Full text of Commercial and Financial Chronicle : April 6, 1907, Vol. 84, No. 2180 [Copy 2]

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finanrial

TV

ommerciH
SATURDAY, APRIL

VOL. 84.

6

NO. 2180 .

1907.

CLEARINGS— FOR MARCH, SINCE J A N U A R Y 1 AND FOR WEEK ENDING MARCH 30.

1907.

1906.

Week ending March 30.

Three Months.

M arch.
Clearings at—

Inc. or
Dec.

1907.

!

1906.

Inc. or
Dec.

1907.

1906.

Inc. or
Dec.

1J05.

1904.

S
S
S
S
$
S
1
S
%
$
— 5.0 1,994,438,551 1,701,120,411 +^17.2 1,914,562,328 1,064.278,688
New Y o r k ___________ 9,562,277,803 8,377,234,189 + 14.1 26,531,45.8,463 27,939,858,391
90.770,421
143,503,833
— 6.7 116,480,404
133,947,166
— 4.2
1,922,743,572
1,842,171,568
— 2.4
654.622,505
638,870,194
Philadelphia________
32,172,249
43,051,619
50,901,960
— 7.4
47,140,515
+ 1.3
687,599,625
+ 5.3
697,044,515
229,590,182
241,654,858
Pittsburgh___________
18,920,911
20,603,099
+ 2.9
23,284,590
23,970.564
+ 4.5
379,063,936
362,721,638
117,872,030
+ 7.8
B a ltim ore ___________
127,014,515
4,883,400
5 444,622
5,818,231 + 2 7 .9
91,697,64.5 + 15.6
7,440,757
106,026,460
28.847,302 + 19.6
34,514,542
Buffalo______________
3,871,327
4,333,565
+ 2.0
5,456,880
+ S .0
5,351,585
73,134,040
79,002,357
+ 7.6
25,131,676
27,036.106
3,263,118
3.32*.140
4,296,354
+ 5 .9
6,850,921
65,343,125 + 46.1
95,451,513
32,705,512
20,913,759 + 56.4
A lbany______________
2,754,951
2,047.064
3.295,236
2.989,755 + 10.2
17,220,620
49,951,368
— 5.5
+ 1.6
15,792,325
16,046,496
R o ch e ste r ___________
1,518,451
1,394.679
+ 1.9
1,912.854
2.5,497,060 + 10.3
1,948,824
28.121,282
8,308,029 + 12.6
Scranton ____________
9,353,118
1,834,116
994.534
1,070.899 + 60.5
.1,718,120
20,377,316 + 25.8
25,631.825
6.168.323 + 40.6
8,670,603
S yracu se____________
1,118,839
1,086,491
+ 9.8
1,262.261
+ 2.9
1,380,964
16.979,582
17,465,647
+ 7.1
5,766,585
6,173,393
W ilm ington__________
1,115,801
1,339,539
+ 8.8
1,249,340
1.148,747
1.5,191,729 + 12.6
17,101,146
5,269,821 + 11.3
5,867.703
Reading ____________
748,173
773,615
883,610 + 2 8 .4
1,134,189
13,598,135 + 10.3
15,002,144
4,387,180 + 17.7
5,164,156
W ilkes-B a rre_______
630,912
714,677
900,91.5
+
15.5
1,040,208
— 2.5
13,414,949
— 3.6
13,150,342
4,735,069
W h e e lin g ___________
4,565,583
323.346
42.S ,711
538,707 + 29.2
696,024
7,974,506 + 10.4!
8,805,018
2,525.461 + 16.4
2,939,741'
Erie ...............................
392,000
383,700
409.000 + 23.5
505.090
+ 2.4
7,058,900
7,226,900
2,308,£00
— 1.8
2,355.600
B ingh am ton ________
344,634
415,744
— 7.7
457,529
422,413
6,‘'03.310
— 3.9
6,345,746
— 8.4
2.241.324
C h ester _____________
2.052,725
396,779
321,131
450.232 — 14.8
383,353
+ 9 .2
6,033,843
+ 5.2
6,351,177
2,136,685
2.248,814
G reensburg__________
179,015
183.045
230.000
+ 5 .9
243,538
— 7.1
3,688,371
3,426,651
1,328,264 — 11.0
1.182.387
__3 3
— 2.9
2,454,103
2.382,934
871,605
842.804
Frederick____________
:::::::
:
:
:
:
:
:
:
in
total
Not
included
in
total
894,035
N
ot
included
in
total
N
ot
included
12,801,751
Harrisburg ..................
4,408.9^3
Not included in total
N ot included in total
in total
— 4.5 2.233,268,563 1,946,531,473 + 14.7 2,118.487,707 1,229,517,171
T ojal Middle______ 10,731,536.658 9,516,141,814 + 12.8 29,928,750,244 31,331,981,208
116,101.227
140,794,922
142,720,714 + 19.9
171,180,804
+ 6.8
2,178,076,979
2,327,111,393
683,800,433 + 11.1
759,442,676
6,420,000
0,527,400
6 ,012,000
+ 7.9
7,138,200
103,346,300
+ 1.1
104,490,400
+ 3.8
32,898,800
34,163,400
P rov id en ce......... ........
2,353,771
2,960,539
2,972,049
+ 5.3
3,131,335
46,171,032
+ 4.7
48.353.502
+ 9 .3
15,636,753
H a r tfo r d ____________
17,091,0.51
1,704,153
2,125.052
+ 6.8
1,972,655
2.107.980
+ 8.1
32,431,479
29,996,853
9,591,446 + 13.9
New H aven_______ _
10,923,375
1,485,459
— 5.0
1,480.5S1
1,675,751
1.591.981
— 3.9
23,734,475
22,803 813
7,727,208 + 0 .0 5
7,730,812
Portland ........... ...........
1,110,484
1,201,249
1,514,597
+
12.4
1,702,656
+
1.6
20,430,366
20,767,514
7,784,644
—
9.5
W orcester___________
7,043,403
1,302 587
1.301,178
1.469,470 + 3 1 2
1,928.176
22,212,757 + 19.6
26.571.503
7,411,059 + 16.2
8,610,534
Springfield....... ............
614,596
051,504
642,676 + 8 2 .0
12.826.270 + 18.0
1.169.858
15,139,219
3,784,665 + 37.4
Fall R iv e r ________
5,198,585
436,256
451,815
334,940 + 60.6
557.570
9,300,712
8,003,518 + 16.2
2,568,088 + 11.9
2,874,885
465,855
421,373
+
15.6
397,774
4.59,30.5
+
12.5
5,871,580
+
7.0
6,605,723
1,974,889
2,113,860
H olyok e........................
391.209
352,198
370,844 + 17.6
6.217,746
+ 2.7
4.36.042
+ 8.1
6.388.574
1,932,141
L o w e ll______________
2,089,811
132,346,586
+
19.1
158,373,482
100,684,070
+
6.6
191,403.907
2.456.887,876
2,619,963,832
+
13.2
775,110,126
857,282,392
Total New England
17.3,553.510
179,074,700
188,254,704 + 18.5
222,457,795
2,740,291,671 + 10.7
3,034,324,315
927,753.448 + 14.9
Chicago ........................ 1,065,975,562
22.153,450
22,354,650
23,314,900 + 13.7
26,514,100
331,488,650
+ 8.3
359,095.800
+ 7.6
109,381,550
117,640,550
Cincinnati___________
12,328.583
13,902,403
15,360,288
12,934,868 + 18.8
191,560,190 + 13.5
217,457,342
62,177,303 + 18.7
73.818,643
C levela n d ___________
8 411,102
9,069.119
+
I0.6
10.00S,318
11,669,332
154,863,078 + 10.0
170,366,146
57,986,982
51.708.179 + 12.1
D etroit_____ _________
7,115.333
6.700.816
7,380,717 + 29.0
9,519.679
122,858,355 + 15.2
141,560,006
40.571.180 + 14.2
M ilw a u k ee__________
46,317,518
5,857,192
0,102,572
+
2
3
.2
6,665,700
5,412.317
+
22.3
85,422,642
104,507,651
+
2
3
.5
33.Q99.026
26,808,384
Indianapolis________
4,000,000
5,482,200
4,738.200 + 16.7
5,529,000
+ 1.2
69,848,000
70,717.000
+ 4.4
23,280,600
24,311,200
C olu m bu s___________
2,760,249
5,046.228
+
15.9
3,386,732
3,923,625
52,619,726
+ 2 .3
+ 2.0
53.852,678
18,730,008
T o le d o ______________
19.091,897
2,502,971
— 8.6
2,593,479
3,124,152
2,854,570
44,786,170 — 15.0
38.074.534
13,898,600
16.119.181 — 13.8
P e o r ia ______________
1,524.637
+ 3.7
1.837,225
1,893,828
1,963,606
+ 7.3
28,275,934
30,351,268
+ S.8
10,087,842
9.275.005
Grand Rapids_______
1,560.770
1.726,499
1,758,290 + 15.9
2,037,652
+
11.7
24,900,883
27,820,415
8.480.22.5 + 15.4
0.786,S74
1,055.118
1,246,809
+
2
4
.7
1,271 107
1,585.127
20,793,224 + 20.8
25.127,699
7,100,203 + 24.6
8,846,157
641,914
636,174
— 6.4
840,902
+ 3-0
786,707
11.039,277
+ 1.6
11,372,618
4,238,804
4,30.5,7.57
Springfield, 111______
684,434
739,774
776,796 + 2 7 .6
990,858
11,363,198 + 17.7
13,376,964
4.625,938
3.817,738 + 21.2
K ala m a zoo__________
422.517
526,139
—
14.6
760,836
fi649„523
+
7.8!
9,059,657
9,762,287
+ 4 .9
3,100,229
3,252,925
Y ou n gstow n ________
900.972
759,046
— 3.5
653.697
630,725
9,899,842
— 2.71
— 5.2
9,633,945
3.494,972
3,313,017
L exin gton ___________
434.034
496.678
567,541 + 39.0
789,150
7,150,682 + 18.11
8,445,260
3,284.099
2,646,764 + 24.1
584.735
561.666 + 36.3
765.424
9,576,909
+ 6.4
10,185,766
3,005,826 + 14.8
3,451,928
463.000
485.000
511,100
+
2
9
.5
602.000
6,727,600
+
3
2
.8
8,932,677
2,273,300 + 27.8
2,905,160
440,865
405,225
434,912 + 19.5
519,760
— 4.2!
7,347,637
7,040,944
— 9.5
3,048,684
3,368,131
665.112
603,030
403,331 + 23.5
5,744,231 4-18.7
498,163
6,818,825
1,959,837 + 22.0
2,389,898
Canton _____________
344.S40
456.896
5,363,478 + 26.9
339,110 + 41.7
480,695
6,804,767
2,144,983 + 25-2
2,685,241
Q u in c v _____________
336.787
330.603
+
22.0
312,309
380,884
5,366,921
+
5
.7
5,672,331
1,539,556 + 25.5
1,932.099
Sorinerfield, O hio____
151.202
205,437
300.906 + 10.1
4,408,952
4-2.4
331,275
4,513,246
+ 5.9
1,511,306
1,599.828
Mansfield ___________
329.017
+
31.2
292.879
384,257
5,475,789
+ 7.4
5.881,9.59
1,569,538 + 16.7
1,831,934
314,850
236,343
+ 15.0
251.088
289,349
4,184,181
+
22.7
5,135,014
+
27.8
1,774.693
1.388.74S
IreCatur........................
234,361
221,336
— 1.0
° 2 ° r>07
3,741,011
219,935
— 5.5
3,535,494
— 6.3
1,489,265
1,395,981
Jacksonville, 111_____
20.5.000
246,000
1921305 + 42.9
274,K00
2,851,007 + 3 2 .8
3,787,272
1,356,349
1,041,785 + 30.2
Jackson _____________
97.748
90.053
92,413 + 37.9
4-7.8
127.398
1,631,991
1,758,974
+ 7.2
566,262
606,827
Ann Arbor _ _ _____
248.961,304
263,847,503
+
17.7
+
10.5
270,992,737
3,978,640,8S6
318.861.3S6
4,395,913,197
Total Middle W est. 1.524,621,209 1,340,539,310 + 13.7
28.725,066
+ 7.8
31,237.703
38,940,707
42 008.361
541,457,442 + 10.7
+ 0.4
599,364,942
199,665,648
200,558,252
San Francisco_______
5.854.700
+ 6.7
7,281,737
10.572.675
11,280,684
143,306,076 + 17.1
+ 6.0
167,819,063
53,188.389
56,383.494
Los Angeles..... ............
3.533 '56
4,185,797
+ 3 .5
8,108.097
— 1.0
115,440,672
8,392,895
— 4.9
114,278,694
43,368.848
41,241,421
Seattle _......................
3,470 43
3,387,038
3,9.52,294 + 58.2
6,253.889
59,503,319 + 42.9
85,055,340
22.381,401 + 47.2
32,927,609
P o rtla n d ____________
1,948 *36
2.562,071
3.709.351 + 24.9
4.633,348
74,187,011
+ 0.8
74,803,548
23,238,064
19,701,703 + 18.0
Salt T,ake City_______
1.912,940
2,784,596
3,808,829 + 19.8
4,563,940
47,829,683 + 19.2
57,011,086
17,079,259 + 16.6
10.921,395
T a co m a ........................
1,943.706
3.054.039 + 60.9
2,089,215
4,915,760
46,781,470 + 37.8
64,445,111
16,667,706 + 39.7
23,276,696
Pnokane______ . _____
466,000
450,000
837.057 + 13.5
724.234
9,519,824 + 12.1
10,670,199
3.871,866
3,476,624 + 11.4
Helena ______ ______
312 211
464,244
344,929 + 38.1
476,175
+ 1.8
6,328,459
6,442,862
2,187.9.53 + 22.8
2.685.701
Fargo
___________
248,824
276,373
297.092
+
72.'513,500
4,431,398 + 2 5 .1
5,544,401
2.176.701
1,541.425 + 41.2
Sioux F a lls __________
2,713,155 Not included in total
N ot included in total
47,998,692
14.941.44S Not included in total
iru-lude-: in totai
------------N ot included in total
__
Not included in total
48.421,772
55,317,434
73.631.070 + 1 3 .S
83,726,786
1,048,785,364 + 13.0
1,185,435,246
+ 7.1
379,258,956
• 406,282,099
Total Pacific______
19.383,163
20 841.149
28.329.987
21,171.227 + 3 3 .8
320.9S2.524 + 23.1
395,241,781
107,116,209 + 27.7
136,754,040
Kansas C i t y ________
15,679,354
11.207,887
15.468.949
+
5.7
222,151,308
+ 4.2
16,350,937
+ 7.2
231,435,818
76,346,774
81,854,917
Minneapolis..................
7,814.50 i
7,169.806
8,617,310 + 22.4
10,546.649
123,959,330 + 13.7
140,912,156
47,107,130 + 15.6
Omaha _____________
54.461.881
4,457,390
5,474,478
6,054,523
+
17.7
7,127,086
+
17.1
90,966,718
106,479,074
+
17.5
37,385,059
31,807,315
St. Paul........................
3.495
.>94
5,180,705
6,329,657
+
14.1
7,219,977
83,722,012
+
17.1
98,016,958
28,019,116 + 20.4
33,723,189
D enver..... .....................
4,646,200
3,912.552
+ 7.4
4.686.213
5,034,497
76,900,688
68,422,704 + 12.4
25,050,929 + 11.0
St. Joseph....................
27,802,971
2,600.759
2,320,558
2.357,8.55 + 21.0
2 S52.192
34,739,462 + 19.4
41,488.920
13,263,662 + 16.2
15,406,441
Des Moines__________
1,000.920
1,300,589
1.856,130 + 33.7
23,983,690 + 20.0
2,482,452
28,784,763 "
8,714.336 + 19.0
Sioux C ity___________
10.372,997
1,001.481
1.116,308
+ 2.0
1,067.860
1.088,863
14,180,165 + 17.1
16,599,615
— 5.1
5,538.821
5,833.518
D avenport___________
1,256.030
1.059,596
1.000,7‘n + 39.9
1,400,9.50
13,478,384 + 26.3
17,027,0S2
4,513.8.38 + 30.6
W ich ita _____________
5,894.983
799,266
1,043,042
654,897 -*-47.9
968,280
+ 8 -3
11,355,551
+ 5-0
12.299,972
3,706,287
3 891.473
455,718
521.765
600,000 + 10.0
660,000
+ 2.6
9,320,273
9,567,196
+ 4.S
3,019,911
3,1 "0,203
Colorado S p rin g s____
414.788
435,443
+
2
9
.5
457.663
592,698
8,069,284
+
14.7
9,2.52,800
3.874,659
2,996,692 + 29.3
Cedar R apids_______
341.021
374.299 + 33.6
500.000
6,230,739 + 19.2
7 428,159
2,400,000
1,942,949 + 23.S
P u e b lo ______________
160.342
+
43.0
194,035
245.337
3.678.540 + 24.7
350.S95
4,586,685
1,549,849
1.330.006 + 16.5
1,239.360 N ot Included In tota
Not included in total
17,414,841
6,775,485 Not included in total
in
tot'i'
N
ot
included
in
total
Not
included
____________
—
in
tota
Not included
Springfield, M o______
57 987.005
70,942,712 + 20.5
68,023,278
85.505.463
1,035.240,684 + 15.5
1,196,030,667
360,768,672 + 17.6
Totai other W e s t ..
424,061,483
48,448.244
+
12.6
50,676,904
54.151.714
57,038,640
762,431,487
+ 5.4
803.698,760
+ 8.9
248,625,935
St. Louis____________
270,827,928
14,604,625
18,081,442 — l l.S
16.320.290
15,950,462
— 0.2
276.301,758
275,764,715
— 1.5
84,640,779
New Orleans________
83.385,193
10,905,850
11.432.140 + 14.6
] 2,351.795
13,104,049
177,193,20*’ + 0 .0 2
— 0.0
177.225.983
58,537,915
58,535,486
Louisville ............. ......
5.438.818
0,789.955
8,683.107
10,737,002
+
23.7
114,615,473 + 29.8
148,807,964
36,221,813 + 15.1
41,696.289
H o u s t o n ....................
3.744.500
5,232.000
4.752,700
6.299.500
+ 20.4
74,599,000 + 2 7 .7
95,235,000
24,521,500 + 23.7
30,338,500
G a lv eston ___________
3,795,405
4,406,458
5,590,002
4.792.324 + 16.7
80,076,548
+ 2 .3
+ 8 .r
81,903,411
24,901,718
27,039,233
R ich m on d ___________
2.962.852
5.190.221
3.S98.S24
4.680.890
—
10.7
74.193,434
67,8.56,046
—
8.5
—
1
1
.2
2 1 ,1 9 6 ,1 0 2
23,871,016
M em phis____________
2,523,164
2.969.C42
4.257,686
3,775.125 + 12.8
59,948,297 + 17.7
70,542,078
19.553,133 + 13.1
A tla n ta _____________
22,117,5.52
1,839,860
3.032.204
3,399.286
4.116
955
— 17.4
56,133.158
— 9.3
,50,900,682
19,452,355 — 1 1 .1
17,287,9.54
N a s h v ille _____ _____
2,550.453
2.463 209
3.762.80.- + 24.9
2,824,910
53.354.224
+ 5-5
— 3.9
56,283,413
16,182,388
Savannah ___________
15,551,230
1,233.658
2
824.3I
f
3.772,825
2,327.124
+
62.1
36.780,100
+
3
9
.6
51,325,520
+
49.2
11,386,157
Fort W orth _________
16,988,452
1.426,388
1.110.633
1,828,222
1,990,59T
— 8.2
24.049.200 + 19.5
28,746.823
8.430,315 + 1 2 .0
Birm ingham ________
9,495.466
1,7^2.194
1.651.976
1.821.120 + 33.3
2.427,367
27,509,193 + 2 6 .6
34.826.352
11.6SS.491
9,101,065 + 2 8 .4
N o rfo lk .........................
1,398.993
1 063,411
1.533.261
— 6.2
1.438.195
20,067,676 + 1 5 .2
23,117,234
6,199,504 + 14.3
7,088,702
A u g u s t a ____________
1.102,641
884,270
+ 3 .3
1.312,491
1,355.194
+
7.7
19,277,751
20.769,084
+
6.0
6,690,915
K n o T v ille ___________
7,091,875
1,043.019
910.965
— 1.9
— 0.6
1.141.500
1.163.582
18,533.782
18,416,301
— 1.8
5,808,769
5,702,126
C h a rleston __________
1,003.249
808.011
+
2
5
.8
965,848
1,214,577
15.865.225 + 21.6
19,291,252
5,167,304 + 2 1 .5
Little R o c k __________
6.277.356
+ 5.5
1,402,256
1,333.428
18,759,607 + 25.8
23.607,802
7,067,620
+ 9.2
7,716,590
M obile...........................
1,052*.937
792,479
1,427,618
1.113.4'-’ '’ + 28.2
16,988,965 + 15.6
19,63.5.692
5,726,403 + 2 2 .0
6.988,119
Jackson v ille________
797,690
+ 7.2
1,035.712
697,953
16,456,196 + 10.8
1.109,938
18,239,447
+ 7-4
5,770,181
5,371,094
Chattanooga________
400,000
426,06? — 18.7
4,714,053 + 4 0 .5
346,483
6,621,568
1,43.5,91 r + 49.2
2,141,294
B eaum ont......... ..........
473.570
— 6.4
1,135.000
657,233
615.073
+ 25.2
7,648,71'
9,579,087
2.598,3.55 + 2 1 .0
M^con
3,143,750
573.938 — 23.9
436.907
5.770,862
2,332,5.58 — 14.^
1,955,746
199.490
387.370
— 0.6
192,480
385,000
4,164.244 + 13.5
4,725,201
— 0.9
1,247.607
Columbus, Ga________
1.434,867
+ 6.1
1,337 855
N ot included in total
1.419.356
12.936.534
6.909,409 N ot included in tota
Not included in tota
N ot included in total
N ot included in tota
N ot Included In total
5,520,362
in tota
2.856.134
107.286.207
133.012,sor
+ 7.9
125.572,125
143,420,872
1,966.196.654
+ 7.5
+ 7.3! 2,112,890,277
635,272,113
681.498.4S2
Total Southern____
2,655.994.867
+ 15.0 2.789.612.529 1.824.520.105
Total all. .............. ! 14.625 282,323 13.007.090.991 + 12.4,1 41.438.983.463 41.817,732,672 | — 0.9 3.056 .‘’ 22,977
760,241.41
875.059.201
1
954.874,45
6
4-11.2
11,061,784.426
4-7.4
+ 9 .4 I 14,907,525.000 1 13,877,874.281'
Outside New Y ork . 1 5,063.004.520 ’ 4.629,856,802
Table Clearings by Telegraph and Canadian Clearings on Page 783,




772

THE CHRONICLE.
THE FIN A N C IA L SITUATION.

What the daily journals of the United States and
their 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
meantime 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
cedure; whereas to rip up the whole past would be
simply to introduce chaos.
The second change in the program as claimed is that
railroads should be allowed to make agreements
among themselves, but subject to a rigid Federal scrut­
iny. Every one who has studied the railroad problem
thoroughly would rejoice to see such a provision in­
corporated into the railroad rate bill. The truth is,
there must be agreements between freight agents work­
ing in a given locality and engaged in the same class of
business— agents each of whom is all the time seeking
to advance the interests of his own road. If forbidden
by law to make agreements, the law will be broken and
evaded by rebates, &c. It is the secrecy of the agree­
ment which harasses the shipper. With the agreement
known to shippers, carriers and the Government in all
its particulars, no interest could be harmed, but every
party tributary to the same lot of roads would be bene­
fited. The third feature entertained was that equitable
schedules, having been established, the term of their
existence should be a long one, so that shippers
might know what they could depend upon.
The foregoing suggestions are all of them in the
interest of the stability of security values and the




[V o l .

l x x x iv

.

minimizing of vicious speculation; we should hail with
decided hopefulness their adoption. There is, though,
a fourth specification we have seen named ag 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
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 perfect as it
stood and would veto the measure if passed with any
changes made in it. Ex-Ambassador Joseph H.
Choate appeared this week before the Judiciary Com­
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
them great weight, and a brief analysis of some of
his conclusions will, 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
stated above indicated, Mr. Choate dismisses with a
brief but decided negative. Some admirers are overzealous in the Governor’s behalf and say foolish things
and give them his endorsement to make them float;
we notice that his staying powers have been proved
unquestionable by friends who have examined his
mouth! Such stuff is not worth consideration. Mr.
Hughes has always been reputed not only as a wellread lawyer but as a man of good common sense.
No individual of that description could pride himself
on his knowing it all and having nothing to learn.
Oliver Wendell Holmes put the case right when he said:
“ In o p in io n lo o k n o t a lw a y s b a c k .
T h e w ak e Is n o th in g — m in d th e co m in g tr a c k ; «.
L e a v e w h a t y o u ’v e d o n e fo r w h a t y o u h a v e t o d o ;
D o n t b e co n s iste n t b u t b e s im p ly t r u e .”

That is pretty much the same idea that we quoted
from Milton’s “ Paradise Lost” last month. Those words
were “ be lowly wise”
Mr. Choate, in describing what a bill of this kind
ought to provide, expressed the exact truth when he
said the great essentials to be covered were the safety

A p e . 6 1907.]

THE CHRONICLE.

of the 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
this^bill 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
it are liable to fine or imprisonment or both. That
is to say, the person or company “ against whom such
an order is made, if he seeks for a review, finds that
he has got to pay $5,000 a day if he loses the appeal
until it is decided, and be liable in the meantime, and
his officers, to fine and imprisonment.” Such a
statute would be an abomination. No official would
in any doubtful case— and nearly all law suits have
in them the element of doubt— would dare, with such
accumulating fines and ’penalties hanging over him,
contest an order and assert his own rights. Full
and free review should without doubt be given the
courts of any order made by this commission .
There was a noteworthy reflection at all the Euro­
pean centres this week of the practical restoration of
normal monetary conditions in New York, which re­
sulted from the entirely successful intervention by
Secretary Cortelyou, in the previous week, for the re­
lief of our money market. Tension in discounts abroad
showed material relaxation, allaying apprehensions
of the need for a further advance in official rates at
Paris for the protection of the French Bank’s stock of
gold. The withdrawal from the London bullion mar­
ket on Tuesday of a substantial amount of the metal
for shipment hither caused no concern. On account
of the sharp rise in New York exchange on London




773

on the following 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
10% pence per ounce, 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
unfavorable situation at Berlin.
The distributions, 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 easier'monetary 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
week recording an advance of two cents per pound
sterling. On Thursday afternoon there was an active
market and an unusually urgent demand for exchange,
due largely to purchases for remittance to pay off
loans in London on American securities, with the object
of shifting such loans to New York.
The announcement by Secretary Cortelyou on
Wednesday of his plan for the disposition of the 4s of
1907— which provides for the refunding into 2 %
consols of $50,000,000 and the redemption of the re­
mainder, about $47,000,000, in cash at maturity—
seemed to give assurance of the maintenance, at least
until the beginning of the crop-moving season, of
normal monetary conditions. Bonds intended for
refunding may be offered on and after April 6, so that
this process can begin at once and be continued until
refunding shall be completed, giving ample time for
banks desiring to exchange for consols their 4 %
pledges held for circulation to effect such exchange.
It may be noted that the consols will be issued at a
premium of 3 % ; when refunding operations began in
1900 these bonds were issued at par, while in 1905 they
were emitted at a premium of 1 % .

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
bank 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
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, aiid that transactions
in all classes of bonds reached an aggregate of but
$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
the last month of the quarter (March), with an im­
portant increase in stock transactions, clearings
showed a gratifying increase. Although it is impossi­
ble to arrive at means of determining the amount of
clearings contributed by stock operations, it seems
safe, in view of the facts, to assume that exchanges
for the quarter arising from ordinary business affairs
at New
York were greater this year
than
last.
When we turn to the country at large, however,
there is no doubt as to the exhibit being 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 103^ % is shown,
the Pacific Division exhibits a gain over a year ago
of 13% , and the cities comprised in “ Other Western”
do even better, recording an increase of 1 5 ^ % . At
the South a number of important cities— New Or­
leans, Louisville, Memphis, Nashville— do not make
a favorable showing, and, as a result, the gain
indicated for that section— 7 .5 % — is rather less than
in most other divisions, although at many points
large additions to the 1906 figures are seen. Finally,
the result for the whole country is, as already inti­
mated, quite satisfactory, and indicative of continued
prosperity, especially when it is remembered that this
year’s gains over 1906 follow much heavier increases
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 &
Co., is certainly reassuring. Reports of diminishing
business activity which have been current from time
to time since the opening of the new year, and the
violent drop in the values of share properties in March




[V o l .

l x x x iv

.

would seem 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 generally.
Furthermore, despite the serious decline in the value
of railroad and industrial properties in March, which,
it was believed, would 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 1% 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
year.
One of the encouraging events of the week has been
the Chicago election. This resulted just as conserva­
tive people had hoped and confidently believed it
would, for in the last analysis it was an appeal to the
better instincts of the community. In the mayoralty
contest, Edward F. Dunne, the present 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
six months’ notice by paying $50,000,000, the agreed
present valuation, plus the cost of rehabilitation. The
roads are in wretched physical condition and it is
estimated that some $40,000,000 will have to be spent
upon them. This arrangement'will insure the raising
of the needed capital for the purpose. The companies
are to be allowed 5 % on their investment over and
above expenses, taxes, repairs, renewals and depre­
ciation. Any surplus remaining above the 5 % on
the investment is to be divided between the city and
the company— the latter taking 45% of the amount
and the city getting 5 5% . It is difficult to conceive
of any arrangement more favorable to the municipality
than this, and yet Mayor Dunne vetoed the ordinances,
which were then passed over his 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
authorities, have had to put up with street railroad
facilities which are little short of disgraceful. Now
they will get a modern and up-to-date system.

A p r . G 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,
reports a remarkable gain in both gross and net,
doubtless because traffic, by reason of the weather
conditions, was deflected from the northern trans­
continental routes to those lying further to the South
— the showing as regards net is, as a rule, very poor.
Gains in gross earnings have been lacking in hardly
any case, but the augmentation in expenses has been
of such magnitude as completely to over-balance such
gains. Of course the advances in wages and the en­
hanced cost of materials, fuel and supplies are among
the most important elements in this augmentation in
the expense accounts, but there have also been some
special circumstances that have served to intensify
and aggravate these ordinary causes for enlarged
expenditures. Three companies which have suffered
with especial severity in this respect have deemed it
proper to send out explanatory statements. The Nor­
folk & Western Company states that the unusual
charge to maintenance of way and structures during
the month was occasioned by heavy outlays incident
to restoring track and roadway damaged by high
water on the Ohio and Scioto rivers. The Chesapeake
& Ohio Company explains that its increase in expense
of maintenance of equipment and conducting trans­
portation has followed largety from the interruption
to traffic occasioned by weather conditions and the
increase of wages of train and shop employees which
became effective February 1. The statement issued
by the Southern 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
new traffic.” In this case we are told that March
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.
The Pennsylvania Railroad return for February is
also distinguished mainly for the continued augmenta­
tion in the expense accounts, over-topping the gains
in gross. On the lines directly operated East of Pitts­
burgh and Erie there is an increase of $628,800 in
gross, but attended by an addition of $935,600 to
expenses, thus producing a loss in net of $306,800.
On the Western lines there is $552,500 increase in
gross, offset by an addition of $490,400 in expenses,
leaving only $62,100 gain in net. In January the
showing had been much the same, and the result is
that for the two months, with $2,067,500 improvement
in gross on’ the Eastern and Western lines combined,
there is*a loss of $583,500 in the net, owing to an in­
crease of no less than $2,651,000 in the expense ac­
counts. It is proper to state that comparison is with
unusually favorable results a year ago, the improve­
ment in the gross in February 1906 having reached
the extraordinary figure of $3,093,100, and even the
net earnings for the month at that time recording a
gain of $1,396,600. In the following we set out the
gross and net earnings for the last six years on the
lines directly operated East of Pittsburgh and Erie,
being the only portion of the system for which we have
the data for such a comparison.




775

THE CHRONICLE.
Lines East 0/
Pittsburgh.

1907.

1906.

February.
S
S
Gross earnings. 11.452,860 10,824,060
Oper. expenses 9,463,751 8,528,151
N et earnings

1,989,109

2,295,909

1905.

1904.

1903.

1902.

S
8,607,760
7.451,151

$
8,345,424
7,034,962

$
8,229,524
6,915,662

$
7,553,324
5,532,862

1,156,609

1,310,462

1,313,862

2,020,462

Jan. \toFeb.2S
Gross earnings- 24,036,572 22,826,572 17,870.872 16,819,298 17,796,698 16,136,098
Oper. expenses 19,105,064 17,392,564 15,009,964 14,364,302 14,115,202 11,386,802
N et earnings

4,931,508

5,434,008

2,860,908

2,454,996

3,681,496

4,749,296

There was no change in official rates of discount by
any of the European banks this week; unofficial, or
open market, rates were, compared with last week,
of 1% lower at London, x
/% of 1% at Berlin and
Frankfort and steady at Paris. The easier tone at
London was due to the decided improvement in the
monetary situation at New York and also to the re­
moval of the menace to the British market, through a
sharp and indeed quite extraordinary advance in
exchange at New York on London, of gold with­
drawals therefrom for shipment hither.
The notable feature of the statement of the New
York Associated Banks last week was an increase of
$8,421,825 in the surplus reserve, to $13,131,275.
This resulted, in great part, from a gain of $12,840,000
in cash and an increase of $4,418,175 in reserve re­
quirements. Loans were expanded by $6,555,600
and deposits were augmented $17,672,700; Govern­
ment deposits showed an increase of $3,500,000. The
statement was somewhat deranged through the ab­
sorption by the Mechanics’ & Traders’ of the Union
Bank of Brooklyn, which consolidation took place
last week.
The large increase in cash shown by the bank state­
ment, together with evidences in the daily debits of
the Sub-Treasury at the Clearing House of the distri­
bution of public funds in large amounts among the
banks and of 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
policy of the Secretary of the Treasury in placing
customs collections in the local banks, in redeeming at
maturity, with cash, about one-half of the 4s of
1907, and in refunding the remainder, thus contributing
to an increase in bank-note circulation— and the fact
that immediate requirements would be fully met
through the distribution already of more than 36
millions of Treasury cash at this centre, had a marked
influence upon rates for time money, causing a ma­
terial decline in those for all periods. Corporation
notes, which recently were affected by monetary ten­
sion, were in increased demand by individuals and
institutions for investment, and the new Erie notes,
amounting to $5,500,000, that were emitted partly
for refunding those which are about maturing, were
promptly taken.
Money on call, representing bankers’ balances,
loaned at the Stock Exchange during the week at
43^% and at 1% , averaging about 3% ; banks and
trust companies quoted 2 % as the minimum. On
Monday loans were at 4 ^ % and at 23^% , with the
bulk of the business at 4 % . On Tuesday transactions
were at 3 % % and at 2}4% with the majority at 3 % .
On Wednesday loans were at 3% and at 1% with the

776

THE CHKONICLE

bulk of the business at 2 ^ % . On Thursday and
on Friday transactions were at 2% % 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 43^ @
5 % for sixty and 5 % for ninety days and 534% f ° r
four to six months. Commercial paper is 6 @ 6 3^ %
for sixty to ninety-day endorsed bills receivable,
6 @ 6 3 ^ % for prime and 6 M @ ? % for good four to
six months’ single names. The business is confined
to Western buyers chiefly, though some local insti­
tutions are in the market.
95
---------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 4 % @ 4 3^ % .
The open market rate at Paris is 33^% and at Berlin
and Frankfort it is 5 % % . 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. Purchases in the'open
market reached a moderate aggregate. The details
of the movement into and out of the Bank were as
follows: 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
£979,000 net to the interior of Great Britain.
There was a most remarkable advance in foreign ex­
change this week and the striking feature was a rise
in sight sterling by Tuesday to rates which not only
entirely precluded imports of gold but made it desirable
for American importers who had secured the metal
in London for shipment to
re-sell their con­
signment instead of transferring it hither. Later in
the week there was a further important rise in sight
exchange to figures nearly 2 cents per pound sterling
above those ruling on Saturday of the previous week
and 245 points higher than the rates recorded on
Tuesday of that week, which rates were almost unprecedentedly low. The potential factor contributing
to this remarkable recovery in exchange was the fall in
local rates for money. This naturally stimulated
buying for remittance, covering of futures and invest­
ments. The rise in our securities market during the
period from Thursday of last week to Tuesday, while
the foreign bourses were closed on account of the
holidays, was reflected in London at the opening of
the last-mentioned day; speculators then sold freely
to realize the profit, and remittance against such sales
was prompt, thus causing an urgent demand for ex­
change. Operators in London who were paying high
contangoes on holdings of American stocks, which
they were carrying over to the next settlement, either
sold their stocks or shifted their loans to New York
to 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 nearlyjihalfa cent. Easier dis­




[V o l.

l x x x iv

.

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 $3,000,000 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 course desirable; the price of gold was reduced
on Thursday to 77 shillings 9 % pence. There
was an arrival this week of $1,386,951 gold from
London.
Nominal quotations for sterling exchange are 4 813^
@ 4 82 for sixty-day and 4 85% @ 4 86 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 8325 and cables 20
points to 4 8410@ 4 8420. On Monday long advanced
25 points to 4 7 9 @ 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 8020 @ 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 8 5 @ 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
for cables.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
M on ., 1 Tues.,
1 F r i.,
W ed.,
Thurs.
F r i.,
\Mch. 29 April lj AprU 2 April 3 A p ril 4 A p ril 5
Brown
60 days 4 80
Bros & C o------------- S ig h t - .14 84X
Baring
60 days 4 80
& C o........................... S ig h t-. 4 84
Bank B ritish------------- 60 days 4 80
North Am erica-------- S ig h t.. 4 84J4
60 days:4 80
Bank of
M ontreal-............— Sight--|4 84K
Canadian B a n k............ 60 days 4 80
of Com m erce---------- S igh t-- .4 84}4
H eidelbach, Ickel60 days 14 80
heimer & C o.............. S ig h t-- 4 84M
60 days 4 80
Lazard
F reres--------------------- S igh t-.14 84}4
Merchants’ Bank
J60 days 4 80
of Canada__________ 1 S ig h t .. 4 8414

80J4
85
80
S4H
80
84^
80K
85
80
84 K
80)4
85
80H
85
soh

85

80^
85
80)4
85
80 X
85
80)4
85
80H
85
80}*
85
80H
85
80H
85

81
85)4
81
85)4
81
85H
81
85)4
81
85)4
81
85^
81}4
85)4
81
85)4
P*

81H
85 )4
81 t
85'A
81 |
85^!
81 I
8514
8114
8 514
81)4
85)4
81)4
8514
81
8514
na

82
86
82
86
81)4
85)4
82
86
8114
8514
82
86
82
86
82
86

The market closed on Friday at 4 8140@ 4 8150 for
long, 4 8520@ 4 8525 for short and 4 8585@ 4 8590 for
cables. Commercial on banks 4 8080@ 4 8090 and
documents for payment 4 8034@ 4 8 1 % . Cotton for
payment 4 8034 @ 4 8 0 % , cotton for acceptance 4 8080
@ 4 8090 and grain for payment 4 8134 @ 4 8 1% .
The following gives the week’s movement of money
to and from the interior by the New York banks.
W eek ending A p ril 5 1907.

Total gold and legal te n d e r s ............

Received by
Shipped by
N . Y . Banks. -V. Y . Banks.

N et Interior
Movement.

$6,906,000
2,029,000

$6,400,000 Gain
2 .000.000 Gain

$506,000
29.000

$8,935,000

$8,400,000 Gain

$535,000

With the Sub-Treasury operations and gold imports
the result is as follows.
W eek ending A p ril 5 1907.
-d
Banks’ Interior m ovem ’t as a b ove___
Sub-Treas oper. a n d g o ld l m p t s . . .

Into
Banks.

Out ol '
Banks.

$8,935,000
41,600,000

$8,400,000 Gain
$535,000
28,000,000 Gain 13.600,000

Total gold and legal tenders______

$50,535,000

$36,400,000 Gain $14,135,000

Net Change in
Bank Holdings.

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

THE CHRONICLE.

A p r . 6 1907. |

777

had taken a conspicuous position, long before Kruger's
reactionary policy brought about the crash with
- _______ 1 37 ,175,809 England, on the side of reform of the obs9
..- - I 34 ,340,713 37,175, 809
E n gla n d -- 34, 340,713:
lete Trans­
,029,992
037.684
159
France --1 0 3 ,: 259,020 38,964 ,553 142 ,223,573 116.992, ,308 42
Germany
29 098,000 9,700 ,000 38 ,798,000 33,337 ,000 11 ,112,000: 44 449,000 vaal institutions.
He
has
lost
no
time
in
defining
his
,002,000
,803,000
97
,000
4
.050,000
92,199
.000
124
,513,000
5,537
Russia d --1 1 8
Aus.-Hun : 45 ,089.000 12,359 ,000 5' ,448,000 45,924 ,000 12 ,834,000! 58 ,758,000
His speech to the new Assembly
S p a in ____ | 15 ,439,000 25,144 ,000 40 ,583,000 15,084 ,000 23 ,610,000, 38 ,694,000 official attitude.
5,047 ,500 37 .414,500 28,297 ,000; 3 ,855,600! 32 ,152,600
I t a ly _____ I 32 ,367,000
5,651 ,600 10 797,400 6,053 ,200 6 ,027,600' 12 ,080,800 frankly declared that the policy of the Dutch inhabit­
N eth’ lands 5 ,145.800
Nat.Belg. | 3 ,248,667; 1,624 ,333 4 ,873,000 3,326 ,ooo: l ,663,000! 4 ,989,000
3 ,784,000 ants should be that of loyal supporters of the British
4 ,160,000 3,784 ,000
Sweden ...
4 ,160,000
Total week390 ,660,200 104,027 9S6494 ,688,186 382,172 ,317:105,942.884 488,115.201 Empire.
The past was, in short, accepted, and in­
Prev .week :398 ,022,132 106,085 ,610 504 107,742 389,509 ,018 108.047,073497,556,091
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 N EW T RAN SVAAL.
When the Constitution for the Transvaal Colony was General Botha has not only stated his own attitude of
promulgated by the Campbell-Bannerman Ministry a loyalty to the British Empire, and commended the
few months* ago, there was warm discussion in London same attitude to his adherents, but has gone a consid­
as to what would be the result of the privilege of free erable step further in announcing his purpose of par­
suffrage and election of a Colonial Government by ticipating personally in the conference of Colonial
open majority. In the end, after a good deal of agi­ Prime Ministers called to assemble at London. The
tation , English opinion settled itself down to the com­ result of this last announcement has been most happy
fortable assurance that, after all, the English voters in all directions; it is not too much to say that it has
would be able to hold their own against the Boer fully reconciled to the policy of a free vote in the Trans­
natives, and at any rate retain virtual control in their vaal even the most angry opponents of that policy
own hands. The election, which was held at the when first proposed by the British Ministry.
Much has been said, in comments on this episode, as
opening of March, showed that the Boer constituency
had won thirty-seven seats in the new Colonial to the wisdom of the traditional British colonial policy
Assembly, while the other parties, four in number, to which this Transvaal situation was a sequel. It
mustered altogether only thirty-two. In other words, is only reasonable to recall, however, that England
the Dutch element had carried the new Parliament by learned the advantages of such a policy only through
what might properly be called a sweeping majority.
long and trying experience in the consequences of
Now this was precisely the situation toward which a the opposite policy. The British rule in India is a
great part of En 'ish opinion had looked with dismay notable case in point; it showed conclusively that
when the plan for Transvaal elections was first an­ nations with Colonial possessions do not learn wisdom
nounced. It had been pointed out, by those who op­ in management of such dependencies overnight. Had
posed the proposition to grant free voting rights, that it not been for the polemics of Burke, the exposure of
the Dutch would be eager to vent their resentment gross abuses under Warren Hastings, and the later
against their conquerors, and that even if this were not scandal in connection with that otherwise admirable
so, their prejudices were such that the welfare of the administrator, Lord Clive, it may be doubted if the
mining industry would be hopelessly jeopardized. Indian dependencies would even to-day be enjoying so
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
traditional hostility to the gold-mining industry— was with what results, in the case of the American Colonies
taken to be altogether improbable.
a century and a quarter ago, no American reader
People who have followed the vicissitudes of politics, needs to be informed.
even in this country, are aware how often such pre
England, in short, has learned wisdom from experi­
dictions are completely upset by the event. In the ence. That the moral should be drawn for ourselves,
case of the Transvaal there was no more than a super as regards our own administration of the Philippines,
ficial reasonableness about them. They ignored two was inevitable. We think, however, that the conten­
important facts: first, the change which was bound to tion is right which holds that with England’s example
have come over the more intelligent Boer citizens as a before us there exists no such excuse for misrule or
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
defeat itself from the fact that it would be fighting earlier experiments. A constituent assembly of the
against the inevitable. Perhaps the most important Philippines has already been called; it is to be hoped
consideration of all was the broader knowledge which that this is only a beginning. We should not consider it
the Transvaal residents have gained since their collision a gratifying fact in our own history, if the episode in
with Great Britain brought them into the light of the Transvaal, different as the conditions undoubtedly
modern civilization. Much stress may also properly are in that country from those which exist in the
be laid on the influence which an honorable trust and Philippines, were not taken seriously to heart.
confidence shown the conquerors to the conquered
It remains to be added that the radical home rule
will have on the conduct of the conquered. History element in England has based much argument for its
is full of instances of the important and beneficial own behalf on the example of the Transvaal. Whether
results which have followed such experiments.
the cases are exactly analogous may possibly be doubt­
However this may be, the result of the new elections ed. Whatever views may be held in regard to the
has been of the highest interest. The new Assembly wisdom or unwisdom of granting to Ireland a separate
has organized by choosing as Premier General Botha, Parliament, such as neither Scotland nor Wales pos­
one of the most vigorous and successful leaders of the sesses, the fact will remain that the question of home
Boers in the Transvaal war. In the selection of this defense, always a vital problem for the British
man there was promise for the future; General Botha Islands, causes some natural reluctance in allowing
A pril 5 1906.

A p ril 4 1907.

Bank o]

Gold.




Silver.

Total,

Gold.

Silver.

Total.

778

THE CHRONICLE.

control over any part of the British Isles themselves
to pass out of the hands of the Parliament of London.
Nevertheless, we should suppose that the spirit shown
by the Boers in response to the confidence imposed
in them by the British Empire would encourage
Englishmen to look more favorably on any reasonable
claims Ireland may make for home administration.
A N A BSU R D ITY UNDER THE SH ER M AN A N T I­
TRUST L A W.
Since the decision in the Northern Securities case,
it has probably been the law of the land that a com­
bination to organize and direct the sale of an article
of necessity which is necessarily the subject of inter­
state commerce in the course of its distribution and
sale is a crime and offense against Federal law, whether
it be reasonable or unreasonable, beneficial or injurious.
The other elements of this crime had been defined
before. The decision mentioned puts the crowning
touch because it seems to establish that the courts
are not allowed to listen to proof of the public ad­
vantage. The statute does not even allow them to
give weight to what the common law has defined as
reasonable. If such a law were enforced with reason­
able impartiality, it would paralyze trade. Under its
partial application to-day the chance of being branded
as a criminal because of the aggressive and wellorganized conduct of any ordinary large business
depends entirely upon how far the business catches the
public eye, and not at all upon real immorality or
offensiveness. Occasionally, however, one can find
an organization much in the public eye which may
serve as a 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 opportunity by the
recent systematic organization of the cranberry busi­
ness in Southeastern Massachusetts. Joking aside,
but not without a few humorous thoughts by the way,
the cranberry is an article of prime necessity through­
out all the States and Territories where turkey is
eaten and Thanksgiving celebrated. So many cran­
berries are raised on Cape Cod that the sale of the
crop necessarily involves delivery of the major part
outside of Massachusetts. We could cite law reports,
volume, case and page, to show that each of these
points is of criminal import. Prices to the poor
jobber whose livelihood is threatened, and hence it is
conclusively to be presumed to the consumer, have
in the past often been gratifyingly low, carrying the
agreeable fruit within the means of the modest purse
of the small grocer and his customers. This has been
because the small grower has sent his goods to market
without conspiracy or combination. There are on
'Cape Cod over a thousand small growers who own each
less than three acres of bog. They have shipped direct
to the jobber. One need scarcely suggest the waste
of such a course, the lack of uniformity in quality,
packing, brand and appearance, the lack of systematic
realization, the ignorance about the action of the com­
mission merchant or his justification for the prices he
sells at.
Even a special Assistant Attorney-General or a
special agent of the Inter-State Commerce Commission
can see that organization would bring improvement.
The ground is fruitful for the promoter and he has




[V o l .

l x x x iv

.

appeared and is touring Cape Cod. Every manifesto
and every speech which he puts forth shows in language
which might be quoted from the evidence for the
prosecution in decided anti-trust cases that the cran­
berry grower is urged to adopt the methods and or­
ganization of a trust and to participate in conspiracy'
and combination. The promoter points out that there
is a thousand-acre increase expected in the bogs of
the Cape, that it is absolutely necessary that something
should be done to prevent prices to the 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,
however, it can guarantee the retailer that the fruit
will not go below a named selling price. Of course
this involves a counter obligation on the part of the
retailers not to cut prices on goods sold them by the
trust. But the power will exist, for already sixty-five
or seventy per cent of the Massachusetts growers have
joined the concern and the promoter tells the public
that he is confident that with the major portion of
the Cape crop placed in his control, and hence command
over the market for more than three-quarters of the
entire output of cranberries in the United States, the
consumer will have to pay the piper.
We have not exaggerated. This description is taken
almost verbatim from the promoter’s descriptions of
his means and end. Out of his own mouth he is con­
victed of an attempt to monopolize inter-State com­
merce in a necessity. We commend his case to the
Federal authorities at Washington for their early
attention. We do not suggest a prosecution. On the
contrary no sane man could fail to see either the neces­
sary 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
such cases are open daily for the consideration of any
one who will look into the facts of trade and commerce,
and those who are responsible for such legal absurdities
will also be responsible to the country in a heavy
measure if they do not remember the ringing advice
of John Adams, that every one ought to receive right
and justice freely and conformably to laws, that the
power of suspending the execution of the laws ought
never to be exercised but by the Legislature, and that
the ideal of freedom with justice is that we should have
a government of laws and not of men. We are quot­
ing from the bill of rights of the Constitution of the
State whose affairs we are discussing, and we respect­
fully commend its perusal to those who think that
State constitutions and rights are inferior to Federal
legislation in their virtue and justice.
THE DECISION REGARDING THE GREAT
NORTHERN’S INCREASE IN STOCK.
The full text of the opinion in last week’s decision
of the Supreme Court of Minnesota, upholding the
right of the Great Northern Railway Co. to increase
its capital stock without first applying to the State
Railroad and Warehouse Commission, makes it apparent
that certain points in that decision are of general ap­
plication— that is, would apply in other States where
the circumstances and conditions are the same. Ac­
cordingly, it is important to examine the grounds upon
which the Court rests its judgment overruling the
district Judge who had issued a temporary injunction
restraining the railroad company from making the

A p r . 6 1907.]

THE CHRONICLE.

proposed increase. It is certainly to be hoped that the
mistake made in the present case will not be repeated
elsewhere, inasmuch as the consequences in this in­
stance have been so serious.
It was last December the company determined to
issue $60,000,000 new stock for the purpose of provid­
ing funds for additional equipment and terminals,
second track and various other added facilities required
for carrying on its business. The need for such action
was urgent in the extreme, as all the roads in that part
of the country were at the time suffering from a con­
gestion of traffic which has never previously been
equaled, and found it practically impossible for the
time being, to meet public wants in full for transporta­
tion services. Yet a State official steps in at this
juncture, out of an overabundance of zeal we must
suppose, and appeals to the courts to restrain the rail­
road in its laudable purpose of spending millions of
capital in orderjjto put itself in shape adequately to meet
its public functions. As a consequence, the hands of
the managers have been tied for over three months
and they have been prevented from affording the re­
lief so imperatively demanded. In the end it is found
that this State official was wrong in his contentions.
Obviously, much mischief would have been avoided
if it had been recognized at the outset that the position
of the State was an untenable one— or, better still,
if the Legislature, in enacting the statute upon which
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 contention that it could issue
additional stock without leave of the State Commission
on two main grounds. 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
under an amendment to its charter it had the right
to increase its stock free from all restrictions, and that
any law attempting to take from it this right was an
impairment of the obligation of contract,and therefore
unconstitutional, the Court found itself unable to
accept. On this last point it is held that if the charter
amendment referred to could be construed as conferring
upon 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
its powers to an administrative body, the language of
the opinion , which is by Chief Justice Start, is clear
and emphatic, and the reasoning convincing. Justice
Start says the terms and conditions upon which rail­
way corporations may be created, the powers and




779

capital stock they may have, the purposes for which
they may increase their capital stock, and the limita­
tions and conditions to be imposed upon the right to
such increase,are exclusively matters for legislative
action which cannot be delegated. The State, having
created such corporations and conferred upon them
for public purposes great and extraordinary powers
and franchises, including the sovereign power of emi­
nent domain and the right to levy tolls or taxes upon
all who use for traffic or travel these modern highways,
the railroads, it logically follows that the Legislature
has the undoubted right to enact statutes regulating
the increase and disposition of their capital stock. In
the exercise of this right it may pass a statute providing
generally for what purposes and upon what terms,
conditions and limitations an increase of capital stock
may be made, and confer upon the Commission the ad­
ministrative duties of supervising any proposed in­
crease of stock. The Legislature may also delegate
to the Commission the duty of finding the facts in each
particular case and authorize and require it, if it finds
the existence of facts that bring the case within the
statute, to allow the proposed increase; otherwise to
refuse it.
But further than that the Leg­
islature may not go.
Statutory regulations of
the increase of the capital stock of railway corpo­
rations, the Court argues, tend to prevent secrecy of
operations, and guard against the issue and sale of
fictitious or watered stock by such public agencies.
It is also 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 of
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
matter. The Attorney-General, of course, contended
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
the increase of stock by ascertaining the facts
in each particular case.
But the Court could
not see its way clear to adopt this view. Sup­
posing a railroad makes application to the Commis­
sion setting forth the amount of a proposed increase
and the purpose for which it is desired, what then
must the Commission do, asks the Court. Must they
allow the increase if they find the amount and purpose
are such as are authorized by law ? On the contrarj^, the
language used is— “ if they allow it, they shall prescribe
the manner in which and the terms upon which the
same shall be made. If they disapprove such increase,
the reasons therefor shall be stated in their next an­
nual report.”
The Court holds that the prescribing “ the manner
in which and the terms upon which” the increase may
be made is a legislative power, not an administrative
duty, and cannot be delegated. Justice Start says
the simple truth seems to be that the distinction be­
; tween the delegation of administrative duties to secure
I the execution of a statute did not occur to the person
who (drafted the statute, and that it was the real as
well as the expressed intention of the statute to com-

780

THE CHRONICLE.

mit the whole subject of the increase of capital stock
by railway corporations to the judgment and discre­
tion of the Commission. This view is strengthened
by the fact that at the time the statute was enacted
railway corporations were authorized to increase their
capital stock but there was no statute limiting the in­
crease to any particular purpose or prescribing the
terms upon which such increase might be made. The
Legislature having never enacted any terms, condi­
tions or limitations with reference to the increase of
capital stock, it could not consistently impose upon
the Commission the duty of ascertaining whether the
purpose and terms of a proposed increase were in ac­
cordance with the requirements of law, when there
was no such law.
Justice Start also points out that the prototype of
the Minnesota statute seems to 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
in conflict with the Constitution.
ITEMS ABOUT BANKS, BANKERS AND -TRUST CO’S.

[V o l .

l x x x iv

.

corporation papers on the ground that the capital named w as
below the lim it fixed b y law, a Superior Court Judge ruled
that the Legislature had no right to grade capital according
to population.
— According to advices received last week by G. BruceW ebster, the New Y ork agent o f the Chartered Bank o f
India, Australia and China (head office L on don ), the di­
rectors of that institution are to recom m end to the share­
holders at the annual meeting April 17 the proposition to
increase the capital to £1,200,000. The additional stock
is to be issued at £40 per share, payable in installments
between June 4 and Decem ber 31 1907, such installments
to bear interest at 5% per annum. The new shares will
rank on the same basis with the existing shares from January
1 1908. The bank’s present capital is £800,000, consisting
of 40,000 shares of £20 each, on which there is a reserve
liability of an equal am ount. The proposed increase of
capital means, presum ably, the issuance o f 20,000 new
shares at £20 (or £400,000) and the addition to reserve fund
ofj£20j(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.
— The directors of the Nineteentii W ard Bank, 57th Street
and Third Avenue, this city, have called a special meeting
of the stockholders fo~ April 17 to vote upon a propossd
increase of capital from $200,000 to $300,000. If effected,,
the institution’s com bined capital, surplus and undivided
profits will be advanced from S470,000 to $770,000. The
new stock will be issued at $300 per share. The bank’s
depos:ts 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 ussd as a branch. The other branches are situated
at 7 2d Street and Third Avenue and at 86th Street and
Second Avenue. Warner Van Norden, President of the
Van Norden Trust Com pany, is the bank’s executive.

— The first public sale o f stock of the Irving National
— The New Y ork Produce Exchange Bank of this city has
Exchange Bank was made at auction this week, when 10 declared a ssmi-annual dividend of 3 % and an extra divi­
shares were sold at 175. No other sales of bank or trust dend of 1 % , making 4 % , both payable April 15. The
com pany stocks were made either at the Stock Exchange previous paym ent, made O ct. 15 1906, was 3 ^ % .
or at auction. The table below , given in our usual form ,
— R obert B. Armstrong, formerly Assistant Secretary of
shows the actual sales of New Y ork City bank stocks made the United States Treasury, has resigned as President of
during the week at auction and at the Stock Exchange. the Casualty Com pany of Am erica, 52 William Street. Mr.
Extensive tables showing the bid and asked quotations, de­ Arm strong’s resignation is occasioned b y his desire to take
posits, surplus, & c., of banks and trust companies in all an extended trip abroad in an endeavor to regain his health,,
im portant cities o f the United States are published m onthly which has becom e impaired through an attack of typhoid
in the “ Bank and Q uotation” Section, the April issue of fever.
which accompanies to-d a y ’s "C hron icle.”
Bid and asked
— Application to change the name of the proposed Irving
quotations for all New Y ork City bank and trust com pany
Trust Com pany o f this city to the Fidelity Trust Com pany
stocks are also published weekly in another department of
will be made to the State Banking D epartm ent on May 6.
the paper, and will be found to-day on pages 788 and 789.
The proposition to increase the capital of the institution
S h ares. B A N K S — N ew Y o rk .
L ow . H ig h . C lose.
L a st p revio u s sale.
from $500,000 to $750,000 will be acted upon by the share­
10 I r v in g N a t . E x ch a n g e B a n k
175
175
175
F irst sale.
— A Clearing House Association has been form ed in Mont­ holders on the 9th inst.
gom ery, Ala. The officers, chosen at a meeting March 27,
are: President, A . M. Baldwin, President o f the First
National Bank; Vice-President, Michael C ody, 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.
— A t the recent session o f the California Legislature a new
law was 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 o f the
graded capital section, whereby the capital was fixed ac­
cording to population. It provides that all institutions
com ing within its provisions must at all times have actually
paid in a capital equal to at least 10% o f their total deposits,
the minimum am ount o f such capital to be not less than
$25,000; it is further provided that the m axim um am ount
o f such capital shall in no instance be required to exceed
$1,000,000. In construing the provisions o f this section,
net surplus, it is added, m ay be treated and considered as
part of the paid-in capital. The reason for the repeal o f 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 o f a new Sacramento bank which had been refused in­




— The new Beaver National Bank of this city is to begin
business to-day in the Beaver Building, junction o f W all,
Pearl and Beaver streets. George M. Coffin, lately VicePresident o f the Phenix National Bank of this city , is Presi­
dent of the new bank. S. H. Vandergrift and T. P. Welsh
are Vice-Presidents and J. V. Loughlin is Assistant Cashier.
Besides the President, the directors are Frank Bornn, o f
Bornn & Co., exporters and importers, this city; John B.
Fassett, President Citizens’ National Bank, Johnstown, Pa.;
Thomas A . H. H ay, Vice-President Washington National
Bank, W ashington, N. J.; Martin W . Littleton, ex-President
Borough of Brooklyn; George Mercer Jr., of George W .
Mefrcer & Son, this city; Thomas E. Murphy of Philadelphia;
Augustus K . Sloan, of Sloan & Co., manufacturing jewelers,
this city; S. II. Vandergrift, director o f the Pittsburgh Trust
Com pany and Keystone National Bank, Pittsburgh; Earl
Vogel, o f 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
Com pany. Mr. Coffin, the President, was formerly a D eputy
Comptroller o f the Currency. He is the author of several
works pertaining to financial matters.
— The establishment of a new State bank in the East New
Y ork section of Brooklyn Borough is planned. The Liberty

A p r . 6 1907.]

THE CHRONICLE.

Bank is to be the name of the projected institution, which
is to have a capital of $250,000, and is to locate at Liberty
and Pennsylvania avenues. The President is to be William
T. W yckoff, President of the W oodhaven Bank, at W oodhaven, L. I.
— The directors of the City Bank o f H artford, Conn., have
elected Edward D . Redfield to the presidency to fill the
vacan cy arising through the death last m onth of Maro S.
Chapman. Elizur S. G oodm an has been elected Vice-President of the bank and Edward H . Tucker advances from
the of rice o f Assistant Cashier to the cashiership. The new
head of the institution entered its em ploy in 1894 as Assistant
Cashier. He was elected Cashier tw o years later, and in
1904 was given the additional office o f Vice-President.
— The new building of the National Shawmut Bank oj
Boston, a substantial office structure, is now practically
com pleted, and already houses as tenants a number of in­
dustrial corporations and banking organizations. The bank
itself is to take possession of its new banking rooms some
time during the current m onth. The property was pur­
chased b y the bank in 1904; it fronts on W ater Street, ex­
tending from Congress to Devonshire streets.
— Frederick W . Rugg has been elected successor to the
late R obert B. Fairbairn as President of the National R ock ­
land Bank of R oxbu ry (B oston). Anselm L. Bacon replaces
Mr. Rugg as Cashier.
— W alter S. Swan, President of the Charles R iver National
Bank of Cambridge, Mass., and a director of the National
Shawmut Bank of Boston, died on the 31st u lt. at the age
of sixty-four years. He had been President of the Cam­
bridge institution since 1887.
— That the new management in control of the Chapin
National Bank of Springfield, Mass., is desirous of placing
the institution on a thoroughly sound basis, is evident from
the general elimination from its accounts of doubtful assets.
In discarding every piece of doubtful paper the bank’s
surplus, according to the “ Springfield R epublican,” has been
reduced from $100,000 to $30,000, and the undivided profits
from $78,688 to $18,542. There has been a like change in
the book value of its bonds and securities, which has been
reduced from $112,967 to $77,613. It is noted, however,
that while the bank building has been carried at $115,000,
its full worth is believed to be $200,000. Since the new
management assumed charge in February the sum of $25,000
borrowed m oney has been repaid, and some $3,000 earned.
The individual deposits in the latest statement are $1,246,533.
— Oscar Edwards, President of the Northam pton National
Bank, at N ortham pton, Mass., died on the 4th inst. He
was eighty-six years of age, and had been President of the
institution for thirty-three years.
— William C. M cEldow ney has been elected President of
the Washington National Bank and of the Washington Trust
Com pany of Pittsburgh, to replace the late John C. Reilly.
Isaac R . W hitaker, form erly Second Vice-President, succeeds
Mr. M cEldow ney as First Vice-President in both institutions.
John B. Larkin and Eugene S. Reilly have been chosen
respectively Second and Third Vice-Presidents of the two
institutions. A first dividend of 13^% quarterly has been
declared b y the directors of the trust com pany.
— The Union National Bank of Pittsburgh this week
opened in its new tw enty-story office building erected on the
site of its former home at Fourth Avenue and W ood Street.
The bank occupies the entire first floor.
— The Citizens’ Bank, capital $50,000, has been organized
in Harrisburg, Pa. The institution is to open shortly in the
East End section, under the management of the following:
E . C. Thom pson, President; S. F. Barber, Vice-President;
F. K . K itzm iller, Secretary and Treasurer.
— At the annual meeting of the stockholders of the Union
Savings Bank & Trust Company of Cincinnati on the 1st
inst, J. G. Schmidlapp retired as President, and was elected
Chairman of the board o f directors. Clifford B. W right, a
Vice-President of the First National Bank of Cincinnati, has
been chosen to the presidency of the Union Savings & Trust,
succeeding Mr. Schm idlapp. R . D. Barney retires from the
board of the latter to give place to Mr. W right.
— The Licking County Bank & Trust Com pany o f Newark,
Ohio (capital $200,000), was the scene o f a “ run” on the




761

28th ult. The bank met all demands made upon it, andjby
the following day little trace remained of the scare, which
was ascribed to the circulation of a baseless report.
— The organization o f the Farwell Trust Company of
Chicago has been com pleted with a capital of $1,500,000. It
begins business at once in the quarters long occupied by
Granger Farwell & Co. at the corner of La Salle and Quincy
streets. The new trust com pany takes over the building
(hereafter to be known as the Farwell Trust Building), and
will alter the bank floor to suit its requirements. The re­
organization o f the stock-brokerage firm of Granger Farwell
& Co. will be announced in next w eek’s issue. It is under­
stood that the Farwell Trust Com pany will not com pete with
existing banks and other financial institutions, bu t will co ­
operate with them and supplement them . Neither checking
accounts nor trusteeships will be accepted. Its officers
are: Granger Farwell, President; Douglas Smith and Albert
G. Lester, Vice-Presidents; John Barry Sears, Treasurer;
John J. Bryant Jr., Secretary. The directors, including the
President and Vice-Presidents, are: W illiam Butterworth,
R obert W . Chapin, Charles H. Deere, Joshua H. Defrees
A. L. Farwell, William B. Jansen, George A . M cK inlock
Gilbert B. Shaw, E . R . Stettinius.
— The plan to increase the capital of the Pullman Loan &
Savings Bank of Chicago from $300,000 to $500,000 was
ratified on Tuesday b y the stockholders, who also approved
the change in the title to the Pullman Trust & Savings Bank.
As part paym ent for the additional capital, a stock dividend
of 33 1-3 % , or $100,000, is to be decla.ed out of surplus;
the other $100,000 of stock is to be sold to present share­
holders at par.
— The Minnesota Title Insurance & Trust Com pany of
Minneapolis was closed March 26 by the State Banking De­
partment. In a statement issued b y State Bank Examiner
Anton Schaffer, the liabilities are placed at $5S0,219, of
which $555,119 are deposits. Total assets as booked b y the
com pany are, he states, $853,313, which the department
estimates as likely to produce $405,554, leaving a deficiency
of $174,665. In addition to these assets President J. U.
Barnes, the principal stockholder, has turned over to the
Departm ent real estate equities valued b y him at $300,000
which it is estimated will produce approxim ately $175,000.
The institution had an authorized capital o f $500,000,
$250,000 of which was reported to have been subscribed
and nearly all paid in. James D . Shearer has been appointed
receiver.
— A t a meeting of the directors of the Mercantile Bank of
Memphis on the 28th u lt., A . S. Caldwell tendered his resig­
nation as President because of his expected absence from the
city on a foreign tour. His successor, C. H . Raine, was
formerly at the head of the institution. He was elected to
the post (from the cashiership) in March 1904, bu t resigned
about a year ago in order to be relieved of business cares.
Another change is the election as Cashier of Ciaude Anderson,
P. S. Smith having relinquished the office to becom e active
Vice-President of the First National.
— Application will be made to the Com ptroller of the Cur­
rency for authority to convert the State Bank of Virginia, at
R ichm ond, into a national institution. A resolution to
this effect was passed b y the stockholders at a meeting held
on Tuesday.
— Albert E . Thornton, Vice-President o f the Atlanta
National Bank, of Atlanta, G a., died on the 2d inst after a
few weeks’ illness.
— The Arkansas Valley Bank of Little R ock , A rk ., organ­
ized D ec. 29 1906, has been in operation since Jan. 14. The
institution reports a capital ofi$100,000, fully paid, in shares
of $100 each. It is managed by.M . B. Summers, President;
E . E . W ilson, Vice-President; R . C. Helm ick, Cashier, and
T . U. Andrews, Assistant Cashier.
— The annual meeting of the Mississippi Bankers’ Associa
tion is to be held at G ulfport on May 8 and 9. A t the close
o f the session the bankers, according to the “ Memphis A p ­
peal” , are to visit the City o f M exico, stopping at points of
interest along the route. B. W . Griffith, President o f the
First National Bank o f Vicksburg, is Secretary and Treasurer
o f the association.
— The Com ptroller o f the Currency on March 21 approved
an application to organize the Lum berm an’s National Bank o f

7*2

THE CHRONICLE.

H ouston, T ex ., capital $400,000. This institution is to take
the place of the projected Lum berm an’s Bank & Trust
Com pany, to the form ation o f which we referred last August.
Practically the same people are identified with the present
m ovem ent, the applicants being S. F. Carter, Jesse H . Jones,
W illiam A . Stilson, W . H. Norris and J. M. Rockwell.
— A new banking institution, the Spokane State Bank,
com m enced business in Spokane, W ash., on March 2^>. The
bank was organized on Feb. 27 with an authorized capital o f
$50,000, all of which has been paid in. There is no surplus
at the start, the stock of the institution having been sold at
par, nam ely, $100. The bank is located in a retail district
o n the north side of the city , about a mile from the larger
banks. John E. Argo is President; Thomas H. Brewer,
and H enry A . Steinke are the Vice-Presidents, and George
J. W allbridge is Cashier. Mr. Brewer is also a Vice-Presi­
den t o f the Fidelity National Bank o f Spokane.
— Continued grow th is shown in the deposits of the Fi­
delity Trust Com pany o f Tacom a, W ash., which are reported
as $3,258,616 on March 22. A t the same date in 1902 the
am ount was only $892,891. Total resources now are $3,€87,358. As a consequence of the expansion in the business,
it has becom e necessary to increase the size o f the banking
room s, and work on the contem plated im provem ents 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
o v e r 6,000 square feet. The safe deposit vaults, located in
th e basem ent, will be thoroughly overhauled. The im prove­
m ents are expected to be com pleted b y June 1.
— The Bank of British North Am erica at its annual meet­
in g on March 5 reported net profits for the six months
ending Decem ber 31 1906 of $327,310, this com paring with
$300,571 for the half-year ending June 30 1906 and $287,462
fo r the six months to Decem ber 30 1905. The am ount at
the credit of balance and loss June 30 1906 was $330,257,
ou t of which was paid the O ctober 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
o f $511,567. Out of this, appropriations were made as
follow s: Transferred to bank premises accoun t, $97,333;
■transferred to reserve fu nd, $97,333; transferred to O fficers’
W idow s’ and Orphans’ Fund, $2,500; transferred to Officers’
Pension Fund, $4,827; staff bonus, $19,467, making in all
$221,460, and leaving a balance of $290,107” available for
th e April dividend and bonus. The bank pays dividends
semi-annually at the rate of 6 % per annum; provision for
an extra distribution of 1 % has been made (this to bo in
the shape of a bonus and not as increased dividen d), m aking
in all 7 % for the year. The paid-in capital is $4,866,667
and the reserve fund $2/238,667. The remarks of Henry
J. B. Kendall, who presided at the meeting in London,
together with the full balance sheet, will be found on another
page.
— For the quarter ending April 30 the directors of the
Im perial Bank of Canada (head office Toronto) have declared
a dividend of 2 % % , or at the rate o f 11% per annum.
This is an increase of 1% yearly, 10% having been paid
since 1901.
R E F U N D IN G

AND

R E D E M P T IO N
OF 1907.

OF

THE

FOURS

The follow ing is the circular of Secretary Cortelyou offering
to exchange $50,000,000 of the maturing 4s of 1907 into
2 % consols, and calling the res'due of the outstanding 4s
for redemption July 2 1907:
R E F U N D IN G A N D R E D E M P T IO N O F T H E 4 P E R C E N T B O N D S O F
T H E F U N D E D L O A N O F 1907.
1907.
T rea su ry D ep a rtm en t,
D e p a r tm e n t C ircu lar N o . 25.
O ffice o f the S ec r e ta ry .
D iv is io n o f L o a n s a n d C u rre n cy .
W ashington, A p r il 2 1907.
P u b lic n o tice is h ere b y g iv e n t o th e o w n ers o f U n ite d S tates registered
a n d c o u p o n b o n d s o f th e 4 % ftm d e d lo a n o f 1907 th a t th e S e cre ta ry o f the
T re a s u ry w ill re c e iv e , on an d a fte r A p ril 6 a n d b e fo re Ju n e 30 1907, a n y o f
th e b o n d s o f th e said lo a n t o an a m o u n t n o t e x c e e d in g 1 5 0 ,0 0 0 ,0 0 0 fo r
r e fu n d in g u n d er p ro v is io n s o f S e c tio n 11 o f th e A c t o f M arch 14 190 0,
e n t itle d “ A n A c t t o defin e an d fix th e sta n d a rd o f v a lu e , to m a in ta in the
p a r ity o f all form s o f m o n e y issued o r c o in e d b y th e U n ite d S ta te s , t o re fu n d
t h e p u b lic d e b t a n d fo r o th e r p u r p o s e s .”
T h e resid u e o f th e b o n d s o f th e said lo a n , a fte r th e r e fu n d in g h e r e b y p r o ­
v id e d fo r , w ill be reserved fo r re d e m p tio n o n an d a fte r J u ly 2 1907, and
th e b o n d s co n s titu tin g th e said residue are h e r e b y c a lle d fo r r e d e m p tio n ,
a n d w ill cease t o bea r Interest o n th e 2d d a y o f J u ly 1907.
T h e b o n d s o f the lo a n a b o v e m e n tio n e d m a y b e su rren d ered o n a n d after
A p r il 8 , an d w ill be r e c e iv e d at a v a lu a tio n e qu a l t o th e ir p re se n t w o rth to
y ie ld an In com e o f 2 % % p e r a n n u m , a n d lik e a m o u n ts o f U n ite d S tates
r e g istered o r c o u p o n b o n d s b e a rin g Interest at th e rate o f 2 % p e r ann um
w ill be issued In ex c h a n g e th e r e fo r at a p rem iu m o f 3 % .
T o effe c t th e e x c h a n g e , th e o u ts ta n d in g b o n d s sh o u ld be su rren dered to
th e S ecreta ry o f th e T re a su ry In a c c o r d a n c e w ith th e te rm s o f this c ir ­




[ V o l . LXXXIV

cu lar; th e y w ill be a c c e p te d fo r th a t p u rp o s e In th e o r d e r o f th e su rrender
o f th e m t o h im , a n d new b o n d s b e a rin g in terest a t th e ra te o f 2 % p er ann um
w ill b e issu ed in th e sam e o r d e r in lieu th e r e o f. A le tte r o f tra n sm itta l
sh o u ld a c c o m p a n y e a c h p a c k a g e o f b o n d s fo r e x c h a n g e , s e ttin g fo r t h th e
p u rp o s e fo r w h ich th e y are fo rw a r d e d a n d g iv in g th e ad d ress t o w h ic h th e
ne w b o n d s a n d ch e ck s fo r th e in te re st th e re o n shall b e sen t.
B o n d s h eld b y th e T reasu rer o f th e U n ite d S tates In tru st fo r a n ation a l
b a n k m a y b e su rren dered b y le tte r ad d ressed t o th e S e cre ta ry o f th e
T re a s u ry , a c c o m p a n ie d w ith t h e T re a su re r’ s r e c e ip t r e p re se n tin g th e b o n d s ,
to g e th e r w ith a re so lu tio n o f th e b o a r d o f d ir e cto r s o f th e b a n k , a u th orizin g
th e T reasu rer t o assign th e b o n d s.
T h e p r io rity o f issue o f th e n ew b o n d s w ill be d e te rm in e d b y th e d a te o f
th e r e c e ip t b y th e S e cre ta ry o f th e T re a s u ry o f th e o u ts ta n d in g b o n d s or
th e p a p ers re p re se n tin g th e sam e, p r o v id e d th a t th e b o n d s o r p ap ers are in
p r o p e r c o n d itio n (for su ch surren der, as set fo r th h e re a fte r In this circu la r.
I f a n y c o r re c tio n is r e q u ir e d , t h e p r io r it y o f th e b o n d s t o b e Issued w ill take
d a te fro m th e re ce ip t an d a c c e p ta n c e o f co r re c te d b o n d s o r p a p ers a t this
o ffic e .
A n y registered b o n d s fo rw a r d e d sh o u ld be assigned t o th e " S e c r e t a r y o f
th e T re a su ry fo r e x c h a n g e In to 2 % b o n d s .”
T h e assign m en t sh ou ld be
d a te d an d w itn essed b y o n e o f th e o ffice rs n am ed in th e n o t e , w h ich is
p r in te d o n th e b a c k o f ea ch D ond. W h e re a new b o n d is d esired iu th e n am e
o f a n y o n e b u t th e p a y e e o f th e o ld b o n d , th e o ld b o n d sh o u ld be assigned
t o th e “ S e cre ta ry o f th e T re a su ry fo r e x ch a n g e in t o 2 % b o n d s fo r a c c o u n t
o f ------------------------- (here in sert th e n a m e o f th e p e rso n in w h o se fa v o r th e
b o n d is t o b e issued)
R e g iste re d b o n d s in s crib e d in th e n am e o f an In s titu tio n , fo rw a r d e d fo r
e x c h a n g e , m u st b e a c c o m p a n ie d b y a re so lu tio n o f th e b o a r d o f d ir e cto r s
o f th e in s titu tio n a u th o riz in g th e ir assign m en t t o th e S e cre ta ry o f th e
T re a s u ry fo r such e x c h a n g e .
T h e reso lu tio n m ust be a r th e seal o f the
I n s titu tio n , o r , i f th e In stitu tio n h a v e n o seal, there m u st b e fu rn ish ed w ith
th e re so lu tio n an a ffid a v it s e ttin g fo rth th a t fa c t.
A ll b o n d s su rren dered fo r r e fu n d in g sh ou ld b e a c c o m p a n ie d w ith a re ­
m itta n c e o f cash o r b a n k a b le fu n d s m a d e p a y a b le t o th e o rd e r o f th e T r e a s­
urer o f th e U n ite d S ta te s, e q u a l to th e p re m iu m o f 3 % w h ic h is ch a rg ed
fo r th e 2 % b o n d s.
W h e n th e n ew b o n d s are issu ed th e a m o u n t fo u n d due
th e o w n e r o n a c c o u n t o f th e p resen t w o rth o f th e 4 % b o n d s t o y ie ld an in ­
c o m e o i 2 14% p e r a n n u m , p lu s th e d iffe re n ce in a c c r u e d Interest betw een
th e t w o classes o f b o n d s fro m A p ril 1 1907 t o d a te o f e x c h a n g e w ill b e p a id
t o th e o w n e r b y a c h e c k d ra w n In his fa v o r b y th e T reasu rer o f t h e U n ited
S ta te s.
T h e new b o n d s w ill be Issued In d e n o m in a tio n s as fo llo w s :
C ou p on s
$50 , $10 0, $500, $ 1 ,0 0 0 .
R e g is te r e d , $50 , $10 0, $ 50 0, $ 1 ,0 0 0 , $ 5 ,0 0 0 ,
$ 1 0 ,0 0 0 , $ 5 0 ,0 0 0 , a n d in o rd e r th a t t h e y m a y b e u n ifo rm , as t o d a te o f
m a t u r it y , w ith th e 2 % c o n s o ls o f 1930 n o w o u ts ta n d in g , th e y w ill b e d a ted
A p ril 1 1900, b u t in te re st th e re o n w ill b e g in A p ril 1 1907.
A ll b o n d s fo rw a rd e d fo r e x c h a n g e w ill be regarded as th e p r o p e r ty o f
th e p e r s o n , firm o r In stitu tion In w h o se fa v o r th e n ew b o n d s are t o be Issued,
b u t If th e a g en t fo rw a r d in g th e b o n d s shall desire, an d so re q u e s t, th e new
b o n d s m a y b e fo rw a r d e d t o su ch a g e n t’ s ad d ress fo r d e liv e ry t o th e ow n er.
P a ck a g e s c o n ta in in g b o n d s fo r su rren d er, o r pap ers re p re se n tin g b on d s
held b y th e T reasurer o f th e U n ite d S tates In tru st fo r a n a tio n a l b a n k ,
sh o u ld be add ressed t o th e S e cre ta ry o f th e T r e a s u r y , D iv is io n o f L oa n s
an d C u rre n cy , W a s h in g to n , D . C ., an d be p la in ly m ark ed " B o n d s (or
pap ers) fo r e x c h a n g e .”
B lan k fo rm s o f a p p lic a tio n fo r th e e x ch a n g e s herein a u th o riz e d a n d bla n k
re so lu tio n s fo r use b y in s t itu tio n s h a v e been p re p a re d b y th e D e p a r tm e n t,
a n d m a y be o b ta in e d o n a p p lic a tio n t o th e S e cre ta ry o f th e T re a su ry.
A n y b o n d s r e c e iv e d fo r re fu n d in g a fte r th e lim it o f $ 5 0 ,0 0 0 ,0 0 0 shall
h a v e be e n rea ch ed w ill b e h eld fo r r e d e m p tio n o n J u ly 2 1907 o r w ill be
re tu r n e d , as th e o w n ers m a y desire.
In e ith e r case th e p re m iu m a b o v e
p r o v id e d fo r w ill be p r o m p t ly re tu rn e d t o th e o w n e r o f th e b o n d s.
T h e circu la r o f M arch 14 1907 p r o v id in g fo r th e r e d e m p tio n o f $25,000,00(1
o f th e 4 % b o n d s o f 1 90 7, w ith In terest t o J u l y l . w l l l rem ain In fo rc e until
th a t a m o u n t o f su ch b o n d s shall h a v e b e e n r e c e iv e d .
G E O R G E B. C O R T E L Y O U ,
S ecreta ry.
R E S U L T O F R E F U N D I N G $100 4 % B O N D S O F 1907 U N D E R T H I S
C IR C U L A R .
C ost o f a $100 2 % b o n d on A p ril 10.
F a ce v a lu e a n d p r e m iu m a t 3 % _______________________________$103 00
A c c r u e d In terest t o A p ril 1 0 ____________ _______________________
05
T o t a l c o s t _______________________ _______ _____________ _______________ .- $ 1 0 3 05
P re s e n t w o rth o f 4 % b o n d _____________________________________ 100 39
10
A c c r u e d In terest t o A p ril 1 0 ____________________________________
P ro ce e d s o f 4 s _________________________________ _________________________

100 49

N et c o s t o f th e 2 % b o n d (p r e m iu m )_______ ______ ______ _______ _____

2 56

Canadian Bank Clearings.— The clearings of the Canadian
banks for the month of March 1907 show an increase over the
same month of 1908 of 12.9 and for the three m onths the
gain reaches 7 .7 % .
March.

Three Months.
Inc. or
Dec.

Clearings at—
1906.

1907.

Canada—
$
$
M ontreal......... 125,041,649 119,615.094
Toronto ......... 105,319,943 93.327,531
W innipeg_____ 41.089,493 31,261,634
Vancouver____ 14,587,073
9,382,675
O t t a w a ______ 12,717,672 10,572,649
6,332,294
Halifax ...........
6,462,777
6.961.283
Q uebec_______
7,285.282
H am ilton.........
5,743,571
7,270,368
St. John_____
4,212,249
4,641,425
V icto ria ............
4.059,507
3,873,215
London _•.........
4.328,695
5,400,436
Calgary ...........
5,626,209 Not incl.in
N ot lnci. in

1907.

Inc. or
D ec.

1906.

%
+ 4.5
+ 12.8
+ 3 1 .4
+ 55-5
+ 20.3
+ 2.1
+ 4.6
+ 26.6
+ 10.2
+ 4.8
+ 2 4 .8
total,
total.

$
360,890,437
312,280,593
120,887,770
40,591,041
36,231,605
21.303 891
22,190,051
20,380,602
14.896,015
11.719,838
15.699,514
16,432,274

S
370,940,731
291,821,511
93,040.769
25,238,480
29,846,613
21,715,179
20,707.958
16.863,682
13,726,354
10,278.666
13,426,327
Not Incl. in
N'ot incl. in

%
- 2 .7
+ 7.0
+ 29.9
+ 60.8
+ 21.4
— 1.9
+ 7-2
+ 20.9
+ 8.5
+ 14.0
+ 16.9
total,
total.

Total Canada 333,875,624 295,610,890 + 12.9

977,071,357

907,606,270

+ 7.7

The clearings for the week ending March 30 make a very
satisfactory comparison with the same week of 1906, the
increase in the aggregate having been 2 1 .0 % .
Week ending March 30.
Clearings at—
1907.
Canada—
Montreal .................. j
T oron to........... .......... 1
W innipeg . . . --------Vancouver ............_
O tta w a ........_ ......... H a lifa x .................... ..
Quebec . ....................
Ham ilton ..................
St. John........... ........
V ictoria......................
L o n d o n _ . --------------Calgary . .................
E d m o n to n ------------Total Canada____

1906.

1Inc. or \
D ec. j

$
%
$
25,296,910 + 12.7
28,507,850
19,000,000 + 22.8 ;
23,331,019
+
33.1
7,071,105
9,411,828;
2,328,927 + 50.3;
3,500,000
+
3
0 .9
2,224,911
2,912,415
1,096,015 + 11.6
1,223,198
1,247.350 + 3 2 .3
1,650,000
1,104,217| + 21.2
1,338.796
875.934 + 25.1
1.095.491
934,829 + 12.3
1.050.000
819.65L + 22 0
999,862
1,300.000 Xot included In total j
900,000 N ot included in total

75,020,459
1 *
i

61,999.849

1

+ 21.0
1

1905.

1904.

S
22,746,371
17.812,5361
5,091.307'
1,270.369
2,068,068!
1,290,882i
1.303,185
967,261;
900,630
578,331
780,584

S
16,126,540
10,822,227
3,446,759
1,115,181
1,689.464
1,164,890.
1.112,804
816,191
733,599
560,325
686,571

54,S09,524

38,144,551

A

vtl .

6 1907. |

THE CHRONICLE.

Clearings by Telegraph— Sales of Stocks, Bonds, & c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a m onth.
The figures are received by telegraph from other leading cities.
It will be observed that, as compared with the corresponding
week of 1906, there is a decrease in the aggregate of 3 .6 % .
So far as the individual cities are concerned, New Y ork ex­
hibits a loss of 9 .4 % and Baltimore 2 .6 % . Boston records
a ga'n of 5 .1 % , Chicago 1 7 .3 % , St. Louis 2 .3 % , Philadelphia
4 .5 % and New Orleans 5 .8 % .
Clearings— Returns by Telegraph.
W eek ending A p ril 6. .

Per
Cent.

1907.

1906.

New O rlean s__________________________

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

$1,838,704,116
147,666,356
133,494,731
27,359,595
172,170,783
49,708,199
15,091,130

•— 9.4
+ 5.1
+ 4.5
— 2.6
+ 17.3
+ 2.3
+ 5 .8

Seven cities, 5 d a y s ...................... ........
Other cities, 5 days . _____ .
. . ____

$2,256,681,607
421,069,723

$2,384,194,910
389,117,681

— 5.4
+ 8.2

Total all cities, 5 d a y s .................. ........
AM cities, 1 d a y ______ ________ _________

$2,677,751,330
540,168,381

$2,773,312,591
563,256,878

— 3.4
— 4.1

$3,217,919,711

$3,336,669,469

— 3.6

________ _____
New Y o r k ______
B o s t o n _______ _ ______________________
P h iladelph ia ____________ ______________

Total all cities for week

_ . . __

Our usual m onthly detailed statement o f transactions on
the various New York exchanges is appended. The results
for the three months of 1907 and 190a are given below .
Three Months 1906.

Three Months 1907Dcscripl'n

Par Value
or Quantity.

Actual
Value.

Aver.
Pricc.

Par Value
or Quantity. 1

Aver.
Price.

Actual
Value.

St’ kJSh's.!
71,382,2571
79,680,0321
IVal. $6,053,916,175|$5,706,250,001 94.3 $7,212,641,200 $6,756,497,552i 93.7
R R . bonds $121,162,000’ $115,356,858 95.2 $187,935,100 $182,626,484 97.2
G ov’t bds.
$234.000i
$260,916111.5
$544,400
$586,811 107 .S
State bds.i
$15,666,500
$14.564,465 93.0
$27,469,550
$24,822,735 90 0
Bank st'ks
$122,700
$240,745 196.2
$174,600
S351,723;201.4
Total _. $6,191,101,375$5,836,672,985 94.3$7,428,764.850$6,964,885,305 93.8
Grain, bu.
126,863,150
104,841,670 82.6
97,238,700
80,068,880 82 3
$7,044,952,185i

($5,941,514,655^

The volum e o f transactions in share properties on the
New York Stock Exchange each m onth since January 1 in
1907 and 1903 is indicated in the follow ing:
SALES OF STOCKS A T T H E N EW Y O R K STOCK EXC H A N G E .
1906.

1907.
M'th.
Number
0/
Shares.

Number
01
Shares.

Values.
P ar.

Actual.

Values.
Par.

Actual.

$
$
$
$
Jan . 22,702,7601,948,477,925 1,854,950,930 3S.51S,548 3,513,808,700 3,333,481,498
F e b . 16,470,9721,318,394,800 1.241,478,649 21,699,800 1.968,990,6001,831,598,764
M ch. 32.208,525 2,787,043,450 2,609,820,422 19,467.684 1,729,841,900 1,591,417 290
lstqr 71,382.257 6,053,916,175 5,706,250,001 79,680,032 7,212,641,200 6,756,497.552
1
I

The follow ing com pilation covers the clearings b y m onths
since January 1:
M O N TH LY CLEA RIN G S.
Clearings. Total All.

Clearings Outside New York.

Month.
1907.

1906.

1907.

1906.

S
5,383,076,858
4,461,444,022
5,063,004,520

$
5,095,403,426
4,152.614,053
4,629,856,802

+ 5.4
+ 7.4
+ 9 .4

— 0.9 14.907,525,000 13,877,S74,2S1

+ 7.4

%

$
$
J a n .. . 15,020,747,342 16,333,604,104 — 8.1
Feb . . 11,792,953,798 12,477.037,577 — 5.5
M c h .. 14,625.282,333 13,007,090,991 + 12.4
1st qr. 41,438,983,463 41,817.732,672

%

The coursa o f bank clearings at leading cities o f the coun try
for the m onth of March and s:nce January in each of the
last four years is shown in the subjoined statem ent:
BA N K C L E A R IN G S A T LE A D IN G CIT IE S.
— ------ J<in. 1 to March 31
-------Me rch-----1906.
0 0 0 ,000s
1907. 1906. 1905. 1904. 1907.
1905.
omitted.
*
S
$
$
$
$
$
New Y ork ________ 9,562 8.377 8.732 4,804 26.531 27,940 23,584
2.740
2,421
C h ic a g o ....... ........... 1,066
3 034
928
765
865
759
1,864
B oston____________
658
514
2,329
2.178
684
639
Philadelphia____ .
1.842
1.612
1.923
655
569
449
271
722
St. Louis. ................
249
241
504
255
762
242
P ittsburgh......... .
230
199
100
697
688
579
201
200
San F ran cisco.. _.
153
126
599
541
412
1 IS
Cincinnati_______
109
102
97
359
331
294
US
127
108
379
B altim ore________
98
363
307
137
107
102
321
Kansas C ity......... ..
93
395
275
74
62
C levelan d________
66
56
217
192
188
81
83
85
96
276
276
252
New Orleans______
76
M inneapolis______
82
71
62
231
222
197
59
53
L ou isv ille ____
59
177
177
155
45
46
Detroit _ ________
52
41
170
58
155
135
41
36
M ilw au kee_______
34
142
46
123
105
Providence . .
31
33
28
34
104
103
91
Omaha _ _
40
54
47
35
141
124
105
B u ffa lo ____
26
27
106
92
81
29
35
St. P aul____
27
26
106
91
74
32
37
Indianapolis _____
26
24
78
105
85
33
27
I 'e n v e r ____
26
18
28
79
98
84
34
R ich m o n d ...............
21
19
SO
82
63
25
27
Memphis ........... ..
24
24
74
67
21
24
68
Seattle......... ............
18
114
22
59
41
43
115
H artford ________
13
41
46
16
15
48
17
Salt Lake C ity____
40
23
11
20
12
75
74

1904.
$
14,925
2,164
1.594
1.347
709
462
362
287
262
276
169
336
184
136
119
103
90
97
75
71
77
53
61
78
49
34
37

T o t a l................... 13,880 12,356 12,367
Other cities ______
745
651
552

7,923
474

39.229
2.210

39 900
1,918

33.880
1.537

24.157
1.419

Total all.............. 14,625 13,007 12,919
Outside New \ork_ 5,063 4,630 4,1$7

8,397
3,593

41 439
14,90s

41,818
13,878

35,417
11,833

25,576
10.651




B S c m c ta ry l C o m m e v c%a l £ n a l i s h l le u r s
(From our own correspondent.)

London, Saturday, March 23 1907.
B usness 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
settlement next week there m ay be several failures. No­
bod y anticipates serious failures, for people in good credit
have ample time to obtain all the accom m odation they re­
quire. But that weak people, who have speculated beyond
their means, m ay in several cases be unable to meet their
differences is probable. The settlement will end on W ednes­
day next. Until that is over, it is very unlikely that there
will be any increase of activity. Friday and the follow ing
Monday will be Bank holidays. Large numbers of persons
will go out of town for the week end, and many of them will
not return during the follow ing w eek.
Until, therefore, the end of the first week in April, or rather
the beginning of the second week, the general impression is
that business will continue very quiet. H ow it will go after­
wards will depend, firstly, upon the course of events in New
Y ork. If nothing adverse happens there, and if New Y ork
does not take large amounts of gold, the general impression
is that there will be a decided recovery in London. If, how­
ever, much gold is taken for New Y ork , n obody doubts that
the Bank of England will prom ptly put up its rate of discount
to 6 % . Secondly, the course of events next month depends
upon what will happen in Russia. A most favorable view
is taken both in London and Paris just now of the prospects
in Russia, for the Russian Prime Minister at the beginning o f
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. W hat was feared was that the Douma might refuse
to co-operate with him; m ight, in fact, insist upon his resigna­
tion. On the contrary, the Constitutional Democrats had
the good sense to adopt a motion for the Order of the D ay,
and since then they have also shown political capacity ii&
adopting similar orders. Hence, the hope is now strong that
a great Centre Party will be formed and that it will accept
all the real reforms offered by the Governm ent. In that case,
there will probably be a sharp rise in Russian securities
which would greatly enrich the Paris Bourse and probably
give rise to a marked speculation in Paris.
Meantime, Paris has been cheered by the declaration of a
dividend of £3 per share on Rio Tinto shares. The share is
nominally a £5 share. When the dividend came out, the
quotation was about 91M ■ It rose almost im mediately to 95.
There has been a very great speculation in these shares in
Paris for many months past, and the good dividend, follow ed
by 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 fo r
exceedingly dear money at the end of the m onth. 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 be made for theusual 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.
The state of the money market this week is curious. Im ­
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 m onths. Consequently
the Bank will have a considerable hold upon the outside mar­
ket for a long time to com e. For the m om ent, however,
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 toan end with the month of March. Therefore, the Treasury
will have to pay out exceptionally heavy amounts during the
remainder of the m onth. All this, for the m om ent, is giving
the outside market com m and of considerable m oney. On
the other hand, there is so much uncertainty as 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
were 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.
rate of discount from 3 % to 3J^% . It had remained at
3 % since May 25 1900, that is, almost seven years. The
rise was expected whenever the Bank of England m oved its
rate upwards. But that the Bank of France should take the
initiative, n obody anticipated. Consequently, the change
has made a sensation here as well as in Paris.
The India Council offered for tender on W ednesday 50
lacs and the applications exceeded 302 lacs, at prices ranging
from Is. 4 l-1 6d. 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,
applied for.

784

THE CHRONICLE.

f The follow ing return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, & c.,
com pared with the last four years.
1907.
M ch. 20
£
28,060,005
16,510,397
43,676,152
15,449,756
36,603,254
26,523,851
36,133,856

1906.
M ch. 21.
£
28,091,755
19,3e«,344
42,700,332
16.114,822
35,317,137
28,988,588
38,630,343

1905.
Mch. 22.
£
27,211,080
17,669,106
39,496,886
15,5S9,185
28,409,058
31,532,117
40,293,197

1904.
M ch. 23.
£
27,682,585
15,308,450
38,457,484
19,224,834
26,358,158
26,560,213
35,792,798

1903.
M ch. 25.
£
28.548,265
16,406,610
41,161,440
14,668,318
34,009,624
27,309.100
37,682,365

Circulation................
Public deposits____
Other deposits.........
G overnm ’t securities
Other securities____
Reserve,notes <fccoin.
Coin&bull..both dep
Prop, reserve to lia­
44
46^
55 1-16
49M
47 5-16
bilities______ p. c.
Bank rate_____ p. c.
5
4
2X
4
4
Consol, 2J4 p. c ____
85'A
90 7-16
91 3-16
85 15-16
90 7-16
S ilv e r _____________
30M d.
30J^d.
26 13-16d.2 5 X A . 22 7-16d.
Clear housereturns.282,304,000 208,709,000 211,042,000 173,016,000 165,110,000

The rates for m oney have been as follows:
Bank of England rate______
Open Market rale—
Bank bills— 3 m onths____
— 4 m onths____
— 6 m onths____
Trade bills— 3 m onths____
— 4 m onths____
Interest allowed for deposits—
B y joint-stock banks_______
B y discount houses:
A t call....................................
7 to 14 d a y s ........................

March 22.
5
5 @ 5 1-16
5 @ 5 1-16
5
5X @ b%
b)4 ® o %

March 15.
5
5 1-16 @ 5M 4 7
A
d 'l - 1 6 @ 5 ^
5
5 X 'S b X
b )4 @ b X

March 8.
5

March 1.
5

4M @ 4 13-16
4M
4%
4 ]4 4 @ S
A
4%
A
b& ,bX
5
b@ bK
5

Name of Company.
Railroads (Steam ) (Continued)
Missouri Kansas & Texas, preferred____
Northern Pacific (quar.)_________
Reading, second preferred.......... .
Southern, preferred______________
Toledo St. Louis & W estern, p referred..
Street Railways.
Aurora Elgin & Chicago ( q u a r .)...
Boston Suburb. Elec. Cos., pref. (quar.)
Brooklyn City R R . (guar.)________
Cin. N ew .& C ov.L t.& Tr., pref. (q u a r .)..
Cincinnati & Hamilton Trac. com. (guar.)
City R ailway. Dayton, Ohio, com. (guar.)
Preferred (guar. ) . _____ ______________
Col. (O.) Newark & Zanes. E l.R y .p f.(g u .)
Dallas Electric Corporation, preferred.
Detroit United Railway (qu ar.)...............
Duluth-Superior Traction, pref. (q u a r.)..
Georgia Railway & Electric, Atlanta, com.
Preferred, (quar.)______________________
Green & Coates Sts. Phila. Pass. R y _____
Havana Elec. R y ., pref. (quar.) (N o. 5 ).
Lincoln (Neb.) Traction, common______
Macon (Ga.) Railway & Light, preferred.

[V o l .
Per
Cent.

When
Payable

l x x x iv

.

Books Closed
Days Inclusive.

2
IX
IX
2
2 \i
2

To
May 10 Apr. 21
Apr. 15 Holders of j e c .
to
May
1 Apr. 11
May 10 Holders of rec.
to
April 22 Mch. 31
to
Apr. 15 Mch. 31

May
Mch.
May
Apr.
Apr!
April

9
28
■1
25
1
15

IX
75c.
2)4
S3
IX
2
IX
1)4
1)4
2X
IX
1
33 1-36
IX
S I.50
1
4
3
1)4
2)4
IX
IX
1)4
1
114
IX
5
1
2
IX

Apr.
6 Holders of rec.
April 15 Holders o f rec
to
Apr. 15 Apr. 5
May
1 Holders of rec.
to
Apr. 15 Mch. 31
Apr.
to
1 Mch. 16
Apr.
to
1 Mch. 21
Apr.
to
1 Mch. 21
to
Apr.
1 Mch. 26
April
8 Holders of rec
to
May
1 Apr. 16
to
Apr.
1 Mch. 26
May 20 Holders of rec.
Apr. 20 Apr. 16
to
6
April 15 Mch. 30
to
Apr. 15 Apr. 11
to
to
Apr.
1 Mch. 26
Apr. 15 Holders of rec.
May
1 Holders of rec.
Apr. 15 Apr. 1
to
Apr.
to
1 Mch. 23
May
to
1 Apr. 2
to
Apr.
1 Mch. 31
to
Apr.
1 Mch. 31
Apr. 20 Holders of rec.
May 15 Holders o f rec.
May
to
1 Apr. 21
Apr.
4 Holders o f rec.
Apr. 10 Mch. 28
to

Mch.
Mch.
Apr.
Apr.
Apr.
Mch
Mch
Mch.
Mch.
Mch.
May
Mch.
May
Apr.

25
15
15
15
15
31
31
31
25
I
31
10
20

April 15
Apr. 15
Mch. 31
Apr. la
Apr. 12
Apr. 14
Mch. 31
May 1
Apr. I
Apr. 1
Apr. 1
May I
May 1
Mch. 15
Apr. 10

Montreal Street Railway (guar.)_______
New Orleans R y . & Light, pref. (quar.)
Omaha & Coun.Bluffs St. R y ., pref. (guar)
Philadelphia Company, com m on (quar.)
3 )4
3)4
3 14
3X
Rockford & Interurban R y ., com. (quar.)
3X
3%
3%
3%
Preferred (gua,r.)____________________
& Inland Empire R R . , pref. c tf.
The Bank rates of discount and open market rates at the Spokane
Tampa (Fla.) Electric C o________
chief Continental cities have been as follows:
Toledo Railways & Light________
Toronto Railway (guar.)..................
March 22.
March 16.
March 9. March 2.
United Railways, St. Louis, pref. (quar.)
Rates of
Bank
Open Bank Open Bank
Open
Bank Open
Banks.
Interest at—
Rate Market.
Rate. Market. Rate. Market.
Rate. Market.
Apr.
Fifth
Avenue (guar.)______________
1 Holders o f rec. Mch. 30
25
Paris......................... ..
3)4
3*A
3
3
3
3
3
3
Apr.
Gallatin National (N o. 149)...........
6
6 Holders of rec. Mch. 27
Berlin............................. 6
b%
6
5M
6
bX
6
4%
____ __
May
to
M ount M orris____________________
4
1 Apr. 21
H a m b u rg...................... 6
bsA
6
bX
6
bX
6
4X
Apr. 15
Apr. 15 Apr. 8
to
New Y ark Produce Exchange______
3
F r a n k fo r t..................... 6
bX
6
bX
6
bX
6
4X
Apr. 15
to
Extra__________________________
Apr. 15 Apr. 8
1
5Y»
6
b3
A
5
4)4
5
4%
A
A m s t e r d a m _________ 6
Fire
Insurance.
Brussels ....................... 5
4)4
4
3 15-16
4
3 15-16
4
3X
Apr. 9
to
North R iv er____________ _____ ____
Apr. 10 Apr. 3
5
Vienna ......................... 4^ 4 7-16
414
454
4 14 4 3-16
4X
4%
Trust Companies
St. Petersburg.............. 7
_____ _7
...
7
...
7 ..
Apr. 9
Apr.
6
to
Union
(quar.)..........................
.........
Apr.
10
12)4
Madrid ......................... 4)4
4
4)4
4
4)4
4
4)4
4
Miscellaneous.
Copenhagen................
6
5)4
6
b)4
6
bX
6
b)4
to
Apr. 21
Apr. 20 Apr. 16
American Chicle, com m on (m onthly)___
1
Messrs. Pixley & Abell write as follow s under date of American Locom otive, com m on (qu ar.). I X May 27 May 11 to May 26
Apr. 21
to
Preferred (quar.)____ r _ .......................
I X Apr. 22 Apr. 2
March 21:
April 1. Holders of rec. Mch. 30
Amer. Seeding Machine, com . (qu ar.).
1
!*• G O LD .— TheTBank"has again succeeded in keeping this week’s arrivals of gold,
Preferred (guar.)_______ _____ _______
1X Apr. 15 Holders o f rec. Mch. 30
but has found it necessary to raise the price to 77s. 9J£d. During the week the
Apr. 15
American Shipbuilding, pref. (qu ar.)___
to
I X Apr. 15 Apr. 5
Bank bought £852.000, of which £595,000 was in bars and £245,000 in coin from
April 15
to
Am. Smelt. & R ef., com .(quar.)(N o. 14)
I X April 15 April 6
Paris. Against this £30,000 was withdrawn, £22 ,000 going to South Am erica,
Mch. 30
Apr. 15 Mch. 18
2
to
American Telephone & Telegraph (quar.)
Apr. 15 Holders of rec. Apr. 10
£550,000 is due next week from the Cape. Arrivals— South Africa, £479,000;
American Type Founders, com . (qu ar.).
1
Australia, £139,000; Bom bay, £62,000; Brazil, £17,000; W est Indies, £17,000;
Preferred (quar.)____________ ________
I X Apr. 15 Holders o f rec. Apr. 10
to
Apr. 15
total, £714,000. Shipments— B om bay, £117,564; Madras, £8,750; total, £126,314.
American W oolen, pref. (quar.) (No. 32)
I X Apr. 15 Mch. 31
Apr. 15
S IL V E R .— The reaction in silver has continued, and we have fallen ll-1 6 d .
to
Anaconda Copper Min. (quar.) (N o. 26) S1.75 Apr. 18 Apr. 7
Apr. IS
during the week. There have been some large sales from the East, and, with only
to
Associated Merchants, first pref. (quar.)
I X Apr. 15 Mch. 28
Apr. 18
to
afmoderate demand from the Bazaars , the course has been downward. News of a
First preferred (extra) (q u a r .)..
1
X Apr. 15 Mch. 28
Apr. 1H
to
French tender for 20,000 kilos failed to cause any improvement. W e quote to-night
Second preferred (quar.)..............
1)4 Apr. 15 Mch. 28
to
Apr. IS
30 13-16d., l-16d. above the w orst, and close fairly steady. The Indian price is
Second preferred (extra) (quar.)
X Apr. 15 Mch. 28
Apr. 15 Holders of rec. Mch. 23
R s. 78Vi per 100 tolahs. Forward silver is quoted 5-16d. under cash. Arrivals—
Bell Telephone of Canada (qu ar.).
! 2
New York, £177,000; W est Indies, £10,000; total, £187,000. Shipments— Bom ­
Bell Telephone (Philadelphia), (qu ar.). .
114 Apr. 15 Holders of rec. Apr. 5
bay, £384.900; Madras, £2,500; total, £387,400.
to
Apr. 15
CentralCoal<fcCoke,com. (quar.) (No. 26)
I X Apr. 15 Apr. 1
to
i • M E X IC A N D O L L A R S.— There is no business to report in these coins. Arrivals
Apr. 15
Preferred (quar.) (No. 55)......... ..
I X Apr. 15 Apr. 1
— New York, £106,000. Shipments— Bom bay, £93,300.
to
Apr. 9
9 Mch. 31
Central & South Amer. Telegraph (quar.)
I X Apr.
Apr. 28
Apr. 27 Apr. 26
to
Century R ealty_________________________
5
The quotations for bullion are reported as follows:
Apr. 25
Apr. 25 Apr. 16
to
Chicago Pneumatic Tool (qu ar.)_______ 1 1
Apr. 15 Apr. 6
to
Apr. 15
Claflin (H . B .) , common (guar.)_________ ! 2
G O LD .
M ch.2\. M ch. 14.
S IL V E R .
Mch. 21. Mch 14.
Apr. 1
to
Apr.
Consolidated Cotton Duck, preferred_____ ; 3
1 Mch. 21
London Standard.
s. d.
s. d. | London Standard.
d.
d.
Apr. 10
Apr. 10 Mch. 30
to
Corn Products Refining, pref. (qu ar.)___
i
Bar gold, fine, o z . ............77 9 X 77 9% \Bar silver, fine, oz___ 30 13-16 31 7-16
Apr. 10
to
Apr. 10 Mch. 30
Preferred (extra)......... ..........................
3e
76 5
" 2 m o delivery, o z .30)4
31 3-16
U. S. gold, o z ......... .......... 76 5
Apr. 28
to
Distillers’ Secur. Corp. (quar.) (No. 18).
1)4 Apr. 27 Apr. 7
Germap gold coin, o z ------ 76 5*
76 5* [ Cake silver, o z ________ 33 X
33 15-16
Apr. 15
to
Apr. 15 Apr. 5
Dlstilling Co. of America, pref. (q u a r .)..
ix
French gold coin, o z ____76 5*
76 5* |Mexican dollars_______ nom .
n om .
to
duPont (E .1,)deNemoursPow.,com. (guar.)
Japanese yen, o z ..............76 5*
76 4)4\
I X June 15 June 6
Apr.
16
to
Preferred (quar.)______________________
Apr.
25
IX
to
May 2
Eastman Kodak, common (extra)________
May
1 Apr. 16
b
* Nominal.
'
Edison Elec. III..Boston (quar.) (N o. 7 2 ).
1 Holders of rec. Apr. 15
2)4 May
of
rec.
Holders
General Electric ( q u a r .).. ........................
Apr.
Mch.
14a
2
15
International Banking Corporation............
Apr. 10 Holders of rec. Apr. 4
2
Intemat. Buttonhole M aeh.(quar.)______
Apr. 15 Holders of rec. Apr. 5
1
to
May 1
International Nickel, preferred (q u a r .)..
1 Apr. 11
1)4 May
May 15 Holders o f rec. April 30
Smokeless Powder & Chem., pref___
4
Auction Sales.— Am ong’ other securities, the follow ing, not Tnt.
Apr.
2
to
Apr.
Apr. 15
15
Lanston M onotype Machine. ....................
2
regularly dealt in at the Board, were recently sold at auction: Mexican Telegraph (quar.)_____________ 2)4 Apr. 16 Mch. 31 to Apr. It*
to
April 16 Men. 29
Apr!
.National
Biscuit,
com
mon
(quar.)_____
1
i
y*
By Messrs. Adrian H. Muller & Son:
to
April 15 Mch. 29
Common, extra______________________
April 15
i
Apr. 15 Apr. 6
Stocks.
to
Apr. 15
B on d s.
National Carbon, common (quar.)_______
l
Apr. 15;Holders of rec. Apr. 1
8 M erca n tile Safe D e p o s it C o. 466 $ 1 ,0 0 0 A m e r . Steel F o u n d rie s C o.
National Fireprooflng, preferred (quar.).
i
5 L iq u id A ir P o w e r & A u to ­
New England Telephone & Telegraph (gu.)
6s, 193 5, A & O . _______ _________ 71
1)4 May 15 Holders o f rec. Apr. 20
Apr. 22 Apr. 6
to
2
Apr. °1
m o b ile C o ., $10 e a c h ___52 lo t
New York Air Brake (quar.)..... .................
1,000 In te r -S ta te R y . C o . C oll. T r .
Apr. 15 Holders of rec. Apr. 1
2
New Y ork D ock, preferred.........................
50 G u ggen h eim E x p lo r a ’n C o .
233
4s, 1943, F & A .................. ................ 61
748 T h e N a son M fg . C o . . l c . p e r sh. $ 1 2 ,0 0 0 A llls-C h a lm e rs 5s, 1 9 3 6 ..7 5
N. Y . & N. J. 1 elephone (quar.) (N o. 94)
I X Apr. 15 Holders of rec. Apr. ft
37 S t. L ou is O re & Steel C o . $7 lo t $ 1 7 ,0 0 0 U n ite d B o x B o a rd & P a p e r
N ova Scotia Steel
Coal, com m on .........
l'A Apr. 151Holders of rec. Mch. 31
Apr. 15 Holders o f rec. Mch. 31
2
Preferred (quar.)......... ...........................
11 C a rrin gton & C o .’ s E x p ress
C o. G en . 6s, Issued 19 0 5________ 56
Otis Elevator, com m on...............................
& P u rch a sin g A g e n c y . . $1 lo t $ 5 ,0 0 0 N ew A m s te r d a m G as C o.
l X f Apr. 151 Holders o f rec. Mch. 30
Preferred (quar.)_____ _______________
M em b . N . Y . P r o d u ce E x ­
I X Apr. 151Holders of rec. Mch. 30
1st 5s, 194 8, J & J ___ 9 5 % a n d Int.
Apr. 15 Mch. 26
6
Apr. 14
Pennsylvania Salt Manufacturing______
to
c h a n g e (all d u es p a i d ) . . $300
QuaKer Oats, com m on (qu ar.)--------------30 H om e sd a le R e a lt y C o ______$1 lot
l'A April 15 Holders of rec. April a
Com m on, extra_____________ _________
10 I r v in g N a t. E x c h . B a n k . .
175
X April 15: Holders of rec. April 5
Apr. 15 Holders o f rec. Apr. 5
3
R ealty Associates. Brooklyn (N o. 8) -----Apr. 15 Holders of rec. Apr. 5
2
Reece Buttonhole Mach. (quar.) (N o .84)
Apr. 15
DIVIDENDS.
to
Standard Milling, preferred................ —
I X Apr. 15 Apr. 7
Apr. 10
to
Apr.
Standard
Underground
Cable
(guar.)-----3
10 Apr. 6
W e have changed the method o f making up our weekly Streets West.Stable Car Line.,com. (quar)
Apr. 25
to
X Apr. 25 Apr. 10
May 7
list of dividends. Heretofore our record has included only Tennessee Coat, Iron & R R . , com .(quar.) 1
to
May
1 Apr. 11
May 7
to
1 Apr. 11
Preferred (qu ar.)____________________
May
2
the dividends announced each week, but for the convenience
April 15
to
Union Bag & Paper, preferred (q u a r .)..
1
April 15 Mch. 16
of our readers we now enlarge the scope of the com pilation Union Switch & Signal, com m on (quar.) 3
Apr. 10
to
Apr. 10 Mch. 31
Apr. 10to
Preferred (quar.)......... ...... .....................
Apr. 10 Mch. 31
3
so as to show also dividends previously declared, but the
Apr. 29
to
United Copper, com m on (qu ar.)_______
Apr. 29 Apr. 17
I
X
date of payment of which has not yet arrived. In the new United Fruit (quar.) (N o. 3 1 ).................... 2
Apr. 15 Holders of rec. Mch. 30
Apr. 15 Holders of rec. Mch. 30
form the statement indicates all the dividends announced United Gas Im provement (qu ar.)______ 2
Apr. 15 Holders of rec. Mch. 20
2
for the future by all large or im portant corporations.
15 Holders of rec. Mch. 20
Preferred (quar.).....................................
Apr.
IX
1 Holders ot rec. Mch. 21
Dividends announced this week are printed in italics.
U . S. Finishing, pref. (quar.) (N o. 3 1 ) ..
I X Apr.
United States Glass ( q u a r .).. ..................
Apr. 25
1
2
United States Rubber, first pref. (q u a r .)..
Apr. 30 Holders o f rec. Apr. 1.yi
Books Closed.
Second preferred (guar.).........................
Apr. 30 Holders o f rec. Apr. 15-1
IX
Name of Company.
Cent. Payable.
Days Inclusive.
1 Holders o f rec. Mch. 25
United States Telephone, common (guar.).
x 1Apr.
Preferred (quar.)................ .....................
I X I Apr. 10 Holders o f rec. Apr. I
Railroads (Steam )
1 Apr. 25
to
May
U. S. Realty & Improvement (quar.)___
May 1
I
X
Atchison Topeka & SantaFe, common___
June
to
June 2
3
1 May 11
U. S. Sm elt., Ref. & Min., com . (qu ar.).
I X April 15 Holders o f rec. -Mch 15
Atlantic Coast Line R R ., preferred_______
to
May 9
2)4 May 10 May 2
April 15 Holders o f rec. Mch. 15
Preferred (qu ar.)......... .......... .................
I
X
BeltRR . & Stock Yards Ind., pref. (guar.)
1
1)4 Apr.
to
Utah Consol. Mining ot N. J. (qu ar.)___j $1.25 |April 15 Mch. 16
Mch. 22
Belt Railway, Chicago (guar.)....................
Apr.
2
1 -----April 15 Mch. 16
to
E x t r a ____________ _____ ______ _____
25c.
Mch. 22
C h a n ters.................................................. ......
Apr.
5
1 Holders of rec. Mch. Ha
2
Apr. 15 Mch. 31
to
Va.-Car.
Chem..
pref.
(quar.)
(No.
4
6
)
..
Apr. 15
Chicago Milw. & St. Paul, com . & p r e f..
3)4 Apr. 20 Holders 01 rec. Mch. 20
Apr. 20 ^pr. 11
to
Vulcan Detinning, preferred (qu ar.)____
May 2
IX
Chicago & Western Indiana (guar.)_____
1
1!4 Apr.
Apr. 15 Mch. 21
to
Western Union Teleg. (quar.) (No. 154).
Mch. 31
IX
Cleve.Cin.Chic.* St.Louis,pref. (q u a r .)..
I X Apr. 20 Holders of rec. Mch. 30
Apr. 10 *.pr. 1
W estinghouse Air Brake ( q u a r .)............
to
Apr. 10
2X
Cripple Creek Cent. com . (quar.) (No. 7)
Apr. 20
to
1)4 Apr. 20 Apr. 11
Apr. 10 Apr. 1
Extra .......................................... ...............
to
Apr. 10
2
X
|
Preferred (quar.) (N o. 8) .......................
Apr.
Apr.
Apr.
20
to
1
11
20
Apr. 10; Mch. 31
Westinghouse
Elec.
&
Mfg.
all
stks.(qu.)
to
Apr. 10
2
X
2
Cumberland Valley (guar.)_____ _____ ___
Apr.
1 Not closed
Apr. I0 j Apr. 1
Westinghouse Machine (quar.) (No. 46).
to
Apr. 10
2X
Delaware Lackawanna & W est. (qu ar.).
to
Apr. 19
2)4 Apr. 20 Apr. 4
Erie R R second preferred..... .......... ........
to
April
April »
9 Mch. 13
2
OeorgiaRR. & Banking (guar.)................
to
Apr. 14
2»4 Apr. 15 Apr. 2
a Transfer books not closed, e On account o f accrued dividends to date, f Also
Kansas City Southern, preferred________
July
to
4
1 June 11
Julv
1
Minn. St. Paul & S. S. M ., com . (N o. 8) .
Apr. 15 Holders of rec. Mch. 29
2
I X % on com m on, payable O ct. 15 1907.
Preferred_____________________________
3)4 Apr. 15 Holders of rec. Mch. 29
6 Payable in com m on stock at par.
3)4

3)4

3)4

UPom rxercial a n d 1*1is c e Vlau to n s




3X

cius

IjJ a ttfe itx g

a tx d

fjfitta ttn a L

THE BANK OF BRITISH NORTH AMERICA.
.REPO RT OF T H E D IR E C T O R S P R E S E N T E D TO T H E
P R O P R IE T O R S A T T H E IR S E V E N T Y -F IR S T
Y E A R L Y G E N E R A L M E E TIN G .
The seventy-first yearly general meeting was held on March 5, at the
office o f the corporation, 5 Gracechurch Street, E. C., London, Mr.
Henry J. B. Kendall presiding.
The Chairman, in moving the adoption o f the report and accounts,
said: I am glad to preface my remarks by congratulating you on the
very favorable result we are able to put before you. This is due in 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 changed
in 1906, and that part of our resources which is held in New Y ork has
been employed at very profitable rates. Greater activity was the feature
of trade during the year 1906 the world over, with a consequent financial
pressure, causing a demand for money at high rates, and with this the
earning power of our agency has returned. But naturally 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,fat present atleast.n o sign o f 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, 86,796 were from Great Britain and Ireland;
44,349 from Europe, and 57,919 from the United States, the total in­
crease over 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
•not be brought in, and therefore the amount of lumber cut in the Ottawa
mills was 25 per cent below the average. As a set-off to this there is an
unusual demand for lumber at ever-increasing prices, so 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
o f the past season. This is larger than the crop o f the previous season
by 4,000,000 bushels, and the quality of the past season’s wheat is ex ­
cellent— in fact, a record. From the Agent-General’s report we learn
that the total value of minerals produced in British Columbia is estimated
at $22,460,000 for the year, showing an increase over 1905 of nearly
$4,000,000, the principal increase being in copper. The gold won in
the Yukon territory is returned 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 o f capital having been invested in hydraulic works, which are
supplanting the old system o f shaft sinking. On the Pacific Coast the
Commission appointed by the Ministry o f 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 part o f consumers o f canned salmon which were engendered by
the Chicago canned meat revelations. Glancing now at our balance
sheet, the profits for the half-year, after making our usual liberal pro­
vision for bad and doubtful debts, amounted to £67,255. Adding
thereto the amount carried forward in June last o f £37,861, we have a
sum of £105,116 to deal with. Out of this sum we have transferred to
reserve fund £20,000, 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 .
We have appropriated, as you will have observed, to bank premises
account the sum of £20,000, thereby writing it down to £157,768. The
actual value o f our premises is considerably larger than that. There is,
therefore, no depreciation to provide for; but our building program
for the current year will require at least this sum o f £20,000, which
prudence dictates should be provided for out o f profits. Every year we
are opening new branches, necessitating the construction o f bank build­
ings, and it is necessary to improve and enlarge some o f our existing
premises. We cannot but keep step with the wonderful progress of the
Dominion, nor can we rest satisfied with some o f 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
on this occasion we ask you to sanction a bonus to the staff o f 5 per cent
on their salaries. A dividend for the half-year at the rate of 6 per cent
per annum, as before, absorbs £30,000, and we have now the pleasure of
adding a bonus o f 1 per cent, making 7 per cent for the year. We think
you will concur in the wisdom, on general grounds, o f making this extra
distribution in the shape o f 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 next, which will be thus £40,000, and will leave a sum of £19,610,
to be carried to next account.
Mr. Richard H. Glyn seconded the resolution, which was carried
unanimously.
Messrs. J. H. Brodie, R . H. Glyn and F. Lubbock were re-elected
directors, and the election o f Mr. J. H. Mayne Campbell to fill the
vacancy caused by the death o f Mr. II. R . Farrer was confirmed.
Messrs. G. Sneath and X . E. Waterhouse w e re appointed auditors,
and a vote o f thanks to the Chairman, directors and staff closed the
proceedings.
»




785

THE CHRONICLE

A p r . 6 1907.]

TH E BAN K OF B R ITISH NORTH AM ERICA BALANCE SH EET
31ST DECEM BER 1906.
Dr.
To Capital______________________________________________ $4,866,666 67
20,000 Shares of £50 each, fully paid:
To Reserve Fund_______________________________________
2,238,666 67
To Deposits and Current A c c o u n ts ...................................... 23,091,115 45
To Notes in Circulation__________________________________ 3,510,593 99
To Bills Payable and other Liabilities, including Provision
for Contingencies________ _____ ___________________ 15,852,453 70
_______ ___________________________
111,595 16
To Rebate Account
To Liability on Endorsements________ _____ .$137,388 25
To Liability under Guarantee in respect of
which no Claim is anticipated................. .. 200,000 00
To Profit and Loss Account—
Balance brought forward from 30th of June
1906 ________________ ______ ___________ 330,257 23
Dividend paid October, 1906______________ 146,000 00
184,257 23
Net profit for the half-year ending this
date, after deducting all current charges
and providing for bad and doubtful debts. 327,309 45
$511,566 68
Deduct—
Transferred to Bank Premises
A c c o u n t _____________________ $97,333 33
Transferred to Reserve Fund__ 97,333 33
Transferred to Officers’ Widows
and Orphans F u n d .................
2,500 00
Transferred to Officers’ Pension
F u n d ........... ...............................
4,826 82
Staff bonus......... .......................... .. 19,466 67
----------------- 221,460 15
Balance available for April Dividend and bonus____

290,106 53
$49,961,198 17

Cr.
By Cash and Specie at Bankers and in H a n d .$4,376,148 22
By Cash at Call and Short N otice___________12,810,441 05

$17,186,589 27

By Investments—
Consols £303,000 at 8 5 ______ $1,253,410 00
National War Loan, £50,000
at 90______________________
219,000 00
---------------------$1,472,410 00
Dominion of Canada Bonds £144,400 at 97 .
681,664 27
Other Securities______ _____ _______________
568,655 10

$2,722,729 37
B y Bills Receivable, Loans on Security and Other Accounts 29,121,178 78
B y Bank Premises, &c., in London, and at the B ranches..
767,808 00Bv Deposit with Dominion Government required by Act
of Parliament for Security of General Bank Note Circu­
lation ................... .......... .................... ........................ ............
162,892 75
Note.— 'The latest m onthly 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
the receipt of the December accounts.
$49,961,198 17

We have examined the above Balance Sheet with the B ooks
in London and the Certified Returns from the Branches, and
find it to present a true statement of the B ank’s affairs.
E D W IN W AT E R H O U SE ,
GEORGE SN E A TH ,
(O f Price, Waterhouse & Co., Chartered Accountants)
Auditors.

London, 22nd February, 1907.
English Financial M arkets— Per Cable.
The daily closing quotations for securities, & c., at London
as reported b y cable have been as follow s the past week:
London.
Week ending A pril 5.
Sat.
Silver, p e r o z .........................d .
Consols, new, 2 X per c e n ts ..
For account......... .................
French Rentes (in Paris) . . f r .
Russian Imperial 4 s ...............
do
do
new 5 s ..
Amalgamated Copper Co____
b Anaconda Mining C o______
Atchison Topeka & Santa Fe
Preferred ________________
Baltimore & O hio....................
P r e fe r r e d ....... .....................
Canadian Pacific____________
Chesapeake & O hio_________
Chicago Great W estern.........
Chicago Milwaukee & St. Paul
Denver & R io Grande, c o m ..
Preferred ________________
Erie, com m on______________
First preferred___________
Second preferred__________
^
Illinois Central_____________
Louisville & N ashville..........
q
Mexican Central......................
~
Missouri Kansas & T e x ., com
g
P r e fe r r e d ..... .......................
m
National R R . of M exico_____
N. Y . Central & H udson R iv.
N. Y . Ontario & W estern___
N orfolk & W estern ,com ____
P r e fe r r e d .............................
Northern Pacific......................
a Pennsylvania....... .......... ......
a R eadingC o________________
a First preferred _________
a Second preferred ______
R ock Island C o .........................
Southern Pacific.................... ..
Southern R y ., co m ..................
Preferred .............................
Union Pacific, co m ..... .......... ..
Preferred .............................
U .S . Steel C o rp ., c o m ..........
Preferred ________________
Wabash ___________________
Preferred ......... ............ ......
Debenture B s ____________
a Price per share.

6 £ sterling,

Tues.
30)4
85J4
c86 3-16
94.77)4
74MS
835*
94
13
95M
97
101
90
18254
4m
14
138
31
73
26
63
40
148
122
22 X
37
65X
49 X
123
39
80
82X
131
64X
54)4
43 X
43 X
2214
8151
2254
73
142
90
37**
10254
14X
26
-----e For May account.

Wed.
Thurs. F r i.
30
30 1-16 30 1-16
85 9-16 85 9-16 85 Vs
85 13-16 S5 13-16 86)4
94.70
94.72)3 94.80
74 )4
74)4
74)4
83
83)4
83)4
93)$
96)4
95X
1254
13)4
12X
96 Vs
99 K
98)4
9S
9S)4
97X
101
102)4
99 Mi
91
91
91
180)|
179)4
13154
42)4
41M
41)4
14
14)4
14X
141
138
138
31
31
31)4
73
73
77)4
26
26)4
25)4
62
62)4
62)4
41
42)4
41X
150
152
149
122
121)4
123)4
22
23
22X
37
37
3S
67
66)4
66K
53
53
53
123
125
123)4
39
39 X
39)4
80
79)4
81)4
82)4
82X
82X
139
134
136
64
64
65
54
55
5654
44
43 X
43)4
44
43 X
43)4
22%
22)4
23X
80 y2
8554
8054
22)4
23)4
22X
76
75
75 X
140
139)4
144)4
90
90
90 X
37)4
3654
3854
10154
10154
10254
15
1454
14)4
26
25)4
26X
-----G1X
61)4

786

THE CHRONICLE.

Statement of New York City Clearing-House Banks.—
The follow ing statement shows the condition of the New
Y ork City Clearing-House banks for the week ending March
30. It should be distinctly understood that as to all items
except capital and surplus the figures are the averages of the
daily results, not the totals at the end of the week. In
other w ords, in reporting loans and deposits and holdings of
specie and legal tenders, the practice is to take the aggre­
gate of the am ounts for the several days of the week and
divide this aggregate b y the number of d a y s.
W e omit two ciphers (00) in all cases.
Banks
00s omitted.

Capital.

Surplus.

$
Bank of N. Y _ .
2,000,0
Manhattan C o.
2,050,0
Merchants’ ____
2,000,0
Mechanics’ ____
3,000,0
A m e r ic a ______
1,500,0
P h e n ix _______
1,000,0
City --------------- 25,000,0
Chem ical______
3,000,0
Merchants’ E x .
600,0
G allatin_______
1,000,0
B u tch. & D rove.
300,0
M ech.&Traders’
2,000,0
G re e n w ich ____
500,0
Amer. E x ch ___
5,000,0
Com m erce_____ 25,000,0
M erca n tile ____
3,000,0
Pacific _______
500,0
Chatham ______
450,0
People’s ............
200,0
North A m erica.
2,000,0
H a n o v e r______
3,000,0
Citizens’ C e n t..
2,550,0
N a ss a u ......... ..
500,0
Market & Fu lt’n
1,000,0
M etropolitan . .
2,000,0
Corn Exchange
3,000,0
O rie n t a l______
750,0
Im p. & Traders’
1,500,0
P a r k __________
3,000,0
East R iver____
250,0
F o u r t h ----------3,000,0
S e c o n d _______
500,0
F i r s t .................. 10,000,0
Irving E x ch ___
1,000,0
Bow ery ______
250,0
N. Y . C o u n ty ..
200,0
German-Amer 750,0
Chase__________
5,000,0
Fifth A v en u e..
100,0
German E x c h ..
200,0
G erm an ia_____
200,0
Lincoln _______
500,0
G a r fie ld ______
1,000,0
F i f t h __________
250,0
M e tro p o lis____
1,000,0
W est Side_____
200,0
Seaboard______
1,000,0
1st N at., Bklyn
300,0
L ib e r t y _______
1,000,0
N. Y . Prod. Ex.
1,000,0
New Am sterd’m
1,000,0
S t a t e __________
1,000,0

S
2,912,2
2,908,8
1,537,8
3,624,6
4,080,5
416,6
21,629,3
5,315,0
499,5
2,390,4
153,8
910,3
698,6
4,802,4
14,295,6
4,903,6
784,0
1,029,1
469,5
2,246,0
8,173,0
879,0
346,7
1,486,1
890,7
4,834,2
1,204,8
6,993,1
8,213,7
118,C
3,101,1
1,873,7
19,909 ,£
523 ,£
779 ,£
831 ,f
604,0
4,436,1
1,894,8
831,4
944,6
1,467.1
1,334,5
450,6
1,718,0
852,7
1,303,8
687,0
2,266,5
626,5
262,2
611,4

Loans.
S
16,472,0
21,152,0
11,998,0
19,433,0
21,400,9
7,854,0
156,S45,4
24,774,8
5.756,1
7.906,9
2,388,1
16,338,0
5,927,3
26.912,7
133,577,9
21,552,7
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
10,157,6
3,403,2
4,889,4
12,245,9
7,807,4
3,095,5
9,849,1
4,380,0
16.595,0
4,825,0
12,030,8
6,041,2
4,663,7
12,632,0

Specie.

Legals. Deposits, a Re
s’rve

$
S
2,086,0 1,696,0
3,460,0 2,470,0
2,052,3 1,053,3
2,391,0 2,227,0
4,237,4 2,251,6
1,941,0
95,0
37,894,5 7,238,5
4,408,8 1,828,8
1,552,1
103,2
950,5
593,6
539,2
70,2
3,508,0 1,018,0
1,046,8
250,0
3,276,8 1,153,6
18,439,2 9,362,3
1,662,8
752,6
279,5
435,3
844,2
826,5
400,5
257,5
2,830,7 1,168.1
9,898,0 6,442,1
3,332,5 1,569,6
224,3
470,7
1,459,8
533,9
1,924,6
189,2
6,335,0 4,131,0
1,537,6
417,8
3,869,0 1,277,0
16,480,0 4,610,0
238,2
151,6
3,057,0 2,077,0
1,130,0 1,253,0
15,412,4 1,636,4
3,237,3
589,4
730,0
95,0
978,9
489,5
679,8
196,5
11.944,8
947.6
2,185.0
627,6
185,0
955,0
838,7
671,8
1,361,7 1,827,6
1,598,4
325,4
557,6
199,9
•549,7 1,439,3
650,0
519,0
3,180,0 1,800,0
633,0
345,0
1,995,0
735,7
1,355,6
433,3
659,5
423,9
3,640,0
194,0

$
14,082,0
23,188,0
13,139,7
18,416,0
23,177,8
7,434,0
145,254,7
23,509,1
6,16S,1
5,583,8
2,145,2
18,926,0
6,255,6
18,658,6
108,144,3
15,130,4
3,572,2
5,738,1
2,324,3
15,115,0
61,430,1
18,509,0
3,808,4
7,103,6
10,184,6
40,616,0
10,019,3
21,073,0
78,520,0
1,483,3
19,287,0
9,328,0
62,297,0
14,727,0
3,830,0
6,009,2
3,513,0
51.393,8
10,871,7
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
10,356,5
6,974,2
5,238,8
15,269,0

%
26.8
25.5
23.6
25.0
27.9
27.3
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
26.4
18.2
28.0
20.7
25.7
19.5
24.4
26.8
26.2
26.6
25.5
27.3
25.9
21.5
24.4
24.9
25.0
25.8
27.3
24.7
24.8
24.1
24.0
21.4
24.7
25.9
21.2
26 3
25.6
20.6
25.1

Totals ........... 127.100.0) 156,057,9! 1056,545,2 195,659,7 72,425,9 1019,817.3 27.2
■
a

[V o l .

W e omit two ciphers (00) in all these figures.
Capital 1
and
j Loans.
Surplus.

Banks.
New York
Mch. 2 . .
Mch. 9 . .
Mch. 16-Mch. 2 3 - .
Mch. 3 0 ..
Boston.
Mch. 9 - .
Mch. 1 6 ..
Mch. 2 3 . .
Mch. 3 0 -.
Phila.
Mch. 9 - Mch. 1 6 -.
Mch. 23._
Mch. 3 0 ..

Specie.

S
j
S
281,949,5 1079,185,6
282,402,3 1066,956,9
282,402,311053,576,6
281,286,7! 1049,989,6
283,157.9 1056,545,2
43,680,0!
43.6S0.0i
43,680,0|
43,6S0,0i

183,907,0
181,522,0
179,148,0
178,166,0

51,165,0|
51,165,0.
51,165,0
51,165,0

223,064,0
222,729,0
221,221,0
219,512,0

Legals. Deposits, a

Circu­
lation.

Clearings.

$
189,065,2
185.456,7
183,454,4
184,974,4
195,659.7

$
74,401,4
71,566,3
70,572,3
70,271,2
72,425,9

$
1038,431,8
1019,889,1
1003,974,4
1002,144,6
1019,817,3

$
52,787,2
52,281,3
51,562,3
50,920,3
50,820,0

$
1,987,464,0
2,158,480,4
2,514,930,1
2,095,084,2
1,994.438,6

15,670,0
16,403,0
15,850,0
16.139,0

4,206,0
4,168,0
4,027,0
3,913,0

203,500,0
208,627,0
202,722,0
201,774,0

8,491,0
8,489,0
8,500.0
8,473,0

169,933,3
182,649,6
170,981,3
171,180,8

249,695,0
250,145,0
247,048,0
246,100,0

13,796.0
13,785,0
13,956,0
14,035,0

141,250,0
144,706,7
155,794,8
133,947,2

52,384,0
51,032,0
52,016,0
51,331,0

■a Including for-Boston and Philadelphia the item "d u e to other banks” and also
Government deposits. For Boston these Government deposits am ounted on March
30 to $3,474,000; on M arch23 to $3,479,000.

Imports and Exports for the Week.— The follow ing are
the im ports at New Y ork for the week ending March 30; also
totals since the beginning of the first week in January:
F O R E iq N I M P O R T S A T N E W Y O R K .
For week.

1907.

1906.

$2,354,164
8,758,215

$16,714,634

$17,799,114

$11,112,379

$47,152,663
147,953,777

$41,108,971
155,852,731

$36,098,830
127,412,636

S3,833,714
16.4S3.215

S3.775.101
12,939,533

T o t a l ____________ _____ _
Since January 1.
D ry G oods__________________
General Merchandise..............

$20,316,929
$53,939,845
179,417,259

Total 13 weeks.................... $233,357,104 $195,106,440 $196,961,702 $163,511,466

The follow ing is a statement of the exports (exclusive of
specie) from the port of New Y ork to foreign ports for the
week ending March 30 and from Jan. 1 to date:
E X P O R T S FROM N E W Y O R K F O R T H E W E E K .
1906.

1907.
For the w eek_______ ________
Previously re p orted ...............
T otal 13 weeks_______

$10,888,378
150,337,513

$12,350,269
121,949,287

The follow ing table shows the exports and im ports of
specie at the port of New Y ork for the week ending March 30
and since Jan. 1 1907, and for the corresponding periods in
1906 and 1905:
E X P O R T S AN D IM PO RTS OF SPEC IE A T N E W Y O R K .
Imports.

Exports.

Cold.

Week.

Since Jan. 1

$35*1,590

4.500

1,355,336

Specie.

N. Y . City.
Boroughs of
M an.& B r'x.
S
S
$
$
W ash. H ’g ’ ts
100,0
940,0
174,7
12,4
Century ____
200,0
154,0 1,246,8
25,8
Chelsea E xch
100,0
103,7 1,137,0
77,3
C o lo n ia l____
100,0
427,8 4,407,9
85.1
C olu m bia___
300,0
442,3 6,141,0
265,0
Consol. N at. 1,000,0 1,108,2 6,382,2
767,0
F id e lit y ____
200,0
144,4 1,041,2
9.2
14th S tr e e t.. 1,000,0
424.0 6,958,3
252,4
H a m ilton ___
200,0
243.3 4,973,8
255,8
Jefferson____
500,0
642.7 4,232,3
10,9
Mt. M orris..
250,0
219,5 2,610,6
145.8
M u tu al..........
200,0
286,5 3,402,7
25,8
19th W a r d ..
200,0
260,7 3,493,9 i
28,2
P l a z a ______
100,0
342,9 3,914,0
232,0
R iv ersid e___
100,0
101,1 1,934,3
15,2
12th W a r d ..
200,0
211,3 2,470.0
36,0
23rd W a r d ..
100,0
174,6 1,718,9
60,6
Union E x ch .
750,0
839.6 8,849,1
400,0
Y o r k v ille ___
100,0
3S4.7 3,353,6
43,2
Coal & I.Nat.
500,0
575,6 4.521,0
607,0
34th St. N at.
200,0
206,3 1,307,5
307,6
B att.Pk.N at.
200,0
119,2
756,7
108,7
Borough of
Brooklyn
B o r o u g h ___
200,0
156,3 3,056,5
45,9
Broadw ay . .
150,0
405,4 2,786,7
13,0
B r o o k ly n ___
300,0
152,S 1,905,8
129,0
M frs.’ N at . .
252,0
704,0 4,555,1
434,4
Mechanics' . 1,000.0
896,5 10,948,3
256,9
Nassau N at.
750,0
918,2 5,989,0
212,0
N at. C i t y . ..
300,0
129,0
614,3 3,123,0
North S id e ..
100,0
212,5 1,747,5
26,6
Jersey C ity.
First Nat . . .
400,0 1.169,3 4,263,3
190,9
H ud Co Nat.
250,0
712,0 2 ,,589,2
89.9
Third N at__
200,0
341,2 1.796,0
69,1
H oboken.
First N a t ___
110,0
580,3 2,429,8
135,5
Second N a t .
125,0
191.9 1,601,8
66,9

Legal
Tender
and
Bank
Notes.

Deposit with
Clear­
ing
Agent.

Other
Net
Banks. Deposits.
&c.

$
42,0
67,8
38,4
304,6
229,0
143,3
66,0
327,9
209,3
258,4
92,0
434,2
324,2
225,0
124,7
198,0
176,9
264,6
376,6
210,0
6,4
34,1

$
50,3
72,8
127,8
515,3
468,0
201,6
76,6
288,9
185,1
276,8
233,8
158,0
567,S
160,0
98.6
162.0
130,3
550,4
161,8
497,0
76.6
88,0

S

188,9
185.6
79,3
111,2
538,9
431,0
337,0
113,0

156,2
178,0
257,1
677,5
1,078,9
598,0
373,0
41,1

134,2 3,274,8
55,2 2,809,9
34.5 2,132,0
179.3 4,882,0
151,6 12,596,7
5,200,0
65,0 3,428,0
170,4 1,837,6

319,1
74,4
102,2

1,742,2
308,5
404,2

485,0
117,1
28.9

5,433,8
2,331,7
2,033,0

18,1
41.1

167,9
91,9

86,8
82,2

2,091,9
1,607,8

39,2
147,7
225,6
320.0
466,1
475,9
143,9
58,2
1,4
501,7
87,9
110,7
33,3
60,0
9,0
____

S
714,4
1,410,7
1,466,3
5,013,0
6,489,0
4,961,0
983,7
7,093,0
5,679.3
4,122,9
3,003,3
3,542,1
4,571,4
4,183,0
2,((97,8
2,775.0
2,050,7
7,965,7
3,828,3
4,118,0
1,349,3
621,5

Tot. Mch. 30 10737,0 14632,8 122584,8 5,570,1 6,693,2 11,228,0 4,270,8:127698,6
Tot. Mch. 23 11737.0 15659.7 133243,2 5.952.7 7,460,7 16.940,3 5,012,0 144154,6
T ot. Mch. 16 11737,0 15659,7 134726,6 6.195,9 7,549,2 17,316,4 4,880,8: 146865,6




$7,759,560
120,562,293

. $161,225,891 $163,064,127 $134,299,556 $128,321,853

W est Indies--------------------------------- -

Loans.
and
Invest­
ments.

1904.

1905.

$13,188,228
149,875,899

W e omit two ciphers (00) in all cases.

Sur­
plus.

1904.

1905$3,054,000
14,745,114

D ry G o o d s ________ _____ _
General Merchandise_______

Reports of Non-Member Banks.— The follow ing is the
statem ent of condition of the non-m em ber banks for the
week ending March 30 1907, based on average daily results.

Capi­
tal.

.

New York City, Boston and Philadelphia Banks.— Below
is a summary of the weekly returns of the Clearing-House
banks of New Y ork City, Boston and Philadelphia. The New
Y ork figures do not include results for non-m em ber banks:

a Total of United States deposits included, $18,033,600.

Banks.

l x x x iv

T otal 1907_______________________
Total 1906_______________________
Total 1905____________ __________

$4,500
113.546
728,199

$1,706,926
3,765,921
31.686,270

$556,895
267,000

$9,871,789
540,000
1.000
37.533

W eek.

Since Jan. I

$9,694
6,207
63,120
60,621

$754,673
331,087
1,033,634
104,406
45,026
604,015
117,146

$139,642
663,698
779,561

$2,989,987
2.085,657
3.958.499

$7,308
16,584
49.833

............58
34.349
220,853
319.472
4,274

$73,725
56,851
48,101

$580,028
632,292
654.303

Silver.

5,648

$1,022

1,786
Total 1907..........................................
Total 1906....... ................... - .............
Total 1905_______________________

$829,543'$10,452,108
1,042,772: 14,885,838
527,200
9,349,201

Of the above im ports for the week in 1907, §6,100 were
American gold coin and $300 American silver coin. Of the
exports during the same time $4,500 were American gold
coin and $4,000 were American silver coin.

^BatilUuo ixntl J fitx a u c ia l.
W e shall be pleased to m ail investors co p 'e s o f our 10-page
oircular describing 5 7 S h o r t - T e r m
N o te * u n d C o lla t e r a l
•r u s t

lio tM tw .

Spencer T r a s k &
B r a n c h O ffic e , A l b a n y , N .Y .

M

o

f

f a

W illia m

t

&

W

M em b ers N ew Y o r k S tock
5 N ASSAU STRE ET.
D e a le r s in
C O M M IS S IO N

Co.

a n d P i n e H tn .. N e w Y o r k

h i t e
E x ch an ge.

H A N O V K K B A N K B U IL D IN «.

I n v e s tm e n t ^ e e u r liie s .

O R D E R S EXE* CTKD

FOR CASH

O M .Y

€5a n h zxsy © a l e t t e .
F o r D ivid en d s see p a g e 78 4 .

Wall Street, Thursday Night, A pril 5 1907.
The Money Market and Financial Situation.— There has
been further recovery in security values this week. The up­
ward m ovem ent has, however, been interrupted b y frequent
reactions, and prices are still in m any cases 20 points or more
below those prevailing earlier in the year.
The stock market has been only moderately active but the
bond department at the Exchange shows decidedly more
animation than for a long time past, and in several cases
there has been a notable advance in prices. The im prove­
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 b y the Governm ent have so far relieved
the m oney 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 reserve than is usual at
this season of the year.
Am ong the developments of the week attracting more
or less attention in railway circles have been the increase
of the Atchison dividend rate to 6 % , the terms of sale of
Erie notes, the increase shown b y Southern Pacific’s traffic
report and a settlement of the threatened strike in Chicago.
The open market rates for call loans on the Stock E x ­
change during the week on stock and bond collaterals have
ranged from 1 to 4 % % . T o-d a y ’s rates on call were
2 @ 2 % % . Prime commercial paper quoted at 6 @ 6 % %
for endorsements and 6 @ 6 % % for best single names.
iJ^The Bank of England weekly statement on Thursday
showed a decrease in bullion of £655,529, and the per­
centage of reserve to liabilities was 41.42, against 40.95
last week.
IK-The discount rate remains as fixed Jan. 17 at 5 % . The
Bank of France shows a decrease of 22,725 ,0 00 francs in
gold and 5,450,000 francs in silver.
N EW Y O R K C IT Y CLEA RIN G-H O U SE BA N K S.
Dij/erences
from
previous week.

1907.
March 30.

1906.
March 31.

1905.
A pril 1.

$
$
$
$
116,472,700 115,972,700
127,100,000
C apital______ _________
156,057,900
145,655,100
137,656,500
S u r p lu s ________
—
Loans and discounts__ 1,056,545,200 Inc. 6,555,600 1,025,503,900 1,099,289,700
51,845,000
43,718,700
Circulation. _ _.............
50,820,000 Dec.
100,300
Net d e p o s its .................. 01019,817,300 Inc. 17,672,700 1,004,290,500 1,138,661,300
195,659,700 Inc. 10,685,300
177,895,000 209,481,100
S p e c i e ......... ...............
78,308,900
83,848,800
72,425,900 Inc. 2,154,700
Legal tenders.............
Reserve held ________
26% of deposits..............
Surplus reserve_____

268,085,600 Inc. 12,840,000
254,954,325 Inc. 4,418,175
13,131,275 Inc.

8,421,825

656,203,900
251.072,625
5,131,275

293,329,900
2S4,665,325
8,664,575

a $1S,093,000 United States deposits included, against $14,512,100 last week and
$11,738,900 the corresponding week of 1906. W ith these United States deposits
eliminated, the surplus reserve would be $17,654,675 on March 30 and $8,33 7,475
on March 23.
Note.— Returns o f separate banks appear on the preceding page.

Foreign Exchange.— The market was active and higher
this week, influenced by easier m oney, by an urgent dem and
to remit for stocks sold for London account and by a scarcity
o f bills. The gold that was bought in London on Tuesday
for shipment hither was re-sold. T o-d a y ’s (Friday’s) nominal
rates for sterling exchange were 4 813^ @ 4 82 for sixty day
and 4 8 5 % @ 4 86 for sight. T o-da y’s (F riday’s) actual
rates for sterling exchange were 4 8 1 40 @ 4 8150 for long,
4 8 5 20 @ 4 8525 for short and 4 85 85 @ 4 8590 for cables.
Commercial on banks 4 8080@ 4 8090 and docum ents for
paym ent 4 80 34 @ 4 81 % . Cotton for paym ent 4 8 0 34 ®
4 8 0 % . Cotton for acceptance 4 80 80 @ 4 8090 and grain
for payment 4 8134 @ 4 8 1 % .
T o-d a y ’s (F riday’s) actual rates for Paris bankers’ francs
were 5 2 3 % a @ 5 23% for long and 5 2 0 % @ 5 20h for short.
Germany bankers’ marks were 9 3 % @ 9 3 15-16 for long and
94 9 -1 6 @ 9 4 % for short. Amsterdam bankers’ guilders were
40.07@ 40.09 for short.
Exchange at Paris on London to-day 25f. 28c.; w eek’s
range 25f. 2 8 % c. high and 25f. 2 7 % c. low.
The w eek’s range for exchange rates follow :
-L ongSterling Actual—
H igh______ 4 8140
@ 4 8150
L o w ______ 4 7875
@ 4 79
Paris Bankers' Francs—
H igh........... 5 2 3 % o
@ 5 23%
L o w ______ 5 2194
@ 5 21%
Germany Bankers' Marks—
H igh............93%
® 93 15-16
L o w ______ 93%
@ 93%
Amsterdam Bankers' Guilders—
H igh...................................................
L o w ......... ..
..................................
LessPlus:

a 1-16 of 1% .
k 1-16 of 1 % .

—Cables-----14 8520
i 4 8320

@ 4 8525
@ 4 8325

15 20%

@ 5 20h
@ 5 20%

|5 21 % a
94 9-16
94 3-16

14 8585
I 4 8410

@ 4 8590
@ 4 8420

@ 94%
@ 94 5-16

14007
@ 40 09
39 13-10 @ 39%

d 1-32 of 1% .
x 1-32 of 1% .

h 3-32 o f 1% .
y 3-32 of 1% .

The following were the rates for dom estic exchange on
New York at the under-mentioned cities to-day: Savan­
nah, buying, 50c. per $1,000 discount; selling, 75c. per $1,000
premium. Charleston, selling, $1 per $1,000 premium.
New Orleans banks, 35c. per $1,000 discount; com m ercial,
GOc. per $1,000 discount. Chicago, par; St. Louis, 20c. per
$1,000 premium. San Francisco 20c. per $1,000 premium.
State and Railroad Bonds.— Sales of State bonds at the
Board are lim ited to $4,000 Tennessee settlement 3s at 96.




787

THE CHRONICLE

A p r . 6 1907.J

The market for railway and industrial bonds has been
more active than for a long time past, on a better dem and,
and under the lead of a few strong issues the entire market
hks shown a tendency to advance. Delaware & Hudson
conv. 4s have advanced 6 % points, Burlington & Quincy
join t 4s nearly 5 points, Brooklyn Rapid Transit 4s nearly 4,
Erie 4s, series A, 3 % ; R ock Island R R . 4s, 3; U. S. Steel 5s,
3, Atchison conv. 4s over 3, and several other issues from
1 to 2 points within the week. Am ong the latter are R ead­
ing, Pennsylvania, Colorado Southern, A tchison, Baltimore
& Ohio and Interboro-M etropolitan bonds.
United States Bonds.— Sales of Governm ent bonds at the
Board include $6,000 2s reg.,1 93 0, at 1 0 4 % , and $3,000
3s, cou p., 1908-18, at 101. The follow ing are the daity
closing quotations; for yearly range see third page following.

2s.
2s.
3s,
3s,
3s,
4s,
4s.
4s.
4s,
2s,

1930 _____ ____registered
1930______ ______ coupon
1908-1918. ____registered
190S-191S- _______coupon
1908-1918- small coupon
1907 _____ . registered
1907______ ______ coupon
1925 _____ . . .registered
1925______ ______ coupon
1936 Panama Canal regis

Interest
Periods

M ch.
30

Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q— Feb
Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q— Nov

H
O
L
I
D
A
Y

A pril A pril
2
1 .

A pril
3

A pril
4

A pril
5

*104%
*104%
*102%
*103%
*102%
*100%
*100%
*130%
*V.i0 X
*104%

*103%
*103%
*102%
104
*102%
*101
*101
*130%
*130%
*104%

*103%
*103%
*102%
*103%
*102%
*101
*101
*130%
*130%
*104%

*103%
*103%
*102%
*103%
*102%
*101
*101
*130%
*130%
*104%

104%
*x04%
*102%
*103%
*102%
*100%
*x00%
*130%
*130%
*104%

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

Railroad and Miscellaneous Stocks.— As noted above, the
stock market has made further progress towards norm al
conditions, although this m ovem ent lias not been allowed
to go on w ithout interruption.
On Tuesday and W ednesday there was a good deal of
irregularity and net declines were recorded in a num ber o f
cases. These were more than offset b y the advance which
was renewed on Thursday and continued to-da y, so that, as
a result of the week’s operations, practically the entire active
list is from 3 to 10 points higher than last week and from 5
to 22 points above the lowest reached during the recent slump.
T o-d a y ’s market was b y far the most active of the week and
net gains of from 1 to 3 points were general in the list.
Am ong the exceptional features is Canadian Pacific. It
sold on Monday 35 points above the price on March 23d,
has covered a range of 18 points within the week, and is the
only active stock that closes lower than last week. Other
trans-continental issues have covered a wide range. N orth­
ern Pacific is over 10 points higher than last week and 23
higher than on March 25th. Reading has been the m ost
active stock on the list and advanced from 103 on M onday
to 114 to-day.
For daily volume of business see page 795.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow :
STOCKS.
! Sales.
Week ending April 5.
1or Week.

Range lor week.

900 $5 April
Alice M ining____- . .
150 103 April
Assoc. Merchants, ls t p f.
400 12 April
Bethlehem Steel_______
10 49% April
Preferred .
----------100 85 April
Cleve Lorain & W h e e l-.
Com stock T u n n e l---------- 16,500 27c April
1st incomes 4s----------- $6,000 18c. April
110 123% Apri
Diamond Match _ _ _
200 80% April
Federal Sugar, preferred
30 100 April
General Chemical, p r e f..
Great Northern r ig h ts.. 90,106 8% April
100 52 April
In g e r s o ll-lla n d ------------100 92% April
Preferred .
-----New Y ork D ock, p r e f ...
82 70 April
164 113%April
N Y & N J T eleph on e.. .
1,200 6 April
Ontario Silver Mining—
100 25 April
Peoria & Eastern______
St I. & S F— C & F 111
new stk trust certfs — $5,000 63 April
100 85 April
V a n d a lia _____
_____

Range since Jan. 1.

Highest.
1 $5% A pril
5 103 April
3 13% April
1 49% April
2 85 April
2 40c. April
5 20c. April
2 125 April
2 82 April
2 100 April
1 11% April
3 52 April
3 92% April
5 70 April
1 11-1 April
4 6% A prll
5 25 April
4 63
1 85

Lowest.
$4
100
10%
45
85
23c.
18c.
‘> 123%
0 76
2 97%
4l 8%
3 49%
3 92
5 70
4i 108
2
4%
0 18
1
5
2
T
2,
5

April 4 60
April 1 85

Highest.

Mch! $7% Jan
Mch 106% Mch
Mch 20% Jan
Jan
Mch 65
Mch
Mch; 95
Mch 50c.
Jan
Mch 23c. Feb
Apr:l
April 125
F eb; 85% Feb
Mch! 102% Feb
April 11% April
Jan
Mch 60
Mch 94% Jan
April
April 70
Jan
Mch 115
Jan 8% Feb
Mch 30
Jan
Mch 71
Mch 93

Feb
Jan

Outside Market.— The market for unlisted securities has
been dull and irregular, though a distinctly firmer feeling
has been in evidence, a further im provem ent in prices being
noted. Copper shares have received a large share o f the
atten tion . Greene Cananea from 15% m oved up to 17 then
fell back to 15 % . It recovered to 16% and ends the week
at 16 % . Greene Consolidated Copper advanced from 2 3 %
to 2534, went dow n to 24, but m oved up again, reaching
263^ to-d a y. United Copper com m on rose from 5834 to 60,
weakened to 58% and ran up again to 6 2 % . Balaklala on
sudden activity advanced 3 % points to 13% bu t fell off to
10 % , the close to-da y being at 11 % . Boston Consoli­
dated Copper went up from 2 3 % to 2 6 % , at which figure it
closes to-d a y. British Columbia Copper from 6 % reached
8J4, easing off to 8. Butte Coalition sold up from 2 6 %
to 2934, sank to 25 % and recovered to 28. The close to-day
was at 2 7 % . Douglas Copper, after a fractional decline to
9 % , ran up to 1 1 % . Trinity was w eak, and after advancing
from 25 to 3 1 % dropped to 2 1 % . It advanced finally to
2 3 % . Newhouse lost 3 points to 1834 but m oved up again
to 2 0 % , closing to-day at 2 0 % . Nipissing rose from 12% to
1 3 % , easing off to 13 % . Business in industrials has been
limited to few stocks. Havana T obacco com m on gained
a point to 15. The preferred opened the week at 20, went
dow n to 19 and up finally to 22. W aterbury Com pany, after
an early advance from 54 to 5534 >sank to 4 9 % , recovered to
50 and closes to-da y at 49 % - Chicago Subway advanced
from 19 to 2 0 % , fell to 17% and then went up to 2 0 % . The
close to-d a y was at 2 0 % .
Outside quotations will be found on page 795.

