase.
very greatly reduced.
If the very great development of the business could have
There is no reason to question the validity of the state¬
been foreseen and the engineers and manufacturers had, at
ment made in the last Annual Report that the reduction in
an early date, solved the cable problem, so that cables of
the cost of construction per unit, which has been so sig¬
large capacity could have been originally installed instead of nificant during the past few years, will continue to charac¬
open wire, in the places where a large number of circuits terize the business as it develops.
would ultimately be required, much money would have been
As has been the case for many years, there are certain*
saved.
portions of the country in -which the return from the business
Now that it is certain that the business will develop on is not satisfactory.
These are for the most part localities
lines of reasonable profit to an extent much greater than even in wThich our companies had not been able to cover the field
the most enthusiastic telephone man ventured to expect a rapidly enough to supply the demand for telephone service,
few years ago, and cables for exchange distribution are made and were, therefore, particularly exposed to competition.
which are in all rr
As stated in prior reports, the unintelligent view’s of our
spects satisfactory vehicles of transmission,
it would be the height of folly not to anticipate the certain competitors as to what rates for service are possible have
extension of the business by providing facilities for future created conditions in the portions of the country to which,
reference is now7 made, under v’hich neither they nor the’ Bell
growth when they can be most economically installed.
There will always be a substantial amount of open-wire companies are getting proper returns for the service ren¬
construction where few circuits are likely to be required, dered.
These conditions are sure to correct themselves in
“but the substitution of cable for open wires as the demands time, particularly as almost everywhere1, except in some of
stock and bonds and in loans to its
.
Apr. C
817
THE CHRONICLE
1007.]
for the year 1906 of all the Bell com¬
panies in the United States, taken as a whole and excluding
duplications, was over $114,000,000. I11 spite of the ab¬
formerly were to do business at a loss. We have now normal financial conditions, which involved unusual interest
developed our plant, business and organization in most of charges, the very great investment in construction, much of
these localities to such an extent as to have, the situation in which did not become revenue-producing during the year,
hand, and have now only to proceed on sound lines to es¬ and the high cost of labor and material, the net returns from
tablish such relations with the public as will enable us to the business as a whole were not reduced /although there was
There are not the increase which would have been made if the condi¬
secure a fair return for the service rendered.
All tilings considered,
definite indications that the public in these localities appre¬ tions had been more nearly normal.
Your Directors be¬
ciates the situation to a greater extent than ever before, the financial results were satisfactory.
lieve
that
for
the
1907
the
financial
results of the busi¬
year
*and that it will ultimately co-operate to secure the adequate
ness of your companies will be substantially better than in
telephone service which it needs, by encouraging our com¬
the 3'ear 1906.
panies to make the readjustment of rates that is necessary
The gross revenue of the companies above given does not
to enable us to give that service under fair conditions.
‘In by far the greater part of the country rates are estab¬ include the Bell Company of Canada, nor docs it take into
The
lished and maintained, with the approbation of the public, account the revenue of the Western Electric Company.
business
of
that
company
year
the
for
the
1906
was
largest
which permit the reasonable return required by the Bell
companies to enable them to meet the demands of those who in its history.
Appended hereto, as usual, are a series of comparative
use the telephone.
Considering the difficulties in telephone rate-making, and statistics showing certain phases of the development of
the fact that even now there has not been sufficient experii the business of the company and its associated companies.
For the Directors,
enee, with the constantly changing phases of the business,
FREDERICK P. FISH,
to make it possible to establish rigid theories fitting all con¬
President.
ditions, it is a satisfaction to find that the complaints made
as to the rates of the Bell companies are comparatively few
in number, and are generally based upon some special fea¬
INSTRUMENTS IN THE HANDS OF BELL LICENSEES.
ture of the system employed in a particular locality, and not
UNDER RENTAL.
The figures in lower line show increase from year to year.
upon the scheme of rates as a whole.
Dec. 20
Dec. 20
The so-called Independent telephone companies, which
Dec. 20
Dec. 20
Dec. 20
1901.
1900.
1S99.
1898.
1897.
are in competition with the Bell companies throughout the
2.525,606
1,952,412
1,580,101
1,124,846
919,121
573,194
United States, have, as far as can be learned, except in a
372,311
455,255
205,725
146,494
Dec. 31
Dec. 31
•
Dec. 31
few localities, made no relative gain.
Dec. 31
It is a matter of com¬ Dec. 20
1906.
1905.
1904.
1903.
1902.
mon notoriety that many of them recognize that" their situa¬
7,107,836
5,698,258
4,480,564
3,779,517
3,150,320
1,409,578
1,217,694
tion is unstable.
701.047
Comparatively few new Independent
629,197
624,714
plants have been established in competition with the Bell
IN THE UNITED STATES OF THIS COMPANY AND
during the past two 3’ears. A number of franchises for com¬ TOLL LINESTHE
COMPANIES ASSOCIATED WITH IT.
peting companies have been granted in various cities, but
Jan. 1
Jan. 1
Jan. 1
Jan. 1
Jan. 1
181)8.
1904.
1905.
1906.
1907.
during the year 1906, and up to the present time in the year
of Pole Lines.._ 07,791
130,178
130,547
145,535
154,869
1907, substantial^ no work has been done under any of .the Miles
975,702
1,121,228 1,265,236 1.461,173
Miles of Wire...
324,883
franchises in the more important places.
The investors
TOLL CONNECTIONS.
from whom.Independent telephone promoters have secured
The average dally number of toll connections Is
461,519
money in the past are apparently less inclined than formerly
Or a total per year of about
...148.609,000
t
to make the advances required to install telephone exchanges
under the very unfavorable conditions, among others the
EXCHANGES OF THE BELL COMPANIES IN THE UNITED STATES.
Jan. 1
Jan. 1
Jan. 1
Jan. 1
Jan. 1
excessive cost of material and labor and the high rates for
1898.
1904.
1905.
1906.
1907.
money, which now prevail.
The known financial situation Exchanges
1,025
1,6091
Branch Offices.
937
2,131/
4,080
4,532
4,889
of some of the larger Independent enterprises undoubtedly
Miles of wire on poles and
also operates to check such investment .
buildings
..341,091 1,358,140 1,654,379 2,159,567 2,754,571
In spite of the fact that during the past year a large por¬
Miles of wire undergrou’d282,634 1,618,691 1,888,760 2.345.742 3,241,471
2,675
Miles of wire submarine.
6,358
6,671
9,373
11,690
tion of the time and energy of the executive officers of the
Total miles of wire
626,400 2,983,189 3,549,810 4,514,682 6,007,732
Bell companies has been absorbed in construction work and Total Circuits.
295,904
798,901
930,251 1,135,449 1,384,175
53,795
59,451
74,718
16,682
90,324
in the extension of the plant and business, the character of Total Employees.
Total Stations
384,230 1,525.167 1,799,633 2,241,367 2,727,289
the -service throughout the country has undoubtedly im¬
EXCHANGE CONNECTIONS.
proved. Effort is everywhere made to keep the service at a
The estimated number of exchange connections dally in the
proper standard and to improve it.
The time and thought
United States, made up from actual count in most of the
of hundreds of engineers and traffic men is devoted, not only
exchanges, Is
:
16,478,058
Or a total per year of about
5,305,900,000
to applying the present methods of giving service as effi¬
The number of dally calls per station varies In different ex¬
ciently as possible, but to finding out, by careful and intelli¬
changes, the average throughout the United States being
about
6
gent study, methods of operation and of handling the busi¬
ness that will lead constantly to better and more efficient
LEDGER BALANCES DEC. 31 1906.
Substantial progress has been made in this direc¬
service.
Debtors—
140,336,776 14
tion; and while the service in this country is conceded to be Construction, Equipment and Supplies
‘
10,244,817 39
the best in the world, there is every reason to believe that it Telephones
Real Estate...
2,908,098 46
Stocks and Bonds
182,357,238 15
can and will be improved as the result of the comprehensive
Patent Account
261,384 35
and intelligent efforts that are being made to that end.
42,299 10
Machinery>_Tools and Supplies.
There was during the year 1906 at least the usual amount Cash and Deposits
3,018,024 43
—
14
Notes and Accounts Receivable.
67,521,977
of destruction of plant by sleet storms, washouts and fire.
American Bell Telephone Co
22.110,400 00
The San Francisco catastrophe undoubtedly inflicted upon
Old Colony Trust Co., Trustee
25,000,000 00
the plant of the Pacific States Company, which operates on
$353,801,015 16
the Pacific Coast, a greater injury than any telephone plant
Creditors—
ever suffered before.
If it had not been for this disaster,
•.
$158,661,800 00
Capital Stock
the Pacific States Company would have gained not less than
Surplus
8,027.454 52
Convertible Bonds
30,000,000 00
thirty thousand subscribers more than it did in fact gain. Coiiateral
Trust Bonds
53,000,000 00
The telephone plant in San Francisco has been rebuilt and
(Collateral)
26.000.000 00
Five
Cent
due
1907
20,000.000 00
Per
Notes
May
1
the service restored to a surprising extent.
Reserves
9,108,138 81
As stated in the last Annual Report, convertible 4% bonds Notes and Accounts Payable
31,368,411 58
of the company to the amount of $100,000,000 were sold in
Contingent
18,645,210 25
February 1906. By the terms of the contract, bonds to the
$353,801.015 16
/
amount of $30,000,000 were taken and paid for during that
year.
Construction work proceeded so rapidly throughout COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES.
1906.
the country that, during the year, it became necessary for
1905.
Earnings—
$10,281,437 60
$8,897,879 95
the company to obtain money on short-time notes to secure
Dividends
4,518,990
66
3,896,151 27
Rental of Instruments
the funds required in anticipation of the payments on the
7,622,082 31
6,529,556 82
Telephone Traffic
67,296 29
82,384 46
On the first of January 1907 its short-time obliga¬ Real Estate
bonds.
2.136,290 96
2,306,858 79
tions amounted to about $21,000,000.
It also became evi¬ Interest
The gross revenue
the comparatively few places in which new promotion
schemes are being exploited, our competitors have discovered
their mistake and are as anxious to raise their rates as they
-
.
_
r
-
-
-
••
“
“
r
development throughout
the country, which was taxing the resources of practically
every public service company, and the telephone companies
almost more than any other, was to continue, the proceeds
from the bonds would not be sufficient to meet the necessary
expenditures of the company to the end of the year 1907, as
dent that if the
great commercial
had been expected.
In January 1907therefore,
the company sold three-year
5% notes to the amount of $25,000,000. These notes were
readily placed at a price that was reasonable, in view' of the'
abnormal financial conditions that have characterized the
past year.
From the proceeds of the. securities sold, the
floating indebtedness of the company will be paid when due,
and on May 1 1907 the $20,000,000 three-year 5% notes of
c company, due that day, will be paid.’
■
-
$24,526,097 82
$1,313,586 32
3,578,681 86
3,786,524 72
$1,629,802 85
5,288,413 95
4.636,944 26
$8,678,792 90
$11,555,161 06
.$13,034,038 39
9,866,355 00
$12,970,936 76
10.195.233 50
$3,167,683 39
$2,775,703 26
$1,743,295 16
$1,773,736 62
1.001,9e6 64
s
Expenses—
Expenses of Administration
Interest and Taxes
Telephone Traffic
$21,712,831 29
2
Net Revenue.
Dividends Paid
Balance
Carried to Reserves
—
Carried to Surplus
—
1,424,388 23
$3,167,683 39
WM. R. DRIVER
$2^75,7f
3 26
Treasurer.
1
818
THE CHRONICLE.
SLOSS-SHEFFIELD
SEVENTH ANNUAL
STEEL &
LXXXIV.
COMPANY.
REPORT—FOR^ THE FISCAL YEAR ENDED NOVEMBER 30 1900.
PRESI DENT’Si REPORT.
To the Stockholders
IRON
[VOL.
of the Sloss-Sheffield Steel & Iron Company:
Gentlemen:—In our last annual report reference was made
to the unprecedented production and
consumption of iron in
this country, when the production was thought to
be about
the limit of our ability to produce.
The production for the
past year, however, shows a
gross tons over that of the
locomotives and large side dump tram cars for the brown
ore mines at Russellville and
paying for the one-third interest
in the North Alabama Furnace
Company.
curities are issued to meet the payments'for
As no new se¬
such improve¬
ments, they must be paid out of earnings or Working Capital.
The latter is still more than
ample for all the requirements
of the Company, and more than double the amount
provided
and thought to be much more than sufficient at the time the
still further increase of 2,300,000
previous year, and still the con¬ Company was
organized.
sumptive capacity at work seems to have increased even
greater than the production, as evidenced by the sharp ad¬
BLAST FURNACES.
vance in prices, the premium
paid for spot iron and the im¬
portation of a considerable amount of iron from Europe.
No. 2 furnace was out of blast from December 15 1905 to
The great increase in production in 1905 over that of 1904
July 3 1906, during which time it was refitted.
(over 6,000,000 tons) prevented any advance in prices in
The Philadelphia furnace was
put out of commission
1905 until the last two months of the year, when an advance
July 1 1906, and has since then been undergoing repairs,
of $1 per ton was established.
During last year, however, and additional boilers, a new stove and skip hoist, with other
with a still further production of over 2,300,000 tons, the
improvements, are being installed.
supply was not equal to the demand, and the price of No. 2
The Lady Ensley furnace was put in
repair while out of
iron at Birmingham advanced from $13 50 in June and
July blast during the spring and early summer, and went into
to $15 50 by September, which price continued to be main¬ blast
Jul}r 1.
tained for deliveries during the first half of 1907, and in De¬
Your other furnaces operated during the entire
year.
cember the price was further advanced to $19 for deliveries
An additional stove was built during the year at both the
during the third and fourth quarters of 1907, while iron for Hattie Ensley and Lady
Ensley furnaces. During the year
prompt delivery brought from three to four dollars per ton your Company bought the one-third interest owned
by out¬
more.
side parties in the North Alabama Furnace
Company, in¬
Alabama did not share proportionately in the great in¬
cluding the bonds, so that you now own all of the bonds and
crease in the production of iron,
having produced only about the entire Capital Stock of that Company.
70,000 tons more, than in 1905, when a strike of the miners
at the coal mines of all tlie furnace
companies but one in the
COAL MINES.
Birmingham District more seriously interfered with the op¬
eration of the furnaces than during last year.
The heavy construction work at Bessie Mine has been
The failure
of Alabama to show a proportionate increase in production practically
completed, anel the output of the mine is steadily
must be attributed somewhat to the scarcity of labor, but
increasing, as the slope is extended, providing more working
more largely to the failure of some of the railroads to handle
! places.
the raw material for the furnaces, which we had occasion to
A considerable amount was spent
during the year at Flat
refer to in our last report.
The labor situation was some¬ Top Mine in improving conditions there, and the results of
what improved during the year, but some of the railroads operation are
already more satisfactory than they had re-'
seemed less able to handle their business than
during the cently been, and we hope a still further improvement will be
previous year, and your furnaces were frequently banked shown in the near future.
for from a few hours to a day for the want of coke, when
Smaller amounts have been spent at other mines and
tram loads of it were standing on sidings within a few hours’
charged against the cost of coal.
run of the furnaces, which,
Your Executive Committee to wards'the close of the fiscal
despite our every'effort-, it seemed
impossible to get placed in time. This, of course, decreased year made large appropriations for new work at Ivy and
your output of iron, added to the cost and produced bad
No. 1 Blossburg mines, including at the former the
building
of a new washer, a new tipple, changing the
working of the. furnaces.
tracks,/etc.;
The problem of handling the furnace material in this but as
yet nothing more than preliminary work has been
State, as well as other freights, is a serious one, for while the done, as the work must be carefully considered and planned
railroads are beginning to realize that additional facilities and an agreement reached with the railroad
company re¬
must be provided, adverse legislation', both national and
garding a change of the tracks.
State, is rendering it difficult for the railroad companies to
During the strike of the miners several of your smaller
secure the money
necessary to make these improvements.
mines, among them Crocker Hollow, Cardiff and E Mine
The furnaces of your Company produced 31,000 tons less at
Coalburg, were closed down, but they were all put in op¬
iron than in 1905, while the output of coal fell off 90,000
tons, eration again during the year.
and that of coke 20,000 tons, which must be attributed en¬
tirely to the causes before enumerated.
IRON ORE MINES.
The profits for the year were further curtailed
by the
The slope on the Irondale vein of ore at
failure to secure cars for the shipment of
your Ruffner No. 1
pig iron, which
Mine is being steadily driven, and we are now
forced us to carry over into the present year a
large tonnage-.
loading ore
Altogether last year was a most trying one in many ways, from both the Irondale and ‘‘Big Seam” veins, over one tip¬
certainly for those in the iron and steel business in the South, ple, and ore is being loaded in the cars, crushed, at a moderate
and it would seem that the South, at least, was
As the work has progressed we have been more and
undertaking cost.
more
to handle more business than can be done
impressed
with the value of this mine, and Prof.
profitably. A
striking illustration of this is the heavy increase in gross Frouty, Assistant State Geologist, in a carefully prepared
earnings of many of the railroads and the large* decrease"in interview refers to it as “the already famous mine.” Addi¬
net earnings.
Your Company earned about $200,000 less tional houses were* built there for the accommodation of
than In 1905, although the delivery price of iron
averaged miners.
A new compressor was installed at Sloss Mines, and the
eighty-five cents a ton more, which was due to the higher
cost, caused to a great extent by our inability to get. the rail¬ foundations are being built preparatory to assembling all of
road service which we should have had.
The marked ad¬ the compressors for both slopes under one roof.
vance in the
Under the appropriation made by the Executive Com¬
price of iron did not take place until about the
mittee in October, a new washer is under construction at
close of your fiscal jrear, and as your
Company had sold
large amounts of iron for future delivery at. prices prevailing your Russellville brown ore mines (making five), the Central
during the earlier months of the year, the average price of pumping station is being entirely overhauled and changes
our deliveries during the
made, one and a quarter miles of standard railroad track is
year was-below $13 00.
The strike of our coal miners, which continued for over two being constructed, additional boilers installed, and other
construction work is being done, while the equipment there
years, was officially declared off last August, and the mines
are now being operated on t he
has been increased during the year by the addition of four
open-shop basis.
Notwithstanding the adverse conditions prevailing, the steam shovels (making twelve), seven dinkey locomotives
net earnings of your
Company during the year, after deduct¬ (making twenty) and fifty-four large side-dump tram cars;
ing for depreciation, charging off to cost a fair proportion of and three more dinkeys and forty tram ears will be added
the amounts expended for improvements to
in the near future.
The operation of these mines for the past
your plants, a
very considerable amount to cover extraordinary expenses year was not satisfactory.
The output decreased 17,000
growing out of the strike of your miners, and other things tons, and the cost of the ore was too great. A change of
which should not occur again, were sufficient to
management was made towards the close of the year, and
pay the full
dividends on both 1 he preferred and common stocks and
we hope for better results
during the present year.
carry
a small amount to
Herewith are
surplus account, which, as will be seen by
published statements of Resources and
statement attached, is now $2,723,322.
The working capital Liabilities, "of Earnings, Gross Receipts and Expenditures„
shows a decrease of a little over $200,000, which must be and Working Capital in business.
accounted for by the large amounts spent
Respectfully submitted by ordorof the Board of* Directors,
during the year
in opening new coal and ore mines
($183,000 having been
x
* J. C. MABEN,
spent on one coal mine), improving your furnaces, providing
President.
additional equipment in the way of steam shovels,
dinkey
Birmingham, March 1907.
“
,
,
STATEMENT
STEEL
SLOSS-SHEFFIELD
819
THE CHRONICLE
Ape. 6 1907. j
ENDING
&
Resources.
.$21,257,965 39
Property Account
T._
Treasury Securities.;
Stocks and Bonds of other Companies
Cash, Bills and Accounts Receivable
Supplies, Raw and Finished
244,21 8
392,557
1,478,852
400,148
148,087
82,850
6,228
_.
Material, at cost--
Company’s stores and warehouses at
Extraordinary Repair and Renewal Fund
Insurance and Taxes unexplred
Stocks In
^hc Ctfmmmiai
IRON COMPANY. FISCAL YEAHr
NOVEMBER 30 1906.
cost.
'
11
17
4S
04
62
26
29
COMMERCIAL EPITOME.
Friday Night, April 5 1907.^
Trade is still good, prices are very generally steady, the
money market has become easier and in tin' world of general
business confidence is still
the dominant note.
$24,010,907 36
T liabilities.
Stocks of
$6,700,000
Capital Stock, Preferred
“
-$16,700,000 00
Sloss Iron & Steel Company:
Mortgage 6% Bonds, 1920
4% **
1918
$2,000,000
2,000,000
“
Current
4,000,000 00
459,688 74
99,591 46
Accounts
Pay Rolls (current
Profit and Loss
month)--'
2,751,627 16
$24,010,907 36
STATEMENT SHOWING
Profit on Pig Iron shipped:
After charges against cost
extraor¬
$975,462
41.968
79,944
182,574
37,251
—
.
78
36
56
36
32
$1,317,201 38
Loss 2,401 25
$1,314,800 13
$64,895 05
charged in Cost Sheets
103,956 84
210.000 00
Year’s Bond Interest.
$469,000 00
500,000 00
Stock
**
969,00000
$31,843 29
2,691,478 81
$2,723,322 10
Year’s Surplus after Dividends
Surplus November 30 1905
Surplus November 30 1906
WORKING CAPITAL.
NOVEMBER 30 1906.
$1,478,852
406,339
Merchandise and Supplies in Company’s stores and ware¬
houses at cost
148,087
6,228
Insurance and Taxes tmexpired
Treasury Securities, Stocks and Bonds at market value
571,886
(’ash, Bills and Accounts Receivable
Raw and Finished Material on hand at
cost
...
-
48
21
62
29
65
$2,611,394 25
Contra—
.$90,591 46
459,688 74
None.
Pay Rolls (current month'
Balance
(current business)..
—
STATEMENT SHOWING GROSS
DITURES AND NET
RECEIPTS, EXPEN¬
SURPLUS.
NOVEMBER 30TM 1906.
YEAR ENDING
1905.
1906.
$6,290,014
Operating Expenses, Taxes,
Main-
559,280 20
$2,052,114 05
Working Capital In Business.
FOR
,
$5,747,075
Changes.
Inc. $542,939
Inc.
756,430
4 .938.26S
4,181.838
Net Earnings
$1 ,351 ,746
210,000
$1,565.237
Balance
$1,141,746
140,902
$1 ,355.237
150,157
Dec.
$1,000,844
$1,205,080
Dec.$204,
.
Depreciation
Surplus
.
barrels.
barrels'
bags;
Saltpetre
bales;
bales
barrels and sacks;
Manila hemp
Sisal hemp
Flour
LARD on the spot has
increased slightly, but is
968|
3,600!
26,500)
3,950
265,823
none
none
875,865
none
2,850
146,260
15,150
713
3,000
12,232
2,650
1,540
1,949;
64,600
76,900:
5,500
160,160
22,721
1,035
962
1,319
-42,515
5,567
126,500
.
ruled steady. The demand has
still of small proportions. City
8%c. and Western 9.10@9.15e. Refined lard has been
steady with trade quiet. Refined Continent 9.50c., South
America 10.‘25c. and Brazil in kegs 11.25c.
The market
for lard futures at the West has shown irregularity, but the
fluctuations in prices have been within moderate limits.
DAILY CLOSING PRICES OF LARD FUTURES UN CHICAGO.
May delivery,
July delivery
September delivery
PORK
-..$1,000,843 29
Surplus for 1906
Accounts Payable
Bills Payable
none
bags, &c.: none
No.i
2,250
«...-bales! ,170,071
-..barrels:
12,871
Mon.
Sat.
39,061 79
$1,210,843 29
-
...
245,153
bags
hogsheads
-
Tar
FISCAL YEAR
dolomite sales, and New Orleans Agency
Dividends Paid:
7% on Preferred
5% “ Common
Hides
Cotton-Rosin
...
for depreciation on iron ore;
twenty-five cents ($0.25) per ton on Iron for
dinary repairs and renewals and profit on coke
Profit on coal after depreciation
:
Profit on coke
Rents, Royalties, Stores and other revenues
Interest and Exchange
Reductions—
General Expense not
Taxes and License
Coffee, Brazil
Coffee, Java
Coffee, other
Sugar
Sugar
1906.