N 8W T ork Stock Exchange— Stock ctecard, Daily, W eekly and Yearly
O C C U P Y IN G
S T O C K S —H I G H KB T A J fD L O W E S T S A L E P R I C E S
S a tu r d a y
M a r c h 30

w
B
r?
o
Q
W
tel
H
Q
ft
ft
o
Q
F
o
CO
g
H
|
1
i
on

H

IN
W
W
o
F
W
M
w
►
KJ

Jtfo«aoM/
A p ril 1
89% 9 3 4
94 % 94%
101 103
97
98**
*85
90
63
5 6 7t
*80 128
* llu
1394
85
1774189%
61% 6 l 7f
•175 185
40=8 4 1 7t
15
15
»
60
‘ i ‘3 ‘4 1 4 4
♦75
764
5 9 4 69 4
18 4 19
132 134*1
1484150
1171, 1171,
132
133%
1 4 7 k 150
*180 200
133
133
*150 180
*5
74
10
104
4%
5H
1 4 4 17
7 1 4 72
*100 109
2 5 4 26
t50
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46% 4 6 4
1814 1844
*467 47 5
3 0 4 30*8
•7 2
70
70
71
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25
25
2438 2 5 4
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3 9 -a 40
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70
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90
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.......... . . . . . .
..........
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72
72
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•83
90
1 4 6 4 1464
24% 25%
68% 60 4
1834 1 8 4
*34
35
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76
23
24
62
64
*17
23
*50
60
*50
60
11741191,
134 131
*90
95 4
21
214
494 494
*80
85
105
107
1 3 1 4 l3 i%
35 5» 3 6 4
63% 6 1 4
744 764
*118 122
*494 524
*20 *e 23%
1 1 7 4 1 1 8 5 ,,
37
39
*100 120
«0
*70
*172% 179
38
; '8 l<
7 7 4 78%
80
*76
1 2 6 4 12S34
118 118 4
9 7 4 9 8 34
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102 102
122 % 125
69% 6 9 7e
98
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103 10634
*
84
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22
21
46
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66
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35
35
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214
51
514
77% 7 9 4
114 114
2 1 4 22%
7 0 4 72 4
28
284
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25 4 26
2 7 7s 27 4
514 514

T u esd a y
A p r i l 'J

W ed n esd a y
A p ril 3

95%
934 954
95
95>I
954
103
101 102
964 974
984
884 884
88 4
61%
59
58
*90 128
128
1 3 « 4 *110 1 3 9 4
*
85
85
m ” I 8 0 4 i Y i ‘% 174 4
*60
62
6 0 4 60%
* 1 ?0 190
'1 7 6 190
40 >4 41
3 9 4 41
15
15
15
15
*
60
* . . . . . . 59
13
13%
" 1*4 " 14
*75
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7 6 4 *75
*58
61
* 5 7 4 61
18% 18% * 1 7 4 19 4
132 4 1H4% 131% 133%
148
149 4 149% 148
117% 118
116 1 1 7 4
133 1 3 3 4 132 1 3 2 4
14-* 1 4 9 4 147 148
*195 200
*195 200
135 135
135 135
*150
180
*150 180
*5
*5
74
74
*10
15
*10 4 17
5%
64
54
5 34
19
17
1 6 4 18
70
70
70
71
*103 109
109
*103
25
25 4 2 6 4
25 4
6 0 34 60% *60
61
47
483<
48
48
182 184
181 183
'4 5 0 476
466 466
30
29% 30%
314
$73
*71
73
75 4
*70
72
7i
14 * 1 4 4
14
14
23
23
2 4 34 24%
24
2 3 34 25 4
25 4
59 4
59% £ 0 4
58
3 9 4 40
3 9 4 40-4
* 63
*63
70
70
95
*85
*85
90
*130 133 4 1 3 0 4 1 3 3
68
67% 5 9 4
594
...... ...... ...... ......
...
. . . . . . ______
‘ 35 4 3*5% * 3 4 4 41
*72
72 4 73
73
85
85
85
b5
*80
85
85
145 4 1 4 5 4 1*4*5** 145 4
26
26%
2 4 4 25%
60% 6 1 4
59% 60%
1 8 4 1 8 4 519 4 1 9 4
34
34 s,
344 344
*75
*75
76
76
23
27%
26 4 27 4
54
58% 59%
574
*18
*18
23
23
55
60
55 4 *55
*50
*55
60
60
117% 1 1 9 1* 117 % 118
1 3 4 4 1 3 4 4 134 % 136
*90
92
93
93%
21
21%
* 2 1 4 22
50
49 4 49%
*49
*a0
85
•80
85
104% 106 % 107 107%
129 4 132 4 132 4 136
34% 3 6 ‘4
35 *a 36%
64
644
63 4 61%
74
74
75
74%
*120 126
123 123
*52
52
52
53
*2u% 2 3 4 *20% 23 4
117% 1 1 9 4 117% H 8 4
*36
*37
41
40
105 120
*10o 120
*70
72
72
80
175 175
173 4 1 7 5
37% 38
37% 38 4
77% 7 7 4
7 6% 7 7 4
575
*80
75
85
127 1 3 2 4 1 2 8 4 r s i 1*
117 l i 8
117% 120
*S6
*98
99
99
*90 103
*90 106
1 0 2 4 1 0 2 4 103 103
122 124
122% 125
70
70
6 9 4 69%
•94
*94
98
98
104 4 100% 103% 107%
*
84
84
81
83
83
84
' 83
214 224
2 1 4 22
46% 47%
47
46
*60
*60
67
67
* 3 5 4 40
35
36
19% 20 4
20% 2 1 4
*51
62 4
5 1 4 53
76% 78%
77 4 794
*113% 114% H i
1144
21% "1‘J
2 I 4 22
7 0 14 70%
70% 71%
23
28%
2 8 4 28%
*105 115
'1 0 5
120
25% 2 5 4
*25 4 27
27% 27%
2 7 4 28
52 4 52%
51% 52%
914
954
101%
974
884
66
*80
*110

T h u rsd a y
A p ril 4
94% 9 6 4
95% 95 4
1U2 4 104%
97
994
92
*88
60% 6 S 4
95
95
*110 1 3 9 v
* ......... 87
1*73 4 1 7 7 4
624
62
•180 190
404 414
*15
18
*
5»
” 13% 14
*76 L4 7ti4
6<»
614
19
20
132% 136%
1494150
118 120
133 135
149% 1 5 2 4
2 <;o 200
136 138
*150 180
*5
7%
*15
17
5%
0%
17% 17%
70% 71
*103 109
254 264
604 604
48% 49
183 *a 185%
470 470
30% 3 1 4
75 4 77
7 3 4 73 4
......
......
24% 25%
5 9 4 60
4U% 41
*65
70
90
91
1304137%
58% 6 1 4
...... ......
......
34
34
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75
8 1 4 84 4
•80
85
145 4 1 4 8 4
264 274
62
62 4
18% 1 9 1*
3 4 4 37
*75
76
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68
59
20 4 2 0 4
*55
70
65
57
118 4 120
136 138
93% 95
2 1 4 22 4
49 4 49%
*80
85
106% 107%
136
j 37
35% 37
t>5
65%
75
76^
.1 2 0 1 *5
*52
......
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lib
119%
39
41)
*105 120
*70
80
175 175
37% 38%
78
79%
*75
83
1 2 s '4 136
118 1 2 0 4
98 4 98 4
*90 103
1U3 1 0 4 14
123% 126%
70
71
•94
98
106% 110%
85 % 85%
85
85
21% 22%
47 4 50
*60
67
3 8 4 38 4
*0*3 20 4
52
54%
77% 82
U 4 % 115
2 1 4 23
69% 7 1 4
2o% 2 i) 4
110 114
*25
264
27% 27%
61% 52%

J rtd a y
A p ril 5

TW O

PAUSS*

STO C K S
N E W Y O R K ST O C K
EXCHANGE

Hanue lor J^revtout
R a n ge /or y e a r 19 0 7
Sales 0
r e a r 1 UW>)
On vasts 0/ 100-sh.arelota
ths
W eek
H iijhesi
H ig h est
Lowexl
Low est
Share*

K a il r o a i ls .
97% A tch. T o p e k a A S a n ta F t 298,410 82% M a r l 4 1 0 8 4 Jan 7 85% May
l>ei1,450 92
M ar25 101% Jan 12 *98
97
i* D o ‘ p r e f ...................
8,49r> 94 Mar2C> 1 3 3 4 J an 5 13! 4 J iy
106% A t la n t ic C o a s t L in e B K ..
May
4
1.300
105%
122
Jan
5
90
4
Mar2.102 4 L ia lttm o re <fc O h i o ...........
400 87 M ar25 94 % Jan 10 91 O ct
90
1 ) D o p r e f..........................
62% B ro o k ly n E a p id T r a n s it.. 174,9 tO 4 5 4 M ar 14 83% Jan 7 71 J ’ ly
100 95 A larl4 l l o
Ja n 26 124 Nov
128 B u ffalo R o ch e ste r & P itts
......... 135 Jan 4 135 Jan 4 l.:9 4 N ot
139%
D o p r e f..........................
83
F
e
b
16
35%
F eb ~ 83 Jan
83
B uffalo <fe y u s q u e , p r e f ...
178
/ uinadian P a c ific ............. 10i*,7*00 155 M ar23 195 4 Jan 4 155% May
500 60 M a rl i 05 4 Jan 14 05 4 J ’ n t
62 4 v Canada S o u th e r n .............
Mar .’5 219 4 Jan 7. 204 May
165
195 C en tral o f N e w J e r s e y ...
42% C h esapeake
O h io ........... 18*4*5*6 30% M ar25 56 Jan 6 51 4 N o r
700 14% M ar 7 27 4 Jan f> 25 4 8ep
1 6 1* C h ica g o & A lt o n R R ........
59 M ar 19 69 Jan fi 70 D ec
00
B o p r e f ..........................
3*4*00 1 2 4 M ar 2 6 18 Jan V 10 J ’ ne
13% 14 4 C h ica go O rea t W e s t e r n ..
*75
7 6% M ar lb 79 F e b 25 79 >i •Sep
70%
D o 4 p. c. d e b e n tu re s
l ;7 *u*6 5;< 4 A p r ) 71% F e b l ! 70 1>.H
60
62%
D o 5 p. 0. p re f. “ A ” ..
500 17 rilar25 2b ^ °
‘ 19
1 9 -,
5 24% Not
D o 4 p .c . pref. “ B ” ..
1 3 0 4 139
C h ica go M ilw . <fe St. Paul. 128, lo o 122 4 Mar2.< 157 4 Jan 14 *14«% D ec
.Mai 2u 1 6 5 4 J » n
1,738 145
151 152%
H 0O D ec
D o p r e f ..........................
n i io 19.vi
o.-t^o 112 M ar 26 141 .1jiii 14
D o co m .c tfs .l 0°p paid
6,781 129 M ar26 149 Jan 15
135 138
D o pref. ctfs. 10% paid
152 153% C h ica g o * N o rth W estern 13,899 137 4 .Mar-o 205 J a n 10 192 A p i
100 200 A p r 4 234 Jan 10 225 A uy
*210 220
D o p r e f .........................
1,300 120 JVlar25 170 Jan 8 108 J ’ ne
139 139% C liic. St. P. M in n . & Om.
160 Jan 18 165 Jan 19 175 N ov
*150 180
D o p r e f ..........................
10 C h ica g o T e r m ’ l T r a n sfe r .
■5
5 M ar28
9% Apr
9% Keb 2 1
9 M ar .7 25 J an 11 25 D ec
"*2*o6
17
*10
D o p r e f ..........................
*5
0 C h icag o u n io n T r a c tio n . 10,100
4 M a rl 4
3% May
6 4 Apr
17
17%
D o p r e f .......................... io ,6 0 0 1 1 4 M a r l4 19% J an 9 11% J ’ ly
3,700 63 M a r2 t 92% J an 7 89 D ec
71% 73 Sj C le r e . C m . C h ic. & St. L .
__ _ . 106 F e b 21 108 4 *>an 7 110 J ’ ly
•106 109
D o p r e f ..........................
28% C olorad o & S o u t h e r n ___ 16,850 22 4 M ar25 38% Jan 9 29 4 Jan
26
1,100 58% M a r 2 b 6 9 4 J an 7 00 4 A p r
61
614
D o 1st p r e f e r r e d ___
4,2u0 44 M ar 2 5 58% J an 8 43 May
48% 48 4
D o 2d p r e fe r r e d ........
7,010 167 jM ar,5 227 % J an 2 189 May
1 8 5 % 1 8 6 4 p i e la w a r e * H u d s o n ___
300 415 M a r 2L 510 J an 2 i 437% May
470 470
* ‘ elaw . L a ck . & W e s t’ n.
30% 31 D e n v e r & R io G ra n d e___
3,720 28 4 M a r li 42% Jan u 3 0 4 Ma}
610 69% M ar 20 b3% J an 10 83 Uo",
75
75
D o p r e f . . . . . . . .... .........
*73% 80
500 65 4 M a r l6 80 4 Jan 16 79% Dec
D e tro it u n i t e d ....................
600
* 14 ........ D u lu th So. S n ore & A t l ..
9% .Mar 14 191, Jan 6 10 J ’ly
400 20 M a r ll 39 Jan 4 32 Apr
*23
26
D o p r e f..........................
25
25% IJ^rie........................................ 60,s>50 21% .Mar27 4 4 4 Jan 5 3 8 4 Mai
58% 60
6 ,526 57 MarL’ 6 75% Jan 7 74% D ec
C j D o 1 st p r e f_____ ____
2,900 34% .u a i2 o 67 Jan 7 62 % A pr
40% 41%
D o 2d p r e f...................
68 D ec
*65
70
E v a n s r. <fc T e r r e H a u te ..
92
92
650 90 A p r 4 92 A p i 5 80 J ’ ly
D o p r e t..........................
137 139% G rea t N o rth e rn , p re t........ 110,080 126 M ar 2s 189% Jun 2 c l7 8 D eo
60% 61% T e m p c tfs fo r o re p ro p . 2 2 ,8 i0 50 M ar 2 5 85 Jan 6 70% Dee81 % .Not
. — .. . . . . . .
. . . . . . G re e n B a y * W .,d e b . ctt. a
.....
14 4. Jan 17 11% O ct
* l i " 114
8 M ar
Do
del), c tf. B
35
35
**900 3.14 M a r 29 47 Jan 3 33 4 J an
r r avan a E l e c t r ic _______
Jan 4 7 7 4 Jan
700 72 A p r j
72 4 7 2 4 t l D o p r e f..........................
400 75% M a r 2 i 114 M m 0
85
*81
H o ck in g V a lley t r r e c t s .
85
100 83 u M ar2r 94 Jan 6 9 2 *a N ov
85 H o cK in g V a lle y , p r e f ........
2,000 134 M a r2 t 172 Jan 3 164 May
147 4 148
I llin o is C e u lr a l.................
26% 2 7 4 in t e r b o r o - M e t r o p o lit a n . 18,950 22 4 M ar 2. 39 J an 23 33% J-ne
6,82u 52 Mar2C 75 4 Jan 7 70% J ’ ly
62
63
D o p r e f ............................
1 ,7 )0 18 J l a r ll 28 4 Jan 4 24 J ’ ly
19 4 19% I o w a C e n tr a l____________
3,160 30 4 M ar25 51 Jan 7 48 J ’ly
37
38
D o p r e t .........................
77 o c t
300 74 ,Uar2u 80 Jan l o
76
70% IZ C.Ft.S.<fcM .,tr. cts. pfd
25 4 25 4 IV a n s a s C ity S o u th e r n .. 14,700 18 J l a r l l 30% Jan 5 2 2 '8 J ’ly
68% 59%
D o p i e f .......................... 2 7 ,79o 45 M ar^o 61% Jau 8 49 J ’ly
25
30u 1 9 4 M ar lb 28 % Jan 12 27 4 J ’ly
23
f ake E rie <fe W e s t e r n ...
• 440 on A p r
7 0 Sep
65
05
65 A p r
JLj D o p r e f..........................
600 52 M ar) ^ 67>o J an 9 0 L4 O ct
54
54
L o n g Is la n d ..........................
119% 1 2 1 4 L o u is v ille * N a s h v ille ... 11,850 108 .»iai 'Lu ■45 4 Jan 5 130 4 May
4,225 129 M a r .. 146 Feb 13 1 4 ) sei>
138 139
\ /la n h a tta n E le v a t e d ...
94
94
7 00 90 M a: 2 b 107 Jan 2. . It. 3 J ’ly
IV i-etropolita n S t r e e t ___
4,334 15 M a r i 4 2 7% Jan 5 18% May
22
22 4 M e x ica n C e n tr a l.................
D ec
500 49 M ar 27 59 J an 15
49 4 49 4 M in n e a p o lis & St. L o u is.
•80
a5
86 31ar26 90 Jan 24 90 Api
D o p r e f ..........................
5,325 97 M ar 2 b 14 0 4 Jan li 134 D ec
108 110% M inn. S. P . & S. S. M arie.
3,420 123 M a r l 4 168 Jau 3 l b o % A p r
138 141
D o p r e f .........................
36% 37 4 M o. K an sas & T e x a s ........ 41,600 3 0 4 M ar2t 44% M ar 1 29 May
3,300 59 M ar 2 6 72% Jan 4 04 4 Apr
65*4 u 0 4
D o p r e f .........................
7 6 4 7 7 4 M isso u ri P a c ific ................. 17,000 64 M ar 14 92% Jan 5 8 5 4 .via)
125 125
200 119 M ar22 147 Jan b 13.5 May
\J ash. C hatt. <fc St. L o u is
*52
300 48% M a r 23 o9 % J an 9 30 A p r
a t.o f M e x , n o n -cu m .p t
*20% 23
tC0% M ar2'
27 F e b 14 18 l4 J ’ ne
D o 2d p r e f ....................
119% 121% NT. Y . C e n tra l & H u d so n .. 26.765 111 % M ar 14 134% J a n 10 120 N ov
39
4z
3,9 JO 35 s .Mai 23 63 % J an I o9 Mai
N. Y . C h ic. & S t L o u is ...
*105 120
109 Mat'25 110 J a n 16 111 A p i
D o 1 s t p r e f ...................
75
" i l l 70 M ar2o 91% Jan 7 80 May
79
D o 2 d p r e f...................
435 1 7 3 4 M a r 2 1 189 Jan 9 l->9% D ec
1 .0
i 177 N . Y . N . H a v e n & H a rtf.
6 ,2 .0 34 % M ar2. 4 8 % J an 5 4-->% .ua\
38 4 3 9 4 N . Y . O n tario & W estern .
79
bO N o rfo lk & W e s te r n ...........
5,885 71 M a r . 4 92*4 j a n 5 81 Feb
*76
10 80 M a r i 4 90% J a n 10 89 4 A p t
83
D o a d ju s tm e n t prer.
136 139
N o rth e rn P a cific ............... i 41,970 1 3 4 4 M ar 2 5 1 8 9 4 Jan 7 1 7 9 4 May
120 4 1 2 14
Keb 13 . . . . . .
D o s u b scrip , r e c t s . .. 16,140 110 M ar2i 134
900 t o
M ai'15 124 4 Jan 7 103 Jan
•98
99
p a c i f i c C oa st C o ...............
.........
*90
. . . 105 Jan
95
L D o 1st p r e f ...................
**700 *9*5“ M ar2( 125 M ar 8 IO0 4 Jan
•103 105
D o 2d p r e f ...................
222
,669
M
a
r
l4
114
1
4
1
%
Jan
125% 138
b 122 % J ly
P e n n sy lv a n ia .......................
030 67 M ar 2 > 78 J a n 22 75 May
572 >a 72 4 P iltsb . C in. C h ic. <fc St. L.
■94
98
93 4 M ar 18 1 0 5 4 J an 5 100 May
D o p r e f ..........................
109 4 l i 4
l i e a d i n g .............................. 922 /250 91 M a r l i i 39 4 Jan 7 112 May
3 i6 84 M a r2 i 92 J a n 7 89 Sep
8 6 4 8 O-4 I X l s t p r e f ............. .............
7 00 83 M ar h
*85
b7 %
94 Jau 8 90 A p r
2d p r e f .................... , . . .
22 4 23 4 R ock Isla n d C o m p a n y ___ 19,850 1 7 4 M ar2b 3 0 4 Jan 6 22 4 J ’ly
3,300 40% M arii 64% Jan
60 J ’ iy
D o p r e f ..........................
40 4 60
60
Keo
*60
59 M a r ig 70 Jau U
67
St. L . & S .F r „ 1st p r e f ----‘ *7*0*6 29 Aiiuri'5 4 8 3f, Jan 5 40 % j ’ ly
38% 39
D o 2d p r e f...................
2/iOtl 18 M a r It? 25% Jan 7 2 0 4 Mat
2 0 /8 22% St. L o u is S o u th w e s te r n ..
3,8 to 45 4 ila r 2 5 02 % F eb 1C 48% May
5 1 4 57
D o p r e f ..........................
M ay
82
8 5 4 S ou th ern P a c ific C o ......... Z3- . 9 13 09% M ar 14 96 St J a n 14 «1
i ,01o 112 ->ial2(J 1 1 8 4 Jan H 116 P l y
1 i5 % 115%
D o p r e f...........................
22% 23% S o u t h e r n v .t r . c fs. stm ped 20,250 19% M a r25 34 Jan 5 3 . % -•o'
5,130 69 M ar 7 9 4 % Jan 5 93 «a D ec
70% 7 1 4
D o p re f.
do
5 ,7 0 j 24% .Mar2o 37 4 Jan 7 2 ? May
2 j % 29% P e x a s <fc P a c i f i c .............
210 101 M ar 14 123 J a n 81 121 N ov
•107 120
L h ir d A v e n u e (N . Y . ) .. .
2a L4 D ec
41)0 24 M a r .b 29 Jau
26
26 T o le d o R a ilw a y s <fe L ig h t
2,025 23% M ar26 32% Jau §
28
29
ToL St. L . & W . v . tr. c t fs
, . 4 ir i yy
43
6.310 45
5 2% 5 3 4
Do pret. v o t. tr. c t fs .
.Uar 8 5 3 :,4 Jan
964
96%
105
99%
90
614
*90
*110
« .........
176
624
'1 8 5
414
16

110 4 Sep
106 Jan
1 0 7 % Jau
1 >54 Sep
99 4 Jan
94 Jan
153 -j se p
160 D e c
87 F eb
'i l l 4 D ec
70% Jan
239% May
65% A u g
;-!5% o c t
7 7 14 O ct
23% Jau
80% Jan
80 Jan
39% Jau
199 % D ec
218 A u g
240 Jan
270 M ar
198 Jau
202 J au
18 4 Jan
42% Jan
13% Fei>
4 7 4 M at
1 0 9 % Jan
118 Jan
4 1 O ct
73 4 F e b
5J D e c
23 4% N o v
560 M ay
51% Jan
91 'a Jan
102 FeU
2 2 4 Jan
45 Jan
50% J a n
83 J an
70% J an
76 Jan
94 A u g
i4 8
F eb
*5 D ec
92 4 J au
23 4 J an
53 A u g
97% M ay
99% J ’ ne
184% J ’ ne5 5 % May
S7% May
3 4 u J an
03% J au
84 -j F e b
37 % J an
71 Jau
44 'g Jau
; 9 j 4 Jau
81% Jan
150 “a J an
102 J a u
127 Jan
29 4 D ec
84 4 J an.
IOO4 Jan
164 Alar
183% J an
43% N ov
76 N o v
106% J a u
149% J au
59^4 D ec
3d D ec
1 5 6 '4 Jan
73% A p r
120 '8 Jan
92 D e c
204% Jan
57 *4 J an
97% o c t
96 J a n
232% F eb
___ . . . .
142 J ’ n e
106 Jan
135 May
147 % J an
87 Jan
lo 9
Aug
c l 64 Jan
96 J a n
102 J an
32% N ov
6 .1% A u g
72% A p r
51% F eb
27 -t, Jan
6 <4 Sep
9 7 >5 Sep
120*0 J ’ n »
4 .'4 J au
103 Jan
4 14 O ct
Jan
30 Jan
40 4 Jan
59% Jau

BA N K S AND TRU ST COM PANIES— BROKERS’ ^ U O T A riO N S
Banks
KEW TOEK
A e t n a .............
A m e r ic a n . . .
A m e r E x c h ..
A s t o r .............
B a tte r y Park
B o w e r y ': ___
B u tc li’ s & Lit
C en tu ryH ___
C h a s e ............
C h a th a m ___
C h elsea Hxc^!

B id

500
750
120
320
155
190
6290
310
195

A sk

225
525
245
130
330
165
320

Banks
C h e m ic a l___
C itizen s’ C trl
C i t y ...............
Coal & Ir o n .
Colonlal^i . . .
C o lu m b ia * ,..
C o m m e r c e ...
C on solidated
C’ rn E x ch '!
D iscou n t^ . . .
E a st R i v e r ..
F id e lity * ;___
F ifth A v e l! ..

B id
390
135
250
23i)
700
500
It) 2
155
295
150
150
195
3900

A sk
410
145
2 55
250

Banks
F ifth ...............
F ir s t ...............
14thS troet1].
F ou rth .........

525
168
10)
305
160
160
205
4200

G a r fie ld ........
G erm an A m i!
G erm an Ex*
GermaniaTI . .
G re e n w ic h li
H am iltonli ..
H a n o v e r ........
Im p dt T ra d .

B id
340
025
225
185
35<>
500
145
4 35
500
2-40
250
500
560

A sk
650
300
195
370
525
155
295
515
575

B id
Bank*
In t e r b o r o H .. 150
I r v in g y . E x . 1 175
Jefferson *,;... 200
215
50 )
1100
M anim ttanV. 300
M arket ifeFu! 260
M e c h a n ic s ’ . 230
M e ch <fc Tra* 172
M e rca n tile ..
M ercli E x ch . 170
.M erchan ts’ .. LUO
M etro p o lis 11. 390

* B id a nd ask ed p rice s; n o sales w e re m ade on th is day. i L ess than 100 shares, t E x -n g lita .
t S ale at S tock E x ch a n g e or at a u ctio n th is w eek ,
c E x ben eficial in te re s t in o re p ro p e rtie s.




A sk
160
215
510

Banks
M e tro p o ii’ nT]
M t M o r r is ';..
M u tu a llj........
N assaali ___

310
268
240
177
260
190
165

N ew Y o r k Co
N ew Y o r k ...
N ig h t & D ay
19th Ward*,.
N orth A m e r .
N o rth e r n ___
O rie u ta l'j___

A sk
U a n tis
B id
172% P a c i f ic l j........ 230
440
305
P e o p le ’ s1,;... 300
P h e m x ......... 150
195 200
210
Plaza^i...........
1 200
Prod E x ch D . L65
:o*5
290
Riverside^! .. 250
4.)0 410
S eaboard ___ 350
350
S e c o n d ......... 700
2 lo
205
S tate‘ 1........... 350
172
182
34th S t r e e t .. 220
205
275
12 th W ardli. 400
23d W ardU .. 190
B id
165
240

;

1
I
•
fc

1' s t a t e banks, a E x -d iv id e n d and rig h ts, b N e w «w>ek.
A 1st in s U lm ’ t paid, n Sold at p r iv a te sale at th i» o n e * .

A

pr

. i» 1 9 0 7 .]

i^ e w

Y ork

S tock

R ecord —

HTOC&H--HIGHEST AMD LOWEST SALE PRICEb
J/onnay
April 1

t nan

March 30

2'ufS'i ay

April 2

Thursday

tVeane

A p ril 3

A p r i l 4:

94 Hi 95

*94

95

cc
c

00

ft
O
rh.
O
ft

O
O
t»
ft
d
1

ft
t*
fi
ft
W
ft
O
t-l
C
►

H ange /or r e a r JUO? 1tia u y e tor Jr'iei. 10.Li
Y ear ( 7.W6
On o a sis 01 lu u -sh a r e Lot.-j
tne
W eek
Low est
Highest
Lowest
H iah.es t
Shares

sate* o*

STOCK >
N E W Y O K K STOCK
EXCHANGE

j,r - <<*1/
Aprd .5

789

2

1,840 87% M a r l4 ! 1 0 8 V J a n 7 10 * D ec 1 2 2 %Jan
97
96
98
97 V .'win C ity Kaput T r a n sit
{ '50 O ct {150 <)Ct
D o p r e f ........................
766J10
i.2 0 % M ar 14 I j-.-s Jan o 138% Ma\ 1H5 % s e p
uVv
j
m
o
u
P
a
citic
...................
139%
i.
3
9
%iV:iv
i « s " i.39% 136* i s ? ; i'33'i i36’t
1,243 85% A pr 5 94 Jan 7 91 %May 99 *4 Jau
D o p r e f........................
«5
85% 86
{85
8->% XHJV 8 6 H1 86 *i 86 66
*,380 27 Mar 25 62 Jan 7 50 A p r 98 •ran
38
32
38 7 n it K y s lu v ’t o f S a n F ra i
33
34
34
34*9 35
*31
35
2,000 44 M ar27 71 % Jan 7 55 A p r 93 V J an
59% 60
D o p r e f........................
54
55
54
53 65
*8
51
60
2,200 12 V M a rl4 18 V Jan 6 18 D ec 26V Jan
14 >4 143< 14’<8 14% l4Hl 14% 14% 14% J.4% 14% 11/ a b a s h ............................
w
5,800 21 V M a r2 5 38 V Jan 7 36 V D ec 5 3 'y F eb
* V D o p r e f......................
24 % 25
25 *4 26
25 25 V 2.> *6
* 6 % 27
1,300
9% M ar 4 1 6 % Jan 7 16 A p r 2 1 % Keb
12V 12
12
12*4
12 V 1 2 % 12% W heeling <fa L a k e E n o . .
12*4 12^4
700 2 2 % Mar 14 3 7 % J an 5 36 Ma> 48% F eb
27
D o 1st p r e f.................
*25
*7
2o
*28
2 W•>,
*8
*7
27 V v l
300
29 V F eb
M ar 14 2 1 % Jan 10 2 1 % Oct
14
D
o
‘
2
rt
p
r
e
t.................
17
*10
*16
17
17
17
17*4
17 V *16 V 17 V
900 16 M ar 14 25% J a n 12 23 M av 33 Jan
18% 18% W isconsin C e n tr a l...........
18% 18V, 19 19
18*4 1 a3, *18% *0
220 36 M a r l 4 5 1% Jan 7 44 J ’ly 64 Jau
D o p r e t ........................
42 *i 39
42
39
*39
42 *2 *39
{4-2Hi 42 V 42
I n d u s t r ia l <Sc .U is c e ll
{2 8 0 M ar 14 {2 9 5 F eb 14 {2 4 0 J ’ ne ’-300 Aug
dam s E x p r e s s .............
300 *280 300 •280 300 *280 300
*280 300
r .s ’o o 10 M ar 14 1 6 % J a n 5 16 J ’ ly 27% Jan
U is-C lia lm e rs.............
11% 12 V 12
•11
1*2 12
12%
12
l ‘2Hl '11
2,200
25 M a r . 4 4 3 34 J an 3 40 Sep 67 Jau
*9
Do
p r e f ......................
2 ■5% *9
*26 2S
30
28 28
3'1V 3) V
Linalgam atedC opper____ 627,885 7 8 V M ar^o 121% J an 6 92% J ’ ly 118*4 F eb
91
*.14
93% 97
8 J'J4 92
89% 93:,4 91 Hi 94
350
19 M ar25 2 5 % J a n 8 20 J’ly 34 V Jan
*0%
iraer
A
s
r
ic
u
t
t
C
h
em
ical
{21
21
*19
21
20*9
20
*
19
H
i
20%
*19*14
->2
90 V M a r 20 95 F e b 20 90 Dec 10 * J an
Do
p r e t ......................
*80 95
*82 85
95
*8 > 95
*60 95
i ‘, 300 14 Hi M ar 14 2 3 % Jan 7 20% May ‘>5 Jan
15
lf>*8 l5 :i4 17
*15Hi 16 H
16 V 16 V im er B e n t S u g .ir .............
r * 5 >9 17
♦
75 M a r o M) J a n 21 82 % O ct 89% Jan
*7i* 80
*7.> riO
D o i>ri* f ........................
75 * ..... 75 •....... 75
720 5 % M ar 14 7% F e b 2 f*5% 6
5 Hi 5 ',
*5-0 6
" 5% 57b
5% 5% Lmericau C a n ..................
1,000 48% M ar 26 55 F e b V8
4 52 51%
*52
53
D o i r e f ........................
5 <*9 53%
5134 51-, *51a
52
37 37% . m e n c a n Car
F o a n d r; 13,300 31 M a r 2 5 4 5% J a n 14 3 * ‘4 J ’iy " 47’ Jan
35 *8 30 Hi 35 7s 367t 35 Hi 36% 35% 3/
500 92 V 1ar 2 5 Iv.i Jan 1* 98 % J ’ly 105 Jan
'.*!« * 9 5 101
D o p r e i ........................
‘.17-4 973* 97 97*4 *96*o 98
i) ,i3 V F e b I
2,901 *7 AI
28 Mai 44% J an
2934 30*8 *9*» 3o
2‘J *4 3UV 30% 30% American C o lto n O il___
29*2 30
__ K8 M ar 13 * 0 Jan 21 90 1 let 95 J an
*80
*ao
•80 88
*><0 88
*80
b8
*8
D o p r e f ........................
as
10 c 200 M ar 25 247 J a n 5 2-5 A p r 272 AUg
Lmericau E x p r e s s ...........
210 210 *201' 2*0 '200 220 *200 2.0 *205 2*0
300
7% Alai 1 * =4 .1 an
5 V M a r l3 8 % Jan 11
6% 6%
6% 63, a u e rica n o r a s s T w in e .
*6
6%
0*8 6% *5% 7
200
4 *4 M ar £
0*4 J a n 1(3
5 V N0 v 10 Jan
*4% 4 7g
4 %
4% *1 % 5 Liner H id e L e a t h e r ...
4% l;4% *4'‘4 6
l o o 20 M ar 13 SO V J a n 7 *24 N ov 43 Jan
*21
*21
D e j>ret........................
*2 2
2*
23
23
22*4 *2 i
23
1.J06 76 M a r * l 88 Jan 2 35% J an 9 * % Sep
80
a*
Lm ericau I c e S e c u r itie s
77 77 XlS 78Hi 7J 79
ao
b‘2
12 % M a r2 5 1 9 % Jan l o
1634 D ec 29% Jan
15*9 15V 15 15 Linerican L in s e e d ........... 1,100
r 15
15
12 H
i 1 .i H. 14 4 14 H
7 Ou 27 Mil 125 36 Jan 7 35 !>**< 53 ‘a Jan
31% 3*% 33
29
29
21)
29
*28 35
D o p r e f ........................
33
i>
d*4 May 78 VJan
10,600
55%
Mar2.i
75%
F
eb
15
63
*9
64
62
62*8
65
64% 6 6 % Lm ericau .L iocom otive..
62% 64
62%
600 101 M a r j5 1 1 1V Jan 21 108% D ec 1 2 0 % Jan
105 106 *104 110 •106 110
*10 0
107
110
D o p r e f ................. .......
110
...... __
*4 }7 H A p r * { 7 V A p r 2
•5 1 0
•6
*6
8
10
Lm er. JVlalt C o r p ...............
10
J7*» 7Hi * 6
486 29% M ar 27 40 F e b 21
*30 33
31
31% 31V
30
30 80
30
31
D o p r e ! ........................
*S5 91
*85
*-6 M ar 2 5 *.,;}%Jan 7 ’ 92 "4 Dec i o i % J an
92
*89 91
*89
91
*85 91
Liner S m elters S e c p r e f 1
119% 123
12134 125
121*4 123% 123 V 127% X125 V 128% Lmer. S m e lt’ gifc K e liu ’ g ^45,940 104% M ar *5 * 1 5 5 Jan 7 138 V M aj 174 Jan
10,700 100 M ar* 5 117% Jan 7 112 D ec 130 J an
104 i 04% J04Hl 105 Hi 105 *i 106 Hi 106 108 V 108 109
Do p r e f ........................
...... 197 V Jan l i 205 Jan l!- *00 J ’ ly 22 i> Jan
*200 240 *200 240 *200 *40 *200 *40 *2 u0 240
Linericau S n u tf.................
2 * {95 A p r 1 99 M ar 12 100 D e c 107 J an
*90
*90
*90
’
90
1
U
0
loo
595 95
100
D o p r e i........................
100
70o
9% .Nov 15% Jan
7% M ar2t? 1 0 % Jan 5
*8
•8
8
8
8
8
9
9
8 V
8 34 L.merican Steel F o u n d r ’ s
1,100 34 M ar 11 47 V J an 7 40 May 53% J an
37
38 38
*36
39
38
*36 Hi 38
37
D o p r e f ........................
39
125 Hi126 'h 1*5 1*6*4 12d% 1*7 *v 127 127% Lmericau S u g a r H elium ) 17,510 114% Mar 14 1 7 V F e b 13 127 % M s) 157 Jan
124 1 * 6
*122 128 *123 128
...... 122 M ar r> 131 Jan 2 1*8 *2 D ec 140 Jan
*123 130 *124 1*8
......
D o p r e f........................
100 118 V M ar 25 ln 3 J a n 4 130 .J ’1} 144% Jan
•118 121 *117 121 * L17 12*I *117 1*1
121 121
Liner. T e le p li. <te T e l e s ..
3 ,.'16 86 V M ar*o 9 8 ,54 Jan 5 96 J ’ ly 109 Jan
•1)0 Si 91
92% S)2V Liner. T o b a c . (n e w ), pret
90 7b 90 7t 91
91 Hi 91V 92
4,3*4 24 M ar 2 6 36V J**^* 7 *8 JSov 48 Jan
*9‘« 30
28 ‘2 8
*28
30% 31
3o
Linerican W o o le n ...........
28 Hi 29
1,4'_*4 95 M a r l4 102 % J an 5 101 J ’iy 11 0 % Jan
90 96 V 96 96
95% 95 <s {96V 96 V 96 96%
D o p r e f ................... ..
134,040 53 M a i 14 302% F e b 16 223 V May 300 F eb
63
04'fc 03
64 H; 6 0 '8 62*9 61*4 04% *62 % 63*4 A n a co n d a C o p . .P a r
2 0 v 108 M a r 19 121V Feb 14 10 j *2N ov 178 Jan
110 1 1 0 *110 120
110 1 1 0 *110 1*0 ’ * 1 1 0 120
L»rooklyn U m o u u a s . . .
*00 l l
M ar 15 14 *5 Jan 4 13% J 'ly 2 1 % A p r
*10
13
12
* lOHi 1 2
*10*9 1 2
*10*2 1 2
1 2 % LJrunsw. D o c k & C. I m p ’
*42% 49
77 41 M ar b 4 9 % J a n 3 40 A pi 70 M ay
*42% 49
*42 '•j 49
{49
*42 Hi 49
49 lu tte r ic k C o ......................
7,680 25 M ar26 40 1‘ e b l o 33'*4 D e c 49% Jan
29% 31*8 *9»4 31Hi 30 30% 30 31*4 3 1 34 31 % cen tral L e a t h e r ............
300 89 M ar
102 F e b 8 9S34 D e c 107 V Jan
*92 ^ 94
*95 99
95
*92 H. 94
99
9b34 98% ■J D o p r e f ......................
34% 35j4 34
35 H. 34Hi 35% 33 V 30% 35% 37 Soiorado F u e l <fc I r o n .. . 30,230 29 M ar 14 57 V J a n 8 40 % Maj 83% Jan
M
a
r
5
9,880
26
2(1
20
26%
26%
27
28% A pr 5 17 May 3o % N ov
2oa8
25
7
s
25%
*6 H
<
2 a3* Sol. & H o c k . C oal & Ii'ou
6,550 110 M a r ie 140 V M ar 1 130% A p r 181% Jan
1-5
1 *3V 125^ 125
1‘24 *9125 Hi 125% 126
126V131*0 lonsolidated G as (N . Y .) 7,193
19
17% M ar26 24% Jan 2*
18% J ’iy 28 A p r
19*8 1984 19 H> 197fc 19% m
Sorn P r o d u cts R e f g ........
19% 19% 2 1
2,440 78 M a r l4 88 Jan 28 74 V M aj 85% A p r
79 79 793, 80 80 80 80 80 ao 81
D o p r e f........................
09=* 71
70 7 0 34 70 71^ 72
73% *71% 72% lis tille rs S e c u r it ’ s Corp 20,534 62 Mar20 7a F eb 13 51 Jan 7 4 % Sep
144 M ar** 163 Jan 16 138 Jan 199 Jau
♦130 160 *130 1 6 0 *136 170 *136 170 •136 150 'ed era l M in in g & S m e lt’ j
8 6 % b6 %
b5V 8 8 % 8 8 V 8 8 V D o p r e f........................ i',80o SO M ar 15 97 Jan 14 91 J’ty 112 % Jan
85Hi 8 5 '4 •S3 8 6
5,300 1136 % VIHi 14 103 J a n 22 *156 D ec 184 O ct
146 140*., 146 Hi 148-v 145 146% 1 . 8 i48 14b
149% len eral E le c t r ic ...............
.... ....... ....
125 125
635 120 M ar 2 8 152 F e b 13
130 135
136 136 *116*3 lltj
130 130 Ir a n b y C o n s M S 4 P . . .
14 *3 14 H, 14
14 Hi 14
14*, 14
15% 15
15% u te rn a tio u a i P a p e r ___ 10,200 13 M ar26 18 V Juu 7 16 V Sep 26 ‘4 Jan
Dei 90 Jan
3,165 73 Apr i 81
74
73J4 74
73% 74
73 % 75 V 74% 74% L D o p r e f ........................
F eb 11 80
73
*00 40 M a r 14 50% Jan 15 48 s e p *95 Jan
*43 45 *v *43 45 Hr 44 Hi 44 *2 *43
45 *9 44% 41»4 nt«rn ation B l P o w e r ___
1,500 25 M ar25 41 Jan 7 28 Jan 60 May
*8 -. 26 26% * 6
27% 28
27% 27% *27
27
n te rn a t S tea oi P u m p ...
7rt 79
l ,i 5 5 74 V M ar J6 81 Jan 14 79 Jan 9* May
{75
7j
78 79
77 77j4 77 77
D o p r e f ........................
1,800 r62*o M ar 15 7 5 % Jan 24
67V 67 V 67 V 6 8 V 69
67 >4 6 8
67 V 6 8
70 la c k a y C o m p a n ie s..........
__
.......
*68
1,023 Xo3 M ar 15 71 Jan *4
O?1* 67 *4 67 % 6 / *9 68
*tS6 *9 67
68
D o p r e f ........................
69
1,910 7 5 % M ar 14 8 6 % J a n 15 62 M a) 79 V Deo
77
77^ 77 Hi 77*4 77% 7/% 77V 77 V 78**
77
ation al B is c u it............
*112 115 *110 114 *111*9114 *112 Hj 115
120 111 M a r* o 117% M ar 5 113 *9 Jan 118% O ct
D o p r e f ........................
113 V 113*.)
12
1,730 10 % M a r* o 1 5 % J a n 5 12 M aj 1 8 Jan
{1 2
1 1 % 12
12
*11
12
*11 *8 12
12 V fa t E nam eungdfcStauip’ ;
__... 79 M a r *8 87 F e b 15 82 s e p 88 V M ar
85
85
*80
*81
'79
*80
a5
a5
*81
Do
p r e f ......................
85
69Sj 0 0
5a *8 60% 60
15,650 49 Mai'*;j 7 (j% J a n 7 66 May 95 V Jan
58% 00
61% 62% National L e a d .....................
6 1 >4
99 09
99% 99*4 98 V 99% 99
2.289
98 M a ri 5 103 J a n 5 1 0 0 %J ’ lH 106% Jan
9834 9 9
D
o
p
r
e
f
........................
99*4
110 112
113 114
110 112*9 11 * V 116 *116 116
4.470 100 M a r *6 1 4 I V J a n 7 133 J ’ ly 163% Jan
fe w Y o r k A ir B r a k e ___
3,.>*5 69% M a r . 4 89■% Jan 4 a7 V N o v 107 Jan
72 V 74 H. 74H, 747e 73% 74% 74% 75
74 V 75 fo r t h A m e r ic a n C o., iiev
25 2 ■>V 26 26 ~. *26 27 *9 •26-9 28
i l ^ J a i i 5 28% J ne 5 1 V Jan
3,8 >0 *1V M ar*.
2 a v 29% I ja cittc M a il......................
89 ^ 91
8934 91% 9i% 92-, 91-« 92% 9*% 92% L eop. Oas-L.cfc C. (C hic. 1 3 ,,9 0 85 jiiar 14 9 8 % J a n 4 88 J ’ iy 103 Jan
12 M ar2 o 16 % J an 15 13% Ma) 18 % .Vov
14
12
*12
12
...... ....... •11% 12*4 12
• ittsourgh C oa l C o ..........
12
6 1 % 02
•52% 56
750 49 M a r io <50% Jan 4 50 J ’ly 62 V J an
64
5 1J4 51*>« ...... ....... *50
Do
p r e f ......................
36
35% 3/
34 Hi <55*4 35
35% 36
8,010 30 M ar2o 57 J a n 10 43 Maj 64 'a j an
37 V 33 »ressed S te e l O ar.............
92
492 y2
*91
93
l,OoO 86 M ar 2 6 9i)% J an 24 95 Maj 105 F eb
93
93 V 94
D o p r e f........................
92*8 93
600 150 M a r l 4 1 8 1 V J a u 8 180 D e c 2 70 N o r
161% 102 V *161 163 >161 161*4 163 163% 165 166 ’ ullm an C o m p a n y ...........
45 46
2,550 39 M ar2o 57 V Jan l o 44 May 62*4 J a n
44% 45
44 45
4.) % 46 I > ail w ay S te e l S p r in g ..
44 Hi 45
«92
92 * ...... 92
*90 92
*91
92
91
425 90 M a r *3 99 *9 F e b 15 97% J ’ly 107 J an
92 LV D o p r e f........................
25% 20*4 26 2 0 ‘s 25% 26 Hr 26% 28-4 28 29*4 ie p u b lic I r o n <fc S t e e l . . 20,*00 2 2 % Alar26 41 J a n 7 2 2 % Ma) 41% D eo
82
12,095 78 M a r * j 100 Jan 7 91 May 110*9 J a n
81
81 \ 83
D o p r e f........................
bl-4 84*9 84% b5 V aft 86
54
63 4 54 H
r 53 53
54% 54% 55% M oss-ShelH eld St. & Iroi
2,600 4* M ar 14 77% J a n 7 6 8 % J ’ ly 97*2 J an
53
53
*____ 99 ^ ...... 99
*96 100 •____ 100
100 100 M ar o 107 J a n 11 101 *4 O ct 113 A p r
100 100
' D o p r e f........................
140 143 •138 143 *138 143 *135 145
8 O1 130 M ar 2 6 162 J a n 4 129 Jan 1166 N ot
142 144 ,'enu. Coal. Ir o n ifc R l l ..
39 39 v 3o7g 3a78 38% 40
2,801, *34 % M arzti $53 V M ar 1 ___
39% 39 % (T en n essee C o p .P a r $2,
....
38 V 40
ao
76 76
*76
*74
300 68 M ar* 6 85 Jan 17 60 ila) 88 O ct
76% 76-9 76 V .’e x a s P a cific L a n d T ru s
*76 80
6H
i 63
6
5 V Sep 15% J a n
1,100 5 34 M ar*y
n io n B a g <& P a p e r___
4
6
6*8
6V
<>Hi 6 %
6 % 634
bVJ
15
400 5 0 % M ai'25 61 Jan 7 52 UCl 84 J a n
52 Hi 52 V 54 54
•6 LV 55
D o p r e f ........................
62% 52 V
35 3t>
35% 36*2
2,52u 30% M ar*5 4 9 V J a n 5 43 V Ma> 53 Jan
35 Hi 36
36 *9 37
37Hi 38 J. S. C a st 1. P ip e <ft F o u r
77
81 Hr 77 77
*75 . 80
600 74 M ar 2 6 89 Jan 15 83 *4 D ec 96% J an
80 80
81
D o p r e t........................
81
*100 iio *ll>0 10 b *100 108 *100 108 •100 105
. .. 100 .n a r [j }1 1 7 J a n 9 l o 9 M a) 138 V Jau
J m ted S tates E x p r e s s ..
74
75
72 M ar25 90 *-2J a n 4 75 Au^. 94*2 Jan
75
75
2
,60'
7S
78
76%
77%
j
S
K
e
a
lty
&
I
m
p
r
o
v
e
’
n
74^
77%
*14
20
20
*16
19 19% 19*3 20 V J S R e d u c tio n & K etin ’ j
400 13 % M a r *5 30*4 Jan 28 *4 M ai 40% j ’ n«
*16
*0
4/
47
53
6J
60
l,4 0 o 43 V M a r l.
68 J an 7 60 Mai 84 j ne
*45
60
53 V 52
Do
p r e i ......................
54
43 433, 43
44
42% 43 *9 43 44
4,14' 36% MaJ 2 1 52 V F e b l 6 38 J ’iy 59% O ct
43% 44 J m ted S tates R u b b e r ...
101 Hi 103
104 104
2,-145 99 V M ar 25 109% Jan 7 z io ifc J ’ly *1 1 5 Jan
103 104
104 V 10434 103 10434
D o 1st p r e f.................
7 I 4 73
73
1,85, 68 M ar 21 78% J a n 7 75 Ma) * a t *2 J an
73 75
74
Do
2 d p r e f ...............
73*1 73 H? {73
75
35*8 37
38% Jn ited S tates S te e l.......... 370,701 3 1 V M ar25 5 0 % Jau 7 32 s. J ’ ly 60*4 O ct
35 7s 3634 35*4 36% 35% 37% 37
97% 99*4 t’a-v, 99% 97 Hi 98% 98% 99% 99 V 1 0 0 %
D o p r e f ........................
73,835 9 1 V M a r *6 107% J a n 7 98% J ’ly 113% J a a
....
4 30% 31% 29% 3o*v 30 30 *9 30 30% [U tah C o p p e r ... J ? a r $ l 7,000 $24 M ar25 $ 3 9 % M ar 4 .....
30% 313
29 S 2934 29 Hi 29 Hr 28 *9 •29*9 28
3,70i 25 % M ar25 3 9 % Jan 7 31 j ’ly 68 Jan
29% 28% 29 V r^irgiuia-Oarolina C h em .
102*4 102s, *102 104 {102 lu3 *101% 101
325 101 M ar* 5 108 Jau 9 104 J ’ly 117**, Jan
104 104
D o p r e f ........................
65% 6 .>% 65 Hi 65 *s ♦62% 65
69
1,100 55 M ar25 97 Jan 22 38 Ma) 93 D eo
70% 73 V irginia Iro n C o a l * C .
66
*230 ^00 *2*5 300 *225 300 •230 300 *230 300 1 1 / e lls F a rg o & C o ___
270 M ar 5 {2 9 0 J a n 26 233 M ai 305 O ct
80*4 81% 81*4 82
82
i t e s t’ n U n io n T e le ’ gp
2’,20o 79 V M ar b 85 Jan 10 * 8 3 D ec 94% Jan
82
81% a i% *81% 82
147*, 147*5 '144 147 H: *143*2 147H, *144 147% •144 147% ,Ve s t’ g li’ s e E l <feillg asse:
100 146 M ar26 164 J an 2 '148 A u g 176 Jan
____ ...... . ....... !162 Nov 188 J a a
D o 1 s t p r e f .................
*147 4 10 ft *147*0165 *147 165 '*147 165 *147 165

95

95

H
O
O

Concluded— Page

\

N

U

b a n k s

lin n k n
U n ion E x clil
U S E x clia ’ el
W a s h .H ’ a ts ‘1
W e s t S id ell..
Y o r k v illeH ..

Ida A s k
220 240
1 22 % 132%

225

600

400

425

BROOKLYN
B orou g h ^ )....
B r o a d w a y !,..
H rooklyii'i ..

175
425

475
145

Banks

Bid

F ir s t............... 390
H o m e B a n k l 160
M an u factrs’ . 390
M echanics*, . 315
250
N at C i t y . .. . 305
N orth Side*
i50
160
T e r m in a l___ 140
Unions....... 213

a n d

tr u st

A ik

T ru itt C o s .
N. T. CITY
B a n k ers’ T r .
B o w i’ g G reen

175
325
400

165

r* 5

c o m p a n ie s

B id

500
440
150

A sk
540

450
160

iC a r n e iu e . .. 200 220
j C en tral T r ’ st 1850 050
C o lo n ia l........ <00 410

220

240

j C o m m e r c ia l. 220
1C om m on w ’ th
145
340
330
135
liq iu ta b le T r
|Farm Lo <fc Ti 1250 *300

- bro k ers’

Trust Co’s

B id

q u o t a t io n s

A s k I T r u s t C o ’ s B id A s k
550
M u t. A llia n c e 196 205
N V D iteasTr 1000
510 N e w Y o rk T r 725 740

F ifth A v e T r
F u lt o n ........... 300
G u a ra n ty T r 480
240
H u d s o n ........ 90 100
K n ic k ’ r b ’ k ’ r 1260
Law T I & T r
275
380 390
M a n h a tta n ..
470
M e r c a n t ile ..
S50

500

M o rto u T ru s i
M u t u a l ......... 120

580
725
130

T it le G u <fe T r
T r Co o f A m . 75o
U n ion T ru st 1300
U S M t g & T r 470
U nit S tates . 1*40
V a n N ’ d en T r 275
W in d s o r ........ •200

425

06

J

760

1325
480
1270
300

215

T r u s t C o ’s B id
BROOKLYN
B r o o k ly n T r 425
C itizen s’ ........ 150
b’l a t b u s h ___ 260
F ra n k lin . . . 310
H a m ilto n ___ 315
H o m e ............. 160
.1 e n k i n s ........ 200
K in g s C o ___ 450
L I s l D tfcT r. 310

250

P e o p le 's ........ 316%
W iilia m sb ’ er. 220

A ik

450
160
320
330
176
325
275

♦ Hid ana a s k e d jtr ic e s ; n o sales on this uay. { L ees than 100 shares. tE x -r ig h t s . b N e w s took. c E x -d iv id e m l an d r ig h ts. riN’ o w q u o te d dolla rs p er .-hare,
*S aie at S tock E x ch a n g e o r at a u ctio n tlua w eek, o U x sto o k d iv id e n d . s T r u s t Co. oertiticates. 1i B a n k s m arked w u ii a p arag rap u Oj) are S tate b a a k s.




New York Stock Exchange— Bond Record. Frida?. W eekly and Yearly
BONUS
* . Y. STOCK E X C H A N G E
WOKK E ntjlvg APEIL 5

*5 S
s. V
«y
'l " -

P r ic e
F r id a y
A p ril 5

W eek’ s
R an ge or
L a st Sale

B id
A s ft
103 Hz 105
103
105
10‘2»4 103*4
0 F 103*5 104
0 F
1 0 2 * 4 .........
V S 4s r e g is t e r e d ............. *190 7 O-J 101 102
101 102
130H 131*4
U S 4s c o u p o n ...................... 1925 Q-F 130*3 131*4
104*3x05 *s
1 0 9 * 3 .........
(J. S . t io v e in i n e n t

O J

So

R an ge
Since
Jan uary 1

Low
H igt No Low f l li/h
( 10434 10538
10434 104 a
106*4 M a r’07
106 106*4
103*2 A u g ’ OC
3 102% 104
104
104
107 J ’ n e ’ 02
104*3 O ct ’ 05
100«g M a r’ 07
100*g 101*3
10178 M a r’ 07
1 0 0 7s 1 0 1 7t.
13034 M ar’ 07
129 13034
130 *2 M a r’ 07
1291*130*2
105 *8 O ct >0f>
111 M ay’ 06

P u b w k s an d im p r e g ...l9 3 l> Q -F
t 'o r e i o i i (J o v e rru n e n t
J a p a n e se G o v t 6 s s terl’ g.1 9 1 1
2d series 6s ............. .......... 1911
£■ loan 4 >28 c t ls fu ll p d .1 9 2 5
2d series 4 *2S c tfs fu ll paid.
£ loan 4s c t fs fu ll p a i d . . 1931
R e p u b of C u ba 5s e x te n d e b t ..
U 8 o f M e x io o 8 f g 5s of 1899
• fto ld 4s o f 1 9 0 4 ................. 1954

A O
4.-0
F-A
J -J
■T-.T
vr-s
Q-.T
r -o
t7

S t a t e S e c u r it ie s
A laba m a c u r r fu n d 4 s ___ 1920 J -J
D is t o f C olu m bia 3-65s___ 1924 F-A
L ou isia n a n e w con sol 4 s .. 1914 J -J
J -J
6#.............................................1919 A-O
J -J
T e n n n e w se ttle m e n t 3 s ..1 9 1 3 J - J
V ir g in ia fu n d d e b t 2 - 3 s .. . l 9 9 i T-,1
6s d e fe r re d B r o w n B r o s c tfs .
* labam a C en t See So B y
x x l a b a M idi See A t C oast L ic e
A lb a n y & Susa See D el <fc H u o
A U eg h eu y V a lle y See P en n R H
A J ieg <fe W e s t See Buti R & P
A n n A r b o r 1st g 4 s ..........A.199a Q-J
A tell rl & S F e—G en g 4s.l99 ;< A-O
A d ju s tm e n t g 49............/il9 9 ;'
S ta m p ed ........................ M 9 9 5 M-N
1O on v g 4 s ............................1955 J -I)
D e b e n tu r e s 4s S eries F . 1908 F-A
F-A
8 e r ie s H ...........................1910 F A
F-A
S eries K ...........................1913 F-A
B a st O kla D iv 1 st g 4 s . .19 2 8 M S
A t la n t ic Coast 1st s 4 s . *.1952 M-S
J -J
Sav F & W 1st g old 6 s .. 1934 A-O
A-O
M-N
J -J
L <fc N coU g 4 s ------------o l9 5 2 M-N
.T-,1
A t la n tic & D an v See Soutli Ry
A u stin c& N W See Sou P a cific
T>alt<fe O h io p rior l g 3 *28. 1925 J -J
Q-.l
fto ld 4 s ..............................A1948 A-O
R e g is t e r e d ...................A.1948 y - j
J -j
P J u n <fe M D iv 1st g 3 ^ 8 1 9 2 5 M-N
P L E & W V s S ys r e f 4 s l9 4 1 M-N
S o u th w D iv 1st g 3 * a s ...l 9 2 5 J -J
R e g is t e r e d ...................* 1 9 2 5 O-J
M on ou R iv 1st gu g 5 s . .1 9 1 9 F-A
Vl-S
A-O
J-D
G en era l g o ld 5 s ............. 1937 A-O
P itts C lev (fcT ol l s t g 6s 1922 A -n
P itts & W e st 1st g 4 s . ..1 9 1 7 J -J
B tat I si R y 1st g u g 4 '-as 1943 J-D
B a t C reek Ac S See M ich Cent
B eech C reek See N Y C <fe H
B e lie v & Car See Illin o is Cent
B k ly n <fe M on ta u k
L on g 1
B r u n s <fc W est See A t l Coast 1.
B u ffa lo N Y & E r ie See E rie
B u ffa lo R & P gen g 5 s . ..1 9 3 7 il-S
A ll & W est 1st g 4s g u ..l 9 9 8 A-O
Cl <fe M ah 1st gu g 5 s ___ 1943 J -J
R o c h <fc P itts 1st g 6 s ...1 9 2 1 F-A
C on sol 1st s 6s ............. 1922 J -D
B u ffa lo <fe S o u th w e st See lin e
B uft <fc Susq 1st r e f g 4 s .d l9 5 1 J -J
B u r C R <fe N See C K I & P
/'C a nada S ou th 1st 5 s ........ 1908 J-J
\~>2d 5 s ................................... 1913 Vl-S
R e g i s t e r e d .. . . ............... 1913 M-R
O arb & Siiaw n See 111 Cent
C a rolin a C en t See S eab A ir L
C a rth a ge & A d See N Y C & H
C ed R l a F ifc N 5 e e B O R «fe N
Oen B ra n cn Ky See M o P a c
G en t o f Ga R R 1st g 5 s ..p l9 4 5 F-A
C on sol g o ld o s ...................1945 M-N
R e g is te r e d ...................... 1945 Vl-N
1 s t pref in com e g 5 s ___ p l9 4 5 O ct
S o pret in c o m e g o a ___ p l 9 4 5 O ct
Sd prer in com e g 5 s ___ p l 9 4 5 Oot
S t a m p e d ...................................

AO
J -J
J -J
M-N

F-A
F-A
F-A
F-A
J-J
J-J
J -J
A-O
J-.T
F -A
A-O
J -J
J -J
M-S

t 97*i Sale
97 *v 100«t 266 9 6 34 1 0 0 \
t 97 *u sa le
97*3 100% 198 9 6 78 lOO3^
t 8 9 V S a le
88*3
8 9 3* 9y 87 34 943 b
} 89 *» Sale
8 7 34
89** 66 87 *a 92 7g
♦ 81 Sale
80*8
81
6 * 79
85*4
39 9 8 34 10334
9 9 34 101
i 100*3 Sale
99 M a r’ 07
963a 99
96^8 99
ti 92*3 94
94
93 4, 93
fiese a re p r ices o n the l> an-' 0/ $5 to £ .
111 M a r’02
...... ............... 117*3 J ’ n e’Oe
......... 103
105 H, D e c ’ 04
101
F e b ’ 07
126 M a r’ 07
120 M a r’OC
96 Sale
96
96
95*4 Jan ’07
20 M a r’ 07
.......... 21

87 Sal»
99 -4 Sale

86*3
87
97*2
9 9 34
101 J a n ’ 07
90
91*4
95 Sep ’05
90*4
92
9 1 78 sale
99
102*,
102 *s Sale
98 4 ......... 99 F e b ’07
100 *3 J a n ’ 06
. . . . . . . . . . . 96 F e b ’ O?
98*3 N ov’ 04
94 N o v ’Oti
91
9 L*3......... 91
93

9 4 34 Sale

»

BON I>S
N . Y. S T O C K E X C H A N G E
W eek E n ding A p r il 5

C £

126
4

3
•i52

91
102*3
10 i 34
92 7(.

34
887

90
92 \
93*3 108*4

....

96

96

1

91

91

86*3
97*3
101
55 90

94 34 i3 5

1327g J a n ’ 00
1 1 2 s8 J a n ’ 04
114*8 N o v ’05
99*3 M ar’ 06
84
86 ......... 84
9634 D e c ’06
......... 98

9 2 34 9 S 7g

12

84

L eh & W ilk s B C oal 5 s . .1912 M-N
M-S

G old 6s

............. a l9 1 1

R e g is t e r e d ...................... 1939
G en eral gold 4*28............. 1992
R e g is t e r e d ...................... 1992
C raig V a lie v 1 st g 5 s ___ 1940
R & A D iv 1st con g 4 s .,1 9 8 9
2d co n s o l g 4 s .................1989

115
116

......... 112
114
.......... 103*a F e b ’07
103 A p r ’ 97
......... 124 A p r ’ 06
1 1834 M ar’ 07
122

J -J

983s F e b ’07
1 U0 *, 10034
101 M a r’07
10034 ......... 103 N o v 06
100*4 Sale

116 M ar’ 07
108*4 Sale 108
108*3
107 ......... 113 A p r ’ 06
85 Sale
85
85
89
F e b ’ 07
76 Sale
......... 7 4 34 7 4 34
7 4 3i
62

Sale

62

63

G en eral g 3 *2S s eries B .e l9 8 9 i-.T
j -j
C h ic & M o H iv D iv 5 s . . . 1926 .T-J
J -J

N orth iU in ois 1st 5 s ___ 1910
O tt C F <fe St P aul 1st 5s 1909
W in o n a <fc St P et 2d 7 s .. 1907
MU L S <fc W e s t 1st g 6 s 1921

I n c o m e s .......................... 1911
C h ic R o ck l s l (fe P a c 6a. ..1 9 1 7
94*8 96*6
R e g is te r e d ...................... 1917
G en eral g old 4a.................1988
44 100 1 0 1 *,,
R e g is te r e d ........... .•.........1988
101 105 *3
118*4 123*s

116
36 105
2
30
10
20

102*2
85 \ Salts
102

106*4 M ar’ 07
fc>2
8 5 34 302
103*4 F e b ’ 07
101*3 M ar’ 07
45
106 Sal** 102
106
110 F e b ’ 96
87 F e b ’ 07
8 7 *3 Sale
87*v 3 0
87
82
81
84
IV
10334
104
95
9314 O ct ’ 06
89
90
92*3 J a n ’ 07
80 Salp
75*8
80*2 365
7 1 *3 Sale
71
71*2 25
109 M ar’98
88 7p 98 M ay’ 06
aD ue Jaa

118*2
103*3

d D ue Apr

116
111

85
89
73*2
73
63*2
62

90
90
7 5 7s
7 4 34
65
66

88

J 4 s ................................... 1912
M 4 8 ..’............................... 1915
N 4 a ................................... 1916
O 4a.................................... 1917
P 4 s ................................... 1918
C h ic R I & P a c R R 4 s . .2 0 0 2
R e g is te r e d ......................2002

J -J
J -J
J -J
,I-.T
J -J
J -J
J -J
J -J
J -J
J -J
J -l)
J -I)
O-F
F-A
FA
M-N
Q -F
A-O
A-O
A-O
A-O
M-N
U-N
A-O
A-O
VI-N
\/l-N
Vl-S
\1-S
U-N
Vl-N
F-A
Vl-S
,T- J
JI-N
J -J
J -J
J-J
J-J
A-O
M-N
M-N
M-N
M-N
M-N
Vl-N
M-N
VI N
\I-S

Bur C ed R & N o rth e r n —
A-O
A-O
C R I F & N W l s t g u 58.1921 A-O
M <fc S t L 1 s t g u g 7 s . .1927 .1-T)

L15*3 A n g ’ OS
105*4 F e b ’ 07
123*4 123 *•
123*4 M ar’ 07
111 F e b ’ 07

iOX
14 12-i *4
123*4
110*3 n t

100*4 M a r ’ 0 <
9 9 34 M a r’07

99>4 100*2
101
99

89*2 F eb "07

89*3

100
100
101
1
......... 107 F e b ’ 07
14
......... 113*4 114
116 J ’ n e \>6
10 2 78 Sale iOo-^ 1 0 i 7* 114
..
104 M ay’06
............... 112 F e b ’06 ___
1
96 4
96*2 97*2 96*3
......... 9 3 3, 92 *2 M ar’ 07
113*4 F e b ’ 05
......... 100
76 ......... 76 M a i’ 07
6 9 34 Saie
63 *2
69 7s la
bO ** M ay’ 05
97
89 *2
90 *8 8
90 *8 Salt90 Sep ’Ou
101 *4 ......... 100*4 101S. 4'^
110*4 J an ’ 05
9 7 100
100 *2 M a r’07
10 0 * 3 ......... 101-V F e b ’ 07
101*4 D e c ’06.
100 ■ J ’l y ’ 06

8 S7g

100 105
107 107
llH *o 116
......
9 9 7a 105*4
.........
96 *s 100*3
92*3 92*2
76
673,

80
7 6*,

89*2
100

102*4

i ’o o
100*8
101*8 102

1 0 3 * 8 ......... 103 M a r’ 07
102*3 103*4
1087fe J an ’ 07 ___ 108 7s 10#
92 O ct ’ 06
1023a Sale 102
10238 10 I 0 0 7s 1023a
132 Oct ’ 06
9, 112 117*2
*112 114
112*4 112*4
113*2 F e b ’ 07

113*2 113 *2

125
107

125

M ar’ 07
lo 7

126
1 11 78

103 M a r’07
lit'.i” ll 6*4
1 0 1 M a r’o7
101 107
104 **. O ct ’ 06
9134 ......... Uj M a r’o7 . . . .
X2 *2
.........
HO
I ll
11234 113 l<eb’07
112*3 113*4
108 A p r ’ oe
’. 02*3
111V,
ill
111 11138 110
1063.
10634 F e b o 7
137 *2 J ’ iv ’ 99
10Hi4 F e b ’ O/
104
108*4 108*4
101 .........
182 *3 A p r ’OU
103 ........ H I
100 102*3 102 >3 M ar’o7
102*3 103
4 104 I n s 3,
11*4 Sale 101
105
) 00
107 ......... 107 *2 M a r’ 07
107*3 U 0 34
lo 2
......... 1lOO’ i. F e b '0 7
1067b I* 6-8
105
111*3 F e b ’ 07
110 *-- 1 1 1 *2
11 9 *3......... 120*2 F eb o7
1 i 9 7e 1 -1
102 Jaii ’ 0 .
102
102
104 F e b 07
104 1 01
96 ......... 95 7g M a r’ 07
95 \ 98
95 F e u ’ 07
r5
95
111 O ct ’06
106-3 .
114 *•> F e b ’ 06
104
107 *2 J ’ n e ’ 06
101
101 *>■
101102
i| 1 0 0 *a 101
100s
100*8
105*2 . . . . 107 Jan ’07
107 107
1 0 5 * 3 ......... 108*4 Jan '04 ___
113 *3 Sale 113*3 l l i ;3 23 113*3 11 4 ^
F e b ’ Ob
......... 113*2 117
100 ......... 105*4 D e c ’ O100*4 . . . . , 100 *4 M a i’ t)7
100*4 1023g
102 ......... 102*2 D e c ’ 06
119 ......... 1 2 - *3 F e b ’07
1 2 2 *o 1l2-»4
116 S. O ct ’ 06
12.'*2 F e b ’06
100 ......... 109 s e p ’ oa
11.3 ......... 114 M a r’ *>7
114
9 9 * 4 ......... 116*2 M a r’ 07
1 16 *3 1 16*3
9 9 j4 Sale
99
tf9J4 12M 9 8 j4 100*2
.........
9 9 34 F e b ’07
99*2 9H34
9 0 3« Sale
8 >
9 0 34 166 89
9 1 a4

72 >3 Sale
86 7» Sale

90*4 J an ’07
93 M ay’ O i
9 0 34 F e b ’ 07
90 M a r’07
69*2
73 2,1 .<
79 D ec ’05
83
86 7g 1'to

90*4

82
117

118
. . . 117*3 12 0 Hi M ar’ 03
111 N o v ’ 05

90*2

9 0 34 90 V
90
90
68
77
91'l4
117

B O N D '— C o n tin u e d o n N e x t P a g e .

105 107
79*4 9^*6
1023, 103*4
IT) 1 *3 101*3
100 108
87
89
S 4 ,4 88*2
81
85

91
74
71

Range
Since
Jan uary 1

A o Loui J iiyh

H ig!

100
104
114

......... 125
J -J
,T- *108 .........
1 0 2 * 3 ... .
C h ic M il & St P te rm g 5s 1914 j - j
102 *2 103

I & D E x te n 1st 7s
1908
L aC rosse <fe D 1st 5 s ___ 1919
M in era l P oin t D iv 5 s ___ 1910
So M in n D iv 1st 6 s ..........1910

17 112
102

.

123*2 Sale
121 .........
109 .........
1 0 2 * 2 .........
100 .........
99*4 9 9 3*
......... 105
..........

A-O
A-O
VI-N
VI-N
VI- s
M-S
.T- J
J -J
J-.T
Vl-S

J -.l
A-O
S in k in g fu n d 4 s ............. 1919 A-O
N e b ra sk a E x te n sio n 48.1927 M-N
M-N
M-S
J o in t bond s See G rea t N orth
VI-N
H an & St J o s co n so l 6 s . .1911 M-S
C h ic <fe E 111 r e f & im p s 4 s 1955 J - J
.T-r>
A-O

92
93*3 I'd 90*3 9 3 3t.
95 J ’ n e ’ 06
98*« 100 S, 90 9 3 18 1023g
W is <fe M in n D iv g 5 s ___ 1921
98 “u 100
15 98*3 101*3
MU & N o 1st M L 6 a . . . .1 9 1 0
120 O ct ’01
89
M
a
r’
07
89
90
......... 88*4
Chic<fe N o rth w co n s 7 s ___ 1915
10 93
93
93
* ......... 93
96
E x te n sio n 4 s ......... 1886-1926
8 b*g
90W; 68 8 8 5t, 9 0 34
R e g is te re d
.188 6 -1 9 2 6
89 O ct ’ 06 . . .
G en eral g o ld 3*28............. 1987
_____ ______ I 0 5 7b F e b ’ 07 . . . . 1u 5 78 105
R e g is t e r e d ...................»1 9 8 7
109 A p r ’05
1 110 113*8
110
1 0 9 *4 ......... 110
116 M ay’06
107*a 111 *a 113 *3 N o v ’ 06
119 *3 M ar’04
94 M a r’ 07
94
94
100 N o v ’ 04
R e g is te r e d ...................... 1921
S iu k in g fu n d d eb 5 s ........1933

114
97

Ask Low

105

89 *3

9 2 3i Sale
• 87
88*3
100*3 Sale
.....................

W eek's
R an ge or
Last Sale

115*3 D e c ’05

126

95
96
; i5 :,4 9 o 34
20
22

P rice
Fri<tav
A p ril 5
ma

A-O
R a ilw a y 1st lien 3*2S ...1 950 J -.l

..........127

• N o p r ice F rid a y; la test p r ice tliis w eek.




i' a i ; k

Q -F
Clias & S a v s e e A t l C oast L in e

M IS C E L L A N E O U S
S tr e e t R a ilw a y
B r o o k ly n R ap T r g 5 a ........1945
1st refu n d c o n v g 4 s ___ 2002
B k C it y 1st co u 5 s . 1916.1941
B k Q Co & S c o n gu g 5 s . 1941
B k ly n Un El 1st g 4-5S .1950
Stam ped sruar 4 -5 s___ 1950
K i n 28 C o E l 1st g 4a___ 1949
S tam p ed gu a r 4 s ..........1949
N a ssa u E le c era g 4 s ___ 1951
C on n R y & L 1st & r e f g 4 *28 ’ 51
S tam ped gu a r 4 * 2 8 ......... 1951
D en Con T r C o 1st s 5 s . . . 1933
D e t U n ited 1st c o n g 4 *23.1932
H a v a n a E le c c o n s o l g 5a. 1952
I n t e r -M e t c o ll 4 >28............. 1956
I n t e r n a l T r a c c o ll tr 4 a ..1 0 4 9
L o u is K y Co 1st con sr 5 s .. 1930
H anU a E le c 1st & coll 58.1 9 5 3

i ' o i 1; ; '

i Jivna
Sold

o c c u p y in g

93
82
7 LHi

.........
e D u o May

S tree t R a ilw a y
M et S t R y g e n c o l tr g 5a. 1997
R e f g 4 a ............................... 2002
S w a y & 7tli A v l a t c g o a 1943
Col «fe 9th A v 1st g u g 5 a .1993
L e x A v & P F l s t g u g o s 1993
T h ird A v e R R cou g u 4 a 2 000
T h ir d A v e R y 1st g 5 s . . 1937
M et W S El (C h ic) 1st g 4 s . 1938
MU E l R y & L 3 0-yr g 5 s . 1926
M inn St R v 1st co n sr 5 a ..1 9 1 9

U n d ergrou n d c ' L o n 5 s . .. 1908
U nion E l (C h ic) 1st g 5 s .. 1945
( n ited R R s San F r s f 4 s . 1927
i nited R vs S t L 1st 2 4s. 1934
\V C h ic St 4 0 -y r con :r 5s. 1936
j u u « j ’ ue

/iD u e J ’ly

F-A
A-O
J -D
Vl-S
M-S
J-.T
J -J
F-A
F-A
J -J
J -J
M-N
J -J
J -I )
A-O
A-O
J -J
M-N

k D ue A u g

103
Sale 103
I 103 10834
82
82% M a r 0 7 . . . .
82
85
110
9 108 113
108
Sale
110
113*s 113*.
108*3 112*2 113*8 F e b ’ 07
113*4 D e c ’ 06
Sale
85*2
86*2 45 85 >2 89
111
2 111
111 Saie 111
114*2
93*2 J ’ l y ’ 06
109 J ’ lV ’ OH
107*2 F e b ’ 06
90*8 90*2 s e p ’ 06
103*4 O ct ’ 06
103

76

Sale
75 4
83

.........
o D a e O ct

77
76
100 Jan ’07
78 *8 M ar'07
S3 M ar’ 07
9.1
p D ue .Sov

10

75
94
100 H >0
78*« 83*4
85
83

s O p tion Sal*

A p r . . 6 1907.
140 .,
N . Y . ST O C K K X C H A .N lii;
W kkk E n d in g A p r i l 5
C h ic R o c k i. & I ’ ac—(C o n )
C h oc O k & O Ken g 5s .01919
C on sol gold 5 s .........., ..1 9 5 2
K e o k * D r s M l s t o s ___ 102a
C ine > t i. * N u s e e n , c e n t
C h ic S t L * P ills .setffe iin C t
C lue S t P M <t O con 6 s . ..1 9 3 0
C on s Os i ed u ced to 3*28.
Cli S t P * M in n 1st g 6s 191*
N o r W iscon sin 1st 6 s ...1 9 3 0
St P & S C ity 1st g 6 s . ..1 9 1 9
C h ica go T e r T ra n s g 4 s . ..1 9 4 ?
C ou pon o l i ...................................
C h i c * W est In n g e n g 68 9 l 9 3 ‘z
C on sol 50 y ea r 4 s .............1952
C l u e * W M ien M e P e re M arq
C l i o c O * G n i t See C R I * P
Cin H * D 2d void 4 *28. . . 1937
C ln D * 1 1st gu g 5 s . ..1941
C F i n d * F t W l e t gu 4s g .’ 23
C in i * W 1st g u g 4 s . 1953
I n d D e c & W 1st g o s . . . 1935
1st gu a r gold 5 s ............. 1935
C I J>t l . * c s e e ( J C U & S t l
Oln S & C See C C C S t L
C ieartleld & M all See B K & P
C lev C in C & S t L g en g 4s 1993,
C airo D iv 1st gold 4 s ___ 193V
Cln W & M D iv 1st g 4 s . 1991
St i . D iv 1st c o l tr g 4 s . .1990
R e g is te r e d ...................... 199u
Spr & C ol D iv 1st g 4 s .. 1940
W W V al D iv 1st g 4 s . . . 1940
C 1 St L & C con sol 6 s ..1920
1st gold 48.....................«:193b
ile u is t e r e d ............... *193 0
Cm s * Cl con 1st g 5s. .1928
C C C x- 1 co n s o l 7 s ..........1914
C on sol sin k fu n d 7 s ___ 1914
G eneral c o n s o l gold 6 s . 1934
R e g is te r e d ...................1934
In d HI * W 1st p ro! 4 s . 1940
O Ind & W 1st pi 5 s . ..<(1938
P e o * East 1st con 4 s . . . 1940
I n c o m e 4 s ........................ 1990
C lev & M arietta See P e n n R li
C lev * Pitta See P en n Co
C ol M id lan d 1st g 4 s ..........1947
Colors*to * Son 1st g 4 s . ..1 9 2 9
R e . u n d * e x t 4 S j S ......... 1935
C om m * u i e e n v Set<So liy
C olds iiocK Val See H o ck Vai
C ol & T o l See H o c k V a i
C ol C on n & T erm See . N 4 W
Conn it Pas R iv s 1st g 4 s . 1943
I vak & G t So s e e C M & s t P
1 Dallas * W aco See M K <fc 'i
D el .Lack * W e ste rn 7 s ...1 9 0 7
M o r n s * E s se x 1 s t 7 s . . .1914
1st c o n so l gu a r 7 s ........1915
K egis tered . . . . . . . . . . . 1 9 1 6
1st r e f g u g 3 *28........... 2000
N Y L a c k * W 1st 6 s . ..1 9 2 1
C on stru ction 5 s ............1923
T erm & im p ro v e 4 s ___ 1923
W a rre n 1st ret gu g 3 ‘as. 2000
D e i * x l u d 1st P a D iv 7 s .l9 1 ~
R e g is te r e d ...................... 191
10-yr o on v del) 4 s ........... 1916
A lb * Sus c o n v 3 *28........1940
K e n s * Saratoga 1 s t 7 s . 1921
D el R iv R R B r id g e See P a R R
D en v & R G r 1st con g 4 s . l 9 3 6
C on sol g old 4*38............... 1936
I m p r o v e m e n t gold 5 s ...1 9 2 8
R io Ur J u n c 1st gu g 5 s . 1939
R io g r S o 1st gold 4 s .. ..1 9 4 0
G u a ra n teed .....................1940
R io G r W e st 1st g 4 s . . ..1 9 3 9
M g e a n d c o l tru st 4 s A .1 9 4 9
U tah C en t l s t g u g 4 s 01917
D es M oi * F t D See M * St iD es M oi Un R y 1st g 5 s . .1917
D e t * M ack 1st lien g 4 s .1995
G old 4 s ................................. 1995
D etroit S ou th ern —
O hio S ou D iv 1st g 4 8 ...1 9 4 1
D u l * Iron R a n g e 1st 5 s ..1937
R e g is te r e d .......................... 1937
2d 6 s ..................................... 1916
D ul S h ort L in e See N o r P a c
D u l S o Sh ore * A t! g 5 s ..1937
IV ast ol M in n See St P M & M
-TVast T en V a & Ga See So Ry
E lgin J o l & East 1st g 5 s. 1941
Elm C ort & N o See Leh * N V
E rie 1 st e x t g old 4 s ............. 1947
2d ex i gold 6 s .....................1919
3d e x t g old 4*28................. 1923
4th e x t gold 5 s ............. t .,1 9 2 0
6tli e x t gold 4 s ...................1928
1st c o n so l gold 7a............. 1920
1st c o n s o l g tund 7 s........1920
E r ie 1st con g 4s p r io r .. 1996
R e g is te r e d ...................... 1996
1st c o n s o l gen lien g 4 s . . 1996
R e g is te r e d ....................1 9 9 6
P en n c oll tr g 4 s ............. 1951
6 0-year c o n v 4s A ..........1953
do
S eries B ...1 9 6 :
B u ll X Y * E rie 1st 7 s ..19 1 6
B u d *fc S W gold 6 s ..........1908
C h ic * E rie 1st gold 5 s ..1 9 8
C lev * M aliou Val g& 8.19tfh
J e ff R R 1st gu g 5 s ----- a l9 0 9
L o n g D ock con sol g 6 s ..1 9 3 5
Coal * R R 1st cu r gu 6 s . 1922
D o c k * Im p 1st c u r 6 s . .1913
N Y * G reen L gu g 58.1 9 4 6

P r ic e
hY idav
A p ril 5
J -J
M-N
A-C

fiantie
Sine*
J an u a ry i

W eed’ s
R ange or
Last Sale

dm
A sk Low
H igh
..................... [109 N o v ’ 06
......... 110
111 M ay’06
..................... 11OS^g N o v ’ 06

Low

<4-M
J. J

1 16:*h 1 2 0 ^
9734 97*4
99 >2
97
1 1 0 78 113
97 7s 98

J -J
N

104^.

113 Oct. ’00
104^2 1 0 4 ^

104*2 105 *4

128

....

88
. . . . IOC

09

Sale

07

.......

131

i*3*i’^ 131 >4

.....

83 Jan ’ 07
104 Vi F e b ’ 07
107*2 D e c 02

i-3
83
1U4*2 105

28 96** 102
9 7 s«
99
giiSfc Jan 'o 7
99 3^ 99^8
97 M a r’ 07
97
98 *v
97
97
.......... 97
9834
97
97 Jan ’ 07
97
97
9 9 a4 KeO’05
98 Sep ’ 06
1 06 *8........ 105 J a n ’04
97 4 M a r’ n7
97 V? 99
100* 99 ■-j Jan ’ 07
99*2 99*2
113 -4 J ’ n e’OO
i l 's "
118*4 Jan ’ 07
118*2118*.
132

F e b ’ 07

131** 132

1 0 4 * a N o v ’ 01
Vp>

94*2 M a r’07
62
64

J -J
c -A
M-N

68*2 69*2i 69
69
9 1 * «S a le j 8 U34
91^
92 ..........1 95 F e b ’ 07

101

67
89*4
95

i2*i% 1*21*3^

11034 IIIS j,

95*2 109*4
95 110

94*2 Sale
94
102*2 105*2 102*8 J a n ’ 07
___106 105*2 F e b ’ 07
109 Alar’05
76 D e c ’06
89 Jaii ’ 06
92*4 91*2
91«*
86 34 87*4 F e b ’07
t)7 Jan ’ 02
93

93*4 9 7 s<
102*8102 *s
10434 106 *2

91*2 96
87*4 87*4

110 Sep ’04
92 M a r’ 07
92 *2 M ar’ o7

90
89

74*4
94 *«
96

101*« 104*2

119*2 N o v ’ 06
m * i Sale' 121*8 1213^
127 J ’ ne'05
*98*'
121 Sep '06
11034 K e o ’ 07
1023» A u g ’ 06
102 F e b ’ 03
133. F e b ’ 06
149 A u g’ 01
99
102*4
102*4 Salt
9 9 7s Sal*
9 6 34
99 V
133 *2 D e c ’ 06

J-J

95
7234

21

....... 1 0 1 ** M ar’ 07

92
92 *2

......... I l l

86 O ct ’ 06
111*2 Jan ’ 07
112*2 F eb ’ 06

111*2111*2

107

112

110*8112

110

J a n ’ 07

114*2 N o r ’ 06
107*2 J an ’ 06
109*2 D e c ’ 06
108*2 A u g ’06
1 1 0 ‘s O ct ’ 06
1 0 0 7g K e b ’ uV
127 M arM 7
126 128
133 F e b ’06
957i, Sal« 95*2 95 \
99 -2 O ct ’ 06
*83** Sale
81
83
85 *2 F e b ’ 07
85
.......... 86*2 85
81 Vi Sale
76*4
83
• 70*4......... 85 F e b ’07
127 N o v ’Oo
119 122
102 104
1 0 4 «g F e b ’06
116
116 117*4 116
115 . . .
116*2 Jan ’06
101 M a r’ 07
98*2 . . . .
124 130
130 M a i’07
118 Sep ’ 06
*1*0*6 ** " "
109 7g O ct ’ 05
110 . . . .
121 >2 D e c ’ 06

101*4

1 0078 1 0 0 78
126 129*2
95S

99*2

80
85*2
84
76
85

88
85*2
91*2
10334
87

115 *2 119
101
130

J -D
M-N
A -O
J -J

107
......... 106*2 106*2
6 106
63
70
64 Mar*07
63
130*2 Sale 123
131
108 116

J -J
F-A

•99
100

100
Saif

M-S
J-I)
F A
. 88
F-A
M-N 103*4 Salt
A-O
AO
A - 0 •......... 114*t
J -J

100
100

100
100

105 F eb 07
61 *2 O ct ’01
86*4
86*4
107*4 D ec ’00
103
1 0 3 ’-,
98 D e c ’ 06
117 F e b ’07
9.) *» M a r’06

N o p r ice F n d a y ; latest bid.uid asked this w eek, v D a e j a n




H ig h

128 130
128*2 128Vi
............... j 03 D ec ’03
............... 1131*4 F e ll’07
1293« M a r’04
125-<4
......... 12034 1 1 6 :>» 1163*.
......... 97s4 9734
973,
*98 Sale
97
98
llO ^ g
U 078 11078
......... 97 7>, 97 7e E e b ’ O"

J-:
J-D
M-N
J-J
A -0
J -J

.H liS t lE lJ A N K O I iS
H a s a n d E l e c t r ic L ig h t
A tla n ta G L C o 1st g 5 s. ..1 9 4 7
B k ly n li Gas 1st con g 58.1945
B u ffalo G as 1st g 5 s ........... 1947
C on sol G as co n v d eb 6 s . . ..1 9 0 9
Cousuru lia s See P G * C Co
D e tr o it C ity G as g 5 s ..........1923
D e t G as Co con 1st g 5 s . . .1 9 1 8
E d E l 111 B k n 6 e e K C o E L * P
E d E 111 See N Y G & E L H & P
E q G L N V 1st c o n g 5 s . .1 9 3 2
G a s * E lec B erg C o c g o s .1 9 4 9
(ie u E le c tr ic d eb g 3*28 1942
G r R ap G L C o 1st g 6 s . ..1 9 1 5
H u d so n C o G as 1st g 5 s . .1 9 4 9
K au C ity (M o ) G as 1 st g 5s 1922
K in g s C o E l L * P g o s . . . 1 037
P u rch a se m on ey 6 s . .. .. .x 9 9 7
Ed El 11 Bkn le t con g 4 s 1939

79 i

New York Bond Record— Continued— Page 2

6 100
6 100
105
4

86

38 103
117

101
130

P rice
b'rxdav
A p ril 5

N . V. ST O C K E X C H A N G E
WtEKK E n ding A p r i l 5
E r ie — ,' Con)
.V i b u s
W 1st r e f 58.193
2d g o ld 4*28.....................193
G eneral srold 5 s ............. 1940
T erm inal 1st void o s . . . 1943
ite m s *>5,000 e a c h ...1 9 4 3
M id R R of N J 1st c Ks.1910
W i i k * Ka l s l g u v 5 s. 1942
t<Iv* Imt la t c o n gu g 6 s ..19 2 6
E r i e * Pitta s e e P en n Co
E v a n s * T H 1st c o n s 6s . 1921
1st gen era l g o ld 5 s ..........1942
M t V e r n o n 1st gold 6 s ..1 9 2 3
S u il Co B ran ch 1st g 5a. 1930
L 'a r g o * So See Ch M * St P
r l i n t * P e r e M See P ere Mar
Fla C & P e n m See Sea A ir L in e
F o rt St U D C o 1st g 4 *28.1941
F t W * D en C 1st g 6s ___ 1921
Ft W * R io G r 1st g 4 s . ..1 9 2 8
1 ’ ai H ar & S A See So P a c Co
VT a l H & H o f 1882 1 st 58.1913
G e o rg ia & A la See Sea A L in e
G a Car & N o r See S ea A Line
G e o rg ia P a cific See So R y
G ila V G * N o r See So P a c Co
G o u v * O sw e g a t See N Y Cent
G rand R ap & Ind See P en n R R
G ra y ’ s P t T e rm See St L S W
G t N o r —C B * O co ll tr 4s 1921
R e g is te r e d . A .................... 1921
G re e n b rie r R y See Ches * O
G u lf & s I ] st re f * t g 5s 61952
an * St J o See C B * Q
o u s a to m c See N Y N H * H
H o ck V ai 1 st co n s o l g 4 *2S. 1999
Re.s \ered.......................... 1999
C o l A H V 1st e x t it 4 s .. 1948
C ol * T o l 1st e x 4 s ........1955
H o u s t E * W T e x See So Pac
H ou at * T e x C en See So P a c Co
llin oia C en tral 1st g 4 s .. 1951
R e g is t e r e d ...................... 1951
1st g o ld 3*<js...................... 1951
R e g is te r e d ...................... 1951
E x te n d e d 1st g 3*28........1951
1st g o ld 3s s t e r lin g ..........1951
C oll T r u s t gold 4 s ........... 1952
R e g is te r e d ...................... 1952
L N O & T e x gold 4s ...1 9 5 3
R e g is te r e d ...................... 1953
C airo B r id g e gold 4 s ___ 1950
IiO m a v D iv & T erm g3 *28.1953
M id dle H i v r e g 5 s ............1921
Omaha D iv 1st g 3 s ........1951
St L o u is D iv & te r m g 3s. 1951
R e g is te r e d ...................... 1951
G old 3 *2S........................ 1951
R e g is te r e d ...................1951
S p rin g D iv 1st g 3 *28...1 9 5 1
W estern L in es 1s t g 4 s .. 1951
B e lle v * Car 1st 6a........1923
C arb * Shaw 1st g 4 s . ..1 9 3 2
C h ic S t L * N O g 5 s . . .1951
R e g is te r e d ...................... 1951
G o ld 3 *28..........................1951
R e g is te r e d ...................1951
M ein ph D iv 1st g 4 s . ..1 9 5 1
S t L S o u 1st g u g 4 s ___ 1931
Ind B1 & W e s t See C C C & S t L
In d 111 & l a 1st. g 48..........1950
I n t * G rea t X o r I s t g 6 a . .l 9 1 9
2d g o ld 5 s ............................1909
3d gold 4 s ............................1921
Io w a C en tral 1st g old 5 s .,1 9 3 s
G old 4 s ................................. 1951
J efferson R R See E rie
al A * G R See L S * M S
an & M id i See T o l & O C
K C F t S * M See S t L * S.F
K C *M R *B
See St L * S F
K an C * P a cific See M K * T
K an C ity S ou 1st g o ld 3 s .. 1950
R e g is te r e d .......................... 1950
K e n tu c k y C en t See L * N
K eok * D es M o See C R I & P
K n o x v ille * O hio See So R y
ake E rie & W 1st g 5s. .1937
2d gold 5 s ........................ 1941
N o rth O hio 1st g u g 5 s ..19 4 5
L Slio & M ich S See N Y Cent
L eh V ai N Y 1st g u g 4 *28.1940
jie g is t e r e d .......................... 194<
L e h igh V a l (P a ) c o n s g 4 s . 2003
L eh V T e r R y 1st g u g 6s . 1941
R e g is te r e d .......................... 1941
L eh V Coal C o 1st g u g 5 s .l9 3 i
Leh & N Y 1st gu a r g 4 s . .19 4 5
R e g is te r e d .......................... 1945
E 1 C * N 1st p f 6s ........1914
G old g u ar 5 s ...................1914
Leh & H ud R See C e n t o f X J
Leh * W ilk e s b See C e n t o f N J
L e ro y * C a n ey V a l See M o P
L o n g D o ck See E rie
L o n g I g l’ d—1st co n g 5 s .ft l 9 3 1
1st co n s o l gold 48..........Zi.1931
G e n e ra l g o ld 4 s .................1938
F e r r y gold 4*28.................1922
G old 4 s ................................. 1932
U uitied gold 4 a .................1949
D e b e n tu re g o ld 5 s ........... 1934
G n ar r e f g o ld 4 s ............... 1949
B k ly n * M o n t 1st g 6 a ..1911
l a t 5 s ................................. 1911
N i B * M B ls tc o n g 5 s l9 3 5
N Y * R B 1st g 5 s ........1927
N o r S h B la t c o n g g u o a o l9 3 2
L o u is i a n a * A r k la t g 5 s . 1927

H

W eek’ s
R a n ge or
L a st Sale

^
A arn,1j
Sinse
s\\ Jan u ary 1
Low
I 08

L ow
H igh
108 M a r ’ O'i
100*4 D e c ’ Oi
100 >2 F e b ’07
U 0 4i H O 1-.

J-J
A

110

fiotjh
108

100 *2 103
110*2 110*»

>110
104 *t>O ct ’ 00
105*2 105*2
116 A p r ’ Ob

101

105

105*2 105*2

117 D e c ’ 06
104*2 Sale 104*2 104*-.
106
........ 114 A p r ’05
99 ......... 106*4 F e b ’ 06

J -J
J-D
J -J

104 *2 106*8

105 M ar’ 98
1 0 8 * 2 ......... 1 0 8 4 110
84 Sale
84
8 4 a4
ICO

96*4 Sale
99
J -J
J -J
A-C
FA

108

111

100

103

84

M ar’ 07

87

963.8
91

89*4
8 8 6e 98*2

102“2 F e b ’ O'

102 *2 102 *»

105
105
103 N o v ’ 06
9S:,4 N o v ’ OII
100 D e c ’ 06

103*8 105*4

U)9 *2 Sep ’06
104*4 A u g ’ 01
100 *2 F e b ’ 07
95 *2 J ’ly 'Ob
99*2 J ’ ne’ 06
70 O ct ’04
101 Sale 101
101
102 O ct ’01
! ” *“ i ’0234 10034 M a r’07
100 M ay’06
10234 Jan ’ u7
8 9 s, F e b ’ u7
91
123 M ay’ 99
78*2 A p r ’06
7 8 34 Keb ’ 07
*80*
106

L

89*2

100 >2 .
97 .

100*2 1 0 0 Ts

101

102*4

100 ‘4 iu 3 4
102‘>1 10234
8934 91
7 8 a4

78*«

SJ M a r ’07
101 HjOct ’ 9i>
100 N o v ’ OO
102 Jan ’ 07
122 D e c ’ 05
97 M ar’ 07
121*4 D e c ’ 06
119a4 M a r’04
93*8 Alay’ 04

88*4 **89"

100*2 M ar’ 07
97 M a r ’07

luOSzlOO**
97
97

.......... 99
100 F e b ’ 07
' ......... 114
113*2 114
95
96
96
71
65
7 5 3 71
100
111 F e b ’ 07
85 F e b ’ 07
......... 80

113*2
95
71
109
85

....
....

115*2
99*8.
79
111
86

K

A -0
A -0

L

68*4 Sale

106*4 110

107*2 1073*

.

07 *a M a r ’ 07
112*8 JSov’05
95 O ct ’ 06
116 O c t ’ Ob
109 *2 O ct ’ 99
1 1 2 68 A p r ’ Ob
9 6 34 J a n ’ 07

96*4

96*4

1 1 3 7g J a n ’06
106*4 Jan ’ Ob

97*2 .

M-S
J-D
M-S
J-D
iVl-S
M-S
M-S
A-O
M-S
Q -J
M-S

72

112*8114
1073s 1 0 7 7»
110*8 110*»

102

n

67*2

113 M ar’ 07
112 . . .
106*2 107 7s 1 0 7 78 F e b ’ 07
108 ........ 110*« H0*t.

107*2-

Q -J

67*2
6 8 34
63 O ct ’00

111*2 112*4 113 M a r ’07
*98 .........
91
96
96
96
102 N o v ’ Of;
‘9*4 * ; ” ".* 99*4 O ct ’ 06
......... 95
95 *2
95 *2
' ......... 107*2 110 J ’ n e ’ 04
97
98
98*2 96
io o *

113

114*»

95*2 99

100 M a r’ O
110 *4 N o v ’06
105
105
109 N o v ’ 06
103 '>2 F e b ’ O

94

95*2

96

99*2

i b o " 102*2
105

109*4

i ’0 3'4 i ’0*3*i

B O N U S —C o n tin u e d o n ISext I 'a g e .
( i n s a n d E l e c t r ic L ig h t
L a c G as L o t S t L 1st g5 s .< 1 9 1 9
R e f and e x t 1st g 5 s ........1934
M ilw a u k e e G as L 1st 4 s .. 1927
N Y G E L H * P g 5 s . ..1 9 4 8
P u rch a se m on ey g 4s. ..1 9 4 9
Ed E l 111 1st c o n v g 5 s . .1 9 1 0
100
1st c o n s o l gold 5 s ..........1995
100
N Y & Q E 1 L & P 1st c o n g 5 s l 9 3 0
N Y * R ich G as 1st g 5 s . 1921
Pat * Paa ( j * E c o n g 5 s . 1949
105
P eo G as * C 1st c o n g 6s. 1943
R e fu n d in g gold o s ............1947
4 8 6 **
C h G - L * C ke l s t g u g 5 s 1937
C on G C o o f Ch l s t g u g 5 s . ’36
103*4
M u F u el G as 1st. g u g 5 s . 1947
............
107*8
73*2
1 3 9 34

117

Q -F
A-O
M-N
J -D
F-A
M-S
J -J
F -A
M-N
M S
A-O
M-S
J -J
J -D
M-N
J -D
T r e n to n G & El 1st g 5 s . .19 4 9 M- 8
W e s tch e s te r L iv h t’ sr ir 5s. 1950 J -D

b D ue Keb d D u e A p r e D ue .day h Due j ly

102

........ 102*2

. * " " .’ i*0 2 *'
102 Sale
* 8 0 * 2 .........
I" I ”

98*4

il*8 **
......... 103*2

100

........

.....

iOO
100 105
......... 104*2

102*2 10 102
102 F e b ’07
102
91*2 J a n ’ 07
91*2
14 99*4
99*2 102
81
83 *v
5 80
99*2 M ar’ 07
99
113*4 J ’ n e ’06
99
99
1 99
103 N o v ’ 05
104*4 N o v ’ 05
119 F e b ’ 07
119
1015 *2 M ar’ 07
102
100 M a r’ 07
100
102 J a n ’ 07 . . . . 102
103 *2 D e c ’06

110 M ay’05
101 *« F e b ’ 07
k D ue A u g 0 D ue u c t g D u e
99*4

_
_

105 H.
102*2
91*2
103*2
84 7s
99*2
99
119*»
103*a
100
108

101*2 103
j O ption Sato

792

New Y o rk Bond Kecord— C o n t i n u e d —

1SUA 1 ) »
X . Y . STO C K K X C H A N G S
, W e s k k s b in o a p k i l 5
L o u is v * X a s h v gen g 6 8 .1 9 3 0 J -D
G old 5 s ................................. 1937 M-N
U n ified gold 4 s .................1940 J - J
R e g is te r e d .......................1940 J - J
S in k t u n d gold 6 s ............. 1910 A -0
C oll tr u s t gold 5 s ............. 1931 M-N
5-20-yr col t r deed g 4 s .1923 A-O
E H * X a s h 1st e 6 s . . ..1 9 1 9 J -D
L Cm * l_,ex gold 4 Hjs . ..1931 M-N
N O * M 1st s o ld 6 s ___ 1930 J -J
X O * M 2d g old 6 s ........1930 J -J
P en sa cola D tv gold o s . ..1 9 2 0 M-S
S t L O iv 1 s t srold 6 s ........1921 M-S
2d gold 3 s ........................ 1980 M-S
A l l K n ox * X o r i s t g 5 8 l 9 4 6 J -D
H enrter B d ge l s t s f g 6 s ,1 9 3 1 M-S
K e n tu c k y O e n tg o ld 4 a ..1 9 8 7 J - J l
L * X & M * M 1 st g 4 Hjs1945 M-S
Life X -> o u th M joiDt 4 8 .1 9 5 2 J - J
X F l a * S 1st gu g 5 s . .. 1937 F-A
X * C B d g e g e n gu g 4 H2S 1945 J - J
P en s * A t i 1st g u g 6 s .. 192.1 F-A
s & X A la Co*? g u g 5 s .. 1936 F-A
L * J eft B d g e Co gu g 4 s . . 1945 M- S
L X A * C h ' See C l & L
ahon Coal Sea L S 4 M 3
an h aftan R y co n s o l 4 s . 1990 A -0
R e g is t e r e d ...................1990 A-O
M etrop ol E l 1st s 6 s___ 1908 J - J
M c K ’ p t * is V See X Y C en t
M etrop olita n E l See M an R y
M ex O e o t c o n s o l gold 4 s . .1911 J -J
1st c o n so l in com e g 3 s .a l9 3 9 J ’ly
2d c o n s o l in com e g 3 s ..a l 9 3 9 J ’ ly
E q u ip & ooll gold 5 s ........1919 A -0
M ex I n te r n a l 1st c o n g 4 s. 1977 M-S
M ex X o r t h l e t gold 6 s ___ 1910 J-D
M ic h C e n t te e X V C en t
M id ot X J See E rie
M i l L S A W See O hio & X \Y
MU & X o r t h See Ch M * St P
M inn & St L 1st gold 7 s . .1927 J-D
I o w a E x 1st gold 7 s ........1909 J-D
P a oiflc E x 1st g old 6 S ...1 9 2 1 A -0
Sou th W est E x 1st g 78.1 9 1 0 J -D
1st co n s o l gold 5 s ............. 1934 M-N
1st and refu n d eold 4 s . .1 9 4 9 M-S
D es M * F t L> 1st g n 4 s .. . ’35 J -J
M inn <fc St i , gu See B C R * .N
M S t P & S S M c o n g 4 in t gu '3 8 J -J
M S S M & A 1st g 4 in t g u 1926 J -J
M inn Un See St P M * M
M o K an & T e x 1st g 4 s . ..1 9 9 0 J-D
2d gold 4 s ____ . ________ 0i99O F-A
1st e x t gold 5 s ...................1944 M-N
1st & refu n d 4 s .................2004 M-S
G en s f 4*28..................1 9 3 6 J -J
St Lt D iv 1st ret g 4 s ___ 2001 A -0
Dal * W a 1st g u g 5 s . ..1 9 4 0 M-N
K an O * P a c 1st g 4 s . .. 1990 F-A
M o K & E 1st g u g 5 s . ..1 9 4 2 A-O
M K & OK 1st g u 5 s ........1942 M-N
M K * T of T 1 st gu g 5 s . l 9 4 ‘2 M-S
Sher Sh * So 1st iru e 5s. 1943 J -D
'l e x * Ok la 1st g u j; 5 s . . . 1943 M-S
Mo P a cific 1st c o n g 6 s . ..1 9 2 0 M-N
T r u s t « o ld 5s s ta m p ed .a 1917 M-Si
R e g is t e r e d ...................o l9 1 7 M -S'
1st coll f !o ld 5 s ...................1920 F-A
40-year s.*old loan 4 s ........1945 M-S
3d 7s e x td at 4 % ............... 1938 M-N
Ueiil h i iiy l » l g u g 4 s . 1919 F-A
Cen B ran ch U P 1 s t ? 4 s. 194s J-1)
L eroy * C V A L l s t g 5 s 192C J - J
Pac R ol M o 1st e x g 4 8 .1 9 3 8 F-A
2d e x te n d e d gold 5 a ...1 9 3 8 J - J
8t L I r .M * Siren con g 5 s l9 3 1 A-O
G en con stam p gtd e 5a 1931 A -0
U nilied * ref gold 4 s .. i9 2 9 J - J
R iv * G D :v 1st g 4 s .. 1933 M-N
V erd i V' 1 * W lst~g 5 s. 1926 M-S
M ob J & K C i s t co n s g 5s. 1953 J-J
M ob & O h io n e w g old 6 a ..1 9 2 7 J -D
i s t ex te n s io n gold 6 s. .h 1927 Q-J
G en era l gold 4 s .................193 » M-S
M on tgom D iv 1st g o a . . 1947 F-A
St L & C airo c o ll g 4 a ..e l9 3 0 Q -F
G u aran teed g 4 s ............1931 J -J
M & O coll 4s se e Southern
M oh aw k & M ai See X 1 C * H
M on on gan ela R iv See B & O
M on t C en t See St P M & M
M org a n ’ s L a * T See S P Co
M orris * E s s e x See D el L * W
ash C h at * St L 1st 7 s .1913 J -J
1 st co n s o l gold 5 s ..........1928 A -0
J a sp e r B r a n ch 1st g 6 s . . l 9 2 3 J-J
M cM M W & A 1 1st 6 s .. 1917 J-J
T * P B ra n ch 1st 68___ 1917 J -J
N asu F lo r * S h ef See L * X
N a t o f M e x p rior lien 4*28.1926 J -J
1st c o n so l 4 s ...... ............... 1951 A-O
N ew H & I) S e e X Y X H & H
N .1 J u n e R R See X Y C en t
X ew .v C in B d g e he* L on &
N O # N K n r io r lie n b
Y-O
N Y i ’ kin * M an B en Set L
N Y C e n t <te 11 R i v g 3 *28.19! , J -J
R e g is t e r e d ...................... 1997 J -J
D e b e n g 4 * ........................1931
L,ake SI101 •• coll g 3*28. . -1 9 9 s F A
R e g is te r e d ...................... 1998 F-A
M ich C en t c o ll g3H js___ 1998 F-A
R e g is t e r e d ...................... 1998 F-A
B eech C reek 1st g u g 4 a .1936 J -J
R e g is t e r e d ...................... 1936 J -J
2d g u gold 5 s .................1936 J -J
B eech C r E x t I s t “ 3 Has <*1951 A -O

M

N

P rice
tr id a v
A p r i l .5

W eek's
R a n ge or
Last Sale

K anye
Since
J an u ary ]

Bm
113%

H igK
Low ti m u
IjCW
115 I I 514
115l4 M a r’(i7
108 M a r’07
108 117*4
99 Hi Sale
97
99 \
97 101
l O l 1? J ’l y ’ 06
107 D e c ’ 05
108
..
109 109
109 M a r’ O 7
96i* 95 M a r’07
96
98
112
112 112
109 Hi......... 112
109 M a r’05
121 M ar’ 07
122 U M ar’ 07
1 0 7 ^ A u g ’ 06
120 Jari ’ 07
120 120
7 2 Hi 72*3 Fet»’ 07
72Hi 7 2 Hj
116 J ’ ly ’ 06
108 h Jan ’ 06
9.r
13 95 Hj 97*8
97*2.
95 Hi
108 J ’ ly ’ 06
863j
8<S\
80
92
......... 87
............ 1 1 2 3
113H2 M a r’ O
113 Hj 113Hi

.....

......... 112 Hi 112 J a n ’ 07
106 . ...
115 “4 .Uar’05
97 M ay’06
9 8 \ Salt­

97 Ha
99
104 A p r 05
I02>s 1 0 2 1g

i e r ’ Sale
81 Hj Sale
23 Sale
18 Sait

81
22 >4
17

82
23
18

112

97*2 100*6
100*4 10.- *2
81
86
20*8 27*,
14 H. 21

90*8 J ’ ly ’ 01
105 M ay’ OO

125
......... 118

I I " " iuy’v’

.....

.........

VW
98

130 M ar’ 07
1 1 1 4 001 ’05
118 J a n ’ O"
113^4 M a r’05
105 *2 107 H:
93% F e b ’ 07
97 A p r ’ 06
99
103

M a r’ 07
X o v ’01

130

130

118

I I 8 H1

105 hi 110 Hi
92
94
99

99

96
83
104

97
9 5 14
97 H95
98 H2
Sale
8l>»
83
80*4 88
......... 103 M a r’ 07
102 104
wl M a r’ o7
81
86
85 Hi ftaio
85
-6
83
ft- 4
82
87
........ 83 >2 82 M a r’ 07
104 Hi J a n ’ 07
104*3 104*3
90 Hi t e o ’ 07
*'5*2 95 Hi
1 10>4 M ar’ O 7
.......... 1 10
! 10*8 111*8
103
1(,7 F e b ’ 07
106 >4 107*«
lU 378 Sale 103 Hj lu 3 'S
102 106*2
104
i 04 104,
104 M a r’ 07
104
104 Sait- 104
IU4 107
118 119
118 1197*
118*4 118*4
19 100*6 105
101 isair loOH. 101
107 Hj F e b ’ Ob
102
io i‘4 ioi* 101
ioi" i'0'5 ”
86 M a r’ 07
86
90
.......... y8
93 ........
”» 3 “ M a r’07
93* " 9 6 *4"
95 X o v ’ OH
.......... 95
110 M ar’ 05
101 Sale 101
101
101 101*4
116 la M a r’07
116 117*4
. . . . . . 116
110
110 l lu H 110
109 Hi 114
10'J Hi M a r ’07
109*2 109*2
81
85
80
88 H.
88
88
80
92 ’4
107 H2 A p r ’06
\)8 D e c ’ 06
122*4 M ar’ 07
1 2 1 ‘4 124
122 D e o ’Oj
91 Sale
91 Hi
91 Hi
91Hj 94
107*4 11.0 108*4 M a r’ 07
108*4 108*4
92 H2 A u g ’ 06
101 X o v ’04

115>4 I I 6 H1 1173gM ar’ 07
L]3*4 M a r ’OV
l U H i...
119*4 F e b ’OO
115*8 . ..
117*4 M a r’05
113 J ’l y ’ 04

116Ha 1 1 7 3*
113*4 116

102*4 J a n ’07
85 Hi M a r’ o7

102*4 102*4
84*4 87 Hi

9 2 34 Sale

.... .

-j4
80 Sale
8 3 14 Sale
......... 85

90*4
93
92 -i Jan ’07
94*4
95*4
83
85
83 l4
83*4
83
F e b ’ 07
8 4 \ Jan ’ o7
102
F e b ’ 07
102 M a r’04

90
92Hj
94
83
81*4
83
84*4
lOuS

93*4
92 H)
99
88*2
87
f-7**
84*4
102*4

90

96

95 M a r ’07
87
i7
107*2 O ct ’ 04
102ag A p r ’ 06
95 A p r ’ 02
64 Sale
63
65
107 D e c ’ 04
107 M ay’ 97
III"! ioe" 105 Hj D e e ’ 06
105 <)ct ’ 00
78 F e b ’ 07
93
95
94 78 Sale
_____ 104 *8 106 Hi Jan ’ 07
105
104 106
105
102 D ec 1)3
99 ......... 100 F e b ’ 07
90 *2........
90
00
93 Hj F eb ’ 07

*b io p r ice F riday; latest bid and asked. a O u e J a n




[V o l.

P rice
tr id a v
A p ril 5

X V C e n t * H R— ( C o n tin u e d >
C art <fc A d 1st g u g 4 s . ..1 9 8 1 J -D
G o u v < fe O s w e ls t g u g 5 s 1942 J-D
Moll & M ai 1st g u g 4 s . .1991 M-S
X J J u n e R g u 1st 4 s . . .1 9 8 6 F-A
X Y <fc H arlem g 3 *28...2 0 0 0 M-N
R e g is te r e d ...................... 2000 M -»
X Y & X o r t h 1st g 5 a ...1 9 2 . A -O
X V * Pu 1st c o n g u g 4s 1993 A-O
X o r & M o n t 1st gn g 5 a .1916 A O
Pine C reek re g gu a r 6s . 1932 J-D
R W & O con 1stext5s.Z i.1922 A - 0
O sw e & R 2d gu g 5s...<?1915 F-A
R W d i O T R 1st g u g 5 a .1918 M-N
R u tland 1st c o n g 4*2S..194I J - J
OgifeLCham 1st g u 4s g l9 4 8 J -J
R ut-C anad 1 s t g u g 48.1949 J -J
St l>aw * A d ir 1st g 5 s . 1996 J -J
2d gold 6s ........................ 1991' A-O
U tica <fc B lk R i v g u g 4 s .l 9 2 2 J -J
L a k e S h ore g o ld 3*28___ 1997 J-D ;
R e g is te r e d ...................1 9 9 f J-Di
D eb en tu re g 4 s ............. 1928 M-S
K a A * G R 1st gn o 5 s. 1938 J - J
M ahon C’ l R R 1st 5 s . . 1934 J -J
P itts <fc L E rie 2d g 5 a .a l9 2 8 A-O
P itts M c K * Y 1st gu 6s . 1932 J -J
2d g u a r 6s ........................ 1934 J -J
M c K e e s * B V 1 s t g 6s 1918 J -J
M ich C en t 1st co n s o l 6s . 1909 M-S
5 s .........................................1931 M-S
M
R e g is te r e d ...................1931
4 s ........................................ 1940 r . J
R e g is te r e d ...................1940 J-J
J L & S 1st g 3*28............1951 M -S
1st g 3 *<28............................1952 M-N
B a t O * S tur 1 st g u g 3 s . 1989 J -D
X Y C h i c * St L 1st g 4 s 1937 A-O
R e g is te re d ...................... 1937 A-O
W e s t S h ore 1st 4s g u ...2 3 6 1 J -J
R e g is te r e d ...................... 2361 J -J
N Y * G reen w l a k e See E rie
X ¥ & H a r See X Y C * H ud
X Y L a ck & W See D L * W
X Y L E & W
See E rie
X Y 4 ; L o n g Br See C e n t o f X J
X e w Y ork X e w H a v & H art—
H o u s a to n ic R co n g 5 s .. 1937 M-N
X H * D e rb y con c y 58.1918 M-N
X Y & X o r t h See X Y C * H
X Y O * W r e f 1st g 4 s..tr l9 9 2 M-S
R e g is 55,000 o n ly ..........o l9 9 2 M-S
X Y * P a t See X Y C * H
X Y & R B See L o n g Island
X Y S * W See E rie
X Y T e x & M See So P a c Co
N or & S ou th 1st g o s ......... 1941 M-N
X o r f & W e st g e n g 6s ........1931 M-N
Im p r o v e m ’ t * e x t g 6 s . . 1934 F-A
X e w R iv e r 1st g 6s ........1932 A -0
X & W R y 1st co n g 4 s . 1996 A-O
R e g is te r e d ...................... 1996 A-O
D iy ’l l 8t l * gen g 4 s ..,1 9 4 4 J -J
P o ca h C & C jo in t 4 s . .1941 J -D
C C * T 1st g u g 5 s ..........1922 J -J
S cio V * X E 1st g u g 4 s 1989 M-N
X o r t h Illin o is See Chi * X W
X o r t h O hio See L E rie & W
X o r Pae— P r io r lie n g 4 s .. 1997 q J
R e g is te r e d ...................... 1997 <i- J
G en eral lien g o ld 3 s ___ a2047 y - F
R e g ia t e r e d ...................a 2047 Q -F
S t P a u l-D a l D iv g 4 s ___ 1996 J -D
D u l S h o rt L l s t g u 5 s . .1 9 1 6 M-S
O B & Q co ll tr 4s See G t X o r
St P & X P g e n g 6 s . . ..1 9 2 3 F -A
R e g iste re d ce r titic ’ s .. l 9 2 3 O-F
St P aul * D ul 1st 5 s ___ 1931 F A
2d 5 s ................................. 1917 A-O ,
1st c o n s o l g o ld 4 s ..........1968 J -D
W a s h C en t 1st g 4 s ..........1948
X o r P a c T e r C o 1st g 6s . . 1933 J -J
X o r R )’ Cal See So P a c
X o r W is See C S t P M & O
X o r * M o n t See X Y C en t
I ud * W See C C C * St L
liio R i v R R See Balt * o
O re ifc ca.i See S o P a c u o
O re K R & X a v See Un Pac
O re S h ort L in e See U n P a c
O sw e g o * R o m e See X Y C
O C F & S t P See C * X W
ac C oa st C o 1st g 5 s ___ 1946 J -D
ac o f M is s o u ri See M o Pac
Panam a 1st s fu n d g 4 * 2 S ..1917 A -O
Penn R R 1st real est g 4 s . l 9 2 3 M-N
C on sol g o ld 5 s ................... 1919 M-S
C on sol gold 4 s ...................1943 M-N
C o n v e r tib le g 3 *2S........... 1912 M- N
C o n v e r tib le g 3 Hjs........... 1915 J -D
A ile g Val g e n g u g 4 s . . . 1942 M-S
D R R R * B g e 1st g u 4 s g . ’ 36 F -A
P h iia B al * VV 1st g 4 s . .1 9 4 3 M-N
Sod B a y * So 1st g 5 b ...1 9 2 4 J - J
S o n * L e w is 1st g 4 a . . . 1936 J - J
U N J R R & Can gen 4 s. 1944 M- s
Penn Co— G u ar 1st g 4 H2S. 1921 J - J
R e g is te r e d .......................1921 J -J
G uar 3 Hjs c o ll tru st r e g . 1937 M-S
G u a r S H js c o iitr ser B ...1 U 4 1 F-A
T r C o e e r tif’ s g u g 3 Hjs. 1916 M-N
G u 3*2 8 tr c t fs C ...............1942 J-D
G - 3 *2S t r c tfs D ...............1944 J -D
G u ar 15-25 y a r g 4 s -----1931 A-O
Cl ds M ar 1st g u g 4 H»8. . 1935 M-N
Cl & P g e n g u g 4 * a s s e r A . ’42 J -J
S e rie s B ............................1942 A-O
Sories C 3 Hj8...................1948 M-N
Series D 3 * a s ...................1950 F-A I

lx x x iv .

W eek's
R an ge or
Last Sale

A sk i Low
103\l

.....

97*4

R ang*
Since
J an u ary 1

-High

Low

H ig h

97Hj 974

97H. Mar'O
105 O ct '02
101 Hj J ’l y ’ 06
119Hj M ar’ 05
101*4 D e c ’ 06

97
iio ‘

94 S
95

92

....

96

S ait

137 X o v ’9
U O ’-, 110*4
113*4 J an ’02

110*4 114

1 0 6 ‘g O ct ’ Of'
95 F e b ’ On
95 F e b ’ O
122 J a n ’0 6

95
95

1 0 3 \ A u g ’ 06
<i*>
i>.»
92 M a r’07
93 Hj
96*3

91*4 94*4
9 2 \ 94
92
9 d Hi

. 1125 S Mar'Ori
.: 107*2 X o v ’06
-|139 J a n ’ 03
.1

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

104 D e e ’06
118 *4 J ’ly ’06
119 J ’ ne’ 06
100*4 Jan ’ 07
106*2 X o v ’ OO
94*2 D ec ’ 06
94 Hi Jan ’ 07
100 *, Sale

.......

102
101

Sale

96

94*3 94*2

100*2 100H,
102*4 M ar’ o7
103
103
lOO3® 102*4

124
94

100*4

100
102*4
10^
100*2

103 *a
102*4
105
103*4

95

101*4

F e b ’ 06

96
96
101 Hj J ’ n e ’Ob

. . . 102
. . 129

104 Sep ’Ot,
130 F e b ’ 07
130*4 F e b 'Os
124 127*4 127*4 O ct ’06
98 *4 Salt
98*4
9-afe
lOo F e b ’OO
95 M a r’ O
8 .)
85
8i
87 Sale 109 Hj F e u ’05
9 8 1 : Sale
98*2
98

1^9*2 130
97 *2 "99»«
96*«
9 L*2
98Hj 99 *2

101*4 Sait 1100*4 101*2
......... 100*8j 99
99
69
70 Hi Sale
7 1 F e b ’O.
95*4 Jan ’ 07

100
98*2
69*4
71
95*4

102*4
102
74*4
71
95*4

120

120

108*4’ 108*4

90
111

120 M a r ’07
132 j ’l y ’99
113 M a r’06
10,s*4 F e b ’ 07
98 Hj O ct ’06
9 J M ay’ O
113*4 M a r’O

107

107

107

106
........

........
11 0

113*4 113*4

O

M a r’ 07

..................... i 103
J ’ l y ’06
100 103 j 101 M a r’ 07
i l l *2 Sep ’ 04
101
106 Autr'03
96 ."Sale
94
96
91*4 Sale
90^
91*4
97
104 *4 O ct ’ 05
9 7 * s ........
107 Hi O ct ’ 0 ‘J
1Uz J an ’ 03

109

io i" ioi*

.... .

90*4 100*4
88*2 95

110 Hi Sep ’ 04
105 Hj 105Hj
105*4 F e b ’OV
90*2 J ’ n e ’ 06
*7*8 9 0 O et ’ 06
94
96
95 H, M ar’ 07
*87*4
«9
O ct ’06
90*2 M ar’ 06
97 *2 J a n ’ 07
98
......... 110 .iH u’ o i
108*4 A u g ’ 03

105 l4

96

105 107
105*4 105*4
95

95*2

9 7 '4 "97*2

v«8 Hi D e c ’ 05
96 Jan 04

B O N U S * — C o n t i n u e : ! 011 N e x t P a s t -

a n d Iro n

Col F & 1 Co gen s f g 5 s . .1 9 4 3 F-A
C o n v e r tib le d eb g 5 s ___ 1911 F -A
Coi f u e l Co g e n g old 6s . 1919 M-N
G r R iv C oal * C 1st g tjs l9 1 9 i A-O
C loarf B it Coal 1 st s 1 4 s ... 1940 J-J
C o l l n d u l s t * c o ll 5s g n .,1 9 3 4 F-A.
C o n tin ’ t a i C l s t a f g u 5 s g . l 9 5 2 F-A
i sit * C lear C * 1 1 st g 5 s .1926 J-D
I v a n * H C * C 1st s f g 5 s . 1951 J - J
P lea s Val C oai l s t g s f 5 s . 1928 J - J
S u n d a y Crce.c C o g 5 s ___ 1944 J -J
T e n u c o a l nen 5a............... 1951 J - J
l e a n D iv 1st. g 6s ........a l9 1 7 A -O
B ir m D iv 1st co n so l 6 s ..1 9 1 7 J -J
Call C M C o 1st g u g 6 8 .1 9 2 2 J -D
D e B a r C * I Co g u g 68.1 9 1 0 F-A
V a lr o n C o a l& C o l s t g 5 8 .1949 M-S
V i c t o i F.-.el 1 s t s f 5 s . ........1953 J - J

3

ttO M h s
N. Y. STO C K E X C H A N G E
W e r < E nding A p r i l s

P

.> llS < J E I< L U I K O U H
Com

112

P a g e

95
87

59

78
93
106*2
104*2

100*8
87

76*4

78*2
95
106*2
106*3

100 100
90
98
93Hj 93 k

T e l e g r a p h a n d T e le p h o n e
A m T e le p * T e l c o il tr 4s 1929
Com 111 C able Co 1st g 4s. 2397
M et X & T 1st s t g 5a___ 191s
M ic h . State T e le p . 1st 5s 1924
N Y * X J l e i gen g 5s. 1920
W e s t U nion col tr c u r 5s 1938
i 'd an d real e s t g 4 Hjs .. 1950
M u t Lin T e l s fu n d 6s . . 1911
1934
M a n u f a c t u r in g
I n d u s tr ia l
A m C ot O il e x t 4*as.........
Am H id e * L 1st s t g 6 s.
A m e r I c e S e cu r d eb g 6 s.
A m S p irits M tg 1st g 6s ..
A m T h re a d 1st c o l tr 4 s . .
A m T o b a c c o 4 0 -y r g 6s . ..

O ae t’e b c D u e -w a r < iD u e A p r /t D ue j iy

1915
1919
192 5
1915
1919
1944
1951

u u e .vug

J -J
q -J
M-N
F -A
M-N
J-J
M-N
M-N
J -J
Q-F
M-S
A-O
M-S
J-J
A-O
FA

98
104

90
96k
104
97
105
102*4 102
Sait,
97
104
105
103

91 *, Jfilc
Si
.......... 64
98
9 2*4
I 06 *s sa le
74 Sale

oD u eoct

Jan ’ 07
J 'n e ’ 06
F e b ’O/
F e b ’07
J ’ly ’ 03
M a r’ 07
98
M ar’ i*7
J ’l y ’ 04

20

j 90

90

ii’0 4
98

104
98

lo a
»5
104

103
100^
104

91*4
2 90
93
91*4
i 86
87
*7
9 l* «
84
81
e .'4
89
98
98
1 98
102
92 Hi M ar’ 07
90
93
104*4 1 0 6 78 786 104*4 1 10*4
73*4
74 615 71 Hj 79*2
p D u e N o v q D ue u e « t O p tion s* le

Apr. 6 1907.)
HO.\
N . Y. S T O C K E X C H A M t E
W k k k K n dw h A p r i l 5

793

New York Bond Record— Concluded— Page 4
|~ S
^ v

tr ic e
Fririan
A p ril 5

Biu
Ash
P en n C o —c C on tin u ed j
92 .........
E r i e * P itts g u g 3 4 s B .1 9 4 0 J - J
94 .........
S eries C ............................1940 J - J
G r R<fc I ex 1st gu g 4 4 s 1941 J -.l
Pitts F t W & C 1st 7 s . . .1 9 1 2 J - J
2d 78................................... 1912 J - J
3d 7 s ................................A1912 A -0
Pitts Ydv AkIi 1st con o s . 1927 VI-N 1 0 9 4 ........
P C C & S t E gu 4 4 s A . . . 1940 A -O
Series B g u a r .................1942 A -0
S eries C g u a r .................1942 M-N
S eries D 4s g u a r........... 1945 M-N >100
S eries E 3 4 gu ar g ___ 1949 F-A
S eries F 4 s g u a r ......... 1953 J -D
C S t L & P 1st con g 58.1932 A-O 1 1 3 4 .
P en sa cola <fe A tl Nee L & N ash
P eo Jt E a st Sec C C C <fc S t E
P e o <fc P e k U n 1st g 6 s ___ 1921
2u g old 4 Has...................... 61921 A
Per© M arq— Ch <fc W 115a 1921 J-D
F lin t ite E M g t is ............... 1920 A-O
1st con sol gold 5 s ..........1939 M-N
P t H u ron D iv 1st g 5 8.1939 A -0
SagTus<fc li l s t g u g 4S.1931 F-A
P h il B <fc W See P e n n K K
P liila <& Beam ing con s 7 s . 1911 J-D
P itts Gin & St L S ee P en n Go
P itts C lev e & T o l See B <fe O
P itts Ft VV & Gti See P en n CtP u ts M o K e e s & V See N Y C e t
P ltte Sli & E E 1st g 5 s . ..1 9 4 0 A-O
1st c o n s o l gold 5 s ............. 1943 J -J
P itts & W est See B & O
9 6 34 Sale
I ) ea d in g C o gen g 4 s ........1997 J -J
JLV R e g iste r e d ...................... 1997 J-J
J e r s e y C en t coll g 4 s . . .1951 A O
92 7a Sale
R en ssela er <te Sar See D <fc H
R ich & Ban See S ou th B y
R ich * M eek See Sou th ern
io G r W e s t See D en & R io G i
ocli & P itts See B R & P
oine W a t <fc O g See N Y Cent
R u tla n d See N Y C en t
C agT us& H
See P e re M arq
Q t J o * G r Isi 1st g 4 s ...1 9 4 7 J .J
8 t E & C airo See M ob «fe o lilo
St L <fe ir o n M ou n t See M P
8 t L K O & N See W abash
8 t E M Br See, T R B A of S t L
St L o u is & S an F ra n cis c o —
G en era l g old 6 s ................. 19S1 J -J 1 2 3 4 ............
G en era l g old 5 s .................1931 J -J 1..........1 0 8 4
S t L<fc S F B B con s g 4 s . . ’ 90 J -J
......... 91
S o u tliw D iv 1st g o s . .1947 A-O
81 Sale
R e fu n d in g g 4 s .............1951 J -J
5-year gold n otes 4 4 . . 190b J-D
S t L M & So E a s t g u 4 4 g l 9 0 9 J .D .” .'” 1 99
K C F t S ifc i t c o u g 6 s . .l 9 2 e M-X
K C F t S <fc M R y rot g 4s 1930 A-O 's i U Sale"
K O * M B<fe B l s t g u 58.1921) A-O
O z’ rkifc Cli C 1st gu 5s g .1913 A-O .......... 98
8 t E ou is So See Illin o is Gout
93 ........
8 t L 8 W 1 st g 4s bd c t ls .1 9 8 9 M-N
80 ........
2d g 4s m e bond c t f s . . . 2)1989 J -J
7 6 Sale
C on sol gold 4 s ...................1932 J-D
G ra y ’s P t T e r l s t g u g 5s 1947 J -D
8 t P a u l & D ul See N o r P a cific
St P a u l M <fc M au 2d 6 s . ..1 9 0 9 A -O 102 104
1st c o n s o l g old 6 s............. 1933 J - J li:9 4 l 3 1
R e g is te r e d ...................... 1933 J -J
107
R ed u ced to gold 4 4 s . .1933 J -J
R e g is te r e d ...................1933 J -J
D akota e x t gold 6 s ..........1910 M-N 107
99
99 4
M on t e x t 1st gold 4 s ___ 1937 J-D
R e g is te r e d ...................... 1937 J-D
E M in n 1st d iv 1st g 5 s ..1 9 0 8 A -0
N o r D iv 1st gold 4 s. ...1 9 4 s A -0
M in n U n ion 1st g 6s___ 1922 J -J
131
M on t C 1st g u g 6 s ..........1937 J -J
R e g is te r e d ...................... 1937 J -J
1st gu ar g old 5 s ............1937 J -J
Will<fe S F i s t gold 5 s ..1 9 3 b J-D
8 t P & N o r P a c See N o r Pao
S t P * S’ x C itv S e e C St P M <fcO
84 Sals
S A * A P a ss l s t g u g 4 s . . . 1943 J -J
8 F e P r e s <te Pii i s t g 5 s ...iy 4 u
8 F<fc N P 1st si tile 1 g 58.1919
S a y F & W e s t See A t ! Coast E
S cio to V al Aj N E See N o r <fc \\
S eaboard A i r L in e g 4s ...1 9 5 0 A-O
764
C oll tr ie fu n d g 5 s ......... 1911 M-N
99 4
A tl-B irm 3 0 -y r ls t g 4 s .e l9 3 3 M-S
Car C en t 1st con g 4s...l94V> J -J
F laC en<fc Pen 1st g os .1 9 1 b J - J
1st land g r e x t g o s . ..1 9 3 0 J -J
C on sol g old 5 s ...............1941. J -J
G a & A la B y 1st co n 5a 0 1945 J -J
G a Car & N o l s t g u g 5 s 1921 J -J ’ ..........105
S eab & R oa 1st 5 s............1926 J - J 106 4 ........
S h er Slir <fc So See M K & T
8U Sp Ooa & G See A tl Coast L
8 0 Car A G a See Sou th ern
S ou th ern P a cific C o—
87 Sale
fctold 4s (C en t P a c co B ).fc l9 4 9 J -D
R e g is t e r e d ...................&1949 J -D
"if* \
C en t P a c 1st r e f g u g 4s 1949 F-A
R e g is t e r e d ...................... 1949 F-A
M o r t gu a r gold 3 4 s . . fcl 929 J -D
T h ro u g h S t L 1st g u 4s ’ 54 A -0
96
G al H a r & S A 1 st g 6 s ..1 9 1 0 F-A
M ex <fc P a c 1st g o s ___ 1931 M-N 1 0 9 * 4 ........
Gila, V G & N l s t g u g 08.1924 (M-N ......... 110
H ons E ifc W T 1st g 58.1933 WIN 105 ........
1st gu a r 5s r e d ........... 1933 M-N 1 0 v i ^ ...........
H <fe T C I s t g 5 s i n t g u . . l 9 3 7 J -J 1 1 0 » 4 .......
C on sol g 6s in t g u a r ... 1912 A -O 108 4 .......
G en gold 4s in t g u a r .. 1921 A-O
W aco«te N W d iv 1st g 6a ’ 30 M-N
A & N W 1st gu g 5 s . . ..1 9 4 1 J - J

M'S'eK'S
K ange or
Last Sale

Range
I* 2 '
3.s
Since
- 9 - J a n u a ry 1

io ic
H ig/t i -A° Low
•JdU Jan ’01'j----A|it ’ 041----le.Q s e t » ’ Ot;| —
l ‘J 7s8 0 c t ’ 0 2 ]---119 J ’n e ’ oo; —
119 A p r ’ 0 4 1—
116 M ay’ 05;- ••
1 0 " ^ O ct ’ 06 . ~ .
109*4 b’e b ’ 07|-..- 109 ‘4
1 1 2 ‘* .r n e '0 6 . . . .
1(’ 0 J4 M a r’ 07 i----- 98
91 F e b ’ 07 —
91
i l S " M ar’ 07

. . . 115

H ig h

109 4
10034
91
116 4

9534
97*4 220
1 0 0 4 J’ n e ’O ti----92*4
94 4 17

94*4 9 8 ’ *
92»4 "9 6 4

t

9 2 4 F e b ’ 0 7 1-

91

924

1234 1234
1234 1234
1 0 8 4 10834l 3 107 110 4
91 F e b ’ 07|----- 91
93
1 0 2 4 A u g ’05i
78
81 I’- i o "77^4 82 4
98 N o v ’ 06
67

119 119
7 8 4 8 2 34

9 7 4 F e b ’07

97 4

974

92’*
93
79 4 M a r’07
75
77

92
79 4
73

95
83
79

105*8 Jan ’07
131 M a i’ 07
134 D e c ’ 06
108 M a r’ 07
116 4 A p r ’ 01
107*4 M ar’ 07
99*^
99 4
1 0 0 4 O ct ’ On
100 4 D e c ’ 06
124
1314
1364
116
1154

M ay’ 05
F e b ’07
M ay’06
A u g ’ 06
D e c ’06

62
84
106 4 F e b ’ 07
110 O ct ’05
74
74
97 M a r’ 07
88 J a n ’ 07
a 6 4 M a r ’ 06,
107 *4 A u g ’ 06
1094
106
110
106

M ar’ Oft
M ar’ 07
J a n ’05
M ar'07

874
854
9.) D e c ’ Oti
9 7 7g
96
. 99 J a n ’0 "1
83 M a r’ 07
9 8 4 K eb’ 07
103 M a r ’07
109 N o v ’06
1 0 6 4 J ’ly ’ 06
107 4 F e b ’ 05
104 A u g ’ 06
1 1 0 4 M a r’07
l l l 3!- J a n ’07
93 M a r’07
116 D e c ’ 06
1 0 9 4 F e b ’ 06

105 4 1 0 5 * 8
131 131
108

108 4

I 0 6 7g 107 *4
974 974

13141314

81
87
1 0 6 4 1 0 8 34

74
97
88

8 2 s4
100 4
89

106

107*8

i ’o s " i b 6

85

90

9 5 " iou^b
99
99
82 4 86
984 984
103 105 4

109 4 1 1 0 4
111 112
92 4 9 4 7,

.U ls C 'E K L A N K O U S

W eek’ s
Range. o»
La at Sale

Hi
Low
S ou th ern P ac Co— f C o n tin u ed )
127 Sep ’ 06
M o rg a n ’ s Ea & T 1st 7S.191S A - o
116 N o v ’ Otj
1st gold 6 s ...................... 1920 J - J
112 F e b ’ ‘ >7
N o of Cal gu a r g 5 s ......... 1938 A -O
01 M a r’ 07
O re & Cal 1st gu ar g 5 s .1927 J -J
1 0 2 4 1 0 3 4 103 4 F e b ’ 07
So P o f A r g u l s t g 6 s . . . c l 909 J - J
1 0 4 4 F e b ’07
1st :m ar g 6 s ............... c l9 1 0 J - J
S o P a cific o f C al—
107
107
1st g 6 s s e r ie s E<fc F ...1 9 1 2 A -0 1 0 7 4 .
1 1 4 4 D e c ’ 04
1st gold 6 s ...................... 1912 A -0
119 J a u ’ 06
1st (ion g u a r g 5 s ......... 1937 M-N 1 1 8 4 .
104 M a r ’07
S P a c o t 'N M ex 1 s t g 6 s . .1911 J -J 102 .
S o P a c U o a s t 1st gu 4s g . 1937 J - J
107 4 F e b ’07
T e x < fe N O S a b D iv lstg 6 s .l9 1 2 M-S
104 Sep ’ 06
C on g old 5 s .....................1943 J - J
93 4
9 l 34
98 4 Sale
o P a c R R 1st r e f 4 s ..........1955 J -J
111
S o u th e rn —1st con g 5 s ___ 1994 J - J 111 Sale 1 0 9 4
114 N o v ’ 06
R e g is te r e d ...................... 1994 J -J
9!
Sale
88
M o b * O hio c o ll tr g 4 s . . 1938 M-S
113 4 115 M a r ’ 07
M em D iv 1st g 4 4 - 5 s . . .1 9 9 6 J -J
88
9 1 4 92 M a r’ O
St L o u is d iv 1st g 4 s ___ 1951 J -J
113 Jan ’06
A la C en R 1st g 6 s ..........1918 J - J 108
” 9 1 4 96 J ’ n c ’ OO
A t l <fe D a n v 1st g 4 s ........1948 J - J
92 J ’ n e’ OO
"90 4
2d 4 s ................................. 1948 J -J
A t l & Y ad 1st g g u a r 48.1949 A -0
C ol & G re e n v 1 s t 6 s ........1916 J -J 107 .......... 111 F e b ’07
E T V a Sr, G a D iv g 5 s . .19 3 0 J -J 112 ......... 1133s M a r’07
C on 1st g old 5 s ............. 1956 M-N 11634 Sale 11634 116*4
110 *a M a r’O E T e n re o r lien g o s ........1938 M-S ......... I l l
J a n ’ 07
6 6 * 2 ....... .
G a M id la n d 1st 3 s........... 1946 A-O
1173* 1173s M ar’ 07
C+a P a c R y 1st g 6 s ..........1922 J -J
117
K n o x & O hio 1st g 6 s ...1 9 2 5 .T-J 117 Sale 117
I I S 3^ A p r ’ 06
jdob<fc B ir prior lien g 5s 1945 J - J
96 O ct ’05
M o rtg a g e g o ld 4 s ......... 1945 J -J
1 1 2 4 11134 M a r’O V
R ic h & D an c o n g 6 s ___ 1915 J -J
11234 J a n ’06
D e b o s sta m p e d ............. 1927 A -0
9 8 F e b ’ 05
R ic h & M e e k 1st g 4 s . ..1 9 4 8 M-N
S o Car & G a 1st g 5 s ___ 1919 M-N 103 .......... 106 M a r’ 07
. 112 O c t ’06
V ir g in ia M id ser C 6 s ...1 9 1 6 M-S 109
S eries D 4 -5 s ................. 1921 M-S 103 ......... . 1 0 8 4 D e c ’ Ob
S eries E 5 s ...................... 1926 M-S 105 ......... 113 D e c ’05
110
G en eral 5 s ...................... 1936 M-N 110 Sale 110
1 0 9 4 110
G u ar stam p ed ........... 1936 M-N 110 Sale
9 6 4 J a n ’ 07
W O i f f 1st c y g u 4 s . . 1924 F-A
109 4 J a n ’ 07
111
W e s t N C 1st c o n g 6 s ..1914 J . J
S & N A la See E & N
117
J ’ l y ’ 00
J
J
S p ok F a lls & N o r 1st g 6 s . 1939
108 J a n ’ 07
' P e r A o f S t E 1 s t g 4 4 s - -1939 A -O
117 J a n ’ 07
112
x 1st c o n g o ld 5 s ___ 1894-1944 F-A
9 5 4 9-3 4 J a n ’0
G en re fu n d s f g 4 s ..........1953 J-J
111 D e c ’ 06
S t E M B g e T e r g u g 5 s . 1930 A-O
T e x & N O See So P a c Co
114
114
T e x & P a c 1st g o ld 5 s ........2000 J-D
92 N o v ’ 06
2d g o ld in c 5 s ...................?2000 Mar
110 M ar’ 06
L a D iv B L 1st g 5 s ........1931 J - J
106 4 N o v ’04
W M in W ife N W l s t g u 5s ’ 30 F -A
111
T o l & O C 1st g 5 s ............... 1935 J -J 111 Sai6 H i
111 M uy’04
W e s te rn D iv 1st g 5 s ...1 9 3 5 A-O 106 111
1 0 2 4 102 4 M a r’O'
G e n e ra l g o ld 5 s .................1935 J-D
97 J a n ’07
K an & M 1st g u g 4 s ___ 1990 A -0
85
86
86
T o l P <fe W 1st g old 4 s ___ 1917 J -J
85 M a r ’ O
85
T o l S t L <fc W p r l i e n g 3 4 8 .1 9 2 5 J -J
81 M a r’ 07
81
50-year gold 4 s .................1950 A-O
95 D e c ’ 06
T o r H am & B u ll 1 s t g 4s.7i.1946 J -D
lste r & D e l 1st co n g 5s 1928 J-D 1 0 8 4 i l 2 * 110 M a r’ 07
93 Sep ’ 06
1st r e fu n d g 4 s ........... 1952 A -O
10 L4 Sale 100*8 101«e
U n P a c R R & 1 g r g 4s ...1 9 4 7 J -J
R e g is te r e d .......................1947 J -J * .......... 99 4 1 0 0 4 100 4
9 8 7g
99
99 Sale
O re R y & N a v c o n g 4 s . 1946 J-D
118
118
O re S h ort L in e I s t g 6 s . . l 9 2 2 F-A ......... 119
1114
1st c o n s o l g 5 s ............... 1946 J -J 1 1 1 4 Sale i l l
90
93 *»
9 3 4 Sale
G u ar r e fu n d 4 s ............. 1929 J-D
8 7 a4 M ar’ 07
R e g is t e r e d ...................1929 J -D
103 4 F e b ’0
U tah <fc N o r 1st 7 s ........,1 9 0 8 J - J
110 J ’ n e ’ 06
10634 .
G o ld 5 s ..............................1926 J - J
U ni N J R R & C C o See P a R R
U tah C en tral See R io G r W e s
U tali <fc N o rth See U n P a cific
U tica & B la c k R See N Y Cent
1 0278 F e b ’ 06
audalia c o n s o l g 4 s ___ 1955 F-A
98 Sep ’ 06
era C r u z & P l 8 t g u 4 4 s l 9 3 4 J - J
V e r V a l In d & W See M o P
V ir g in ia M id See S ou th R y
V a«fc S o u th w ’ t 1st g u 5 8 .2 0 0 3 J -J 100 ....... 106 M a i ’ 07
aba sh 1st g o ld 5 s ........1939 M-N 1 1 1 4 Sale 110*a 1 1 1 4
101
2d g old 5 s ...................1939 F-A 100 1 0 1 4 101
95 N o v ’ 06
D e b e n tu r e se rie s A ........1939 J - J
C ertificates o f de p o sit
60
614
S e rie s B ............................1939 J - J
62 4 .......
C ertificates o f d e p o s it___
63 4 Salt
584
694
102 M a i’ 07
100 102
1 s t lie n e q u ip s f d g 5 s . .1921
93 M a r’ 06
1 st lien 50 y r g term 4 s . 195 4
5
Sale
54
5 9 7g
I n te r im c t fs 50-yr 4 s ...............
107 ........ 107 M a i’ 07
D e t <te Ch E x t 1st g 5 s ..1941 J - J
97 N ov ’ 04
D es M o in D iv 1st g 4 s . .1 9 3 9 J -J
80
K'eb’ 07
80
O m D iv 1st g 3 4 s ............1941 A -O
9 7 3< 93 L e e ’ 06
T o l & Ch D iv 1st g 4 s . ..1 9 4 1 M -S
102 J a n ’ 07
St Chas B rid ge 1st g 6 s . 1908 A -O
70 S alt
694
70
W a b P itts T e ru i 1st g 4 s . 1954 J-D
2d g o ld 4 s ............................1954 J -D
2 4 4 Sale
224
244
W a r r e n See D el L a c <fc W e s t
W ash C e n t See N o r P a c
W a sh O & W See Sou th ern
74
7B
76 Sale
W e st M a ry la n d 1st g 4 s . . . 1952 A -O
56 M a r’ 07
G en & c o n v g 4 s ............. 1952 A -O
106 4 A u g ’ O
W V a C e n t & P 1st g 6s 1911 J - J
i l l 4 M a r'07
W e s t N Y & P a 1st g 5 s .. 1937 J -J
93 4 J a n ’ 07
G en g o ld 3 -4 s.....................1943 A-O
8 5 4 . . ..
34 F e b ’07
In c o m e 5 s ........................ «tl943 Nov
W e s t N o Car See S ou th R y
W h e e l’ g & E E 1 s t g 5 s . ..1 9 2 6 A-O
109*8 D e c ’ 06
110 D e o ’ 06
W h e e l D iv 1st g o ld 5 s ..1 9 2 8 J -J
1 1 1 4 A u g ’ 05
E x te n & Im p g o ld 5 s . ..1 9 3 0 F-A 105
87 4 J a n ’ 07
11R 1st c o n s o l 4 b .............. 1949 M-S
1 0 2 4 D e c ’ 05
20-year eq u ip 8 f 5s ...1 9 2 2 J -J
W ilk e s <fc E a st See E rie
W il & S io u x F See S t P M & M
87
87 Sale
86
W is C e n t 50-yr 1st g e n 4 s . 194 J - J

.....

M ar’ 06lJ ’l y ’ 97 .

119 J a n ’ 07
8*4
82

P rice
rr> "n 1,
A p ril o

10J4 .....

1 2 3 's J a n ’ Oo
1 00s4 D e c ’Oft
109 A p r ’ 02
115 J a n ’ 07
105 N o v ’ 06
106*11 Sep ’ 06

120
98

N. Y. S T O C K E X C H A N G E
W e rk E ndin g A p r i l 5

U

R ange
o m o­
il J a n u a ry 1
L ow

H iytl

112
98
I0 3 4
!0 4 4

112
lo l
10.! 4
1043s

107

107

103*8 104

i074 i’o’7'4
90 4 95
10834 1 1 3 34
88
115
92

94
116
944

111 111
I 1 2 7s U S 3*
116 11734
1104114
68
694
1173s 1 1 9 4
116 1 1 8 34
1114113
1 0 6 106 4

110 111
1094110
9 4 j4 96 4
10941094
108 108 4
117 117
93 4 94
114

1184

111

111

i ’0 '2 4 i b ’i 4
97
97
80
89
85
87 4
81
82
110

110

99*8 i/02 ' ‘
98 1 0 1 4
9 7 7s 99 4
118 126
111 114
88
9 4 34
8 7 34 o 734
103 103 4

V

W

106
110
99
57
574
101

1114
114
101
764
75

102

5 4 " 6 3 j4
107 109
80

80 4

102 102
6 9 4 80
20
32 4

824
68
11141154
93 4 9 3 4
34
34

87 4

874

86

89

BO N U S —C o n c lu d e d .

M is c e l la n e o u s
16 9 8 34 103
99 Sale
A d am s E x c o l tr g 4 s . .1 ...1 9 4 8 M-S
99
99,
J-J •
93
96 A u g ’ 06
A m D k <fc Im p 5s See G ent N J
A-O
97 Sale
99
93
97
no
93
10034
J
’
n
o
’
02
A m S S C o o f W V a g 5 s . ...1 9 2 0 M-N
F-A
73
74 M a r’ 07 2:1 7 2 4 79
41 O c t ’ 06
B’ kl’ n F e rry C o 1 st c o n s g 6s ’ 48 F-A
AO
85
141 82*0 90
8 4 4 Sale
101 M a r’ 07 . . . . 101 101
..........103
F-A 104 104 4 103 4
104
19 103 4 1 0 8 4 C h ic J c & S t Y a rd co l g o s . 1915 J - J
70 Sep ’ 06
D e tM & M id g r in c o m e s ..1 9 1 1 A -O
J-J
89 4 Sale
1 89 4 92
894
89 4
....
i lo b o k e n L & I g o ld 6 s . ..1 9 1 0 il-N ..........103
J -J
97 4 1 0 6
96
9 7 4 M ar’ 07 . . . .
....................
M ad Sq G arden 1st g 6 « . . 1919 M-N
A -0
97 4 Got ’ 05
50 F e b ’ 02
M an B ell R & L g e n g 4 s . .1 9 4 0 M-N
A-O *94 4
04 7f
9 4 7a 102
N
e
w
p
N
e
S
h
ip
&
D
1)
6s
<11990
J
-J
M-N
82 Jan ’ 07 . . . .
82
82 4
92 * " 9 5 "
" 9 3 .........9 3 "
J
N Y D o c k 50-yr 1st g 4 * ..1 9 5 1 F -A " 9 3 ”
J -J
70
72*4 N o v ’06
99 M ay’ 06
P r o v id e n t Loan S oc 4 4 s . 1921 M -S
97
AO
96 Salt
96
96
2 95
M-N 105
104 M ar’ 07
104 1 0 6 4 St J o se p h Stk Y d s 1st 4 4 s . 1930 J -J
......................
..................... 100 4 S e p ’ 05
St L T e r G uppies Stat’ n <fr P rop
J -J
SX 4 Sale
95
88
88 *» 100 87
C o 1st g 4 4 s 5-20 y e a r ..1917 J-D
M-N
99 Sale
99
1265 93 4 99
95 4
112 J ’l y ’ 04
9 - 4 Salt
98* b 15 94 4 99 4 S Y u b a W at Co co u g 6 s .. 1923 J - J
M-N
964
113 4 J’ l y ’ 00 :::
Sp V al W at W ork a 1st 6s. 1906 M -Sj
A -O
96 Sj
98 S2 M a r’ 07
9 8 4 9i)
90 M a r’ 07
90 ' " 9 5 "
93
94
U
S
U
e
d
&
R
e
f
1st
s
f
g
6
s
.
1931
94
J -J
43 93*4 97 4
Sale
94
93 4
N o p r ice F riday; la te st bid itud a sked this w eek, o D ue Jan U D ue F eb U D ue A p r * D u e M a y j - D u e J ’ n e h, D ue J ’ ly p D u o N o v T o D t lo a Sale
JP




.....

00

[H a n u ls ictiiriiii: & I n d u s tr ia l
B eth S teel 1st e x t s f 5 s . .19 2 6
C en t L ea th er 20-year g 5s. 1925
C on sol T o b a c c o 50-yr g 4 s. 1951
D is til S ec C or c o n v 1st g 5 8 .’ 27
i n t P a p er C o 1st cou g 6 s. 1918
C on sol c o n v s f g 5 s ........1935
I n t S t P u m p l o -y r c o n v . 6s ’ 13
K n ic k e r Ice (C h ic ) 1st g 5 s . ’ 28
L a ck a w S teel 1st g 5 s ___ 1923
N a t S tarch M fg C o 1st. g 6s 1920
N at S tnrch Co * t d eb 5 s .. 1925
R e p u b l & S 1st & co ltr 5s. 1934
U h Eeatn Co s t d e b g 6 s . . 1913
U S K oalty <fc I c o n v d eb g 5s ’ 24
U S s te e l C orp — ( cou p ,rfl9 6 3
S f 10-60 y r o s . ( r e g ..U 1 9 6 3
Va-G ar C hom co l tr 5s g ..H * 1 2
AV estinghouse E<fe M s t 5s ’ 31

CHICAGO STOCK EIXOEA.’VGFE— Stock ^ c o r d - D a ily . W ee'd v and Y e a rly
S T O C K S — H IG H E S T A N D L O W E S T S A L S F R I C E S
S a tu rd a y
M arch 30

M onday
A p r il 1

T u esd a y
A p ril 2

155 155
*4
5
*13
15
19*2
20
5
5%
16% 16%
53 % 631s
' .......... PS's
*23
26
*25” " 4 0 "
' ............25
............60
82
82
29
29
*93
95
25
30
*51-3
6
51*2 51%
' ..........130

1..... 128*5
ib 5 ^
*35
86*2
106
'4 8
*1

i 0 6 '‘
38
36*a
110
53

160
*4
15

160
5
13

6

61

20

140
42
121

20

18*8
*50
84
*23
*64
40

18*8
54%
84
26
65
42
25
60
84
29 >9
98
35

.........
*80
29%
95
32

*5%
6
6 1 % 52*4
......... 132
......... 128
106 106
\ . . . 38
*36
37%
'1 0 6 110
*45
53

1%

'57s 6

139
41
124

W ed n esd ay
A p ril 3

1%

*1

*6^

6

102V 102>
2
1235a 124
50
60

140 149
*40
43
'1 26 .........
’ 1 0 2 % 104%
123% 124
61
61%

77*a 78
112*3 113%
71
71

763* 76*4
113 113%
*71
72

........ 110
.'“ " I
90
105
136
99

1%

“ 60
90*8
105%
140
101

1%

10*8 1 0 %
*26
27%

.........110

.....

60
90
91
105 106*8
136 140
99
99
1=6
l* i

1 0% 11*8

*26

28

T h u r sd a y
A p ril 4

F r id a y
A p ril 5

J^rice
F r id a y
A p ril 5

R a n ge lo r Y ear
1907

R an ge lo r P reviou s
Y ear ( 1 9 0 6 )

H ig h est

Low est

H ighest

W eek's
R a n ge or
L a st S a le

Chicago Banks and Trust Companies
R ange
lo r y e a r
1907

Low
S ig h
Lota H ig h
A m e r B is c u it 6 s .................1910 F -A
100 100
A m e r S tra w b oa rd 1st 6 s ..1911 J - J
99%
i b o " M a r’ 07
C ass A v e <fc F G (S t L )—
6 s ...........................................1912 J - J
101*4 M a r’ 07
IOI** 102
C h ic B oa rd o f T ra d e 4s ...1 9 2 7 J -D
101 M a r ’06
C h ic C on sol B r <fc M lt 6 s .......... J - J
103 A p r ’ 04
C h ic C on sol i ’r a c 4 % s........1939 J - D t o 6 Sale
55
63
55
65
C h ic E d ison —
D e b e n t 6 s ..........................1913 J-J
100% N o v ’ 06
1 st g o ld 5 s .......................A1926 A - 0 100 100% 100*8 1 0 0 %
106%ioi"
C h ic A u d ito r iu m 1st 5 s . . .1 9 2 9 F -A .......... 1 0 0
96*4 Jan ’ 06
C h ic D o ck C o 1st 48........... 1929 A - 0 .......... 98
C h ic N o S hore E le c 6 s ___ 1912 A -0
87 F e b ’ 06
C h ic & M il E le c R y 5 s ___ 1919 J - J
C h ic P n e u m T o o l—
1st 5 s ................................. <*1921 J - J
79% Sale
77
81 « b
78 7s
79%
C h ic R o c k I & P a c R R 48.2002 M-N
79 N o v ’ 04
C olla t T r u s t g 5 s ............. 1913 M - S
80 A p r ’04
C om m on w ea lth E lect5 s .........................................61943 M-S *101 Sale 100
101
100 102*4
I llin o is T u n n e l 5 s ............. 1928 J - D
90 D e c ’ 06
K a n s C ity K y * L t C o 5 s. 1913 M-N
98 J a n ’ 07
9 8 * ' " 98**4
K m c k e r u c k e r I c e 1st d s .1 9 2 8 A - 0
9 9 14 -Nov’ 06
L a k e S tr e e t El1 st 5 s ................................... 1928 J - J
99% 9 1 % F e b ’ 07
90
93%
In c o m e 5 s .......................... 1925 F eb
16 M ay’ 05
M e tr W S id e Eil s t 4 s ................................... 1938 F A
90
90% 90
90
90
90 7e
E x te n s io n g 4 s ............... .1 9 3 8 J - J
83 Sale
82
83
80
85
N o rth C h ic St 1st 5 s ......... 1909 J - J
9 0 D e c ’ 06
1 st 6 s ................................... 1916 J - J
R e fu n d in g g 4 % s ........... 1931 A -0
A u g ’ 06
N o C h ic C ity R y 4% s ...1 9 2 7 M-N
F e b ’07
75
75
N o r t h W e s t ’ n E l—
1 st 4 s ................................... 1911 M -S
90
91
89*4
90
89*4 90%
O g d e n G as 5 s ...................... 1945 M-N
92
93% 93% M a r ’ 07
92
95
P e a rs o n s -T a ft 5 s .................1916 J -D
100% M ar’ 06
4 -4 0 s __ ______________________ .«-S “ 97"
97 M ar’ 07
97
97
4-60s S eries E ........................... M-N
98
99 O ct ’ 06
4-80s S eries F ............................ M-N
99
99% Sep ’ 06
P e o p le ’ s G as L & C 1st 6s. 1943 A -0
118 N o v ’ 06
R e fu n d in g g 5 s ............... 1947 M -S
101
101
101 1 02 %
C h ic G as L t & C 1st 5 s .. 1937 J - J
104% M a r’ 07
104% 101*4
C on s u m e rs ’ G as 1st 5 s .. 1936 J -D tib’i"
101 M a r’ 07
101 102
M u tu al F u e l G as 1st 5s. 1947 M-N
103% F e b ’ 06
S ou th Side E le v 4 %s..........1924 J - J " 9 9 " 100
6 98 100%
99%
99%
S w ilt ‘& C o 1st g o s ............1914 J - J 100 101
1 100 102%
100*4 100*4
U n io n E l (L o o p ) 5 s ........... 1945 A -O
1 98% 99
99
9 8%
98%
U n io n P a c ific e on v 4 s ___ 1911 M-N
114 N o v ’ 04
U n ite d B o x B oard 6 s .................
42 68
♦ 73 Sale
70
73
75
W e s t Ch ic St 1st 0 3 ............1928 M-N
85 Sale
2 85
85
85
85
T u n n e l 1 st 58.................... 1909 F-A
68 % Sep ’05
D e b e n t 6 s .......................... 1914 J-D
72% D e c ’ 06
C on sol g 5 s ........................ 1936 M-N
12 "TO** "7 8 "
70
78
76
78
W e s t D iv C ity R y 4 % s.. 1932 J - J
87 D e c ’ 06
W e s t ’ m s t o n e C o 5 s ........1909 A - 0
96% J a n ’ 06

ioi"

N o t e .—A c c r u e d in teres t m us t be added t o all

Sales
0/ the
W eek
Shares

i t a il r o m ls
'1 6 0
..
175
180
Ch ic C ity R y ............... IOC
81 150 M a r l 9 180 A p r 5 140 Sep 200 Jan
L a s t S a le 4
M a r ’07 Ch ic <fc O ak P a r k ........100
7*4 Jan
4 M arl
5 Jan 21
5 D ec
*1 3 %
15
D o p r e l.................100
50 14 F e b 26 15 Jan 21 15 D ec 2 8 'V J an
20
20 C h ica go S u b w a y ........100
20
20 >4
S86 15 M a r l4 4 6 % .Tan 2 3'rl*4 J ’ly 50 May
5 *4
6
5*8
5 *8 C h ic U n ion T r a c t ___ 100
635
6 *4 A p r 8
4 J ’ ly 13*4
4*4 M arl 3
IS
’- 7 7a 17 ‘f *17
325 16*4 J an 2t 19*4 J a n 9 1 2 % M m 46 *4 M ar
I )o pref*................ 100
54
54
150 49 M ari.- 65 Jan 16 54 % Jan 0^ % F eb
54*4 K ans C ity K y & L t ..1 0 0
83
83% 85
D o p r e f.................100
230 83 M ai 25 87 Jan 17 8 • O ct 93% f-’ eb
83*"
M ar’ 07 M e tro p o i W S E l e v . .100
L a s t S a le i ?
30 J ’ne
24 M a r 1 28 Jau 24 25 Oct
64%
65
To" 64 A p r 4 72 Jan 15 65 % O ct 72 % N ov
64
65
D o p r e t.................100
600 38 Jan
42
43
40
45
N o rth C h ic S t r e e t ___ 100
45 A p r 4 25 M ar 85 M ar
Jau ’0 N o rth w e s te r n K i e v . .1 0 0
L a s t S a le
25 Jan
25 % Jan 25 23% J ’ly 28% F eb
C a st S a le
F e b ’ Ob
D o p r e t................. 100
59 F e b 26 64 % Jan 15 60 M ay 6 8 % M ar
195 75 M a r l 4 00 Jan 4 89 % A p r 99 J ’ ne
83
*82
83
S ou th Side E l e v ......... 100
29
223 28 M ar 2.
29
27 May 35*4 Nov
*28% 29%
S treets W Stable C L 100
34 J a n I f
51 36 % F eb 2
97% 97%
9 -i
D o p r e t .................100
98 J a n 21 97 D e c 102 J ’ ne
35
W est C h ic s t r e e t ........100
778 20 M a r l9 35 A p r 3 23 A p r 60 F eb
34% 34*4
:H ix c e lla n e o u s
*5% 6
100 4*4 Jan 25
6*8
6 J ’ ne l l 7e J an
6 7i A m e rica n C a n............. 100
7 F e b 28
53
*51
52
437 48*4 M a r l5 56 Feb 16 51 J ’iy 72 Jan
53 %
D o p r e f ----- ---------100
130
" ......... 132
130
A m er R a d ia to r.......... 100
20 129 Jan 7 133 F eb 21 115 FeO 130 N ov
L a s t S a l e 2.-3% M a r’ 07
D o p r e f .................100
122% M a r -8 129 F e b 25 28% Her 136 Jan
69
69
" 3 5 63 M ar20 >■0% Jan 14 54 i an 81 N o v
69*4
69*4 A m e r ShipD ldg............100
104
>■103 104i4 103
10 106 A p r 3 109 Jan 7
Jan 112 N ov
D o pref. ...............100
38
20 30 Jan 2 •I;) -i ai 28
*35
38%
38
Feb 3 . % Dec
A m e r S tra w B o a r d ........
37% B ooth (A ) & C o ......... 100
*36
37%
36
Feb
35 36 % A p i 1 38 % Feb 1
Jan 40
L a s t S a l e 111
F e b ’ 07
D o p r e f . . . ........... 100
107 Jan 22 111 F e b 8 106 u c t 113 % J ’ ne
50
50
50
53
Cal & C h ic C anal & D 100
50 M a r l3 54 Jan 8 55 May 64 Keb
L a s t S a l e 165
M a r’07 C en tral T r u s t B a n k .. 100
165 F e b 27 165 F e b 27 168*8 May 175 May
L a s t S a l e 16
M a r’06 C h ica go A u d ito r iu m .
16 F eb 16 % F eb
L a st Sa It
1 M ar
M a r ’ 07 C h ic B r e w ’gcfc M a lt’ g ___
1 M ar
1 J an
1 Jan 9
L a st S a le
Jan ’07
D o p r e f .................
7 Jan
6 Jan
6 Jan 9
6 N ov
'1 4 5 147
145
147 C h ic E d is o n .................100
306 129 M a r 2 1 149 A p r 3 136 J’ly 165 F e b
42%
42% C h ic P n e u m a tic T o o l. 100
42% 42%
140 40 M a r l5 51 F e b ‘
48 % D ec 63 F eb
135 C h ic T e l e p h o n e ......... 100
134% 134% 130
60 115 % J an
101 A p r 139 Jan
134 % A p r
104 104% 104** 104*8 C h ic T it le <fc T r u s t . .. 100
110 102*4 M a r ie 108 J a n 3 103 May 118 Jan
124*8 125
124 125
Feb
D iam on d M a t c h ..........100
861 119 % Jan 24 126 M a r l2 118 J ’ ne 147
51
51% I llin o is B r ic k ............. 100
51% 51%
286 44*4 Feb 1 51% A p r 4 41 % Sep 7 1*4 Jan
L a s t S a l t 3Z%
N o v ’ 05 K n ic k e r b o c k e r I c e . ..1 0 0
L a s t S a l e 80
Feb ’ 06
D o p r e f.................100
79% Feb 80 F eb
4\
L a st Sa
J a n ’ 07 M ason ic T e m p l e ...............
45*8 Jan 31 46 Jan 11 46 M ay 4S Sep
L a s t V a lt 2 %
J a n ’ 0 : M il & C h ic B r e w ’ g . ..........
2 % Feb
2 % Jan 23
1*4 May
2% Ja n 23
L a s t S a l e 27
M ar 07
D o p r e f ..................
25 F eb 5 27 M ar 4 21 J ’ ne 23 M ar
7 7 7e
77
77%
481 76% M ar29 86 J a n 14 62 May 70% D ec
7 s % N a tio n a l B is c u it ........100
113%
1 1 3 % 1 1 3 % 113%
306 112 M ar 26' 117*4 Jan 7 113% Jan 119 O ct
D o p r e f .................100
71
*72
77
71
N ation a l C a r b o n ........100,
71 M ar 2 9 84*4 J a n 11 78 Jan 95 M ar
110
109 110
110
D o p r e f .................100
110 M ar26 120 J a n 17 112 D ec 122% M ar
M ay’ 05 P a g e W o W ire F e n c e .
L a s t S a le o \
J ’ l y ’ 06 P e op le’ s G as L<fc C’ kelOO
L a st S a le 9 9 \
8 8 7g P ly 93% May
L a s t S a l e 64
M ar'07 Sears R o e b u c k c o m .100
53 M a tlS 57 J an 10 50 A u g 63% D ec
*90
90
91
91
Do
p r e f................. 100
250 90 A p r 1 95 Jan 23 92*4 No\ 99 Sep
1051*105% 105% 105% S w ift & C o .....................100
730 101% M a r l 5 1 H % Jan 16 101*4 Jan 119% Sep
L a s t S a l e 140
M a r’07 T h e Q u ak er Oats C o. 100
134 J a n 24 149 F eb 1 115 May 52 % J an
99
100
99% 100
D o p r e f.................100
"21*3 98*4 M ar2- 102*4 J an 16 99% D ec 106*4 Feb
2
1*4 2
U n it’ d B ox Bd<fc P ColOO 4,359
1 J an 2
*4 Dec
2*4 Jan
2 Apr 4
l 7s
117,
1 1 ** 12
5** D ec 17*4 Jan
D o p r e f.................100 4,993
6 Jan 2 12 A p r 4
11*8
‘z 7
*26
27%
27
W e ste rn S to n e ............100
100 26 M ar2o 30 F e b 14 28 D ec 42 M a r
M in in g
L a s t S a l e 3 2 *a
J a n ’ O'/ B in g h a m Con M in in g 50
32% Jan 24 3 2 % Jan 24 29*4 J ’ ne 44*4 F eb
L a s t d a l e 10
N o v ’ 06 B la ck M o u n ta in ...........
7*4 J ’ ly
14*4 M ar
L a s t S a l t iy %
M a r ’07 D a ly -W e s t ..................... 20
18*4 Jan 3 20 J a n 22 14** M ar 20*8 N ov
L a st S a lt 4
N o v ’ 06 H u b b a r d -E llio t t ..........
3% J ’ly
4*8 O ct

Chicago Bond Record
iS O N liS
C H IC A G O S T O C K E X C H ’G E
W e e k E nding A p r i l 5

STOCKS
C H IC A G O S T O C K
EXCHANGE

C k ie a g o bo nd

p r io e *.

NAM E

Outstand
in g
S tockt

D iv id e n d Record
Profits t

In
1905

In
1906

Per
lod

L a st P a ia

O -J A p r ’ 0 7 , 2
B a n k ers N a t io n a l ........$2,000,000
8
5
8
J - J i 'c c ’06, 6
C a lu m et N a tio n a l.........
100,000
6
6
J - J Jan ’07, 5
C h ic a g o C ity ...................
500,000
10
10
12
C om m ercia l N a tio n a l.. o 2 ,0 00 ,000
12
(i-J A p r ’07, 3
C o n tin e n ta l N a t io n a l.. 4,000,000
8
Q -J A p r ’0 7 , 2
8
C ook C o S tate S a v in g s
50,000
6
6
Q -J A p r ’07, l s i
12
12
y - j A p r ’07, 3
C orn E x o h a u g e N a t .. . 3,000,000
D re x e l S ta te ...................
200,000
6
6
Q -J A pr ’07, 1%
8
8
D ro v e rs D ep N a tion a l
600,000
Q -J A p r ’0 7 . 2
3
K n g lew ood S t a t e .........
200,000
Q -J A p r ’ 07, 1%
....
B egan bu sin ess O ct 18. 1905
F ed era l N a tio n a l.........
600,000
12
12
F irs t N a t io n a l............... 8,000,000
Q-J A pr ’07, 3
10
F irst N a t E n g le w o o d ..
100,000
1 0 + 1 0 Q-J A p r ’07, 2%
P r iv ate Ba uk
F’ orem an B r o s B ’ k ’ g Co
500,000
6
6
F o rt D e a rb o rn N a t ___ 1,000,000
S -A
‘ J A p r ’0 7 , 1%
....
500,000
F
H am ilton N a t io n a l___
Feb ’ 0 7 , 2%
8
H ib e r n ia n B ’ k ’ g A s s ’ n 1,000,000
10
Q-J A p r ’07, 2
K asp ar State B a n k ___
200,000
M o n ro e N a t io n a l.........
*200,000
23,25!
•••«
"*3
Q-F Feb " ’ 0 7 , i "
M u tu al B a n it.................
250,000
....
J a n ’ 07, 4 %
N at B a n k of R e p u b lic . 2,000,000
"e
6
Q -J A p r ’07, 2
N a tio n a l C ity ............... 1.500,000
B eg an b u s in ess Feb 5, 1907
N ation a l L iv e S t o c k ... 1,000,000
12 + 3 1 2 + 3 Q -J A p r ’07, 3
N o rth A v e S ta te ...........
200,000
Began bu sin ess D ec 8 , 1906
N o rth S ide s t a t e S a v ..
60,000
6
6
Q-J A p r ’07, 1%
O akland N a tio n a l..........
100,000
6
Q -J A p r ’0 7 , 1%
0
P rairie N a tio n a l............
250,000
....
P rairie S ta te...................
c500,000
" 6*
188 Q -J A p r ’07, 2c
P u llm a n D oan & S a v ..
300,000
Q-J A p r ’0 7 . 2
8
8
R a ilw a y E x c h a n g e ___
250,000
B e g a n bu sin ess J u ly 3, 1900
S outli C h ica g o S a v in g s
200.000
Q -J A p r ’ 07, 1*8
4
5
S e c u r i t y ............................
300,000
O rga n ize d O ct l.\ 1906
Q-J A p r ’0 7 , 2
State B a n k o f C h ica g o . 1,000,000 1,022,496
8
8
S to c k Y a rd s S a v in g s . .
250,000
i 141,613 N o n e
(J n ion B a n k o f C h icago
200,000
Began M ay 1, 190 5.
Q -J A p r ’07, 1%
U n ion s t o c k Y d* s ta te
200,000
N one
6
Q -J A p r ’0 7 , 2
A m e r T r u s t & S a v g s .. 3,000,000 2,454,868
8
8
Q -J A p r ’07, 1*4
Cen tral T r u s t C o o f 111 2,000,000 3959,118
7
6%
C h ica g o S a v B k <fc T r .. n 500,000 n $ 8 7,65 3
C itize n s T r u s t & S a v ..
50,000
Q -J A p r '0 7 ," 2 %
C o lo n ia l T r u s t cfe S a v ..
600,000
"id*
5+*5
Q -J A p r ’07. 1 %
6
D ro v e rs T r u s t <fc S a v ..
200,000
6
7 0 ,0 3 »
F ir s t T r u s t & S a v in g s 4:2,000,000
863,892
H arris T r u s t & S a v . . . 1,250,000
258,122 B eg an bu sin es-s Feb 4 .’ 1 9 0 7 ’
Illin o is T r u s t <fc S a v .. 4 .5 0 0 0 0 0 7,6 l6,3 6 c 1 2 + 4 1 2 + 4
II F e b ’07, 1
....
Jan ’07, 1%
K e n w o o d T r & S a v in gs
200,000
§33,381 . . . .
L a k e V ie w T r & S a v ..
200,000
$26,573 o r g a nized Nov la , 1903.
12. Q-J A p r ’
07, 3
12
M e rch a n ts’ L ’ n<fcTr Co 3,000,000 4,116,636
6
Q -J A p r 07, 1%
328 ,746
6
M e tro p o lita n T r & Sav
750 ,000
8
8
N o rth e r n T r u s t C o ___ 1,500,000 31,795,559
Q-J A p r ’07, 2
O rga n iz e d JUy - t , l y o o
N o rth w e st T r & S a v ...
200 ,000
531,236
448,521;
P e o p le s T r u s t Jc S av ..
200 ,000
}5 5 9 ,6 3 0 " o ’
"s
Q-F i’eb ’07, 2
R o y a l T r u s t C o .............
500 ,000
35,421 In c o r p orate d M ruoii, 1905
sto ck m e n ’s T r& S a v ..
200,000
898,992
U n io n T r u s t C o ............. 1,000,000
6 + 1 Q-J A p r ’0 7 . 1%
288,760 " e
W e ste rn T r u s t <fc S a v . 1,000,000
519,253 B e g a n busin ess ■'ey 3. 15*06
W Side T r A S a v B k ..
200,000
324,012 . . . .
6
W oodU w n T r& S av B k
200,000
Q -J A p r ’ 07, 1%

I) D iv id e n d s a re paid Q -J, w ith e x tr a p a y m e n ts Q -F.
^ In c lu d e s s p e cia l d iv id e n d o f 3 0 % paid D oc. 18. 1906.
t M a c il 22, ’ 07 fo r N a tio n a l B a n ks
a n 'l M a r c h 23, ’ 07 fo r State in stitu tio n s, e x c e p t t h o s e d e sig n a te d b y (3 ) w h io h a re o f date Jan . 26 and Jan. 28. r e s p e c t iv e ly .
* B id and ask ed p n o s s ; n o i a e a
y e r e m ade on this day.
T N o p r ice F riday; latest p r ice tlu* w eek, 'i lin o D »o. 31. <>l>aeJuno. e C apital in cre a se d Jan . 1 .1 9 >7 fro m $ i5 0 .0 0 0 , a cash d iv i­
d en d o f ;i0 p er c e n t b e in g d e cla re d an d t o be tak en as p a rt p a y m e n t fo r n e w stook . A Dt»e J u ly , k O n e m illio n d olla rs tra n sfe rre d in Deo 1906 fro m su rplu s
a c c o u n t to cap ital, m a k in g la tte r $2,000,000 . n C a p ita ia n d s u rp lu s to b e in crea sed. eC apital to be in cre a s e d to $ 3 ,000,000 . s J ap.tal to be in c re a s e d to .*30^,000-




A m . 6 1907.J

THE CHRONICLE.

Induntnai mm .iltwr**.
Htu | <*
C on s Storasre BatterylOo|
8 j 11
C orn P ro d K ef See Stock; E x ch 'list
C ram p s’ sit & En BU igioO
1.'K A N S A O T IO N S A T t h k n e w y o k k . s t o c k e x c e a n k j i
9 ! »*a
IJOruciOte S te e l........... 100
______
D A IL Y . W E E K L Y A N D Y E A R L Y
I J P referred .................100
78*4 73 *a
VIDiamond M a tch C o . 100 123
15
124*3
W>«!<£ en d in g
5
D om in ion C o p p e r (n e w )lo
5*4
05
Utate
V s
R a ilr o a d Sec
12
A p ril 5
D ou gla s C o p p e r ............. 5 1 10
14
B onds
B on ds
B on ds
ln u 7
P a r va lu e
30
33
E le c tr ic B o a t............... 100
10
__ .„
75
P r e f e r r e d ...................100
83
10
. H O L I D A Y .............
E le c tr ic V e h ic le ..........100
101
S a t u r d a y .............
P6.000
$70 ,500
5
12
$1,739,000
P r e fe r r e d ...................100
M o n d a y ............... 1 ,031,6 "u $91 ,440 ,05 0
Kerry
Companies
118.500
9
10
2.792.000
E
m
pire
S
te
e
l...............100
94,954,000
1,054,88(5
T u e s d a y ...............
3’ o b o B ro o k ly n F erry stocklO O
1 66 ,000
49
51
2,675,500
P r e f e r r e d ...................100
82,2 14,000
947,943
W e d n e s d a y.........
158,000
40
55
3.545.000
'iF e d e ra l S u g a r ,c o m .. 100
100
B & N Y 1st Os 1 9 1 1 .J-J 4 95
T h u r sd a y ............. 1,220,813 10 i.741,300
2.710.000
218 .500
80
85
70
51P r e fe r r e d .................100
N Y ife E R F e r r y s tk .1 0 0
60
F r i d a y .................. 1,349.316 1 17 ,207 ,10 0
70
75
^G en eral C h em ical ..1 0 0
80
1st oe 1 9 2 2 ............. M -K
70
99
IOC
$9,0
0
0
II
P
r
e
fe
r
re
d
.................
100
$73
1,50
0
$49
2,55
7,6
50]
$
1
3
,2
d
l,5
0
0
05
N
Y
&
H
o
b
c
o
n
5s
’40.
J
D
4100
5.610,509
T o t a l ..................
2
2 *»
Wold H ill C o p p e r ......... 1 t
100
H o b F y 1st 5s 1940 M -N 4103
J a n u a r y 1 to A p r i l 5
G re e n e C a n a n e a ........... 20 t 10*9 17
W eek en d in g A p r i l 5
100
N Y«fc N J 2 d 5 s 1 9 4 6 .J-J 4100
Sates at
25*4
G
re
e
n
e
C
on
C
o
p
p
e
r
...
10
f
10th & 23d Sts F e r r y 100
30
H ew i o r k Stock
1*9
1*4
8*i* G re e n e C on sol G o ld ... 10 t
1st niort 5s 1 9 1 9 .-.J -D 4 70
1906
li)0 7
E xch a n ge
1906
1907
G re e n e G o ld -S ilv e r ....1 0 t
1%
11U n ion F e r r y s to c k .1 0 0
25
28
1 7*
G u g g e n h e im E x p lo ’ n .100 200 225
111st 5s 1920 ............M -N
90
8 1,658.252
76,992,765
5,610.6091
5,415,574
S tock s— M o.sliares
H a c k e n s a c k W a te r Co —
Par y a iu e ......... + 462.057,650 $18 1,92 9,2 00 $<5,540,473,835 $ 7 ,653,260 ,000
Short Term Notes
92
K e f g 4s 52 o p 1 2 ...J - J 4 90
* 189 ,600
$122,700
*20,01)0
Bank shares, p a r ..
77 *s 84
H a ll S ig n a l C o ........... 100
93
A m Cis? s e r A 4 s ’ l l - M - S 4 91
14
BONDS
14*4
9 1 Hi H a va n a T o b a c c o C o ..1 0 0
S er B 4s M oll 15 ’ 1 2 .M-S 4 90
$ 6 0 7,40 0 A m T e l & T e l g 5 s ’ 10 J -J 4 9 7 1* 97 'i
$24 3,00 0
$9,000|
*66,000
20
22
P r e fe r r e d ................... 100
G o v e rn m e n t bonds
23,726,550 A t la n Coa^t L i s ’ 1 0 .M-> 4 97
16,398,000
7 31 ,500
2,558.500
60
63
S tate b on d s.............
1st g 5s J u n e 1 ’ 2 2 .J -I)
97 '4
201 ,867 ,60 0 K u ttR och & P g4 ^ s ’ OOF-A
1 34,123,500
13,261.500!
14 612,000
R R. and m is. bouds
H e ck a r -J o n e s -J e w ’ l M ill
98
107
1 st Os 1 0 2 2 ............... M -S 104
C en t Cross n g u 5 s M a y ’ 09 4 ......... 99 x
$23 2,20 1,5 50 C h ic & A l t o s 1 9 1 2 ... J - J
38
T ota l b on d s ___ $ 1 4 ,002 ,00 0 i 1*7,236.500 $ 1 5 1,06 4,5 00
......
98
983, H e r ’ g -H a ll-M a r ,n e w .l0 0
99 ®fc 99 7s H o b o k e n Land<fc Im plOO 200
Ch l i I & P a c 4 SiS’07 .J - J
T R A N S A C T IO N S A T T H K BO STON A N D P H I L A D E L P H I A
4 ^ 8 X 9 0 b .................. A-O 4 98** 98 >9 1]5s 1 9 1 0 ...................M-JN 1 100 ib'iT’
5
7
9 9 ^ H o u s to n O i l ................. 100
C h ic & W I n d 5 s ’ 10 F & A i 98
EXCHANGES
40
50
P r e f e r r e d ...................100
C iu H am < feD 4‘iiS’ 0 8 .M -S
73
80
9 0 7g 97 *9 H u d s o n R e a lty ........... 100 120 135
In t e r b R T g 4s 1908 M-N
P h ila d e lp h ia
B oston
49
Wee ic cn titn y
9 0 7% 97*4 T ln g e r s o ll-R a n a c o m . 100
5s M ch 1 9 1 0 ............. M-S
90
A p ril 5
K a n C So g o s A p r ’ 12 J - J { 94*4 95 >9 II P r e f e r r e d ...................100
U nlisted
Bond
B on d
L isted
L isted U nlisted
1*35*
I'JOl
L a ck S te e i g 5s 1909 . . M-S 4 90
97*, I n te r n a t’ iB a n k in g C o lO O 125
sales
sh ares
sales
sh ares
sh ares
sh ares
8
7*4
‘ s g 1 9 1 0 .. .; ............. M-S 4 ......... 9 6 s8 I n t ’ n ’l M e r c M a r in e . 100
22
23
P r e f e r r e d ...................100
L a k e Sh & M So 5 s ’ 10 F-A i
99 s(
... . HO L I D A Y ....
69
C ol tr d 4 V 2 2 o p ’ 0 7 A -0
70
L
o
u
&
N
a
s
h
g
5s
’
iO
.M
-S
*
98*6
98
7i
$8i",200
*37 ,5 0 0
31.366 ***i 0*070
21,403
M on d a y*-........ 70.957
115
99
99 H In te rn a t’l N ic k e l . .. .1 0 0 105
89.000 M ic h C e u t os 1910 . . . F -A
14,486
16.0J0
26.167
15,4:50
T u e s d a y ......... 4 7.504
83
P r e f e r r e d ...................lOu
87
98
119,700 Minn<fc S t L g 5 s ’ l l . . F -A 4 97
18.136
112,000
3 6 ,2 «3
14,474
W e d n e s d a y . . 4 5 ,1 8 .’
15
18
In te r n a tio n a l S a lt___ 100
99
M
o
P
a
c
5s
F
u
d
10
’
08.
F-A
99
V
95.000
53,872
17,283
57.000
37,529
50
T h u r sd a y ........ 31,507
00
1 s t g 5. 1 95 1........... A -O
N
a
t
o
f
A
lex
5
s
’
0
7
.o
p
t
A
0
99
4
9834
101 ,300
11,622
47,3.52
10.000
39,638
F r i d a y ............ 40,101
5
10
N Y C e n t 5 s 1 9 1 0 .... F -A i 9 9 ^ 99 °8 I n te r n a t.o n a l S ilv e r . 1 Oo
65
P r e f e r r e d ...................100
P e n n Co g u 4 \a 1907 M-N
99 *a 99=>«
i4 8 6 ,2 0 0
72,183
128.440
$24 0,60 0
193 ,030
T o t a l ........... 235,371
109*
1 st 6s 19 4 8.................J-D 106
98 78 99**
f a R R 5s M ar 15 ’ 10.M -S
50
00
S t L & S F g 4 ^ ’ 0 8 . .. J - D 4 943* 96*4 L a ck a w a n n a S t e e l . . . l o o
S o u th ’n c o ll tr 5s ’ 0 9 . A-O 4 9 0 34 97*4 ba n sto n M o n o ty p e ........20 t * l 134 12*4
185 105
L a w y e rs M o r t C o ...
S o u th R y g 5s 1 9 1 0 .. F-A 4 95*9 96
62
99
70
T id e w a te r C on C o 0 s l9 0 9
9it\ II L e h cfc W ilk e s b C o a l.50
K evlew of O utside M a rk et w il l be to u n d on a p r e c e d in g p a g e.
125
130
L o rd <fc T a y lo r ............. 100
U S R u b b e r g 5 s ’ 0 8 . . M -S 4 98*4 99
95
P r e f e r r e d ...................l o o
100
W e s tin g h E 1& M o s .l y o 7 4 9834 99 *9
S tre e t R a ilw a y s
S tre e t R a ilw a y s
A s k W h e e l’ s & L E os ’Otf-F-A
B id
A sk
140
9 6 34 97*4 U Lorillard (P ) p r e f ...1 0 0 125
M a c k t y C om pa n ies See S tk E x lis t
N EW YO RK CITY
P u b S e rv C orp N J (C o n )
R a il r o a d
15
35
M adison Sc* H a r d e n ..1 0 0
25
31
B leeck S t& F u l F stk 100
28
J C Hob<fc P a terson l o o
75
*7*6** C h lo P e o & S t L p r e f. 100
2d Os 1 0 1 9............... M-N
90
1|lsl rnort 4 s 1950 ..J -J
85
4s g 1 9 4 9 ............. Al-N i 67
3
115
D e p o s ite d s t o c k ___
1
U M anliatt B e a ch C o . 100
6
HB’y & 7tli A v e stk ..1 0 0 220 235
3
So J G as E l & T r a c 100 112
33fc
1
U n d e p o site d s t o c k ........
98
M a n h a ttan T r a n s it ___ 20 t
3
livid m ort 5s 1914 ...J -J 100 104
3*8
G u g 5s 1 9 5 3 ........M -S 4 90
13
P r io r lien g 4 “as’SOM&S
90
M e x A at C o n stru e , p l l o o
17
C on 5s 1943 Uee S to ck E x cli list
100
N o H u d Co R y 6 s’ 14.1-J 4105
C on m tg g 5s 1930.J<&J
M itch e ll M in in g ........... 10 t
4103
60
3°b
105
8 ’ w ay S u rf l s t o s g u 1924 100
08
3 78
5s 1 9 2 8 . . . . . . . . . . . .J-J 4100
102
In c o m e o s 1 9 3 0 ...............
6
M o n o n g a h e la Li C o a l..50 1 7
300
HCent’ l C rosst’ u s t k .,1 0 0 250
10
E x t 5s 1 9 2 4 ........ M -N
C lue S u b w a y .................100
P r e f e r r e d .....................50 t 23
116
1 9 1 20
U ls t M 0s 1922 ...M -N 108
P a t C ity c o n 6s ’ 3 1 . J-D 4110
90
70
M o r tg a g e B o n d C o . . . 100
190
F t W <sc D e n C y c td ,.1 0 0
lo o
IjCen P k N & E R s tk .1 0 0 175
2d Os___ 1914 o p t A -O 4100
h
ica
g
o
lis
t
. . . . . . 105
G
rea
t
N
o
rth
e
n
O
re
s
ee
Stk
E
N
at B a n k o f C u b a ___ 100
170
t ic h r ’ t’ r * lO th S t s,tk 100 160
x
list
So Side E l (C h ic)
See C
100
165
N Y N H <fe H a rtford —
.National S u r e t y ..........100
175
Col<fc 9th A v e os See Stock E x ch list
S yra cu se R ap T r 5s 1946 4104
C on d eb 3 'as 195 0. J & J 41051.2 106 *9 N e v a d a C o n s ’d ' C o p p e r .5 t 14*4 14*3
D ry D E B & B—
T r e n t P <fc H 5s 1943J-D 4100 102
N o rtn ’n s e c u r it ie s Stu bs 100 125
N e v -U ta h M in <fc s n i . l t f
4\
108
I jls t g old 5s 1 9 3 2 ...J -D 106
1°8
U n ite d R y s o f S t L 34
7g
36
P itts B ess & L E ..........50 t 30
IINew C en tral C o a l ___ 20
36
98
40
IjS crip 5s 1 9 1 4 ___ F -A
95
36
Com v o t tr c t f s ........100
67 »g 67 34
P r e fe r r e d .....................50
70
N J T e r U o ck & I m p . 100
35
E ig h th A v e n u e s t k ..1 0 0 350 400
74
^ P r e fe r r e d ................. 100
i*02i:
E
x
c
h
list
T
l
R
a
ilroa
d
S
e
cu
ritie
s
C
o.N
Y
B
is
c
u
it
Os
1
9
1
1
.M-S
? B c r ip 6s 1 9 1 4 ___ F-A 100
G en 4s 1 9 3 4 ___ See Stk
IlL C .stk .tr. c f s. ser. A ’ oS
N Y M tgecfe S e c u r ity . 100 180
H 4 2 d & G r S t F ’ y s t k .,1 0 0 360 400* U n it R y sSan F ra n SeeStk E x ch list
88*9 86
31
34
37
Seab oard A ir B in e—
70
1|New Y o r k D o c k ___ 100
39
42d St M & St N A V ..1 0 0
60
W ash R y & E l C o . . ..1 0 0
70
79
81
O o liS s e x t M a y ’ 1 1 .M -S
^ P r e f e r r e d ............... I0(j
80
llls t r n o r t Os 1910 .M -S { V o l 's 103
P r e f e r r e d ...................100
81
83
S ea b oa rd C o ___ See B a lt
72
N Y T ran sp ortation .,.2< _ 1 3
4
1]2d in c o m e 0s 1915 J-J
67
4s 1 9 5 1 ...................... J -D
*28
N ile s -B e m -P o n d c o m . IOC 100
In te r -M e t— See S lo c k E x ch a ’ ge list H W est C h ica go S t ___ 100
115
I
n
d
u
s
t
r
ia
l
a
n
d
U
is
c
c
l
N ip is s in g M i n e s ........
5 ♦ 13
L e x A v & P a v F 5 s See St k E x c list
13*3
IjC on g 5s 1 9 3 6 ....M -N . . . . . . 78
534
A h m e e k M i n i n g . . . . . . 25
VjOntario S i l v e r ..........l o t
96
|90
0*4
M e tro p o l S tre e t R y . 100
95
G a s S e c u r i t ie s
35
180
A llia n c e R e a lt y ..........100
O tis E le v a to r c o m ___ 101
45
N in th A v e n u e s t o c k .100 160
125
N EW YOKK
85
196
P r e f e r r e d ...................l o t
A llis C h alm ers C o 1st m
90
S e c o u d A v e n u e stocklO O 185
101
99
102
C en t U n G as o s g ’27.J& J
P h o e n ix S e c u r itie s ...........
s t o s ’ 30 o p t ’ 1 6 .. J - J } 72
M ist m ort 6s 1909 M -N 4100
t
*3
109
P itts b u r g B r e w in g ___ 51 t ” 3*1"
Con G as (N Y ) ........ See St : E x c h lis t A m e r ic a n B o o k ..........100 155
C on s ol 6s 1 9 4 8 ___ F-A {1 0 6
135
170
181
140
P r e f e r r e d .....................5t 1 50*9 51
A m e r ic a n B r a s s ......... l o o
11S ix th A v e n u e s to c k 100 155
IfM utual G a s ............... 100 165
150
104
P itts b u r g Coal See Stock E x c h list
S ou B o u le v 5s 1 9 4 5 ..J-J 4100
N e w A m sterd am G as—
IjA m erican Can See S toc k E x list
94 *963b A m e rica n C h icle C o .. 100 lfaO 190
P o p e M a n u fa c t u r in g .lo t ..........
2
S o F e r 1st 5s 1 9 1 9 ...A -O 4 ......... 106
1st co n so l 5s 1 9 4 8 .-J-J
60
104
T h ird A v e n u e See Stock E x ch list
P r e f e r r e d ................... 100 101
1st p r e f e r r e d ............IOC
N Y & E R G a s 1st 5s’44J-J 4100
103
2d p r e f e r r e d ........... l o t
105
10*9 13*'
97 100
T a rr y W P & M 5s 1928 4100
41*a 43
A m G ra p h o p h o c o m .. 100
C on sol 5s 1 9 4 5 ..........J-J
42
98
102
80
35
P ra tt
W h itn p re f..iO (.
i k e r s S l R H 5s 1 9 4 0 A -0 4100
P r e i e r r e d .................100
102
N Y & R ic h m o n d Gas. 100
83
102
99
P u b lic S e r v C orp o f V a —
28th <fc 29tli S ts 1st 5s ’ 96 4100 10*** N o r U n 1st 5s 1 9 2 7 .M -N
A m e r H a r d w a r e ......... 1Oo 115
118
95
400
luO 104
80
lIT w en ty -T h ’ d s t stk l o o 370
l s t m g S s J u i y lyaO op i
1jStandard G as co m ..1 0 0
A m M a ltin g Os 1914. J -D
97*3
106
90
U nion R y 1st 5s 1942 F-A 5100
1l P re fe rre d ............... 100 100
Ile a ity a s s o c ( B k l y n ) lo t 145
A m e r P r e s s A s s o c ’n .1 0 0
155
100
105
102
W estch es t 1st 5s ’ 43 J -J 4100
A m Soda F o u u c o m .. 100
B o y a l B a k P o w d p re f. 101 100
1st 5s 193 0............. M -N { 99
104
3
BROOKLYN
S afety Car H e a t & L t lO t ^50 200
1st p r e fe rr e d ............. 100
O TH E R CITIES
SO
80
S e n e ca M in in g ........... 2;
2d p r e fe rr e d ............. 100
100
A tla n A v e 5s 1 9 0 9 ..A -O 4 98
A m e r L ig h t <fc T r a c t . 100 100 102
6
92 >9 A m S t F o u n d 6 s ’ 35 A & O ! 94
P r e fe r r e d ...................100
S in g e r M ig C o ............. lo t
90
.......... 510
C on 5s g 1 9 3 1 ..........A -O {1 0 3
95
i
A m e rica n s u r e t y ..........50 187*9 195
B B & W E 5 S 1 9 3 3 .. A -O
99
S tandar d C o r d a g e ___10(
3*9
B ay S tate G a s ............... 50
7
7]
43
B rook ly n C ity s t o c k ...1 0 200
4*i
434
B in g h a m to n G as 5s 1938 4 94 100
A m erica n T h rea d p r e i ..5
1s t M .g.cis.’ Hi r e d .. A.C
60
8
C on 5s See S tock Kxoh list
11
B ro o k ly n U n ion G as deb
A m T o b a c (n e w ) com l o o 300 315
A d ju st. M .os. A p r 1,1931
B k ln C rosstn 5s 1 9 0 8 .J-J
98
65
F re t, 4 s , Os See S to ck E x ch list S tandard C ou pler o o m lo t 1 45
6s 1909 c o n v ’ 0 7 ...M -S 100 115
115
105
7
40
P r e f e r r e d ...................lo t
B k n H g t s l s t o s 1941 A -O 100
5 *9
A m T y p ^ io ’ ra c o m ...1 0 0
125
B u ffalo C ity G as stocklO O
42
6
95
P r e f e r r e d ...................100
B k ln yCo<te Su b See Stk E x ch lUt
S tandard M illin g C o. 101 1
9
1st 5s 1947 See S to c k E x c h list
100
B k lyn R ap T r a n See Stk E x ch list
92
P r e l e r r e d ................... 10( 1 31
34
C on G as o f N J 5 s ’ 3 6 J-J 4 89
A m e r W r itin g P a p e r. 100
2*4
2 3i
77
210
19
IJOoney Is.
B k lyn ..1 0 0 170
P r e i e r r e d ...................100
1st 5s 1 9 3 0 ............. M-r»
80
C on su m ers’ L H <fc P o w —
21
5 *5 520
92
S2
1st c o n s g 4s 1 9 4 8 ..J-J
88
1st s f g 5s ’ 19 op ’ 0 9 .J - J
S tand ard O il o i JST J . . l o t
5s 1938........................ J-D 4102
83
B r k C ifc N 5s 1 9 3 9 .J-J 104
S w ift ifc Co See B o s to n S k E x c h’gft
11B a rn ey <fc Sm Car . ..1 0 0 n ........
E liza b e th G as L t C o .. 100 275
Gr*pt <&Lonm er S t 1st 6s 102
122
U P r e ie n e d .................l o o n.
E s s e x & H u d so n G as 100 118
1st 6s 1 9 1 0 -1 9 1 4 ...J -J
101
140
74
45
12
K in g s C. E l—4s See S to ck E x ch list
50
UBetlil’ m S teel C orp .100
F o r t W a y n e Os 1 9 2 6 ..J-J
85
1434 '[T e x a s <fc P a cific Coal lo t
75
52
N assau E le c p r e f........100
65
60
11P r e f e r r e d ............... 100
1st 6s 1 9 0 8 ............... A-C 4104
G a s & E l B e r g e n C o .. 100
49
100
103
6s 1 9 4 4 ...................... A-O 104
1st e x t o s —See S tk E x clia n g e list T it le I n s C o o f N Y ..1 0 I
TlGr R ap G i s t 6 s ’ 15 F-A 4100
1*7*6”
T o n a p a h M m (N e v a d a ).: I t 18*4 183*
ill
1st 4 s 1 9 5 1 ............See St k E x c
B liss C om pa n y 00m ___ 50 135
H u d son C o G as............100 108
145
14
130
N W b ’ g « fc E la tl8 t e x 4 * 3 S
99
P r e ie r r e d .....................50
T r e n to n P o tte rie s corn 101
In dian a N a t <& 111 Gas—
134
17
92
S te in w a y 1st 6s 1 92 2.J -J 4108
P r e fe r re d n e w ___ 10<
15
Bond it M tg G u a r ___ 100
10
1st os 1 9 0 8___ ,*...M -N
3<6
100
O TH KK CITIE S
35
65
60
T r o w D ir e c t o r y ........... 101
B o rd e u ’ s Cou d M ilk .. 100 160
In d ia n a p o lis G a s ..........50
170
45
Buttalo S tr e e t R y —
P r e fe r r e d ...................l o o
106 109
U n ion C o p p e r. ............. II
1st k 5s 1952........... A -O 4 94
98
34
83
1st c o n s o l o s 1 9 3 1 .-F -A 4107
100
B ritis h <;ol C o p p e r ......... 5 t
J a c k s o n G as 5s g ’ 3 7 . A-O 4 96
8
89
8*9 U n ion T y p e w r c o m .. l o i
116
D e b Os 1 91 7............. A .O 4106
60
1st p r e fe rr e d ............. 101
K an sas C ity G a s ..........100
B u tte C oa lition M in .. 15
27** 28*s
120
C h ica g o C ity R y
See C h ica go list
2d p r e fe r r e d ............. 101 ) 112
9*9
C a sein Co o f A m com .. 100
2
*iLi»ciede G a s ............... l o o
5
120
103
C olu m b u s (O ) S t R y ^ .1 0 0 102
P r e f e r r e d ...................100
70
U n ited B k N oteU orp ..5< J t 52
94
1i P r e f e r r e d ............... 100 "90*
56
80
109
P r e f e r r e d ...................100 107
P r e fe r re d ................. 5iJ f 50
50
L a ia y ’ e G a s ls t 6 s ’ 24.M -N
46
C a su alty Co o f A m e r . 10 0 130
140
53
85
C olum R y c o n 6s See Pli lia lisi
VIUn ite d J ig a r M f g. ,p f. loi J
C ellu loid C o...................100 127
30
35
L o g & W a b V l s t 0 s ’ 25.J-D
132
95
C ros st’ w n l s t 5 s ’ 33.J-D 4100
105
0 1 7t 02*3
10
U n ited C o p p e r............. 10i J
C en t F ire w o rk s com . 100
M adison G as 6 s 1 92 6.A -O 410 0 's 110
15
70
80
G rand R a pid s H y ....lO O
06
P r e f e r r e d ...................10< J
P referred .................... 100
65
N e w a r k G as 6s 1 94 4. Q-J 4128 132
90
75
87
P r e f e r r e d ...................100
84
U S. C a s u a lty .............10' l> 225
90
88
C en tral F o u n d r y ........100
2*4
N e w a r k C o n so l G a s .. 100
3
30
U s E n v e lo p e c o m .. .l o i J
L a k e S t (C h ic) E l
See C h icago list
P r e f e r r e d ...................100
IjC on g 5s 1 9 4 8........J-D 104
106
11*9 13
67
liL o u is v S t 5 s 1 9 3 0 ..J<fcJ 4109*-, 11 1* 9 N o H u d so n L H & P o w —
Vi P r e fe r r e d .................lo i J
71
D e b Os 1919 op ’ 01 M-N
73
101
107
Lynn«fc B os 1st 6s “2 4 .J -D 4103
U S S te e l C o rp o ra tio n —
C e n tu ry R e a lt y ......... 100
185
o s 1 9 3 8 ...................... A-O i 102
195
Col t r s 1 5 s ’ 51 o p t ’ 11 . . 4106
U New Orl H ys & L gt. 100
26*9 26*e H O * I n d C N a t & 111 .1 0 0
C h e se b ro u g h M fg Co 100 400 430
109
C o lt r s f 5s ’ 51 not o p t. 4107
IJPref e r r e d ............... 1 0 0 * 71 *a
C h ic P n eu in T o o l. See Ch ica g o list
35
29
1st 6s 1 9 2 6 ............... J-D
110
U G enM g 4 '3 S ’ 35 See Stk E x lis t P a t <fe P as G as <fc EieclOO
U S T it G U & In d e m .1 0 ' ) ......... 100
95
65
<0
C ity I n v e s t in g C o ___ l o o
98
Vi U tah C op p er Co. s e e i5 tk E x list
N o rth C h ic S treet See C h ioago lis t
102
IJClallin (H B) c o m ___ 100 102 1 1 0
1; C on g 5s 1 9 4 9 ___ M -S 4100
95
P u b S erv C orp o f N J 1 0 0
90
W a te r b u r y C o, c o m .. 10' U 4 8 34 49*4
1 ilst p r e ie r r e d ......... 100
90
St J osep h Gas 5s 193 7.J -J 4 ......... 85
T r c t fs 2 % to 6% perpet
62
63
P r e fe r r e d ...................10i [> ......... 102
1i2d p r e fe r r e d ........... 100
93
E l e c t r ic C o m p a n ie s
1*3 ‘a
C oll 5s g n o t e s ’ 09 M -N 4 92
W e s tclie s te r & B r o n ;
Col & H o ck C o a l* I p i 100
74
t?6
N o r t h J ersey St R y 100
40
60
C h ic a g o E d iso n Oo See C hicago list
T it le <si M o r t G u a r . 10'J 167*5 I72»s
1st g o s 1 9 1 7 ..........J-J 4 82*9 h5
1st 4s 1 9 4 8 ......... M -N i 71
73
1, K in g s C o El L<feP C o 100 120
124
C ol t r o s O ct 1 9 5 0 ..J -J
97
27
101*9 W e s te r n I c e .................l o 0
27*4
72
C on s T r a c o f N J . .. 1 0 0
7o
N arra g an ( P r o v ) K lO o 50 t ......... 99
C ou solid C ar H e a tin g 100
46
w’e stin g h A ir Brake..5< 0 1144
50
1st 5s 1 9 3 3 ........... J -I) 4103 *v 105
60
N X & Q El L < fcP ow C ol0 0
70
C on s R y L t g & R e ir ig . 100
3*9
4*v II W e s t E l <fe M fg — 5s Set Stk F x list
N e w ’ k P a s R y 5 s ’ 30J-J 4108
SO
110
70
P r e f e r r e d ...................100
C on sol R u b b e r T i r e .. 100
4
W hite K n o b M in ......... 1 0
“f
6
R a p id T ra n St l t y . . l 0 0 235
U nited E le c t r ic o f N J1 0 0
75
P r e f e r r e d ...................100
20
P r e fe r r e d ...................... 1 0
2
2 S4
30
1st 5s 1 9 2 1 ........... A-O } 105
4s 1949 ...................... J-D > 67
09
W ortlnusr P u m p p r e f. 10 0 110 118
D e b e n tu re 4s 1951 A & O
3 7 S 4'j
I Buyer pays acor’d int. f Prloe per sh. tsaie price. atix-n^hta.xEx-div. iNow stock. i)selU ou So’k Exon., bat not a -ory jodivo soourlty.

Volume ot business at vStocfc pxotianges




i 'e l e « f »fc T e l e p h o n e
. A m e r T elegife C a ble lOOl
75
lic e n tr a l & So A m e r . 100'a;l25
C om iner U n T e l (N Y ).2 5
113
E m p & B a y State T e l 100
F r a n k lin ........................ 100
45
IIGold & S t o c k ............100
105
H u d son R iv e r T e le p h lO O
55
1 iN Y < fe N J T e l e p h ... ;0 0 112
^ N o r th w e s te r n T e le g . 50
105
75
P a cific & A t la n t ic ........ 25
1)Sodthern & A t la n t ic 25
95

83
140

Outside Securities

1*9*6"

4.....

*,

BOSTON STOGK EXGE&NGrE—Stack Record, Daily, Weekly and Yearly
■ 'Im re P r i c e s — N ot P e r C e n tu m P r i c e *
S a tu r d a y
M a r c h 30

M on d a y
A p ril I

T u esd a y
A p ril 2

W ed n esd a y
A p ril 3

T h u r sd a y
A p ril 4

frid .a u
A p ril 5

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W eek
Shares

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M a r ’ 07
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231 231
231 231
233
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31 225 Jan 1?' 240 F e b D !239 De< |257*. t e n
1143 144
143*2 144
144 144
! 144 144
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144
113 140 M ar27 152 Jan ' 1 4 /
Ant 160 Jan
>......... 230
225
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19 22S A p r f
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160 160
160
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160
345
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' ......... 165
•
165
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F e b ’ 07
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297
297*2 298
300 300
300
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33 297 *2 A p r t 301
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■......... 72
L a s t S a l e 74
72
M ar'07
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SO J a n 23 72 * 2 -Ian 90 A p r
147 147
Ch ic J u n e Ry<fc U S Y lO t
147 A p r 2 160 J a n 17 156 O ct 182 Jan
115 115
114 114
D o p r e f.................100
2 114 M ar29 120 Jan 2 117 *4 J ’ ly 127 Jan
L a s t S a l e l H s " F e b ’ 07 Con & M o n t C lass 4 ..1 0 0
....... U 8 H F e b 13 L8 S Feb 13 ! 87 34 N ov 1 90 M ar
L a s t S a l e 156
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....... 156
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128
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130 130
130
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129*4 1.-10
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109 109
♦109 111
i 08 112
‘ 109 111
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L a s t S a l e 197 '2 F e b ’07 M ain e C e n tr a l_______ 100
1 9 7 h F eb U !9 8 Jan 1 197 Mai 200
1>eo
17
17
17
17
17
17
18
18
19
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M ass E le c t r ic C o s ___ 100
818 14*2 M ar‘2
2ii*2Jnn 9 17 Jan 23 J ’ ne
5934 60 34
68
60
61
60*4 61
60*2 62
D o p r e f .................100
87
55 Mar-.'O 71 *4 Jan
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174->4 175
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i'9 5 " *
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194 *2 A p r 4 200*4 Jan
198 D ec 210 Jan
L a s t S a l e 52
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52 J a n 16 52 Jan 16 53 Sep 53*2 O ct
Jan ’ 07
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06 Jan 23 57 Jan 18 50 Jan 65 O ct
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40 M a rl 6 45 Jan 24 47 *2 N ov 64 Jan
'.......... 90
’ ......... 90
......... 90
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M a r’07 S eattle E le c t r ic ..........100
90 M a r li 94 Jan 21 65 Jan 99 O ct
' .......... 97
■.......... 97
......... 97
97
97
95
95
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95 A p r
103 Jan 7 95 Jan 106 F eb
1354139
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137 «8 l33 *s 134 134
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86*8 86** * 8 5 *a 86*2
84 7g 84% *8 5*2
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86*4
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30 S 4 7s A p r 4 93 J a n 15 91 May 9 9 3 4 Jan
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90
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90
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91
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90 W e s t E n d S t ............... 50
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105 106
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131 105 *2 A p r 2 110 M ar 4 107 Sep 116*2 A pr
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7
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493
6 *2 M a r l4 1 4 3, Jan 8 10 *i D ec 29 Mar
17
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17
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17
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D o p r e f ................. 50 1,073 16 M a i27 33 Jan 8 26 Aug 46 A p r
124 125*2 125*2 126*2 125 1 . 5 34 1 2 6 7» 127*2 1 2 6 7g 127% A m e r S u g a r R e lin ___ 100 3 ,2 2 ; l l t >34 M a r 26 137 *4 F e b 11 128 .Mu' 1 5 6 7g Jan
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126
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128 J ’ly 1 4 4 7g J an
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29
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195 25 M a r io 36 *2 J an
28 N ov 4 7 J4 Jan
95*4 96
96
95*2 96
95 *2 90
95*2 9 5 7*
97
D o p r e f .................100 l,40tf * ; i 3 14 M ar29 102 *2 J an 8 10034 D ec 11034 Feb
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3 “4
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M a r’ 07 B o s to n L a n d ............. 10
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4 Jan 15
3 34 Jan
4*2 J ’ ne
*119*2 120
* 119 *2 11 934 *119*2 120
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107 M ar^2 115 Jan 10 115 J ’ ly 11834 Mar
20
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2 1 34 N ov 34 A p r
8
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10 A u g
208 210
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208 208
208 208
208
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Jan
147 148
146 146
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59
60
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62 M a ss’chusettsG asC oslO O 2,022 64 4 Mar2(i 6 6 5e Jan 10 44 M aj 0 4 34 J ’ne
82*a 82*2
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83
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8 3 '4
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204 *2 204 *2 203 ____ '2 0 3 * 2 2 0 5
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5 199 Jan V 215 M ar 1 190 Mat 210 D eo
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......... 55
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118
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162*2 163
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♦21
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3 *v San ta Fe< G old & C op) 10 2,530
7 >2J an t
3 M ar27
1 *« J ’ly
63b N o t
1 8 34 19*4
19*8 19 *4
1 7 78 19
18*4 19
19*4 gh a a in o n ........................ 10 10,493 1434 M ar26 24 % Jan 17
1 8 78
5*4 Jan 1^ r6 N ov
114 115
112 114
104 109
114 T a a n a ra clt..................... 25
108 111*2 110
632 100 M ar26 170 Jan 14 90 J n t 122 J a n
L a s t S a l e 3 9 '2
M ar’07 T e im e s e e e ..................... 26
39 *2 M ar29 55 *4 J a n ^ 40 May 52 Jan
313* " 2 7 " , *3*i*.] ‘ l 9 * i '1:3*2
26
2 0 34
22
23*4
22 34 T r in it y ............................ 25 61,283 14 7g M ar26 42*4 Jan 24
7 34 J ’ne 20 *2 D ec
58*4 59"'j.
59*8 59 V
58*2 69
59
60
61*2
62*4 U n ite d C o p p e r ........... 100 3,052 53 M a r2 i 77*4 M ar 7 57*4 M » j 78 F e b
86
86
Do
p r e f ............... 100
86 A p r i
88 Jan t i l
500 67 M a r ii
Feb
’ 10*4 * l o " 10*4
10
10
T034' "l<")34 U n it S tates Coal <feOil 26 3,195
i '6 ‘4 10%
9*4 M ar 16 13*4 Jan 22
9 14 S e p
I * 3* M ai
56
55
5 5 34
53% 64*2
6 4 34 5 4 34
54*2
65-4 U S S m elt R e f.& M in . 50 3,234 50 M ar 14 70 J a n 2 61 M a i t)t> J an
4 4 *4 4 4 34
44*4 4 134
44
44*2
44 *2
45
44*2 44.4
D o p r e f................. 50 2, 6 8 ;* 4 1 s8 M a r . 6 49 J a n 7 43 M at 4 7 Sep
61
62
62
63
60
6 1*2
62
63
U tah Con ( G o l d ) ........
5 6,641 51 M a il 4 79 Jan 14 52 *4 J ’ n e 6 9 34 Jan
61*2 62^4
8 *4
8*4
8*2
8 34
7 78
8
8
8
8*4
8*4 V i c t o r i a ........................ 25 1,821
6 M ar 16 ll^ e Feb 27
5 7g Nov
9*4 M ai
9
9
9*4
9 14
8*2
8*2
8*2
8*4
8*4
8*4 W in o n a .......................... 25
435
7 *2 M ar j 4 14 Jan 23
4 J ’ly 13 *2 O ct
160 160
161 161
160
1 60
160 160
160
160
W o lv e rin e ................... 25
237 160 M ar 27 198 F e b U 131 Jan 190 Deo
* 1 *2
1%
134
134
134
134
1*4
1*2
*1*4
285
1 *4 W y a n d o t........................ 25
1*4 M ar 27
3 \ Jan 22 •70 J ’ ly
2 34 D eo

....

.....

.....

To"
55

e B efore

pay’tofassess’tscaaedin 190?. ' Bidaad




pr.eej; n>s:iles m«le 0
11tm* a^y.

4Noy

rA-ji’tpul.

4

-rljU M .

a E x -d i7. ah r ig h t s

A p r . 0

797

Boston Bond Record.

1907. i

140 A U »
B O S T O N ST O C K E X O H ’ G E
W m e k E n d in g A p e i l 5
A ju B ell T »l© phone 4 s ___ 1908
A m T e le p <fe T e l c oll tr 48.1929
A m W n t P a per 1st s I o s g 1919
A tc h <fc N eb ra sk a 1st 7 s .. 1908
A tehT ondfc S F e g e n g 4 s .. l 9 9 6
A d ju stm e n t g 4 s ___ J ’ ly 1996
B oston E le c t L ig h t 1st 6s . 1908
C on sol 6 s ............... ............ 1824
B oston <fc L o w e ll 4 s ........... 1907
4s............................................ 1916
B oston & M ain e 4 % s..........1944
Boston T erm in a l 1st 3*28.1947
Bur & M o B iv e x 6 s ........... 1918
N on -ex em p t 6 s .................1918
S in k in g fu n d 4 s ............... 1910
B n tte * Hoswm 1st 6 s ___ 1917
Cedar B a p & M o R 1st 7 s . 1916
2d 7 s ..................................... 1909
Cent V e rm t 1st g 4 s ..M a y 1920
0 B * Q Io w a D iv 1st 5 8 .1919
Io w a D ir 1st 4 s ............... 1919
D eb en tu re 6 s .................... 1913
D en v er E x te n 4 s ............. 1922
N eb ra sk a K x te n 4 s ........1927
B & 8 W s t 4 e...................1921
Illin ois D iv 3*38............... 1949
J o in t bonds See G t N orth e rn
Chic J o K y <fe Stk Y d s 6s .1915
C oll tru s t r e fu n d in g g 4 s l9 4 0
Ch MU <fc St P D u b D 6 s ..1 9 2 0
Ch M & St P W is V 41V 6 s l9 2 0
C h i c * N o M ich 1st g u 5 s . 1931
Cfeio <fe W M ich gen 6 s . . . . 1921
C on cord & M o n t c o n s 4 s ..1 9 2 0
C onn & Pass R 1st g 4 s . ..1 9 4 3
C u rren t R iv e r 1st 5 s ......... 1927
D et G r R ap & W 1st 4 s . . . 1946
D om in ion Coal 1st s f 5 s . .1940
F itc h b u r g 6 s .........................1 90 »
4 s .......................................... 1915
4 s .......................................... 1927
F r e m t E l k & M o V l s t 6 s .. 1933
U n stam ped 1st 6 s ........... 1933
G t N o r C B & Q c o ll tr 4s 1921
R e g is te r e d 4 s .....................1921

-j
-j
-j
M-S
A -O
N ov
j
j
j

W eek's
R ange or
Last Sale

P r ic e
F rid a y
A p ril 5

ce

’s 1?
a;”'

MS

J -J

A-0
J -J
J -J
M-N
J -D
J -D

105

..........

"9 7 " " I I "

m i l l "83*

io i" ios"

' 9 6 ', ' 9 0 s

100

.........

m i ; '» f * s
99
.........

A- O
A -O

A-0

M-N
M-N
M-S
M-S
A -O
A -O
J -J
Q-J

iiiiii "89"

BONUS
B O ST O N S T O C K E X C H ’ G E

Illin o is Steel d eben 5 s ___ 1910 J -J
N o n -c o n v e rt d eben 5 s . ..1 9 1 3 A-O
la F a lls & S io u x C i s t 7 s .. 1917 A -O
K an C C lin & S pr 1st 5 s . .. 1925 A -O
98*o 1101% K an C F t S & G u ll 1st 7 s .. 1908 J -D
K an C F t S c o tt & M 6s ___ 1928 M-N
90% 92
K an C M & B gen 4 s ........... 1934 M-S
A s s e n te d in co m e 5 s ........1934 M-S
110 F e b ’ 04
K an C & M R y <fc B r 1st 5 s l9 2 9 A -O
104 S A p r ’00
K a n C S t J o & C B 1st 7 s . .1 9 0 7 J -J
101 Sep ’ 06
M ain e C en t co n s 1st 7 s . .. 1912 A -0
114 M a r’06
C on s 1st 4 s ........................ 1912 A-O
112 *2 Jan ’03
1117 4, Jan ’ 07
107 *8 107 *8 M ara H o u g h & O n t 1 st 68.1925 A-O
M e x ica n C en tral co n s 4 s . .19 1 1 J - J
102 Sep ’05
l s t c o n s i n c 3 s ........... J an 1939 J ’ ly
99% O ct ’ 06
2d c o n s in c 3 s ........... J an 1939 .T’ ly
100 J ’ n e ’01
M ich T e l e p l s t 5 s ................ 1917 J - J
123 N o v ’ 06
M in n e G en E le c co n g 5s 1929 J - J
111 % J ’ ly ’05
N e w E n g C ot Y arn 5 s ___ 1929 F-A
83
83
90
83
N e w E n g T e le p li 6s ........... 1907 A-O
109 M ay’ 05
Lo«j *aibo H 6s .......................................... 1908 A -0
100's F e b '07
5 s .......................................... 1915 A -O
1 0 2 S J ’ ly ’06
98 M a r ’o7
98
99% N e w E n g la n d co n s g 5 s ... 1945 J - J
B o s to n T e r m 1st 4 s ........1939 A -0
102 % J ’ n e'06
O ld C o lo n y gold 4s ............. 1924 F-A
98*4 D e c ’06
90 *t M ar'07
90 % ' 91*2 O reg R y & N a v c o n g 4 s . . 1946 J-D
O reg Sh D in e 1st g 6s ........1922 F-A
100
13 100 102*2 R ep tib V a lle y 1st s I 6s . . .1 9 1 9 J - J
100
R u tland 1st co n g e n 4 *28.1941 J -J
95 F e b ’ 07
94*2 95
R u tland -C anadian 1st 4s 194 9 J - J
122 A p r ’ 06
S avannah E lec l s t c o n s 58.1952 J -J
126 F e b ’05
S eattle E le c 1st g 5 s ..........1930 F -A
100 100
100 F e b ’ o7
T e r r e H a u te E le c g 5 s___ 1929 J -J
100 % 102
100*2 M a r’07
T o r r in g to n 1st g 5 s ........... 1918 M -S
99
99
99 M a r’ 07
U n io n P a c R R <&1 g r g 4 s . 1947 J - J
1121, Jan ’ 03
1st lien c o n v 4 s .................1911 M-N
104 N o v ’06
U n ite d F r u it co n v g e n 5a. 1911 M -S
89 M a r ’07
89
90
U S Steel C orp 10-60 y r o s . 1963 M-N
100 J a n ’ 07
100 100
W e s t E n d S tre e t R y 4 s ___ 1915 F -A
103>-: Sep ’ 05
G old 4 ^ 8 ..............................1914 M -S
103*8 A p r ’05
G old d e b e n tu re 4 s ........... 1916 M-N
100 ij O ct ’ 06
G old 4 s ................................. 1917 F-A
134% N o v ’ 06
W e ste rn T e le p h <fc T e l 5s. 1932 J -J
140 A p r ’ 05
91 % 1195*8
88*4 97*4 W is c o n s in C e n t 1st ge n 4 s l9 4 9 J - J
W is c o n s in V a lle y 1st 7 s . .1 9 0 9 J - J
92 *u
92*ii
92 >9 96

N o t e — B u y er pays a c c r u e d in te re s t in a d d itio n t o th e p u rch a se p rice fo r all B o s to n B on ds.

W eek’ s
R ange or
Last Sale

P rice
F r id a y
A p ril 5

W kkk E nding A prils

lx>w High,
96% 98*4
82% 90 '4

H igh
Bxa
A sir Low
9738 Sale
97
97%
82*4 Salt
82%
<
v .'i *»
1]87 ** N o v ’ Hti
104 M ar’ 06
93%
992,
9 9 l4 Sale
90% Sal*90%
90»-

M -S
J-D
J -J
J -J
F-A
J -J
J -J
J -J
A -0
M-N
J-D
Q -F
A -O
A-O
M-N
F-A
M-N
M-S
J -J

R ange
Since
J a n u a ry 1

R ia
98'

80

R an ge
■since
J an u ary 1

High.
A SlC I a >w
10 0 % O ct ’ 06
99
Sale
98
98 is
122*4 N o v ’ 06
98 J an ’07
102*2 N o v ’ 06i
117
117
94*2 D e c ’ 06
92 M ar’ 07
100 M a r’ 07
10o% Sep '06
113% N o v ’ 06
101*4 Sep ’ 00
118 M ay’04
84% F e b ’ 07
83
26*2 o c t ’ 06
17% A u g ’ 05

Low H ig h

100%

98

98*4

11*4" i ‘2 0 "
92

100

102 *2 A u g ’ 04
97 *4
9 7 '-4
99*2 Jan ’ 07
100 M a r’ 07
100% Jan ’ 07
101 *2 Sep ’ 06
no'2% J »n ’ 05
1121% M ar’ 06
103 Jan ’ <>7
107 *2 NovM>5
102 M a i’ 02
98*2 M ay’06
105 M a r’ 07
102 D e c ’ 05
99*2 N o v ’ 06
100% F e b ’ 07
1150*8 A p r ’ 06
107 *2 M a r ’07
H98% Sale H 9-% U9S%
10O *a J an ’ 07
98 100
102 J a n ’ o7
1 0 2 % Jan 06
98 100
98
100
100*2 J a n ’ 07
91*2
92
91 *2 S&le
*[]94*2 Sep ’05
109% A u g ’ 05

* N o p r ice F r id a y ; latest bid an d ask ed .

88

92

101

84

85 %

97*4
99*2
99*2
100 %

100%
99%
100
1 00 %

100%^1102
107 " iV o "
94 H99%
100% 100%
102 10J .

i'o'6%ibo%
91%

99

1j F la t price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, W eekly, Y e a rly
S h a r e P r ic e * — N ot P e r C e n tu m P r i c e s
S a tu rd a y
M a rch 3 0

M on d a y
A p ril J

Tu m i ia v
A p ri I 2

Wednet iday
A p ri I 3

1'hurm iay
A p ril 4

tY i& a y
A p ril 5

R a n ge lo r Year
19 0 7

Sales
or the
W eek
i,haret

A C T IV E S T O C K S
( F o r B o n d s a n d In a c tiv e
Stoclcs see b elo w )

Low est

R ange to r P rev io u s
Y ear (1 9 0 6 )
H igh est

Loioest

H ig h es t

B n lt im o r o
O
W
C

89

80 *».
89*4

89

89

Q

11%

11*2

11%

11%

cc
G
tr1
0
w
O
1

ft
a
K

e

80*9 80%
88% 89
19>2
40
*35
11% 11%

89
12

*30
*82
M9
90
19 M *18
*32*9
12%
13

48%
37
9%

4S%
38
9%

49
37*4
9%

49=y
3 7%
9%

49%
37%
9%

49 4
38
9%

49%
38%
10

49%
38%
10 V

10
82
62*4
1%
613i«
♦42 >2
7%
’.5*4
51*18
*42
*42
64*4
85%

10*4
83%
63*4
1%
62%
43
K%«
16
53^
43
43
55
87%

*10%
84%
63
1%
61%
42*2
8*2
15-8
52®is
*42
*42
64*2
87

11
85
64*2
1%
62%„
4 2 *2
8%
16%
63*4
43
43
55
88*4

10%
85
63%
1*4
61%
4 2 3,
8%
16%
5 2 1ib
•42
*41%
56%
88%

11%
85 S
64 *4
1*4
62 *»
43%
S'Sio
IV *
53%
43
42%
67
91*2

11%
86
65%
1%
62%
44*4
8 »*i«
17*2
53 *2
*42*,
*42%
57
92%

13
88*2
66%
1 :*»
63
44%
9
18%
55*4
43*2
43^
67 *,
93

R id

A sic

><
P H IL A D E L P H IA
I n a c t iv e S t o c k s
A lle g h e n y V a l p r e t___ 5(J
A m e rica n C em en t........50
A m o r G as of N J ........100
B e ll T e le p h o n e ............. 50
C am bria l i o n ................. 50
C en tral Coal ite C ok e. 100
C o n s o lT r a c ot N J ... 1 0 0
D iam ond S tate S t e e l..10
P r e f e r r e d .....................10
E a ston Con E le c tr ic 6.50
E le c S torage B a tt___ 100
P r e f e r r e d ...................100
F t W a y n e <feW V ........100
G erm a n tow n P a ss ........60
In d ia n a p olis S t ........... 100
In dian a U n ion T r ----- 100
In s u r a n c e C o of N A . . 10
I n te r Sm P o w & C h eiu.60
K e y s to n e T e le p h o n e ..5 0
P r e f e r r e d .................... 50
K ey s ion e W at ch Case. 100
L it B r o t h e r s .................. 10
L ittle S c h u y lk ill........... 50
M in eln ll & S ch u y l H ..5 0
N H a v e n Ir o n cfc S t e e l.6
N o rth e r n C e n tr a l......... 50
N o rth P e n n s y lv a n ia ..5 0
P e n n s y lv a n ia S a lt........50
P e n n s y lv a n ia S t e a l..1 0 0
P r e f e r r e d .................. 100
P ln la Co ( P itts) i>ret...50
P h il G erm an tt N o r r is .50
Plnla T r a c t io n ...............50
R a ilw a y s G e n e r a l........10
Busqueh Iron & s t e e l . .5
T id e w a te r s t e e l ........... 10
P r e f e r r e d .................... 10
T on opah W iu t n g o f N e v l
U n ion T r ot l u d ......... lo o
U n ited N J H K i t u . . 100
U n it T r a c P itts j»r e l..5 0
W a r w ic k Iron .fc .Steel. 10
W est Jersey
s e a S h .5 0
W estm orela n d Coal___
W ilk e s Gasan K le o .,1 0 0

42*2

61
47

51*2

62

16*4

lo o
45
92*2

18l!

46.
93'

18%

100
100
50
lo o
100
50

P H IL A D E L P H IA

K onds
A l V a l E e x t 7s 1910 A-O
A l t & L V E le c 4 *28’ 33.F -A
A m K y s c o n v 5 s 1 9 1 1 .J -D
A tl C ity 1st 5s g ’ 1 9 .M -N
Balls T e r 1st 5s 1 9 2 6 .J -D
B e r g & E B r w l s t 6 s ’ 21 J-J
B eth le S teel 6s 1 9 9 8 .Q -F
C h oc <fc M e 1st 5s 1949 J-J
Ch O k <fc G ge n o s ’ 19 J -J
C ol S t R y 1 st co n 5s 1932
Con T r a c o f N J 1st o s . ’33
E <fc A 1st M 5s 1920 M -N
E le c <fc P e o T r stk tr c tfs
Eq II G as-L 1 s t g 5s 1928
H <fc B T o v co n 5s ’ 25 A - 0
In d ia n a p o lis R y 48.1933
In te r s ta te 4s 1943 ..F - A
D elngh N a v 4% s '1 4 .Q-J
R R s 4s g ........1 9 1 4 .Q -F
G en M 4*28 g . 1 9 2 4 .Q -F
Leh V C 1st 5s g ’ 3 3 . .J-J
Leh V e x t 4s 1 st 194 8. J-D
2d 7s 1 9 1 0 .................M -S
C o n so l 6s 19 2 3 ........J -I)
A n n u ity 6 s ...............J-D
G e n c o n s 4s 2 0 0 3 .M -N
L eh V T ra n c o n 4s ’35 J -D
N e w Con G as 5 s 1948 J -D
N e w a r k P a ss c o n 5s 1930
N Y Ph & N o 1st 4s ’39 J-J
In c o m e 4s 1 9 3 9 ...M -N
N o O ln o T r a c co n 5 8 ’ 19.J-J
P e n n gen 6s r 1 9 1 0 ..V a r
C on sol 5s r 1 9 1 9 .. .V a r
P en n <fc M d S teel c o n 6s.
P a cfc N Y Can 5s ’ 3 9 .A O
Con 4s 193 9 ............. A-O
P e n n S teel 1st 5s ’ 17 M -N
P e o p le ’ s T r tr ce r ts 4s ’43
P C o 1st<£ co l tr 5 s ’ 49 M -S
Con<fc c o i t r 5s 1951M -N
Ph il E lec g o ld tru s t c tfs .
T r u s t c e r tifs 4 s ...............
P Oc K gen M 5 g ’ 2 0 . A-O
G en M 4s g 1 9 2 0 ..A & 0

P h <fc R e a d 2d 6s ’ 3 3 -A -O
C on M 7s 1 9 1 1 ........J-D
C on M 6s g 1 9 1 1 ....J -D
E x Im p M 4s g ’4 7 .A -O
T erm in al 6s g 1 9 4 1 .Q -F
P W & B c o l tr 4s ’ 2 1 . J-J
P o rtla n d R y 1st 5s 1930.
R o ch R y * L c o n 5 s ’ 54J-J
U T r a c In d g e n 5s’ 19.J-J
U n ltya T r c t fs 4 s ’ 49J<fcJ
U n ite d R y s I n v 1st c o ll tr
s f 58 1 9 2 6 .................M -N
U T r a c P it g e n 5 s ’ 97 J-J
W e lsb a c h s f 5s 1 9 3 0 .J-D
W lk s-B G<fc E c o n 5 s ’5 5 J-J
B A L T IM O R E
I n a c t iv e S t o c k s
A la C on s Coal«fc I r o n . 100
P r e f ..............................100
A tla n ta & C h a r lo tte .. 100
A tla n C oa st L in e R R . 100
A tla n C oast L (C onn)lO O
C a nton C o .................... 100
C ons C ot D u ck C o r p ...5 0
P r e f e r r e d .................... 50
G e o rg ia b o u <fc F l a . .. l 0 0
1st p r e f ...................... 100
2d p r e f ........................ 100
G -B -S B r e w in g ............100

^ E x -rig h ts.

35
•27
114

86 M ar 14
19*9 F e b 2 5

1,150

10 *2 M a r l 2

P h ila d e lp h ia
394
4 9% 49*2 A m e rica n R a ilw a y s ___ 60
38% 39 C am bria S t e e l ................. 50 8,9 9 6
10>i E le c t r ic Co o f A m e rica 10 4,045
10
100
•5
7
100
686
25
9,7 *<?
13
13*4 Lake S u p e rio r C o r p ... 100 1,475
87*9 8 8 % L efugh C <fe N a v tr c tfs 50 2,0 ,3
65% 67*2 L e h igh V a lle y ................. 50 10,793
500
*1 %
1% M arsden C o .................... 100
63
63 > P e n n s y lv a n ia R R ........ 50 7,138
*44% 40
P ln la d elp ’ aOo ( P it t s b ). 50 1,277
9
Ph iladelphia E le c tr ic * 26 30,598
«%
17% 18% Pliila R a p id T r a n s it c .. 60 27,257
50 59,807
6 4 l %R5<il5ie
100
43
43
D o 1st p r e f ...........
50
•42% 43 %
D o 2d p i e f .............
5(1
5(1 2,699
67*4 67 *2 U n ion T r a c t o n .............
92*4 93% U n ited G as I m p t .......... 5(1 24,184
*2 /
W e lsb a ch C o ................. 10(1 — . . .
30

P H IL A D E L P H IA

* B id and aaked p r ice s ; n o sales o u this day.




35
84
90 N o rth e rn C e n t r a l.........
VO
40
13% U nited R y <fc E le c t r ic ..

97%
99% 100
103
119%

i<5"
105%
"9 3 "

93*2

105 S
84
63
102%
108
109*2 110
107*9
1 4 7 ‘2 148
9 6 1* 96*2
06
68

99*4
105%
99 ^ 1 0 0 ‘4
98
70

U^ 7.50 paid,

B on ds
A n a c o s tia & P o t 5 s ...........
A tl & Ch l s t 7 .. .1 9 0 7 J-J
A tla n C L R R 4 s l 9 5 ‘2 M -S
A t l C oast L (C t )c t fs 5s J -D
C tfs o f in d e b t 4 s ___ J-J
6-‘^0 y r 4 s 1 9 2 5 ......... J-J
B a lt C P a s s 1 st 5 s ’ 11 M -N
B a lt F u n d g 5s. 1916 M -N
E x c h a n g e 3 %8 1930 J-J
B alt <fe P 1 st 6 s m l ’ 11 A-O
B a lt T r a c 1st 5 s . . ’ 29 M -N
N o B a lt D iv 5s 1942 J-D
C o n v e r tib le 5 s .’06 M -N
C en t’ l R y c o n 5 s l9 3 2 M -N
E x t & Im p 5 8 .1932 M S
t $15 p u d .

{ $10 paid,

B A L T L t lO K E

R id

C lia s C ity R y 1s t 5 s ’ 23 J-J
Chas R y G <t El o s ’ 99 M-.S
Chari C<fc A e x t 5 s .’09 J -J
2d 7 s . . - ........... 1910 A-O
C ity & S ub 1st 5 s . . ’22 J-D
O itydc S u b (W a s ) ls t 5 s ’ 48
Coal <fc I R y 1st 5s ’ 2 0 F -A
C o l& G r n v I s t 6 s .l 9 1 6 J-J
C on sol G as 6s. ..1 9 1 0 J-D
5 s ........................ 1939 J-D
Ga<fc A la 1 st con 5s '45 J-J
G a C a r <feN 1st 5s g ’ 29 J-J
G eorg ia P 1st 6 s . . . ’ 22 J-J
G aSo <fc F la 1st 5s 1945J-J
G -B -S B r e w 3-4s 1951M -S
2d in co m e 5s 1951 M -N
K u o x v T r a c 1st 5 s ’ 28 A-O
L a k eR E l 1 st g u 5 s ’ 42M -S
M e tS t(W a s h )ls t5 s ’ 25 F A
M t V e r C ot D u c k 1st 5s.
I n c o m e s ............................
N p t N & O P 1st 5 s ’ 38 M-N
G e n e ra l 6s___1941 M -S
N o rfo lk St 1st 5s ’ 4 4 . .J-J
N o rth C e n t4 % s 1925 A - 0
Series A 5s 1 9 2 6 ___ J-J
S eries B 5s 1 9 2 6 ___ J-J
Pitt U n T r a c 5s 1 9 9 7 .J-J
P oto V a l 1st 6s 1 9 4 1 .. J -J
Sav F la (fe w e st 5 s ’34 A-O
•Seaboard A L 4 s 1950 A -0
S eab <fc R oa n o s 1 92 6. J-J
South B o u n d 1st 5 s . .A - 0
U E l LxfeP l s t 4 % 8 ’ 29 M -N
Un R y <fc E l 1 s t 4s ’ 49 M -S
In c o m e 4s 1 9 4 9 ........J -D
V a M id 1st 6s 1 9 0 6 .-M -S
2d series 6s 1 9 1 1 ...M -S
3d se rie s 6s 1 9 1 6 ..M -S
4tli ser 3-4-58 19‘2 1-M -S
5th se rie s 5s 1 9 2 6 .M -S
Va (S tate) 3s n e w ’ 3 2 .J J
Fund d e b t 2-8s 199 1. J J
W est N C co n 6s 1 914 J-J
W esVaC<fcP 1st 6 g ’ l l J-J
W il * W eld 5 s . .1 9 3 5 .J -J

100

ibo’*-!
97 *i

82 \
83
110

73

71

64
170
103
240
88

88

ibT

270
92
11
11 %
3 0 34 31*,
30
95
72%
6

100%
'9 4 'si
105

94 4

82*5 ” 8 6 '*

8 2 % 85
1 0 2 % 104
110*2
99
99 *j

110

110
109

i #20 paid,

41 J ’ ns
O ct 90 J ’n e
J ’ ly 111 r4 D ec
D e c 32 J a n
Dec 62*2 Jan.
D e c 19 J a n

A sk

110*4
107
106

98

80
97
22
48
13

20 M a r l5
8% M ar25
78 -uai 14
67 M a r . 4
1 % M ar20
58 *2 M ar26
42 *2 A p r 2
7 % M ar 14
15** M ar27
45% M a r‘25
43 M a r l9
42 M a r l5
53 M ar 14
80 *2 M a r l 4
25
Feb 11

101

118*2

9

Jan 26
7
48 Jan 7
13*9 Jan 3

51 Jan 2 50% Sep
47 4 Jan 24 30% Jan
11 % J an 14 11 May
2ft
36 Jan 25 31 D ec
16 Jan 8 1 4 % N o v
103 Jan 7 100 D e c
7 s % Jan 5 65 May
2 % J an 7
O ct
70l%e Jan 8 61% J 'ly
48*4 Jan 4 47 A p r
9 Apr 4
6 % D ec
24 J a u 22 c l 9*4 D ec
69% Jan 7 56*4 May
45% Jau 14 43% A p r
47 Jan 14 44% 11a)
60% Jan 22 5 8 % Dec
96*8 Jan b 1]81 *2 May
30 F e b 18 25 D ec

48% A p r 1
32'<4 M a r l!
8% M ar 21

R id

Jan

97

a R e o e ip to .

b

paid.

54 Jan
39% N ov
12% N ov
14 J a n
48 Jan
2 3 % Jan
118 .lan
86 J ’ne
3 i nm Jan
73‘ i jo J an
a54 -j M ar
9% o O ct
$34*4 Jan
83 J a n
1715ie J an
51 J an
6.3 A u g
101 Feb
32 M ar
A sk

90
107
107

107*2 HO
100*4 102

110
103
109 ^
106
106
115
108%
52 \
23*2
104'4
109
108
7 8 34

102
112 *2
104
1 10
[07
107
119
109
63
24
105%
111
T tT *

92 *9 99
10')
107
110
110

109
74

115
116
111

74%

108
90
87

L10
92*2
87%
6 1 % 55 *4

ids"

108
106
107
91
94
91% 94
1 10 3.
106
104
106
111
116

c $30 paid.

798

THE CHRONICLE.

[V o l .

l x x x iv

.

|ju.uestment a n d iiU n U o a d i n t e l l i g e n c e *
R A IL R O A D

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or m onthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or m onth, and the last two
columns the earnings for the period from July 1 to and including such latest week or m onth. We add a supplem entary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers som e other
period. The returns of the street railways are brought together separately on a subsequent page.
L atest G ross E a rn ing s.
W eek or
M on th .

Current
Y ear.

July 1 to Latest D ate

P revio u s
Y ea r.

Current
Y ear.

Latest Gross Earn inas.
W eek or
M o n th .

P rev iou s
Y ea r.

Current
Year.

July 1 to Latsi D ate.

P reviou s
Y ear.

A la G reat Sou th ern — See S out hern Rail
N Y C & H u d R iv e r F e b ru a ry
6 ,562,113 6,582,124 63,185.149 60,673.92$
A la N O & T e x Pac
L a k e S h ore & M S F eb ru a ry
3 ,263,827 3 ,0 3 0 ,8 7 6 3 8 ,665,725 26,872,910
N O & N E a s t ___ 1st w k M ch
57.000 2 ,2 14,314 1 ,971,925
54.000
L a ke Erie & W est F e b ru a ry
373,168
413,704 3 .474,102 3 617,791
930 ,512
30.000
A la & V ic k s b u r g 1st w k M ch
26.000 1 ,072,296
C h ic In d & S o u .J . F eb ru a ry
217,072
187,299 1,648,967 1 ,4 6 0 ,2 1 »
V ic k s b u r g Sh & P 1st w k M ch
28.000
849,609
25,000 1 ,116,309
M ich igan C e n tra !. F e b ru a ry ' i , 088,988 2,0 2 0 .9 9 3 18,024,258 16,657,445
A la T en n & N o r t h . Ja n u a ry . .
23,835
27,194
3,232
4,842
C leve C C & St L . F ebru ary
i 821 ,250 1,743,632 16,882,445 15,894,421
k A t c h T o p & S F e . F e b ru a ry . 7 ,3 5 2 ,2 4 7 6 ,7 1 1 ,8 9 0 60,6 2 4 ,0 0 9 53,3 4 5 ,2 9 5
P eoria & E astern
225,342
bruarj
228,032j 2,064,831 2,1 4 4 ,4 7 8
A tla n ta & C h a r i.. J a n u a ry . .
345,373
325,5171 2 ,4 9 2 ,9 2 3 2,3 7 5 ,2 0 3
71,884
C in cin n ati N o r t h . F eb ru ary
601,667
63,222
698 ,040
A tla n B irm & A t l ’ c . F e b ru a ry .
90,971! 1 ,016,676
116,306
708 934
Pitts & L a ke Erie IF e b ru a ry . 1,022,316
964 ,753 9 ,548,802 8,864,881
A tla n tlc C oa st L ine F e b ru a r y . 2,3 0 8 ,5 3 9 2 ,1 7 2 ,9 7 3 17,340,583 15,889,701
R u t l a n d _________ j F eb ru a ry _
177,043
175,757 1,903,277 1,793,410
• B altim ore & O h io _ F e b ru a ry . 5 ,939,293 5 ,8 0 2 ,5 0 8 54,076,049 50,9 8 6 ,3 8 1
N Y C h ic & St L _ : F eb ru a ry .
808 ,315
751 ,532 6.640,821 6.3 8 4 .8 2 6
B a n gor & A r o o s to o k F e b ru a ry .
205 ,6 3 1 ' 2,0 5 2 ,8 9 0 1 ,572,832
2 43,458
N Y O nt & W e s te rn F eb ru a ry .
518,958
457 ,866 5,4 2 7 ,1 2 4 5 ,0 4 7 ,2 8 0
4,466
B elleion te Central
41,302
4,393
F e b ru a ry .
N Y Su sq & W e s t . . F e b ru a ry .
38,610
226,109
204,497 2,0 0 1 .4 5 9 1,878,417
B rid g eton & S a co R Jan uary
2,914
2,902
29,347
28,773
N o r fo lk & W e s te rn - F e b ru a ry . 2,4 3 8 ,7 0 6 2,2 3 3 ,5 4 8 2 0 ,0 8 3 ,7 1 8 1 8,496,052
B u ff R o c h & P it t s __ 4th w k M ch
231,127 6 ,168,752 6,6 5 4 ,2 2 0
211,057
N o rth e r n C en tral _ . F e b ru a ry .
903,579
835,579 8,1 6 6 ,4 6 9 7 ,4 3 3 ,0 6 9
B u ffa lo & S u s q ____ F e b ru a ry
140,204 1,1 9 1 ,5 1 7 1 ,0 5 7 ,1 1 6
131,629
N o rth e r n P a c ific ___F eb ru ary . 3,511,651 4 ,0 2 3 ,4 0 4 44,4 5 0 ,0 8 8 4 1 ,5 4 5 ,7 2 5
149.100
C a n adian N orth ern - 4th w k M ch
162,300 5,0 8 9 ,5 0 0 3 ,7 9 6 ,1 0 0
P a c ific Coast C o ___Jan u ary . .
5 6 9 ,764
482,835 4 ,2 0 6 ,5 3 8 3,9 8 5 ,1 1 9
C a n adian P a c ific ___ 4 th w k M ch 2 ,0 9 9 ,0 0 0 1 ,6 4 6 ,0 0 0 52,0 3 6 ,2 0 6 4 5,080,118
d P e n n — E a st P & E F eb ru a ry _ 11452860 10824060 102449613 9 4 ,7 7 3 ,7 ia
C en tral o f G e o r g ia .. 3 d w k M ch
229 ,500 9,0 7 7 ,3 2 9 8 ,4 8 2 ,4 7 3
260,900
d W e s t o f P & E . F e b ru a ry . In c . 552 ,500
In c. 4,92 9,000
Cen tral o f N J e r s e y . F e b ru a ry . 1 ,887,745 1 ,876,568 1 7,373,634 16,713,276
P e o ria & E a s t e r n .. — See N ew Y o rk Cen tral.
3,695
’ C h atta n S o u t h e r n .. 3d w k Mch
97,854
117,092
2,583
P h lla B a lt & W a s h . F e b ru a ry . 1 ,166,716
097 ,216 10,918,494 9 ,9 6 8 ,4 9 4
C h esapeake & O h io . F e b ru a ry . 1 ,931,139 1,9 6 7 ,6 8 9 16,514,824 16,057,659
660,853
P h ila d elp h ia & E rie D ecem ber
692,367 4 ,698,338 4 ,6 3 1 ,6 5 8
C hesterfield & L a n e F e b ru a ry .
5,196
24,794
3 2,630
3,723
P itts Cin C h ic& S t L F e b ru a ry . 2,385,912 2 ,149,467 20,230,359 18,803 ,05$
C h ica go & A lt o n R y F e b ru a r y . 1,004,418
8 67 ,4 7 9 8 ,7 5 2 ,1 1 0 8 ,0 8 4 ,9 3 7
P itts & L a k e Erie — See N ew Y ork Cen tral.
C h le G reat W estern 3d w k M ch
171,561
165,037 6 ,931,319 6,402,671
54,714
34,844
R a le ig h & S o u th p o rt Ja n u a ry . .
4,675
9.490
C h ic In d & L o u ls v . 3d w k M ch
92,006 4 ,2 6 7 ,5 8 9 4,2 6 0 ,8 3 1
111,768
R e a d in g R a i l w a y .. F e b ru a ry
3.113,191 3 ,253,274 2 7 ,8 4 2 ,1 7 5 27,5 2 8 ,2 6 8
C h ic ln d & Southern
See N ew Y o r k Cen tral.
C oal & {r o n C o . . F eb ru a ry
3,5 1 9 ,3 4 0 2,9 4 3 ,1 9 8 2 5 ,326,845 2 3 ,8 6 1 ,2 3 9
C h ic M ilw & St P a u l F e b ru a ry . 4 ,3 3 1 ,7 2 0 4 ,0 4 5 ,3 5 6 4 0,7 1 1 ,3 8 2 3 7 ,4 2 7 ,5 9 8
T o ta l b o th c o s . . . F e b ru a ry . 6,632,531 6 ,196,472 5 3 ,1 6 9 ,0 2 0 5 1,389,507
Chic & N orth W e s t- F eb ru ary . 4 ,8 3 4 ,2 3 6 4,5 8 9 ,3 6 3 46,0 0 6 ,9 9 2 42,370,548
R ic h F re d & P o t ___ J a n u a ry .
93 2 ,6 9 a
168,088
142,718 1,045,529
C h ic St P a u l M & O . F e b ru a ry .
975 ,086
9 43,828 9 ,5 4 7 ,3 9 4 8 ,9 3 5 ,8 7 0
R io G ra n de J u n e ___ Ja n u a ry . .
412 ,040
64,081
47,784
503,113
C h ic T erm T ra n R R 3d w k M ch
3 2,005 1 ,2 2 4 ,5 6 7 1,250,722
2 9 ,342
R i o G ra n de S o u t h . . 3d w k M ch
11,530
7,395
4 1 2 ,9 0 6
443 ,998
Cin N O & T e x a s P a c — See Sout hern
R<i ilwa;
R o c k Isla n d S y ste m F e b ru a ry . 4 ,6 3 5 ,5 6 2 3,979,204 3 9 .4 5 2 .5 9 6 3 5 ,1 6 7 ,6 5 5
C in cin n at N orthern — See N ew Y o r k Cen tral.
e S t L & San F ran F e b ru a ry _ 4 ,0 9 6 ,7 6 7 3,396,492 32,7 4 6 ,3 7 3 28,580,711
C lev Cin C h ic & St L —See N ew Y o r k Cen tral.
f E v a n s & T e r H . F e b ru a ry .
169,351
159,588 1,543,627 1,468,724
C o lo ra d o M id la n d .. J an u ary . .
190,413
187,253 1,498,893 1,296.228
T o t a l o f all lin e s . F e b ru a ry . 8 ,9 0 1 ,6 8 0 7,5 3 5 ,2 8 4 7 3 .7 4 2 .5 9 6 6 5 ,2 1 7 ,0 9 a
ftCol & S ou th S y s ._ 4th w k M ch
2 98 ,326
2 79 ,970 10,072,018 8,8 4 6 ,0 1 5
R u tlan d
i —See l e w Y ork Oen tral
C ol N e w b & L a u r .. F e b ru a ry .
28,384
195,768
25,832
210,689
S t J os & G rand I s l . 1F e b ru a ry .
144,538
111,971 1 ,160,468 1 ,0 4 9 ,0 9 6
C op p er R a n g e _____ January
6 0,467
466 ,562
56,968
399,541
St L ou is <Ss Sa 1 Frai.l — See K ock Island Sy stem .
16,886
C orn w all____________ F e b ru a ry .
136 ,164
143,582
18,062
St L ou is S ou th w est - !4th w k Mch
268,620
227,685 7,9 7 5 .4 7 9 6 ,7 8 0 ,0 5 4
C ornw all & L eb a n on Jan u ary . .
282,362
39,856
3 9,399
269,161
S e a b o a rd A ir Line
January . . 1,457,257 1,314,669 9 ,1 9 6 ,8 1 6 8 ,5 5 1 ,9 2 5
D e n v & R io G ra nde 4th w k M ch
4 8 7 ,1 0 0 15,653,181 14,557,311
5 53.100
Sierra R a ilw a y __ ; F eb ru ary .
237 ,329
28,104
293 ,334
25.799
40,279
D e tr o it & M ack in ac 4th w k M ch
34,556
838,565
9 56.628
971 ,394
125 ,152
S o u th e rn I n d i a n a .. F eb ru a ry .
120,290 1,094,499
D e t T o l & I r o n t Sys 3d w k M ch
70,126
82.001 3,0 7 7 ,7 2 3 3 ,0 6 1 .8 8 4
cS ou th ern P a cific Co iF eb ru a ry _ 10057098 8 ,0 0 1 ,8 4 4 82,3 2 3 ,9 8 3 6 9 ,7 8 6 ,1 5 6
D ul S o S h ore & A t l . 3d w k M ch
53,264 2 ,311,912 2,1 8 6 ,8 6 4
58,021
S o u th e rn R a i l w a y . . (3d w k M ch I ,164,200 1,069,691 40,828,96.) 38 ,897,062
E r i e ________________ F e b ru a ry . 3 ,750.645 3,6 3 5 ,4 1 9 34,9 0 1 ,8 4 8 33,6 9 6 ,8 4 3
M ob ile & O h io ___ 3d w k M ch
193 ,800
158,383 7 ,500,204 6 622 ,003
E v a n sv ille & T er ti — See lio ck Isla n d S ystem
170,222 6,044,841 5 ,9 5 4 ,1 4 5
C in N O & T e x P . 3d w k M ch
140,023
F a irch ild & N E . . _ F e b ru a ry .
1,715
16,494
12,083
1,687
68,946
A la G reat S o u t h . 3d w k M ch
70,658 2 ,916,276 2 ,7 1 4 ,5 1 6
47,939
F o n d a J o h n st& G lo v F e b ru a ry _
484 ,496
520,119
46,324
172,624 1,491,85,) 1,281 ,515
G a S ou th & F l a . - F eb ru a ry
196,911
G eorgia R R ________ F e b ru a ry _
250 ,686
2 33,195 2 ,0 6 3 ,9 8 0 1 ,909,432
7 1 5 ,2 9 6
894,541
T e x a s C e n tra l______3d w k M ch
21,382
15.824
G eorgia Coast & P ’t D e cem ber
3 9,935'
2 ,495
8,095
T e x a s & P a c ific ____ 4th w k M ch
454 ,696
393,470 12,830,344 10,041,874
G eorgia S o u t h * Fla — See S out hern Rail w ay.
58,214
7,366
T id e w a te r <Sc W e s t . F e b ru a ry .
57,631
7,033
G ra n d T ru n k S y s _ . 4th w k M ch 1,291,136 1,114,803 3 2.203.111 2 9 ,516,329
349,721
346 ,596 3 ,246,665 2 ,9 1 1 .2 6 0
T o le d o & O h io C ent F e b ru a ry .
121,346
G r T ru n k W e s t . . 3d w k M ch
100,221 4 ,3 3 4 ,527| 3,9 8 7 ,8 0 8
T o le d o P e o & W e s t . 3d w k M ch
972 ,909
20,155
20,864
924,231
37.66
D e t G r H & M il. . 3d w k M ch
36,201 1 ,333,212; 1 ,164.672
T o le d o St L & W e s t 4th w k M ch
97,739
99.799 3 ,092,259 3 ,1 2 3 .7 5 0
28,595
C an ada A t la n t ic . 3d w k M ch
35,510 1,445,9291 1,404,345
T o rn b lgb e e V a l l e y . . F e b ru a ry .
32,041
41,918
5,328
4,667
G reat N o rth e r n ____ F e b ru a ry . 2,479,799 2,970,511 33.9 6 9 .1 1 1 33,1 3 1 ,1 6 7
T o r H am & Bu ffalo F eb ru ary
488,181
503 ,102
50,253
54,025
• M on tan a C e n tr a l. F e b ru a ry .
217,748 1 ,8 0 !),5 3 4 1 1,834,238
177,074
U n io n P a cific S y s t- F eb ru ary . 5,053,241 4,728,351 50,029,263 45,6 6 0 ,6 1 2
T o t a l s y s t e m ____ F e b ru a r y . 2,656.873 3 ,1 8 8 ,2 5 9 3 5,7 7 8 ,6 4 5 34,9 6 5 ,4 0 5
639,752
83,710
V irgin ia & S o W e s t . F eb ru a ry .
674,468
75,472
G u lf & Ship Isla n d . 3d w k Mch
5 6,462
36,180 1,7 7 1 ,0 6 7 1,5 0 2 ,8 5 7
W a b a s h ____________ 4th w k M ch
687,211 20,4 4 1 ,3 1 4 18,7 7 5 ,7 6 5
716 ,000
H o c k in g V a lle y ____ F eb ru a ry _
533,510 4 ,5 2 4 ,7 7 2 4 ,4 9 3 ,0 8 3
4 98,594
W e s te rn M a ryla n d - j4th w k M ch
152,300
134,267 3,9 9 1 ,3 9 3 3,443.137
Illinois C e n t r a l ____ F e b ru a ry . 4,428,661 4.366,911 3 7 ,0 4 7 ,7 1 8 34,2 0 2 ,5 7 0
W e s t Jersey & S e a .'F e b r u a r y .
265,444 3 ,6 1 1 ,1 6 0 3,3 7 3 ,1 6 0
272,244
In ter & G rea t N orth 4th w k M ch
231,000
197,000 6 ,575,555 5 ,2 3 5 ,1 7 7
W h e e l & L a k e E rle.| 3d w k M ch
86,771
98,601 4 ,2 5 7 ,7 9 3 4 ,0 6 0 ,4 0 9
a ln te r o c e a n ic (M ex) 3d w k M ch
144,475
149,764 5-,125,707 4 ,4 5 3 ,3 8 6
87,172
W ’m sp o rt & N B r . . j D ecem ber
12,962
1.1,789
94,300
I o w a C en tra l_______ 4th w k M ch
89,745 2 ,3 9 0 ,9 8 4 2,2 5 7 ,2 7 4
8 1,429
W isco n sin C e n t r a l/. J a n u a ry
532,099 4,347,834 4.1S4.621
540,531
188,796
K a n a w h a & M le h .. F e b ru a ry _
174,103 1,5 3 8 ,3 9 4 1 ,452,762
153,293
W r lg h ts v & T en n llle iF e b ru a ry .
18,355
17,871
142,637
7 26 ,988
K ansas C ity S o u t h . F e b ru a ry _
667,330 5 ,900,216 4,945,463
Y a z o o & Miss V a lley F e b ru a r y .
791,247 6,426,569 5 ,5 8 3 .2 6 6
8 2 6 ,5J3
L a k e E rie oc W e s t’ n — See N ew Y o r k Cen tral.
L a k e S h ore & M Sou — See N ew Y o r k Cen tral.
L eh igh V a lle y ______ F e b ru a ry . 2 ,3 4 9 ,1 5 6 2,3 0 6 ,7 9 7 23,4 5 3 ,7 3 3 2 2 ,5 6 0 ,8 8 3
Current
Previous
L e x in g to n & E a s t . . J a n u a ry _ .
318 ,856
4 1,279
41,919
303,360
Y ear.
V a rio u s F isca l Y ears.
Period.
Year.
L o n g Is la n d ________ J a n u a ry . .
I n c .4 o , 934
/n c.6 3 1 ,1 9 1 7
L ou isia n a & A r k a n . F e b ru a ry _
92,735
94,700
768.614,
647,331
A tla n ta & C h a rlotte A ir L in e ___ M ch 1 t o Jan
3 ,822,696 3 ,6 1 9 .4 3 2
L o u is v ille & N a s h v . 3d w k M ch
794 ,865 3 4 ,6 o 4 ,2 5 - 3 0 ,7 1 4 ,5 7 4
927,300
B e lle fo n te C e n t r a l_______________ Jan 1 t o F eb
9,526
10,149
M a con
B lr m in g . _ F eb ru a ry _
14,290
116,849j
112,450
14,667
M anistee & N o rth e a s te r n _______ Jan 1 to Jan
45,259
49,579
M anistee & N o E ast J an u ary __
45,259
49,579
an 1 to Feb
M a n is t iq u e ______________________
9,140
s; ,698
M a n istiq u e _________ F eb ru ary .
4,761
5,169
54*445
"60,779
M exica n R a ilw a y ________________ Jan 1 t o M ch
1 ,640,700 1 ,4 0 3 ,3 0 0
M a ry la n d & P e n n .. F eb ru a ry .
23,432
234,728!
241,467
24,547
M e x ica n S o u t h e r n ____________ ... Jan 1 t o M ch
2 5 5 ,5 1 6
2 6 j ,402
a M exica n C en tra l. . Jan u ary . . 2 ,732,903 2 ,4 5 7 ,1 8 8 1 7 ,0 8 0 ,4 7 7 ,1 5 ,9 5 5 ,4 9 6
N ew Y o rk C e n tr a l_______________ Jan 1 to Feb
13.974,607 13,767,892
a M ex ica n I n te r n a t. 3d w k M ch
1 50 ,522 5 ,840,666; 4,9 9 5 ,1 5 4
189,804
Lake Shore & M ichigan South Jan 1 to Feb
6,728,443 6 ,439,043
a M ex ica n R a ilw a y . 2d w k M ch
131,500 5 ,2 3 1 ,0 0 0 4 ,5 6 5 ,3 0 0
158,700
869 .869
L a ke Erie & W e s te rn ............. .. Jan 1 to F eb
786,671
a M ex ica n S outhern 2d w k M ch
882 ,922
834 ,844
26,865
27,587
382,048
I C h icago In d ian a & Southern Jan 1 to F eb
462,500
M ich ig a n Central
See N ew Y o r k Cen tral.
M ichigan C e n tra l_____________ Jan 1 to F eb
4,367 814 4 ,1 0 0 ,7 3 5
M ineral R a n g e _____ 3d w k M ch
5 53 ,117
542,995
15,323
14,072
C leve Cin C h ic & St L o u is ____ Jan 1 to F e b
3,650,051 3 ,6 0 7 ,6 8 4
M in n eap & S t L ou is 4th w k M ch
99,644 2 ,8 5 6 ,2 1 6 2 ,813,844
9 9,287
490 ,6 5 9
P e o ria A E a ste rn ______________ Jan 1 t o F eb
467.108
M in n St P & S S M . 3d w k M ch
2 20 ,509
208,767 8 ,8 4 1 ,5 5 7 8,3 6 7 ,6 0 5
134 085
C incinnati N o r t h e r n _________ Jan 1 t o F eb
146 074
M o K ansas & T exa s 4th w k M ch
8 36 ,676
592,235 1 9 ,772,058 16,311,282
P itts b u rg h & Lake E rie ______ Jan 1 to F eb
2,114,464 2,0 8 0 ,4 3 7
M o P a c & Ir o n M t ._ 4th w k M ch 1.413.0001 1.32 0.0 00 3 4 ,8 7 6 ,9 2 8 3 2,125,319
373,613
R u t l a n d _______________________ Jan 1 to Feb
371,938
C en tia l B r a n c h .. 4 th w k M ch
51,000
43,000 1,233,3221 1 ,458,313
N Y C h ica go <Sc St L o u is ______ .Jan 1 to F eb
1,624,612 1,619.007
T o t a l . ____________ 4 th w k M ch 1.4 6 4 .0 0 0 1,363,000 3 6 ,1 1 0 ,2 5 0 33,5 9 3 ,6 3 2
1 ,895,715 1 ,7 8 3 ,3 1 5
N o rth e rn C e n tra l------------------------- Jan 1 t o F eb
6 M ob i.e J a ck & K C D ecem ber
139,70!)
92,984
743,921
d P e n n — E a st o f P itts & E rie___ J an 1 t o F eb
466,475
24,0 3 6 ,5 7 2 2 2,8 2 6 ,5 7 2
M ob ile & O h io
See S ou t hern R ail wav.
d W e s t o f P itts b u r g h & E r ie . J a n 1 to F eb
In c. 857, 00
N ash C h a tt & St L . F e b ru a ry .
2,4 1 2 ,7 5 6 2,2 8 4 ,5 5 6
992,703
8 78 ,447 7 ,7 3 1 ,9 6 7 7,0 5 0 ,6 5 8
P h ila B a ltim o re & W a sh in g to n ;) J a n 1 t o F eb
a N at R R o f M e x .. 3d w k M ch
311,761
Jan 1 to D ec
8 ,3 6 4 ,2 6 0 8,2 7*>,*.> 1
2 8 4 ,1 3 j 1 0 ,940,378 9,7 8 3 ,4 4 6
P h lla d eip u ia & E rie----------H id a lg o & N E . _ 3d w k M ch
4,892,334 4,593,843
18,833
718,246
Jan 1 t o F eb
P itts Cin C h ic & St L o u is .
N ev-Cal- O reg on ____ 3d w k M ch
1,633
103,695
139,583
2",8787
R Io G ra n de J u n c t io n --------195,100
164,053
D e c 1 to Jan
4,4 6 7 ,9 7 0 3,557,467
N ev a d a C en tra l____ J a n u a ry . .
5,299
2,32
44,744
T e x a s & P a c ific ----------------Jan 1 t o M ch
27,560
See New York Cen tral
552 ,254
N Y C h ic & St L ou is
529.854
Jan 1 to F eb
W e s t Jersey & S e a s h o r e ..

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
M o n th ly Su m m aries.
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

Jan
Jan
Feb
F eb
F eb
F eb
Mch
Mch
Mch
M ch

(42
(46
(43
(39
(42
(43
(43
(43
(44
(22

r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).

C u r’ nt Y ea r P rev’ s Year. In c. or D ec.
9 ,337,337
14,215,644
8 ,6 8 8 ,9 9 6
9,477,481
9,780,541
10,828,667
9,747,374
10,161,319
10 ,149,406
9 ,306,669

8 ,982.678
13,830,670
8.564,371
8,672,351
8 ,954,573
10,201,031
9,0 2 5 ,9 4 4
9,292,598
8 ,9 7 8 ,8 0 2
8,107,314

M on th ly S u m m aries.
3.95
2.78
1 46
9.28
9.22
6.15
7.99
9.35
13.15
14.82

M on th
M on th
M onth
M onth
M on th
M onth
M onth
M onth
M on th

June
J u ly
Aug
S ep t
O ct
N ov
D ec
Jan
F eb

1906
1905
1906
1906
1906
1906
1906
1907
1907

(113
(117
(118
(122
(119
(123
(127
(123
( 67

r o a d s ).
roads) .
r o a d s ).
roads)
roads) .
r o a d s ).
roads) .
r o a d s ).
r o a d s ).

Cu r'nt Year P r e t’s Year.
S
146,010,301
168,336,461
179 ,191 ,94 5
184.551,471
198 ,733 ,22 9
186 696,274
18 4 ,2 3 5 .5 9 5
17 3 ,212 ,30 5
65,1 6 8 ,0 2 2

$
1 30,233.293
1 48,013,565
159 ,835 ,02 2
1 71,553,520
179 .405 .26 7
175,727,985
170 ,746 ,76 9
162 ,623 ,88 3
6 3 ,8 5 0 ,2 1 3

In c. or D ec.

%

S
4 -1 5 ,7 7 7 ,0 0 8
+ 20,3 2 2 ,8 9 6
+ 19,356,923
+ 12,997,951
+ 19,327.962
+ 1 0,971,289
+ 13,488 826
+ 10,5 8 8 ,4 2 2
+ 1,317,809

12.11
13.73
12.11
7.58
10.77
6.24
7 90
6.51
2.06

a M exica n cu rren cy , b In clu d es earnings o f G u lf & C h ica g o D ivision ,
c In clu d es th e H ou ston & T e x a s C entral and Its su b sid ia ry lines In b o th
y e a r i.
d C overs lines d ire ctly o p e ra te d , e In clu d es th e C h ica g o & E astern Illinois In b o th years,
f In clu d es E v a n sville A In d ia n a R R .
h In clu d es
earning-; o f Col. & S o u th ., F t. W o rth & D en v er C ity an d all a ffilia ted lin es, e x ce p tin g T r in ity & B razos V a lley R R . k In clu d es In b oth years earnings
o f D en ver b n ia & G u lf R R ., P ecos S ystem an d San ta F e P rescott & P h o e n ix R y .
t Figures p rior to A p ril 10 1905 are th o«e o f th e Indian a Illinois & Iow a
a n d In d ia n a H arbor o f Indiana.




Latest Gross Earnings by Weeks.— In the table which
follow s we sum up separately the earnings for the fourth
week of March. The table covers 22 roads and shows
14.82% increase in the aggregate over the same week last year.
F ou rth w eek o f M a r c h .
B u ffa lo R o c h e s te r & P itts b u r g h
C a n ad ian N o r t h e r n ______________
C a n adian P a c i f i c ________________
C h ica go G reat W e s t e r n ............... .
C o lo r a d o & S o u th e r n ____________
D e n v e r & R io G ra n d e ....................
D e tr o it & M a c k in a c ______________
-Grand T ru n k o f C a n a d a _______)
G ra n d T ru n k W e s t e r n _______ |
D e tr o it G rand H a v e n & M liw }
C a n ad a A t la n t ic ______________j
In te rn a t. & G rea t N o r t h e r n ____
I o w a C e n t r a l ...................... _______
M in n ea p olis & S t. L o u is ________
M issouri K a n sa s & T e x a s _______
M issouri P a cific & Ir o n M t n ____
Cen tral B r a n c h _______________
S t. L ou is S o u th w e s te r n __________
T e x a s & P a c ific _________________
T o le d o S t. L ou is & W e s t e r n ____
W a b a s h ___________________________
W e s t e r n M a r y la n d _______________
T o t a l (22 r o a d s ) _______________
N et Increase ( 1 4 . 8 2 % ) __________

1907.

1906.

Increase. D ecrease.

$
211 ,057
149,100
2 0 99 ,000
265,924
298,326
553 ,100
40,279

$
231 .127
162,300
1 ,646,000
267,402
279,970
487 ,100
34,556

$

1,2 9 1 ,1 3 6

1 ,114,803

176 ,333

2 31 ,000
81 ,429
99,287
836 ,676
1 ,413,000
51 ,000
268 ,620
454 ,6 9 6
97 739
716 ,000
152 ,300

197,000
89,745
99,644
592 ,235
1 ,320,000
43,000
227,685
393 ,470
99.799
687,211
134,267

34,000

9 ,3 0 9 ,6 6 9
.............

8,1 0 7 .3 1 4 1,247,836
............. 1,2 0 2 ,3 5 5

$
2 0,070
13,200

4 53 ,000
1,478
18 356
66,000
5,723

8 316
357

244,441
93,0 0 0
8,000
40,935
61,226
28.789
18,033

2,060
____
45.481

For the third week of March our final statement covers
44 roads and shows 13.15% increase in the aggregate over
the same week last year.
T hird week o f M a rch .

1906.
$

Increa se. D ecrea se.
$

P re v io u sly r e p orted (38 road s) .
A la b a m a G rea t S o u th e r n ______
•Cincinnati N ew O rl & T e x P a c .
D e tr o it T o le d o & I r o n t o n ______
G u lf & Ship Is la n d ______________
M ob ile & O h io .................................
T e x a s C e n tra l...................................

8 ,4 4 5 ,5 3 4 1 ,184,675
70,658
.............
170,222
_______
8 2 ,0 0 1 !
36,180
20,282
35,417;
158,383
15,824
5,558

T o ta l (44 r o a d s )______________
N e t Increase ( 1 3 . 1 5 % ) ________

1 0 ,1 4 9 ,4 0 6 8 978 ,802 1,245,932
....................................... 1 ,1 7 0 ,6 0 4 '

S
31,542
1,712
30,199
11,875

7 5 ,328

Net Earnings Monthly to Latest Dates.— The table fol­
lowing shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statem ent, including all
roads from which m onthly returns can be obtained, is given
on ce a m onth in these colum ns, and the latest statement of
thisjkind will be found in the issue of March 23 1907. The
next will appear in the issue of April 20 1907.
-------N et E a rn in g s--------------Gross E a rn I n y s—
C u rrent
P revio u s
C u rrent
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oads.
$
$
$
$
116,306
9,104
19,342
90,971
A tla n ta B irm & A t l . a ___ F e b
175,619
249 ,513
708 ,934
•July 1 t o F e b 2 8 _______ 1 ,0 1 6 ,6 7 6
53,821
40,5 9 6
325.517
345 ,3 7 3
A t r & C h ar A ir L l n e . a . Jan
8 77 ,632
1 ,042.556
" M c h 1 t o Jan 3 1 ............. 3 ,8 2 2 ,6 9 6
3 ,6 1 9 ,4 3 2
703,571
579,888
2 ,1 7 2 .9 7 3
A t la n t ic C oast L l n e - a ___ F e b 2,3 0 8 ,5 3 9
5 ,2 9 3 ,9 0 8
4,3 6 4 ,1 3 3
J u ly 1 t o F e b 2 8 _______ 1 7 ,3 4 0 ,5 8 3 1 5 ,8 8 9 ,7 0 1
75,513
63,831
B a n g or & A r o o s t o o k . b - - F e b
2 4 3 ,4 5 8
205,631
583,292
677 ,500
J u ly 1 t o F e b 2 8 - ........... 2 ,0 5 2 ,8 9 0
1 ,572,832
23.566
55,096
B u ff & S u s q u e h a n n a ,a - - F e b
131,629
140,204
389,617
398 ,392
'
J u ly 1 t o F eb 2 8 _______ 1.1R 1.517
1,0 5 7 ,1 1 6
83,500
C a n a d ia n N o rth e r n ______F e b
333 ,200
301.400 d e f 3 0 ,400
1,1 7 2 ,7 0 0
J u ly 1 t o F e b 2 8 - ........... 4 ,6 0 0 ,7 0 0
3,3 5 4 ,5 0 0 1 ,228.300
582 ,169
780,481
C h esapeake & O h i o - b . . . F e b 1 ,9 3 1 ,1 3 9
1,9 6 7 ,6 8 9
6,3 8 9 ,5 1 9
J u ly 1 t o F eb 2 8 _______ 16 ,5 1 4 ,8 2 4 16,0 5 7 ,6 5 9 5 ,9 2 4 ,1 2 3
1,671
C h es'lleld & L a n c ’ s te r . b - F e b
5,196
3,723
2,415
24,794
13,217
9,328
J u ly 1 t o F e b 2 8 .............
32,630
271,625
240 ,955
895 ,2 7 2
C o lo r a d o & S o u t h e r n .a - F e b 1 ,0 3 3 ,8 1 5
2 ,6 4 8 ,5 9 7
7 ,9 0 7 ,6 5 5
2 ,4 7 6 ,8 9 0
J u ly 1 t o F e b 2 8 _______ 8 ,9 8 7 ,1 1 8
25,832
4,792
4,765
C ol N ew b erry & L a n . a . - F e b
28,384
1 95 ,768
33.567
38,691
J u ly 1 t o F e b 2 8 .............
210 ,689
18,062
8,017
9 ,2 4 7
C o r n w a ll-a _____________ F e b
16,886
136,164
65,884
7 1 ,4 1 6
J u ly 1 t o F e b 2 8 _______
143 ,582
2 04.559
39,613
40,491
D u lu th S o Sh & A t l . b . . . F e b
216,131
6 60.835
679 ,945
J u ly 1 t o F e b 2 8 ............. 2 ,1 4 6 ,7 5 2 2,021.931
761,747
711.537
E r i e . a ............... .....................F e b 3 ,7 5 0 ,6 4 5 3 ,6 3 5 ,4 1 9
9 ,6 7 3 ,1 8 2
J u ly 1 t o F ep 2 8 _______ 3 4 ,9 0 1 ,8 4 8 3 3 ,6 9 6 ,8 4 3
9 .6 3 8 ,4 6 8
17,902
f 18,675
F o n d a J o h n sv & G l o v . a - F e b 4 7 ,9 3 9
46,324
4 84 ,496
2 49 ,546
232,329
Ju ly 1 t o F e b 2 8 .............
520 ,1 1 9
179,342
58,456
51,758
G u lf & Ship I s la n d .a ____ F e b
205 ,0 8 6
3 76 ,0 3 5
449,371
J u ly 1 t o F e b 2 8 ............. 1 ,6 1 2 ,8 7 3 1 ,3 6 7 ,0 6 7
11,935
H id a lg o & N o rth e a s te r n F e b
72,363
181 ,240
J u ly 1 t o F eb 2 8 .............
664,028
5 33 ,510
101,616
194 ,627
H o c k in g V a l l e y . a -----------F e b
498 ,594
J u ly 1 t o F eb 2 8 . . ____
4 ,5 2 4 ,7 7 2 4 ,4 9 3 ,0 8 3
1 ,4 0 3 ,8 2 7
1 ,6 8 9 ,5 7 3
1 ,2 0 1 .4 6 2
1.389,381
Illin ois C e n tr a l.a ------------- F e b
4,4 2 8 ,6 6 1 4 ,3 6 6 ,9 1 1
J u ly 1 t o F e b 2 8 ............3 7 ,0 4 7 ,7 1 8 3 4 ,2 0 2 ,5 7 0 10,619,961 10,5 2 7 .6 7 6
47,5 6 6
35.121
K a n a w h a & M ic h ig a n ,a - F e b
188 ,7 9 6
174,103
Ju ly 1 t o F eb 2 8 ____ 1,5 3 8 .3 9 4
1 ,4 5 2 .7 6 2
350 ,819
403 ,6 5 8
41,5 1 9
30,897
K e y s to n e T e le p h o n e C o .a F e b
82,687
67,533
2 98 ,080
242 ,705
647 ,085
535 ,043
‘ J u ly 1 to F eb 2 8 .............
34,5 8 6
L ou isia n a & A r k a n s a s .a .F e b
92,735
94,7 0 0
25,976
242 ,7 3 5
2 1 8 ,0 1 7
J u ly 1 to F eb 2 8 . ...........
7 68 ,614
647,331
868 ,328
91 3 ,7 1 4
L ou is v ille & X a s h v ille .b F e b 3 ,7 2 9 ,1 4 3
3 ,4 3 2 ,9 5 2
8 ,2 7 6 ,6 3 6
J u ly 1 t o F eb 2 8 _______ 3 1 ,7 6 6 ,9 1 2 2 8 .2 6 5 ,1 7 9 8 ,6 0 4 ,0 6 5
21,9 5 6
45,259
49,579
26,453
M an istee & N o rth e ’ n . b .J a n
7,432
23,432
24,547
6,001
M arylan d & P e n n s y lv .a - F e b
234 ,728
78,364
83,771
241 ,467
J u ly 1 t o F e b ^ 8 .............
63 5 ,7 9 5
__
2 ,2 2 9 .9 2 6
806,241
M ex ica_____
n C e n tr_____
a l_________
F e b 2 ,5 4 8 ,3 8 9
5,587,041
5 ,3 2 8 ,7 9 0
J u iy l' t o F e b 2 8 .......... 1 9 ,628 ,8 6 6 1 8 ,1 8 5 ,4 2 2
11,924
1,351
M ineral R a n g e .b ________ F e b
59,271
56,295
106,010
109,427
J u ly 1 t o F e b 2 8 _______
508 ,5 4 5
500 ,7 2 6
322
,409
123,744
M inn St P & S S M - b - . - F c b
702 ,3 3 9
764 ,7 4 5
4 ,1 7 4 ,5 7 5
J u ly 1 t o F e b 2 8 _______ 8 ,2 0 9 ,1 6 4
7.758,1 17 3,6 3 6 ,8 2 2
237 ,768
227,561
9 9 2 ,7 0 3
878 ,447
Nash Chatt & St L . b ____ F e b
1 ,7 3 9 ,2 5 8
1,6 3 1 ,9 0 1
Ju ly 1 t o F e b 2 8 . .......... 7 ,7 3 1 .9 6 7
7 ,0 5 0 ,6 5 8
36,5 4 8
53,602
N Y S u sq & W e s t e r n .a - - F e b
226 ,109
2 04 ,497
568 ,562
570 ,319
J u ly 1 t o F e b 2 8 ............. 2 ,0 0 1 ,4 5 9
1 ,878.417
91 3 ,0 4 9
868 ,4 6 4
'N orfolR & W estern. b - . - Feb 2 ,4 3 8 ,7 0 6
2 ,2 3 3 ,5 4 8
7 ,4 8 8 ,2 8 4
7 ,4 4 4 ,8 5 9
J u ly 1 t o F e b 2 8 _______ 2 0 ,0 8 3 ,7 1 8 1 8 ,496,052
7 7 ,4 8 4
55,284
■Northern C en tral b ______F e b
9 0 3 ,5 7 9
835,57'.)
267 ,512
188,012
Jan 1 t o F e b 2 8 ............. 1 ,8 9 5 ,7 1 5
1,7 8 3 ,3 1 5




799

THE CHRONICLE-

A p r . 6 1907.J

----- G ross E a rn in g s------ --------N et E a rn in g s-------C u rrent
P r e v io u s
C u rrent
P r e v io u s
Y ear.
Y ear.
Y ear.
Y ea r.
R oads.
$
$
$
$
P e n n s y lv a n ia — L in es d ir e c t ly o p e r a te d —
E a s t o f P itts & E r i e . . . F e b l l , 4 5 2 ,8 6 0 1 0 ,8 2 4 ,0 6 0
1 ,9 8 9 ,1 0 9
2 ,2 9 5 ,9 0 9
J an 1 t o F e b 2 8 _______ 2 4 ,0 3 6 ,5 7 2 2 2 ,8 2 6 ,5 7 2
4 ,9 3 1 ,5 0 8
5 ,4 3 4 ,0 0 8
W e s t o f P itts & E r i e .. F e b
I n c 5 5 2 ,5 0 0
I n c 62,100
I n c 8 5 7 ,5 0 0
D e c 8 1 ,000
J a n 1 t o F e b 2 8 . ...........
P h ila B a lt & W a s h . b . - . F e b 1 ,1 6 6 ,7 1 6
1 ,0 9 7 ,2 1 6
6 7 ,413
167 ,9 1 3
Jan 1 t o F e b 2 8 _______ 2 ,4 1 2 ,7 5 6
2 ,2 8 4 ,5 5 6
234 ,7 9 6
379 ,5 9 6
64,081
4 7 ,7 8 4
« 1 9 ,2 2 4
n l4 ,3 3 5
R io G ra n de J e t ___________ J an
D e c 1 t o Jan 3 1 _______
139 ,583
103 ,695
n 4 1 ,8 7 4
« 3 1 ,1 0 8
R io G ra n de S o u t h e r n - b - F e b
45,708
43,0 7 8
13,281
2 1 ,9 7 8
J u ly 1 t o F e b 2 8 _______
412 ,3 8 6
3 87 ,136
165,681
1 7 2 ,5 0 3
St J o s & G ra n d I s la n d .b - F e b
144 538
111,971
59,324
28,822
J u ly 1 t o F e b 2 8 _______ 1 ,1 6 0 ,4 6 8
1 ,0 4 9 ,0 9 6
471 ,8 4 5
359 ,0 5 7
S o u th e rn I n d i a n a .b ____ F e b
125,152
120 ,290
5 2 ,0 6 7
4 5 ,2 4 0
J u ly 1 t o F e b 2 8 _______ 1 ,0 9 4 ,4 9 9
9 7 1 ,3 9 4
465 ,571
3 80 ,294
S o u th e rn P a c i f ic .a ______F e b l0 ,0 5 7 ,0 9 8
8 ,0 0 1 ,8 4 4
3 ,1 6 0 ,9 6 2
2 ,0 1 2 ,4 4 1
J u ly 1 t o F e b 2 8 . ...........82 ,3 2 3 ,9 8 3 6 9 ,7 8 6 ,1 5 6 3 0 ,5 0 2 ,0 9 8
2 3 ,4 2 4 ,3 0 1
S o u th e rn R a ilw a y s y s te m —
S o u th e rn R y . a . ...........F e b 4 ,5 0 7 ,7 0 2
4 ,4 3 3 ,0 0 2
5 9 2 ,6 4 0
1 ,0 7 5 ,8 5 2
J u ly 1 t o F e b 2 8 _______3 7 ,4 4 0 ,7 2 5 35,5 9 0 ,8 0 1
8 ,3 8 1 ,2 6 1
1 0 ,2 1 6 ,7 6 7
M ob ile & O h i o . a _____ F e b
8 87 ,987
788 ,371
2 7 5 ,7 6 0
2 6 0 ,3 7 7
J u ly 1 t o F e b 2 8 ............. 6 ,9 2 2 ,1 2 7
6 ,1 2 7 ,6 1 9
2 ,2 1 2 ,5 6 0
2 ,0 4 4 ,3 0 3
Cine N O & T e x P a c . a F e b
686 ,396
7 0 9 ,4 2 3
131 ,9 0 0
1 6 5 ,3 6 4
J u ly 1 t o F e b 2 8 _______ 5 ,6 1 1 ,2 8 8
5,4 5 1 ,2 9 1
1 ,0 5 6 ,1 0 6
1 ,2 8 0 ,3 2 2
A la G t S ou th ern . a ____ F e b
336,847
326 ,1 8 9
55,192
4 7 ,4 5 5
J u ly 1 t o F e b 2 8 _______ 2 ,7 1 2 ,6 6 9
2 ,5 0 5 ,3 0 2
5 0 4 ,9 2 8
4 9 0 ,8 6 3
G eorg ia S ou & F l a . a . . F e b
196,911
172 ,624
3 7 ,1 4 0
3 4 ,8 2 6
J u ly 1 t o F e b 2 8 _______ 1 ,491,859
1 ,2 8 1 ,5 1 5
2 7 5 ,6 8 6
3 3 3 ,2 1 4
T a c o m a G as L ig h t C o ___ F e b
14,761
1 0 ,848
7 ,0 5 4
5 ,2 5 6
Ju n e 1 t o F e b 2 8 _______
111 ,726
8 6 ,457
5 2 ,7 7 2
33,733
T id e w a te r & W e s t e r n .b - F e b
7,3 6 6
7 ,0 3 3
14
1,9 2 5
J u ly 1 t o F e b 2 8 _______
57,631
58,2 1 4
3,7 7 4
14,208
T o le d o & O h io C e n tr a l-a -F e b
349,721
3 46 ,596
64,8 8 5
1 0 7 ,6 9 5
J u ly 1 t o F e b 2 8 _______ 3 ,2 4 6 ,6 6 5
2 ,9 1 1 ,2 6 0
1 ,0 3 1 ,6 0 9
8 2 9 ,7 1 3
T o l S t L & W e s t e r n .a ___ F e b
307 ,6 8 4
312 ,998
p 6 6 ,7 1 9
p 7 5 ,2 7 7
J u ly 1 t o F e b 2 8 _______ 2 ,7 7 8 ,7 9 8
2 ,8 2 2 ,0 0 5
p 7 4 8 ,5 1 4
p 6 6 2 ,3 0 1
T o m b ig b e e V a lle y C o . . . F e b
5,328
4,6 6 7
1,271
1 ,8 8 4
N o v 1 to F e b 2 8 _______
22,163
17,597
7 ,1 9 0
6 ,7 9 9
U n io n P a c i f i c - a _________ F e b 5 ,053,241
4 ,728,351
1,8 8 1 ,7 7 4
1 ,9 3 7 ,9 5 1
J u ly 1 t o F e b 2 8 _______ 5 0 ,0 2 9 ,2 6 3 4 5 ,6 6 0 ,6 1 2 2 3 ,3 9 5 ,7 3 8 2 1 ,3 9 8 ,9 1 8
W a b a s h . b - ........................... F e b 1 ,9 8 8 ,2 6 6
1 ,9 4 0 ,5 5 4
4 83 .944
3 82 ,644
J u ly 1 t o F e b 2 8 _______18,2 3 6 ,9 5 9 1 6 ,6 7 5 ,2 6 0
5 ,4 4 0 ,1 2 7
4 7 5 5 ,0 4 5
W e s t J e r’ y & S e a s h o r e .b F e b
272 ,244
2 6 5 ,4 4 4 d e f l O l , 016
2 7 ,0 8 4
Jan 1 to F e b 2 8 _______
552 ,2 5 4
5 2 9 ,8 5 4 d e f2 0 0 ,8 1 2
3 8 ,3 8 8
W rlg h ts v ille & T e n n ille .b F e b
s l8 ,3 5 5
s l7 ,8 7 1
4 ,3 8 3
6,131
J u ly 1 t o F e b 2 8 _______
s l5 3 ,2 9 3
s l4 2 ,6 3 7
4 1 ,4 5 4
5 4 ,6 2 7
W y o m V a il G as & E l e c _ .F e b
14,787
1 1 ,146
6,6 9 4
3 ,0 9 4
J a n 1 to F e b 2 8 _______
32,819
2 4 ,0 7 0
16,2 1 5
7,8 8 6
Y a z o o & Miss V a l l . a ____ F e b
826 ,5 9 3
7 9 1 ,2 4 7
156 ,0 9 7
1 4 7 ,6 1 5
J u ly 1 t o F e b 2 8 _______ 6 ,4 2 6 ,5 6 9
5 ,5 8 3 ,2 6 6
1,0 3 3 ,8 9 1
6 3 3 ,1 6 0
a N et earn in gs here g iv e n are a fte r d e d u c t in g ta x e s ,
b N e t earnings here g iv e n are b e fo r e d e d u c t in g ta x e s .
n T h ese figures rep resen t 30 % o f gross e arn in g s.
V F o r F e b . 1907 a d d itio n a l In com e w as $ 3 ,2 4 4 , a ga in st $551; a n d fro m
J u ly 1 t o F e b . 28 w as $25 ,026 in 1907, a ga in st $ 15 ,256 la st y e a r.
s In clu d e s $426 o th e r in c o m e fo r F e b . 1907, a g a in st $430 In 190 6, a n d
$3,662 fro m J u ly 1 t o F e b . 28 1907, a g ain st $ 3 ,656 ia st y e a r.

Interest Charges and Surplus.
— I n t ., R en tals, A c .—
— B a l. o f N
C u rrent
P r e v io u s
C u rren t
Y ea r
Y ear.
Y ear.
R oads.
$
$
$
B a n g o r & A r o o s t o o k .b ..- F e b
68,1 4 4
59,125
d e f4 ,3 1 3
524 ,845
4 2 3 ,5 4 2
152 ,655
J u ly 1 t o F e b 2 8 _______
D u lu th So Sh & A t l ______F e b
86,641
91,641 £ d e f4 5 ,947
J u ly 1 t o F e b 2 8 _______
685,688
7 0 3 ,8 0 3 £ d e f l5 ,7 1 7
H o ck in g V a lle y _________ F e b
66,455
6 2 ,0 0 6
£ 3 4 ,1 6 9
Ju ly 1 t o F e b 2 8 _______
507,201
5 2 5 ,9 3 0 £ l , 1 3 5 ,7 9 4
K a n a w h a & M ic h ig a n ___ F e b
20,409
19,699
£ 15 ,211
J u ly 1 t o F e b 2 8 _______
173 ,736
160 ,1 9 6
£ 1 8 1 ,3 6 5
M anistee & N o rth e a ste rn J a n
6,865
6 ,7 6 6
15,091
M a ryla n d & P e n n a _____ F e b
4,0 0 6
3 ,8 3 3 '
1,9 9 5
J u ly 1 t o F e b 2 8 _______
38,0 7 3
3 6 ,667
40,291
M in eral R a n g e ___________ F e b
9,9 4 7
9 ,9 4 7 £ d e f8 ,3 7 8
J u ly 1 t o F e b 2 8 _______
79,622
76,5 7 2
£ 3 1 ,0 4 4
N ash C h a tt & St L _______ F e b
149 ,0 1 7
148 ,500
7 8 ,5 4 4
J u ly 1 t o F e b 2 8 _______ 1,195,431
1 ,1 9 6 ,0 0 6
4 3 6 ,4 7 0
N o rfo lk & W e s t e r n - ........F e b
4 02 ,206
3 47 ,540
4 6 6 ,2 5 8
J u ly 1 to F e b 2 8 _______ 3 ,0 7 6 ,8 7 4
2 ,7 0 7 ,2 9 5
4 ,3 6 7 ,9 8 5
R i o G ra n de J u n c t io n ____ Jan
8 ,3 3 3
8,3 3 3
10,891
16,666
16,666
25,208
D e c 1 t o J a n 3 1 .............
R io G ra n d e S o u t h e r n . . - F e b
17,066
17,733 £ d e f3 ,7 7 3
J u ly 1 t o F e b 2 8 ______
142.744
143 ,880
£ 3 1 ,3 5 0
S t J os & G ra n d Isla n d . . . F e b
21,033
2 1 ,4 3 4
38,291
J u ly 1 t o F e b 2 8 _______
163,763
167 ,342
3 0 8 ,0 8 2
T o le d o & O h io C e n t r a l ..F e b
3 6 ,962
38,418
£ 2 8 ,7 3 5
J u ly 1 t o F e b 2 8 _______
295 ,485
3 0 9 ,7 4 0
£ 7 4 2 ,7 9 9
£ A fte r a llo w in g fo r o th e r I n co m e re c e iv e d .

e t E ’ n g s.—
P r e v io u s
Y ea r.
$
16,388
1 5 9 ,7 5 0
z d e f 4 9 ,716
£ d e f l 4 ,6 8 9
£ 1 3 1 ,1 2 3
x \ , 3 6 3 ,0 4 0
£ 2 8 ,4 2 0
£ 2 4 8 ,3 0 8
1 9 ,687
3 ,5 9 9
4 7 ,1 0 4
£ 2 ,2 0 2
£ 3 1 ,0 4 8
8 9 ,2 6 8
5 4 3 ,2 5 2
5 6 5 ,5 0 9
4 ,7 8 0 ,9 8 9
6,0 0 2
14,442
£ 4 ,6 2 3
£ 3 6 ,6 2 7
7 ,3 8 8
191 ,715
£ 6 9 ,7 1 5
£ 5 2 3 ,6 7 8

STREET RAILW A YS AND TRACTION COMPANIES.
Latest Gross E a rn in g s.
N a m e of
Road.

W eek or
M onth.

A lb a n y & H u d s o n ___ D e ce m b e r
a A m e rlca n R y s C o . _ F e b ru a r y .
CAur E lg in & C h ic R y F e b ru a ry .
B in g h a m to n R y _____ F e b ru a r y .
Blrm R y L t & P ow er F e b ru a ry _
B r o c k t o n & P ly S t R y J a n u a ry . .
B u rlington (V n T ra c •January _
C ape B r e to n E le c C o . J a n u a ry . .
C en tral Penn T r a c ___ F e b ru a ry .
C h ari C on R y G as& E l F e b ru a r y .
C h ica g o & M llw E le c . F e b ru a r y .
d C h lcag o & O ak P a rk M a r c h ____
C lev e P a in esvllle <Sc E la u u a ry
C lev ela n d & S o u t h w . F e b ru a r y .
D allas E le e O o r p 'n ___ D e ce m b e r
D e tr o it J a c k ’n & C h i. 3d w k M ch
f D e tr o it U n ite d R y . . 3d w k M ch
D u lu th S tre e t R y — 4th w k M ch
E a s t St L o u is & S u b - F e b ru a ry .
E l P a so E le c t r ic ______ J a n u a ry . .
Ft W a y n e & W abash
V a lle y T r a c tio n ___ Ja n u a ry . .
G a lv e sto n E le c tr ic Co J a n u a ry . .
H a rtf & S prin g St R y F e b ru a ry .
H a v a n a E le c tr ic R y . W k M ch 31
H onolu lu R a p id T r &
L a n d C o ___________ Ja n u a ry . .
H o u g h to n C o St R y . . J a n u a ry . .
H o u s to n E le c tr ic C o . J a n u a ry . .

Jan.

1 to latest date.

C u rrent
Year.

P reviou s
Year.

C u rrent
Y ear.

$
27,125
192,829
86,9 4 0
20,229
164,126
6,195
6,217
19,734
49,763
52,478
52,777
73 ,916
18.031
44,707
89,439
6 ,194
109,763
21,696
144,638
37,043

$
25,241
178,094
75,611
19,364
138,788
5,7 3 6
6
19,900
45,531
50,793
36,593
74,145
15,858
39,7 1 8
84,735
_______
91,429
19,381
133,818
27,346

4 0 3 ,5 6 0
175,832
4 2 ,3 0 8
3 52 ,047
6,195
6 ,2 1 ?
1 9,734
104,069
107,812
115,408
213,069
18,031
94,2 6 5
1.0 2 3 ,1 3 6
644 ,402
1,2 4 3 ,5 3 3
176 ,2 3 6
309 ,148
37,0 4 3

$
____
3 7 8 ,5 3 ?
155 ,869
3 9 ,835
286 ,724
5,7 3 6
6,2 0 0
19,900
9 5 ,3 6 2
104 ,306
80,0 3 6
211 ,8 0 9
15,858
8 6,2 8 5
9 34 ,707
___
1 ,0 6 7 ,9 2 6
16 2 ,6 1 9
2 77 ,010
2 7 ,346

91 ,178
25,548
9,166
32,053

80,145
19,350
9,140
28,087

91 ,1 7 8
25,548
19,737
431 ,5 4 9

80,1 4 5
1 9,350
18,434
3 9 5 ,6 0 2

28,381
15,944
50,0 9 3

27.958
14,832
43,0 7 7

28,381
1 5,944
5 0 ,0 9 3

27,958
14,832
4 3 ,0 7 7

$

P reviou s
Y ear.

800

THE CHRONICLE.
Latest G ross E a rn in g s.

Nam e of
R oa d .

W eek or
M o n th .

C u rrent j P reviou s
Y ea r. \ Y ea r.

$
Illin ois T r a c t io n C o . . F e b ru a ry
262,363!
In d ia n a p C ol & S o u th D ecem ber
21,087
J a ck son C on sol T r a c . J a n u a ry _ J
1 0,104
J a c k s o n v ille E le c C o . J a n u a ry
3 1,727
K a n C ity R y & L ig h t F e b ru a ry
423,509!
L ake S h ore E lec R y . D e ce m b e r
70,845!
L e x & In te r R y s C o . . F e b ru a r y . !
35,267
M adison & I n t T r a c . . F e b ru a r y .
10,862
M et W e s t S ide E l e v _ . M a r c h ___ i 2 39 ,925 '
M ilw E le c R y & L t C o F e b ru a ry
j 277,271
M ilw L t H t & T r a c C o !F e b ru a r y . j 4 8 ,607
M on trea l S treet R y _ . W k M ch 23
6 1,873
N a sh v ille R y & L ig h t F e b ru a r y
109,498
N J & H R R y & F y Co F e b ru a r y
23,571
N O R y & L ig h t C o .. F e b ru a r y _ 5 35 ,338
N o r O h io T r a c & L t . . F e b ru a r y .
116,858
N o r T e x a s T r a c C o . . D e ce m b e r .
78,750j
N o r f & P o r ts m T r C o J a n u a ry
147,789
N o rth w e s te r n E l e v . . M a rch ...........| 138,483{
O k la h om a C ity R y . . F e b ru a ry .
14,005
P eek sk lll L ig h t & R R F e b ru a r y . ; 1 0,957
P itts M ’ K & G r e e n .. D e ce m b e r . j 1 3,045
P o r tla n d R y s C o ____ J a n u a ry . . j 127,584}
R o c k f o r d & In te ru rb ; F e b ru a ry _
37,365
St J os ep h (M o) R y L i
H ea t & P o w e r Co_ _i F e b ru a ry .
62,711
S a v a n n a h E le c tr ic C o J a n u a ry __
45,4 4 2
S o u th S id e E le v a t e d . M a r c h ____ j 155,350
S y ra cu se R a p T r R y . F e b ru a ry -I
90,424
T a m p a E le c tr ic C o . . J a n u a ry
4 3 ,994
T erre H a u te T & L Co J a n u a ry __
76,471
T o le d o R y s & L ig h t .iF e b r u a r y J 153,744
T o r o n t o R a ilw a y ____ W k M ch 30
60,293
T r i-C ity R y & L t C o - D e ce m b e r
157,239
T w in C ity R a p id T ran 3d w k M ch 106,581
U n ited R R o f S F ___D e ce m b e r _;h562,200
U n ited R y s o f B a l t . . [D e ce m b e r ' ____
i
U n ited R y s o f S t L . . F e b ru a r y . 764 ,6 8 0
W ash A lex & M t V e r . D e ce m b e r
18,45!)
W h a t c o m C o R y & L t!J a n u a ry
I 29,0 6 3

Jan.

S
542 ,402
212,272:
240,034
1 9 ,1 3 5 1
10,104
9,745
31,727
24,913!
902 ,530
386,751
66,56(1
866 ,970
75,0 3 2
30,509!
22,390
8,503
688 ,900
214,162|
582 ,262
254 ,512
102,074
40,804
7 10 ,276
51,619
97,232
232,443
51 ,262
22,006
506 ,508 , 1 ,0 7 6 ,9 9 2
242 ,049
106,472i
854 ,136
57,2961
147,789
123,831
399,671
131,989
28,912
8,916
23,596
9,133
1 3 ,879
2 11 ,176
125,617
127 ,584
78,814
32,685
131,410
60,214
4 5 ,442
49,618
4 33 ,118
1 47 ,972
187,549
78,766
43,9 9 4
37,839
76,471
59,831
324 ,428
142,811
52,926
144,535
95,179 1 ,1 9 6 ,3 4 I
631,004 ft5,955,787
6,579,821
7 13 ,664 1,5 9 1 ,0 1 7
2 7 3 ,2 ***
2 0 .5 2 *
29,063
23,971

P rev io u s
Y ea r.
449 ,3 2 0
210,2^59
9,7 4 5
24,9 1 3
814,081
788 .2 6 8
68,3 1 6
17,309
605 ,026
530 ,5 3 3
85,650
622 ,035
203 ,1 6 4
45,9 7 4
1 ,0 0 5 ,0 8 6
221 ,4 4 0
661,037
123,831
374 ,856
18,273
19,343
182.630
125,617
67,981
126 ,792
4 9 ,618
424 ,3 0 9
164 ,368
37,839
59,831
3 01 ,864
1 ,0 6 8 ,2 2 9
7,0 5 9 ,0 0 3
6 ,0 2 3 ,6 9 8
1,4 9 5 ,4 5 2
2f>1 ,643
23,971

a F igu res fo r t h e m o n t h in b o th y e a rs In clu de o p e r a tio n s o f t h e S cra n to n
R y ., a c q u ir e d Jan . 1 1906. b F igures are fro m F e b . 1. c T h e se figu res are
fo r c o n s o lid a te d c o m p a n y ,
d T h e se a re resu lts fo r m a in lin e, f N ow in ­
clu d es R a p id R y . S y s t ., S a n d w ich W in d s o r & A m h e r s tb u r g R y . a n d D e tro it
M on roe & T o le d o S h o rt L in e R y .
h T h e se a re e a rly p r e lim in a ry retu rn s;
d ecrea se d u e t o ea r th q u a k e , fire a n d strik e a m o n g e m p lo y e e s , A u g . 26 to
S e p t. 5 1906.

Street Railway Net Earnings.— The follow ing table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statem ent, including all
roads from which m onthly returns can be obtained, is given
once a m onth in these colum ns, and the latest statement of
this kind will be found in the issue of March 30 1907. The
next will appear in the issue of April 27 1907.
------ G ross E a rn 'gs------- ------- N et E a rn in g s—
C u rren t
P rev io u s
C u rrent
P rev io u s
Y ea r.
Y ear.
Y ea r.
Y ea r.
R oads.
$
$
$
$
A u ro r a E lg in & C h ic a g o . F e b
75,611
86,940
33.131
28,365
J u ly 1 t o F e b 2 8 ._
8 76 ,6 4 0
788 ,062
402 ,8 3 2
364 ,7 5 5
D u lu th S treet R y . b ____ F e b
52,857
1 9 ,954
20,6 2 6
50,348
J a n 1 t o F e b 28
112,341
104,772
45,835
41,328
K a n sa s C ity R y & L t . b . F e b
386,751
423 ,5 0 9
193,195
171 ,3 8 6
Ju n e 1 t o F e b 28 . .
4 ,275,151
3 ,8 5 8 ,1 2 0
2 ,1 4 8 ,0 9 7
1 ,9 5 4 ,1 9 8
N ew O rlean s R y & L t . b - F e b
535 ,338
506 ,508
290 ,167
262 ,105
J a n 1 t o F e b 2 8 ._
1,0 7 6 ,9 9 2
1,0 0 5 ,0 8 6
507 ,2 0 2
569 ,902
P o r t la n d R y s C o . . . . -J a n
127,584
125,617
35,148
47,8 0 5
T w in C ity R a p T ra n C o b F e b
4 19 ,802
380 ,385
2 02 ,334
1 9 1 ,5 4 2
J a n 1 t o F e b 28 ___
876 ,639
7 88 ,250
416 ,0 7 4
3 9 3 ,8 8 8
a N et earnings here g iv e n are a fte r d e d u c tin g ta x e s ,
b N et earn in gs here g iv e n are b e fo re d e d u c t in g ta x e s .

Interest Charges and Surplus.
— I n t ., R en tals, & c .—
C u rrent
P rev io u s
Y ea r.
Y ea r.
R oads.
$
$
A u r o r a E lgin & C h ica go .F e b
27,131
24,106
J u ly 1 t o F e b 28
2 10 ,318
195,199
D u lu th S treet R y ______ F eb
17,529
17,450
J a n 1 t o F e b 2 8 . . ____
35 ,104
34,986
K a n sa s C ity R y & L t _ . - F e b
146,876
133,969
J u n e 1 t o F e b 2 8 . . ____ 1,312,011
1 ,2 2 9 ,1 5 5
N e w O rlean s R y & L t . . - F e b
160,401
148,471
322,961
J a n 1 t o F e b 28
2 96 ,162
T w in C ity R a p T r C o . . . .F e b
115,258
109,708
J a n 1 t o F e b 28
230 ,516
219 ,416
x A f t e r a llo w in g fo r o th e r In co m e re c e iv e d .

IN C O M E A C C O U N T .

1 to latest date.

C u rrent
Y ear.

— B a l. o f N e t E 'n g s C u rrent
P rev iou s
Y ea r.
Y ear.
$
$
6,0 0 0
4,2 5 9
192 ,514
1 69 ,553
2,425
3,1 7 6
10,731
6,342
46,319
3 7 ,417
8 3 6 ,0 8 6
7 25 ,043
129 ,766
1 13 ,634
246,941
2 11 ,040
8 7 ,0 7 6
81 ,8 3 4
185 ,558
1 7 4 ,4 7 2

lxxxiv.

[V o l .

1906.
R eceipts—

1905.

$

Net earnings of P. C. C.
& St. L .........................
Profit on St. L. V . &
T. H ______ ______ _
Miscellaneous.................
Rents (n e t).....................

1904.

$

1903.

$

$

6,099,554

5,874.885
61,182

7,453,184

6,638,650

______
146,405
54,457

______
130,511
248,869

59,056
65,970
b

b

7,654,046

7,018,030

6,224,580

5.936,067

2,324,440
2,344,754 2,307,637
Interest on bon d s..........
138,218
137,483 . 139,344
Rentals paid...................
330,655
276,921]
659,146
Interest on car trusts__
Car trusts, principal-----596,133
506.112J
Interest, general acc’t . . 154,622
__________
____
St. L. V. & T. H. lo ss..
______
______
..•____
Losson L. M. R R ..........
185,303
167,693
133,746
Extraordinary expenses
900,000
1,000,000
690,058
D. & W . sinking fund__
______
______
63,624
Consol. M. sink. fu n d ..
449,990
455,400
379,890
3,222
10,868
64,469
Miscellaneous_________
Dividends on p f.........(5 % )1,372,838 (4)1,098,196 (4)1,098,122
Dlvs. on common____ (3^)867,310
(3)743,400 (3)743,390

2,186,113
132,361
589,988
______
179,660
241,593
347,357
60,000
359,860
180,611
(4)908,036
(3)743,378

T o ta l...........................
Balance, surplus_______

5,928,951
7,116

T o ta l________ _____ _

D isbu rsem en ts—

7,322,731
331,315

6,740,827
277,203

6,279,426
def. 54,846

b Rents In 1903 and 1904 were included in mail, express, &c.: net rentals
are now included in other income.
B A L A N C E S H E E T D E C . 31.''

1906.

A ssets—

$

1905.

1904.

$

1903.

$

$

101,791,040
Road and equipment__ 110,285,260106,240,545 103,938,878
Bonds & stocks owned. 5,571,930
2,927,870
1,956,518
1,453,269
Supplies on hand______ 2,125,487
1,868,662
1,682,788
2,249,462
Little Miami R R ., for
betterments_________
847,149
562,050
265,781
447.585
Cash _________ _____ _
1,451,882
1,377,732
1,164,655
691,959
Cash on special deposit.
______
______ 1,974,418
_________ .
Cash in transit_________
472,376
451,840
349,100
306,173
Cash to pay interest____
168,078
182,520
176,713
252,770
Bills receivable and ac­
counts due by agents,
companies, &c______ 3,302,083
3,564,317
3,998,33"/
4,965,749
Sinking funds_________
783
6,459
497,007
405,519
Total ........................... 124,225,028
L ia b ilities—

Stock, com m on.a______ 25,226,769
Stock, preferred.a......... 27,563,922
Bonds (see "R y . and
Industrial" Section)_. 50,921,000
Collateral obligations___2,500,000
Current accounts______
2,998,538
592,411
Due other companies__
Interest on bonds.&___
665,161
Dividends payable_____
1,182,028
2,845,567
Sinking fu nd-.................
Pennsylvania Co. adv’s. 4,250,000
Miscl., incl. mtges. and
ground r e n t s ............
1,653,143
Profit and loss balance..
3,826,489

117,181,995 116,004,191 112,563,527
25,328.889
27,461,802

25,330,939
27,459,752

25,332,306
27,458,185

52,055,000
________
2,755,345
602,185
679,204
921,088
2,285,852
________

52,260,000
______
1,772,754
563,726
690,309
920,762
2,238,310
______

48,867,000
______
2,134,194
828,058
754,373
825,715
1,703.523
______

1,310,969
3,781,661

1,007,715
3,759,925

953,336
3,706,835

T o t a l . . ...................... 124,225,028 117,181,995 116,004,191 112,563,527
a Includes amounts for other companies’ stocks not exchanged,
b Includes accrued Interest and matured Interest unpaid.

— V. 84, p. 391.

A m e r ic a n

(B e ll) T e le p h o n e & T e le g r a p h C o .

{R ep o r t f o r F is c a l Y e a r e n d in g D e c . 31 1 9 0 6 .)
T h e r e m a r k s o f P r e s id e n t F r e d e r ic k P . F is h , t o g e t h e r w ith
th e c o m p a n y ’s in c o m e a c c o u n t a n d b a la n c e s h e e t a n d a t a b le
s h o w in g t h e g r o w t h o f th e B e ll s y s t e m f o r a serie s o f j'e a r s ,
w ill b e fo u n d o n p a g e s 8 1 5 a n d 8 1 7 .
T h e r e p o r t s o f a ll th e
s u b s id ia r y c o m p a n ie s fu r n is h in g t h e d a t a w ill b e g iv e n in a
la t e r issu e o f th e “ C h r o n ic le .”
O u r u s u a l c o m p a r is o n o f
e a r n in g s a n d b a la n c e s h e e t f o r fo u r y e a r s p a s t w a s p u b lis h e d
in la s t w e e k ’ s “ C h r o n ic le ” o n p a g e 7 4 6 .
S lo s s -S h e ffie ld S te e l &> I j o n

C om pany.

{R ep o r t fo r F is c a l Y e a r e n l f e j D e c . 31 190 ).)
T h e r e p o r t o f P r e s id e n t J . C . | i* b e n f o r th e la te fisca l
y e a r w ill b e fo u n d o n s u b s e q u e n t ‘f l i g c s o f t h is issu e.
T h e u s u a l c o m p a r a t iv e s t a t e m e n t o f e a r n in g s a n d b a la n c e
s h e e t w a s g iv e n in th e “ C h r o n ic le ” o f M a r ch 16 o n p a g e
625.
A m e r ic a n

&

B r it is h

M a n u fa c t u r in g

C o.

of

P r o v id e n c e .

{R ep o r t fo r F is c a l Y e a r e n d in g D e c . 31 1 9 0 6 .)