5,538
tiercesi
6,250;
7,325
15,500
bags;
12,500
8,500
3.500.738
bags 3,392,893 3,327.108
131,796
mats! 264,220 248,300 401,396
J
Lard
Cocoa
Spirits turpentine
EARNINGS.
SLOSS-SHEFFIELD STEEL & IRON COMPANY FOR
ENDING NOVEMBER 30 1906.
Less, Ore and
1907.
10,000,000
Common
April 1
March
1
1907.
April 1
Merchandise.
Dec.$213,491
210,000
Dec.$213,491
9,25
readers’ attention to the advertisement
on
-8.95
9.05
.9.12 lt>
the spot
9.02
9.15
9.22
'i
Tues.
IFed.j
Thurs.
V 8,85
Holl-
8.95
9.05
day.
9.15
9.05
8.97
Frl.
8,921*
9.02 bj
9.12 K
has been easy but changes in quota¬
tions have not been marked.
Trade has been quiet. Mess
$17 50@$18 25, clear tS 17 25@$19 25 and family
somewhat firmer in tone, owing
$20.
Cut meats
to the smallness of supplies, but where advances have been
made they have been mainly nominal, sales during
$19 50@
haveNbeen
the week
small. Pickled shoulders 9?i'@10c.,
pickled,hams 12@12&£c.' and pickled bellies, 14@ 10 lbs.,
10]o@/llc. Tallow has boon dull and easier at 6^@6^c.
for City.
Stearines have been quiet and steady. Oleo
9}<>e. and Western 10c.
Butter has been in moderate de¬
mand and steady; creamery, extras, 30)^@31e.
Cheese has
quiet but firm, with stocks small; State factory, fancy, 15c.
Eggs have been active and easier; Western firsts 10!*>@>lhM(‘OIL.—Cottonseed has been quiet and easier.
Prime sum¬
mer yellow 45@40e. and prime winter yellow 51c.
Linseed
has been dull.
The tone has been eas:er of late but prices
are not quotably changed.
City, raw,'American seed, 42@
43c.; boiled 43@44c. and Calcutta, raw, 70c. Lard has
been quiet but firmer; prime 77@79c. and No. 1 extra 5S@
00c.
Olive has been moderately active and irregular; yel¬
low S0@90c. and green 70@75c.
Cocoanut has been quiet
and steady; Cochin 10£4c\ and Ceylon 9%@10c.
Peanut
has been quiet and steady; yellow 50@G0c.
Cod has been
quiet; domestic 38@,40c. and Newfoundland 40@42c.
COFFEE on the spot has been quiet and steady.
Rio
No. 7, 0Us@7e., and Santos No. 4, 8I^@8^e.
West India
growths have been quiet and steady; fair to good Cucuta
SU>@9J^c. The market for future contracts has been^dull
but firm.
There has been an absence of selling pressure,
and small purchases for local and Wall Street account.
"die closing prices were as follows:
having been extremely
.800. July
5.85c. August,
5.10c.
September.
5.8Uc.
October
5.75c.
5.75c.
5.75c.
5.70c.
N ovember
5.70c.
December
January
February
5.70c.
5.75c.
5.75c
_
SUGAR.—Raw has been firm in the main.
Offerings have
to-day’s issue of N. W. Harris & Co. of this city, offering been light and refiners have been moderate buyers of Cubas
investors $400,000 Laclede Gas Light Co. 5% 30-year gold
for late April and May shipment.
Centrifugal, 98-degrees
bonds, due April 1 1934. This company operates under test, 3.58c.; muscovado, 89-degrees test, 3.11c., and molasses,
perpetual franchise s, and owns and controls the entire gas 89-degrees test, 2.8Gc. Refined has been moderately active
business of the city of St. Louis, the fourth largest city
and firm; granulated 4.80@4.70e.
Teas have been fairly
in the United States.
Circular on request.
active and steady.
Spices have been in moderate jobbing
—William H. Case* and John N. Cutler will have personal demand and firm.
Hops have been more active and steady.
PETROLEUM
been active and firm. Refined, bar¬
has
charge of the branch office which C. Schumacher <fe Co. of
25 Broad Street have opened this week on the first floor of
rels, 8.20c.; bulk 4.75c. and cases 10.85c.
Naphtha has been
the Tribune Building at Park Row.
This new office, op¬ active and firm; 73@78 degrees 18c. in 100-gallon drums.
posite City Hall Park, is very convenient to Brooklyn Bridge Gasoline has been active and steady; 88 degrees 21c. in 100and has all the New York Stock Exchange facilities, the same
gallon drums. Spirits of turpentine has been dull and weak
at 72@72Ui>c.
as the down-town headquarters of the concern.
Rosin has been fairly active and firm; com¬
mon to good stramed $4 55.
—Denison & Farnsworth have issued an April circular de¬
TOBACCO.—The market for domestic leaf has continued
scribing at length a number of municipal bond issues, legal
quiet. A rather better demand is noted for light Connecti¬
investments for savings banks, to which they invite the at¬
tention of investors.
The firm have offices at 24 Milk St., cut wrappers, however, as they are considered relatively
Boston; Guardian Building, Cleveland, and Drexel Building, cheaper than other varieties. Havana has been dull and
Philadelphia, to any of which offices requests for the circu¬ firm. At the last Sumatra inscription lower prices prevailed,
the new crop being of unsatisfactory quality, and as a conse¬
lars may be made.
quence an increased demand is reported for the old crop.
—J. M. Fiske & Co., 42 Broadway, members of the New
COPPER has been quiet and easier; lake 24J^@25c., elec¬
York Stock Exchange, announce the opening of a branch
trolytic 2434@24^c. Lead has been dull and easier at G.lOe.
office in the Emmet Arcade, corner 59th St. and Madison
Tin has
Ave.
E. L. Gilbert, formerly a member of the New York Spelter has been quiet and easy at G.75@G.80c.
been quiet and easier; Straits 39%cIron
been
has
steady
Stock Exchange and a curb broker since 1893, with Good¬
and more active; No. 1 Northern $23 20@;$24 70, No. 2
win D. Beattie, will have the joint management of the firm’s
Southern $22 75@$24.
uptown office.
—We invite our
in
820
THE CHRONICLE.
[VOL.
COTTON.
On Shipboard, Not Cleared for—
Friday Night, April 5 1907.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For
the week ending this evening the total receipts have reached
1-09,008 bales, against 136,702 bales last week and 159,389
bales the previous week, making the total receipts since
the 1st of September 1906, 8,920,481 bales, against 6,754,997
bales for the same period of 1905-06, showing an increase
since Sept. 1 1906 of 2,165,484 bales.
Receipts at—
Sat.
Mon.
Tues.
LXXXIV
Wed.
Thnrs.
Frl.
Great
Britain. France
April 5 at—
New Orleans..
Galveston
Savannah
7,445
51,517
2,060
4,570
6,700
Ger¬
Other
many.
Foreign
17,275
28,374
Charleston
Coast¬
wise.
25,321
16,811
4,217
Leaving
Total.
1,167 55,778
3,168 106,570
1,150
7,427
300
Mobile
Norfolk
New York
Other ports
160
3,725
19,591
2,800
6,800
Total 1907..
Total 1906..
Total 1905..
250
1,500
5,700
4,500
1,500
56,574
54,080
30,209
52,349'
27,225
22,122
—
70,782
11,520
10,440
16,989
30,851
76,631
stock.
—
■
182,423
159,663
64,964
10,649
17,584
8,581
158,869
300
3,885
19,591
9,050
14,000
34,361
25,376 216,601
19,210 141,806
24,961 170,912
637,094
562,964
472,192
Total.
Speculation in cotton for future delivery has been on a
small scale and prices have been irregular within a
5,486
CorpusChrlstl, &c
6.498
correspondingly contracted compass, the net changes for
New Orleans
7,065
1,204
5,141
5,138
2,682
3,880
Mobile
294
the week being trifling. For a time they declined, owing to429
544
109
177
54
Pensacola
a steady fall of quotations
in Liverpool, rather more favorable
Jacksonville, &c.
■weather
in the Southwest, needed rains falling in some
Savannah
1
1,496
2,227
1,576
722
,681
9,283
1,581
Brunswick
1,146
4,683
5,829
sections, and, finally, a dribbling out of cotton from dis¬
Charleston
230
\\
321
212
148
234
1,156
couraged bulls. Moreover, last week's statistics, showing a
Georgetown
274
149
Wilmington
3
285
27
778
40
much smaller decrease in the visible supply than for the
Norfolk...
965
263
721
1,592
1,120
652
5,313
same
time last year, and disappointingly light spinners7
375
N’port News, &c.
147
522
New York
22
96
207
374
162
861
takings,
were by no means unheeded, and had, in fact, a
Boston
10
746
250
455
213
1,085
2,759
noticeably depressing influence for a time. By the middle of
Baltimore
516
293
809
the week, however, reports began to be circulated to the
65
4
46
175
290
Philadelphia....
effect that exhaustion of supplies was imminent in Texas,
Totals this week. 25,052
13,035 17,476 13,689 16,184 23,572 109,008
Oklahoma and Arkansas, and late Wednesday afternoon a
sudden move against the shorts by leading bull interests
The following shows the week's total receipts, the total
here, accompanied by reports of rather liberal buying in
since Sept. 1 1906, and the 3tocks to-night, compared with this market
by St. Louis spot interests led to a sharp ad¬
last vear:
vance, considering the narrowness of the market.
More¬
over, of late the receipts both at the ports and the interior
1906-07.
1905-06.
Stock..
towns have been running behind those of two years ago with
Receipts to
sufficient
This
Since Sep
This
April 5.
Since Sep
regularity to encourage the bulls to believe that
1 1906.
week.
week.
1 1905.
-1906.
1907.
the long predicted falling off in the crop movement had actu¬
Galveston
ally set in. It looked, however, as though the rise of Wednes¬
37,673 3,603,086 34,228 2,299,610
140,723
266,233
Port Arthur
5,034
128,798
111,696
day
and Thursday was due in no small degree to bull manipu¬
Corp. Christ!, &c_ 11,984
40,300
31,097
lation and covering by Board-room shorts, including some
New Orleans
25,110 2,104,038 32,016 1,388,163
238,201
221,634
Mobile
1 ,607
who have been rather prominently identified with the bear
239,777
2,366
207,325
21,469
27,901
Pensacola
123,240
128,807
Galveston
Port Arthur
6,481
7,149
8,571
5,398
4,136
5,034
5,938
37,673
5,034
11,984
25,110
1,607
_
very
_
*
.
.
_
_
-
.
__
-
—
Savannah.
Brunswick
Charleston
&c_
6,871
9,283 1,364,544
5,829
159;530
143,783
1,156
...
Georgetown
1
72.470
72,391
11,978
10,949
4,235
18,862
095
74
1,117
311,524
516,039
34,943
16,821
66,973
52,783
6,336
1,731
6,720
287,781
550,122
19,106
4,786
54,652
57,147
7,012
167.919
12,399
10,429
1,827
157,876
7,174
10,601
2,633
109,008 8,920,481 109,253 6,754,997
853,695
704,770
Wilmington
778
Norfolk
5,313
NewportNews,&c.
522
861
New York
Boston
Baltimore
2,759
809
290
Philadelphia
Total
255
16,059
24,322 1,269,213
2,148
163,209
1,733
158,095
598
940
499
1,187
436
1
?
111,553
28,172
7,120
33,541
175
I
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
1907.
Galveston, &e
1906.
54,691
25,110
1,607
New Orleans.
Mobile
Savannah
9,283
Charleston, &c
Wllmlng’n ,<Scc
1,156
Norfolk
5,313
778
1905.
1904.
34,228
71,753
32,016
2,366
24,322
1,807
1 ,731
6,720
55,781
2,979
1903.
12,917
11,292
19,091
2,917
5,658
12,304
1902.
13,454
25,408
27,780
1,551
26,737
295
3,958
14,882
7,760
107
224
46
490
300
522
66
N’port N., &c
522
598
998
4 ,899
148
3,597
468
All others....
10,548
5,465
12,969
3,383
4,176
5,802
Total this wk.
109,008
109,253
183,920
40,133
67,426
70,618
6,959
416
Since Sept. 1. 8,92 ),481 6,754,997 7,889,210 6,741,742 7,789,010 6,949,878
week ending this evening reach a tota*
which 81,311 were to Great Britain,
78,306 to the rest of the Continent.
for the week and since Sept. 1 1906:
The exports
for the
197,629 bales, of
38,012 to France and
Below are the exports
of
Week ending
April 5 1907.
Exported to—
Exports
from—
Great
Brilain. Fr'nce
Galveston
Port Arthur.
____
__
30,42313
5,034
Contiunit.
.
4,491!
to April 5 1907.
Exported to—
A
Conti¬
Britain. France.
nent.
,718; 43,576 87,7171,565,468 421,178
5,034
.
26,541
Sept. 1 1906
Great
Total.
56.962
1
Corp.Christi.&c
New Orleans..
Mobile
Pensacola
Fernand lna
Savannah
Brunswick....
Charleston
From
23" 984
.
3.236
53,761
100
4,591
821,983 258,830
08,524 28,059
53.277 26,432
....
_.
6,769
6,769
Wilmington
Norfolk
Newport News
New York....
Boston
Baltimore
....
7,767
6,234
645
Philadelphia..
Portland, Me..
San Francisco.
Seattle
176
310
7.741
4.30
1,186
1
;;;;
;;;;;
’564
—
13,299:
1.465
Tacom^
15.818
6.664
1,831
1
176!
soi¬
ls.299
1.465-
142,845
75,492
46,208
115,021
2,367
4,420
155,847
113,758
6,000
67.533,
35 ,713,
,083
32,600
7,008
Total
Total 1905-06.
J
I
9,579
931,550 2 ,918,191
71,836
128,79*
1,547
1,541
672,909 1 ,75.3,72:;
55,178
151,761
52.349
132,05*
100
IOC
642,350
831,40*
48,812
124,30-J
21,393
21,39*
176.463
297,48-1
3,S97i
6,26-1
694
5.ID
165,421
356,981
16,884
130.64:;
61,584
135.20C
2,700
35.30C
7.00*
70.825
70,82*
76,647
76,641
37.123
37,12*
400
40C
2.959
2.95C
9.57C
•
Portland, Ore.
Pembina
Detroit
Total.
81.31138.012
78.306197,629 3.292.684 82S ,503 3,113.621 7.234,808
81,630 13.822
64.304
In addition to above
159,7562,463,980617,1682,13S,8905,220,03S
exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at- the ports named. We add similar figures for
New York.
side.
One great
“future" trading,
drawback
has been the smallness of the
the outside public holding aloof more
resolutely than ever, a fact which has neutralized to a large
extent any decrease in the receipts, the rise of late in Liver¬
pool and the favorable reports in regard to the dry goods
trade, the large cotton exports and decreasing interior stocks.
To-day a decline occurred of 8 to 10 points, owing partly to
the fall of needed rains iirTexas, Arkansas and Tennessee,
and, in fact, it would appear, rather generally in the lower
Missrssippi Valley. Moreover, Liverpool showed a reaction¬
ary tendency and the demand from the shorts here fell off
noticeably. The weather and crop news from some parts of
the South is that the season is more advanced than usual and
the belief here is very general that an increase will be made
in the acreage, while some of the
reports coming to hand
ind cate that the sales of fertilizers are larger than recently.
Houston's estimated
to excite
receipts for to-morrow
were so
large
as
comment, but the rains in Texas and the dulness
of speculation were the most depressing factors.
There is
also said to be some disposition to s.dl futures here against
low grades at the South.
The stock of cotton here is gradu-
ally
increasing. Spot cotton has been dull. Middling
elosed at 1 lc., showing an advance for the week of 5 points.
The rates on and off middling, as established Nov. 21 190(5
by the'Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c. 2.00 on Strict low mid._c. 0.14 off
fair— 1.75 on j Fully low mid
0.32 oil
Middling fair
1.50 on Low middling
0.50 oil
Barely mid. fair.. 1.25 on Barely low mid
0.70 off
Strict good mid— 1.00 on i Strict good ord
0.90 off j
Fully good mid—O.SSon Fully good ord
1.07 off
Good middling
0.76 on Good ordinary
1.25 off
Barely good mid.. 0.57 on i Strict g’d mid. tgd. 0.30 on
Strict, middling
0.38 oh Good mid. tinged.
Even
Middling
Basis1 Strict mid. tinged. 0.06 off1
Strict mid.
■
Jacksonville,
On this basis the official prices for a
the past week would be as follows:
UPLANDS.
Sat.
Good Ordinary
Low Middling
Middling
..
Good Middling
Middling Fair
GULF.
Good Ordinary
Low Middling
II
O
L
1
D
A
Y
_
Middling
Good Middling
__
Middling Fair
Middling tinned.c. 0.12 off
Strict low mid. ting 0.46 off
Low mid. tinged.. 0.90 off
Strict g'd ord. ting 1.25 off
Fully mid. stained 0.42 oft
Middling stained.. 0.50 off
Barely mid.stained 0.78 of!
Strict low m. stain. 1.50 oft
Fully 1. m. stained 1.75 off
Low mid. stained. 2'00 off
few of the grades for
Mon,
Tues.
Wed.
Thurs.
9.70
10.45
9.65
10.40
9.70
10.45
9.75
10.50
10.50
10.95
10.90
10.95
11.00
11.00
11.71
12.45
11.66
12.40
11.71
11.76
12.50
11.76
12.50
9.95
10.70
9.90
10'. 6 5
9.95
10.70
10.00
10.75
11.20
11.25
9.00
10.50
10.54
11.00
12.45
11.15
11.20
11.96
11.91
12.70
12.65
11.96
12.70
10.00
10.75
11.25
12.01
12.75
8.95
10.45
8.90
10.40
10.44
10.90
8.95
10.45
10.49
10.95
9.00
10.50
10.54
11.00
Fri.
9.75
12.01
12.75
STAINED.
Low
Middling
Middling
..
i_
Strict Low Mid. Tinged
Good Middling Tinged
10.49
10.95
-
.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
April 5 for each of the past 32 years have been as follows:
1907.c......11 .00 1899.c...
1906
...11.70 1898
1905
8.15 1897
1904
...15.00 1896
1903
...10.25 1895.
1902
9.19 1894
1901
8.44 1893
1900
9.75 1892
..
._
..
..
...
._
...
..
...
...
6.19 1891.c...
9.00
6.19 1890
..11.44
7.38 1889
...10.25
7.88 1888
9.81
6.38 1887
...10.62
7.75 1886
9.25
8.38 1885
...11.19
6.69 1884
...11.56
..
._
..
1883.c__. ..10.00
1882.... ...12.06
1881
1880
1879
1878
1877
1876
...10.75
...12.88
...11.12
10.50
...11.56...13.38
,
Apr. 6
FUTURES.—The highest, lowest
and closing prices
at
AT THE INTERIOR TOWNS the
movement—that is,
receipts for the week and since Sept. 1, the shipments
to-night, and the same items for
corresponding period for the previous jrear—is set out
the
past week have been as follows:
New York the
821
THE CHRONICLE
1907.]
for the week and the stocks
the
in detail below.
S85S
o
.
a
3<T>
■O
«
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£• £3.
8?: 5
c;
p
■
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t\s
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Cl
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1-11-1
ooowoui-‘Mi*ii-‘Ni-‘ouioo-ie*)®we
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to
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bobski*©’© ©*dVj*,u bk*>«k'©*®*d bo*© bo be t\sbs coo'd oo'L’©Vi bo ©co'©►-»*.
dOSdt\jiU.®©dCOkjeO©d,pk©,JkkJ©WOOk|,Ukl©kl®©«4©©,*kOO©
MOkMU
MM
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©t\SOOOoeJ©*4®t\S©OOtO®®&SOOW©M*0®©00 4ktvSdt\Sd,U4kWMkl
4k
*•<??
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>-i
t-1
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d to d
l—i
I-*
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tv» M
© 00 00 ©O CO 0* 1-1
0<NW4i.'l»Mil«l®i-iiti*10U\)CllM®««N©W®a'-il©»100MM
©MMOWM*i®eOO®NMOitO®©aMMMOi®C"eOOHtoMMOiii©
©GSdWd©W©®00®©©00 00©©©dO<©&Sk4 00 00 4kkJ4k©4k4kCJ©
to
05
i-*
oo
©d
to
d®dOOkjoeoodOo«4«jtototOkj©©®4ktoto4kCjco©eo©to©W©©4k
©
©
d tO (O d d d
4k
d
©
d
to
d to
dbk©i4©OS©OS ©d NWW'OWM -4 *4 © ©
4k00©4k0S©0S©d4k©0s4^©*4M4©00M4©©©-4M4t0d©k4O©dt000
OS©®tO^lto4kCC*44k©to©dkJtO©©d©«4OS'44k©os«40000©©4k©
00®
14,000
10,000
233,000
27 ',000
3,000
ia.000
188,000
4,000
9,000
43,000
8,000
131,000
13,000
809,000
46,000
19 2,000
757,000
853,695
46f»,9l9
32,650
towns
495,000
572.000
631.0Q0
1,635,000 1,437,000 1.273,000
230,000
126,000
115,000
183,000
347,289
452,000
29,000
61,000
39,000
221,000
204,000
161,000
402,000
997,000
731,000
516,236
643,104
704,770
259,867
480,736
572,556
22,413
12,863
29,217
5,315,459 4,525,658 4,222,877 3,136,516
of American and other descriptions are as
bales.l ,130,000
946,000
853.645
704,770
66,000
8-9,000
504,195
-
Total American
East Indian, Brazil, &c.—
466,919
32,650
57,000
443,000
347,289
480,736
12,863
follow's:
720,000
461,000
643,104
516,236
259,867
22,413
40,000
537,000
452,000
572,556
29,217
53,000
575,000
183,000
3,882,459 2,991,658 3,002,877 2,070,516
128,000
Liverpool stock
London stock
Manchester stock
_
Continental stock
_____
India afloat for Europe
Egypt, Brazil, fee., afloat
Stock In Alexandria, Egypt
Stock In Bombay, India
Total East India, &c
Total American
supply
9,000
14,000
70,000
217,000
46,000
192,000
757,000
Continental imports past
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
104,000
12,000
12,000
56,000
230,000
29,000
00
^ U T
CD
o
•
4k
to “4
oo
©
©
4k
d
to
d
d
d4ktO©d«4tO*4*4
d d 4k © 00
d
tO ©
d
4k
d tO
©00©d4k©4k©4k©®M
©t
bs©00t0d"^"©4kt0 4k000sd0©©bs©®©d©dbs©0e©-4<lbc©d©
©4k©-4iyi©d©00to®OS©OOOs4k©©4kOTOT00 03®©©©05 00 00©©©
*kl
OS
©
©©©OS©®©OSd®©tOtO-4tO©©©OSOT©“4®©4k©©©toOO-44k©
have de¬
The above totals show that the interior stocks
creased during the week 18,795 bales, and are
to-night
time last year. The
receipts at all the towns have been 14,657 bales more than
13,817 bales less than at the same
same
week last year.
OVERLAND
MOVEMENT
1906-07
Since
Week.
Sep. 1.
April 5—
Shipped—
Via St. Louis
Via
Via
Via
Via
Via
Cairo
Rock Island
Louisville
Cincinnati.
..
other routes, &c
Inland, &e., from South
8.75d.
5 >Kd.
5 9-16d.
4.27d.
8.05c.
7 5-16d.
lO.OOd.
4 5-16d.
4%d.
Leaving total net overland.a
week have been 113,000 bales.
figures for 1907 show a decrease from last week
of 56,643 bales, a gain of 789,801 bales over 1906, an ex¬
cess of 1,092,582 bales over 1905 and a gain of 2,178,943
&c.
196,665
68,389
71,153
47,361
393,824
1905-06
Since
Week.
Sept. 1.
412,445
11.432
180,268
4,589
40,344
750
81,054
2,811
46.998
551
212,960
8,473
28,606
974.069
4,719
9,547
5,439
142,913
68,741
48,720
3,062
123,597
17,348
34,954
..19,705
260,374
6,404
175,899
22,202
798,170
..
..
..25,375 1,189,949
589
2,753
movcm<h?t by rail to Canada.
overland movement
the week
the aggregate
The foregoing shows the week’s net
has been 25,375 bales, against 22,202 bales for
last year, and that for the season to date
net overland exhibits'lm increase over a year ago
bales.
'
In
Sight and Spinners’
Takings.
402,000
8.28d.
15.35c.
9>$d.
10.50d.
7 9-16d.
7 3-16d.
WEEK AND
..45,080 1,450,$23
._
Total to be deducted
Includng
._
..
Total gross overland
Deduct shipments—
Overland to N. Y., Boston,
Between Interior towns
a
4,061
2,284
1.652
1,172
..22,487
._
..
-1006-07—
Since
Week.
Sept. 1.
8,920,481
.109,008
25,375
.
48,000
>_
Total marketed
Interior stocks In excess
5,315,459 4,525,658 4,222,877 3,136.516
6.10d.
11.60c.
10%d.
FOR THE
The
221,000
1,433,000 1,534,000 1,220,000 1,066,000
3,882,459 2,991,658 3,002,877 2.070,516
Middling Upland, Liverpool
6.03d.
Middling Upland, New York
11.00c.
Egypt, Good Brown, Liverpool.. 11 5-16d.
Peruvian, Rough Good, Liverpool
9.00d.
Broach, Fine, Liverpool
5t^d.
Tlnnevelly, Good, Liverpool
5 5-16d.
to
oo
d
tOtOtO tOOO
SINCE SEPT. 1.—We give below a statement showing
the overland movement for the week and since Sept. 1,
as made up from telegraphic
reports Friday night.
results for the week and since Sept. 1 in the last two years
are as follows:
U. S. Interior stocks
U. S. exports to-day....
bales over 1904.
d
d
©
§
,
642,000
13,000
324,000
4,000
213,000
3,000
31,000
38,000
5,000
.
Liverpool stock
Manchester stock
Continental stock...
American afloat for Europe
U. S. port stocks
The above
I
49,000
exports to-day
Total visible
S»
*
865,000
10,000
334,000
1,000
142,000
3,000
31,000
46,000
5,000
450,000
Total visible supply
Of the above, totals
American—
■o
o
1,347,000 1,140,000
stock
stocks
interior
3.
Co
d
the
Alexandria, Egypt
Bombay, India
U. S. ports
U. S.
d
565,000
12,000
65,000
Egypt.Brazil,&e.. aflt. for Europe
In
In
In
In
OS
4k
&
'804,000
12.000
Total European stocks..
.2,246,000
India cotton afloat for Europe
217,000
American cotton afloat for Europe 504,195
Stock
Stock
Stock
Stock
U. S.
d
d4kdtod4k©©4k©©4kw©
8
.bales.l ,258,000 1,062,000
9,000
11,000
80,000
67,000
_
Total Continental
-vt
d
to
©
OS
Total Great Hrltain
Stock at Hamburg
Stock at Bremen
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
N
dd
w©©osw*to©©©©ro
MtO0C©WtOd©00©®kleD©-.ld©COCO®kltO
bo to © os 4k "oo bs to © © bo © to © bs Vi *. © to to Ld © oo ~© "«j !u © bs *-» © "© ©
etO4k©CJ4k00tOW©©©tO©tO®^l©©kl©klWd«44k4kklkJ®dCJW
© © © to -O to 00 © d © -4 d © 4k OS ® © © to 00 4k 4». © 0O >-*© 0* to OS ® OS d ©
©
.
CO
4kW0e00to00©©©©d
o
stock at Liverpool
Stock at London
Stock at Manchester
to
CD
i_i
CO
©
by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returnsy^and conse¬
quently all foreign figures are brought down toThursday
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 5—
1907.
1906.
1905.
1904.
,&.
© to d
©
up
tvs
>-*
©
OF COTTON to-night, as made
00
i-*bs to *4 csdtooodd©oo ©d&s© *4 ©tod©
®eotOWC0®©4k©tOd©4k©CDeD©©4k4k®00004kdCoae.Ud©©0oro
*©
THE VISIBLE SUPPLY
rl
©
.
1,189,949
1,466,000
182,383 11,576,430
370,643
rtl8,795
5 47,553
a
Decrease
Since
Sept. 1.
109,253 6,754.997
798,170
22,202
46,000 1,433,000
Week.
177,455 8,986.167
345,559
035,516
11,947,073
9,331,726
2,255,230
35,854 1 935,530
during week.
Movement into
sight in previous years:
Bales.
Week—
1905—April
1904—April
1903—April
1902—April
-1905-06
141,939
.163,588
—
of 391,779
7
9
10
11
252,819
76,315
.120,860
88,272
Since Sept.
1904-05—April 7
1903-04—April 9
1902-03—April 10
1901-02—April 11
Bales.
.10,673,852
9,164,996
9,564,795
9,382,302
i
821
THE CHRONICLE.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the
closing quotations of middling
cotton at Southern and other
principal cotton markets for
MARKETS.—Below
each dav of the week:
Closing Quotations for Middling Cotton
Week ending
April 5.
Sat'day.
Galveston
New Orleans
Mobile
Savannah
10 13-16
10 %
10 %
10 %
-
Charleston
H
O
L
I
I)
A
V
Wilmington
Norfolk
Boston
Baltimore
Philadelphia
Augusta.
10
1 o
The
%
%
11
10.95
Tuesday. Wed'day. Thursd’y. Friday.
10 13-16
10 %
10 13-16
10 9-16
10 13-16
10 9-16
10%
10'%
10%
10%
10%
10%
10%
10%
10%
10%
11.20
11.15
1 1
11
%
...
-
10%
10%
11
10.90
11
11.20
11 %'
10 %
!4
%
10%
11 o %
!l0 1.3-16' 10%
10 %
10%
iio
on—
10 13-16
10 %
11
10.95
11
1 1
Memphis
St. Louis
Houston
Little Rock
Monday.
10
10%
10 %
10%
10%
11
11
'
10.95
11
11.25
11.00
11
11.25
11
11 %
10%
10%
%
10%
10%
10 %
10%
10%
10 13-16
10 3-16
10 13-16
10 3-16
clos’ng quota!i ons to-day (Friday) at other important
Southern markets
Atlanta
10
were
11-161
follows:
as
Montgomery
r
10*4'Raleigh
Columbus, Ga_. ...10.L| Nashville.
10
10%
%'Shreveport
10
NEW ORLEANS OPTION MARKET. —The
lowest and closing quotations for leading
highest,
options in the New
Orleans cotton market for the past week have been
Sat'day,
Monday,
Men. 30.
Apr. 1.
April—
Range
10.12
Map—
Range
Closing
July—
Range
Closing
Apr. 2.
Yi)
Closing
|
October—
Range
Closing
Thursd’y, Friday,
Apr. 4.
Apr. 5.
Apr. 3.
(ffi —
©
10.05-.08 10.14
—
—
—
follows:
—
—
®
10.29
—
—
—
—
4T>
10.23
—
—
10.12-.16 10.06-.il 10.07-.20:i0.22-.35
(a)
10.18-.14 10.08.09 10.19-.20 10.29.30 10.22-.23
;
...
Tuesday,1 Wed'day,
as
1
H
O
L
10.19-. 24 10.13-.18 10.13.27 10.27-.39
<a —
10.21-.2 2 10.15.16 10.25-.26 10.34.35 10.26.27
1
10.09 .1.3 10.03-.08 10.06.19 10.20-.28
@ —
10.11 -. 12 10.06 .07 10.17-.18 10.23-.24 10.16-.1 7
—
—
D
A
V
t
December—
Range
10.11-.16 10.05.10 10.06 .2(4 10.2l-.28
(R)
10.1,3-. 14 10.0S-.09 10.18.19 10.24-.25 10.17-.18
Closing
January—
Range
Closing
'
•
|
10.16 .20 10.14.17 10.1 4-.24 10.30-.31
(a)
10.18-.20 10.15-.17 10.25-.27 10.32-.33 10.23-.25
•
'
Tone—
l
Spot
Options
!
I
j
i
Quiet.
Qulet.
Quiet.
Quiet.
Steady.
Steady.
Finn.
Firm.
Steady.
Quiet.
WEATHER
REPORTS BY TELEGRAPH.—Our ad¬
by telegraph this evening from the South denote that
the weather has b<nm fairly favorable
during the week. Rain
has been quite general, and as a rule has been beneficial.
A
cold,wave is reported from some sections, but no complaint
of damage is made. Farm work is
making good progress and
the putting in of s:ed is
being actively prosecuted in many
vices
districts.
Galveston. Texas.—The week’s rain was very favorable and
beneficial in Texas.
Preparations for the crop are well in
hand compared with previous seasons.
Rain has fallen on
two days of the week, to the extent of one inch
and twentysix hundredths.
Average thermometer (>(>, highest 76,
lowest 66.
'
.
Fort Worth, Texas.—There has been rain on three
days of
the past week, the rainfall
being twenty-six hundredths of
ah inch.
The thermometer has
averaged 62, the highest
being 84 and the lowest 40.
Palestine, Texas.—Rain has fallen heavily on two days of
the week,.the precipitation
being two inches and sixty-eight
hundredths.
The thermometer has
averaged 59, ranging
from 44 to 74.
Taylor. Texas.—It has rained on three days of the week,
the precipitation reaching one inch and
fifty-six hundredths.
The thermometer has ranged from 42 to
78, averaging 60.
San Antonio, Texas.—Rain has fallen on one da\r
during
the week to the extent of one inch and
fifty-eight hundredths.
Average thermometer 64, highest 82, lowest 46.
Corpus Christi. Texas.—Rain has fallen on one day of the
past week, to the extent of thirty hundredths of an inch.
The thermometer has averaged 65, the
highest being 76 and
the
lowest 54.
Abilene, Texas.—We have had a trace of rain on one
day
The thermometer has averaged 63, rang¬
ing from 38 to 88.
during the week.
New
Orleans. Louisiana.—It has rained on two
days dur¬
ing the week, the rainfall being one inch and seventy-seven
hundredths.
Average thermometer 63.
Shreveport. Louisiana.—We have had rain on three days
diirmg the week, the precipitation being sixty-three hun¬
dredths of
the
inch.
The thermometer has
being 74 and the lowest 42.
an
averaged 58,
highest
Leland, Mississippi.—It has rained during the week, the
precipitation reaching ninety-three hundredths of an'inch.
The thermometer has
ranged from 33 to 82, averaging 55.7.
Vicksburg, Mississippi.—Rain has fallen on four days of
Little
[VOL.
Rock, Arkansas.—Farm
well, but
some
fallen on
inch and
one
interference
LXXXIV.
work is progressing fairly
Rain has
account of rain.
on
day of the week, the precipitation being one
fifty hundredths. The” thermometer liaf av¬
eraged 58, ranging from 38 to 78.'
Memphis, Tennessee.—Farm work has made good progress
and planting has begun.
It has rained on three days of the
week, the precipitation reaching ninety-three hundredths of
an inch.
The thermometer has ranged from 36.2 to
78,
averaging 56.2.
Nashville, I'ennessec.—We have had rain the past week, the
rainfall being seventy hundredths of an inch.
Average ther¬
mometer 55, highest 78, lowest 32.
Mobile, Alabama.—Rain in the interior early part of week,
followed by cold wave and frost.
Cotton planting is making
good progress in some sections but is going ahead slowly in
others.
We have had rain on one day
during the week, the
precipitation being fifty hundredths of an inch. The ther¬
mometer has averaged 62, the
highest being 78 and the low¬
est 41.
Montgomery, Alabama.—Everything is progressing well.
There has been rain
on one
day of the week, to the extent of
seventy-nine hundredths of an inch. The thermometer has
averaged 59, ranging from 37 to 84.
Madison, Florida.—Rain has fallen on one day of the
week, to the extent-of seventy-five hundredths of an inch.
Average thermometer 59, highest 85, lowest 35.
Savannah, Georgia.—Rain has fallen on two days of the
week, the precipitation being one inch and eight hundredths.
The thermometer has
averaged 59, ranging from 40 to 91.
Augusta, Georgia.—Frost with ice in this section has killed
some cotton.
There has been rain on two days of the
past
week, the rainfall being fifty-seven hundredths of an inch.
The thermometer has
averaged 58, the highest being 90 and
the
,
lowest
3^.
Charleston, South Carolina.—It has rained on two days of
the week, the precipitation
reaching one inch and thirteen
hundredths.
The thermometer has ranged
from 37 to 91
averaging 58.
Greenwood, South Carolina.—Rain has fallen on one
day
during the week, to the extent of eighty-two hundredths of
an inch.
Average thermometer 57, highest 70, lowest 45.
Siatcburg, South Carolina.—Rain in showers on Sunday to
the extent of one inch and two
hundredths, accompanied by
thunder in various directions
nearly all day. A cold wave
followed with high northeast wind for two
days. The ther¬
mometer has averaged 60, the
highest being 91 and the
lowest
32.
Charlotte, North Carolina.—There has been rain the past
week, the rainfall being sixty-eight hundredths of an inch.
The thermometer has
ranged from 31 to 89, averaging 55.
The following statement we have also received
by tele-.
graph, showing the height of rivers at the ports named
at 8 a. m. of the dates given:
Above
Above
Above
Above
Above
zero
zero
zero
zero
zero
of
of
of
of
of
April 5 1907.
April 6 1900
Feet.
16.0
34.7
10.3
5.2
44.0
Feet.
14.3
33.1
27.8
13.8
38.8
gauge.
gauge.
gauge.
gauge.
gauge.
INDIA COTTON MOVEMENT FROM ALL PORTS.—
The receipts of cotton at
Bombay and the shipments from all
season from
Sept. 1 for
India ports for the week and for the
three years have been
April 4.
follows:
1906-07.
Receipts at —
:
i
Iiembay
as
Week.
Since
Sept. 1.
Since
Sept. 1.
:
Week.
1-10,00(42,005,000
81,000 1,952.000
For the Week.
•
Great
Britain.
Conti¬
nent.
Total.
Great
Britain.
1906-07
1905-06
1904-05
1,000
Calcutta—
Total all —
1906-07
1905-06
1904-05...1
Week.
,
Since
;
Sept. 1.
80,000 1,730,000
Conti¬
nent.
Total.
*
Bombay—
1906-07
1905-06
1904-05
Madras—
1906-07.'.
1905-00
1904-05.
All others—*
1906-07
1905-06
1904-05
j
j
1904-05.
Since September 1.
Exports -from
«-
|
1905-06.
_
,
_
_
64,000
11,000
26,000
26,000
5,000
4 ,000
5,000
4,000
65,000
11,000
34,000
43,000
14,000
088,000
523,000
208,000
72".. 000
566,000
222,000
4,000
5,000
1,000
77,000
67,000
17,000
81,000
72,000
18,000
2,000
19,000
34,000
12,000
21,000
36,000
14,000
10,000
7,000
71,000
77,000
79,000
78,000
87,000
86,000
47,000
60,000
24,000
855,000
701,000
316,000
902,000
761,000
340,000
_
-
-
-
2,000
2,000
_
'
3,000
7,000
6.000
1 ,000
....
7’’.000
22 onu
32,0.0)
3.000
7.000
6,000
7 3,000
22,000
32,000
•*
*
7,000
According
to the foregoing, Bombay appears to show an
compared with last year in the week’s receipts of
59,000 bales. Exports from all India ports record a gain of
51,000 bales-during the week and since Sept. 1 show an
increase of 141,000 bales.
increase
the week.
The rainfall reached one inch and seven hundrdehts.
Average thermometer 60, highest 82, lowest 40.
Helena. Arkansas.—The river is high but
JUTE BUTTS, BAGGING, &c.—The market for
falling. Thisr
jute
week’s rain was beneficial.
There has been rain on two
days
bagging
has been without animation the past week. Prices,
the past week to the extent of one inch and
forty-three however, are nominally unchanged at 9J^c. for 2 lbs.,
hundredths.
The thermometer has
averaged'57, the highest standard grades. Jute butts dull at 3@4c. for
bagging
being 7-3 and the lowest 40.
quality.
•Apjt. 6
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
following brief but comprehensive statement indicates
The
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.
at
a
I
j
1906-07.'
Cotton Takings.
Week and Season
Season,
Week.
Visible supply on March
Visible supply Sept. 1
$23
THE CHRONICLE
1907.J
1,784,156;
163,588,11,947,0731
140.000- 2,005,000;
8,000
180,000
901 ,000
3,000
.
Season.
Week.
Liverpool—April 2—Georgic, 5,017 upland: SO
foreign
100; Hamburg, 8
2,545,470
9,331 .726
1,952,000
195,000
772,000
343,000
Total
222,000! 16,000
5,688,690; 17.039,229J4,913,810
5,315,45o!
April 5
|l 1,723.770 [
Embraces
4,525,658
91,000
7,978,538
2,635,000
278,152
110,000
receipts lu Europe from Brazil, Smyrna. West Indies, &c.
COTTON CONSUMPTION AND OVERLAND MOVE¬
MENT TO APRIL 1.—Below we present a synopsis of the
crop movement for the month of March
ended March 31 for three years.
and the seven months
1905-06.
215,646
bales.;
j 1,418,679
159,999
!
; 1,171 ,005'
Gross overland for March
Gross overland for 7 months
Net overland for March
Net overland for 7 months
Pore receipts In March.
Port receipts In 7 months
691,457
! 8,836,525,
764,328
:
7,066,631
947,099
2,225,194
1,426,000
;
.
Exports In March.
Exports In 7 months
Port stocks on
*
March 31
...
174,504
1,110,256
119,142,
953,225
100,169
781' ,885
462,382
748,852
1,902,661
1,394,000
Northern spinners* takings to April 1
Southern consumptlo n to April 1
Overland to Canada for 7 months (In¬
75,108
101,536
94,357
cluded In net overland
22,370
3,173
Burnt North and South in 7 months
7,924
17,876
11,171
Stock at North. Interior markets April 1.
957,256*
647,551 1 ,033,633
Came In sight during March
Amount of crop In .sight April 1
1 11,817,530 9,220,047 10,420,033
_| 2,099,813 3,136,808
Came in sight balance season
11,319,860 13,556,841
Total crop
514.22
511.95
515.99
.
Average gross weight of bales
492.00
493.45
489.44!
Average net welghe of bales
I
I
„
MARKET AND SALES AT NEW YORK.
Sales
Futures
Market
Closed.
Spot Market
Closed.
Spot and Contract.
cf
—
Con- : Con-
1
Export sum'n.] tract. \ Total
1
.
—
..
.
Steady
Quiet
Firm
Steady
Steady.
4,500
4,400
100
’"31
"31
_
‘
Total
4,400|
131
I
;
1
ALEXANDRIA
Alexandria, Egypt,
April 3.
Receipts (cantars a)
j
1906-07
—
6,758,884
1
This
week.
Since
Sept. 1.
1,750 180,906!
172,75 2 i 4,500 147,341
8,000 276,656; 12,500 254,002
300
63,042
400; 95,937
Since
Sept. 1.
3.500 171,670
2,750 113,222
8,250 233,894
1.500 56,996
750 176,137!
To Liverpool
To Manchester
To Continent
To America
9,1501721,482’ 19,050 645,291 16,000 575,782
Total exports
a
This
week.
This ! Since
week. Sept. 1.
Exports (bales) —
125,000
5,604,120
30,000
5,790,473
21,000
This week
Since Sept.
1904-05.
1905-06.
1
1
!
■
A cantar is 98 lbs.
receipts for the week were
21,000 cantars and the foreign shipments 9,150 bales.
This statement shows that the
MARKET.—Our
MANCHESTER
received by
the market
demand for
We give the
report
cable to-night from Manchester states that
is firm for both yarns and shirtings.
The
both home trade and foreign markets is good.
weeks
prices for to-day below and leave those for previous
of this and last year for comparison.
1906.
SH lbs. Shirtings, common
to finest.
32s Cop.
Twist.
Feb.
22
Mch
l
S
15
22
29
d.
9 11-16®
9 13-16 @
9 15-16®
9 15-16®
d.
10 J* 6
d.
7
10 Ji 6
7
11
s.
6
s.
d.
@9 10
@9
9
1V2 @9
7VS@9
@9
8
@9
9
9
@9
9
10H 6
9Vs
@10 15-16 6
9 13-16® 10H 6
8
mi 6
8
9
9
To Hamburg-^-March 30—Diadem, 655....April
100
To Rotterdam—March 28—Lord Iveagh, 705
To Antwerp—March 30-—Corby Castle, 6,304
To Reval—March 29—Glenarm Head, 1,146
To Narva—March 28—Glenarm Head, 1,900
PORT ARTHUR—To Liverpool—April 3—Eastwood,
MOBILE—To Liverpool—April 2—Ashanti, 4.491
To Rotterdam—April 4—Barton, 100
To Hamburg—April 1—Stclnberger, 150
To Reval—April 1—Stclnberger, 200
50
BOSTON—To Liverpool—March
9 13-16®
32s Cop.
Twist.
Mid
d.
s
6.03 m
@
m
6
8}i
@
m
9H
m
m
6
6
6.14
6.24
6.03
6.01
5.97
8 11-16®
8?*
®
m
@
8 13-16@
9%
6
6
6
d.
5
8.
@9
4A
@9
4 A @9
4A @9
5
6.03 8 15-16®
SHIPPING NEWS.—As shown
10
6
@9
5K @9
6
Cot'n
32,766
-
1,146
1,900
5,034
4,491
100
5,034
April 3
6,369
150
April 3—Conlngsby,
250
March 29
200
B2.850 April 2—Ivernla, 2.041
6,234
230
645
300
645
March 28—Bethanla,
—March 22—Acllla, 336
536
350
176
504
Antwerp—March 30—Oakmore, 350
PORTLAND, ME.—To Liverpool—March 30—Vancouver, 176
SAN FRANCISCO—To Japan—March 26—Doric, 504..
SEATTLE—To Japan—April 1—Minnesota, 11,483
April 4—
To
Tosa Maru, 1,186..
TACOMA—To Japan—April
13,299
1,465
4—Tosa Maru, 1,465
Total
197,629
-
The particulars of the foregoing shipments for the
arranged in our usual form, are as follows:
week,
Great French Ger—Oth.Europe— Mex.,
Britain,
ports, many. North. South. &c. Japan.
1,216
1,180
895
409
New York
7,767
310
4,041
200
3,036
New Orleans
26,541 23,984
Galveston .....30,423 13,718 33,521 10,055
Port Arthur:
5,034
100
Mobile
4,491
250
Savannah
6,519
230
200
Boston
6,234
1...
350
Baltimore
645
836
176
Portland, Me—
San Francisco.
Seattle
Tacoma
81,311 38.012 44,917 12,371
Total
Total.
15,818
53,761
87,717
5,034
4,591
6,769
6,664
1.831
176
....
504
13,299
1,465
504
13,299
4,216 1,125 15677
197,629
_r
—
_
....
1,465
The exports to Japan since Sept. 1 have been 185,484
from Pacific ports, 10,000 bales from Galveston and
bales from New York.
Liverpool
-C.
Manchester
Havre
-C.
Bremen
_c.
Hamburg
Antwerp
Ghent, via Ant..
Reval, Indirect..
Reval, via Canal.
_c.
18 @20
18 @ 20
-C.
20
25
30
20
25
30
Tiies.
17
16
2 2 14
18
18 @20
20
25
30
30
18
30
18
32
45
30
18
32
45
Mon..
17
16
22 14
Sat.
17
16
22 \4
-C.
18
18
755
705
6,304
23—Sachem, 1.343
-April 3—Hannover, 300
Wed.
17
16
22
18
14
bales
1,437
have been as
Frl.
17
Thurs.
17
16
22 14
18
16
22
18
18
\4
@ 20
18 @20
20
25
30
18@20
20
25
30
20
25
30
30
30
18
18
32
32
45
30
18
32
45
-C.
Barcelona
Genoa
Trieste
_c.