T h is c o m p a n y , c o n t r o l le d t h r o u g h s t o c k o w n e r s h ip b y th e
I n t e r n a t io n a l P o w e r C o . ( V . 7 9 , p . 2 7 9 9 ; V . 8 2 , p . 5 1 ; V . 8 3 ,
p . 2 6 8 ), h a s c a lle d a m e e t in g o f th e s h a r e h o ld e r s f o r A p r il 24
A N N U A L ^REPORTS.
a t t h e o f f i c e , 7 4 B r o a d w a y , N e w Y o r k , t o v o t e o n r e d u c in g
th e c o m m o n s t o c k fr o m $ 8 ,0 0 0 ,0 0 0 to 8 2 ,0 0 0 ,0 0 0 , t h r o u g h a
Pittsburgh Cincinnati Chicago & St. Louis Railway.
r e d u c t io n in th e n u m b e r o f s h a r e s , th e p a r v a lu e o f sin g le
{Report for Fiscal Year ending Dec. 31 1906.)
s h a r e s ($ 1 0 0 ) as w e ll as th e a m o u n t o f th e p r e fe r r e d issu e
The report of the President will be found on pages 812 ($ 2 ,0 0 0 ,0 0 0 ) t o r e m a in u n c h a n g e d . P r e s id e n t G e o r g e W .
to 815. The operations, earnings and charges, and the H o a d l e y , P r o v id e n c e , D e c . 26 1 9 0 6 , w r ite s :
general balance sheet for four years were as below.
The gross earnings were $1,725,478 and show anase over Incre the year
1905 of $771,701. The earnings Include the revenue from the manufacture
O P E R A T IO N S A N D F IS C A L R E S U L T S .
of ordnance, ammunition, caissons, lathes and automobile parts, and sundry
1906.
1905.
1904.
1903. commercial work at the Bridgeport, Conn., and "Diesel," and steam en­
M iles o p e r a t e d ___________
1,171
1,168
1,169
1,164
gines and general repair work at the Providence, R . I., works, together with
O pera tions—
items of income from other sources.
• •,
P a ssen g ers c a r r ie d ..........
8 ,4 6 0 ,5 8 6
8 ,1 7 2 ,5 6 3
8 ,0 9 8 ,6 6 5
7 ,8 6 5 ,8 2 6 sundry
The expenses were SI ,384,407, an increase of $601,913 over the preceding
P a ss , ca rried 1 m ile ____ 2 7 8 ,8 1 3 ,5 0 5 2 5 7 ,0 2 8 ,6 3 7 2 7 5 ,9 1 1 ,4 9 3 2 4 3 .9 7 1 ,2 8 0
The expenses Include all direct and Indirect charges against manu­
R a te p er pass, p e r m ile .
2.0 3 c ts .
2.01 c ts .
1.96 c ts .
2.09 c ts . year.
facturing. maintenance and administration. They also Include a liberal
F re ig h t (ton s) c a r r i e d . . 2 9 ,3 7 7 ,7 0 9
2 5 ,7 4 0 ,9 9 3
2 2 ,7 7 2 ,8 3 2
2 2 ,8 4 1 ,6 8 0 depreciation charge on all patterns, drawings, templets, flasks and dies,
F r e ig h t (ton s) 1 m i l e . . . a 3 ,4 8 3 ,7 4 4 a 3 . 166,075 a 2 ,552 ,6 4 8
a 2 ,674 ,856
and a readjustment of material and stock values by careful Inventory.
0.6 3 c ts .
0.61 c ts .
0 .6 5 c ts .
0 .6 5 c ts .
R a te p er t o n p e r m ile ___
To provide for necessary Improvements and additions at the two plants,
E a rn in g s—
$
$
$
$ $150,000
has been appropriated out of the surplus earnings.
• .
5 ,8 0 4 ,8 9 7
5 ,2 8 6 ,1 5 3
5 ,5 5 1 ,0 2 2
5 ,0 8 7 ,7 9 2
P a s s e n g e r _______ _______
After
deducting the Interest charges, New York expenses and the $153,337
F r e i g h t __________________ 2 1 ,8 5 7 ,3 9 8
1 9 ,3 1 4 ,4 9 9
1 6 ,5 2 0 ,3 8 4
17,4 1 8 ,5 6 8
off, $8,527 Is carried to profit and loss. The amount charged off
M a il, ex p ress, & c . ...........
1 ,943,901
1 ,9 8 2 ,9 0 7
6 2 ,1 3 8 ,0 8 4
0 2 ,144,041 charged
covers not only all improvements and patterns and drawings made during
the year 1906, but charges off all Improvements, real estate, development
T o t a l _________________ 2 9 ,6 0 6 ,1 9 6
2 6 ,5 8 3 ,5 5 9
2 4 ,2 0 9 ,4 9 2
2 4 ,6 5 0 ,4 01
and patterns and drawings acquired by the company since its organization
E x p en se s__
in 1902, and leaves the plant, property and pattern and drawing accounts
T r a n sp o rta tio n ________ 1 0 ,7 8 3 ,0 0 4
1 0 ,051,661
9,4 2 6 ,8 3 1
9 ,5 9 2 ,9 1 7 at
less than they were taken over for by the company.
.................
M a in t. o f e q u i p m e n t . ..
6 ,0 1 9 ,2 2 4
5 ,2 4 3 ,2 2 0
4 ,5 7 1 ,7 1 1
5 ,0 0 6 ,0 8 7
The steady Increase of orders for Diesel engines and the development of
M a ln t. o f w a y , & c ...........
3 ,8 0 1 ,6 4 4
3 ,210,461
2 ,6 7 6 ,8 7 4
2 ,8 2 9 ,3 9 5
the
Wilkinson
engine
at
the
Providence
plant,
and
the
activity
of
the auto­
G en eral e x p e n s e s .............
580 ,3 1 8
545 ,171
5 3 0 ,8 2 0
5 1 8 ,1 8 6
T a x e s ...................................
968 ,8 2 2
8 9 5 ,3 9 6
9 0 3 ,7 0 2
828 ,931 mobile parts department at the Bridgeport plant, makes it Imperative that
additional facilities In the way of modern building and machines be provided
T o t a l --------------------------- 2 2 ,1 5 3 ,0 1 2
1 9 ,9 4 5 ,9 0 9
1 8 ,1 0 9 ,9 3 8
1 8 ,7 7 5 ,5 1 6 for at once at both places— hence the appropriation noted heretofore. • • The company suffered a loss by fire Dec. 5 1906, resulting In the total de­
P . c . o f e x p . t o ea rn s ___Sm (74.84)
(7 5 .0 3 )
(7 4 .8 1 )
(7 6 .1 7 )
N e t e a r n in g s ............. ......... £ 7 ,4 5 3 ,1 8 4
6,638 650
6 ,0 9 9 ,5 5 4
5 ,8 7 4 ,8 8 5 struction of the Diesel engine testing department. The material loss Is
covered by insurance, but the delays andjlnconvenlence suffer ed will be felt
iT hreeIclph ers| (000) o m itte d
forisome Uttlejtime.to c
o
m
e
.
;
• *




T h e engineers o f th e c o m p a n y lo o k u p o n th e W ilk in s o n t u r b in e e n g in e ,
•which has b een b u ilt an d th o r o u g h ly te s te d a t th e P r o v id e n c e p la n t d u r in g
th e p a s t y e a r , as a c o m in g so u rce o f gre a t re so u rce t o th e c o m p a n y .
T h is
n e w fie ld , t o g e th e r w ith th e in cre a se d d e m a n d fo r D iesel e n gin es a n d e x ­
t e n d e d fa cilities fo r p ressed steel a n d d r o p -fo r g in g a u to m o b ile p a r ts , t o .
get her w ith th e h e a v y lin e o f c o n tr a c ts o n n an d a t b o t h p la n ts , p r a c tic a lly
assure c o n tin u e d a n d in cre a sin g a c t iv it y fo r so m e tim e t o c o m e .
I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C . 31.
1906.
1905.
1904.
$ 9 5 3,77 7
$862,211
G ross e a r n in g s ..................................... ......... $ 1 ,7 2 5 ,4 7 8
E x p e n s e s ____ L - __________ _____________
1 ,3 8 4 ,4 0 7
7 8 2 ,4 9 4
7 72 ,049
N et e a rn in g s ____________________
In teres t c h a r g e s ____________________
S u rp lu s_______________________________
Im p r o v e m e n ts , & c . . l _________________
E x tr a o r d in a r y im p r o v e m e n t f u n d —

$341,071
29,207

$17 1,28 3
30,405

$ 90 ,162
41,9 2 4

$31 1,86 4
z$ 1 5 3 ,3 3 7
1 50 ,000

$14 0,87 8
---------------------

$48 ,238
---------------------

B a la n ce , surplus t o p r o fit an d lo s s .
$8,5 2 7
$14 0,87 8
$48,238
x “ E x p e n d e d d u rin g y e a r fo r im p ro v e m e n ts a n d c h a r g e d o ff fr o m p la n t
a c c o u n t an d p a ttern s a n d d r a w in g s .”
B A L A N C E SH EE T DECEM BER 31.
1906.
1905.
I
1906.
1905.
Assets—
$
$
I Liabilities—
$
S
Plants at ProviiPreferred stock___ 2,000,000
2,000,000
dence & Bridg’ t . 4,625,000 4.667,022 Common stock . . . 8,000,000
8,000,000
Patent rights, coniBills payable-------336,485
444,201
tracts, & c............ 5,205,451 5,205,4511Accounts payable.
74,547
69,902
Mach., patterns,&c 341,563
3 00 ,1201Extraor. impt. fd_
150,000
---------Im provem ent aect.
______
2 4 ,3471Mortgage on plant
C a s h . . . ..................
75,913
41,693; No. 2 ..................
60.000
60,000
Accounts receiv__
324,705
144,9921Surplus___________
498,732
490,205
204,006
199,997 i
In ventories______
W ork in progress..
343,126
480,6861
j
T otal.................... 11,119,764 11,064,3081
— V . 83, p. 268.

T otal..................... 11,119,764 11,064,308

Central & South American Telegraph Company.
(.Report for Fiscal Year ending Dec. 31 1908.)
R E SU LT S FOR C A L E N D A R YE A R S.
1906.
1905.
R e c e ip ts fro m all s o u r c e s ___________ $ 1 ,4 7 5 ,5 0 7
$ 1 ,3 1 6 ,2 4 9
D ed uct—
O p e ra tin g e x p e n s e s _________________
$48 1,36 4
$43 0,95 0
C a ble u sed in re p a irs________________
5 5 ,0 3 4 '
43,3 7 4
D iv id e n d s ............................................ .. (6 % )4 6 3 .5 3 6 (6 % )4 6 3 ,5 3 6
Surplus fo r th e y e a r _____________
P r e v io u s s u r p lu s ....................................

$475,573
1,3 9 4 ,8 7 7

1904.
$ 1 ,1 4 0 ,4 5 4
$41 3,42 2
67,922
( 6 % )4 6 3 ,5 3 6

$37 8,39 0
1 ,016,487

$19 5,57 4
820,913

$ 1 ,0 1 6 ,4 8 7
T o ta l surplus D e c , 3 1 .......................$ 1 ,8 7 0 ,4 5 0
$1,3 9 4 ,8 7 7
B A LA N C E SH EET DEC. 31.
1905. !
1906.
1905.
1906.
$
Liabilities—
$
Assets—
$
S
P la n t ....................... 8,252,557 8,252,556!Capital stock ........ 8,000,000 8.000,000
885,697 SEarnings invested
Construction ex p . 1,266,597
514,800
514,800
77,6071 in p la n t ______
Spare cable......... ..
150,664
53,818! Profit from sale of
Cash In banks____
33,335
| treasury s t o c k . .
128
R R . bonds & other
128
!January dividend.
115.884
115,884
securities
(par
469,073 !Sundry cred itors..
163,565
$456,300), cost.
464.073
211.145
274,400! Surplus
revenue
Treas. stock (par).
274,400
Sundry
debtors,
i D ec. 31______ 1,870,450 1,394,877
223,6831
incl. traffic bal.
223.201
T o t a l ............... 10,664,827 10,236,8341

T o t a l ................ 10.664,827 10,236.834

Compare quarterly statement on a subssquent page of
this issue.— V. 82, p. 1499.
Mexican Telegraph Co.
(.Report for Fiscal Year ending Dec. 31 1906.)
R E S U L T S FO R C A L E N D A R Y E A R S .

1906.
$771,872

1905.
$670,142

1904.
$612,933

$126,386

$114,448

$101,233

30,000
32,431
263,068

24,000
11,676
191,260

38,002
29,088
191,260

$32 8,75 8
1,6 7 6 ,1 8 9

9,9807
$$31
25 3,35
12,0
,4 2024,8
,93487

T o t a l................................................... ..
$ 2 ,3 2 4 ,9 3 4
U D e d u c t , c o n s t r u c tio n a c c o u n t e x ­
p en d itu res ________________________
521 ,397

$ 2 ,0 0 4 ,9 4 7

$ 1 ,6 7 6 ,1 8 8

_______

_______

$ 1 ,8 0 3 ,5 3 7

$ 2 ,0 0 4 ,9 4 7

$ 1 ,6 7 6 ,1 8 8

x Receipts from all sources.............
Deduct —
O p e r a tin g e x p e n se s _______________
M ex ica n G o v ’ t ’ s p a rticip a tio n in
e a r n in g s ______________________

Cable used in repairs_______ ______
D iv id e n d s (10% p er a n n u m ) ______
A d d it io n t o surplus fo r y e a r _____
P r e v io u s s u r p lu s _______ ______ ______

x In c lu d e s Interest o n In v estm en ts a n d d e p o s its , in 1906 a b o u t $ 91 ,500 .
1/ He th ird G u lf ca b le a n d o th e r b e tte rm e n ts , as m e n tio n e d in circu la r o f
D e c. 30 last.
B A L A N C E SH EE T DEC. 31.
1906.
1906.
1905.
1905. 1
! Liabilities—
AssetsS
$
$
Capital stock_______ 3,000.000 2,000,000
IEarnings invested in
Cash at banks............ 282,834
I im p ro v e m e n ts___
36,801
Construction account
31,654
[Profit from sales of
re 3d cable..............
............
! treasury s t o c k ___
Constr’n loan to Cent.
40,743
38,493
|Sinking fund_______
& S o. A m . Tel____ 150,000
8,940
9,834
Cent. & South Amer.
iSundry creditors, inTeleg. Co.’s stock,
i eluding traffic bal­
ances ......................
1,634 shares (cost) 127,3S6
37,318
38,088
R R . bonds & other
; D iv id e n d ___________
71,753
47,815
securities (cost)___1,283,810
ISurplus revenue end
Treasury stock (par) 129,900
| o f year.................... 1,803,537 2,004,947
Steamship Mexican...................
Spare c a b l e .._____ _
______
51.7771
Sundry debtors, incl.
I
traffic balances___ 209,495
288.8401
T o t a l .................. -.4,999.986 4,169.937

T o t a l ........................4.999,986 4,169,937

A stock dividend of 5 0 % ($1,000,000) was paid June 1
1906.— See V. 82, p. 1104, 1383, 1500.
Consolidated Cotton Duck Company, Baltimore.
{Report for Fiscal Year ending Dec. 31 1906.)
The report of Chairman S. Davies Warfield, under date of
Feb. 18 1907, says in substance:
A t th e tim e o f m y last re p o rt (V . 8 3 , p . 433) six m o n th s o n ly h a d elap sed
fro m th e org a n iz a tio n o f th e c o m p a n y .
W ith in th e p a s t tw e lv e m o n th s th e
U n ite d S ta tes C o tto n D u ck C o r p o r a tio n , as s u ch , has g o n e o u t o f e x is te n ce ,
Its secu rities h a v in g b e e n a cq u ir e d : ail th e m ill p ro p e r tie s , real, p erson al a n d
o th e rw ise , fo rm e r ly o w n e d b y th a t c o r p o r a tio n are n o w o w n e d Dy th is c o m ­
pany.
T h e e n tire c a p ita l s to c k o f th e J. S p e n ce r T u rn e r C o m p a n y o f N ew
Y o r k has also been a cq u ir e d ; th is c o m p a n y a c ts as th e d is trib u tin g h ou se
fo r jTou r c o m p a n y a n d d isp o se s o f th e p r o d u c ts th e re o f.
\ o u r P r e s id e n t's sta te m e n t fo r th e tw e lv e m o n th s e n d e d D e c. 31 1906
s h ow s in c o m e o f o v e r $ 1 0 ,0 0 0 ,0 0 0 an d surplus ea rn in g s o f $ 9 0 8 ,9 1 5 , a fter
ta k in g care o f fixed ch a rg es o n all th e u n d e rly in g secu rities o f b o t h o f th e




*01

THE CHRONICLE

A p e . 6 1907.J

fo rm e r c o n s titu e n t c o m p a n ie s . A ft e r p r o v id in g fo r t h e 6 % d iv id e n d o n
th e $ 6 ,0 0 0 ,0 0 0 o f p re fe rre d s t o c k , th ere r e m a in e d a su rp lu s fr o m t h e o p e r a ­
tio n s o f th e y e a r e q u a l t o n e a rly 8 % o n th e e n tire Issue, $ 7 ,0 0 0 ,0 0 0 , o f c o m ­
m o n s to c k .
T h e n e t e a rn in g s o f th e J. S p e n ce r T u rn e r C o . fo r th e tw e lv e
m o n th s , a fte r p r o v id in g fo r th e fix e d ch a rges o n its $ 1 ,6 0 0 ,0 0 0 o f d e b e n tu re s,
w as a p p ro x im a te ly $ 1 0 0 ,0 0 0 , g iv in g c o m b in e d e a rn in gs o f th e t w o c o m p a n ie s
o f o v e r $ 1 ,0 0 0 ,0 0 0 , e q u a l t o o v e r 9 % o n th e to t a l issue o f c o m m o n s to c k
a fte r p a y in g b o n d In terest a n d th e 6 % d iv id e n d o n th e p re fe rred sto c k .
W it h th e v ie w o f p la c in g th e m ills o f t h e M o u n t V e r n o n -W o o d b e r r y C o.
in th e p r o p e r c o n d it io n , th e m a n a g e m e n t has b e e n r e p la c in g o b s o le te m a ­
c h in e r y , lo n g sin ce o u t o f d a te .
T o p r o v id e th e se re p la ce m en ts w ith th e
p r o m p tn e s s d e m a n d e d , th e m a n a g e m e n t has d e e m e d it a d v isa b le t o c r e d it
t h e d e p r e c ia tio n a c c o u n t w ith e v e r y d o lla r t h a t c a n p o s s ib ly b e sp a red ,
so t h a t th e m ills m a y b e , a n d t h e y are b e in g , e q u ip p e d w ith o u t d e la y t o m eet
m o d e r n re q u ire m e n ts.
U n d e r t h e p la n o f e x c h a n g e o f s e cu rities o f th e t w o c o t t o n d u c k c o m p a n ie s
fo r th o s e o f th e C o n s o lid a te d C o m p a n y , $ 5 ,6 0 8 ,0 0 0 in c o m e b o n d s o f th e
M o u n t V e r n o n -W o o d b e r r y C o t t o n D u c k C o. o u t o f a to t a l o f $ 6 ,0 0 0 ,0 0 0
h a v e b e e n e x c h a n g e d , le a v in g o n ly $39 2 ,0 0 0 o u ts ta n d in g .
S in ce m y
la s t r e p o r t, w h ic h s h o w e d $6 0 0 ,0 0 0 in c o m e b o n d s o u t s t a n d in g , $ 2 0 8,00 0
h ave been exch an g ed .
O v e r 9 3 % o f th e s e b o n d s h a v e th e r e fo r e b e c o m e
th e p rop erty o f y o u r com p a n y .
B y c o n s u ltin g ta b le “ D , ” y o u w ill n o te th a t th e a c tu a l v a lu a tio n o f th e
p r o p e r tie s is a p p r o x im a t e ly $ 1 8 ,0 0 0 ,0 0 0 .
Y e t th e p re se n t m a rk et v a lu e
o f al th e secu ritie s o f b o t h th e c o n s t it u e n t c o m p a n ie s a n d th e C on solid a ted
C o t t o n D u c k C o. a ggre ga te s o n ly $ 1 2 ,7 5 0 ,0 0 0 , a d iffe re n ce o f $ 5 ,2 5 0 ,0 0 0
b e tw e e n a ctu a l va lu e a n d p re se n t m a rk e t v a lu e s, o r a n e xcess in a c tu a l v a lu e
o f o v e r 40 % .
N o reason fo r th is c a n b e fo u n d in th e ea rn in gs o f y o u r p r o p ­
erties.
Y o u h a v e n o b o n u s s to c k in th is c o m p a n y .
In th e e x c h a n g e s o f
secu ritie s w h ich h a v e ta k e n p la c e , n o t o n ly d o e s th e p re fe rred s to c k rep re­
se n t cash p a id in t o its fu ll p a r v a lu e , b u t y o u r c o m m o n s t o c k rep resen ts a
s u b sta n tia l cash p a y m e n t o r ig in a lly p a id in .
Y o u r c o m p a n y d eals as a
m a n u fa c tu r e r in a sta p le c o m m o d it y w h ic h has a w o rld m a r k e t, a n d it ow n s
e x c lu s iv e b ra n d s p r e v io u s ly o w n s d b y m o s t su cce ssfu l c o t t o n d u c k m ill
o p e r a to r s .
Y o u r m ills h a v e b e e n a c q u ir e d a fte r ca re fu l c o n s id e r a tio n b o t h
as t o lo c a tio n a n d e n v ir o n m e n t, a n d in th e J . S p e n ce r T u rn er C o. w e h a v e
a large sellin g h o u se w ith es ta b lis h e d h e a d q u a rte rs fo r th e sale a n d d is tri­
b u t io n o f g o o d s t h r o u g h o u t th e w o rld .
E A R N IN G S FO R C A L E N D A R Y E A R S .
1906.
1905.
I n co m e fr o m sa le s ______________________$ 9 ,9 4 1 ,1 5 1
$ 9 ,2 6 8 ,8 7 2
8 3 ,6 7 3
8 9 ,145
I n c o m e fr o m o t h e r s o u r c e s ____________

In crea se.
$67 2 ,2 7 9
d e c . 5 ,4 7 2

T o ta l i n c o m e _______ _________________$ 1 0 ,0 2 4 ,8 2 4
C ost o f m a teria ls, la b o r, su p p lies, & c . $ 8 ,4 2 7 ,4 2 7
C u rrent In terest a n d gen era l e x p e n s e .
2 95 ,516

$ 9 ,3 5 8 ,0 1 7
$ 8 ,1 3 8 ,1 5 0
3 02 ,694

$66 6 ,8 0 7
$28 9,27 7
d e c . 7,1 7 8

N e t e a r n i n g s ________________________ $1,3 0 1 ,8 8 1
D e d u c t in te re s t o n b o n d s o f c o n s t it u ­
e n t c o m p a n ie s , in c lu d in g first m o r t ­
gage b o n d s o f th e M o u n t V e r n o n 392 ,9 6 3
W o o d b e r r y C o tto n D u c k C o _______

$ 9 1 7 ,1 7 2

$38 4 ,7 0 9

363 ,225

29,7 4 2

B a la n ce , s u r p l u s _______ ____________
$ 9 0 8,91 5
C h arged t o d e p r e c ia t io n _______________
$28 3,73 5
D iv id e n d s o n p r e f. s t o c k __________( 6 % ) 360 ,000

$55 3,94 7
(?)

$3 5 4 ,9 6 7

_______
_______
B a l a n c e ______________________________
$26 5 ,1 8 0
N o te .— O f th e b a la n c e su rplu s in 190 6, $ 9 0 8,91 5 (b e fo r e d e d u c t in g d iv i­
d e n d s a n d ch arges t o d e p r e c ia t io n ) , $ 3 7 0,00 3 is d e r iv e d fro m th e o p e r a tio n s
o f t h e C o n s o lid a te d C o t t o n D u c k C o. a n d $ 5 3 8,91 2 fro m t h e o p e r a tio n s o f
th e M o u n t V e r n o n -W o o d b e r r y C o tto n D u c k C o.
(a) C a pitaliza tion o f the Con solidated Cotton Duck. C o.
P re fe rre d s to c k ] In c lu d in g reserve fo r o u ts t a n d in g i n c o m e ] $ 6 ,0 0 0 ,0 0 0
C o m m o n s to c k
J bon d s.
See t e x t a b o v e ---------------------------------1 7 ,0 0 0 ,0 0 0
F irst m o rtg a g e 5 % b o n d s o f th e M t. V e r n o n -W o o d b e r r y C o ____
8 ,0 0 0 ,0 0 0
O th e r b o n d s _________________________________________________________
4 2 0 ,0 0 0
(6) Location ,& c . , o f M ill P r o p e r tie s . Total N u m b er 20.
M a ry la n d ___________ 11 |C o lu m b ia , S. C _______ 1 I T a lla sse e , A l a _________ 2
M a n ch e s te r, N . H ___ 1 I H o g a n s v iile , G a _______ 1 C a n a d a . * ______________ 1
N e w H a r tfo r d , C o n n . 1 | L a G ra n g e , G a ________ 1 ] N o v a S c o t ia * --------------.1
* C o n tro lle d th r o u g h th e J. S p e n ce r T u rn e r C o.
O p e r a tiv e s , all m ills ___________________________________________________
7 ,5 0 0
A n n u a l w a g e s, all m ills, a p p r o x im a t e ly ___ ______ __________________ $ 2 ,1 0 0 ,0 0 0
R a w c o t t o n a n n u a lly co n s u m e d ( l b s .) _______________________________ 5 5 ,0 0 0 ,0 0 0
L a n d o w n e d (a c re s )___________________________________________________
1 7 ,0 0 0
O p e ra tiv e s’ h ou ses o w n e d ____________________________________________
1,0 8 6
(c) L ead ing B ra n d s o f C o m p a n y .
M t. V e r n o n , W o o d b e r r y , D ru id , O n ta r io , A re ta s , F ra n k H n v ille, G re e n ­
w o o d s , V ig ila n t, B ea r, P o lh e m u s, C h arter O a k , O liv e r E x tr a , S elk irk ,
E lk w o o d , E x ce lsio r, C o lu m b ia , S ta rk , O za rk , L a u rel, M o n ta n a , A v o n d a le ,
T a llassee, P u rita n , Y e llo w J a c k e t, Im p e ria l, L a G ra n g e, L a k e R o la n d ,
P a rn e to n , P a rk sld e , R ic h la n d , Y a m m a sse e , R o y a l, L io n , H a r tfo r d , P e r­
fe c tio n .
(d) V a lu a tion o f P rop erties.
R e p o rt o f B a rrow , W a d e & G u th rie (e x clu s iv e o f v a lu a tio n o f
b r a n d s ), w ith a d d itio n a l m a ch in e ry in sta lled (b u t e x c lu s iv e o f
re p la ce m e n ts w h ich are n o t fig u r e d ), a p p r o x im a t e ly __________$ 1 8 ,0 0 0 ,0 0 0
B o n d s o f co n s titu e n t c o m p a n ie s a t p a r . ................................................
8 ,4 2 0 ,0 0 0
T o ta l issue o f p re fe rre d s t o c k _______________________________________
6 ,0 0 0 ,0 0 0
V a lu a tio n o f p ro p e rtie s o v e r b o n d e d d e b t a n d p re fe rr e d s to c k
(e q u ity o f $ 7 ,0 0 0 ,0 0 0 c o m m o n s t o c k ) ____________________ ______
3 ,5 8 0 ,0 0 0
— V . 84, p . 452.

Eastman Kokak Co. of New Jersey, Rochester, N. Y .
{Report for Fiscal Year ending Dec. 31 1906.)
Secretary Albert O. Fenn says:
In th e b a la n ce sheet p re s e n te d th e earn in gs o f all th e s u b s id ia r y c o m ­
pan ies are in clu d e d fo r th e p e r io d m e n tio n e d .
T h e b a la n c e sh e e t sh ow s
ca rrie d t o surplus fo r th e tw e lv e m o n th s t h e a m o u n t o f $ 1 ,1 2 7 ,5 6 6 , a fte r
p a y in g d iv id e n d s fo r th e y e a r a t th e r a te o f 6 % p e r a n n u m o n th e p referred
s to c k a n d 17 \4 % o n th e c o m m o n s t o c k , an d a fte r c h a r g in g o ff lib e ra l a m o u n ts
fo r d e p re cia tio n a n d ren ew al o f p la n ts.
C O M P A N Y A N D IT S S U B S ID IA R IE S — IN C O M E A C C O U N T F O R
CALENDAR YEARS.
1906.
1905.
1904.
1903.
N e t p r o fit s ............... ...................£ $ 4 ,9 1 5 ,7 0 0 $ 4 ,0 1 3 ,9 1 3 $ 3 ,3 3 9 ,1 4 8 $ 2 ,9 2 5 ,6 9 1
D iv id e n d s p a id a n d a c c r u e d —
O n p re fe rre d s to c k ( 6 % ) . . $36 9,94 2
$36 5,21 7
$ 3 6 0 ,3 4 7
$36 8 ,0 5 9
O n c o m m o n s t o c k ________ 3 ,4 1 8 ,2 6 0
2 ,3 4 2 ,9 6 4
1 .9 2 0 ,6 1 9
1 .8 6 6 ,8 0 5
D o r a t e p e r c e n t _________ ( 1 7 ) 4 % )
(1 2 % )
(1 0 % )
(1 0 % )
S hares o f old c o m p a n ie s ___
_______
5,2 3 2
400
400
S p e cia l r e s e r v e _______________
_______
_______
_______
78,4 0 4
T o t a l ..........................................$ 3 ,7 8 8 ,2 0 2 $ 2 ,7 1 3 ,4 1 4 $ 2 ,2 8 1 ,3 6 6 $ 2 ,3 1 3 ,6 6 8
S u r p l u s _______________________$ 1 ,1 2 7 ,4 9 8 $ 1 ,3 0 0 ,4 9 9 $ 1 ,0 5 7 ,7 8 2
$ 6 1 2,02 3
£ A ft e r d e d u ctin g $ 5 0 0,00 0 fo r ren ew al o f p la n ts .
EA S T M A N K O D A K CO. O F N E W J E R S E Y A N D S U B S ID IA R Y C O M P A N IE S
— CO M BIN ED B A L A N C E S H E E T D EC. 31.
1906.
1905.
I
1906.
1905.
Assets—
$
S
i Liabilities—
$
S
Plant, patents,
jCommon s t o c k — 19,536,278 19.524.S28
good-will, & c . _ . 20,739,350 19,525,1381Preferred s t o c k .. . 6,165,700 6,165,700
S u p p lie s ............ . 4,179,106 3,0 9 8 ,7 4 8 !Accounts payable.
732,181
572,543
Accts. & bills rec_. *1,779,902 1,632,9241Pref. div. Jan. 1 . .
92.486
92,486
Bonds and stock s.y 3 ,570,271 3 ,430,7 6 6 |Com. div. Jan. 1 . .
488,405
878,612
C ash......................... 2,594,194 3,602,521Reserve for deM iscellaneous____
78.467
68.582| p rec., renewals,
| capital purp., &c. 1,342,006
667,777
|Surplus----------------- 4,584,234 3,456,736
Total assets____32,941,290 31.358 680
a; Net am ount,
p.* 751:

Total liabilities.32,941,290 31.358,680

y Taken at cost market value D ec. 31 1906 $3,590,S95.— V. 84

802

THE CHRONICLE-

United Cigar Manufacturers Company, New York.
(.Report for N ine Months ending Dec. 31 1906.)
An annual statement has been issued covering the earnings
of|the com pany for the first nine months of its existence,
nam ely,from April 2 to D ec. 31 1906, and balance sheet. We
com pare thess figures with those of earlier dates as reported
to 'th e New Y ork Stock Exchange last N ovem ber upon the
listing of the $5,000,000 7 % cum ulative preferred stock.
O P E R A T I O N S O F N E W C O M P A N Y F O R 9 M O N T H S E N D I N G D E C . 31
1906— A L S O F O R O L D C O M P A N Y F O R Y E A R S 1904 A N D 1905
A N D 3 M O N T H S E N D I N G M A R C H 31 1906.
—— ------------Old C o m p a n y------------------ - N e w C o9 M o s . to
1904.
1905.
M c h . 31 ’06
$
$
$
10,4 9 9 ,3 4 0 11,7 4 0 ,1 6 9
2 ,9 1 6 ,2 4 0
9 ,1 2 7 ,5 4 3
8 ,1 0 3 ,8 7 6
1,067,410

9 ,2 8 4 ,3 5 2
1,2 2 2 ,8 2 4

2,2 7 6 ,2 7 0
316 ,398

7 ,2 2 4 ,6 8 1
1 ,1 2 5 ,8 7 5

P r o fit fr o m o p e r a tio n s ____ 1 ,3 2 8 ,0 5 4
® 70,280
M lscel. p r o fit & In t. r e c e iv e d .

1 ,2 3 2 ,9 9 3
X 54.794

■)23,572
2:9,696

776 ,9 8 7
6 4 ,2 6 0

1 ,3 9 8 ,3 3 4

1 ,2 8 7 ,7 8 7

333 ,2 6 8

2 5,0 0 0

25,000

6,250

1 ,373,334

1 ,2 6 2 ,7 8 7

3 27 ,018

D e d u c t — I n t . at 5 % o n de■b e n tu r e n o t e s ______________

8 4 1 ,2 4 7

C harges and P referred D iv id en d s o f N ew C o m p a n y , 9 M o n th s.
In te re st o n lo a n s an d d e p o s it s ___________________________________ . . .
$ 1 0 6,92 4
S p e c ia l reserv e fo r d is co u n ts o n cu s to m e rs a c c o u n t s ___________ 1 - .
50,0 0 0
D iv id e n d s on p r e f. s t o c k (tw o q u a rte r ly , ea ch 1 % % ) ______ (3
175,000

[V o l . l x x x i v .

T h e h old ers o f th e p re fe rre d s to c k shall h a v e n o v o t in g p o w e r , p r o v id e d ,
th a t i f th ere sh a ll o c c u r tw o su cce ssiv e q u a rte r-y e a rly d e fa u lts in th e p a y ­
m e n t o f th e d iv id e n d s o n th e p re fe rre d s to c k , n o t d u e so le ly t o losses b y
re a so n o f a strik e o r t o a n y o rd e r o f a c o u r t , th e n a n d u n til th e tim e w h en
su ch d e fa u lts shall h a v e b e e n m a d e g o o d o u t o f th e surplus o r n e t earnings
p r o p e r ly a v a ila b le fo r th a t p u r p o s e , th e h old ers o f th e p re fe rre d s to c k shall
h a v e th e e x c lu s iv e rig h t to v o t e ; b u t all d ire cto rs so to b e v o t e d f o r sh all b e
o f th e class w h o m th e y su cce e d a n d shall b e e le cte d t o serv e o n ly u n til all
e x is tin g d e fa u lts o n th e p re fe rre d s to c k h a v e been m a d e g o o d as a fo re sa id .
S u b je c t t o th e fo re g o in g lim ita tio n , th e v o tin g p o w e r sh all b e v e s te d e x ­
clu s iv e ly in th e c o m m o n s t o c k , a n d th e c o n tr o l a n d m a n a g e m e n t shall a l­
w a y s b e th erein .
T h e c o m p a n y shall n o t cre a te a n y lie n , b y w a y o f m o rtg a g e o r oth erw ise,
u p o n a n y o f its real o r p erson a l p r o p e r ty , o r assen t to th e c r e a tio n o f a n y
m o rtg a g e o r lien u p o n th e rea l o r p erson al p r o p e r ty n o w o w n e d o r h erea fter
a cq u ire d b y a n y co r p o r a tio n w h e r e o f it m a y a cq u ire th e c o n tr o llin g s to c k ,
w ith o u t eith er th e p re v io u s w ritte n co n s e n t o f th e h old ers o f at lea st th reefo u rth s o f th e th e n issu ed an d o u ts ta n d in g p re fe rre d s to c k o f th e c o m p a n y ;
b u t th is p r o h ib itio n shall n o t o p e ra te t o p r e v e n t th e g iv in g o f p u rch a se
m o n e y m ortg a g e s o r o th e r p u rch a se m o n e y liens o r a n y p le d g in g o f th e
s to c k s , secu rities o r w a reh ou se ce rtifica te s o f th e c o m p a n y as co lla te ra l
s e c u r ity fo r th e p a y m e n t o f m o n e y s b o r r o w e d in th e regu la r co u rse o f b u si­
ness.
O ffice rs: J a c o b W e r th e lm , P resid en t; Charles H ir s c h b o m , First V ic e P re sid e n t; F red H ir s c h b o m , S e c o n d V ic e -P r e s id e n t; E d w a rd A . K e rb s,
T re a s .; W a lte r A . S ch lffer, S e cre ta ry . D ire cto rs : C. H lrsch h o rn , F .H ir s c h horn ,M . H . M a ck a n d H . S. S tern , o f th e first cla ss J a c o b W e r th e im , E d w a rd
A . K e rb s, W a lte r A . S ch lffer, E d m u n d L . H a a s, o f th e s e c o n d cla ss; H e n ry
G o ld m a n , P h ilip L e h m a n , D . G. B o isse v a in , A . B a rto n H e p b u r n , o f th e
th ird cla ss, all o f N e w Y o r k C ity .
P rin cip a l o ffic e , 1018 a n d 1020 S e c o n d
A v e . , N ew Y o r k C ity .

Leading stockholders in the enterprise and representatives
of the Am erican T obacco interests were recently reported in
negotiation respecting a proposition of the latter to purchase
control, but the negotiations, it is understood, fell through,
ow ing to disagreement as to price.— V. 83, p. 1475.

■ T o t a l ____________________ ___________________________ _____________$33 1,92 4
Su rplu s fo r last 9 m o n th s o f 1 9 0 6 ____________________________________
$50 9,32 3

National Lead Company.

B A LA N C E SHEETS.
— Old C o .--------------------------N ew C o m p a n y -------------------M c h . 31 ’ 0 6 . A p r . 2
S ep t. 30 ’06. D ec . 31 ’06.
A s s e ts —
$
$
$
$
C l6 ,9 4 1 ,460
16,9 3 6 ,4 9 2
I n s u r a n c e , & c ___________
150,108
154 ,004
150 ,108
143,147
S u p p lies, & c ____________
3 ,9 3 7 ,1 9 9
4 ,1 3 7 ,1 9 9
4 ,4 6 5 ,2 5 1
4 ,0 7 7 ,9 7 4
B ills r e c e iv a b le __________
94,843
94,843
88,498
98,281
A c c o u n t s r e c e iv a b le ____
1 ,7 0 7 ,6 1 4
1 ,7 6 1 ,1 1 4
1,9 9 3 ,8 0 0
d\ ,842,706
18,200
18,200
M a rk eta b le stk s. & b d s .
Cash _______ _____________
295 ,297
295 ,297
234’, 169
57 2’, 680
A d v a n c e s ________________
3 0,337

{Report for Fiscal Year ending Dec. 31 1906.)

T o t a l . . . .................. ..
L ia b ilities —
C o m m o n s t o c k __________
P re fe rre d s t o c k __________
A c c o u n t s p a y a b le _______
B ills p a y a b le ____________
L o a n s an d d e p o s it s ______
S u r p l u s __________________

1 1 ,7 0 4 ,1 3 2

2 3 ,3 9 1 ,6 2 3

2 3 ,8 7 7 ,1 8 2

2 3 ,7 0 1 ,6 1 7

5 ,0 0 0 ,0 0 0
1,0 0 0 ,0 0 0
5 4 3 ,0 5 9
2 ,7 4 0 ,6 8 9
_______
2 ,4 2 0 ,3 8 4

1 5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
6 50 ,934
2,7 4 0 ,6 8 9

15 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
158 ,518
3 ,0 9 6 ,8 0 5
230 ,0 6 2
391 ,797

1 5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
158 ,554
2 ,6 6 1 ,5 6 3
372 ,177
509 ,3 2 3

T o t a l ................................. 1 1 ,7 0 4 ,1 3 2

2 3 ,3 9 1 ,6 2 3

2 3 ,8 7 7 ,1 8 2

2 3 ,7 0 1 ,6 1 7

a In clu d es ‘ ‘ tra d e-m a rk s, p a te n t rig h ts, g o o d -w ill (in clu d in g th e ca p ita l
s to c k o f th e S tra ito n & S torm C o ., p ar $ 3 0 0 ,0 0 0 , and L ich ten stein Bros.
C o ., p a r $ 2 5 ,0 0 0 , a n d all excess v a lu e o v e r c o s t— $11 8,00 0 o f th e s to c k o f
th e G eo. L . S to rm C o . ) , b u ild in g s a n d m a ch in e ry , 8 5 ,3 7 6 ,3 0 9 ; in v estm en t in
allied c o m p a n y , $11 8 ,0 0 0 ; fu rn itu re a n d fixtu res, $6,562; to ta l, $ 5 ,5 0 0 ,8 7 1 .”
6 “ Cost o f p r o p e r ty , in clu d in g tra d e -m a rk s, p a te n t rig h ts, real e s ta te ,
bu ild in g s a n d m a ch in e ry , $ 1 6 ,3 5 9 ,8 6 2 ; in v estm en ts In allied co m p a n ie s :
G eo. L . S torm C o ., $25 0,00 0; L ich ten stein B r o s ., $25 ,000 ; S tra iton & S to rm ,
$ 3 0 0 ,0 0 0 .”
c T ra d e -m a rk s, b ra n d s, p a ten t rig h ts, $ 1 5 ,9 4 1 ,8 9 5 ; real esta te , $21 3 ,8 3 4 ;
m a ch in es an d fix tu res, $ 20 7,73 1; s to c k in o th e r co m p a n ie s, $ 5 7 8 ,0 0 0 .—
d A fte r d e d u ctin g reserve fo r d isco u n ts, $ 5 0 ,0 0 0 .

Following is a digest of the text o f the statement made
to the New York Stock Exchange as of N ov. 30 1908:
O rg a n ized o n A p ril 28 1906 u n d er th e law s o f N ew Y o r k S ta te .
O f th e
$ 1 0 ,0 0 0 ,0 0 0 c o m m o n s to c k (all is su e d ), $ 7 ,6 5 0 ,0 0 0 is d e p o site d u n d er a
v o tin g tru st a g reem en t.
T h e C en tral T ru st C o. o f N ew Y o r k is th e v o tin g
tru ste e .
T h e a g reem en t is fo r five yea rs a n d term in a tes o n Ju n e 1 1911.
T h e c o m p a n y w en t in to a c tiv e o p e ra tio n o n M a y 2 1906.
It a cq u ire d
th e bu siness, p r o p e r ty , assets a n d e ffects o f ‘ U n ited Cigar M a n u fa ctu re rs”
as o f A p ril 2 1906.
T h e c o m p a n y t o o k o v e r th e en tire p r o p e r ty a n d business o f th e ‘ ‘ U n ited
C igar M a n u fa ctu re rs,” a N ew Y o r k c o r p o r a tio n (sin ce d is s o lv e d ), g iv in g
th e re fo r $ 5 ,0 0 0 ,0 0 0 p referred ca p ita l s to c k an d $ 1 4 ,9 9 9 ,4 0 0 c o m m o n
s to c k a n d $1 0 8 ,4 7 5 in ca sh .
A m o n g th e assets so ta k e n o v e r , it a cq u ire d
th e to ta l ca p ita l s to c k issue o f th e fo llo w in g N ew Y o r k c o r p o r a tio n s , n am ely;
S tra ito n & S torm C o. o f N ew Y o r k C ity , ca p ita l s to ck $ 30 0,00 0; L ic h te n ­
stein B ros. & Co. o f N ew Y o r k C ity , ca p ita l s to c k $ 2 5 ,0 0 0 .
It In like m a n ­
ner a cq u ire d a n d n o w ow n s $23 6,00 0 o u t o f a to ta l a u th o rize d Issue o f
$ 4 0 0 ,0 0 0 o f th e ca p ita l s to c k o f G eo. L . S torm & C o. o f N ew Y o r k C ity .
S tra ito n & S to rm C o. an d L ich ten stein B ros. C o. have n o sep a ra te b o o k s .
T h eir tra n sa ctio n s are ca rried o n th e b o o k s o f U n ited C igar M a n u fa ctu rers
C o. as p a rt o f its o w n bu sin ess.
G eo. L . S torm & C o. carries o n a n in d e ­
p e n d e n t cig a r b u sin ess, b e in g im p o rta n t t o th e c o m p a n y fo r th e d istrib u ­
tio n o f its p ro d u cts.
T h e c o m p a n y a cq u ire d fro m U n ited Cigar M a n u fa ctu rers a n d n o w ow ns
th e fo llo w in g m o d e ra b rick fa cto rie s an d w areh ou ses an d th e g rou n d
w h ereon th e y s ta n d , v iz .: F a ctories re s p e ctiv e ly at N ew B ru n sw ick , N . J.;
Perth A m b o y , N . J ., an d Y o r k , P a ., an d w areh ou ses at M la m isb u rg, O h io,
a n d E d g e r to n , W is.
In like m a n n er it a cq u ire d a fa c to r y at H a rrisb u rg,
P a ., a n d a w areh ou se a t P o rta g e , W ls ., b u t n ot th e g ro u n d w h ereon th e y
sta n d .
T h e w areh ou ses a n d fa cto rie s w ere ta k en o v e r at $ 2 1 2 ,4 9 1 , bein g
n o m o re th a n orig in a l c o s t, a n d th e y are ca rried o n th e b o o k s at th e sam e
figu re, w ith a d d itio n s fo r a ctu a l im p ro v e m e n ts sin ce m ade.
T h e c o m p a n y has u n d er lease th ree fa cto rie s in th e B o ro u g h o f M a n h a tta n ,
a fa c to r y in B r o o k y ln , a fa c to r y in L a n ca ster, P a ., tw o a u x ilia ry fa ctories
in N ew B ru n sw ick a n d a fa c to r y e a ch a t D a lla s to w n , S p ln n e r s to w n , C oop e r s b u r g , M id d le to w n , Perka sie a n d Q u a k e rto w n , in P e n n sy lv a n ia , and
w areh ou ses a t P erth A m b o y , N . J .. C a sh ton a n d V iola an d L o d i, W ls ., at
a g g re g a te ann ual rentals o f a b o u t $ 5 9 ,0 0 0 .
T h e b u ild in g s a b o v e d e scrib e d are e q u ip p e d w ith m a c h in e r y a n d a p p li­
an ces, a n d all o f th em are in a c tiv e o p e ra tio n in th e m a n u fa c tu r e , p a ck in g ,
h a n d lin g an d storin g o f cig a rs, cig a rros a n d c h e ro o ts .
T h e a n n u al c a p a c ity
o f th e p la n ts is a b o u t 4 0 0 ,0 0 0 ,0 0 0 cig a rs: th e presen t a n n u a l o u tp u t is a b o u t
3 8 0 ,0 0 0 ,0 0 0 cig a rs. T h e re is n o m o rtg a g e or o th e r e n cu m b ra n ce o f a n y
k in d o n a n y o f th e o th e r assets o r effects o f th e c o m p a n y .
R ights o f Preferred S to c k , B r ie fly Stated.
•T h e p referred s to c k shall be e n title d t o re ce iv e , an d th e c o m p a n y shall be
o b lig a te d to p a y , o u t o f th e su rplu s o r n e t ea rn in g s, a c u m u la tiv e d iv id e n d
a t th e ra te o f, b u t n o t e x ce e d in g , 7 % p e r a n n u m , p a y a b le q u a rte r ly , th e
first y e a r b e g in n in g Ju n e 1 1906; a n d n o d iv id e n d shall a t a n y tim e be
p a id o r set a p a rt o n th e c o m m o n s to c k u n til d iv id e n d s at th e ra te o f 7 % p er
a n n u m fro m Ju n e 1 1906 shall h a v e b e e n p a id o r set a p a rt on a ll o f th e o u t ­
s ta n d in g p referred s to c k .
O u t o f th e a c c u m u la te d su rplu s o r n e t ea rn in gs,
a fte r p r o v id in g fo r all a c c r u e d an d u n p a id d iv id e n d s on th e p referred s to c k ,
th ere shall a n n u a lly in A p ril b e set a p a rt n o t less th a n $ 1 0 0,00 0 (w h ich shall
b e a d d e d to an d u sed o n ly as p a rt o f th e c a p ita l o f th e c o m p a n y ) u n til th e
a g g r e g a te o f su ch a d d itio n s shall eq u a l $ 1 ,0 0 0 ,0 0 0 ; an d u n til su ch tim e n o
d iv id e n d shall b e d e cla re d o r p a id o r set a p a rt o n th e c o m m o n s to c k in a n y
y e a r in w h ich said sum o f n o t less th a n $ 1 0 0,00 0 shall n o t first h a v e been
so set a p a rt, an d u n til said a d d itio n s to c a p ita l shall eq u a l $ 1 ,0 0 0 ,0 0 0
th e re shall n o t in a n y y e a r be p a id o r set a p a rt a n y d iv id e n d in e x cess o f
6 % o n th e c o m m o n s to c k .
U p o n d isso lu tio n o r liq u id a tio n , th ere shall be
p a id t o th e h old ers o f th e p re fe rre d s to c k th e p a r v a lu e th e r e o f, a n d all
a c c r u e d an d u n p a id d iv id e n d s th ereon b e fo r e any^sum shall be p a id o n th e
co m m o n s to c k .
L .................................................................................................................




President L. A. Cole says in substance:
T h e s ta te m e n t fo r th e 15th fiscal y e a r, e n d in g D e c . 31 190 6, discloses a
net p ro fit o f $ 2 ,4 9 9 ,6 3 2 .
In a d d itio n , th e c o m p a n y has an in te re st e x ­
ce e d in g $ 6 0 0 ,0 0 0 in u n d iv id e d ea rn in gs o f o th e r co m p a n ie s, w h ich is re
served b y th e m fo r w ork in g ca p ita l an d o th e r uses. A fte r th e p a y m e n t o f
regu lar q u a rterly d iv id e n d s o n p referred s to c k a n d o f th ree q u a rte rly d iv i­
d en d s o f 1 % ea ch o n th e c o m m o n s to c k , p a y m e n ts o f w h ich w ere co m m e n ce d
o n J u ly 1 la st, th e w h o le a g g reg a tin g $ 2 ,0 1 5 ,4 0 6 , a rem a in d er o f $ 4 8 4 ,2 2 6
w as a d d e d to surplus a c c o u n t, w h ich a t th e close o f th e p eriod u n d er r e ­
v ie w w as $ 4 ,0 3 8 ,8 2 2 .
R eferen ce t o th e fina ncial sta tem en t sh ow s a h e a lth y co n d itio n w ith n o lia ­
bilities o th e r th a n th o se in p rocess o f p a y m e n t an d an a d e q u a te w o rk in g
ca p ita l fu lly e m p lo y e d .
Sales o f p ro p e rtie s n o t in use resu lted in a d e d u c ­
tio n o f $ 1 9 1,03 6 fro m p la n t in v e stm e n t a c c o u n t.
R a w m aterials h a v e c o n ­
tin u ed to a d v a n ce a n d are n o w a t th e h igh est p o in t in th e h is to ry o f th e c o m ­
p a n y , b u t p ro v isio n has b e e n m a d e in th e In v e n to ry fo r a n y p r o b a b le sh rin k ­
age in v alu es.
T h e e ffic ie n cy o f p la n ts has been m a in ta in ed b y e x p e n d i­
tures fo r repairs a n d m a in te n a n ce a g g reg a tin g $ 1 8 8 ,4 1 8 , w h ic h w as ch a rg ed
t a th e c o s t o f o p e ra tio n .
T h e ag g reg a te v o lu m e o f b u sin ess d o n e (exp ressed in ton s) w as slig h tly
less th a n th e p re ce d in g y e a r, d u e , w e c o n c lu d e , t o th e ra p id a d v a n c e in
p rice s a n d th e r e lu cta n ce o f con su m ers t o believ e in th e ir c o n tin u a n c e .
W ith th e c lo se o f th e y e a r, h o w e v e r , w e fin d orders fo r fu tu re b u sin ess in ­
d ic a tin g an in crea sed d is trib u tio n , a n d a t th e d a te o f th is re p o rt th e b u s i­
ness so fa r th is y e a r sh ow s a large Increase o v e r th a t o f la st.
T h e m in in g p ro p e r ty referred to in th e la st a n n u a l re p o rt h ad a v e r y
su ccessfu l y ea r a n d a d d e d la rg e ly to th e sin k in g fu n d crea ted fo r th e p u rp o se
o f p a y in g its in itia l co s t.
T h e p r o p e r ty in v e stm e n ts referred to in o u r la st a n n u a l re p o rt h a v e by'
th eir earn in gs ju stified th e p r e d ic tio n s th e n m a d e , a n d co n firm o u r j u d g ­
m e n t as to th e w isd o m o f th e ir a cq u is itio n .
S in ce th e close o f th e fiscal
y e a r n e g o tia tio n s p e n d in g fo r o th e r bu sin esses h a v e been c o n c lu d e d , an d
in p a y m e n t th e re fo r an issu e o f $ 3 ,7 5 0 ,0 0 0 in p referred s to c k has been
m a d e fo r p ro p e rtie s p ossessin g n e t cash assets a n d la n d s , b u ild in g s , m a ­
c h in e r y a n d fixtu res a p p ra ised at a b o v e $ 3 ,8 0 0 ,0 0 0 .
T h e n et earn in gs o f
th e p ro p e rtie s s o a cq u ire d h a ve a v era g ed in ex cess o f $ 6 0 0,00 0 fo r th e last
three y e a rs, as d e te rm in e d b y M essrs. H a sk in s & Sells, ch a rte re d a c c o u n t ­
an ts.
T h e o b je c t o f late in v e stm e n ts has b een to so d iv e r s ify th e b u s i­
ness o f th e c o m p a n y as to ren d er it less s u sce p tib le to d ep ression in a n y o n e
fe a tu re w ith o u t d e p a rtin g fro m Its es en tla lly m eta llic fo u n d a tio n .
A ll fea tu res o f th e bu sin ess are p a r ticip a tin g in th e gen eral p r o s p e r ity
o f th e c o u n t r y , a n d th e p resen t o u tlo o k is m o st e n co u ra g in g .

Statistics.— Results for four years and the balance sheets
were as follows:
1906.
N et e a r n in g s ..................... $2 ,4 9 9 ,6 3 2
D ed uct—
D iv . o n p r e fe rr e d ( 7 % ) . $ 1 ,3 9 5 ,7 4 4
D iv . o n c o m m o n ( 3 % ) .
619 ,662
S u r p l u s ...........................
P r e v io u s s u r p lu s ________
R e m a in in g su rp lu s___ $4

1905.
$ 2 ,0 8 2 ,6 3 2

1904.
$ 1 ,5 9 5 ,6 9 3

1903.
$ 1 ,5 6 9 ,0 6 9

$ 1 ,0 4 3 ,2 8 0
_______

$ 1 ,0 4 3 ,2 8 0
_______

$ 1 ,0 4 3 ,2 8 0

$ 4 8 4,22 6
3 ,5 5 4 ,5 9 6

$ 1 ,0 3 9 ,3 5 2
2 ,5 1 5 ,2 4 4

$55 2,41 3
1,962,831

$ 5 2 5,78 9
1 ,4 3 7 ,0 4 2

,038,822

$ 3 ,5 5 4 ,5 9 6

$ 2 ,5 1 5 ,2 4 4

$ 1 ,9 6 2 ,8 3 1

G EN ER AL B A L A N C E SH EET DEC. 31.
1906.
1905.
I
1906.
1905.
Assets—
$
$
1
Liabilities—
$
$
Plant investm ent-23.913,477 '’ 4,104,513jCom m on s t o c k .. . 20,750,000 15.000,000
Other investm ’ t s .. 10,506,449
979,812; Preferred s t o c k ...20,713 ,600 15,000,000
Stock on hand____5,910,738
6,104,602! S urplus__________ 4.038,822 3,554,596
Treasury stock ___
190,600
190,6001M ortgages_______
_____
12,603
Cash In ban k-------1,214,834
818,301: Notes payable____
47,000
67,000
N otes receiva ble.. 2,014,930
133,3541Accounts payable.
184,298
131,059
Accounts receiv’le . 1,982,692 1,434,076
T o t a l __________45.733,720 33,765,258|
-V . 84, p. 452.

Total

.45,733,720 33,765,258

International Salt Company.
(Report for Fiscal fe a r Ending Feb. 28 1907.)
The report of the Treasurer, presented at the annual m eet­
ing of the stockholders in Jersey City on March 25, .^ays:
A s y o u 'nave been p r e v io u s ly a d v is e d (co m p a re V . 8 4 , p . 5 3 ), th e d ir e c ­
t o r s , a fte r a ca re fu l c o n s id e r a tio n , d e c id e d th a t th e Interests o f th e s t o c k ­
h o ld e rs w o u ld be b e st c o n s e r v e d b y d is c o n tin u in g fo r a tim e th e p a y m e n t
o f d iv id e n d s an d d e v o t in g th e net earn in gs t o th e a c q u is itio n an d in s ta lla ­
t io n o f new a n d im p ro v e d p rocesses o f m a n u fa c tu r e .
T h e c o n tr o l o f .th ese
p rocesses is o f v ita l Im p o rta n ce t o y o u r c o m p a n y , as it w ill result In re d u c in g
th e co s ts o f m a n u fa ctu re t o su ch an e x te n t as t o p la c e it in a p r a c t ic a lly
u n a ssa ilable p o s itio n .
I t w as at first th o u g h t a d v is a b le t o raise th e n ece ssa ry fu n d s fo r th is p u r ­
p o se fro m th e sale o f b o n d s.
T h e c o n d itio n s o f th e m o n e y m a rk e t, h o w e v e r ,
w e re su ch th a t th is p la n w as a b a n d o n e d a n d a d e cis io n a rriv e d at t o d e v o t e
th e n e t e a rn in g s t o th a t e n d .
T h is w o rk is n o w w ell u n d e r w a y 'a t s ev era l
o f y o u r p la n ts ; o n e w ill b e c o m p le te d w ith in six m o n th s a n d t w o o th e rs w i t h ­
in a y e a r .
S in ce m y last re p o rt there has b e e n e x p e n d e d $ 7 2 9,12 0 fo r d iv id e n d s
(b e in g 4 % o n th e $ 1 8 ,2 2 8 ,0 0 0 o f o u ts ta n d in g s t o c k .— E d .) ; $323 495 for
b o n d In terest, $ 1 0 8,00 0 fo r sin k in g fu n d s fo r r e d e m p tio n o f b o n d s an d
$ 6 9 6 ,7 5 2 fo r a c c o u n ts p r o p e r ly ch a rg e a b le t o c a p ita l.
O n M arch 1 th e
av a ila b le net q u ic k assets w ere $ 1 ,2 5 8 ,2 5 2 (a n d th e o u ts ta n d in g b o n d s
a m o u n te d t o $ 6 ,4 5 0 ,0 0 0 .— E d .)
R e g a r d in g th e d is p o s itio n o f th e cla im ba sed on c e r ta n c e rtifica te s o f In ­
d e b te d n e ss issu ed b y th e N a tio n a l S alt C o ., re erred t o n m y la t a i n u a i
e p o r t , th e re are still p e n d in g in th e C ou rt o f C h a n ce ry o th e S ta te or N ew

A PR.

THE CHRONICLE.

6 1907. J

Jersey proceedings against the receivers based on about §80,000 of the cer­
tificates, and until these proceedings are finally determined the receivers
cannot be discharged nor distribution made of the funds in their hands.
The entire net earnings of the company are now of necessity being 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
factory basis.— V. 84, p. 53.

G E N E R A L IN V E S T M E N T N E W S .
RAILROADS,

INCLUDING

STREET

ROADS.

Atchison Topeka & Santa Fe R y .— Dividend Increased.—
The directors on April 3 declared a semi-annual dividend of
3 % on the $102,998,000 com m on stock, payable June 1 to
holders of record May 10. This increases the annual rate
to 6 % , contrasting with 33^% in the calendar year 1901,
4 % from June 1902 to June 2 1903, both inclusive, and 5 % ,
the rate established last fall by the declaration of a semi­
annual dividend of 2J^% , pajrable Dec. 1. The manage­
ment, it is understood, expect that the road will show earn­
ings for the current fiscal year equal to 14% on the com m on
shares.— V. 84, p. 569, 389.
Atlantic City & Suburban Traction Co.— Readjustment.—
The creditors’ com m ittee, consisting of John L. Clawson of
Philadelphia, H. von H. Stoerer of Chester, Pa., and A . C.
Stamm of Harrisburg (Secretary), appointed at a meeting
held in Philadelphia on Feb. 15, issaed under date of March 5
a readjustment agreement, accom panied b y a circular letter,
which says in substance:
T h e c o m p a n y d e fa u lte d in th e in te re st d u e F e b . 1 1907 u p o n its $ 7 5 0,00 0
o f o u ts ta n d in g b o n d s ( v iz ., $50 0,00 0 first m o rtg a g e , d a te d A u g . 1 1902,
a n d $25 0 ,0 0 0 refu n d in g m o r tg a g e , d a te d A u g . 1 1903; tru stee fo r b o t h ,
W e s t E n d T ru s t C o. o f P h ila d e lp h ia .— E d . ) . T h e c o m p a n y has a flo a tin g
d e b t o f a b o u t $10 0 ,0 0 0 ; has Issued $27 ,0 0 0 o f c a r e q u ip m e n t b o n d s , $4,0 0 0
o f w h ich b e c o m e d u e In Jun e 1907; an d has en te re d in to a c o n t r a c t, in p u r ­
su a n ce o f its fra n ch ise in A t la n t ic C ity , t o p a v e F lo r id a A v e n u e , a t a c o s t
o f a b o u t $ 1 5 ,0 0 0 , w h ic h w ill h a v e t o b e p a id d u rin g th e c o m in g su m m er.
T h e p la n herew ith seem s b e st a d a p te d t o a c c o m p lis h th e re a d ju s tm e n t.
M a n y o f th e c r e d ito r s , in c lu d in g th e larg est o f each o f th e several classes,
h a v e a p p ro v e d lt.
O n th e part o f th e first m o rtg a g e b o n d h o ld e rs , th e p la n
c o n te m p la te s sim p ly d efe rrin g th e p a y m e n t o f th e in terest m a tu rin g F e b . 1
an d A u g . 1 1907 (n e g o tia b le scrip t o be issu ed th e r e fo r , p a y a b le w ith In ter­
est a t 5 % p e r a n n u n i fro m th e d a te o f ea ch c o u p o n re s p e c tiv e ly , th e p r in c i­
pal t o be p a y a b le a t o p t io n o f th e c o m p a n y ) , w ith o u t a n y im p a irm e n t o f
th e lien o r r ela tiv e p o s it io n w ith r e s p e ct t o o th e r cre d ito r s o f th e b o n d s o r
o f th e c o u p o n s m a tu rin g u p o n th ose d a te s. T h e r e fu n d in g m o rtg a g e b o n d ­
hold ers are asked t o agree th a t th e in terest fo r tw o years u p o n th eir b o n d s
shall b e d eferred u p o n th e sam e c o n d itio n s , and also t o b u y (at p a r , n o n c u m u la tlv e , 6 % ) preferre d s to c k t o an a m o u n t n o t e x c e e d in g $30 ,0 0 0
(in a m o u n ts equ a l t o 1 2 % o f th e ir r e s p e c tiv e h o ld in g s o f th e b o n d s ), t o
p r o v id e fo r th e p a v in g o f F lo rid a A v e . an d o th e r pressin g o b lig a tio n s .
T h e u n secu red c red itors a re asked t o a c c e p t preferred s to c k in full p a y m e n t
o f th eir cla im s (as o f M arch 1 1 9 0 7 ), a m o u n tin g t o $50 a n d u p w a rd s. T h e
ta x es m u st b e p a id In ca s h , as w ell as o d d a m o u n ts n o t e qu a l t o $50 , th e
va lu e o f a share o f p referre d s to c k ; b u t If th e p la n Is t o su cce e d a n d th e p r o p ­
er ty b e s a v ed fr o m a receiversh ip o r fo re clo su re ‘ ale, e v e r y unsecu red c r e d ­
it o r fo r a d v a n c e s , su pplies, m a c h in e r y , & c ., w ith th e lim ita tio n ju s t su g­
ge s te d , m u st a c c e p t p refe rre d s to c k fo r th e a m o u n t o f his cla im .
T h e h olders o f m ore th a n a m a jo r it y o f th e c a p ita l s to c k h a v e agreed t o
assign th eir certifica tes t o th is c o m m it t e e , th a t th e co m m itte e m a y c o n tr o l
an d m an age th e c o m p a n y .
T h e p resen t o ffic e r s a n d d ire cto rs w ill resign .

803

em powered the board to make an issue o f bonds to retire
the existing $14,000,000 first and $5,000,000 second m ort­
gage bonds maturing, respectively, in 1908 and 1913, and
for such further additions and im provem ents 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 subm itted
a brief respecting the proceedings in the re-capitalization
of the Chicago & Alton Railroad Co. He contended:
(1)
T h e y w e re c o n d u c t e d la w fu lly .
(2)
T h e y w ere c o n d u c t e d o p e n ly ,
an d a ll o f th e essen tia l fa c ts w ere g iv e n w id e p u b lic it y , a n d h a v e at all
tim e s b e e n a cce ssib le t o th e s to c k h o ld e r s a n d t o in v e s to rs in C h ica g o & A lt o n
secu rities.
(3)
T h e y w ere in a c c o r d a n c e w ith th e a p p r o v e d m e th o d s
w h ic h w ere a t th e tim e in v o g u e in re -c a p ita liz in g o th e r railro a d c o m p a n ie s
a n d large In du strial e n terprises.
(4)
T h e y wrere c o n d u c t e d fo r th e eq u a l
b e n e fit o f all s to c k h o ld e r s, a n d th e re w as n o d is c rim in a tio n o r in ju stic e .
(5)
W h ile th e C h ica g o & A lt o n tr a n s a c tio n s m a y b e r e g a rd e d as ty p ic a l
o f a class o f fin a n cia l tra n s a ctio n s t h a t h a v e b e e n c o m m o n in th e p a st and
w h ic h h a v e g e n e ra lly be e n r e g a rd e d as p r o p e r , w h a te v e r basis th e re m a y be
n o w b e fo r o b je c t io n t o su ch tra n s a ctio n s as a cla ss, th e re is n o basis fo r
s in g lin g o u t fo r sp e cia l criticism th e C h ica g o & A lt o n tra n s a ctio n s a n d t h e
m e n b y w h o m t h e y w ere c o n d u c t e d .

The full text of Mr. Cravath’s argument is printed on sub­
sequent pages. There was also filed with the Commission
an elaborate report of 60 pages, regarding the reorganization
prepared b y J. H . McClement, a railroad accounting expert.
This report describes very fully the facts relating to the re­
capitalization and also gives a num ber of instances to show
that the Alton plans were on similar lines to those adopted
in the cases of other railroad com panies.— V. 84, p. 626, 507
Chicago Indiana & Southern R R .— Earnings.— Cal. years:
Y ea r—
G ross.
N et.
Other I n c .
1s tC h g s .
B a l.,s u r .
$ 4 8 0,92 4
$32 ,249
$ 2 5 4,86 9
$ 2 5 8,30 4
1906 ............. $ 2 ,3 3 2 ,7 3 2
1905
2 ,1 1 5 ,0 4 4
400 ,8 2 2
5,4 2 9
2 7 8 ,1 3 0
128,121
T h e o p e r a tin g exp e n se s fo r 1906 In clu de $ 2 4 ,8 5 6 fo r c o n s tr u c tio n a n d n e w
e q u ip m e n t, a g a in st $30 ,8 8 9 In 1 90 5.— V . 8 2 , p . 867 , 803.

Chicago Union Traction Co.— Traction Ordinances A p ­
proved.— A t the city election on April 2 the Republican can­
didate for Mayor for the next four years was elected b y a
plurality of 13,476 over Mayor E . F. Dunne, his D em ocratic
opponent. The traction ordinances were approved b y a
m ajority of 33,126, clearing the way for the rehabilitation of
the trolley lines and the reorganization of the Chicago Union
Traction Co. Compare V. 84, p. 338, 390.
Cincinnati Hamilton & Dayton R y.— Receiver’s Certifi­
cates.— Judson Harm on, receiver of this com pany and the
Pere Marquette R R . Co., replying to our inquiry about the
receiver’s certificates which are to be issued in connection
with the Chicago Cincinnati & Louisville settlem ent (V. 84,
p. 693), writes, under date of March 30:
T h e $40 0 ,0 0 0 o f r e c e iv e r ’ s c e rtifica te s y o u m e n tio n are th o s e o f th e P ere
M a rq u e tte a lo n e .
T h e re are 400 o f th e m fo r $1,0 0 0 e a c h , ru n n in g o n e y e a r ,
w ith Interest at 5 % .
Y o u are rig h t in y o u r u n d e rs ta n d in g t h a t n o c ertifi­
cates h a v e b e e n Issued b y eith e r ro a d sin ce J u ly la s t e x c e p t th o s e a b o v e
m e n tio n e d .

Stephen H. Gale of Exeter, N. H ., Chairman of a Pere
Marquette minority shareholders’ com m ittee, has issued to
the shareholders a protest against the issue of receivers’
certificates on that road, claiming that the purchase, of the
Chicago Cincinnati & Louisville was in fact a C. H. & D.
affair and should be treated as such.— V. 84, p. 693, 507.
Detroit Mackinac & Marquette Railroad Land Grant.—
A pril Interest Omitted.— The semi-annual interest due this
m onth will not be paid, owing to there having been no sales
of land for some time past.— V. 83, p. 818.
Erie R R .— Notes Sold to Replace Notes M aturing.— The
Total authorized Issue $10,000,000, of which $8,720,000 outstanding (In­ com pany has sold to J. P. Morgan & Co. $5,500,000 one-year
cluding those now offered); $1,080,000 reserved to retire $981,000 under­ notes to provide for the retirement of the $3,000,000 notes
lying 5s and $200,000 reserved for future improvements and extensions.
maturing April 8 and also to take up about $2,000,000 other
R esults fo r Y e a r E n d in g F e b . 28 1907.
notes which will fall due on or before July 1. The new notes
Gross earnings________ ..$1,998,2701 Bond interest_____________ $406,322
N e t earnings (over taxes).
808,925| Balance, surplus__________ 402,603 carry no interest, the notes being discounted at the outset.
Compare V . 82. p. 508, 567; V . 83. p. 1590.
Kissel, K innicutt & Co. and Clark, Dodge & Co., both of
Boston Elevated R y.— New Stock for Subsidiary.— See New Y ork, are offering a limited am ount of these notes,
dated April 8 1907 and due April 8 1908, denom ination
West End Street R y . below .— V . 84, p. 270, 155.
British Columbia Electric Railway.— Consolidated Deben­ $1,000, at 7 % discount, yielding about 73 ^ % interest on
ture Stock.— Subscriptions were invited recently in London the $930 per $1,000 note invested.— V. 84, p. 693, 390.
Gainesville & Gulf R y.— New N am e.— This road, extend­
for £300,000 4 /
x i% perpetual consolidated debenture stock
at 9 8 % , payable, on application, 5 % ; on allotm ent, 10% ; ing from Sampson City to Fairfield, F la., 48 miles, and pro­
on May 6, 25 % ; on July 5, 2 5 % , and on Sept. 5 1907, 3 3 % , jected from Tam pa to Jacksonville, 186 miles, of which 10
or in full on allotm ent or on any Wednesday prior to Sept. 5 miles are under construction, is now operated under the
name of Tam pa & Jacksonville R y .— V. 81, p. 613.
1907 under discount at 4J^% per annum.
T h e s to c k is p erp etu a l a n d Irred eem a ble a n d is e n title d to th e ben efits o f a
Galveston Harrisburg & San Antonio R y.— Suit as to
tru st d eed d a te d F eb . 23 1907, w h e re b y th e w h o le o f th e assets a n d u n d e r­
Second Mortgage Interest.— See Southern Pacific Co. b e lo w .—
ta k in g , In clu d in g u n ca lle d c a p ita l, are ch arged b y w a y o f first flo a tin g
ch arge a c c o r d in g t o E n glish la w , s u b je c t t o £ 2 3 8 ,0 0 0 first m o rtg a g e d e ­
V. 81, p. 1242.
b e n tu r e s a n d £ 2 2 0 ,0 0 0 V a n c o u v e r P o w e r d e b e n tu re s n o w o u ts ta n d in g .
Georgia Railway & Electric Co., Atlanta.— Stock Dividend.
T h e tru st d eed p r o v id e s th a t th e to ta l a m o u n t o f th e d e b e n tu re s t o c k Shall
b e lim ite d t o th e a m o u n t o f th e share ca p ita l fo r th e tim e b e in g Issued a n d
— We now have official confirm ation of the report that
p a id u p : th a t n o m ortg a g e o r ch arge shall be cre a te d ra n k in g in p r io rity t o o r
at meetings of the stockholders and directors held on March
pa rt passu w ith lt; th a t so lo n g as a n y o f th e first m o rtg a g e d e b e n tu re s or
th e V a n c o u v e r P o w e r d ib e n t u r e s rem ain o u t s t a n d in g , an a m o u n t o f d e b e n ­
26 the com m on caiptal stock of the com pany was increased
tu re s to c k e x c e c d ln g t h e a m o u n t o f all t h e first m o rtg a g e d e b e n tu re s a n d
$2,004,800. A resolution was also adopted declaring a stock
V a n c o u v e r P o w e r d eb en tu re s o u ts t a n d in g s h a ll b e re ta in e d u n issu ed.
In ­
terest is p a y a b le o n M arch 31 a n d S e p t. 30.
T h e p ro ce e d s are requ ired m ore
dividend of 33 1-3 % to the com m on stockholders o f the
p a rticu la rly In c o n n e c tio n w ith Increasin g th e c a p a c ity o f th e h y d ra u lic
com pany, payable in this increased com m on stock at par on
e lectric p la n t a t L a k e B u n tz e n an d w ith th e c o n s tr u c tio n a n d e q u ip m e n t
May 20 1907 to the com m on stockholders of record at the
o f fu rth er railw ays.
New Share Capital.— The shareholders were to vote N ov. close of business May 10 1907. The stock itself will be dis­
6 1908 on increasing the capital to £1,500,000 by the creation tributed and not the proceeds.— V. 84, p. 749.
of 500,000 new shares of £1.
Great Northern Railway.— Subscriptions for the $60,000,Dividend on Deferred Stock.— The com pany on N ov. 6 000 New Slock.— A circular dated March 29 says:
1908 paid a semi-annual dividend of 3 % , free of income tax,
T h e d e c is io n o f th e S u p rem e C o u rt o f M in n e s o ta in th e su it b r o u g h t b y
on deferred ordinary stock for half-year ending June 30 1906, th e S ta te o f M in n e s o ta t o re stra in th e Issue o f th is c o m p a n y ’ s ca p ita l s t o c k
h a v in g b e e n fa v o r a b le t o th is c o m p a n y , th e c o m p a n y w ill p r o c e e d w ith th e
making 6 % for year 1905-0i>.— V. 82, p. 1322.
issue In a c c o r d a n c e w ith th e r e so lu tio n s o f th e d ire cto rs a n d th e term s o f
e circu la r o f th e P r e s id e n t d a te d D e c. 11 1906.
(V . 83, p . 146 9 ).
The
Canada Southern R y.— Refunding.— A com m ittee of the th
s to c k tra n s fe r b o o k s w ill be c lo s e d a t 3 p . m . A p ril 2 a n d w ill r e m a in c lo s e d
directors, it is understood, has been appointed to prepare u n til 10 a. m . A p ril 15 1907. S u b s cr ip tio n s fro m s to c k h o ld e r s w h o h a v e n o t
lre a d y s u b scrib e d w ill be r e c e iv e d b y th e c o m p a n y u p t o th e c lo s e o f b u s i­
a plan for the refunding of the first mortgage 5 % bonds aness
A p ril 2 1907.
A s s ig n m e n ts o f rig h ts w ill b e r e c e iv e d up t o t h e close o f
which mature Jan. 1 190S. In June 1903 the shareholders b u sin ess A p ril 6 1907.

Those assenting to the plan were asked to com m unicate
with the Secretary of the com m ittee before March 15. A t a
meeting of the shareholders in Atlantic City on March 30,
more than 14,000 shares of stock, it is stated, were voted in
favor of issuing the $30,000 preferred stock called for by
the plan.— V. 84, p. 692.
Birmingham (Ala.) Railway, Light & Power Co.— Bonds
Offered— Earnings.— N. W . Harris & Co., the Harris Trust &
Savings Bank and Perry, Coffin & Burr are offering for sale
$250,000 general mortgage refunding 4 ^ % gold bonds.




804

THE CHRONICLE.

T h e first fo u r In stallm en ts, o f 1 0 % e a c h , p a y m e n t o f w h ic h has h e re to fo re
■been p o s t p o n e d , w ill n o w fa ll d u e o n A p ril 9 1907, a n d th e re m a in in g In­
sta llm e n ts as fo llo w s : M a y 7, 5 % ; Ju n e 7 , 5 % ; J u ly 8, 5 % ; A u g . 7, 5 % ;
S e p t. 6, 5 % ; O c t . 7 , 5 % ; N o v . 7 , 5 % ; D e c . 6, 5 % ;
190 8, Ja n . 7, 5 % ; F e b .
6 , 5 % ; M arch 6 . 5 % ; A p r il 7 , 5 % .

Change in Officers.— A t a meeting of the board o f directors
held April 2 the organization of the corporation was enlarged
b y the election of a Chairman o f 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, 693.
Humboldt Transit Co., Eureka, Nev.— Change in Control.—
The “ San Francisco Commercial News” of March 23 says:
G eorg e H e a z e lto n o f th is c it y , th e w e ll k n o w n b o n d de a le r, has p u rch a se d
th e street r a ilw a y in E u re k a , H u m b o ld t C o u n ty , k n o w n as th e H u m b o ld t
T r a n sit C o. T h is c o m p a n y has be e n In su cce ssfu l o p e r a tio n a b o u t fo u r
years.
I t is c a p ita liz e d a t 5 5 0 0,00 0 a n d has a b o n d issue o f $18 0,00 0 in 5 %
3 0 -y e a r b o n d s .
I t has its o w n p o w e r -h o u se , w it h 15 m iles o f tr a c k , w h ic h
tra verses E u rek a in all d ir e ctio n s , in c lu d in g th e business a n d resid en ce
s e ctio n s .

Kansas City Southern Ry.^—First Dividend.— The direc­
tors on W ednesday declared a first dividend on the $21,000,000 non-cum ulative preferred stock, being the full annual
4 % , payable July 1. An official statement says:
W h erea s , it a p p ears t h a t th e c o m p a n y has a lre a d y e a rn e d , d u rin g the
first e ig h t m on th s o f th e cu rre n t fiscal y e a r , an a m o u n t larg e ly In e x ce s s o f
t h a t req u ired t o p a y th e fu ll 4 % d iv id e n d o n th e p re fe rre d s to c k ; R e s o lv e d ,
th a t a d iv id e n d o f 4 % o n th e p re fe rre d s to c k b e d e c la r e d , p a y a b le J u ly 1
190 7, o u t o f th e earn in gs o f th e fiscal y e a r e n d in g Ju n e 30 n e x t to s t o c k h o ld ­
ers o f r ecord at 3 p . m . Ju n e 10 1907.
P a rtly E stim a ted R esults fo r F is c a l Y e a r ending J u n e 30 1907.
N et in c o m e fo r th e first e ig h t m o n th s o f th e T p re s e n t fiscal
y e a r , a fte r m e e tin g all ch arg es fo r in te re s t, t a x e s , ca r tru s ts, & c$ l ,316,365
E s tim a te d n et in c o m e fo r th e re m a in in g fo u r m o n th s , ch arg es
d e d u c t e d _____________________________________________________ ______
648,647
T o ta l e stim a te d n et in c o m e _______________________________________$ 1 ,9 6 5 ,0 1 2
D iv id e n d o n p r eferred s t o c k ( 4 % ) ___________________________________
840 ,000
B a l a n c e ________________________________________________________
— V . 83, p . 1.347.

$ 1 ,1 2 5 ,0 1 2

[V o l .

l x x x iv

.

being uninjured and the efficiency of the plant unimpaired. —
V. 84, p. 272.
Panama R R .— New Officers.— The follow ing changrs were
made at the annual meeting on April 1:
N e w m e m b e rs o f th e P a n a m a C a nal C o m m issio n w ere e le cte d to the
b o a r d , s u c c e e d in g se ve n o ld m e m b e rs , a n d th e b o a r d w as e n la rg e d t o th ir­
teen t o a d m it R . R . R o g e rs , G eneral C ou nsel fo r th e C o m m issio n .
C. W . G o e th a ls, w h o has been a p p o in te d C h ief E n gin e e r in ch arge o f
th e ca n a l w o rk , w as e le cte d P r e s id e n t o f th e r o a d , t o su cce e d T h e o d o r e P .
S h o n ts .
T h e o t h e r o ffic e r s e le cte d w ere E . A . D ra k e , V ic e -P r e s id e n t,
T . H . R o s s b o t t o m , S e c r e ta r y , a n d S. D e m in g , T reasu rer.

Compare Panama Canal under “ Industrials” below .—
V . 8 3 ,p . 688.
Pere Marquette R R .— Receiver’s Certificates.— See Cincin­
nati Ham ilton & D ayton above and in V. 84, p. 693.— V. 84",
p . 749,509.
Philadelphia Rapid Transit Co.— Another Call.— The direc­
tors 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 1906 (V. 83, p. 1171).— V. 84, p. 749.
Poughkeepsie & Eastern R y.— Sale Consummated.— The
estate of Russell Sage has com pleted the sale o f this property
to the New Y ork New Haven & Hartford R R . 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 h}'dro-electric power and lighting
enterprise:
T h e G o v e rn m e n t o f B razil has ju s t ’ g ra n te d pe rm issio n t o G uln le & C o.
o f R io d e Ja n e iro t o sell e le c t r ic it y In th e c a p ita l c it y as w ell as o th e r Im p o r ­
ta n t cities in th e re p u b lic.
T h e c o n tr a c ts fo r lig h t a n d p o w e r in N lc t h e r o y
a n d o t h e r citie s a lo n g th e p r o p o s e d tra n sm issio n lines h a v e a lre a d y been
le t.
T h e in itia l e le ctr ic p o w e r s o u rce s w ill In clu d e several h y d r o -e le c tr ic
s ta tio n s ju s t b e in g c o m p le t e d o n v a rio u s w a te r falls c o n tr o lle d b y G u ln le &
C o. T h e se h a v e an ag g re g a te c a p a c it y o f som e 50,000 h orse p o w e r .
The
e le ctr ic a l e q u ip m e n t w as fu rn ish e d b y th e G eneral E le c tr ic C o . o f N ew Y o r k .
I t is e x p e c te d th a t w o rk o n th e tra n sm ission lines w ill be sta rte d n e x t J u n e.

A consular report in January last gave the follow ing re­
Lincoln (Neb.) Traction Co.— Increased Dividend.— A semi­
annual dividend of 4 % has been declared on the com m on specting a projected elevated railroad:
A 7 0 -y e a r fra n ch is e has b e e n g ra n te d t o Carlos S c h m id t a n d oth ers o f
stock, payable April 15 to holders of record April 10, being R io d e Ja n e iro fo r c o n s tr u c tio n o f an e le v a te d r a ilro a d t o serve th e c it y
at the rate of 8 % per annum; 6 % was paid in calendar year o f R io d e J an eiro a n d Its s u b u rb s. T h is fra n ch sle w as o b t a in e d fo r an
A m e r ic a n c o m p a n y .
It rep resen ts a p u r e ly A m e r ic a n en te rp rise , a n d p r e s ­
190o and 5 % previously.— V. 82, p. 751.
e n t p la n s are t h a t all th e e q u ip m e n t w ill b e p u rch a s e d in th e U n ite d S ta tes.
Louisville Traction Co.— New Stock.— An advertisement Charles E . B ro w n e o f N ew Y o r k C ity Is P re sid e n t o f th e c o m p a n y . W ith in
f o u r years 1 3-5 m iles m u st be In o p e r a tio n .
P la n s call fo r a b o u t 60 m iles
states that the shareholders will vote April 13 on a proposition o f r ig h t -o f-w a y , w h ic h Is t o b e d o u b le -tr a c k e d t h r o u g h o u t. T h e th ird rail
to increase the authorized com m on stock from $12,000,000 to e le ctr ic sy s te m w ill be u se d , m o t iv e p o w e r t o b e d e r iv e d fro m Its o w n p la n t
o r fr o m o n e o f th e t w o great c o n c e r n s n o w p re p a rin g t o d e v e lo p w a te r p o w e r
$15,000,000, so that the total capital authorized shall be In
th e m o u n ta in s n ear R io d e J a n e iro .
F o r Its p riv ile g e s , th e c o m p a n y
$17,500,000, the preferred remaining as at present, $2,500,- h o ld in g th e co n c e s s io n m u st p a y th e m u n ic ip a lity $ 16 ,666 fo r th e first y e a r,
$
2
0
,0
0
0
p
er
a
n
n
u
m
fo
r
th
e
n
e
x
t
30
ye
a
rs
a n d $ 23 ,333 p er a n n u m fo r th e
000.— V. 84, p. 570.
fo llo w in g 30 y ears.
Maine Central R R .— Purchase.— This com pany, it is stated,
Rio de Janeiro Tramway, Light & Power Co.— See R io de
has arranged to purchase control of the Somerset R y . (com ­ Janeiro Lighting & Transportation Enterprises a b ov e.—
pare V. 83, p. 97) for a sum said to be about $600,000. The V. 84, p. 571, 391.
directors of the Somerset R y . were to meet yesterday to ratify
Rochester Syracuse & Eastern (Electric) R R .— Bonds
the sale.— V. 83, p. 814.
Offered.— E. H. Gay & C o., Boston, New Y ork, etc., on
Metropolitan West Side Elevated RR., Chicago.— Earn­
March 28, when offering at 9 8 ^ and interest $440,000 first
ings.— For years ending Feb. 28:
mortgage 40-year 5 % gold bonds, due May 1 1945, said.
Y ea r.

G ross.

1906-07.....................$2,697,238
1905-06___________ 2,452,327
— V . 84, p . 570, 220.

N et.

$1,385,083
1,279,897

Other Inc. ls£ chgs.

$9,654
12,636

$990,283
969,901

B a l . ,s u r

O v e r 7 5 % , o r $ 1 ,5 6 0 ,0 0 0 ,o f th e present a u th o r iz e d issue o f $ 2 ,0 0 0 ,0 0 0
$404,454
322,63-' b o n d s h a v e be e n p la c e d w ith n a tio n a l b a n k s, sa v in gs b a n k s, tru stees a n d

Missouri Kansas & Texas R y.— New Directors.— J. G.
M etcalfe, of New Y ork, and C. Haile, traffic manager of
the road, of St. Louis, have been elected directors to succeed
O tto Miller and fill a vacancy. A third vice-presidency was
also created, Mr. Haile being elected to the position. The
executive com m ittee now cons'sts of Adrian H. Joline,
Charles G. Hedge, James N. W allace, Henry W . Poor, J. G.
Metcalfe and James Brown Potter, Messrs. Wallace and
M etcalfe being added to the com m ittee.— V. 84, p. 508.
New Y ork New Haven & Hartford RR.— Agreement with
Grand Trunk R y .— The follow ing is pronounced substantially
correct:
T h e c o m p a n y has c o m p le t e d p la n s fo r th e m o s t im p o rta n t tru n k line
c o n n e c t io n m a d e sin ce P re s id e n t M ellen t o o k ch a rge o f th e s y s te m .
A new
r o u te is b e in g su r v e y e d fro m P a lm e r t o S o u th b rid g e , g iv in g th e N ew H a v e n
r o a d a th r o u g h c o n n e c t io n fro m B o s to n t o th e W e s t.
A t P a lm e r a c o n n e c ­
t io n w ill be esta b lish ed w ith th e N ew L o n d o n N o rth e r n , w h ich is o w n e d b y
th e C en tral V e r m o n t , w h ic h , in tu rn , is a p a rt o f th e G ra n d T r u n k s y s te m .
A t r a ffic a g re e m e n t has been e sta b lish e d b e tw e e n th e N e w H a v en ro a d and
th e C en tral V e r m o n t , th u s c o n n e c t in g u p w ith th e G ra n d T r u n k , g iv in g it
a n o u tle t t o th e W e s t o v e r th e lin es o f th e la tte r c o m p a n y .

Bonds Offered for Subscription in P aris.— A press dispatch
from Paris on March 29 said:
S u b s crip tio n s w ere’ o p e n e d t o -d a y fo r th e issue o f $29,000,000 in 4% 15y e a r d e b e n tu re s o f th e N e w Y o r k N e w H a v e n & H a r tfo r d R R . , p la c e d in
th is c it y t h r o u g h K u h n , L o e b & C o. T h e Issue p rice is 98. C om p a re V .
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 R y.— New President.— VicePresident and General Manager F. S. Fuller has been elected
President in place of Arthur Turnbull, who is abroad.— V. 83,
p : 752.
Northwestern Elevated RR., Chicago.— New Officers.—
Mason B. Starring (form erly Vice-President of the Chicago
City Railw ay) has been elected President, succeeding Clar­
ence Buckingham , who at his own request is made Vice-Prcsident. Mr. Starring and Samuel M cRoberts (a director of
various Armour enterprises) have been elected directors in
place of 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 W ednesday, we are inform ed, was con­
fined to the roof of the power-house, involving a loss of only
abou t $50,000, fully covered by insurance, the machinery




p r iv a te in v e sto rs. T h e s e c tio n o f th e r o a d u p o n w h ich b o n d s a r e n o w b e in g
so ld Is t h e c o m p le te d p o r tio n fro m R o c h e s te r t o L y o n s , w h ich has been
open and
In o p e r a tio n sin ce O c to b e r last. C o n s tr u c tio n on th e rem ain in g
p o r tio n , i. e ., fro m L y o n s t o S y r a c u s e , is be in g p u sh e d r a p id ly .— V . 8 4 , p.
272.

Somerset R y .— Change in Control.— See Maine Central
R R . a b ove.— V. 83, p. 97.
Southern Pacific Co.— Suit.— Thomas H. H ubbard of New
Y ork 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 com m on 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
a statement making the interest payable only if earned.
Compare V. 58, p. 719.
T h e p la in tiffs cla im th a t th e G . H . & S. A . is an Integral p a r t o f th e S o u t h ­
ern P a cific s y s te m , a n d Is o n ly sh o w in g a d e fic it b e ca u se o f th e m e th o d s o f
a c c o u n tin g a d o p te d b y th e m a n a g e m e n t.
T h e S ou th ern P a cific Interests
c o n te n d th a t th e G . H. & S. A . has n o t earn ed th e in te re st o n Its b o n d s ,
an d th a t Its earnings d o n o t c o n t r ib u te t o th e S o u th e rn Pacific, d iv id e n d s ,
b u t th a t , o n th e c o n t r a r y , th e S o u th e rn P a cific has a d v a n c e d m o n e y t o th e
G . H . & S. A . fo r p a y m e n t o f first m o rtg a g e in te re st a n d fo r Im p ro v e m e n ts .
— V . 8 3 , p . 1528.

Tampa & Jacksonville R y.— New N am e.— See Gainesville
& Gulf R y . above.
Vandalia R R .— Earnings.— B'or calendar years:
C a l.
G ross
N et
Other
In t. *
D ivid en d s
B a la n ce.
Y ea r— E a rn in g s. E a rn in g s. In com e. R entals.
on stock.
S u rp lu s.
1 9 0 6 ___ $ 8 ,9 0 4 ,8 5 9 $ 1 ,9 7 2 ,9 6 9 $81 ,9 0 5 $ 9 9 4 ,3 '2 (4
% )$ 6 4 7 ,0')9 $ 4 1 3,54 3
1 90 5___ 7 ,8 4 5 ,2 2 3 1,6 9 5 ,1 6 9 34,271 743 ,9 7 4
( 4 % )5 6 4 ,2 8 2 421 .184
P a y m e n ts t o th e e x tr a o r d in a r y e x p e n d itu r e fu n d r e d u ce d th e surplus
fo r th e y e a r t o $ 1 3 ,5 4 3 , as again st $96 ,184 In 1905.
T h e d iv id e n d rate w as
Increased t o 5 % fro m b e g in n in g F eb . 1907, b u t o n ly 4 J^% w as p a id from
th e earn in gs o f 1 9 0 6 .— V . 8 4 , p. 160.

Vera Cruz & Pacific R R .— New Director.— Carroll Van
Ness has been elected a director to succeed Michael Jenkins.
L. S. Zimmerman o f Baltimore is Ass:stant Secretary and
Ass'stant Treasurer.
Earnings.— For three calendar years:
1906.
1905.
1904G ross e a r n in g s ....................................................$96 8 ,9 9 8
$761,141$57 2,86 2
O p e ra tin g e x p e n s e s .................... ..................... 9 35 ,668
990,011
676 ,822
N e t e a r n i n g s .............................. .....................
3 3 ,3 3 0 d e f.2 2 8 ,8 7 0 d e f . 103,960
T h e gross earnings a b o v e In clu de c o n s tr u c tio n fre igh t as fo llo w s: 1906,
$ 6 4 ,6 5 9 ; 190 5, $ 9 9 ,1 2 2 ; 190 4, $ 8 2 ,1 3 2 .— V . 8 1 , p . 1846.

Wabash R R .— Extension of Notes.— The com pany is ar­
ranging to extend for two jrears the $6,160,000 3-year 5 %

A p r . 6 1907.]

80-5

THE CHRONICLE.

collateral trust notes maturing May 10. Holders not desir­
ing to participate in the extension plan will receive paym ent
in cash and accrued interest. Formal announcement will
be made sh ortly.— V. 84, p. 272, 222.
West End Street Railway.— Approved.— The Massachu­
setts Railroad Commission has authorized the com pany to
issue $420,000 additional com m on stock at $85 per share,
par $50, to cover the cost of im provem ents and additions.
The shareholders will vote April 13 to authorize this am ount
o f new stock .— V. 84, p. 572.

nothing is earned. The bonds are n ot due until 1939,b u t,
they m ay be called at par at any tim e, bu t on ly on paym ent
of interest at 7 % in full to date, less interest paid. Com ­
pare V. 84, p. 273.
Bethlehem Steel Corporation.— Report.— The earnings com ­
pare as follows:

Western Trunk Lines.— No Strike..— The negotiations be­
tween the committee of conductors and trainmen and the
officials of the leading Western lines, which have been
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
G overnm ent’s Department of Labor, b y which, it is said,
the trainmen will get an advance of wages o f about 10 % ,
or 2 % less than was dem anded, and waive their nine-hour
request. The agreement was expected to be ratified yester­
d a y .— V. 81, p. 1376.

601 ,4 2 6
9 6 1 ,4 0 5
762 ,7 4 9 2 ,6 6 1 ,0 7 0
,843,619

INDUSTRIAL, GAS AND MISCELLANEOUS.
Acker Process Co., Niagara Falls.— F ire— Attachment.—
This com pany’s plant, insured for $260,000, was destroyed
by fire on Feb. 25. On March 25 an attachm ent for $23,002
in favor o f the Niagara Falls Hydraulic Power & 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, & c.— See “ Annual R eports” on a preceding page.—
V. 83, p. 268.
American Tobacco Co.— Bonds Purchased.— The com pany,
it is announced, has purchased for cancellation out of surplus
funds an additional $3,000,000 o f its 4 % bonds, m aking,
with the $500,000 mentioned last week, a total of $3,500,000
canceled within the past m onth. The am ount reported as
now outstanding is $52,731,000.
In addition, $500,000 of 6s have recently been retired by
the sinking fund. Compare V. 84, p. 750, 625.
Anglo-Califomian Oil Syndicate. Ltd.— Listed in London.—
The London Stock Exchange has appointed a special settling
d a y for 9,300 vendors’ shares of £1 each, fully p a id, Nos. 1
to 9,300.
American Writing Paper Co.— Payment of Dividends Post­
poned Owing to Litigation.— The first dividend o f 1% on the
preferred shares, which was declared last O ctober, payable
April 1 1907, will, it is announced, not be paid at present,
ow ing to the suit recently brought b y a stockholder to test
its validity. Treasurer George B. H olbrook, in a circular
letter addressed to the shareholders, says:
I t was k n o w n t o th e d ire cto rs th a t th ere w ere th ose w h o cla im e d th a t
b e fo r e th ere c o u ld b e n e t earn in gs fro m w h ich a d iv id e n d c o u ld be p a id a n y
Im p a irm e n t o f th e ca p ita l resu ltin g fro m a n o v e r -v a lu a tlo n o f p r o p e r t y o r
p o o d will at th e tim e th e c o m p a n y w as fo rm e d m ust first b e m a d e g o o d .
A p p r e cia tin g th e p o s s ib ilit y or a c tio n b y som e sto c k h o ld e r s t o se ttle this
q u e s tio n , th e d ir e cto r s p r o v id e d In th e v o t e d e cla rin g said d iv id e n d th a t, In
case su ch a c tio n s h ou ld b e b r o u g h t, th e p a y m e n t o f th e d iv id e n d sh ou ld
b e p o s t p o n e d u n til th e final d e te r m in a tio n th e r e o f.
T h e p r o c e e d in g s In
stltu ted t o tr y th e q u estio n are p e n d in g in th e co u r ts o f N ew Je rse y , an d
th e y w ill b e p r o s e c u te d t o final ju d g m e n t as r a p id ly as p o s s ib le , o f w h ich
d u e n o tice w ill be g iv en th e s t o c k h o ld e r s .— V . 8 4 , p . 506 , 451.

Bay State Gas Co.— Receiver's Report.— Receiver George
W harton Pepper of Philadelphia has filed in the United States
Circuit Court at Boston a detailed report of his receipts and
disbursements, showing in brief:
$4
J u ly 8 1 90 3, w itn ess fee r e c e iv e d K id d e r -P e a b o d y s u it ____________
D e c. 2 1905, r e c e iv e d fr o m T h o m a s W . L a w so n u n d er s e ttle m e n t
a g r e e m e n t __________________________________________________________
$ 3 5 0,00 0
J a n . 26 1907, re c e iv e d fro m R a n d a l M o rg a n as earnest m o n e y In
H H .K o g e r s s u I t _______ __________ __________________ ______ _______
250 ,0 0 0
F e b . 13 1907, b a la n ce fro m R a n d a l M o rg a n u n d e r s e ttle m e n t
a g r e e m e n t, H . H . R o g e rs s u it _____________________________________ 1,2 5 0 ,0 0 0
T o t a l r e c e ip t s ____ ______ ___________________________________________ $ 1 ,8 5 0 ,0 0 4
E x p e n d itu re s (R o g e rs s u it, $15 8 ,5 6 3 : L a w son su it, $35 ,4 2 1 ;
K id ck jr-P e a b o d y & C o. su it, $ 3 9 ,9 4 3 ; m iscella n eou s ex p en ses,
$ 1 , 6 4 9 ) . ............. .........................................- .....................................................235 ,576
B a la n ce fo r d is tr ib u tio n __________________________________________ $ 1 ,6 1 4 ,4 2 8
R e m itte d t o D ela w a re r e c e iv e r s h ip _________________________________
200 ,0 0 0
N et b a la n c e ___________ _______________________________________________$ 1 ,4 1 4 ,4 2 8

A preliminary report filed March 12 says:
T h e stock o f th e B a y S ta te G as C o . o f D elaw are w as Increased fro m tim e
t o tim e u n til o n o r a b o u t M ay 26 1902 th e a u th o r iz e d ca p ita l w as $ 1 ,0 0 0 ,0 00 ,000 an d th e a m o u n t Issued a n d o u ts ta n d in g w as $ 1 7 5 ,0 0 0 ,0 0 0 .
A t or
a b o u t th at tim e th e r e w as Issued t o J. E d w a rd A d d lc k s $ 7 5 ,0 0 0 ,0 0 0 a t p ar
o f th e s to c k o f th e D ela w a re C o. in se ttle m e n t o f a n a lleg ed cla im o f t h e said
A d d lc k s a ga in st th e said c o m p a n y .
U p t o th e last m e n tio n e d d a te th e
s to c k o f said c o m p a n y h a d been sold b y th e c o m p a n y t o raise fu n d s fo r Its
p u rp oses, th e c o m p a n y r e c e iv in g at first as high as $10 p e r share an d a t last
as low as 46 % c e n ts p e r share. T h e t o t a l a m o u n t r e c e iv e d fro m t h e sale
o f said s to c k w as $ 6 ,7 3 9 ,6 1 3 , o r an a v e r a g e o f $1.98 p er sh are.
(T h e r e ­
c e iv e r's se ttle m e n t w ith A d d lc k s In th e s t o c k suit In v o lv e d th e ca n c e lla tio n
o f S 5 1 ,062 ,5<»0 o f th e $ 7 5 ,0 0 0 ,0 0 0 Issue, an d th e c o m p a n y Itself h ad b o u g h t
In $14,.",50.000, le a v in g $ 1 8 4 ,5 8 7 ,5 0 0 s t o c k o u t s t a n d in g . C o m p a re V . 79
p. 2698.)

The "B oston News Bureau” says:
It Is u n d e rs to o d th a t R e c e iv e r P e p p e r has a b o u t $10 0 ,0 0 0 In D ela w a re
a fte r settlin g a su it a gain st th e c o m p a n y t h e r e , m a k in g a b o u t $ 1 ,5 0 0 ,0 0 0
net cash a w a itin g th e d ir e ctio n o f th e c o u r t fo r th e r e c e iv e r ’s c o m p e n s a tio n
a n d t h e d istrib u tio n o f t h e m o n e y .
R e c e iv e r P e p p e r b e g a n his w o rk w ith
$ 8 0 .7 0 in th e tre a s u ry o f th e c o m p a n y , a n d 1s c e r ta in ly e n title d t o a v e r y
h a n d som e co m p e n s a tio n .

There are now outstanding $184,587,500 stock (par
of shares $50) and $507,000 7 % non-cum ulative incom e bonds
on w hich no interest has 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




R esults fo r C alendar Y ea rs fo r the C om p a n y an d
1906.
1905.
D ed u ction s—
S
$
M fg. p r o fit s ____ 1 ,8 5 9 ,3 5 3 3 ,4 6 8 ,8 0 2 I n t e r e s t ________
D e p r e c i a t i o n ___
E s t. losses (see
b e lo w )
........... 647 ,1 9 3
.............
T o t . d e d t ic t ’n .
N e t p r o f it ____ 1 ,2 1 2 ,1 6 0 3 ,4 6 8 ,8 0 2 1 'B a l.n e t in c o m e _
O th er I n c o m e ___ 1 52 ,015
153.673] P r e v io u s s u r p . . l

Its S u b sid ia ries.
190 6.
190 5.
$
$
601 ,4 2 6
5 61 ,405
_______ ___4 0 0 ,0 0 0

T o t a M n c o m e . 1,3 6 4 ,1 7 5 3,622,475|
T o ta l s u r p lu s .2 ,606 ,3 6 8 2 ,6 6 1 ,0 7 0
P r o m th e to ta l a c c u m u la te d surplus as a b o v e w e re d e d u c te d In 1906 p r e ­
fe rre d d iv id e n d s $ 8 9 4,48 0 a n d e x tr a o r d in a r y losses $ 1 ,1 1 8 ,4 6 7 , le a v in g th e
p r o fit a n d loss surplus D e c. 31 1906 $ 5 9 3 ,4 2 1 .
O f th e e x t r a o r d in a r y losses
$50 0,97 3 w as o n u n c o m p le te d ship c o n tr a c ts ta k e n sin ce th e fo rm a tio n o f
th e c o r p o r a t io n , b e in g d u e la rg e ly t o th e u n fa v o r a b le la b o r c o n d it io n s
e x is tin g a t th e U n io n Ir o n W o r k s In S an F r a n cis c o fo llo w in g t h e e a r th ­
q u a k e ; an d $ 4 3 9,09 2 w as o n G o v e rn m e n t cru isers c o n t r a c te d fo r b y th e
U n ite d S ta te s S h ip b u ild in g C o .
T h e “ e s tim a te d lo sse s” in th e ta b le are
th e y e a r’ s p r o p o r tio n o f th e e s tim a te d loss o n u n c o m p le te d c o n t r a c ts .
See also V . 8 4 , p . 573.

Boston Suburban Express & Parcel Co.— M ortgage.— 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 com panies 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,ODO and a
bond issue of the same am ount, secured by a m ortgage cover­
ing the entire property to the Am erican Loan & Trust Co. of
Boston, as trustees. The directors are Edw ard P. Shaw
(President), W alter E. Simmons (Treasurer) and W illiam R .
Buckminster (Secretary)
T h e e xp ress c o m p a n ie s w h ic h , it w as said In th e n e w s p a p e r r e p o r t s , w o u ld
be a c q u ir e d b y th e a s s o c ia tio n (b u t t o w h a t e x te n t a c q u ir e d d o e s n o t a p p ea r)
w ere; M e rch a n ts’ P a rce l & E x p re ss C o ., B o s to n ; S a w ln ’ s, C a m b rid g e ;
D a n fo rth , B r o o k lin e ; B e n ja m in V a u g h a n , M alden : W e lc h , M e d fo rd ; B a n ­
c r o ft , S om e rv ille ; C h u rch ill, W ln th r o p ; C h e n e y , C h elsea; J o h n s o n , A r lin g ­
to n ; N e w c o m b , N e w to n ; E a m e s , N e w to n C en tre: B a r s to w , W a k e fle lo ;
S m ith , E a st B o s to n ; J o y , W e s t R o x b u r y ; a n d S h e ln u t, A u b u r n d a le .

Boston Cape Cod & New York Canal Company.— Con­
tract.— The Cape Cod Construction C o ., of which August Bel­
m ont is President, has the contract to dig the proposed canal
across Cape Cod from Barnstable to Buzzard’s Bay and con^
struct wharves, breakwaters, etc., necessary therefor, fo r
the sum of $11,990,000, of which $6,000,000 is to be paid in
bonds and the remainder in stock o f the Canal Co. The
authorized capitalization of the Canal Co. (originally in cor­
porated in Massachusetts in 1899) is $6,000,000 stock (par
$100) and $6,000,000 first mortgage 5 % 50-year gold bonds.
W ork is to begin at once, and, it is th ou gh t, will be com ­
pleted in three or four years.
T h e c a n a l, w h ich w ill b e b u ilt w ith o u t lo c k s , w ill b e a b o u t 8 m iles in
le n g th , 25 fe e t d e e p a t lo w w a te r w ith a m in im u m w id t h a t th e b o t t o m
o f 100 fe e t, a n d at th e su rfa ce o f fro m 250 t o 300 fe e t.
T h e C o n s tr u c tio n
C o. w as in c o rp o ra te d u n d e r th e law s o f M aine w ith $ 1 ,0 0 0 ,0 0 0 a u th o r iz e d
ca p ita l s t o c k , t h e o ffic e r s b e in g A u g u s t B e lm o n t, P r e s id e n t; A r th u r L .
D e v e n s , o f D e v e n s , L y m a n & C o ., o f B o s t o n , b a n k e r s a n d b ro k ers; an d
J o h n B . M c D o n a ld o f N e w Y o r k , V ic e -P r e s id e n ts ; J o h n F . B u c k , 23 N assau
S tre e t, N ew Y o r k , S ecre ta ry an d T reasu rer; W m . B a rc la y P a rs o n s , C h ief
E n g in e e r.
D ir e c to rs , In a d d itio n t o M essrs, B e lm o n t , D e v e n s , M c D o n a ld ,
a n d P a rs o n s , D e W it t C. F la n a g a n an d E . W . L a n c a s te r o f N ew Y o r k , an d
D u d le y P lc k m a n o f B o s to n .

Bush Terminal Co.— Report.— For calendar year:
Y ea r—
G ross.
N et.
C harges.
P r e f. D iv .
B a l .,s u r .
1906 (12 m o s .) ____ $ 8 8 5,02 5 $5 0 7 ,7 7 7
$ 4 1 5,72 2
( 5 % ) $ 7 5 ,0 0 0
$ 1 7 ,0 5 5
1905 (12 m o s .) ____ 740 ,9 5 4
4 2 9 ,4 0 7
309 .3 3 4
____________
1 2 0 ,0 7 3
1904 (11 m o s .) ____ 521 ,9 3 6
362 ,9 3 3
184 ,475
.......................
1 7 8 ,4 5 8
T h e d iv id e n d a b o v e sh o w n w as p a id In F e b . 1906; n o n e has b e e n d ecla red
s in ce .— V . 82, p . 1441, 1039.

Cadillac (Mich.) Gas Light Co.— Control, cfee.— See Chat­
tanooga Gas. Co. below.
Central Brewing Co., East St. Louis, 111.— Called Bonds.—
Mortgage bon ds numbered 1 to 20, both inclusive, $1,000
each, were payable on April 1 1907 at the Franklin B ank,
St. Louis, Mo.
Central & South- American Telegraph Co.— Report.— See
“ Annual R eports” on a preceding page.
Partly Estimated Earnings.— For quarters ending March 31:
3 M o s .—
Tot. I n c .
1907 - .......... -$ 4 1 2 ,5 0 0
190 6
348 ,0 0 0
— V . 8 2 , p . 1499.

N et I n c .
$ 2 8 7,50 0
239 ,0 0 0

D ivid en d s.
(1 H % )$ 1 1 5 ,8 8 4
(1 MVo) 115 ,884

B a l.,s u r .
$ 1 7 1,61 6
1 23 ,116

T o t .s u r p .
$ 2 ,0 4 2 ,0 6 6
1 ,5 1 7 ,9 9 3

Chattanooga (Tenn.) Gas Co.— Bonds Offered.— The Am eri­
can Trust & Savings Bank of Chicago, the mortgage trustee,
is offering at par and interest $200,000 first m ortgage 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 and July 1 at office of trustee
in Chicago or at First National Bank, New Y ork . A circular
says in substance:
C a p ita liza tio n .—
A u th orized .
Issu ed .
C o m m o n s t o c k _______________________________________
$75 0 ,0 0 0
$ 7 5 0 ,0 0 0
P re fe rre d s to c k ( 6 % ) _______________________________
5 0 0 ,0 0 0
4 0 0 ,0 0 0
F irs t m o r tg a g e 5 % b o n d s ___________________________
1 ,5 0 0 ,0 0 0
5 0 0 ,0 0 0
T h e $ 1 ,0 0 0 ,0 0 0 unissued b o n d s are h eld In escrow an d m a y b e Issued f c r
n o t t o e x c e e d 80 % o f th e a ctu a l cash c o s t o f p e rm a n e n t ex te n sio n s a n d a d d i­
tio n s, b u t o n ly w h en th e n et earn in gs fo r th e p re ce d in g y e a r h a v e b e e n a t
least tw ice th e Interest o n th e b o n d s o u ts ta n d in g an d th o se t o b e Issued.
T h e tru st d e e d p r o v id e s a cash sin k in g fu n d fro m 1912 t o 1926 in clu s iv e
o f $ 1 5 ,0 0 0 y ea rly w h en $ 5 0 0 ,0 0 0 bo n d s are o u ts ta n d in g , a n d a fu rth e r am o u n t
eq u a l t o 2 % o f a n y a d d itio n a l b o n d s Issued; $22 5 ,0 0 0 b o n d s s h o u ld th u s be
re d e e m e d b e fo re m a tu rity .
Statem ent o f E a rn in g s fo r the Y ea r ended D e c . 31 1906.
G ross e a rn in g s___________________________________________________________$ 1 6 4 ,1 5 7
N et (o v e r t a x e s ) ___ ______ ______________________________ _________________ $52 ,4 7 7
F u ll y e a r ’ s In terest o n $ 5 0 0 ,0 0 0 b o n d s -------------------------------------------------- 2 5 ,0 0 0
S u r p lu s _______ _________________________________________________________

$ 2 7 ,4 7

80 f>

THE CHRONICLE.

T h e $ 7 5 ,0 0 0 t o be e x p e n d e d f o r im p ro v e m e n ts a n d th e m o d e r n , ag gressive
m e th o d s o f th e n e w m a n a g e m e n t w ill s u b s ta n tia lly in crea se g ross earn in gs
a n d d ecrease c o n s id e r a b ly th e p e r c e n ta g e o f o p e r a tin g e x p e n se s.
The prop­
e r ty in c lu d e s a com m e r c ia l gas a p p a ra tu s fo r m a k in g c o a l a n d w a te r g a s,
w ith o n e h o ld e r o f 225 ,0 0 0 a n d t w o h old ers e a ch o f 0 0 ,0 0 0 c u b ic fe e t c a ­
p a c it y , a n d a p p r o x im a te ly 40 m iles o f m ain s t o w h ich are c o n n e c te d 3,832
m eters; also a P ln ts c h gas p la n t fo r s u p p ly in g c o m p re sse d gas t o th e rail­
r o a d s fo r c a r lig h tin g .
T h e ca sh c o s t o f th is p r o p e r t y a fte r th e $ 7 5 ,0 0 0 has
b e e n e x p e n d e d fo r Im p ro v e m e n ts w ill h a v e b e e n m o re th a n $ 8 5 0 ,0 0 0 . O n
Ja n . 23 1907 th e c it y g r a n te d th e c o m p a n y a 2 1 -y e a r fra n ch is e , u n d e r w h ich
th e c it y c o n tr a c ts th a t it w ill p e r m it th e c o m p a n y t o sell gas in C h a tta n o o g a
a t $1 .1 0 p e r 1,000 c u b ic fe e t w ith d is c o u n t o f 10c. fo r p r o m p t p a y m e n t o f
bills.
T h e c o m p a n y Is re q u ire d t o m a k e cash p a y m e n t s t o th e c it y o f $500
in 190 7, in crea sin g t o $ 5 ,0 0 0 in 1917 a n d ea ch y e a r th e re a fte r.
O fficers:
P r e s id e n t, J . P . H os k in s ; V ic e -P r e s id e n t, G u y W . R o u s e ; S e cre ta ry , H o w ­
ard A . T h o r n to n ; T reasu rer, R a lp h S. C h ild; A s s is ta n t T reasu rer, a n d M a n ­
a g er, J . M . R o b b ; C h airm an e x e c u t iv e c o m m it t e e , F r a n k T . H u lsw lt.
A ll b u t J. M . R o b b a n d J . P . H o sk in s are fro m G ra n d R a p id s .

Child, Hulswit & Co. of Grand Rapids, who control the
com pany, also control and operate:
M u sca tin e ( la .) L ig h t & T r a c t io n C o. (V . 8 3 , p . 1 1 7 1 ); C h e b o y g a n
(M ich .) G as L ig h t C o. (h a v in g o u ts ta n d in g a t la st a c c o u n ts $ 1 0 0 ,0 0 0 s to c k
an d $ 5 0 ,0 0 0 5 % b o n d s d u e 192 4 ); C a d illa c (M ich .) G as L ig h t C o . (ca p ita li­
z a t io n , r e c e n t ly , $ 1 0 0,00 0 s to c k a n d $ 1 0 5,00 0 5 % b o n d s , d u e 192 5 ); L a
P o r t e (I n d .) G as L ig h t C o. (V . 8 1 , p . 149 6 ); F o r t D o d g e ( la .) L ig h t C o .
( V . 8 2 , p . 1 0 4 3 ); M a tto o n (111.) G as L ig h t & C ok e C o . (V . 8 1 , p . 7 3 0 ), & c.

Cheboygan (Mich.) Gas Light Co.— Control, <fee.— See
Chattanooga Gas Co. above.
Citizens’ Gas Co., Jacksonville, Fla.— Bonds Called.— All
the $150,000 bonds dated D ec. 31 1900 and D ec. 1 1898 (see
V. 72, p. 582) were called for paym ent on Feb. 1, either at
the Columbia Trust C o., M iddletown, Conn., or the National
Bank of North America in New Y ork.
Bonds Offered.— N. W . Harris & C o., New Y ork , Chicago
and Boston, recently offered for sale $350,000 first mortgage
30-year 5 % gold bonds of $1,000 each (c*) dated D ec. 1
1906 and due D ec. 1 1936, but subject to call at 110 and
interest on D ec. 1 1911 or any interest day thereafter.
Interest payable June 1 and D ec. 1 at the office of N. W .
Harris & C o., New Y ork . United States Mortgage & Trust
C o., New Y ork , trustee.
A b stract o f L etter from P resid en t A . 5 . H ubbard, J a ck so n ville, D ec. 7 1906
T h is c o m p a n y w as o rig in a lly ch a rte re d o n J u ly 17 187 4, a n d d oes th e
en tire gas business o f J a c k s o n v ille , F la.
P re fe rre d s to c k Issued, $50 ,0 0 0 ;
c o m m o n s to c k a u th o r iz e d , $25 0 ,0 0 0 ; Issued. $ 1 0 0 ,0 0 0 .
F irst m o r tg a g e 5s,
a u th o r iz e d Issue, $ 1 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $35 0 ,0 0 0 .
T h e u n issu ed b o n d s
are reserved In escrow w ith th e tru stee a n d ca n b e Issued o n ly fo r 8 0 % o f
th e cash c o s t o f a d d itio n s a n d e x te n s io n s , p r o v id in g th e n e t earn in gs fo r
th e y ea r p r e ce d in g issu an ce are at least d o u b le th e in te re st ch a rg e o n #11
b o n d s o u tsta n d in g tog eth e r w ith th o s e p r o p o s e d t o b e Issued.
T h e earn in gs h a v e s h o w n an u n in te r r u p te d a n d large a n n u al in crea se fo r
a n u m b e r o f yea rs. T h e n e t earn in gs fo r 1906 w ill s h o w an in crea se as
c o m p a r e d w ith 1904 o f o v e r 7 3 % .
E a rn in g s-fo r C alendar Y ea rs, the L ast Tw o M o n th s o f 1906 B ein g E stim ated.
Y ear—
G ross.
N et.
P r e s . In terest. B a l.,S u r .
$33 ,047
$17,500
$15 ,547
1906 (p a r tly e s O ______ $ 75 ,315
1 9 0 5 .................................
62,9 6 0
2 4 ,3 3 5
_______
_______
A t th e p resen t rate o f Increase It Is e stim a te d th at th e n e t earnings du rin g
1907 w ill a m o u n t t o o v e r $ 1 0 ,0 0 0 , o r c o n s id e r a b ly m o re th a n tw ice th e
in terest ch a rge on th e o u ts ta n d in g b o n d s.
J a c k s o n v ille has a presen t
e s tim a te d p o p u la tio n o f 4 0 ,0 0 0 , w h ich is in crea sin g r a p id ly .
The com pan y
d oes th e en tire gas business o f th e c it y .
T h e p la n t is in g o o d p h y s ic a l c o n ­
d itio n and c a p a b le o f e c o n o m ic a l o p e r a tio n .
B u ildin gs s u b s ta n tia lly c o n ­
s tr u c te d o f b r ic k , w ith slate a n d c o r ru g a te d iro n r o o fs .
P resent facilities
c a p a b le o f h a n d lin g a large in crea se in p r o d u c t io n a t a v e r y sm all e x p e n d l
tu re.
F ran ch ise p e rp e tu a l, free fro m b u rd e n so m e re s trictio n s and fa v o r ­
a b le fro m a business sta n d p o in t.
f R . B . G o o d m a n Is T re a s u re r.— E d .)
— V . 7 2 . p . 582.

(The) Dean Electric Co., Elyria, O.— Re-incorporated.— This
com pany was re-incorporated on D ec. 7 1906 under the laws
of Ohio, the authorized capital stock being increased from
$1,000,000 to $4,000,000, of which $1,000,000 is 7 % cum u­
lative preferred; outstanding, all the $3,000,000 com m on
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 secure an issue of $500,000 6 %
gold bonds ($250,000 outstanding) dated Dec. 8 1906 and
due Decem ber 1926 w ithout option of earlier redemption;
denominations $100, $500 and $1,000; interest payable June
10 and Dec. 10 at office of trustee. Sinking fund $30,000
yearly after 1910. The com pany manufactures telephone
switchboards and eleptrical apparatus. President, Samuel
B. Rawson; 1st Vice-Pres., W . W . Dean; 2d Vice-Pres., A. E.
Barker; Sec. and Treas., A. G. Bean. A special dispatch
to the "Cleveland Leader” from Elyria recently said:
T h e in crea se in th e c a p ita l s t o c k w as m a d e o n a c c o u n t o f Increase in
b u sin ess, th e c o m p a n y h a v in g b e tw e e n $ 6 0 0,00 0 an d $70 0 ,0 0 0 w o rth o f
ord e rs ah ea d .
T h e c a p a c it y o f the p la n t w ill b e d o u b le d an d new bu ild in g s
w ill b e ere c te d .
T h e w o rk in g s ta ff w ill be in crea sed b y 500 m e n , m a k in g a
to t a l o f 1.000 e m p lo y e e s .
C o m p a re 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:
T h e d ir e cto r s o f th e A m e r ic a n , " E . C .” & " S c h u lt z e ” G u n p o w d e r C o .,
L t d ., r e c o m m e n d th a t , p u rsu a n t t o th e te rm s o f th e a g re e m e n t b e tw e e n
th e c o m p a n y a n d th e E . I . du P o n t d e N e m o u rs C o m p a n y , th is c o m p a n y
s h o u ld (u n d er Its o p tio n ) ca ll u p o n th e D u p o n t C o m p a n y t o b u y u p th e
w h o le o f th e shares o f th is c o m p a n y a t th e ra te o f 12s. 6 d . p e r sh are, th e
p u r c h a s e t o b e sp rea d o v e r fo u r y e a r s , c o m m e n c in g w ith th e p re se n t y e a r .
(T h e a u th o r iz e d c a p ita l s to c k Is £ 1 0 0 .0 0 0 In shares o f £1 e a ch ; issu ed,
£ 7 5 ,0 0 0 .
U n d e r an ag re e m e n t d a te d N o v . 9 1903 th e business w as leased
t o th e d u P o n t C o m p a n y fo r 99 y e a rs fro m Ju n e 1 1903 at a y e a r ly ren tal
o f £ 3 ,7 5 0 .) — V . 8 4 . p . 690 , 449.

Eastman Kodak Co. of New Jersey.— Report.— See “ An­
nual R eports” on a preceding page.
Extra Dividend.-—The directois have declared an extra
dividend of 5 % on the com m on stock, payable May 1 to
stockholders of record April 15. The com m on shares have
received regular quarterly dividends %t the rate of 10% per
annum s'nee O ct. 1902, and last year extra dividends of 2 %
in January, 2 ^ % in May and 5 % Dec. 1.— V. 84, p. 751.
Federal Furnace Co., Chicago.— Stock Increased.— This
com pany, 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 & Trust Co. of Cleveland, as trustee,
to secure $1,000,000 of 5 % gold bonds of $1,000 each,




[V o l .

l x x x iv

.

dated N ov. 1 1906, of which series A , $600,000, was issued to
refund existing indebtedness (no prior liens remain out­
standing), and series B, $400,000, is reserved for im provements
and extensions. The bonds mature in installments from
N ov. 1 1909 to N ov. 1 1926, but are subject to call at any
interest period at 105. Interest payable May 1 and Nov. 1
at office of trustee.
T h e c o m p a n y has c o m p le te d an d o n F e b . 1 p u t in o p e r a tio n on e new
s ta ck a d jo in in g th e C a lu m e t R iv e r b e tw e e n 107 th S tre e t a n d 109th S treet
a t S o u th D e e rin g , 111. (see 'T r o n A g e ” o f J u ly 19 1 9 0 6 ), an d p ro p o s es im m e ­
d ia te ly t o e re ct a s e c o n d fu rn a ce o f th e sam e size an d c a p a c it y .
T h e tw o
fu rn a ce s w ill h a v e an ann u al e stim a te d c a p a c it y o f 240 ,0 0 0 to n s o f fo u n d r y
a n d m a lle a b le B essem er iro n .
W illia m L . B ro w n is P re sid e n t; C. P .
W h e e le r , V ic e -P r e s id e n t: and A . F . M a y n a rd , S e cre ta ry an d T rea su rer.
O ffic e s , T h e R o o k e r y , C h ic a g o .

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 total
asssssments in New Y ork City am ount to $166,855,000 for
223 corporations, firms and individuals, as against a total
of $361,479,300 last year, being an increas? of $105,375,700.
The following shows the larger corporations:
Valuation.
Increase.
In te r b o r o u g h R a p id T ra n sit C o . . _______ __________ $ 2 4 ,0 0 0 ,0 0 0
B r o o k ly n R a p id T ra n sit s y s t e m ...................... ............ 5 4 ,6 4 5 ,0 0 0
M a n h a tta n E le v a te d R y ____________________________ 7 4 ,9 0 0 ,0 0 0
M etrop olita n S treet R y . s y s te m ............................... .1 0 3 ,6 0 0 ,0 0 0
C o n s o lid a te d G as s y s t e m ___ _______________________ 1 0 0 ,5 0 0 ,0 0 0
B r o o k ly n U n io n G as s y s t e m ________________________ 1 9 ,1 2 0 ,0 0 0
N ew Y o r k T e le p h o n e C o ____________________________ 2 7 ,4 0 0 ,0 0 0
B u sh T e rm in a l R R . C o _________________ _•__________
3 5 0 ,0 0 0
C o n e y Isla n d & B r o o k ly n R R . s y s t e m ___________ _ 4 ,7 0 0 ,0 0 0
L o n g Isla n d R R . C o ________________________________
1 00 ,000
N e w Y o r k C en tral & H u d s o n R iv e r R R __________
2 ,4 0 0 ,0 0 0
N e w Y o r k & H arlem (S team ) R R _________________ 1 1 ,6 5 0 ,0 0 0
H u d s o n & M an h a ttan R R . C o _______ ______________
1 ,5 0 0 ,0 0 0
N e w Y o r k & L o n g Isla n d R R . C o ________ 1________
1 ,0 1 0 ,0 0 0
N e w Y o r k & Q ueens C o u n ty R y . C o . . ____ _______
2 ,2 7 5 ,0 0 0
P e n n s y lv a n ia N ew Y o r k & L o n g Isla n d R R . C o . .
1 ,5 0 0 ,0 0 0
C o n s o lid a te d T e le gra p h & E le ctrica l S u b w a y C o . .
6 ,4 3 5 ,0 0 0
E d iso n E le c tr ic Illu m in a tin g C o . , B r o o k ly n _______ 1 0 ,1 0 0 ,5 0 0
E m p ire C ity S u b w a y C o ., L t d _____________________
7 ,8 4 0 ,0 0 0
N e w Y o r k & N ew J e rse y T e le p h o n e C o ____________
8 ,5 6 0 ,0 0 0
W e s te rn U n io n T e le g ra p h C o _______________________
671 ,500
— V . 82, p . 868.

$ 6 ,0 0 0 ,0 0 0
1 6 ,1 6 6 ,0 0 0
1 2 ,2 0 0 ,0 0 0
2 4 ,1 3 0 ,0 0 0
1 7 ,5 7 9 ,0 0 0
1,1 7 0 ,0 0 0
1 0 ,3 1 2 ,0 0 0
225 ,000
1,5 3 4 ,0 0 0
7 0 ,000
750 ,0 0 0
3 2 5 ,0 0 0
1 ,0 0 0 ,0 0 0
800 ,0 0 0
8 5 0 ,0 0 0
300 ,0 0 0
1 ,3 1 0 ,0 0 0
3 ,3 8 0 ,0 0 0
2 ,0 5 5 ,0 0 0
3 ,5 7 0 ,0 0 0
1 0 0 ,0 0 0

Greene-Cananea Copper Co.— Official Statement.— The
management issued a statement on April 3 denying that the
$10,000,000 of the authorized share capital ($80,000,000),
not issuable for the stocks of the two constituent companies
(V. 84, p. 5 1 0 ),w a sto be issued as prom oters’ bonus, or at
present for any other purpose.
S h ou ld th e c o m p a n y d ecid e to Issue it at a n y tim e In th e fu tu re , for a c ­
q u isitio n o f a d d itio n a l p ro p e rtie s o r o th e r p u rp o se s, It w o u ld o n ly b e d o n e
p ro ra ta t o Its s to ck h o ld e rs.
T h e p ro m o te rs sim p ly e x ch a n g e th eir s to ck
p re cise ly as th e b u lk o f th e o th e r s to ck h o ld e rs h a v e d o n e .
A b o u t three
fou rth s o f th e s to c k o f b o th th e o ld co m p a n ie s has a lre a d y b een e x ­
ch a n g e d .— V . 8 4 , p . 510 , 105.

Huber Manufacturing Co. of Marion, Ohio.— Stock Offered.
— Stevenson & Vercoe, Columbus, Ohio, recently offered at
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.”
In co rp o ra te d In O h io a b o u t 1879; m a n u fa ctu res tr a c tio n e n g in es, th resh ­
in g m a ch in es, e tc .
N o b o n d e d d e b t.
A u th o riz e d c a p ita l s to ck re ce n tly
in crea sed fro m $ 5 0 0,00 0 to $ 1 ,0 0 0 ,0 0 0 b y th e a d d itio n o f $ 5 0 0,00 0 6 %
p referred s to c k ; th ere is o u ts ta n d in g $ 5 0 0,00 0 c o m m o n an d $4 0 0 ,0 0 0 p r e ­
ferred ; p ar o f shares, $100.
O ffice rs: P re sid e n t, S. E . B a rlow ; S e cre ta ry ,
E . D u rfee; Treasu rer, S. E . B a rlow .
T h e "M o n e ta r y T im e s” o f T o r o n to
o n F e b . 16 said: T h e H u b e r M fg . C o. o f O h io has a m a lg a m a te d w ith th e
P o rta g e Iron & M ach in e C o. a n d th e n ew p la n t t o b e erected will be on e o f
th e largest fo r th e m a n u fa ctu rin g o f m a ch in e ry In th e W e s t.

Hudson River Telephone Co.— Dividend.— The directors
this week declared a quarterly dividend o f 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:
T h e d irectors h a v e d ecla red a d iv id e n d o f 4 % (7 J^d.per share) p er a n ­
nu m (In terim ), p a y a b le M ay 1.
L a st y e a r n o d iv id e n d .
Sh a reh olders are requ ested to fo rw a rd th e ir share certifica tes to th e o f ­
fic e , 31 L o m b a rd S t ., L o n d o n . E . C ., in o rd e r th a t th e y m a y b e sta m p ed
w ith n o tice o f th e re d u ctio n o f ca p ita l t o $ 6 0 0,00 0 b y th e re d u ctio n o f th e
n om in a l a m o u n t o f e a ch share t o $ 7 .5 0 .
C om p a re V . 8 4 , p . 53.

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 o f 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. 83, p. 1415, 1350.
Ingersoll Rand Co., New York.— New Stock.— This com ­
pany, having outstanding $4,500,000 preferred stock and
$3,000,000 com m on stock, the total issues thereof being
$5,000,000 each, has resolved to issue $225,000 additional
preferred stock “ in paym ent 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 b y them respectively.— V. 84, p. 511.
International Power Co.— Report of Subsidiary and Reduc­
tion of Its Stock.— See American & British Manufacturing
Co. under “ Annual R eports” on a preceding page.— V. 83,
p. 216.
Jenkins Steamship Co., Mentor, O.— Neio Stock.— The
com pany has filed a certificate of increasa of authorized
capital stock from $286,500 to $1,000,000. Compare V.
84, p. 162.
Kelly Coal Co., Vermilion County, 111.— Chanje in Control.
— Concerning the sale o f this com pany, mentioned in V. 84,

A p r . G 1907.]

THE CHRONICLE.

>p. 696, under the heading “ Dering Coal C o .,” the “ Engineer­
ing and Mining Journal” of March 16 said:
T h e s to c k o f th e K e lly C oal C o ., w h ich o w n s a large c o a l p r o p e r t y near
D a n v ille , 111., has be e n b o u g h t o u tr ig h t b y R . R . H a m m o n d , J. K . D e rin g ,
H u g h S hirkie a n d E d w a r d S h lrk ie, all o f w h o m are c o n n e c t e d w ith th e
D erin g C oal C o. T h e p u rch a s e , h o w e v e r , is n o t b y th e D e rin g C o m p a n y
b u t b y th e fo u r m e n n a m e d , a n d th e s t o c k is th e ir in d iv id u a l p r o p e r t y .
T h e fa ce o f th e s to c k is $ 3 ,5 0 0 ,0 0 0 (a n d th ere are said t o h a v e b e e n $ 3 ,0 0 0 ,000 b o n d s o u t s t a n d in g .— E d . “ C h ro n ic le .” ) .
T h e p r o p e r ty in clu d e s 13,000
acres o f la n d , o n w h ich five m in es h a v e b e e n o p e n e d , w h ich are p r o d u c in g
6,000 ton s o f coa l a d a y .
T h e n ew d ir e cto r s are: P re s id e n t a n d G eneral
M a n a ger, R . R . H a m m o n d ; V ic e -P r e s id e n t, H u g h S h irk ie; S e cre ta ry a n d
T reasu rer, J. E . H it t , J. K . D e rin g a n d E d w a rd Shirkie.

Laclede Gas Light Co., St. Louis, Mo.— Bonds Offered.—
N. W . Harris & Co. and Harris Trr.s. & Sav. Bank, having
previously placed $7,000,000 “ first and refunding” 5 %
bonds, due 1934, are offering at par and interest by advertise­
ment on another page an additional $400,000. See full
statement in V. 79, p. 1644.
Earnings.— The firm publishes the following earnings as
officially reported for the calendar jrear 1906; we annex for
comparison the results for the calendar year 1903 and the
years ending Feb. 28 1905 and Aug. 31
1905:
Y ea r
G ross
N et
Interest
B a lan ce,
E n d in g—
E a rn in g s.
E a rn in g s.
on B on d s.
S u rp lu s.
$ 1 ,495 083
$ 8 3 6,31 9
$65 8,76 4
D e c. 31 1 9 0 6 .............. .$ 3 ,5 2 4 ,4 4 0
A u g . 31 1 9 0 5 __________ 3 ,3 1 8 ,2 1 9
1 ,3 1 7 ,3 8 5
761 ,389
555 ,996
F e b . 28 1 9 0 5 ............. . 3 ,2 7 3 ,6 6 0
1,378 777
691,806
686,971
D e c . 31 1 9 0 3 _________ 2 ,4 2 5 ,4 4 8
1 ,1 4 8 ,5 3 3
5 00 ,000
648,533
D iv id e n d s at th e rate o f 5 % are b e in g p a id o n th e $ 2 ,5 0 0 ,0 0 0 o f p referred
s t o c k , a n d o n $ 8 ,5 0 0 ,0 0 0 o f c o m m o n s t o c k .
E x te n siv e a d d itio n s an d Im ­
p r o v e m e n ts r e c e n tly c o m p le t e d w ill, it is b e lie v e d , la rg e ly Increase th e
e a rn in g s. T h e s u b s ta n tia l g r o w th o f th e business is sh o w n b y th e increase
in th e sale o f gas d u r in g 1906 o f m o re th a n 4 0 0 ,0 0 0 ,0 0 0 c u b ic fe e t.—
V . 83, p . 1169.

La Crosse (Wis.) Water-Power Co.— Bonds Offered.— The
Trowbridge & Niver C o., Chicago and Boston, is offering
at prices to yield 6 % the unsold portion ($289,500) of a block
of $500,000 first mortgage 5J^% gold bonds dated April 2
1906.
Denominations $500 and $1,000.
Due in annual
installments on April 1, viz.: 1916, $10,000; 1917 and 1918,
$15,000; 1919-1921, $20,000; 1922-1923, $15,000; 1924-1926,
$20,000; 1927-1928, $25,000; 1929-1930, $30,000; 1931, $200,000, but these last are subject to call on April 1 1916 or any
interest date thereafter at 105 and interest. Interest paya­
ble semi-annually at State Bank of Chicago, 111. (the m ort­
gage trustee), or the First National Bank, New York City.
A circular says in substance:
T h e lo c a tio n o f th e p o w e r -h o u se Is a n a tu ra l g ra n ite le d g e n e a r H a tfie ld ,
W l s . , on th e B la ck R iv e r .
T h e e le ctr ic p o w e r w ill be tr a n s m itte d fo r m a n u ­
fa c tu r in g a n d lig h tin g p u rp o se s t o L a C rosse, WTls .. 47 m iles s o u th , an d to
W in o n a , M in n ., 48 m iles so u th w e s t, th e t w o cities h a v in g a c o m b in e d p o p u ­
la t io n o f m ore th a n 5 0 ,0 0 0 , an d u sin g a b o u t 13,500 s te a m h o r s e -p o w e r .
J. G . W h ite & C o. h a v e be e n a w a rd e d th e c o n t r a c t fo r th e c o n s tr u c tio n an d
in s ta lla tio n o f th e en tire p la n t an d sy s te m .
T h e flow o f th e r iv e r, ta k e n in
c o n n e c t io n w ith th e n a tu ral sto ra g e r e se rv o irs, c o v e r in g an area o f 2,100
acres (o w n e d b y th e c o m p a n y In fe e s im p le ), sh o w th a t th ere are 15,000
e lectrica l h orse p o w e r a v a ila b le fr o m an 8 5 -fo o t h e a d , It b e in g o n e o f th e
m o s t rem a rk a b le pow ers in th e C en tral W e s t.
A fa v o r a b le m a rk e t is a f ­
fo r d e d in L a Crosse an d W in o n a .
O n th e basis o f h e a t u n its p r o d u c e d ,
th e ch ea p es t fu el c o a l In eith er c it y co sts $4.25 p e r t o n , thus raisin g th e c o s t
o f s tea m p o w e r fa r b e y o n d th e p r ice at w h ich e le ctr ic p o w e r c a n b e fu rn ish ed
b y th e c o m p a n y .
In a d d itio n t o th ese tw o m a n u fa c tu r in g c e n t r e s , a v a r ie ty
o f r a ilroa d and in d u stria l in terests in th e lo c a lit y are n e g o tia tin g fo r all th e
p o w e r w h ich th e c o m p a n y ca n furnish .
C a p ita liz a tion : C o m m o n s t o c k , $ 3 ,5 0 0 ,0 0 0 ; p r e fe rre d s t o c k , $ 1 ,5 0 0 ,0 0 0 .
First m ortg a g e b o n d s , $ 3 ,0 0 0 ,0 0 0 , o f w h ich $ 1 ,0 0 0 ,0 0 0 are 5 J^ % , th e re­
m a in d er 5 % .
T h e p resen t b o n d Issue (lim ite d t o $ 1 ,0 0 0 ,0 6 0 ), It Is e sti­
m a t e d , w ill c o v e r th e c o s t o f d e v e lo p in g a b o u t 15,000 h orse p o w e r , b u t th e
ele ctr ic a l eq u ip m e n t Im m e d ia te ly Installed w ill be fo r 6,000 h o rse -p o w e r.
T h e p la n t w ill be so a rran ged th a t a d d itio n a l un its m a y be a d d e d w h en re­
q u ired ; fu rth er b o n d s m a y be ta k e n d o w n fro m th e tru stee fo r th is p u rp o s e
o n ly , o r fo r th e a c q u ir e m e n t o f o th e r p ro p e rtie s at 85 % o f th e c o s t o f such
a c q u is itio n .
L o n g -tim e c o n tr a c ts a g g re g a tin g o v e r $ 1 0 0,00 0 fo r th e sale
o f p o w e r h a v e a lre a d y b e e n en te re d In to , re p r e s e n tin g 3,300 h o r s e -p o w e r
a n a th e im m e d ia te sale o f all th e p o w e r a v a ila b le Is assured. W h e n th e
p r o d u c t o f th e p rese n t In stallation o f 6,0 0 0 h o rs e -p o w e r is s o ld , th e n et r e v e ­
n u e w ill a m o u n t t o n e a rly th ree tim e s th e Interest ch arges.
T h e offic e r s are- W . J. F erris, P re sid e n t an d G eneral M an ager; E . G.
B o y n t o n , V ic e -P r e s id e n t, a n d C ol. O rla n d o H o lw a y , S e cre ta ry , all o f L a
C ros se.— V . 8 3 , P . 4 96.

Landers, Frary & Clark Co., New Britain, Conn.— In­
crease of Stock.— The stockholders of this com pany, which
manufactures hardware and table cutlery , voted on March 26
to increasa the capital stock from $1,000,000 to $1,250,000;
par of shares $25. The new stock is offered to stockholders
of record March 26 pro rata at par, payable on or before
May 15, to provide for im provem ents and extensions. The
stock is quoted at about $75 per share. Charles F. Smith,
Pres.; George M. Landers, Sec’y and Treas.
Mackay Companies.— Increase in Telegraph Rates.— See
Western Union Telegraph Co. below .— V. 84, p. 447, 394.
Memphis (Tenn.) Telephone Co.— Xew Securities— New
Control.— The com pany has arranged to issue $200,000 addi­
tional capital stock and a further $400,000 of its 5 % bonds,
making the outstanding capitalization, according to press
reports, $600,000 stock (being the entire authorized issue),
and $1,000,000 of its $3,000,000 5 % bonds. An exchange
says:
L o c a l ca p ita lists lia've a c q u ir e d th e c o n tr o l o f th e c o m p a n y o n co n d itio n
th a t th ree-fifth s o f th e s to c k b e d e p o s ite d w ith th e U n ion & P la n te rs’ B a n k
& T ru st C o. fo r ten y e a rs, th a t all th e o ffic e r s an d a m a jo r it y o f th e d ire c­
tors shall be M em phis m e n , an d th a t th e re shall b e n o e ffo rt t o sell o u t to
th e C u m b erla n d T e le p h o n e & T e le gra p h C o. p e o p le w ith in a specified tim e.
H a r v e y M yers, o f K e n t u c k y , P re sid e n t, w ill retire In a sh ort tim e a n d be
su c c e e d e d b y a M em phis m a n . C o m p a re V . 8 3 . p . 382.

Metropolitan Light & Power Co., San Francisco.— New
N am e.— See San Francisco Coke & Gas C o. below; also in
V. 81, p. 731, and V. 84, p. 275.
Mexican Telegraph Co.— Report.— See “ Annual R eports”
on a preceding page.
Partly Estimated Earnings.— For quarters ending March 31:

*07

are offering for sale this com p a n y ’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 b y a first
mortgage on the new 10,000-ton steel steamer, J. Q. R iddle,
which cost in cash $410,000.
Missouri & Kansas (Bell) Telephone Co.— Report.— F or
calendar year:
Y r.
G ross.
N et.
Interest.
D iv id 'd .
B a la n ce.
Tot. s u r p
1906 .$ 2 ,0 3 5 ,4 2 1
$39 0,10 9
$ 5 1 0,76 7
$163,231
d e f.$ 2 8 3 ,8 8 8
$ 9 ,8 3 9
1905 . 1 ,5 0 3 ,8 8 4
234 ,718
2 1 1 ,8 6 6
212 ,8 1 7
d e f. 1 8 9 ,9 6 5
2 9 3 ,7 2 7
T o ta l n u m b e r o f B ell s ta tio n s D e c . 31 1906, in c lu d in g s u b -lic e n s e s
9 2 ,9 2 9 , a g a in c t 6 7 ,526; in cre a se , 3 7 . 6 % . — V . 8 4 , p . 274.

National Fire Proofing Co., Pittsburgh.— No Extra D ivi­
dend.— The directors on March 29 declared a dividend of 1 %
on the 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 O ctober with a paym ent of 1% after a y e a r’s
intermission.
A n n u a l D ivid en d R ecord (p e r c e n t p er a nn um ) P r io r to 1907.
190 0. 1901. 1902. 1903. 1904. 1905. 1906.
194
7
7
7
7
1
___
3?4
5
4 ^ 0
0
0

P r e f e r r e d ...................................
C o m m o n ____________________
— V . 8 4 , p . 747 , 697.

Nebraska (Bell) Telephone Co.— New Stock— Option to
Subscribe.— Stockholders of record April 1 are offered the
right to subscribe on or before April 25 for $2,058,000 new
stock in the ratio o f five shares of new for each eight shares
held. Subscriptions may be paid in four installm ents of
25% each on the 25th day of April, July and O ctober 1907
and January 1908, or in full on any of these dates. The p ro­
ceeds will be used to retire a floating debt of $1,043,084 and
to defray other construction expenditures.— V. 84, p. 452.
Nevada-California Power Co., Denver, Col. - Enlarged En­
terprise— New Bond Issu e.— 'T his com pany, incorporated un­
der the laws of W yom ing in January 1907 with $5,000,000
of authorized capital stock, all of one class, of which $3,350,000 is now outstanding (par of shares $100), has taken over
the property of the Nevada Power, Mining & Milling Co.
(V . 83, p. 382), including the T onopah, Goldfield, Silver Peak
and M anhattan, Nevada, light systems, and has made a
mortgage thereon to the International Trust Co. of Denver,
as trustee, to secure an issue of $3,000,000 6 % bonds dated
April 1 1907, providing for extensions and additions and the
retirement at or before m aturity of $700,000 bonds of the
old com pany (V. 83, p. 382).
T h e Increased b o n d Issue Is t o be used fo r b u ild in g a tra n sm ission lin e t o
R h y o ilt e , 75 m iles; fo r b u ild in g a d u p lic a te tra n sm issio n lin e fr o m th e p o w e r
p la n t t o T o n o p a h an d G o ld fie ld , 113 m ile s, a n d t o in cre a se th e g en rea tln g
c a p a c it y fro m 4,0 0 0 t o 12,000 h o r s e -p o w e r th r o u g h t w o a d d itio n a l p o w e r
p la n ts a n d re serv oir; e s tim a te d c o s t o f alt, $ 1 ,5 0 0 ,0 0 0 .
T h e n ew b o n d s are
d u e In 1927 b u t are s u b je c t t o call In 1912 at 105; d e n o m in a tio n $ 1 ,0 0 0 ; In­
terest p a y a b le O c t . 1 an d A p ril 1 In D e n v e r an d at M o r to n T r u s t C o .,
N ew Y o r k . S in k in g fu n d a fte r 1910.
T h e s to c k h o ld e r s o f th e o ld c o m p a n y
m e t on Ja n . 8 t o r a tify th e sale o f th e p r o p e r t y t o th e n e w c o r p o r a t io n .
P re s id e n t, F . J. C a m p b e ll; S e cre ta ry an d T re a su re r, G . S. W o o d .
O ffic e ,
S y m e s B u ild in g , D e n v e r , C ol.

Nevada Power, Mining & Milling Co., Denver, Col.— Suc­
cessor Com pany.— See Nevada-California Power Co. a b o v e .—
V. 83, p. 382.
New York & Cuba Mail Steamship Co. (Ward Line).—
New Officers.— The following officers are announced: Calvin
Austin, President; Alfred G. Smith, Vice-Prcsident; and
N. H. Campbell, Secretary' and Treasurer.— V. 84, p. 576,
394.
Niagara Falls Power Co.— New Bonds.— This com p a n y ’s
subsidiary, the Canadian Niagara Power Co., has applied
to the Ontario L e g s ’ ature for permission to increase its
bonded debt from $8,000,000 to $10,000,000.
T h e N iag ara F alls P o w e r C o. c o n tr o ls th e C a n a d ia n c o m p a n y a n d h a s
m a d e three series o f b o n d s , issu e d , o r Issuable, a g a in s t t h e b o n d e d d e b t o f
t h a t c o r p o r a t io n , d e p o s ite d as s e c u r ity , n a m e ly :
Series ' -A , ” d a te d 1901,
$ 3 ,0 0 0 ,0 0 0 ; “ B , " 190 4. $ 2 ,0 0 0 ,0 0 0 : " C , ” 1 90 6, $ 5 ,0 0 0 ,0 0 0 .
(C om p a re
V . 84, p . 163.)
T h e N ia g a r a F a lls P o w e r C o. has p e t itio n e d th e G as a n d
E le c t r ic ity C o m m issio n o f th e S ta te o f N e w Y o r k fo r c o n s e n t t o t h e p u r ­
chase o f th e en tire ca p ita l s to c k o f th e T o n a w a n d a P o w e r C o. C om p a re
V . 8 4 , p . 163, 224.

Nipissing Mines Co.— New Directors, & c.— Samuel Newhouse of Salt Lake and Lym an B. Kendall of New Y ork
have been added to the bqard.
Statem ent fo r 11 m onths ending M a rch 30 1907
E s tm a te d fn u m b e r o f to n s p r o d u c e d fo r e le v e n m o n th s ’ p e r io d fo llo w s :
F irst-class o re , 1,100 to n s ; s e c o n d -c la s s o r e , 1,300 to n s ; C o b a lt ore , 32 t o n s .
A m o u n t re ce iv e d fro m sales, in c lu d in g o re on h a n d , $ 1 ,0 0 8 ,0 0 0 ; in v e n t o r y
M a y 1 1906, $ 62 4,00 0; t o ta l, $ 1 ,6 3 2 ,0 0 0 ; c o s t o f p r o d u c t io n a n d all o th e r
ex p e n s e s , $17 6 ,0 0 0 ; n e t, $ 1 ,4 5 6 ,0 0 0 ; d iv id e n d s , & c ., $ 8 0 0 ,0 0 0 ; s u rp lu s,
$65 6 ,0 0 0 .
T h e surplus in clu d e s cash an d ore en r o u te an d at sm elters,
$54 6 ,0 0 0 ; a c c o u n ts r e c e iv a b le , $ 2 8 ,0 0 0 : m in in g e q u ip m e n t, $ 8 2 ,0 0 0 ; t o t a l ,
$ 6 5 6 ,0 0 0 .— V . 84, p . 752.

Ohio Oil Co. of Findlay.— Increase of Stock.— The capital
stock has been increased from $2,000,000 to $10,000,000; par
of shares $25. The com pany is a subsidiaiy of the Standard
Oil Co. (see tabular statements in V. 83, p. 1294).
Panama Canal.— New Commission.— In connection with
the res gnation of John F. Stevens as Chief Engineer, the
following reorganization of the Isthmian Canal Commission
was recently announced:
M a jo r G e o rg e W . G o e th a ls , C h airm an and C h ie f E n g in e e r; M a jo r D . D u B .
G a llla rd an d M a jo r W illia m S ib e r t. C ol. W illia m C. G o rg a s , S en a tor J osep h
C. S. B la c k b u rn o f K e n t u c k y , J a c k s o n S m ith a n d R e a r-A d m ir a l M . T .
E n d lc o t t .

Instructions were given by President R oosevelt to reject
all bids for the construction o f the canal by private contract.
— V. 84, p. 342, 106.
Pocahontas Tanning Co., Wheeling, W . V a.— Called
Milwaukee Steamship Co.— Bond* Offered.-—Peabody, Bonds.— There have been called for redem ption at par and
Houghteling & Co., First National Batik Building, Chicago, * interesi at the Security Trvst Co., W heeling, W . Va., on

3 M os.
G ross.
N et.
M e x . G ovt.
D ivid en d s.
1907
$ 1 8 5,00 0
$ 1 7 7,00 0
$9,000
(2 '4 % )$ 7 1 ,750
1906
163,000
156.500
7 .5 0 0
(2
47,8 1 5
1^, T o ta l surplus M arch 31 1907. $ 2 ,0 4 2 ,0 6 6 .— V . 8 2 , p . 1500.




B a l.,s u r .
$ 9 6 ,2 4 8
1 0 1 ,1 8 5

808

THE CHRONICLE.

April 1 1907, $225,000 5 % bonds of 1908, including various
numbers ranging from 20 to 935 inclusive. Compare V. 78,
p . 1396.— V. 80, p. 1061.
St. Louis Ore & Steel Co.— Stock at A uction.— A t auction
in this city on W ednesday 37 shares of the com pany stock
were sold at $7 for the lot.
San Francisco Coke & Gas Co.— New Name— New Stock
and Bonds.— The shareholders at a meeting held at San Fran­
cisco on March 25 voted to change the name of the com pany
to the M etropolitan Light & Power Co. in order to avoid con­
fusion with another light com pany in the city with a similar
nam e, and also because the com pany intends to furnish elec­
tricity as well*as gas. The com pany, it is understood, will
obtain its electricity from the Stanislaus Electric Power Co.
(compare V. 82, p. 570), but it has not, we are inform ed,
purchasad either that com pany or any other.
The shareholders also voted to increasa the capital from
$5,000,000 to $7,500,000, the new shares to be ussd as needed
to provide for extensions and im provem ents and also to in­
creasa the bonded debt from $2,500,000 to $7,500,000. The
new bonds will be 40-year 5s of $1,000 each, secured by
m ortgage to the Knickerbocker Trust Co. of New Y ork,
as trustee. Leopold Michels is the President and Charles
G. Lym an is Secretary.— V. 84, p. 275.
Standard Oil Co.— Increase of Stock by Subsidiary.— See
Ohio Oil Co. below.
California M atters.— The “ Engineering and Mining Jour­
nal” o f Feb. 23 1907 had the follow ing from California:
T h e M id w a y d is tric t o il p r o d u c e r s o f K e rn C o u n ty h a v e c o m e o u t su ccess­
f u lly In th eir co n te s t w ith th e S ta n d a rd Oil C o . A c o n t r a c t has b e e n e n ­
tered In to b y w h ic h th e S ta n d a r d agrees t o tak e 3 ,5 0 0 ,0 0 0 barrels at 3 0 c .,
t h e h igh est p r ice p a id fo r five y ea rs; th e p ip e lin e r e c e n tly s u iv e y e d m u st be
b u ilt a n d r e a d y t o ru n o il w ith in 60 d a y s ; all oil o f 14 g r a v ity o r a b o v e shall
b e a c c e p te d ; a m in im u m o f 7 ,0 0 0 barrels a d a y m u st be d e liv e re d , w ith
o p t io n t o ta k e all. T h ere Is n o lim it In w h ic h th e p r o d u c e r s ’ e n d o f th e c o n ­
t r a c t m u s t b e filled.
T h e O il C ity a n d T w e n ty -e ig h t O il p ro p e rtie s in C oa lln g a d is tric t, F resn o
C o u n ty , h a v e been p u rch a se d .J b y parties In terested w ith th e sta n d a rd Oil
C o ., fo r 5 9 5 5 ,0 0 0 . T h e p ro p e rtie s in c lu d e 320 acres o w n e d b y th e O il C ity
C o. a n d 160 a cres o w n e d b y th e T w e n ty -e ig h t O il C o. an d m a n y p r o d u c in g
w ells in C oa lln g a . T h e lan ds are u n d e r a lease t o th e H a n fo rd C o m p a n y ,
w h ic h is c o n tr o lle d b y th e W e s te rn F u el C o ., b a c k o f w h ich is th e S ta n d a r d
O ’ ..
T h e p r o d u c t fro m C oa lln ga w ill b e r u n n in g t o P o in t R ic h m o n d s o o n ,
w h e re th e g rea t refin ery p la n t o f th e S ta n d a r d O il C o . o n th is c o a s t is s it­
u a t e d .— V . 8 4 , p . 512.

Topeka (Kansas) Independent Telephone Co.— Bonds Of­
fered— Status.— The H . P. W right Investm ent Co o f Kansas
City recently offered for sale at 9 1 and interest $50,000 of
the outstanding issue of $390,000 5 % gold bonds (total au­
thorized issue $1,000,000, o f which $104,000 reserved to
retire $100,000 old 6s); denom ination $1,000, dated May 1
1906 and due May 1 1926; interest payable May 1 and N ov. 1
in St. Louis. A circular then issued said:
T h e c o m p a n y op era tes In T o p e k a , K a n ., a n d v ic in it y , se rv in g a p o p u la ­
t io n o f o v e r 4 5 ,0 0 0 , a n d n o w has 4 ,9 2 5 te le p h o n e s In o p e r a tio n , w ith new
su b scrib ers c o m in g in s te a d ily .
T h e ir c it y fra n ch ise runs u n til J u ly 17
1931 a n d is fa v o r a b le .
E s tim a te d earn in gs fo r y e a r 1907: R e v e n u e , $ i3 5 ,000: o p e r a tin g , m a in te n a n c e an d ta x e s , $67 ,5 0 0 ; reserv e, 1 0 % o f gross earn ­
in gs t o off-s e t d e p r e c ia tio n , $ 1 3 ,5 0 0 ; n e t e arn in g s, $ 5 4 ,0 0 0 ; in terest o n o u t ­
s ta n d in g b o n d s , $25 ,5 0 0 ; b a la n c e , su rp lu s, $ 2 8 ,5 0 0 . C o m p a re V . 82, p .
144 4.

United Box Board & Paper Co.— Change of Management.
— The new management, it is announced, has com pleted
plans for financing the com pany. Of the $914,000 bonds
offered to the shareholders at 80, more than half, it is said,
have been subscribed for. James T odd, attorney for the
protective com m ittee, and Gustave Wuerst have been elected
directors, succeeding Messrs. Fleming and W iley. The only
representatives of the Barber interests still remaining in
office are E . M. W atkins of Chicago and S. D . Theiss of
A kron, and they are directors only of the American Straw
Board Co. Sidney Mitchell is now President o f both com ­
panies. Compare V. 84, p. 630, 512.
United Gas Co., Wichita, Kan.— Bonds Offered.— The
R oyal Trust C o., Chicago, the mortgage trustee, is offering
at par and interest the unsold portion of $250,000 first m ort­
gage 6 % gold bonds, dated Sept. 1 1906 and due $25,000
yearly on Sept. 1 from 1908 to 1917, both inclusive, bu t re­
deemable on any interest date at 105. Coupons bonds of
$100 and $500 (c * ), interest payable March 1 and Sept. 1.
A b stract o f L etter fro m P resid en t J . O. D a v id so n , W ich ita , J a n . 2 1907.
T h e c o m p a n y w as in c o rp o ra te d u nd er th e law s o f K an sas w ith a p a id -in
c a p ita l o f $ 2 5 0,00 0 a n d has a fra n ch ise ru n n in g u n til 1926 fo r th e sale o f
n a tu ra l a n d a rtificial ga s.
It be in g th e p u rp o s e t o o p e r a te w ith natu ral
g a s, th e c o m p a n y has en te re d in to an e x c lu s iv e c o n t r a c t w ith th e W ich ita
N atu ral Gas C o. fo r Its s u p p ly .
T h e la tte r c o m p a n y , c o n tr o lle d b y T . N .
B a rn sdall o f P itts b u r g h , P a ., a n d his a s so cia te s, o w n s 8 0 ,0 0 0 acres o f gas
leases In th e K an sas gas b e lt near In d e p e n d e n c e , K a n sa s, a b o u t 110 m iles
sou th w es t fro m W ich ita .
T h e W ic h it a N a tu ra l G as C o. has bu ilt a 12-inch
steel p ip e line t o W ic h it a a t an e x p e n s e o f o v e r $ 1 ,0 0 0 ,0 0 0 .
T h eir w ells
n o w a v era g e a d a ily teste d flow o f o v e r 4 0 0 ,0 0 0 ,0 0 0 c u b ic fe e t, w h ich w ill,
u p o n c o m p le tio n o f th e w o rk u n d er w a y , s o o n be in crea sed t o 7 0 0 ,0 0 0 ,0 0 0
fe e t.
W ic h it a w ill co n s u m e a b o u t 6 ,0 0 0 ,0 0 0 fe e t p er d a y .
M r. B arn sdall
has been p ro m in e n t in th e n atu ral gas d e v e lo p m e n t o f P itts b u r g h and
v ic in it y fo r t h ir ty y ea rs, as w ell as in O h io a n d In d ia n a .
E x p e r ts a d v ise
us th a t In d ica tion s p o in t t o m a n y years o f a m p le s u p p ly o f natu ral gas in
th e K an sas fields.
U n d er th e term s o f th e a b o v e -m e n tio n e d c o n t r a c t,
which con tin u es u n til 1926, th e U n ite d G as C o. rece iv e s its s u p n lv o f gas
at or near the corporate limits of Wichita. (See Wichita N a tu ra l Gas Co.,
V . 8 4 , p . 512 .)
T h e U n ited G as C o .’s sy ste m co m p rise s a b o u t 60 m iles o f fo u r t o twelvein ch w rou g h t Iron a n d steel m ains w ith h ou se s ervices a n d m eters fo r 5,000
c on su m ers , all lo c a te d w ith in th e c it y o f W ic h it a .
T h e m ains are c o n ­
s tr u c te d w ith th e u ltim a te o b je c t In v ie w o f co n v e r tin g th e en tire sy ste m
t o t h e use o f a rtificial gas a t a n y tim e
T h e au th oriz ed b o n d Issue Is $ 5 0 0 ,0 0 0 , $ 2 5 0,00 0 b e in g re served b y th e
tru stee u n d er s u ita b le restrictio n s fo r fu tu re a cq u is itio n s a n d b e tte r m e n ts ,
in c lu d in g th e c o n s tr u c tio n o f an artificia l gas p la n t , s h o u ld o n e b e c o m e
n ecess a ry .
I estim a te th e n e t earnings as fo llo w s : F irst y e a r , $30 ,000 ;
s e c o n d y e a r , $ 70 ,000 ; th ird y e a r a n d th e re a fte r, $ 1 0 0 ,0 0 0 .
T h e Interest*
o w n in g t h e U n ite d G as C o . h a v e r e c e n tly a c q u ir e d th e o n ly o th e r lig h tin g
p la n t In W ic h it a — an a rtificial gas a n d e le ctr ic -lig h t p r o p e r t y .
W ic h ita is
a g r o w in g c it y o f a b o u t 40,0 0 0 p o p u la tio n .
(O ffice rs o f U n ite d Gas C o .:
P res id en t, J. O . D a v id s o n ; T re a su re r, C. H . R a n d le ; S e c r e ta r y , J. B . W il­
b u r J r ., o f C h ica g o .)
^




[V o l .

l x x x iv .