Japan
_c.
32
45
_c.
45
LIVERPOOL. -By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
Mch. 15.
63,000
Sales of the week
bales
1,000
Of which speculators took.
4,000
Of which exporters took..
56,000
Sales, American
6,000
Actual export
—
84,000
Forwarded
.1,207,000
Total stock—Estimated
Of which American—Est. .1,101,000
169,000
Total Import of the week
150,000
Of which American
292.000
Amount afloat
222,000
Of which American
Mid
spot cotton have
Upl's
d.
4 Vi
Mch. 22.
.
.
.
.
_
52,000
1 ,000
2,000
47,000
11,000
82.000
1,216,000
1,098,000
101,000
68,000
269.000
213,000
Apr. 5.
37,000
1 ,000
Mch. 27.
28,000
600
4,000
33,000
18,000
83,000
1,258,000
1,130,000
112,000
2.200
24,000
7,000
50,000
1,248,000
1,137,000
89,000
83,000
227,000
166,000
71,000
280,000
234,000
5
5A
5A
4'A
6
@9
7
of
been as follows:
Monday.
Saturday.
Tuesday.
Wed'day.
Thursday.
Friday.
Dull.
Quiet.
Moderate
demand.
Quiet.
d.
5.73
5.7S
5.97
5.77
6.00
6.03
Market,
*)
H
12:15
P. M
ji
5.90
5.90
6.00
H
6,000
O
L
I
I)
A
Y
300
6,000
500
8,000
1,000
Mid.Upl’ds!
Sales
.
-
-
6.13
Futures
previous page, theexports of cotton from the United States the past week have
reached 197,629 bales.
The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
13,718
1—Sardinia,
h—March 29—Boston, 230
To Liverpool—March 28—Ulstermore,
Spot.
d.
d.
30,423
3—Queen.
:en—April 2—Nicolai II., 200
Spec. <£ exp.
Apr.
5
M lbs. Shirt¬
ings, common
to finest.
Cot’n
Upl's
April 2
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices
£
1907.
200
3,036
—
Cotton freights at New York the past week
follows, quotations being in cents per 100 lbs. ;
SHIPMENTS.
AND
RECEIPTS
i
■
.
4.531
9,000
23,984
15,029
.
Saturday..!
Monday.!. Quiet
Tuesday
Quiet, 5 pts. dec
Wednesday Quiet, 5 pts. adv—
Quiet, 5 pts. adv—
Thursday
Friday
Quiet
HOLIDAY..
17,541
9,000
1—Atlantlan,
To Havre—April 4—Monadnock, 13,718.
To Bremen—March 28—Monarch, 17,737....April
146,661
713,294
7,705,280
632,342
6,352,729
647,598
1,702,555
1,272,000
249
967
895
GALVESTON—To Liverpool—March 30—Basil, 7,694
April 4—Barrister, 8,812
—Etonian, 13,917
919,075
6,668,162
469,705
5,106,481
699
980
200
409
To Manchester—March 30—Manchester Spinner.
To Havre—March 30—Mexican, 6,984
April
17,000
To Copenhagen—April 2—Brattlngsborg. 200
To Barcelona—April 3—Valbanera, 3,036.
1904-05.
I.
3.342
_T
SAVANNAH—To Bremen—April 1—Stclnberger, 3,918
—Conlngsby, 2,451
1906-07.
110
200
30—Mexican. 5,341
April 4—Alexandrian, 6,000; Author, 6,200
388,152 10,613,538
8.962,770;
2,761,000
1,055
NEW ORLEANS—To Liverpool—March
15,139,196
5,315,459 4,525,658
373,231
282,2311
Total takings to April 5.
Of which American
Of which other
a
81,000
11,000
4,000
2,000|
supply
Deduct—
Visible supply
141,939
1,615
To Naples—March 29—Cretlc, 200
To Japan—March 30—St. Patrick. 409
To China—March 30—Verona, 895
c.
American*iii sight to April 5
Bombay receipts to April 4
Other India shlp’ts to April 4
Alexandria receipts to April 3__
Other supply to Aprli 3.g
5,097
..s'..
To Manchester—March 29—Terence, 1615.
To Hull—April 3—Consuelo, 1,055
To Dunkirk—March 28—Laupar, 110
To Marseilles—March 30—Rhodesian, 200
To Bremen—March 27—Main, 1,983
April 2—Frankfurt.
259
April 3—Kurfuerst, 1,100
To Hamburg—March
29—Pennsylvania-,
April 4—
81
Woodlleld, 618
To Rotterdam—April 2—Tropic, 249.
To Antwerp—March 29—St. Andrew, 210; Zeeland, 757
To Genoa—March 29—Cretlc, 872
March 30—Campania.
..
1905-06.
:4,659,871
5,372,102;
29
Total bales.
NEW YORK—To
Market
1
Market
)
)
J
on a
4
P. M.
H
O
L
I
1)
*
^
A
Y
0
6.03
,
*
7,000
1.500
Steady at
5 points
Quiet at
1 point
dec.
Quiet at
1 @2 pts.
dec.
adv
dec.
Steady at
VAmA
pts. dec
Quiet at
VA
pts. dec.
Steady at Sty at 3 Yt
8 @10 A
pts. dec. @
pts. adv. 2 pts. adv.
Quiet,unch.
@ 1 point
824
PT The
below.
THE CHRONICLE
prices of futures at Liverpool for each day are given
Prices are on the basis of Uplands, Good
Ordinary
clause, unless otherwise stated.
The
prices
arc
Sat.
m .„.h on
maren
au
12
to
April 5.
given in pence and lOOffts.
Mon.
%!12 %
12
%]
4
p.m. p.m. p.m. p.m.
1
d.
April
Apr.-May
May-June
June-July
July-Aug.
Aug.-Sep.
Sep.-Oct
.
Oct.-Nov.
Nov.-Dec.
Dec.-Jan
Jan.-Feb
Feb.-Mch.
.
*
d.
H
O
L
I
D
A
Y
'd.
H
O
L
I
D
A
Y
.
Thus:
Tues.
12 %
p.m.
d.
5
5
5
5
5
5
5
5
d
54
52
53
53
52
51
49
48
5 55 means 5 55-1 OOd.
Wed.
Thurs.
d.
%
55
53
54
53%
%
53
51
50
%
d.
54
52
52
52
52
51
49
48
%
d.
d.
54 % 63 %
52
61
52% 61 %
52
61
52
60 %
50% 58%
49
49
48
5 47% 48% 47% 47 %
5 47% 48% 47 % 47 %
5 49
50
49 % 49%
57
56
55%
55 %
57
58
%
d.
d.
DAILY CLOSING PRICES OF OATS IN
65
66
62 % 64
62% 62 % 64
62
61
62
61 % 60
61
59 % 57% 58%
57 % 55% 56
56% 53 % 53 %
56
52 % 52%
56
52% 52 %
r>4
57% 54
59
55% 53 %
Friday, April 5 1907.
have been heavy, and not a few
Prices for wheat flour
grades have shown moderate reductions of late. This sag¬
ging tendency has been due to the continued stagnation of
trade, buyers still taking only enough flour to fill immediate
requirements. Similar conditions have been reported at the
leading centres of the Northwest and the Southwest. The
firmness of wheat quotations and the
reports of crop damage
have had no effect on the flour trade.
Export business has
been at a standstill, though the clearances of flour from the
seaboard of late have increased.
Rye flour and corn meal
have been quiet and steady.
Wheat has been under the
inf^QCTice^to
some extent of re¬
Mon.
46
46'
NEW YORK.
Tues.
46
Wed. Thurs.
46
45 %
49-51
Fri.
46
49-51, 49-51 49-51 49-51
48-50
DAILY CLOSING PRICES OF NO. 2 MIXED
OATS IN CHICAGO.
May delivery in elevator
July delivery in elevator.
September delivery in elevator
The
following
Low grades
Second clears.
_
patents
Wheat, per bush.—
N. Duluth, No. 1
N. Duluth, No. 2
Red winter. No. 2
“
Mon.
42%
37%
33
32%
Tues.
Wed. Thurs.
Fri.
Hollday.
42%. 41%
37% 36%
33%
32%
42%
37 %
FLOUR.
$2 75 @$3 10 Kansas straights.
2 90 @ 2 05 Kansas
cle&rs....
3 50 @ 3 75 Blended
patents..
3 65 @ 3 75 Rye flour
3 00 @ 4 10 Buckwheat flour.
3 75 @ 4 00 Graham flour....
3 70 @ 3 80 Cornmeal
GRAIN.
Straights
Patent, spring.
Patent, winter.
Hard
Sat.
.42%
37%
$3 50 @$3
3 00 @ 3
4 50 @ 4
3 65 @ 4
2 10 @ 2
2 90 @
2 70 @
65
20
95
15
20
3 75
2 80
Corn, per bush.—
m
c*
No. 2 mixed
89%
To.b.56
No. 2 yellow, new
f.O.b.88%
f.o.b.52
f.o.b.83%
No. 2 white, new. f.o.b.54% @55
f.o.b.85% Rye. per bush.—
...
...
...
...
“
Oats—per bushel—
No. 2 white
No. 2 mixed
No. 2 white, clipped.
33%
closing quotations:
are
Clears
Kansas
BREADSTUFFS.
Sat.
Mixed, 26 to 32 lbs
White clipped, 36 to 38 lbs.
d.
65
62
LXXXIV
Chicago, moreover, continues small, and some of the crop
reports from the Southwest have been distinctly unfavorable.
To-day prices advanced on the rise in wheat, bullish crop re¬
ports, bull support and covering of shorts.
Fri.
4
12%; 4- 12% 4
12% 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m.
.
[VOL.
No. 2 Western
State and Jersey...
47 @49
46
48 @50
.
Barley—Western
Feeding
...
...
...
Nominal.
Nominal.
Nominal.
Nominal.
The statement of the movement of breadstuffs to
market as
indicated below are prepared by us from
figures
collected by
the New' York Produce
Exchange. The receipts at Western
lake and river ports for the week
ending last Saturday and
since Aug. 1 for each of the last three
have been:
years,
Receipts at—
Flour.
Wheat.
Com.
Oats.
Barley.
Rye.
ports of damage to the crop in ;th®^Southwest, partly from
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
bush.48lbs. bu. 56 lbs.
225,515
153,596
2,556,346
drought and partly from green bugs. Moreover, the world's Chicago
2,087,044
659,415
41,396
Milwaukee
46,200
102,000
219,000
372,400
348,000
25,200
shipments have shown a noteworthy diminution, while the Duluth
15,750
803,712
7,357
174.549
2.394
world's visible supply has decreased much more
Minneapolis.
2,007,500
7l’,050
407,270
327,750
28,810
rapidly than Toledo
16,000
115,000
in the previous week, even if the decrease is not so
104.300
400
2,666
great as Detroit
25,200
92,882
78,646
that of a year ago.
Cleveland
579
6,115
Then, too, whereas an increase in the St. Louis
97,351
237,351
¥.666
61,055
200.367
1,105.545
American visible supply had been expected, a decrease oc¬ Peoria
876,800
40,300
17,000
23,100
4,500
232,800
195,000
54.000
curred of some 940,000 bushels as contrasted with an increase Kansas City.
489,000
392,000
102,600
in the previous week of some 200,000 bushels.
The crop in
Total week
374,199
3.807,990
4,881,974
4,468,768 1.606,014
115,200
Roumania seems to be more or less threatened
Same wk. '06
310,276
2,997,105
3,522,472
by the revo¬ Same
3,892,531
869,483
52.064
wk. '05
245.475
2.431,127
4,745,836
lution, and prices at Buda Pesth have advanced sharply for
3.476,932 1,064,582
70,849
April delivery. A decrease has latterly occurred in the Ar¬ Since Aug. 1
1906-07
14.471,534 177,875.792 146,681.473 143,332,539
gentine visible supply, and Liverpool, which had been rather
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
apathetic, has within a day or two shown a rising tendency.
1904-05
12,147.571 173,441.836 138,331,166 122,256,576 55,532,587
5.823,861
On the other hand, bears dilate on the
big stock at Chicago,
the supply there being nearly 15,000,000
bushels, or about
Total receipts of flour and grain at the seaboard
double that of a year ago, while of contract
ports for
grade it amounts the week ended March -30 1907 follow:
to 9,905,000 bushels against
4,869,000 a year ago- Also the
Flour,
Wheat,
Corn
Oats,
movement of the crop is large, Northwestern
Barley,
Rye
bbls.
Receipts at—
bush.
receipts being New
bush.
bush.
bush.
bush
York
151,747
430,000
844.550
particularly heavy, stocks there are increasing and the ex¬ Boston
861,000
76.800
53,426
75,561
246,570
92.204
1.000
375
port demand is slack. Flour, too, is dull and weak, and, in a Portland
9,100
232,642
71,135
word, about the only sustaining factor has been the reports Philadelphia
127,942
141,212
104,561
Baltimore
43,924
33,840
829,093
of damage to the crop in this country,
51,573
7,869
notably at the South¬ Richmond
6,100
30,390
42,226
46.080
west, and even these have been to some extent contradicted. New Orleans.a
12,431
32,200
169,200
75,000
Galveston
119.000
It is usually pretty safe to allow for
92,000
exaggeration in such Norfolk
550
reports, though some insist that, what with drought and Montreal
2,880
18,494
12,067
27,544
7,200
Mobile
3,965
18,024
1,500
green bugs, some parts of the Southwest have suffered more- St. John
1,536
....
_
’
..
.
..
..
..
,
_
or
less
seriously.
to unfavorable crop
To-day prices advanced, owing mainly
reports from the Southwest. These re¬
ports led to active buying for both long and short account.
Damage reports were received from Kansas.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW
YORK.
Sat.
83
No. 2 red winter
Mon.
Tues.
83%
83%
85%
86 %
86%
Wed. Thurs.
Fri.
83*4
85%
82%
83%
85%
84%
85%
85
86
86
85%
86%
85%
86%
86% 85%
86%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
CHICAGO.
May delivery In elevator..
July delivery in elevator
September delivery in elevator
,
May delivery in elevator
July delivery in elevator
September delivery In elevator
84%
Sat.
Mon.
76%
76%
__78%
79%
78%
79%
Tues.
Wed. Thurs.
Holl-
76%
78%
79%
day.
75%
77%
78%
Fri.
77
79%
80%
Indian corn futures have been irregular
during the week,
though the trading has been on a rather restricted scale.
At times prices have been strengthened
by the rise in wheat
and the smallness of contract stocks at
Chicago. Bulls have
given more or less support and shorts have covered. On the
other hand, the cash demand has been
light at declining
prices. Moreover, leading bull interests have liquidated at
times, and there has been little inclination among commission
houses to take the long side.
Larger receipts are expected
by many. To-day prices advanced, owing to the strength
of wheat, small receipts of contract
grade, support from lead¬
ing bulls and covering of shorts.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
NEW YORK.
Cash corn
Sat.
Mon.
Tues.
56%
56%
56%
54%
53%
Wed. Thurs.
56%
53%
54
56%
53%
Fri.
56
May delivery In elevator
54
54
54%
July delivery in elevator
53%
53%
54
54%
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat.
Mon.
May delivery in elevator
46%
July delivery In elevator
46%
September delivery in elevator.. ...46%
45%
45%
46%
Oats for future
Tues.
Wed. Thurs.
Hollday.
45%
45%
46%
45%
45%
46%
356,794
46%
46[%
has been small at easier prices.
There has been an absence
of aggressive selling for the decline,
however, owing to the
fear of,bull manipulation.
The stock of contract
grade at
1,212,353
695,352
252,033
2,506,370
1,189,185
1,259,462
1,329,809
101,833
176,403
8,244
27.623
a Receipts do not include
grain passing through New Orleans for foreign ports
through bills of lading
on
Total receipts at ports from Jan. 1 to Marbh 30
compareas follows for four
years:
Receipts oj—
1907.
Flour
Wheat
Com
Oats
1906.
1905.
1904.
bbls.
4,765,595
4,016,837
3,376,292
5.301,290
bush.
18,321,911
36,572,822
11,343,190
1,582,574
295,028
18.443,760
53,036,088
23.237,413
5,228,062
450,619
4,276,557
41,506,813
9,046,691
2,144,011
137,730
12,916,685
23,947.666
10,302,205
1,284,371
319,575
68,115,525
100,395,942
57,111,802
48,770,502
Barley
Bye
Total grain...
The exports from the several seaboard
ports for the week
ending March 30 1907 are showm in the annexed statement:
Wheat,
Exports from—
bush.
134,834
232,042
187,224
239,942
80,000
New York
Portland..
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Oats,
bbls.
Rye,
bush.
Barley.
bush.
Peas,
33,293
9,100
11,428
39,587
54,909
bush.
bush.
25,700
60,626
369,559
586,141
80,343
98,929"
IS,024
224,000
Mobile
St. John, N. B._
Port Arthur
Total week
Flour,
bush.
927
Galveston
Same time 1906..
Com,
514,109
112,234
1,955
16,758
II.”
-
”550
70
6,399
17,304
3.965
S40
1.500
1.536
16.S33
111,428
-
1,211,803 1,839,159 178,131
July 1 1900 is
28,110
28,343
861,062 106,015 281,148
706,377 2,376,618 125,297
The destination of these
as
below:
Flour
Wheat
July 1
Exports Jor week and
1906.
since July 1 to—
bbls.
United Kingdom... 105,984 4,574.945
Continent
32,178 1,910,176
So and Cent. Amer. 21,530
593.694
Wrest Indies
Brit. No. Am. Cols.
Other countries....
16.100 1,158,841
1,229
60,104
1,110
151.364
19,263
2.476
*
exports for the vreek and since
Since
Week
Mar.30
bbls.
Total
Total 1905-06
11,510
550
Fri.
46%
delivery in the Western market have been
easier during the week, owing to liquidation
attributed to the
bull clique.
Cash interests have sold, and the cash demand
112,234
Total week
Week 1906
Week
Mar. 30.
bush.
Com
Since
July 1
1906.
bush.
Since
Week
July 1
Mar. 30.
1906.
bush.
hush.
650.489 22,246,086
691,949 37,905,348
518.927 34,454,587 1,125,875 27.783.235
927
301 913
25,287
538.582
10,547
31.508
1,775.871
8.000
6.000
67,890
376,803
161,007
178,131 8,449,124 1,211,803 73,057,198 1.839.159
54,552,671
125,297 8,238.474
706,377 42,297.877 2.376,618 94 963.632
-
Apr. 6
at the principal points of accumulation
seaboard ports Mar.30 1907, was as follows:
granary
York,
New
“
Com,
hush.
Oats
bush.
909,000
1.190.000
346.000
578,000
5,000
23,000
1,185,000
Montreal
Toronto
Buffalo
afloat
••
“
Milwaukee
afloat
41,000
1,000
9,846,000
2.197,666
670,666
546".66o
239.666
1,194,000
559,000
26,000
299.000
653,000
7.4S4.000
196.566
490,000
852,000
182,000
371,000
683.000
3,305.000
202,000
79.000
7.000
643.666
410,000
242.000
41,000
1.060.000
155.000
16.000
11.977,000
12,657.000
11.391.000
8.812,000
9,679,000
9.841.000
9,396,000
9,530.000
21.332.000
16.312,000
10,494,000
7,339.000
1,441,000
1,543.000
2,126,000
1,289,000
949.000
1,118,000
584.000
78,000
860.000
221.000
afloat..
9,597,000
-
2,108,000
Louis.
afloat
.....'
3,698.000
224,000
178,000
Indianapolis
On Mississippi
On Lakes
On
225.666
80.000
18,000
"10.666
Duluth
Kansas City..
Peoria
4’f5’,66o
41.666
3,917,000
3,835,000
“
59,000
3T9.000
Fort William..
Port Arthur,.
afloat
Minneapolis
‘T666
237,000
59,000
404,000
70.000
afloat
212.666
10,000
River
Ca*^and River
Tota^Bh. 30 1907.-47,207,000
Totanfeh. 23 1907..47.753.000
Total
Total
Total
Total
Mch. 31 1906- .46.470,000
April 1 1905..32.327,000
April 2 1904.-31,727,000
April 4 1903.-41,958.000
2,349,01
2,240,000'
3,606.000
2,863,000
3.372,000
1.703,000
THE DRY GOODS TRADE.
New
York, Friday Night, April 5 1907.
dry goods- market has ruled very firm this week, with
of weakness in any quarter.
Trading in
cotton goods has been somewhat lighter and of a more normal
character than recently, but the lull has caused no appre¬
hension; in fact, selling agents and commission merchants
welcome any quiet period which will give them an oppor¬
tunity to catch up on back orders, and the well-sold-up con¬
dition of practically all lines is against the development of
easier prices.
The present quietness in cotton goods is due
largely to the great scarcity of goods available for immediate
or near-by shipment, many houses being unable to accept
further orders, and to the uncertainty as to future deliveries.
Demand for spot cottons continues active, but is not quite
so keen as recently.
Sellers have no difficulty in getting
top prices on all additional business, while premiums are
still being paid for quick delivery where goods are available.
Not a few new orders, however, have been declined on
prints, bleached and other cotton goods because of the
scarcity at first hands. A large spring business is being done
in silk piece-goods; demand is increasing and prices tending
upward; the outlook for the fall silk trade is unusually
bright. A feature of the week has been the shortening of
discounts on prints.
On woolens, in both men’s and women’s
wear, advances named over opening values are being ob¬
tained on re-orders for fall.
The shortage in underwear and
hosiery lines continues acute, with no abatement in the
demand; underwear houses are already booking orders for
spring of 1908 at current prices. Dress goods are rather
quiet, owing to the between-seasons period. Export trade
is still practically at a standstill.
The
no
indications
DOMESTIC COTTON GOODS.—The exports
of cotton
goods from this port for the week ending March 30 were 3,218
packages, valued at $205,967, their destination being to the
points specified in the tables below:
New y'ork to March 30.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
1907
Since
Week.
Jan. 1.
46
718
170
,
__
-
__
_
.
50
50
5
551
20
354
6.101
4,022
14,733
-2,989
6,504
position, with indications of higher prices. A feature of
was the further shortening of discounts on staple
prints, which are now quoted at 6c., five off. The export
trade shows no improvement, only a few small orders having
been received from South America and some inquiries from
Red Sea ports.
WOOLEN GOODS.—Men’s wear agents will soon show
low-grade % goods for the spring of 1908, and it is quite
generally expected that prices on the low-grade woolens
will show material advances,owing to the increased cost of
clothing wool. Almost a normal yardage has already been
booked on the heavy-weight lines for fall; on fancy woolens
the business for fall of 1907 is heavier than in any recent
season, while manipulated fabrics are being re-ordered in
large volume. A normal trade has come forward on highgrade fancy worsteds, but business in the lower grades is
below that of the past two seasons.
Mercerized worsteds
have been taken freely by Western clothiers.
Staple and
fancy overcoatings have moved well, but trading on fall
.es is not up to the average.
The dress goods market is
qitk^t. Light-weight lines for spring and summer use are
sold up; some
Week.
19
Jan.1.
14
534
266
27,134
100
3,729
8,221
2,548
6,308
692
4,419
15,123
3,971
3,218
64 ,635
2,319
72,854
601
GOODS.—Linens show little change;
scarcity of goods is as pronounced as ever, and importers
are
receiving little encouragement from manufacturers’
representatives as to improved deliveries; linen crashes
show an advance of 3^c. over recent quotations and are hard
to secure even at the new prices.
Burlaps continue strong
FOREIGN DRY
the
Imported woolens and worsteds are firm and
An increased demand has de¬
and active.
moving in good volume.
veloped for imported white goods.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Mar. 30 1907 and since
Jan. 1 1907, and for the corresponding periods of last year,
are as
follows:
b
re
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P. P
gw
p
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The value of these New York
exports since Jan. 1 has been
$3,979,653 ‘in 1907, against $4,103,925 in 1906.
All lines of domestic cottons are in a very strong position;
supplies are inadequate and any goods available for imme¬
diate shipment are quickly taken at top prices or better.
Bleached goods are especially scarce and strong, and further
advances art? expected in the near future.
An increased
demand has developed for eight-ounce osnaburgs.
Colored
cottons of all descriptions are short, especially for fall de¬
livery, and command high prices, while fancy cottons are
more closely sold up than they have been in years.
Some
1 ines of shirtings have been withdrawn, but fair supplies are
still available.
Ginghams continue active, sales of fine
buying is still in evidence for this season’s
requirements, but the volume of this business is small, as
little stock remains in first hands.
Initial orders have been
placed for fall and re-orders are now awaited. Woolen
fabrics, especially in high-color.plaids and checks, are prime
favorites for fall, the demand for fine fancy woolens being
very heavy.
Broadcloths, panamas and voiles are also in
strong favor. Fall buying of cloakings and special wrap
materials is progressing steadily, buyers paying full asking
prices, which are much higher than last season.
co
co cn co co
Since
4,490
13,055
11,131
1.450
on a 7c. basis, or
lower than last week; but this figure
is considered largely nominal.
Linings are stronger and
stocks further depleted.
Napped goods are in a firmer
1906
78
626
96
291
634
461
632
dress
the week
669,000
afloat
Chicago
75.000
791.000
102,000
:
Detroit
.666
100,000
129.000
145,000
10.000
336.000
199,000
637.000
83.000
afloat
Toledo
St.
2,392,000
281,000
226,000
30,000
299,000
350,000
Baltimore
New Orleans
•Galveston,
4
196.000
247,000
181,000
435,000
Philadelphia
“
53,000
5,000
"
Boston
'
Wheat
bvsh.
afloat
“
ginghams having been made for spring 1908. The
market has been quiet but generally strong,
at lake and print-cloth
with some improvement in the demand for narrow goods.
Much complaint is heard over delayed deliveries.
Wide
Barley,
Rye,
bush.
bush.
goods for spot delivery have been sold to a limited extent
supply of grain, comprising the stocks in
visible
The
825
THE CHRONICLE
1907.]
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S2(j
THE CHRONICLE.
State /wa Pity
ggAgTMgjT.
MUNICIPAL BOND DISPOSALS IN MARCH.
The aggregate of municipal bond
disposals in March reached
§9,849,320, the smallest output for that month since 1903.
This total does not include negotiations of
temporary loans
to the amount of $3,072,975 or Canadian securities
aggregat¬
ing $2,234,924.
The drift towards higher interest rates, which has been
feature for
a
time
past, was further illustrated by the
failure of several large cities to sell their bonds at the former
some
rates of interest.
[VOL.
LXXXIV.
Muller, Sehall & Co.,as agents for the American Colonial Bank,
Porto Rico, San Juan
$230,000
National Bank of Fort Wayne, Ind._
40,000
Fisk & Robinson (the remainder)
730,000
The bonds were sold at
about a 3 -7-16% bas;s.
A
average price of 104.89, being
large number of bids was received.
See V. 84, p. 705 for full description of bonds.
an
Bond Proposals and Negotiations this week
bave been as follows:
Allen Township, Darke County, Ohio.—Bond Sale.—On
March 16 the $1,500 5% 1-3-year (serial) coupon
town-hall
bonds a description of which was given in V.
84, p. 644,
were
awarded to T. A. Donovan at 102.04—a basis of about
3.93%.
Thus, Philadelphia’s offering on March
Allentown School District (P. O. Allentown), Lehigh
$5,000,000 3j/£s attracted only one bid of pan, and this County, Pa.—Bond Sale.—On March 26
the $109,500 4%
was for but $125,000 of the bonds.
In 1904 Philadelphia coupon school bonds described in V 84, p. 644, were awarded
to local people at prices
was not only able to sell JJ-^s, bat succeeded in
ranging from 100.31 to 102.50.
obtaining
The largest purchaser was the Lehigh Valley Trust & Safe
a premium sufficient to reduce the interest basis to
3.44^%, Deposit Co. of
Allentown, it taking $87,000 of the issue
while in 1900 a large block of 3s was
placed at a premium.
Alma,
Harlan
County, Neb.—Bonds Not Sold.—The $7,000
St. Louis, Mo., was no more successful on March IS with
5% electric-light bonds offered on Feb. 8 have not yet been
eight issues of 3.05% bonds, aggregating $3,000,000, no bids sold.^
at all being the result in this case.
In 1905 that city sold
Asheville, Buncombe County, No, Car.—Bond Sale.—On
$1,000,000 3b£s at 103.78—a bas s of about 3.242%. Louis¬ March 27 the $30,000 30-year coupon school bonds described
in V. 84, p. 705, were awarded to the Provident
Savings Bank
ville, Ky., and Seattle, Wash., also failed to dispose of large &
Trust Co. at 103.261 for 5%s—a bas s of about 4.794%.
issues of water bonds.
In justice, however, to these latter
Ashland School District, Ashland County, Ohio.—Bond
cities, it is proper to say that the securities in their cases were
Sale.—On April 1 the $20,000 5% 11-vear (average) school¬
not direct obligations, but liens
upon the water plants and,
building bonds described in V. 84, p. 644, were awarded to
the First National Bank of Ashland at 110.05 and accrued
therefore, not so desirable as regular city issues. *
interest—a basis of about 3.87%.
The number of municipalities emitting bonds
and the num¬
Beaumont, Jefferson County,'Tex.—Bond Sale.—On April
ber of separate issues made during March-1907 were 188 and
2 the $75,000 sewerage, $25,000
school-building, $5,000
232 respectively.
This contrasts with 137 and 207 for Feb. school-repair and $25,000 paving 5%
bonds, described in
1907 and with 101 and 207 for March 1900.
V. 84, p. 523, were awarded to the Gulf National Bank of
Beaumont at 103.50 and accrued interest.
For comparative purposes we add the following
table
Bloomington School District (P. O. Bloomington), Ind.—
showing the aggregates for March and the three months for
Bond Sale.—On March 21 this district awarded $32,000
a series of years:
4%
school-building and site bonds to the Harris Trust & Savings
Month of
For the
Month of
For the
Bank of Chicago for $32,661 53 (102.057) and accrued inter¬
March.
Three Mos.
Three Mos.
March.
18 of
.
1907
1906
1905
1904
1903
1902
1901
1900
_
_
_
.
.
_
.
_
$9,849,320
20,332,012
17,980,922
14,723,524
9,084,046
7,989,232
$57,747,378 1899
57,030,249 1898
35,727,806 1897
46,518,646
30,176,768
31,519,536
23,894,354
34,492,466
10,432,241
8,980,735
35,507,311
6,309,351
12,488,809
4,219,027
4,915,355
5,080,424
1896
1895
1894
1893
1892
6.994,246
8,150,500
$18,621,586
23,765,733
35,571,062
15,150,268
21,026,942
24,118,813
17,504,423
22,264,431
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month’s bond sales in detail.
It will be given next week.
News Items.
Chicago, Ill.—Trolley Franchise Ordinance Ratified.—The
election
April 2 resulted in the adoption of the ordinances
granting franchises to the present street railway companies.
These ordinances provide for an expenditure by the trolley
companies of many millions to improve the transportation
facilities; also permit the purchase of the trolley lines by the
city at any time upon payment of fifty millions of dollars in
addition to the cost of rehabilitating the lines.
See V. 84,
p. 403; also item headed Chicago Union Traction Co. in our
Investment Department on a preceding page.
Colorado.—Legislature Adjourns.—The Legislature of this
State adjourned on April 1.
Maine.—Legislature Adjourns.—The seventy-third Legis¬
lature of the State of Maine adjourned on March 28.
Massachusetts.—Street Railway Bonkis Legal for Savings
Banks.—In this column several weeks ago (page 461) we
gave a list of the street railways meeting the requirements
of Chapter 463, Laws of 1908, and in the bonds of which
therefore, Massachusetts savings banks are allowed to in¬
vest, subject to the approval of the Bank Commissioner.
With this list as a basis, the Bank Commissioner has named
the following bonds which he “deems good and safe securities
for the investments of savings banks and institutions for
savings:”
Character
Int.
Name of Company.
of Bonds.
Rate.
Athol & Orange St. Ry. Co.First mort._
5
Boston Elevated Ry. Co
Debentures.
4
Citizens’ Electric St. Ry. Co.Flrst mort._
5
Dartm. & Westp. St. Ry. Co.Flrst mort.
5
East Middlesex St. Ry. Co
.Plain
5
“
4
Fltchb. & Leomln. St. Ry. Co.Flrst mort..
5
_Con. mort..
4
Holyoke Street Ry. Co
5
Debentures.
**
5
_
.
“
“
“
“
_
“
*
“
“
“
“
••
.
“
......
“
.
“
_
Pittsfield Electric St. Ry. Co.Mortgage
Springfield Street Ry. Co
First mort..
Union Street Ry. Co
Con. mort-.
West End Street Ry. Co.—
West End Street Ry. Co
Debentures.
“
.
“
.
“
.
“
.
Date
of
Date of
Maturity.
Issue.
Jan. 1 1895
Jan.
1 1915
1 1905
May
1 1935
Dec. 1 1900
Dec.
1 1920
April 1 1895
Sept. 1 1898
April 1 1915
Sept. 1 1918
May
Jan.
1
1902
April 1 1897
Feb.
1 1901
Jan.
1
1922
April 1 1917
Feb.
1 1921
April 1 1895 April 1 1915
Oct.
1 1900
Oct.
1 1920
r>
April 1 1903
4
4
July
5
Jan.
4
4
4
4
4
Mch. 1 1894
Mch. 1 1914
May
1 1806
May
1 1916
Feb.
1 1897
Feb.
1 1917
Porto Rico.—Bond Sale.—J. & W.
1 1903
April 1 1903
1 1894
Aug. 1 1900
Aug. 1 1902
April 1 1923
July 1 1923
April 1 1923
Jan.
2 1914
Aug. 1 1915
Aug. 1 1932
Seligman & Co.
an¬
that the $1,000,000 4% bonds of Porto Rico for which
bids were invited up to April 3 (see advertisement in our
issuo-of March 23) have been allotted as below:
nounce
est, not 101.875, as stated last week.
Denomination $500.
Date April 1 1907.
Interest June 1 and D:*e. 1. Maturity
as
follows:
$1,000.
1,000.
1 ,000.
1,000.
1,500.
1,500.
1,500.
June 1 1907
.Dec. 1 1907
1 1908
Dec. 1 1908
June 1 1909
-Dee. 1 1909
.--.June 1 1910
__
_
$1,500
1 ,500
2,000...
1,500
2,000
1,500
2,000
.Dec.
.June
Dec.
.June
.Dec.
.June
.Dec.
.
1 19101
1 1911
1 1911
1 19.12
1 1912
1 1912
1 1913
$1,500.
2,000.
2,000
2,000.
2,000.
2,000.
June
Dec.
June
Dec.
Dec.
1 1914
1 1914
1 1915
1 1915
1 1916
1 1916
Boston, Mass.—Bond Sale.—The following bonds, were
month of March to the Sinking Fund Commis¬
sold during the
sioners at par:
$13,150 3 !/2% tunnel and subway bonds maturing Jan. 1 1947.
4,100 3 l/$% Dorchester Street bonds maturing Jan. 1 1927.
Bowling Green, Warren County, Ky.—Bond Offering.—
Proposals will be received until 12 m. April 10 by the Board
Of Sinking Fund Commissioners for $20,000
public-school¬
building and $25,000 city-hall-building 4% coupon bonds.
Authority Section 158, Kentucky Constitution; also vote of
447 to 119 at election Nov. 6 1908 on the school bond issue
and vote of 555 to 258 at election Nov. 7 1905 on the
cityhall bond issue.
Denomination $500.
Date Jan. 1 1907.
interest semi-annually at Citizens’ National Bank of
Bowling
Green.
Maturity Jan. 1 1937. Bonded debt including this
issue $184,500.
Assessed valuation $3,900,000. The offi¬
cial notice states that there is no litigation now
pending or
threatened affecting this issue and that there has never been
default in payment of
obligations/
(P. 0. Bozeman), Gallatin
County, Mont.—Bond Offering.—Proposals will be received
until 2 p. m. April 30 by Philip Dodson, District Clerk, for
$36,000 coupon refunding bonds at not exceeding 6% inter¬
est.
Interest semi-annual.
Maturity twenty years, sub¬
ject to call after ten years. These securities are issued to
refund $36,000 of the $60,000 6% 15-30-year
(optional)
coupon bonds issued May 2 1892.
The remainder of the
bonds ($24,000) will be paid in cash.
Buffalo, Erie County, N. Y.—Bond Sale.—Under the
ordinance, the $81,970 79 4% judgment-funding bonds
recently authorized (see V. 84, p. 645) are to be taken at par
by the Perry Street Grade-Crossing Sinking Fund. Au¬
thority Section 16, Chapter 345, of the Laws of 1888. Date
April 1 1907. Interest semi-annually at the office of the
City Comptroller. Maturity April 1 1923.
Carbon County (P. O. Red Lodge), Mont.—Bond
Offering.
—Proposals will be received until 3 p. m. April 25 by G. L.
Finley, County Clerk, for $12,000 coupon bonds at not ex¬
ceeding 5% interest. Denomination $1,000. Date July 1
1907.
Interest semi-annual.
Maturity July 1 1927. Cer¬
tified check for $250., payable to the
County Clerk, is re¬
quired.
•
Celina, Mercer County, Ohio.—Bond Sale.—On April 2
the $6,000 4^% 1-6-year (serial). West Market Street
(vil¬
lage’s portion) bonds and the $22,000 4^2% 53^-year (av¬
erage) street-improvement bonds described in V. 84, p. 645,
any
any
Bozeman School District No. 7
„
were
,
awarded to the New First National Bank of Columbus
at 100.89.
Apr. 6
Chagrin Falls, Cuyahoga County, Ohio.—Bond Offering.—
Proposals will be received until 12 m. May 2 by H. D.
Bishop, Village Clerk, for the following bonds:
Denomination
Franklin Avenue assessment bonds.
$1,090., Maturity $1,090 yearly on Oct. 1 from 1907 to
4
5% 5-20-year (optional) coupon bonds described in V. 84,
at 100.60 and accrued
the optional date and
about 4.953% to the full maturity.
Following are the bids:
p. 706, were awarded to Pauline Bolin
interest—a basis of about 4.864% to
coupon.
1916 Inclusive.
coupon Franklin Avenue (village’s portion) Improvement
bonds.
Denomination $470.
Maturity $470 yearly on
Oct. 1 from 1907 to 1916 Inclusive.
% coupon Orange Street assessment bonds.
Denomination
$700.
Maturity $700 yearly on Oct. 1 from 1907 to 1916
4
4
Pauline Bolin
Street
(village’s
Douglas County School
Interest semi-annually at the Chagrin
Accrued interest to be paid by
purchaser. A certified check for $500, drawn on the Chagrin
Falls Banking Company or on Rogers & Son, payable to the
Village Treasurer, is required.
Charlotte, Mecklenburg County, N. C.—Bond Sale.—Ac¬
cording to local papers,the $175,000 4^% 30-year coupon
funding bonds offered but not sold on March 23 were awarded
on March 25 to MacDonald, McCoy & Go. and John Nuveen
& Co., both of Chicago.
Chisago County (P. O. Centre City), Minn.—Bond Offer¬
ing.—Proposals will be received until 2 p. m. April 18 by
A. B. Slattengren, County Auditor, for $28,674 97 5%
eounty-ditch bonds. Date Jan. 1 1908. Interest annually
at St. Paul or Minneapolis.
Maturity $4,674 97 Jan. 1 1911
and $4,000 yearly on Jan. 1 from 1912 to 1917 inclusive.
Certified check or certificate of deposit for 5% of bonds bid
for, payable to the County Treasurer, is required. Bonded
debt, including this issue, $63,000. Assessed valuation
$3,498,137.
|PfCincinnati, Hamilton County, Ohio.—Bond Sale.—On
April 1 the $204,000 3.65% 30-year hospital bonds described
in V. 84, p. 585, were awarded to the German National Bank
and the Central Trust & Safe Deposit Co., both of Cincinnati,
at 100.381, while the $40,000 3.65% 30-year water-main
April 1 1907.
Falls Banking Company.
Otis & Hough, Cleveland.
a
on March
for the issuance of $8,000
City Council
provement bonds.
than June 1 1907.
11 passed an ordinance providing
4% coupon Oakley Avenue im¬
Denomination $1,000.
Date not later
Interest semi-annually on March 1 and
Sept. 1 at the City Treasurer’s office. Maturity Sept. 1
1918, subject to call Sept. 1 1909.
Custer County Free High School District, Mont.—Bond
Offering.—The Board of County Free High School Trustees
will offer at public auction at 2 p. m. on May 6, at their office
in Miles City, an issue of $35,000 4J4% high-school bonds.
Denomination $1,000.
Date March 1 1903. Interest semi¬
annual.
Maturity March 1 1926, subject to call after
March 1 1916.
Deposit of 5% of bonds is required.
Cuyahoga County (P. O. Cleveland), Ohio.—Bond Sale.—
On March 30 the $21,470 5% (5-year average) coupon
North Ridge Road No. 2 improvement notes described in
V. 84, p. 764, were awarded to the Cleveland Trust Co. at
103.776—a basis of about 4.156%.
The following bids
were
received:
Cleveland Tr. Co., Cleve.a$22.280 92
Emery,And’son&Co.,CIcv.$22,114 10
Hayden,Mlller&Co.,Clev. a22,279 00 Well. Roth & Co., Clncln.a22.093 00
Otis & Hough, Clevcland.a22.225 00 Seasongood&Mayer, Clnc.a22.066 87
New FIrstNat.Bk.,Colum.a22,221 45 F. L. Fuller & Co., Cleve_a22,060 00
W. J. Hayes & Sons. Clev.a22.009 00
Security Savings Bank &
Trust Co., Toledo
a22,118 00 Denlson&Farnsw’th, Clev.a21,914 44
a
140,
awarded $1,300
For $4,400 bonds.
$6,489 33j Somerset Bank, Somerset..$6,801 65
| Dime Sav. Bank, Akron...a4,572 00
Eureka School District No. 45 (P. O. Eureka), Flathead
County, Mont.—Bonw.Offering.—Proposals will be received
until 2 p. m. April 25 by F. P. Garey, Chairman Board of
School Trustees, for $1,969 6% coupon additional school
bonds.
Authority election held Jan. 19 1907. Denomina¬
tion $500, except one bond for $469.
Date April 25 1907.
Interest annual.
Maturity April 25 1917.
Evansville School City, Vanderburgh County, Ind.—Bond
Offering.—As stated last week, proposals will be received
until 4 p. m. April 25 by the Board of Trustees for $132,000
3*^% coupon refunding and improvement bonds. Bids
for these securities must be made
*
on
blank forms furnished
by the city and each bidder will be required to file with his
bid an affidavit that he has not entered into any combination
collusion or agreement with any person relative to the price
to be bid by any one at the letting of said bonds, nor to pre¬
vent any person from bidding, nor to induce any one to re¬
frain from bidding, and that his bid is made without refer¬
ence to an}r other bid, and without any agreement, under¬
standing or combination with any other person in reference
to such bidding.
For details of bonds and terms of offering
see V. 84, p. 765.
Bonded debt, including this issue, $149,Assessed valuation 1908 $29,917,140.
000.
Falls City, Polk County, Ore.—Bonds Not Sold.—No sale
has yet been made of the $8,000 5% 5-10-year (optional)
gravity-water-system bonds described in V. 84, p. 407.
Proposals for these bonds will receive consideration at any
time.
Columbus, Franklin County, Ohio.—Bonds Authorized.—
The
No.
district
Bank & Trust Co. of Cincinnati at 106.05—a basis of about
$40,000
"$H04,000
Hospital bonds. Water-main bds.
German Natlonaj Bank, Cincinnati, and the
$40,206 40
Central Trust Co., Cincinnati
$204,777 31
40.508 00
W. M. Beazell, Cincinnati
l._
40,250 75
Atlas National Bank, Cincinnati.
40,200 00
Scasongood & Mayer, Cincinnati
204,714 00
40,108 00
Provident Savings & Trust Co., Cincinnati— 204,550 80
W. E. Meserole, Cincinnati (for $30.000)
30,200 50
10,026 50
Well. Roth & Co.. Cincinnati (for $10,000)..
500 63
Jewish Settlement (for $500)
500 00
District
4.625%.
Elyria, Lorain County, Ohio.—Bond Sale.—On April 2 the
four issues of 5% coupon improvement assessment bonds
aggregating $6,500 and described in V. 84, p. 525, were
awarded to Otis & Hough of Cleveland at 105.374.
Follow¬
ing are the bids:
bonds were awarded to H. M. Beazell of Cincinnati at 101.27.
The following bids were received:
Coitsville Township (P. O. Youngstown), Ohio.—Bond
Sale.—On April 1 the $30,000 4% coupon road-improvement
bonds described in V. 84, p. 645, were awarded, it is stated,
to David S. Loveland at par.
-..$5,005
.
Wash.—
6%
bonds to Wm. D. Perkins &
Co.,of Seattle, at par. Denomination $260. Date April 15
1907.
Interest annual.
Maturity April 15 1912.
Edgewood, Qa.—Bond Sale.—This place has awarded the
$12,500 5% 30-year electric-light bonds dated March 1 1907
and described in V. 83, p. 1605, to the Provident Savings
portion) Improvement bonds.
$125 yearly on Oct. 1 from
Joseph Franken (for $500)
5,025]
Bond Sale.—On March 25 this
well-construction and funding
Denomination $125.
Maturity
1908 to 1917 Inclusive.
Date
$5,0301 S. A. Kean, Chicago
State Treasurer, Cheyenne
inclusive.
4,Orange
'827
THE CHRONICLE.
1907.)
Fort
Morgan Irrigation District (P. O. Fort Morgan),
Morgan County, Col.—Bond Offering.—Proposals will be re¬
April 22 by the Board of Directors for
Tyler D. Hinkel is Secretary.
Goshen, Elkhart County, Ind.—Bonds Re-Awarded.—
Local papers state that the $50,000 4% 22-year refunding
ceived until 2 p. m.
$30,500 6% bonds.
bonds awarded to Breed & Harrison of Cincinnati on Feb. 25
(V. 84, p. 525) were subsequently refused by them and have
been re-awarded to MacDonald, McCoy & Co. of Chicago.
Guadalupe County (P. O. Seguin), Texas.—Bonds Regis¬
tered and Sold.—The State Comptroller on March 26 regis¬
tered $50,000 4% 10-40-year (optional) road bonds dated
Dec. 10 1906.
These bonds have been purchased by the
State Permanent-School Fund at par and interest.
Guilford County (P. O. Greensboro), N. C.—Bond Sale.—
On April 1 the $50,000 5% coupon highway-improvement
bonds described in V. 84, p. 707, were awarded to BumpusStevens & Co. of Detroit and A. J. Hood & Co of Detroit,
each receiving $30,000 of the issue at 107.05—a basis of
about 4.536%.
The other bids are as follows:
A. J. Hood & Co.. Detroit
$63,655 00! Prov. Sav. Bk.&Tr.Co..Cln$62.802 00
Union Sav.Bk.&Tr.Co..Cln 63,347 00| Emery Anderson & Co.,Chi 61,863 00
Seasongood & Mayer, Cln 63,177 80) Well, Roth & Co.. Cln
a63,500 00
MacDonald.McCoy&Co.,Chi 63,102 001 Otis & Hough, Cleveland.aCl ,950 00
] W. J. Hayes «fc Sons, Cle._a59,400 00
a Bids said to be Irregular and therefore not considered
Hamilton, Butler County, Ohio.—Note Sale.—On March
And accrued Interest.
Ohio.—Bond Sale.—On
April 1 the four issues of 5% l-10-jrear (serial) coupon streetimprovement bonds aggregating $6,260, and described in
V. 84, p. 585, were awarded to the Somerset Bank of Somer¬
set at 104.91 and accrued interest—a basis of about 4%.
The following bids were received.