United States Rubber Co.— Earnings.— The directors on
Thursday declared the usual quarterly dividends, viz.: | 2%
upon the first preferred stock (including the outstanding]old
“ preferred” stock) and \% % upon the second preferred stock
for the quarter beginning Jan. 1 1907, payable, w ithout clos­
ing of transfer books, to stockholders of record April 15 1906.
An official statement says: “ The net earnings for the year
(March partially estimated) after paym ent of all interest
charges, are approxim ately $4,405,874, which includes divi­
dends amounting to $684,308 received upon stock o f the
Rubber Goods Manufacturing Co., in this com pany’s treas­
u ry.” The comparison with previous years is as follows:
E a rn in g s fo r Y e a r ending M a rch 31 (M a rch 1907 partly estim ated.)
190 6-0 7.
190 5-0 6.
190 4-0 5.
N e t e a rn in g s, a fte r d e d u c tin g all In terest,
p r o v is io n s fo r b a d d e b ts , & c ____ A b o u t $ 3 ,7 2 1 ,566 $ 3 ,6 0 4 ,5 0 0 $ 3 ,7 6 1 ,9 2 2
D iv id e n d s r e c e iv e d o n p r e f. s t o c k h o ld ­
in gs in R u b b e r G o o d s M fg . C o __________
684 ,308
276 ,770 ___________
T o t a l n e t e a r n i n g s . . ____________________ $ 4 ,4 0 5 ,8 7 4 $ 3 ,8 8 1 ,2 7 0 $ 3 ,7 6 1 ,9 2 2
D iv id e n d s at th e ra te o f 8 % h a v e be e n p a id o n th e first preferred s to c k
d u rin g all th e years n a m e d a n d o n t h e s e co n d p re fe rre d a t 6 % sin ce O ct.
1905.
T h e ann u al d iv id e n d ch arg e o n th e $ 3 5 ,4 6 3 ,0 0 0 first preferred and
$ 9 ,8 4 8 ,6 0 0 se co n d p re fe rre d s t o c k ,a s n o w re p o r te d t o be o u ts ta n d in g b y
th e N e w Y o r k S to c k E x c h a n g e , is a b o u t $ 3 ,4 2 5 ,0 0 0 .— V . 8 4 , p. 343 , 225 .

United States Steel Corporation.— New Plant.— The di­
rectors this week authorized the construction of a steel plant
at Duluth to meet the requirements of that section of the
country. The plant will probably cost from $5,000,000 to
$7,000,000, and include, it is said, one blast furnace, six
open-hearth furnaces, one bloom ing mill, one rail and shape
mill, two bar mills, by-product coke ovens, coal docks, & c.—
V. 84, p. 755, 630.
(The) Wellman-Seaver-Morgan Co., Cleveland, Ohio.—
Bonds Offered— Status.— Peabody, H oughteling & C o.,
Chicago, are offering at par and interest $100,000 of the 5J^%
bonds (marketed b y them in 1905; see V. 81, p. 1440) at
par and interest, to net 5 )^ % if they run to m aturity and
over 7 % if redeemed in 1910. The present circular says:
T h e c o m p a n y Is e n jo y in g a fu ll share o f p r o s p e r ity , is e m p lo y in g 1,5 0 0
m e n , ru n n in g b o th o f Its p la n ts d a y a n d n ig h t, a n d Its en tire p r o d u c t Is sold
a h ea d fo r a co n sid e ra b le tim e .
T h e m a n a g e m e n t is In u n u su a lly stron g
h an ds. T h e first m a tu rin g $ 1 0 0,00 0 o f th e b o n d s w ere p r o m p t ly p a id on
th eir d u e d a te , M arch 1 5 .— V . 8 4 , p . 698.

Western Union Telegraph Co.— Increase in Telegraph
Rates.— On April 1 an adjustm ent in the telegraph rates
throughout the country was' made by this com pany and
simultaneously b y the Postal Telegraph Cable Co., which is
controlled b y the Mackay Companies through ownership of
the Commercial Cable Co. (compare V. 84, p. 447, 448).
The adjustm ent amounts in some few cases to 33 % or m ore,
but the officials assart that “ the average increasa has not
been more than 2 % , and probably less than 2 % .”
Night
rates particularly have been advanced.
An official statement issued b y President Clowry o f the
Western Union explaining the necessity for the increasa was
published in the “ New Y ork Tim es” o f April 3. In an inter­
view on March 31 Colonel Clowry said more briefly:
It Is s im p ly a r e a d ju s tm e n t o f th e r a te s, m a d e n ece ssa ry b y th e fa c t th a t
th e W e s te rn U n io n has b e e n lo s in g m o n e y o n m a n y o f its m essages fo r
several y e a rs. W e h a v e b e e n lo s in g m o n e y o n a gre a t m a n y 2 5 -ce n t m es­
sages. Su ch m essages h a ve b e e n c o s tin g us In m a n y in sta n ce s fro m 28 to
30 ce n ts t o h a n d le . A n o th e r th in g is th e g reat Increase in th e c o s t o f
r u n n in g th e bu sin ess.
F o r In sta n ce , c o p p e r w ire n o w c o s ts tw ic e as m u ch
as It d id a few years a g o . T h e Increase In c o s t o f te le g ra p h m aterial has
b e e n fro m 25 t o 1 0 0 % . T h e c o s t o f la b o r is h ig h e r. O n M arch 1 th e c o m ­
p a n y g a v e an Increase o f 1 0 % t o all its o p e r a to r s .— V . 8 4 , p . 630

Wilson Distilling Co.— Incorporation.— The com pany 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 com m on , to manufacture and
distill alcohol, spirits, whiskeys and other liquors, &c. W e
are inform ed that the incorporation is “ merely a m atter of
reorganization to extend charter and enlarge and perfect
organization.” The incorporators are: Herman Ellis, New
Y ork; Jacob Albert U lm an, Brooklandville; Albert M arburg,
Spring Lake, N. J.; and W illiam Augustus Marburg, Balti­
more.
York Haven (Pa.) Water & Power Co.— D e s c r ip t io n . —
The “ Electrical W orld” of March 2 contained an illustrated
article describing the electrical tm asmission system of the
com pany.
T h e to t a l p re se n t In stallation Is 1 0 ,000 h orse p o w e r , w h ich has all b e e n
c o n tr a c te d fo r , a lth o u g h o n ly a b o u t 6,000 horse p o w e r is n o w b e in g d e liv e re d .
T h e c o m p a n y is r e a d y t o d e liv e r th e b a la n c e , an d w ill d o so as s o o n as th e
con su m ers h a v e th eir m a ch in e ry r e a d y , w h ich sh o u ld be n o t later than
Ju n e 1st. A c o n t r a c t w as r e c e n tly m a d e t o fu rn ish a b o u t 1,500 h orse­
p o w e r t o th e P e n n s y lv a n ia Steel C o . T h e p o w e r c o m p a n y has n o w o u t ­
s ta n d in g : S t o c k , $ 3 ,0 0 0 ,0 0 0 ; 1st m o r t. b o n d s , $ 1 ,5 0 0 ,0 0 0 ; 2n d m ort
b o n d s , $ 1 ,0 0 0 ,0 0 0 .— V . 7 9 , p . 1026.

— Redm ond & 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 .7 5 % . In addition to
the Pennsylvania and New Y ork Central issues m ay be
m entioned the Missouri Pacific 5s of 1908, to yield 6 .2 5 % ,
the Chicago R ock Island & Pacific 4J^s of 1908, to yield 6 % ,
and the Portland Railway Light & Power Co. 3-year 5 %
notes, to yield 6 .7 5 % . The Portland notes are secured by
deposit of general mortgage 4s of 1935, and the earnings of
the com pany, after paym ent of all charges, are equivalent
to about ten times the interest on this note issue.
— We have received from Geo. Eustis & C o., Mercantile
Library Building, Cincinnati, a copy o f the 1907 edition of
“ Cincinnati Securities,” published b y the Finance Pub­
lishing C o., and containing financial data of corporations
local to the Cincinnati market.

THE CHRONICLE.

A p r . 6 1907.J

^ tp o x is

and

THE CHICAGO & ALTON REORGANIZATION.
A t the hearing Thursday before the Inter-State Commerce
Commission, in the inquiry into the reorganization of the
Chicago & A lton property, Mr. Paul D. Cravath, of counsel
for the com pany, filed an elaborate mem orandum respecting
the transactions connected with this reorganization.

In

view of the prominence which the subject has assumed and
the im portance of having the facts clearly and accurately
presented, we give Mr. Cravath’s argument in full below .
MemoranduniRespecting 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 Com pany, and the character and am ount
of the investment which those securities represent. U pon
this assumption any discussion of the details of the various
transactions regarding which witnesses were examined w ould
be unnecessary, as having no bearing upon the formal c o n ­
clusions which the Commission will reach as the result o f its
investigation. Inasmuch, however, as the t: stim ony taken
in the recent investigation has resulted in a widespread mis­
understanding of the facts respecting the recapitalization
of the Chicago & Alton Railroad Com pany, the follow ing
brief is subm itted at the risk of carrying the discussion be­
yond what would ordinarily be the scope of an inquiry b y
the Inter-State Commerce Commission.
Submitted herewith is a report upon the Chicago & A lton
recapitalization b y 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 im portant facts which seem not to have
been generally understood and which should constantly be
borne in mind:
1. Messrs. Harriman, Gould, Schiff and Stillman were
not the sole owners of the 9 7 % of the capital stock of the
Chicago & Alton Railroad Company which was purchased
in their name in 1899. The stock simply stood in their
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 Chicago &
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
s:mply discuss the particular transactions which, because of
the misunderstanding and unjust criticism which they have
caused, seem to call for special com m ent.
I.
The sale to the stockholders of the Chicago & Alton
Railroad Company of $32,000,000 of 3 per cent bonds at 65.
A N E W BON D ISSUE W AS N EC ESSARY .

No one can doubt that at the time when the Syndicate
acquired control the Chicago & Alton Railroad Com pany
was under the necessity of soon creating a new issue o f se­
curities to provide for the refunding o f its high interest
bonds which were soon to mature, and to provide for very
large capital expenditures that would soon have to be made
upon the property, if it was to maintain its position among
the railroads of Illinois. A ccordingly there is no question
as to the propriety of the decision of the Company to create
its issue of $40,000,000 of 3 per cent bonds. The question is:
IFas it proper for the Company to seil $32,000,000 of these
bonds to its stockholders at 65 ?
RE ASO N S W H Y T H E SA LE OF T H E BO N DS TO STO C K H O L D E R S A T 65
W AS PROPER.

(a) The bonds were sold on a 4 % per cent basis.
In selling three per cent bonds at 65 the Com pany was se­
curing m oney upon an interest basis of about 4J4 per cent
after making a proper allowance for the distribution of the
d scount over the period of the bonds. In other words, the
effect of the sale, so far as the Com pany was concerned, was
precisely the same as if five per cent bonds had been sold at




feO0

a price slightly above par. W ould any one question the pro­
priety of the Com pany 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 o f the great demand for bonds which
were savings bank investments in the State of New Y ork , a
part of the $32,000,000 of three per cent bonds sold b y the
Com pany at 65 were resold b y 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 opportunitjr for profit. As a m atter of fact, the m em ­
bers of the Syndicate who elected to hold the bonds as an
investm ent have to-day a very small profit, as, owing to the
change in investm ent conditions, the bonds are now selling
at but a small advance over the price at which they were
issued.
The pro rata sale of bonds and stock to stockholders at less
than market value has been very com m on for m any years,
and has not until very recently provoked adverse com m ent.
For illustration: In April 1899, shortly prior to the issue o f
the Chicago & Alton bonds, the Chicago Burlington & Quincy
Railroad Com pany sold to its stockholders*at 75 $16,166,000
of 3 ^ per cent bonds, which im m ediately 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 R ailw ay Com pany, which in
1883 sold an issue of its 6 per cent Mortgage Bonds to its
stockholders at ten per cent of their face value, which bonds
soon after their issue sold at over par. A num ber o f other
illustrations of such sales will be found in Appendix to Mr.
McClement’s R eport, pages 51-54.
(c) Most of the discount on the bonds was- charged against
surplus.
A further justification for the sale of these bonds to the
stockholders at 65 is the fact that the Com pany had a surplus
of $14,824,931 against which $8,155,751 of the discount on
these bonds was charged. In other w ords, the sale of the
bonds at less than the market price m ay be regarded an in­
direct and entirely proper means of giving to the stockholders
the benefit of part o f this surplus that had been created from
the earnings o f the Com pany which had in the first instance
been diverted to capital expenditures.
(d) N o 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 b y the stockholders at 65 was widely
known and could have been readily ascertained b y an intelli­
gent investor b y consulting any banker, or the Stock E x ­
change listing applications, or any of the investors’ manuals
or financial publications. (Appendix B at the end o f this
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.
A L L A G R E E T H A T T H E E X P E N D IT U R E S IN Q U E STIO N W E R E FO R
C A P IT A L ACCOUNT.

That the Com pany had during the previous years devoted
at least $12,444,177 of its profits to capital expenditures no
one questions, and that these expenditures m ight have been
charged from year to year to Capital A ccou n t and carried to
Surplus is equally clear. The witness Hilliard, the present
Comptroller of the Com pany, testified (testim ony, page 451):
“ I have not any doubt that they m ight have been fairly so
charged at the tim e.” 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
equivalent of about 4 % % upon such a num ber o f shares as
w ould, together with the funded debt, represent the actual
cost of the p roperty.”
THl5 RE A D JU STM E N T O F ACCOUNTS W A S E N T IR E L Y P R O P E R A N D
IS SU STAIN E D B Y H IG H E ST ACCOUNTING A U T H O R IT Y .

After these expenditures for Capital A ccou n t had from
year to year been charged to Current Expense, the board of
directors could properly and lawfully readjust the accounts
and transfer these expenditures to Capital A ccou n t, thus
correspondingly increasing the Com pany’s surplus. It is
respectfully subm itted that, notwithstanding the opinion
of the witness Hilliard to the contrary, there is not the slight­
est dou bt about the legality and propriety of such procedure.
In Appendix A , at the end of this brief, will be found the
opinion of Messrs. Price, Waterhouse & Co., Haskins &
Sells and J. H. McClement, three of the most prominent
experts in railroad accounting, who join in the opinion that
such procedure is lawful and permissible. In Appendix
to Mr. McClement’s R eport (pages 3 5 ^ 7 ) will be found
several examples of similar procedure b y conservative and
reputable corporations.

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THE CHRONICLE.

IN T H E R E A D JU STM E N T OF ACCOUNTS T H E N E W M AN AG EM EN T
SIM PL Y C A R R IE D O U T T H E D E C L A R E D P O L IC Y OF T H E B L AC K STO N E
M AN AG EM ENT.

That the capitalization of these past expenditures for per­
manent im provem ents was proposed and recom m ended 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 com m unicating to
the stockholders the offer o f purchase which had been made
by the Harriman syndicate:
“ February 1899.
“ To Chicago & Alton Stockholders:
“ In m y com m unication addressed to you under date of
31st 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 m ajority of
the shares of the Com pany are 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."
D ECISION S OF COURTS.

This procedure* is also am ply supported by the decisions
of the courts. A case precisely in point is M ills vs. Northern
R y., & c., Co., 5 Chancery Appeals, 621 (1870). In that case
a railroad com pany had for a considerable period pursued
the practice o f charging the cost of certain locom otives and
other rolling stock to Revenue, but, finally, in order to in­
crease the surplus available for distribution am ong the stock­
holders b y w ay of dividends, the directors proposed to re­
adjust the accounts and transfer these expenditures from
Incom e A ccount to Capital A ccou n t, and to distribute by
way of dividend among stockholders part of the surplus thus
created. Against this procedure the plaintiff made pre­
cisely the objection which Mr. Hilliard has made against the
similar procedure adopted by the Chicago & Alton Railroad
Com pany, but the High Court o f Appeal overruled the o b ­
jection and said (page 631):
“ I have no hesitation in saying that the circumstance
that they had been paying what ought to be charged to
capital out of revenue does not prevent their right or
their duty to the persons who are looking for their pa y­
ment out of revenue to credit back to revenue those
things which have been carried for the time to capital
a ccou n t.”
III.
The use of $6,669,180 of the proceeds of the sale cf the
$32,000,000 of 3 per cent bonds to pay a dividend cf 30
per cent upon the stock of the Chicago & Alton Railroad
Company, against the Company’s surplus, most of which
was the result of the readjustment of accounts discussed
in the preceding paragraph.

[V o l .

l x x x iv

.

worth the price of $175 a share which the Syndicate paid for
it. What possible im propriety, therefore, could there be in
the stockholders deciding that their investm ent in the srock
should be reduced b y the paym ent of a 30 per cent dividend,
funds for that dividend to be furnished b y the sale o f low
interest-bearing bonds? The distribution of a stock dividend
under such circumstances is exceedingly com m on. It is
equally proper to pay out a cash dividend and issue a
reasonable amount of low interest-bearing bonds for the
purpos3 of producing the cash for that dividend. This was
not a cas 2 where a bare m ajority of the stockholders were
forcing their will upon an unwilling m ajority, for practically
all of the stockholders joined in the declaration of the divi­
dend and all of the stock h old er w ithout 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 im provements and betterments and
to other purposes regarding which no question has been or
can be raised.
IV .
The organization of the Chicago & Alton RaiIway Com­
pany and its issue of $22,000,000 of Sy2 per cent bonds,
$19,544,000 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.
T H E CHICAGO & AL TO N R A IL W A Y CO M PA N Y H A D A C L E A R LE G A L
R IG H T TO ISSUE T H ESE SE C U R ITIE S.

It may fa ;rly be assumed that the primary purpos * of the
organization of the Chicago & Alton Railway Com pany and
the creation of the 3}^ per cent bonds, preferred stock and
the com m on stock, above mentioned, was to create new
s3curities to repres3nt the investm ent of about $3,000,000 in
the line from Springfield to Peoria and to represent the stock
(approxim ately $22,000,000 par value) of- the Chicago &
Alton Railroad Company which the Syndicate had acquired
at an original aggregate cash cost of about $39,000,000,
which cost had been reduced by approxim ately $6,000,000
by the cash dividend of 30 per cent. There can be no
question that the Chicago & Alton Railway Com pany had
the legal right to acquire stock of the Chicago & Alton
R a '\road Com pany, and also the line from Springfield to
Peoria, and to issue stocks and bonds in paym ent therefor
in such amounts as the directors determined w ould represent
the fair worth of the property acquired, considering its pres­
ent value and earning capacity and its future prospects.
In this cas>, as in the other cases already considered, the
legality of the transaction is so clear that the discussion may
be confined to its propriety, that is, to its moral aspects.
T H E M ETHODS A P P L IE D TO T H E CHICAGO & AL TO N R E C A P IT A L I­
ZA T IO N W E R E T H E M ETH O DS G E N E R A L L Y IN USE A N D R E G A R D E D
AS P R O P E R A T T H E TIM E.

The undoubted purposa of the Syndicate in adopting the
new scheme of capitalization was to create low interest-bearA CO M PA N Y H A V IN G A SU RPLU S M A Y L A W F U L L Y USE T H E P R O ­
ing securities (bonds and preferred stock) to represent the
CEEDS OF BO N DS AS A D IV ID E N D FU N D .
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 com m on stock to represent
capital expenditures to surplus were lawful, so it was equally the future additional earninj capacity w hich was expected to
lawful to pay out $3,669,180 of that surplus b y w ay o f a result from a liberal expenditure o f capital in im proving the
30 per cent dividend upon the stock. The proposition that property and from the application of progressive methods
m oney can be borrowed for the paying of dividends (assuming of management. That was the basis of recapitalization
that the books of the corporation show a sufficient surplus) which at that period was being applied to many railroad and
industrial properties both in involuntary and voluntary
isjam ply supported b y the authorities.
In 2 Cook on Corporations (5th E dition), Section 546, reorganizations. In almost all of the great industrial re­
organizations that were carried through in those days the
it is said:
“ When the com pany has used profits for im prove­ par value of the new securities greatly exceeded the par value
ments, it m ay lawfully borrow an equivalent sum o f of the old securities, and in most cases the new securities
m oney for the purposs' of a dividend. And it may cons sted of (a) preferred stock or bonds, or both, which
properly borrow m oney to pay a dividend if, upon a absorbed the earnings of the property based on past experi­
fair estimate of its ass3ts and liabilities, it has assets ence, and (b) com m on stock, which represented the future
in excess o f its liabilities and capital stock equal to the and the benefits that were expected to result from consoli­
dation or reorganization, as the case might be. Precisely
amount o f the proposed dividen d.”
the same theory of capitalization was applied in most of
’ It is difficult to sse how the legality of the dividend can the great railroad reorganizations resulting from foreclosure.
be questioned. It is, therefore, only necessary to discuss In the Appendix to Mr. McClement’s Report will be found
its 'propriety.
m any well-known cases of increases o f capital stock upon
recapitalization similar to the increas3 upon the recapitaliza­
T H E P R O P R IE T Y O F A D IV ID E N D TO R E P R E S E N T T H E E A RN IN G S
tion of the Chicago & Alton.
IN V E STE D IN PE R M A N E N T IM PRO VE M EN TS W AS R E CO G N IZE D B Y
T H E B L AC K STO N E M AN AGEM ENT.
In other words, in the Chicago & Alton readjustment the Syn­
§3In declaring this dividend the new management simply dicate were simply adopting the methods generally in vogue and
carried out the purpose of the old management as publicly considered proper at that time. It is not necessary for our
declared in the circular quoted above (page 6 ), except that present purpose to either criticize or defend those methods;
the^dividend was paid in cash and represented only a part we are simply seeking to demonstrate that our clients were
of the earnings invested in permanent im provem ents, while pursuing com m only accepted and well recognized methods.
apparently the purpose of the prior management had been
T H E CH ICAGO Sc ALTO N R E C A P IT A L IZ A T IO N W AS JU ST IF IE D B Y
to issue a stock dividend to represent all the earnings thereto­ T H E V A L U E O F T H E P R O P E R T Y A N D ITS A N T IC IP A T E D G R O W T H .
fore invested in such im provements.
Now, let us analyze the results of the application of the
As President Blackstone pointed out in his annual report
prevailing method of recapitalization to the Chicago & Alton
of 1894, such large amounts of earnings had been expended
property.
upon permanent im provem ents that the Com pany’s securi­
ties outstanding, taken at their par value, represented “ less *The aggregate cash value of the property as of
June 30 1903, based upon the price paid for
than;60% o f the actual cost of the property” * * * “ and
the old stock by the Syndicate and including
while dividends had been paid at the rate o f 8 % upon the
the expenditures for extensions and better­
par value of the stock, the rate upon the investm ent which
ments was approxim ately------------------------------ $77,000,000
the stock represented, that is, upon the actual cost of the
property, was only 4 % per cent. That, o f course, is the
♦For the details o f the com putations on this page, see Appendix C at the end o
chief reason why the com m on stock of the Company was this brief and page 13 of Appendix to Mr. McClement’s Report.




A

pr

. G 1907.]

th f: c h r o n ic l e

As a result of the recapitalization the total
am ount of securities (bonds at approxim ate
market value, stocks at par value) outstand­
ing against that total cash value on June 30
1906 was ab ou t______________________________ $105,000,000
The resulting increase in capitalization is, ac­
cordingly, a b ou t_____________________________ $28,000,000
The aggregate am ount of the preferred securities
under the recapitalization (bonds at approxi­
mate market value, stocks at par) was ab ou t- $85,000,000
An excess over the cash value of o n ly ___________
$8,000,000
The average annual am ount which the Chicago
& A lton Railroad Com pany had been paying
out in interest and dividends for m any years
prior to the recapitalization w as_____________
$2,908,927
The annual fixed charges as of June 30 1906, in­
cluding interest upon all obligations, rentals
and 4 % dividends upon the preferred stock,
w e r e _________________________________________
$3,228,864
An increase of on ly _____________________________
$321,937

8 1 S

The average annual net incom e o f the Company
for eight years from 1891 to 1898 inclusive
(which included four years of business depres­
sion) w as------------------------------------------------------------$3,082,573
If to this am ount be added 5 per cent upon the ad­
ditional cash invested (about $22,500,000) as the
estimated additional incom e which should result
therefrom _______________________________________ 1,125,000
We have as the assumed incom e based on p a s t ---------------achievements_________________________________ $4,207,573
This sum would enable the Com pany 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 o f ___________ $197,000

In the case o f m ost railroads of the W est, the net earnings
have increased since 1S98 in a greater proportion than have
the gross earnings. If the Chicago & A lton Com pany had
increasad its net earnings in only the same proportion as the
gross earnings increasad, it would have resulted in net earn­
ings for the fiscal year of 1908 am ounting to $4,900,000,
This increase represents only 1.43% per annum upon which am ount would have been sufficient to pay all fixed
$19,500,000 of new capital which the present management charges, rentals, four per cent dividends on the preferred
has expended upon the property and the amount (about $3,- stock and leave a surplus of $1,671,000, or over eight per cent
000,000) paid for the Springfield & Peoria line.
on the common stock.
The failure of the Chicago & Alton Com pay to make the
T H E P R E F E R R E D SE CU RITIE S (IN CLU DIN G TH E P R E F E R R E D STOCK)
expected earnings for the com m on stock is due m ainly to two
R E P R E S E N T A P P R O X IM A T E L Y TH E IN T R IN SIC V A LU E OF T H E P R O P ­
causes: first, it took over $19,000,000 to modernize and fully
E R T Y A T T H E TIM E OF T H E IR ISSUE
equip the property instead of about $6,000,000, as had been
It will thus be seen that the fixed charges under the new
originally estimated; an d,second , while the new management
capitalization, including dividends on the preferred stock,
succeeded in prom ptly increasing the gross revenues of the
were based on an annual disbursement approximately Com pany (an increase of about 84 per ce n t), the increase in
equaling the amount which had been annually disbursed
net earnings was very slight because of unexpected reductions
by the Company for interest and dividends for many years.
in rates, which, in the case of freight rates, seem to have
It was, of course, a fair assumption that the additional earn­ averaged about 30 per cent. Had the freight rates o f the
ings resulting from the. expenditures for im provements would
Chicago & Alton remained on a parity with the rates o f most
yield at least a fair rate of interest upon the am ount of such
Western railroads, it would have earned over eight per cent
exnenditures.
on the com m on stock. As it was, in 1905 the Chicago &
It should b> borne in mind that every $100 share of Chi­
Alton earninjs, after the payment of all preferred charges,
cago & Alton stock represented an actual cash investment of
amounted to more than four per cent upon its common stock.
about $175 and that 8 % upon the par value of the stock was
(Appendix to Mr. McClement’s R eport, page 19.)
only 4 % % upon the cash investment which the stock repre­
sented (President Blackstone’s annual report o f 1894).
T H E C A P IT A L IZ A T IO N O F T H E CHICAGO & A L TO N R A I L W A Y COM­
This is w ithout making allowance for the enormous increase P A N Y IS N OT E X C E SSIV E CO M PARED W IT H T H A T OF O T H E R R A IL ­
R O A D COM PANIES S IM IL A R L Y SIT U A T E D .
which must have taken place in the actual intrinsic value of
the com pany's terminals and its large holdings of real estate.
Nor is the present capitalization of the Chicago & Alton
It would, therefore, be conservative to say that every $100 share Company excessive as com pared with that of a num ber of
of old Chicago & Alton stock represented at least $200 in actual other railroads of a similar character. This is dem onstrated
cash value without any allowance for future additions to earn­ b y the following comparison between the Chicago & Alton
ing capacity. Accordingly, the issue of $20,000,000 of and other railroad companies:
additional stock could not from any point of view be consid­ ^Present capitalization, including stocks and bonds,
ered as watered stock. Stating the case differently, there
all taken at their par value (which is unfair to the
could be no possible criticism of a recapitalization the result
Chicago & A lton, because o f the fact that all of its
o f which would be that a property having a conservative
bonds bear either 3 per cent or 3 per cent interest
value of $40,000,000, based on actual investment and past
and are therefore worth much less than par), per
earnings, should be represented by $40,000,000 of stock,
mile:
earning dividends at 4 % , in place o f $20,000,000 of stock,
Chicago^& Alton------------------- 1 ________________ $114,481
earning 8 % dividends. The doubling of the par value of
Seventeen other railroads (average)__________ $150,895
the securities without increasing the annual charge is pre­
Fixed charges, per mile:
cisely what happened when the New Y ork Central issued $200
Chicago & Alton (including dividends on pre­
in 3 ^ % obligations for every $100 share ofLake Shore stock,
ferred sto ck )_________________________________ $3,328
and when the Great Northern and Northern Pacific companies
Twenty-four other railroads (fixed charges only)
issued $200 in 4 % obligations for every $100 share of Chicago
(average)-------------------------------------------------------- $4,997
Burlington & Quincy stock.
Ttie preferred securities under the recapitalization were Percentage of gross earnings required to pay fixed
charges as shown by the Inter-State Commerce Com­
sound investment securities. This was so because of the
mission Report of i905:
relation which their amount bore to the earning capacity of
Chicago & Alton________________________________ 19.57%
the property as demonstrated b y a record of m any years.
All railroads of United States (average)_______ 18.63%
It has also been shown by subsequent experience, since the
property has regularly earned and paid not only interest Disbursements per mile required to pay fixed charges
upon both issues of bonds, but also regular dividends at
and demands for dividends (4% on Chicago &
4 per cent upon the preferred stock, notwithstanding the
Alton com m on stock assum ed):—
unexpected heavy decline in rates.
Chicago & Alton______________________________
$4,515
It seems clear, therefore, that the criticism of the Chicago
Thirty-five other railroads (average)__________
$5,729
& Alton recapitalization must be confined to the $20,000,000
An
apparent
misapprehension
has
resulted
from
the
testi­
of new com m on stock; for if the capitalization had been re­
duced b y that am ount there would have been no conceivable m ony of Mr. Hilliard that the mortgage securing the 3 }4
basis for criticism , inasmuch as, in that case, the aggregate per cent bonds covered, as an unim portant part o f the
am ount o f the new securities would have only slightly ex­ security, a short piece o f road which the Com pany was
authorized to build bu t which had not actually been con ­
ceeded the actual cash invested, while the annual disburse­
structed. It will be rem em bered, however, that Mr. Hilliard
ments for interest and dividends would have been substan­
tially less than the average disbursements for that purpose (testim ony page 450) adm itted that there was no illegality
for many years preceding, plus a fair rate of interest upon the or im propriety in m ortgaging an unconstructed line, and
stated in substance that he had called attention to the fact
new capital invested.
simply for the purpose of pointing out that no financial pro­
vision had been made to defray the cost of this line, which is
TH E FR AM E RS OF T H E PLAN OF R E C A PITA LIZA TIO N W E R E JU STIFIK D IN PR O V ID IN G F O R $20,000,000 O F COMMON STOCK TO R E P R E S E N T
now being constructed. As a m atter o f fact, in this respect,
T H E FU TU R E OF T H E P R O P E R T Y .
the Chicago & A lton m ortgage is in accord with the practioe
As has just been stated, the com m on 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 m ortgagor.
In many instances, the after acquired property clauses of
sent the future o f the property and the additional earning
capacity which was expected to result from the methods ap­ such mortgages are so stringent that equipm ent and even
plied by the new management. This stock, in practical new lines are subjected to the lien of such m ortgage, even
effect, was like the deferred or founders’ shares which are so though they are paid for ou t of earnings. In order to avoid
com m on in European practice. It is respectfully submitted this, when no mortgage bonds are available, paym ent for
that those who framed the plan of recapitalization were en­ equipm ent is often made b y the issue o f equipm ent notes,
tirely justified at the time in their judgm ent that the future title to such equipm ent remaining in the vendor or the
o f the property was worth $20,000,000 over and above the trustee, until all the notes are paid, when the equipm ent
am ount of the preferred securities, and that with new man­ passes under the mortgage.
agement that am ount o f com m on stock would under normal
*F or the details o l the following com putations see Appendix o l Mr. McClement’s
conditions readily earn a fair dividend.
R eport, pp. 15-19




812

THE CHRONICLE.

[V o l .

l x x x iv

.

CONCLUSIONS.
“ Assume that an American railroad corporation has pur­
The following conclusions with respect to the various sued the practice for a long period o f tim e o f expending each
proceedings in the Chicago & Alton recapitalization are con­ year a portion of its earnings for additions and permanent
im provem ents which should properly have been charged to
fidently submitted:
cost of road and equipm ent; that after this practice had been
1. They were conducted lawfully.
2. They were conducted openly, and all of the essential pursued for m any years the President o f the Com pany made
facts were given wide publicity and have at all times been a report to the board o f directors showing the am ount o f
accessible to the stockholders and to investors in Chicago such expenditures for additions and permanent im prove­
ments which had from time to time been charged against
& Alton Securities.
3. They were in accordance with the approved methods incom e or operations, and recom mended that the accounts
which were at the time in vogue in recapitalizing other of the Com pany be re-stated and that the am ount o f such ex­
penditures be added to the cost o f road and equipm ent and
railroad companies and large industrial enterprises.
4. They were conducted for the equal benefit of all stock­ the surplus o f the Com pany correspondingly increased and
that proper entries be made upon the books of account; and
holders, and there was no discrimination or injustice.
5. While the Chicago & Alton transactions may be re­ th a t the board o f directors thereupon took the action recom ­
garded as typical of a class of financial transactions which mended by the P resident,w ould such a re-stating of the
have been common in the past and which have generally accounts and the m aking of proper entries upon the books
been regarded as proper, and whatever basis there may now in accordance therewith be permissible under the rules of
be for objection to such transactions as a class, there is no accounting?”
In our opinion it is correct accounting practice for an
basis for singling out for special criticism the Chicago &
Alton transactions and the gentlemen by whom they were American railroad com pa n y to charge each year to the cost
of road and equipment all expenditures made for additions
conducted.
and permanent im provem ents. W e are also o f the opinion
New Y ork , April 3 1907.
that upon the facts assumed in the hypothetical question the
PAU L D. CR AVA TH .
readjustment of accounts and the entries upon the books o f
APPEND IX A .
the Com pany, as assumed in the question, would be ad­
Opinion of Expert Accountants.
missible under the rules o f accounting.
New Y ork , March 29 1907,
(Signed)
P R IC E , W A T E R H O U S E & CO.
Paul D . Cravath, Esq., 52 W illiam S t., New York City.
H A S K IN S & SE LLS.
Dear Sir: The follow ing hypothetical question has been
put to us:
J. H . M cCLEM EN T.

THE PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS R A IL W A Y COMPANY.

S E V E N T E E N T H A N N U A L R E P O R T — F O R T H E Y E A R E N D IN G D E C E M B E R 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 Y E A R ENDING DECEMBER 31 1906. AND COMPARISON W ITH Y E A R 1905.
ALL LINES DIRECTLY OPERATED.
( + ) Increase or
(— ) Decrease.
1905.
E a rn in g s—
190 6.
$22,317,916 88 + $2,874,004 01
F r o m fre ig h t t r a f f i c _______________________________________________________________________________________________ $ 2 5 ,1 9 1 ,9 2 0 89
+ 582,303 71
6,439,548 55
F r o m pa ssen ger t r a ff ic ____________________________________________________________________________________________
7 ,0 2 1 ,8 5 2 26
+ 78.173 24
943,221 15
F r o m exp ress t r a ff ic ______________________________________________________________'_________________________________
1 ,0 2 1 ,3 9 4 39
+ 12,152 71
1,216,719 35
F r o m tr a n s p o r ta tio n o f m a lls ____________________________________________________________________________________
1 ,2 2 8 ,8 7 2 06
— 112,733 99
134,195 32
F r o m m is cella n eou s s o u r c e s ______________________________________________________________________________________
21,4 6 1 33
G ross e a rn in g s ____ ______________________________________________________________________________________________$ 3 4 ,4 8 5 ,5 0 0 93
E x p en se s —
F o r m a in te n a n c e o f w a y a n d s tr u c tu re s ________________________________________________________________________ $ 4 ,6 0 4 ,2 4 7
F o r m a in te n a n ce o f e q u i p m e n t __________________________________________________________________________________
6 ,7 4 8 ,5 2 0
F o r c o n d u c tin g tra n s p o rta tio n — t r a f f i c --------------------------------------------------------------------------------------------------------------7 0 6 ,9 5 5
F o r c o n d u c tin g tr a n s p o r ta tio n — o p e r a tio n _____________________________________________________________________ 1 2 ,0 9 3 ,1 2 8
F o r gen era l e x p e n s e s ______________________________________________________________________________________________
6 5 7 ,9 4 3
F o r t a x e s .........- ............................................................... - ............................... - _________ ___________________________ _________
1 ,1 3 9 ,5 5 4

14
05
85
23
59
62

$31,051,601 25
$3,902,857
5,958,730
666,724
11,323,987
619,535
1,047,550

62
24
76
20
28
72

+$3,433,899 68
+ $701,389
+ 789,789
+ 40,231
+ 769,141
+ 38,408
+92,003

52
81
09
03
31
90

O p e r a tin g e x p e n se s ______________________________________________________________________________________________$ 2 5 ,9 5 0 ,3 4 9 48

$23,519,385 82

+$2,430,963 66

N e t ea rn in gs fr o m o p e r a t io n ___________________________________________________________________________________ $ 8 ,5 3 5 ,1 5 1 45

$7,532,215 43

+$1,002.936 02

D ed u ct—
R e n ta ls p a id r o a d s o p e r a te d o n b asis o f n e t e a rn in g s _______________________________________________________

6 5 0 ,9 3 2 30

565,253 29

+ 85,679 01

N e t o p e r a tin g earn in gs o f t h e P itts b u r g h C in cin n a ti C h ic a g o & S t. L o u is R a ilw a y C o _______________ $ 7 ,8 8 4 ,2 1 9 15

$6,966,962 14

+ $917,257 01

T o w hich add—
D iv id e n d s a n d in te re s t r e c e iv e d fr o m I n v e s tm e n ts --------------------------------- ------------------------------------------------ — .
I n t e r e s t , g en era l a c c o u n t ---------------------------------------------------------------------------- ------------------------------------------------ -----------a R e n t s ________________ — ................ - .............................................. - ................................................ ...........................................
M is c e lla n e o u s I n c o m e _______________________________________________ ______________________________________________

G ross In c o m e ____________________________________________________________________________________________________
D ed u ct p a ym en ts—
F ix e d ren ta l o f lea sed r o a d s ----------------------------------------------------------------------------------------------------------------------------------R e n ta l p a id fo r u se o f tra ck s o f o th e r co m p a n ie s u n d e r c o n t r a c t ----------------------------------------------------------------In te re s t o n fu n d e d d e b t . . ............................ ................................................................................................................................
I n t e r e s t, c a r tr u s ts ---------------------------------------------------------------------------------------- ----------------------------------------------------------I n te r e s t, general a c c o u n t ------------------------------------------------------------. . . ----------------------------------------------------------------------A d v a n c e s t o C in cin n a ti R ic h m o n d & F o r t W a y n e R a ilr o a d C o ____________________________________________

$ 1 4 6 ,4 0 4 73
---- ---5 1 ,5 2 6 58

$91,646
38,864
365,494
89,992

90
08
15
09

+ 54,757
— 38,864
— 267,600
— 38,465

8f
0°
24
51

$ 2 9 5 ,8 2 5 22

$585,997 22

— $290,172 00

$ 8 ,1 8 0 ,0 4 4 37

$7,552,959 36

+$627,085 01

i> * 8 ,z is
2 >324.440
« " 0 ,6 5 4
2 'in n

uh

00
98
%■>
93

$702,621
137,482
2,344.754
6276,920

50
84
31
98

1*0,868*28

+ $8,680
+ 735
— 20,314
+ 53,734
+ 154,622
— 7,647

00
24
31
00
30
35

$ 3 ,6 6 2 ,4 5 7 79

6$3,472.647 91

+$189,809 88

N e t in c o m e --------------------------------- ----------------------------------------------------------------------------------------------------------------------------$ 4 ,5 1 7 ,5 8 6 58

6$4,080,311 45

+$437,275 13

F r o m th is n et in c o m e fo r th e y e a r --------------------- ----------------------------------------------------------------------------------- ------------------------------------------------------------------------th e foU ow in g a m o u n ts h a v e b e e n d e d u c t e d , v i z .: —
„,
nn
C o n tr ib u tio n t o sin k in g fu n d fo r P itts b u rg h C in cin n a ti C h ica g o & S t. L o u is R a ilw a y C o . c o n s o lid a te d m o rtg a g e b o n d s . .
* * 4 9 ,9 0 0
P a y m e n ts o n a c c o u n t o f p rin cip a l o f ca r tru s ts ------------------------------------------------------------------------------------- -------------------- -.
5 9 o ,iJ J
D iv id e n d o f 5 % o n p re fe rre d s t o c k ------- ------------------------------------------ ---------------------------------------- ----------------— .............. $ 1 .3 7 2 ,8 3 7 50
D iv id e n d o f 3 H % o n c o m m o n s t o c k ....................................................................................................................................................
8 6 7 ,3 1 0 50
^
j 4 g 0Q
— ------- :-----------

$ 4 ,517 586 58

3,2 8 6 ,2 7 1 08

$1,?31,315 50
D e d u c t e x tr a o r d in a r y e x p e n d itu r e s In re v isin g gra d e s a n d a lig n m e n t , a n d o t h e r o u t la y n o t p r o p e r ly c h a rg e a b le t o ca p ita l a c c o u n t -------

9 0 0 ,0 0 0 00

B a la n ce tra n sferred t o c r e d it o f p r o fit a n d lo s s ................................................................................................................................................................ i 5 V a V
A m o u n t t o c r e d it o f p r o fit a n d loss D e c e m b e r 31 19 0 5--------- ------------------------------------------------------------------------------------- ............................... ” 4
L ess a m o u n t p a id in s e ttle m e n t o f o ld a c c o u n t s .................................................................- ............................................ - ...........................................
* a ° . 468 11

$ 3 3 1 ,3 1 5 50

B a la n ce t o c r e d it o f p r o fit a n d loss D e ce m b e r 31 1 9 0 6 _______________________________________________________________________________________________

g 4g5

1?

$ 3 ,8 2 6 ,4 8 8 67

a C o m m e n c in g J a n u a r y 1 1906 th e n e t b a la n c e o f re n ta ls r e c e iv e d a n d p a id Is c r e d it e d t o In c o m e a c c o u n t ; p r io r t o th a t d a te ren tals re c e iv e d wer®
c r e d ite d t o ea rn in g s, a n d th o s e p a id c h a r g e d t o e x p e n s e s .
. . . .
___________ __

b For purposes of comparison the amount paia in 1905 on account of the principal of car trusts ($006,112 25) has been separated from the Interest
thereon, wrnch will account for the difference between these figures and corresponding items In the report for 1905
**“




813

THE CHRONICLE.

A p r . 6 1907.]

P IT T S B U R G H C IN C IN N A T I CHICAG O

& S T . LO U IS R Y .

G E N E R A L B A L A N C E S H E E T (C O N D E N S E D ) D E C E M B E R 31 190 6.

Assets__
C o n s tr u c tio n , rig h t o f w a y , rea l e s ta te a n d e q u ip m e n t -------$110
S ecu rities o f o th e r c o m p a n ie s _________________________________
5
D u e b y o th e r c o m p a n i e s -----------------------------------------------------------1
D u e b y L ittle M ia m i R a ilr o a d C o . fo r b e tte r m e n ts --------------D u e o n m iscella n eou s a c c o u n t s ------------------------------------------------1
D u e b y s ta tio n a g e n ts a n d tic k e t r e c e iv e r s ----------------------------Bills r e c e i v a b l e _________________________________________________
M a teria l o n h a n d -----------------------------------------------------------------------2,
Cash in h an d s o f T r e a s u r e r ____________________ $ 1 ,4 5 1 ,8 8 1 86
Cash d e p o s ite d w ith fin a n cia l a g e n ts fo r p a y ­
m e n t o f in te re s t o n b o n d s ___________________
168 ,0 7 8 21
-----------------------1
Cash r e m itte d b y a g e n ts , in tra n s it----------------------------------------<Cash in h a n d s o f tru stee o f sin k in g fu n d J e ffJ eflerson ville M adison & I n d ia n a p o lis R a ilr o a d
C o. first m o r tg a g e b o n d s )------------------------------S in k in g fu n d P ittsb u r g h C in cin n a ti C h ica g o &
S t. L ou is R y . C o. c o n s o lid a te d m tg e . b o n d s.$ 2 ,8 4 4 ,7 8 3 50
L ess b o n d s r e d e e m e d a n d c a n c e l e d ----------------- 2 ,8 4 4 ,0 0 0 00

2 85 ,260
571 ,9 3 0
527 ,3 6 1
8 4 7 ,1 4 9
0 0 5 ,3 0 9
7 6 7 ,9 1 0
1,500
125 ,4 8 7

27
06
96
48
04
90
00
48

6 19 ,960 07
4 7 2 ,3 7 5 37

783150

T InM lilirs__
C a p ita l s t o c k c o m m o n ________________________________________
C a p ita l s t o c k c o m m o n — s c r ip __________________________________
C a p ita l s t o c k c o m m o n — c o n s titu e n t c o m p a n ie s ______________
C a p ita l s t o c k p r e f e r r e d ________________________________________
C a p ita l s to c k p re fe rre d — s c r i p ________________________________
C a p ita l s t o c k p re fe rr e d — c o n s titu e n t c o m p a n ie s ------------------F u n d e d d e b t ____________________________________________________
C olla tera l o b lig a tio n s ___________________________________________
D e fe rre d lia b ilit ie s _____________________________________________
A c c o u n t s p a y a b le fo r c u r r e n t e x p e n d itu r e s __________________
D u e P e n n s y lv a n ia C o ., a d v a n c e s fo r c o n s t r u c tio n , e t c ____
D u e o t h e r c o m p a n ie s ___________________________________________
M a tu re d In terest o n b o n d s ____________________________________
A c c r u e d in te re s t o n b o n d s ____________________________________
M isce lla n e o u s l ia b il i t i e s ________________________________________
U n c la im e d d iv id e n d s ___________________________________________
C o n tr ib u tio n s t o s in k in g fu n d P itts b u r g h C in cin n a ti C h ica g o
& S t. L o u is c o n s o lid a te d m o r tg a g e b o n d s --------------------------T r u s te e s ’ s in k in g fu n d c o n s o id a t e d m o r tg a g e b o n d s ----------D iv id e n d o f 2 % o n c o m m o n s t o c k , p a y a b le F e b . 15 1907 —
D iv id e n d o f 2 l/&% o n p re fe rre d s t o c k , p a y a b le J a n . 15 1 9 0 7 .
B a la n ce t o c r e d it o f p r o fit an d lo s s ____________________________

T o t a l . . . ........................................................... ...............................$ 1 2 4 ,2 2 5 ,0 2 8 13

$ 2 4 ,7 8 0 ,3 0 0
550
4 4 5 ,9 1 8
2 7 ,4 5 6 ,8 0 0
474
1 0 6 ,6 4 8
5 0 ,9 2 1 ,0 0 0
2 ,5 0 0 ,0 0 0
84,5 5 1
2 ,9 9 8 ,5 3 8
4 ,2 5 0 ,0 0 0
5 92 ,411
1 8 2 ,2 1 3
4 8 2 ,9 4 7
1 ,5 6 8 ,2 8 2
308

00
82
20
00
34
08
00
00
75
20
00
07
25
50
25
50

2 ,8 4 4 ,7 8 3
783
4 9 5 ,6 0 6
6 8 6 ,4 2 2
3 ,8 2 6 ,4 8 8

50
50
00
50
67

T o t a l ........ ...................................................................... .............................$ 1 2 4 ,2 2 5 ,0 2 8 13

IN C O M E A C C O U N T S O F A L L C O R P O R A T IO N S F O R T H E Y E A R E N D IN G D E C E M B E R 31 1906.
R esu lts o f O pera tion by O perating
Com pany.
F in a n cia l R esults o f R esp ective C om p a n ies M en tio n ed .

R en tals to
In terest
S u rp lu s
( + ) In c .
G ross
O pera ting
N et
C o s. b y
Other
G ross
& Other
N et
D iv ior
or
E a rn in g s. E x p en se s . E a rn in g s. O p er. C o . In com e. In co m e.
Ch arges.
In com e.
dends.
D e fic it.
(— ) D e c .
M ilea g e. L in es Operated D ir e c tly .
$
$
$
$
$
$
5
$
S
$
_
$
1 ,1 7 1 .1 6 P lt t s .C in .C h ic .& S t.L .R y .2 9 ,6 0 6 ,1 9 5 2 2 ,1 5 3 ,0 1 2 7 ,4 5 3 ,1 8 4 .................. 2 0 0 ,8 6 2 7 ,6 5 4 ,0 4 6 4 ,1 8 2 ,5 8 2 3 ,4 7 1 ,4 6 3
2 ,2 4 0 ,1 4 8 S .1 ,2 3 1 ,3 1 5 — 4 5 ,8 8 7
9 .0 7 O h io C o n n e c tin g R y . . .
3 4 8 ,9 2 4
6 1 ,7 8 9
2 87 ,135 $2 8 7 ,1 3 5 39,0 7 2
3 2 6 ,2 0 7
8 0 ,0 0 0
246 ,2 0 7
1 0 0 ,0 0 0 S . 1 4 6 ,2 0 7
+ 1 0 2 ,9 0 7
2 3 .5 2 C h artiers R a ilw a y .............
7 5 4 ,7 7 7
4 9 2 ,6 8 5
2 62 ,091
262 ,091
14,7 0 9
276 ,8 0 1
2 8 ,8 0 0
248 ,0 0 1
6 4 ,4 8 0 S . 183 ,5 2 1
+ 3 5 ,3 3 3
2 8 .0 3 P it t s .W h e e l.& K y . R R .
4 0 4 ,6 5 4
3 4 4 ,3 4 2
6 0 ,312
6 0 ,312 10,868
7 1 ,1 8 0
4 6 ,1 0 7
2 5 ,0 7 4
6 0 ,1 5 0 D .
3 5 ,0 7 6
+ 4 2 ,9 5 8
1 9 4 .8 6 L ittle M ia m i R a i l r o a d . . 3 ,3 4 4 ,5 1 0
2 ,8 7 0 ,0 3 9
4 7 4 ,4 7 2
711 ,3 0 1 5 1 ,5 2 6
7 6 2 ,8 2 8
3 6 7 ,3 8 0
3 9 5 .4 4 8
a 3 9 5 ,4 4 8
....................... .....................................................
2 .3 3 E n g le w o o d C o n n e c t. R y .
26,4 3 7
28,481
0 2 ,0 4 4 __________
4,071
2,0 2 7
2 ,0 2 7
1 3 ,2 6 0 D .
1 1 ,2 3 3
+ 1 3 ,0 8 5
1 ,4 2 8 .9 7

T o t a l ____________ ______ 3 4 ,4 8 5 ,5 0 0 2 5 ,9 5 0 ,3 4 9 ^ 8 ,5 3 5 ,1 5 1 1 ,3 2 0 ,8 4 0
L in e s O perated u nd er
their ow n O rga n iza tion s.—
148 .4 5 C in. & M u sk . V a l. R R . .
8 4 5 ,3 9 6
6 9 4 ,4 1 0
150 ,9 8 5 ..................
2 0 .5 6 P itts . C h a r t .& Y o u g h .R y .
4 2 3 ,8 8 0
2 3 0 ,6 3 9
193 ,2 4 2 ..................
2 8 .1 5 W a y n e s b u r g & W a s h .R R
147 ,497
118,051
2 9 ,4 4 6 ..................

4 3 ,3 9 0
.............
5 ,8 1 0

194 ,3 9 5
1 93 ,242
3 5 ,2 5 6

8 5 ,8 3 5
2 8 ,7 9 4

108 ,541
1 6 4 ,4 4 8
3 5 ,2 5 6

4 0 ,0 0 0 S .
5 6 ,4 0 0 S .
1 6 ,0 4 4 S .

6 8 ,5 4 0
1 0 8 ,0 4 7
1 9 ,212

+ 9 ,9 1 3
+ 3 8 ,4 9 1
+ 9 ,3 1 9

1 ,0 4 3 ,1 0 0
373 ,6 7 3
" 1 97 .16
T o t a l ................................... 1 ,4 1 6 ,7 7 3
a D iv id e n d s g u a ra n teed b y „T h e P itts b u rg h C in cin n a ti C h ica g o & S t. L o u is R a ilw a y C o . b E x ce s s o f o p e r a tin g e x p en ses o v e r gross ea rn in g s.

Comparison with 1905.

GENERAL STATISTICS.
C om p a rison w ith 1905
T on n a g e—

Lines operated directly__________ .
Lines operated under their own or­
ganizations ------------------------------T o ta l___________________________

4,345,364

12.41

1906.
Lines operated directly......................$6,854,368 88
Lines operated under their own or­
ganizations _____________________
260,411 39

3,787,361

748,669

24.64

T ota l................................................. $7,114,780 27

43,156,331

5,094,033

13.38

A LL LINES OPERATED DIRECTLY AND IN DIRECTLY.
GStatem en t o f A v era g e E a rn in g s, E x p en se s and N et E a rn in g s p er T o n and
p e r P a ssen g er p er M il e .)
C o m p a riso n
w ith 1905.

1906.
39,368,970

In c r ea se .

% In c.

T on n a g e M ile a g e —

Lines operated d ir e c t ly ------------------ 3,844,058,691
Lines operated under their own or­
87,392,186
ganizations ______________ ______

361,553,141

10.38

9,241,915

11.83

3,931,450,877

370,795,056

10.41

Lines operated directly------------------- $24,816,719 24
Lines operated under their own or­
1,095,291 12
ganizations -------------------------------

$2,820,164 49

12.82

178,242 92

19.44

$25,912,010 36

$2,998,407 41

13.09

T o ta l___________________________
F r e ig h t R even u e—

Total ...........................................
P a ss e n g e r s —

Lines operated directly. __________
Lines operated under their own or­
ganizations ____________________
T o ta l___________________________
P a ssen g er M ile a g e —

Lines operated directly------------------Lines operated under their own or­
ganizations ------------------------------T o ta l___________________________

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

P a ssen g er R even u e —

In crea se.

$574,129 47
$574,540 13

% In c.

9.14

410,66

0.16
8.78

190 6.
In c.
D ec.
E a rn in g s p e r t o n ( c e n t s ) ___________________________
0 .6 6 0 .0 2
________
E x p e n s e s p e r t o n ( c e n t s ) ___________________________
0 .4 9 0 .0 1
________
N e t e a rn in g s p e r t o n (c e n t s ) _______________________
0 .1 7 0.0 1
________
E a rn in g s p e r p a sse n g e r (c e n t s ) ____________________
2 .0 2 0 .0 2
________
E x p e n s e s p e r p a sse n g e r ( c e n t s ) ____________________ 2 .1 2
______
0 .0 8
N e t lo ss p e r p a sse n g e r (c e n t s ) ______________________
0 .1 0 —
0 .1 0
FUNDED

DEBT.

The am ount o f funded debt D ecem ber 31 1906 was
850,921,000, a decrease of $1,134,000 as com pared w ith
1905, due to the redem ption during the year of bonds
am ounting to $1,134,000 as follow s, viz.:
R e d e e m e d t h r o u g h s in k in g fu n d s , c o n s o lid a te d m o r tg a g e 3
b o n d s ____________________ _________________________________________$56 0 ,0 0 0
Je ffe rs o n v ille M a d is o n & In d ia n a p o lis R a ilr o a d C o . first m o r t­
g a g e 7 % b o n d s ____________________________________________________
5 ,0 0 0
M a tu r e d a n d c a n c e le d , J e ffe rs o n v ille M a d iso n & In d ia n a p o lis
R a ilr o a d C o . first m o r tg a g e 7 % b o n d s __________________________ 5 4 9 ,0 0 0
U n io n & L o g a n s p o r t R a ilr o a d C o . first m o r tg a g e 7 % b o n d s ____
2 0 ,0 0 0

00
00
00
00

CAR TRUSTS.
Payments made under Car Trust contracts, and balance due on account of principal, December 31 1 90 6.
S eries.

Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania
Pennsylvania

C a rs.

Rolling Stock Trust, Series K ___________________________________________________________
Car Trust, Series B _______________________________________________________________________
Car Trust, Series D and E ________________________ _____________________________
Equipment Trust, Series A ___ 1_______________________________________________
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 _______________________________________________
Steel Equipment Improvement Trust, Series D, E and F _______________________

N o. of
A m oun t
P a id .
B a la n ce.
1 ,0 0 0
$ 3 6 3 ,3 7 7 00
510
2 56 ,329 50
1 ,2 0 0
6 1 7 ,5 8 6 19
100
4 6 ,2 0 0 00
700
3 1 8 ,3 7 8 40
210
96,6 8 9 34
2 ,7 9 0
1 ,0 1 7 ,1 0 9 38
1 ,5 0 0
6 25 ,078 53
2 ,3 0 8
2 1 6 ,9 9 7 44
1,6 9 2
1 6 1 ,5 6 3 80
1,5 2 4
169 ,3 6 2 01

T ota ls.................................................................................................. - .................................................. 1 3 ,534
PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS RA ILW A Y
Main line, including Steubenville Extension Pennsylvania
Railroad (1.23 miles)............. .................................................... 944.73 Miles.
Branches__________________________________________________169,44
“
Line used Jointly with other companies___________________
56.99
“

$3,8 8 8 ,6 7 1 59

L en gth of M a
T rust.
tures.

$ 1 5 5 ,7 3 3
1 0 9 ,8 5 5
4 1 1 ,7 2 4
3 0 ,8 0 0
4 7 7 ,5 6 7
1 4 5 ,0 3 4
2 ,3 7 3 ,2 5 5
1 ,4 5 8 ,5 1 6
1 ,9 5 2 ,9 7 6
1 ,4 5 4 ,0 7 4
1 ,5 2 4 ,2 5 8

00
50
13
00
60
02
12
67
92
20
11

10 years.

1909
1909
1910
1910
1912
1912
1913
1913
1915
1915
1916

$ 1 0 ,0 9 3 ,7 9 5 27

the year. The operating expenses increased $2,207,102 89
or 11 .07% , due to heavy repairs to roadw ay and equipm ent
larger transportation expenses incident to the increased
traffic and to an increase of 8 .2 % in taxes. In the case o f
freight car repairs, the high cost is incident to the transition
T o t a l.......................................................................................... 1,171.16
eriod during which the old w ooden cars are being replaced
1906.
1905.
y heavier steel cars.
Gross earnings................................................. $29,606,195 78 $26,584,559 18
The earnings from freight traffic increased $2,542,899 49,
Total expenses................................. — ............ 22,153,011 86
19,945.908 97
or 13.17% ; the tonnage increased 3,636,716 tons, or 14 .13% ,
Net earnings from operation___________ $7,453,183 92
$6,638,650 21
The
Dividends and Interest on securities______
146,404 74
130,510 98 and the ton mileage increased 317,669,158, or 10 .03% .
* Rents..............................................................
54,456 95
248,869 17 classified tonnage items showing the largest increase were
T ota l............................................................. $7,654,045 61
$7,018,030 36 coal, stone, bar and sheet metal, lum ber, cem ent, brick and
lim e, pig and bloom iron, grain, flour and other products of
* Commencing January 1st 1906 rents are shown as an Item of “ Other agriculture.
The average earnings per ton mile were 6.3
Income” Instead of Gross Earnings.
mills, an increase of .2 of a mill, and the average cost was
The gross earnings increased $3,021,636 60, or 1 1 .3 7 % , 4.7 m ills, an increase of .2 of a mill, resulting in net earnings
due chiefly to the increased volum e of tonnage handled during per ton mile of 1.6 mills, the same as in the preceding year.




814

THE CHRONICLE.

The earnings from passenger traffic increased $518,743 48,
or 9 .8 1 % , the number of passengers carried increased 288,023,
or 3 .5 2 % , and the passenger mileage 21,784,868, or 8 .4 8 % .
The average earnings per passenger per mile were 2.03 cents,
while the cost was 2.10 cents, resulting in a loss of .7 of a
cent per passenger per mile.
Fifty-one new and tw o second-hand locom otives were
received during the year, thirty-six of which com pleted the
num ber authorized in 1905, and seventeen replaced an equal
num ber destroyed during the year.
There were four vacancies in the passenger car equipm ent
December 31 1905 and four vacancies were created during
the year; to partially fill these, four coaches and one com ­
bination baggage car were received, leaving three vacancies
at the close o f the year. Six coaches and two postal cars
authorized as additions to the equipm ent in 1905 were
received, and eight coaches, five com bination passenger cars
and three horse cars were added to ,the equipm ent during the
year.
There were seventy-six vacancies in the authorized freight
car equipment on Decem ber 31 1905 and 454 cars were de­
stroyed during the year; to partially replace these cars 330
new cars were received, leaving 200 vacancies on Decem ber
31 1906. Sixteen cabin cars authorized as additional equip­
ment in 1905 were received. There were 1,078 low capacity
cars destroyed during the year out o f the 1,359 cars dropped
from the authorized equipment in 1905, leaving 281 still in
service.
New interlocking plants were installed at Jewett, Hagenbaugh, Summit and R ipley 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 Railw ay, and at K entland to control the crossing of the Indiana Harbor Railroad
and the interlocking plants at Bulger, Burgettstown, Milford
Centre, Anderson and D olton were extended to protect
additional tracks. The block system was practically com ­
pleted on the main lines and the work of extending the block
system to control all main line divisions and all branch lines
with heavy traffic is well under w ay and will be com pleted
early in 1907.
The freight running track from Bulger to RS Tow er, on
the Pittsburgh Division, was com pleted and put into service
early in the year. This work involved a com plete change in
alignment, and the replacement of tunnel No. 3 with a cut
wide enough for four tracks. The grading for 6.6 miles of
w est-bound freight running track between Central City and
Outville and for 5.3 miles of east-bound freight running track
between Summit and Big W alnut, on the Columbus & Newark
Division, was com pleted and a large part o f the track laid.
The double-tracking of the Indianapolis Division between
Columbus and Bradford with im provem ent in the grades
and alignment, and of the Logansport Division between
Logansport and Chicago, was vigorously pushed during the
year. The section between W oodstock and Urbana, a dis­
tance of 16.1 miles, with necessary passing sidings at Brush
Lake, Milford Centre and Hagenbaugh was com pleted; con­
siderable progress was made with the work of constructing
second and third tracks, on an entirely new line and grade,
a distance of 9.1 miles, between Urbana and St. Paris, and
on second and third tracks on present line with revised grade,
between St. Paris and Jordans, a distance of 13 miles, the
second track from Summit to Bradford, a distance of 7.56
miles, was nearly com pleted, and the second track was ex­
tended eastwardly from Irvington, a distance of 3,600 feet.
The second track was extended 43.9 m iles,from Aylesworth
to Thornhope, com pleting the double-tracking between
Logansport and Chicago. New east and w est-bound freight
running tracks, each having a length of four miles, were con­
structed between K outs and Aylesworth. The w est-bound
classification yard at Columbus was com pleted. New passing
sidings were constructed in connection with the second track
at a number of points and at Newell, Irvington, Jackson Hill,
R ed K ey, Horatio and Rendcom b Junction, and the passing
sidings at a num ber of other points were extended. There
were 79 miles of track ballasted with stone, 350 miles with
gravel and 50 miles with cinder. In the construction of
additional tracks and sidings there were used 11,088 tons
of new and 5,567 tons of partly worn steel rails and 349,176
cross-ties. »
l» •The net increase in track was 94.83 miles, made up as
follows:
S e c o n d t r a c k ________________________________________________________ 69.4 4 M iles.
T h ir d t r a c k ___________________________________________________________ 7 .0 6
F o u r th t r a c k ________________________________________________________ 4 .1 0
"
S i d i n g s ----------------------------------------------------------------------------------- - ............1 4.2 3
T o t a l............. ....................... .................................................. - ........................94 .8 3

The new engine-house at Dennison, with necessary re­
arrangement of tracks, was com pleted, and as a result the
handling of locom otives and trains at that point has been
very greatly facilitated.
New coaling stations were erected at Indianapolis and
Aylesworth, and plants at Collier and Louisville are in course
of re-construction, and water-softening plants were installed
at Indianapolis and Hartsdale. A new freight station was
built at Carnegie, a passenger station at R accoon , a com bined
freight and passenger station at Bethevan, a m odern rest
house for use of em ployees at Bradford, and the rest house at
59th Street, Chicago, mentioned in the 1905 report, was
com pleted.




[V o l .

l x x x iv

T h e c h a r g e s t o c a p it a l a c c o u n t d u r in g th e y e a r f o r c o n s t r u c ­
t i o n , e q u ip m e n t , e t c . , w e r e as f o ll o w s :
Construction, Right of Way and Real E s t a t e Second and third tracks Pittsburgh Indianapolis & Logansport Divisions_________________________________________$1,164,955 06
Third track, Pittsburgh Division_________________________
177,610 81
Dennison round-house improvements, etc________________
359,520 58
Third and fourth tracks, etc., Chicago, 111_______________
163,128 24
Track elevation, Chicago, 111____________________________
178,004 99
Real estate for new engine-house, Chicago, 111----------------262,692 31
Leonard Avenue yard, etc., Indianapolis Division________
136,144 09
Bridges, etc.. Richmond, Logansport and Louisville Divi­
sions_________ _________________ _____________ ________
132,230 67
$2,574,286 75
Equipment—
Locom otives_________________________________ $676,159 85
Car trust and other equipment_______________ 794,269 15
---------------- 1,470,429 00
Total....................................... ..............................................$4,044,715 75
LITTLE MIAMI RAILROAD.
M a in lin e ......................................................................................... 119.63 Miles.
Xenia and Springfield Branch._____________________________ 19.31
Dayton and Western Branch________________________________ 53.43
Cincinnati Street Connection Tracks___________________ _____ 2.49
T otal_______ ______ ______________________ _______________ 194.£6
1906.
1905.
Gross earnings..................................... ................$3,344,510 75 $3,043,728 98
Expenses............................................................. 2,870,038 56
2,692,960 10
Net earnings from operation______________
Add miscellaneous Incomc__________________
* Rents___________ _______ ________________

$474,472 19
9,869 01
41,657 57

$350,768 88
89,992 09
94,168 03

Deduct guaranteed rental__________________

$525,998 77
711,301 50

$534,929 00
702,621 50

$185,302 73

$167,692 50

Loss ...............................................................

* Commencing January 1 1906 Rents are shown as an item of “ Other
Income” instead of In Gross Earnings.
T h e g r o s s e a r n in g s in c r e a s e d $300,781 77, o r 9 .8 8 % , a n d
th e o p e r a t in g e x p e n s e s $177,078 46, o r 6 .5 8 % , a n d t h e n e t
e a r n in g s in c r e a s e d $123,703 31, o r 3 5 .2 7 % .
T h e fr e ig h t e a r n in g s in c r e a s e d $216,647 07, o r 10.99% ,
th e t o n n a g e 426,318 t o n s , o r 13.48% , a n d th e t o n m ile a g e
33,574,677, o r 13.68% . T h e c la ssifie d t o n n a g e it e m s s h o w ­
in g la r g e s t in c r e a s e s w e re c o a l, s t o n e , b a r a n d s h e e t m e t a l,
p ig a n d b lo o m ir o n , a n d c e m e n t , b r ic k a n d lim e .
T h e a v e r a g e e a r n in g s p e r t o n p e r m ile w ere 7.8 m ills , a
d e cr e a s e o f .2 o f a m ill, a n d th e a v e r a g e c o s t in c r e a s e d .2 o f
a m ill, r e s u ltin g in n e t e a r n in g s o f .9 o f a m ill as c o m p a r e d
w it h 1.3 m ills in th e p r e c e d in g y e a r .
T h e r e w a s a n in c r e a s e o f $66,210 16, o r 8 .3 5 % , in th e
p a s s e n g e r e a r n in g s , th e n u m b e r o f p a s s e n g e rs t r a n s p o r t e d
in c r e a s e d 40,216, o r 4 .1 4 % , a n d th e p a s s e n g e r m ile a g e i n ­
c r e a s e d 1,961,132, o r 4 .7 1 % , as c o m p a r e d w it h t h e y e a r 1905.
T h e a v e r a g e e a r n in g s p e r p a s s e n g e r p e r m ile w e r e 1.93
c e n t s , a n in c r e a s e o f .07 o f a m ill, o r 3 .7 6 % , a n d th e a v e r a g e
c o s t w a s 2.16 c e n t s , a d e c r e a s e o f .34 o f a c e n t , r e s u lt in g in
a n e t lo s s o f .23 o f a c e n t p e r p a s s e n g e r p e r m ile as c o m p a r e d
w it h a lo s s .64 o f a c e n t in th e p r e c e d in g y e a r .
C h a rg e s t o C o n s t r u c tio n a n d E q u i p m e n t A c c o u n t w e r e :
Right of way and r^al estate__________________________________ $55,113
Additional tracks____________________________________________ 150,052
Stations and other structures_________________________________
31,467
Locom otives________________________________________________
48,464

68
95
72
65

T o ta l................................................................. ..............................$285,099 00
GEN ERAL REM ARKS.

The continued prosperity of the country was reflected in
the operations of the railroads comprised in your system, all
showing large gains in tonnage, a slight increase in the num­
ber of passengers carried, and a larger increase in the average
distance traveled b y each passenger.
The large volum e of traffic m oved on your lines during the
year 1906 was handled prom ptly and without congestion at
any point, thus fully justifying the policy you have pursued
of greatly increasing your facilities of all kinds during the
past three years. The only failure in the furnishing of facili­
ties for all traffic offering was in the matter of car supply,
and this was not because your com pany had neglected to
urchase sufficient equipm ent, but because of the impossiility, under existing conditions, of controlling it after it was
placed in service. Every effort was made to meet the situa­
tion through joint action with other lines, but while an
agreement was entered into between a number of the railroad
companies owning a large proportion o f the freight equip­
ment of the country, providing for an increased per diem
rate and thus giving the owning com pany a more equitable
compensation for the use of its equipm ent, it was im prac­
ticable to effect any arrangement whereby a com pany could
enforce the prom pt return of its cars. If your com pany
could have had the use of the equipm ent owned or controlled
by it, there would have been an ample supply for all the
business offering on your lines during the past year.
The total tonnage handled on all lines was 43,156,331, an
increase o f 5,094,033, or 13.38% . The ton mileage was
3,931,450,877, an increase of 10.41% .
The average rate received per ton mile was 6.4 mills, an
increase of .2 of a mill as com pared with the preceding year.
The cost per ton mile increased .1 o f a mill, so that the net
earnings per ton mile were 1.7 mills, or an increase of .1
of a mill over the preceding year.
The total number of passengers carried was 1 1 ,586 , 166 ,
an increase of 363,482, or 3 .2 4 % , and the passenger mileage
was 352,441,239, an increase o f 7 .6 4 % .
The average earnings per passenger per mile were 2.02
cents, an increase of .02 of a cent. The cost per passenger

E

A p r . 6 1907. J

815

THE CHRONICLE.

mile was 2.12 cents, a decrease of .08 of a cent, and the net were installed between JC Tower, Rosslyn and D U Tow er,
loss per passenger per mile was . 1 of a cent as com pared with Temperanceville, a distance of about eight miles.
The Cincinnati & Muskingum Valley Railroad shows an
.2 of a cent in 1905.
After providing for all charges and liabilities, the net earn­ increase in gross earnings of 6 .4 6 % , in expenses of 5 .5 7 % ,
ings were sufficient to provide for a dividend of 5 % on the and in net earnings of 10.78% . The net incom e was suffi­
preferred stock and a dividend o f 3 3^% on the com m on cient to pay a dividend o f 2 % on the capital stock and leave
stock, supply nearly $600,000 for one-half of the principal a substantial balance for perm anent im provem ents.
The W aynesburgh & W ashington Railroad, which is con­
of maturing car trusts, $900,000 for extraordinary expendi­
tures in the revision of grades and alignment, im provem ent trolled b y the Chartiers Railw ay Com pany, shows an increase
of freight equipm ent and other outlays not properly charge­ of 5 .5 6 % in the gross earnings, a decrease of 2 .1 6 % in the
able to capital account, and leave a balance of $331,315 50, expenses and an increase of $10,363 63 in net earn m gs. The
which was transferred to the credit of profit and loss account. new passenger station being built b y this com pany at
As shown in the general balance sheet, there was charged W ashington, P a., was nearly com pleted at the close of the
to capital account during the year for construction, right of year.
The Pittsburgh Chartiers & Y oughiogheny R ailw ay, onew ay 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 half of which com pany’s capital stock is ow ned by your
sheet also shows that this com pany was indebted to the Penn­ com pany, shows an increase of 42 .52% in gross earnings, of
sylvania Com pany for advances for construction, etc., at the 22 .46% in expenses and o f $84,164 42 in the net earnings.
close of 1906 to the am ount of $4,250,000. This amount will After paying a dividend o f 6 % and purchasing and canceling
be largely increased during the year 1907, on account of $29,000 of its first mortgage bonds, the com pany had a sub­
further advances by the Pennsylvania Company for construc­ stantial surplus available for betterments. Additional capi­
tion and equipm ent, and provision will have to be made tal stock of this com pany was issued to the exten t o f $240,000
through the issue of bonds or stock, or both, to re-pay these and used to pay off its floating debt.
The authorized betterm ent expenditures on the Little
advances and also to furnish funds for the construction of
the second track between Columbus and Chicago which the Miami Railroad having exceeded the amount of the better­
demands of the traffic make it necessary to com plete at the ment bonds that had been provided for such expenditures,
it was necessary to further m odify the provisions of the lease
earliest possible date.
The first mortgage 7 % bonds of the Jeffersonville Madison of February 23 1870. An agreement was therefore entered
& Indianapolis Railroad Com pany, one of jrour constituent into with The Little Miami Railroad Com pany under which
com panies, matured on October 1st. There were $563,000 either bonds or special betterm ent stock can hereafter be
of these bonds outstanding at the close o f 1905, and, with issued as in the judgm ent o f your com pany m ay be m ost
the exception of $9,000, which were not presented, they were available with respect to econom y of interest and negotia­
bility, such bonds or special betterm ent stock to bear interest
paid off and canceled.
There Avere $20,000 of Union & Logansport Railroad Com ­ or dividends not exceeding 4 % per annum. This agreement
pany first mortgage 7 % bonds which had not been presented has been approved b y the stockholders of The Little Miami
at the close of the year 1905; these bonds were paid off Railroad Com pany and will be subm itted to you for approval
at the annual meeting on April 9, 1907. The Little Miami
and canceled during the year.
Under the terms o f the sinking fund provided for the re­ Railroad Company has increased its authorized capital stock
dem ption of the consolidated mortgage bonds of The Pitts­ to $10,000,000, and the betterment bon ds which have been
burgh Cincinnati Chicago & St. Louis Railw ay Company issued to your com pany under the lease as m odified b y the
$560,000 of these securities were redeemed and canceled agreement of May 1st 1899 will be exchanged for an equal
and the am ount outstanding at the close of the year was am ount o f the betterment stock, which will also be hereafter
used in settlement of betterment expenditures until other­
$44,439,000.
Of the roads operated directly by your com pany, the Ohio wise arranged.
A general advance of 10 % , taking effect D ecem ber 1 1906,
Connecting Railw ay, the Chartiers Railway and the Little
Miami Railroad show large increases in gross and in net was made in the salaries and wages o f employees perm anently
earnings, while the Pittsburgh Wheeling & K entucky Rail­ in the service and receiving less than $200 per m onth. This
road and the Englewood Connecting R ailw ay show decreases advance, which was made in consideration of the increased
in gross earnings, increases in expenses and decreases in net cost o f living, will necessarily add m aterially to the cost of
operation during the current year.
earnings.
jfc
sfc
5j«
5|e
jfc
5*s
New interlocking plants were constructed on the Ohio
It gives pleasure to the management to again express its
Connecting Railw ay at SQ Tow er, 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. & Y . Railway officers and employees have performed their respective duties
and the end of the Scully Y ard, and at FD Tower to control during the past year.
By order o f the Board.
the cross-overs and the operations over the hump at the
JAMES M cC R E A , President.
entrance to the yard. Electric autom atic spacing signals
AMERICAN TELEPHONE & TELEGRAPH COMPANY.
A N N U A L R E P O R T F O R T H E Y E A R E N D IN G D E C E M B E R 31
New York, March 26 1907.
To the Stockholders;
The results of the business for the year 1906. as shown
b y the Treasurer’s statement appended, were as follows:
G ross R e v e n u e ____________________________________________________ 5 2 4 ,5 2 6 ,0 9 7
E x p e n se s, in clu d in g In terest a n d t a x e s ________________________ 11,5 5 5 ,1 6 1
N e t R e v e n u e ................................ .................................................. .............. 1 2 ,9 7 0 ,9 3 6
♦ D iv id en d s p a id ____________ ■.____________________________________ 1 0 ,1 9 5 ,2 3 3
C a rried t o R e s e r v e _______________________________________________
1 ,7 7 3 ,7 3 6
C arried t o S u r p l u s _______________________________________________
1 ,0 0 1 ,9 6 6

82
06
76
50
62
64

The follow ing were the corresponding figures for the year
1905:
G ross R e v e n u e . . .................. . . ......................................................................5 21 ,712 ,83 1
E x p e n se s, In clu d in g Interest a n d t a x e s _____________ __________
8 ,6 7 8 ,7 9 2
N e t R e v e n u e ---------------------------------------------------------------------------------- 1 3 ,0 3 4 ,0 3 8
♦D iv id e n d s p a i d ................................ ..................................................... ..
9 ,8 6 6 ,3 5 5
C arried t o R e s e r v e ...................................................... .............. ................
1 ,7 4 3 ,2 9 5
C arried t o S u rp lu s......................................................................................
1 ,4 2 4 ,3 8 8

29
90
39
00
16
23

1906.

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 the rate of about 5,455,000,000
per year, being 64 telephone calls for each m an, woman and
child in the United States.
The am ount added to construction and real estate b y all
the com panies, excluding sub-licensees, constituting our
system in the United States during the year 1906, was:
For Exchanges______________________________________________ $59,971,094
For Toll Lines__________ _______ ________ _____ _______ _____ 13,585,659
For Land and Buildings___________________ <_________________
5,810,196
$79,366,949

The am ount added in 1900 was $31,619,100; in 1901,
$31,005,400; in 1902, $37,336,500; in 1903, $35,368,700;
*
T h e in crea se o f d iv id e n d s in 1906 w as d u e t o th e fa c t th a t th e la st t w o
and in 1905 $50,780,906; making
d iv id e n d s d e c la r e d In th a t y e a r w e re e a ch t w o p er c e n t , w h ile th e c o r r e s p o n d ­ in 1904, $33,436,700;
in g d iv id e n d s In 1905 w ere r e s p e c t iv e ly o n e a n d o n e -h a lf an d t w o a n d o n e the grand total of expenditure upon these properties during
q u a rte r p e r c e n t .
the seven years $298,914,255.
The net output of telephones during the year 1906 was
During the year 1906 the amount expended for mainten­
1,409,578, m aking the total num ber in the hands of the ance and re-construction, independent of construction, by
operating companies 7,107,836.
all the Bell telephone companies in the United States was
The num ber of exchange stations a-t the end of the year $32,814,568. This am ount came from the earnings of the
operated b y the companies which constitute our system in properties, and was charged into the expenses o f the year.
the United States was 2,727,289, an increase of 485,922. As a result of these expenditures for maintenance and re­
In addition to this num ber there were 297,220 exchanges construction, the plant of our com panies is in a better con ­
and toll stations operated by so-called sub-licensees, nam ely, dition than ever before. That plant could not at the present
independent companies or associations under sub-license or tim e be reproduced for a less sum than $70,000,000 in
connection contracts and making use of our telephones. excess of its cost. The scrap value of the lead and copper
Adding also our telephones em ployed for private-line pur­ in the lines and cables alone is not less, at present prices,
poses, our com panies had a total of 3,068,833 stations as than $80,000,000. Every year the plant becom es more
against 2,528,715 stations at the close of the previous year.
permanent in character and of longer life. There is no
The total mileage of wire in use for exchange and toll reason to d ou bt that at the present time it is substantially of
service was 7,468,905 miles, of which 1,688,987 were added a type which need not be re-placed until it is worn ou t.
during the year. These figures do not include the mileage
The am ount contributed b y the Am erican Telephone &
of wire operated by sub-licensees.
Telegraph Com pany in 1906 b y way of investm ent in its




816

THE CHRONICLE.

ow n long-distance plant ($5,642,000), in telephones ($1,737,000), in real estate ($330,000), and in the purchase of
stock and bonds and in loans to its operating companies
($53,432,000), was in all $61,141,000, an addition of almost
2 6 % to its entire investm ent up to January 1 1906.
This greatly increased investm ent was made w ith the view
of lifting the entire business to a distinctly higher plane
specifically and as com pared with its com petitors. Y our
directors believe that the expendture was wise and that,
because of it, the position and business of the Bell companies
were never so secure as at the present tim e. The controlling
im portance of our companies in the telephone field is even
more marked than before, and there is hardly a district of
any extent throughout the country in which their business
is not supported b y a satisfactory p la n t, a good organization
and good service.
While even in these im portant phases of the business the
situation requires constant watching and there still remains
much to be done, particularly in some places, the im prove­
m ent, generally speaking, has been marked and constant.
In the expenditures for construction during the past year,
the Bell companies have proceeded more positively than ever
before upon a definite theory which is believed to be that
required to meet the conditions o f the business as now
known. They have built for the future as far as was con­
sistent with sound econom y. They have laid the founda­
tions for the developm ent that is sure to come and have
not lim ited their construction to the business actually in
sigh t.
In the earlier stages when, as in 1896, there was a gain of
only 43,549 sta tion s,or,a s in 1900, a gain of only 167,934,
it was im possible to realize how rapidly the demand for
telephones would increase. It seemed consistent with sound
policy to assume a rate of grow th not greatly in excess of
that then prevailing. If this policy were to be continued,
it w ould be a m atter of great difficulty to adjust the plant
conditions to the' demands of a vastly increased business,
and the difficulty would be greater every year. If buildings
were erected and central office equipm ent installed only for
the business practically then in sight, it would not be long
before those buildings and central office equipm ents would
be inadequate. It is inherent in the nature of the business
that when telephone buildings and central office equipm ent
becom e inadequate, they can be enlarged, in many cases,
on ly at an expense altogether out of proportion to the
increased facilities gained by such an enlargement. In fa ct,
it has not unfrequently happened th at, because of the unex­
pected demands for service, it has been found necessary to
abandon a building and central office equipm ent and start
again from the beginning, with a new building and new
apparatus, as the most econom ical way of meeting the
situ ation .
The same is true, even to a greater exten t, of the line
construction which connects the exchange with the sub­
scribers' stations.
The im provem ent in cables made within the past few
years has revolutionized the art of telephone line construc­
tion. Not only is it now possible to place in underground
du cts cables containing four hundred or even six hundred
circuits, but a pole line, the carrying capacity of which would
have been exhausted by forty pairs of open wires, can carry
six hundred pairs of wires in the form of cables. The oldfashioned exchange pole line rarely carried more than
tw enty pairs of open wires. W hen an open wire aerial line
has reached the low lim it of its carrying capacity, it must
be taken down and a larger line built unless there is an
opportunity for a new lin e, which frequently is not the case.
In either event, there is a great waste as com pared with a
type of construction in which, b y the use of cables, a given
pole line m ay have a capacity many times as great. Sound
•economy has many times in the past year required the
scrapping of all the wires on a pole line, cable being substi­
tuted for them , as the only way of securing the enlargement
o f facilities that was required, and not unfrequently it has
been necessary to re-construct the whole line as the cheapest
w ay of securing the opportunity for grow th that was re­
quired.
In so far as cable construction is concerned, it is not only
o f great advantage, as a m atter of econom y and as affording
-opportunities for grow th that are not possible with open
wires, but b y the use of cables the chances of interruption
o f service are lessened, and the expense of maintenance is
very greatly reduced.
If the very great developm ent of the business could have
been foreseen and the engineers and manufacturers had, at
an early date, solved the cable problem , so that cables of
large capacity could have been originally installed instead of
open wire, in the places where a large num ber of circuits
would ultim ately be required, m uch m oney would have been
saved.
Now that it is certain that the business will develop on
lines of reasonable profit to an extent much greater than even
the most enthusiastic telephone man ventured to expect a
few years ago, and cables for exchange distribution are made
which are in all rrspects satisfactory vehicles of transmission,
it would be the height of folly not to anticipate the certain
extension of the business by providing facilities for future
grow th when they can be most econom ically installed.
There will always be a substantial am ount of open-wire
construction where few circuits are likely to be required,
but the substitution of cabte for open wires as the demands




[V o l .

l x x x iv

.

upon the plant increase is a sound practice even though it
involves an investm ent based upon the certain requirements
of the future rather than upon what is im m ediately neces­
sary.
The great extent to which the telephone business was sure
to develop became apparent about the year 1901, when the
num ber of new subscribers increased nearly 220,000, as
com pared with about 167,000, the largest increase in any
prior year. The increase was 257,336 in 1902; 247,184 in
1903; 274,466 in 1904, and 441,734 in 1905.
These large increases in the num ber of subscribers, which
were attended b y an equally large increase in the demand
for toll service, practically exhausted the plant of the Bell
companies and involved rebuilding that plant to a large
extent. The year 1906 has seen additions to construction
which not only enabled the companies to take care of the
2,241,367 subscribers connected with the system on the first
of January 1906 and the nearly 500,000 added during the
near 1906, bu t which resulted in plant conditions, based on
scientific study, which will enable the growth of future years
to be taken care of with an econom y and efficiency due to
the application of the most approved methods of w ork. Con­
stant additions will have to be made to the plant, but they
will largely be on predetermined lines, utilizing, extending
and rounding out the systematic plant conditions that now
exist.
The effort has been made to design buildings and provide
central office equipm ent that will not be exhausted in a
short tim e. Careful engineering studies have been made
of nearly all the large cities in the country, open wires have
been displaced to a large extent, and underground construc­
tion and aerial and underground cables have been installed
that were not merely adequate for the grow th then in sight,
but for a substantially larger grow th. The lines upon which
increases of plant should be made have been laid out in ad­
vance, so as to fit into the work now done.
The same general engineering plan has characterized
the work of our companies in their toll-line equipm ent. It
has been necessary to erect from time to time lines of poles
which carried a single circuit, or only a small num ber of
circuits, no larger num ber being required to do the business
between the points connected b y the pole line. E very cir­
cuit added to such a pole line reduces the cost of the installa­
tion per circuit m ile, and it is a satisfaction to know that the
num ber of miles of wire per mile of pole line has increased
from 5.6 January 1 1900 to 9.4 January 1 1907. For the
year 1906 the increase in miles of pole lines was 9,334, while
the increase in miles of wire was 195,937, the ratio being
more than tw enty to one.
Another, and b y no means the least important., advantage
of systematic engineering, such as now characterizes our w ork,
lies in the fact that, b y reason of it, we shall be much better
able to meet prom ptly and satisfactorily the demands of
the public for good service.
It does not seem extravagant to say that, as the result of
the work of the past few years, the companies have started
on a new line of developm ent, in so far as plant and business
are concerned, which is of the utm ost im portance and sure
to result in better service and more econom ical operation,
and thereby in distinctly better returns on the investm ent
than would otherwise have been the case.
As an indication of the extent to which the companies
have built for the future, attention is called to the fact that
at the present time not less than $25,000,000 are invested
in circuits in cable that are not yet in use, but all of which
will soon be in service, and that pole and conduit facilities
are now installed which will take care of a very large num ber
of cables over and above those that now exist.
Large expenditures will be required in the future, as in
the past, to enable our companies to do the business that is
forced upon them b y the increasing demand for telephone
service. It is the opinion of your Directors that the plant
was never in better condition to meet the demand upon our
com panies, and that the additions to it whioh are surely
necessary will not only result in a proper return, but will
create an adequate revenue from a substantial portion of
the plant that now exists which in the nature of the case
has not yet been utilized.
The extensive building for the future and the very high
cost of labor and material during the past year have som e­
what increased the cost per station added to the Beil system
over the corresponding costs of 1905. The cost per mile of
toll wire did not increase.
There is no reason to question the validity of the state­
ment made in the last Annual R eport that the reduction in
the cost of construction per unit, which has been so sig­
nificant during the past few years, will continue to charac­
terize the business as it develops.
As has been the case for many years, there are certain
portions of the country in which the return from the business
is not satisfactory. These are for the most part localities
in which our companies had not been able to cover the field
rapidly enough to supply the demand for telephone service,
and were, therefore, particularly exposed to com petition.
As stated in prior reports, the unintelligent views of our
com petitors as to what rates for service are possible have
created conditions in the portions of the country to which
reference is now m ade, under which neither they nor the Bell
companies are getting proper returns for the service ren­
dered. These conditions are sure to correct themselves in
tim e, particularly as almost everywhere, except in some of

A p r . G 1007.]

the com paratively few places in which new prom otion
schemes are being exploited, our com petitors have discovered
their mistake and are as anxious to raise their rates as they
form erly were to do business at a loss. W e have now
developed our plant, business and organization in most of
these localities to such an extent as to have the situation in
hand, and have now only to proceed on sound lines to es­
tablish such relations with the public as will enable us to
secure a fair return for the service rendered. There are
definite indications that the public in these localities appre­
ciates the situation to a greater extent than ever before,
and that it will ultim ately co-operate to secure the adequate
telephone service \vhich it needs, by encouraging our com ­
panies to make the readjustm ent of rates that is necessary
to enable us to give that service under fair conditions.
In by far the greater part of the country rates are estab­
lished and m aintained, with the approbation of the public,
which permit the reasonable return required b y the Bell
companies to enable them to meet the demands of those who
use the telephone.
Considering the difficulties in telephone rate-m aking, and
the fact that even now there has not been sufficient experi­
ence, with the constantly changing phases of the business,
to make it possible to establish rigid theories fitting all con­
ditions, it is a satisfaction to find that the complaints made
as to the rates of the Bell companies are com paratively few
in num ber, and are generally based upon some special fea­
ture of the system em ployed in a particular locality, and not
upon the scheme of rates as a whole.
The so-called Independent telephone companies, which
are in com petition with the Bell companies throughout the
United States, have, as far as can be learned, except in a
few localities, made no relative gain. It is a matter of com ­
m on notoriety that many of them recognize that their situa­
tion is unstable. Comparatively few new Independent
plants have been established in com petition with the Bell
during the past tw o years. A num ber of franchises for com ­
peting companies have been granted in various cities, but
during the year 1906, and up to the present time in the year
1907, substantially no work has been done under any of the
franchises in the more im portant places. The investors
from whom Independent telephone promoters have secured
m oney in the past are apparently less inclined than form erly
to make the advances required to install telephone exchanges
under the very unfavorable conditions, am ong others the
excessive cost of material and labor and the high rates for
m oney, which now prevail. The known financial situation
of some of the larger Independent enterprises undoubtedly
also operates to check such investm ent.
In spite of the fact that during the past year a large por­
tion of the time and energy of the executive officers of the
Bell companies has been absorbed in construction work and
in the extension of the plant and business, the character of
the service throughout the country has undoubtedly im ­
proved. Effort is everywhere made to keep the service at a
proper standard and to im prove it. The time and thought
of hundreds of engineers and traffic men is devoted, not only
to applying the present methods of giving service as effificiently as possible, but to finding o u t, by careful and intelli­
gent study, methods of operation and of handling the busi­
ness that will lead constantly to better and more efficient
service. Substantial progress has been made in this direc­
tion; and while the service in this country is conceded to be
the best in the w orld, there is every reason to believe that it
can and will be im proved as the result of the comprehensive
and intelligent efforts that are being made to that end.
There was during the year 1906 at least the usual amount
of destruction of plant b y sleet storms, washouts and fire.
The San Francisco catastrophe undoubtedly inflicted upon
the plant of the Pacific States Com pany, which operates on
the Pacific Coast, a greater injury than any telephone plant
ever suffered before. If it had not been for this disaster,
the Pacific States Com pany would have gained not less than
thirty thousand subscribers more than it did in fact gain.
The telephone plant in San Francisco has been rebuilt and
the service restored to a surprising extent.
As stated in the last Annual R eport, convertible 4 % bonds
of the com pany to the amount of §100,000,000 were sold in
February 1906. By the terms of the contract, bonds to the
am ount of $30,000,000 were taken and paid for during that
year. Construction work proceeded so rapidly throughout
the country that, during the year, it became necessary for
the com pany to obtain m oney on short-time notes to secure
the funds required in anticipation of the paym ents on the
bonds. On the first of January 1907 its short-time obliga­
tions am ounted to about $21,000,000. It also became evi­
dent that if the great commercial developm ent throughout
the country, w hich was taxing the resources of practically
every public service com pany, 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 com pany to the end of the year 1907, as
had been expected.
In January 1907, therefore, the com pany sold three-year
5 % notes to the am ount 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 com pany will be paid when due,
and on May 1 1907 the $20,000,000 three-year 5 % notes of
e com pany, due that d a y , will be paid.




817

THE CHRONICLE.

The gross revenue 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. In spite of the a b ­
norm al financial condition s, which involved unusual interest
charges, the very great investm ent in construction, m uch of
which did not becom e revenue-producing during the year,
and the high cost of labor and material, the net returns from
the business as a whole were not reduced, although there was
not the increase which would have been made if the condi­
tions had been more nearly norm al. All things considered,
the financial results were satisfactory. Y our Directors be­
lieve that for the year 1907 the financial results of the busi­
ness of your companies will be substantially better than in
the year 1906.
The gross revenue of the companies above given does n ot
include the Bell Com pany of Canada, nor does it take into
account the revenue of the Western Electric Com pany. The
business of that com pany for the year 1906 was the largest
in its history.
Appended hereto, as usual, are a series of com parative
statistics showing certain phases of the developm ent of
the business of the com pany and its associated com panies.
For the Directors,
F R E D E R IC K P. F IS H ,
President.
IN S T R U M E N T S IN T H E H A N D S O F B E L L L IC E N S E E S ,
UNDER RENTAL.
The fig u res in lower lin e show in crea se fro m y e a r to y ea r.
D e c . 20
D e c . 20
D e c . 20
D e c . 20
D e c . 20
190 1.
190 0.
1897.
1898.
1899.
2 ,5 2 5 ,6 0 6
1 ,9 5 2 ,4 1 2
1 ,1 2 4 ,8 4 6
1,5 8 0 ,1 0 1
919 ,121
5 7 3 ,1 9 4
372 ,311
146 ,494
2 05 ,725
4 5 5 ,2 5 5
D e c . 31
D e c . 31
D e c . 31
D e c . 20
D e c . 31
190 6.
1904.
1905.
1903.
1902.
7 ,1 0 7 ,8 3 6
4 ,4 8 0 ,5 6 4
5 ,6 9 8 ,2 5 8
3 ,7 7 9 ,5 1 7
3 ,1 5 0 ,3 2 0
1,2 1 7 ,6 9 4
1 ,4 0 9 ,5 7 8
701 ,0 4 7
624 ,714
629 ,197
T O L L L IN E S IN T H E U N IT E D S T A T E S O F T H IS C O M P A N Y A N D
T H E C O M P A N IE S A S S O C IA T E D W I T H I T .
Jan. 1
Jan. 1
Jan. 1
Jan. 1
Jan. 1
1898.
190 4.
190 5.
1 90 6.
1907.
130 ,178
1 3 6 ,5 4 7
1 45 ,535
1 5 4 ,8 6 9
M iles o f P o le L i n e s . . . 67,791
97 5 ,7 0 2
1 ,1 2 1 ,2 2 8
1 ,2 6 5 ,2 3 6
1 ,4 6 1 ,1 7 3
M iles o f W ir e __________324 ,883
T O L L C O N N E C T IO N S .
T h e a v era g e d a ily n u m b e r o f t o ll co n n e c tio n s Is--------------------------4 6 1 ,5 1 9
O r a to t a l p e r y e a r o f a b o u t --------------------------------------------------------------1 4 8 ,6 0 9 ,0 0 0
E X C H A N G E S O F T H E B E L L C O M P A N I E S IN T H E U N I T E D
J a n .1
Jan. 1
Jan. 1
Jan. 1
189 8.
190 4.
190 5.
190 6.
E x ch a n g e s ______________
1 ,0 2 5
1,609'!
B ra n ch O ffic e s ___________
937
2.131J
4 ,0 8 0
4 ,5 3 2
M iles o f w ire o n p o le s a n d
b u i l d i n g s ......................... 341 ,0 9 1 1 ,3 5 8 ,1 4 0 1 ,6 5 4 ,3 7 9 2 ,1 5 9 ,5 6 7
M iles o f w ire u n d e r g r o u 'd 2 8 2 ,634 1,6 1 8 ,6 9 1 1 ,8 8 8 ,7 6 0 2 ,3 4 5 ,7 4 2
M iles o f w ire s u b m a r in e .
2,6 7 5
6 ,3 5 8
6,671
9 ,3 7 3
T o t a l m iles o f w ir e ______626 ,4 0 0 2 ,9 8 3 ,1 8 9 3 ,5 4 9 ,8 1 0 4 ,5 1 4 ,6 8 2
T o t a l C ircu its ____________ 295 ,9 0 4
798 ,9 0 1
930 ,251 1 ,1 3 5 ,4 4 9
T o t a l E m p l o y e e s . ............. 16,682
5 3 ,7 9 5
5 9 ,451
7 4 ,7 1 8
T o t a l S ta tio n s .................... 384 ,2 3 0 1 ,5 2 5 ,1 6 7 1 ,7 9 9 ,6 3 3 2 ,2 4 1 .3 6 7

STATES.
Jan. 1
1907.
4 ,8 8 9
2 ,7 5 4 ,5 7 1
3 ,2 4 1 ,4 7 1
11,690
6 ,0 0 7 ,7 3 2
1 ,3 8 4 ,1 7 5
9 0 ,3 2 4
2 ,7 2 7 ,2 8 9

E X C H A N G E C O N N E C T IO N S .
T h e e s tim a te d n u m b e r o f e x c h a n g e c o n n e c t io n s d a ily in th e
U n ite d S ta te s , m a d e u p fro m a c tu a l c o u n t in m o s t o f th e
e x c h a n g e s , is ____________________________________________________
1 6 ,4 7 8 ,0 5 8
O r a to ta l p e r y e a r o f a b o u t --------------------------- -------------------------------- 5 ,3 0 5 ,9 0 0 ,0 0 0
T h e n u m b e r o f d a ily ca lls p e r s ta tio n va ries in d iffe re n t e x ­
ch a n g e s, th e a v era g e th ro u g h o u t th e U n ite d S ta tes b e in g
a b o u t ____________________________________________________________
6
L E D G E R B A L A N C E S D E C . 31 1906.
D eb tors—
C o n stru ctio n , E q u ip m e n t a n d S u p p lie s --------------------------------- $ 4 0 ,3 3 6 ,7 7 6 14
T e le p h o n e s _______________________________________________________
1 0 ,2 4 4 ,8 1 7 39
R e a l E s t a t e _____________________________________________________
2 ,9 0 8 ,0 9 8 46
S to c k s an d B o n d s _______________________________________________ 1 8 2 ,3 5 7 ,2 3 8 15
P a te n t A c c o u n t ---------------------------------------------------------------------------2 6 1 ,3 8 4 35
M a ch in e r y , T o o ls a n d S u p p lie s ------------------------------------------------4 2 ,2 9 9 10
Cash a n d D e p o s it s _____________________________________________
3 ,0 1 8 ,0 2 4 43
N o te s a n d A c c o u n t s R e c e iv a b le _______________________________
6 7 ,5 2 1 ,9 7 7 14
A m e rica n Bell T e le p h o n e C o _________________________________
2 2 .1 1 0 .4 0 0 00
O ld C o lo n y T r u s t C o ., T r u s t e e _______________________________
2 5 ,0 0 0 ,0 0 0 00
$ 3 0 3 ,8 0 1 ,0 1 5 16
CvcditOTS——
C a p ital S t o c k ____________________________________________________ $ 1 5 8 ,6 6 1 ,8 0 0
S u rp lu s___________________________________________________________
8 ,0 2 7 ,4 5 4
C o n v e rtib le B o n d s _____________________________________________
3 0 ,0 0 0 ,0 0 0
C olla tera l T r u s t B o n d s -------------------------------------------------------------- S 3 .0 0 0 .0 0 0
(C o lla te ra l)................................ .................
2 5 ,0 0 0 ,0 0 0
F iv e P e r Cen t N o te s d u e M ay 1 1 9 0 7 ________________________
2 0 ,0 0 0 ,0 0 0
R e s e r v e s ___________ - _________________________. - j _______________
9 ,1 0 8 ,1 3 8
N o te s a n d A c c o u n t s P a y a b le _________________________________
3 1 ,3 5 8 .4 1 1
C o n tin g e n t_______________________________________________________
1 8 .6 4 5 ,2 1 0

00
52
00
00
00
00
81
58
25

$ 3 5 3 ,8 0 1 ,0 1 5 16

COMPARATIVE STATEMENT OF EARNINGS AND
E a rn in g s —

EXPENSES.

D ividen ds ..................................................................$ 8 ,8 9 7 ,8 7 9 95
Rental of Instruments _______________________ 3 ,8 9 6 ,1 5 1 27
Telephone Traffic ____________________________
6 ,5 2 9 ,5 5 6 82
Real Estate.....................................- ................
8 2 ,3 8 4 46
Interest............................................... - ............ 2 ,3 0 6 ,8 5 8 79

190 5.

1906.
$ 1 0 ,2 8 1 ,4 3 7 60
4 ,5 1 8 ,9 9 0 66
7 ,5 2 2 .0 8 2 31
6 7 ,2 9 6 29
2 ,1 3 6 ,2 9 0 96

$2 1 ,7 1 2 ,8 3 1 29

$ 2 4 ,5 2 6 ,0 9 7 82

E x p en se s —

Expenses of Administration ________________ $ 1 ,3 1 3 ,5 8 6 32
Interest and Taxes ___________________________ 3 ,5 7 8 ,6 8 1 86
Telephone Ti'affic____________________________
3 ,7 8 6 ,5 2 4 72

_
$ 1 ,6 2 9 ,8 0 2
5 ,2 8 8 ,4 1 3
4 ,6 3 6 ,9 4 4

_
85
95
26

$ 8 ,6 7 8 ,7 9 2 90

$ 1 1 ,5 5 5 ,1 6 1 0 6

Net Revenue .................... .........................................$137034,038 39
Dividends Paid _______________________________ 9 ,8 6 6 ,3 5 5 00

$ 1 2 ,9 7 0 ,9 3 6 76
1 0 ,1 9 5 ,2 3 3 50

B alan ce ..................................................................$ 3 ,1 6 7 ,6 8 3 39
Carried to Reserves_________________________
Carried to Surplus___________________________

$ 2 ,7 7 5 ,7 0 3 26

$ 1 ,7 4 3 ,2 9 5 16
1 ,4 2 4 ,3 8 8 23

$ 1 ,7 7 3 ,7 3 6 62
l ,0 0 1 ,9 f 6 64

$ 3 ,1 6 7 ,6 8 3 39

$ 2 ,7 7 5 ,7 f 3 26

W M . R . D R IV E R

T reasurer.

THE CHRONICLE.

[V o l.

l x x x iv

.

SLOSS-SHEFFIELD STEEL & IRON COMPANY.

S E V E N T H A N N U A L R E P O R T — F O R T H E FISCAL Y E A R E N D E D N O V E M B E R 30 190G.

PRESIDENT’ S REPORT.

To the Stockholders of the Sloss-Sheffield Steel & Iron Company:
Gentlemen:— In our last annual report reference was made
to the unprecedented production and consum ption of iron in
this coun try, when the production was thought to be about
the lim it of our ability to produce. The production for the
past year, how ever, shows a still further increase o f 2,300,000
gross tons over that of the previous year, and still the con­
sum ptive capacity at work seems to have increased even
greater than the production, as evidenced b y the sharp a d ­
vance in prices, the premium paid-for spot iron and the im ­
portation of a considerable am ount o f iron from Europe.
The great increase in production in 1905*>ver that of 1904
(over 6,000,000 tons) prevented any advance in prices in
1905 until the last two months of the year, when an advance
of $1 per ton was established. During last year, however,
with a still further production of over 2,300,000 tons, the
supply was not equal to the dem and, and the price of No. 2
iron at Birmingham advanced from $13 50 in June and July
to $15 50 b y September, which price continued to be main­
tained for deliveries during the first half of 1907, and in De­
cem ber the price was further advanced to $19 for deliveries
during the third and fourth quarters of 1907, while iron for
prom pt delivery brought from three to four dollars per ton
more.
Alabam a did not share proportionately in the great in­
crease in the production of iron, having produced on ly about
70,000 tons more than in 1905, when a strike of the miners
at the coal mines of all the furnace companies but one in the
Birmingham District more seriously interfered with the op­
eration of the furnaces than during last year. The failure
o f Alabam a to show a proportionate increase in production
must be attributed somewhat to the scarcity of labor, but
more largely to the failure o f some of the railroads to handle
the raw material for the furnaces, which we had occasion to
refer to in our last report. The labor situation was som e­
what im proved during the year, but some of the railroads
seemed less able to handle their business than during the
previous year, and your furnaces were frequently banked
for from a few hours to a day for the want of coke, when
train loads of it were standing on sidings within a few hours’
run of the furnaces, w hich, despite our every effort, it seemed
impossible to get placed in tim e. This, of course, decreased
your output of iron, added to the cost and produced bad
working of the furnaces.
The problem of handling the furnace material in this
State, as well as other freights, is a ssrious one, for while the
railroads are b eg :nning to realize that additional facilities
must be provided, adverse legislation, both national and
State, is rendering it difficult for the railroad companies to
secure the m oney necessary to make these im provem ents.
The furnaces of your Com pany produced 31,000 tons less
iron than in 1905, while the output of coal fell off 90,000 tons,
and that of coke 20,000 tons, which must be attributed en­
tirely to the causes before enumerated.
The profits for the year were further curtailed b y the
failure to secure cars for the shipm ent of pig iron, which
forced us to carry over into the present year a large tonnage.
Altogether last year was a most trying one in m any ways
certainly for those in the iron and steel business in the South,
and it would seem that the South, at least, was undertaking
to handle more business than can be done profitably. A
striking illustration o f this is the heavy increase in gross
earnings of m any of the railroads and the large decrease in
net earnings. Y our Com pany earned about $200,000 less
than in 1905, although the delivery price o f iron averaged
eighty-five cents a ton m ore, which was due to the higher
cost, caused to a great extent b y our inability to get the rail­
road service which we should have had. The marked ad­
vance in the price of iron did not take place until about the
close of your- fiscal year, and as your Com pany had sold
large am ounts of iron for future delivery at prices prevailing
during the earlier months of the year, the average price of
our deliveries during the year was below $13 00.
The strike of our coal miners, which continued for over two
years, was officially declared off last August, and the mines
are now being operated on the open-shop basis.
Notwithstanding the adverse conditions prevailing, the
net earnings of your Com pany during the year, after deduct­
ing for depreciation, charging off to cost a fair proportion of
the am ounts expended for im provem ents to your plants, a
very considerable am ount to cover extraordinary expenses
growing out of the strike of your miners, and other things
which should not occur again, were sufficient to pay the full
dividends on both the preferred and com m on stocks and carry
a small am ount to surplus account, which, as will be seen by
statem ent attached, is now $2,723,322. The working capital
shows a decrease of a little over $200,000, which must be
accounted for b y the large am ounts spent during the year
in opening new coal and ore mines ($183,000 having been
spent on one coal m ine), im proving your furnaces, providing
additional equipm ent in the w ay of steam shovels, dinkey




j locom otives and large side dump tram cars for the brown
| ore mines at Russellville and paying for the one-third interest
in the North Alabam a Furnace Com pany. As no new se­
curities are issued to meet the paym ents for such im prove­
ments, they must be paid out of earnings or W orking Capital.
The latter is still more than ample for all the requirements
of the Com pany, and more than double the am ount provided
and thought to be much more than sufficient at the time the
Com pany was organized.
B LA ST FU R N A C E S.
No. 2 furnace was out of blast from Decem ber 15 1905 to
July 3 1906, during which time it was refitted.
The Philadelphia furnace Avas put out of commission
July 1 1906, and has since then been undergoing repairs,
and additional boilers, a new stove and skip hoist, with other
im provem ents, are being installed.
The Lady Ensley furnace was put in repair while out of
blast during the spring and early summer, and went into
blast July 1.
Y our other furnaces operated during the entire year.
An additional stove was built during the year at both the
Hattie Ensley and Lady Ensley furnaces. During the year
your Company bought the one-third interest ow ned b y out­
side parties in the North Alabam a Furnace' Com pany, in­
cluding the bonds, so that you now own all of the bonds and
the entire Capital Stock of that Com pany.
CO AL M IN ES.
The heavy construction work at Bessie Mine has been
practically com pleted, and the output of the mine is steadily
increasing, as the slope is extended
roviding more w orking
placcs.
A considerable am ount was spent during the year at Flat
Top Mine in im proving conditions there, and the results of
operation are already more satisfactory than they had re­
cently been, and we hope a still fui er im provem ent will be
shown in the near future.
Smaller amounts have been spent at other mines and
charged against the cost of coal.
Your E xecutive Committee towards the close of the fiscal
year made large appropriations for new work at Iv y and
No. 1 Blossburg mines, including at the form er the building
of a new washer, a new tipple, changing the tracks, etc.;
but as yet nothing more than prelim inary work has been
done, as the work must be carefully considered and planned
and an agreement reached with the railroad com pany re­
garding a change of the tracks.
During the strike of the miners several of your smaller
mines, am ong them Crocker H ollow , Cardiff and E Mine
at Coalburg, were closed dow n, but they were all put in op ­
eration again during the year.
IR O N O R E M INES.
The slope on the Irondale vein of ore at your Ruffner No. 1
Mine is being steadily driven, and we are now loading ore
from both the Irondale and “ Big Seam” veins, over one tip­
ple, and ore is being loaded in the cars, crushed, at a moderate
cost. As the work has progressed we have been more and
more impressed with the value of this mine, and Prof.
Prouty, Assistant State G eologist, in a carefully prepared
interview refers to it as "th e already fam ous mine.
A dd i­
tional hous?s were built there for the accom m odation of
m iners.
A new compressor was installed at Sloss Mines, and the
foundations are being built preparatory to assembling all of
the compressors for both slopes under one roof.
Under the appropriation made b y the E xecutive Com­
mittee in O ctober, a new washer is under construction at
your Russellville brown ore mines (making five), the Central
pumping station is being entirely overhauled and changes
made, one and a quarter miles of standard railroad track is
being constructed, additional boilers installed, and other
construction work is being done, while the equipm ent there
has been increased during the year b y the addition of four
steam shovels (making tw elve), seven dinkey locom otives
(making tw enty) and fifty-four large side-dum p tram cars;
and three more dinkeys and forty tram cars will be added
in the near future. The operation o f these mines for the past
year was n ot' satisfactory. The output decreased* 17,000
tons, and the cost of the ore was too great. A change of
management was made towards the close of the year, and
we hope for better results during the present year.
Herewith arc published statements of Resources and
Liabilities, of Earnings, Gross Receipts and Expenditures,
and W orking Capital in business.
Respectfully subm itted, b y order of the Board of D irectors,
J. C. M A B E N ,
President.
Birmingham, March 1907.

819

THE CHRONICLE.

A p e . 6 1907. j

ST A TE M E N T
S L O S S -S H E F F I E L D S T E E L & I R O N C O M P A N Y , F I S C A L Y E A R r
E N D I N G N O V E M B E R 30 1906.
R esources.
P r o p e r ty A c c o u n t ________________________________________________ $ 21 ,257 ,96 5 39
T rea s u ry S e c u r itie s_______________________________________________
2 4 4 ,2 1 8 11
39 2 ,5 5 7 17
S to c k s a n d B on d s o f o t h e r C o m p a n ie s _________________________
C ash, Bills a n d A c c o u n t s R e c e iv a b le ___________________________
1 ,4 7 8 ,8 5 2 48
S u p p lies, R a w a n d F in ish ed M a te ria l, a t c o s t __________________
4 0 0 ,1 4 8 04
S to c k s in C o m p a n y ’s stores a n d w a r e h o u s e s a t c o s t __________
148 ,087 62
E x tr a o r d in a r y R e p a ir a n d R e n e w a l F u n d ____________________
8 2 ,8 5 0 26
In su ra n ce an d T a x e s u n e x p lr e d ------------------- -----------------------------6,2 2 8 29
$ 2 4 ,0 1 0 ,9 0 7
L ia b ilities.
C a p ita l S t o c k , P r e fe r r e d ____________________________ $ 6 ,7 0 0 ,0 0 0
C o m m o n ____________________________ 1 0 ,0 0 0 ,0 0 0
-$ 1 6 ,7 0 0 ,0 0 0
S loss Iro n & S teel C o m p a n y :
M o rtg a g e 6 % B o n d s, 1 9 2 0 - - - ................................_ $ 2 ,0 0 0 ,0 0 0
434% “
1 9 1 8 _______________________ 2 ,0 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
45 9 ,6 8 8
C u rren t A c c o u n t s ____________________________________________
99,591
P a y R o lls (cu rren t m o n t h )__________________________________
P ro fit a n d L o s s ___________________________________________________
2 ,7 5 1 ,6 2 7

00

00
74
46
16

S L O S S -S H E F F IE L D S T E E L & IR O N C O M P A N Y F O R F IS C A L Y E A R
E N D IN G N O V E M B E R 30 1906.
P ro fit o n P ig Iro n sh ip p e d :
A fte r ch a rg es a ga in st co st fo r d ep re cia tio n o n iron ore;
tw e n ty -fiv e cen ts ($0.25) p er to n o n iron fo r e x tr a o r ­
d in a ry repairs a n d ren ew als a n d p ro fit o n c o k e _________
$9 7 5 ,4 6 2 78
P ro fit o n c o a l a fte r d e p r e c ia t io n _________________________________
4 1 ,9 6 8 36
P r o fit o n c o k e ____ __________ ______________________________________
7 9 ,9 4 4 56
R e n ts, R o y a ltie s , S tores a n d o th e r r e v e n u e s___________________
182 ,574 36
In terest a n d E x c h a n g e ___________________________________________
37,251 32
$ 1 ,3 1 7 ,2 0 1 38
.L o s s 2,401 25
$ 1 ,3 1 4 ,8 0 0 13
D ed u ction s__
G eneral E x p en se n ot c h a rg e d in C ost S h e e ts -----------$ 64 ,895 05
T a x e s an d L ic e n s e ________________ ______ _____________ 39,061 79

e r c ia l

T im

e s .

COMM ERCIAL E P IT O M E .
Friday Night, A pril 5 1907.
Trade is still good, prices are very generally steady, the
m oney market has becom e easier and in the world of general
business confidence is still the dom inant note.
M a rch 1! A pril 1
1907.
1906.

Lard _________________________ ____tierces
Cocoa________________________________ bags
Coffee, Brazil_________________________ bags
Coffee, J a v a _________________________ mats
Coffee, oth e r ________ ________________ bags
Sugar __________________________ hogsheads
Sugar __________________________ bags, &c.
Hides______________________ __________ No.
Cotton__ ___ - _______________________ bales
Rosin__ _____ ______________________ barrels
Spirits turpentine___________________ barrels
Tar__________________ _____ _________barrels
Saltpetre ____________________________ bags
Manila hemp_____- __________________»bales
Sisal hemp___________________________ bales
Flour____________________ barrels and sacks

L A R D on the spot has ruled steady. The dem and has
increased slightly, bu t is still of small proportions. City
8 % c . and Western 9 .1 0 @ 9 .1 5 c. Refined lard has been
steady with trade quiet. Refined Continent 9.5 0c., South
Am erica 10.25c. and Brazil in kegs 11:25c. The market
for lard futures at the West has shown irregularity, bu t the
fluctuations in prices have been within moderate limits.
D A IL Y

103 ,956 84
.

m

S tocks o f M erch a n d ise.

$2 4 ,0 1 0 ,9 0 7 36

Y e a r ’s B on d In terest-

C o m

36

ST A TE M E N T SH O W IN G E A R N IN G S .

L ess, O re an d d o lo m ite sales, a n d N ew O rleans A g e n c y ------

1 ‘f t e

$ 1 ,2 1 0 ,8 4 3 29
210 ,0 0 0 00

C L O S IN G P R I C E S O F L A R D F U T U R E S IN C H IC A G O .
Sat.
M on.
T u es.
W ed .
T h urs.
F r i.
M a y d e liv e r y ____________ 8.95
9 .0 2 ^
8 ,9 5
8 ,8 5
8 ,9234
J u ly d e liv e r y ____________ 9.0 5
9 .1 5
H o ll9 .0 5
8.97
9 .0 2 }4
S e p te m b e r d e liv e r y ______9 .1 2 1 4 9 .2 2
day.
9 .1 5
9 .0 5
9.1 2

P O R K on the spot has been easy but changes in q u ota­
tions have not been marked. Trade has been quiet. Mess
$17 50 @ $ 18 25, clear $17 25 @ $ 19 25 and fam ily $19 5 0 @
$20. Cut meats have been somewhat firmer in tone, owing
to the smallness of supplies, but where advances have been
Y e a r ’s Surplus a fte r D iv id e n d s . _______ ______________ - _______
$31 ,843 29
made they have been mainly nominal, sales during the week
S urplus N o v e m b e r 30 1905 ____ ' _______________________________ 2 ,6 9 1 ,4 7 8 81
having been extrem ely small. Pickled shoulders 9 % @ 1 0 c .,
Su rplu s N o v e m b e r 30 1906 ____________________________________ $ 2 ,7 2 3 ,3 2 2 10
pickled hams 12@ 12^gc. and pickled bellies, 1 4 @ l0 lbs.,
1 0 J ^ @ llc . Tallow has been dull and easier at 6 }^ @ 6 % c .
W O R K IN G C A P IT A L .
for City. Stearines have been quiet and steady. Oleo
N O V E M B E R 30 1906.
93^c. and Western 10c. Butter has been in moderate de­
C a sh , Bills an d A c c o u n t s R e c e iv a b le ____________________________ $ 1 ,4 7 8 ,8 5 2 48
mand and steady; creamery, extras, 303^ @ 31c. Cheese has
R a w an d F inished M aterial o n h an d a t c o s t ------------------------------4 0 6 ,3 3 9 21
M erch a n d ise a n d S u p p lies in C o m p a n y ’s stores a n d w a re ­
quiet but firm, with stocks small; State factory, fan cy, 15c.
hou ses a t c o s t ________________________________ _______ __________
148 ,087 62
Eggs have been active and easier; Western firsts 16 3 ^ @ 1 6 % c.
In su ra n ce a n d T a x e s u n e x p ir e d --------------------------------------------------6 ,2 2 8 29
5 7 1 ,8 8 6 65
T re a s u ry S ecu rities, S to c k s an d B o n d s a t m a rk e t v a l u e ------ -O IL .— Cottonseed has been quiet and easier. Prime sum­
mer yellow 45@.46c. and prime winter yellow 51c. Linseed
$ 2 ,6 1 1 ,3 9 4 25
has been dull. The tone has been easier of late bu t prices
Contra—
P a y R o lls (cu rren t m o n t h ) .......... ......... ............................ $99,591 46
are not quotably changed. City, raw, American seed, 4 2 @
A c c o u n t s P a y a b le (cu rre n t b u s in e s s )_______________ 4 5 9 ,6 8 8 74
43c.; boiled 4 3 @ 4 4 c. and Calcutta, raw, 70c. Lard has
B ills P a y a b l e ____ _________ ___________________________
N one.
5 5 9 ,2 8 0 20
been quiet but firmer; prime 7 7 @ 7 9 c. and No. 1 extra 5 8 @
60c. Olive has been moderately active and irregular; yel­
B a la n ce W o r k in g C a p ita l in B u sin ess------------------------------------- $ 2 ,0 5 2 ,1 1 4 05
low 80 @ 9 0 e. and green 7 0 @ 7 5 c. Cocoanut has been quiet
ST A T E M E N T SH O W IN G G ROSS R E C E IP T S , E X P E N ­ ■and steady; Cochin 10 % c. and Ceylon 9 % @ 1 0 c . Peanut
D IT U R E S A N D N E T SU R PLU S .
has been quiet and steady; yellow 5 0 @ 6 0 c. Cod has been
F O R Y E A R E N D I N G N O V E M B E R 3 0 T H 1906.
quiet; dom estic 3 8 @ 4 0 c. and Newfoundland 4 0 @ 4 2 c.
1905.
1906.
Changes.
C O FFEE on the spot has been quiet and steady. R io
$ 6 ,2 9 0 ,0 1 4
$ 5 ,7 4 7 ,0 7 5
In c . $54 2,93 9
No. 7, 6 % @ 7 c ., and Santos No. 4, 8^ g@ 8 34 c. West India
_ 4 ,9 3 8 ,2 6 8
4 .1 8 1 ,8 3 8
I n c . 7 5 6 ,4 3 0
growths have been quiet and steady; fair to good Cucuta
8 ^ 2 @ 9 J^c . The market for future contracts has been^dull
.$ 1 ,3 5 1 ,7 4 6
$ 1 ,5 6 5 ,2 3 7
D e c .$213,491
21 0 ,0 0 0
210 ,0 0 0
bu t firm. There has been an absence of selling pressure,
and small purchases for local and Wall Street account.
.$ 1 ,1 4 1 ,7 4 6
$ 1 ,3 5 5 ,2 3 7
D e c .$213,491
140,902
150,157
D e c.
9,2 5 5
The closing prices were as follows:
Surplus fo r 1 9 0 6 . . . ................................................................................. $ 1 ,0 0 0 ,8 4 3 29
D iv id e n d s P a id :
7 % o n P referred S to c k _________________________ $ 4 6 9 ,0 0 0 00
5 % “ C om m o n
“ ____________________________ 5 0 0 ,0 0 0 00
v
-----------------9 6 9 ,0 0 0 00

$ 1 ,0 0 0 ,8 4 4

$ 1 ,2 0 5 ,0 8 0

D e c .$204,236

— W e invite our readers’ attention to the advertisement
in to-d a y ’s issue of N. W . Harris & Co. of this city, offering
investors $400,000 Laclede Gas Light Co. 5 % 30-year gold
bonds, due April 1 1934. This com pany operates under
perpetual franchises, and owns and controls the entire gas
business of the city of St. Louis, the fourth largest city
in the United States. Circular on request.
— William H. Case and John N. Cutler will have personal
charge of the branch office which C. Schumacher & Co. of
25 Broad Street have opened this week on the first floor of
the Tribune Building at Park R ow . This new office, op ­
posite City Hall Park, is very convenient to Brooklyn Bridge
and has all the New Y ork Stock Exchange facilities, the same
as the dow n-tow n headquarters of the concern.
— Denison & Farnsworth have issued an April circular de­
scribing at length a number o f municipal bond issues, legal
investments for savings banks, to which they invite the at­
tention of investors. The firm have offices at 24 Milk St.,
Boston; Guardian Building, Cleveland, and Drexel Building,
Philadelphia, to any of which offices requests for the circu­
lars may be made.
— J. M. Fiske & Co., 42 Broadw ay, members of the New
YoVk Stock Exchange, announce the opening of a branch
office in the Em m et Arcade, corner 59th St. and Madison
Ave. PI L. Gilbert, form erly a member o f the New York
Stock Exchange and a curb broker since 1893, with G ood­
win D. Beattie, will have the joint management of the firm ’s
uptown office.




M a r c h ___________ 5 .8 0 c .
A p r i l ____________ 5 .8 5 c .
M a y ______________5.si0c.
J u n e ______________5 .8 0 c .

J u l y ______________5 .7 5 c .
A u g u s t ___________ 5 .7 5 c .
S e p te m b e r _______ 5 .7 5 c .
O c t o b e r __________5 .7 0 c .

N o v e m b e r ______5 .7 0 c .
D e c e m b e r _______ 5 .7 0 c .
J a n u a r y __________5 .7 5 c .
F e b r u a r y ________ 5 .7 5 c

S U G A R .— Raw has been firm in the main. Offerings have
been light and refiners have been moderate buyers of Cubas
for late April and May shipment. Centrifugal, 96-degrees
test, 3.58c.; m uscovado, 89-degrees test, 3.11c., and molasses,
89-degrees test, 2.86c. Refined has been moderately active
and firm; granulated 4 .6 0 @ 4 .7 0 c. Teas have been fairly
active and steady. Spices have been in moderate jobbin g
demand and firm. H ops have been more active and steady.
P E T R O L E U M has been active and firm. Refined, bar­
rels, 8.20c.; bulk 4.75c. and cases 10.65c. Naphtha has been
active and firm; 7 3 @ 7 6 degrees 18c. in 100-gallon drums.
Gasoline has been active and steady; 86 degrees 21c. in 100gallon drums. Spirits of turpentine has been dull and weak
at 72@ 72J^ c. Rosin has been fairly active and firm; com ­
mon to good stramed $4 55.
TO BAC CO .— The market fdr dom estic leaf has continued
quiet. A rather better demand is noted for light Connecti­
cut wrappers, however, as they are considered relatively
cheaper than other varieties. Havana has been dull and
firm. At the last Sumatra inscription lower prices prevailed,
the new crop being of unsatisfactory quality, and as a conse­
quence an increased demand is reported for the old crop.
C O P P E R has been quiet and easier; lake 24J^@.25c., elec­
trolytic 2 4 J 4 @ 2 4 i^ c. Lead has been dull and easier at 6.10c.
Spelter has been quiet and easy at 6 .7 5 @ 6 .80c. Tin has
been quiet and easier; Straits 39 % c . Iron has been steady
and more active; No. 1 Northern $23 2 0 @ $ 24 70, No, 2
Southern $22 75 @ $ 24 .

THE CHRONICLE.

820

[V o l .

Friday Night, A pril 5 1907.
T H E M O V EM E N T OF T H E CR O P as indicated b y our
telegrams from the South to-night is given below . For
the week ending this evening the total receipts have reached
109,008 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.
S a t.
6,481
P o r t A r t h u r ____
C o r p u s C h r is ti, & c
N e w O rle a n s ____

5,4 8 6
7 ,0 6 5
294

M on.

T u es.

W ed .

8,571

7,1 4 9

T h u rs.
4,136
5,0 3 4

5,398

F ri.

6.498
3,8 8 0
54

37,673
5,0 3 4
11,9 8 4
25,1 1 0
1,607

’ "722
4,6 8 3
234

9,2 8 3
5,829
1,156

" '2 7
721
147
162
213
293

1,2 0 4
429

5,141
544

5,1 3 8
109

2 ,682
177

1,496
1,146
230

2,227

1 ,5 8 1

1,576

1,681

11

321

212

148

"2 7 4
1,592
375
22
10
516
65

149 ,
1,1 2 0

3
965

"2 8 5
263

” 40
652

746

~~96
250

"2 0 7
455

"3 7 4
1,0 8 5

4

46

175

’ "7 7 8
5,313
522
861
2,759
809
290

13,035

17,476

13,689

16,184

23,572 109 ,008

G e o r g e t o w n ____

P h ila d e lp h ia ____
T o t a ls th is w e e k .

25,052

The follow ing shows the w eek’s total receipts, the total
since Sept. 1 1906, and the stocks to-n ight, com pared with
last vear:
1 9 0 6 -0 7 .
R eceip ts to
A p r i l 5.
G a lv e s t o n .

This
w eek.

37,6 7 3 3 ,6 0 3 ,0 8 6
5,034
128,798
11,984
40,3 0 0
25,110 2 ,1 0 4 ,0 3 8
1,607
239 ,777
123 ,240
6,871
9,283 1 ,3 6 4 ,5 4 4
5,829
159,530
1,156
143 ,783
1,095
778
311 ,5 2 4
516 ,039
5,313
522
34,943
861
16,821
2.7 5 9
66,973
809
52,783
6,336
290

T h is
w eek.

S in c e S ep
1 1905.

1907.

190 6.

2 6 6 ,2 3 3

140 ,7 2 3

238,201
21,469

2 2 1 ,6 3 4
27,901

72,391
11,978
10,949

7 2 .4 7 0
4 ,2 3 5
18,862
! ...........7,1 2 0
33,541

34,228 2 ,2 9 9 ,6 1 0
1 11 ,696
31,097
3 2 ,016 1 ,3 8 8 ,1 6 3
2,366
207 ,325
128 ,807
255
16,059
24,322 1 ,2 6 9 ,2 1 3
163,209
2,148
158,095
1,733
74
1,117
1,731
287,781
550 ,122
6,720
19,106
598
4,7 8 6
940
54,652
499
57,147
1,187
436
7,012

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

. . 109 ,008 8,9 2 0 ,4 8 1 109,253 6 ,7 5 4 ,9 9 7

853 ,6 9 5

____

C o r p . C h rlstl, & c .
N e w O r l e a n s ___
M o b ile ____________
J a c k s o n v ille , & c .
S a v a n n a h ________
B r u n s w ic k '_______
G e o rg e to w n .
W i lm i n g t o n ______
N o rfo lk
_______
N e w p o rtN e w s, & c.
N e w Y o r k _______
B o s t o n ___________
B a ltim o r e ________
P h ila d e lp h ia -!___
T o t a l _______

S tock.

19 0 5 -0 6 .

S in c e S ep
1 1906.

__

1 5 7 ,8 7 6
7,174
10,601
2,633
7 0 4 ,7 7 0

In order that comparison m ay be made with other years,
we give below the totals at leading ports for six seasons:
R eceip ts at—

1906.

1907.

1905.

1904.

1903.

1902.

G a lv e s to n , & o
N e w O rle a n s .
M o b i l e _______
S a v a n n a h ___
C h a r le s to n ,& c
W ilm in g ’n ,& c
N o r f o l k ______
N ’ p o r t N ., & c
A ll o th e r s ____

54,691
25,110
1,607
9,283
1,156
778
5 ,3 1 3
522
JO,548

34,228
3 2 ,016
2,366
24 ,322
1,807
1,731
6,720
598
5 ,4 6 5

7 1 ,7 5 3
55,781
2,979
19,091
2,917
5,658
12,3 0 4
468
12,969

12,917
11,292
295
3,958
107
224
6,9 5 9
998
3,3 8 3

13,454
27,780
1,551
14,882
46
490
4,899
148
4,1 7 6

25,408
2 6 ,737
66
7,7 6 0
300
522
3,597
416
5,802

T o t a l th is w k .

1 09 ,008

109 ,2 5 3

183 ,920

4 0 ,133

6 7 ,426

70,618

S in ce S e p t. 1 . 8 ,9 2 ) ,481 6 ,7 5 4 ,9 9 7 7 ,8 8 9 ,2 1 0 6 ,7 4 1 ,7 4 2 7 ,7 8 9 ,0 1 0 6 ,9 4 9 ,8 7 8

The exports for the
o f 197,629 bales, of
38,012 to France and
Below are the exports

week ending this evening reach a tota
which 81,311 were to Great Britain,
78,306 to the rest o f the Continent.
for the week and since Sept. 1 1906:

Week ending A pril
Exported to—
Exports
from—

Great
ContiBritain. Fr'nce . nent.

1907.

Total.

From Sept. 1 1906 to A pril 5 1907.
Exported to—
Great
Britain. France.

G a lv e sto n ____ 30,42313,718 43,576 87,717 1,565,468421,178
P ort Arthur___
5,034; ____
5,034
56,962; _____
Corp. Christ i,&c
New O rlean s.. 26,541 23,984
3",236 53", 761 8 2 l‘,983258",830
M o b ile _______
4,491! ____
100 4,591
68,524 28,059
53,277 26,432
Fernandina . .
Savannah ____
6",769 6,769 142,845 46,208
75,492' . .
Charleston____
....
115",021 fi.OOO
N orfolk . . . . .
2,367 . . .
N ewport News
4,420;
New Y o r k ____
7,767 "3 i0
7,741 15,818 155,847 35,713
B o s t o n __
430 6,664 113,758!
6,234
B a ltim o re ____
645
1,186
67,533! 6,083
1,831
32,600
Portland, M e ..
176
III
176
7,0081
San Francisco.
"504
504
Seattle ______
13,299 13,299
T a c o m a ______
1.465
1,465
Portland, O re.
P e m b in a _____
D etroit_______
’ 9",579 IIIII

.....

.....

.....

---

Conti­
nent.

i Total.

931,550 2,918,196
71,836 128,798
1,547
1,547
672,909 1,753,722
55,178 151,761
52,349 132,058
100!
100
642,350 831,403
48,812 124,304
21,393
21,393
176,463! 297,484
3,897!
6,264
694S
5,114
165,421 356,981
16,884 130.642
61,584 135,200
2,700,
35.300
----------;
7,008
70,825
70,825
76,647
76,647
37,123
37,123
400,
400
2,959
2,959
--------9,579

T o t a l ______

81,31138,012 78.306 197,629 3,292,684 828,5033,113,621 7,234,808

Total 1905-06.

81,630 13,822 64,304 159,7562,463,980 617,168 2,138,890 5,220,038

In addition to above exports, our telegrams to-night also
give us the follow ing am ounts o f cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New Y ork.




A p r i l 5 at—

G reat
B ritain . F r a n ce

C oa st­
G er­
Other
m a n y . F o r e ig n w ise.

N e w O r le a n s ..
G a lv e s t o n ____
S a v a n n a h ____
C h a r le s to n ____
M o b i l e ________
N o rfo lk j ______
N e w Y o r k ____
O th e r p o r t s ___

7,445
51,517
2,060

2,800
6,800

"2 5 0

1,500
5,700

T o ta l 1 9 0 7 ..
T o t a l 1 9 0 6 ..
T o ta l 1 9 0 5 ..

70,7 8 2
30,851
76,631

11,520
10,440
16,989

56,574
54,080
30,209

4 ,5 7 0
6,700

"1 6 0

17,275
28,374

Total.

L eavin g
stock.

4 .500
1.500

1.167 55,7 7 8
3.168 106,570
7,427
1,150
300
300 _
3 ,8 8 5
19",591 19,591
9,050
14,000

182,423159,663
64,964
10,649
17,584
8,581
1 58,869
34,361

52,349
27,225
22,122

25,376 216,601
1 9,210 141,806
24,961 170 ,912

6 37 ,094
5 62 ,964
4 72 ,192

25,321
16,811
4,217

3",725

T otal.

5,938

P e n s a c o l a _______
J a c k s o n v ille , &c_

____
N o r fo lk
N ’ p o r t N e w s , & c.
N e w Y o r k _______

.

On S h ipb oard , N o t Cleared fo r —

COTTON.

R eceip ts at—

l x x x iv

Speculation in cotton for future delivery has been on a
very small scale and prices have been irregular within a.
correspondingly contracted com pass, the net changes for
the week being trifling. For a time they declined, owing toa steady fall of quotations in Liverpool, rather m ore favorable
weather in the Southwest, needed rains falling in some
sections, and, finally, a dribbling out of cotton from dis­
couraged bulls. M oreover, last w eek’s statistics, showing a
much smaller decrease in the visible supply than for the
same time last year, and disappointingly light spinners’
takings, were b y no means unheeded, and had, in fact, a
noticeably depressing influence for a tim e. By the middle of
the week, however, reports began to be circulated to the
effect that exhaustion of supplies was imminent in Texas,
Oklahoma and Arkansas, and late W ednesday afternoon a
sudden m ove against the shorts b y leading bull interests
here, accompanied b y reports of rather liberal buying in
this market b y St. Louis spot interests led to a sharp ad­
vance, considering the narrowness o f the market. More­
over, of late the receipts both at the ports and the interior
towns have been running behind those of tw o years ago with
sufficient regularity to encourage the bulls to believe that
the long predicted falling off in the crop m ovem ent had actu­
ally set in. It looked, however, as though the rise o f Wednes­
day and Thursday was due in no small degree to bull manipu­
lation and covering b y Board-room shorts, including some
who have been rather prom inently identified with the bear
side. One great drawback has been the smallness of the
“ future” trading, 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 o f 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 in Texas, Arkansas and Tennessee,
and, in fact, it would appear, rather generally in the lower
Miss'ssippi Valley. M oreover, 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 increass will be made
in the acreage, while some of the reports com ing to hand
ind'cate that the sales of fertilizers are larger than recently.
H ouston’s estimated receipts for to-m orrow were so large as
to excite com m ent, 'bu t the rains in Texas and the dulness
of speculation were the most depressing factors. There is
also said to be some disposition to sell 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 11c., showing an advance for the week of 5 points.
The rates on and off middling, as established N ov. 21 1906
b y the Revision Committee, at which grades other than
m iddling m ay be delivered on contract, are as follows:
F a ir...................... c . 2 .0 0 on Strict low m id .-C - 0.14 off |Middling tin g e d .c. 0.12 oft
Strict mid. fa ir...- 1.75 on Fully low m id____0.32 off Strict low m id.ting 0.46 oft
Low m iddling____0.50 off j Low mid. tinged- - 0.90 oft
Middling fair......... 1.50 on
Barely mid. fa ir -- 1.25 on Barely low m id__ 0.70 off ; Strict g’d ord. ting 1.25 oft
Strict good m id___1.00 on Strict good o rd ___0.90 off ] Fully mid. stained 0.42 oft
Fully good m id___0.88 on Fully good o rd ___1.07 off; Middling stained- - 0.50 off
Good ordinary-----1.25 off Barely
mid.stained 0.78 oft
Good m iddling____0.76 on _________
.
______________
Barely good m id .. 0.57 on [ Strict g 'd mid. tgd. 0.30 on Strict low m . stain. 1.50 oft
Strict m iddling__ 0.38 on I Good mid. tinged. Even Fully 1. m. stained 1.75 off
Middling _________ Basis I Strict mid. tinged. 0.06 off |Low mid. stained. 2‘ 00 oft

On this basis the official prices for a few o f the grades for
Sat.

U PLAN D S.
G o o d O r d in a r y .
L o w M id d lin g - .
M i d d l i n g _______
G o o d M id d lin g M id d lin g F a i r . .
GULF.
G o o d O r d i n a r y . . ..........
L o w M id d lin g --------------M id d lin g ............... ...........
G o o d M id d lin g ...............
M id d lin g F a i r . ...............
S T A IN E D .
L o w M id d lin g ----------------M id d li n g ------------------------S tr ict L o w M id . T in g e d .
G o o d M id d lin g T i n g e d . .

Mon.

T ues.

9 .7 0
10.45
10.95
11.71
12.45

9.65
10.40
10.90
11.66
12.40
9.90
10.65

Wed.
9.70
10.45
10.95
11.71
12.45

Thurs.

Fri.

9.75
10.50
11.0 0

11.76
12.50

9.75
10.50
li.oo11.76
12.50

10.00
10.75
11.25
12.01

10.00
10.75
11.25
12.01

11.96
12.70

11.91
12.65

9.95
10.70
11 .2 0
11.96
12 .7 0

8.9 5
10.45
10 .4 9
10.95 t
1

8 .9 0
10.40
10.44
10 .9 0

8.95
10.45
10.49
10.95

9.95
10.70

11.20

11 .1 5

12.75

1 2 .7 5

9.00
10.50
10.54
11 .0 0

9.0 0
1 0 .5 0
10 .5 4
1 1 .0 0

N E W Y O R K Q U O TATIO N S FO R 32 Y E A R S .
The quotations for middling upland at New York on
1 9 0 7 .c . . . . .1 1 . 0 0
1 9 0 6 ____ ..1 1 . 7 0
1 9 0 5 ____ . . . 8 .1 5
19 0 4____ . . . 1 5 . 0 0
1 9 0 3____ . . . 1 0 . 2 5
190 2____ . . . 9.19
1 9 0 1 ____ . . . 8.44
1 9 0 0 ____ . . . 9.75

1 8 9 9 .c . ____ 6 .1 9 1 8 9 1 .C . . . . . 9 .0 0 1 8 8 3 .c ___ . .1 0 . 0 0
189 0 ____ . .1 1 . 4 4 188 2____ ___1 2 .0 5
1 8 9 8 - . . ____ 6.19
7.38 1 8 8 9 ____ . . . 1 0 . 2 5 1 88 1____
1 0 .7 5
1 8 9 7 .. ____
1 8 8 8 ____ . . . 9.81 1 8 8 0 ____ ___12.88
1 8 9 6 .. ____ 7.88
18 8 7 ____ . - . 1 0 . 6 2 1 8 7 9 ____ . . . 1 1 . 1 2
1 8 9 5 .. ____ 6.38
18 8 6 _____ . . 9.25 1 87 8____ . . . 1 0 . 5 6
1 8 9 4 .. . ____ 7 .7 5
1 8 8 5 ____ . . . 1 1 . 1 9 1 8 7 7 ____ . . . 1 1 . 5 5
1 8 9 3 . . ____ 8.38
1 8 8 4 ____ . . . 1 1 . 5 6 1 8 7 6 ____ . . . 1 3 . 3 8
1892 _ . _____ 6.69

_

821

THE CHRONICLE.

.

I

_

_

W eek .
11,432
4,5 8 9
750
2,811
551
8,4 7 3

.45,0 80 1 ,4 5 0 ,3 2 3

28 ,6 0 6

9 7 4 ,0 6 9

. 4,719
9,547
. 5,439

142 ,913
68,741
4 8 ,7 2 0

3,062
589
2,753

123 ,597
17,3 4 8
34,9 5 4

19,705
T o ta l t o b e d e d u c t e d ____________ 19,705

2 60 ,374

6,404

175,899

.25,375 1 ,1 8 9 ,9 4 9

22,202

798 ,170

4 ,5 2 5 ,6 5 8
6 .1 0 d .
1 1 .6 0 c .
10 9^d.
8 .7 5 d .
5 ? id .
5 9 -1 6 d .

4 ,2 2 2 ,8 7 7 3 ,1 3 6 ,5 1 6
4 .2 7 d .
8 .2 8 d .
8 .0 5 c .
1 5 .3 5 c.
7 5 -1 6 d .
9> $d.
lO.OOd.
1 0 .5 0 d .
4 5 -1 6 d .
7 9 -1 6 d .
4^d.
7 3 -1 6 d .

Continental im ports past week have been 113,000 bales.
The above figures for 1907 show a decrease from last week
o f 56,643 bales, a gain o f 789,801 bales over 1906, an ex­
cess of 1,032,582 bales over 1905 and a gain of 2,178,943
bales over 1904.




_

W eek .
1 3,424
4,061
2,284
1,652
1,172
.22,487

D ed uct sh ip m en tsI n la n d , & c.

a I n c lu d n g m o v e m e n t b y rail t o C a n a d a .

The foregoing shows the w eek’s net overland m ovem ent
has been 25,375 bales, against 22,202 bales for the w eek
last year, and that for the season to date the aggregate
net overland exhibits an increase over a year ago of 391,779
bales.
----------19 0 6 -0 7
I n Sight and S p in n er s ’
S in c e
T a k in gs.
W eek . _ S ep t. 1.
8 ,920,481
R e c e ip ts a t p o r ts t o A p ril 5 ________ 1 09 ,008
1,1 8 9 ,9 4 9
N et o v e r la n d t o A p ril 5 ______________ 25,375
1 ,4 6 6 ,0 0 0
S o u th e rn c o n s u m p tio n t o A p ril 5 . 48,0 0 0

-1 9 0 5 -0 6 --------S in c e
W eek .
S ep t. 1.
109 ,253 6 ,7 5 4 ,9 9 7
22,202
7 9 8 ,1 7 0
4 6 ,0 0 0 1 ,4 3 3 ,0 0 0

.1 8 2 ,3 8 3 1 1 ,5 7 6 ,4 3 0
370,643
.« 1 8 ,7 9 5

177,455 8 ,9 8 6 ,1 6 7
a 3 5 ,5 1 6
345 ,5 5 9

.1 6 3 ,5 8 8

141 ,939

T o ta l E a st In d ia , & c .................... 1,4 3 3 ,0 0 0 1 ,5 3 4 ,0 0 0 1 ,2 2 0 ,0 0 0 1 ,0 6 6 ,0 0 0
T o t a l A m e r i c a n .............................. 3 ,8 8 2 ,4 5 9 2 ,9 9 1 ,6 5 8 3 ,0 0 2 ,8 7 7 2 ,0 7 0 ,5 1 6
T o t a l v is ib le s u p p ly .......................5 ,3 1 5 ,4 5 9
M id d lin g U p la n d , L iv e r p o o l______
6 .0 3 d .
M id d lin g U p la n d , N ew Y o r k _____
1 1 .0 0 c .
E g y p t , G o o d B r o w n , L i v e r p o o l .. 11 5 -1 6 d .
P e r u v ia n , R o u g h G o o d , L iv e r p o o l
9 .0 0 d .
B r o a c h , F in e, L iv e r p o o l__________
5H d.
T ln n e v e lly , G o o d , L iv e r p o o l ........... 5 5 -1 6 d .

- 1 9 0 5 -0 6 S in c e
S ep t. 1.
4 12 ,4 4 5
180,26840,34481,0 5 4
46,998
2 1 2 ,9 6 0

S in ce
S e p . 1.
672,931
1 96 ,665
68,389
7 1 ,1 5 3
47.361
3 93 ,824

A p r i l 5—
S h ip p ed —

A p ril

116 ,000
7 5 ,0 0 0
104,000
11,000 12,0 0 0
12,000
10,000
9 ,0 0 0
12,000
5 2 ,0 0 0
3 5 ,000
56,000
126 ,000
1 15 ,000
230 ,000
6 1 ,0 0 0
3 9 ,0 0 0
29,000
1 61 ,000
2 0 4 ,0 0 0
221 ,000
9 9 7 ,0 0 0
7 3 1 ,0 0 0
402 ,0 0 0

-

2 ,0 7 0 ,5 1 6

.

2 ,9 9 1 ,6 5 8 3 ,0 0 2 ,8 7 7

O V E R L A N D M O V EM E N T FO R T H E W E E K AN D
SINCE SE PT. 1.— We give below a statement showing
the overland m ovem ent for the week and since Sept. 1,
as made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
4 8 0 ,7 3 6

T o t a l A m e r i c a n ............ ................ 3 ,8 8 2 ,4 5 9
E a st In d ia n , B r a z il, & c .—
L iv e r p o o l s t o c k ____________________
128 ,000
L o n d o n s t o c k ........................................
9 .0 0 0
M a n ch ester s t o c k __________________
14,000
C o n tin e n ta l s t o c k __________________
7 0 ,0 0 0
In d ia a floa t fo r E u ro p e ....................
2 1 7 ,0 0 0
E g y p t , B ra zil, & c ., a flo a t ................
4 6 ,0 0 0
S to c k in A le x a n d ria , E g y p t ...........
192 ,000
S to ck In B o m b a y , I n d ia ..................
7 5 7 ,0 0 0

5,066,660 92,328

T o t a l v is ib le s u p p ly .......................5 ,3 1 5 ,4 5 9 4 ,5 2 5 ,6 5 8 4 ,2 2 2 ,8 7 7 3 ,1 3 6 ,5 1 6
O f th e a b o v e , to ta ls o f A m e r ic a n a n d o th e r d e s c r ip tio n s are as fo llo w s :
A m e r ica n —
L iv e r p o o l s t o c k .......................b a l e s . l ,1 3 0 ,0 0 0
9 4 6 ,0 0 0
7 2 0 ,0 0 0
4 61 ,000
M a n ch ester s t o c k . ..............................
6 6 ,0 0 0
5 7 ,0 0 0
4 0 ,0 0 0
53,000
C o n tin e n ta l s t o c k . _______ _________ 8^ 9,0 0 0
4 4 3 ,0 0 0
5 3 7 ,0 0 0
575 ,000
A m e r ic a n a floa t fo r E u r o p e _______ 504 ,1 9 5
3 47 ,289
4 5 2 ,0 0 0
183 ,000
U . S. p o r t s t o c k s . . ________________
8 5 3 ,6 9 5
704 ,7 7 0
6 4 3 ,1 0 4
5 1 6 ,2 3 6
U . S. In terior s t o c k s - .......................
4 6 6 ,9 1 9
4 8 0 ,7 3 6
5 7 2 ,5 5 6
259 ,8 6 7
U . S . e x p o r ts t o - d a y . - . ....................
3 2 ,6 5 0
12,863
29,2 1 7
22,413

I

1 ,2 7 3 ,0 0 0
2 3 0 ,0 0 0
183,000
29,000
221 ,000
4 0 2 ,0 0 0
5 16 ,236
2 5 9 ,8 6 7
2 2 ,4 1 3

466,91956,812

1 ,4 3 7 ,0 0 0
1 15 ,000
4 5 2 ,0 0 0
39,0 0 0
2 0 4 ,0 0 0
7 3 1 ,0 0 0
643 ,1 0 4
5 7 2 ,5 5 6
29,2 1 7

The above totals show that the interior stocks have de­
creased during the week 18,795 bales, and are to-n ight
13,817 bales less than at the same time last year. The
receipts at all the towns have been 14,657 bales more than
the same week last year.
_

F r id a y ,
W eek .
631 ,0 0 0

.

Thursday,
A pril 5.

T o t a l E u ro p e a n s t o c k s .................. 2 ,2 4 6 ,0 0 0 1 ,6 3 5 ,0 0 0
I n d ia c o t t o n a ilo a t fo r E u r o p e ___
2 17 ,000
126 ,000
A m e r ic a n c o t t o n a flo a t fo r E u ro p e
5 0 4 ,1 9 5
3 4 7 ,2 8 9
E g y p t ,B r a z il,& c ., aflt. fo r E u ro p e
4 6 ,0 0 0
61,0 0 0
S to c k in A le x a n d r ia , E g y p t ______
1 9 -,0 0 0
161 ,000
S t o c k in B o m b a y , In d ia . . - ...........
7 5 7 ,0 0 0
9 9 7 ,0 0 0
S t o c k In U . S . p o r t s _______________
8 5 3 ,6 9 5
7 0 4 ,7 7 0
S to c k In U . S . In terior t o w n s ______
46<>,919
4 8 0 ,7 3 6
U . S. e x p o r t s t o - d a y .........................
32,650
12,863

5 7 2 ,0 0 0

_

W ednesday,
April A.

9.40

4 9 5 ,0 0 0

642 ,0 0 0
13,000
324 ,000
4,0 0 0
213 ,0 0 0
3,0 0 0
31,000
3 8 ,000
5,000

.

Tuesday,
A pril 3.

9.30@
— .

8 9 9 ,0 0 0

8 6 5 ,0 0 0
10,000
3 3 4 ,0 0 0
1,000
142 ,000
3,0 0 0
3 1 ,0 0 0
4 6 ,0 0 0
5 ,0 0 0

M ovem ent to
April 5 1907. M ovem ent to A p ril 6 1906.
------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------~— ;
R eceipts.
Ship- I Stocks
R eceipts.
.
Ship- , Stocks
------------------------------------------------------------------------------------------------------------------------------------------------------ ments. ' April ----- 1ments.
W eek. , Season.
W eek.
5.
W eek.
Season. | W eek. !
6.

M on d a y,
A pril 2.

— ,
— .

9.40
—

T o t a l C on tin en ta l s t o c k s . ...........

1 ,1 4 0 ,0 0 0
10,000
2 3 3 ,0 0 0
_______
188 ,000
4 ,0 0 0
9,0 0 0
4 3 ,0 0 0
8 ,0 0 0

.

1.

-----------@
---------- —

-----------@
9.35 —

—

9.56
9.37@
9.61,
9.49 —
—
—

—

T o t a l G rea t B rita in s t o c k ...........1 ,3 4 7 ,0 0 0
14,000
S to c k a t H a m b u r g ......................... .
S t o c k a t B rem en ................................ 4 5 0 ,0 0 0
S t o c k a t A n t w e r p ________________
_______
27..',000
S t o c k at H a v r e . ________________
S t o c k a t M a rseilles........................... _ .
3,0 0 0
S t o c k a t B a r c e l o n a ________ ______
1 « ,0 0 0
S t o c k at G e n o a ...................................... 131 ,000
13,000
S t o c k a t T r i e s t e ...................................

A l a b a m a _________________________________________________________________________________________________________ 47!
21,46076;
1,2052 4 ;
22,53680
3,500
"
.............................................................................................................................................................................................
806
166,198 421
13,343 1,585! 157,5312,624
2 9 ,1 5 4
“
...................................................................................................................................................................................
130
105,574 339
1,8541,109
99,0131,516
10,557
A r k a n s a s ......................................................................................................................................................................................
267
64,9652,543;
9,724203
53,199! 766
4,8 8 8
“
..................................................................................................................................................................................
1,775
228,6053,145! 36,076 2,010
162,373 2,708
4 5 ,782
Georgia
...............................................................................................................................................................................
3
22,85710
1,72442
29,07278
4 ,7 3 6
“
. - - ...............................................................................................................................................................
220
104,7001,327
8,117785
81,444 1,167
16,609
“
.......................................................................................................................................................................
400
140,529 1,717
12,68433
37,740513
4,800
“
2,621: 342,167
4,627
27,998
2,615
330,571
9,029: 61,0 5 4
“
- - -420;
52,886
1.340
12,558
343
69,818
574
2 0 ,3 9 6
“
46^
55,127
81
2,067
183,
57,035
577
8,1 3 9
5,9 8 7
“
___________________________________________________________________________________
643
49,064667
4,2539 8 4 1
39,1741,253
K e n tu c k y , n e t ____________________________________________________________________________
114|
6,94794
3209 2 j
6,454{ 6 7 j
150
L o u is i a n a _______________________________________________________________________________ 799
190,3282,172
11,325842!
98,2781 4,165
17,055
M iss i s s i p p i ____________________________________________________________________________
132
50,233121
6,031544|
35,252! 5 7 l!
7 ,9 4 3
“
..................................................................................................................................
247
63,8691,356
3,265150
41,605386
2,000
“
350
79,857
1,050
10,500
1 0 0 1 62,470
1,000
7,3 0 0
“
. .
402
91,674
588
6,290
890|
63,799
1,372
21.9 4 0
“
- - - - 199
72,806
232
8,528
297
45,323
1,077;
6,532
“
■
408
84,1141,991
18.758152|
68,504! 2,70l| 12,087
“
-73
54,921
492]
5,416
342
52,220
2,040j
4 ,1 0 2
Missouri
.. ___________________________________________________________
15,132
700,55013,424! 41,120 9,752
443,001 1 1 ,4 3 2 1 4 1 ,3 3 2
North C a ro lin a _______________________________________________________
85
16,469389
696217
11,807155
896
O h io ........................................................................................................................ - ....................
3.491
121,437 3,266
11,5882.327
126,5951,844
18,429
South C a ro lin a ...............................................................................................
138
19,443522
1,799168
15,031217
6,281
15,573
842,781 20,195;153,290 8,341
740,22616,209
6 4 ,463
T e n n e s s e e .....................................................................................................
843168
1 0 ,3 8 8 !234
1,616
“
..................................................................................................
937
13,189472 i
T e x a s .......................................................................................................
31
16,529102
1,729198;
8,842^ 202
1,409
“
....................................................................................................
117
39,004439.
43127!
12,43737
150
“
- __________________________________________ ___________
37
99,552484:
5534 3 8 1 78,362 842
1,273
“
............................................................................................ - ..................... 44
33,73189
21121;
18,54069!
850
“
- _____________________________________________
25,727 2,784,363 26,424| 51,723 2 1 ,139|1,923,220! 25,980| 4 7 ,0 4 6
“
.....................................................................................
55j 102,87169
9006 9 1 :
64,800_ 843.
2,300]

A p ril

@
—

------------------------------ @
--- @
-----------@
-----------@
--------------------------- —
------ —
---------- —
---------- —
J
@ ---------------------@
------------- @
-------------------------------@
9.32
9 .2 4 — 9.26
9 .3 7 — 9.39
9 .4 2 — 9.44
9 .3 3 —
„. I
9.37@
9.53
9.53®
9.61
9.47@
9 .5 2 — 9.53
9 .57— 9.58
9 .4 8 —

--------@
— —
@
— 9.42@
—
9 .5 5 — 9.57
9 .6 1 — 9.63
9 .51— 9.53 —

A p r i l 5—
*
190 7. 1906.
190 5.
1904.
S t o c k a t L i v e r p o o l ________ b a l e s . l , 2 5 8 ,0 0 0 1 ,0 6 2 ,0 0 0 8 0 4 ,0 0 0
565 ,0 0 0
S t o c k a t L o n d o n .............................. 9 ,0 0 0 11,000
12,000
12,000
S t o c k a t M a n c h e s t e r ______________
8 0 ,0 0 0 6 7 ,0 0 0
4 9 ,0 0 0
65,000

Towns.

—
—

9 .3 0
9 .31—

—

T H E V IS IB L E S U P P L Y OF COTTON to-night, as made
up b y cable and telegraph, is as follow s. Foreign stocks,
as well as the afloat, are this w eek’s returns, and conse­
quently all foreign figures are brought dow n to Thursday
evening. But to make the total the com plete figures for
to-n ight (F riday), we add the item of exports from the
United States, including in it the exports of F riday only.

E u fau la!
M o n tg o m e r y .
Selma
H elen a ,
Little R o c k ,
A lb a n y ,
A th en s,
A tla n ta ,
A u g u sta ,
C olu m bu s,
Macon
R om e,
L ou isv ille,
S h re v e p o rt,
C olu m bu s,
G reen ville,
G reen w ood ,
M eridian,
N a tch e z,
V icksburg',
Yazoo City,
St. L ou is,
R a leig h ,
C in cin n ati.
G re e n w o o d ,
M em phis.
N ash ville.
B ren h am ,
C larksville.
Dallas
Honey G rove,
H o u s to n ,
Paris,

9.71
—

I

9.69
9.48@
9.62 —
—

9.73
—

6,838,800 90,264

9.63@
9 .60—

9.68
9.52@
9.63 —
—

9.96
—

I

9.62@
9 .6 1 —

9.90
9.72@
9.83 —
—

“

9.94
9.81 @ 1 0 .0 2
9 .9 0 —
—
—

71,469

9.38@
9.42
9 .3 9 — 9.40

9.73
9.73

9.81@
9 .8 2 —

9.89@
9 .8 9 —

1

9.42@
9.49
9 .4 5 — 9.46

9.69@
9 .72—

9.96
9.93

9.42@
9.47
9.43@
9.60
9.60@
9.71
9 .4 4 — 9.45
9 .5 9 — 9.60
9 .67— 9.68
O
9.48@
9.51 —
@
— 9.65@
9.71
9 .4 8 — 9.49
9 .6 2 — 9.64
9 .7 0 — 9.71

9 .4 2 —
@
9 .4 1 — 9.42

9.52@
9.54
9 .6 6 — 9.67

9.87@
9 .9 2 —

I

-- @
9.49

9.86
9.87

9.87 —

..............................................................................- .................