28 the $9,000 5% street-improvement notes maturing May 1
1907 and described in V. 84, p. 646, were awarded to Mac¬
W. J. Hayes & Sons, Clev__$6,465 00
Delaware Sav. Bk., Delaw. 6,400 00
Security Savings Bank &
MacDonald,McCoy &Co.,Cln 6,470 50|
Trust Co., Toledo
6,345,00
$2,500 4 A% coupon Freedom Township road-improvement bonds.
Dt.
nomination $500.
Maturity $500 yearly on May 1 from 1908
Dalaware,
Delaware
County,
Somerset Bank, Somerset._$6,567 441
Delaware Nat. Bk., Delaw. 6,511,001
Otis & Hough, Cleveland.. 6,480 98|
Dickinson, Stark County, N. D.—Bond Offering.—Pro¬
posals will be received unf\il 6 p. m. April 25 by A. J. Osborn,
City Auditor, for $26,000 5% water-works bonds. Authority
Denomination
vote of 117 to 18 at election held March 11.
$1,000. Date day of sale. Maturity April 25 1927. Certi¬
fied check for $500, payable to City Treasurer, is required.
Donaldson School District (P. O. Donaldson), Kittsorf!
County, Minn.—Bond Sale.—This district has awardee!
$10,000 4% 20-year building bonds to the State. Interest^
annual.
Douglas Sch. D. No.17, Converse Co.,Wyo.—Bond Sale.—
building and the $1,500 refunding
On March 30 the $3,500
Donald, McCoy & Co. of Cincinnati at par.
Henry County (P. O. Napoleon), Ohio.—Bond Offering.—
Proposals will be received until 1 p. m. April 16 by F. J.
Beck, County Auditor, for the following bonds:
to 1912 Inclusive.
coupon Rldgevllle
Township road-improvement bonds. Denomination $500. Maturity $500 yearly on May 1 from 1908
rVto ljil2. Inclusive and $500 on Nov. 1 1912.
2,500 4 Vi%YyXfpon Pleasant Township road-improvement bonds.
De¬
nomination $500.
Maturity $500 yearly on May 1 from 1908
3,000 4
^
to
1912 Inclusive.
17,000 4 y,% coupon
15,000 4
✓
—
Marlon
%
Towmshlp
road-improvement bonds.
De¬
nomination $1,000.
Maturity $1,000 yearly on May 1 from
1908 to 1910 Inclusive; $1,000 each six months from N,ov. 1
1910 to May 1 1914 Inclusive and $2,000 each six months
from Nov. 1 1914 to Nov. 1 1915 Inclusive.
coupon Napoleon Township road-improvement bonds.
De¬
nomination $1,000.
Maturity $1,000 yearly on May 1 from
1908 to 1912 Inclusive; $1,000 Nov. 1 1912; $1,000 May 1
1913, and $2,000 each six
1915 Inclusive
months from Nov. 1 1913 to May 1
Authority Section 6 of the Laws of 1900. Interest semi¬
or draft for $1,000,
certified by the First
annual. Check
THE CHRONICLE
National Bank
by the Citizens’ State Bank of Napoleon,
required.
Hoboken, Hudson County, N. J.—Bond Offering.—Pro¬
posals will be received until 8 p. m., April 10, by the Mayor
and City Council for $20,000 4% registered or coupon fire
bonds.
Authority Chapter 5, Laws of 1907. Interest semi¬
annual.
Maturity twenty years. Certified check for $1,000
is required.
James H. Londrigan is.City Clerk.
The official notice of this bond offering will be found among
he advertisements elsewhere in this Department.
County (P. O. Jersey City), N. J.—Bond Sale.—
4 the $90,000 4% 20-year registered highwaybridge-reconstruction bonds described in V. 84, p. 765, were
awarded to the Sinking Fund at par and accrued interest
.
LXXXIA'.
Mamaroneck Union Free School District No. 1 (P.. O,
Mamaroneck), N. Y.—Bond Sale.—On April 2 the $41,000
4-23-vear (serial) registered school-house-addition bonds
described in V. 84, p. 708, were awarded to George M. Hahn
of New York City at 100.13 and accrued interest for 4.90s.
or
is
Hudson
On April
[Vol.
Interest semi-annual.
Bids
were
also received from W. J.
Hayes & Sons, Cleveland; Jas. Magoffin, Otis & Hough,
Cleveland, arid Emery, Anderson
Co., Cleveland.
Massachusetts.—Bond Sale.—On April' 3 the eleven
issues of 334% gold bonds aggregating $3,283,000, and de¬
scribed in V. 84, p. 70S, were awarded to Estabrook & Co.
of Boston and R. L. Da3T & Co. of Boston at their
joint bid
of 101.85—a basis of about 3.407%.
Following are the bids:
Estabrook & Co. and R. L. Day & Co., of Bost&n, for all
N. W. Harris & Co., Boston, for all or none..
or none
101.85
101.15
Merrill, Oldkam&Co., Bos. (for 5850,000 reg. Chas. Rlv. Basin bds.101.089
for 5300,000 coup.Chas.Rlv.Basin bds_ 102.399
Blodgett, Merritt & Co.,
for $300,000 coup. Chas.Rlv.Basin bds.102.57
Boston
for $300,000 Metropolitan Park bonds..101.16
Blake Bros. & Co., Boston, for $300,000 Charles River Basin bonds. 102.00
Dr. Theodore Chamberlain, for $20,000 bonds due Jan. 1 1947_.-._100
Islip Union Free School District No. 1 (P. O. Bay Shore;,
Suffolk County, N. Y.—Bond Offering.—Proposals will be
received until 1 p. m. to-day (April 6) by A. Downing, Presi¬
Medina, Orleans County, N. Y.—Bond Sale.—On March 26
dent Board of Education, for $25,000 school-building bonds.
$40,000 of the $60,000 sewer bonds described in V. 84, p. 708,
Denomination $1,000.
Date May 1 1907. Maturity $5,000 were awarded to the Farmers’ & Mechanics’ Savings Bank of
on May 1 of the yeais 1912, 1917,; 1922, 1927 and 1932.
Lockport and $20,000 to the Union Bank of Medina at par
Jamestown Union Free School District, Chautauqua and accrued interest for 5s.
A bid was also received from
County, N. Y.—Bonds Not Sold.—No sale has yet been made Emery, Anderson & Co. of Cleveland at par and accrued in¬
of the $105,000 4% bonds offered on March 20.
See V. 84, terest. Securities are dated April 1 1907 and will mature
one-fifth yearly on Aug. 1 from 1908 to 1912 inclusive.
p. 046, for description of securities.
Meridian, Lauderdale County, Miss.—Bond Sale.—This
Jersey City, Hudson County, N. J.—Temporary Loan.—
This city recently negotiated a loan of $238,000, in antici¬ city, according to local reports, recently sold
$40,000 434%
pation of taxes, with the Bernard Shanley Estate of Newark 30-year school-house bonds to the “Woodmen of the World”
at par, purchaser to pay cost of
at 4%.
lithographing bonds.
Midland School District No. 2 (P. O. Midland), Mo.-—
Kanawha, Hancock County, Iowa.—Bond Election.—On
April 25 this town will vote on the issuance of $5,000 water¬ Bond Sale.—On March 29 this district disposed of $50,000
works bonds.
5% 20-year coupon building bonds Denomination $1,000.
Interest semi-annually at National
Kittson County (P. O. Hallock), Minn.— Bond Sale.— Date March 15 1907.
Bonded debt, including
This county recently disposed of $15,464 ditch bonds to Bank of Commerce in St. Louis.
this issue, $75,000:
Assessed valuation $2,530,000.
the State of Minnesota.
Milton United School Districts Nos. 8,12, 93,153 and
La Crosse, La Crosse County, Wis.—Bond Offering.—Pro¬
160,
Sussex County, Del.—Bond
Offering.—Proposals will be re¬
posals will be received until 2 p. m. April 10 by William
Torrance, Mayor, and Joseph M. Sieger, City Clerk, for $20,- ceived until April 10 by Joseph M. Lank, Secretary (P. O.
000 4% coupon school-building bonds.
Denomination SI,- Milton), for $5,400 coupon school bonds at not exceeding
000.
Date July 1 1906.
Interest semi-annually at the Citj’’ 4% interest. Denomination $100. Date May 1 1907. In¬
terest annually on Sept. 1. * Maturity ten
Treasurer’s office.
years, subject tu
Maturity twenty years, subject to call call
part yearly.
after ten years.
Blank bonds to be furnished free of charge
to the city.
Minneapolis, Ottawa County, Kan.—Bond Sale.—On
March 27 the State 2\uditor registered $35,750
District,
Los
Laguna School
water-plant
Angeles County, Cal.—Bond
bonds.
These bonds have been sold to the State School
Sale.—On March 25 the $5,000 5% 1-10-year (serial) bonds,
described in V. 84, p. 708, were awarded to the Adams- Fund Commission.
Montezuma Valley Irrigation District (P. O. Cortez
Phillips Co. of Los Angeles at 104.20—a basis of about
Montezuma County, Col.—Bond Sale.—This district has
4.138%. Following are the bids:
Adams-Phlllips Co.,Los Any. $5,210 00 Los Angeles Tr Co., Los An_$5,155 00
arranged for the issuance of $795,000 bonds to the,Empire
Merchants’ Tr. Co., Los An. 5,200 25 J. W. Phelps, Los Angeles. 5,155 00
Construction Co., D. A. Camfield, President, in payment
J. B. Coulston
M.
C.
J.
&
5,188 00
Marble
Co
5,000 00
of the cost of a completed system of
W. R. Staats Co., Pasadena 5,161 00
irrigation. These bonds
Lakewood, Cuyahoga County, Ohio.—Bond Offering.— take the place of those awarded last August to T. C. Henry
Proposals will be received until 12 m. April 22 by B. M. & Sons Co. of Denver, which sale was never consummated.
Cook, Village Clerk, for $15,243 Coutant Street grading and
Montgomery County (P. O. Dayton), Ohio.—Bond
paving-assessment bonds. Denomination $1,524 30. Date Offering.—Proposals will be received until 12 m., April 23,
April 1 1907. Interest semi-annually at the Cleveland by T. J. Kauffman, County Auditor, for $50,000 4% bridge
Trust Co., Cleveland.
Maturity one bond yearly on October bonds. Authority, Section 871 Revised Statutes. De¬
1 from 1908 to 1917 inclusive. Certified check for 5% of
nomination $1,000.
Date May 1 1907. Interest semi¬
bid is required.
This offering is in addition to the $1,330 5% annually at the County Treasury. Maturity $5,000 yearly
Kenilworth Avenue bonds to be sold at the same time, the on Nov. 1 from 1909 to 1918 inclusive.
Certified check for
details of which were given in V. 84, p. 766.
5% of bonds bid for, drawn on a national bank or trust com¬
Lancaster, Fairfield County, Ohio.—Bond Offering.—Pro¬ pany and made payable to the County Commissioners, is
posals will be received until 12 m. April 26 by the City Audi¬ required.
tor for $25,000 4% municipal-hospital-construction and
Montpelier, Williams County, Ohio.—Bond Sale.—The
equipment bonds. Authority Sections 2835, 2835b and 2836 highest bid received on March 30 for the $5,000 4^4% 20of the Revised Statutes of Ohio.
Denomination $1,000.
year coupon street-improvement bonds described in V. 84,
Date Dec. 24 1906.
Interest semi-annual.
Maturity $1,000 p. 586, was submitted by Rudolph Kleybolte & Co. of Cin¬
yearly on Dec. 24 from 1913 to 1937 inclusive. Certified cinnati, who offered 107.07 and accrued interest—a basis
check for 2% of bonds bid for, payable to City Treasurer, is of about 3.985%.
The other bids were as follows:
Prov. S. B. & Tr. Co., Cln.$5,271 00 Seasongood &
Mayer, CIn..$5,232 80
required. Accrued interest to be paid by purchaser.
Well. Roth & Co.. CIn
5.262 50 MacDonald,McCoy&Co.,Ch. 5,227 00
S. B. & Tr. Co.,Tol 5,238 00 Hoehler & Cummings, Tol. 5,187 50
Lawrence, Essex County, Mass.—Temporary Loan.—This Security
Otis & Hough. Cleveland.. 5,235 75 W. R. Todd & Co., CIn
5,060 00
city recently negotiated a loan of $50,000 with-Blake Bros. &
Moorhead,
Monoma
Co. of Boston at 5.91%.
County,
la.—Bond
Offering.—Pro¬
Maturity seven months.
Limestone County (P. O. Athens), Ala.—Bond Sale.—We posals will be received until 8p.m. April 8 by the Town Coun¬
cil for $5,000 6% water-works bonds.
Securities are dated
are advised that the $135,000
4p£% 30-year gold road-im¬ May 1 1907. Maturity
twenty
years,
subject to call after
provement bonds voted on March 23 (V. 84, p. 766) have ten
years.
Certified check for $500 is required. These bonds
been placed with Otto Marx & Co. of Birmingham at par.
were offered as 5s on Feb. 15 but no bids were received
on
Los Feliz School District, Los Angeles County, Cal.— that
day. See V. S4, p. 466.
Bond Sale.—On March 25 the $10,000 5% 1-10-year (serial)
Neenah, Winnebago County, Wis.—Bond Sale.— On March
school bonds, described in V. 84, p. 708, were awarded to the
16 $76,000 of the $80,000 4J4%
coupon high-school-building
Hollywood National Bank of Hollywood at 104.40—a basis bonds mentioned in V.
84, p. 466, were awarded to Mac¬
of about 4.10%.
Following are the bids: «
Donald, McCoy & Co. of Chicago at 102.236 and accrued
Hollywood N. B.. Hollyw.$10,440 00 N. W. Harris & Co..
$10,347 75
—,
,
Adams-Philllps Co.,LosAn. 10,427 20 Los Angeles Trust Co
10,315
Merch. Tr. Co., Los Angeles 10,417 50 N. W. Halsey & Co., SanF 10,303
,T. W. Phelps, Los Angeles- 10,403 00 First Nat. Bank, Oakland. 10,231
J. B. Coulston
10,376 00 J. M. C. Marble Co
10,180
W.R.Staats & Co., Pasad.10,366 00
00
00
10
00
Madisonville (P. O. Ind. Sta. M., Cincinnati), Hamilton
County, Ohio.—Bond Sale.—On March 29 the $1,500 82
4% 10-year street-improvement bonds described in V. 84,
p. 586, were awarded to the First National Bank of Madison¬
ville at par.
This was the only bid received.
Magnolia, Pike County, Miss.—Bond Election.—The Mayor
and Board of Aldermen have called an election April 8 (post¬
poned from April 1) to vote on a proposition to issue $25,000
school bonds.
interest.
Nelsonville School District (P. O. Nelsonville), Athens
County, Ohio.—Bond Sale.—On March 28 the $50,000 4%
17M-year (average) coupon school-building bonds, described
in V. 84, p. 648, were awarded to
Rudolph Kleybolte & Co.
of Cincinnati at 101.27—a basis of about
3.90%.
^
New Decatur, Morgan County, Ala —Bond Offering—
Further details are at hand relative to the
offering on April
10 of the $25,000 5% gold coupon
school-building bonds men¬
tioned in V. 84, p. 709.
Proposals will be received until
12 m. on that day by Samuel Blackwell,
Mayor. Denomi¬
nation ,$500.
Date June 1 1907. Interest semi-annually
in New Decatur or New York City.
Maturity June 1 1932.
s
Apr. 6 1907
Bonds are tax-exempt.
Bonded debt, including this issue,
$55,000. Floating debt $4,500. Assessed valuation 1900
$2,034,632.
New Orleans, Orleans Parish, La.—Bonds Not Sold.—
No bids were received on March 26 for the $175,000 to $200,000
4% 10-20-year (optional) school-teachers’-sal ary bonds
described in V. 84, p. 527.
Newport, Newport County, R. I .—Temporary Loan.—
This city on April 3 negotiated a loan of $25,000, in antici¬
pation of taxes, with the Newport Trust Co. at 5)4% discount.
Loan matures Sept. 1 1907.
Newton
School
District, Jasper County, Iowa.—Bond
Offering.^-Proposals will be received until 7:30 p. m. June 6
by C. F. Morgan, Treasurer, for $40,000 school-building
bonds.
Denomination $1,000.
Maturity 10 years, subject
to call after 5 years.
Certified check for $1,000 is required.
New Ulm School District (P. O. New Ulm), Brown County,
Minn.—Bond Sale.—This district has awarded the $15,000
4% school-building bonds voted
on
Minnesota at par.
Denomination
1907.
Interest annual.
Feb. 26 to the State of
$1,000. Date July 1
New York City.—Bond Issues.—During the
March the following issues of corporate stock were
by the sinking fund as an investment:
Water supply
For various municipal purposes
In addition to the above stock,
bonds” (temporary securities) were
Amount.
§5,000
51,000
the following “revenue
issued:
Int. Rate.
Revenue bonds—current expenses
5%
Revenue bonds—special (on or after Jan.2’08) 4%
§475,000
Revenue bonds—special (Feb. 10 1908)— 4
%
300,000
Revenue bonds—special (Jan. 16 1908)
4
%
25,000
a
revenue
month of
purchased
Int. Rate. Maturity.
1956
3
3
1956
Purpose—
Total
bonds.
Amount.
$1,000,000
§1,800,000
April 5 the $5,000,000
3% 50-year gold canal-improvement bonds described in
V. 84, p. 648, were awarded $300,000 to various individuals
and banks and $4,700,000 to the sinking fund.
Nodaway County 102 Drainage District No. 1, Mo.—Bond
Sale.—An issue of $12,000 improvement bonds has been
awarded to Percival Brooks Coffin of Chicago.
Denomina¬
tion $1,000.
Date Jan. 2 1907. Interest semi-annually
in Chicago.
Maturity Jan. 2 1912.
North Dakota.—Bond Sale.—The following bonds were
recently purchased by the State Land Department of North
Dakota at par: *
Perry School District, Cavalier County—$2,200 4 % 20-year school bonds
County—§800 4% 20-year school-bonds
Antelope School District, Morton County
$1,200 4 % 15-year school bonds
dated Dec. 31 1906.
Sandale School District, Pierce County—§2,000 4% 15-year school bonds
dated Feb.11907.
North Yakima School District No. 7, Yakima County,
Wash.—Bond Sale.—On March 30 the $150,000 coupon
building bonds described in V. 84, p. 587, were awarded to
the State of Washington at par for 4% 1-20-year (optional)
bonds.
Purchaser to furnish blank bonds free of cost.
The other bids were as follows:
Thos. J. Bolger Co., Chicago—$153,151 25 for bonds bearing 5% annual
interest; also furnish blank bonds free of cost.
C. H. Coffin, Chicago—$152,011 for 5% bonds.
No check enclosed.
A. J. Hood & Co., Detroit—$150,000 for 5 % bonds.
No check enclosed.
S. A. Kean. Chicago—$152,250 for 5
also furnish bonds free of cost.
Owensboro, Daviess County,
Ky.—Bond Sale.—Local
bonds have
Co. of Cin¬
of $60,000,
papers state that $35,000 4% water-extension
been disposed of through Rudolph Kleybolte &
cinnati.
These securities are part of an issue
of which $25,000 have not yet been placed.
Palatka, Putnam County, Fla.—Bonds Not Sold.—No sale
made on March 26 of $30,000 5% paving bonds offered
on that day.
Pelham, Mitchell County, Ga.—Bonds Voted—Bond Offer¬
ing.—On March 26 this city authorized the issuance of
$15,000 electric-light, $12,000 water-works, $9,000 ice-plant
and $4,000 sewer 5% bonds by a vote of 190 to 0.
We are
informed that proposals will be received for these bonds until
May 1. Maturity from 1926 to 1936.
Peru Bottom Drainage District No. 1, Nemaha County,
Neb.—Bond Offering.—Proposals will be received until 1 p.m.
April 30, by T. J. Majors, Secretary (P. O. Peru), for $15,000
5% bonds. Denominations $500 and $100. Maturity
was
ten years.
E.MWeks,
Pike
County (P. O. Petersburg), Ind.—Bond Sale.—On
April 2 the $I£?272 4)<j% coupon Madison Township roadimproveme^fbonds described in V. 84, p. 767, were, awarded
to Rudolfm Kleybolte & Co. of Cincinnati for $16,376 15,
the price thus being 100.64.
^
Portland, Me.—-Note Offering.—Proposals will be received
until 11:30 a. m. April 8 by David Birnie, City Treasurer,
for the discount of a temporary loan of
in anticipation of taxes.
Notes will
issue and will mature Oct. 1 1907.
$100,000 or $150,000
be dated the day of
Porto Rico.—Bond Sale.—For report of sale
bonds see “News Items” on a preceding page.
of $1,000,000
Poughkeepsie, Dutchess County, N. Y.—Bond Sale.—As
March
bonds
was 100.50; this bid, however, was for. only $2,000 of the
stated in last week’s issue, the highest bid received on
29 for the $40,000 4% 20-year registered refunding
The award
bonds.
was
made
as
follows:
•
D. Brown, Rough. ($2,000)
100.50 IAV.Sherrill .Pough. ($6,000) .*100.00
Pough. (§8,000) .100.25 Sinking
Fund
Committee,
Pough.S.B.,Rough. ($16,000).*100.00
Poughkeepsie ($8,000)
100.00
*
And interest.
Ainceville),
Princeville School District No. 97 (P. O.
Peoria County, Ill.—Bond Sale.—On March 18 $6,000 of the
$7,000 5L£% coupon building bonds, offered without success
on Feb. 7, were awarded to Peter Auten, of
Princeville, at
cost of printing bonds, and attorney’s fees, while the
remaining $1,000 was taken by Henry C. Houston, of Prince¬
ville, at 103.40. See V. 84, p. 289, for description of bonds.
Reading, Hamilton County, Ohio.—Bond Sale.—The
Village Council recently awarded the $7,800 4% 19)/>-year
coupon street-improvement (village’s portion) bonds de¬
scribed in V. 84, p. 528, to Seasongood & Mayer of Cin¬
cinnati at 103.125—a basis of about 3.773%.
Following are
par,
the bids:
800,000
New York State.—Bond Sale.—On
dated Dec. 1 1906.
Kandiohl School District, Ward
dated Dec. 31 1906.
829
THE CHRONICLE.
j
Seasongood & Mayer. CInc_$8,043
S. Kuhn <fc Sons, Cincinnati 8,010
Well, Roth & Co., Cincln.. 7,975
Reading Bank, Reading.__ 7.919
75|Provldent Savings Bank &
60]
Trust Co., Cincinnati... $7,898 25
50 (Atlas Nat. Bank, Cincinnati 7,800 00
94 IW’. R. Todd & Co., Cincln. 7,800 00
& Rotterdam and Niskayuna School District No. 12, Schenec¬
tady County, N. Y.—Bond Sale.—On April 1 the $18,000
5% 3-20-year (serial) new school-house bonds, described in
V. 84, p. 767, were awarded to W. J. Hayes & Sons of Cleve¬
land at 100.266—a basis of about 4.97%.
Following are the
bids:
'
,
W. J. Hayes & Son. Cleve.$ 18,048
Geo. M. Hahn, New York. 18,023
001 W. N. Coler & Co., N. Y..$18,013 77
40| Edm. Seymour & Co., N. Y 18,000 00
Saginaw, Saginaw County, Mich.—Bond Offering.—Pro¬
posals will be received until 2 p. m. April 8 by Wm. Seyffardt, City Comptroller, for $20,000 4% water refunding
bonds.
Authority, the City Charter. Denomination $1,000.
Date April 15 1907.
Interest semi-annually at the City
Treasurer’s office
City.
or
at the current official bank in New York
Maturity $5,000 yearly
April 15 from 1909 to 1912
Cer¬
tified check drawn on some Saginaw bank, or New York
draft,-for 2% of the par value of bonds, payable to the City
Treasurer, is required. Bonds are tax-exempt.
San Antonio, Texas.—Bond Sale.—We are informed that
of the $55,000 5% 20-40-year (optional) improvement dis¬
trict No. 9 bonds dated April 1 1905 and of the $120,000 5%
20-40-year (optional) improvement district No. 11 bonds
dated Jan. 5 1906, offered without success on June 26 1906,
$17,000 of the former and $53,000 of the latter have been
nlaced.