9.49@
9.52
9 .5 2 —
—

9.53@
9.56
9 .5 3 — 9.54

9.72@
9 .8 6 —

-----------@
9.97
9 .8 5 —

T ota l, 33 towns

9 .5 2 —
—
9 .5 5 — 9.56

@
9 .4 7 —

9.61
9.62

9.73@
9.77
9 .7 4 — 9.75

-----------@
-----------@
9 .8 9 — 9.91
9 .9 5 —

Saturday,
March 30.

H

9.60@
9 .61—

9.82
9.82

----------- ®
9 .7 7 — 9.79

9.93@ 10 .02
9 .9 9 — 10.00

9.58@
9.67
9.42@
9.71|
9 .5 8 — 9.59 —
—
—

L
I

9.78@
9 .8 1 —

-- @
9.85

9.93
9.94

D

A
Y

—
@
9 .83—

9.84@
9 .93—

—

M a rch —
Range
Closing
A p r il—
Range
Closing
M ay—
Range
Closing
J u n e—
Range
Closing
J u ly —
Range
Closing
A u gu st—
Range
Closing
S e p t.—
Range
Closing
October—
Range
Closing
N o v .—
■Range
Closing

9.85
9.83

9.81@
9 .82—

—

9.89
9.89

—

9.98@ 10.02
9.97(3)10.11 10.10(1)10.19 1 0 .03@ 1 0.13
9 .9 7 @ 1 0 .1 9
9 .9 9 — 10.00 1 0 .1 0 — 10.11 1 0 .1 6 @ 1 0 .17 10.05—
------ —
—

---------- —
---------- —
---------- @
-----------@
— 10.0 3 — 10.05 10.14— 10.16 10.20— 10.22 10.0 9 — 10.11 —

--- --------------------—

9.86@
9 .88—

@
—

10.00@ 10.05
10 05— 10.06

—
—

DeCRang>e
Closing

JO?Range
Closing
F e b .—
Range
Closing

A T T H E IN T E R IO R TO W N S the m ovem ent— that is7
the receipts for the week and since Sept. 1, the shipmentsfor the week and the stocks to-night, and the same item s for
the corresponding period for the previous year— is set out
in detail below.

_

F U T U R E S .— The highest, low est and closin g prices at
New Y ork the past week have been as fo llo w s :

.

A p r . 6 1907.]

C am e in to sigh t d u rin g w e e k .
T o ta l in sig h t A p ril 5 ________

.........

11,9 4 7 ,0 7 3

N o rth e rn spin n ers ta k in g s t o A p r. 5 47,5 5 3

2 ,2 5 5 ,2 3 0

.......

9 ,3 3 1 ,7 2 6

3 5 ,8 5 4 1 9 35 ,530

a D e cre a se d u r in g w e e k .

M ovem ent into sight in previous years:
W e ek —
B a les.
1905— A p ril
7 ............................252 ,819
1904— A p ril
9 ............................ 7 6 ,315
1903— A p ril 1 0 ............................120 ,860
1902— A p ril 1 1 ............................ 88,2 7 2

S in ce S ep t. 1—
B a les.
1 9 0 4 -0 5 — A p ril 7 ________ 10 ,6 7 3 ,8 5 2
1 9 0 3 -0 4 — A p r il 9 .............
9 ,1 6 4 ,9 9 6
1 9 0 2 -0 3 — A p ril 1 0 ............... 9 ,5 6 4 ,7 9 5
1 9 0 1 -0 2 — A p ril 1 1 ................ 9 ,3 8 2 ,3 0 2

&22

THE CHRONICLE.

Q U O TA TIO N S F O R M ID D L IN G COTTON A T O T H E R
M A R K E T S .— Below are the closing quotations of m iddling
cotton at Southern and other principal cotton markets for
each day of the week:

[V o l .

l x x x i v -.

Little Rock, Arkansas.— Farm work is progressing fairly
well, but some interference on account of rain. Rain has
fallen on one day of the week, the precipitation being one
inch and fifty hundredths. The therm om eter haf av ­
eraged 58, ranging from 38 to 78.
C losin g Q uotations fo r M id d lin g C otton o n M emphis, Tennessee.— Farm w ork has made good progress
W eek ending
and planting has begun. It has rained on three days of the
A p r i l 5.
S a t'd ay. M o n d a y . T u esda y. W ed 'd a y. T h u rsd ’y. F r id a y .
week, the precipitation reaching ninety-three hundredths of
G a lv e s t o n ____
10 13-16 10 13-16 10 13-16 10 13 16 10 13-16
an inch. The thermometer has ranged from 36.2 to 78,
N e w O rle a n s ___
10 %
10
10 9-16
10 9-16
10 1/6
averaging 56.2.
M o b i l e __________
1014
10 %
10 J4
10 >4
10 %
S a v a n n a h ____
io %
10%
10 V,
10 14
10 14
Nashville, Tennessee.— W e have had rain the past week, the
C h a r le s t o n ______
H
10%
10%
10%
10%
10i,i
rainfall being seventy hundredths o f an in ch . Average ther­
■W ilm ington____
10%
O
10%
10%
10%
10%
N o r f o l k ________
L
11
11
11
11
11
m om eter 55, highest 78, lowest 32.
B o s t o n ___ _____
10.95
10.95
I
10.90
10.95
11.00
Mobile, Alabama.— Rain in the interior early part of week,
B a ltim o re . _
D
11
11
11
11
11
P h ila d e lp h ia ___
A
11.20
11.15
11.25
11.25
11 .2 0
follow ed by cold w ave and frost. Cotton planting is making
A u g u sta- . . . .
Y
u 14
11 %
11 V*
u H
11 H
good progress in some sections but is going ahead slowly in
M e m p h i s _______
io M
10%
10 i*
10 a
10%
S t. L o u is _______
10 %
\o%
10%
10%
others. W e have had rain on one day during the week, the
10 34
10 34
H o u s t o n ___ __
10 13-16 10'% .
10 13 16 10 13-16
precipitation being fifty hundredths of an inch. The ther­
L it t le R o c k ____
10 3-16
1 0 3 -1 6
10 M
1 0 J4
10 H
m om eter has averaged 62, the highest being 78 and the low ­
est 41.
The closing quotations to-day (Friday) at other im portant
M ontgomery, Alabama.— Everything is progressing well.
Southern markets were as follow s:
There has been rain on one day of the week, to the extent of
j R a le ig h _______________10 A
7
A t l a n t a ----------- 10 11-161 M o n t g o m e r y _______10
seventy-nine hundredths of an inch. The thermometer has
C o lu m b u s , G a . . — 10hi\ N a s h v ille __________10
1S h r e v e p o r t _________ 10
averaged 59, ranging from 37 to 84.
N E W O R L E A N S O P T IO N M A R K E T .— The highest,
M adison, Florida.— Rain has fallen on one day o f the
lowest and closing quotations for leading options in the New week, to the extent of seventy-five hundredths of an inch.
Orleans cotton market for the past week have been as fo llo w s: Average therm om eter 59, highest 85, lowest 35.
Savannah, Georgia.— Rain has fallen on tw o days o f the
S a t'd a y , M o n d a y , Tuesday, W e d ’d a y, Thursd'y, F r i d a y .
week, the precipitation being one inch and eight hundredths.
M c h . 30. A p r . 1.
A p r . 2.
A p r . 3.
A p r . 4.
A p r . 5.
The therm om eter has averaged 59, ranging from 40 to 91.
A p r i l —Augusta, Georgia.— Frost with ice in this ssction has killed
R a n g e _______
— @ — — @ — — @ — — @ — — @ —
some cotton . There has been rain on tw o days of the past
C lo s in g ______
10.12 — 1 0 .0 5 -.0 8 10.14 — 10 .2 9 — 10.2 3 —
M ay—
week, the rainfall being fifty-seven hundredths of an inch.
R a n g e ___
1 0 .1 2 -.1 6 10 .0 6 -.1 1 1 0 .0 7 -.2 0 1 0 .2 2 -.3 5 — @ —
The thermometer has averaged 58, the highest being 90 and
C lo sin g _______
1 0 .1 3 -.1 4 1 0 .0 8 -.0 9 1 0 .1 9 -.2 0 1 0 .2 9 .3 0 1 0 .2 2 -.2 3
the lowest 34.
J u ly —
Range
____
H
1 0 .1 9 -.2 4 1 0 .1 3 -.1 8 1 0 .1 3 -.2 7 1 0 .2 7 -.3 9 — @ —
Charleston, South Carolina.— It has rained on tw o days of
C lo sin g ___ ____
O
1 0 .2 1 -.2 2 1 0 .1 5 -.1 6 1 0 .2 5 -.2 6 10.3 4 .35 1 0 .2 6 -.2 7
the week, the precipitation reaching one inch and thirteen
O ctober—
L
R a n g e ___ ____
I
1 0 .0 9 -.1 3 1 0 .0 3 -.0 8 1 0 .0 6 -.1 9 1 0 .2 0 -.2 8
hundredths. The therm om eter has ranged from 37 to 91
C lo s in g _______
D
1 0 .1 1 -.1 2 1 0 .0 6 .0 7 1 0 .1 7 -.1 8 10 .2 3 -.2 4 1 1 0 .1 6 -.1 7
averaging 58.
D ecem ber—
A
1 0 .1 1 -.1 6 1 0 .0 5 -.1 0 1 0 .0 6 .2 0 1 0 .2 1 -.2 8 — @ —
R a n g e ____ __
Y
Greenwood, South Carolina.— Rain has fallen on one day
C lo s in g _____
1 0 .1 3 .1 4 1 0 .0 8 -.0 9 10 .1 8 -.1 9 1 0 .2 4 -.2 5 1 0 .1 7 -.1 8
during the week, to the extent of eighty-tw o hundredths of
Ja n u a ry—
R a n g e ______
1 0 .1 6 .2 0 1 0 .1 4 -.1 7 1 0 .1 4 -.2 4 1 0 .3 0 .3 1 — @ —
an inch. Average therm om eter 57, highest 70-, lowest 45.
C lo s in g _______
1 0 .1 8 -.2 0 1 0 .1 5 -.1 7 1 0 .2 5 -.2 7 1 0 .3 2 -.3 3 1 0 .2 3 -.2 5
Stateburg, South Carolina.— Rain in showers on Sunday to
T on e —
S p o t __________
Q u ie t.
Q u ie t.
S te a d y .
the extent of one inch and tw o hundredths, accom panied b y
F ir m .
F irm .
O p t i o n s ...........
Q u ie t.
Q u ie t.
S te a d y . S te a d y .
Q u ie t.
thunder in various directions nearly all day. A cold wave
follow ed with high northeast w'ind for two days. The ther­
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our ad­ mom eter has averaged 60, the highest being 91 and the
vices b y telegraph this evening from the South denote that low est 32.
Charlotte, North Carolina.— There has been rain the past
the weather has been fairly favorable during the week. Rain week, the rainfall being sixty-eight hundredths of-an inch.
has been quite general, and as a rule has been beneficial. A The thermometer has ranged from 31 to 89, averaging 55.
The follow ing statement we have also received by tele­
cold wave is reported from som e sections, but no com plaint
of damage is made. Farm work is making good progress and graph, showing the height of rivers at the ports named
at 8 a. m. of the dates given:
the putting in of seed is being actively prosecuted in m any
A p r i l 5 190 7. A p r i l 6 1906.
districts.
F eet. .
F e e t.
1 6 .6
14.3
Galveston, Texas.— The week’s rain was very favorable and N e w O r l e a n s -----------------A b o v e z e r o o f g a u g e .
3 4 .7
33.1
e m p h i s _______________ A b o v e z e ro o f g a u g e .
beneficial in Texas. Preparations for the crop are well in M
N a s h v ille _______________ A b o v e z e ro o f g a u g e .
10.3
27.8
5 .2
13.8
hand com pared with previous seasons. Rain has fallen on S h r e v e p o r t ______________A b o v e z e ro o f g a u g e .
4 4 .6
3 8 .8
tw o days of the week, to the extent of one inch and tw enty- V i c k s b u r g --------------------- A b o v e z e r o o f g a u g e .
IN D IA COTTON M O V E M E N T FRO M A L L P O R T S .—
six hundredths. Average therm om eter 66 , highest 76,
low est 56.
The receipts of cotton at B om bay and the shipments from all
Fort Worth, Texas.— There has been rain on three days of India ports for the week and for the season from Sept. 1 for
the past week, the rainfall being tw enty-six hundredths of three years have been as follows:
an inch. The therm om eter has averaged 62, the highest
190 5 -0 6 .
being 84 and the lowest 40.
A p r i l 4.
190 6 -0 7 .
190 4-0 5.
Palestine, Texas.— Rain has fallen heavily on tw o days of
S in ce
R eceipts a t—
S in ce
S in ce
the week, the precipitation being tw o inches and sixty-eight
W eek . S ep t. 1.
W e ek . S ep t. 1.
W eek . S e p t. 1.
hundredths. The thermometer has averaged 59, ranging
140,000 2 ,0 0 5 ,0 0 0 81 ,0 0 0 1 ,9 5 2 ,0 0 0 8 0 ,0 0 0 1 ,7 3 0 ,0 0 0
from 44 to 74.
1
Taylor, Texas.— It has rained on three days o f the week,
the precipitation reaching one inch and fifty-six hundredths.
F o r the W e ek .
S in c e S eptem ber 1.
E x p o rts fro m —
The therm om eter has ranged from 42 to 78, averaging 60.
G reat
C o n ti­
G reat
C o n ti­
San Antonio, Texas.— Rain has fallen on one day during
T otal.
B rita in . nent.
B r ita in .
Total.
n en t.
the week to the extent o f one inch and fifty-eight hundredths. B o m b a y —
Average therm om eter 64, highest 82, lowest 46.
7 2 2 ,0 0 0
1,000 64,000 65,000
688 ,0 0 0
1 9 0 6 -0 7 ______. . .
34,000
11,000 11,000
566 ,0 0 0
1 9 0 5 -0 6 ___________
523 ,0 0 0
43 ,000
Corpus Christi, Texas.— Rain has fallen on one day o f the
26,000 26,000
2 2 2 ,0 0 0
2 0 8 ,0 0 0
1 9 0 4 -0 5 ..............
14,000
past w eek , to the extent of thirty hundredths o f an inch. C a lc u tta —
5,0 0 0
81,0 0 0
1 9 0 6 - 0 7 . . . _____
77 ,0 0 0
5,0 0 0
4 ,0 0 0
The therm om eter has averaged 65, the highest being 76 and
4 ,0 0 0
67,000
72,0 0 0
1 9 0 5 -0 6 ----------------4,000
5,000
the lowest 54.
____
1 7,000
18,000
1 9 0 4 -0 5 ___________
1,000
Abilene, Texas.— W e have had a trace o f rain on one day M ad ras—
19,000
2 1 ,000
1 9 0 6 - 0 7 .. ...............
2,0
0
0
during the week. The thermometer has averaged 63, rang­
34,000
1 9 0 5 -0 6 .. _______
36,0 0 0
2,000
12,000
ing from 38 to 88.
1 9 0 4 -0 5 ___________
1 4,000
2,000
A
ll
o
th
e
r
s
—
New Orleans, Louisiana.— It has rained on tw o days dur­
____
71,0 0 0
3,0 0 0
1 9 0 6 -0 7 ___________
78,0 0 0
7,0 0 0
3,0 0 0
ing the week, the rainfall being one inch and seventy-seven
77,0 0 0
1 9 0 5 -0 6 ----------------7 ,0 0 0
10,000
87,0 0 0
7,000
79,0 0 0
------1 9 0 4 -0 5 ___________
6,000
7,0 0 0
8 6 ,0 0 0
6,000
hundredths. Average therm om eter 63.
Shreveport, Louisiana.— W e have had rain on three days T o t a l a l l —
1,000 7 ■’ ,000 7 3,000
1 9 0 6 -0 7 ___________
855,000
47,0 0 0
902 ,000
during the week, the precipitation being sixty-three hun­
___
1 9 0 5 - 0 6 .. ...............
22.000 22 ,000
6 0 ,0 0 0
701 ,0 0 0
761 ,0 0 0
dredths of an inch. The therm om eter has averaged 58,
24,000
1 9 0 4 - 0 5 . . . .............
316 ,0 0 0
------- 32,0.10 32,000
340 ,0 0 0
the highest being 74 and the low est 42.
Leland, M ississippi.— It has rained during the week, the
According to the foregoing, B om bay appears to show an
precipitation reaching ninety-three hundredths of an inch.
increase com pared with last year in the w eek’s receipts of
The thermometer has ranged from 33 to 82, averaging 55.7.
59.000 bales. Exports from all India ports record a gain o f
Vicksburg, M ississippi.— Rain has fallen on four days of
the week. The rainfall reached one inch and seven hun- 51.000 bales during the week and since Sept. 1 show an
increase of 141,000 bales.
drdehts. Average thermometer 60, highest 82, low est 40.
Helena, Arkansas.— The river is high bu t falling. This
JU TE B U TTS, B A G G IN G , & c.— The market for jute
week’s rain was beneficial. There has been rain on tw o days bagging has been w ithout anim ation the past week. Prices,
the past week to the extent of one inch and forty-three however, are nom inally unchanged at 9 ^ c . for 2 rbs.,
hundredths. The thermometer has averaged 57, the highest standard grades. Jute butts dull at 3 @ 4 c . for bagging
being 73 and the low est 40.
quality.




W O R L D ’S S U P P L Y A N D T A K IN G S OF C O TTO N .—
The follow ing brief bu t comprehensive statement indicates
at a glance the w orld’s supply of cotton for the week and
since Sept. 1, for the last tw o seasons, from all sources from
which statistics are obtainable; also the takings, or am ount
gone out of sight, for the like period.
190 5-06.

1 9 0 6 -0 7 .

C o tto n T a k in g s .
W e e k and Season

S eason .

W eek .

S ea so n .

W e ek .

4 ,6 5 9 ,8 7 1
V is ib le s u p p ly on M arch 2 9 . — 5 ,3 7 2 ,1 0 2
1,784',156
V is ib le s u p p ly S e p t. 1 ------------"141,939
163", 588 11 ,9 4 7 ,0 7 3
A m e r ic a n In sigh t t o A p r il 5 ----8 1,0 0 0
1 40 .000 2 ,0 0 5 ,0 0 0
B o m b a y r eceip ts t o A p ril 4 --------8.000
1 80 ,0 0 0
11,000
O th er In d ia s h lp ’ ts t o A p ril 4 —
4 ,0 0 0
3 .0 0 0 ' 9 0 1 ,0 0 0
A le x a n d r ia re ce ip ts t o A p r il 3__
2 22 ,000
16,000
2.000
O th er s u p p ly t o A p ril 3 . a -----------

2 ,5 4 5 ,4 7 0
9,331 ,726
1 ,9 5 2 ,0 0 0
195 .000
7 7 2 .0 0 0
343 .000

T o ta l s u p p ly ................................... 5 ,6 8 8 ,6 9 0 17,0 3 9 ,2 2 9 4 ,9 1 3 ,8 1 0 1 5 ,1 3 9 ,1 9 6
D ed u ct—
V is ib le s u p p ly A p ril 5 ----------------- 5 ,3 1 5 ,4 5 9

5 ,3 1 5 ,4 5 9 4 ,5 2 5 ,6 5 8

4 ,5 2 5 ,6 5 8

388 .152 10 ,6 1 3 ,5 3 8
278 .152 7,9 7 8 ,5 3 8
110 ,000 2 ,6 3 5 ,0 0 0

373.231 1 1 ,7 2 3 ,7 7 0
2 82.231 8 ,9 6 2 ,7 7 0
91,0 0 0 2,7(>1,000

T o t a l ta k in g s t o A p ril 5 ------------O f w h ich A m e r ic a n . _______
O f w h ich o t h e r ________________

a E m b r a c e s re c e ip ts in E u ro p e fr o m B ra zil, S m y r n a , W e s t I n d ie s , & c.

COTTON CONSUM PTION A N D O V E R L A N D M OVE­
M ENT TO A P R IL 1.— Below we present a synopsis of the
crop m ovem ent for the m onth of March and the seven months
ended March 31 for three years.
190 5-0 6.

1 90 6-0 7.

1904-05.

2 1 5 ,6 4 6
119,142
174 ,5 0 4
G ross ov e r la n d fo r M a r c h ___________ b a le s .
953 ,2 2 5 1 ,1 1 0 ,2 5 6
G ross ov e r la n d fo r 7 m o n t h s _______________ 1 ,4 1 8 ,6 7 9
146,661
159 ,999
100 ,169
N e t o v e r la n d fo r M a r c h ____________________ .
919 ,075
1 ,1 7 1 ,0 0 5
78 ,885
N e t o v e r la n d fo r 7 m o n t h s ________________
462 ,382
7 1 3 ,2 9 4
691 ,457
P o r e receip ts in M a r c h ------------------- -------------P o r t receip ts In 7 m o n t h s __________________ 8 ,8 3 6 .5 2 5 6 ,6 6 8 ,1 6 2 7 ,7 0 5 ,2 8 0
4 69 ,705
632,342
764 ,3 2 8
E x p o r ts In M a rch ___________________________
7,066,631 5,1 0 6 ,4 8 1 6 ,3 5 2 ,7 2 9
E x p o r ts in 7 m o n t h s ___________________ .
947 ,099
748 ,852
647,598
P o r t sto ck s o n M arch 3 1 __________________
2 ,2 2 5 ,1 9 4 1,902,661 1 ,7 0 2 ,5 5 5
N o rth e rn sp in n ers’ ta k in g s to A p ril 1 ____
S ou th ern c o n s u m p t io n t o A p r il 1 __________ 1 ,4 2 6 ,0 0 0 1 ,3 9 4 ,0 0 0 1 ,2 7 2 ,0 0 0
O verla n d t o C a n a d a fo r 7 m o n th s (in ­
101 ,536
94,3 5 7
75,1 0 8
c lu d e d in n e t o v e r la n d _______________
22,3 7 0
B u rn t N o rth a n d S o u th In 7 m o n t h s .. . .
3,173
17,876
7,9 2 4
S t o c k a t N o rth , in te rio r m a rk e ts A p ril 1.
11,171
9 5 7 ,2 5 6
647,551 1 ,0 3 3 ,6 3 3
C a m e in s ie h t during- M a r c h _______________
A m o u n t o f cr o p in sig ljt A p ril 1 ___________ 1 1 .8 1 7 ,5 3 0 9 ,2 2 0 ,0 4 7 1 0 ,4 2 0 ,0 3 3
2 ,0 9 9 ,8 1 3 3,1 3 6 ,8 0 8
Cam e In s ig h t b a la n ce s e a s o n ______________
11,3 1 9 ,8 6 0 13,556,841
T o t a l c r o p . _________________________________
5 14 .22
5 11 .95
5 15 .99
A v e ra g e gross w e ig h t o f b a le s ______________
4 93.45
489 .44 i 492 .00
A v e ra g e net w elgh e o f b a l e s _______________

M A R K E T A N D SA LES A T N E W Y O R K .

S a tu rd a y
M o n d a y ___
T u e s d a y ._
W edn esda y
T h u r sd a y F r i d a y ____

823

THE CHRONICLE

A p r . 6 1907.

S p ot M a rk et
Closed.

F u tu r e s
M a rk et
C losed.

Q u i e t _______________
Q u ie t, 5 p ts . d e c ___
Q u ie t, 5 p ts . a d v ___
Q u ie t, 5 p ts . a d v ___
Q u i e t .................. .........

H O L I D A Y ..
S t e a d y _______
Q u ie t _______
F i r m ________
S t e a d y _______
S t e a d y _______

S a les o f S p ot and C on tract.
C on C on­
E x p o rt sum 'n . tract.
100

131

R E C E IP T S

4,4 0 0

4 ,5 0 0
'~ 3 1

31

T o t a l ___

A L E X A N D R IA

Total

AND

4,4 0 0

4,531

The*particulars of the foregoing shipments for the
arranged in our usual form , are as follow s:
G reat F r e n c h G er- — O th .E u rop e— M e x . ,
& c. J a p a n .
B r ita in ,
p orts, m a n y . N o rth . South
895
409
N e w Y o r k . . . . . 7 ,7 6 7
310 4,041
1,216 1,1 8 0
N e w O r l e a n s . . .2 6 ,5 4 1 2 3 ,9 8 4
200 3,0 3 6 ......................
G a l v e s t o n ______3 0,4 2 3 13,718 33,521 10,055
P o r t A r t h u r ____ 5,0 3 4
____
■ -------M o b i l e .............
4,491
____
100
S a v a n n a h ______ ____
____
6,5 1 9
250
230 ____
____
200
B o s t o n ________ 6,2 3 4
B a l t i m o r e ______
645
____
836
350
P o r t la n d , M e ___
176
____
____
......................
504
San F r a n c i s c o .. ____
____
____
......................13,299
S e a t t l e __________ ____
—
........
...................... 1,4 6 5
T a c o m a ________
____
____
____
T o t a l . ............... 81,311 38,012 44,917 12,371

io n s b e i n g in c e n t s p e r 1 0 0 lb s .
T h urs.
W ed .
M on.
T u es.
S a t.
17
17
17
c.
17
17
16
16
16
c.
16
16
22 \ i
22
22
C.
22^
22 Yi
18
18
18
c.
18
18
18 @ 20
18@ 20
c. 18 <5)20 18 @ 2 0
18 @ 2 0
20
20
20
c.
20
20
25
25
25
25
c.
25
30
30
30
30
30
c. '
,c.
30
30
30
30
c.
30
18
18
18
18
18
c.
32
32
32
32
c.
32
45
45
45
45
45
c.

2 1,000
6 ,7 5 8 ,8 8 4

30,000
5 ,7 9 0 ,4 7 3

125,000
5 ,6 0 4 ,1 2 0

T h is
S in ce
w eek. S ep t. 1.

T h is
S in ce
w eek. S ep t. 1.

T h is
S in ce
w eek. S ep t. 1.

750 176,137
1 7 2 .7 5 '’
8,000 2 76 ,656
400 95,937

1,750 180,906
4,5 0 0 147,341
12,500 254 ,002
300 63,042

3,500 171 ,670
2,750 113 ,222
8,2 5 0 2 33 ,894
1,500 5 6 ,996

9,150 7 21 ,482

19,050 645,291

16,000 575 ,782

A n tw e r p
E x p o rts (bales) —
To
To
To
To

L i v e r p o o l.........................
M a n c h e s t e r ____
___
C o n t i n e n t ____________
A m e r ic a _______________

T o t a l e x p o r t s _________
a A c a n ta r is 98 lb s .

This statem ent shows that the receipts for the week were
21,000 cantars and the foreign shipm ents 9,150 balos.
M A N C H E STE R M A R K E T .— Our report received by
cable to-night from Manchester states that the market
is firm for both yarhs and shirtings.
The dem and for
both home trade and foreign markets is good . We give the
prices for to-day below and leave those, for previous weeks
of this and last year for comparison.
1907.
32s Cop.
Twist.

1906.

8 H lbs. Shirt­ Corn
ings, common
M id
to finest.
Upl's

8 14 lbs. Shirt- Cot’n
ings, common M id
Upl’s
to finest.

32* Cop.
Twist.

d.
9 11-16@

d. s. d .
10 % 6 7

s. d.
@ 9 10

d. d.
6.03 m

@

9 13-16® 10% 6
9 15-16® 11
6
9 15-16® U )'i <>
9 H @ 10 15-16 6
9 13-16® 10 % (>

7
7H
m
8
8

©9
@9
@0
@9
@9

9
9
9
9
9

6.14
6.24
0.03
6.01
5.97

9 13-16®

8

®9

9

6.03 8 15-16@

1014 6

8**
@
8 11-1C®
SH
(S)
8»X
®
8 13-16®

d . s. d.
9% 6 5
9H
9»4
9 3»
9H
9; s
10

s. d.
@ 9 4'A

d.
5.73

6
6
6
6
6

4H ® 9
4H ® 9
4H ® 9
5 ®9
5)4 @ 9

5
5M
5)4
4J^
6

5.78
5.97
5.77
6.00
6.03

6

6

7

6.10

@9

S H IP P IN G N E W S .— As shown on a previous page, the
exports 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:




F r i.
17
16
22^
18
18 @ 20
20
25
30
30
18
32
45

L IV E R P O O L .— By cable from Liverpool we have the fo l­
lowing statement o f the w eek’s sales, stocks, & e., at that port:
M c h . 15.
Sales o f th e w e e k . ...........b a le s .
6 3 ,0 0 0
O f w h ic h s p e c u la to r s t o o k . .
1,000
O f w h ic h e x p o r te r s t o o k ___
4 ,0 0 0
S ales, A m e r ic a n ............. ..............
5 6 ,0 0 0
A c t u a l e x p o r t ................................
6 ,0 0 0
F o r w a r d e d ______________________
8 4 ,0 0 0
T o t a l s to c k — E s t im a t e d ...........1 ,2 0 7 ,0 0 0
O f w h ic h A m e r ic a n — E s t . . 1 ,1 0 1 ,0 0 0
T o t a l im p o r t o f th e w e e k ______ 1 6 9 ,0 0 0
O f w h ich A m e r ic a n ...............
1 5 0 ,0 0 0
A m o u n t a flo a t .................... ............ 2 9 2 ,0 0 0
O f w h ic h A m e r ic a n ...............
2 22 ,000

M c h . 22.
5 2 ,0 0 0
1,0 0 0
2,0 0 0
4 7 ,0 0 0
11,000
8 2 ,0 0 0
1 ,2 1 6 ,0 0 0
1 ,0 9 8 ,0 0 0
101 ,0 0 0
68,0 0 0
2 6 9 ,0 0 0
2 1 3 ,0 0 0

M ch . 27.
2 8 ,000
600
2,2 0 0
2 4 ,000
7 ,0 0 0
5 0 ,000
1 ,2 4 8 ,0 0 0
1 ,1 3 7 ,0 0 0
8 9 ,0 0 0
8 3 ,000
2 2 7 ,0 0 0
166 ,000

A p r. 5.
3 7 ,0 0 0
1,000
4,0 0 0
33,000
18,000
8 3 ,000
1 ,2 5 8 ,0 0 0
1 ,1 3 0 ,0 0 0
112,000
7 1 ,000
2 *0 ,0 0 0
2 34 ,000

The tone of the Liverpool market for spots and futures
each day o f the past week and the daily closing prices of
spot cotton have been as follow s:
Saturday.

Spot.
Feb.
22
Mch
1
8
1.')
22
29
Apr.
5

4 ,2 1 6 1,1 2 5 15677 1 9 7 ,6 2 9

The exports to Japan since Sept. 1 have been 185,484 bales
from Pacific ports, 10,000 bales from Galveston and 1,437
bales from New Y ork.

190 4-0 5.

R eceip ts (ca n ta rs a) —
T h is w eek
S in ce S e p t. 1.

T otal.
1 5 ,8 1 8
53,761
8 7 ,7 1 7
5 ,0 3 4
4,591
6,769
6,664
1,831
176
504
13,299
1,465

Cotton freights at New Y ork the past week have been as

SH IPM E N TS.

A le x a n d r ia , E g y p t,
A p r i l 3.

Total bales.
N E W Y O R K — T o L iv e r p o o l— A p ril 2— G e o rg lc , 5,0 1 7 u p la n d ; 80
fo r e ig n ______________________________________________________________
5 ,0 9 7
T o M a n c h e s te r — M arch 29— T e r e n c e , 1 6 1 5 _______________________
1 ,6 1 5
T o H u ll— A p r il 3— C o n s u e lo , 1 ,0 5 5 __________________________________
1 ,0 5 5
T o D u n k irk — M a rch 28— L a u p a r , 1 1 0 ____________________________
110
T o M arseilles— M arch 30— R h o d e s ia n , 2 0 0 _______________________
200
T o B re m e n — M arch 27— M a in , 1 ,9 8 3 ____ A p ril 2— F r a n k fu rt,
2 5 9 ____ A p ril 3— K u r fu e r s t, 1 ,1 0 0 ___________________ __________
3.3 4 2
T o H a m b u r g — M a rch
29— P e n n s y lv a n ia ,
8 1 1 ___ A p r il
4—
W o o d fle ld , 6 1 8 _______________________________________________________
699
T o R o tte r d a m — A p ril 2— T r o p ic , 2 4 9 ____________________________
249
T o A n tw e r p — M arch 29— S t. A n d r e w , 210 ; Z e e la n d , 7 5 7 ____ _
967
T o G e n o a — M arch 29— C re tic, 8 7 2 ____ M a rch 30— C a m p a n ia ,
980
100; H a m b u r g , 8 _______________________________________ . _________
T o N a p les— M a rch 29— C re tic, 2 0 0 ________________________________
200
T o J a p a n — M arch 30— S t. P a tr ic k , 4 0 9 ___________________________
409
T o C h in a — M arch 30— V e r o n a , 8 9 5 _______________________________
895
N E W O R L E A N S — T o L iv e r p o o l— M arch 30— M e x ica n , 5 ,3 4 1 ------A p ril 4 — A le x a n d r ia n , 6 ,0 0 0 ; A u th o r , 6 ,2 0 0 __________________17,541
T o M a n ch e s te r— M ai'ch 30— M a n ch e ste r S p in n e r , 9 ,0 0 0 ------------9 ,0 0 0
T o H a v r e — M a rch 30— M e x ica n , 6 ,9 8 4 ____ A p ril 1— A tla n t ia n ,
17,000 _________________________________________________________ ____ 2 3 ,9 8 4
T o C o p en h a g en — A p ril 2— B ra ttin g s b o rg , 2 0 0 ----------------------------200
T o B a rc e lo n a — A p r il 3— V a lb a n e r a , 3 ,0 3 6 _______________________
3,0 3 6
G A L V E S T O N — T o L iv e r p o o l— M arch 30— B a sil, 7 ,6 9 4 ____ A p ril 2
— E to n ia n , 1 3 ,9 1 7 ____ A p r il 4— B a rriste r, 8 ,8 1 2 ______________ 30,4 2 3
T o H a v r e — A p r il 4— M o n a d n o ck , 1 3 ,7 1 8 ------------------------------------- 1 3 ,7 1 8
T o B re m e n — M a rch 28— M o n a r c h , 1 7 ,7 3 7 ____ A p r il 3— Q u een ,
15,029 ________________________________________ ' . ___________________
32,7 6 6
T o H a m b u r g — M arch 30— D ia d e m , 6 5 5 ____ A p r il 1— S a rd in ia ,
1 0 0 _______________________________________________________________ 755
705
T o R o t t e r d a m — M arch 28— L o r d I v e a g h , 7 0 5 _______ __________ _
T o A n tw e r p — M a rch 30— C o r b y C a stle, 6 ,3 0 4 ----------------------------6,3 0 4
1 ,1 4 6
T o R eval- -M a rc h 29— G le n a rm H e a d , 1 ,1 4 6 ____________
1,9 0 0
T o N a rv a - -M a rc h 28— G len a rm H e a d , 1 ,9 0 0 .
P O R T A R T H U R — To Liverpool— April 3— Eastw ood, 5 ,0 3 4 ----------5 ,0 3 4
4,491
M O B IL E — To Liverpool— April 2— A shanti, 4 ,4 9 1 ----------------------------To R otterdam — April 4— Barton, 1 0 0 ________________________ —
100
S A V A N N A H — To Bremen— April 1— Steinberger, 3 ,9 1 8 ____ April 3
— Coningsby, 2 ,4 5 1 _______________________________________________
6,369
To Ham burg— April 1— Steinberger, 1 5 0 _______ ______________ . . .
150
To R eval— April 1— Steinberger, 2 0 0 ____ April 3— Coningsby,
5 0 ________ ___________________________________ . . . . . . _______________
250
B O S T O N — To Liverpool— March 23— Sachem, 1 ,3 4 3 ____ March 29
— Cymric, 2 ,8 5 0 ____ April 2— Ivernia, 2 ,0 4 1 ___________________
6,2 3 4
To Copenhagen— April 2— Nicolai I I ., 2 0 0 . --------------------------200
To Y arm outh— March 29— Boston, 2 3 0 __________________________‘
230
B A L T IM O R E — To Liverpool— March 28— Ulsterm ore, 6 4 5 ------------645
To Bremen— April 3— H annover, 3 0 0 ____________________________
300
To Ham burg— March .22— Acilla, 3 3 6 ____ March 28— Bethania,
2 0 0 _________________________________________________________________
536
To Antwerp— March 30— Oakmore, 3 5 0 __________________________
350
176
P O R T L A N D ! M E .— To Liverpool— March 30— Vancouver, 1 7 6 ------S A N F R A N C IS C O — To Japan— March 26— Doric, 5 0 4 --------------------504
S E A T T L E — To Japan— April 1— Minnesota, 1 1 ,4 8 3 ____ April 4—
T o saM aru , 1 ,1 8 6 _______________________________________ ________13,2 9 9
T A C O M A — To Japan— April 4— Tosa Maru, 1 ,4 6 5 ----------------------------1,465

Market,
12:15
P .M .

M onday.

]
K
Jj

M id .U pl’ds
S a le s _____
Spec.& exp.
Futures
Market
1
Market
4
P. M.

1
:>
j

H
O
I,
I
I)
A
Y

H
O
L
I
I)
A
Y

Tuesday.

W ed’day.

Thursday.

Friday.

Dull.

Quiet.

Moderate
dem and.

Quiet.

5.90

5.90

6.00

6.03

6,000
300

6,000
500

8,000
1,000

7,000
1,500

Quiet,unch.
@ 1 point
dec.
Steady at
1H @ 3H
pts. dec

Q uiet at
1 @ 2 pts.
dec.
Quiet at
H @ 1H
pts. dec.

Steady at
Quiet at
1 point
5 points
d ec.
adv
Steady at Sty at 3 lA
pts. dec. @
8@ 10H
pts. adv. 2 pts. adv.

824

THE CHRONICLE.

W: The prices of futures at Liverpool for each day are given
below . Prices are on the basis o f Uplands, G ood Ordinary
clause, unless otherwise stated.
The p rices arg given in p en ce an d 100ths.
Sat.

v

M on.

T u es.

M arch 30
12 %|12 % 1 2 %
4
to
A p ril 5. p .m . p .m . p .m . p .m .
d. ’
A p r i l ____
A p r .-M a y
M a y -J u n e
J u n e-J u ly
J u ly -A u g .
A u g .- S e p .
S e p .-O c t .
O c t .-N o v .
N o v .- D e c .
D e c .-J a n .
J a n .-F e b .
F e b .-M c h .

d.

d.

H
O
L
I
D
A
Y

H
O
L
I
D
A
Y

12%
p .m .
d
5
5
5
5
5
5
5
5
5
5
5
-

d.
54%
52
53
53
52%
51
49
48
47%
47%
49

T h u s : 5 55 m eans 5 55-100d.
W ed.

T h u rs.

Fri.

4
4
4
12%
12%
12%
4
p .m . p .m . p .m . p .m . p .m . p .m . p .m .
d.
55
53
54
53%
53
51 %
50
49
48%
48%
50

d.
54
52
52%
52
52
51
49
48
47%
47 %
49%

d.
54%
52
52 %
52
52
50%
49
48
47 %
47 %
49%

---------

d.
63 %
61
61 %
61
60 %
58%
57
56
55 %
55 %
57
58 %

d.
65
62
62 %
62
61 %
59 %
57 %
56%
56
56
57%
59

d.
65
62 %
62%
61
60
57%
55 %
53 %
52 %
52 %
54
55%

d.
66
64
64
62
61
58%
56
53%
52 %
52 %
54

55%

,

BREADSTUFFS.

[V o l .

l x x x iy

.

Chicago, m oreover, continues small, and som e o f the crop
reports from the Southwest have been distinctly unfavorable.
T o-day prices advanced on the rise in wheat, bullish crop re­
ports, bull support and covering of shorts.
D A I L Y C L O S IN G P R I C E S O F O A T S I N NEW YORK.
S a t. M o n . T u es. W ed . T h u rs. F r i .
M ix e d , 26 t o 32 l b s ________________ 46
46
46
46
45 %
46
W h it e c lip p e d , 36 t o 38 l b s _ _ ............4 9 -5 1 49-51 49-51 49-51 49-51 48-50
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D O A T S IN CHICAGO.
Sat.
M o n . T u es. W ed . T h u rs.
F r i.
42%
M a y d e liv e r y In e le v a t o r ____________ 4 2 %
42%
42%
41%
J u ly d e liv e ry In e le v a t o r ____________ 3 7 %
3 7 % H o li­ 37 % 36 '
37 %
S e p te m b e r d e liv e r y in e le v a t o r ______33
32 % d a y .
33%
33 %
32 j

The following are closing quotations
FLOU R.
1 0 1K an sas s tr a ig h ts _______ $3 50 @ $ 3 65
3 20
2 95 K a n sa s c le a r s ___________ 3 00
3 75 B len ded p a te n ts ________ 4 50 _ 4 95
3 75 j R y e flo u r ________________ 3 65 @ 4 15
4 10 |B u ck w h e a t flo u r _______ 2 10 @ 2 20
4 0 0 1G ra h am flo u r ___________ 2 90
3 75
3 80 |C o r n m e a l _______________ 2 70
2 80
G R A IN .
W h e a t, p er b u s h .—
c.
C o r n , p e r b u s h .—
c.
N . D u lu th , N o . 1 ___________
89%
f .o .b .5 6
N o . 2 m ix e d ___ _____ _
N . D u lu th , N o . 2 ______f .o . b .8 8 %
N o . 2 y e llo w , n e w ____ f .o .b .5 2
R e d w in te r, N o . 2 ____ f .o . b .8 3 %
N o . 2 w h ite , n e w . f . o . b . 5 4 % @ 5 5
H a rd “
"
____ f .o . b .8 5 % R y e , p er b u s h .—
O a ts— p er bu sh el—
N o . 2 W e s t e r n __________N o m in a l.
N o . 2 w h it e ____________
47 @ 49
S ta te a n d J e r s e y _______ N o m in a l.
N o . 2 m ix e d ___________ ______46
B a rle y — W e s t e r n ________ N o m in a l.
N o . 2 w h ite , c l i p p e d . .
48 @ 50
F e e d in g ________________ N o m in a l.
L o w g r a d e s ______________$2 75 @ S
S e c o n d c le a rs___________ 2 90 a
C l e a r s ___________________ 3 50
S tra ig h ts ________________ 3 65
P a te n t, s p r in g __________3 90
P a te n t, w in te r __________3 75
K an sas p a te n ts________ 3 70

F r i d a y , A p r i l 5 1907.
Prices for wheat flour have been heavy, and not a few
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 im m ediate
requirem ents. Similar conditions have been reported at the
The statement o f the m ovem ent o f breadstuffs to market as
leading centres o f the Northwest and the Southwest. The
firmness o f wheat quotations and the reports of crop damage indicated below are prepared b y us from figures collected b y
have had no effect on the flour trade. E xport business has the New Y ork Produce Exchange. The receipts at Western
been at a standstill, though the clearances of flour from the lake and river ports for the week ending last Saturday and
seaboard o f late have increased. R y e flour and corn meal since Aug. 1 for each o f the last three years, have been:
have been quiet and steady.
Receipts atFlour.
Wheal.
C om .
Oats.
Barley.
R ye.
W heat has been under the influence to some extent o f re­
&6&.196J&S. bush. 60 lbs. bush. 56 lbs. bush. 32
bushASlbs. bu. 56 lbs.
ports of damage to the crop in the Southwest, partly from
h ica g o ____
225,515
153,596
2,556,346
2.087
659,415
41,396
drought and partly from green bugs. M oreover, the w orld’s C
Milwaukee .
46,200
102,000
219.000
372
348,000
25,200
15.750
803,712
shipments have shown a notew orthy dim inution, while the D u lu t h ____
7
174,549
2,394
2,007,500
71,050
28,810
407
327,750
w orld’s visible supply has decreased m uch m ore rapidly than TMinneapolis.
o le d o _____
16,000
115.000
104
400
in the previous week, even if the decrease is not so great as D etroit_____
2,000
25,200
92,882
78,
..
579
6,115
97,351
237,
2,000
that o f a year ago. Then, to o , whereas an increase in the Cleveland
St. L ouis___
61,055
200,367
1,105,545
876,
40,300
17,000
Am erican visible supply had been expected, a decrease o c ­ P e o r ia _____
23,100
4,500
232,800
195,
54.000
489,000
392.000
102,
curred o f some 940,000 bushels as contrasted with an increase Kansas Cityin the previous week of som e 200,000 bushels. The <?rop in
Total week
374,199
3,807,990
4,881,974
4,468,768 1,606.014
115,200
310,276
2,997,105
3,522,472
3,892,531
869,483
52,064
Roum ania seems to be m ore or less threatened b y the revo­ Same w k. ’06
Same wk. ’05
245,475
2.431,127
4,745,836
3,476,932 1.064.582
70.849
lution, and prices at Buda Pesth have advanced sharply for
April delivery. A decrease has latterly occurred in the A r­ Since A ug. 1
1906-07 . . 14,471,534 177,875,792 146,681,473 143,332,539 55,290,563 6,053,153
gentine visible supply, and L iverpool, which had been rather
1905-06 . . 13.935,863 188,654,790 132,833,691 166,002,057:66,164.818 6,564,045
1904-05 . . 12.147,571 173,441,836 138,331,166 122,256.576,55.532,587 5.823,861
apathetic, has within a day or tw o shown a rising tendency.
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 ports for
double that o f a year a g o, while of contract grade it am ounts the week ended March 30 1907 follow :
to 9,905,000 bushels against 4,869,000 a year ago. Also the
Corn
Flour,
Wheat,
R ye
Oats,
Barley,
Receipts at—
bbls.
bush.
bush.
bush
bush.
bush.
m ovem ent o f the crop is large, Northwestern receipts being
New Y o r k _______
151,747
430.000
844,550
76.800
861,000
particularly h eavy, stocks there are increasing and the ex­ B
o s t o n ___________
53,426
75,561
246,570
1.000
92,204
9,100
232,642
port dem and is slack. Flour, to o , is dull and weak, and, in a Portland__________
P h iladelph ia _____
71,135
127,942
141,212
104,561
w ord, about the on ly sustaining factor has been the reports Baltim
ore------------43,924
33,840
7,869
829,093
51,573
6,100
of damage to the crop in this coun try, notably at the South­ R ic h m o n d _______
30,390
42,226
46,080
O rleans.a___
12,431
32,200
169,200
75,000
west, and even these have been to som e extent contradicted. New
Galveston---------------------119.000
92,000
It is usually pretty safe to allow for exaggeration in such N orfolk.....................
550
o n tre a l_________
2,880
7.200
18,494
12,067
27,544
reports, though some insist that, what with drought and M
M o b ile .....................
3,965
1,500
18,024
green bugs , som e parts of the Southwest have suffered m ore St. John..................
1,536
112",234
or less seriously. T o-day prices advanced, owing mainly
Total week.......... 356,794 1,212,353 2,506,370 1,259,462 101,833
8,244
to unfavorable crop reports from the Southwest. These re­ W eek 1906.............. 252,033
695.352 1,189,185 1,329.809 176,403
27.623
ports led to active buying for both long and short account.
a Receipts do not include grain passing through New Orleans for foreign ports on
Damage reports were received from Kansas.
through bills o f lading
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN N E W Y O R K .
S a t. M o n . T u es. W e d . T h urs.
F r i.
N o . 2 re d w in t e r ........................................ 83
83%
83%
83 %
82%
83%
M a y d e liv e ry In e le v a to r ____________ 8 4 %
85%
85%
85%
84%
85%
J u ly d e liv e r y In e le v a t o r ____________ 85
86
86
86
85 %
86 %
S e p te m b e r d e liv e r y in e le v a t o r ______8 5 %
86%
86%
86 %
85%
86%
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N C H IC A G O .
S a t. M o n . T u es. W ed . T h urs.
F r i.
M a y d e liv e r y in e le v a t o r ____________ 7 6 %
76%
76%
75%
77
J u ly d e liv e r y In e le v a t o r ____________ 78 % 7 8 % H o ii- 7 8 %
77%
79 %
S e p te m b e r d e liv e r y in e le v a t o r ______7 9 %
79%
day.
79%
78%
80%

Indian corn futures have been irregular during the week,
though the trading has been on a rather restricted scale.
A t times prices have been strengthened by the rise in wheat
and the smallness of contract stocks at C hicago. Bulls have
given m ore or less support and shorts have covered. On the
other hand, the cash demand has been light at declining
prices. M oreover, leading bull interests have liquidated at
tim es, and there has been little inclination am ong commission
houses to take the long side. Larger receipts are expected
b y m any. T o-da y prices advanced, owing to the strength
o f w heat, small receipts o f contract grade, support from lead­
ing bulls and covering o f shorts.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N
S a t. M o n . T u es.
56%
56%
C ash c o r n ________ _______ ______ ______ 5 6 %
M a y d e liv e r y in e le v a t o r ____________ 54
54
54%
J u ly d e liv e r y in e le v a t o r ____________ 5 3 %
53%
53%
D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S
S a t. M o n . T u es.
M a y d e liv e r y in e le v a t o r ____________ 4 6 %
45%
J u ly d e liv e r y In e le v a t o r ____________ 4 6 %
4 5 % H o llS e p te m b e r d e liv e r y In e le v a t o r ______4 6 %
46%
day.

IN N E W Y O R K .
W ed . T h urs.
F ri.
56%
56%
56
53%
53%
54%
54
54
54%
I N C H IC A G O .
W ed . T h urs.
F r i.
45%
45%
46 %
45%
45%
46%
46%
46%
46%

Oats for future delivery in the W estern market have been
easier during the week, owing to liquidation attributed to the
bull clique. Cash interests have sold, and the cash demand
has been small at easier prices. There has been an absence
o f aggressive selling for the decline, however, owing to the
fear o f bull manipulation. The stock of contract grade at




Total receipts at ports from Jan. 1 to Marbh 30 compare
as follow s for four years:
Receipts 0]—
F lo u r ________________. .b b l s .

1907.
4,765,595

1906.
4,016,837

1905.
3,376,292

1904.
5.301,290

W heat............................... bush. 18,321,911
C o m ............................................. 36,572,822
O a ts............................................. 11,343,190
Barley ........................................
1,582,574
R y e ...............................................
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

T otal grain............................. 68,115,525

100,395,942

57,111,802

48.770,502

The exports from the several seaboard ports for the week
ending March 30 1907 are shown in the annexed statement:
Wheat,
Exports from,—
bush.
New Y o rk ---------- 134,834
P ortlan d -.............. 232,642
B o s t o n __________
187,224
P h iladelph ia____
239,942
Baltim ore_______
80,000
N orfolk-----------------------New Orleans____
927
Galveston_______
224,000
M o b ile ....................................
St. John, N. B _ .
112,234
P ort Arthur-----------------

C om ,
bush.
514,109
60,626
369,559
586,141
80,343
98,929
18,024

Flour,
bbls.
33,293
9,100
11,428
39,587
54,909
550
6,399
17,364
3,965
1.536

Oats.
bush.
25.700

R ye, Barley,
bush.
bush.
.......... 11,510

Peas,
bush.
1,955
16,758
550

840
T .566

..........

16,833

111,428

Total w eek____ 1,211,803 1,839,159 178,131
Same tim e 1 9 0 6 .- 706,377 2,376,618 125,297

28,110
.........
28.343
861,062 106,015 281,148

19.263
2,476

The destination o f these exports for the week and since
July 1 1906 is as below:
---------FlourSince
W eek
July 1
Exports 1or week and M ar.30
1906.
since July 1 to—
bbls.
bbls.
U nited K in g d o m ...105,984 4,574,945
C on tinent.................. 32,178 1,910,176
So. and Cent. A m er. 21,530
593,694
W est I n d ie s .............. 16.100 1,158,841
B rit. N o. A m . Cols. 1,229
60,104
O ther countries-----1,110
151,364

-W heat—
-C o m Since
Since
W eek
July 1
Week
July 1
M ar. 30.
1906.
M ar. 30.
1906.
bush.
bush.
bush.
bush.
691,949 37,905,348
650.489 22.246,086
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

Total .....................178,131 8,449,124 1,211,803 73,057,198 1,839,159 54,552,671
Total 1905-06............125,297 8,238,474
706.377 42,297.877 2,376,618 94 963,632

The visible supply o f grain, comprising the stocks in
granary at the principal points o f accum ulation at lake and
seaboard ports M ar.30 1907, was as follows:
Wheat
bush.
New Y o r k ____________
909,000
afloat....................................
B o s t o n ________________
181,000
P h ilad elp h ia..................
435,000
B altim ore— ............—
299,000
New Orleans_____ 1 ___
350,000
Galveston ........................
578,000
M o n tre a l_____________
5,000
T o r o n t o _______________
23,000
Buffalo ........................... 1,185,000
83,000
afloat................
T o l e d o .............................
791,000
afloat................
D etroit ........................
237,000
afloat....................................
C h ic a g o _______________ 9,846,000
afloat_________
59,000
M ilw aukee____________
404,000
a flo a t...............
70,000
F ort W illiam ................ .. 3,917,000
P ort Arthur___________ 3,835,000
afloat________
490,000
D u lu th _____ __________ 7,484,000
afloat________
221,000
Minneapolis __________ 9,597,000
St. Lou is_____________ 2,108,000
afloat......... ........................ Kansas C ity-------- --------- 3,698.000
P e o r i a ________________
224,000
In d ia n a p o lis --------------178,000
O n Mississippi R iv er..................... ..
O n Lakes-----------------------------O n Canal and R i v e r ...'
______
Total
Total
Total
Total
Total
T o tal

Mch. 30
M ch. 23
Mch. 31
April 1
April 2
April 4

1907.-47,207,000
1907.-47,753,000
1906.-46,470,000
1905--32.327.000
1904.-31,727,000
1903 . - 41,958,000

C om ,

bush.

Oats.
bush.

Rye,
bush.

1.190.000

346.000

5,000

Barley,
bush.
53.000

" 4 ,000

196’.000
247.000
2.392.000
281.000
226,000
30,000

100.000
129.000
145.000

102,000
669.000

212,000
10,000

1,000

59,000

336.000
199.000
637.000

415’,000
80,000
18,000

225,000
41,000

319.666

Yi.665

18.666

1,000

2.197.000
1.194.000
559.000
26,000

67b’,66o

546",000

239.666

852.000

182,000

371.000
683.000

3.305,000
202.000

79.000
7.000

643.000
410.000
242.000

41,000
1.060,000
155,000

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

299.000
653.000

196’ 000

1.441.000
1.543.000
2.126.000
1.289.000
949,000
1.118.000

584.000
78.000
860.000

10.000

2.349.000
2.240.000
3.606.000
2.863.000
3.372.000
1.703.000

T H E DR Y GOODS T R A D E .

3,105,962

M ARKET.

150,590 39,470,318

1,388,865
2,486,530
2,302,961
1,089,764
781,501

IMPORTS ENTERED FOR CONSUMPTION FOR
THE WEEK AND SINCE JAN.1 1907 AND 1906.
Week Ending
Week Ending
March 30 1907.
Since
Jan. 1 1907.
March 31 1906.
Since Jan. 1 1906,
Pkgs.
Value.
Pkgs.
Value. Pkgs.
Value.
Pkgs.
Value.
Manufactures of—
$
$
$
$
W o o l .........
872
224,43014,386
4,447,670 1,028
304,581
14,615 4,744,814
C o t t o n ..... ........................................
3,776
1,134,65946,33715,529,2053,829
1,167,17144,386 14,228,893
S ilk ______
1,923
1,055,80024,878
13,572,534 1,481
787,122
20,981 11,122,484
F la x . ......... ........................................
1,294
343,76527,0035,714,426 2,773
575,828
27,333 5,561,985
6,664
394,71257,3635,214,954 5,064
271,260
43,275 3,812,142
Miscellaneous ............. ....................

14,175

114,173 8,049,621
150,590 39,470,318

44,478,789

114,289
162,342
147,691
88,945
61,225

264,763 47,519,939

169,967

WAREHOUSE WITHDRAWALS THROWN
UPON THE
Manufactures of—
W o o l ......... - ..................
224
62,2424,940 1,512,885
259
Cotton ..... ....................- .................
714
225,70410,3213,253,151517
S ilk ______ ___________
316
184,2473,511 2,143,050
231
398
93,876 6,768
1,537,852
434
Flax . . ..... - .................
Miscellaneous .............
5,600
108,79646,837
1,286,102 8,403

3,680,454

574,492
3,105,962

3,153,366

9,844
14.175

....... ....................14,529

24,019

Total

54,211,829

8,733,040
44,478,789

3,828,231

4,344
8,244
3,737
5,155
92,693

242,344

Total m a r k e te d ... .... 21,781

1,432,528
2,275,824
1,998,050
1,001,229
718,455

Total withdrawals-....
7,252
674,865 72,377
Entered for consu m p tion ..14,529
3,153,366
169,967

4,379
7,261
3,311
4,611
72,906

92,468 7,426,086
150,590 39,470,318

IMPORTS ENTERED FOR WAREHOUSE DURING SAME PERIO D.
Manufactures of
Wool
... ....................
440
122,087 4,214
1,362,188
553
195,949
Cotton
................... ....................
666
220,1089,1943,045,356444
133,199
Silk
__________ ___________
238
133,4073,3282,050,869272
178,224
F l a x _____ ______________________
278
86,3225,9991,453,003 443
98,837
M iscellaneous _______ ___________
1,480
118,42433,0641,549,640 7,296
62,930

243,058 46,896,404

72,854

669,139
3,105,962

2,319

3,775,101

64,635

The value of these New Y ork exports since Jan. 1 has been
$3,979,653 in 1907, against $4,103,925 in 1906.
All lines o f dom estic cottons are in a very strong position;
supplies are inadequate and any goods available for im m e­
diate shipment are quickly taken at top prices or better.
Bleached goods are especially scarce and strong, and further
advances are expected in the near future. An increased
dem and has developed for eight-ounce osnaburgs. Colored
cottons o f all descriptions are short, especially for fall de­
livery, and com m and high prices, while fancy cottons are
m ore closely sold up than they have been in years. Some
1 ines o f shirtings have been withdrawn, but fair supplies are
still available. Ginghams continue active, sales o f fine

53,939,845 23,183

3,218

S in ce

Jan. 1.
266
534
27,134
3,729
8,221
2,548
6,308
601
4,419
15,123
3,971

Importations and Warehouse Withdrawals of Dry Goods.
The im portations and warehouse withdrawals o f 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:

225,766

-------- 1906--------

S in ce

F O R E IG N D R Y GOO D S.— Linens show little change;
the scarcity o f goods is as pronounced as ever, and im porters
are receiving little encouragement from manufacturers’
representatives as to im proved deliveries; linen crashes
show an advance of }^ c. over recent quotations and are hard
to secure even at the new prices. Burlaps continue strong
and active. Im ported woolens and worsteds are firm and
m oving in good volum e. A n increased dem and has de­
veloped for im ported white goods.

3,833,714

-------- 1907--------

New York to March 30.
Week.
Jan. 1.
Week.
Great Britain_________________________
46
718
19
Other European__ *...........................................
170
14
China................................................. ................... 6,191
________
In d ia ............................................................
50
4,022
100
Arabia......... ................................................
50
14,733
____
A frica ..........................................................
5
2,989
78
West Indies............................................... 551
6,504
626
Mexico________________________________
20
632
96
Central America......................................... 354
4,490
291
South America...........................................1,450
13,055
634
Other countries----------------------------------- 692
11,131
461

W O O L E N GOODS.— Men’s wear agents will soon show
low-grade % goods for the spring o f 1908, and it is quite
generally expected that prices on the low-grade woolens
w ill show material advances,ow ing to the increased cost of
clothing w ool. Alm ost 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 volum e. A normal trade has com e forward on highgrade fancy worsteds, but business in the lower grades is
below that o f the past two seasons. Mercerized worsteds
have been taken freely b y Western clothiers. Staple and
fancy overcoatings have m oved well, but trading on fall
lines is not up to the average. The dress goods market is
quiet. Light-weight lines for spring and summer use are
well sold up; some buying is still in evidence for this season’s
requirements, but the volum e o f this business is small, as
little stock remains in first hands. Initial orders have been
placed for fall and re-orders are now awaited. W oolen
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 m uch higher than last season.

Total Imports..................17,631

DOM ESTIC COTTON G O O D S.— 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:

dress ginghams having been made for spring 1908. The
print-cloth market has been quiet but generally strong,
with some im provem ent in the demand for narrow goods.
Much com plaint is heard over delayed deliveries. W ide
goods for spot deliver}^ have been sold to a limited extent
on a 7c. basis, or 3^c. lower than last week; but this figure
is considered largely nominal. Linings are stronger and
stocks further depleted. Napped goods are in a firmer
position, with indications of higher prices. A feature of
the week was the further shortening o f discounts on staple
prints, which are now quoted at 6c., five off. The export
trade shows no im provem ent, only a few small orders having
been received from South America and some inquiries from
Red Sea ports.

Total ....... ........................................
3,102
680,34855,7999,461,0569,008
Entered for consumption.. 14,529
3,153,366
169,967
44,478,789 14,175

N e w Y o r k , F r i d a y N ig h t, A p r i l 5 1907.
The dry goods m arket has ruled very firm this week, with
no indications of weakness in any quarter. Trading in
co tto n goods has been somewhat lighter and of a m ore norm al
character than recently, but the lull has caused no appre­
hension; in fact, selling agents and commission merchants
welcom e any quiet period which will give them an oppor­
tunity to catch up on back orders, and the well-sold-up con­
dition o f practically all lines is against the developm ent o f
easier prices. The present quietness in cotton goods is due
largely to the great scarcity o f goods available for immediate
o r near-by shipm ent, m any 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.
N ot a few new orders, however, have been declined on
prints, bleached and other cotton goods because o f the
scarcity at first hands. A large spring business is being done
in silk piece-goods; demand is increasing and prices tending
upward; the ou tlook for the fall silk trade is unusually
bright. A feature o f the week has been the shortening o f
discounts on prints. On woolens, in both m en’s and w om en’s
wear, advances named over opening values are being o b ­
tained on re-orders for fall. The shortage in underwear and
hosiery lines continues acute, with no abatem ent in the
dem and; underwear houses are already booking orders for
spring o f 1908 at current prices. Dress goods are rather
qu iet, ow ing to the between-seasons period. E xport trade
is still practically at a standstill.




825

THE CHRONICLE.

A p r . 6 1907.]

THE CHRONICLE.

*26

g tftT S

jtfls

C it y

jp e f^ fr r iw E N T ,

M U N IC IP A L BOND D ISPO SALS I N M A R C H .
The aggregate of municipal bon d disposals in March reached
$9,849,320, the smallest output for that m onth since 1903.
This total does not include negotiations of tem porary loans
to the am ount of $3,072,975 or Canadian securities aggregat­
ing $2,234,924.
The drift towards higher interest rates, which has been a
feature for some time past, was further illustrated b y the
failure o f several large cities to sell their bonds at the former
rates of interest. Thus, Philadelphia’s offering on March
18 of $5,000,000 3 ^ s attracted only one bid of par, and this
was for but $125,000 of the bonds. In 1904 Philadelphia
was not only able to sell 33^s, *but succeeded in obtaining
a premium sufficient to reduce the interest basis to 3.443^% ,
while in 1900 a large block of 3s was placed at a premium.
St. Louis, M o., was no more successful on March 18 with
eight issues of 3 .6 5 % bonds, aggregating $3,000,000, no bids
at all being the result in this case. In 1905 that city sold
$1,000,000 33^s at 103.78— a bas s of about 3.2 42% . Louis­
ville, K y ., and Seattle, W ash., also failed to dispose of large
issues o f water bonds. In justice, however, to these latter
cities, it is proper to say that the securities in their cases were
not direct obligations, bu t liens upon the water plants and,
therefore, not so desirable as regular city issues.
The number of municipalities emitting bonds and the num ­
ber of separate issues made during March 1907 were 188 and
232 respectively. This contrasts with 137 and 207 for Feb.
1907 and with 161 and 207 for March 1906.
For comparative purposes we add the follow ing table
showing the aggregates for March and the three months for
a series of years:
M o n th o f
M a rch .
1 9 0 7 ............. $9 ,8 4 9 ,3 2 0
1 9 0 6 _______ 2 0 ,3 3 2 ,0 1 2
1 9 0 5 _______ 17,9 8 0 ,9 2 2
1 9 0 4 _______ 14,7 2 3 ,5 2 4
1 9 0 3 _______
9 ,0 8 4 ,0 4 6
7 ,9 8 9 ,2 3 2
1 9 0 2 _______
1 9 0 1 _______ 10,432,241
8 ,9 8 0 ,7 3 5
1 9 0 0 _______

F o r the
M o n th o f
Three M o s .
M a rch .
$ 5 7 ,7 4 7 ,3 7 8 1 8 9 9 ............§ 5 ,5 0 7 ,3 1 1
5 7 ,0 3 0 ,2 4 9 189 8_______
6 ,3 0 9 ,3 5 1
3 5 ,7 2 7 ,8 0 6 1 8 9 7_______ 1 2 ,4 8 8 ,8 0 9
4 6 ,5 1 8 ,6 4 6 1 8 9 6_______
4 ,2 1 9 ,0 2 7
3 0 ,1 7 6 ,7 6 8 189 5_______
4 ,9 1 5 ,3 5 5
’ 3 1 ,5 1 9 ,5 3 6 1894
____
5 ,0 8 0 ,4 2 4
2 3 ,8 9 4 ,3 5 4 1 8 9 3_______
6 ,9 9 4 ,2 4 6
8 ,1 5 0 ,5 0 0
3 4 ,4 9 2 ,4 6 6 1 8 9 2_______

F o r the
Three M o s .
$ 1 8 ,6 2 1 ,5 8 6
2 3 ,7 6 5 ,7 3 3
3 5 ,5 7 1 ,0 6 2
1 5 ,1 5 0 ,2 6 8
2 1 ,0 2 6 ,9 4 2
2 4 ,1 1 8 ,8 1 3
1 7 ,5 0 4 ,4 2 3
2 2 ,2 6 4 ,4 3 1

Owing to the crow ded condition of our colum ns, we are
obliged to om it this week the custom ary table showing the
m onth’s bond sales in detail. It will be given next week.

C haracter
In t.
N a m e o f C om p a n y.
o f B o n d s. R ate.
A t h o l & O ra n ge S t. R y . C o .F lr s t m o r t - _ 5
B o s to n E le v a te d R y . C o ____ D e b e n tu r e s .
4
C itizen s’ E le c tr ic S t. R y . C o .F ir s t m o r t ._
5
D a r tm . & W e s t p . S t. R y . C o .F lr s t m o r t _ .
5
E a st M id d le s e x S t. R y . C o . . P l a i n _______
5
. . •• _______
4
F Itch b . & L e o m ln . St. R y . C o .F ir s t m o r t . .
5
“
“ .C o n . m o r t . .
4
H o ly o k e S treet R y . C o _______ D e b e n tu r e s .
5
.
5
_______
“
_
5
P itts fie ld E le c tr ic S t. R y . C o .M o r t g a g e .. .
4
S prin gfield S treet R y . C o ____ F irst m o r t . .
4
U n io n S treet R y . C o __________C o n . m o r t . .
5
W e s t E n d S treet R y . C o .—
W est E n d Street R y . C o ____ D e b e n tu r e s .
4 }<$
.................................. .................
"
.
4
•........................................
“
_ 4
...................................................
“
_ 4
"
______
“
. 4

D a te o f
Issu e.
Jan . 1 1895
M a y 1 1905
D e c . 1 1900
A p r il 1 1895
S e p t. 1 1898
J a n . 1 1902
A p ril 1 1897
F e b . 1 1901
A p ril 1 1895
O c t . 1 1900
A p r il 1 1903
J u ly 1 1903
A p ril 1 1903
J a n . 1 1894

D ate o f
M a tu r ity .
J a n . 1 1915
M ay 1 1935
D e c . 1 1920
A p ril 1 1915
S e p t. 1 1918
Jan. 1 192?
A p ril 1 1917
F e b . 1 1921
A p r il 1 1915
O ct. 1 1920
A p r il 1 1 9 2 3
J u ly 1 1 9 2 3
A p r il 1 1923
J a n . 2 1914

M ch .
M ay
F eb.
A ug.
Aug.

M ch .
M ay
Feb.
A ug.
A ug.

1 1894
1 1896
1 1897
1 1900
1 1902

1 1914
1 1916
1 1917
1 1915
1 1932

Porto Rico.— Bond Sale.— J. & W . Seligman & Co. an­
nounce that the $1,000,000 4 % bonds of Porto R ico for w hich
bids w'ere invited up to April 3 (see advertisement in our
issue of March 23) have been allotted as below:




l x x x iv

.

M u ller, Sch all & C o .,a s a g e n ts fo r th e A m e r ic a n C o lo n ia l B a n k ,
P o r t o R i c o , San J u a n ________________________________________________ $ 2 3 0 ,0 0 0
N a tion a l B a n k o f F o r t W a y n e , I n d ____________________________________
4 0 ,0 0 0
F isk & R o b in s o n (th e re m a in d e r )____________________________ _________ 7 3 0 ,0 0 0

The bonds were sold at an average price of 104.89, being
about a 3 7-1 6% basis. A large number o f bids was received.
See V. 84, p. 705 for full description o f bonds.

B ond Proposals and Negotiations this week
iiave been as follows:
Allen Township, Darke County, Ohio.— Bond S ale.— On
March 16 the $1,500 5 % 1-3-year (serial) coupon tow n-hall
bonds a description o f which was given in V. 84, p. 644,
were awarded to T . A . D onovan at 102.04— a basis of about
3 .9 3 % .
Allentown School District (P. 0 . Allentown), Lehigh
County, Pa.— Bond Sale.— On M arch -26 the $109,500 4 %
coupon school bonds described in V. 84, p . 644, were aw arded
to local people at prices ranging from 100.31 to 102.50.
The largest purchaser was the Lehigh' Valley Trust & Safe
Deposit Co. of Allentown, it taking $57,000 of the issue
Alma, Harlan County, Neb.— Bonds Not Sold.— The $7,000
5 % electric-light bonds offered on Feb. 8 have not yet been
sold.
A sheville, Buncombe County, No. Car.— Bond Sale.— On
March 27 the $30,000 30-year coupon school bonds described
in V. 84, p. 705, were awarded to the Provident Savings Bank
& Trust Co. at 103.261 for 5 % s — a bas s of about 4 .7 9 4 % .
Ashland School District, Ashland County, Ohio.— Bond
Sale.— On April 1 the $20,000 5 % 1 1 -year (average) schoolbuilding bonds described in V. 84, p. 644, were awarded to
the First National Bank of Ashland at 110.05 and accrued
interest— a basis of about 3 .8 7 % .
Beaumont, Jefferson County, Tex.— Bond Sale.— On April
2 the $75,000 sawerage, $25,000 school-building, $5,000
school-repair and $25,000 paving 5 % bonds, described in
V. 84, p. 523, were awarded to the Gulf National Bank of
Beaumont at 103.50 and accrued interest.
Bloomington School District (P. O. Bloomington), Ind.—
Bond Sale.— On March 21 this district awarded $32,000 4 %
school-building and site bonds to the Harris Trust & Savings
Bank of Chicago for $32,661 53 (102.057) and accrued inter­
est, not 101.875, as stated last week. Denom ination $500.
Interest June 1 and D ec. 1. Maturity
Date April 1 190
as follows:
$ 1 ,0 0 0 ...........Ju n e
1 .0 0 0
D ec.
1 .0 0 0
Ju n e
1 .0 0 0
D e c.
1 .5 0 0
Ju n e
1 .5 0 0
D ec.
1 .5 0 0
Ju n e

1
1
1
1
1
1
1

1907
1907
1908
1908
1909
1909
1910

$ 1 ,5 0 0 _____ D e c.
1 .5 0 0
Ju n e
2 .0 0 0
D ec.
1 .5 0 0
Ju n e
2 .0 0 0
D ec.
1 ,5 0 0 . . . j . J une
2 .0 0 0
D ec.

1 1910! $ 1 ,5 0 0 ........... Ju n e
2 .0 0 0
D
1 1911
~ e c.
2 .0 0 0
June
1 1911
2 .0 0 0
D ec.
1 1912
2 .0 0 0
June
1 1912
D ec.
1 1912 2 .0 0 0
1 1913

1
1
1
1
1
1

1914
1914*
1915
1915
1916
191 6

Boston, M ass.— Bond Sale.— The follow ing bonds were
sold during the m onth of March to the Sinking Fund Commis­
sioners at par:
$13 ,1 5 0 3
4 ,1 0 0 3

IVews Item s.
Chicago, 111.— 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 b y the trolley
companies o f many millions to im prove the transportation
facilities; also permit the purchase o f the trolley lines b y the
city at any time upon paym ent o f 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
Investm ent Departm ent on a preceding page.
Colorado.— Legislature A djourns.— The Legislature of this
State adjourned on April 1.
M aine.— Legislature Adjourns.— The seventy-third Legis­
lature of the State of Maine adjourned on March 28.
M assachusetts.— Street Railway Bonds Legal for Savings
Banks.— In this colum n several weeks ago (page 461) we
gave a list of the street railways meeting the requirements
of Chapter 463, Laws of 1906, and in the bonds of which
therefore, Massachusetts savings banks are allowed to in­
vest, subject to the approval of the Bank Commissioner.
W ith 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:”

[V o l .

% tu n n el an d s u b w a y b o n d s m a tu rin g J a n . 1 1947.
D o rch e s te r S treet b o n d s m a tu rin g J a n . 1 1927.

Bow ling Green, Warren County, K y .— Bond Offering.—
Proposals will be received until 12 m. April 10 b y the Board
of Sinking Fund Commissioners for $20,000 public-schoolbuilding and $25,000 city-hall-building 4 % coupon bonds.
Authority Section 158, K entucky Constitution; also vote of
447 to 119 at election N ov. 6 1906 on the school bond issue
and vote of 555 to 258 at election N ov. 7 1905 on the city hall bon d issue. Denom ination $500. Date Jan. 1 1907.
interest sem i-annually at Citizens’ National Bank of Bow ling
Green. M aturity 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
any default in paym ent o f any obligations.
Bozeman School District No. 7 (P. O. Bozeman), Gallatin
County, Mont.— Bond O ffering.— Proposals will be received
until 2 p. m. April 30 b y Philip D odson, District Clerk, for
$36,000 coupon refunding bonds at not exceeding 6 % inter­
est. Interest semi-annual. M aturity tw enty years, sub­
je ct 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 % judgm ent-funding bonds
recently authorized (see V. 84, p. 645) are to be taken at par
by the Perry Street Grade-Crossing Sinking Fund. A u­
thority Section 16, Chapter 345, of the Laws of 1888. Date
April 1 1907. Interest semi-annually at the office of the
City Comptroller. M aturity 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. Denom ination $ 1 ,000. Date July 1
1907. Interest semi-annual. M aturity 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) W est Market Street (vil­
lage’s portion) bonds and the $22,000 4 ^2 % 5J^-year (av­
erage) street-im provem ent bonds described in V. 84, p. 645,
wrere awarded to the New First National Bank of Columbus
at 100.89.

A p r . 6 1907. J

THE CHRONICLE.

Chagrin Falls, Cuyahoga County, Ohio.— Bond Offering.—
Proposals will be received until 12 m. May 2 b y H . D.
Bishop, Village Clerk, for the following bonds:
$ 10 ,900 4 14% c o u p o n F ra n k lin A v e n u e assessm en t b o n d s .
D e n o m in a tio n
5 1 ,0 9 0 . M a tu rity $ 1 ,0 9 0 y e a r ly o n O c t . 1 fro m 1907 t o
1916 in clu siv e .
4 ,7 0 0 4 J^% c o u p o n F ra n k lin A v e n u e (v illa g e 's p o r tio n ) Im p r o v e m e n t
bon d s.
D e n o m in a tio n $47 0. M a tu rity $470 y e a r ly o n
O c t . 1 fro m 1907 t o 1916 in clu siv e .
7,0 0 0 4 14 % c o u p o n O ra n ge S tre e t assessm ent b o n d s .
D e n o m in a tio n
$70 0. M a tu rity $700 y e a r ly o n O c t . 1 fr o m 1907 t o 1916
In clu sive.
1,250 4
O ra n ge S treet (v illa g e ’ s p o r tio n ) im p ro v e m e n t b o n d s .
D e n o m in a tio n $12 5. M a tu rity $125 y e a r ly o n O c t . 1 fro m
1908 t o 1917 In clu sive.

Date April 1 1907. Interest semi-annually at the Chagrin
Falls Banking Com pany. 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.— A c­
cording to local papers,the $175,000 4J^% 30-year coupon
funding bonds offered bu t not sold on March 23 were awarded
on March 25 to M acDonald, M cCoy & Co. and John Nuveen
& C o., both of Chicago.
Chisago County (P. O. Centre City), Minn.— Bond Offer­
in g.— Proposals will be received until 2 p. m . April 18 b y
A. B. Slattengren, County Auditor, for $28,674 97 5 %
county-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 o f 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.
^Cincinnati, Hamilton County, Ohio.— Bond Sale.— On
April 1 the $204,000 3 .6 5 % 30-year hospital bonds described
in V. 84, p. 585, were awarded to the German National Bank
and the Central Trust & Safe Deposit C o., both of Cincinnati,
at 100.381, while the $40,000 3 .6 5 % 30-vear water-main
bonds were awarded to H . M. Beazell of Cincinnati at 101.27.
The following bids were received:
$ 2 0 4,00 0
$40 ,000
H o sp ita l bonds. W a ter-m a in bds.
G erm a n N a tion a l B a n k , C in cin n a ti, a n d th e
C en tral T ru s t C o ., C in c in n a ti_______________ $20 4,77 7 31
$40 ,206 40
W . M . B ea z ell, C in c in n a ti_____________________
__________
40,5 0 8 00
A tla s N a tio n a l B a n k , C in cin n a ti_______________
__________
40,2 5 0 75
S e a so n g o o d & M ayer, C in cin n a ti______________ 204 ,714 00
40,2 0 0 00
40,1 0 8 00
P ro v id e n t S a v in gs & T ru st C o ., C in cin n a ti___ 204 ,550 80
W . E . M eserole, C in cin n ati (fo r $ 3 0 ,0 0 0 )____
30,200 50
__________
.................
10,0 2 6 50
W e ll, R o th & C o ., C in cin n ati (fo r $ 10 ,000 ) __
J ew ish S e ttle m e n t (fo r $ 5 0 0 )___________________
__________
500 63
J o s e p h F ran k en (fo r $ 5 0 0 )_____________________
__________
500 00

Coitsville Township (P. O. Youngstown), Ohio.— Bond
Sale.— On April 1 the $30,000 4 % coupon road-im provement
bonds described in V. 84, p. 645, were awarded, it is stated,
to David S. Loveland at par.
Columbus, Franklin County, Ohio.— Bonds Authorized.—
The City Council on March 11 passed an ordinance providing
for the issuance of $8,000 4 % coupon Oakley Avenue im ­
provem ent bonds. Denomination $1,000. Date not later
than June 1 1907. 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
Off ering .— 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 43^% high-school bonds.
Denomination $1,000. Date March 1 1905. 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 R oad No. 2 im provem ent notes described in
V. 84, p. 764, were awarded to the Cleveland Trust Co. at
103.776— a basis of about 4.1 56% . The following bids
were received:
C levela n d T r. C o ., C le v e .a $ 2 2 ,2 8 0
H a y d e n ,M ille r& C o .,C le v . a 2 2 ,2 7 9
O tis & H o u g h , C le v e la n d .a 2 2 ,2 2 5
N ew F lrstN a t.B k .,C o lu n i-U 2 2 ,2 2 1
S e cu rity Sa v in gs B a n k &
T ru st C o ., T o le d o ______a 2 2 ,118

92
00
00
45

E m e ry , A n d ’ so n & C o .,C le v . $22 .1 1 4
W e ll. R o th & C o .. C ln c ln .a 2 2 ,0 9 3
S e a so n g o o d & M a y er, C in c .a 2 2 ,0 6 6
F . L . F u ller & C o ., C le v e .a 2 2 .0 6 0
W . J . H a y e s & S o n s, C l e v .aZZ,009
00| D e n ls o n & F a m s w ’ th , C le v .a 2 1 ,914

10
00
87
00
00
44

a A n d a c c r u e d Interest.

Delaware, Delaware County, Ohio.— Bond Sale.— On
April 1 the four issues of 5 % 1-10-year (serial) coupon streetim provem ent bonds aggregating $6,260, and described in
V. 84, p. 585, were awarded to the Somerset Bank of Somer­
set at 104.91 and accrued interest— a basis of about 4 % .
The following bids were received.
S om erset B a n k , S o m e r s e t .-$ 6 ,5 6 7 44] W . J . H a y e s & S o n s, C l e v . . $ 6 ,465 00
D ela w a re N a t. B k ., D e la w . 6,511,001 D ela w a re S a v . B k .. D e la w . 6 ,4 0 0 00
O tis <Sc H o u g h , C l e v e l a n d .. 6 ,4 8 0 98| S e c u r ity S a v in gs B ank &
M a c D o n a ld ,M c C o y & C o.,C in 6,4 7 0 50]
T ru s t C o ., T o le d o _______ 6 ,3 4 5 ,0 0

Dickinson, Stark County, N ." D .— Bond Offering.— Pro­
posals will be received until 6 p. m. April 25 b y A . J. Osborn,
City Auditor, for $26,000 5 % w ater-w orks bonds. A uthority
vote of 117 to 18 at election held March 1 1 . Denomination
$ 1 ,000. Date day of sale. M aturity April 25 1927. Certi­
fied check for $500, payable to City Treasurer, is required.
Donaldson School District (P. O. Donaldson), Kittson
County, Minn.— Bond Sale.— This district has awarded
$10,000 4 % 20-year building bonds to the State. Interest
annual.
Douglas Sch. D. No.17, Converse C o.,W yo.— Bond Sale.—
On March 30 the $3,500 building and the $1,500 refunding




827

5 % 5-20-year (optional) coupon bonds described in V. 84,
p. 708, were awarded to Pauline Bolin at 100.60 and accrued
interest— a basis of about 4.8 64% to the optional date and
about 4.9 53% to the full m aturity. Following are the bids:
P a u lin e B o l i n --------------------------- $5,030| S . A . K e a n , C h ic a g o ___________ $5,005
S ta te T re a su re r, C h e y e n n e ___ 5,025|

Douglas County School District No. 140, W ash.—
Bond Sale.— On March 25 this district awarded $1,300 6 %
well-construction and funding bonds to W m . D . Perkins &
C o .,o f Seattle, at par. Denom ination $260. Date April 15
1907. Interest annual. Maturity April 15 1912.
Edgewood, Ga.— 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
Bank & Trust Co. of Cincinnati at 106.06— a basis of about
4 .625% .
Elyria, Lorain County, Ohio.— Bond Sale.— On April 2 the
four issues of 5 % coupon im provem ent 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:
O tis & H o u g h , C l e v e l a n d ..$6,489 331 S o m e rse t B a n k , S o m e r s e t ..$ 6 ,801 65
-----------I D im e S a v . B a n k , A k r o n ___ a 4 ,5 7 2 00
a F o r $4,400 b o n d s.

Eureka School District No. 45 (P. O. Eureka), Flathead
County, Mont.— Bond Offering.— Proposals will be received
until 2 p. m. April 25 b y F. P. Garey, Chairman Board of
School Trustees, for $1,969 6 % coupon additional school
bonds. A uthority election held Jan. 19 1907. D enom ina­
tion $500, except one bond for $469. Date Apcil 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 pi m. April 25 b y the Board of Trustees for $132,000
33^% coupon refunding and im provem ent bonds. Bids
for these securities must be made on blank form s furnished
b y the city and each bidder will be required to file with his
bid an affidavit that he has not entered into any com bination
collus on or agreement with any person relative to the price
to be bid b y 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 w ithout refer­
ence to any other bid, and w ithout any agreement, under­
standing or com bination 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, $149,000. Assessed valuation 1906 $29,917,140.
Falls City, Polk County, Ore.— Bonds Not Sold.— No sale
has y et been made of the $8,000 5 % 5-10-year (optional)
gravity-w ater-system bonds described in V. 84, p. 407.
Proposals for these bonds will receive consideration at any
time.
Fort Morgan Irrigation District (P. O. Fort Morgan),
Morgan County, Col.— Bond Offering.— Proposals will be re­
ceived until 2 p. m. April 22 b y the Board of Directors for
$30,500 6 % bonds. Tyler D. Hinkel is Secretary.
Goshen, Elkhart County, Ind.— Bonds Re-Awarded.—
Local papers state that the $50,000 4 % 22-year refunding
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 M acDonald, M cCoy & 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 b y 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-im provem ent
bonds described in V. 84, p. 707, were awarded to BumpusStevens & Co. of Detroit and A . J. H ood & Co of Detroit,
each receiving $30,000 of the issue at 107.05— a basis of
about 4.5 36% . The other bids are as follows:
A . J . H o o d & C o ., D e tr o it $63 ,655 001 P ro v . S av . B k .& T r.C o .,C In $ 6 2 ,8 0 2 00
U n ion S a v .B k .& T r .C o .,C in 63,347 00| E m e r y A n d e rso n & C o .,C h i 61,8 6 3 00
S e a s o n g o o d & M ayer, Cin 63,177 80| W e il, R o t h & C o ., C in ____ a 6 3 ,5 0 0 0 0
M a c D o n a ld ,M cC o y & C o .,C h i 63,1 0 2 001 O tis & H o u g h , C le v e la n d .a 6 1,950 00
-----------] W . J . H a y es & S o n s, C le ..x t5 9 ,4 0 0 00
a B ids said t o b e Irregular a n d th e re fo re n o t co n s id e r e d

Hamilton, Butler County, Ohio.— Note Sale.— On March
28 the $9,000 5 % street-improvement notes maturing May 1
1907 and described in V. 84, p. 646, were awarded to Mac­
D onald, McCoy & Co. of Cincinnati at par.
Henry County (P. O. Napoleon), Ohio.— Bond Offering.—
Proposals will be received until 1 p. m. April 16 b y F. J.
Beck, County Auditor, for the following bonds:
$ 2 ,500 4 14% c o u p o n F re e d o m T o w n s h ip r o a d -lm p r o v e m e n t b o n d s .
Dt
n o m in a tio n $500. M a tu r ity $500 y e a r ly o n M ay 1 fr o m 1908
t o 1912 in clu sive .
3,0 0 0 4 14% c o u p o n R id g e v llle T o w n s h ip r o a d -im p r o v e m e n t b o n d s .
D e­
n o m in a tio n $500. M a tu rity $500 y e a rly o n M a y 1 fro m 1908
t o 1912 in clu siv e a n d $500 o n N o v . 1 1912.
2 ,5 0 0 4 } 4 % c o u p o n P leasan t T o w n s h ip r o a d im p ro v e m e n t b o n d s .
D e­
n o m in a tio n $500.
M a tu rity $500 y e a r ly o n M ay 1 fro m 1908
t o 1912 In clu sive.
1 7.0 0 0 4 1 4% c o u p o n M arlon T o w n s h ip r o a d -im p r o v e m e n t b o n d s .
D e­
n o m in a tio n $ 1 ,0 0 0 . M a tu r ity $ 1 ,000 y e a r ly o n M ay 1 fro m
1908 t o 1910 in clu s iv e ; $ 1 ,0 0 0 ea ch six m o n th s fro m N o v . 1
1910 t o M ay 1 1914 In clu sive a n d $2,0 0 0 e a ch s ix m o n th s
fr o m N o v . 1 1914 t o N o v . 1 1915 In clu sive.
1 5.0 0 0 4 14% c o u p o n N a p o le o n T o w n s h ip ro a d -lm p r o v e m e n t b o n d s .
D e­
n o m in a tio n $ 1 ,0 0 0 .
M a tu rity $1,0 0 0 y e a r ly o n M a y 1 fro m
1908 t o 1912 In clu sive; $ 1 ,000 N o v . 1 1912; $ 1 ,0 0 0 M ay 1
1 91 3, and $ 2 ,0 0 0 e a c h s ix m o n th s fro m N o v . 1 1913 t o M a y 1
1915 Inclu sive

A uthority Section 6 o f the Laws of 1900. Interest semi­
annual. Check or draft for $1,000, certified b y the First

<s*2h

THE CHRONICLE

National Bank or b y the Citizens’ State Bank of N apoleon,
is required.
Hoboken, Hudson County, N. J.— Bond Offering.— Pro­
posals will be received until 8 p. m ., April 10, by the M ayor
and City Council for $ 20,000 4 % registered or coupon fire
bonds. A uthority Chapter 5,. Laws of 1907. Interest semi­
annual. Maturity tw enty 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.
Hudson County (P. O. Jersey City), N. J.— Bond Sale.—
On April 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.
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) b y A . D owning, Presi­
dent Board of E ducation, for $25,000 school-building bonds.
Denom ination $1,000. Date May 1 1907. M aturity $5,000
on May 1 o f the years 1912, 1917, 1922, 1927 and 1932.
Jamestown Union Free School District, Chautauqua
County, N. Y .— Bonds Not Sold.— No sale has y et be*en made
of the $105,000 4 % bonds offered on March 20. See V . 84,
p. 646, for description of securities.
Jersey City, Hudson County, N. J.— Temporary Loan.—
This city recently negotiated a loan of $238,000, in antici­
pation of taxes, with the Bernard Shanley Estate of Newark
at 4 % .
Kanawha, Hancock County, Iow a.— Bond Election.— On
April 25 this tow n will vote on the issuance of $5,000 water­
works bonds.
Kittson County (P. O. Hallock), Minn.— Bond Sale.—
This county recently disposed of $15,464 ditch bonds to
the State of Minnesota.
La Crosse, La Crosse County, W is.— Bond Offering.— Pro­
posals will be received until 2 p. m. April 10 b y William
Torrance, M ayor, and Joseph M. Sieger, City Clerk, for $20,000 4 % coupon school-building bonds.
Denom ination $ 1 ,000. Date July 1 1906. Interest semi-annually at the City
Treasurer’s office. M aturity tw enty years, subject to call
after ten years. Blank bonds to be furnished free o f charge
to the city.
Laguna School District, Los Angeles County, Cal.— Bond
Sale.— On March 25 the $5,000 5 % 1-10-year (serial) bonds,
described in V. 84, p. 708, were awarded to the Adam sPhillips Co. o f Los Angeles at 104.20— a basis o f about
4.1 3 8 % . Following are the bids:
A d a m s -P h illlp s C o.,L o s A n g .$ 5 ,2 1 0 001 L o s A n g e le s T r C o., L o s A n . $5.1 5 5 00
M erch a n ts’ Tr. C o., L o s A n . 5 ,2 0 0 251 J . W . P h e lp s , L o s A n g e le s . 5 ,1 5 5 00
J . B . C o u ls to n ______________5 .1 8 S 00 J . M . C. M arble & C o _________ 5 ,0 9 0 00
W . R . S ta a ts C o ., P a sa d e n a 5,161 00|

Lakewood, Cuyahoga County, Ohio.— Bond Offering.—
Proposals will be received until 12 m . April 22 b y B. M.
Cook, Village Clerk, for $15,243 Coutant Street grading and
paving-assessment bonds. Denomination $1,524 30. Date
April 1 1907. Interest semi-annually at the Cleveland
Trust Co., Cleveland. M aturity one bond yearly on October
1 from 1908 to 1917 inclusive. Certified check fo r 5 % o f
bid is required. This offering is in addition to the $1,330 5 %
Kenilworth Avenue bonds to be sold at the same tim e, the
details o f which were given in V. 84, p. 766.
Lancaster, Fairfield County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. April 26 b y the City A udi­
tor for $25,000 4 % m unicipal-hospital-construction and
equipm ent bonds. A uthority Sections 2835, 2835b and 2836
of the Revised Statutes o f Ohio. Denom ination $1,000.
Date D ec. 24 1906. Interest semi-annual. Maturity $1,000
yearly on D ec. 24 from 1913 to 1937 inclusive. Certified
check for 2 % o f bonds bid for, payable to City Treasurer, is
required. Accrued interest to be paid by purchaser.
Lawrence, Essex County, Mass.— Temporary Loan.— This
city recently negotiated a loan of $50,000 with Blake Bros. &
Co. of Boston at 5 .9 1 % . Maturity seven m onths.
Limestone County (P. O. Athens), Ala.— Bond Sale.— We
are advised that the $135,000 4 ^ % 30-year gold road-im provem ent bonds voted on March 23 (V . 84, p. 766) have
been placed with Otto Marx & Co. o f Birmingham at par.
Los Feliz School District, Los Angeles County, Cal.—
Bond Sale.— On March 25 the $10,000 5 % 1-10-year (serial)
school bonds, described in V. 84, p. 708, were awarded to the
H ollyw ood National Bank of H ollyw ood at 104.40— a basis
of about 4 .1 0 % . Following are the bids:
H o lly w o o d N . B ., H o lly w .$ 1 0 ,4 4 0
A d a m s -P h illlp s C o .,L o sA n . 10,427
M erch . Tr. Co., L o s A n geles 10,417
J. W . P h e lp s, L o s A n g e le s - 1 0 ,403
J . B . C o u l s t o n . . ............. ..
10,3 7 6
W .R .S t a a t s & C o . , P a s a d .1 0 ,3 6 6

00
20
50
00
00
00

N . W . H arris & C o ________ $1 0 ,3 4 7 75
L o s A n g e le s T r u s t C o -------10,315 00
N . W . H a lsey & C o ., S a n P 10,303 00
F irst N a t. B a n k , O a k la n d . 10,231 10
J . M . C . M a rb le C o ................ 1 0 ,180 00

Madisonville (P. O. Ind. Sta. M ., Cincinnati), Hamilton
County, Ohio.— Bond Sale.— On March 29 the $1,500 82
4 % 10-year street-im provem ent bonds described in V. 84,
p. 586, were awarded to the First National Bank o f 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.




[V o l .

l x x x iv

.

Mamaroneck Union Free School D istrict No. 1 (P. 0 .
M am aroneck;, N. Y .— Bond Sale.— On April 2 the $41,000
4-23-year (serial) registered school-house-addition bonds
described in V. 84, p. 708, were awarded to George M. Hahn
of New Y ork City at 100.13 and accrued interest for 4.90s.
Interest semi-annual. Bids were also received from W . J.
Hayes & Sons, Cleveland; Jas. M agoffin, Otis & H ough,
Cleveland, and Em ery, Anderson & Co., Cleveland.
M assachusetts.— Bond Sale.— On April 3 the eleven
issues o f 3y2% gold bonds aggregating $3,283,000, and de­
scribed in V. 84, p. 708, were awarded to E stabrook & Co.
of Boston and R . L. D ay & Co. o f B oston at their join t bid
o f 101.85— a basis o f about 3.4 0 7 % . Following are the bids:
E s ta b r o o k & C o. a n d R . L . D a y & C o ., o f B o s t o n , f o r all o r n o n e ___ 101.85
N . W . H arris & C o ., B o s t o n , fo r all o r n o n e ___________________________ 101.15
M errill, O ld h a m & C o ., B o s .f fo r $ 8 5 0,00 0 reg. Chas. R lv . B a sin b d s -1 0 1 .0 8 9
;fo r $30 0 ,0 0 0 c o u p .C h a s .R lv .B a s in b d s .1 0 2 .3 9 9
B lo d g e tt, M erritt & C o .,
/ fo r $ 3 0 0,00 0 co u p . C h a s .R lv .B a s in b d s . 102.57
B o sto n __________________] f o r $ 3 0 0,00 0 M e tro p o lita n P a rk b o n d s . . 101.16
B la k e B ros. & C o ., B o s to n , fo r $ 3 0 0 ,0 0 0 Charles R iv e r B asin b o n d s . 102.00
D r. T h e o d o r e C h a m b erla in , fo r $ 20 ,000 b o n d s d u e J a n . 1 19 4 7 ______100

Medina, Orleans County, N. Y .— Bond Sale.— On March 26
$40,000 of the $60,000 sewer bonds described in V. 84, p. 708,
were awarded to the Farmers’ & Mechanics’ Savings Bank of
Lockport and $20,000 to the Union Bank of Medina at par
and accrued interest for 5s. A bid was also received from
Em ery, Anderson & Co. of Cleveland at par and accrued in­
terest. Securities are dated April 1 1907 and will mature
one-fifth yearly on Aug. 1 from 1908 to 1912 inclusive.
Meridian, Lauderdale County, Miss.— Bond Sale.— This
city, according to local reports, recently sold $40,000 4*^%
30-year school-house bonds to the “ W oodm en of the W orld”
at par, purchaser to pay cost of lithographing bonds.
Midland School District No. 2 (P. O. Midland), Mo.—
Bond Sale.— On March 29 this district disposed of $50,000
5 % 20-year coupon building bonds Denomination $1,000.
Date March 15 1907. Interest semi-annually at National
Bank of Commerce in St. Louis. Bonded debt, including
this issue, $75,000. Assessed valuation $2,530,000.
Milton United School Districts Nos. 8 ,1 2 , 9 3 ,153 and 160,
Sussex County, Del.— Bond Offering.— Proposals will be re­
ceived until April 10 by Joseph M. Lank, Secretary (P. O.
M ilton), for $5,400 coupon school bonds at not exceeding
4 % interest. D enom ination $ 100. Date May 1 1907. In ­
terest annually on Sept. 1 . Maturity ten years, subject to
call part y early .
Minneapolis, Ottawa County, Kan.— Bond Sale.— On
March 27 the State Auditor registered $35,750 water-plant
bonds. These bonds have been sold to the State School
Fund Commission.
Montezuma Valley Irrigation District (P. O. Cortez),
Montezuma County, Col.— Bond Sale.— This district has
arranged for the issuance of $795,000 bonds to the Empire
Construction Co., D. A. Camfield, President, in paym ent
o f the cost of a com pleted system of irrigation. These bonds
take the place of those awarded last August to T. C. Henry
& Sons Co. of Denver, which sale was never consum mated.
Montgomery County (P. O. Dayton), Ohio.— Bond
Offering.— Proposals will be received until 12 m ., April 23,
b y T. J. Kauffman, County Auditor, for $50,000 4 % bridge
bonds. Authority, Section 871 Revised Statutes. De­
nomination $1,000. Date May 1 1907. Interest semi­
annually at the County Treasury. Maturity $5,000 yearly
on N ov. 1 from 1909 to 1918 inclusive. Certified check for
5 % o f bonds bid for, drawn on a national bank or trust com ­
pany and' made payable to the County Commissioners, is
required.
Montpelier, Williams County, Ohio.— Bond Sale.— The
highest bid received on March 30 for the $5,000 4 ^ % 20year coupon street-im provem ent bonds described in V. 84,
p. 586, was subm itted b y R udolph K leybolte & Co. of Cin­
cinnati, who offered 107.07 and accrued interest— a basis
of about 3.9 85% . The other bids were as follows:
P r o v . S. B . & T r . C o ., C ln .$ 5 ,2 7 1
W e il, R o t h & C o . , C ln ______ 5,2 6 2
S e cu rity S . B . & T r . C o .,T o l 5 ,2 3 8
O tis & H o u g h . C l e v e la n d .. 5,2 3 5

00
50
00
75

S e a so n g o o d & M a y er. C i n . .$ 5 ,2 3 2
M a cD o n a ld ,M cC o y & C o.,C h. 5 ,2 2 7
H oeh ler & C u m m in g s, T o l . 5,1 8 7
W . R . T o d d & C o ., C in ____ 5 ,0 6 0

80
00
50
00

Moorhead, Monoma County, la .— Bond Offering.— Pro­
posals will be received until 8 p .m . April 8 b y the Tow n Coun­
cil for $5,000 6 % water-works bonds. Securities are dated
M ay 1 1907. Maturity tw enty years, subject to call after
ten years. Certified check for $500 is required. These bonds
were offered as 5s on Feb. 15 bu t no bids were received on
that day. See V. 84, p. 466.
Neenah, Winnebago County, W is.— Bond Sale.— On March
16 $76,000 o f the $80,000 4J^% coupon high-school-building
bonds mentioned in V. 84, p. 466, were awarded to Mac­
D onald, McCoy & Co. o f Chicago at 102.236 and accrued
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 R udolph K leybolte & Co.
o f Cincinnati at 101.27— a basis o f about 3 .9 0 % .
New Decatur, Morgan County, Ala.— Bond Offering—
Further details are at hand relative to the offering on April
10 o f 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 b y Samuel Blackwell, M ayor. Denom i­
nation $500. Date June 1 1907. Interest semi-annually
in New Decatur or New York City. Maturity June 1 1932.

THE CHRONICLE.

A p r . 6 1907 J

Bonds are tax-exem pt. Bonded debt, including this issue,
$55,000. Floating debt $4,500. Assessed valuation 1906
$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’-salary bonds
described in V. 84, p. 527.

829

Pike County (P. O. Petersburg), Ind.— Bond Sale.— On
April 2 the $16,272 43^% coupon Madison Township roadim provem ent bonds described in V. 84, p. 767, were awarded
to Rudolph K leybolte & 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 b y David Birnie, City Treasurer,
for the discount of a tem porary loan of $100,000 or $150,000
Newport, Newport County, R. I .— Temporary Loan.— in anticipation of taxes. N<xtes will be dated the day of
This city on April 3 negotiated a loan of $25,000, in antici­ issue and will mature O ct. 1 1907.
pation of taxes, with the Newport Trust Co. at 53^% discount.
Porto Rico.— Bond Sale.— For report of sale of $1,000,000
Loan matures Sept. 1 1907.
bonds see “ News Item s” on a preceding page.
Newton School District, Jasper County, Iowa.— Bond
Poughkeepsie, Dutchess County, N. Y .— Bond Sale.— As
Offering.— Proposals will be received until 7:30 p. m. June 6 stated in last w eek’s issue, the highest bid received on March
b y C. F. Morgan, Treasurer, for $40,000 school-building 29 for the $40,000 4 % 20-year registered refunding bonds
bonds. Denomination $1,000. Maturity 10 years, subject was 100.50; this bid, however, was for on ly $2,000 of the
to call after 5 years. Certified check for $1,000 is required. bonds. The award was made as follows:
New Ulm School District (P .O . New Ulm), Brown County, D . B r o w n , P o u g h . ($ 2 ,0 0 0 ) -..1 0 0 .5 0 1 I .W .S h e r r ill,P o u g h .($ 6 ,0 0 0 )- * 1 0 0 .00
.W e e k s , P o u g h . ($ 8 ,0 0 0 )-1 0 0 .2 5 S in k in g
Fund
C o m m itte e ,
Minn.— Bond Sale.— This district has awarded the $15,000 PE o.M
u g h .S .B .,P o u g h . ( $ 1 6 ,0 0 0 ) .* 1 0 0 .00|
P o u g h k e e p s ie ($ 8 ,0 0 0 ) ______1 0 0 .0 0
4 % school-building bonds voted on Feb. 26 to the State of
* A n d interest.
Minnesota at par. Denom ination $1,000. Date July 1
Princeville School District No. 97 (P. O. Princeville),
1907. Interest annual.
Peoria County, 111.— Bond Sale.— On March 18 $6,000 of the
New York City.— Bond Issues.— During the m onth of $7,000 53^% coupon building bonds, offered without success
March the following issues of corporate stock were purchased on Feb. 7, were awarded to Peter Auten, of Princeville, at
par, cost of printing bonds, and attorney’s fees, while the
b y the sinking fund as an investment:
remaining $1,000 was taken b y Henry C. H ouston, of Prince­
P u rp o se—
In t. R ate. M a tu rity .
A m o u n t.
ville, at 103.40. See V. 84, p. 289, for description of bonds.
W a t e r s u p p ly _________________________________
3
1956
$ 5 ,000
F o r v a riou s m u n ic ip a l p u r p o s e s ______________
3
1956
5 1 ,0 0 0
Reading, Hamilton County, Ohio.— Bond Sale.— The
In addition to the above stock, the following “ revenue Village Council recently awarded the $7,800 4 % 193^-year
bonds” (tem porary securities) were issued:
coupon street-im provem ent (village’s portion) bonds de­
In t. R ate.
A m ou n t.
scribed in V. 84, p. 528, to Seasongood & Mayer of Cin­
R e v e n u e b o n d s — cu rren t e x p e n s e s _________
5%
----------$ 1 ,0 0 0 ,0 0 0
cinnati at 103.125— a basis of about 3 .7 7 3 % . Following are
R e v e n u e b o n d s — special (on o r a fte r Jan . 2 ’ 08) 4 %
$47 5,00 0
300 ,000
R e v e n u e b o n d s — sp ecial (F e b . 10 1 9 0 8 )----- 4 ^ %
the bids:
R e v e n u e b o n d s — sp ecia l (Jan . 1 6 1 9 0 8 )------25,000
a

------------

800 ,000

T o ta l reven u e b o n d s _______________________________________________$ 1 ,8 0 0 ,0 0 0

New York State.— Bond Sale.— On April 5 the $5,000,000
3 % 50-year gold canal-im provem ent 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 im provem ent bonds has been
awarded to Percival Brooks Coffin of Chicago. Denom ina­
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 b y the State Land Departm ent of North
D akota at par:
P e r r y S c h o o l D is tr ic t, C a v alier C o u n ty — $2,2 0 0 4 % 2 0 -y e a r s c h o o l b o n d s
d a te d D e c . 1 1906.
K a n d lo lil S c h o o l D is tr ic t, W a r d C o u n ty — $800 4 % 2 0 -y e a r s c h o o l-b o n d s
d a te d D e c. 31 1906.
A n te lo p e S ch o o l D is tr ic t, M o rto n C o u n ty ----- $1,2 0 0 4 % 1 5 -ye a r s c h o o l b o n d s
d a te d D e c. 31 1906.
S a n d a le S c h o o l D is tr ic t, P ie rce C o u n ty — $ 2 ,0 0 0 4 % 1 5 -y e a r s c h o o l b o n d s
d a te d F e b . 1 1907.

North Yakima School District No. 7, Yakima County,
W ash.— Bond Sale.— On March 30 the $150,000 coupon
building bonds described in V. 84, p. 587, were awarded to
the State o f Washington at par for 4 % 1 - 20-year (optional)
bonds. Purchaser to furnish blank bonds free of cost.
The other bids were as follows:
T h o s . J. B o lg e r C o ., C h ica g o — $153,151 25 fo r b o n d s b e a rin g 5 % an n u al
Interest; also fu rn ish b la n k b o n d s free o f c o s t.
C. H . C o ffin , C h ica g o — $152,011 fo r 5 % b o n d s.
N o c h e c k e n clo s e d .
A . J. H o o d & C o ., D e tr o it — $15 0,00 0 fo r 5 % b o n d s .
N o c h e ck e n clo s e d .
S. A . K e a n , C h ica g o — $ 1 5 2,25 0 fo r 5 l^s; also fu rn ish b o n d s free o f c o s t.

Owensboro, Daviess County, K y .— Bond Sale.— Local
papers state that $35,000 4 % water-extension bonds have
been disposed of through Rudolph K leybolte & Co. of Cin­
cinnati. These securities are part o f an issue of $60,000,
of which $25,000 have n ot yet been placed.
Palatka, Putnam County, Fla.— Bonds Not Sold.— No sale
was 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 b y a vote of 190 to 0. We are
inform ed 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
ten years.
Phoenix, Ariz.— Purchase of Plant Authorized.— Congress
just prior to adjournment passed a bill (approved March 4)
validating the agreement entered into Jan. 15 1907 between
the City of Phoenix and the Phoenix Water Co., whereby
the city purchases the plant o f the water com pany for $90,000
in cash and assumes $60,000 first mortgage bonds of the
com pany. The A ct also authorizes the city to use the pro­
ceeds of the sale of $300,000 bonds provided for several years
ago for the paym ent of the property and of the $60,000 m ort­
gage assumed and for the im provem ent and enlargement of
the water system. The matter, however, must be submitted
to a vote of the people at the next general election. The new
bonds will be taken, when issued, b y W . R . T odd & Co. of
Cincinnati, under agreement made with that firm some
m onths ago.




S e a s o n g o o d & M a y e r, C ln c_ $ 8 ,0 4 3
S. K u h n & S o n s , C in cin n ati 8 ,0 1 0
W e il, R o t h & C o . , C i n c l n _ . 7 ,9 7 5
R e a d in g B a n k , R e a d in g ___ 7,9 1 9

75 | P rovldent S a v in gs B a n k &
60 | T ru s t C o ., C in cin n a ti___ $7,8 9 8 25
5 0 ] A t l a s N a t . B a n k , C in cin n ati 7 ,8 0 0 00
94 IW . R . T o d d & C o . , C ln c ln . 7 ,8 0 0 00-

i* Rotterdam^and Niskayuna School D istrict No. 12, Schenec­
tady County, N. Y .— Bond Sale.— On April 1 the $18,000
5 % 3-20-year (serial) new school-house bonds, described in
V. 84, p. 767, were awarded to W . J. Hayes & Sons of Cleve­
land at 100.266— a basis of about 4 .9 7 % . Following are the
bids:
W . J. H a y e s & S on , C le v e .$ 1 8 )o 4 8 001 W . N . C oler & C o ., N . Y . -$ 1 8 ,0 1 3 77
G e o . M . H a h n , N e w Y o r k - 18,023 4 0 j E d m . S e y m o u r & C o., N . Y 1 8 ,0 0 0 00

Saginaw, Saginaw County, Mich.— Bond Offering.— Pro­
posals will be received until 2 p. m . April 8 b y W m . Seyffardt, City Comptroller, for $20,000 4 % water refunding
bonds. A uthority, the City Charter. Denom ination $1,000.
Date April 15 1907. Interest semi-annually at the City
Treasurer’s office or at the current official bank in New Y ork
City. Maturity $5,000 yearly on April 15 from 1909 to 1912
inclusive. Accrued interest to be paid b y purchaser. Cer­
tified check drawn on some Saginaw bank, or New Y ork
draft, for 2 % o f the par value o f bonds, payable to the City
Treasurer, is required. Bonds are tax-exem pt.
San Antonio, Texas.— Bond Sale.— We are inform ed that
of the $55,000 5 % 20-40-year (optional) im provem ent dis­
trict No. 9 bonds dated April 1 1905 and of the $ 120,000 5 %
20-40-year (optional) im provem ent district No. 11 bonds
dated Jan. 5 1906, offered w ithout success on June 26 1906,
$17,000 o f the former and $53,000 of the latter have been
placed. The $43,000 5 % bonds o f im provem ent district
No. 10 offered last June with the above-m entioned 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 b y Alex. M. W ag­
ner, City Auditor, for the $22,000 4 % coupon Monroe and
East and W est Park Street (city ’s portion) paving bonds
described in V . 84, p. 710. Denom ination $1,000. Date
March 1 1907. Interest semi-annual. M aturity 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-im provem ent bonds will be sub­
m itted to a vote of the people.
Sangamon County (P. O. Springfield), 111.— 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 n ot exceeding 43^% interest. Date July 1 1907.
Interest annual.
Siloam Springs School District (P. O. Siloam Springs),
Benton County, Ark.— Bond Sale.— Little R ock papers state
that this district has awarded $25,000 school-building bonds
to Henry Ivoppack of Kansas City, M o., at 95.
•" •
ITSweetwater, Monroe County, Tenn.— Bonds Not Sold.—
No satisfactory bids were received on April 1 for the $30,000
water and $10,000 street 5 % 30-year gold coupon bonds
described in V. 84, p. 711.
Swift County (P. 0 . Benson), Minn.— Bonds Not Sold.—
No award was made on March 20 of the $15,000 ditch bonds
offered on that day. See V. 84, p. 411. We are inform ed
that application has been made to the State for this loan.
Tisbury, Dukes County, Mass.— Bonds Authorized.— This
place has authorized the issuance of $95,000 4 % coupon
water-supply-system bonds. Denom ination $1,000. Date
Sept. 1 1906. Interest semi-annual. Maturity yearly on

830

THE CHRONICLE.

Sept."*!, $2,000 from 1907 to 1916 inclusive; $3,000 from 1917 to 1926 inclusive; $4,000 from 1927 to 1931 inclusive;
and $5,000 from 1932 to 1936 inclusive.
Toledo, Lucas County, Ohio.— Bonds Authorized.— The
City Council on March 11 passsd an ordinance providing for
the issuance o f $106,000 4 % 10-year coupon street-im provement and sewer bonds. Denom ination $1,000. Date May 1
1907. Interest semi-annually at the United States M ort­
gage & Trust Co., New Y ork .C ity.
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 Ssasongood & Mayer, of Cincinnati, at
101.586 and accrued interest— a bas^s of about 3.8 87% .
The follow ing bids were received:

'%

[V o l .

l x x -v*

disposed o f at a private sale to O ’ Connor & Kahler of Chicago
on a basis a little lower than 5 % .
West Salem, La Crosse County, W is.— Bond Sale.— On
March 14 $12,000 5 % coupon water-works bonds were
awarded to Rudolph K leybolte & 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 follow ing bids were re­
ceived on this basis:

S e a s o n g o o d & M a y er, C i n . .$ 5 ,5 8 6 131 Secur. S. B. & Tr. C o., T o l_ _ $ 5 ,5 1 5 50
P r o v . S . B . & T r . C o ., C in . 5,569 85 M a c D o n a ld ,M c C o y & C o.,C in 5,5 0 5 00
B r ig h to n -G e r m a n B k ., T o l . 5,5 3 8 25] E m e r y ,A n d e rs o n & C o .,C le v . 5 ,5 0 0 00

M a c D o n a ld ,M c C o y & C o . .C h ic . 102.09 |W e lls & D ic k e y , M in n e a p o lis _ 1 0 0 .4 4
F . B . S h erm a n & C o ., C h ic a g o .102.07 [S ta te B a n k , L a C ro sse________ 100 .2 6
T h o s . .T. B o lge r & C o ., C h ica g o 101.25 |T r o w b r id g e & N lv e r C o ., C h ic .1 0 0 .0 9
R u d o lp h K le y b o lt e & C o .,
|L a Crosse C o . B k ., W e s t S alem 9 5 .0 0
C h i c a g o _____________________ 101.04 |Mrs. G ilfllla n , W e s t S alem (fo r
$3,000) __________ ____________1 0 4 .0 0
Chas. H . C o ffin , C h ic a g o _____ 101.001

Viborg, Turner County, S. D .— Bond Offering.— Proposals
will be received until 8 p. m. April 22 b y E. C. Nelson, City
Auditor, for $5,000 5 % coupon water-works bonds. Au­
thority Section 1391, Article 23, o f the Revised Code of
1903; also vote cast at election Feb. 26 1907. Denom ination
$1,000. Interest semi-annually at the office o f the City
Treasurer. M aturity tw enty years.
Wapella, Sask.— Debenture Sale.— On Feb. 18 the $4,000
6 % debentures m entioned in V. 84, p. 412, were awarded
to O. Leger o f Montreal.
W est Baton Rouge Parish Drainage District No. 1, L a.—
Bond Offerin').— Proposa’s will be received until May 1 by
D. Devall, Secretary (P .O . Chamberlin), for the $25,000 5 %
coupon public-im provem ent bonds m entioned in V. 84,
p. 769. A uthority A ct 281, State Constitution, and A ct. 145,
Legislature o f 1902. Denom ination $100. Date May 1
1907. Interest semi-annually at the Bank of W est Baton
R ou ge, Port Allen, La. Bonds are redeemable within ten
years, at least $2,500 to be redeemed each year, by allot­
m ent. Bonds are tax-exem pt.
W est Branch, Cedar County, Iow a.— Bond Sale.— The
$15,000 5 % coupon water-works bonds offered w ithout suc­
cess on Feb. 12 and described in V. 84, p. 470, have been

Whitefish, Flathead County, Mont.— Bond Sale.— On
March 23 the $20,000 10-20-year (optional) coupon water­
works bonds, described in V. 84, p. 531, were awarded to
John Nuveen & Co. of Chicago at 100.75 for 6 % s. A bid
of 100.255 for 5j/£s was also received from C. H. Coffin of
Chicago but was not accom panied b y a certified check as
required.
Willis Independent School District (P. O. Willis), Mont­
gomery County, Texas.— Bond Sale.— This d strict recently
sold the $3,000 5 % 5-20-year (optional) school-house bonds
mentioned in V. 84, p. 471, to M ontgom ery County for
$3,100— the price thus being 103.333.
Woodbury, Gloucester County, N. J.— Bond Offering.—
Proposals will be received until 3 p. m . April 8 b y Ernest
R edfisld, City Treasurer, for the $84,000 4 % coupon sewer
bonds offered w ithout success on N ov. 12 190o. A u th ority,
an A ct of the State Leg slature approved April 7 1890. D e­
nom ination $1,000. Date Jan. 1 1907. Interest sem i-an­
nually at the City Treasurer’s office. Maturity $3,000
yearly on Jan. 1 from 1908 to 1931 inclusive and $2,000
yearly on Jan. 1 from 1932 to 1937 inclusive. Certified
check for $1,000, payable to the City Treasurer, is required.
Accrued interest to be paid b y purchaser. Bonded debt
at present, $71,500. Assessed valuation 1906, $3,084,960.

N E W
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a t 8 o ’ c lo c k .
B id d e r s s ta te p rice s o n b o n d s b e a r in g Interest
a t th e ra te o f fo u r p e r c e n t p e r a n n u m , p a y a b le
s em i-a n n u a lly .
A ll p ro p o sa ls m ust be d ir e cte d t o th e M a y o r
a n d C ou n cil o f th e C ity o f H o b o k e n , N . J ., a n d
shall be a c c o m p a n ie d b y a ce rtifie d c h e c k fo r o n e
th o u sa n d d olla rs ($ 1 ,0 0 0 ).
T h e M a y o r an d C ou n cil o f th e C ity o f H o b o k e n
reserves th e rig h t t o r e je c t a n y o r all b id s if
d e e m e d In th e Interest o f th e c it y so t o d o .
B y o r d e r o f th e C ou n cil.
JA M E S H . L O N D R IG A N ,
C ity C lerk .

K le y b o lte &

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S ta te ,

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IN V E S T M E N T BONDS
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Mac Donald, McCoy & Co.,
MUNICIPAL

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B O N D S .

B A N K E R S,

P r iv a te W ires to
H .Y. and P h ila d elp h ia .

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B onds

M em bers o f N ew York and P h iladelph ia
S to ck E x ch a n ge s.
7 5 9 -7 5 9 B roa d S t.
NKW AKK.

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B O N D S .
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B O N D S

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&

L IS T ON A P P L IC A T IO N .

S E A 8 0 MG0 0 D & M A T E R ,

F a r n s w o r t h ,

m e r c a n t ile

L ib r a r y

B u ild in g ,

C IN C IN N A T I.

BOSTON
CLEVELAN D and P H IL A D E L P H IA .

F.

S e r v ic e

C orresp on d e n ce S olicited

0

Specialists InlNew Jersey Securities.

D e n is o n

M u n ic ip a l,

0

I S ealed b id s w ill b e re c e iv e d u n til M O N D A Y ,
A P R I L 22, 2 o ’ c lo c k p . m ., b y W .A . G ib so n ,
S e c r e ta r y o f th e B o r o u g h o f T a re n tu m , T a r e n tu m ,
P a ., fo r th e p u rch a s e o f $ 2 8 ,0 0 0 c o u p o n b o n d s ,
d a te d M a y 1st, 1907, d e n o m in a tio n $1,0 0 0 e a c h ,
n u m b e re d c o n s e c u t iv e ly fr o m 415 t o 4 4 2 , b e a r
in g in te re st a t 4 l/£% p e r a n n u m , p a y a b le s e m i­
a n n u a lly fro m d a te h e r e o f, free o f t a x t o h o ld e r ,
an d shall m a tu re as fo llo w s :
B o n d s n u m b e re d
fro m 415 t o 424 In clu sive M a y 1 1927; B o n d s
n u m b e re d fro m 425 t o 434 In clu siv e , M ay 1, 1932.
B o n d s n u m b e re d fro m 435 t o 442 in c lu s iv e , M a y 1,
1937, fo r th e p a y m e n t o f c o s ts , d a m a g e s an d e x ­
p en ses o f g r a d in g , c u r b in g a n d p a v in g a n d fo r
s e w e rin g o f th e streets a n d alley s o f said B o r o u g h
o f T a re n tu m .
A ce rtifie d c h e c k In th e sum o f $500 m u st
a c c o m p a n y ea ch p r o p o s a l, p a y a b le t o o r d e r o f
M r. A . J . F u lto n , B o ro u g h T re a su re r.
The
B o r o u g h o f T a re n tu m reserves th e rig h t t o r e je c t
a n y o r all b id s.
W . A . G IB S O N ,
B o r o u g h S e cre ta ry .

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C I N C I N N A T I , <>.

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WEDNESDAY EVENING, APRIL 10,1907,

and

8

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Borough of Tarentum Pa,,

F IR E B O N D S .
P u b lic n o t ic e Is h e r e b y g iv e n In a c c o r d a n c e
w ith th e fo llo w in g r e s o lu tio n o f th e C o u n cil
o f th e C ity o f H o b o k e n , passed o n th e 27th
d a y o f F e b ru a r y , 190 7, a n d d u ly a p p r o v e d o n
th e 2 8 th d a y o f F e b ru a r y , 1907:
R e s o lv e d . T h a t th e C ity C lerk b e and Is h e r e b y
d ir e cte d to a d v e r tis e , a c c o r d in g t o la w , fo r th e p u r ­
ch a se o f $ 2 0 ,0 0 0 .0 0 fire b o n d s , t o run t w e n t y
y ea rs fro m d a te o f issue a n d .^ o b e a r in te re st at
th e rate o f fo u r p er ce n t p er a n h u m , p a y a b le s e m i­
a n n u a lly , said b o n d s t o be issued u n d e r C h a p te r 5
L a w s o f 1907, e n title d “ A n A c t t o e n a b le citie s t o
e r e c t a fire h ou se u p o n c it y la n d s, e q u ip th e
sam e an d issue b o n d s in p a y m e n t t h e r e fo r ,”
t h a t sealed p ro p o s a ls fo r th e p u rch a se o f b o n d s o f
t h e C ity o f H o b o k e n , t o b e k n o w n as “ F ire B o n d s ”
In th e a m o u n t o f tw e n ty th o u s a n d d o lla rs ($ 2 0 ,0 0 0 ), t o ru n fo r a p er io d o f t w e n ty (20) years fro m
t h e d a te o f Issue, registered o r c o u p o n , a t th e o p ­
t io n o f th e b id d e r , w ill be r e c e iv e d a t th e regu lar
m e e tin g o f th e C ou n cil t o b e h e ld o n

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First Nat. Bank Building. Chicago
CITY COUNTY
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BONDS

WITHOUr
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w ith Bteei-p ate oorders, o r 1th graphed, o r part­
ly p rim ed fro m typ e. I f th e latter, theD can be

D E L IV E R E D

IN F E W

DAYS

CHAS. G B ISW 0LD BOURNE, President

C ertificates e n grav ed tr best m anner, o r partly
llth o s ra p o e d and partly printed

T e le p h o n e 54i9 R e c to r

ALBERT B. KING & CO., 206Broadway, N. Y.

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Entered according to A c t o f Oongresa in the jresr 1907 b y W il l ia m B. D an a C o m pa n y . In Otfloe o l L ibrarian o f Congress, W ashington, D .O .

NEW YORK, APRIL

VOL. 84.
IN D E X

TO STATEM ENTS OF B A N K S AN D TR U ST

COM PANIES.

A L B A N Y . N. Y .
Page.
M IN N EAPOLIS, MINN. Page.
National Commercial B ank—
4 First Nat. Bk. of Minneapolis. 16
Northwestern National B ank. 16
A T LA N T A , GA.
Security Bank of M innesota.. 16
9
Atlanta National B ank----------MOBILE, A L A .
AUGUSTA, GA.
People’s B a n k ______ _____ ___
10
Georgia Railroad Bank----------9
N ASH VILLE. TEN N.
BALTIM O R E , MD.
8
Farm. & Merch. Nat. B a n k ..
5 American National Bank_____
Fourth
National Bank_______
9
Merchants’ National Bank-----5
Safe Deposit & Trust C o--------5
N E W A R K , N. J.
National Newark Banking C o.
4
BIRM IN GH AM , A LA.
Union National Bank________
5
First National Bank--------------- 10
NEW ORLEAN S, L A .
BOSTON, MASS.
Canal-La. Bank & Trust C o ...
11
American Loan & Trust Co—
3
NEW
Y
O
R
K
,
N.
Y
.
BU FFALO, N. Y
U aarin
rin pe N
R a n k ------------National Bank.........
*4 !! rChemical
,.., «
o2
M
r saatio
u on
n aa li rsaiiK
Coal & Iron National Bank___
Farmers’ Loan & Trust C o____
BU RLIN GTON , IO W A .
Merchants’ National Bank------ 14 Fourth National Bank_______
Gallatin National Bank______
Hanover National Bank______
CH ARLESTON , S. C.
Merchants’ National B ank____
People's National Bank______
7 National
Bk. o f North America
Oriental B a n k _______ _______
CHICAGO, IL L.
Seaboard
National Bank_____
Commercial Nat. Bk. of C h ic .. 13
Continental National Bank—
12
N O R FO LK , VA.
American Trust & S a y B a n k ..
Inside back cover. Citizens’ Bank_______________
First Nat. Bank of Chicago—
11 Norfolk National Bank______
Fort Dearborn Nat. Bank
13
PATERSON . N. J.
National Bank of the Republic 13
National Live Stock Bank
14 First National Bank____
Northern Trust Co. B ank-----PH IL A D E L P H IA , PA.
Inside back cover.
Central National Bank_______
6
C IN CIN NATI. OHIO.
Corn Exchange Nat. Bank____
7
Fifth National Bank......................13 Farmers' <fe Mech. Nat. B ank.
6
Fourth Street National B ank.
9
CLEV E LA N D , OHIO.
Franklin National Bank...........
8
•entral National Bank----------- --- 13 Girard National Bank________
7
Girard Trust Company_______
6
DALLAS. T E X A S .
Philadelphia National B a n k ..
6
American Exchange N at. Bank 11
P
ITTSB
U
R
G
H
,
PA.
D E N V E R , COL.
Mellon National B ank______
Colorado National Bank_____ __18 Peoples
National B an k ._____
First National Bank------------------15
P
O R TLA N D , O R E .
D E T R O IT , MICH.
Commercial National Bank_____ 12 Portland Trust Co..................... 17
Peoples State B ank.........
12 United States National B ank. 15
FORT W O R T H , T E X A S .
Fort Worth National Bank

11

G R A N D R A PID S. MICH.
12
Old National Bank...........

PR O V ID E N C E , R . I.
Merchants’ National Bank____

5

RICHM OND, V A .
Bank ol Richm ond___________

7

H A R T F O R D , CONN.
Aetna National Bank________

4

HOUSTON, T E X A S .
South Texas National B a n k ..

ROCH ESTER, N. Y .
National Bank o f R och ester..

11

ST. JOSEPH. MO.
Tootle-Lemon National B ank.

14

ST. LOUIS, MO.
Mec.-American National Bank
Mercantile Trust Co__________
Mississippi Valley Trust Co___

15
14
15

IN D IA N A PO LIS, IN D.
Merchants’ National B ank
JE R SE Y C IT Y . N. J.
First National Bank--------------K N O X V IL L E , TEN N.
•lty National Bank...............
LOS AN GELES. CAL.
First National Bank--------------Merchants’ Trust Co__________
LO U ISVILLE . K Y .
The Third National B ank-----MACON, GA.
Exchange Bank_________

12
4
8
17
17
10

10

ST. PAU L, MINN.
• •
Merchants’ National Bank____ 16
SALT L A K E C IT Y . U TAH .
McCopiick & C o._____________
18
Walker Brothers_____________ 18
SAN FRANCISCO. CAL.
The First National Bank_____

SE A TT L E , W ASH .
MEMPHIS, TE N N .
Dexter Horton & C o .________
Bank of Commerce & Trust C o. 9 National Bank of Commerce.
TACOMA, W ASH .
M ILW A U K E E , W IS.
First National Bank__________ 16 Fidelity Trust Co________ . . .

17
18
17

W ILLIA M B . D AN A 0O M P A N Y , Publishert.




PIN M S T .. CORNER P E A R L S T .. N E W YORK

17

6

1907.

NO 2180.

R E V IE W OF M ARCH .
March 1907 will always be remembered for the
world-wide disturbance of the markets. In this
country the distrust and lack of confidence in the
value of railroad properties which had been steadily
growing more intense culminated on March 14 in one
of the worst collapses in prices on the New York Stock
Exchange of which there is any record. There had
been a long antecedent decline, but on that day prices
simply melted away— in some cases dropping five
points at a time. Every one seemed to want to sell,
and practically no one wanted to buy. The “ shorts”
were about the only purchasers, and they bought in
their own way and upon their own terms. In some re­
spects the collapse was worse even than that at the
time of the memorable Northern Pacific corner in
May 1901.
The next day, March 15, a concerted effort was ap­
parently made to check any further precipitate down­
ward movement and prevent utter rain, and there
were rumors of an agreement whereby leading interests
stood ready to advance $25,000,000 in the effort to
give support and stay the decline. What truth there
was in this rumor is not known, but a sharp recovery
in prices ensued. The next week, however, it became
apparent that the recovery was not enduring. Prices
again ran off in an alarming way. The European
financial markets were as much disturbed as our own,
and on March. 21 the Bank of France unexpectedly
advanced its rate of discount from 3 to 33^ % , being
the first change made by it since May 24 1900. The
effect was to further unsettle our own markets. On
March 22 a sudden big drop in Canadian Pacific shares,
which previously had held up rather better than the
rest of the market, was reflected the next day in pan­
icky markets in Berlin, where considerable amounts of
these and other American railroad shares are held,
and a very anxious frame of mind was engendered
both at Berlin and London. At the latter point there
were fears that the settlement the following week
might reveal great weakness. The result of all this
was a tremendous outpour of stocks on our Exchange
the following Monday, March 25, under which prices
again crumbled away in the same fashion as on March
14, and in numerous instances even lower quotations
were recorded. Subsequently a fair upward reaction
took place. A very important element in this im­
provement was the fact that the troubles feared at the
settlement in London did not develop. The failures
were small and unimportant, and at Berlin also the
embarrassments were inconsequential.

i

22

MONTHLY REVIEW

A feature of the tremendous liquidation and shrink­
age in prices on our Exchange which will always re­
main noteworthy is that it was unattended by any fail­
ures on our Stock Exchange. As the drop in prices was
ascribed to the lack of confidence in the stability of
railroad values, and as this in turn was the outgrowth
of governmental and legislative action deemed ad­
verse to railroad interests, great efforts were made all
through the month to get President Roosevelt to make
announcement of a modification of his polic}', or at
least to indicate that no injury to the security and sta­
bility of railroad properties was intended. Mr. J. P.
Morgan called on the President March 11, before taking
his customary annual tour to Europe, and after his
visit stated that he had suggested to Mr. Roosevelt
the advisability of his consulting with certain leading
railroad men, naming President Mellen of the New
York New Haven <fc Hartford R R ., President Marvin
Hughitt of the Chicago & North Western, President
Newman of the New York Central and President McCrea of the Pennsylvania RR. Mr. Morgan sailed for
Europe two days subsequently. It was thought at
first that he had arranged for a conference between
these men and the President. It later developed that
this was not the case, that Mr. Morgan’s proposal was
simply in the nature of a suggestion, and that the rail­
road men referred to were not a party to it. Never­
theless, they subsequently met together. In the ab­
sence, however, of a special invitation from Mr. Roose­
velt, they seemed to be at a loss what to do, and late
Friday, March 15, the announcement was definitely
made that it had been decided not to go to Washington,
as it was not clear that any good would result from the
move, while it might be misinterpreted.
The failure of this expected conference with the Pres­
ident was in large part responsible for the break in
prices which occurred. Mr. Mellen subsequently made
a personal call on Mr. Roosevelt, and later Mr. Hughitt
also paid him a visit, and all through the month Mr.
Roosevelt was in receipt of calls from leading bankers
and financiers. The President was urged particularly
to take advantage of the opportunity to define his
views on the railroad situation offered in an invitation
which had been extended to him to make a speech be­
fore the Illinois Manufacturers’ Association at Spring­
field , 111. In response to these entreaties, the President
on April 1 finally authorized a public declaration to
the effect that, after considering the matter ver}' care­
fully, he had come to the conclusion that he had noth­
ing new of moment to say on the railway situation,
and referred to past speeches and remarks in his an­
nual messages for an adequate expression of his views.
Apropos, however, of the reports which had been so
extensively circulated, that the Government contem­
plated a valuation of railroad property with the view
of determining whether there was any fictitious capi­
talization in the same, the President’s declaration was
significant, as it contained the statement that it was
“ utter nonsense” to suppose “ that the Government
had the slightest intention to take any action which
would invalidate the safety and stability of the railway
securities now issued.”
VOLU M E OF BUSINESS O X T H E STOCK E X C H A N G E .
Month of March—
1907.
1906.
1905.
1904.
Stock sales—
\
Number of shares.
32,208.525
19,467,684
29.138,838 '
11,440.956
Par value------------- $2,787,043,450 $1,729,841,900 $2,708,955,975 $1,053,978,950
Bond sales (par value)
R R . & misc. b d s ..
$47,992,800
$46,869,500
$89,629,200
$46,171,500
G overnment bonds
64,500
112.300
61,500
57.000
State bonds_____
5,685,000
7,212,550
9,843.900
20.0 !0
T otal bond sales. .

$53,742,300

$54,194,350

$99,534,600

$46,248,500

Jan. 1 to M ch. 31—
Stock sales—
Number of shares.
71,382,257
79.680,032
75,170.484
32,490,839
Par value..............-$6,053,916,175 $7,212,641,200 $6,963,748,225 $3,006,740,875
Bond sales (par value)R R . & misc. b d s .. $121,162,000
$187,935,100
$309,706,700
$162,659,500
Government bonds
234,000
544,400
94,050
276,200
State bonds______
15,666,500
27,469.550
41,998,800
188,000
Total bond s a les..

$137,062,500

$215,949,050

$351,799,550

$163,123,700

SALES O F G R A IN ON T H E PR O D U CE E X C H A N G E .
1907.
1906.
1905.
1904.
Bushels.
Bushels.
Btishels.
Bushels.
M onth of March----------- --------- 46,269.050 40,620,700
51,134,150
83,232,750
Jan. 1 to March 31.................... 126.863,150
97,238,700
121,357.100 220,634,450

The condition of the money market gave more or less
cause for uneasiness. On March 14 call money on




|V

ol. l x x

\ iv

the Stock Exchange got up to 25% . In part, of
course, this followed from the frightful shrinkage of
prices on the Stock Exchange, which necessitated
extensive shifting of loans, but in part also it was due
to the steady absorption of cash by the Government,
thereby depleting available supplies of money in the
channels of business. There was a disposition at
Washington to treat the trouble in the stock market
as having been engineered by Wall Street. Neverthe­
less, Secretary Cortelyou, who had just entered on
the duties of Secretary of the Treasury, was obliged
to take repeated steps to get out Treasury accumu­
lations and remove the tenseness of money. The
Aldrich Currency Bill became a law March 4 and in­
creased the Secretary’s power for furnishing effective
relief. On March 14 Mr. Cortelyou announced that
the date for the return of the $30,000,000 public de­
posits placed with the banks the previous September
had been indefinitely postponed. March 14 he also
issued a circular rescinding the circular of Feb. 11
providing for the purchase of 4s of 1907 at 1013/ 2.
and announced that he would purchase $25,000,000 of
these bonds, paying interest in full to July 1 1907.
He also gave notice that he would allow the substitu­
tion for any of these bonds held against special deposits
of any bonds in which New York or Massachusetts
savings banks are allowed to invest their funds. He
also directed that the interest due April 1 on the regis­
tered 2s of 1903 and the 4s of 1907 should be paid at
once. Finally, on March 26 he ordered the turning
back into the New York City banks of customs dues
paid at New York to a total of $15,000,000.
R A T E S F O R M O N EY IN N E W
pall Loans—
M ch. 1
Stock Exchange— Range for w eek____ 4-7
Average for week______________________
5
A t banks and trust companies..... .......... 4 min.
T im ' Loans—
Thirty days...................................................
........
Sixty days.....................................................
5^
Ninaty days.................................................
5H
Four months................................................ 5 4 - 5 4
Five months................................................ 5 4 - 5 %
Six months...................................................5 )4 -5 %
Sevenm onths________ _____ __________
____
Commercial Paper—
Double names— Choice 60 to 90 days. . 5 ^ - 6
Single names— Prime 4 to 6 m on th s.-5 M -6
— G ood 4 to 6 m on th s....
64

YO RK W EEKLY.
Mch. 8 Mch. 15 M ch. 22 A/c/1.29
3-6K 3 4 - 2 5
2-6
2 4 -1 4
54
10
4
6
4 min.
6 min.
3 min.
3 min.
6
6
5*A-6
5%
5 34
5 )4 -5 %
____

8
7 -7 4
6 4 -7
6)4
6
6
____

64
64
6 -6 4
6
6
6
____

64
6
6
6
6
....

6 -6 4
6 -6 4
6 -6 4
6-614
6 -6 4
6-6 4
6 -6 4
6-614
614-7
6 4 -7
6 4 -7
6 4 -7

The foreign exchange market was weak most of the
month. The principal influences were the monetary
tension here and the offerings of bills against European
purchases of American securities. Europe all through
the month was apprehensive of large gold takings for
the United States, but our bankers acted very cau­
tiously and the only gold engagements were $1,000,000
in Amsterdam and $1,625,000 in London.
ACTUAL RATES— B A N K E R S ’ AN D COM M ERCIAL BIL LS.
-Commercial t tills--------------------------- Bankers:’ Bills---------On
Cable
Documents
Banks.
60-Day.
Sight.
Transfers.
for Payment.
March 1. - . 4 8030-4 8040 4 8460-S465 4 8530-8540 4 8010-8020 4 7 9 4 -4 8 0 4
2 .. . . 4 8035-4 8050 4 8465-8470 4 8535-8545 4 8010-8020 4 79 4 - 4 80 4
S.
S.
3.
S.
S.
S.
4- - . 4 8035-4 8040 4 8465-8470 4 8530-8540 4 8 0 4 - 8 0 4
4 7 9 4 -4 80%
5- . . 4 8035-4 8040 4 S455-8460 4 8530-8535 4 8 0 4 -8 0 4
4 7 9 4 -4 81
6 . . . 4 8030-4 8035 4 8445-8450 4 8510-8515 4 80 -8 0 4
4 7 9 4 -4 S 0 4
7. . . 4 8020-4 8030 4 8450-8455 4 8510-8520 4 7990-80
4 79 Vi-4 805*8
8 .. . . 4 8020-4 8030 4 8440-8445 4 85 -8510 4 7980-7990 4 7 9 4 -4 K04
9. . . 4 8005-4 8010 4 8430-8435 4 8480-S485 4 7980-7990 4 79>4-4 80 4
10.
S.
S.
S.
S.
S.
11. - . 4 7985-4 7990 4 8415-8420 4 8485-8490 4 79% -SO
4 79)4-4 8 0 4
12.. . . 4 79S0-4 7985 4 8420-8425 4 8490-85
4 79 4 -4 80 4
4 7 9 4 -8 0
13.. . . 4 79S0-4 7985 4 8415-8420 4 8490-S495 4 79 4 - 7 9 N 4 79 -4 80U'
14. . . 4 7960-4 7970 4 8380-8385 4 8460-8475 4 79 -7910 4 7 8 4 -4 795i
4 8310-8320 4 84 -8410 4 7710-7720 4 7 7 4 -4 79
15. . . 4 7*50-4 79
16. - . 4 7855-4 7865 4 8315-8330 4 8405-8410 4 7710-7720 4 J 7 H -4 79
S.
S.
17.
S.
S.
S.
18. . . 4 7840-4 7845 4 8335-8340 4 8415-8425 4 7 8 4 -7 8 14 4 7 7 4 -4 79)4
4 78 -4 79 )4
19. - . 4 7865-4 7870 4 8310-8315 4 8390-8395 4 7 8 4 - 7 8 4
20. - . 4 7860-4 7865 4 83 -8305 4 8375-8380 4 78 -78 4
4 7 7 4 -4 79H
21. . . 4 7890-4 79
4 8330-8335 4 84 -8410 4 7850-7*60 4 78 -4 79)4
22. . . 4 79 -4 7915 4 8350-8360 4 8425-S435 4 7860-7870 4 78 -4 7 9 4
23. - . 4 7925-4 7935 4 8365-8375 4 8435-8450 4 7870-7880 4 7 8 4 -4 7 9 4
S.
S.
S.
24.
S.
S.
25- . . 4 79 -4 7905 4 8320-8335 4 8405-8410 4 7875-7880 4 7 8 4 -4 7914
26. . . 4 7870-4 7875 a4 8320-8325 4 8420-8435 4 78 -78 >4 4 7 8 4 -4 7 9 4
•1 78 -4 79
27. . . 4 7865-4 7870 a4 8320-8325 4 8405-8410 4 7 8 4 - 7 8 4
4 8320-8330 4 84 -S410 4 7840-7850 4 78 -4 79%
2S. - . 4 7S90-4 79
4 7830-7840 4 7 7 4 -4 79;.4
29. - . 4 7875-4 79
4 8310-8315 4 8390-84
30. - . 4 7875-4 79
4 8320-8325 4 8410-8420 4 7830-7840 4 7 7 4 -4 79%
S.
S.
S.
31.
S.
S.
a Also sold at 4 8275.
POSTED RATES— B A N K E R S ' ST E R L IN G BILLS.
Mch. 50 Days. Demand.
1 . . .

2
3
4
5
6
7
8
9
10
11
12
13

III
...
—
...
...
...
...
...
...
...
...

4 81H -82
4 8 1 4 -8 2
Sun
4 8 1 4 -8 2
4 8 1 4 -8 2
4 81 4 -8 2
4 8 1 4 -8 2
4 8 1 4 -8 2
4 8 1 4 -8 2
Sun
4 81-82
8 0 4 -1 4
8 0 4 -1 4

4 8 5 4 -8 6
4 8 5 4 -8 6
day
4 8 5 4 -8 6
4 85 4 - 8 6
4 8 5 4 -8 6
4 8 5 4 -8 6
-1 v v ,-m;
i v,
day
4 85-86
4 8 5 -8 5 4
4 8 5 -8 5 4

Mch. 60 Days. Demand.
14 . . .
1 5 ___
16 . . .
17 . . .
18 . . .
19 . . .
20 . . .
21 . . .
22 . . .
23 . . .
24 . . .
25 . . .
26 . . .

8 0 4 -1 4
8 0 4 -1 4
8 0 4 -1 4
Sun
4 80-81
4 80-81
-1 80
4 80
4 80
4 80
Sun
4 80
4 80

M ch. 60 Days. Demand.

4 8 5 -8 5 4 ! 27
4 85-8 5 4 28 III
4 8 5 -8 5 4 i 29 . . .
30 . . .
day
! P . -v" 31 . . .
4 8 4 4 -8 5
4 844
|Open
High
4 84 4
Low
4 844
Last
4 844
day
4 844

4
4
4
4

80
80
80
80

4
4
4
4

8 1 4 -8 2
82
80
80

4 844
4 844
4 844
4 844
Sifn day
4
4
4
4

8 5 4 -S 6
86
S44
844

N

e

Y

w

o

r

S t o

k

M ONTHLY

AND

c

E

k

YEARLY

x

c

h

a

n

g

e

RECORD

The following tables furnish a com plete record of the New Y ork Stock Exchange transactions for the past m onth and
the year 1908. They need no extended introduction, as they are self-explanatory. The tables embrace every security
(excepting only State bonds) dealt in on the Exchange. We give bonds first, using the classification adopted in the official
list. As to prices the form is our ow n, and we think it will be found to contain just the facts desired b y our readers and to
present them in the m ost convenient way for study and reference.
All quotations in the colum n headed “ Prices
about January 2 1907” were made on that date, except those in italics, which are the nearest in January 1907. The
black-faced letters in the colum n headed “ Interest Period” indicate in each case the m onth when the bonds m ature.

idfTFor foot notes to tables see last page of Bonds and last page of stocks.
B O N D S— PRICES AND SALES FOR MARCH AND FOR THE YEAR TO DATE.
B O N D S .

N Y STOCK EXCHANQE

Int. Sales in Price about
Peri­ March.
Jan. 2
od. Par value
1907.

U S Government Securities.
U 8 2a, cons, reg____April 1930 Q U 8 28. cons, coupon.April 1930 Q O U 8 39, coup 10-20s..A ug. 1918 Q U 8 3s, coup, small___Aug. 1918 Q U S 4s, registered__ July 1907 Q U S 4s. coupon______ July 1907 Q U 8 4s, registered............... 1925 Q U 8 4s, c o u p o n ......... ...... 1925 Q -

J
J
K
F
F
J
J
F
F

$
10,000
" 3I 066
1,000
30.000
25.000
5,000

Philippine Isl’ ds l’d pur4s.'14-34 Q - F
Foreign Gov’ t Securities.
Frankfort-on-Main 3% s, Ser 1.
Japanese Governm’ t 6s, £.1911
2d series 6s, £ _______ 1911
Sterling loan 4 % s ........... 1925
2d series 4 % s ............... 1925
Sterling loan 4s________ 1931
Rep. of Cuba 5s,ext d e b t ..1904
U 8 of Mexico External gold
loan of 1899, sink fund 5s.
4s gold debt of 1904____1954

MA A F J J M-

1,000
85.000

Railroad Bonds.
\ labama Cent. See South.Ry.
■^-labama Mid. See Atl.CoastL
Albany A Susq. See Del.AHud.
Allegheny Valley. See Pa. R R .
Allegli.&West. See B uff.R .A P
Am DockAIm p. SeeC entofN J
Ann Arbor 1st g 4s ..J u ly 1995
Ateh Top <fe S F— Gen g, 4s 1995
Registered................... 1995
Adjustment g, 4s ..J u ly 1995

13.000
Q - J
A - O 1.193.000
A - O
122.000
Nov
Nov
382‘ 666
B tainped_______ July 1995 M -N
6D-year convert, gold 4 s .1955 J - D 4.096.000
Debenture 4s, Series F ..1 9 0 8 F - A
F - A
F - A
F - A
F - A
Nloot Hblo n iv 1st. p 4s 192R M - S
Chic & St Louis 1st 6s__ 1915 M - S
Allan Knoxv <fe N o. See L A N.l
Atl.Coast L 1st g 4s ..J u ly 1952 M - S 160,000
R egistered____.July 1952 M - S
Gharl & Sav, 1st g. 7s__ 1936! J - J
a«,r IT1 A, W lat er
iq ju a .o
A - O
Ala
Ifit 011 fr \a
1098 M -N
Bruns A W .’ls tg u , g .4 s i93K|J - J
6,000
L & N collat g, 4s, .O ct 1952 M - N

Atlan & Danv. See South’n Ry
Atlan A Yadk. See South’n Ry
Austin A N W. See So Pacific
f> a it <fc O— Prior lien,g,3%.'25 ■J - J

Q- J

Gold, 4 s _________ July 1948 jA - O

Registered ............. ......... Q - J
j - i

Pitts June & MDlst g,3%s,’25 M - N
PLE A WVaSys,ref,g,4s 1941 iM - N
8 W Div. 1st g, 3% s----- 1925!- - J
Mon R, 1st gu g, 5s------1919 F - A
C O Reorsr 1st con, g, 4 % s’30:M - S
OlevLor&W con , 1st g 5sl933 A - O
Ohm T?i,r RT?— 1st V Ks lQMfi .l - n
A - O
* . n
Pittsb A West 1st g, 4s..1917JJ - J
Stat Isl R y.lst,gu ,g,4% sl943;J - D




Bid.
Ask. Bid.
10434 105
105
104% 105
105%
102% 103% •■03%
102% 103% 103%
1 0 2 % ------- 102%
100% 101 H 100%
100% 101%: 101%
130
131
129
130% 131
129
104
105
1 0 9 % _____

Ask.
105%
106%
103%
103%
101
102
130
130

M ar. 29. ’
Bid
Ask.
104% 105 M
105% 106%
103% 104
103% 104
1 0 2 % _____
100% 101
101% 102
130% 131
130% 131
104% 105%
1 0 9 % _____

8
9 3 3 4 ......... 9 1 % ......... 9 1 % .........
99% Sale
99% Sale
O 1,535*666 97% Sale
99% Sale
99% Sale
O 1.364.000 97
Sale
90% Sale
88% 88%
Sate
A 1.300.000 92
87% 88
J 661,000 91% Sale
89% Sale
80% Sale
Sale
83% Sale
J 203.000 84
......... 99
S 129.000 ......... 102%; 100% 104

Q - J
J - D

BattleCreek A Stur. SeeMich C
Beech Creek. See NY C & Hud|
Bell»v A Carond. See 111 Cent
B ’klyn <fe Montauk. See L Isl’d
Bruns A West. See Atl Coast L
Buffalo N Y * Erie. See Erie!
Buff R A P, gen, g, 5s.........1937,M Allegh A W estist g, gu 4 s .’98|A Cl A Mali, 1st, gu, g, 58.1943 J Roch A Pittsb 1st g, 6 s .. 1921 F Consol, 1st g, 6s______ 1922J Buff & Southwestern. See Eriei
Buff A Sus— 1st , ref, g,4s,Ap’51 !J Burl C R & No. SeeCRI A Paoi
r ^ a a S o , 1st 5 s................... 1908IJ ' - ‘ an So, 2d 5s................... 1913 M R egistered___________1913 M Carb & Shawn. See 111 Central
Carolina Cent. See Seab Air LI
Carthage <fe Ad. See N Y C A H
Ced R la F A N. See B C R A N

PRICES IN M AR CH .
M ar. 1.

Sj
O
J
A1
Dj

209,000

97% Sale
93% 94

99% 99% 9 7 % ------94
Sale ......... 93

1
Sale
Sale 101
......... ......... 101%
Sale
91% Sale

......... 87%
99
99%
_____98
90
Sale

92% Sale
91% Sale
105
Sale 103% Sale
9 9 % ____
9 7 % .........
9 7 % .........
96
94
.........
9 5 % _____
; n % ........

90
91
99
Sale
9 8 % _____

101
100
92

98

Sale

96% Sale

Highest.

Sale Prices

Sale Pricex

Lowest.

103% Mch.
100%
10 1%
130%
130%

7 103% Mch. 27 102% Feb.

M ch / "7
Mch. 16
Mch. 28
Mch. 27

100%
101%
130%
130%

Mch. 7 166%
Mch, 18 100%
Mch. 28 129
Mch. 27 129%

5 103% Mch. 27

M ch.""7
Jan. 10
Jan. 26
Feb. 8

101%
101%
130%
130%

FebI
Mch.
Mch.
Mch.

19
18
28
27

Jan.
Jan.
Mch.
Mch.
Mch.
Mch.

99%
99%
94%
92%
85%
103%

Jan.
Mch.
Jan.
Jan.
Jan.
Feb.

29
29
25
19
25
19

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

98 %
99
87%
87%
79
98%

Mch.
Mch.
Mch.
Mch.
Mch.
Mch.

15
18
26
27
26
27

"99%
99%
90%
89%
83%
101%

99
Mch. 7 99
92% Mch. 22 94

Mch. 28
Mch. 29
Mch. 11
Mch. 1
Mch. 1
Mch. 2

96%
96%
87%
87%
7»
98%

Mch.
Mch.

9 6 % Jan. 4 99
92% Mch. 22 94

7
1

8 s) Mch. 9 89% Mch.
97% Mch. 29 101% Mch.
91% Mch. 26 92

8 89
7 97%
101
Mch. 25 90%

90
Mch. 29 92% Mch. 12
93% Mch. 14 103% Mch. 1

2
2
26
27
26
27

Jan. 22
Jan. 15

Mch. 9 91
Feb.
Mch. 29 102% Jan.
Jan. 7 101% Jan.
Feb. 4 92% Jan.

15
21
17
12

90
Mch. 29 92% Jan. 8
93% Mch. 14 108% Jan. 7
99
Feb. 20 99
Feb. 20
96

_____

Highest.

Sale Prices.
Sale Prices.
105% Feb. 5 105% Feb. 5
106% Mch. 12 106 >4 Mch. 12 1 )6 % Mch. 12 106% Mch. 12

Feb. 18 96

Feb. 18

91%

93% Sale

92% Mch. 27 96% Mch.

1 92% Mch. 27 98% Jan. 30

86% Mch. 27 88

1 86% Mch. 27 89% Jan. 18

i29 % .........127
129
114
......... 1 1 4 % ......... 1 1 4 % _____
110%
112

93%

89% Sale
94%

92% Sale

563.000 102
Sale
1,000 !......... 101%

93
88 Sale
94% 98

, 92%
____

93
92%

101% Sale
100

89% 89%

89%
- - - - ......... 95%
90% Sale
90% Sale
1 0 5 % _____
100%
25,000 1 1 2 % -------- 113
.........
......... 112
107% 111% 110
111%
110
110
„ 9,000
90

2,000
27,000
181,000

RANGE SINCE J A N . 1.

Lowest.

94%

m u

98”

9 1 % .........
'9 9 % Sale"

.........

88%

"89“

89%

93

Mch.

90% Mch. 27 92% Mch. 18

90% Mch. 27 93% Feb. 19

99% "Mch. "27 101% Mch. 1? 1 99% Mch. 27 102% Jan. 19
Jan. 23 101% Jan. 4
100% Mch. 13 100% Mch. 13 100
89
93
89

Mch. 22 89
Mch. 22 1 89
Mch. 23 95
Mch. 2 93
Mch. 25 90% Mch. 1 89
105%

Mch. 22 90
Mch. 23 96
Mch. 25 90%
Feb. 8 105%

1 1 2 % ......... 113% Mch. 19 113% Mch. 20 112% Jan.
110

______

111%
94

Mch. 15 94

Jan. 17
Jan. 29
Feb. 18
Feb. 8

7 113% Jan. 25

_____
Mch. 15

94

Mch. 15 94

Mch. 15

_____114
116% Mch. 6 116% Mch. 8 116% Mch. 6 118% Jan. 28
118% 116%
102
Jan. 14 103% Feb. 6
102 % _____ 99
.........
100 %
no
_____
110
........... 521
120%
......... .........120%
118% M ch .'13 118% Mch." 12 1.18% Mch." 13 123% F ebl'21
. . . .........122
' i ‘ 666 1 2 0 % ------- 123%
6,000

94

J
...........

100
J ; 190,000
40,000 104 Vx 1 0 5 %
8
103% 104%
8

...

j 94% Jan

92%

1 0 0 % ........... 1 0 0 %
102
104
100%
101%
___ 1 0 0 %

100

101

M ch . lfi 1 0 0 % M ch .
Mch. 27 1 0 2 % M ch .

1100
101

18 96% Feb.

8

Jan. 4 100% Jan. 29
Mch. 27 105% Jan. 23

*

24

BONDS-STOCK EXCHANGE RECORD
BONDS.

N Y STOCK EXCHANGE.

about
{?*■. Sales in Price
i P en - March.
Jan. 2.
od. Par value
1907.

M ar. 29.

Lowest.

ol. l x x x iv

.

RANGE SINCE J A N . 1.

PRICES IN M AR CH .
M ar. 1.

[Y

.

Highest.

Lowest.

.

Highest.