The $43,000 5% bonds of'lmprovement district
inclusive.
on
Accrued interest to be paid by purchaser.
No. 10 offered last June with the above-mentioned i ssues
have not yet been sold.
See V. 82, p. 1339, for description
of bonds.
Sandusky, Erie County, Ohio.—Bond Offering.—Pro¬
posals will be received until 12 m. April 25 by Alex. M. Wag¬
ner, City Auditor, for the $22,000 4% coupon Monroe and
East and West Park Street (city's portion) paving bonds
described in V. 84, p. 710.
Denomination $1,000. Date
March 1 1907.
Interest semi-annual.
Maturity March 1
1917.
Certified check for $1,000 is required.
Sandusky School District (P. O. Sandusky), Erie County,
Ohio.—Bond Election.—On April 9 a proposition to issue
$35,000 school-building-improvement bonds will be sub¬
mitted to a vote of the people.
Sangamon County (P. O. Springfield), Ill.—Bond Election.
A special election will be held April 16 to vote on the ques¬
tion of issuing $150,000 1-10-year (serial) coupon funding
bonds at not exceeding 4)/>% interest.
Date July 1 1907.
Interest annual.
Siloam Springs School District (P. O. Siloam Springs),
Benton County, Ark,—Bond Sale.—Little Rock papers state
that this district has awarded $25,000 school-building bonds
Phoenix, Ariz.—Purchase of Plant Authorized.—Congress
just prior to adjournment passed a bill (approved March 4) to Henry Koppack of Kansas City, Mo., at 95. •
,V.ifvalidating the agreement entered into Jan. 15 1907 between
IT
Sweetwater,
Monroe
Tenn.—Bonds
County,
Not^Sold.—
the City of Phoenix and the Phoenix Water Co., whereby
No satisfactory bids were received on April 1 for the $30,000
the city purchases the plant of the water company for $90,000
water and $10,000 street 5% 30-year gold coupon bonds
in cash and assumes $60,000 first mortgage bonds of the
described in V. 84, p. 711.
company.
The Act also authorizes the city to use the pro¬
Swift County (P. O. Benson), Minn.—Bonds Not Sold.—
ceeds of the sale of $300,000 bonds provided for several years
No award was made on March 20 of the $15,000 ditch bonds
ago for the payment of the property and of the $60,000 mort¬
offered on that day.
See V. 84, p. 411. We are informed
gage assumed and for the improvement and enlargement of
the water system.
The matter, however, must be submitted that application has been made to the State for this loan.
to a vote of the people at the next general election.
The new
Tisbury, Dukes County, Mass.—Bonds Authorized.—This
bonds will be taken, when issued, by W. R. Todd & Co. of place has authorized the issuance of $95,000 4% coupon
Cincinnati, under agreement made with that firm some water-supply-system bonds. Denomination $1,000. Date
months ago.
Sept. 1 1906. Interest semi-annual. Maturity yearly on
830
THE CHRONICLE
[VOL.
LXXXIY.
Septal, $2,000 from 1907 to 1916 inclusive; $3,000 from
1917 to 1926 inclusive; $4,000 from 1927 to 1931
inclusive;
disposed of at
Toledo, Lucas County, Ohio.—Bonds Authorized.—The
City Council on March 11 pass2d an ordinance providing for
the issuance of $105,000 4% 10-year
coupon street-improve¬
ment and sewer bonds.
Denomination $1,000.
Date May 1
1907.
Interest semi-annually at the United States Mort¬
gage & Trust Qo., New York City.
Uhrichsville School District (P. O. Uhrichsville)/Tuscara¬
was County, Ohio.—Bond Sale.—On
April 1 the $5,500 4%
20-year coupon school-repair bonds described in V. 84, p.
711, were awarded to Seasongood & Mayer, of Cincinnati, at
101.536 and accrued interest—a basis of about
3.887%.
The following bids were received:
March. 14 $12,000 5% coupon water-works bonds were
awarded to Rudolph Kleybolte & Co. of
Chicago at 103.50
for bonds dated April 1 1907 and
maturing $500 yearly from
1909 to 1920 inclusive and $1,000
yearly from 1921 to 1926
inclusive.
The original advertisement provided
for $6,000
of the bonds to be dated June 1 1907 and
payable $500
yearly on March 1 from 1909 to 1920 inclusive, and $6,000
to be dated Aug. 1 1907 and
payable $1,000 yearly on Aug. 1
from 1921 to 1926 inclusive.
The following bids were re¬
ceived on this basis:
a private sale to O’Connor & Kahler of Chicago
basis a little lower than 5%.
West Salem, La Crosse County, Wis.— Bond Sale.—On
on a
and $5,000 from 1932 to 1936 inclusive.
Seasongood & Mayer, Cln__$5,586 lSlSec'ur. S. B. & Tr. Co., Tol..$5,515 50
Prov. S. B. & Tr. Co., CIn_ 5,569 85 MacDonald,McCoy & Co.,Cin 5,505 00
Brlghton-Gergian Bk., Tol_ 5,538 25| Emery,Anderson&Co.,Clev_
MacDonald .McCoy&Co. ,Chlc_ 102.09 | Wells &
Dickey', Minneapolis. 100.44
F. B. Sherman & Co., Chicago. 102.07 jstate Bank, La Crosse.
100.26
Thos. .T. Bolder & Co., Chicago 101.25 [Trowbridge & Niver
Co., Chic_100.09
Rudolph Kleybolte
Chicago
Chas. H. Coffin,
5,500 00
&
Co.,
|La Crosse Co. Bk., West Salem 95.00
Gllftllan, West Salem (for
101.001
$3,000)
104.00
101.04 | Mrs.
Chicago.T
Whitefish, Flathead County, Mont.—Bond Sale.—On
Viborg, Turner County, S. D.—Bond Offering.—Proposals
will be received until 8 p. m. April 22 by E. C.
Nelson, City March 23 the $20,000 10-20-year (optional) coupon water¬
Auditor, for $5,000 5% coupon water-works bonds. Au¬ works bonds, described in V. 84, p. 531, were awarded to
thority Sefttion 1391, Article 23, of the Revised Code of John Nuveen & Co. of Chicago at 100.75 for 6%s. A bid
1903; also vote cast at election Feb. 26 1907. Denomination of 100.255 for 5^s was also received from C. H. Coffin of
$1,000. Interest semi-annually at the office of the City Chicago but was not accompanied by a certified check as
Treasurer.
Maturity twenty years.
required.
Willis Independent School District (P. O. Willis), Mont¬
Wapella, Sask.—Debenture Sale.—On Feb. 18 the $4,000
gomery
County, Texas.—Bond Sale.—This d'strict recently
6% debentures mentioned in V. 84, p. 412, were awarded
sold the $3,000 5% 5-20-year (optional) school-house bonds
to O. Leger of Montreal.
mentioned in V. 84, p. 471, to
Montgomery County for
West Baton Rouge Parish Drainage District No. 1, La.—
$3,100—the
price thus being 103.333.
Bond Offerin'].—Proposa’s will be received until May 1 by
Woodbury, Gloucester County, N. J.—Bond Offering.—
D. Devall, Secretary (P.O. Chamberlin), for the $25,000 5%
Proposals will be received until 3 p. m. April 8 by Ernest
coupon public-improvement bonds mentioned in V. 84,
Redfield, City Treasurer, for.the $84,000 4% coupon sewer
p. 769. Authority Act 281, State Constitution, and Act. 145,
bonds offered without success on Nov. 12 1908.
Authority,
Legislature of 1902. Denomination $100; Date May. 1 an Adt of the State
Leg slature approved April 7 1890. De¬
1907.
Interest semi-annually at the Bank of West Baton nomination
$1,000. Date Jan. 1 1907. Interest semi-anRouge, Port Allen, La. Bonds are redeemable within ten inually at the
City Treasurer’s office. Maturity $3,000
years, at least $2,500 to be redeemed each year, by allot¬
yearly
on Jan. 1 from 1908 to 1931 inclusive and $2,000
ment.
Bonds are tax-exempt.
yearly on Jan. 1 from 1932 to 1937 inclusive. Certified
West Branch, Cedar County, Iowa.—Bond Sale.—The check for
$1,000, payable to the City Treasurer, is required.
$15,000 5% coupon water-works bonds offered without suc¬ Accrued interest to be paid by purchaser. Bonded debt
cess on Feb. 12 and described in V. 84,
at present, $71,500.
p. 470, have been
Assessed valuation 1908, $3,084,960.
NEW LOANS.
NEW
#30,000
CITY
OF
LOANS
938,000
Public notice Is hereby given In accordance
with the following resolution of the Council
of the City of Hoboken, passed on the 27th
day of February. 1907, and duly approved on
the 28th day of February, 1907:
Resolved. That the City Clerk be and Is hereby
directed t >advertise, according to law, for the pur¬
chase of $20,000.00 fire bonds, to run twenty
years from date of Issue and to bear interest at
the rate of four per cent per annum, payable semi¬
annually, said bonds to be Issued under Chapter 5
Laws of 1907, entitled “An Act to enable cities to
erect a fire house upon city lands, equip the
same
and Issue bonds In payment therefor,’'
that sealed proposals for the purchase of bonds of
the City of Hoboken, to be known as “Fire Bonds”
In the amount of twenty thousand dollars ($20,000). to run for a period of twenty (20) years from,
the date of Issue, registered or coupon, at the op¬
tion of the bidder, will be received at the regular
meeting of the Council to be held on
at 8 o’clock.
Bidders state prices on bonds bearing Interest
at the rate of four per cent per annum, payable
semi-annually.
All proposals must be directed to the Mayor
and Council of the City of Hoboken, N. J., and
shall be accompanied by a certilied check for one
thousand dollars (Si.000).
The Mayor and Council of the City of Hoboken
reserves the right to
reject any or all bids If
deemed In the Interest of the city so to do.
By order of the Council.
JAMES H. LONDRIGAN,
City Clerk.
Kleybolte & Co.,
Walnnt
Street,
CINCINNATI, O.
Municipal,
County,
State,
and
High-Grade
Public
W.
Specialists inINew Jersey Securities.
eisele &
INVESTMENT BONDS
,
Street,
BOSTON.
MUNICIPAL
AND
*
PUBLIC 8ERVICE CORPORATION
BONDS.
Blodget, Merritt & Co
King,
Members of New York and Philadelphia
Stock Exchanges.
757-7:59 Broad St.
NEWARK.
INVESTMENT BONDS
Lists upon request.
Denison &
Farnsworth,
BOSTON
CLEVELANDand PHILADELPHIA.
Established INNS.
H. C.
CITY
Speer & Sons Co.
Building, Chicago
COUNTY
AND TOWNSH'P
BONDS.
BANKERS,
S6SA0HAD 8TRKET, NEW YORK.
STATE
Clff ft R4II.ROAO
BONDS.
Mac
Donald,McCoy & Go.,
HU MCIPAL
A HD
C0RP0RATI0H
BONDS.
(8i La Salle Street,
Chicago.
MUNICIPAL AND RAILROAD
BONDS.
LIST
ON APPLICATION.
SEASONGOOD & MATER,
mercantile Library
Building,
,
CINCINNATI.
F. B. SHERMAN ft CO.
)
MUNICIPAL
AND
CORPORATION
)
BONDS
205 La Salle Street. CHICAGO
BONDS WITHOU? COUPONS
THE
Northern Audit
,
60 State Street, Boston
BANKERS,
Private Wires to
H.Y. and Philadelphia.
Philadelphia.
-
GIBSON,'
Borough Secretary.
First Nat. Bank
60 State
A.
Service
Perry, Coffin ft Burr,
New York.
rcceWed
Sealed bids will be
until MONDAY,
APRIL 22, 2 o’clock p. m.\ by W.A. Gibson,'
Secretary of the Borough of Tarentum, Tarentum,
Pa., for the purchase of $28,(n>ft coupon bonds,
dated May 1st, 1907, denomination $1,000
each,
numbered consecutively from 41 (a to 442,
bear
Ing Interest at 4b% per annum,
payable semi¬
annually from date hereof, free of Aax to holder,
and shall mature as follows:
Byaids numbered
from 415 to 424 Inclusive May 1 1927; Bonds
numbered from 425 to 434 inclusive, May 1, 1932.
Bonds numbered from 435 to 442 Inclusive, May 1,
1937, for the payment of costs, damages and ex¬
penses of grading, curbing and paving and for
sewering of the streets and alleys of said Borough
of Tarentum.
A certlfled check In the sum of $500 must
accompany each proposal, payable to order of
Mr.
A.
J.
Fulton, Borough Treasurer.
The
Borough of Tarentum reserves the right to reject
any or all bids.
Securities
Correspondence Solicited
Detroit.
CouporKBonds
WEDNESDAY EVENING. APRIL 10, 1907,
409
H. W. NOBLE & COMPANY.
HOBOKEN, Borough of Tarentum Pa.,
FIRE BONDS.
Albert
INVESTMENTS.
Company,
71 Broadway, New York
CHAS. GRISWOLD BOURNE, President
Telephone 54 J9 Rector
with 8teei-p ate borders, or 1th graphed, or pert¬
ly primed from type. If the latter, then can be
DELIVERED
IN FEW
DAYS
Certificates engraved !»• best manner, or eartlr
lirbograpned and partly printed
ALBERT B. KING ft
CO., 206 Broadway, N. Y.
Apr. 6
XVII
THE CHRONICLE.
1907.J
profit ©orapatties.
Louis, Mo
Clearing House
M-
Member
St. Louis
*
FESTUS J.WADE. '
President.
WM. MAFFITT,
Treasurer
Capital & Surplus,
on
Transfer of
Nov. 16, 1900
and Trustee.
DIRECTORS.
Nov. 16, 1901
$11,780,418 95
1902
$21,882,734 64
Nov.16,1903 821,766,471 73
16,1904 $26,608,716 93
$27,292,163 67
DAILY
BALANCES SUBJECT TO
TRUSTEE UNDER MORTGAG¬
CHECK.
ES.
TRANSFER AGENT.
REGISTRAR.
Stock.
ministrator
$4,429,448 02
r
T. Jefferson coolidge
Gordon Abbott,
Oliver Ames,
C. W. Amory,
Charles F. Ayer,
Samuel Carr,
B. P. Cheney,
T. Jefferson Coolidge,
Charles E. Cotting,
Howard Stockton.
Charles A. Stone.
Henry O. Underwood,
W. Seward Webb.
Henry C. Jackson.
16, 1906, $27,984,599 63
The Jrroof cf Good
service is Constant Growth
Safe Deposit
Boston
SlKPLls
-
(Earned)
Transacts a General
-
-
$1,500,1)00 Transacts
Banking and Trust
Registrar.
BOARD OF DIRECTORS:
N. YV. Jordan, Chairman.
William A. Gaston,
Elmer P. Howe,
John Lawrence,
John S. Lawrence.
Lester Leland,
S. E. Peabody,
Francis Peabody Jr„
Royal Robbins,
Henry A. Reuter.
P. L. Saltonstall.
T. Jefferson Coolidge Jr. R. Paul Snelllng,
C. F. Adams lid,
CHICAGO.
Capital} *■■■“• $2,000,000
Surplus and Profits 900,000
CHARLES G. DAWES, President.
W. IRVING OSBORNE. Vtee-President,
A. UHRLA Ui3. Vice-President.
WILLIAM R. DAWES. Cashier.
L- l>. '•'INNER
A«st. Oaohter.
WILLIAM W. GATES. Aart. Cashier.
A. G. MANG. Secretary.
Secretary.
TRUST
The Trust Company of
North America
Philadelphia.
__
ADAM A. STULL,
$1,000,000
President.
HENRY G. BRENGLE, 1st V ce-Pres. & Treasurer.
JOS. S. CLARK, 2d Vlce-Pres., Superv*g Trust Dept,
v HAS. P. LINEAWEAVER, Sec. & Asst.
Trust Officer
DIRECTORS.
Henry G. Brengle.
J. Levering Jones.
James Crosby Brown,
Malcolm Lloyd,
John Cadwalader,
John Mcllhenny,
Richard Wain Melrs,
E. W. Clark Jr..
Eckley B. Coxe Jr.,
Clement B. Newbold,
Edwin S. Dixon,
John \V. Pepper,
Eugene L. EllBon.
W bam F. Read,
Joseph C. Fraley,
I'rank Samuel,
Harry C. Francis.
Adam A. Stull/
Henry L. Gaw. Jr..
Edward D. Toland,
Joseph R. Walnwright,
William D. Wmsor.
Acts as
ExeciWor, Trustee,
Registrar, Etc.
Becomes Surety.
Complete Set of Safe Deposit
Vaults
Interest on Deposits
Howard S. Graham,
Samuel F. Houston,
Assignees.
Individuals.
Guardians,
deposit from
and
Corporations
Trustees.
Also acts as Trustee under Mortgages and a? Transfer
Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check.
OFFICERS.
DAVID R. WHITNEY, President.
CHARLES U. DAL ION. Vice-President.
CHARLES F CHOAFE. Vice-President.
FRANKLIN HAVEN. Vice-President.
JAMES R. HOOPER. Actuary.
HENRY N. MARK. secretar .
FRED K VV. ALLEN. Asst.See.ATreas
THOMAS E. EATON. Aset. Treasurer
Check
$1,000 000
2,000,000
■
•
•
•
•
Trust Officer
BOARD OF DlRECrORj
William Endlcott, Cnatrman.
Freder.ck P. Fish.
C.
Walter
Baynes,
JAMES LONGLEY, Vice-President.
WILLIAM C. WILLIAMS, Vlce-Pres’t.
G. E. GOODSPEED, Treasurer.
W. L. WHITNEY, Asst. Treasurer.
HENRY A. FENN, Sec. AMgr.Safe D.D’t,
Alfred
•
Morris Gray.
Franklin Haven,
P„. Hooper,
James M. Prendergast,
George S. Sllsbee,
Lawrence M. Stockton.
Natnamel Thayer,
George Wiggles worth,
David R. wnltney
Bowdltch,
Cnarles F. Choate,
James
Alexander Cochrane,
Edmund D Cod man,
T. Jefferson Cooddge,
Charles H. Dalton,
George Dexter.
H. D. HEATHFIELD, Assistant Sec.
F. J. BURRAGE, Assistant Secretary.
Philip Dexter,
William Farnsworth.
Mississippi
Valley Trust Co.
Fourth & Pine
Sts., St. Louis
ILLINOIS,
503-505-507 Chestnut St.,
and
CAPITAL. SURPLUS
TRUST COMPANY
CAPITAL
SURPLUS $2,000,000
Deposit Vaults
Authorized to act as jx ecu tor and to receive and
hold money or property in trust or on
Courts ot Law or Equity, Executors. Administrators.
CHARLES E. ROGERSON, President.
CENTRAL
BANKING, SAVINGS AND
DEPARTMENTS.
Charles W. Whittier.
Stephen M. Weld,"
FRANCIS R. JEWETT.
Frank W. Stearns,
Eugene V. R Thayer.
Charles W. Whittier,
ctX, Asst
Reginald Foster,
George P Gardner,
•
COOLIDGE Jr., President.
MALcoLM Mcbow
Trust
General
a
Capital - - - ■
Surplus (Earned)
CHARLES L. BURRILL, Vlce-Prest. &Treas.
J. H. PERKINS, Vice-President.
C. H. BOWEN, Secretary.
E. A. COFFIN, Asst. Treasurer.
G. W.
AURYANSEN
Asst. Sec.
OF
Philip L. Saltonstall,
Nathaniel Thayer,
Lucius Tuttle.
Safe
Acts as Trustee under Railroad and other
Mortgages and is authorized to act as Executor,
Guardian, Administrator and Trustee.
Eugene N. Foss,
T. JEFFERSON
Walter Hunnewell,
Thomas L. Livermore,
Charles
.viellen,
George V. L. Meyer,
Laurence Minot,
Richard Oiney,
Robert J. Paine, 2d,
CAPITAL, $1,000,000
MASS
Interest Allowed on Deposits Subject to
Rodolphe JL. Agassiz,
F. Lothrop Ames.
Hobart Ames,
Edwin F. Atkina.
Frederick Ayer,
Charles S. Bird,
A. G. Bullock,
Samuel Carr,
Gilmer Clapp,
Gordon Dexter,
William R. Driver
F. C. Dumalne.
Chairman.
BOSTON, lrfASS.
Banking Business.
Company Business.
Interest allowed on Deposits Subject to Check.
Trustee under Mortgages, Transfer Agent, and
c
BOSTON
•
$1,000,000
-
-
.
TRUST COMPANY,
Trust Company
COMPANY,
-
-
Eben S. Draper,
Frederick P. Fish,
AND
BOSTON, MASS.
CAPITAL
i
-
l he NEW ENGLAND
AMERICAN
TRUST
-
Henry S. Howe,
Robert F. Herrick,
Sidney YV. Winslow.
Nov.
Ju.,
Philip Dexter,
Galen N. Stone,
Quincy A. Shaw Jr.,
Nathaniel Thayer.
Wllmot R. Evans.
Frederick P. Fish,
Robert F. Herrick.
FrancD L. Hlgginson,
DIRECTORS;
BOARD OF
PHILIP STOCKTON, President.
Charles F. Adams 2d.
George E. Keith,
Orlando H. Alford.
Gardiner M. Lane.
F. Lothrop Ames.
Arthur Lyman.
John S. Bartlett,
Maxwell Norman,
Charles E. Cottlng.
Robert T. Paine 2d.
Alvah Crocker,
Andrew YV. Preston.
Livingston Cushing.
Richard S. Russell.
George A. Draper.
William F. Draper.
$7,000,000
-
TRANSACTS A GENERAL
BANKING
BUSINESS.
ALLOWS INTEREST ON
legal Depositary for Court Funds, and author¬
ized to act as Executor, Guardl.in, Ad¬
A
Nov. 16,1906
Allowed
and
$1,667,051 19
Nov.
Capital and Surplus,
a
Deposits Subject to CheckActs as Trustee under Railroad and other Mort¬
gages; also as Agent for the Registering
Interest
Nov. 16. 1899
16,
$4,000,000
-
-
BOSTON, MASS.
General Trust and
Banking Business
Transacts
RESOURCES
Nov.
TRUST CO.
MASS.
City Square. CHARLESTOWN.
16, 1899
Commenced buainess Nov.
BOSTON. MASS
BUNKER HILL BRANCH:
Association
Capital and Surplus, $9,500,000
STREET.
STATE
50
CO. OLD COLONY
TRUST
CITY
Mercantile Trust Co.
and
A
)S8.600.000
PROFITS)*^1
FINANCIAL
GENERAL
AND
Maryland Trust Co.
FIDUCIARY
BUSINESS TRANSACTED
John I. Beggs
Wilbur F. Boyle
James E. Brock
Murray Carleton
Charles Clark
Horatio N. Davis
John D. Davis
Aug. B. Ewing
BALTIMORE.
DIRECTORS
D. R. Francis
August Gehner
R. J. O'Reilly,MD
Henry W. Peters
H. Clay Pleroe
S. E. Hoffman
J. Ramsey Jr.
Chas. H. Huttig
Breckin’ge Jones James E. Smith
W. J. McBride
Robt. H. Stockton
Nelson W. McLeod Julius S. Walsh
Saunders Norvell Rolla Wells
Wm. D. Orthweln
-
John T. Hill,
Vice-President
$2,000,000
-
DIRECTORS
Joslah L. Blackwell,
Grier Hersh,
G. Clymer Brooke,
Ernest Hoen Jr.,
H. Carroll Brown,
George C. Jenkins,
John W. Castles,
Joshua Levering.
Joseph R. Foard,
B. Howell Griswold Jr.,
A. Barton Hepburn,
OFFICERS
WALSH. Chairman of the Board
BRECKINRIDGE JONES, President
JULIUS S.
JOHN D. DAVIS,
CAPITAL,
Oscar G. Murray,
Henry F. Shoemaker,
James Speyer,
Douglas M. Wylie.
OFFICERS
SAMUEL E. HOFFMAN, Vice-President
JAMES E. BROCK, Secretary
HUGH R. LYLE. Asst. Secretary
HENRY C. IBBOTSON, Asst. Secretary
C. HUNT TURNER Jr., Asst. Secretary
LOUIS W. FRICKE, Asst. Secretary
FREDERICK VIERLING, Trust Officer
GRIER HERSH
President
L. S. ZIMMERMAN
2d Vlce-Prest,
CARROLL VAN NESS
Treasurer
JERVIS SPENCER Jr.Asst. Treasure
Asst. Secretary
IVAN SKINNER
AMES, Asst. Executive Officer
CHARLES M. POLK. Asst. Trust Officer
WILLIAM G. LACKEY, Bond Officer
WM. McC. MARTIN, Asst. Bond Officer
TOM W. BENNETT, Real Estate Officer
GEO. KINGSLAND, Asst. Real Estate Officer
C. W. MORATH, Safe Deposit Officer
HENRY SEMPLE
Wisconsin
Trust Co
NOW READY.
FINANCIAL REVIEW.
.
MILWAUKEE.
1907 ISSUE.
Capita',
Surplus,
Transacts a
$500,003
100,000
---------
General Trust Co Business
Buys and Sells
High Grade Investment
OFFICERS.
OLIVER C. FULLER.
Bonds.
320
Pages.
yearly book of statistics covering a
of years’ crop figures, money
rates, range of prices for securities, &c.
A
series
PRICE. TWO
President.
FREDERICK HASTEN. Vice-Pr<~ident
GARDNER P. STICKNEY. Treasurer.
FRED C. BEST Secretary
R_ L. SMITH. A«s't
Secretary
DOLLARS.
r
Commercial & Financial Chronicle,
76M Pine Street, New York.
XYII1
THE CHRONICLE
V OL. LXXX1Y.
JErust ©oropauies.
Union Trust
BANKERS TRUST
COMPANY
7
Wall
8AMUEL G. BAYNE,
Pres. Seaboard Nat. Ba^k, N Y.
Pres. Chase Nat.
Pres. 1st Nat. B'k, Kansas City.
JOHN F.
Bank, N. Y,
GILBERT G. THORNE,
Vice-President.
Vice-Pres. Nat. Park Bank. N.Y.
GATES W. McGARRAH,
New York.
EDWARD TOWNSEND,
Pres. Mechanics’ Nat. B’k, N. Y
CANNON,
Pres Importeis’ & Traders’ Nat.
EDGAR L. MARSTON,
Vice Pres. Fourth Nat. Bk. N Y
Blair A Co.,
EDMUND C. CONVERSE,
Bank, N. Y.
Bankers, New York.
ALBERT H.
GEO. W. PERKINS,
J. P. Morgan A Co„ B'kers, N.Y.
WILLIAM H. PORTER,
President.
HENRY P. DAVISON
Vlce-Pres. First Nat. Bank, N.Y
Receiver
A
DANIEL G. REID,
i
THOMPSON
D. E. POMEROY
Nat.
EDWARD F. C.
Assignee and Receiver
and
»
BDWAKD KING President,
AUGUSTLS.W. KELLEY, Vice-PresidentJ. V. B. THAYER Vice Pre*' A 'ecretary.
E. R. MERRITT, 4th Vice-President
C c. Rawi i*G8, Trustt ffluer.
H. M.
POPHAM,
T.W.
HARTSHORNS,/Assistant Secretaries
H
M.
'
MYRICK,
MANHATTAN
SECRETARY
F. N. B. CLOSE
ASSISTANT treasurer
j
2d VKXB-PRISEDXNT
PRESIDENT
H. W. DONOVAN
Alex Smith Cochran,
Jobi. V. B I'hayer.
Amory 8. Car^art,
Walter P. Bliss.
Frederic deP. Foster
Alexander Maitland.
Registrar,
B. STRONG JR
MONEY.
TKUtoTLiLfa
James Henry Smith,
Charles li. Tweed,
James Speyer
Robert W. woelet,
William Woodward,
corporations,
E. C. CONVERSE
FOR
Deposits.
on
Edward King,
R. T WUi*on,
Chnries kl. Lelaud.
H Van R. Kennedy
W Ernlen Koonevelt,
J s i. Woodward.
Augustus VV KeLley,
N. Parker Hhortridge.
Harrison E. Gawxry,
YOUNG,
T. W. LAMONT
treasurer
Bank
Trustee
Receives Securities for *nfe
Keeping and
Collection of Income.
Takes Charge and Manages Real Estate
Pres. 1st Nat. Bank. Jersey City
OFPirPDQ
VrrlVtnQ.
VICE-PRESIDENT
or
LEGAL UEFOSJTAU1
Pres. Gallatin Nat. Bank, N.Y.
Transfer and Fiscal Agent t and aa Trustee
for Individuals
ALLOWS INTEREST UPON DEPOSITS,
J. F.
Executor, Administrator, Guardian
SAMUEL WOOLVERTON,
Pres. Com. Nat. Bans, Chicago.
Vlce-Pres. Liberty Nat. B’k, N.Y.
Acte a* Executor, Administrator and
Guardian
WIGGIN, '
Vlce-Pres. Chase
New York.
Pres. Chemical Nat. Bank, N. Y.
LS,
THOMPSON,
Vice-President.
THOMAS W. LAMONT,
8d
EDWIN M. BULKLEY.
Spencer Trask A Co., Bankers,
JAMES H. ECK
AUTHORIZED TO ACT A8
EDWARD F. SWINNEY,
V|fle-Pres. Corn Kxch. Ba., N. Y.
A. BARTON HEPBURN,
Co., New York.
$1,000,000 OO
$8,092,662 44
...
...
Allows Interest
WALTER E. FREW,
Pres. Bank of the Manhattan
f
CAPITAL,
SUJiPLUS,
DIRECTORS.
STEPHEN BAKER,
Broadway, Mew fork.
c
Surplus 8500,000
Profits, 8828,069
Undivided
JAMES G.
80
Street, New York.
Capital 8 1,000,000
Company
OF NEW YORK
TRUST CO.,
ASSISTANT TRUST OrFICXR
WALL ST.
cor.
NASSAU, NEW YORK.
Capital, Surplus and Undivided Profits,
hi
UNITED STATES
MORTGAGE & TRUST COMPAN
55 Cedar
Street
NEW YORK
73d Street and
B’way.
$3,000,000.
OFFICERS.
JOHN L WATEBBUBf, President
JOHN KEAN,
) Vlc.
4M0S TUCK FBENCH,
t
W. N. DUANE,
) rresiaenta.
l
Issues foreign and domestic letters of credit.
Pays interest
Special
on
deposits, subject
rates on time
iifl
to
check.
deposits.
’‘Ce,d
The Manhattan Trust Company receives deposit#
bearing interest and subject to cheque, payable
through the New York Clearing House.
DIRECTORS.
CAPITAL and SURPLUS. $6,000,000.
Francis R. Appleton.
Robert Bacon.
George F. Baker.
James J. HilL
John Kean.
John J. Mitchell.
August Belmont.
Walter P. Bliss.
Oliver IL Payne.
E. D. Randolph
S. W. Cannon.
Grant B. Schley.
EL J. CroBS.
8. L. Bchoonmaker.
John 1. Waterbary
Rudulpb Ellis,
Amos Took French
We refer you to The
pany, 135
regarding
Corporation Trust Com¬
Broadway, New York, for information
Girard Trust Company*
CAPITAL and
point involved in the organization
and taxation of business
laws of any
of the States
corporations under the
or
Territories.
SURPLUS, $10,000,000.
Chartered 1886.
Acts
any
R. T. Wilson.
aa
Executor, Administrator, Trustee,
Assignee and Receiver.
Financial Agent for Individuals
or
Corporations.
Interest Allowed
on
Individual and
Corporation Accounts.
Acts us Trustee of Corporation
Mortgages.
Depositary under Plans of Reorganization.
Registrar and Transfer Agent.
Assumes entire charge of Real Estate.
Hafes to Rent In Burglar-Proof Vaults
E. B. Morris, President.
W. N. Ely, 1st Vice-President.
A. A. Jackson. 2d Vloe- President.
C, J. Rhoads, 8d Vlce-Pres. and Treasurer.
Edward 8. Page, Secretary.
GUNN, RICHARDS
& CO
PUBLIC ACCOUNTANTS
43
EXCHANGE
PLACE, NEW YORK CITY
MANAGERHt
Etfilngnam B. Morris,
C. Hartman Kuhn
James Speyer,
Benjamin W. Richards,
Augustus D. Jnilliard,
John B. Garrett,
Edward J. Berwind,
William H. Jenks,
Randal Morgan,
William H. Gaw,
Kdw. T. Stotestmry.
John A. Brown Jr„
Francis L Go wen,
Geo. H. McFadden,
Henry Tatnall,
Isaac H Clothier.
Thoa. DeWitt Cnyler
Charles E Ingt-rsoll,
John Story Jeuks Jr.
Henr* B. Coxe Jr.
E. c. Felton
N, E. Cor. JBroad and Chestnut
Streets,
PHVV.ADFiTiPHV4.
1907 ISSUE
THE FINANCIAL REVIEW
Also at CHICAGO—First National Bank
http://fraser.stlouisfed.org/
p*j—&***&*
Federal Reserve Bank of St. Louis
Building,
MONTREAL—Bank
r
of Ottawa
BOSTON—50 Congress Street,
Building.
coEtslas a five-year monthly ranis
of prices
for stocks and bonds and other valuable sta¬
tistics
Price, $9
COMMERCIAL & FINANCIAL CHRONICLB
NEW
YORK-
Ape. 6
XIX
THE CHRONICLE
1907.)
Srwst ©eropautes.
Bowling Green Trust Co.
26
BROADWAY*
incorporated 1853.
NEWBYORK.
%M States Trust Company otfew York,
Capital, $1,000,000 Surplus, $3,000,000
OFFICERS:
45 and 47 Wall Street.
EDWIN GOULD,
...
President
WILLIAM H. TAYLOE,
1st Vice-President
GHAS. P. ARMSTRONG,
2d Vice-President
JOHN A. HILTON, Sd Vice-Pres. and Treas.
WILLIAM M. LAWS,
.
.
Secretary
DIRECTORS:
John A. Hilton,
Myron T. Herrick,
Edward T. Jeffery,
Charles P. Armstrong,
Frank Bralnard,
Harry Bronner,
J^ranklin Q. Brows,
RobertC. dowry,
Edmund C.
Converse,
Goepel,
A.
SURPLUS
AND
Edwin Gould,
Frank J. Gould,
George J. Gould,
UNDIVIDED
PROFITS,
JAMB8, Vice-President
AHERN, Secretary
EDWARDS, 2d Asst. Secretary
EDWARD W. SHELDON, President
D. WILLIS
KINGSLEY, Second Vice-Pres.
WILFRED J. WORCESTER, Asst. Secretary
HENRY E.
WILLIAM M.
Winslow 8. Pleroe,
Morton F. Plunt,
Dick 8. Ramsay,
Frederick B. Sehenok,
Androw Squire,
William H. Taylor,
Edward R. Thomas,
John P. Trueedell,
E. F. C. Young.
Wm. Nelson Cromwell,
Grenville M. Dodge,
$2,000-000
$12,801,046
CAPITAL
CHA8. A.
JOHN A. 8TEWART, Chairman of the Board of Trustees.
Hospital Colonial Trust Company
solicits the accounts of corporations, firms and individuals, and
Trust Company,
invites correspondence or personal interviews.
PROVIDENCE R. I.
Rhode Island
El.000.000
Si,500,000
304,000
CAPITAL
SURPLUS EARNINGS
UNDIVIDED PROFITS
DIRECTORS:
•
Royal C. Taft.
Robert H. L Goddard,
Rowland G. Hazard,
Geo. W. R, Matteson,
William D. Ely,
Robert 1. Gam mell,
8a ran el R. Dorrance.
Howard 0. Starves,
Ne*son W. Aldrich,
'
William Binney,
William B. Weeden,
Edward D. Pearce,
Stephen O. Metcalt
Walter R. Callender,
Gilbert A. Phillips,
Edward Holbrook,
James E. Sullivan,
Benjamin M. Jackson,
John B. Freeman.
Charles 8. Mellen.
Robert Knight.
John W. Danielson, /
Herbert J Wells,
John C. Pegram,
jLyman B. Got!,
Robert W. Taft.
HERBERT J. WELLS, President.
EDWARD 8. CLARK, Vice-President.
HORATIO A. HO NT, Vice-President.
WILLIAM A. GAM WELL, Secretary
PRESTON U. GARDNER, Trust officer.
CYRU8 EL LAPHAM, Asst. 860*7.
JOHN E. WILLIAMS, Asst. iWy.
HENRY L.8LADER. Asst. Sec’y.
WALTER Q. BROWN, Asst. Sec’y.
Interest allowed
at
daily balances, which
on
Certificates of
Deposit (time and demand) issued
222 Broadway, Now York.
St. Paul Building;,
Capital, Surplus and Undivided Profits,
JOHN E. BORNE, President.
RICHARD DELAFIBLD,
[ELD, \
CORD MEYER,
Vice-Presidents.
JAMES W. TAPPIN.
PHILIP 8. BABCOCK,
OK,
|
__
0*ERS00
*
Hugituejeve.
The American Mfg. Co.
MANILA 8I8AL AND JUTE
34TH ST. Sc FIFTH AVK.
INCORPORATED
ENGINEERS,
CONSTRUCT AND OPERATE
DESIGN,
RAILWAY
LIGHT, POWER,
$3,100,000
JOSEPH N. BABCOCK. Trust offioer.
ROBERT L. SMITH, Asst. Secretary
CORDAGE.
WEST lilftTH STREET.
THIRD AVENUE dc 148TH STREET.
No. 100
65
CHARLES T. BARNEY, President.
FRED’K L. ELDR1DGE, 1st Vioe-Presldent.
JOSEPH T. BROWN, 8d Vioe-Presldent.
B. L. ALLEN, Sd Vioe-Presldent.
WILLIAM TURNBULL, 4th V.-Pre
FRED’K GORE KING. Beo. and Treas.
J. MCLEAN WALTON, Asst. Secretary.
HARRIS A. DUNN, Asst. Treasaroi
-
EDMUND L. J UDSON, Seoy. A Treasurer.
.
t
No. 80 BROADWAY.
Byllesby & Co^
subject to check
sight
TRUST CO.
H. M.
are
Wall
8treetv
New
York.
Whiting Papers
TRUST DEPARTMENT:
WILLIAM B. RANDALL. Trust Offioer
HYDRAULIC AND
GAS PLANTS.
HARLEM BRANCH:
Examinations and
American
W. F. LEWIS. Manager.
Reports.
BRONX BRANCH:
JOHN BAMBEY Manager.
Trust Building., CHICAGO
The Audit company
of
New York,
ORGANIZED 1807.
FINANCIAL REVIEW
ANNUAL.
A
.
Year
Book
of
02.
Commercial It Financial Chronicle
NEW YORK:
48 Cedar Street
7«J4 Pine St., New York.
PHILADELPHIA.
CHICAGO.
HEW ENGLAND OFFICE:
Easton Bids., 15 State St.. BOSTON.
AUGUST BELMONT,
Acting President.
WILLIAM A. NASH,
JOHN J. MITCH ELI
GEORGE W. YOUNG.
Correspondence
and for General Business Uses are
standard, made in Ledger, Bond,
Linen and Pine Writing In variety.
Statistic*.
Bound In Cloth.
For Fine
WHITINC
New York.
PAPER CO.,
Chicago.
Philadelphia.
Mills: Holyoke, Maos.
-
Vice-Presidents.
EDWARD T. PE BINE, Gen 7 Mgr. and Treas.
F. C. RICHARDSON, Assistant Treasurer.
This Company Audits and Investigates Aocounti
BARROW, WADE, GUTHRIE & CO
CERTIFIED PUBLIC ACCOUNTANTS.
(New York and Illinois.)
and makes Physical Examinations of Properties.
Its Certificates and Reports are Prepared in behalf
of Merohants, Bankers, Corporations. Committees
and others, in strict confidence. The Company alsc
Devises and Installs
Keeping Acoomit. .
Money-Bavlng
NEW
Broad
Systems o<
■
-
YORK,
Exchange Building,
26 Broad Street,
William D. Mark?,
Ph. B.O.E.
Consulting Engineer and Statistician.
ELECTRIC LIGHT WORKS,
GAS WORKS
ELECTRIC RAILWAYS. OIL MOTOR CABS.
CHICAGO,
SAM FRA SC!SCO,
SEW ORLEANS.
Royal Insurance Building.
617 Market Street.
Hibernia Bank
Bldg.
LONDON, EHGLAHD,
18 8tt Siuithin’s
Lane, E. C., Cable, nAdorJest.n
I
S39 Park Row Blilg
,
New
York City.
THE CHRONICLE,
(tiattan.
[VOL.
ffitrauciaL
LXXXIV
ffttrauciaL
WOODWARD
&
COTTON
16 to
MERCHANTS
22 WILLIAM
°
FyERSZ ft COMf&NY GRANGER
STILLMAN,
STREET,
220 LA SALLE SC
226 La Salle SL,
or
CHICAGO CITY MORTGAGES.
HIGH-GRADE INDUSTRIAL BONDS.
CHICAGO REAL ESTATE BONDS.
CORPORATION 5 RAILROAD BONDS.
MERCHANTS,
16 to 22 William Street, New York.
Execute Orders for Future Delivery
COTTON
New Fork. Liverpool and New Orleans
Cotton Exchanges. Also orders for
<OFFER
At the New York (Jonee
Exchange
GRAIN AND PROVISIONS
at the Chicago Board of Trade and
GRAIN AND COTTON-SEED OIL
At the fsew York Produce
SEND FOR
Exchange
Broadway
NEW TORE.
( New York Stock Exchangx.
J New York Coffee Exchange.
memDers •%
(^ICAQO stock Exchangx.
\ Chicago Board or Trade.
DEALERS IN
CIRCULARS.
PEABODY, HOUGHTELING & CO.
Hubbard Bros. & Co.,
INVESTMENT
SECURITIES.
230 First National Bank Bldg.,
COFFEE EXCHANGE BUILDING,
HANOVER SQUARE.
71
CHICAGO.
Hentz & Co.,
Henry
COMMISSION
the
COMPANY,
BANKERS AND BROKERS,
RAILROAD BONDS
■GYPTLAN AND AMERICAN COTTON OF ALL
GRADES SUITABLE TO WANTS OF SPINNERS.
At
&
37 PINE St
NEW YORK
CHICAGO
NEW YORK.
Established
FARWELL
'BANKERS'
CHICAGO.
|
Established IW16.
i
NEW YORK.
COTTON
MERCHANTS.
Liberal Advances Made
Edwin L. Lobdell &>
Cotton
on
BANKERS AND
Conaignmenta.
Rotunda,
Hopkins, Dwight & Co.,
80
Co.,
BHOKERS,
Rookery
Bldg., Chicago.
Broadway, New York.
F. H. PRINCE &
CO.,
BANKERS.
(New York Stock
Exchange
Members (Chicago Stock Exchange,
(Chicago Board of Trade.
COTTON,
and
BOSTON, MASS.
COTTON-SEED OIL.
COMMISSION MERCHANTS.
Room 5‘A Cotton Exchange
NEW YORK.
Building.
Lihman, Stern & Co. Limited, New Orleans, La.
Bishop, Laimbeer & Co.
High-Grade
Mills
Members of New York and Boston Stock Exchange!
Building.
LEHMAN BROS.,
-
15 Broad St.
©ollott.
Nos. 16-22 William Street, New York.
Members of the Stock, Cotton, Coffee
and Produce Exchangee, New York.
INMAN
Orders executed on the aboro Exchanges, as well In
New Orleans, Chicago and foreign markets.
Cotton
&
CO.,
Merchants,
AUGUSTA, GA..
Siegfr. Gruner & Co.,
COTTON
MEECHANTS
17 South William Street,
NEW YORK.
Mason Smith &
Co.,
COTTON COMMISSION MERCHANTS,
NEW ORLEANS, LA.
MEMPHIS. TENN.
DALLAS, TEX.
Buyers of Spot Cotton. Orders for Contracts Exe¬
cuted in the New
Orleans, New York,
Liverpool and Havre Markets.
WILLIAM RAY & CO.,
SUCCESSORS
TO
GEO.
COPELAND & CO.,
COTTON BROKERS,
43 Cotton Exchange,
New York.
Orders for fntnre delivery contracts executed on
the New York and Liverpool Cotton Exchanges.
R. H. ROUNTREE & CO.,
Commission Merchants.
Cotton, Grain, Provisions and Coffee.
COTTON EXCHANGE BUILDING,
NEW YORK.
ROBERT MOORE A CO.f
56 Beaver
I
AND
Cotton
Exchange Building, NEW YORK.
BOSTON, MASS.
Bremen Correspondents.
INMAN & CO
W. R. CRAIG &
CO.,
Lord’s Court Building.
97 William ntreet.
NEW YORK
TeL No. 1018 Broad.
Cotton
Members
Merchants.
CHANGES.
COTTON PURCHASED FOR 8PINNERS’ USE.
LIVERPOOL COTTON ASSOCIATION
Future Delivery Orders Executed on above
Exchanges
Liberal Advancee Made on Cotton
Consignments
LEHMAN BRO&, New York.
Lehman, Stern & Co.,LtdCOTTON FACTORS and
C0MM1SS0N MERCHANTS,
Mew Orleans.
Orders lor futnre delivery executed in New Orleans
New York and Liverpool.
Liberal advances made on Cotton consignments.
Chapman, Selter & Allen,
COTTON BROKERS.
Cotton Exchange Bldg., New York.
Members of N. Y. and New Orleaa Cotton
Exchanges
Liverpool Cotton Association.
SMITH
&
HAYNE,
Frank B. Hayne (In Commendam.)
Cotton Brokers,
COTTON EXCHANGE BUILDING,
NEW
ORLEANS, LA.
ORDERS FOR FUTURE DELIVERY EXECUTED
IN NEW ORLEANS, NEW YORK AND
LIVERPOOL MARKETS.
COTTON
MERCHANTS,
Wm. P.Quentell.
R R. Coats.
-
-
9$
Broadwav,
New York.
CLEMENT &
1 Nassau
Price.
bveeial Partner.
Quentell, Coats &. Co.,
COTTON BKOKEllM,
S2 Beaver Street,
-
SMITh7
Street,
corner
New York,
Members N.Y. Cotton Exchange.
Associate Members Liverpool Cotton Association.
Wail Street.
Members of the New York Stock Exchange.
Bonds, Stocks, Cotton, Crain.
DICK
BROTHERS A CO.,
BANKERS AND BROKEU8,
30 Bread St.,
New Yark.
Members of N.Y. and Philadelphia Stock
Exchanges,
New York. New Orleans and Liverpool Cotton
Exchangee, New York Coffee Exchange
and Chicago Board of Trade
dtottou.
Stephen
M. Weld & Co.,
COTTON
MERCHANTS,
82*92 Beaver
Street,
-
New York City.
M. Weld A Co., 89
Liverpool Correspondents, Weld <6 Co.
Bremen Correspondents, Albrecht, Weld A Oo.
Geo. H. McFadden &
COTTON
Theodore H
.
-
BROKERS,
New York.
MEMBERS OF
NEW YORK. STOCK EXCHANGE.
Boston Correspondents, S.
State St., Boston, Mass.
GWATHMEY A CO.,
49 Cotton Exchange,
BANKERS AND
Successors to HAVEN A CLEMENT,
NEW YORK COTTON EXCHANGE
NEW ORLEANS COTTON EXCHANGE
NEW YORK COFFEE EXCHANGE
and
Established 1863. J
W. T. HATCH & SONS,
141 Milk Street,
Street, New York.
ORDERS FOR FUTURE DELIVERY EXECU¬
TED IN NEW YORK AND LIVERPOOL EX¬
Investments.
Members New York Stock Exchange.
MERCHANTS,
PHILADELPHIA.
Bro.,
NEW YORK.
Liverpool Correspondents:
FREDERIC ZEREGA & CO.
Bremen Correspondents:
MCFADDEN BROTHERS A OO.
Havre Correspondents:
tiOCIKTX D’lMPORTATION XT DK
COMMISSION
@FedFRASER