Central Branch R y . See Mo Pac
$
Bid.
Ask Bid.
Ask Bid.
Ask
Sale Prices. I Sale Prices.
Sale Prices. j Sale Prices.
Cent Branch. U P . See Mo Pac I
Csutral utno. See Balt & Ofuo
Cent of Ga— 1st, g, 5s,Nov 1945 F - A
......... 11734 _____
15,000 118
116
Mch. 20 !116
Mch. 20 116 Mch. 20
Mch. 20 116
R e g iste re d _____ N ov 1945 F - A
_________ __
Oonsol. gold, 5s........... ..1 9 4 5 M - N
81,000 10934 110% ......... i i o
Jan. 18
105
Sale 105
Mch. 29 110
Mch. 29 111
Mch. 18 105
R egistered................... 1945 M -N
1st, pref, inc, g, 5s, N ov 1945 Oct
Jan. 14
10,000 ......... 90
88
90
_____ 85
8534 Mch. 19 8534 Mch. 19 8534 Mch. 19 90
Stamped_________________ !___
Jan. 25
89
Feb. 21 90
2d, pref, inc, g, 5s, N ov 1945 Oct
_____ m s ......... 77
66
75
' 7334 Jan. 22 75% Jan. 22
Stamped__________________j___
10,000 77
79
_____ 74
Mch. 4
Mch. 4 73
Feb. 11 74
74
Mch. 4 74
3d, pref, inc, g, 5s, N ov 1945 Oct
65
Sale
Jan. 2
_____ 66
......... 66
6334 Jan. 23 I 65
Stamped................................ i. . .
66
Sale
Jan. 2
63
.........
62% Feb. 28 ! 66
Chat.Div.pur.m ’ny.g,4s,1951 j 91
_____ 91
.........
M ac& N orDiv,lst, g, 5s, 1946|j 107% _____ 10734 _____
Mid Ga & Atl Div 5s____1947 J 1 0 7 3 4 _____ 10734 _____
Mobile Div, 1st, g, 5s___1946 J 10 934_____ 10934 ......... 105
.........
Cen R R & B of Ga— Col g 5s 1937 M 1 0 6 3 4 _____ 10534 _____
Jan. 16
105% Feb. 27 108
Central of N J— Gen g, 5 s,.1987 J 54~000 le S X IS 6Y2 .........125 34 I i r i l 123% 123i<~Mch]'25 125 l i Mch" ‘
123 >4 Mch. 25 126% Jan. 18
R egistered ______ Julyl987;Q 13,000 124
126
12
3^
Mch.
13
125
Mch.
6
12334 Mch. 13 125% Feb. 14
124% 125%
Am Dock & ImpCo gu 5s 1921 J ......... n s y s ......... 112
Feb. 13
11034 Jan. 9 111
Leh & H R gen gu, g, 5S.1920! J 105
_____ 10234 _____ 10234 .
.Leh & Wilkesb Coal 5s..1912 M 2,000 100
_____ _____ 10034 100
_____ 100
Mch. 22 1 66 % Mch. 25 99% Jan. 7 100% Jan. 18
C on,ext,gu,4% s, June 1910 Q 27,000 99 % 100
9 9 % ____ _____ 99% 99% Mch. 22 100
Feb. 26
Mch. 20 99% Mch. 22 101
N Y & L Br, gen, g, 4 s..l941 jM Cent Pacific. See So Pac Co.
Cent Ver 1st, gu, g, 4s, May 1920 Q ......... 90
_____ 90
8934 Feb. 6 89% Feb. 14
Ches & Savan. See Atl C’st L.
Ch&Ose— Gold 6 s,Ser A ..1908IA - O
1,000 102% 105
Feb. 21
104
Mch. 22 104
Mch. 22 103% Jan. 28 105
10134 104
Gold 6 s ............... .Jan 1911 A - O
_____ 107
Feb. 13
_____
107
Feb. 13 107
10534_____ 107
1st cons, g, 5s........... ...1 9 3 9 M - N
67",000 ------- 11634 11434 Sale 113% 114
Jan. 4
11334 Mch. 25 114% Mch. 6 11334 Mch. 25 116
R egistered................... 19391M - N
Gen. gold, 4 % s ............. .1992 M - S 256,600 _____105% 102% Sale 10034 Sale
99% Mch. 27 102 % Mch. 1 99% Mch. 27 105% Jan. 28
R egistered___________19921M - S
_____106
Craig Valley, 1st, g, 5s..1940|J - J
1 0 2 % _____
R<fcA D iv, 1st con g, 4 s ..1989 J - J
‘ 3~666 9934 Sale
......... 97
98
Mch. 19 95
Mch. 19 98
Mch. 19 100% Jan. 10
2d con g, 4 s . . ............. 1989 J - J
10,000 95
_____
_____ . . . . 93%
9234 9234 Mch. 19 9234 Mch. 19 9234 Mch. 19 99% Feb. 15
Warm Spr Val, 1st g, 5 s .1941 lM - s
_____ 10434
107
Greenbr’rR y .ls t gu,g,4s,1940!M - N
93 34 .........
_____ 100
Chic <fc Alt R R — Ref g 3 s .. 1949 A - O
37~66o ......... 79
Jan. 21
76
_____ 76
Mch. 1 76
Mch. 25 80
7 9 " Sale
Mch. 25 79
R egistered_____________ 1949 A - o
Railway. 1st lien, g, 3% s 1950 J - J 232,000 7 5 % ......... 7234 Sale
67% Mch. 26 72% Mch. 1 67% Mch. 26 76% Jan. 14
R egistered__________ 1950|J - J
Chic Bur & Q— Denv D 4s.l922jF - A
4,000 10034 Sale
98
Feb. 13 10033 Jan. 2
99 % Sale
9934 Mch. 6 99% Mch. 1 99
Illinois Division. 3 % s__ 1949jJ - J
24,000 91 % Sale
91
Sale
89% Sale" 8934 Mch. 27 91
Mch. 1 8934 Mch. 27 92% Jan. 26
R egistered............... ..1 949 J - J
____
____
------- 93 3*
Gold 4s............... ..........1949SJ -- J 194'000 101% Sale
Sale 100
10134 Sale 100
Mch. 29 10134 Mch. 13 100 Jan. 29 102% Jan. 15
R egistered_____________ IJ -- J
Iowa Div sink fd, 5 s ...1 919 A - O
104 _____
Sinking fund 4s........... 1919iA -- O
* i ~666 101
_____
- 100J4 99
100
10034_Mch. 5 100 >4 Mch. 5 100 Jan. 30 100% Feb. 7
Nebraska Exten, 4s____1927iM--N
1 0 1 % ......... _____102
101% Jan. 14 102 Jan. 28
Registered___________1927 iM --N
Southwestern Div 4s____1921 M -- S
4s, joint bonds. See Gt. Nor.I
Debenture 5s___________1913JM -N
27,000 10234 Sale 10334 _____ 103
_____ 102% Mch. 19 103% Mch. 7 10234 Jan. 2 103% Mch. 7
Han & StJo, con, 6 s ____1911 j/W - S
1 0 8 % _____
108% Jan. 18 109 Jan. 15
C hc& E 111— Ref&im p.g,4sl955!J - J
____
93
_____ 93
1st, s f cur 6 s ................. .1907: J - D
18,000 ------- 10134 10134 ' . ____ 101 % 101 % 101% Mch. 6 101% Mch. 12 100 Jan. 17 101% Mch. 12
1st cons, g, 6 s ....... .......... 1934 A - O
1 3 1 1 4 ------- 1 3 1 3 4 _____
Gen cons, 1st, 5s_______ 1937|M - N
20',000 11634 11734 11634 11734
112
Mch. 26 11634 Mch. 6 112 Mch. 26 117% Jan. 15
Registered ............... ..1 937 iM - N
C hic& IndCoalRy.lst ,5 s . 1936; J - J
11134 _____ 11334 .........
11334 Feb. 1 113% Feb. 1
Chicago <fc Erie. See Erie.
Chic Ind& Lou— R e f.g ,6 s..l9 4 7 J - J
6,000 126
Sale
125
......... ......... 125
125
Mch. 13 126
Mch. 8 125
Feb. 18 126 Jan. 2
Refunding, gold, 5s____1947 J - J
111% Sale
111% Jan. 2 111% Jan. 2
Lou N A & Chic, 1st, 6 s .1910 J - J
_____ 10234 .........
......... 1073* 103
Chic Milw & St Paul—
Terminal, gold, 5s......... .1914 J
1,000 10434 109
103
Mch. 2f) 10S
Mch. 20 103 Mch. 20 106% Feb. 8
Gen, g, 4s, ser A ..M a y 1989 J
3,000 105
Jan. 26
_____
101
Mch. 18101
Mch. 18 101
Mch. 18 107
R e g iste re d ......... May 1989 Q
.........108
Gen, g, 3% s, ser B, May 1989 J
92
Mch. 9fl\ Q2U Mch. 0 9034 Jan. 11 92% Mch. 9
i l 'o o o S0 % 92M 9 1 % _____ . . . 92
R e g iste r e d _____May 1989 J
Ch & L Sup, D iv. g, 5 s ..1921 J
10834 .........
Ch & Mo R iv D iv, o s____1926 J
110
1 12 % .........................
11 0 3 4_____
11234 Jan. 9 113% Feb. 21
Chic <fc Pac D iv. 6 s _____ 1910 J
102
_____
Ch & P W , 1st, g, 5s____1921 J
111
19’,000 110
110
Mch. 26 111
Mch. 18 110 Jan. 3 111% Feb. 15
111
11134 .........110
Dak & Gt So, g, 5s......... 1916 J
106% Feb. 28 106 % Feb. 28
10 4 3 4.........
Fargo & So, assu, g, 6 s ..1924 J
120
_____ ......... 12534
1st Hast & D Div, 7s__ 1910 J
108% Feb. 25 108% Feb. 25
10634 _____
1st 5s............................1910:J
0934 _____
1st I & D Exten, 7s......... 19081J
1st La Crosse <fe D, 5 s ...l9 1 9 'J
107
.........
Mineral Point Div, 5 s __ 1910 J
10,000 100
- . . - _____102%
Mch. 18
Mch. 18 10234 Mch. 19 103
10234 Mch. 19 103
1st So Minn Div 6 s __ 1910 J
104 Jan. 11 105% Feb. 8
10434 108
106"" 1 0 8 "
1st Southwest Div. 9s__ 1909: J
104
Jan. 14 104 Jan. 14
101
_____
Wis & Minn Div, g 6 s ..1921 J
“ £ 6 o 6 107 34 ......... .........i i o %
10734 Mch. 16 10734 Mch. 16 10734 Mch. 16 110% Feb. 27
Mil & No, 1st, M L 6a__ 1910;J
106% Feb. 14 106% Feb. 14
104 3 4 ......... _____107
1st, consol, 6 s............. 1913! J - D
109
_____
1103$ Feb. 15 111% Feb. 26
Chic & North W cone 7 s ..1915 Q - F
119% Feb. 6 121
12034
Feb. 4
12094 12234
Extension 4s........... 1886-1926 F - A
102
Jan. 8 102 Jan. 8
_____
10134......... lOO
R eg istered .........1886-1926 F - A
104
Feb. 8 104
99
......... 100
_____
Feb. 8
General, g, 3 % s ___
..1 987 M -N
i o '6 6 6 ......... 98% 96
.........
Jan. 16
Mch. 6 95% Mch. 25 98
95% Mch. 25 96
Registered .........Nov 1987 Q - F
_____ 9634
95
Feb. 21 95
Feb. 21
Sinking fund 6 s . . ,1879-1929 A - 0
111
......... I l l
113
109
...........
R egistered ......... 1879-1929 A - 0
- 110
Sinking fund 5 s ...1879-1929 A - 0
10634 ......... 10634 R eg istered .........1879-1929 A - 0
Feb. 2
Debenture 5s............... ..1 9 0 9 M -N
6,000 99
Mch. 291101% Mch. 15 100% Jan. 15 102
1 0 1 % _____ 101
102
Sale 101
R egistered....................1909 M -N
101
Mch. IF, 101
Mch. 15 101
Mch. 15
6,000
Mch. 15 101
Debenture 5s......... ..........1921 A - O
107
Sale
107
Jan. 2; 107 Jan. 2
10534 _____
R egistered................... 1921 A - O
Sinking fund deb 5s___ 1933 M -N
11334 113% . . . . 115% 108
114
11334 Jan. 25 114% Feb. 8
Registered ................... 1933 M -N
------- 114
------- 115% ------- 11434
North'n Illinois, 1st, 5S-1910 M - S
1 0 1 H ......... 9934
Ott C F & St P aul,1st ,5s,1909 M - S
~ 2~o66 101
.........
100% Sale 100% Mch. 29 100% Mch. 29 100% Mch. 29 102% Feb. 7
Winona & St Pet, 2d 7s. 1907 M -N
102
____ 102
Ml L S&West, 1st, g, 6s,1921 M -N
1 2 1 3 4 ____
12234 Feb. 14 122% Jan. 31
E xt & imp, s f, g, 5S..1929 F - A
Ashland div, 1st, g, 6s, 1925 M _
12534
Michigan div, 1st,g ,6s,1924 J - J
123
.........
Incomes, 6 s................. 1911 M -N
98
. . . . 100
100
.........
Chic R I & Pacific, 6 s _____ 1917 J - J
i' 9‘ 666 11534 _____ 1 1 6 % ____
Mch. 26 j 116 % Mch. 15
114
Mch. 261116% Mch. 15 114
Registered....... ............1917:J - J
_
5,000 1 1 3 3 4 _____ 116
11H34 Mch. 7 11634 Mch. 7 11634 Mch. 7 11634 Mch. 7
General, gold, 48......... ..1 9 8 8 J - J
9854 Mch. 2S 100
Mch. 11 98% Mch. 28 100% Jan. 12
88,000 100
Sale
100
100% ......... 99
R egistered................... 1988 J - J
9934 .
9 9 ^ Feb. 21 99% Feb. 27
Refunding, gold, 4 s___ 1934 A - 0
208,000 ......... 92
91
Sale
8934 Mch. 26 91 % Mch. 1 8934 Mch. 26 91% Jan. 4
9134 Sale
Collat trust Series G ___1909 M -N
95 3 4 ......... 95 34 . . .
Series J ............. ............1912 M -N
92
......... 9334 ____
Series L ......... ..............1914IM -N
9034 ......... 9 1 3 4 _____
9034 Jan. 17 90^4 Jan. 16
8 eries M ._ ....................1915 M -N
91
8934 ____
90% Feb. 8 90% Feb. 8
Series O ........................1917 M -N
88
......... 90
_____
Series P ........................1918 M - N
90
Mch. 22 90 * Mch. 22 90
Mch. 22 90
" 2'666 8834 90
.........
Mch. 22
Chic R I <fc Pac R R , 4 s ..2002 M - N 838,000 76
Mch. 2S 77
Sale
Mch. 28 74% Mch. 1 68
74% Sale "6934’ Safe" 68
Jan. 4
R egistered................... 2002 M - N
Collateral trust gold 5sl913 M - S 152,000 90
Sale
82
Mch. 28 88
Mch. 28 91% "Feb". "21
88
Sale
Mch. 1 82
8234 Sale
Burl C R A No.—
Con 1st & col tr, g, 5 s .1934 A - 0
1 1 5 % ......... ......... 119
119
117.. Jan .
9 117 Jan. 9
R egistered................... 1934 A - 0
- - 11734




1

1

A p r .,

190 i

B O N D S.

N. Y. STOCK EXCHANGE.

Int. Sales in Price about
Peri­ March.
Jan 2
od. Par value
1907.

RANGE SINCE J A N . 1.

PRICES IN M ARCH .
M ar. 1.

M ar. 29.

-

Lowest.

Lowest.

Highest.

Sale Prices.

Sale Prices.

Highest.

Chic R I & P — Bur C R & No— Con.)
Bid.
A sk.1Bid.
Ask Bid.
Ask, Sale Prices.
Sale Prices.
C R 1 F & N W ,gu,g,5sl921 A - O
107
_____ 107
...........
M &StL.lst tru,£r,7s .1927 J D
Choc Okl&G gen,g,5s, Oct ’ 19 J - J
102
___ ________
Consol, g, 5s_________ 1952 M - N
107% 110
105>4 110
10734 H O
Keok & Des M, 1st, 5 s .. 1923 A - O
....... 110 % ...........
Chic St L & N O. See 111 Cent
Ohic St L & Pitts. See Penn Go
Ohic St P M & O, cons 6 s ..1930 J - D
13,000 1 2 9 % .........129
131%
131
128
Mch. 25 130% Mch. 5
Cons 6 s, reduced to 3% .193 0 J - D
C h S tP & M in , ls t g 6 s .-1 9 1 8 A l-N
129%
12934
North Wisconsin 1st 6 s._ 1930 J - J
125 %
125%
St P & S City, 1st g 6 s__ 1919 A - O
119%
120 %
12 0 3 4-------Chic Terminal Trans, g 4 s .l9 4 7 J - J
97%
Coupon off__________________i_____
6,000 99 % Sale
98% Mch.
98% Mch. 5
Ohic & W I g e n , g , 6 s.D e c 1932 Q - M
3,000 111 % ____ 1 1 0 %
111
Mch. 22
110 % ____ 110% Mch.
Consol 50-year 4 s .......... 1952 J - J
97%
Ohic & W M ich. See Pere Marq
Ohoc Okl & G. See C R I & P
Oin Ham & D 2d g, 4?4s.-1932 J - J
Cin D & I, 1st guar g 5s. 1941 M -N
1,000 104>4
106
10434 _____ 105% Mch. 16 105% Mch. 16
CinFin& FtW .lst gu g 4s 1923 M - N
Cin Ind & W , 1st gu g 4s 1953 J - J
94
IndJDec &West 1st,g .5 s .1935 J - J
106
106
108>4
1st guar gold 5 s______ 1935 J - J
Oin Ind St L & C. See CCC&StLj
Oin San & Clev. See CCC&StLj
Clearfield & Mahon. SeeBR&P
Cleveland Cin Chic & St Louis— j
General, gold, 4s_______ 1993J - D
188,000 101
Sale 101% Sale
96% Mch. 25 101 % Mch. 4
9734 Sale
Cairo Div, 1st, gold, 4 s ..1939 J - J
Cin W & M D iv, 1st g 4 s .19911J - J
2,000 97% 100
......... 98
97
97
Mch. 13 97*" Mch!" T 3
St L D iv, 1st col tr g 4s..l9 90| M - N
_______
98
....
. . . 97
-------- 99
R egistered.....................1990 M - N
............................ 97
Sp & Col D iv, 1st g 4s___1940 M - S
.............. 94
........... j ! . . . . . . . . .
W W Val D iv, 1st g 4s. .1940 J - J
........... 9 6 % _____ 97
...
97
____
Cin I St L & C, cons 6s-.1920|M - N
______ 104
______ 10634 —
106 34 ____
First gold 4s____Aug 1936 Q - F
9734 Sale
97% Mch. 29 99
Mch. 25
4.00C 99J4 10034 !.........- - Registered . ..A u g 1936 Q - F
______ 9934 ......... 99% . . .
Cin S & Cl, cons 1st g 5 s .1928 J - J
107
......... 1095* - - Cl C C & In consol 7s____1914 J - D
117
......... 11834 - - .
Consol sink fund, 7 s ..l9 1 4 J - D
Gen’l consol, gold, 6S.1934 J - J
129
R egistered________ 1934SJ - J
, Ind B1 & W , 1st pref, 4 s .1940 A - O
O l & W ,l s t p f ,5 s .A p r 1938jQ - J
Peo & E ast, 1st cons 4s. .1940 A - O
93
5,000 94
94% Mch. 2 95
Mch. 2
9434 95
Income 4s....................1 9 9 0 Apr.
68,000 70
72%
Sale
65
64
Mch. 25 69% Mch. 4
Cleve Lor & W . See Balt & O
Cleve & Mahon Val. See Erie I
Cleve & Marietta. See Penn.RRl
Cleveland & Pitts. See Penn Coi
Oolo Midland— 1st g 4s__ 1947 J - J
73,000 73 % Sale
____ 67
71J4 72
67
Mch. 23
Mch. 2
Oolo & Southern 1st g 4 s . . 1929 F - A
89% Sale
204,000 9234 Sale
91
Sale
89% Mch. 26
Mch. 11
R efund’g and ext, 434s,1935jM - N
92
____
Oolum & Greenv. See South Ry:
Colum & Hock V. See Hock Val;
Col Conn & Term. See Nor & W 1
Oonn & Pas Rivs, 1st g 4 s .1943 A - O
rv a k o ta & Gt So. See CM&StPi
" a l i a s & W aco. See Mo K & Ti
Del Lack & West 7s........... 1907|M - S
......... 101
1,000 103%
101
101 % Mch. 15 101% Mch. 15
Morris & Essex, 1st 7s--19 14M - N
119%
119% 12134
1st cons guar, 7s......... 1915 J - D
120
R egistered............... 1915 J - D
1st ref, guar, g, 3 % s .-2000 J - D
98
98
N Y L & W , 1st, 6 s......... 1921 J - J
34 126% 122
12633
I I I I I I 12034
Construction 5s........... 1923 F - A
........... n o y % ......... 109
Term & im prov’t 4s-.1 923 M -N
____ ____ 101
W ar’n R Itlstre f gu g3%s2000 F - A
• el & H 1st. Penn Div 7s_1917M - S
125
R egistered....................1917 M - S'
10 -yr convert deb 4 s .1916 J - D 2 ,088,000 109 % Sale
95% Mch. 25 103% Mch. 1
103?* Sale
9834 Sale
Alb & Susq, conv 3 % s.-1 9 4 6 A - O 517,000 111
114
95
Mch. 26 104
Mch. 4
9734 Sale
Rens & Saratoga 1st 7s. .1921 M - N
........... 132% . . . .
133% : : : :
• el Riv R R Bge. See Penn RR
• e n & R G — 1st cons, g, 4s 1936 J - J
*95
27,000 9 6 % ..................... 96%
93% Mch. 8 96
Mch. 20
Consol gold 4 % s ............ 1936 J - J
........... 1 0 1 U ........................10534 102 % 10534
Improvement, gold, 5 s ..l9 2 8 J - D
........... 104H 105 % 1 0 4 9 * ...........
. . . 106
R io Gr June,1st,g u ,g ,5 sll9 3 9 jj - D
Rio Gr So, 1st. g, 4s____1940 J - J
G uaranteed..................1940 J - J
R ioG r W est. 1st g, 4 s ...1 9 3 9 J - J
96
92% 92
94
Sale
40,000 93
Mch. 27 94
Mch. 1
M & col tr,g,4s,ser A .1949! A - O
88
86
-------- 8 7 %
Ut C. 1st, gu, g, 4s Janl9l7 A - O
93
Des M & Ft D. See M & St L !
Des M Un R y, 1st g, 5s------1917;M - N
Det & Mack. 1st lien g 4 s .. 1995 J - D ‘
92
Mch. 20 92
12,000 95
90
Mch. 20
Gold 4s________ ________19951J - Dj
1,000 91
92% Mch. 8 92% Mch. 8
- 9234
Detroit Southern—
Ohio South Div, 1st g 4 s .1941 :M - S
85
............. 8 4 % .........
Dul & Iron Range, 1st 5s ..1 9 3 7 iA - O
111
. 11034 111% 111%
R egistered........... ............1937 A - Ol
. -------- 11034 -------2d, 6 s................................ 1916
. 100
..................
Dul Short L. See Nor Pac
Dul So Shore & A tl, g 5s. .1937
107
111
1 1 0 % ......... 11134
l^ a st of Minn. See S P M & M
■“ -'ast Tenn Reor lien. .SeeSoRy
East Tenn Va & Ga. S e e S o R y
Elgin Jol & East, 1st g 5s. .1941 M -N
........... 11334 115%
Elm Cort & No. See Leh & N Yi
i
Erie— 1st, ext. gold, 4 s ...1 947 M - N
___ 100
101%
101%
2d, ext, gold, 5s............. 1919 M - S!
........... 109?*
107
3 d ext, gold, 4 % s ......... 1923 M - S
........... 106 34
10334
4th, ext gold, 5s........... 1920IA - O
1 10
_____ 109)4
5th ext, gold, 4s........... 1928 J - D
..................
9 8 ?*
99
1st consol, gold, 7s......... 1920 M - S
127
125
Mch. 6 127
2,000 129)4 Sale 125
Mch. 18
1st, consol, g, fund, 7S..1920 M - S
Erie. 1st con, g, prior 4 s .1996 J - J
97% Sale
96% Mch. 22 97 % Mch.
52.000 97)4 Sale
96
Registered............................J - J
9934
1st consol gen lien g 4s. .1996 J - J; 177^000 *87% Sale
80
Mch. ~27 84
81
Sale
Mch.
Registered ___________ ____ J - J 1
89%
Penn coll trust, g, 4s____1951 F - A
18",000 ~90*~ 92
90
Sale
86 % 84 Mch. 21 90% Mch. 7
50-year conv g 4s, Ser A . 1953 A - O 1 255.000 102
Sale
95
Sale
78
Sale
76
Mch. 26 95
Mch. 1
Do
do Ser 13.1953 A - O'
17.000
8 0 % ’ Mch. 6 81
Mch. 4
Buff N Y & Erie 1st 7 s .. 1916|J - D
119
122
........... 119
121
122
Buff & S W , gold 6 s____19081J - J
........... ..98
101% -----104
Ohic & Erie, 1st gold 5 s .1982 M - N
33.000 117% Sale 118% Sale 110
113% Mch. 15 119
Mch. 8
Oleve & Mahon Val, g 5sl938 J - J
109
112
------111 %
Registered................... 1938 Q - J
Jeff R R , 1st gu g 5s.Jan 1909 A - O
2 ,0 0 0 1 0 0 }*
101%
101
Mch. 26 101
Mch. 26
101
Long Dock, con g 6 s____1935 A - O
1,000 1S1
130
Mch. 7 130
130
130
Mch. 7
C & R R Co 1st cur gu 6 s. 1922 M -N
D & Im p t Co 1st c u r e s .. 1913 J - J
........... 107
107%
■106
NY&Greenvv L gtd g 5s. 1946 M -N
........... 105
110
105 4
N Y Susq&W, 1st refg 5sl9 37 J * J
1 0 ,0 0 0 H I M 116
108
Mch. 28 108
Mch. 28
111%
2d, g, 4 % s................... 1937 F - A
General, gold, 5s......... 1940 F - A
1 0 S H 100 %




25

BONDS-STOCK EXCHANCE RECORD.

128

Mch. 25 131

Jan. 31

131% Feb. 18 131% Feb. 18
119% J a n r i7 120% Feb".‘ l3
98% Feb. 28 99% Jan. 2
110% Mch. 9 113
Feb. 27
5 Feb. 6
97% Feb. 8

105% Mch. 16 105% Mch. 16
83
Jan. 29 83
104% Feb. 19 105

96%
99 %
97
97%
97

Mch.
Jan.
Mch.
Feb.
Jan.

25
10
13
11
10

102

99%
98%
98%
97

97% Mch. 29 99

Jan. 29
Jan. 7

Jan.
Jan.
Feb.
Feb.
Jan.

19
10
13
2

10

Mch. 25

99% Jan. 31 99% Jan. 31
118% Jan. 22 118% Jan. 22
131 % Jan. 17 132

Feb. 15

Jan. 3
Jan. 14 95
Mch. 25 72% Jan. 11

67
Mch. 23 74% Jan. 25
89% Mch. 26 9 4 % Jan. 14
95
Feb. 11 95
Feb. 11

101% Mch. 15 104% Feb. 26

110% Feb.

2 111% Jan. 23

95% Mch. 25 109% Jan. 2
95
Mch. 26 110 Jan. 12
93% Mch. 8 97% Jan. 14
102% Jan. 15 102% Jan. 15
104% Jan. 15 105% Feb. 9

92
Mch. 27 95
Feb. 1
87% Feb. 19 87% Feb. 19

92
92

Mch. 20 92
Mch. 20
Jan. 15 92% Mch. 8

111% Jan. 28 111% Jan. 28

110% Jan.

100% Feb.
125
Mch.

4 112

Jan'. 18

100% Feb. 19
129% Jan. 2

96% Mch. 22 99% Jan. 23
80
85%
84
76
80%

Mch.
Feb.
Mch.
Mch.
Mch.

88

85%
91%
103%
87

115% Mch. 28 119

Jan.
8
Feb. 18
Jan. 12
Jan.
7
Feb. 8
Mch.

8

130

Mch. 26 101
Mch. 7 130

Mch. 26
Mch. 7

108

Mch. 28 108

Mch. 28

101

100% Feb. 16 103

Jan.

9

BONDS—STOCK EXCHANGE RECORD
B O N D S .

N Y STOCK EXCHANGE.

Int. Sales in Price about
Peri­ March.
Jan. 2
od. Par value
1907.

PRICES IN M AR CH .
M ar. 1 .

M ar. 29.

Lowest.

[V

o l . l x x x iv

RANGE SINCE J A N . 1.
Highest.

Lowest.

Highest.

Erie— {Con.)— N Y Susa & W —
Bid.
A sk Bid.
Ask Bid.
Ask | Sale Prices.
Sale Prices.
Sale Prices.
Sale Prices.
Terminal, 1st, g, 5s__ 1943 JVi
114% ...
110
Regis’d,$5,000 each 1943 M
Mid R R of N J 1st g, 6s_1912! A
104%
104 %
103
W ilk & East,1st gu, g 53.1940 J 108y2
Erie & Pittsburgh. See Jfa. Co;
E v A In, 1st con, gu,g,6s_.1926 J
11 2 % ........
Ev A T H— 1st con g 6 s __ 1921 J
1 1 4 % ------- 1 1 4 % ------1st general gold 5s........... 1942 A 105M 108% .........106%
106%
106% Feb. 7 106% Feb.
Mt Vernon 1st g 6 s......... 1923 A 108
......... 108
_____ 108
Sull Oo Branch, 1st g 5s. 1930 A 1 0 1 % --------- 1 0 1 % ..
101 %
argo A So. SeeChicMAStP.
la Cent & P . See SeuD Air L.
Port St U D Co 1st g 4% s_.1941 J F W & Den City— 1st g 6 s .1921 J 62,000 109% 111
110% Sale 109
Sale 108
Mch. 22 110% Mch. 11 108
Mch. 22 111
Jan.
Ft W A Rio Gr, 1st g 4 s ...1 9 2 8 J 8,000 _____ 90
85 ys 86
84% Mch. 27 85% Mch. 9 84% Mch. 2 87
85
Feb.
al H A San A— See So Pa.Co.
alv H A H of 1882,1st,5s, ’ 13 A - O
2,000
103
103
100 Mch. 28 100
Jan. 11
Mch. 28 100
Mch. 28 103
Ga A Ala. See Seab Air Line.
Ga Car A Nor. See Seab Air L.
Georgia Pacific. See Sou’n R y.
Gila V G 4 N , See So Pac Co.
Gouv A Oswegat. See N Y Cent.
Gt No— CBAQ coll tr 4 s .. 1921 J 1,253,000 97
Sale
94% Sale
89 % Mch. 26 94% Mch. 1 89% Mch. 26 98% Jan. 3
92
Sale
R e g iste re d ............. July 1921 Q 4,000
94% Sale
88 % Mch. 27 94% Mch. 1 8 8 % Mch. 27 96% Jan. 12
Greenbrier R y . See Ches & O.
GASh 1,1st rf Ater5s,g,Feb 1952 J 104
-------- 1 0 2 %
100
.1 0 2 % Feb. 19 102% Feb. 19
Registered ............. Feb 1952 J
an A St Jo. See C B A Q.
ousatonic. See N Y N H A H .
H ock’g Val, 1st co d ,g ,4 % s,1999 J
. 170,000 104% Sale 104%
104
Sale 103% Mch. 27 105% Mch. 6 103% Mch. 27 105% Mch. 6
R egistered............... ........1999 J
Col & H V , 1st ext g 4S..1948 A
98%
95
Col A Tol 1st, ext, 4 s . . . 1955 F
99M
Hous E A W Tex. See So Pac.
H A Tex Cent. See So Pac Co.
fUinois Central— 1st g 4 s ..1951
107% . .
107
106
____
»
R e g iste re d ........... ........1951
108
......... 108
......... 108
1st. gold, 3 % s ............. ..1 951
100%
100% Feb. 19 100% Feb. 5
R egistered___________1951
Extended. 1st. gold, 3 % s, ’51
R egistered___________1951
1st g 3s, sterling_______ 1951
R egistered............. ...1 9 5 1
Collateral trust g 4s......... 1952
2 ,0 0 0
. . . 102
Mch.
102
Mch. 4 102% Feb. 16
103
100
102
Mch. 4 102
Registered _ . ............... 1952
Coll tr g 4s, L N O A T __ 1953
' 8*666 1 0 1 % 1 0 2 % 102 ~ 1 0 2 %
1 0 2 % 100% Mch.'12 102 % Mch. 2 100% Feb.
1 16.3% Jan:*l7
R egistered_____ _____ 1953
Cairo Bridge, gold, 4a___1950
102%
102% Jan J 15 102% Jan. 15
R egistered___________1950
Lou’ v div & term l,g,3% sl953
8 8 % 91
Jan. 12
)H Jan. 17 91
R egistered......... ..........1953
91
Middle div. reg, 5s.........1921
104%
103
Omaha D iv, 1st, g, 3s__ 1951
L div A terml, g, 3 s ..1951
78% Jan. 8 78% Jan. 8
76
78%
R egistered___________1951
Gold, 3 % s _____ _____ 1951
Mch! * 8
3,000 88
91
...
89% 89
Mch. 8 89
Mch. 8 89 “ Mch. “ 8 89
R egistered............... 1951
...............
9 o y 2
Springf div 1st g 3% s.._1951
87% . . .
Registered ................... 1951
W est’n Lines 1st g 4 s .. 1951
A
Jan. 10
100
102 Jan. 10 102
102%
R egistered................... 1951
■A
Belle A Caron, 1st 6 s __ 1923
D
177% ...
117%
Oarb & Shaw, 1st, 4s, g.1923
- S
Mch. 19
97
Mch. 13 97
Mch. 19 97
Mch. 13 97
9,000 95
•h St L A N O, gold 5S..1951
- D
118% 122 % 119%
Registered________ 1951
- D
Gold 3 % s......................1951
- D
......................... 8 8 % Feb. 25 8 8 % Feb. 25
Registered__ ,_____ 1951
- D
Memph div, 1st, g, 4 s .1951
- D
100%
100%
100% Mch. 19 100% M chT ie 100 % M ch .'19 100% Mch. 19
3,000 100
Registered________ 1951
- D
Mch. 26
8 t L So, 1st, gu, g, 43.1931
- S
97
97 * ‘ Mch. 26 *97
Mch. 26 97
Mch. 26 97
3,000 99%
t o d B l & W . See ClevCCAStL.
Ind Dec & W . See Cin H & D
Ind 111 A la , 1st, gold, 4 s ..1950
.........
100
Feb. 20 100
Feb. 20
99
95% 100
In t’n'l A GtNo— 1st,g ,6 s ..1919
114
114% Mch. 21 115
Mch. 5 114% Mch. 2! 115% Jan. 11
1 2 ,0 0 0 115
____ 115
2d, gold, 5s.....................1909
Sale
95
95
Mch. 28 95
Mch. 29 95
Mch. 28 99% Jan. 4
5.000 99% 100
3d, gold, 4s.....................1921
79
77
Jan. 9 79
Jan. 16
65
76
79
78
Sale
Iowa Central, 1st. gold, 5 s .1938
109
Feb. 4111
Feb. 6
108
...........110
100
109
Refunding gold 4 s _____1951
85
Feb. 20; 85
Feb. 20
80
____
85
85
ack Lans & Sag. See Mich Cen
efferson R R . See Erie.
I f a l All A G R . See LSAMS.
“ an A Mich. See Tol A 0 C.
K C A Ft Sc A M. See StL A SF
K C A M R y A B . See St LA S F .
K C A Pacific. See M K & T.
Kan City South, 1st g, 3 s ..1950
Mch. 26j 72% Feb. Is
34,000 70% Sale
71% 71%
69
Mch. 26 71% Mch. 4 69
R egistered........... ............ 1950
Kentucky Cent. See L A N .
Keok A Des M. See C R I A P
Knoxville A Ohio. See Sou Ry.
| ake E A f f , 1st, gold, 5sl937
Mch. 19 112% Jan. 4 114
Mch. 19
113
113% 113
Mch. 27 114
43,000 1 12 % 116% 113%
^ 2d, gold, 5s......... ..........1941
----------------- 107% Jan. 7 107% Jan. 7
1 0 7 % ....................
. . 108V2
107% 105
North n Ohio 1st gu g 5s. 1945
108% . . . . 109%
L Sh A Mich So. See N Y Cent.
Leh V N Y 1st gu, g, 4% s,1940
107% Sale 107% Mch. 26 107% Mch. 26 107% Jan. 2 107% Mch. 26
6,000 107% Sale 108%
Registered_______ _____ 1940
107
Leh V (Pa) gen con, g, 4s .2003
Leh V Ter R y 1st gu,g,5s_.1941
110
116
R eg istered .................
1941
Leh V Coal C o,lst,gu ,g,5s.l933
ll* H
R egistered....................... 1933
1st int reduced to 4s ...1 9 3 3
Leh A N Y — 1st, gu, g, 4s. 1945
96% Jan. 16 96% Jan. 16
95
96%
95
R egistered............. ..............
Elm C A N , 1st pf 6 s ____1914
105
104
Gold, guar 5s_______ 1914
100
101
101
Leh A Hud R . See Cent o f N J.
Leh A Wilkesb. See Cent N J.
Leroy A Canev Val. See M o.Pac
Long Dock. See Erie.
Long Isl 1st con, g,5s, July 1931
12% 114% 113
Mch. 26 113% Mch. 25 113
Mch. 26 114% Feb. 15
...
8,000 1 1 3 % ......... 114
1st, con, g 4 s ...J u ly 1931
99
.........
9 9 % _____ 99
..
Gen, g, 4 s .........................1938
91
.........
9 5 % Mch. 22 95% Mch. 22 95% M ch.'22 '9 9 ” Jaiir'25
2 ;0 0 0 96% . . . .
. . . . 98%
Ferry, g, 4 % s ................. 1922
Gold, 4s............................ 1932
94
...
94
. . . . 94 ..........
Unified gold 4s................. 1949
95
Mch. 22 9 5 " Mch.'22 94
____ 95
Jan. 14 95% F eb".'l5
MOO 92
96
. . 96
Deb, gold, 5 s . . ........... ..1 9 3 4
1 0 7 % .........
1 0 7 % ......... 107%
Guar, ref. g, 4s............... 1949
Mch. *8 * 99% Jan! 25
. . 96% 9 6 " M ch.' 8 96% Mch. 1 96
16,000 ------- 99% 96% Sale
Registered ................... 1949
Bklyn A Mon, 1st, g u ,g , 6 s,’ l l
100 %
J04% ...
1st 5 s _______ ________1911
100 Mch. 11 100
Mch. 11 100
Mch. 11 102% Jan. 10
" 4 :6 6 0 101% 103% 99%
N YBAM B, con, g, 5S ...1935
110
........... 110
N Y A R oB ch, 1st, g, 5 s ..1927
1 0 8 % .........
109% Jan. 7 109% Jan. 7
NShBch.lst con,gu5s,Oct '32
109% 112% 109}* 111%
Louisiana A Ark 1st 5s____1927
i 03 % Feb. ’ 20 103 % Feb'. ’ 20
. . . 103%
. . . 103H
liouisville A Nashville—
General, gold, 6s _______ 1930 J
......... 115% Mch. 121115% Mch. 12 115
Jan. 4 115% Jan. 18
2 ,0 0 0 115
115% 1 1 5 ^ ........... i l l l
Gold, 5 s . . ........... ......... 1937 M
......... 108
Mch. 15; 108% Mch. 14 108
2,000 1 1 6 % ......... 1 1 6 % ......... ...
Mch. 16 117% Feb. 25

F

G

H

J




A p u ., L907. |
B O N D S .

N Y STOCK EXCHANQE.

Int. Sale* in Price about
Peri- March.
Jan. 2,
od. Par value
1907.

Louisville A Nash— (Con.)—• j
Unified, gold, 4 s _______ 1940; A - 0
R egistered__________ 1940 J - J
Sinking fund, g, 6 s......... 1910 J - J
Coll trust, gold, 5s........... 1931 M - N
5-20-yr, coll tr deed,g,4s 19231 A - O ;
E H & Nash,1st, g, 6 s__ 1919 J - D
Louis CinALex.g, 4% s.-1931;M - Nj
N O & M, 1st. g, 6 s .........1930 J - J
N O & M. 2d, g, 6 s......... 1930 J - J
Pensacola div, g, 6 s ____1920 M - S
.St L div, 1st, g, 6 s ______ 19211M- S
2d, gold, 3 s ................. 1980 M - S
A tlK noxA N o 1st, g, 5s .1946 J - D,
Hend’son B ’ge.lst s f,6 s ,g ’31 M - S
Kentucky Cent, g, 4s__ 1987 J - J;
LAN &M ob& M ,lst,g,434s ’45 M - Si
L&N-Sou Mon.joint, 4s.l952 J - Ji
R eg istered _____July 1952 Q - Jj
NFlaAShef ,1st,gu,g ,5s 1937 F - A ;
NptACinB’ge gen gu g 4% s’45 J - J
Pens & Atl 1st,g u ,g ,6 s.-1921 jF - A
S A N Ala,con,gu,g,5s..l936|F - Aj
LoAJefTBrdgeCo,gu,g, 4 s ..1945 M - S 1
L N A A Ch. See Ch Ind & L.
ahoningCoal. See L S & M Sol
^“ ■•anito S WColoniz,g,5s_1934 J - D
M cK’pt ABVern. See N YCAH .
Metropol Elev. See Manhat R y . 1
Mex Cent, con, gold, 4s__ 1911 J - J
1st, con, inc, g, 3 s..Jan 1939 July
2d, con, inc, g, 3s__ Jan 1939 July
Equip and collat, g, 5 s ..1917 A - 0
2d Series, gold, 5s____1919 A - O!
Mex Internat 1st con.g, 4s. 1977 M - S
Stamped, guaranteed__ 1977 M - S
Mex Northern 1st gold, 6 s .1910 J - D
Registered......... ............ .1910 J - D
Michigan Central. See N Y Cent
Midl'a of New Jersey. See Erie.
Mid Term, 1st, g, s f, 5s__ 1925 J - D
Mil L S & West. See Chic A NW
Mil A North’ n. See Ch M A StP.
Minn A St L, 1st. gold, 7s. 1927;J - D
Iowa E xt, 1st, gold, 7S..1909 J - D
Pacific E xt, 1st, gold 6 s 1921 A - Ol
S W E xt, 1st. g, 7s......... 1910 J - D
1st cons, g, 5s................. 1934 M - Ni
1st & refund, g, 4s......... .1949 M - Si
Des M & Ft D, lst.gu g,4s '35 J - jl
Min A St L gu. See B C R & N.
M St P & S S M. con, gold, 4s,I
stpd, payment of int g u .1938 J - J
Minn S S M A Atl 1st, goid, 4s,
stpd, payment of int gu.1926 J - j
Minneap Qn. See St P M A M.
Mo Kan & Okla. See M K & T.
Missouri Kansas A Texas—
1st. gold, 4s......................1990 J - D
2d, gold, 4 s ........... June 1990 F - A
1st, Extension gold 5 s ..1944 M -N
1st & refund mtge 4s____2004 M - S
Gen. s. f. 434s........... . ..1936 J - J
St Lou Div, 1st, ref, g,4s 2001 A - O
Dal & Wa, 1st, gu, g, 5s. 1940 M - N
Kan C & Pac, 1st, g, 4S.1990 F - A|
Mo K A E, 1st, gu, g, 5 s .1942 A - 0
Mo K & Ok, 1st, gu. 5 s ..1942 M -N
M KAT of T 1st, gu, g, 5s 1942 M - S
Sher Shr’ v& So,lst,gu,g,5s '43 J - D
Tex & Ok, 1st. gu, g, 5 s .1943 M - S!
Missouri Pacific—
1st consol, gold, 6 s ......... 1920 M -N
Trust, g, 5s, stamp’d,Janl917 M - S
R egistered........... Jan 1917 M - Sj
1st coll, gold, 5s............... 1920 F - A
Registered................... 1920 F - A
40-year gold loan 4s____1945 M - S
3d, 7s, ext. at 4 % ......... 1938 M -N
Cen Bch Ily .lst, gu, g,4s 1919 F - A
Cent Br Un Pac, 1st g, 4sl948 J - D
Leroy& CValAL.lst,g,5s 1926 J - Jj
Pac R of Mo 1st ex, g, 4s,1938 F - A
2d extended, gold. 5s. 1938 J - J
St Louis Iron Mt A South—
Qen con ry& land gt g 5s '31 A - Ol
Gen. con, stped,gu,g5sl931 A - 0
Unif A ref, gold, 4s__ 1929 J - J
R egistered............... 1929 J - J
River AG ulfD iv,1st,g 4s ’33 M -N
Verdigris V I A W 1st g 5s '26 M - S '
Mob & Birm. See So R y
Mob J A K C ,1st,con g 5 s ..1953 J - J|
Mobile A Ohio new, g, 6 s ..1927 J - D
1st extension, g, 6 s.July 1927 Q - J;
Gen g 4s............................1938 M - SI
Montgom Div, 1st, g, 5sl947 F - A
St L A C coil tr,g,4s,May 1930 Q - F
Guaranteed, gold, 4s. 1931 J - J
Collat trust 4s. See Southern
Mohawk A Mai. See N Y C A H.
Monongahela Riv. See Balt & O
Montana Cent. See StPMAM.
Morgan’s La & T. See SoPacCo.
Morris A Essex. See Del L A W .
ashville Chatt A St Louis—
1st, 7s..........................1913 J - J
1st, con, gold, 5s............. 1928 A - O
Jasper Ben, 1st, gold, 6 s. 1923 J - J
McM M W A Al, 1st, 6 s _ .1917 J - J
T A P Bch, 1st, 6 s ........... 1917 J - J
Nash Flor A Shef. See Lou A N.
Nat of Mex prior lien g 4% sl926 J - J
1st consol, g, 4s............... 1951 A - O
N H A Derby. See N Y N IIA H .
N J Junc’n R R . See N Y Cent
Newp’ t A Cin B ’ge. See LouA N
NO ANE prior l’n,g,6s.N ovl915 A - 0
N Y B A Man Beach. See L Isl.
N Y Central A Hudson River—
Gold mortgage 3 % s ____1997 J - J
R egistered................... 1997 J - J
Debenture, g, 4s............. 1934 M - NI
R egistered................... 1934 M - N
Lake Shore coll, g, 3% s.1998 F - A
Registered __ __
199« F - A
Mich Cent coll, g. 3 % s ..l9 9 8 F - A
Registered....................1998 F - A

N




27

BONDS-STOCK EXCHANGE RECORD
Mar. 29.

---------------.........................................

_____ 1 0 8 % _____ 108
9 7 % ,. 98
9 8 % 95

1 0 .0 0 0 107
3 3 .0 0 0

................... 1 1 0 3 4 ----------------1 1 2 J4

_____109
Sale | 95

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

_______ 1 0 6 % _______ 1 0 8 % ..............
3 ,0 0 0 1ZS
______ll..........................

1 1 8 % .........1 1 9 3 4 ______
......... 75 !......... 7234
1,000

1121

94

i

91

Sale

112 % ....... ..........

...... ........
____

84 % Sale
27 J4 Sale
2034 Sale

Feb. 20
Feb. 6
Feb. 16

Mch. 14 121

Mch. 14 121

Mch. 14

Mch. 14 121

96

Mch. 28

97% Jan.

91*’ M ch / 1 87

Mch. 25

92

96

Mch. 28 96

87

Mch! *26

Mch. 28

9

Jan. 16

113 Vi Feb' "28 113% Feb. 28

Jan7~lC

112

Jan.

16

10734

_____

83 % 84%
24
Sale
18
Sale

90%

Feb. 6 109
Mch. 29 98
Feb. 8 112

ii2

l l l V i ______110934

95

Mch. 7 109
Mch. 7 109
Mch. 26 97% Mch. IS 95
112

11234

lOOVi_____ 101

tie

Sale Prices.
Sale Prices.
97
Mch. 29 101
Jan. 25

120
Jan. 1ft 120
Jan. 18
72% Feb. 28 72% Feb. 28

........... '!........................

10,000 .........

Highest.

Lowest.

Highest.

110

9 6 % .........:< 9 6 V i ____

........... .. 103

188,000
457.000
152.000

Lowest.

Sale Prir.es.
Ask. Bid.
Ask Bid.
Ask.\ Sale Prices.
97Vs Sale | 97
Mch. 29 100% Mch. 6
100 Vi 100% Sale

$
Bid.
123,000 100
................... 1 0 4 J4

RANGE SINCE J A N . 1.

PRICES IN M AR CH .
M a r . 1.

82
Sale
2234 Sale
1434 15

84 % Mch.
81
Mch.
Mch.
20 Vg Mch. If 24
14% Mch. 16 18
Mch.

7
1

J

81
Mch. 1/
2 0 VS Mch. If
14% Mch. If

Jan
8
27% Jan 10
21
Jan. 8 ‘

86

90 Vi

98

1,000 131
115

117

118

120

7,000 108% 112
......... 95
92
08

108J4 110
......... 92
92
98

100

100

2,000

97 <4 Sale
183,000 86 % * 7 %
14.000 103% ] 04
71.000 . .
. 85%
65.000 8 6 V i ...........
........
4,000 86
104
.........
94 % 96

1 2 1 ,0 0 0

6,000

1 10

9734 98
84 34, Sale
104
Sale
.........

87 H

95
80
103

105

Jan. « 110% Feb. 27
Jan 25
Feb. V 94

95
80
103
81
83
82

Sale

102

104

102

8,000 89 Vi ..
..............99 34 100%
11,000..94)4 96
........... ...91% 95

87
9u
9 9 3 4 ..........
94 VS 94%
9134 95

............. 101 % ..............

100

101

33.000 116)4 120(4 116 34 Sale
132,000 1 1 3 % ......... 113
Sale
3 ,0 0 0 '................... .......................
48.000 87% Sale 'I...................
........... . - - 8934 ...................
21.000 91 V i ..................... 91
98
124

7.000 121
........... 92
11,000 109

94

102

101
86

Mch. 29 104
Mch. 12 104

Mch. 16

69

95
80
103
81
83
82
104%
95%

Mch.
Mch.
Mch.
Mch.
Mch.
Mch.

Mch. 16 99

Mch. 15

Mch.
Mch.

Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb
Mch.
Feb.
Jan
Mch.
Jan

88

104

Jan.

Mch.
Mch.
Mch.
Jan.
Feb.
Mch. 2< 1 1 0 % Jan.
106% Jan.
102
Mch.
Mch.
104
Mch.
Mch.
106
Jan.

Mch. 1 118
Mch. 2.5 120
Mch. 18 101% Mch. !8 tOl
104%
Mch. 8 101
Mch. 2( 102
Mch. 18 86 34 Mch. 18

93*’ Mch. 2 ? 93

93

Mch. 28

86
88%

87
104%
95%
112
107%
106%
104
107

11
14
8

16
11
16
30
7
20
7
3
12
23

Mch. 2f 120 Mch. 6
Jan.
7
Mch. 18 105
Feb. 8 104% Feb. 8
Jan. 17
Feb. 2<; 105

86

Mch. 18 90

Feb. 14;

93

Mch. 28

Jan. 23

95
101% Jan. 7
101% Jan.
Feb. 20 117% Jan. 12
f 116

100
___
. . . 116

116% Mch:

11091 Sale
103% Sale
80
Sale

Jan. 21
Mch. 1 109 Vi Mch. 20 114
109 >4 Mch. 26 113
109 % Mch. 29 109% Mch. 2f 109 Mch. 2P 109% Mch. 29
88
%
Jan.
25
80
Mch.
29
8
5
Mch.
4
80
Mch. 2t

87

Sale

122 $4 123)-* ___ 122
____

........... 1108

27 98
29 85
29 104
2\< 83 34
23 87
29 82

104

144,000 119 % J20
119 %' Sale 118
Sale 118
17,000 104 % ......... .........104 VS ......... 10034 101
13,000 ......... 105

Mch.
Mch.
Mch.
Mch.
Mch.
Mch.

99

.. 1 1 0 4 110 Vi Mch. 2 ( 112

1 0 3 3 4......... 102
104
____ 104
106)* 10434 _____

Mch. 13

109% 109% Mch. 11 109 Vi Mch. 1) 109
92
89
98

83)4 Rale
82
Sale

112

Mch. U 130

Jan. 18 118% Jan. 18

96
Sale
Sale

---

2,000 104

Mch. l: 130
118

Mch. If

. . . 108

1 0 ,0 0 0 1 0 6 %

130

Mch.

118

105 34 106%
......... 93 %

........... 111

130

125

131

10634 HO

85

1 116% Mch.

Mch. 29 91

Mch. i:

85

Mch. 29 92% Jan. 10

122% Mch. 20 122% Mch. 20 121% Jan.
108% Mch. 16

IO S V 4

4 124

Feb. 13

Jan. 7
93% Jan. 12 94
Mch. 18 108 Vi Mch. 16 108% Mch. 18

95 %

6.000 11434 119
116% 117
3.000 114
______1 1 3 % 114
.......... 1 1 3 % ---------- ----1 1 6 % ____
...........1 1 0 %
..

_____

84 Vi Sale

85 Vi

117% Mch. 9 116% Jan 18 117% Mch.
Jan.
113% Mch. 11 113% Jan. 18 116

9
O

88)4 Sale

86
86

85%

102% Jan. 31 102% Jan. 31
84% Jan. 2 87)4 Jan. 28

85% Mch. 15

863-4

324.000 93% Sale
93
Sale
....................... 92 V i ....................
52,000 99
Sale
97
Sale
76.000
20.000
_______
...........

1 1 3 %

................n o % _____

..1 0 8

6.000

11734 116% Mch.
______ 113% Mch.
1 1 5 % .........

115

9034 Sale

90

Mch. 25 93

Mch.

94

94

Mch. 29 97

Mch.

Sale

83% Sale
82% 83
8 8 1 4 ......... 83
_____ 83
8734 ......... 8 4 % _____ 81%
8 7 % ......... 83 VS

83
Mch. 25 84
81% Mch. 15 84

Mch. 25 93% Jan. 18
1 90
92% Jan. 11 92 34 Jan. 11
Mch. 59 99
Jan. 16
1 94

Mch. 22
Mch. 18

83
81%
85
84%

Mch. 25 8 8 %
Mch. 15 87
Feb. 5 87%
Jan. 18 84%

Jan.
»
Jan. 12
Jan. 25
Jan. 18

28
BONDS
N. Y . STOCK EXCHANGE.

BONDS—STOCK EXCHANGE RECORD.
Int. Sales in Price about j
Peri-! March,
Jan. 2
od. Par valut
1907.

N Y Cent & Hud R iv— (Con)—
$
Beech Creek, 1st gu, 4 s .-1936 J - J ■
Registered ___________ 1936 J - J
2d, guar, gold, 5s------ 1936 J *■ J
R egistered________ 1936 J - J
B ’chC’k E x lst gu g3% sF eb’51 A - O
Cart & A d, 1st, gu, g, 4s,1981 J - D
Gouv & O 1st guar, g, 5s,1942 J - D
Moh & Mai 1st gu, g, 4 s .1991
5,000
N J June R , gu, 1st, 4 s ..1986 F - A
Registered certificates 1986 F - A
N Y & Harlem, g, 3 % s..2 0 0 d M - N
Registered . ___..2 005 M - N
N Y & N orth, 1st, g, 5 s .1928 A - O
N Y& Put ,1st con gu g 4s 1993 A - O
Nor & Mont 1st gu, g, 5s 1916 A - O
Pine Creek, reg, guar 6s.1932 J - D
R W & 0 , con.lst,5s,July 1922 A - 0
1,000
Os & R , 2d,gu,g,5s,M ay 1915 F - A
R W & 0 ,T R ,lst,g ,5 sJ u ly 1918 M - N
R utland,1st cons g 4% s 1941 J - J
Og & L C h.lst gu g 4s 1948 J - J
R utPd-Can.lst gu g 4s 1949 J - J
St Law & Ad— 1st, g, 5S.1996 J - J
2d, gold, 6 s _____ ..1 9 9 6 A - 0
Utica & B1 R iv , gu, g ,4 s .1922 J - J
Lake Sh & M S, g, 3 % s .l9 9 7 J - D
47",000
R egistered___________ 1997 J - D
2,000
Debenture, gold, 4 s . . 1928 M - S 104,000
K alA & G R lst,gu ,c,5s__ 1938 J - J
Mahon Coal R R ,1st,5s -.1 934 J - J
Pitts& L E— 2d g 5s Jan 1928 A - O
Pitts M cK & Y 1st, gu, 6s 1932 J - J
2d. guar, 6s. . . -.1 934 J - J
M cK & B elleV ,lst,g,6s -.1 918 J - J
Michigan Central 1st, 6S-1909 M - S
5 s ........... ...................... 1931 M - S
R egistered___________ 1931 Q -M
4 s ________ __________ 1940 J - J
R egistered____ ..1 9 4 0 J - J
Jack L & S, gold. 3% s 1951 M - S
1st gold, 3 % s ________ 1952 M - N
BatC&Stur.lst gu g 3 s 1989 J - D
N Y Chic & St L lst,g,4sl937 A - O
11,000
R egistered___________1937 A - O
2,000
88,000
West Shore, 1st, 4s, g u ..l9 2 3 J - J
R egistered___________2361 J - J
41,000
N Y & Greenwood L .— See Erie.
N Y & H ar.— See NYC&H udRiv.
N YLack& W est.— See Del L&W
N YLakeErie&W est.— See Erie.
N Y & L Branch.— See CentNJ.
N Y New Haven & Hartford—
Housaton R R , con, g ,5s.l937 M - N
NH&Derby, con ,cou ,5 s.1918 M - N
N Y & North’n .— See N Y Cent.
New York Ontario & Western—
Refund’g, 1st, g,4s,June 1992 M - S
33,000
R e g .,$5,000 onlv,Junel992 M - S
NY&Putnam— See NYC&Hud.
N Y & Rock B ’c h .— See L Island.
N Y Susque & W est.— See E rie.
N YTex& M ex.— See So Pac Co.
Norfolk & South,1st, g, 5 s .1941 M - N
Norf & West— General g 6s 1931 M - N
Im prove & ext, g. 6s____1934 F - A
New River, 1st, g, 6s___1932 A - O
N or& W R y,lst con,g 4s_1996 A - 0
290,000
Registered
________ 1996 A - O
D iv ’nl 1st 1 & gen g 4s. 1944 J - J
1,000
P oca C & C, joint 4 s .-1941 J - D
203,000
Col Con & T. 1st gu g,5s 1922 J - J
S cioV & N E .lst gu g 4S..1989 M - N
7,000
North Illinois.— See Chic & NW
Northern Ohio— See L Erie & W
Northern Pacific—
Prior lien, gold, 4s______ 1997 Q - J 6B4.000
R egistered___________1997 Q - J
46,000
General lien, g, 3s..J a n 2047 Q - F 276,000
Registered______ Jan 2047 Q - F
St P-Dul D iv, g, 4 s . __ 1996 J - D
R e g iste re d .. _____ 1996 J - D
Duluth Sh Line, 1st gu 5s 1916 M - S
C B & Q col tr 4s— See Gt Nor
StP & No Pac, gen, g, 6s 1923 F - A
1,000
Registered certificates 1923
St Paul & Duluth, 1st,5s. 1931
2d. 5s . ______ . . . .1917 A - O
1st consol gold 4s_____ 1968 J - D
Wash Cent R y 1st g 4s_1948 Q -M
Nor P Ter Co, 1st. g, 6S -..1933 J - J
' 4 ,'d oo
Nor Railway Cal— See So Pac
North Wiscon— See C StP M&O
Nor & Mont— See N Y Central.
#"|gd & L Champ— See R utl’d .
'- 'f i i o Ind & W — SeeCCC&StL.
Oregon & Cal— See So Pac C o.
©re R R & Nav— See Union Pac
Ore Short Line— See Union Pac.
Oswego & Rome— See N Y Cent.
Ottum C F & StP— See C&NW .
Ozark & Ch C . See St L & S F
"pacific Coast Co, 1st,g ,5 s .1946 J - D
3,000
acific o f Missouri— See MoPac
Panama 1st, s f, g, 4 % s_ ..1 9 1 7 A - O
Bean R R — 1st. 4s r ’l est. g 1923 M - N
8,000
• on, g, 5s_. - ________ 1919 M - S,
•on, g, 4s._ _________ 1943 M - N
10-yr convertible g 3%s_1912 M - N 780,000
10-yr convertible 3 % s ..l9 1 5 J - D 3,300,000
Alleg. Val. gen, g, gu, 4s 1942 M - S
• e lR iv R R Bge 1st gu g 4s ’36 F - A
PhilBal&Wash ,1st ,g,4s. 1943 M - N
Sod Bay & So, 1st, g, 5 s .1924 J - J
Sunbury&Lewis, 1st g 4sl936 J - J
UNJ RR&Can Co gen 4sl944 M - S
Pennsylvania Company—
Guar. 1st, g, 4 % s ......... 1921 J - J
15,000
R egistered...................1921 J - J
Gu 3% s, col tr reg c tfs ..l9 3 7 M - S
Gu 3% s, coll tr ctfs. B ..19 41 F - A
Tr Co ctfs, guar, g, 3 % s .l9 1 6 M - N
"27666
Gu, g, 3% s, tr ctfs, ser C 1942 J - D
Gu, g, 3% s, tr ctfs, ser D 1944 J - D
Gu, g, 15-25-yr, 4 s.........1931 A - O
Cin L & N .lst con gu g 4sl942 M -N




[V o l .

M ar. 1.

M ar. 29. [

Ask. Bid.
Ask. Bid.
Ask
......... _____ 102% 101% .

104

......... 104

___ 103%

_____ 103%

......... 104

100

104

Lowest.
Sale Prices.

.

RANGE SINCE J A N . 1.

PRICES IN M AR CH .

Bid.
98

l x x x iv

Lowest.

Highest

Highest.

Sale Prices.
Sale Prices.
Jan. 15
102
Jan. 15 102

Sale Prices.

102

. . 103%

Feb.

9 102% Feb. 14

M - S 97% Mch. 37 97% Mch. 27 '9 7 % Mch. *27 '9 7 % Mch[ 27
9 7 % .........
*

112
100

_____ 112
103

_____
99

____

1 1 3 % ......... _____114
90
. ...

95
95

i s s l i _______
98
94
Sale
......... 94%
99
Sale
112% .........
1 1 5 % _____
1 0 7 X _______
1 2 9 % _____
126
_____
106
_____
102
_____
115%
100

.........

90

95

1 0 2 % _______
1 0 1 % ------104
102% Sale

114

.........

113

94% .........
. ..

100% . . .
94% Safe''
112% ____

Mch. 14 114

Jan.

Sale

95
95

Feb. 26 95
Feb. 26 95

Feb. 28
Feb. 26

91% Mch. 27 94% Mch. 7
92% Mch. 21 92% Mch. 21
92
Mch. 20 94% Mch. 6

91 % Mch. 27 94% Mch.
Jan.
92% Mch. 21 94
92
Mch. 20 99% Jan.

8

7
3
3

! l 0 7 % _____
129% ____
125
_____

166% Jan. 28 100% Jan. 28
94% Jan. 31
10314 Sale
102% . .
102% 104% 103
Sale
100%
......... 103

103
102%
102
100%

Mch. 25 103% Mch. 20
Mch. 7 102% Mch. 7
Mch. 27 103
Mch. 29
Mch. 26 102
Mch. 5

102%
102%
102
100%

95

Mch. 26 98% Mch. 12

95

94% Jan. 31

Jan. 4 103%
Mch. 7 102%
Mch. 27 105
Mch. 26 103%

Jan. 14
Mch. 7
Jan. 18
Jan. 28

.........

100% Sale

9 8 % .........

96

Sale

_____ 102
......... 102
1 2 8 % _____ 129'J^ _______
1 2 9 % _____ 1 2 7 % _____
127
_____ 127
......... 127
180%
99
99 % 98
98 % 98% Sale
91
105
99

Mch. 14 113

94%
95

9 1 % .........
94

Mch. 14 113

1__________
_____
Sale
90% Sale .........
......... 105
.........
99% 99
_____ 98

102
Sale
101
Sale
73 % Sale

1 0 1 % .........
122
.........
117
.........
112
_____
107 % .........
......... 96
90
.........
1 1 3 H _____

|100% Sale
*71” Sale'
......... 72
_____ 96
99

_____

Feb. 28

97% Mch. 27 98% Mch. 15

97% Mch. 27 99% Jan. 18

95
85

95
85

99%

99% Mch. 14 99% Mch. 15

Mch. 18 95
Mch! 21
Mch. 28 91% Mch. 6

.........

Mch. 18 96% Feb. 20
Mch. 28 91% Jan. 25

99% Jan. 10 99% Jan.

100
Mch. 25 101
Mch. 29 100
98% Mch. 2.5 100% Mch. 8 98%
70
Mch. 29 71
Mch. 16 70
71
95%

Mch. 25 102%
Mch. 25 102
Mch. 29 74%
Feb. 2 71
Jan. 8 95%

8

Jan. 3
Jan. 24
Jan. 5
Feb. 2
Jan. 8

:::::: ::r ::

1 0 2 % ......... 107

......... 110

98
Sale
93 % Sale
10g
.........

8 130

121
.........
Mch. 20 120
120
Mch. 20 120
Mch. 20 120
Mch. 20
118
.........
1 0 9 % _____ 106
_____
1109
110
......... 110
108% Feb. 25 108% Feb. 25
| 94
_____
90
_____ 90
......... .......................
_____ 113% Mch. 6 113% Mch. 6 113% Mch. 6 113% Mch. 6
|113% ......... I l l

101
......... 104% . .
_____ 103
100
103
.............

129% Jan.

6

95
85

101
Sale
------- 100%
70
Sale

99

Mch. 26 101% Feb.

Mch.

9

107

i.
4 101

Feb. 26 109

Jan. 24

____________________

......... 103

101
......... 101
. ...
93% Sale
95% Sale
92% Sale
90% Sale

101

Mch.

Mch.

91% Mch. 26 95 % Mch.
88% Mch. 26 92% Mch.

Mch.

4

1 91 % Mch. 26 100% Jan.
Jan.
1 88% Mch. 26 95

9
8

4 101

Mch.

4 101

*97% H i l l
103
.........
9 8 % _____
|

9 8 % _____

:::::

............. 110

104?* 106% 106
106%
104
......... 105% .
8 8 V * _____
8 7 % .........
.........
......... 95% ’ 9 4 % : : : : : 94%
87%
9 7 % .........

105% 105
87%
95%
_____

Mch. 26 106

95% Mch.

Mch. ?6 107
Mch. 11 105
Jan. 17
105% Feb. 18 105% Feb. 18

95% Mch.

4

98

*

95

Jan. 10 95% Feb. 21

97% Jan. 16 97% Jan. 30

1

\

B O N D S .

N. Y. STOCK EXCHANGE.

Int. Sales in Price about \
Jan. 2
Peri­ March.
Mar. 1.
od. Par value
1907.

Pennsylvania Co— {Con.)—
Cl & Pitts, gu. g, 4% s, A 1942 J Series B . 4 % s _______ 1924A Interest redu to 3% 1942 A Series C ,334s........... ..1 9 4 8 M SeriesD , 3 % s _______ 1950|F Erie & P ,gen,gug3% s,B 1940 J SeriesC....... ............ — 1940 J (5r R & I,ex 1st gu g 4 % s .l9 4 1 J Pitts Ft W&Chic, 1st, 7s 1912|J 2d, 7 s ............................1912 J 3 d, 7s________ July 1912;A Pitts Y & A sh.lst c o n ,5 s.1927 M TolW V & 0.1st,gu,4% s A 1931 J Series B 4 % s_______ 1933 J Series C, 4s___________1942|M PCC&StL,gu g 4% s,Ser A '40 A Series B, g u a r_______ 1942 A Series C, g u a r _______ 1942 M Series D g u a r _______ 1945 M Series E, 334s, guar,g. 1949 P Series F, cons 4s, gu, g 1953’J O hicSiL & P.lst.cou.g 5s 1932 A Registered___________1932 A Pensacola &At— See Lou&Nash.
Peo & East— See C C C & St L.
Peo & Pek Union, 1st g 6 s . 1921
2d. g. 434s-........... Feb 1921 M Pere Marq— Ch & W M 5s.l921 J FMnt & Pere Marq, g, 6 s . 1920 A 1st consol, gold, 5s__ 1939 M Port Hur D iv. 1st g 5s 1939 A - H
- , 1st
- 1931 F Sag -Tu &
gu, g,4s
Pine Creek. See N Y Cent
Pitts C C & St Ir—See Penn Co.
Pittsb Cl & Tol— See Balt & O.
Pitts Ft W & Chic— See Penn Co
Pitts June— See Balt & Ohio.
Pitts & Lake E . See N Y Cent
Pitts M cK & Y — S e e N Y Cent.
Pittsb Shen & L E 1st g 5 s .1940] A 1st cons g 5s.....................1943 J Pittsb & West— See Balt & 0.|
Pitts Y & Ash. -See Penn C o i
eading Co, gen, g, 4s___1997[J Registered _ . ............. 1997 J Jersey Central, coll g 4s. 1951 A R egistered___________1951 A Atlan City, 1st con gu g 4s ’51 J Pkila & Read consol 6 s . . 1911 J Consol 7s — ............... 1911 J
R egistered________ 1911 J Rensselaer & Sar— See D . & H.
Rich & Danv— See South’n R y .
Rich & Mecklen— See S outh R y
Rio G June. See Den & R Gr
R io G South. See Den & R Gr
R io Gr West— See Denv & R G.
R och & Pitts— See Buf R& Pitt.
Rom e W at & Og— See N Y Cen.
Rutland. See N Y Cent
ag Tusc & H— See Pere Marq
t Jos & G Isl— 1st, g, 4s
1947 J 4S.1947
St Law & A d. See N
N* Y Cent
St L & Cai— See Mobile & Ohio.}
8 t L Iron Mt & So— See Mo Pac.!
9 t L K C & N o — See Wabash.
StLMBr— See Ter 1111 As of StL
St L & San Francisco—
Gen, g, 6 s........................19311J
Gen, g, 5 s . . . ....................19311J
St L & S F R R , cons g 4s 1996! J
So West D iv, g, 5s____1947 A
Refunding, gold, 4 s ..1951 J
Registered________ 1951 J
5-yr gold notes, 4 34s. .1908 J
St L M&So E gu 4% s g 1909'J
KC FtS & M con g 6 s___1928IM
KC FtS & M R y ref g 4 s .19361A
Registered....................1936 A
KC&M R&B— 1st gu g 5sl929; A
Ozark&Ch C ,lst,gu,5s,g 1013 A
St Louis South— See 111. Cent.
St Louis Southw— 1st g 4s 1989 M
2d, g, 4s, inc.bd.ctfs. Nov ’89;J
Consol, gold, 4s________ 1932 J
GraysPt Ter, 1st gu g,5s 1947 J
St Paul & Duluth— See No Pac.
St P Minn & Man— 2d. 6 s . 1909 A
Itst consol, g, 6 s............... 1933 J
R egistered________ 1933 J
Reduced to gold 4% s 1933 J
Registered............... 1933jJ
Dakota E xt, gold, 6 s__ 1910IM
Mont E xt, 1st gold, 4s.l937iJ
Registered ................... 1937 J
Pac E x t, sterling gu 4 s . . 1940 J
E R y M, 1st div, 1st g 5s 1908 A
R egistered....................1908 A
No D iv, 1st, g. 4s____1948jA
Registered............... 1948 A
Minneap Un 1st, g, 6s— 1922|J
Mont C, 1st, gu, g, 6 s__ 1937 J
R egistered........... ........1937 J
1st guar, gold, 5s--------1937 J
Registered............... 1937 j
Will & S F, 1st, g, 5s------1938 J
St Paul & Nor Pac— See No Pac.
StP&SlouxCy. See CStPM&O.J
8 A & A P, 1st gu, g. 4s____1943 J
S Fe Pres & Phe, 1st g 5 s . . 1942 M
S F & N P 1st, s f , g , 5 s . . . 1919 J
Scioto Val&N E — See Nor&W .
Seaboard Air Line. g. 4s___1950 A
R egistered_____________ 1950 A
Coll trust refund, g, 5s.-1911 M
Atl-Bir 30-yr 1st g 4s May ’33 M
Car Cent 1st con g 4s____1949JJ
Fla Cent & Pen, 1st g 5 s .1918! J
1st land gr ext, gold5s 1930 J
Consol gold 5s_______ 1943 J
Ga&Ala 1st cons 5s Oct 1945 J
Ga Car & N o, 1st gu g 5s 1929 J
Seab & Roanoke, 1st 5 s .1926 J
Sher Shr & So— See Mo K <fc Tex
Sil Sp O & G— See Atl Coast L.
S« Car & Ga— See Southern.




92%

92%

94

RANGE SINCE J A N

PRICES IN M AR CH .
M ar. 29.

Bid.
Ask. Bid.
Ask Bid.
1 0 7 5 4 _____ 107 % ............
106
......... 1 0 6 3 * .........

Lowest.

Ask I Sale Prices.

Sale Prices.

I.

Lowest.

Highest.

Sale Prices.

Sale Prices

Highest.

92

102%

109%

10834 -------- 109%
1 0 1 % ........... 101
1 0 1 % ........... 102

109% Jan.
109% Feb.

109
109% 109%
109% 110

..... %
..... 100

2,000 100*4
100
9 0 % ......... 89

too

12',666 115

120

113

O

115
118
_____ 109
1 0 3 % ____

N
O

A

100% Mch.

89%

7 100 % Mch.

7

91

115% Mch. 12 116% Mch. 13 115

115%

4 109% Jan.
1 109% Feb.

4
1

Jan. 4 100% Mch. 7
Feb. 13
Feb. 13 91
Jan.

9 116% Mch. .13

......... 112%

F
N
D

115

118

Jan. 22 115

Jan. 22

116

621,000

R

S

29

BONDS-STOCK EXCHANGE RECORD.

A pr , 100 7. J

35‘ 66 o

98
Sale
97% Sale
..................... 1-------- 97%
96% 9 6 % ......... 96

95% Sale
94%

94% Mch. 26 97% Mch.

1

94% Mch. 26 98% Jan.

94% Mch. 28 96

4

94% Mch. 28 96% Jan. 10

Mch.

7

98%

J

*5.000

90

1 2 3 % ____
1 2 0 % .........123%
Sale
5,000 1 0 9 % ................................. 107
. . . 91
93
!------ 91%
273,000

81% Sale

........... 1 1 8 % --------91,000 82
Sale
97% 100
72.000 ......... 95%
84
2,000 82
36.000 77% Sale

101

91

92%

93

95

107

Mch. 29 110

1

77% Mch. 27 82% Jan. 10

Mch. 12

119
Jan. 3 119
Jan
3
79% Mch. 20 82% Jan. 29

78

Sale

77% Mch. 27 81 % Mch.

82

81

Sale

79% Mch. 20 82

97%

99

93%

94
75%

75
_____ 101

97% Feb. 15 97% F e b .’ 15

98
92% Sale
79
83
74
Sale
106%

...........105% 106% 105% 106%
Sale
3,000 1 3 0 % ......... 131

7

123% Jan. 17 123% Jan. 17
Mch. 29 110% Feb. 20
Mch. 11 107
Jan. 3
91
Feb. 15 93

81% Sale

Sale

Jan. 15 92% Feb.

92
Mch. 6 93
Mch. 28
79% Mch. 26 80% Mch. 12
73
Mch. 25 77
Mch. “

181

Mch.

1 131

Mch.

92
Mch. 6 95
79% Mch. 26 83
73
Mch. 25 79

Jan. 5
Feb. 11
Jan. 4

105% Jan. 3 105% Jan. 18
Jan. 24 131
Jan. 24
1 131

Jan. 22 108% Feb. 13
108
Mch. 19! 108% Mch. 11 108
108
6,000 107% 111
108
107
...
107
Mch. 1 10734 Mch. 11 106% Jan. 25 107% Mch. 11
6.000 1 0 6 % ......... 107
Sale
2.000 100
1 0 3 % ......... 99% 97% 99% 97% Mch. 9 97% Mch. 12 97% Mch. 9 97% Mch. 12
100 %

99

117
_____ 1 1 7 % _____
......... 134% 130
131

117

131 % Feb. 28 131% Feb. 28

131

113
115%

115%

Sale

26,000 R-5 % 88
8$
........... 106% 108% 104
63,000

81% Sale

1 ,000, 100

____

79%

82

Sale

76

Sale
99%

1 0 0 % ........... 1 0 0 %

88
.....................
........... 92% 100
.........
...........1 0 3 % ............103%

............1
......ioen
....... 102%
0 4 % ........................ 104%
3,000 107 M ......... 106
107
3,000 1 0 5 % ......... 106

1

74

Mch. 16 79% Mch.

5

74

Mch. 16 82% Jan. 14

97

Mch. ~26 97

Mch. 26

97
88

Mch. 26 100% Jan. 15
Jan. 15 89
Jan. 17

Mch. 19 107% Mch. 15 106

Mch. 19 107% Mch. 15

106
109

Sale

106%

81
Mch. 25 87
Jan. 11
106% Feb. 28 108% Feb. 19

Mch.

81

Mch. 25 86

1 0 6 '' Mch." 1 106

Mch.

1 106

Mch.

1 106

Mch.

30

BONDS-STOCK EXCHANGE RECORD
B O N D S .

N Y STOCK EXCHANGE.

Int. j Sales in Price about
Perir\ March.
Jan. 2
od. 'Par value
1907.

M ar. 29.

Lowest.

l x jjh v .

RANGE SINCE J A N . 1.

PRICES IN M ARCH .
M ar. 1

[V o l.

Highest.

L o w est.

H igh est.

$
Southern Jt*acific Co—
Ask. Bid
Bid.
Ask Bid.
Ask
Sale Prices
Sale Prices.
Sale Prices. \ Sale Prices.
4s. g, CentPac coll Aug 1949 J - D 203,000 8 8 % Sale
89% Sale
Feb. 25
85% Sale
85
Mch. 29 89% Mch. 2 85
Mch. 28 90
.Registered______ Aug 1949 J - D
91
CentPac,1st,ref gu g 4 s ..1949 F - A 124" 666
98% 98%
95
Mch. 28 98% Mch. 2 95
95
Mch. 28 100% Jan. 28
R egistered________ 1949 F - Aj
~99~y2
Jan. 26
______________ : 99
Jan. 26 99
Mort guar g 3 % s.A u g 1929 r -D:
8*1*,000 85% Sale
Jan. 14
85% 86
Sale
82% Mch. 16 85% Mch. 2 : 82% Mch. 16 86
83
ThroughStLlst gu g4s 1954 \ - o
95
____
96
96
.........................ij 98% Feb. ^8 98 % Feb. 28
SalvH & SA .lst g 6s____1910 F - A
’ 5*666 105
106
102% .......
103
Mch. * 12 103
Mch. 12 103 Mch. 12 105.% Jan. 3
M ex&PacD, 1st g 5 s ..1931 VI - N
109
109 % ......... 109% . . .
GilaVG&N. 1st, gu,g,5s.l924 VI - N:
104
108”
__ 110 | .......................
H E & W T , 1st, g, 5s. ..1933 ■VI - N
/0 2 %
106
......... 105
_____ !..........................
1st, gu g 5s, red’ m’ ble ’33 M - N
......
1*06% 102 % ........ 102 % ....... ...........
H & TexC .lst g 5s,int gu.1937 t - J
3,000; 109% 1 1 2 % 1 1 0 *4 ......... 1 1 0 % ......... 110% Mch. 7 110% Mch. 7 109% Jan. 3 110% Mch. 7
Con gold 6s. int g u a r..1912 A. - O
110Ji 1 11 % 111 % -----Jan. 23
......................... I l l
Jan. 3 112
Gen gold 4s, Int g u a r..1921 \ - Oi
94
' 5 I6 6 0 !
93
Mch. 2 93
Mch. 2 92% Jan. 3 94% Jan. 29
W aco & N W , 1st,g,6s 1930 n - n
A A N W , 1st, gu, g, 5 s ..1941 j - j
102%
M organ'sLa&T, 1st 7 s ..1918 A - O
123%
123%
1st, gold, 6 s ......... ........1920 I - J
114
113%
N Y T ex & M , g u ,lst,g ,4s.l912 A - O
No o f Cal, guar, gold, 5 s .1938 A - O
115
.. ..
Feb. 8
..1 1 2
Feb. 8 112
Ore A Cal, 1st, gu, g, 5S.1927 J - J
101
Sale
1,000 99
9 7 % _____ i101
Mch.
Mch.
1
101
Mch. 1 98
Jan. 29 101
S o P o f A r g u .ls t g 68.1909 i - J
102% 1*06% 1 0 3 % ......... 102% 103% |.....................
..1103% Jan. 21 103% Jan. 21
do
do
1910 J - J
103% . . .
. . 104*4 Feb. 1 104% Jan. 23
1 0 3 % ......... .......................
So Pacific of Cal.—
do
do E&F 1912 A - O
108
108
do
do
____.1912 A - Oi
111 %
///%
lst.consol.gu, g, 5s__ 1937 M - N
118%
118%
118%
8 P a c o f N Mex, 1st, g, 6sl911 J 104
Mch. 9 104
Mch. 9 103% Jan. 7104
Jan. 21
4,000 103
103
S P Coast, 1st, gu, g, 4S.1937 J T ex& N O ,S abD ,lst,g,6s.l912 M 104% 108
107% Feb. 27 107% Feb. 27
Consol, gold, 5 s .......... 1943 J ___110
So Pac R R , 1st, ref, gu, 4s ’55 J 94% Sale
670.000 94 % Sale
91% Sale
90% Mch. 26 94*4 Mch. 5 9 0 4 Mch. 26; 95% Feb. 6
Southern— 1st, cons, g, 5s.l994 J 110% Sale 109
249.000 113% Sale
Sale 108% Mch. 15 10% Mch. 4 108% Mch. 15 113% Jan. 8
Mob A O, coil tr, g, 4 s ..1938 M - S|
94
......... 93
2,000 92
Mch. 2 89
Mch. 26 94
Jan. 24
___ : 89
Mch. 26 92
Mem Div 1st g, 4% -5s._1996
- J
8,000 U 6 X ...... ......... 115%
113%|115
Mch. 2115
Mch. 2 115
Mch.
2 116
Jan. 15
St L D iv, 1st, gold, 4s— 1951
- J
94% ------- 92%
18
93
Mch.
8
92
Mch.
18;
94%
Jan.
7
31,000
91
92
Mch.
Ala Cen R , 1st, g, 6s___ 1918
- J
108
1 1 1 % ........... 114% . . .
A tl & Danv, 1st, gold, 4sl948
- J
91% . . .
91%
- J
2d, 4 s ............................1948
90% . . .
90%
Atlan & Y ad, lst,gu,g,4sl949
-O
93
-----Feb 15
Col & Greenville, 1st,g,6s ’ 16
111
- J
110
___ 1 1 1 % . .
Feb. 15 111
207
......... 1 113% Mch.
E T Va & Ga div’l g 5s 1930
J
113% ..
5.000 1 1 2 % . . . .
13 113% Mch. 13 112% Jan. 16 113% Mch. 13
Con, 1st, g, 5s............. 1956 M - N
Jan. 9 117% Feb. 20
42,000 117% Sale 117% ..
117% 116% Mch. 26 117% Mch. 9 116
E Ten. reor lien, g, 5s__ 1938 M - S
Feb. 4
111
; 110 % Mch. 7' L10 % Mch. 7 110% Mch. 7 114
1.000 1 1 2 % . . . . 1 1 0 % . .
R egistered................... 1938 M - S
<3eorgia Midland 1st 3s. 1946 A - O
68
........... 68
____
Jan. 15 69% Jan. 16
68
Geor Pac R y , 1st, g, 6 s ..l9 2 2 J - J
7,00011117% Sale
119% Sale
117% Mch. 23 119% Mch. 1 117*; Mch. 23 1194 Mch. 1
■175
S n o x & Ohio, 1st, g, 6S.1925 J - J
1 3 ,0 0 0 1 1 7 % ____ 1 1 8 % ......... 116
Mch. 29 118% Mch. 11 116
Mch. 29 118% Feb. 4
Sale :116
M.ob&Birm,pr lien g 5s. 1945 J - J
_____
______ j/07
_____ 107
Mortgage, gold, 4s__ 1945 J - J
........... I .......... 90
S m a ll___________
........... j .......... 96
J - J
filch A Dan. con, g, 6 s ..1915 J - J
112% 111% Mch. 20|112% Mch. 5 111% Jan. 4 113
Feb. 28
5,000:1111%____ 113
D eb. 5s. stam ped____1927 A - O
...........11 0 9 % -------Rich & Meek, 1st, g, 4 s .1948 M - N1 --------- 87
------So Car & Georg, 1st g 5s.l919 H - N
103
_____ 106
Mch. 4 106
Mch. 4 106
Jan. 14 106% Jan. 17
3,000 106
____ 105%
Va Mid— Ser m tg, B , 6 s .1916 n - s
103 ...........1..........................1................................................
I.......................
______ I ii0 6 % .........
Series D ,4 -5 s-------------1921 M - S
........... l! 108
.........
103
______ I............................... I.................................................................I - .............................
Series E . 5s................. 1926 n - s
105
I..........................|.-------------------------------------------(..........................
........... 11109 % .........
Series F, 5 s................... 1931 M - S
--------- .1 1 0 1 4 -------107 _____ _______________ , ______________
Va Mid, gen, 5 s ........... 1936 M - N
106
......................... I l l
Feb. 20 111
Feb. 20
........... 110% 112
Gtd stam ped_____1936 n - n
- ...........>110 % ............ 110
110
W O & W ls t.c y ,g td ,4 s .. 1924 F - A
. . 94% Jan. 18 96% Jan. 19
--------- I 9 4 % ..........
109% Jan. 12 109% Jan. 12
West N C, 1st, con, g, 6s 1914 J
J
1*1*1*
....... 1 1 0 % ...... n o *4
Spok Falls & N or,1st,g,6s. 1939 J
J
______ _____125
Bunb&Lewistown. SeePennRR.
Syra Bing A N Y — See D L & W
108
Jan. 2 9 i108 % Jan 28
er Ass of S tL ,lst,g ,4 % s.l9 3 9 A - O
108 %
.!|108
117
Jan. 9117
Jan. 9
1st con g, 5 s _____1894-1944 F - A
J; 117
112
93%
Jan.
15 94
Jan. 5
Gen ref, s f, gold, 4s____1953 J - Ji
.!: £>s% 94
------- 95%
95% I
.1 0 8
..SttLMiBdgeTer, gtd,g,5s_1930 A - 0
112
1108
112
Taxas & N O— See So Pac Co.
114
Mch. 27 117% Mch. 8 114
Mch. 27 118% Feb. 15
32,000:117% Sale !117% 1 3 8 4 113% 116
Texas A Pacific 1st g, 53.2000 J - D
96 !......... 95
2d. gold, income, 5s,Dec 2000 Mch
IIIIII !l07%
La Div B L, 1st, g, 5s— 1931 J - J!
W M W & N W , 1st ,gu, 5s. .1930 F - A
108
Tol A Ohio Cent— lst,g,5s_1935 J - J
110
110
107
W est'n D iv. 1st, g, 5s ..1 935 A - O
103% ’ 1 0 2 % .........
102%;102% Mch. 26 1 0 2 % M ch. 26 102% Jan’ I4|i02% J a n / I i
Qen gold, 5s ................. 1935 J - D
1.000 102
1 97
Jan. 14 97
Jan. 14
96% 97
-K an <fe M, 1st gu, g, 4s ..1 9 9 0 A - O
Mch. 29 80
Mch. 27 89
Jan. 16
91
87
88%
T ol Peo A W , 1st, gold, 4 s .1917 J - J
'7*000
......... 80
Mch. 27 80
Mch. 15 85
Mch. 15 87% Jan. 8
......... 85
T olStL& W — Pr L, g, 3%s_1925 J - J
Mch. 15 85
1.000 *89% ......... |--------- 87
R egistered......... ..........1925 J - J
........ 87
...
85
81
Mchl*23 81% Mch” *2 81 ’ Jan 10 8 ? ” *Jan'*i2
25.000 81% Sale I 81% 81
Fifty-year, gold, 4s.........1950 A - O
80
Sale
R egistered................... 1950 A - O
Tor H & B, 1st, g, 4s.July 1946 J - D
94
__ 108% 112 110 Mch*.*19 UO Mch. 19 110 Mch. 19 110 Mch. 19
110
lster&Del, 1st con, g, 5s 1928 J - D
2,000 108% 112
1st refund’g, gold, 4s.1952 A - O
93
Jan. 10
99% Mch. 261101
Mch. 29 99% Mch. 26 102
Union Pac rr&ld gt g 4s__ 1947 J - J ,024,066 101'% Sale 1 6 6 % Sale* 100% Sale
100% Sale * 98
Mch. 21 100% Mch. 29 98
Mch. 21 101% Feb. 19
Registered ................... 1947 J - J
32.000 101
Jan. 28
98
Sale
98
Mch.
29^
99
Mch.
20
97%
Jan.
22
99%
98%
98%
.
.
.
Ora R R A Nav con g 4 s .1946 J D
31.000 98
Jan.
8
120% Mch. 5121
Mch. 15 120% Feb 14 126
7,000 120
Oreg Sh L,ine ist, g, 6 s ..1922 F - A
123% 1 2 0 % 1 2 0 % ____
Feb. 25
_
.
.
.
.
.
.
.
.
.
.
.
112%
Jan.
8
114
. . . . 113%
1st consol, gold, 5s__ 1946 J - J
112%
Mch. 27 94 % Jan. 24
89% Sale
88
Mch. 27 92% Mch. 5 88
Sale
92% Sale
Guar refund g 4s_____ 1929 J - D 1 4 1 ,6 0 6 94
103
Feb. 14 103% Feb. 20
103
101%
___
Utah A No, 1st, 7 s ...1 9 0 8 J - J
1 0 6 % ___
Gold, 5 s ................... 1926 J
106%
N J R R& C Co— See Penn R R
Utah Cent— See Rio Gr West
Utica <fc B1 R iv— See N Y Cent.
andalia consol g. 4s____1955 F - A
eraCruz&P 1st gu g4% sl934 J - J
. ! 96
98
Ver Val Ind A W — See Mo Pac.
Virginia Mid— See South R y.
Mch. 4 106
Mch. 4 111% Jan. 11
Mch. 41C6
105
. ..,1 06
112
108
Va&Southwest 1st gu 5s__2003 J - J
4.000 111% 117
Jan. 25
Mch. 29112
Mch. 13 110
Mch. 29 114
110
Sale HO
112
75.000 _____114V$
abash, 1st g 5s________ 1939 n - n
Mch. 23 99
Mch. 14 105% Jan. 10
Mch. 14 101
101 1 99
2d, gold, 5 s ................. 1939 F - A
99 % 100
8 6 .0 0 0 10494 105%
85
.........
Debenture, series A , 6 s ..1939 J - J
57 Mch. 29 61
Mch. 14 57
Mch. 29 7 6 % Jan. 10
.........
57
Sale
Series B, 6 s .............. .1939 ■J - J 1*46*666 75
Jan.
4
57
Mch. 23; 64
Mch. 5 57% Mch. 23 75
275,000
Certificates o f deposit . .
Mch. 27
102 Mch. £7 102
Mch. 27 101
Feb. 11 102
99%
100
1st lien equip, s f, g, 5sl921 n” -~s
2.000 100
1st lien 50-yr,g,term4s '54 J - J
90
Mch. 29! 63% Feb. 8
54 Mch. 29 *60' Mch. 5 54
60
62
54% Sale
Interim certfs, 50-yr 4 s ..
4 8 8 :6 6 6
Feb. 20
Mch. 28 109
Mch. 22 107
108
1 0 6 % _____ 107 Mch. 28 108
Het A Ch E x, 1st, g, 5 s ..1941 i - J
15,000 110
Des Moines Div, 1st, g, 4s,’39 I - J
"80** Feb. 13 80 % Feb. 15
80% ......... 80
. . . 83
Omaha Div, 1st. g, 3 % s. 1941 V - 0
..
94
Tol A Chic Div, 1st. g. 4sl941 M - S
97 34 _____ 97%
Jan. 81102
Jan. 8
................. 102
101 %
...............
StLKC&NStChBr. 1st 6s 1908 A - O
Mch. 2"» 80
Jan. 17
70
Mch. 28 76% Mch. 22 70
78
......... 70
Wabash-Pitts Term, 1st g 4s ’54 J - D
4 6 /0 0 __ 80
20 Mch. 14; 27% Mch. 1 20 Mch. 14: 32% Jan. 4
Sale
22% Sale
2d gold, 4sl ................... 1954 J - D
682,000 32% 33%
Wash 0h io& West— See Sou Ry
Wash Central— See No Pacific.
Mch. 27 82% Jan.
75
75
Mch. 27 81
Mch.
81
Sale
1 2 0 ,0 0 0 82% 83%
75% Sale
West Maryl’d 1st g, 4s____1952 a - 0
55
Mch. 14 68
Jan.
Mch. 14 62% Mch.
55
56
Gen lien & conv, g, 4s__ 1952 A - O 104,000 65
68% 62% Sale
104% . . . 1 0 4 4 ___
W .V a.C ent.A P .1st g.6s 1911 T - J
1 11 % Mch. 6 1 1 1 % Mch. 6 111% Mch. 6:115% Feb. 8
1,000 113% 117% 114% . . . .
W estN Y A P en n, 1st g 5 s .-.1937 J - J
. . 93% Jan. 25 93% Jan. 25
87%
Gen g 4 s ----------------------- 1943 A - O
......... 93% _____ 94
._>! 34
Feb. 1 34
Feb. 1
Incom e ,1s_________ Apr 1943 Nov
W est’n No Car. See S ou tt’nRy

T

U

V

W




A p r ., 1907. j

Int. Sale* in Price about
Jan. 2,
Peri­ March.
od. Par value
1907.

BONDS.
N Y STOCK EXCHANGE.

West Shore. See N. Y . Central
Wheel.&L. Erie— 1st g 5 s.l9 2 (i A - O
Wheel. Div. 1st g. 5 s___ 192? * J - J
Exten. & Imp. g. 5s____193C) F - A
W h.& L .E .R R .lst con.g.4sl94E M - S
20-yr. equip. s. f. g. 5s...l92S J - J
W ill.&SiouxF. See St.P.M.&M
Winona & 3t.P . See Chic. AN W
Wiscon.Cent.lst gen.g.,4s_194£ J - J

I

93.000

Street Railway Bonds.
Brooklyn Rap. Trans., g.5sl94£ A - 0
1,000
1st refund.,conv.,g., 4s.200S J - J 943,000
Bklyn.City, 1st con. 5 s.l6 -’41 J - J
Bklyji.Q.Co&S.gu.g.5s.l6-’41 M - N
12",000
B klyn.U n.El.lst g.4-5s.l95C F - A
53.000
Stamped guaranteed.. 195C F - A
Kings Co.Elev. 1st g. 4s_194S F - A
Stamped guaranteed..1948 F - A
36.000
Nassau Elec., guar.,g.4s. 1951 J - J
31.000
C onn.Ry.& L.— 1st g.4>$s.l951 J - J
Stamped guar., 4J^s____1951 J - J
Den.Con.Tram.Co.lst.g.5s 1933 A - 0
Den v .Tram .Co. .con.g ,6s 1910>J - J
Met.Ry .Co.,1st gu. g. 6s.1911 J - J
....
Det.United 1st cons.g.4>$s 1932 J - J
Grand Rap. R y .( 1st g. 5 s .1916>J - D
Havana E lec.R y.con s.,g.5s.’52 F - A
Inter-Metrop. coll 4J*s__ 1956 A - 0 3 , 012",000
Internat.Tract.coll tr 4 s .. 1949 J - J
______
Louis v.R y.C o. 1st con. g.5sl930 J - J
M anhatRy(N Y)cons g 4s. .1990 A - O
35,000
R egistered............. ......1990 A - 0
Metropol El, 1st, g, 6 s ..1908 J - J
21,000
Manila Elec 1st & coll 5s. 1953 M - S
Metropolit'n Street— g. 5s 1997 F - A
12.000
Refunding gold 4s______ 2002 A - O
36.000
B ’y& 7thA v.lst con.g.5s.1943 J - D
2,000
Col.&9th A v .lst gu.g,5s.1993 M - S
R egistered__________ 1993 M - S
L ex.A v.& P .F .lst.gu.g5sl993 M - S
R egistered................... 1993 M - S
Third A v .lst con.gu.g 4s 2000 J - J
30,000
R egistered...............2000 J - J
1st, gold, 5 s .......... ...1 9 3 7 J . J
5,000
M et.W .S.E l.(C h.)lst g.4s .1938 F - A
M il.E l.R y.A Lt.con. g.5s„_1926 F - A
M inn.St.R y.lst con.g.5s ..1919 J - J
N.O rl.R y. & Lt.gen 4 > $s..l935 J - J
8t.Jo.R y . L t.R .& P .1st g.5s '37 M - N
8t.Paul Cy.Cable con.g.5s.l937 J - J
Guaranteed gold 5 s ____1937 J - J
Undergr’d E lec.ltys.of London
Profit-sharing 5s............. 1908 J - D
177,000
Union El. (Chic.) 1st g. 5 s .1945 A - 0
United R ys.S t.Lou.lst g.4sl934 J - J
7,000
St Louis Tran .gu .imp .58.1924 A - 0
UnitedRRs.SanFran.s.f.4s 1927 A - 0
2,000
W .Chlc.St.40-yr.lst cur.5s 1928 M - N
40-year con. g. 5s______ 1936 M - N
Qas & Electric Light Co. Bonds.
Atlanta Gas-Lt. 1st g. 5 s ..1947
Bklyn.Un.GasCo.lst c.g .5 s..'4 5
Buffalo Gas Co. 1st g. 5s__ 1947
Columbus Gas Co. 1st g. 5s.1932
Consol. G asconv. deb. 6 s ..1909
Detroit City Gas Co. g., 58.1923
Det.Gas Co. con. 1st g. 5s. 1918
Eq.Gas L.C o.N Y.con.g.5s.l932
G .& Elec.of Berg.Co.con.g.5s’49
General Elec. deb. g. 3 ^ s . 1942
G r.Rap.Gas-L.Co.lst g.5s.l915
Hudson Co. Gas, 1st g. 5s. 1949
Kan.City Mo., Gas 1st g.5s 1922
Kings Co. E . L. & P ., g. 58.1937
Purchase money 6s......... 1997
Ed.El.111.Bkn.1st co.g. 4s.’ 39
Lac. Gas L .lst g. 5 s.M a y ..l9 1 9
Refund. & ext. 1st g., 58.1934
Milwaukee Gas Lt. 1st 4 s ..1927
Newark Con.Gas.con.g.5s .1948
N .Y.Gas E l.L t.H .A Pow Co.—
1st collat. trust, gold 5 s .1948
Purch. money col. tr. g. 4s ’49
Ed.El.111.1st conv.g. 5s .1910
1st consol, gold 5s____1959
N .Y .& Q .E l.L .& P .lst c.g.5s.’30
N .Y .& Rich.Gas 1st g. 5 s .1921
P at.A Pas.Gas <fe E l.con.g.5s’49
People’s Gas & C.— 1st 6s*1943
Refunding, g., 5s........... 1947
Ch.GasL.&C.1st.gu.g ,5s.1937
Consum.Gas Ch.1st gu.g5s’36
Mut.Fuel Gas 1st g u .g .5 s.’47
Syracuse Lgt. C o.1st g. 5s 1951
Trenton Gas & Elec.1st g.5s ’49
Union E le c.L & P .ls t g 5s_’ 32
Utica E1.L.& P .lst s.f.g.5s 1950
Westchester Liarht. gold 5 s .1950
Westing El A M c o n v s f 5 s .1931

31

BONDS-STOCK EXCHANGE RECORD

- N
- 0
- J
- J
- Ji

F - A
M- S
J -D
F - A
F - A
M -N
A -O
A - O'
A - Ol
J - J

Q- F
A-0
M -N
J - D^
J F M J F M M A MJ J M J M mj .1 J -

Bid.

Ask. Bid.

Sale

104
......... 1 0 6 * 107
9 0 * 91 *
8 7 * 88*
!_____ 109
|------- 101 *
1063-4 Sale
..... 105
.....................
87
_____
88 *
91
......... 87
82
82* 85*
101 ^ _____
10 1 3 *......... ___ 102 *

8 8 V t..... _____

90

92
_____ 90
" 8 0 * Sale
7 9 * Sale
_____ 80 * 1 _
____ 100
Sale
96
108
Sale
112
H4

Ask

RANGE SINCE J A N . 1.

Lowest.

Highest.

Lowest.

Highest.

Sale Prices.

Sale Prices.

Sale Prices.

Sale Prices

8 7 * Jan. If

8 7 * Jan. 15

109
.........
1 0 7 * ......... 105
.. ..
-------- 84
i.........
87
.........101

8 7 * ......... i 87

101 ^
_____
107 Ji
85
110
112*

. M ar. 29

100

101

.....................
1 0 2 * Sale
......... 93
105
Sale
......... 83
110
. ..
1 1 0 * 113

86*

87

,8 6

Mch. 26 87

Mch. 21

86

Mch, 26 89

105
82

_____ 1 0 6 * Mch. 15 1 0 6 * Mch. U 105
Jan. 7 107
Sale
7 9 * Mch. 26 8 7 * Mch. 2 7 9 * Mch. 26 9 2 *
.
102 * Jan. 22 1 0 3 *
1 0 1 * Sale 1 0 1 * Mch. 29 101 vi Mch". 29 1 0 1 * Mch. 29 1 0 1 *
101
Sale 100
Mch. 6 1 0 2 * Mch. 14 100
Mch. 6 108
102

8 1 * -------81
84

.. ..

8 4 * Mch. 23 86 4 Mch. 6
81
Mch. 15 8 2 * Mch. 11

Jan. 17
Feb.
Jan.
Feb.
Mch.
Jan.

19
7
15
26
11

87
Feb. 2 89
Jan. 26
8 4 * Mch. 23 8 8 * Jan. 21
81
Mch. 15 85
Jan. 8

89
91
1 74

......... 90
7 7 * Sale
68
70

74

_____

9 9 * Mch. 15 9 9 * Mch! 13

99*

Mch. 14 80

Mch.

1 0 2 * ......... 1 0 2 *
------- 8 8 *
......... 1 0 4 * 105
_____ 82
82
108
108* 112*

Mch. 13 106
Mch. 22 S4
Mch. 25 10S

Mch. 26 88

Mch.

i l 2 * Mch. 19 113

Mchu

Jan. 23 93
Mch. 14 82

Jan. 14
Jan. 7

9 9 * Mch. 15 1 0 0 * Jan.

Mch. 23 1 0 2 * Mch. 28 1 0 0 * Jan.
Mch. 1 105
Mch. 6 82
Mch. 27 108
113*

Mch.
Mch.
Mch.
Jan.

7 1 0 2 * Feb
13
22
25
18

108*
85
113
113*

8
9

Jan. 15
Jan. 2
Jan. 7
Jan. 18

113* 115*

* Sale

88

Sale

_____

1 1 2 * Sale

113

114

_____113

88

84*

86

1 86 jMch. 26 8 9 * Feb. 1
8 7 * Jan. 8 89
Jan. 15
5 1 1 2 * Mch. 19 1 1 1 * Feb. 5

1 0 6 * 111
.........

9 0 * _____

9 0 * .........

.........

92

87*

......... 87
94
83
Sale

.........

77

....
------- 85
94
.........
____
8 1 * _____

89*

78

75

Mch. 27 85

Mch. 18

83

83

Mch. 26 85

Mch. 13

75*

7 8 * Mch. 14 7 8 * Mch. 14

75
100
83

Mch. 27 94
Jan. 7 100
Mch. 26 85

Jan. 10
Jan. 7
Feb. 13

7 8 * Mch. 14 8 3 * Jan.

3

102 J j _____

J -D
M
A
J
J
J

Bid.
Ask.
110* ...
107 $ 4 .........
110
____
_____ 89

PRICES IN M AR CH .
M ar. 1 .

D'
A
s;
J
A
Nj
8^
0
S
J
D
N<
D
S
s:
j
n
J

58.000 106
84.000 64

......... 1 0 6 * 1 0 7 * 1 0 6 * ......... 106
Sale
7 0 * 7 2 * 63
70
63

138
U6
456,000 136
138
Sale
24,000 98 V *......... 100
_____ ' 9 9 ” l o o " 100
1 0 0 * .........
.........108
......... 1 0 3 *
_____

89*

86*

89

86*

100

____

.........

......... 103
......... 103
98
_____ 9 9 *

TOOO 103

115*

...... 112

98*
97

1 1 9 * 120
Sale
6,000 102
1,000 1 0 1 * 107
104
.........
.... 9. 8. * 105
.........
1 0 3 * .........

.........

99

36.000

9 4 * ........

Mch. 25 1 3 9 * Feb. 15
Mch. 26 100
Mch. 26

105

9 9 * Sale
8 0 * 81
.........

Mch.

8 103

Mch.

§ 103
117

102

Mch. 14 1 0 2 * Mch.

Mch.

8 103

Feb. 26 117

Mch.

8

Feb. 26

99 Vi Mch. 15 1 0 1 * Mch. 2 9 9 * Mch. 15 1 0 3 * Jan. 14
Mch. 26 8 4 * Jan. 24
80
Mch. 26 8 2 * Mch. 1 80
99
Mch. 19 9 9 * Mch. 20 99
Mch. 19 9 9 * Mch. 20

99
119
1 0 3 * Mch. " 4 1 0 3 * Mch. ' ‘ 4 102
100
Mch. 15 100
Mch. 15 100
102

102
Sale

Feb. 25

Mch. 14 105 * Jan. 22
2 102
102
Feb. 11 1 0 2 * Jan. 21
9 1 * Jan. 10 9 1 * Jan. 10

101

97

Feb. 25 105

8 6 * Feb. 16 8 6 * Feb. 16

_____ 103

___ i l 9 * ......... 118
_____ 1 0 3 *
102* ...
102
...
_____105
100
105
.........1 0 4 *
104

105

101* ___

Mch. 25 1 3 9 * Mch. 1 116
Mch. 26 100
Mch. 26 100

......... 1 1 7 *

-

102
78.000 1 0 2 * ____ . . .
8 2 * Sale
72.000 83 4 Sale
2,000 1 0 0 * .........
_____
. ...

Mch. 15 1 0 7 * Feb. 20
Mch. 26 7 3 * Feb. 19

89

-------102 *
47,000 1 0 4 * ...... 1 0 2 * 103
1 0 2 * 105
. . . . 92
105X . . . . . 1 0 5 * .........

....

Mch. 16 106
Mch. 14 63

McE 15 107
Mch. 26 70

99* .. ..
9 3 * Sale

9 3 * Mch. 26 97

Mch.

Jan. 23 1 1 9 *
Jan. 2 1 0 3 *
Mch. 15 100
Jan. 23 102

Jan. 31
Mch. 4
Mch. 15
Jan. 23

Jan. 25 102

Jan. 25

1 0 1 * Feb. 1 102
Jan. 18
1 9 3 * Mch. 26 9 7 * Jan. 31

M iscellaneous B onds.

Adams Express col.tr.g.4s_1948
Amer.SS.of W .V a.lst 5s .1920
B klyn.F y.of N .Y .lst con.g5s’48
C hic.Jc.A St .Y d.,col. g. 5s.1915
Det.M.AM.land gr.incomesl 911
M ad.Sq.Gard.l8t gold 5 s . . 1919
M .B .H .& L. lim ., gen.,g.4sl940
N.News S h ip .* D .D .5sl890-’ 90
N. Y . Dock 50-year g. 4 s .. 1951
Provident Loan Soc.g.4 5^3.1921
St.Jos.Stk.Yds.lst g. 4 ^ 8.1 930
St.Louis Term. Cupples Station
A P rop.C o.lst g.4^js5-20yr’ l 7
So.Yuba W at.Co.con.g,6s. 1923
U .S .R ed .& R ef.lst s.f.g .6 sl9 3 1

j
j
j

-

d
j




9,000

.

60

93*

94

02

93

95 *

93

.........

-

93

9 8 * Mch. 26 1 0 0 * Mch.

33,000

j

9S
3 : 4
W - N
F - A
M -N
J - J;
M -Ni
M - N

92*

9 8 * Mch. 26 103

Mch. 19 101

Mch. 19 101

.........

93

Mch. 11 93

Mch. 21

95

93

Mch. 19

Feb.

7 95

Jan. 15

Mch. 18 9 4 * Mch. 21 '9 2 " ‘ Feb"." 14 95

Jan. l i

92

90
93

104
98

10 / *

5.000 1 0 2 * 1 0 5 * 102
1 0 2 * ......... 1 0 2 *
95
Sale
13,000 100
101
100
101
104
105
1.000
.........105

102
95
104

Feb. 25

Mch. 19 101

91 *
...........

5

101

!
!

i
j

......... 100

5,000

----

j

Telegraph and Telephone Bonds

A m .Tel.& Tel. col.tr. 4 s . . . 1929
Commercial Cable 1st g .4 s.2397
Met. T. A T . 1st s.f. g. 5 s ..1918
R egistered....................... 191 8
Mich State Teleplst 20-yr 5s.’24
N .Y . AN.J.Tel.gen. g. 5s .1920
West. Un.— Coll. tr. cur.5s 1938
Fund. A real est. 4V$s g_1950
Mutual Union Tel. s.f.6s.1911

82.000 1 0 2 * 1 0 3 * 1 0 0 * 103
’. 0 9 *

M - S
M - N
F - A
J - J
A - 0
M - N
M - N
J - J
F - A
M - S
J - J

Mch. 5 102
Mch. 20 100
Mch. 23 104

Mch. 5] 102
Mch. 2 95
Mch. 23 104

Jan.

7 90

Jan.

7

Feb. 25 104

Feb. 25

Feb.

Feb.

2 98

2

Feb. 18 103
Jan. 7
Mch. 29 1 0 0 * Feb. 16
Mch. 23 104
Mch. 23

32

[ V o l . L x x x iv .

STOCKS—STOCK EXCHANGE RECORD.
B O N D S

N Y. STOCK EXCHANGE

od.

Manufacturing & Indus. Bonds.
Am. Cotton Oil deb 4 % s ___1915 Q Am. Hide & L, 1st s.f.g. 6 s .1919 M Am. Ice Securities deb. g.6s 1925 A Am. Spirits Mfg. 1st g 6s__ 1915 M American Thread 1st 4s___1919 J A m . Tobacco 40-year g 6s. 1944 a . Registered_____________ 1944 A 4s________ ________________1951 F Registered_____ ________1951 F
Beth Steel 1st ext s f 5s____1926 J
Central Leather 20-yr g 5 s .1925 A
Consol.Tobacco,50-yr g 4s.l951,F
Distillers’ S C conv 1st g 5s 19271a
Illinois Steel Co deb 5s------1910 J
Ingersoll-Rand 1st gold 5s. 1935 J Internat Paper 1st con g 6S.1918 F Cons conv s f gold 5s____1935 J Int St Pump 10 yr deb 6S--1913! J Lackaw Steel 1st conv 5s. .19231A •
Nat Starch Mfg Co 1st g 6 s .1920 M Nat Starch Co s f deb g 5 s .. 1925 J
Repub I& S 1st & col tr 5s. 1934 |A U S E nvelope 1st g 6s____1918J U S Leather s f deb g 6s___1913 M ■
U S Realty & Imp deb g 5s .1924 J ■
U S Steel Corp s f g 5s Apr 1963 M ■
Registered........... .A pril 1963 M ■
V a -C a rC h e m co lltrsf g5s.l931|A ■
Coal and Iron Bonds
Clear Bit Coal 4s, ser A ____1942 J •
Col Fuel & I Co gen s f g 5S.1940 F Convertible deb gold 5s. 1911 F •
Col C & I Dev Co gu g 5 s .l9 0 9 J •
Col Fuel Co gen gold 6s. .1919 M ■
Gr R iv Coal & C 1st g 6 s .1919 A ■
Col Indus 1st coll tr 5s g u .. 1934 F
Gonsol Ind Coal 1st 30-yr5sl935 J
Continen Coal 1st s f gu g 5sl952 F
Jeff & Clear C & 1 1st g 5s. .1926 J
2d g 5s....................... ...1 9 2 6 J
K an & H C & C 1st gu g 5s.l951 J •
Sunday Creek g 5 s ............. 1944 J Tenn C I & R R , gen 5s____1951 J ■
Birm Div 1st cons 6s------1917 J •
Tenn Div 1st g 6s, Jan. 1917 A ■
Cah C M Co 1st gu g 6 s . . 1922 J ■
De Bar C & I Co gu g 63.1910 F •
V a Ir Coal&Coke 1st g5S ..1 9 4 9 M ■

Sales in Price about
March.
Jan. 2.
Par value
1907.

RAN GE SINCE J A N . 1.

PRICES IN M AR C H .
M ar. 1.

, M ar. 29.

Lowest.

Highest.

Bid.
A sk. Bid
.AsfcJ Bid.
A sk. Sale Prices.
......... 94
92% 93% i_____ 91% SO Mch. 13
Mch. 20
......... 88
91% _____ 86 % 86
89
_____ 87% * 8 % ...... ......... 87% 87
Mch. 27
98
_____ 98
Mch. 23
100% 101
09% 101
92% Mch. 23
89
......... 91
_____ 92
109% Sale 109% Sale 107
Safe" 105% Mch. 26
107% Mch. 11
.........110% --------110%
76% Sale
74% Sale ‘ 73% Sale" 71% Mch. 26
72
Mch. 5
91% 95
......... 93
485.000 ......... 98% 98% Sale
95% Sale
94% Mch. 26
41,000 7 5 % ------- 73% 78
74
Sale
72% Mch. 26
271.000 86% 87% 88 * Sale
84
Mch. 27
85% Sale

$
9.000
55.000
25.000
38.000
73.000
2.133.000
20.000
1.192.000
3.000

Sale
93
89
88%
98%
93
109%
107%
74%
72%

1,000

...........
______
______
1,041,000
______

83

.........

*85”

"III

98

_____

75% Sale
93% 99

83
.........
......... 95

90

96

60% Sale
93% 9Q

61

Sale

...........
......... ..
______
______
17.000
23.000
...........

......... 105% _____ 106
......... 78
'9 4 % '9 7 % 94% Sale
108
105
108% 106
106

64’ 000

101
97

102%
Sale

a These are prices on the basis of $5 to the £ sterling.

95

Mch. 25 95

59% Mch. 26

Highest.

Prices.
Mch. 13
Mch. 20
Mch. 27
Mch. 23
Jan. 24
Mch. 26
Mch. 11
Mch. 26
Mch. 5
....... ......... ....
98% Mch. 1 94% Mch. 26
74
Mch. 29 72% Mch. 26
89
Mch. 5 84
Mch. 27

95
09
95
95
29',000 106% 107
Mch. 19 105%
106% 106% 103% 104% 104
25.000 90
......... -------- 90% ......... 90% 89 % Mch. 27 90
10.000 9 9 % _____ 9 9 % -------- _____ 99
97% Mch. 26 100
56,000 102
Sale
90% Sale
963* Mch. 15 99%
8 3 % ------- 80
.. .
_____
69% 73
70
......... 70
"1,000 95% 97% 95
96
_____ 96
95
Mch. 6 95
2,000
103
Mch. 7 103
9.000 1 0 5 % ......... 1 0 6 % _____ 104
_____ 104
Mch. 28 106
92
Sale
82,000 95
87% Sale
87% Mch. 29 92
4,899,000 97% Sale
98% Sal'e" 96
Sale
93% Mch. 26 98%
71,000 98
_____ 90
Sale
95% Sale
94% Mch. 26 99
1.000 97% 98%
9 7 % ......... 98% Mch. 22 98%

____

Lowest.

Prices.
Mch. 8
Mch. 12
Mch. 12
Mch. 13
Mch. 18
Mch. 2
Mch. 11
Mch. 1
Mch. 22

Sale
90
86
87
98
90
105%
107%
71%
72

Sale
93
91%
89
102
93
110%
110%
79%
77%

Prices.
Mch. 8
Feb. 28
Jan. 23
Jan. 15
Mch. 18
Feb. 8
Feb. 19
Jan. 24
Jan. 28

99
79
90

Jan. 25
Jan. 24
Feb. 16
Feb. 5
Jan. 28
Jan. 14
Feb. 8
Jan. 12
Jan. 7

M c h /13
Mch. 20
Mch. 22
Mch. 5

95
104
•89%
97%
96%
82

Feb.
Mch.
Mch.
Mch.
Mch.
Jan.

5
19
27
26
15
7

95
108%
92
101
102
82%

Mch. 6
Mch. 7
Mch. 5
Mch. 12
Mch. 1
Mch. 1
Mch. 22

95
103
104
87 %
93%
94%
98%

Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Jan.

6
7
28
29
26
26
31

97
Jan.
103 Mch.
106% Feb.
95
Jan.
99
Jan.
99% Feb.
99 'F eb .

Mch. 25

95

69% Mch.

17
7
11
2
25
18
21

Feb. 25 100% Jan. 28

1 59% Mch. 26 76% Jan. 8
.................

.........106
95

Sale

90
------- 99
92% 95% ' 9 0

94
Mch. 27 95
104% Mch. 27 106

78
Mch. 29 94
Mch. 22 104%
106%

_____
93% 90

Mch. 25 92
Mch. § 90
b These are prices on the basis of four marks to one dollar.

Jan.
Feb.
Mch.
Jan.

11
13
27
23

Mch. 25

78%
95%
106%
106%
98

Jan. 18
Jan. 29
Feb.121
J a n .{23
Jan.

s Option sales.

STO C K S .—PRICES AND SALES FOR MARCH AND THE YEAR TO DATE.
Prices are on basis of 100-share lots.

Exceptions of stocks which sell only In

SALES TO A P R . 1.

S T O C K S .

N.Y.STOCK EXCHANGE.

In
March.

Since
Jan. 1.




the letter o.

March 1.

March 29.
Bid.
95%
101
97%
87%
52
95
110

182%
60
170
41
16%
190"
100

13%
75
59%
18%
60
131%
149
117%
131%
147
132
150
_____
9%
4%
14
70
99
70
103
25%
59%
46
180
465
30%
75
15
4
20
68

14
24
24%
59%
40
140
59

Lowest.

Option sales are disregarded.
II

PRICES IN M AR CH .
Price about
January 2,
1907.

Shares.
Shares. Bid.
Ask.
A sk , Bid.
Atchison T op. & S. Fe.100 1,386,945 2,947,125 1 0 4 % Sale 102 % Sale
12,559
99
32,405
99
Sale
98
Preferred _________ 100
49,682
88,424 131% Sale
Atlan. Coast Line R R .100
116% Sale
239,812
447,959 120% Sale 110 % Sale
Baltimore & Ohio_____ 100
1,510
5,114 92
Preferred _________ 100
93
a90% Sale
Brooklyn Rap Transit. 100 327,838 1,233,663 78% Sale
70% Sale
550
128
650 115
100
Buff. R och. & Pitts__ 100
150
139%
110 130
Preferred _________ 100
128
800 80
§8 “
Buffalo & Susq. p r e f.. 50
85
995,270 195
Canadian P acific.......... 100 544,998
Sale xl83~ Sale
Subscription receipts__
148
Canada Southern_____ 100
" L850
4,150 63% 65
64
63
4,471
Central of New Jersey.100
8,316 219% Sale 206
Sale
117,510
Chesapeake & Ohio__ 100
250,460 56
Sale
50% Sale
3,842
7,042 26
Chicago & Alto n R R --1 0 0
Sale
18% 20
62%
Preferred _________ 100
400
3,500 ____ 70
Chic. Burl. <fc Quincy. .100
100 200
_____ 190~~
Chic. & East. 111. pref. 100
100
150 120
120
150“
150
Chicago Great Western 100
51,360
92,465 18
Sale
15% Sale
4% debenture______ 100
900
2,225 77
80
76% 79%
5 % preferred A _____ 100
1,450
72
3,000 70 % Sale
68
4 % preferred B ......... 100
11,985
20,185 25 % 26
2 1 % 23
Chic. Ind. & Lou. pref 100
14
14
70
90
Chic. Milw. & St. P a u l.100 695,973 2,085,267 149% Sale” 145% Sale
Preferred _________ 100
6,135
18,306 a 163% Sale 161
Sale
Instalm’t ctfs. 10% paid
12,018
22,603 H O
H i
127% Sale
Pref. do
do
150
20,717
142% Sale
34,065 148
Chicago & North W est. 100 101,611
229,565 196% 198% 162
Sale
P r e fe r r e d ................. 100
600
Sale 210
2,498 230
235
R ig h ts ________________
89,351
218,805
14% Sale
Chic. St. P . M. & O___100
3,277
3,897 1 6 5 " 175“ 150
160
Preferred _________ 100
10
185
510 175
160
180
Chi c . Term . Trans R R .100
9
12
810
a6
1,595
Sale
Preferred _________ 100
29
2,910
5,565 22
23
15
Chic. Union T ra ction .. 100
9.200
5% Sale
18,275
4% Sale
Preferred _________ 100
8.200
Sale
23,600 18
15% Sale
Clev. Cin. Chic. & St. L.100;
11,780
89
21,730 91% Sale
86
Preferred _________ 100
115
710 110
109
105
Clev. Lor. & W heeling.100
98
" ‘ ‘ 200
95
101
200 90
Preferred _________ 100,
105
111% 103
125
Cleve. & Pitts., g u a r.. 50
134
" * 2 1 4 1 7 3 % ------- 174%
Colorado & Southern. .100
63,695
122,835 36% Sale
33% Sale
First preferred_____ 100
3,588
7,643 a68% Sale
65
Sale
Second preferred____100
13,925
36,385 57% Sale
55
Sale
Cripple Creek Central. .100
75
200 69
Delaware & Hudson___100
58J03
224
Sale
204% Sale
93,003
Del. Lack. & W estern. 50j
3,610
s.oio! 525 535
490
Sale
Denver & Rio Grande. 100
Sale
41,090
71,500 42
36% Sale
Preferred _________ 100^
15,081 83
Sale
10,075
78
79%
Des Moines & F t. D __ 100!
Sale
15
600 15
20
Det & Mackinac p r e f.. 100;
50
60
88
Det. South., Tr. Co. certs.j
10
5
5
9
Pref., Trust Co. certs__
20
40
20
40
'Jetroit United R y ____100i
85
1,475
3,275 79
75
80
Duluth S. S. & A tl____100
4,480
7,980 18% 19%j| 16% 17
Preferred _________ 100
40 II 30
5,960
8,995 37
37
B r ie __________________100 574,795 1,288,950 4 3 % Sale
34% Sale
First preferred_____ 100!
41,715
62,693 74% Sale
6 8 % Sale
Second p referred___100
57,795 a65% Sale
41,660
57% Sale
Evansville & Terre H - . 50j
65
75
70
65
Preferred __________50
85
95
85
90
Great Northern, p r e f..100 315,614
516,848 186
Sale |163
Sale
T em p . ctfs. for ore p rop . 271,627
625,920 81
Sale I 71 ]4 Sale
Gr.B .& W .debt cer.A.1000
80
_____ 75
I> b t certificates B.1000
174 13
15 » ____
163
15
P a r.

a small way are noted by

RANGE SINCE J A N . 1.

Highest.

Highest.

Lowest.

Ask. Sale Prices.
Sale Prices.
Sale Prices.
Sale Prices.
Sale
82% Mch. 14 102% Mch. 1 85% Mch. 14 108% Jan.# 7
Sale
92
Mch. 25 98 % Mch. 2 92
Mch. 25 101% Jan. 1 12
Sale
94
Mch. 26 116% Mch. 1 94
Mch. 26 133% Jan. »5
Sale
9 0 % Mch. 25 110% Mch. 1 90% Mar. 2o| 122 Jan. Vb
90
87
Mch. 25 88% Mch. 8 87
Mch. 25; 94% Jan. 10
Sale
45% Mch. 14 70% Mch. 1 45% Mch. 14 83% Jan. 7
128
95
Mch. 14 101
Mch. 18 95
Mch. 14 115 J a n . 26
__
139%
135
Jan. 4 a l3 9 % F e b . 19
85
83
Feb. 16j 85% Feb. 8
Sale 155
Mch. 23 xl83% M ch. 1 155
Mch. 23 195% Jan. 4
194% Jan. 5i 194% Jan. ~
63
60
Mch. 14 63% Mch. 8 60
Mch. 14! 65% Jan.
185
165
Mch. 25 206
Mch. 1 165
Mch. 251220
Jan.
Sale
36% Mch. 25 50% Mch. 1 36% Mch. 251 56
Jan.
Sale
14% Mch. 7 19
Mch. 4 14% Mch. 7 27% Jan.
59
59
Mch. 19 61% Mch. 5 59
Mch. 19 69
Jan.
200
Feb. 15 200
Feb. 15
120
115
Mch. 19 115
Mch. 19 115
Mch. 19 al20 Jan. 18
12% Mch. 26 15% Mch. 1 12% Mch. 261 18 Jan. 2
Sale
76% 76% Mch. 18 78
Mch. 9 76% Mch. 18| 79
Feb. 25
62
61% Mch. 26 69% Mch. 5 61% Mch. 26 71% Feb. 14
Sale
17
Mch. 25 22% Mch. 6 17
Mch. 25j 26% Jan. 5
a70
Mch. 5 a 70
Mch. 5 a70
90
Mch. 5 a70
Mch. 5
Sale xl22% M ch. 25
Mch. 1 xl22%Mch. 25 157% Jan. 14
Mch. 1 145
Sale 145
Mch. 25 161
Mch. 251165% Jan. 5
Mch. 26 127% Mch. 1 112
Sale 112
Mch. 26 141
Jan. 14
Mch. 26 142% Mch. 1 129
Mch. 26 149
Jan. 15
Sale 129
Mch. 1 137% Mch. 25 205
Sale 137% Mch. 25 162
Jan. 10
Mch. 16 207
Jan. 10
207
Mch. 11 212
Mch. 11 234
10 Mch. 14 15 Mch. 1 10 Mch. 14) 18% Jan. 23
Sale 120
Mch. 12 120
Mch. 25 147
Mch. 25 170 Jan. 8
Jan. 19
180 al6 0 Mch. 4 al60 Mch. 4 160
Jan. 18 165
7
7
Mch. 15
5
5
Mch. 28
Mch. 281 9% Feb. 21
Mch. 14i 9
Sale
9
Mch. 27 16
Mch. 271 25 ' Jan. 11
9
5% Mch. 18
Sale
4
Mch. 28
4 Mch. 28^ 5 % Jan.
9
Sale
11% Mch. 14 15% Mch. 1 11% Mch. 14 19% Jan.
7
Sale
63
Mch. 26 83
Mch. 5 63
Mch. 26 92% Jan.
Feb. 21 108% Jan.
7
111
106
Mch. 15; 95
Mch. 15
85
Mch. 15 95
101
Mch. 15 85
125
160
Mch.
160
Mch.
Mch. 25^175 Feb. 26
160
22% Mch.
34
Mch.
Sale
22 % Mch. 25; 38% Jan. 9
58% Mch.
Sale
66% Mch.
58% Mch. 26 69% Jan. 7
44
Mch.
Mch. 25; 58% Jan. 8
44
49
55% Mch.
Jan. 4! 73
69
Jan. 15
Mch.
25 227% Jan. 2
167
Mch.
J67
Sale
206
Mch.
Mch. 26 510
Mch.
Sale 445
445
Jan. 24
490
Mch.
28% Mch.
28% Mch. 23 42% Jan. 7
Sale
37% Mch.
69% Mch. 2.5! 83% Jan. 10
69% Mch.
Sale
78% Mch.
Jan. 2 18
15
20
Jan. 7
Feb. 15'a90
a90
Mch. 25 a90
Mch. 25 a90
Feb. 15
40
71
Sale
Sale
Sale
Sale
70
90
Sale
Sale

65%
9%
20
21%
57
x34%

Mch.
Mch.
Mch.
Mch.
Mch.
Mch.

126
50

Mch. 25 163% Mch.
Mch. 25 72% Mch.
Mch.

15
14
23
27
25
25

77
17
25
34%
68%
58

6 5 14 Mch.
Mch.
Mch.
9% Mch.
Mch. 29 20
Mch.
Mch. 1 21% Mch.
Mch. 1 57
Mch.
Mch. 1 ^34% Mch.

9 llV J M c h .lR

126
50

15
14!
23
27
25;
23

80%
19%
39
44%
75%
67

Jan. 16
Jan.
5
Jan. 4
Jan.
5
Jan.
7
Jan.
7

Mch. 25!189% Jan.
Mch. 25 85
Jan.
Mch.

9

2
5

14U Jan. 17

STOCKS-STOCK EXCHANGE RECORD.
STOCKS.

>1ALES

TO A PR . 1.

Par. Shares.
1,680
Havana Electric R y ___100
2,150
Preferred _________ lOOj
100
Hocking V a lle y ........... 100|
1,960
P re fe rr e d __________lOOj
3,000
Tr. rects. for com m on ..!
14,452
Illinois Central_______ 100,
Leased line 4 % stock 100
Interb-Met. vot. tr. cfs.100 123’ 203
58,945
Preferred _________ 100
14,585
Iowa Central_________ 100
10,525
Preferred _________ 100
100
Kan. & Mich receipts. 100
920
K C Ft S & M tr certs, p fd .
30,645
Kansas City Southern. 100
36,785
Preferred _________ 100
Keokuk & Des Moines. 100
10
Preferred _________ 100
1,200
Lake Erie & W estern. .100]
350
Preferred _________ 100
la k e Shore & Mich S o. 100
' 1~550
lo n g Island___________50j
Ibouisville & Nashville. 100; 110,455
19,042
Manhattan Railway__ 100;
1,650
Metropolitan Street___100
85,000
Mexican Central______ 100
50
Michigan Central_____ 100
3,700
Mmneap & St. Louis.-lOOj
880
Preferred _________ 100!
23,835
M. St. P . & S. Ste. M ..1 0 0
20,470
Preferred _________ 100
Mo. Kansas & T e x a s.-100 326,760
25,110
Preferred _________ 100
176,970
Missouri P a c ific ........... 100
Morris & Essex_______ 50
695
Nash. Chatt.& St.Louis.100'
4,330
Nat. of Mexico, pref___100
300
Second preferred __ 100
N. Y . Cent. & Hud. Riv.100 252,257
10,910
N . Y . Chic. & St L — 100
100
First preferred......... 100
610
Second preferred __ 100
100
N . Y . & H a r le m _____ 50;
2,400
N . Y . N . H . & H a rt...1 0 0
36,790
N . Y . Ont. & W est____100
48,148
Norfolk & W estern------100
775
Pref. (adjustm ent). .100
Northern Central_____ 50
653'050
Northern Pacific______ lOo
71,179
Subscrip, rec’ ts 5 % paid
3,925
Pacific Coast Co______ 100
First preferred _____ 100
970
Second preferred__ 100
Pennsylvania________ 50 1,648,284
2,400
Peoria & Eastern_____ lOOj
5,250
Pitts. Cin. Ch. & St. L.100
780
Preferred _________ 100
Pitts.Ft.Wayne & Chic .100
R R . Securities, Ser. A1000
Beading Company____50 5,835! 090
2,740
First preferred_____ 50
4,900
Second preferred __ 50
Rensselaer & Saratoga.100
211’ 685
Rock Island Co............. 100
24,616
P r e fe rr e d ......... ........100
R ome W atert’n & Ogd.lOO
10
St. Joseph & Grand lsl.100
200
First preferred_____ 100
Second p referred __ 100
640
St. L . & S. F ., 1st pref. 100
Second p referred __ 100|
10,520
6.& E.Ill.stk.tr.certs 100
New 4 % stock tr.ctfs.
30
_____
Pref.stock tr.certs.100
St. Louis Southwest__ 100:
6,300
Preferred _________ 100
6,750
Southern Pacific Co__ 100 1,063,540
Preferred ............. ..1 0 0
10,907
South, vot. tr. ctfs.fc.-1 00 230,300
Preferred do d o . .100
33,325
M. & O. stock tr. certs. 500
Texas & Pacific_______ 100
45,025
Third Avenue (N . Y .).1 0 0
7,535
Tol. Peoria & W estern. 100
______
Toledo Ilys. & L ig h t..100
3,600
Toledo St. Louis & W 100
14,545
Preferred ......... ........100
22,227
'Pwin City Rapid Tran. 100
25,974
Preferred _________ 100
Onion P a cific________ 100 4,203.735
P r e fe rr e d ......... ........100
3.700
U n it.R ys.In v.of S.F r.100
8,255
Preferred _________ 100
18,615
V andalia_____________ 100
150
W abash.........................100
19,069
Preferred ................. 100
28.823
Western Maryland____50
100
Wheeling & Lake Erie. 100
10,590
First preferred......... 100
8,090
Second preferred___100
5,100
Wisconsin C entral____100
11,905
Preferred ................. 100
6,840
Industrial & (Miscellaneous
Adams Express............. 100
60
Alice M ining..................25
2,370
Allis-Chalmers_______ 100
18,676
Preferred ........... ......] 00
5,700
Amalgamated Copper . 100 3,103,878
Amer. Agricul. Chem._J00;
7,663
Preferred ......... ........100
______
American Beet S u gar.. 100
13,250
Preferred ............. ..1 0 0
200
American Can............... 100'
Preferred _________ 100
Amer. Car & Foundry. 100
96,494
Preferred _________ 100
7,990
American C o a l............. 251
______
American Cotton Oil. .100
18,150
Preferred ................. 100
275
Amer. District Teleg’h.100
American E xpress____100
3,040
American Grass Twine. 100
4,735
Amer. Hide & L eather.100
4,500
Preferred ..................io o
4,900
Amer. Ice Securities___100
9,345
American L inseed ____io o
2,145
Preferred _________ io o
960
American L ocom otive.100
65,292
Preferred_________ io o
4.840




PRICES IN M AR CH .
Price about
January 2 .
1907.

I Since
N.Y.STOCK EXCHANGE. ^
n March Jan 1.

Shares.
Bid.
6,880 44
4,900 S0%
200|
3,330' ’ 91%
3,000
21,892 170
113 99
422,868: 36
92,839 73 %
29,055 28 %
18,555 49
300
2,934 ’ 79%
42,555 28
61,305 60 %
300 11
10 40
3,000 28
350 70

March 1.

March 29.

Ask.' Bid.
Ask. Bid.
43% 45
33%
Sale
82
Sale
86
125
84
93% 85% 93
83
160
145%
Sale 154
102
106
24%
33% Sale
Sale
69
70% 59%
Sale
23
25
18%
Sale
42% 43% 34%
50
60
65
73
78
"80% 77
28
Sale
22%
30
52
58
59
Sale
13
8
14
10
35
40
35
45
32
24
28
a l8 %
60
70
50
80

Ask.
Sale
72%
Sale
Sale
Sale
102
Sale
Sale
Sale
Sale
76
Sale
Sale
10
40
Sale
60

3,770
226,266
31,237'
2,650
145,360
50
11,600
3,180
72,615
30,030
677,440
47,065
397,715

62
143 %
142
105
26%
185
58 %
87
137
167
40%
71%
92 %

66
Sale
145
110 %
Sale
200
Sale
90
Sale
Sale
Sale
Sale
Sale

60
128%
143
104
23
_____
54
87
121 %
146
44%
70
79%

65
Sale
Sale
105
Sale
190
Sale
90
Sale
Sale
Sale
71%
Sale

47
57
117% Sale
133% Sale
_____ 93
2 1 % Sale
125
190
49% Sale
80
85
x l04% Sale
2:131 % Sale
35% Sale
64% Sale
74
Sale

2,175
12,955
1,800
572,803
13,360
200
1,710
100
3,559
83,230
87,568
2,080

140
5714
26 %
131%
61
110
86

145
Sale
28
Sale
63
120
90

130
56
23%
125%
53
110
80

136
Sale
26%
Sale
60
120
90

118
a52%
21
117%
38
100
70

122
Sale
22%
Sale
Sale
120
80

187
47 %
91%
a90%

183
190% 180
43% Sale
Sale
84% Sale
Sale
84
80
Sale

173
38
78
76

Sale
Sale
Sale
85

146%
127
125” 115
108
98
Sale 110
Sale 129
25
40
83 % 72%
95
108

126%
118
95
90
100%
122 %
20
69
94

Sale
Sale
Sale
100
Sale
Sale
25
Sale
98

1,301,394 186
192,057
6,125 120”
98
” lJ 3 5 124%
3,771,338 138 %
2,700 34
9,838 78
1,120 100
14,317480 134%
5,270 88
10,210 90
196
541^033 30 %
52,584 63%
22 126 %
200
3,487
23,620

68
47

40 "72”
120
24 %
60
93 %
117%
33
94%
92
35%
119

17,400
18,370
2,497,615
17,982
651,229
66,082
700
99,845
12,347
20
6,400
24,988
38,840
39,109
400
8,848,420
9,549
13,450
24,241
529
42,262
65,688
• 1,665
33,000
15,590
14,610
17,569
16,970

200
5,595
48,471
33,500
6,911,050
16,500
130
24,980
300
7,510
9,302
225,136
13,206
_
39’ 675

Sale

94
Sale
91
96

92
115% Sale
8 8 % Sale
8 8 % Sale

Sale
Sale
134

24% Sale
55% Sale
126% 126%

73
48%
185
75
135
Sale
Sale
Sale
Sale
Sale
94%
96
Sale
122

66
39
165
60

27
29
33% Sale
53% Sale
102 % Sale

1.65.5

178,052
8.440

21
45

Sale
Sale

33
117%
17
28%
28%
48
101%

290

300

280

16.%
43
115%
24
87
22%
_____

Sale
Sale
Sale

14%
34%
1 10 %
23%
85
18%
70
7
55
44%
102%
140
32
88

280
$5
Sale
12%
28
Sale
Sale
88%
Sale
20
102
80
Sale
15
79
.....
Sale
Sale
50
Sale
35%
103% 98
170
125
Sale
29%
92% 80

300
Sale
Sale
Sale
Sale
Sale
95
Sale
75

195
7
6%
6%
5
Sale
4%
20%
30% 25% 27
Sale
83 % Sale
77
Sale
16% 17% 12%
39
32
35
28
72% Sale
62
110K 111% al07

215
Sale

Sale
102
23
85

_____
43
S afe
100% Sale
170
200

6

28

16
34
72

6%

25
228

300

40
Sale

25

3 3 % Mch. 29
77
Mch. 21

80

47
Jan.
8 6 % Jan.

Mch. 28 115

8 3 % Mch. 28

75% Mch.
Mch.
a98% Feb.
22 % Mch.
*52
Mch.
18
Mch.
30% Mch.
50
Mch.
134

94

6
3

18
25
25
25
25
20

a99% Jan. 31
39
Jan. 23
7 5 % Jan.
7
28% Jan. 4
51
Jan. 7
63
Jan 29
20 8 0
Jan. 10
14 30% Jan
5
25 61% Jan. 8
27 11
Jan. 21
1 4 a 3 7 ^ Mch. 14
18 28% Jan. 12
14 61
Mch. 13

Alch.
Alch.
Alch.
Alch.
Alch.
Mch.
Alch.
Alch.
Mch.
Mch.
Alch.
Alch.
Mch.

13
25
25
28
14

M ch .'13 '6 7 %
Mch. 25 145%
Mch. 25 146
Mch. 28 107
Mch. 14 27%
Mch. 6 0125
Mch. 27 59
Mch. 26 90
Mch. 26 140%
Mch. 25 168
Mch. 26 44%
Mch. 26 72%
Mch. 14 92%

60
128%
143
104
23%
6 al25
27 55%
26 88
26 121%
25 146
26 ■44%
26 70
14 80%

Alch. 7 "52”
Alch. 1 108
Alch. 1 129
Mch. 2 90
Alch. 1 15
Mch. 6 a 125
Mch. 2 49
Mch. 7 86
Mch. 1 97
Mch. 1 123
Alch. 1 30%
Alch. 4 59
Mch. 1 64

22 130

Mch.
Mch.
Alch.
Alch.
Alch.
Alch.
Alch.
Mch .
Alch.
Alch.
Alch.
Mch.

23
26
14
23
25
26
7
27
25
14
14

56%
23 %
125%
55
109
79%
365
182
43%
84%
82%

114% Alch. 25 146% Alch.
110
Alch. 26 127% Alch.
90
Alch. 15 100
Mch.
95
114
18
67
93%
91
84
83
17%
40%
al25
19

Alch.
Alch.
Alch.
Mch.
Mch.

20
14
25
26
18

125
129%
22%
72%
98

Mch.

5

Jan.

52
108
129
90
15
a 125
49
86
97
123
30%
59
64

1
2

21%
43
50
77%
28
58%

Jan.

Mch.

26 172

Mch.
Mch.
Feb.
Mch.
Mch.
Mch.

6 8 % Mch.

6

Jan. 19

28 114

Mch. 11
Mch. 2
Mch. 20
Mch. 8 x74
Alch. 1 18
Alch. 2 45
10
a37% Mch. 14 a37% Mch. 14 a37%
19% Mch. 18 24 % Alch. 4 19%
57
Alch. 14 61
Alch. 13 57

4 119
Mch."22
1 48% Mch. 23
20% Mch. 26
1 111% Mch. 14
6 35 % Mch. 23
25 109
Mch. 25
6 70
Mch. 26
7 365
Mch. 7
12 x l 7 3 % M c h .2 7
1 34% Mch. 25
1 71
Mch. 14
11 80
Mch. 14
16

Jan7’ ~9
Jan. 5
Feb. 13
Jan. 23
Jan. 5
Mch. 6
Jan. 15
Jan 24
Jan. 3
Jan. 3
Mch. 1
Jan. 4
Jan. 5

147
59%
27
134%
63%
110
91%
365

Jan”
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Mch.
189
Jan.
48 % Jan.
92% Jan.
90% Jan.

"8
9
14
10
7
16
7
7
9
5
5
10

1 114% M ch !'25 189% Jan7‘ ‘ 7
1 110
Mch. 26 134
Feb. 13
7 90
Mch. 15 124% Jan. 7

Mch. 8
Alch. 1
Mch. 13
Alch. 1
Mch. 26

"95”
114
18
67
93%

Mch.
Mch.
Mch.
Mch.
Mch.

20 125”
14 141%
25 30
26 78
181105%

M ch'.'' §
Jan. 8
Jan. 29
Jan. 22
Jan. 5

Mch. 14 126% Mch. 11 '§ 1 " ' Mch." 1 4 1 39 % 'ja n ' " 7
Mch. 26 92
Jan. 7
Alch. 26 89
Alch. 2 84
Alch. 16 90
Alch. 1 83
Mch. 16 94
Jan. 8
Mch.
Mch.
Alch.
Mch.

26 24% Mch. 1 ' 17 % Mch. 26 ~30%
26 56% Alch. 1 40% Mch. 26 64%
28 al25 Alch. 28 al25 Feb. 19 al25
27 19
Mch. 27 19
Mch. 2 7 1 19

J a n ~ "5
Jan. 5
Feb. 19
Mch. 27

Alch. 18 62
Alch. 25 40

Alch. 20 ' 5 9 " Mch".’ i8 70
Jan” 11
Alch. 4 29
Mch. 25 48 % Jan. 5

Mch. 26 65

Mch. 26

23
55
91%
117%
25%
79%
ATc h . 23 92
Mch. 25 33%
Alch. 25 117%

Alch.
Alch.
Alch.
Alch.
Alch.
Alch.

Mch.” 28
Mch. 26
Alch. 9
Mch. 14

x l2 0 % M chl4
86
Alch. 28
27
Alch. 25
44
Mch. 27
a85
Alch. 25
12% Alch. 14
21% Alch. 25
19
Alch. 20
9% Mch. 4
22% Alch. 14
14
Alch. 14
16
Alch. 14
36
Alch. 26

200
5%
4Y
20
76
12%

Alch.
Mch.
Mch.
Mch.
Mch.
Alch.

Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.

19
25
14
26
25
25

Mclu'2 6

Feb” 26

28%
29%
51%
101%

Alch.
Mch.
Alch.
Alch.

Jan" " 7
Feb. 15
Jan. 14
Jan. 14
Jan. 5
Jan. 5
Jan. 24
Jan. 7
Jan. 8
Feb. 11
Jan. 7
Jan. 5
Jan. 7
Jan. 7

171%
91
54
64
85%
15%
31%
19
12 %
30%
18
20%
46

Alch. 1 il2 6 % M c h .'l4
Mch. 28
Alch. 7 86
Mch. 25
Alch. 21 27
Mch. 27
Alch. 4 44
Alch. 4 a85
Mch. 25
Alch. 1 12% Mch. 14
Alch. 1 21% Mch. 25
Mch. 20
Alch. 20 19
9% Mch. 4
Alch. 18
Alch. 1 22% Mch. 14
Alch. 18 14
Mch. 14
Mch. 14
Alch. 4 16
Mch. 26
Mch. 1 36

183
94
62
71 %
93
18%
38%
30%
16%
37%
21%
25%
51%

Jan”
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

~5
7
7
7
15
5
7
7
7
5
10
12
7

14a295 Feb.
14 $7% Jan.
14 16% Jan.
14 43% Jan.
26 121% Jan.
25 2 5 % .Tan.
20 95
Feb.
27 23% Jan.
5 80
.Tan.
28
7
Mch.
26 55
Mch.
25 45% Jan.
25 103
Jan.

14
17
5
3
5
8
20
7
21
2
4
14
12

A lch.

Alch.
Alch.

Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Alch.
Mch.
Alch.
Alch.
Mch.
Alch.
Alch.

228

6%
5%
25%
83%
16%
30
72%
110%

Mch".
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
a l7 % Feb.
" l 24
Mch.
18 23% Mch.
Mch.
28 45
4 87% Mch.

71
"25%
62%
96%
118%
34
94%
97
37%
123
a l7 %
29
33%
53%
108%

14 a280
14 $5%
14 14%
14 34%
26 I l l %
25 23%
20 91
27 19%
5 75
28
7
26 55
25 44 %
25 102%

25
13
14
25
21
25
25
25
25

60

1 18
1 45%
1 69%
8 112
1 19%
1 70
8 85
1 24%
1 101

19
25
14
26
25
25
23
25
25
11
28
26
9
14

Alch. 25 32% Alch.
Alch. 13 8 8 % Mch.

Alch.
Mch.
Mch.
22
Alch.
Alch.
Sale
Mch.
15
Sale
27 Alch.
Sale
55% Alch.
S a l e * 101
Mch.

5

Highest.

25
25
25
25
20
20
14
25

a280
$4
10
25
78%
19
90%
14%
75
6
5%
51% £48%
Sale a-31
Sale
92%
175
27
Sale
88
88

40

Lowest.

X,

Sale Prices. \ Sale Prices.

Mch.
Alch.
Mch.
Mch.
Alch.
Alch.
Mch.
Mch.

119
Mch.
48% Mch.
2 0 % Mch.
111% Mch.
35 % Mch.
109
Alch.
70
Alch.
365
Alch.
a:173% Mch
34% Mch.
71
Mch.
80
Mch.

33% Mch.

1/ / l i V .

O x 1>

22%
x52
18
30%
50
z74
18
45

66% 59
Sale
29
170
70
60
125
Sale
18
Sale
45%
Sale
69%
114
112
Sale
19%
80
70
85
Sale
28% Sale
24%
Sale 105
101
20% 17
20%
25
Sale "24“
Sale
Sale
27% Sale
23%
51
*51
Sale
45
94% Sale
104
87%

Sale

Highest.

Prices.
Sale. Prices.
Mch. 29 45
Alch. 7
Mch. 21 85
Alch. 7
Mch _ 28 80
Mch . 28
Mch. 28 91
Mch. 4
Mch. 28114
Alch. 6
Alch. 26 155
Mch. 4

69
60
41
34
175
160
70
60
100
125
21
"23” Sale
55
Sale
51%
91% Sale
80%
117
117% 112%
22
25% Sale
70
79% Sale

Sale
87
Sale
Sale
87
Sale
Sale
30
Sale
28
Sale
Sale
40

14,507 88
5.796

80
87
104% Sale
84
’ 8 4 " Sale

171% Sale 134%
Sale
90
85
Sale
Sale
33
61% a55
Sale a64
Sale
48%
Sale
85 % 87
Sale
15% Sale ’ 14%
Sale
31 % Sale . a23%
32
15
15
30
12
12
17
Sale
39
30% Sale
25
23
17
17
Sale
25% a 2 1 % Sale
18
49% 46
Sale
37%

180
92%
59
71
85 %
18%
38
30
16
37
21
24%
49

31% Sale
775 88
91
25
40
5! 33.5 235 245
8,385
8
9
7,570
7,300

Sale
Sale
123
106
120
Sale
35
Sale
100

Lowest.
Sale
33%
77
80
83%
75
134

Ib S XIVK JU

28; a280
121 £4
1 10
1 25
1 78%
1 19
201 90%
1 14%
18 75
5%
2
4 x48%
1 £31
4 92%
1 '27
8 88

Mch. 1 206 "
Alch. 4
5%
Mch. 7
4%
Alch. 4 20
Alch. 8: 76
Alch. 7 12%
Alch. 91 27
Alch. 1 55%
Alch. 4t 101

Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.

"Mch'."25 '3 3 % Feb'.'lQ
Mch. 13 90
Jan. 21
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.
Mch.

25
13
14
25
21
25
25
25
25

247"" ".Tan’ ‘
8 % Jan.
6% Jan.
30% Jan.
88
Jan.
19% Jan.
36
Jan.
75% Feb.
111 K Jan.

"5
11
16
7
2
10
7
15
21

STOCKS-STOCK EXCHANGE RECORD

34

SALES TO A PR . 1.

STOCKS.
N Y STOCK E X C H A N G E

In
March.

•. Shares.
Par.

1

Since
J a n .1 .
Shares.

Bid.

March 1.

Ask Bid.
i 7
37
26”
65

! March 29. J

Ask. Bid.

Ask.

Lowest.
Sale Prices.

l x x x iv

! RANGE SINCE JA N

PRICES IN M AR CH .
Price about
January 2 ,
1907.

[V o l.

.
1.

1

j

Highest.
Sale Prices.

Lowest.
! Sale Prices.

Highest.
Sale Prices.

10
Amer. Malt Corp_____ 100
29% Mch. 27 35
Mch. 12 29% Mch. 27 40
Feb. 21
40
1,053
703
Preferred.................. .....
21
Jan. 8
Feb. 13 28
200 2 l "
Amer Pneum Service__ 50o
o
50
Preferred___________ 50
86
Mch. 25 9034 Mch. 27 86
Mch. 25 93 % Jan. 7
Sale
90
2‘ 380 92
93
Am Smelt Sec pref B ..1000 \ """4 0 6
0|1,130,170
Amelt Smelt & Refin’g.100
1,130,170 1,886,572 149 % Sale 14034 Sale 119% Sale 104% Mch. 25 14034 Mch. 1 :104 34 Mch. 25 £155 Jan. 7
59,489 114
Sale 114% Sale 103% Sale xlOO Mch. 25 11434 Mch. 1 £100 Mch. 25 117% Jan. 7
Preferred__________ 1000 ! 47,240 !
Jan. 18
205
Mch. 1 1197% Jan. 11 205
240
Mch. 1 205
120.5 Sale 200
300 197 34 200
100
American Snuff_______1000
Mch. 12 99
Mch. 12
99
Mch. 12 99
100
Mch. 12 99
103% 90
125 98
100
103% 98
Preferred__________ 1000
8
%
Mch.
16
10%
Jan.
5
7
%
Mch.
26
:
7
%
Mch.
26
8
8
%
9
7%
Oi
4.726.
17.541 10
10 %
Amer Steel Foundries .100'
Mch. 1 i 34
34
Mch. 26 , 42
36
Sale
Mch. 26 47% Jan. 7
42
Sale
22,330 45
46
Preferred...................1000 ; 10,820
13
£l31%
M
ch
1
14
137%
Feb.
114%
Mch.
14
114%
Mch.
123%
Sale
£131
Sale
315,947 133 W Sale
0! 155,070
American Sugar Refin.100!
122
Jan. 2
Mch. 5 131
Mch. 5 2:128% Mch 1 122
125
3.919 l.U
1.360
Sale i£l26%Sale 120
Preferred, new.........10001
75
Mch. 21 80% Mch. 26 75
Feb. 13
Mch. 21 88
83
85
0
400;
581 85
90
Amer Teleg & Cable.. 100
Mch. 28 118% Mch. 25 133
Jan. 4
11834 Mch. 25 119
125
130
0
300
1,701 135
139
Amer Teleph & Teleg. 100
1
5
£
8
6
%
Mch.
25
.
9534
Mch.
£
86
%
Mch.
26
98%
Jan.
90% Sale
95 34 Sale
0
34,0051
51,368 96% Sale
Am Tobac (new) pref.lOOj
24
Mch. 26 13234 Mch. 1 i 24
Mch. 26 36% Jan. 7
28
Sale
32% Sale
0:
33,320.
56,014 32% Sale
American Woolen____ 100|
99%
Mch.
1
1
102%
Jan.
5
95
95
93
96
Mch.
25
Mch.
25
99% Sale
4,0051
11,515 101 J4Sale
Preferred__________ 10001
Anaconda Copper____ 25 5 ! 758.091 2,429,906 290 Sale 293% Sale 862% Sale $53 Mch. 14 29634% Mch. 1 $53 Mch. 14 30 2% % Feb 16
100
106
Mch. 26 a 106 34 Mch 4 100
Mch. 26 al0634 Mch. 4
100
103
106
308 106
208
Assoc Merch’ts 1st pref.1000
Mch. 4 ; 10% Mch. 15 20% Jan. 10
5,910 18% ' l 8 % 17
17% 1 2 % 14% 10% Mch. 15 17
3,850
Bethlehem Steel Corp. 1000
45
49
Mch. 23 51
Mch. 7 45
Mch. 23 65
Jan. 9
51
60
2,005 60
65
1,200
Preferred - ................ 1000
108
Mch. 5 !108
Mch. 19 121% Feb. 14
106” 115
Mch. 19 116
115
1.254 1 1 0
125
400
120
Brooklyn Union G as..100n
11
!
11
13%
Mch.
12
14
Mch. 15
5
Mch. 15
10 %
Jan. 31
13% 15
2.425
3.125 i 13% 16
Brunswick Dock & C 1.1000
41
42% 49
Mch. 8 4234 Mch. 15 ! 4)
Mch. 8 49 % Jan. 3
50
375
575 49
5234 44
Butterick____________ 100f)
25
Mch. 26 3734 Mch. 1 1 25
Mch. 26 40
Feb. 15
29% Sale
37% Sale
68.765!
129.095 35 V Sale
Central Leather...........1000
92
Mch. 26 100% Mch. 1 [£89
Mch. 26 102
Sale x89
Feb. 13
100% Sale
20.948 98 ^ 100
Preferred__________ 100V 10.877
29
Mch. 25 44% Mch. 1 29
34% Sale
Mch. 25 57% Jan. 8
44% Sale
0^ 231,450
611,490 53% Sale
Colorado Fuel & Iron .. 100
______ 80
65
Mch. 20 65
Mch. 22 75
Mch. 22 85% Jan. 19.
81
95
300 !
500 i 81
100
Preferred__ _______ 1000
20
Mch. 5 25% Mch. 27 20
Mch. 5 28
2 2 % Sale
25 34 Sale
Jan. 7
42,927 27
Sale
Col & Hock Coal & Ir.100oi 23,462
______ 23c. Mch. 5 34c. Mch. 1 23c. Mch. 5 50c. Jan. 29
30c. Sale
186.466 30c
35c
Comstock Tunnel______ 22 ! 41.950
18c.
1834c.Mch.
12
18c.
11
Mch. 11
23c. Feb. 7
Mch.
522,100
1st income 4 s _________ j $4,000j
Mch. 15 140% Mch. 1 110
Mch. 15 140% Mch. 1
44.152
65,836 137 M Sale 137% Sale 122 % Sale 110
Consolidated Gas N Y.1006
9334 Feb. 19 99!4 Jan. 14
500
9734
Consolidation Coal___ 1001
Oi
inn
15
Feb.
Feb. 18
18 15
Corn Products Co____ 100;rv
17% Mch. 26 22
Mch. 7 17% Mch. 26 24% Jan. 22
19% Sale
21% Sale
0
44,580
191,025 22)4 Sale
Corn Products Refg ..100;
4
78
78
14
a79
Sale
Mch.
14
Mch.
88
Jan. 28
8734
Mch.
a86%
Sale
0
23,767!
54,793
82%
Sale
Preferred__________ 100
62
Mch. 26 7634 Mch. 12 62
69% Sale
Mch. 26 78
Feb. 13
75 % Sale
272,535 72V Sale
Distillers Sec’ties Corp .1000 117,658
72
72
73
Mch.
24
Mch.
23
6
Mch.
23
75
Jan.
q
!
200
400
Distill, of Amer.. pref. 100
144
Mch. 22 149
Mch. 16 144
Mch. 22 163
Jan. 16
135
160
145
170
174
800!
1,125 160
Federal Mining & SmeltlOOO:
80
£90%
Mch.
1
80
8
6
%
Sale
Mch.
25
Mch.
25
97
Jan.
14
£90%
Sale
fi:
7.075!
17.550
;
95
Sale
Preferred__________100
42
Feb. 5 60
Feb. 13
1,200
01
Federal Sugar Refining. 100:
80
83
2
Mch.
76
ni
aon
2.34n
Mch.
23
Feb.
5
85%
Feb.
16
Preferred--------------- 100
70
Mch. 19 70
Mch. 19 70
Mch. 19 75% Jan. 14
70
75
70
75
100
300 70
80
General Chemical____ 1000
102
Mch.
21
100
97%
Mch.
25
9734
Mch.
25
102
%
Feb.
(102
98
8
103%
a
1.210'
2.590
101%
103%
Preferred__________ 100
Sale £l36% M ch. 14 158% Mch. 1 £l3634Mch. 14 163
Jan. 22
109,644 160 % Sale 15854: Sale 145
General Electric_____ 100D 46,807
145
£120
Mch.
28
Mch.
152
130
Sale
£120
Mch.
142
7
28
149
Feb.
13
16,927
3
5,470
128
132
Granby Cons M S & P. 100
in 2 % 1 in
102
Mch. 20, 102
Mch. 20 102
Mch. 20 103
Jan 18
200 106
118
100
H B Claflin Co ............ 1003
Oft j 84
_____
Feh 25
85
Feb. 25 85
88
100 7 «
Homestake Mining. .1003
7 S Sal A
S IV Jan. 2 X IV Jan. 2
100
Horn Silver M ining... 255
52
Mch.
49
4934
Mch.
23
20
49
3i
Mch.
60
Jan.
52
23
24
700 58%
500
Ingersoll-Rand _____ 1003
92
Mch. 21 92
Mch. 21 92
Mch. 21 94% Jan. 4
I 92
400
93% 90
100
Preferred _________ 1003
13
lj
14
Mch.
26
16%
Mch.
13
Mch.
13
26
18%
Jan.
17
16% Sale
62,920 '1 7 34 ~18”
31,985
International Paper__ 1003
£74% Mch. 27 79% Mch. 5 *74% Mch. 27 81
75
79% 80% 74
Jan. 11
14,363 80 V Sale
5,630
Preferred.................. 1003
47
40
Mch.
6
Mch.
14
40
44
%
Sale
Mch.
14
50%
Jan.
15
5,650 50 % 59
3,100
International Power.. 1003
25
Mch. 25 41
Mch. 25 3334 Mch. 5 25
Sale
Jan. 7
"34”
35% 27
23,205 37
40
8,950
Internat’l Steam Pump 1003
74%
Mch.
26
74%
Mch.
26
8]
81
14
75%
Sale
7934
Mch.
Jan.
j 77
80
5,084 80
3,149
81
Preferred__________ 1003
______
8434 Feb. 4 $4% Jan. 4
500
Iron Silver______________
23
40
•Tan.
________________
i
6934
Jan.
4
2,900 65
73
Knlckerb Ice (Chic)__ 100
75
Mch. 12 65% Jan- 10 75
Mch. 12 75
70
Mch. 12
75
600 68
75
100
Preferred................. 100
105
105
105
Laclede Gas St Louis.. 100
~9n"~ 1 in
90” 110
95
110
Preferred__________100
67
Sale £62% Mch. 15 72% Mch. 2 £62% Mch. 15 75% Jan. 24
72% Sale
27~,796
14’ 700
Mackay Companies__ 100
30,498
III” 70 Sale 67 Sale *63 Mch. 15 70 Mch. 1 £63 Mch. 15 71 Jan. 24
12,325
Preferred__ _______ 100
4
4
4 % Mch. 19
6
Mch. 28
Mch. 28
5
4
Jan. 9
5
6
800
400
7
Ma.nhattan Beach Co .100
/ 4
Mich St Telep vot tr ctfs 100
Preferred stock____ 100
7534 Mch. 25 82 % Mch. 1 7534 Mch. 25 86% Jan. 15
110,815 77
78% 82% Sale £77 34 Sale
29,180
National Biscuit_____ 100)
111
Mch. 26 117 ?4 Mch. 5 I l l
113
Mch. 26 117% Mch. 5
2,630 11634 Sale
1,500
11734 110
Preferred................. 100)
10% Mch. 26 14
Mch. 4, 10% Mch. 26 15 % Jan. 5
11%
Sale
14
14%
13,720
14%
Sale
)
6,420
Nat Enamel <fc Stamp .100
79
Mch. 4 79
Mch. 28 86
Feb. 15
85
Mch. 28 87
85% 87% 78
1,515 81
86
915
Preferred,.................100
Mch. 25 69
Mch. 1: £49
Mch. 25 76% Jan. 7
58% Sale £49
69
Sale
136,535 7334 Sale
71,465
National Lead________100
98
Mch. 26 100
Mch. 1 98
Jan. 5
98% Sale
Mch. 26 103
Sale
13,428, 102% 103% 100
4,642
Preferred _________ 100\
Sale 100
Mch. 25 135 % Mch. 1 100
Mch. 25 141% Jan. 7
50,640 137 H Sale 1135% Sale 111
27,180
New York Air Brake..100
32
Mch. 16 32
39
Mch. 16 32
30
Mch. 16 42
Jan. 3
38
45
313 42
45
213
New York Dock______100
1
7K
sn
70
80
75
83
Preferred.......... ....... 100
Mch. 12 108 Mch. 26 <7115 Jan. 5
Mch. 26 113
"4~442: 120
all4 % S a le a ll2 Sale 108
125
N Y & N J Telephone.. 1001 " 2~6l7
69% Mch. 14 80% Mch. 2 69 34 Mch. 14 89% Jan. 4
72% Sale
80
Sale
61,698 87% Sale
36,845
No A mer Co new stock. 100
4% Jan. 3 8% Feb. 18
0
7 % Mch. 1
Mch. 23
7 % Sale ______ ______
85,540
5
Sale
3,465
Ontario Silver Mining. 100
Mch. 2 21% Mch. 25 41% Jan. 5
24%
Sale
2134
Mch. 25 35
40
33
%
Sale
52,160
38
20,170
Pacific Mail SS_______100
85
Mch. 25 98% Jan. 4
Mch. 25 9334 Mch. 1 85
89
Sale
93 H Sale
130,718 98
Sale
52,847
People’s Gas L & Coke. 100
12
Mch. 26 1534 Mch. 6 12
Mch. 26 16% Jan. 15
12
14
14% Sale
7,450 16% Sale
1,900
Pittsburgh Coal of N J.100)
49
Mch. 28 60% Jan. 4
Mch. 1; 49
Mch. 28 57
Sale
51
57
Sale
Sale
9,966 60
4,760
Preferred.................. 100);
Mch. 26 57
30
Mch. 26 49% Mch. 1 30
34% Sale
49% Sale
Jan. 10
113,160 53% Sa’le
74,165
Pressed Steel Car____ 100)
Mch. 26 99% Jan. 24
86
91
Mch. 26 97
Mch. 1 86
Sale
97
Sale
90
13,051 98
8,420
Preferred__________100)
2
Mch.
14
Mch.
14
150
168
Mch.
150
al69
Sale
160
181
%
Jan. 8
Sale
21,337i 180% Sale
10,479
Pullman Company___ 100)
% Mch. 11
% Mch. 11
% Mch. 11
1 Jan. 10
1
%
1%
1,200
%
1%
600
Quicksilver Mining.. .100)
2
1
3
2
V
4
IK
4
4
Preferred.................. 100
Mch. 26 57% Jan. 10
44 % Sale £39 ~~ Mch." 26 52 % Mch. 1 £39
54 ! 52% Sale
63^410 52
Rail wav Steel-Spring.. 1001! 31,200
xQO Mch. 23 9834 Mch. 5 £90
Mch. 23 99% Feb. 15
92
99
90
100
101
5,221 98
2,010
Preferred__________ 100)!
Sale
2234 Mch. 26 33% Mch. 1 22% Mch. 26 41
25
33% Sale
Jan. 7
184,755, 38 % Sale
83,975
Republic Iron & Steel. 100)
1
178
Mch.
£78
98
Mch.
Mch.
25
25 100
80% Sale
98
Sale
Sale
Jan. 7
73,863 97
Preferred.................. 100)! 46,256
100
Feb. 11 inn
Fph 11
186
Rubber Goods Mfg pf.100)
92
Mch. 19 94 34 Mch. 4 92
Mch. 19 94% Feb. 14
2,590 '9 2 % 93 %
300
Sears-Roebnck &Co.pf.l 00)|
42
Mch. 14 67% Mch. 1 42
Mch. 14 77% Jan. 7
67% Sale'' 5334 Sale
Sale
80,557 75
46,847
01os8-Sheffield Steel & 1.100)
100
Mch. 27 100% Mch. 5 100
Mch. 27 al07 Jan. 11
106
107
101
503 102
300
Preferred............ ..... 100)|
$2 40 Mch. 26 $3
Mch. 5, $2.40 Mch. 26 $3.70 Jan. 11
7,000 $2.90 Sale
1,000
Standard M ining.............. j
130
Mch. 2 130
M
c h .26 147
Mch. 26 162
Jan. 4
147” 149” 139% Sale
13,383 158
163
9,900
Tennessee Coal,I & RR.100)!
Sale $34% Mch. 26 $5334 M ch . 1 $34% Mch. 26 $53 U Mch. 1
$52
Sale *40
57,385j
Tennessee Copper Co. . 25 ! 47,855
29
Mch.
68
Mch. 26 81
68
Jan. 17
Mch. 26 85
Sale
81
78% Sale
4,600 83” "88”
2,800
Texas Pac Land Trust. 100)
6% Mch. 6
5 % Mch. 29
5% Mch. 291 8 % Jan. 15
5% Sale
6%
7
6%
4,690
7%
1,820
Union Bag <fc Paper__ 100)
£50% Mch. 25 5 5 H Mch. 14 £50% Mch. 25 61
Jan. 7
50
60
3,675 57% 62
1,520
Preferred*._______ 100)
Mch. 2 87
87
Mch. 23 92
92
88
Mch. 23 94% Jan. 5
90
92
Sale
1,810 94
430
United Cigar Mfrs., pf.100)
4
3034 Mch. 25 4434 Mch.
Sale
30% Mch. 25 49% Jan. 5
35
44
45
60,363 45 % Sale
34,660
U 8 Cast Iron Plpe&F.lOO)
74
Mch. 26 85
Mch. 8 74
Jan. 15
78
74
Mch. 26 89
85
87
8,200 84 Yg Sale
3,655
Preferred.................. 100)|
Mch. 23 al05 Mch. 25 100
100
Mch. 23 a ll7 Jan. 9
100
100
115
110
120
1,399 112
749
U 8 Express_________100;>
fi
12
12
Jan.
12
Jan.
J
9
16
16
9
12
12
j
U S Leather_________ 100
10134 Mch. 26 101 % Mch. 26 101% Mch. 26 112
Jan. 10
115% 100% 112
108 ! 100
100 103
100
Preferred__________ 100):
72
Mch.
25
86%
Mch.
1
90%
Jan.
Sale
Mch.
25
72
4
77
86
Sale
87
i
81
45,600
27,900
U S Realty A Imp’t __ 100)
1334 Mch. 25 25
Mch. 18 13% Mch. 25 30% Jan. 28
18% Sale
30 ! 21% Sale
8,450 25
5,050
U 8 Reduc A Ref........ 100)i
68
68
43%
Mch.
15
4
15
Mch.
Jan.
Sale
43%
Mch.
64
45
7
Sale
70
8,200 61
6,300
Preferred__________ 100)
36% Mch. 26 50 ’ 4 Mch. 2. 36% Mch. 26 52% Feb. 16
50% 42% Sale
50
Sale
91,675 51
U 8 Rubber ..............100)! 44,421
109%
99%
Mch.
25
106%
Mch.
Mch.
25
Jan.
2
1
Sale
10134
Sale
99%
7
107%
30,253 105 %
i
16,454
10634
1 st preferred_______100<H
Mch. 25 76
Mch. 25 78 % Jan. 7
68
Mch. 18 68
7 1 % Sale
75% Sale
11,861 75% 78
6,751
2 d preferred________100)
£31
%
Mch.
25
Mch.
25
44%
Mch.
l!
£31%
50%
Jan.
35%
Sale
44%
Sale
Sale
7
3,564,805 6,993,218 48 Vs
United State* Steel...100 !3,5
91% Mch. 25 103% Mch. 1 9134 Mch. 25 107% Jan. 7
97% Sale
670,956 1,004,808 104 % Sale 103% Sale
Preferred_______...1 0 0
Mch. 25 $39% Mch. 4 $21
Mch. 25 $39% Mch. 4
$30% Sale $24
37,682
37,682
Utah Copper................10
25% Mch. 25 33% Mch. 1 25% Mch. 25 39% Jan. 7
29
Sale
49,235 36% Safe '3 2 % Safe”
Va .-Carolina Chemical. 1001 27,560
Mch. 25 108
Mch. 25 106
£102 Sale 101
Mch. 12 101
106
107
Jan. 9
7,052 105 34 108
5,040
Preferred__________ 1001
Mch. 25 97
Mch. 25 73% Mch. lj 55
55
73% Sale
65% Sale
Sale
Jan. 22
44,415 77
8,690
Va. Iron Coal & C o k e..100
Jan. 2 QV .Tan 14
8
1
I
g
8
3%
Sale
8%
500
Vulcan Detinnlng.........100
i 50
Feb. 25 57
57
46
57
600| 55
65
Feb. 9
Preferred...... ........... 100) ....... J
Mch. o a 290 Jan. 26
270” Mch. 5 270 ” MchV 5 270
230 " 300
300
305 1 270
3301 285
110
Wells, Fargo Express. .100 '
1
79%
Mch.
7934
Mch.
6
82
6
81
M
c
h
.
80%
Sale
85
I
85
16,352:
Sale
83
Jan.
10
6,338
Western Union Teleg. .100
Mch. 26 15034 Mch. 4 146
Mch. 26 154
152 X147 Sale 146
19,984 1154
Sale 150
Jan. 2
12,334
West’gh E & Mfg.assort 50
1 an
1
A*
1
an
1
>
-,0
is^
1
1R7
>
1
1st preferred
50
a Less than 100 shares, x Ex div. 6 Ex rights, e Ex div. A rights, d Ex ctfs. benef. in ore properties, h Ex stock div. * Stamped extended.




35

G

e

n

e

r

a

Q

l

u

o

t

a

t

i o

n

s

OF

BONDS

AND

STOCKS.

1. In the following thirty pages of tables, quotations are given for all the more im portant securities listed on any
Stock Exchange in the United States; also for leading unlisted and inactive securities.
2. Quotations from all Stock Exchanges are as near as possible for the closing day of the month 'preceding the date of issue
Of course the coupon, if there be one, m aturing betw een the date of quotation and the date of this publication, is n ot d e ­
ducted from the price.
3. Bond prices marked (a) indicate that the purchaser must pay accrued interest in addition to the price given. The
method of quoting on the New Y ork Stock Exchange is to quote the price flat (that is, to include the accrued interest in
the price), and hence in the tables below no mark is now affixed where this m ethod of quoting is follow ed.
4 . Stock prices marked thus (d) are per share. All others are per cent except bank stock prices, which are quoted
per share unless otherwise stated.
6 . It should be borne in mind in the use of these tables that the quotations for m any inactive and unlisted securities are
merely nom inal, but in all cases the figures are obtained from sources which are considered reliable.
6 . The following abbreviations are often used, viz.: “ M” for m ortgage, “ g ” for g old, “ g ’d ” for guaranteed, “ end” for
•ndorsed, “ cons” for consolidated, “ co n v ” for convertible, “ s f ” for sinking fund, “ 1 g ” for land grant, “ o p ” for optional.
7. The black-faced type in the letters showing the interest period indicates the month when the bonds mature.
Bid

Bonds
RAILROAD BONDS
Bonds of companies consol’d are
often under the consolidated name.
Akron & Barberton Belt—
1st g 4s June 1 1942------J&D a
Alabama Cent— See South’ n Ry.
Ala Gt South 1st 6 s 1908..J& I
Gen M 5s Dec 1 1927 £ ..J & D a
Belt Ry of Chattanooga—
1st M 5s July 1 ’45op’03.J&J
Eq 431sg May07 May’ 1G.M&N b
Alabama N Orl T & P June—
" A ” deb 5s g 1910-1940.M&N I
“ B ” deb g 5s 1910-1940.M&N I
“ C” deb g 5s Nov 1 1940 A&O I
Ala. Tenn.& Nor 5s,1956.A & 0
Ala & Vick— Cong 5s 1921. A&O
2d consol g 5s 1921......... A&O
Vicks & Mer 1st g 6 s '21. A&O
Albany & North 1st 5s 1946.J&J
Albany & Susq— See Del & Hud
Allegheny Valley— See Penn R R
Alleg & West— See Buff R & P
Allentown Term 4s g 1919 _ _J&J j
Alton Bridge— See St C M & StL
Ann Arbor 1st g 4s 1995..Q -Jj
Asheville & Spartanburg— S U&i
Col 1st in g gu 4s 1995..J&Jj
Atch & East’ ll Br— 4s 1928.J& J1
Atch & Nebraska— See C B & Q
Atchison Topeka & Santa Fe—
Gen mort gold 4s 1995.-A&O
Adjustment 4s July 1 ’95.N ov
S ta m p e d .....................M&N
Deb 4s Ser.E toH ’0S-10.F&A
Ser. I to L ’ 11 to ’ 14.F&A
Conv g 4s 1955 o p t .........J&D
Chic & St L 1st 6 s 1915.M&S
E Okla Div 1st g 4s ’ 28 M&S
Hutch & So 1st g 5s 1928.J&J
San Fr & San Joaquin Vail—
1st g 5s Oct 1 1940___ A&O
Atl & Char— See Southern Ry
Atl K & Nor 1st g 5 s ’46-J&D
Atlan & W Pt— Deb 6 s opt.J& J
Atlanta Birm & Atlantic—
1st m g 5s Jan 1 1936 op .J&J
Atl& Birm— 1st g5s 1934.J&J a
Atlantic & Dan— See South R R
Atlantic City— 5s 1919— M&N
1st consol g gu 4s 1951 — J&J
Atlantic Coast Co of Conn—
Certs Indebt 5s irredeem.J&D
Certs Indebt 4s opt 1920.J&J
4s 1925 opt 1910..........J&J
Atlantic Coast Line R R —
1st cons 4s July 1 1952M&S
Col tr g 4s Oct 1 ’52 opM&N
Certs of Tndebt 4s,irred.J&J
5 % notes 1910----------- M&S
AlaMid— 1st gu g 5s’28M & N
Atlantic Coast Line of SC—
Northeast of S C consol
gold 6 s 1933..........J&J
WilCol&Aug 6 s 1910J&D
Gen 1st g 4s July ’ 4 8 .J&J
Brun & West 1st 4s ’38.J&J
Cent of So Car 6 s ’21 ..J& J
Char & SavGen 7s g 36.J&J
Fla So 1st g gu 4s ’45. .J&J
Nor & Car 5s 19 39..A & O
Pet’b ’g —ClassA5s g’ 26.J&J
Class B 6 s g 1 9 2 6 ..A&O
Rich & Peters 6 s 1915.M&N
Consol 7s 1915___ M&N
Consol 4M>s g 1940. A&O
Savannah Florida & West.
1st M g 6 s 1934____A&O
1st M g 5s 1934____A&O
Silver Spgs Ocala & Gulf—
4s g 1918................... J&J
Wil & Wei gen g 5s ’ 3 5 .J&J
Gen mort g 4s 1935 J&J
Atlantic Tenn & O— See So Ry
Aug Term— See Chari & W Car
Austin & Northw’n— See So Pac
Balt Ches & Atlan— See Pa RR
Balt & Cumberland Valley—
R R 1st M 6 s July 19 29..-J& J
Ex 1st M 6 s July 1931___ J&J
Balt & Harrlsb— See West Md
Baltimore & Ohio—
Conv deb g 4s 1911____M&S
Prior lien 3V$s g 19 25.. .J&J
a

95

Ask

100
102*

1 0 6"'

108

102
6%

5H %

111

105
96
98
110

95

115
107
98
101

106
105
117
97

95^
8 7J *

85
80
99^

90

5$
97
108

loo’

90 h
91
5% %
*97
91 VS
118
115H

107
98
105

110
96 Vi
100
106 J1

95
106
80
87

S3
96
110

110
’ S8”

93
87
85
96K

111 .

115
103
*93 ‘
107
140
90
U 0H

114
120
108
114
102

127
U iH
110

03

112
112

98
112

Ask
100
88 X
93

89

89>4

100 M

102

108
108
100
98
95
103

92
107
106
a
a
a
a

112

115

115
90

‘ 94'

110

108 H
115
114

a 107M

100

102

110
98
98

103 H
92
92

a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a

98
9731
9731
97 31
97 H
98H
94
108
98
9S
98
9331
933^
79
98
106Hi

100
102

102

a 98 I
a 103^|
a 115

'

117

114
98

09

110
1 2 0 »4

122

93
93

95
95

111
100

100 34

I

lo o m
100

101

Bonds.

b

Basis.

I

Bid.

Canadian Northern— (Con.)
Imperial Roll Stk 43ls series L
Basis
June 1, 1908-1916___ J&D
Canadian Pacific—
106
1st M deb £ g 5s 1 9 1 5 ...J&J
10931
Cons deben 4s perpetual..J& J
117
New Brunsw 1st g 5s ’ 34.F&A
104
Cons deb 4s perpetual..J& J
132
Ont&Que deb gu 5s perp.J&D
Carb & Shaw— See 111 Central.
Carthage & Adiron.— SeeNYC.
Carolina Cent— See Seab Air L.
Catawissa Cons g 4s 1948- - A&O 103
C R la F & N— See B C R & N.
C R & Mo R iv— See Chic & N W
Cent Branch R y — See Mo Pac.
Cent BrUPac— 1st g 4s ’ 4 8 .J&D
Central of Georgia—
1st M g 5s Nov 1 1 9 4 5 ...F & A
116
Cons g 5s 1945________ M&N
Equip 431s May 1 1910.M&N
Equip 4Jls Nov 1 19 10.M&N
1st in (up to 5) Nov 1945.Oct 1 ' !
"66”
2d in (up to 5) Nov 1945.0ct
3d in (up to 5) Nov 1945.Oct
' 96”
Chat Div g 4s 1951......... J&D
Macon & Nor g 5s 1 9 4 6 ..J&J 107
Mid Ga & Atl 1st 5s 1947.J&J 106
107
Mobile Div g 5s 1946____J&J
Oconee Div 1st g 5s 1945.J&D 105
Cent R R & Bkg Co of Ga—
105M
Coll tr g 5s 1937 op t..M & N
Chattahoochee & Gulf R R —
1st g 5s July 1 1 9 3 0 ..J&J 100
Chat R & South g 5s '4 7 . J&J 106
104
Eatonton Br 5s g 1026-.J& D
Ocean SS Co g gtd 5s '2 0 . J&J a 105
Cent N Eng 1st g 5s 1919. F&A
100
Gen inc g 5s Feb 1 ' 4 9 . . Oct 1
Dutchess Co 1st g guar 431s
1940......... ...................... J&D a 100
Central of New Jersey—
Gen M (now 1st) g 5s '8 7 . J&J
Serial equip 4s Apr '07 to '1 3 . b " 5 %
Am D&Im p Co gtd 5s’ 21_ J&J
Leh & W mort 5s 1012.M&N ’lOO *"
Ext 4H s June 1 1 0 1 0 ..Q-M
N Y & L B r G«n g 4s '41 .M&S a 166 ”
Gen g 5s 1941________ M&S a 110
Central Pacific— See So Pacific.
Cent Vermont 1st g 4s '2 0 . -Q -F
Charleston & Western Carol—
1st g 5s Oct 1 1946____A&O
107
Aug Term 1st gu g 6 s '47. A&O 123
Charlotte Col & Aug— See So’ n.
Chateaugay R y — See Del & H.
Chesapeake & Ohio—
Series A g 6 s July 1 1908.A&O
l 6t Mort g 6 s Jan 1 1911.A&O
Term l 6t g 6 s 1922_____ J&D
1st con g 5 « 1039........... .M &N
General 4 ^ s gold 1992.M&S
C a r tr g 4 sS e r B ’ 07-'12 .F & A
Car tr g 4s KerC ’ 07-’ 12. M&S
Car trg4sSerKApril’07-16A&0
Craig Valley 1st 5s g '4 0 .J&J
R & A Div 1st con g 4s ’ 89J &J
2d con g 4s 1989______ J&J
W armSpval 1st 5e g '4 1 .M&S 100
Coal River R y —
1st g 4s guar 1945____J&D 0 ___
Elevator Co g 4s guar '38A&O a 85
Gr'nb’ rRy 1st g gd 4 s ’ 40M&N
.........
Chesterfield & Lancaster—
1st m g 5 s Aug 1 1955____F&A a 98
Chicago & Alton R y —
67
1st lien g 331s 1950____J&J
R R refund g 3s 1 9 4 9 ..A&O
76
roll not«fi 4s 1907 op ’ 04 J&J a 99
Coll notes g 5s 1912 op ’04 J&J a 98
Eq Assce 4s Nov ’07-15.M&N b
6%
Miss R B<h?e 6 s g 1912..A&O
98
Chicago Burlington & Quincy—
5s debenture 1013_____M&N
103
Denv Ext col tr 4s 1922 F&A
98
UlinoisDiv331s '49 op '2 9 .J&J
4s July 1 1949............... J&J
99 H
Iowa Div s f 5s 1919__ A&O
105
s f 4s 1919....................A&O
99
Nebraska Ext 4s 1 9 2 7 ..M&N 100
8 W Div s f 4s 1921____M&S
100
Atch & Neb 1st 7s 1908.M&S a 100

91H

Purchaser alao pay* accrued interest.




Bid

Bonds
Balt. & Ohio— (Con.)
1st M 4s g July 1 19 48.-A&O
Pitt Jc&M div 331s g’ 25.M&N
Pittsb Lake Erie & W Va—
Refund gold 4s 1941 .M&N
S W div 1st g 3Ms 1925.J&J
Central Ohio—
Reor 1st con g 4Jls’30M&S
Monon Riv 1st g 5s 1919.F&A
Pitts Cl & Tol 1st 6 s ’2 2 .A&O
Pitts June— 1st g 6 s ’ 22..J & J
2d g 5s July 1 1922__ J&J
Pitts Jet Term— 5s 1907.A&O
Pitts & West— 1st 4s ’ 17 .J&J
Schuylkill Riv East Side RR
1st gu g 4s June 1 ’2 5 .J&D
W Va & Pitts 1st 4s g ’90A& 0
Baltimore & Potomac—
1st 6 s g gu 1911________ A&O
1st tunnel 6 s g gu 1911-.J&J
Bangor & Aroostook—
1st mort 5s g Jan 1 ’ 43--J& J
2d 5s g July 1 1945______ J&J
Cons refund g 4s 1951___ J &J
Aroostook Nor— 5s g ’47.A&O
Northern Maine Seaport R R
1st g 5s 1935 g u ......... A&O
Piseat Div g 5s Jan ’4 3 .-A&O
Van Bur Ex 5s g Jan ’43.A&O
Battle Creek & Stur— See MichC
Bellingham Bay & British Col—
1st g 5s Dec 1 1932.........J&D
Bell & Caron. See Illinois Cent
Bell’ s Gap. See Pa & Northw’n
Belt Ry of Chat. See Ala Gr So
Belvidere Del— Gu 4s 1927.F&A
1st g gu 331s 1943............ J&J
Bennington & Rutl’d. See Rut
Birm Belt. See St L & San Fr
Boca & Loyalton R R —
1st g 6 s April 1 ’23 o p t..A & O
Boonville St Louis & South—
1st M g 6 s 1911...............F&A
Boston & Albany— 4s 1913.A&0
334s Jan 1 1951_________ J&J
Ref 331s gu NYC ’5 2 . . . A&O
Bos Clin F & N B. See Old Col
Bos Cone & M. See Con & Mon
Bos & Lowell— 4s June ’07.J& D
4s Feb 1 1913................... F&A
4s March 1915............... .M&S
4s Julv 1 1916................. .J&J
4s Oct 1 1918__________ A&O
4s April 1932................. .A&O
3H s July 1 1 9 1 9 ________ J&J
Boston & Maine— 431s g ’ 44.J&J
4s Sept 1 1926............... .M&S
4s Feb 1 1 9 37.................. F&A
4s Aug 1 1942.......... ...F & A
331 s Nov 1 1921......... ..M & N
331s Jan 1923................... J&J
3s July 1 1950................J & J
Port & Roch 4s Oct 1907 A&O
PortsGtF & Con 4 ! l s ’37.J&D
B o s& N Y A L . See N YNH & H
Boston & Prov— 4s 1918 ..J & J
Boston Rev B & L 4Jls ’27-J&J
Bruns & W . See At Coast Line
Buffalo Creek con g 5s ’45 .J&J
Buff & Erie. See L Sh & M So
Buff N Y & Erie. See Erie.
Buffalo Rochester & Pittsburg—
General 5s g 1937 _____M&S
4 31% g notes 1909_____F&A
A1 & West 4s g guar 1998 .A &O
Clear & M 1st 5s g gu’43 ..J& J
Roch & P 1st g 6 s 1921 ..F & A
Consol 1st g 6 s 1 9 22..J&D
Buffalo & Southwest. See Erie
Buffalo * Susquehanna—
1st g 4 ^ 8 April 1 1953..M&N
Refund 4s April 1 1951__ J&J
Burl C-ed Rap & No. See CRI&P
Burl & Mo (N eb.) See C B & Q
California Northwestern—
IstM s f g 5s 1928 g u .-.A & O
California Pacific. See So Pac
Cam & Clear— 1st 5sg 1941 .J&J
Canada Southern 1st 5s '0 8 .J&J
2d mort 5s Mar 1 19 13..M&S
Can No— Land gr 4s ’2 9 .-F&A
1st con deb 4s 1930 gu J&D 30

In London. » Nominal. * Sale price.

Ask.
5%
108

110H
119
107
134

105

95
105

11

85
75
66

92
108
109
109
109

102H
72

123H
il2 ‘ *
‘ 99%

85
125"

104
114
100 ^

%
97
93 H
.........
95
_
100
101
68

__

99^
98 %
5%

' 96"
100

106
100

__

36

GENERAL QUOTATIONS.
Bonds.

Bid.

Chicago Bur & Quincy— Con
Burl & Mo (Net>;lst 6s'18J&J a 104%
Consol 6s non-ex 1918. J&J a 102
4s sinking fund 1910..J& J a 98%
Han & St Jos 1st 6s 1911 M&S 106
Lincoln & N W 7s 1910..J& J a 102
Repub Val 1st 6s 1919— J&J a 103
G B & Q joint 4s— See Gt North.
Chic Cincinnati & Louisville—
Gen ref g 4% s 1953_____J&J
Equip g 5 s ’07 t o ’ 13------J&D b 6%
Cincin & Indiana West R R —
1st g 5s June 1’52 op’ 12J&D
Cincin Rich & Muncie—
1st g 5s 1950, op 1910.A & 0
Chicago & Cincinnati R R —
1st g 5s 1952 op ’ 12.F&A
Chicago & Eastern Illinois—
Ref& Im p M 4s g ’55 op.J& J
1st 6s 1907 s f ________ J&D
101*6
1st consol 6s gold 1934.A&O 131%
Gen consol 1st 5s 1937.M&N 112
Eq 5s Ser B ’07 Sept’10. -Q-M b
6%
Eq 4% s July’07 to Jan’ 15.J&J b ___
Equip 4 Ms Ser E Aug’07 to
Aug 1915____________ F&A b
6%
Sh & I C R y— 1st 5s 1936.J&J 110
Danv&G C’k 1st M 6s’20 M&N 105
E vT H & Chic inc 6s ’20.A1&N 105
Chicago Great Western—
5% gold notes 1909____F&A a 95
Chicago Hammond & West—
1st g 6s Jan 1 1927______ J&J 115
Chic & I C R y — See Chic & E 111.
Chicago Indiana & Eastern R y.
1st g 5s May 1 1942____M&N
Chicago Ind & Louisville—
Refund m tg g 6s 1947...J & J
Refund mtg g 5s 1947___J&J
C & I Div g 6s 1911____F& A 101
L N A & C 1st 6s 1 9 1 0 ...J&J 102%
Chl&StLShL— See CCC&StL
Chicago Milwaukee & St Paul—
Gen g 4s A May 1 19 89.-J&J
_
Gen g 3% s B May 1 1989. J&J
104
Term 5s g 1914---------------J&J
Chic & L Sup Div g 5s ’21 .J&J
Ch & Mo R iv 1st 5s 1926.J&J I I 6 '~
Ohic & Pac Div 6s 1910--J&J 103
West Div gold 5s 1921.J&J __
Dak&GtSo 1st g 5s 1916-J&J 105
Dubuque Div 1st 6s 1920.J&J 120
Fargo & So g 6s ass’d ’24.J&J _______
H & Dak Ext 1st 7s ’ 1 0 .-J&J 107
1st M 5s 1910........... ..J & J
100
Iowa&Dak ext 1st 7s ’08.J&J
La & D Div 1st 5s 1919.J&J 109%
__
Milw & No 1st 6s 19 10..J& D
1st consol 6s 1913____J&D
110
_______
Mineral Pt Div 5s 1910. .J& J
10b
So Minn 1st 6s 1910____J&J
Southw Div 1st 6s 1909. .J&J
100
Wis & Minn Div g 5s ’21. J&J 109
Wisconsin Valley Div—
115
1st 6s 1920____________J&J
1st 7s 1909....... .......... ..J & J
103
Oh & No M— See Pere Marquette
Chicago & North Western—
Con s f 7s Feb 1 1915____Q-F
General 3% s g 1987____M&N
"97%
Sink fd deben 5s 1933.-M&N 108
109
Sinking fund 6s 1929____A&O
5s 1929______ _____ ..A & O
106%
25-year deb 5s 1909____M&N
101
30-year deb 5s 19 21..A & O 15 105%
Exten bonds 4s 1926.F& A 15 100
Cedar R & M 1st 7sl916M & N ja 118
1st mtge 7s 1909_____ J&D a 102
Boyer Val 1st g 334s ’ 23. J&D 'a 91
Dak Cent 1st c 6s 1907.M&S a 99
Frem Elk & Mo V 6s ’33 .A & 0[a 13034
Unstamped_______________ a 130^j
Madison ext 1st g 7s ’ 11. A&O a 105
Marshflext 1st M 5 s'2 2 ,.A & O a 108 •
Menom ext 1st g 7s ’ 1 1 .J&D a 106 ■
Milwaukee Lake Sh & W ’n.
Con 1st 6s gold 1921.M&N 120
Mich Div 1st g 6 s ’24. .J& J 122
Ashland Div 1st g6 s’25M&S 124
Ex & im s f g 5s 1929.F&A 114
Incomes 6s 1911____M&N 100
St P E GrTr 1st 6s g'13.J&J a 110
Minn & Iow alst g334s’24J&D a 91
N W Un 7s g June 1 ’ 17.M&S 12434
North 111 1st 5s 1910...M & S
100
Ott C F & St P 5s 1909.M&S _____
Peoria & Norw 334s ’26.M &S a 91%
Prin & Norw 334s 1926--J&J a 9134
SiouxCity & Pac 3 % s’36.F&A a 90
W ino & St P 2d 7s 1907 M&N 102
1st exten 7s gold 1916. J&D a 119
Chicago Peoria & St Louis—
Prior lien g 4% s 1930--M &S
95
Cons m tg g 5s 1930_____ J&J
60
Income 5s July 1 1930_______
Chic Rock Isl & Pac Railway—
General g 4s 1988______ J&J
1st M 6s 1917................. .J&J
R ef g 4s 1934 op to 1911-A & 0
90
Coll tr g 4s May '09 to ’ 18M&N b 6 % %
do
Ser E 19 07..M &N
.........
do
Ser P 1918--M&N
_____
a 99
<r 98
Chic R I & Pac Railroad—
4s gold 2 0 0 2 ........... .M&N]
68%
Col trust 5s g 1913 opt M&S
82
Burl Cedar Rapids & North—
Ced Rap la F & N W 5s gold guar 19 21.-A& O
M&StL 1st gu g 7s ’27.J& D
Choc Okla & Gulf—
Gen M g 5s Oct 1 1919.J&J
Consol g 5s 1952____M&N|
Choctaw & Memphis—
1st g 5s Jan 1 1949
R ock Isl & Peoria 6s 1925J&J
Keo&DesM— 1st 5s 1923 .A&(
Chic&StL— See AtchTop&SFa

105
125
104%
107%
110
.........

a Purchaser also pays accrued interest.




A sk.

Bonds.

B id .

A sk.

[V o l .
Bonds.

l x x x iv

Bid.

.

Ask

ChicStL&NO— See 111 Central
Delaware & Hudson—
Chic St L & Pitts— See Penn Co.
97
Conv deb 4s June 15 ’ 16-J&D|
98
Chic St Paul Minn & Omaha—
132
126%
Pa Div 7s Sept 1917___M&S
Con 6s June 1 1930_____ J&D
j 131 | Adirondack R y 1st guar 4% s
Con 6s reduced to 3 % s’30J&D
■ ■
gold Mar 1 1942______ M&Sj 102
Ch St P&M lst g 6s 1918.M&N ------- k 131% . Albany & Susquehanna—
Hud & Riv F 1st M 8s’08.J&J 102
3% s gold 1946 (conv before
North Wisconsin— 6s ’30.J&J 125*4
95
97
--------II
1916)^ guar_________A&O
StP&SxC 1st g 6s 1919. - A&Oj
120% ; Bluff Pt Land Imp Co—
87
StP Stillwater & Tayl’s Falls.;
38
1st M g guar 4s 1940.-J&Ji
1st mort 7s 1908- j ____J&Jj 101
5%
Chateaugay Ore & Iron—
|
100
S S M & S 1st M 5s '1 5 -.M&N
Guar g 4s 1942________ J& J’a 92
105
Chic Term Trans g 4s 1947. - J&J I
Chateaugay Ry6s g td ’07.F&Aj 101
Coupon off___________________
Hudson Coal Co—
105
Chic G W 5s g 1936____J&D a
114
99
Gu deb 4s 1907-1917.M&N!
Chic & Tomah— See Chic & Nor.j
Rens&Sar reg 1st 7s '21 .M &N 132
105
Chicago & Western Indiana— (
Utica Clin & Bing 5s 1939 J&J 114%
Gen g 6s Dec 1 1932____Q-M
110% |
...I : Delaware Lack & West—
92.
Consol g gu 4s 1952_____ J&J
97%' j 1st mort 7s Sept 1907...M & S ! 101
101 %
5% notes 1910....... .......... F&A
Morris & Essex 1st 7s'14M&N 119
Chic & West Mich— See Pere M.
1st con 7s guar 19 15..J&D) 120
1 1 4 " Chic Wis & Minn— See Wis Cent
|
4% s Pur Mon J a n '1 2 .-J&J a 100
5% Choc Ok & Gulf— See Ch R I & P
98
R ef g 3% s Dec 1 2000.J&D
Cin Bluffton & Chicago—
N Y Lack & Western—
1st M g 5s 1933________ M&S
100
95
1st 6s g ’d Jan 1 1 9 2 1 ..J&J 120
5 % Cin Dayton & Ironton—
109
2d 5s g ’d cons 1923___F&A
1st gu gold 5s 1941____M&N
101
Term& Imp 4s g d ’ 2 3 .M &N
10434
Cin Find & Ft W — See Cin H&D
Oswego & Syracuse—
Cincinnati Hamilton & Dayt—
109
Guar 5s 1923_______ M&N
General 5s gold 1942____J&D a 104%
107
Valley N Y 1st 5s 1911F&A 101
98
2d mort gold 4% s 1937..J& J
101
101
W arren 1st ref g3 % s 2000F & A o
Refund g 4s 1954_______ J&J a 82
87
Denver & Rio Grande—
74
434% g c o l notes ’08 opt M&S
95
81
1st con g 4s 1936_______ J&J
Cin Findlay & Ft Wayne—
105%
1st con g 4% s 1936_____J&Ji
1st g gu 4s 1923_____M&N
106
95
Impr gold 5s 1928______ J&D
Day & Mich 1st 5s gu ’ ll.J & J
102
Rio Grande Western—
C I St L & C— See C C C & St L.
92%
1st g 4s July 1 1939...J & J
Cincinnati Indianapolis & W —
Mort&col tr g 4s ’49 opA&O
*« %
1st & ref g 4s 1953 guar.J&J
88
93
UtCt4s gd g Jan 1 ’ 17. A&O,
Ind Dec &W— 1st g 5s’35.J&J
Des Moines & Ft Dodge R R — !
106
1st g ’d g 5s 1935........... J&J
98
...
1st gu g 4s 1935______ J&J
Equip 4s 1907 to 1911M&N
5%;|Des M Iowa Falls & Northern— I
6%
Cincinnati Lebanon & North—
100
I 1st g 5s 1931 opt 1906.-J&J a
103
1st 5s 1916......... ................ J&J a 107%
DesMoinesUnion 5s 1917--M&N a 102
106
92
1st cons gu g 4s 1942..M &N}
Detroit Grand Haven & Milw
101
113
! 1st Equip 6s Nov 1 4 ’ 18. A&O^ 108
......... Cin & Muskingum Valley—
1st gu g 4s 1948_______ F&Aj
92
112
. . . H Con guar 6s Nov 15 1918. A&O I 107
112% Cincinnati N O & Texas Pac— i
1DetGrRapids&W— See Pere M
Equip 4s Sept’07-Mar’ l l M&S;&
5% ; Detroit & Mack—
6___
%
lio ”
E qn4% sM ay’07-May’ 16.M&N b ______
Prior lien g 4s 1995......... J& D 1
North 1st g 4s 1951____J&J;
88
Mort gold 4s 1995......... -J&D
95
__ Cin
Cin Rich & F W — 7s g ’2 1 .J&D a 119
Detroit Mack & Marq—
122
125% Cin Rich & Mun— SeeChicCin&L
Land grant inc 7s 1 9 1 1 ..A&O
s 42
CinSan&Clev— See CCC & St L.
Detroit M & Tol— See L S & M S
Clearfield &Jeff— See Pa & No W
Detroit Toledo & Ironton—
Clearf & Mahoning— See B R & P.
Ohio South g 4s Mar '4 1 .M&S
85
Cleveland Akron & Columbus—
Gen lien & div 1st g 4 s ’55 J&D
S9
107"
Gen gold 5s 1927______ M&S
113
Con M g 4% s 1980......... F&A
1st cons gu g 4s 1 9 4 0 ...F & A .
90
Equip trust notes g 4% s to
102% Cleve Cin Chic & St Louis— |
June 1915......... ............ J&D
General 4s gold 1993___J&Dl
108
99%; Detroit & Toledo Shore Line—
_
_ Cairo Div 1st g 4s 1939. .J&J
92
1st g g u 4s 1953_________ J&J
U W & M Div lst4s g ’91.J&J
97
Duluth & Iron Range—
StL Div 1st col tr g 4s '90M&N!
97 | 1st 5s 1 9 3 7 .................... A&O
111
Spr&Col Div 4s 1st g ’40.M&S! "9§‘
2d mort 6s 1916________ J&J
W hiteW V Div 1st 4s g’40.J&J
97
Duluth Missabe & Northern—
Central Indiana R y Co—
1st g 6s 1922____________J&J 100
1st gold guar 4s 1953.M&Nia 95
97%
1st cons g 6s Jan 1 1923.J&J 100
120%
Chic Ind & St L Sh Line R y — j
2d mort g 5s Jan 1 1918.J&J 100
__
1st gold guar 4s 1953. A&O a 94
98
Duluth South Shore & Atlantic
114
C I S L&Clst 4s g Aug’36 Q-F I
99
111
1st g 5s 1937......................J&J 107
Con s f 6s '20 d r@ 105 M&N! 10634
_____ Dul Short Line— See StP&Dul.
_ _ CinSan&Clev con g 5s '2 8 .J&J 109% _____ jDutchess Co— See Cent NewEng
Cleve Col Cin & Indianapolis.;
102
East Tenn Va & Ga— See So R y.
__
Consol mort 7s 1 9 1 4 ..J&Dj 116
------- hEastern Minn— See St P M & M.
Cons sink fd 7s 1 9 1 4 ..J&D 118
_____ ! Easton & A m boy— See Leh Val.
Gen con g 6s 1934____J&J
130
Elgin Jol & East 5s 1 9 4 1 ..M&N
113%
Id Blm & W ext 4s 1940. A&O I 102
Elmira Cort & Nor— See I.oh Val
Ind & StL lst 7s 1919 A ..J & J a . . .
128
Elmira & Williamsport—
102%
1st 7s July 1919 Ser B.M&Sja
128
1st 6s 1910_______ ______ J&J
1st 7s July 1919 Ser C.M&N a ...........
104
128
Income 5s 2862................A&O
O Ind & W g 5 s Apr 1938.Q-J 103
Erie—
Peo & East cons 4 s '4 0 -. A&O ___
N Y & E 1st 4s ext g ’47.M &N
101%
'9 3 '
107
2d cons inc 4s 1990.-A pr l| ___
5s 2d ext gold 1919_____ M&S
67
Cleveland Lorain & Wheeling— !
4% s 3d ext gold 1923__ M&S| 103
Con now 1st g 5s 1933--A&O ___
112 %
5s 4th ext gold 1920------A&O: 107%
Stamped subject to call____a 108
110
99
4s 5th ext gold 1928____J&Di
Con refg g 434s ’30 red-.J& J a 100
7s 1st con g 1920_______ M&S
101 %
127
Clev & Man Val— 5 s g l9 3 8 .J & J 109
7s 1st con g fund 1 9 2 0 ..M&S; 124
127
Clev & Marietta— See Penn RR.l
Prior lien g 4s 1996--------- J&J; __
96
Cleveland & Pitts— See Penn Co.|
Gen lien g 4s 1996_______ J&J
81
111
Cleveland Term & Valley—
Conv g 4s 1953 Ser A __ A&Oi
77
*78"
1st 4s g gu 1995........... -M & N a 90
Series B . . ........................... I 77%
97
78
Coal & Coke R y Co—
Equip g 4sDec’07-Dec’09J&D
5%
6%
1st gold 5s Apr 1 1919--A&0|
Penn coll g 4s Feb 1 1951 .F&A
100
95
86%
101
Coal & Iron R y— See WVaC&P.i
Buff NY & E 1st 7s 1916-J&D 119”
122
Colo Midland— 1st 4s g '47. J&J
Buff & So W 1st 6s g 1908 .J&J
104
67
Colo & So 1st g 4s 19 29...F & A j
_______
2d M g 5s 1908............... J&J
89%
90
"97%
Refg M g4J4s May 1 ’35 M&N,
92
Jeff R R 5s gu g Jan ’0 9 . . A&O 101
Colo Spgs & Cripple Cr’k D R y— I
Chic & Atlantic Terminal—
1st g s f 5s 1930................. J&J a 10134
1st M g 5s 1918........... J&J
102 %
103
. . . . .
2d m g s f 5s 1921_____ A&O a 90
Ch & Erie 5s 1st g 1982.M&N
110
95
100
1st cons 5s Oct 1942____A&O a _____
130
Long Dock 6s con g 1935.A&O
93%
70
Columbia & Gr— See South’nRyi
Newb & N Y 1st 5s 1929.J&J 10134
. . . . .
10 Col Hock Val&T— See Hock Val
NJ & NY 1st 6s 1 9 1 0 ...M &N 103
Col & Ind Cen— See Penn R R .
NY&GrLake gu g 5s ’46.M&N 1102
99
ColConnect & Ter— See Norf&W
N Y L E & W C & Rfc—
114
Concord & Montreal—
1st 6s cur guar 1 9 2 2 ..M&N 113
90H
Cons 4s June 1 1920____J&D;a 99
100 %
N Y L E & W D & I Co—
106
Deb 4s June 1 1920_____ J&DIa 97
5 34%l
1st 6s cur 1913________ J&J
Deb 3% s June 1 1 9 2 0 ...J& D a 9 2r
N Y Pennsylvania & Ohio—
98
B C & M imp 6s 1 9 1 1 ....J & J a 108
Prior lien 4s% 1935 ..M & S
99%i mnecticut & Passumpsic—
101
103'*
98%;
101
1st g 4s 1943-................. A&O a 100
103
New & Rich g ’d 5s 19 1 1 ..J& J a 100
N Y Susq & Western—
69
Conn River— Gold 4s 1943.M&S a 98
1st refunding 5s 1937--J&J 108
100
334s Jan 1 1923________ J&J a 93%
83
2d mort 4% s 1937__ F&A
103
Cuba Eastern 1st 6s 1933.M&S _____ i
80
100%
Gen mort 5s g 1940 . -F& A
119
Cuba R R — 1st g 5s 1 9 5 2 ...J&J a 8 5
93
Term 1st g 5s 1943— M&N 110
Cumberland & Pennsylvania— I
Midl’d of NJ 1st 6s’ 10 A&O 103
1st g 5s 1921---------------- M&N! 101
Wilkes & Eastlstg5s’42J&D 108
Current R iv— See K C Ft S & M.i
Erie & Pitts— See Penn R R .
Dak Cent— See Chic & North W .
Evansville & Indianapolis—
105
Dak&GrSo— SeeChicMil & St P .
Ter H & S’east 1st 7s’09.M&S 100
110
Dallas & W aco— See Mo K & T.i
Ev & In 1st g g ’d 6s ’ 2 4 .-J&J
117
Dayton & Mich— See Cin H & D
Consol g g ’d 6s 1926......... J&J
117
Dayton
&
Union
1st
7s
1909J&D
a
104
Evansville & Terre Haute—
.........
Income 6s due after 1910.J&D a 104%; 105%
1st con g 6s 1921_______ J&J; 114
Delaware & Bound Brook—
1st gen 5s gold 1942------A&O
I 5 i%
.........
1st con g 334s 1955_____ F & A a 95 * 100
Eq 4% s Ser C 1907-1916 F&A 6
6%

b Basis

k Last sale.

I In London.

n Nominal.

s Sale price

x Ex-interest

A p r .

190'
Bonds.

Bid.

• Purchaser also pays accrued interest,

Bonds.

Ask.

Evans & Terre Haute— Con.
Mt Vernon 1st 6s g 1923. A&O 108
Sul Co Br 1st g 5s 1930. A&O 101%
E T H & Chic—See Chic & E 111.
Fargo & So— See Chic M & St P.!
Fitchburg— 5s 1908______ M&N,a 100
4% s May 1 1914.......... -M&N a 103
4s March 11915........... ..M & S a 99
4s July 1 1916................ -J&J a 9V
100
4s Refunding 1925_____ M&N a 98
4s Refunding Mar 1927.-M&S a 98
4s Refunding 1927 _____A&O,a 98
4s Jan 1928........................J&J|a VS
3% s Oct 1 1920............... A&O a 94
3 4 s Oct 11 921________ A&O a 94
140%
T roy & Boston— 7s 1924.J&J a -------Flint&Pere Marq— SeePereMarq
Fla Cent & Pen— See Sea Air Line
Florida South’n— SeeAtCoast L
Florida West Shore
99
1st g g u 5s 19 34,............... J&J a 96
Fonda Johnstown & Gloversv—
1st cons ref’g g 4% s 1947. J&J 100
95
Gen ref’g g 4s 1950______ J&J
1st con gen ref g 4% s 1952
91
op tion al_____________M&N a 85
Fort Worth & Denver City—
109
1st g 6s 1921............... — J&D 108
Fort Worth & Rio Grande—
85
1st 3-4s g 1928........... ........J&J
F#xbury Br— See Pitt & West.
Fre Elk & Mo Riv— See C & NW
Galr Har & San An— See So Pac
100
Gal Hous&Hen— 1st 5s '13 A & 0
107
Gen & W yo 1st g 5s 1929--A& O a 100
Georg & Alabama— See Seab AL
Georgia Car & N— See Seab A L
Geo Or & Cumb— 1st 6s ’09 A&O 100
Geor Midland— See Southern Ry
Georgia Pacific— See South’n Ry
Georgia R R & Bank’g Co—
6s 1910.............................. .J& J 104
6s Jan 1 1922......... ............ J&J 116
5s Jan 1 1922......................J&J 106
©eorgia Southern & Florida—
1094
1st g 5s 1945____________J&J
Gettysburg & Har R y —
Cons 5s g g ’d Oct 1 1926- - Var 105
Gila Val Globe & Nor— SeeSoPa
@r Rap Bel & Sag— SeePereMar
Gr Rap Kal&S E— See Pere Mar
Grand Rapids & Ind—
101
Exten 1st g 4 % s 1941____J&J
76
Muskegon Div g 5s 1926.-J&J I 72
ffirand Trunk Western R y—
103
NWGrTr 1st 6s Jan 1 ’iO.J&J a 101
103
1st g g 4s July 1 1950____J&J I 101
80
2d inc g 4s July 1 1950__ July I 77
Great Northern—
91
C B & Q coll tr g 4s 1921.J&J
914
fireat Northern R y of Canada—
84
Con 4s 1935 opt to 1915. A&O a 82
Gulf Beau & Kan City—
98
1st 6s g Aug 1 1913.........F&A
80
2d g 5s Aug 1 1913......... F&A
Gulf & Ship Island R R —
1st ref & term g 5sFeb’52_J&J
100
Han & St Jo— See C B & Q.
Harrisb Ports Mt J & Lane—
1st 4s July 1 1913............. J&J
97
Hartford & Conn Western—
ls t e x t g 4 % s July 1 1923.J&J a 104
Henderson Br— See Louis&Nash
Hocking Valley R y —
1st con g 4 4 s 1999........... J&J
103 Ji
Ool & H V Ext 4s
1948- I A&O
_______
95
Ool & Tol 1st g 4s 1955. -F & A
95
Ohio&W Va 1st 7s 1910.M&N a 105
107'
H«®sac Tunnel & Wilmington—
107
1st s’k ’g f g 5s Sept 1922.M&S 101
H«esier Equip— See Chic Cin &L
H®usatonic— See N "V N H & H
Houston E & W T e x - See S Pac
Houston&Tex Cent— See So Pac
H ud& RivF— SeeCh St P M & O
Huntingdon & Broad Top—
100
1st g 4s Sept 30 1920____A&O
100
104
2d mert 4s gold 1925____F&A
105
Gon 5s g Mar 31 1925-..A & O
Hutchinson & S— See A T& S Fe
Illinois Central—
106
1st gold 4s 1951................. J&J
99
1st g 3% s 1951............... .J&J
95
MainL’e ext 1st g 3% s’51A& 0
let mort £ g 3s 1951____M&S I 80
*84*"
100
Q«1 tr gold 4s 1952........... A&O
0«lTrLN O & T g 4s 1953 M&N
102H
87
P u r lines 1st g 3% s 1952. J&J
■ 90
Gaira Bridge 4s g 1 9 5 0 ..J&D 100
72
Litch Div 1st g 3s 1951-.J & J
88 %
L«uisv Div 3% s g 1953--J&J
91
101
Middle Div reg 5s 1921.-F & A
_
74
Omaha Div 1st 3s g ’5 1 .-F & A
___
St Louis Div 3 4 s g 1951. J&J
894
74
St Louis Div 3s g 19 51.-J&J
.....
Sp’gfield Div Ext 3% s ’51J&J
85
Western lines g 4s 19 51..F & A
99
Obicago St Louis & N O—
2d M 6s 1907............... J&D
100
C on g 5s June 15 ’51.J&D15
1224
Cons gold 3% s 19 51..J&D:
89
Mem Div 1st 4s g ’5 1 ..J & D
1004
St Louis Alton & Ter Haute—
Bellev&Car 1st 6s 1923 J&Dj 1 1 7 4
97
St L South 1st g 4s ’31 M&S
C a r b & S h a w ls t g 4s’32Al&S
97
*100
Ind B1 & W n— See C C C & St L
Ind Dec & West— See Cin I & W
Indiana 111 & la— l s t g 4 s ’50J&J .........
99
Ind & St L— See C C C & St L
Indian Un’n 1st 4 % s ’2 6 --M&N
90
Indianapolis & Vincennes—
1st 7s 1908........................F&A 100
International & Gt Northern—
1st g 6s 1919....................M&N .......... 114
2d 5s 1909........................M&S ..........
95
3d 4s gold 1921________ M&S
65
79
Equip 5s Jul ’07to Jan’ 13 J&J b
6%
5%
Colorado River Bridge—
1st M 7s 1920............. M&N 100




37

RAILROAD BONDS.
! Bid.

Ask.

Bonds.

Bid.

108
Louisiana & Mo R iv— SeeChi&A
Iowa Cent— 1st g 5s 1938--J&Dj 100
80
La Western— 1st 6s 1921__ J&J 105
1st & ref’d ’g g 4s 1951--M&S: —
123
Louisv Cin & Lex— See L & N
Iowa Falls&SC— 1st 7s ’ 17-A&Oja 118
Louisville Henderson & St L—
Jacksonville Terminal—
1st mort g 5s 1946_______ J&J
1st M 5s g g’d July 1 1939. J&J 102 %
Louisville & Jeffersonv Bridge—
Jefferson— See Erie
95
Guaranteed gold 4s 1945.M&S
Jeff Mad & Ind— See Penn R R
Louisville & Nashville—
Joliet & Northern Ind—
111
Gen mort g 6s 1930_____ J&D
1st M 7s July 10 1907____J&J.a 100
108
50-year gold 5s 1937____M&N
June (Phila)— 1st 4 4 s ’0 7 .J&J a 9 9 ^
964
Unified gold 4s 1940_____ J&J
Kal A1 & G R— See L S & M S
108
Coll tr g 5 s 1931........... ..M & N
Kanaw & Mich— See Tol & O C
95%
a
102
Coll
tr
g
4s
1923
op
’0
8
--A&
O
Kansas C Belt 1st 6s 1916..J& J
97
5 % g notes 1910_______ M&S a
Kansas City Clinton & Sp—
__
At K &Cin div.g.4s,55 M&N
97
1st 5s g 1925 guar........... A&O a ------__
Lou C & Lex 4 4 s g ’31.M&N
P H & De Soto 1st 7s ’0 7 .A&O a 100
100
2d mort 7s 1907______ A&O
Kan City Ft Scott & Memphis—
79 %
N O & Mob 1st g 6s 1930.J&J 120
80
Refdg g 4s 1936 guar__ A&O
. . . .
114
2d g 6s 1930___________J&J
Cons 6s 1928................ .M&N
1164
Pensacola Div 1st 6s ’2 0 .M&S 107
Equip notes g 4 4 s ser B
110
St Louis Div 1st g 6s ’21.M&S
6%
Aug 1907-Aug 1 9 1 5 .--F & A b
5%
2d 3s 1980____________ M&S
Current Riv 1st 5s 1927.A & 0 a 100
St L prop 1st g 5s 1916-M&S 102
Kan C Ft Scott & Gulf—
107 4
S&NAla col s f g 6s 1910-A & 0
1st 7s 1908................ .J& D a 100
E H & N 1st 6s 1919____J&D
1094
Kansas City Memphis & Bir—
94
Henderson Br 6s g 1931-M&S 107
Gen 4s 1934....... ..........M&S
92
Kent Central— 4s g 1987.J&J __
Income 5s 1934_____ Sept 1
92
L&N Mob&Mont 4 % s’45M&S
91
A ssen ted _________ M&S
Louisv & Nashv South’n joint
Kansas City & Mem R y & B—
1004
gold 4s 1952 op 1 9 0 7 --. J&J
1st 5s g 1929..................A&O
__
NasF&S 1st gu g 5s ’37- -F & A
Kans & Mo— 1st 5s ’2 2 .-F & A a 100
Pensa& Atl 1st 6s gu ’2 1 .F&A lOSJi
MemK&Col lstM7s 1910 M&S a 105
S & NAla Con M g 5s ’36.F & A
1074
Rich Hill R R 1st 7s ’ 10.M&S a 103
Mahoning Coal— See L S & M S
Kansas City & N W —
Maine Central—
1st M g 5s 1933..................J&J a 95
10S
Cons 7s 1912.............. ...A & O
Kan City & Pac— See M K & T
104
Coll tr 5s 1923__________J&D
Kan City St Jos & Council B —
100
Cons 5s Apr 1 1912_____ A&O
Nodaway Val 1st 7s 1920 J&D a 105
102
Cons 4 4 s Apr 1 1912__ A & 0
Tarkio Val 1st 7s 1920--J&D a 105
99
Cons 4s Apr 1 1912_____ A & 0
Kan City Southern—
99
Eur & N A 4s gold 1933- - J &J
1st g 3s 1950____________ A&O
98
954
Hereford R y — G 4s 1930 M&N
Coll tr g notes 5s Apr ’ 12 J &J
94 *
Knox & Line 1st M Pen Sh
Kan City Wat & Gulf—
line 4s 1920___________F&A
?5
1st M g 5s Jan 1 1930____J&J
98
Upper Coos 1st gd 4s’30.M&N
Kentucky Central— See L & N
UpperCoosEx4%s g ’ 30 M&N 104
Ken & Ind Bridge & R R Co—
101
Washington Co R y 1st g gu
K & I Br 1st g 5s 1911.-M &S a 100
3 4 s Jan 1954 op 1924_____ a 88
92
1st consol g 4s 1950_____ A&O
Manistique Marq & North’n—
Keokuk & Des M— See C R I &P
1st
g 5s 1 9 5 2 ................. M&N
Knoxv & Ohio— See South’n R y
Manitoba & Southeastern—
Lake Erie & Western—
1st
gu
4s Feb 1 1929____F&A
113
1st g 5s Jan 1 1937______ J&J
113 J*
105
107% Marquette Houghton & Ont—
2d g 5s July 1 1941______ J&J
109
Mort
6s
1925___________A&O
No Ohio 1st gu 5s g ’45. - A&O
106
,lMd Del & Va 5s 1955, gu.F & A
Lake Sh & Mien So— See N Y C & H R
90
Maryl & Pa 1st g 4s 1951--M&S
Leavenw’th Term R y & Bridge
61
Income 4s 1951________ A & 0
93
1st M gold 5s 1923-......... J&J
|
Mason
City
&
Ft
Dodge—
Lehigh & Hudson River R R —
88
1st M g 4 s 1955_________ J&D
1st mortgage g 5s 1911.J&J 1 0 2 4
M cK ’sp’t& B V— See PM cK&Y
101
2d M 5s July 1 1917_____ J&J
Merchants’ Br— See Term R R .
Gen g 5s July 1 1920 guar J&J 1 0 2 4
105 Ji Mexican Central—
Unguaranteed ............... s . . a 102
95
Consol 4s July 1 1911------J&J
Warw Val lst4 % sJ ly l’l l A & 0
814
22
102
1st con inc 3s Jan 10 ’39. July
2d 6s Oct 1912_______ A&O
2d con inc 3s Jan 10 1939. July
Lehigh Valley—
144
96
105M
108
Equip & coll g 5s 1917. . A&O
1st 6s ext g 4s 1948......... J&D
96
149 ! 2d Ser 5s 1919____A&O
Con M 6s ann reg irred . . J&D 1 4 7 4
5 % notes Sept 1 1908. .M&S a 100
121 H
Con M 6s R gold 1923___J&D
_______ j|
Mexican International—
Con M 4% s C 1923______ J&D
1 0 64
_____ || Prior lien g 4 4 s 1947
M&S
114
Con M 4 4 s ann irred___J&D
108 J( 1st con g 4s 1977_______ M&S
2d M 7s 1910___________M&S
1064
96 4
Stamped guar op to Mar ’07
80
Gen cons g 4s 2003_____ M&N
Mich Cent— See N Y C & H R
Easton & Am boy—
110 ( Middlesex Valley— See Leh Val
109
1st 5s May 1 1920____M&N
IiMidland of N J— See Erie
Elmira Cortland & North’n—
_____ Midland Terminal5s 1925..J& D
96
1st pf g 6s Apr 1 1914. A&O 105
_____ i Millen & Southw— 5s 1955 A&O
100
1st gu g 5s 1914........... A & 0
IMil & Lake W in— See Wis Cen
Lehigh & N Y —
95
MilLSh&West— See Chic & N W
1st g 4s Sept 1 19 45..M&S
ijMilw&Madison—See Chic&NW
Lehigh Valley Coal—
110 ^Milw & No— See Chic Mil & St P
1st 5s g guar 1933_____ J&J
Milw & St P— See C M & St P
1st 40-year gu int red’d to
98
Min&Pac— See M St P & S.S.M
95
4% 1933____________ J&J
Minneapolis & St Louis—
Lehigh Valley R y of N Y 1st
110 ! 1st 7s 1927........................J&D 125
4 4 s g 1940.................. J&J
1074
i Iowa E xt 1st g 7s 19 09.-J& D a 104
Lehigh Val Terminal—
_____i; Pacific Ext 1st 6s 1921. .A & O
1st g guar 5s 1941____A&O
110
So’west Ext 1st g 7s ’ 1 0 .J&D
Middlesex Valley—
_____
; 1st consol gold 5s 1 9 3 4 ..M&N
1st g 5s 19 42.............. M&N
106
! 1st ref’g g 4s 1949______ M&S
Pa & N Y Canal—
_____j Coll notes s 5s 1 9 1 1 _____F&A a 97
Con M 5s 1939............ A&O
1154
_____11Minn St P & Sault Ste Marie—
108
Con M 4% s 1939......... A&O
102
100
Cons 4s 1939________ A&O
......... Ij M S S teM & A tl 1st 4 s ’26.J&J
Snoe Shoe Coal— lst5s’10 J&J
s 1024il Minn & Pac 1st 5s 1936-.J& J 100
92
1st 4s 1 9 3 6 --............... J&J
Lehigh & Wilkes— See Cent N Ji
I 1st cons g 4s 1938_______ J&J
Leroy & Caney Val—See Mo Pac
! 2d M g 4s g ’d 1949........... J&J i ioo"
Lexington & Eastern—
_____ jiMinn Union—See St P M & M
Gen mort g 5s 1935......... F&A
40
! Miss Cent 1st g 5s ’45 guar. J&J
Lincoln&N’west— See C B & Q
Little Miami— Ren’al 5s’12M&N
1 0 6 4 iMiss R iv Bdg— See Chic & A
_____ jiMissouri Kansas & Texas—
3 4 s Feb 1 1951............ -F&A
95
1st gold 4s 1990________ J&D
Little R ’k&Hot Spr West R y—
80
_____
2d gold 4s June 1 1990
F&A
1st g 4s 1939............. ........J&J
874
1st Extension 5s 1944___M&N
103
Long Island—
95 li 1st & ref 4s g 2004______ M&S
Unified g 4s 1949_______ M&S
Refund g gu 4s 1949____M&S
964
Gen M s f g 4 4 s 1936____J&.T
834
......... II St Louis div g 4s 2001 — A&O
117
2d mortgage 7s 1918____F&A
1 1 4 4 j Boonville R R Bridge—
1st cons g 5s July 1 1931 _Q-J i 11294
_____ ||
1st g gu s f 4s 1951___ M&N
1st cons g 4s July 1 1931. _Q-J
99
_____ || Dal&W aco 1st gu 5 s ’40-M&N
Gen mort g 4s 1938......... J&D
91
_____ ji Kan C & Pac 1st 4s g ’90.F& A
Ferry 1st 4 4 s con g 1922 M&S 101
_____ | Missouri Kansas & Eastern—
94
4s gold 1932......................J&D
_____ Ij
1st 5s gold guar 1942.A & 0
Debenture gold 5s 1934..J& D
1074
_____ I
2d M gold 5s 1942____ A&O
Brook&Mon 1st g 6s 1911M&S! 1 0 2 4
_____
Missouri Kansas & Okla—
1st 5s 1911............... --M&SI 1 0 0 4
_____ ji
1st g_gu 5s May 1 ’42 ..M & N
104
2d 5s 1938.............. --J& D j 105
_____i M K & T of T 1st 5s gu’42_M&S
L I City & F — 1st 6s ’ ll.M & N a 104
112
1
1
Sherman
Shreveport
&
S—
1st con g 5s May ’37.-M&N|a 109
_____
1st M gu gold 5s 1943-J&D 104
N Y Bay Ex R 1st 5s g ’43J&J| 105
N Y Brooklyn & Man Beach
S W Coal & Imp 1st 6s’29 J&Jia 106
_____ j Texas & Okla— 5s 1943.M&S
1st gold 5s 1935--------- A&O
109
_____ |iMissouri Pacific—
N Y & R B 1st g 5 s 1927.M &S 106
Consol 6s 1920---------------M&N
North Shore Branch—
.........I 3dM7s’06ext to J u ly l’38M&N a 97%
1st con 5s r Oct 1 1932.Q-J 106
! Tr g 5 sstp d Jan 1 1 9 17..M&S
Louisiana & Arkansas R y—
103 | Col trust 5s 1920 ........... F&A
101
1st s f g 5s 1927 op ’0 7 . . M&S
i Equip Ass’ n certfs 5s gu Ser C
!l
June 1 1907 to 1 9 1 3 ..Q-M
98
i 5% notes Feb 10 1908 F&A10 a 98%
Gold 4s Mar 1 1945 op t.-M & S

ft Basis,

n Nominal,

k Last sale. I In London

s Sale price,

r Extant,

A sk.

984

'9 7 4

__

974
100
1074

__

122%

__

‘ 724
104

__

- - - - -

108
96
1074
87
1124
110

894

120
112%
924
65
92%

824
224
15

904

104

118
1094
89
98
103
96
102
100
96
804
~84‘ "
84
834
92
1054
93
1104
100
107
102
113
104

y 2d Instalment paid.

118
994
1004

102

994
98%
864

38

GENERAL QUOTATIONS.
Bonds.

Bid.

Ask.

B on ds.

Bid.

:

00 .
00 [

s

Missouri Pacific— Concluded
N Y C & H R R R — C on clu d ed
Central Br. 4s g 1919____r& A
93
Utica & B Riv 4s g 1922.J&J 10031
100
Ler&Can V A L lst5s’ 26.J&J
Wat & Rome 1st 6s 1910 M&S 102
Lexington Div 5s 1920--F & A
100
West Trans Co 3% s 1923 F & A
85 %
Pacof Mo 1st ex g 4s’ 38.F& A
:uo
West S h o r e 1st 4s 2361 ..J & J
101%
116
2d ext 5s gold 1938____J&J
N Y Chicago & S t Louis—
St L R E 1st 5s 1938. - M&N
iio~
1st g 4s Oct 1 1 9 37... ..A & O
103
Car’ deletB rlst4% s’ 38 A&O
96
N Y & Greenw’ d Lake— SeeErie
St Louis Iron Mtn & So—
New York & Jersey—
Unify & R ef’ g g 4s 1929J&J
81
1st M 5s g 1932 op t_____ F & A a 101
Gen con ry & 1 g 5s'31 A&O
110
. . . I j N Y L E & W C R R — See Erie.
G e n con stp d g u g 5 s’ 31 A&O
— I|N Y & L Br— See Cent of N J.
River & Gulf Divisions
N Y & M Beach— See Long Is l’ d
1st g 4s May 1 1933.M&N
.........
Lit R ’ kJn lst 6 s gu’ 16 A&O
Deb 4s July 1 1955........... J&J,
99
Pine Bluff & Western
Deb 4s 1947n on -con v .. M&S ja 99
1st gu g 5s '23op’ 13 A&O
99
103
Deb g 4s 1914 non-conv.F&Aia 99
VerdVal I& W lst 5s’ 26 M&S 102
Deb 3% s Mch 1947-1949.M&S|a
Mo Riv & North West—
D e b 3 31s 1954_________ A&O a 87"
1st g 5s 1944 opt 1914_.J&D
94
97
Deb 331s 1956 convert..J& J!aa 103%
Mobile&Birm— Pr lien 5s’ 45J&J
109
Danbury & Norwalk—
Gen M gold 4s 1945______ J&J
85
1st ref g 4s guar 1955.J&D
99
Mob Jackson & Kan City—
Con 5s July 1 1920____J&J aa 112
1st con g 5s 1953 op t____J&J
80
95
Gen 5s April 1 1925..A&0|aa 113
Mobile & O— 1st g 6 s ’ 2 7 --J&D
122
Harlem River & Portchester
1st exten 6s July 1927___Q-J
1st 4s gold 1954______ M&Njoa 99%
Gen g 4s 1938................. M&S
90
2d 4s guar June 1911. . J&D a 100
Montgom Div g 5s 1947 F&A 106%
110
Housatonic— 1st 4s 1910.A&O a 99
92
St L & C coll tr g 4s 1930 Q -F
C ong 5s 1937.............. M&N
116
4s guar 1931________ J&J
97
New England R R —
Mohawk&Malone— See NYC&H
Consol 4s July 1945__ J&J aa 100
Mont Cent— See St P M & M
a 120
Consol g 5s July 1 1945. J&J la
Monong River— See Balt & Ohio
N Y& N E B oT lst4 s’ 39A& 0 a 108
Morgan’ s La & Tex— See So Pac
W oon& P 1st gu 5 s’ 10. A&O a 100
Morris & Essex— See D L & W
N H&Derby— Cons5s ’ 18M&N 108
Nashville Chattanooga & S L
New Haven & Northampton.
1st 7s 1913........................J&J
117%
115
Consol 6s April 19 09.. A&O a 103%
1st consol gold 5s 1928 . . A&O
113%
North ext 5s 1911____A&0|aa 102
Centreville Br g 6 s 1923-J&J 113
New York Provid & Boston—
Jasper Br 1st 6 s 1923____J&J
115%
Gen g 4s April 1 1942. A&O la
a 99
Lebanon Br 6 s Oct 1 ’ 1 7 ..J& J 0112
Shore Line 1st 4 % s'1 0 ..M & S jaa 101 %
McM M W & A1 1st 6s’ 17.J&J 1 1 0 %
New York Ontario & Western—
Tracy City Br 6s 1 9 1 7 ...J&J 112
R ef 1st g 4s June 1992..M&S
Duck River— 2d g 6 s ’ 09 M&N 105
Gen M g 4s 1955 red____J&D;nn ' 9 6 ”
Nash FI or & Sheff— See L & N
5sgnotes Jun’0 7 D e c ’ 15.J&D|6b
6%
National R R of Mexico—
5s g notes Feb '08 to ’ 11 _. F &A b
6 6%%
Prior Lien g 431s 1926__ J&J
99
N YPhila&Nor— 1st g 4s’39 . J &J 100
1st cons g 4s 1951______ A&O
82%
8331
Income 4s Jan 1 1 9 3 9 ..M&N
94
6 % notes Oct 1 '07 o p t..A & O
9831
9 9 % j N Y & Rockaway Bch— See L I.j
Nebraska— See C B & Q
|N Y Susq & W — See Erie.
Nev-Cal-Ore R y — 5s 1919.M&N
105
100
Nodaway Val— SeeKCStJ&CB.
Newcastle & Shenango Valley—
Norf & Caro— See Atl CoastLinej
1st g 6 s 1917......................J&J
108
iNorfolk & So— 1st g 5s ’ 41.M&N
New Eng R R — See N YNH &H
I 1st gen g 5s 1954. op t____J&J|a 9 1 % ’
N Hav&Derby— See N YNH &H
JlNor & Montreal— See N Y C . I
New Hav&No— See NYNH&H
Norfolk & Western—
N J Junction— See N Y Central
| General 6s 1931_______ M&N|
New Jer. & New York— SeeErie
i Imp & exten 6s 1934____F&A! 125
N J Southern— See Central N J
New River 1st 6s 1 9 3 2 ..A&O| 127
New London Northern—
N & W R y 1st con g 4s ’ 96.A&0|
97
1st 5s July 1 1910_______ J&J a 102
Div 1st lien & gen g 4s July 1!
1st 4s July 1 1910......... ..J & J
99
1944 opt Jan 1 1929__ J&J!
New Mexico R y & Coal Co—
N&W Pocahontas 4s '41 .J&D!
Coll tr g 5s Oct 1 1 9 4 7 ..A & 0
95
90
Eq trg4sSerBM ar 1'08-13M-S b 5 % %
lst&cons&coll tr g 5s’ 51 A&O
91
87
Eqtr4sSerD-F 1907to ’ 16 gu b 5 % %
ElPaso&RI ls t g gu5s’ 51.J& J
------- j|
.Series G H J K ’ 07 t o ’16 gu lb 531%
New Orleans & Northeastern—
ColCon&Ter 1st 5s g ’ 22.J&Jj
Prior 1 g 6 s Nov 1 ’ 15___A&O
108
------SciotoVal&NElst4s ’ 8 9 .M&N
Equip 431s Oct ’07-’ 1 3 .A & 0 b
6%
531% Northeast Cuba—
New Orleans Terminal Co—
II 1st 5s 1955 gu. ............. .M&S a
1st g gu 4s 1953_________ J&J a 90
92
Northeast Pennsylvania—
Newport & Cincinnati Bridge—
1st g gu 5s 1920............... A&O
101 %
4% s g g’ d 1945_________ J&J
100
N’ east of SC -SeeAtlCoL of SC.
Newp & Rich— See Conn & Pass
Northern Cal R y — See So Pac. j
Newton & Northwestern R R
Northern Central—
1st g 5s 1932 op ........... ..A & O
95
Con G M 4% s E 1925 A&O 108
N Y B & M Bch— See Long Isl
Mort bds 5s 1926 Ser A . .J&J
116
N Y Bay Ext R R — See Long Isl
Mort bonds 5s 1926 Ser BJ&J 114
N Y & Can— See Del & Hud
Northern N J— 1st 6 s 1917. J&J
New York Central & Hud R iv—
Northern 111— See Chic & N W.
R ef’ g g 3% s July 1 1997.J&J
90% Northern Ohio— See L E & West
90
Deb g 4s 1934_________ M&N
5431 Northern Pacific—
5 % g notes 1910_______ F&A
98%
98%
West of Minn 1st 7s ’ 0 7 .M&N 101
L S Col tr g 331s 1 9 9 8 ...F&A
83
8231
St Paul & NoPac 6 s g ’ 23.F&A
120
M C col tr g 331s 1998__ F&A
__
81%
Reg certs 6 s 1923______ Q-F
Beech Cr— lst4s g gu’ 36.J&J
__ 101 % Prior lien g 4s Jan 1997.-Q-J 118
%
2d guar g 5s 1936_____ J&J
__ 101 % Gen lien g 3s Jan 2047__ Q-F 100
69%
C lfB itC Co 1st g4s’ 4 0 .J&J
83
St P & D Div g 4s 1996..J& D
94
Beech Creek Extension—
Wash Cent 1st g 4s 1948.Q-M
90
1st gtd g 3 % sF e b l’ 51 A&O
82
C B & Q Coll 4s— See Gt No.
Cart&Adir 1st 4s g ’ 81 J&D
103%
StPaul & Dul lst5s 1931.F&A
106
Gouv&Osw lst5s g 1942.J&D
112
2d mortgage 5s 1 9 1 7 ..A&O
Lake Shore & Michigan So—
1st consol g 4s 1968, .J&D
92
Con g ref 331s 1997___J&D
__
91%
Dul ShLine gtd 5 s ’ 1 6 .M&S
99
Dpb s 4s 1928________ M&S
93J1
93%
Tav Falls&LSup 6 s’ 14. J&J
101
5% g notes 1910_____F&A
98%
98%
Dul Union Dep 5s ’ 3 0 .A&O
K A & Gr R 1st 5s ’ 38 J&J 112>1
No Pac Ter Co— 1st 6 s ’ 33. J &J 111
K al& W Pie’ nMt g 5s’ 40J&J
U2 %
North Rv of Cal— See Sou Pac.
Mahon C R R 1st 5s’ 34 J&J
114
North Pac Coast— See No Shore.
Michigan Central—
North Pennsylvania—
1st g 3% s 1952......... .M&N
92
90
1st M 4s extended 1936. M&N
100
5s cou ’ 31 D&BC div M&S
113
Gen g 3 3-10s 1953______ J&J
90 J
1st mtg M Air Line4s’ 40J&J
98
North Shore Ry (Cal)—
lst 6 sGrand R iv V ’ 09 M&S 101
Nor Pac Coast 5s g 1912.J&J
-----1
1st 5s Kal&SH 1939 M&N 112
Norwich & W or— 4s 1927. _ M&S a
99
1st g 3% s JL& Sag'51 M&S
89
93
Ogd’b ’ g & L Cham— See Rutl’ nd
5% g notes 1910------- F&A
98
98% Ohio Connect’ g 1st g 4s ’ 43.M&S
BayC&BClstMg3s’ 89 J&D
68
Ohio I & W — C C C & St L.
< Ohio & W Va— See Hocking Val
Bat C & S 1st gu ar3s’ «9J&D
74
Toledo Can South & D et.—
112
Ohio River R R —1st g 5s ’ 36 J&D
1st g 4s 1956 g u a r..J & J
95
98
Gen gold 5s 1937______ A&O
110
Mohawk & Malone—
Hunt & B S 1st 6 s 1922. _J&J a 1 10 %
1st 4s gu g 1991_____ M&S
97%
a 1 10 %
Consol gold 331s 2002 M&S
95
a 98
N J June 1st 4s gu 1986-F&A
97
4s Dec 1 1925................. J&D a 98
NY&Har 1st g 3 31s 2000M&N
98
4s Jan 1 1938_______
J&J a »8
N Y & Nor 1st g 5s ’ 2 7 . . A&O 110
3 % s July I 19 32.. .
J&J a 92%
N Y & Put 1st 4s g '9 3 . - A&O
99
B C F & N B 5s 1910____J&J a 99
Nor&Mont lst5s g ’ 1 6 .-A& O
106% • .... Omaha & St L— See Wabash.
Oswego & Rome—
Oregon & California— See SoPac
2d 5s May 1 1915_____F&A
103
Oregon R R & Nav— See Un Pac
1st mort 7s 1915......... M&N
116
Oregon Short Line— See Un Pac
Pitts McKees & Yough—
,
Oswego & Rome— See N Y Cent.
1st 6 s 1932....................J&J
127
Oswego&Svracuse— See DL&W
2d 6 s guar 1934_______ J&J
123
OttumwaCF&StP— See C&NW.
M cK&BV 1st 6 s g ’ 18. J&J 104
Ozark & Cherokee Central—
Rome Watertown & Ogden—
1st g gu 5s 1913 op t____A&O
Cons g 5s July 19 22..A & O
111
112
Pacific Coast Co— See Misc B ’ ds
Cons g 3% s July ’ 2 2 .A&O
90
Panama— 1st 431s g 1917.A & 0
104%
......
RW & O Ter R 1st 5 s’ 18 M&N 100
Subsidv bonds Rs 1910. _ M&N 1 to o

a Purchaser also pays accrued interest




6 Basis.

k Las

sale

In London.

Ask.

V
Bonds.

ol. lxxxlv

Bid.

Ask.

Pennsylvania R R —
Gen 6s $ r July 1910____A&O
104V5 -----do 6s S c July 1910_____ J&J
106
-----Gen 6s £ c July 1 9 10____J&J 102
Con M 5s g 1919______ c M&Si IC9%
111
do 4s gold 1943____M&N; 101
____
do 331s g £ 1945____J&Jl
92 j - - - - - Collateral tr g 431s 1913. J&D a 101
-----Col tr 4s Ph W & B 1921. J&J
100
----------103
103
RE pur mon 1st g 4s ’ 23.M&N
Equip tr g 4 s ’ 14 Ser A . .M&S
Equip tr g3% sJ’ he’ 0 7 -ll.Q -M lb 5 % % 5.10%
92 ^
93
Conv & opt 331s g 1912. M&N
; Conv g 3% s Oct 1 1915 opt
90
90%
100
Dec 1 1910............ ...J & D
Penn Car Trust 331s g g’ d
Feb 1 1908 to 1910____Q-F b 5 % %
5%
Penn Steel Car Trust Ctfs 3 '*4
91
6%
July 1 9 0 7 -1 9 1 2 ....'____Q-J b
5% %
8931
Steel Rolling Stock Tr g 331
105
6%
5% %
May 1907 to 1913.........Q-F b
98%
5% g notes Mch 15 '1 0 ..M&S a 97%
AUeg Val 1st M 7s 1910. A&O
109
General 4s gold 1942.M&S
97 i
108
BaltChes&Atlst g 5s ’ 34.M&S a 103
Clev&Marietta— 4% s’ 35M&N o 100
100 %
Cleveland & Pittsburg—
SerA4%s gen gtd 1942.J&J 105
SerB4%sgen gtd 1942 A&0
106
SerC 3% s gen gtd ’ 48.M&IV
------- ! 96
SerD 331s gen g t d ’ 5 0 .F&A
88
102
Del Riv R R & B gu g ’ 36 F&A
97341
Erie & Pittsburg—
Gen gu g 3%sSerB ’ 40. J&J
92
Pennsylvania Company—
1st M g 431s 1921......... J&J
..........1 105%
Gu g4s 1931 op 1 9 2 1 ..A&O ......... I 98
Gu tr cts g 3% s 1937..M &S
85
Gu tr certs g 331 1941.F&A
------87%
Gu tr certs g 3 %s 1942. J&D
_____ j 87%
Gu tr certs g 331s 1944. J&D
84
Guar trust gold 3% s cal!
9531
1-15 yearlv to 1916. M&N
94J4
Gu g 4 % % notes 1907 M&N a 98
95
Phil Germ & Chestnut Hill—
1st g’ d 431s 1913____M&N a 100
5!
Pitts C C & St L—
108
Con g gt 431sSer A ’ 40.A&O
108
do
do Ser B ’ 42. A&O
107%
do
do Ser C ’ 4 2 .M&N
98
do
4s Ser D ’ 45.M&N
do
4s Ser F 1953.J&D
97
do 3% s SerE 1949. F&A
8931
102
114
CStL&Pittslst 5s g ’ 32A&0
94
108
Jeff Mad&Ind 2d 7s’ 10.J&J a 105
103
Steub & Ind 1st 5s 1914J&J
P Ft W & C 7s July 1 ’ 12.Vai
109
129
12 . . .
109
2d 7s July 1 1912______
Vai
109
3d 7s July 1 1912_____ A&O
130 M
Pitts Va & Charleston—
1st g gu 4s 1943_____M&N 100
Sun & Lew 1st g 4s 1936.J&J
9734
95
Penn & N Y Canal— See Leh V
85
Pennsylvania
&
Northwestern—
5% %
114
111
Gen 5s Jan 1 1930_______ J&J
5H %
105
Bells Gap Cons 6 s 1913.. A&0
5% %
120
Clearfield &Jeff 1st 6 s ’ 27. J&J
105
89 % Penobscot Sh Line— SeeMe Cent
Pensacola & Atl— See Lou & N
Peoria & Pekin Union—
95
112
1st 6 s Feb 1 1921_______ Q-F
’96"
2d mort g 431s Feb 1 ’ 21M&N
Pere Marquette R R —
a
80
30
Cons g 4s Jan 1 1951_____ J&J
R ef g guar 4s 1955_______ J&J a 72
75
Equip tr 431s 1907 to’ 14.A&0 b
5%
Chic & W Mich 5s 1921..J& D a ------97%
Ch & N Mich 5s g u ’ 31.M&N
98
Detroit Grand Rapids & West
1st 4s April 1 1946------A&O
89
Flint & Pere Marquette—
Gold 6 s 1920............... A&O
115
1st con gold 5s 1939..M &N a ____
100
PtHuronDiv g 5s 1939. A&O
103
Grand Rap Belding & Sag—
1st g 5s March 1 9 2 4 ..M&S 100
Grand Rapids Kal & So E—
70%
1st s f g 5s 1907--------- A&O
99
95
Lake Erie & Detroit Riv Div
1st g 4 Jls Aug 1 1932.F&A
93
90
Pere Marquette R R of Ind—
»5
1st gu g 4s 1943 op t..M & N
110
Perkiomen— 1st ser 5s ’ 18 .Q -J a
109
107
2 d series 5s Jan 1 1918__ Q-J la
Petersburg— See Atl Coast Line.
Phila & Bal C 1st 5s 1911.M&N
102
---1st 431s 1911__________ M&N
100
|
--------Phila Balt & Washington R R —
1st g 4s 1943....................M&N
103 ( ----Philadelphia & Erie—
119 : -----Gen (now 1st) gu 6 s g ’ 20. J&J
102
108%
-----Gen g 5s July i 1920____A&O
92%
.........
104
Gen g 4s July 1 1920____A&O
103% Pnil Ger&ChesHill— See Pa R R .
Phila Harrisburg & Pittsburg—
1st mort gold 5s 1925__ A&O a 107 j 110
103% Philadelphia Newtown & N Y —
70
1st mort red to 3s 1942 . . A&O
Philadelphia W & Baltimore—
Debenture s f 5s 1910___J&D a 102%
Debenture 4s 1 9 1 7 _____ A&O a 101
1 11 %
Debenture 4s 1922 _____ M&N 102
Debenture g 4s 1926_____ J&J a 101
Debenture g 4s 1932------A&O 103
Piedmont & Cumberland—
)
1st g 5s Aug 1 1911------F&A o -------- j 105
Pine B1 & W — See St L I M & So
Pine Creek— Gn 6 s reg ’ 3 2 .J&D
124%
_____
Pitts Bessemer & Lake Erie—
P S & L E 1st g 5s 1940. A&O 115 j .........
Cons 1st g 5s July 1 ’ 43. J&Jia 110 i _____
P B & L E con g 5s 1 9 4 7 ..J&J o 115%
_____
Deb g 5s 1919-------------- J&D
_____
100
Pitts Binghamton & Eastern—
1st M g 5s, 1956.A&O...........o 96>11 97*4
Pitts Char & Youghiogheny—
Gen mort gtd 4s 1932. _. A&O
95
_____
98
Pitts Cleve & Tol— See B & O. I
Pitts Ft W & C— See Penn Co.
*
104 •! Pittsburg Junction— See B & O

n Nominal.

* Sale price.

Bonds.

Bid.

Ask. i

Bonds.

Bid.

128% San Francisco & Nor Pacific—
Pitts & L Erie— 1st g 6s ’ 28.J&Jia
2d 5s Jan 1 1928_______ A&OI
107
1st g 5s sink fund 1919..J&J
San Fr & S Jo Val— See AT&SF
Pitts M cK & Yough— See N Y C ;
Santa Fe Prescott & Phoenix
Pitts Shawmut & Northern—
65
1st M 5s g 1942.............. M&S
1st g 5s Feb 1 1949______ F&A
Gold 4s Feb 1 1952______ F&AI
30
35
Sault Ste Marie Bridge—
Pitts Shen&LE— See PBess&LEj
1st M s f g 5s July 1 ’ 37. .J&J
100
Pitts Term R R & Coal—
Sault Ste Marie & Southwest
1st g gu s f 5s 1942........... J&J a 1C0V$ 102 %
See Chic St P Minn & Omaha
West Side Belt 1st g 5s'37M&S a 105
SavFla&W — See Atl Coast Line
Sav &States— 1st ggu 5s’ 53 J&J 100
Pitts Va & Chas— See Penn R R
Schenectady & Duanesburg—
Pitts & West— See B & O
1st guar 6s 1924...............M&S 118%
Pitts Youngst & Ashtabula—
101 |
Ashta & Pitts 1st 6 s ’ 0 8 .F&A
Schuylkill River— See B & O
Scioto Val & N E— See Nor & W
109 J* j
Consol 5s 1927............... _M&N
Seaboard Air Line—
Pontiac Oxford & Northern—
1st g 4s Apr 1 1950_____ A&O
1st g 6s July 1 1916______ J&J
Coll t r g 5 s May 1 1911.-M&N
lortlan d & Ogdensburg—
101
95
Con mort 5s 1908______ M&N a 100
Coll tr 5s’07 ext to M ay’ 11M&S
Port & Roch— See Bos & Maine
Eq tr g 4% sO ct’ 07Aprl3_ J&J
6%
Portland & Rumford Falls—
Atlanta-Birmingham Divis—
80
1st gold 4s Nov 1926____M&Nia
1st g 4s May 1 1933...M & S
92
Car Cent 1st g gu 4s ’ 4 9 ..J&J
Debenture 4s Aug 1927. _F&A|a 99
PortReading— 1st gu 5 s ’ 41.J&J 112
Florida Cent & Peninsula—
103%
Ports Gt F & Con— See Bos&Me.
1st gold 5s 1918______ J&J
1 02 %
Potom ac Val— 1st gu 5s g’ 41J&J 11 '-X
1st 1 g ext 5s gold ’ 3 0 . . J&J
Prov & Wore— 1st 4s 1947.A & 0 a 99
1st con 5s gold 1943..J&J
109}*
So Bound 1st g 5s ’ 41. A&O
Ral &CapeFear— 1stg5s’43. M &S a 100
Raleigh & Gas— See SeaAir Line
Georgia & Ala 5s Oct ’ 45. J&J
Raleigh & Southport—
Georgia & Ala Term—
101
98
1st g 5s Dec 1 1948___J&D
Con m 5s June 1 1965__ J&D
Raritan River— 1st g 5s ’ 3 9 .J&J 102% 107
Ga Car & N— 1st 5s g ’ 29. J&J
Reading Company—
Ral’ h&Aug’ sta— 1st 6s’ 26J&J
95 %
Gen g 4s Jan 1 1997.........J&J
95 %
Ral’ h&Gast’ n— 1st g5s’ 47J&J
94 %:
106*4
Jer Cen g 4s ’ 51 op '0 6 ..A & 0
Seab&Roanoke— 1st 5s’ 26J&J
W & N stk tr ctfs g 4s r
Deb 6s after July 1 ’ 16 F&A
97
@ 105 ............................Q-M
Seacoast R R of N J 5s ’ 48. A&O a ------97
Sebast & Mooseh 1st 5s ’ 28M&S a 96
Equip B 4% s ’07-Sept’09 M&S
Phila & Reading—
Shamokin Sunb’ v & Lewisb’ g—
104
118%
1st 5s May 1 1912______ M&N
2d 5s gold 1933.......... A&O
102 %
2d 6s g July 1 1925______ J&J a 115
1st 4 %s 1910............... J&J
106
1st 6s 1910.................. J&J
Shore Line— See N Y N H & H
111
110
Sierra R y of Cal—
Con M 7s 1911 reg____J&D
Consol mort g 6s 1911. J&D 106
1st s f g 6s 1937........... A&012
Imp ext g 4s 19 47.. A&O
103* Sil Sp Ocala & G— See Atl C L
Sioux C & Pac— See Chic & N W
Cons ext gold 4s 1937.M&S 103"'
iSodus Bay & So— 5s g ’ 2 4 ..J&J 1 0 0
Term 5s g gu May 1 ’ 41 Q-F 1 1 8 %
Somerset R y —
D elR T erp m on g5s’ 42M&N 110
96
Ex p mon g 5s 1942. J&J 109%
1st & refg g 4s 1955___ .J&J
104
So Car & Ga— See Southern Ry
Wilm&No 1st 5s ’ 07-27J&D
Gen g 5s A u g l 1932.Q-F 100
So Indiana— 1st g 4s 1951.F&A a 88
Chicago Southern R y —
Phil & Rea Coal & Iron—
95
Col s f g 4s ext '32 gu F&A!
2 yr 5% g notes, 1907. J&J
Rens & Saratoga— SeeDel&Hud
Southern Pacific Co—
Republican Val— See C B & Q
93%
2-5-yr g 4s 1910 opt ’ 0 7 .J&D
Rich Fredericksbg & Potom ac—
Coll tr 4s(CP) Aug 1 ’ 49. J&D
I
O
I*"
110
Cons mort 4% s 1940____A&O
Aust & Nor 1st 5s g ’ 4 1 ..J& J
Rich Hill— See K C Ft S & M
California Pacific—
Rich & Mecklenburg— See So Ry
1st mort 4% s g 1912..J&J a 100
2d mort g gd 4% s '1 1 ..J & J a 99%
Richmond-Washington Co—
Col tr g gu 4s ’ 43 op t____J&Dla 97
100
Central Pacific—
1st refdg 4s g g’ d ’ 4 9 . . F&A
RichYorkRiv&Ches— See So Rv
107
1st g gu 4s Oct 1 1954. A&O
RioGrJunc— 1st gu 5s '3 9 . .J& D
Rio Grande So— 1st g 4s’ 40. J&J
70
"73
M 3% s g er’ d Aug 1 ’ 29 J&D
ie i%
Gai Har&SAn 6s g 1910. F&A
1st g 4s guar 1940........... ..J&Ji
85
90
Roch & Pitts— See Buff R & P i
Mex&PDiv 1st 5 s ’ 31. M&N 109 $4
RockIsl& Peoria— See ChiRI&Pi
Gila Val Globe & Northern—
Rome W & O— See N Y C & H !
1st g 5s Nov 1 1 9 2 4 ..M&N
Rutland— Con 4% s 1941_.J& Ja 102
Houston East & West Texas—
Benn&Rut 4% s g 1927.M&N|a 102
1st 5s g May 1 1933. . . M&N
105
94 %
Ogd&LChlst g gu 4s ’ 4 8 .J&J: —
1st guar g5s M ar’ 3 3 . . M&N
102%
RutlCanadlst g gu4s ’ 4 9 .J&J
Houston & Texas Central—
95
Car tr g 4% s 1907 t o ’ l7 .A & o ! Basis
1st 1 g g 5s 1937______ J&J
n ow
5%
St Charles Br— See Wabash RR
Consol 1 g gold 6s ’ 1 2 ..A & O
1 11 %
St Clair Mad & St L Belt—
Gen gold 4s 1921_____ A&O
93
Alton Bridge 1st g 4s '51.J& J a
116
W aco&NW Div6s g’ 30M&N
91
8t Johns & L Champlain—
Morgan’ s Louis’ a & Texas—
1st g 5s March 1 1944__ M&S
114
1st mort 7s 1918......... A&O
1 i3
123 %
114
8t J & Gr Isl— 1st g4s 1947J&J
92%
1st g 6s 1920................ J&J
8t Lawrence & Adirondack—
North Cal R y g 5s 1929.. J&D
1st 5s g 1996......................J&J
116%
N oRy ofCal 5s g gu 1938 A&O 115”
2d g 6s 1996......................A&O
97%
Oregon & Cal 1st 5s 1927. J&J
129
8t Louis A1 & T H— See 111 Centj
SA&ArPass g gu 4s ’ 4 3 ..J&J
81
8t Louis Br— SeeTermRR Ass’ n
So Pacific Br 6s 1 9 3 7 ...A & O
St L & Cairo— .See Mobile & O
South Pacific of Arizona—
102 %
StL Kan City & N— See Wabash
1st g 6s Mar 1909_____J&J
8tLouis Memphis & Southeast—
1st z 6s Mar 1 1910...J & J
103 %
1st g guar 4% s 1909 opt J&D!
Southern Pacific R R Cal—
98
8t L Mer Br Co— See Term R R j
1st g 6s ser E & F ’ 12. A&O
St L So— See Illinois Central
1st con g 5s gu 1937. .M&N
118%
90%
8t Louis & San Francisco—
1st con ref g 4 s ’ 55 op ’ 10J&J
Gen mort g 6s 1931........... J&J
123 m
So Pac N M 1st 6s 1 9 1 1 ..J&J
103
Coll tr s f g 6s 1920 ......... F&A
So Pac Coast 1st g 4s ’ 37. J&J
90
Gen mort g 5s 1931........... J&Jj
Texas & N O—
110**
Equip g notes 4s Ser B Aug |
Sabine Div 1st 6s '1 2 .M&S
b°7r
1 1907 to Feb 1 1913 .FrtcA B a sis i
Consol gold 5s 1943__ J&J
103
Eq notes 4s June ’07-’ ll_ J & D b
Dallas Div 1st g 4 s'30 -F & A
90
6%
5H %
Coll trust g 5s 1987......... A&O;
Southern Railway—
114
Cons g 4s 1996 ................. J<fcJ|
91
1st consol cold 5s 1994..J& J
Coll 4% g notes 1 9 0 8 ...J& I) a 94%j
95 %
Develop & Gen M g 4s ’ 56A&O
91
4% g notes
1912
op t____F& A|a_____
Coll tr 5sAp’ 09 o p 0 c t’ 06 A&O
95
_
.
g3 < 97
Birm Belt 1st g gu 4s ’ 22A& 0
5 % g notes 1 9 10............ F&A
94 %
Sou West Div g 5s 1947. A&Ol
97
Eq’ p tr g 4 s s e r A 19 07.-M&N
6%
St L W & W g 6s 1919-.M&Si 107
Eq trg4% s Jne’ 07-Dc’ 14 J&D b .........
Refunding g 4s 1951____J&Jj
77%
Equip trust g 4% s Ser L
78
8t Louis Southwestern—
A u g ’07-Feb '21......... .F & A
1st g 4s 1989 certfs_____ M&N
92%
93
Equip 4*^8 Aug 1 19C7 F&A
2d g inc 4s Nov ’ 89 cert. _J&J
79
Equip 4 %s A u g l 1920 F&A
83
1st consol g 4s 1932......... J&Di
73
E Tenn reor lien 5s 1938.M&S
75
Grays Pt Term g 5s ’ 4 7 .J&D
100
1st Mem div g5s 1996 ____J&J
8t Paul & Duluth— See Nor Pac!
St Louis Div 1st g 4s 1951 J&J
8tP E G T— See Milw L S & W
Aiken Br 1st g 4s 1 9 9 8 ..J&J
8t Paul Minn & Manitoba—
Ala Cent 1st g 6s 1918 ..J & J
108
2d now 1st g 6s 1909____A&O
Atlanta & Ch Air-L—
106 %
1st consol £ 6s 1933______ J&J
128
130
100 %
E x ten 'd 4% s Jan ’ 1 0 ..A & 0
1st con red to 4% s £ ’ 33. .J&J
1st 4>*s (ext) Jan ’ 10.J&J an 100
108
Dak ext 1st 6s g 1910__ M&N 107
Atl & Danville 1st 4s '4 8 . J&J
91 %
Montana ext 1st 4s ’ 3 7 . . J&D
97%
90 %
2d g 4 s 1948....................J&J
99 %
Pacific Ext 1st 4s£ 1940. J&J a 97
Atl & Yad 1st gu g 4s ’ 49 A&O
93
East Minn 1st g 5s 1908. A&O| 101
AtlTennAO— lstM6s '13 A&O 104
Nor div 1st g 4s 1948 .A&O!
96%
Aug South g 5s 1924____J&D a 90
Minn Union 1st 6s 1922..J& J
117
Char Col & Aug— 5s 1909 J&J
1st 5s July 1922.......... J&J! 105
2d M 7s 1910________ A&O! 109”
Minn & Wes 1st g 5sM l_.J & J o ------Col & Green 1st 6s 1916.J&J 107
113
ETVa&Ga— Div g 5s '30.J & J
112
131
Mont Cen 1st gd g 6 s ’ 3 7 ..J&Ji _____
1st guar gold 5s 1 9 3 7 ..J&J 113
Consol 1st g 5s 1956..M&Ni
Wil & S F 1st 5s e 1938.J&Dj 115%
Ga Mid 1st g 3 s 1946____A&O!
' 68”
Bt P & N Pac—See No Pac.
Ga Pac 1st g 6s 1922____J&Jj 117%
8 t P & S C -S e e C St P M * 0 .
K noxv & O 1st g 6s 1925. J&J J 116
8anAnt&AranPass— See So Pad
L & N So <oint g 4s. See L^ H

a Purchaser also pays accrued interest




39

RAILROAD BONDS.

A p r ., 1907. J

b Basis.

I In London

n Nominal.

Bonds.

Ask.

110]
105

76
99 %
98
5%
87

104%
106%

109
122

119J
98 J
125
117

98
90
100
86"

95
96
85

1103

119%
84
136
103%
113
*91%

107%
"95”
109%
93
98
95
5%

6%
6%

111
1 1 3 }*

91
92

100
113

117%

Bid.

Southern Railway— (Con.)—
Mobile & O col tr 4s ’ 3 8 .M&S
Rich & Dan con g 6s ’ 1 5 .J&J
107
Deb 5s stamped 1927-A&O
Richmond & Mecklenburg85
1st g 4s Nov 1 1948__ M&N
Richm ond York Riv & Ches—
1st 5s Jan 1 1910_____ J&J a 100H
^ 2d ext 4% s Nov 1910-M&N a 96
103
So Car & Ga 1st g 5 s’ 19.M&N
Sumter&WatR5s g’ 19 A&O a 100
Virginia Midland—
103
Series B 6s 1911______ M&S
Series C 6s 1916______ M&S 109
Series D 4-5s 1921____M&S 103
Series E 5s 1926______ M&S 105
Series F 5s 1931______ M&S 107
106
General 5s 1936______ M&N
do guar stam ped. M&N
*90”
WashO&W 1st gu 4s’ 24.F&A
W No Car 1st con g 6s’ 14.J&J
S & N Ala— See Louis & Nash
SpartanU &Coi— SeeAshv &Spar
Spokane Falls & Northern—
1st 6s g 1939. ................... J&J
96
State Line &Sulliv— 4% s'29J& J
Staten Island Railway—
1st g 4% s June 1 1943__ J&D
Steub & Ind— See Penn Co
Sumter & Water R — See SC&Ga
Sunbury Hazleton & W B—
1st 5s May 1 1928........... M&N 102}*
2d mort inc 6 s '38 coup.M &N
123
Sunbury & Lew— See Penn R R
Syracuse Geneva & Corning—
2d 5s Mar 1 19 09.......... _M&S 102
Term’ l R R Ass’ n (St Louis)
1st gold 4% s 1939........... A&O a 106
1st consol gold 5s 1 9 4 4 ..F&A
Gen ref s f g 4s ’ 53 op ’ 1 0 .J&J
St L Br 1st g 7s 1929____A&O a 130”
St L Mer Bridge Ter—
1st 5s 1930........... ........A&O a _____
Mer Bdge 6s ’ 29 op ’ 09 F&A a 107
Terre Haute & Ind 5s 1925. J&J 105
Terre Haute & Logansport—
1st gu 6s Jan 1 1910_____ J&J a 102
Terre Haute & Peoria—
1st con g 5s Sept 1 ’ 4 2 . . M&S a 105
Texas Central— 1st 5s 1923 A&O
Texas & New Orl— See So Pac
Texas & Okla— See M K & T
113}*
Texas & Pac 1st 5s 2000___J&D
2d inc g 5s Dec 2000_____ Mar
Lou Div 1st g 5s 1931____J&J
Tidewater Construction Co.
Coll. 6 % notes____ F e b .,1909 a 98%
105
Tol & O Cent 1st 5s g 19 35..J&J
107
West Div 1st 5s g 1935.-A&O
90
Gen g 5s 1935........... ........J&D
90
Kana & Mich 1st 4s 1990 A&O
St Mary’ s Div 4s g 1951-.F& A a _____
Toledo Peoria & Western—
80
1st g 4s July 1 1917______ J&J
Toledo Ry & Terminal Co—
77}*
1st gu g 4% s 1 9 5 4 .._____ J&J
Toledo St L & Western—
85
Pr lien g 3 ^ s July 1 ’ 2 5 .. J&J
.80
1st g 4s Apr 1 1950_____ A&O
Tol Walh Val & Ohio—
101 }*
1st g gu 4% s 1931 ser A ..J & J
102
1st g gu 4*28 '33 ser B __ J&J
97
1st g gu 4s 1942 ser C__ M&S
98
Tombigbee Val 1st g 5s '56 A&O
!Toronto Ham & Buffalo—
1st g 4s July 1 1946_____J&D a __
ITroy & W T Bridge 5s '1 5 . M&S 106
108}*
(Ulster & Del con 5s 19 28..J& D
1st ref g 4s 1952.............. A&O
Union Pacific—
1st R y & 1 g 4s g 1947____J&J
| Oregon Railroad & Nav—
97
Cons g 4s 1946_______ J&D
118
Oreg ShLine 1st g 6 s’ 2 2 .F&A
1st consol 5s g 1946____J&J
' 88%
Ref g gu 4 s ’ 29 op ’ 07. .J& D
102
Utah & Nor 1st 7s 1908 J&J
Consol, gold 5s 1926. J&J
106%
(United N J R R &.Canal Co—
General gold 6s 1908____M&S 103
General gold 4s 1923____F&A a 101 }>
General gold 4s 1929____M&S a 103
General gold 4s 1944____M&S 103
90
Gen 1st g 3 H s Mar 1 ’ 51.M&S
Utah Central— See Rio Gr West.
Utica & B1 R— See N Y C & H
Valley (N Y )—See Del L & W
Vandalia R R con g 4s ’ 5 5 ..F & A a 97%
Vera Cruz & Pacific R R —
1st g 4H s 1934 op t........... J&J
Verdig Val Ind & W — See Mo Pa
Vermont Valley— 5s 1910.A & 0 a 100
Virginia Midland— See So R y
Va & Southw 5s 2003_____ J&J
105
Vicks Shreve & Pac—
Prior lien*6s g Nov 1 '15 M&N a 104
102}*
Gen 5s May 1 1941_____ M&N
Wabash— 1st gold 5s 1939. M&N
2d gold 5s 1939_________ F&A
l6 6 ‘ "
Deb mort 6s ser A 1939.-J&J
Deb mort 6s ser B 1 9 3 9 ..J&J
Equip g 5s Mar 1 1921..M&S
100
Equip g 4J^s June '0 7 .D ec
’ 14 ................................J&D
6%
86
1st lien term g 4s 19 54..J&J
53
1st r e &ex g 4 s'56 int ctfs. J&J
5% notes 1907 op 1 9 0 5 ..J&D
98%
4 Mj% g notes 1910 opt.M & N an 94
Det&Ch ext 1st g 5s '4 1 .J&J
106%
87
Des M div 1st g 4s 1939J&J
Tol & Chic 4s g 1941____M&S
OmahaDiv 1st 3}£s g '41A & 0
St L C B1 & Om— 6 s '0 8 . . J&J
St Louis Kan City & Nor—
102
St C Bge 1st 6s 1908..A & O
Wabash Pitts Terminal R y—
1st g 4s June 1 1954------J&D
21
2d g 4s June 1 1954------J&D
Warren R R — See D L & W
Wash & Colum R iv— 4 s '35 J&J * 88

• Sale price.

x Ex-interest

Ask.
90%
112 %

101

110

91
111

125
101
100

112
95%
132
111
108%
108

. . . . .

103
116

95
108

99%

110

102 %

94
94

85
's i '

101 %
101
95
107
112
101

114

102 %
105
92

100

107

110%

101

"5 7 "
5%
56 ”

97%
80

70

22

RAILROAD STOCKS.
Bonds and Stocks.

! Bid. I Ask.

Washington Cent— See Nor Pac
Wash Go R y— See Maine Cent
Wash O & W — See Southern Ry
Washington Terminal Go—
1st g gu 3% s 1945______ F&A
90
92
Weatherford Min Wells & Nor—
1st gu g 5s 1930............... F&A
100
95
West Jersey & Sea Shore—
Consol g 4s 1936________ J&J a 99
101
Cons 3% s g Ser B 1936__ J&J
Cam & At con 6s 1911__ J&J
Cons 5s 1 9 1 1 ____J&J
103%
W Jersey consol 6s 1909 M&N 100 :
West Maryland— 4s 19 52.-A&O
76
'5 6 "
Gen lien & conv g 4s ’5 2 .A & 0
Balt & Harris g 5s ’3 6 --M&N! 112%
1st M West Ext gos’38M&N 110
West N Y & Penn— 5s 1937. J&J 113%
Gen mort gold 4s 1943--A& O
87%
Income g 5s Apr 1943.-N ov 1
33
West of Minn— See Nor Pacific.
West Nor Car— See South’n R y .
Western Pa— 1st g 4s 1928 J&D 100%
W est’n R y Ala— 4% s ’ 1 8 -.A & 0
104
West Shore— See N Y C & H R
West Transit— See N Y C ___
West Va & Pitts— See B & O.
West Va Cent & Pitts—
1st gold 6s 1911________ J&J
105
Coal & Ir R y 5s g 1920--F & A
J01
Wheeling & Lake Erie R R —
1st consol g 4s 1949____M&S
84
L Erie Div 1st g 5s ’2 6 --A&O 109
Wheeling Div 1st g 5s ’28. J&J 108
Exten & impt g 5s 1930.F&A 105
Equip s f gold 5s 1922____J&J
101
5 % g notes Aug ’08 op t.F & A a ~96%
97
Wheeling Term— 4s 1940--F& A
90
Williamsport & N Branch R R —
1st ref’d ’g g 4% s 1931__ J&J a 90
97
WilkesB & East— See N Y S & W
Willmar&S Falls— See StPM&M
W ilm Gol&Aug— See At Coast L
W il & Nor— See Phila&Reading
W il & W eldon— See Atl Goast L
W inona & St P— See Chic & NW
Wisconsin Central Company—
1st Mtg g 4s 1949_______ J&J
86
87
Cons 1st series g 5s 1909.-J&J 101
Ch Wis & Minn lst6s’16.M&S 109
Marshfield&South East’n Div
pur mon 1st g 4s 1951.M&N
90
91
Mil & Lake Win 6s 1912. .J&J
106
Wise & Mich R y— 5s 1945..J& J
20
Wise Minn & Pacific R R —
1st g 4s Oct 1 1950_____ A&O
80
W iscon Val—-See C M & St P.
Worcester Nashua & R och—
4s Jan 1 1913....... ............ J&J
99
4s Jan 1 1930___________J&J
99
4s Oct 1 1934_________ A&O a 99
Yosemite Valley—
1st s f g 5s Jan 1 1936__ J&J a 99
101
RAILROAD STOCKS.
Par.
Ala & Gt South’n A pref____£10 I
Common________________ £ 1 0 /
Ala N O T & P Jc A pref____£107
5%
B deferred_________ _____ £10 I 7-16
Albany & Susquehanna (Gu)100 230
Allegheny & W est’n (G u a r).100; 130
Ann Arbor com m on________ 100
20
Preferred________________ 100!
70
Atch Top & Santa F e........... 100
8S%
Preferred________________ 100
94
Atl 1st leased lines rent tr........... I 10 f
Atlan & Char Air L (G uar). .100 165
Atlanta & West Point........... 100; 165
Atlantic Coast L Go of Ot--100'
Atlantic Coast L R R com . .100 '9 7 %
Preferred_________________100! 105
Atlantic Coast Line— A ____100
100
Augusta & Sav (Guar)_____ 100
112
Bald Eagle Val (leased by Pa) 50; 240
Balt & Cumb Val Extension
7% |Guar W est’n Maryl’d ).5 0 d 45
(Guar W est’n Maryl’d ).50 ;d 40
Balt & Ohio— Common_____ 100:
95%
Preferred________________ 100
87 %
Bangor & Aroostook com __ 100! 100
Beech Cr (Guar N Y C )______ 50) 100
Bost & Alb (Guar N Y C )..1 0 0 230
Bost & Lowell (Guar B& M ).100
Boston & Maine____________ 100;x
Preferred________________ 100
Bos & N y AirL pref (G u a r).100 110
Boston & Prov (Guar 0 G )..1 0 0
Boston R ev Beach & L y n n .. 100 1 0 2 k
Buffalo Roch & P ittsbu rg h ..100
95
Preferred........................... .100
110
Buffalo & Susquehanna pref. .50;
Camden & Burl Co (Guar)__ 25
145"
Canada Southern___________100
60
Canadian Pacific___________100
167
Preferred________________ 100 I 103
Catawissa R R —
1st pref (Guar P & R )_____ 50 d 58
2d pref (Guar P & R )_____ 50 d 56
Cayuga &Susq (Gu D L & W ) 30 215
Central of New Jersey______ 100
170
Chartiers Railway___________50
150
Chesapeake & Ohio......... ......100
40%i
Chicago & Alton R R _______ 100
15
Preferred_______ _________ 100
Chic Burl & Quincy________ 100
190
Chic & East’ n 111— Pref_____ 100
100
Chic Great Western com ____100
13
4 % d e b . . . ......... ................ 100,
75
5 % pref A div in cash____100
59% I
4% preferred B _________ 100
17
Chic Ind & Louis preferred..1 0 0
60 i
Chicago Milw & St Paul____100
128% i
Preferred________________ 100
146
Chicago & North Western__ 100
144^
P re fe rre d ...........................100
190 I
Chic Peoria & St L— Pref—
j
Deposited stock........... ............ i
l
Undeposited stock___________1
1
Chicago St Paul Minn & 0 . . 100, 127
Preferred.............................. 100! 150
Chicago Subway Co............... 100
17%

a Purchaser also pays accrued interest.
V Ex-rights.



6%
9 -lb

80

88?
96
106
175
170
290
99

112

114*

90
105'
230”
160
165
297 %
128
139%
85
'6 3
167 %
105

58
230
185
155
41
17
59
120”

13 %
76%
62
184

90

129 4

148
147
201

Stocks.

Par .

Bid.

Ask.

[V o l .
Stocks.

.

l x x x iy

Bid.

.

A sk.

Chic Terminal Transfer Co_.10(3
7
Nashua & Lowell_________ 1000 250
Preferred_________ _____ _ 10(3
8
122 ~
10
Nash Chat & St Louis.........
0 118
Cincin Ham & Dayton_____ 10( 3 .........
195
Nashville & Decatur(GuL&N)255 190
Preferred A ______________ 10( 3 _____
3
49
53
Nat’l R R of Mex— P r e f...
22%
Preferred B ______________ 10<J . . . . .
21
2d preferred_____________ 1003
Preferred, Eagle_________ 10<3 .........
:::::
D eferred________________ 100
New 2d pref_____________ 10( 3 .........
New Haven & Derby (Guar) 1003 114*"
_
Cin New Orl & Tex P ac____10( 3 120
NY Bklyn&ManB pref(Gu).1003 105
Preferred....................... — 10( 3 _____
116%
H 2 4 NY Gentral & Hudson R iver.1003 116
Cin Sandusky & Cleve pref__ 513 125
124
Dividend payable in London.. 2122
Cleveland Akron & Colum_.10(3
61
66
42
New York Chic & St L o u is ..1003
36
65
70
Cleve Cin Chicago & St L ___10( 3
120
1st preferred_____________ 1003 100
111
Preferred________________ 10( 3 x 99
70
80
2d preferred_____________ 100
Cleveland Lorain & Wheel’g.lOC)
70
340
101
360
New'York & Harlem (guar)
Preferred_______ _____ — IOC
30
103
125
25
N Y & Jersey pref assen ted..100
Cleve & Pitts (Guar Pa R R ). _5(
165
175
122
128
N Y Lack & West (Guar)___100
Betterm’t stock (GuPaRR)5(
98
102
174%
New Y ork New Haven & H .100 170
24
Colorado & Southern............. 10( )
23%
37%
N Y Ontario & Western____100
38
1st preferred_____________ 10(
59% Norfolk & Western R y _____100
77
75%
584
2d preferred............... ........IOC
49
76
85
46
Adjust preferred_________ 100
_____
Columbus & Xenia (Guar)___5C 210
211% No Carolina (Guar So R R )..1 0 0
175
_____
Concord & Montr’l—Glass I .IOC 180
Northern Cent (new certfs)___50)d 86%
Class I I ............... ................ IOC
157
North’n N H (Guar B & M )..10 0 153
1814
180
124%
Class I I I ________________ IOC
124
Northern Pacific R y _______ 100
Class I V ......... .................... IOC) x 1 8 5 4
North’n R R of N J (Gu Erie) 100
94
100
Concord & Ports (Guar)------IOC
200
100
Northern Securities Co Stubs. .
125
Conn & Passumpsic— Pf (Gu) . 1OC 156%
North Pennsylv (Gu P & R )___50
100
101
Conn River (Guar B & M )___IOC
278
. . . . .
Norwich & W orc’ ter Pf (Gu) 100 225
Cripple Creek Central______ IOC
40
Ogden Mine R R (GuCenNJ).lOO
105
95
Preferred________________ IOC
40
195
*65” Old Colony (GuNYNH &H )_100 .........
Danbury & Norwalk (Guar)..5C
120
Ontario & Quebec_________ 100) l 154
157
Dayton & Mich com (Guar)..5C
.........
. . . . . Oswego & Syrac (Gu DL &W)50
225
233
.........
Pref (Guar C H & D )......... .5C
Delaware & Bound B (Guar) IOC 203
207”
120%
120%
Delaware & Hudson_______ IOC
175
180
190
200
Delaware Lack & W est------- 5C 450
475
20
25
Denver & Rio Grande______ IOC
27
29%
......... k 52
Preferred________________ IOC
71%
75
Preferred________________ 100
. ..
k 56
Des Moines & Fort Dodge___IOC
15
20
) d .........
65
.........
Preferred________________ IOC
95
d«153
- - - - Detroit Hills & S W (Guar).IOC
101
k28f
103
281
Detroit & Mackinac R y _____ IOC 1 45
35
d 30
Preferred________________ IOC
88
Preferred_________________ 50)d 70
74
Det Tol & Ironton com _____ IOC
67
ittsb Cin Chic & St Louis. .100
66%
1st preferred_____________ IOC 1 ' 1 5 "
*25”
94
Preferred_____ _____ _____ 100
98
2d preferred_____________ IOC
12
5
ittsb Ft W & Chic (G u a r).. 100 163
173
_____
Dulutn South Shore & AtL.lOC
14%
15
Special (Guar Pa R R )____100
160
Preferred________________ IOC
148
214
East Pennsylv (Guar P & R).5C rl
125
130'
Elmira & W ’msport (Guar)._5C dk 53“
III”
5
9
Pref (Guar Nor Cent)------- 5C dk 70
72
70
Erie— C o m m o n ....... .............. 100
24 %
24%
Preferred....................... ........50
70
1st pref__________________10C
59
108
112
584
_____
2d pref............. .......... ..........100
37%
39
282
Erie & Kalamazoo (Guar)— 5C 245
250
175
Erie & Pittsb (Guar Pa R R )..5 0
150
160
195
.........
Evansville & Terre Haute------50
63
70
Preferred__________________50
85
4 % 111 Cent Stock ctfs 19 52..
80
87
90
.........
Fitchburg preferred-------------100
130
102%
102%
Ft Wayne & Jackson— com . 100
_____
1st preferred______________ 50
84
Pref (Guar L S & M S )------100
140”
144”
_____
84
2d p referred ............... ........50
Fort W orth & Den C stmpd.100
70
.........
190
210
Georg R R & Bank Co (G u ). -100 254
257
250
230
Georgia Southern & Florida. 100 ____
30
Dividend obligations_____ 100
230
250
First preferred___________100
94
6% guaranteed___________100
274
277
Second preferred________ 100
_____
"84”
7% guaranteed___________100
275
Grand River Valley (G u a r )..100 i22
......... ,ich & P & R F & C Conn__ 70 110
. . .
Great Northern R y— Pref— 100 136
187
2#
15
57
Ore certificates---------------------57%
140
143
Green Bav & Western--------- 100
74
80
20%
20%
Deb ctfs A ______________ 1000
. . . . .
44
Preferred________________ 100
45
____
Deb ctfs B . _____ ________1000
"10%
130
Hartford & Conn W est--------100
40
122
.........
126
Harrisburg Ports MtJ & Lan.50 dk 99
101
40
49
Hocking Vallay— Com m on. .100
75
80
10
25
^C om m on, trust receip ts-------75
77
45
1st preferred_____________ 100
65
82
"Preferred________________ 100
84
25
2d preferred_____________ 100
35
Huntingdon & Broad T op ------50 d 1 2 4
18
t Louis Bridge 1st pref------100
139
____
Preferred__________________50 d 5 2 4
60
2d preferred_____________ 100
Illinois Central_____________ 100
141
142 ' t Louis & San Fran 1st pref 100
60
"66%
Leased lines (Guar)--------- 100
102
32
2d preferred_____________ 100
34
Stk tr ctfs— See R R Securs Co
Stock trust certfs for
Iowa Central_______________ 100
19
Ghicago & East 111 c o m .100 160
184
170
Preferred............. ................ 100
334
Preferred____________ 100
34
100
125
Jackson Lans & Sag (G uar). 100
88
.........£
18%
J9%
Joliet & Chic (Gu C & A )____100
175
P r e fe r r e d ___________________ 100
185
50
53
K al Allegan & Gr Rap (Gu).lOO 130
.........£
170
Kanawha & Michigan--------- 100
t
......... s 50
K C Ft Scott & Memphis R y—
Preferred (undeposited).. 100 ’ 42”
"55”
Pref (Guar) trust ctfs____100
73
76
£
- - - - 18
Kansas City Southern______ 100
_____
1st preferred........................100
214
22%
65
Preferred______________ ^.100
48
2d preferred--------------------100
51
50
40
K C St L & Chic— Pref (G u).100 142
......... £
79**
79
Keokuk & Des Moines........... 100
8
10
Preferred________________ 100
114
112%
Preferred________________ 100
35
40
£ d R y — Com (vot tr ctfs ext) 100
21%
21%
Lake Erie & Western_______ 100
Preferred........... d o _______ 100 x 70
80
18
23
Preferred............... .............. 100
50
Mob & Ohio stock tr certfs..
60
95
90
Lake Shore & Mich Sou......... 100 n 295
114
310
£
112
Lehigh Valley_______________ 50
62
£
. . . . .
614
220
Preferred__________________50 d 110
......... £
85
Little Miami (Guar Pa R R )..5 0 217
224
1
6
l i t Schuyl Nav RR&Coal(gu)50 d
Preferred.............................100
11%
Long Island....... ............ ..........50
" 4 7 ” . '5 7 ” 1
50
Louis & Mo Riv pref (G u )..1 0 0 165
. . . . .
175
Preferred.
90
.100
Louisville Bridge Co_______ 100
145
1
27
139%
26
.100
Louisv Hend & St L com __ 100
5
10
1
17
20
.100
Preferred________________ 100
20
26%
30
1
28
Louisville & Nashville______ 100
51
116%
Preferred vot trust certs. .100 X 4 9 %
1154
Lowell & Andover_________ 100
......... 1 roy & Gr’nbush (Gu N Y C ).50 175
229%
Mahoning Coal R R _________ 50 250
132%
I nion Pacific— Common___100
132%
Pref (Guar L S & M S )____50
100
85
Preferred......... .................... 100
87
Maine Central quar________ 100
242
195%
I
250
175
......... t
180”
Maryland & Pennsylvania.. 100!
34
I
150
25
156
Massawinpi Valley (G u a r).. 100 155
......... \
125 i 132
Gonn Tr & S D Co ctfs____100 aa 100
100
\
.....1
87
Mexican Central____________ 100
21
\
..1 0 0 160 !
20%
Michigan Central---------------- 100; 125
190
\
13%
13%
Mine Hill & Schuy Hav (Gu).50i
62
Preferred________________ 100
23
614
24
Minneap & St Louis Com__ 100!
50
\
49
23%
Preferred______ ______ ___ 100
80
85
V
177
102% \
x 100
15
' 36”
132
x 130
55
d .........
Missouri Kansas & Texas__ 100
34%
35
\
1 04
114
Preferred............................ 100
62
1st preferred--------------------100
634
25
28
72%
72%
2d preferred--------------------100
15
17
Mo Riv & No W est, pref____100
80
\ Wisconsin Central-------------- 1001 17
75
19
Mobile & Birm pf (Guar)__ 100
Preferred vot tr certs____100
90
93
40
374
Mobile Jackson & Kan C ity. 100 .........
.........V Worcester Nash & R och____100! 145
. . . . .
Mobile & Ohio— See South’n Ry
180
170

3
3
135
180
18
d Price per share, not per cent. A;Last sale.

I In

London,

n Nominal.

« Sale price,

x Ex-dividend

41
ST R E E T

R A IL W A Y

S E C U R IT IE S .

Prices marked thus (a) indicate that the purchaser has to pay accrued interest in addition to the price given,
not marked are flat prices— that is, the purchaser does not pay accrued interest in addition.
Bonds.

Bid.

Ask.

Bonds.

Bid.

Ask. •

Bonds.

Bid.

Pric*

Ask.

Cleveland, O.— (Concluded.)
Brooklyn, N. Y.— ( Concl.)
Clev Pains & East 5s 1916A&0 an 97
101
Brooklyn City— 1st 5s '4 1 .J&J 102
Consol 5s 1918________ A&O a ____
98
Brooklyn Cross 5s 1908.J&J
Akron, O.
LakeShElec 1st con g 5s’23 J&J a 9 7 *
100“
G rp ’t & LorSt 6s 1910.M&N 102
Northern Ohio Trac & Light—
99
Gen g 5s Feb 1 1 9 3 3 .. -F& A 0 81
85
Wm&Flat ex 4 * s Jul’41F-A
1st consol g 5s 1933___ J&J 0 ____
90
____
Toledo Fremont & Norwalk
99
B’k’nBath&WE gen5s ’33A&0
75
1st g 5s 1920 opt 1905.J&J a ____
101
a ------100
Bklyn Hghts 1st 5s 1941. A&O 103 s 105
Lor&Clev g 5s’27 op ’ 17.J&J a 97
100
ak 9 9 * 100 Bklyn Queens Co & Sub—
100 1 Sandusky Fremont & So—
90
1st mtg g 5s 1941______J&J
1st M 5s 1936...............J&J a ........
90
100
100
1st con gu g 5s July ’ 41 M&N
Albany, N. Y .102 I
a 10 1 * 102*i
Jam & B 1st m 5s 1930.J&J a 95
102*'2 Bklyn Un El 4-5s 1950..F&A 10 0 * 102 I Colum bus, O.
a 100
____
a 107
108
Stamped guaranteed.............
. . . . - Cen Market 1st g 5s 1922..J&J a .........
_____! Col Buck Lake & New’k Trac—
a 107
108*2 BklynRapTran—5s g '45.A&O 105
1st g 5s 1 9 2 1 ............M&N a 99
8
1
*
100*
a 112
1st ref g 4s 2002..........J&J
113
8154;
90
Col Con St Ry 1st g 5s g 09.J&J a 100
105
113
93
a 112
Coney Isl & Bklyn 4s 1948.J&J
2d g’d 6s 1919____ t
104
Col
Del
&
Marion
Elec
R
R
—
____
a 106
B C & N 1st con 5s '3 9 .. J&J
Troy Ry 5s g 1942____
102
s87
1st g 5s 1921________M&N a 100
K Co El— 1st g 4s Aug’ 49.F&A __
84 X
ColumRy 1st g 4s ’39 op ’ 14.Q-J a ____
91
Stamped guaranteed_______
Allentown, Pa.—
____ I Col St Rv 1st 5s g 1932___ J&J a ____
107
Nassau Elec— 1st 5s 1944. A&O 104
Lehigh Valley Transit—
a
____
81
J54
:
Cross
St
1st
5s
g
19
3
3..J&D
107
1st g 4s Jan 1 1951___ J&J
1st m g 5s D e c'3 5 .opt M&S a 100
86
Indiana Columbus & E. Trac.—
1st m g 4s D e c’35 opt ..M&S a 85
Gen. & refg. g. 5s, 1926 opt
f
Buffalo, N. Y.
Cons g 4s, 1935------------ J&D| -----1911................................ M&N a 96
68
70
98
InternTracColl tr 4s 1949.J&J
Quakertown Tr 5s’3 1 -.M & S !a ___
109
BuffRy 1st con M5s g'31F&A a 107
Dallas, T ex.
A lton, III.
Deb g 6s 1917...........A&O a 104
108
98
DalElCor 1st col tr g 5s ’22A&0 0 94
CrossStRy 1st 5s g '32.M&N a ____
Alton Granite & St L Trac— |
97 * i
108
1st cons g 5s 1944____ F&A a
Buffalo Trac 1st g 5s'48J&D a ____
100*
Danville, 111.
BuffBell&Lan 5s 1927.J&D a 100
102* Danville St Ry & Light Co—
Anderson, Ind.
Buff&Lock 1st g 5s 1938.J&J a 100
100
Ref gold 5s 1910-1925..J&J a ___
Buff & Niag Falls Elec Ry—
Indiana Union Traction—
85
105* Danville Urbana & Champ—
1st M 5s g 1935.......... J&J a ____
1st g 5s July 1 ’33,op'08A&0 a S2
97
1st 5s 1923 o p ...............M&S a 100
2d mtg g 5s 1921___ J&J a 104
96
Ind Nor 1st g 5s July ’33. A&O
----101* Illinois Central Traction—
Lockp & Ole 1st g 5s '20. J&J a ____
Union Trac Co of Indiana—
102
1st M g 5s 1933 opt guar .J&D 100
9 7 *1
1st g 5s July 1919.......... J&J
a 94
96
Burlington, Iowa.
Davenport, la.
Burlington Ry & Light—
1st M g 5s '17 op 1902.A&O a ......... 102* ri-City Ry & Light—
Atlanta, Qa.
99*
98
Coll tr s f g 5s 1923___ A&O a 95
eorgia Ry & Elec 5s ’32. .J& a 97
s
102
Camden,
N. J.
a
100
Atlanta Cons St 5s '39..J&
96
101
D ayton, O.
101
Cam&Tren Ry g 5s '29..M&N
Georgia Elec Lt 5s 1930.J& a 9 9 *
Gen g 5s 1931________J&J a 94
98 !Dayton Cov & Piqua Tract—
Atlanta Northern Ry Co—
1st g 5s 1922..............A&O
97*
102
a 100
So Jersey Gas Elec & Trac—
Dayton Lebanon & Cin R R —
97
Guar g 5s Mar 1 1953..M&S a 95
1st g 5s 1921 op 1906.-M&S
Atlantic City, N. J.
Canton, Ohio.
Atlantic City & Sub Trac— I
Denver, Col.
92
101
Canton-Akron 1st g 5s '22M&S a 99
Ref g 5s 1933 op 1913..F&A
90
102 I;Denver City Tramway—
Canton-Masslst g 5s’ 20M&N a 99
101
DenverTram 1st 6s g’ 08.J&J a 99
Auburn, N. Y.
Canton-New Philadelphia Ry.
Consol 6s g 1908____ J&J a 100
102
1st g 5s 1923 op t______F&A a ____
100
Auburn & Syracuse Elec R R —\
104
Metropolitan g 6s 1911--J&J a 101
103
1st & ref g 5s '42 op ’ 12.A&0!<J 102
a 100
101
Charleston, S. C.
a 97
101
Charleston Cons RyGas & Elec
Augusta, Qa.
DenverTramPow Co— 1st Imp
92
101
Co consol g 5s 1999..M&S
91
AugRy&Elec— 1st 5s ’40.J&DI 100
a 100
Ch City Ry— l«t g 5s 1923.J&J
103
North Augusta Elec & Imp—
106
1st g 5s 1951.........Opt A&O a 85
Des Moines, Iow a.
Chattanooga, Tenn.
Chatt Rys— 1st con 5s’56.M&N a 99
100 1 es Moines City Ry—
Baltimore, Md.
Ref g 5s 1921 op I906-A& 0ia
98
Chicago, III.
B C & EllMills 5s g g’d ’ 16. J&J 1C6
1 0 4 " Aurora Elgin & Chicago RR .—
DMSt s f g 6s ’ 19 op’ ll.A & O a
BaltCityPas 1st 5s g 1911.M&N
........
95
1st &ref. g. 5s, 1946. op,J&J a ____
Balt Sparrows Pt & Ches—
j
Detroit, Mich.
93
A E & C ffy.lst g5s’ 41 ..M&N a 9 7 %
98*
91
1st g gu 4 * s 1953___ F&A
112
Elg Aur & S s f 5s ’ 16.J&D
97
99 I|Det United 4 * s 1932 opt.J&J
S9
BaltTracColst M 5s 1929.M&N 109
114
Coll tr g 5s Feb 15 ’ 10.F&A15 a ____
95*
Chic Cons Trac 4 * s g '39.J&D a 50
60
No BaltDiv 1st g 5s '42.J&D 112
'etElecRy con g 5s ’ 16.J&D a 1 02*
80
103
No Ch Elec 1st gu 6s ’ 14 F&A a 70
GentRy con M g 5s 1932.M&N 108
Det Ry 1st 5s g ’ 12-24. J&D Basis 4 * %
ChicElecTran 6s gu 1914.F&A a 80
100
Exten & imp 5s 1932. M&S 107
DetroitFtWayne & Belle Isle—
Chicago Junction RR—
Clty& Sub 1st 5s g 1922.J&Di 107
1st g 5s Apr 1 1927___ A&0|aa 96
115
99
1st g gu 4s 1945 op ’ 10.M&S a 96
98
Lake Ilo El 1st g 5s '42.M&S 112
IDetroit & Northwest—
Chicago & Milw Elec Ry—
Maryland Electric Rys—
4 * s g 1921 op 1911 ..M &Niaa 97
97
98
102
1st s f g guar 5s 1931 red.A&O a 95
1st g 5s July 1 1919___ J&J a 100
a 106
>et & Pontiac— 5s g 1922.
107
Chicago & Milw Elec RR—
United Rys & Electric Co—
86*
Cons g 4 * s ’26 op ’ ll..J & D | o0 97
99
1st g 5s 1922_____ ____ J&J a 94
97
1st consol g 4s 1 9 4 9 ...M&S
85*4
52
'et
&
Port
Huron
Shore
Line|
Wisconsin Division—|
Incomes g 4s 1929-1949.J&D
51*
1
82
97 , 1st g 5s 1950..................J&J aa 94
96
1st g 5s 1925...............J&J a 95
80
Inc fund g 5s 1936_____ J&D
Rapid Ry 1st 5s g 1915.M&S a 103
105
Cicero&Proviso 5s g 1915 M&N ____
Det & Lake St Clair Ry—
Lake St El 1st 5s 1928___ J&J a ........
Beaver Falls, Pa.
"9 1 *
1st g 5s 1920_______A&Olo0 97
Metropolitan West Side “ L” —
101
Beaver Valley Traction—
102*
1st g 4s 1938 ___ ____ F&A
9 0 * Det Roch Romeo & Lake Orion
a 101
106
a 105
82 |] 1st sk fd gold 5s 1920..J&D|o
Bellingham, W ash.
Exten g 4s 1938-.............J&J a 80
Det&Flint 1st g 5s ’ 21.F&A aa ____
.........
Whatcom Co. R y. & Light—
No Chic St RR 1st 5s ’ 0 6 ..J&J a ____
99*
>et Ypsil Ann Arbor & Jack—
95
1st M. g. 5s, 1935........ M&N a 93
1st 5s 1909____________ J&J 0 _____
........ i
.........
1st g 5s 1926___ _____ F&A aa ____
Bingham ton, N. Y.
95
Refund g 4 * s 1931___ A&O a .........
110
D Y & A A g 6s 1917..M&N a 108
NoChCityCons 4 * s '27M&N a 75
Bing Ry 5s 1931 op 1911.M&N a 100 s 103*
Cons g 6s 1924..............F&A aa 1106H
06*
107*
Birmingham, Ala.
NorthwEl 1st g gu 4s ’ 1 1 .M&S a 8 9 *
*90“
SoSideEl 4 * s 1924 op ’ 10.J&J a 98
Birm Ry Light & Power—
99*|!
90
Union El (Loop) 5s g ’45. A&O ____
99^il D oylestow n, Pa.
Gen ref g 4 His '54 op’09. A&O
'oylestown & Easton St
107
WestChic St RRlst5s’28 M&N a ____
95
BIrmRy&Elec 1st g5s '24. J&J 105”
1st g 5s 1941 opt 1911..j& J a 30
60
Consol g 5s Nov 1 1936.M&N a 68
75
_
_
B oston, Mass.
Deb 6s 1914__________ J&D a ____
_____ij
Duluth,
Minn.
a 09*
101
WCStTun 1st 5s gd’09.F&A a ........
W Div Ry 1st 4 * s 1932. J&J a ----an 90
90” Duluth Superior Traction Co—
92 .
____ 1 Duluth St R y ls tg 5s ’30 M&Nja
a 95
100
Boston & Worcester St Ry—
Ogden St 6s 1916
M&N a ____
Cincinnati, O.
100
Easton Pa»
Lex & Bost 1st g 4 * s ’ 20.A& O ja_____
Cin D & T Trac gold 5s '22. J&J a _____
91*
Lowell & Suburb 5s 1911.J&D a 100
Cin Lawr & Aur 5s 1919__ J&J a 95
100 iEaston Cons El 5s 1949.M&Nlaa 101*
103
108
Lowell Lawrence & Haverhill
Cin New & Cov 5s g 1922..J&J a 106*
Easton Palmer & Beth St Ryj
1st g 5s Dec 31 1918._.j& j|aa 1 0 1 *
1st g 5s 1923 o p t .......... J&D a 102
2d g 5s July 1 1922___ J&J a ____
107
104
Lynn & Bost 1st 5s g ’ 2 4 .J&D a 103
107
SoCov&Cin 1st M 6s ’ 12M&S a 112
East St. Louis, 111.
East Middlesex 5s 1918..M&S a ____
2d cons M 6s g 1932..J&J a _____
1 2 5 " IEast St Louis & Sub Co—
a ------------Coll tr g 5s 1932__ Opt A & O la
Naumkeag con 5s 1910__ J&J o 99
99*
Newp’t & Day 1st 6s ’ 17F&A a 115
120*
l6 I”
Old Colony refg g 4s ’54__ J&J an 90
Elmira, N. Y.
92
Cincinnati Street Ry—
Ilmira Water Lt & RR —
WestEnd deb 4 * s s '1 4 .M&S a 100
10J •
Mt Aub Cable 1st 5s '07.J&D a 101
1st g 5s Jan 1 1949.........J&J aa 99 s 102
Deb. 4s Aug 1 1932___ F&A a 98
Interurban Ry & Terminal—
101
PI P«iso Tex.
Gold 4s Feb 1 1917___ F&A a 98
1st g 5s 1928 .................Q-J a ____
100
100
97
Gold 4s May 1 1916__ M&N a 98
South Ohio Trac— 5s '2 0 .M&N a 96
98 !ElPasoE1.6o.coil tr.g.5s’32.J&J a 95
100
Erie, Pa.
4s Aug 1 1915________F&A a 98
Cin&H 6s g Apr 1 1918..J&J a ........
108
100
101
[Erie El Motor g 5s 1941.. A&O 0 99
So Shore & Bost g 5s 1919.F&A a ------Cleveland, O.
Evansville, Ind.
Cleve & Southwestern Trac—
Braint&WeyRv g 5s ’ 17M&S o .........
94 (Evansville El 1st g 4s '21.M&N a .........
90
1st & con g 5s ’23 op ’ 13F&A a 90
Br’igeWhit&Rk g 5s’ 17M&N o .........
Clev&Elyria g 6s ’07-15 M&N a 100
1 0 0 * .1[ Fond du Lac, W is.
Bridgeport, Conn.
103
ClBerElv&Ober5sg'19.M&S ak 95
I
Eastern
Wisconsin
Ry
&
Lt—
Gonn Ry & L 4 * s 1951..J&J a ........
100
96
Elyria&Ober g 6s '07-17F&A a 9 9 *
1st M e 5s 1923 o p t__ A&O a 94
Stamped, guaranteed op t__ a -------99
Fort Smith, Ark.
Bridgeton, N. J.
Clev Elyria & W 5s '2 0 .F&A ak. 9 6 *
'98
t Smith Light & Traction—
Bridgeton & Millville Trac—
Clev&Ch»gr>n Falls Elec R R —
1st g 5s 1930..................J&J 102
Conssf g5sDecl5’44 op’09Q-M 0 90
95
1st g 6s May 1 1916__ M&N
Fort W ayne, Ind.
,
Brockton, Mass.
Clev & East— 1st g 5s '2 9 .J&J
100
Clev Elec cons 5s g 1913.M&S a ____
i o i ” !FtWBl&M— 1st g 5s ’35gu J&J' a ____
NewBedMiddleb&Brockton—
East Clev 1st M 5s 1910M&S
101
1st g 5s Jan 1 1920___ J&J o 98
100
Brooklyn, N. Y.
92
95
1st M g 5s 1930.............. .J&J
Cl City Cable 1st 5s g 1909. J&J
100
AtlanticAve genM 5s ’0 9 .A&O a 98
tWayne & Wabash Val Trac.
Clev Painesv & Ashtab Elec—
101
95
1st con g 5s 1934____ M&S a 92
Consol M 5s g 1931___ A&Ola 103
1st gold 5s July 1 1922..J&J a .........
------- !
flJPurchaser also pays accrued interest
k Last sale
* Nominal
t Sale price. x Ex interest.
STREET R A IL W A Y BONDS.




*

42

STREET RAILWAY SECURITIES.
Bonds.

B id .

Fort W orth, Tex.
N orthern Texas Trac Co— 1st
g 5s 1933, opt 1908-13-J&J a

Bonds.

A sk.

B id.

A sk .

London, England.
Underground Elec R ys of Lon­
don profit-sharing 5s ’ 0 8 T^ T}'

V o l . L x x x iy
Bonds.

B id.

Newport News, Va.
Newp’ tN ew s& O ldP tR Y& E C o
98
90
77
1st g 5s N ov 1 1938__ M&r*
78
Gen g 5s Mar 1 1941 ..M & S
Galveston, T ex.
Long Branch, N .J .
Citizens’ R y Lt & Power Co—
Galveston Electric Co—
A tC E IR R — 1st g 5s ’ 4 5 -fl
a 07
^ 1st g 5s guar 1940____M&N
1st 5s g May 1 '40 o p ..M & N o 93
99
D _____
At Coast El L t— 5s g ’ 45-.
New York, N. Y.
87
B leeckerSt& FFlst g 4s’ 50_J&.
G eorgetow n, Mass.
Long Island City, N. Y.
CentCrosstownlst 6s 1922 M&N a 108
G eorget’nR ow ley& Ipsw R y —
3
88
5 % notes guar May 1909____ a 98
1st g 5s June 1 1 9 2 0 ..J& D a 101
103
J 108
Christopher & 10th Street—
1st ext 4s Oct 1 1 9 1 8 ..A & 0 n a 90
Girardville, Pa.
Los Angeles, Cal.
Dry D ock E B ’way & Battery
J
105
107% California Pacific 5s 1941.
SchuylkTrac— 1st 5s 1943A&O a 98
100
1st 5s gold 1932
__ J&D
Los Ang R y 5s g 1 9 3 8 ...
94
Cert indebt 5s 1914____F&A
)
116
117%
Grand R apids, Mich.
100
Los Angeles Pacific R R —
EighthAv cert indebt6s’ 14F&A
_____ 42dStM&StN 1st 6s '1 0 . M&S a 101%
Gd R ap R y 1st g 5s '1 6 . .J& D a 99
102
1st consol s 1931____
)
109
Gr Rap Gr Hav & Musk R y —
Los A Pa Co a I— 5s ’ 43.
3 _____
108
2d M inc 6s Jan 1915____J&J
67
1st g 5s July 1 1926____J&J
97% LosAng& Pas— 5s g 1928.
102
Interborough-Metropol Co—
Los Ang Trac 1st 6s 1915.
109
Coll tr g 4 4 s 1956 . . . A&O
774
Greenwich, Conn.
1st g 5s 1938.................
103
Interborough Rap Transit—
Greenw Tram 1st g 5s ’3 1 . J&J a 109
112
Pacific Elec R y g 5s 1942.
4% g notesMay 1 ’ 08 opM&N a 96%
..."
1084
5% g notes 1910 op ’0 9 .M&S a 95%
H ackensack, N, J,
Louisville, K y.
Manh El Con 4s g 1 9 9 0 .. A&O
N J & Hudson R v & Ferry—
a 100
102%
Met El 1st 6s 1908______ J&J
1st g 4s 1950 o p t _____ M&S a 80
83%
a 1054
i0 7 ” Metropolitan Street R y Co—
2d
a _____
104
R ef g 4s Apr 1 2002__ A&O
....
Hartford, Conn.
a 100
Gen M coll tr g 5s 1 9 97.F&A
Hart Man & R ock 5s ’ 2 4 .A&O a 107
111
l6 o ”
Bway&7th Av 2d 5s ’ 14. J&J
Hart St R y — 1st g 4s ’ 3 0 .M&S a 100
103
108
100
Con M 5s g 1943____J&D
Hart & Springf 5s g 1 9 2 1 ..J& J a 101
104
100
B ’ w aySurfRR 1st 5s ’ 2*.J&J
Macon, Ga.
C ol& 9thA vlst g 5s ’9 3 .M&S 1 0 8 4
Havana, Cuba.
Macon Railway & Light CoL exA v& P F ’ ylst5s g ’93M&S a 107
Havana Central R R —
95
98
34thSt Crosst 1st 5s ’96A & 0 n 103
77
1st M g 5s 1955________ M&N
70
Metropolitan Crosstown—
Havana Elec— 1st 5s ’4 9 .F & A a 90
96
Manchester, N. H.
1st 5s April 1 1920. .A&O a 103
Consol g 5s Feb 1 1952.F&A
90
Manchester Tr L & PowerN Y& Stam f’d— 1st g 5s’31A& 0 a _____
a 103
106
Second Ave 1st 5s 1 9 0 9 ..M &N a 100
H azleton, Pa.
Consol 5s gold 1948____F&A a 107
W ilkesbarre & Hazleton R.R—
South Ferry 1st 5s 1 9 1 9 .A&O a 100
1st col tr g 5s 1951 ..M & N 15 a 97%
100
M anilaElecRR& Ltg Corp—
.....
Third Ave 1st 5s g 1937__ J&J
.........
1st lien & col t r e 5 s ’ 53.M i
88%
1st cons gu g 4s 2000__ J&J
Helena, Montana
Manila Suburban Rys—
28th&29thSt 1st g 5s ’9 6 .A&O a 1 00 ”
Helena Light & R y .—
a _____
92% Union R y— 1st 5s g 1942.F & A a 100
1st m g 5s Sept 1925 opt M&S
92
South B oulev’d— g 5s ’ 45J&J a 100
Memphis, Tenn.
TarWP&M am5s g ’ 2 8 .M&S a 100
H oboken, N. J.
Memphis Street Railway—
W estchesElec 1st 5s g ’ 43J&J a 100
J C Hob & Pat 4s 1 9 4 9 ..M &N a 69
70
Y on kersR ylst 5s 1946. A&O a 100
954
N Hud Co R y 1st M 6s ’ 1 4 .J&J a 105
110
113
Norfolk Va.
Con M 5s 1 9 2 8 ............. -J&J a 103
Norfolk & Portsmouth Tract—
E xt 5s 1924_________ M&N'a 100
102
Meriden, Conn.
1st m g 5s 1936 ______ J&D
96
Paterson R y — Con 6s g '31 J&D a 110
Meriden Electric R R Norfolk Railway & Light—
2d 6s Oct 1 1914 o p t __ A&O a 100
a 100
1st cons g s f 5s 1 9 4 9 ..M &N
a 105
Norfolk St 1st g 5s 1944.J&J
i0 7 4
Honolulu, Hawaii.
j Norwich, Conn.
Honolulu Rap Trans & Land—
Milwaukee, W is.
NorwichSt— 1st g 5s ’2 3 ..A & O a 104
1st g 6s 1927 op 1917 M&N
108
Milw Cy R R 1st 5s g ’0 8 ..J &
a 98
100
Oakland, Cal.
Mil El R y & Lt— 5s 1 9 2 6 .F& a 100
1 0 2 4 OaklandTractionConsolid ated—
H ouston, Tex.
R ef & ext 4 4 g ’31 o p ..J & a _____
95%
Gen con s f g 5 s 1933 J & J . .
.....
a 95
98
Mil Light Heat & T raction—
Oak Tran 1st con s f 5s32J& J
Hudson, N. Y.
1st g 5s guar 1929 op__M&] a 98
101
107%
OakTran— 1st c g 5s’31.J& J
Albany & Hud 5s, 1 9 4 3 ..
78
W SideStRy 1st M 5s g ’ 09 . J & an 99
0 75
100%
Oak Tr Co con g 6s ’ 18 J&J
.........
lndianapolis, Ind.
Omaha, Neb.
Indianap Columbus & Sou Tr— i
Minneapolis, Minn.
Omaha & Council B1 St R y —
1st M g 5s July 1 1923. -F & A ca 101
102
Twin City Rapid Transit C o1st consol g 5s 1928___ J&J a _____
Indianapolis Trac & Term Co—
Minn St It 7s g ’ 10 op .M & a 105
Paducah, K y .‘
a 98
2d 6s g Nov 1 1913..M & N a 106*4
109
984
Paducah Tract & Light—
a 82
Con 5s g Jan 15 ’ 19. J
C01 trust gold 5s ’ 35 ..M & N a 87
83 4
105
a 1034
a 104
StPaul Cy— 1st g 6s ’32
105
a 115
Peekskill, N. Y.
...
a ______
99
a 115
Peekskill Lt & R R — 5s’30 A&O a 97
Indianap & Green Rap Tran—
a 107 4
ilo ’
Pensacola, Florida.
a _____
102
Guar g 5s 1937_____ J&J a 1 0 7 4
110
Pensacola Elec Co 1st 5s’ 31 F&A a 92
Indianap & Northwest Trac— !
Minn St & St Paul City
Peoria, 111.
1st g 5s 1923 o p t ......... M&S a 90
94%
Gen g 5s 1911_______
a 100
102
Peoria R y —
Indianap & Southeast Trac—
Cons guar g 5s 19 28.A & 0 a 105
1st
& refg g 5s 1908 to 1926
107%
1st M g 5s 1 9 3 5 .......... -.J & J
Basis
opt g u ._ _____________ F&A
In d ’ p Shelbyv & Southeast.
M obile, Ala.
Philadelphia, Pa.
1st s f g 5s Jan 1 1932.J&J a 96
99
Mob L t& R R — 1st g 5s ’37 J&D
106
107
AmerRysOo conv 5s ’ 11...T&D
Jackson, Mich.
Cons g 5s 1 9 4 1 .......... .M &S
102
Scrant R y tr cts g 5s ’ 35 M&S a 97
10 2 4
Jackson & Battle Creek Trac—
M obS tR R — lst6s g '23 M&N
Del Co Rys tr ctfs g 4s ’ 49 J &J
108
110
1st g 5s 1923 opt 1 9 13..J & J a 96
100
Elec & Peo 4s tr ctfs ’4 5 . .A& O
'9 3 ”
Jackson Consol Traction—
Montreal, Can.
Fairrnount Park Trans—
R ef g 5s May 1 ’34 opt M&Nja 98
100
Mont St R y — Deb 4 4 s ’22F&A
1st g 5s 1912 op 1902 _ _M&S
104
90%,
Jacksonville, Fla.
Hest Man & F con 5s ’ 24 .M&N
Jacksonville El 5s 1927 op M&N a 99
M ontville, Conn.
100%
Holmesb T acony & Fr Elec Ry
Jersey City, N .J.
M ontvilleStR y— 5s 1 9 2 0 .M&N
1st g 5s 1 9 25-.
- .M &N
104
k
Cons Trac o f N J 1st 5s’33J&D a 104
105
Inter-State R ys— Col tr g 4s
Newark Passenger R ailway—
Muncie, Ind.
1943 op 1913................... F&A
109% Muncie Hart ford& Ft W ayne—
New Pass con 5s g 1930,J&J a 108
Market St Elev Pass R y—
Nor Jersey St R y 4s 1948 M&N a 72
73
1st s 5s 1935 opt 1 9 2 5 ..J&J a 95 IT
1st g gu 4s May 1 1955.M&N a 97
97
Public Service Corp o f N J—
Muscatine, Iow a.
P eople’s Traction Co—
Trust certs 2% to 6% perpet a 62
63
C itizensR y& L lst g 5s ’ 17. A&O
PPR.V tr ctfs 4s c 1 9 4 3 .F&A
97 ; 100
Coll tr 5s g notes ’ 09 opM&N n 92 4
93
M uskegon, Mich.
Phila Coatesville & Lan Pass Ry .........
R apT rS tR y 1st M 5s g’ 2 1 .A & 0 (a 105
Muskegon Trac & Lighting—
M g 5s Mar 1934 opt ...M & S a 97
Kansas C ity, Mo.
1st e 5s 1931 opt 19 1 1 .M&S
99
Ph&WChester 1st g 5s ’ 1 8 _ j& j!a 100
Central Elec g 5s 1914 _M&N a 99%
100%
Nashville, Tenn.
M g 4s 1 9 5 4 . . . ............. J&J a 9 2 4 !
.........
Grand Ave Cable 5s g ’ 0 8 .. J&J a 9 8 4
United R vs tr ctfs g 4s ’ 49- J&J
82%
9 9 4 Nashville Railway & Light—
K C Cable ext g 5s 1911 _. A&Oja 9 8 4
Cons 5 5s 1953 op 1 9 0 8 ..J&J|
West Phil Pass— 2d 5s'2 6 M&N
09
101
9 9 ,4
88
K C Elev R y Co 4s g ’d '2 2 .J&J a 86 4
Nashv St R y 5s 1925__ j& j j
Pittsburgh, Pa.
104
106
G’t ’d 6s, 1922__________ J&J a 112
115
Edgefield St Con 6s 1920 J &J j 116
110 1
Central Trac 1st 5s 1 9 2 9 ..J&J
118
Kan City R y & Lt Co 1st lien
M cGavock & Mt V —
Citizens’Trac 1st 5s 1 9 2 7 .A&O
111 4
ref s 5s 1913 opt M&N 15 a
97 %
8um m erStlstM 6s ’2 6 .J&J
109
llfl
118
Duquesne Trac 1st 5s 1930.J&J
.
Kan City Western— 1st refg g
2d series 6s Julr 1937. J&J
126
129
Fed St & P V 5s g May 1’ 42 J&J
5s ’52 op. Sept ’ 1 0 .........M&S a
98
«
New Bedford, Mass.
109
Fort Pitt Trac— 1st 5s ’35 J&D
Met Corrigan iss 5s July’ 16.J&J a
107
N B& OnsetRy 1st g 5s ’2 2 .J&J a _____: 100
Millvale Etna & Sharpsb—
Met St R y 5s g Sept ’09. M&S a
_____
110
100
Union St R y— Con 5s g ’ 14.J&J a 105
1st g 5s 1923________ M&N
106
Cons 5s g May 1 1910--M & N a 98
99 %
New Haven, Conn.
Monong St R v 5s g ’ 2 8 . -J&D
K noxville, Tenn.
Consol R v deb 4s 1 9 5 4 .. ..J & J a 90
94
W ilk& E P it— 1st g 5s ’ 29M&S a 107
Knoxville Railway & Light— ;
I>eb 4s 1955........... .......... J&J a 90
94
Mount W ashington Street R y.
Cons M 5s ’ 45 op ’ 1 0 __ M&S a
96
94
97
Deb 4s 1956 g u a r .............J&J
1st & coll tr gu g 5s ’33 . A &O a 103
K noxville Trac 5s 1938. A&0: 105% S io;
Cons g 3 - 3 4 -4s 1930 ..F & A a 83
88, PhilaCo— SeeEILt Gas & Powe r Bonds
K okom o, Ind.
__ _ :PittsAlle&M genM5s ’ 3 0 .A & 0
N H & Centrev 1st5s g ’33M&S a 112
110!4
K okom o Marion & W Trac—
N H St R v 1st 5s g ’ 1 3 . . M&S a 101
Pitts&BirTr gen 5s g ’ 29.M & N
109 4
1st g 5s July 1 1933____J&J a
Edgrew Div 1st g 5s ’ 14.J& D a 101
114
B K & A Trac 6s 1931--M & S
Lewiston, Me.
Winchester Ave 5s g ’ 1 2 .M&N a 101 |
Brownsville A v 5s 1926 F&A! 108
LewBr&Bath 1st g 5s ’ 18 M&Sla
96
New Orleans, La.
W Liberty— 1st g 5s ’3 0 .J&J! a 106
Lexington, Ky.
122
Canal&Claib— 1st 6s ’ 4 6 .M&N
126
Pitts&Charieroi 5s 1 9 3 2 .M&N a 101
_____ Pitts McKees & Connells R R —
Lexington & Interurban R v —
106
N O C yR R — G e n g 5 s ’ 43 ..J & J
Coll tr g 5s 1956 . .
..F & A
94
105
NOC.v&Lakelst 5s g ’ 43 J&J
1st cons g 5s Jan 1 1931 .J&J
. . . . .
103 '
Lexington 1st g 5 s ’ 49 J&D
100%
Power-house s 6s 1917 .J&J
ICO